/raid1/www/Hosts/bankrupt/TCR_Public/230124.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 24, 2023, Vol. 27, No. 23
Headlines
1716 R STREET: 12 Entities File for Chapter 11
4722 SNYDER AVENUE: SARE Files for Chapter 11 Bankruptcy
ACCELERATED HEALTH: $875M Bank Debt Trades at 25% Discount
AD1 URBAN: Case Summary & 30 Largest Unsecured Creditors
AKORN OPERATING: $370M Bank Debt Trades at 18% Discount
ALTOSGROUPS LLC: Hits Chapter 11 Bankruptcy Protection
APEX TOOL GROUP: $350M Bank Debt Trades at 17% Discount
AULT ALLIANCE: Declares Monthly Dividend for Preferred Shareholders
AUSPICIOUS INC: Returns to Chapter 11 Bankruptcy
AVENTIV TECHNOLOGIES: $12B Bank Debt Trades at 30% Discount
B GSE GROUP: Seeks to Hire GreerWalker as Financial Advisor
B GSE GROUP: Seeks to Hire Moon Wright & Houston as Legal Counsel
BCPE NORTH: $20M Bank Debt Trades at 16% Discount
BELLA RANCH ESTATE: Files Bare-Bones Chapter 11 Petition
BETTER NUTRITIONALS: U.S. Trustee Appoints Creditors' Committee
BIOLASE INC: Expects Fourth Quarter Revenue of $14.0MM to $14.4MM
BOLTA US LTD: Files for Chapter 11 to Pursue Going Concern Sale
BRAZOS DELAWARE II: S&P Rates New $800MM Sr Secured Term Loan 'B+'
CARESTREAM HEALTH: $540M Bank Debt Trades at 26% Discount
CINEMA SQUARE: Court OKs Deal on Cash Collateral Access
CINEWORLD GROUP: Keeps Exclusive Right to Propose Bankruptcy Plan
COASTAL DRILLING: Exclusivity Period Extended to Feb. 9
COINBASE GLOBAL: Moody's Cuts CFR to B2 & Alters Outlook to Stable
CORALVILLE, IA: S&P Alters Outlook to Stable, Affirms 'BB' ICR
DOCUPLEX INC: Wins Cash Collateral Access Thru Feb 28
DRY MORE: Court OKs Cash Collateral Access Thru Jan 27
EAGLEPICHER TECH: KKR Fund Marks $1.9M Loan at 50% Off
EASTERN POWER: Moody's Lowers Rating on Senior Secured Debt to B2
ECL ENTERTAINMENT: $35MM Loan Add-on No Impact on Moody's 'B2' CFR
EDWARD DON: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
ENERGIZER HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Negative
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 58% Discount
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 66% Discount
FINASTRA USA: $1.25B Bank Debt Trades at 20% Discount
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 26% Discount
FIRST TO THE FINISH: Wins Cash Collateral Access Thru Feb 9
FREE SPEECH: Conn. Judge Refuses to Sanction Jones' Texas Atty
FREEPORT GATE: Unsecureds to Get 5% Under $1.1-Mil. Sale Plan
FTX TRADING: Justice Dept. Objects to Choice of Lawyers
FTX TRADING: Miami-Dade Ends Arena Naming Rights Deal
FTX TRADING: Reports $451 Million Crypto Hacked Since Chapter 11
GA REAL ESTATE: Court OKs Cash Collateral on Final Basis
GAUCHO GROUP: Releases Growth Objective for 2023 and Beyond
GEORGIAN COURT: Moody's Cuts Issuer & Revenue Bond Ratings to Ba1
GIGAMONSTER NETWORKS: Court OKs $5.8MM DIP Loan
GIGAMONSTER NETWORKS: Has M/C Partners Backing for Chapter 11 Sale
GIGAMONSTER NETWORKS: Jan. 26 Deadline Set for Panel Questionnaires
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 26% Discount
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 26% Discount
GLOBAL PREMIER: Exclusivity Period Extended to March 13
GOODLIFE PHYSICAL: Case Summary & Six Unsecured Creditors
GOPHER RESOURCE: $510M Bank Debt Trades at 28% Discount
GOTO GROUP: $2.25B Bank Debt Trades at 48% Discount
GRAVITY HOLDINGS: Gets 90-Day Extension to File Bankruptcy Plan
GUARDIAN US: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
INSCAPE CORPORATION: Chapter 15 Case Summary
INSTANT BRANDS: $450M Bank Debt Trades at 40% Discount
INTERNAP CORP: $225M Bank Debt Trades at 40% Discount
JVNLDG LLC: Seeks to Tap Francis E. Hemmings as Bankruptcy Counsel
K&N PARENT: $245M Bank Debt Trades at 60% Discount
LOCK HAVEN UNIVERSITY: S&P Lowers 2013A Bond Rating to 'BB-'
M.A.R. DESIGNS: Taps Antonio Martinez, Jr. as Bankruptcy Counsel
MAVENIR SYSTEMS: $585M Bank Debt Trades at 33% Discount
MEDLY HEALTH: $8MM DIP Loan Wins Final OK
MLN US HOLDCO: $1.12B Bank Debt Trades at 70% Discount
MMJS ENGINEERING: Unsecureds Will Get 5.14% of Claims in 60 Months
NAKED JUICE: $450M Bank Debt Trades at 19% Discount
NANI WALE O' PUAKO: U.S. Trustee Unable to Appoint Committee
NATIONAL CINEMEDIA: S&P Downgrades ICR to 'CCC-', Outlook Negative
NERVIVE INC: Taps Gellert Scali Busenkell & Brown as Counsel
NORTH JAX CONCRETE: Exclusivity Period Extended to April 11
NOVABAY PHARMACEUTICALS: Chief Financial Officer to Quit
NUVEI TECHNOLOGIES: Moody's Affirms 'Ba3' CFR on Paya Transaction
NUZEE INC: Regains Compliance with Nasdaq Bid Price Requirement
NXT ENERGY: CEO to Take Medical Leave of Absence
ORIGIN AGRITECH: Delays Filing of Annual Report
PAPACINO'S BAGELS: Exclusivity Period Extended to Feb. 10
PARAMOUNT RESTYLING: Cash Collateral Access OK'd Thru March 31
PARTY CITY HOLDCO: $150MM DIP Loan Wins Interim OK
PARTY CITY: Fitch Lowers LongTerm IDR to 'D' Amid Bankr. Filing
PARTY CITY: Moody's Downgrades CFR to Ca on Bankruptcy Filing
PERFORMANCE POWERSPORTS: $3.5 Million Chapter 11 Loan Okayed
PERFORMANCE POWERSPORTS: In Chapter 11 With Kinderhook Sale Deal
PHOENIX HOLDINGS: Hearing on Exclusivity Bid Set for Feb. 10
PROFRAC HOLDINGS II: Moody's Rates Delayed Draw Term B Loan 'B2'
PUERTO RICO: PREPA Gets Feb. 1, 2023 Revenue Fight Hearing
QUEST SOFTWARE: $765M Bank Debt Trades at 35% Discount
RAMARAMA INC: NC Property Owner Files Subchapter V Case
RAMARAMA INC: Taps Buckmiller, Boyette & Frost as Legal Counsel
REDSTONE HOLDCO 2: $1.11B Bank Debt Trades at 20% Discount
REDSTONE HOLDCO 2: $450M Bank Debt Trades at 42% Discount
RIDER HOTEL: Iron Horse Business Improves While in Chapter 11
ROCKING M MEDIA: Exclusivity Period Extended to March 9
ROCKLEY PHOTONICS: Case Summary & 11 Unsecured Creditors
S2 ENERGY: Seeks Chapter 11 Bankruptcy Protection
SAN JORGE CHILDREN'S: Exclusivity Period Extended to Feb. 28
SIGNAL PARENT: $550M Bank Debt Trades at 32% Discount
SPRING MOUNTAIN: Wins Access to $1MM of DIP Loan
STATERA BIOPHARMA: Receives Delisting Notice From Nasdaq
TELESAT LLC: $1.91B Bank Debt Trades at 57% Discount
TRADESMAN BREWING: Taps Steadman Law Firm as Bankruptcy Counsel
UNITED PF HOLDINGS: $525M Bank Debt Trades at 26% Discount
UPSTREAM NEWCO: $883M Bank Debt Trades at 17% Discount
VC GB HOLDINGS I: $295M Bank Debt Trades at 17% Discount
VIVAKOR INC: Appoints Three New Directors
WINDOW SELECT: Selects Interim CEO Ahead of Chapter 11 Filing
WP CPP HOLDINGS: $276M Bank Debt Trades at 16% Discount
ZURN ELKAY: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
[*] Colorado Bankruptcies Rose 6% in December 2022
[^] Large Companies with Insolvent Balance Sheet
*********
1716 R STREET: 12 Entities File for Chapter 11
----------------------------------------------
1716 R Street Flats LLC, along with 11 affiliates, sought Chapter
11 protection without stating a reason.
The Debtors are in the business of owning and managing real
property located in Washington, D.C. Each of the Debtors is an
entity that is 100% managed by Richard Cunningham.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Feb. 16, 2023, at 10:00 AM US Trustee Remote Location: Telephone #:
(877) 465-7076; Passcode: 7191296.
Proofs of claim are due by May 30, 2023.
1716 R Street Flats estimates between $1 million and $10 million in
debt owed to 1 to 49 creditors. Its petition states that funds
will be available to unsecured creditors.
About 1716 R Street Flats, et al.
1716 R Street Flats LLC, along with affiliates The Z Flats L.L.C.,
1605 17th Street Flats LLC, 1601 17th Place Flats LLC, 1609 17th
Place Flats LLC, The Lauravin Luxury Apartment Homes III L.L.C.,
The Washingtonian L.L.C., 1616 27th Street Flats L.L.C., Lerae
Towers II, LLC, The Lerae Towers, LLC, 4220 Ninth Street Flats LLC,
and 4649 Hillside Road Flats LLC sought Chapter 11 protection
(Bankr. D. Col. Case No. 23-00017 to 23-00028) on Jan. 16, 2023.
In the petition filed by Richard Cunningham, as managing member,
the Debtor reported assets and liabilities between $1 million and
$10 million each.
The Debtors have sought joint administration of their Chapter 11
cases under In re 1716 R Street Flats LLC (Bankr. D. Col. Case No.
23-00017).
The Debtors are represented by:
Justin Philip Fasano, Esq.
McNamee Hosea, P.A.
116 Emerson Street, NW
Washington, DC 20011
4722 SNYDER AVENUE: SARE Files for Chapter 11 Bankruptcy
--------------------------------------------------------
4722 Snyder Avenue filed for Chapter 11 protection in the Eastern
District of New York.
The Debtor's business is a single-asset real estate holding
corporation for a lease, the leasehold property located at 4722
Snyder Avenue, Brooklyn NY 11203. At the present time, a no
foreclosure action has been commenced against the Debtor, but the
Debtor is in arrears and wants to retain the property.
The Debtor intends to use the Chapter 11 process to restructure its
debt to retain the property.
According to court filings, 4722 Snyder Avenue 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 4722 Snyder Avenue
4722 Snyder Avenue is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B))
4722 Snyder Avenue filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40132) on Jan. 17,
2023. In the petition filed by Hensley M. Hercules, as owner, the
Debtor reported assets and liabilities between $1 million and $10
million.
The Debtor is represented by:
Alan Stein, Esq.
4722 Snyder Avenue
Brooklyn, NY 11203
ACCELERATED HEALTH: $875M Bank Debt Trades at 25% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Accelerated Health
Systems LLC is a borrower were trading in the secondary market
around 75 cents-on-the-dollar during the week ended Friday, January
20, 2023, according to Bloomberg's Evaluated Pricing service data.
The $875 million facility is a Term loan that is scheduled to
mature on February 15, 2029. The amount is fully drawn and
outstanding.
Accelerated Health Systems, LLC provides healthcare services. The
Company offers athletic training, physical therapy, occupational
therapy, and fitness services to affiliations including high
schools, colleges, and many professional sports teams.
AD1 URBAN: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------
Thirteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
AD1 Urban Palm Bay, LLC (Lead Case) 23-10074
f/k/a AD1 Urban Palm Bay Home, LLC
1955 Harrison Street, Ste 200
Hollywood FL 33020
AD1 Urban Palm Bay Place, LLC 23-10075
AD1 Urban Strategy Palm Bay, LLC 23-10076
AD1 Daytona Hotels, LLC 23-10087
AD1 LBV1, LLC 23-10077
AD1 LBV Hotels, LLC 23-10078
AD1 SW Property Holdings, LLC 23-10079
AD1 Urban SW, LLC 23-10080
AD1 Palm Beach Airport Hotels, LLC 23-10081
AD1 PB Airport Hotels, LLC 23-10082
AD1 Celebration Holdings, LLC 23-10084
AD1 Celebration Hotels, LLC 23-10085
AD1 Daytona Holdings, LLC 23-10086
Business Description: The Debtors are part of the traveler
accommodation industry.
Chapter 11 Petition Date: January 22, 2023
Court: United States Bankruptcy Court
District of Delaware
Judge: Hon. Karen B. Owens
Debtors' Counsel: Ian J. Bambrick, Esq.
FAEGRE DRINKER BIDDLE & REATH LLP
222 Delaware Avenue, Suite 1410
Wilmington DE 19801
Tel: (302) 467-4200
Email: ian.bambrick@faegredrinker.com
Debtors'
Agent &
Broker: ROBERTDOUGLAS
Lead Debtor's
Estimated Assets: $10 million to $50 million
Lead Debtor's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Alex Fridzon as responsible
fiduciary.
Full-text copies of three of the Debtors' petitions are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/5ICF4BQ/AD1_Urban_Palm_Bay_LLC__debke-23-10074__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2S5W3LA/AD1_Celebration_Hotels_LLC__debke-23-10085__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2OVXGKY/AD1_Celebration_Holdings_LLC__debke-23-10084__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. IHG Trade Claim $709,635
PO Box 101074
Atlanta, GA 30392-1074
Wells Fargo Bank, N.A.
Intercontinental
2. Hyatt Corporation Trade Claim $194,063
16417 Collection Center Dr
Chicago, IL 60693
3. CBC Hospitality Trade Claim $161,356
5224 W State Road 46
Unit 327
Sanford, FL 32771
4. Guest Supply Trade Claim $150,781
PO Box 6771
Somerset, NJ 08875-6771
Attn: Chad Markhan
5. Duke Energy Trade Claim $117,332
PO Box 1004
Charlotte, NC 28201-1004
Duke Energy Payment Processing
6. Hilton Trade Claim $117,061
4649 Paysphere Circle
Chicago, IL 60674
7. Extreme Construction Trade Claim $108,592
Group Inc.
2844 Stirling Road
Suite A
Hollywood, FL 33020
8. Sysco Central Florida Inc. Trade Claim $85,513
PO Box 40
Ocoee, FL 34761
9. Harmony Interiors Inc. Trade Claim $79,778
37 N Orange Ave
Suite 560
Orlando, FL 32801
10. Hill York Service Trade Claim $74,490
Company LLC
PO Box 350155
Ft Lauderdale, FL 33335
11. Marriott International Inc. Trade Claim $64,498
7750 Wisconsin Avenue
Bethesda, MD 20814
Domestic Franchise A/R
12. Herly Corp Trade Claim $63,457
7041 Grand National Dr
Suite 105 A
Orlando, FL 32819
13. Farmer & Irwin Corp Trade Claim $53,455
3300 Avenue K
Riviera Beach, FL 33404
14. Decolumber LLC Trade Claim $52,300
10255 General Dr
Suite A6-A7
Orlando, FL 32824
15. Insight Direct USA Trade Claim $39,669
PO Box 731069
Dallas, TX 75373-1069
16. System Tech Services Inc Trade Claim $35,515
851 Central Park Dr
Sanford, FL 32771
17. Booking.com B.V. Trade Claim $34,765
5295 Paysphere Circle
Chicago, IL 60674-5295
18. Furniture Liquidators USA Inc Trade Claim $32,905
10407 Rocket Blvd
Orlando, FL 32824
19. Anthony Travel LLC Trade Claim $29,481
7920 Beltline Rd
Suite 1010
Dallas, TX 75254
20. Express Plumbing of Trade Claim $28,000
Central Florida
309 Altamonte Commerce Blvd
Suite 1502
Altamonte Springs, FL 32714
21. FPL Trade Claim $27,576
General Mail Facility
Miami, FL 33188-0001
22. Baker Roofing Company Trade Claim $26,356
PO Box 26057
517 Mercury St
Raleigh, NC 27611
23. Sysco Southeast Florida Inc Trade Claim $25,796
1999 Martin Luther King Jr Blvd
Riviera Beach, FL 33404
24. KniTec Inc. Trade Claim $25,598
1225 Puerta Del Sol
Unit 600
San Clemente, CA 92673
25. Master T Inc. Trade Claim $25,528
295 Montego Bay Court
Merritt Island, FL 32953
26. Algomat Group Inc. Trade Claim $23,033
8335 NW 68 ST
Miami, FL 33166
27. KONE Trade Claim $22,980
PO Box 22251
New York, NY 10087-2251
28. Worldgate Timeshare LLC Trade Claim $19,974
3011 Maingate Ln
Kissimmee, FL 34747
29. Bright House Networks Trade Claim $19,367
PO Box 223085
Pittsburgh, PA 15251-2085
Charter Communications
30. HD Supply Facilities Trade Claim $18,834
Maintenance Ltd.
PO Box 509058
San Diego, CA 92150-9058
AKORN OPERATING: $370M Bank Debt Trades at 18% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Akorn Operating Co
LLC is a borrower were trading in the secondary market around 82.2
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $370 million facility is a payment-in-kind Term loan that is
scheduled to mature on October 1, 2025. The amount is fully drawn
and outstanding.
Akorn Operating Company LLC operates as a pharmaceutical company.
The Company develops and manufactures generic and prescription
drugs, sterile and non-sterile dosage forms, injectable, oral
liquids, inhalants, and nasal sprays, as well as consumer and
animal health products. Akorn Operating serves patients and
healthcare professionals in the United States.
ALTOSGROUPS LLC: Hits Chapter 11 Bankruptcy Protection
------------------------------------------------------
Thomas Friestad of Kansas City Business Journal reports that a
lender that failed to deliver agreed-upon construction financing
for numerous development projects, including two Kansas City-area
hotels, on Jan. 9, 2023 voluntarily filed for Chapter 11 bankruptcy
protection.
AltosGroups LLC was tapped by the builders behind a $38 million
Hyatt House hotel in Quality Hill and a $74 million Hard Rock Hotel
in Edwardsville, but the firm later brought both projects to a
standstill. David and Lidia Ingram lead the entity, which filed
for bankruptcy in Florida.
In October 2019, AltosGroups committed to provide loans of $24.1
million to the Hyatt House project and $48.8 million to the Hard
Rock development, leading both to break ground on initial site work
and seek fund draws. But in March 2020 the firm advised both
developers — and others with projects outside the metro -- that
it had no resources to continue financing, according to breach of
contract lawsuits filed against it that June in Jackson County
Circuit Court and Wyandotte County District Court.
In its bankruptcy filing in Florida Middle Bankruptcy Court,
AltosGroups listed $4.66 million in assets. The firm's original
filing listed total liabilities of $286.97 million, composed of
unsecured claims originating from loans to 14 people and entities,
though it removed multiple duplicated amounts and arrived at a
lower $121.1 million figure in a Jan. 12 case management summary.
Largest among the unsecured claims is $63 million owed to One10
Hotel HRKC LLC, the prospective Hard Rock Hotel developer. Also
included is a $14.98 million claim — the aggregate of a default
judgment, costs and attorney's fees a Jackson County judge awarded
in February 2021 to the Hyatt House builders, including
Colorado-based Pedersen Development Co. and Shanahan Development
Co.
In the case management summary, attorneys for AltosGroups said the
firm originated 15 loans in 2019 totaling around $600 million for
North American hotel and assisted-living projects, through a
business relationship with Dragon Fund U.S. N.A., a Chinese
government investment fund based in San Diego.
AltosGroups' attorneys wrote in the filing that as U.S. policy
shifted on Chinese investments under then-President Donald Trump,
Dragon Fund slowed and then fell behind on its loan funding
commitments, leaving AltosGroups unable to fund 14 projects that
had started construction. The firm said it resolved 10 of the
loans through mutual releases and a return of deposits, but four
hotel developers "refused to settle and instead commenced
litigation" in Kansas, Missouri, Ohio and Utah.
David Ingram also battled an advanced form of cancer during the
fallout with Dragon Fund, the firm's attorneys said, and with his
cancer now in remission, Ingram "hopes to reboot his companies and
reestablish himself in the financial services industry."
"The Debtors anticipate restructuring their financial affairs,
consolidating their operations and continuing operations in the
financial services industry with a specific focus on the
origination, underwriting and servicing of real estate development
loans," AltosGroups' attorneys said.
Virtually all of AltosGroups' $4.66 million in reported assets
consists of cash deposits it received from the four hotel builders
that went on to sue it, including $3,000,674 from the Hard Rock
developer and $200,416 from the Hyatt House developer.
During their lawsuits, attorneys for the builders said AltosGroups
appeared to commingle escrow fund deposits into other accounts for
its benefit. Similar arguments by creditors now could affect how
AltosGroups' assets are divided in its bankruptcy case, said Adam
Stein-Sapir, a distressed debt expert and managing member of
Pioneer Funding Group, a New York bankruptcy trade claim investment
fund.
"Is Hard Rock Kansas City going to get their $3 million back, or
are they going to get a pro rata percentage based on the claims?
It's an open question that could be a point of contention," he
said.
A creditors meeting is scheduled Feb. 15 in AltosGroups' bankruptcy
protection bid. A status conference will follow Feb. 16, and a
March 20 deadline is set for proof of claim filings.
The Hyatt House hotel has seen a rebound, with two new developer
partners — O'Reilly Hospitality Management of Springfield,
Missouri, and Lotus Holdings LLC of Kansas City — enlisted late
last year to obtain a new construction loan and resolve outstanding
mechanic's liens.
The Edwardsville hotel, on the other hand, has yet to see new
construction and might no longer have its flag as a Hard Rock
Hotel. In a 2021 court filing, its prospective developers
referenced an agreement with Hard Rock Hotel Licensing Inc. that
required the project's construction to resume by that year's end
and for it to open by June 2024.
Hard Rock's website does not include Edwardsville on its list of
"coming soon" locations, and representatives with the brand have
not returned previous requests for comment on the matter. City
Manager Michael Webb said Jan. 12, 2023 that there are no plans
before the city for the project to move forward at this time.
About AltosGroups LLC
AltosGroups LLC is a direct fund program funding commercial, income
producing real estate projects and assets.
AltosGroups LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00048) on Jan. 9,
2023. In the petition filed by David Ingram as president, the
Debtor listed total assets of $4,662,769 and total liabilities of
$286,973,940.
The Debtor is represented by:
Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
APEX TOOL GROUP: $350M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Apex Tool Group LLC
is a borrower were trading in the secondary market around 82.5
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $350 million facility is a Term loan that is scheduled to
mature on February 8, 2030. The amount is fully drawn and
outstanding.
Apex Tool Group, LLC (ATG) manufactures tools. The Company offers
mechanics, trade, specialty tools, chains, truck boxes, jobsite
storage products, and drill chucks, as well as soldering, cutting,
motion control and air ventilation bits, torque measurement, metal
cutting, and drilling solutions. ATG serves industrial,
automobiles, aerospace, construction, and electronic markets.
AULT ALLIANCE: Declares Monthly Dividend for Preferred Shareholders
-------------------------------------------------------------------
Ault Alliance, Inc. announced its Board of Directors has declared a
monthly cash dividend of $0.2708333 per share of the Company's
outstanding 13.00% Series D Cumulative Redeemable Perpetual
Preferred Stock. The record date for this dividend is Jan. 31,
2023, and the payment date is Feb. 10, 2023.
Link to NYSE quote for the Company's 13.00% Series D Cumulative
Redeemable Perpetual Preferred Stock:
https://www.nyse.com/quote/XASE:AULTpD
About Ault Alliance, Inc.
Ault Alliance, Inc. (formerly, BitNile Holdings, Inc.) is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, Ault Alliance owns and operates a data
center at which it mines Bitcoin and provides mission-critical
products that support a diverse range of industries, including oil
exploration, crane services, defense/aerospace, industrial,
automotive, medical/biopharma, consumer electronics, hotel
operations and textiles. In addition, Ault Alliance extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. Ault Alliance's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
BitNile reported a net loss of $23.97 million for the year ended
Dec. 31, 2021, a net loss of $32.73 million for the year ended Dec.
31, 2020, a net loss of $32.94 million for the year ended Dec. 31,
2019, and a net loss of $32.98 million for the year ended Dec. 31,
2018. As of Sept. 30, 2022, the Company had $610.90 million in
total assets, $155.03 million in total liabilities, $117.11 million
in redeemable noncontrolling interests in equity of subsidiaries,
and $338.76 million in total stockholders' equity.
AUSPICIOUS INC: Returns to Chapter 11 Bankruptcy
------------------------------------------------
Auspicious Inc. recently filed for chapter 11 protection in the
Middle District of Florida.
According to court filings, Auspicious Inc. estimates between $1
million and $10 million in debt owed to 1 to 49 creditors. The
petition states that funds will not be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Feb. 13, 2023, at 10:00 AM. U.S. Trustee (Orl) will hold the
meeting telephonically. Call in Number: 877-801-2055. Passcode:
8940738#.
Proofs of claim are due by March 28, 2023.
About Auspicious Inc.
Auspicious Inc. is located in 700 Beville Road Daytona Beach, FL
32114.
Auspicious, Inc., previously sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-05968) on Sept.
7, 2016. Upon the motion of the Debtor, the case was dismissed on
Feb. 13, 2017.
Auspicious Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00164) on Jan. 17,
2023. In the petition filed by Michael Lawler, as president, the
Debtor reported assets and liabilities between $1 million and $10
million.
Ronald Cutler of Ronald Cutler PA in Daytona Beach, Florida, has
represented the Debtor in both cases.
AVENTIV TECHNOLOGIES: $12B Bank Debt Trades at 30% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 70.3 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $12 billion facility is a Term loan that is scheduled to mature
on November 1, 2024. About $976.2 million of the loan is withdrawn
and outstanding.
Aventiv Technologies is a diversified technology company that
provides innovative solutions to customers in the corrections and
government services sectors. Aventiv is the parent company to
Securus Technologies and AllPaid, leading providers of innovative
products and services.
B GSE GROUP: Seeks to Hire GreerWalker as Financial Advisor
-----------------------------------------------------------
B GSE Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of North Carolina to employ GreerWalker LLP as
financial advisor.
The Debtor requires a financial advisor to provide services in the
fields of accounting, bookkeeping, and corporate restructuring.
GreerWalker received a $50,000 pre-bankruptcy retainer deposit from
the Debtor.
The hourly rates of the firm's professionals are as follows:
William A. Barbee $575
Consultants $150 - $700
In addition, the firm will seek reimbursement for expenses
incurred.
William Barbee, CPA, a member at GreerWalker, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William A. Barbee CPA
GreerWalker LLP
Carillon Building
227 W. Trade St., Suite 1100
Charlotte, NC 28202
Telephone: (704) 377-0239
Email: andy.barbee@greerwalker.com
About B GSE Group
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 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,
manager, the Debtor disclosed between $1 million and $10 million in
both assets and liabilities. David Schilli has been appointed as
Subchapter V trustee.
Judge J. Craig Whitley oversees the case.
The Debtor tapped Richard S. Wright, Esq., at Moon Wright &
Houston, PLLC as counsel and GreerWalker LLP as financial advisor.
B GSE GROUP: Seeks to Hire Moon Wright & Houston as Legal Counsel
-----------------------------------------------------------------
B GSE Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of North Carolina to employ Moon Wright &
Houston, PLLC as its bankruptcy counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued operation of its business affairs and management of its
properties;
(b) negotiate, prepare, and pursue confirmation of a Chapter
11 plan and approval of a disclosure statement (if applicable), and
all related reorganization agreements and/or documents;
(c) prepare legal papers;
(d) represent the Debtor in litigation arising from or
relating to the bankruptcy estate;
(e) appear in court to protect the interests of the Debtor;
and
(f) perform all other legal services for the Debtor that may
be necessary and proper in the Chapter 11 proceeding.
The hourly rates of the firm's counsel and staff are as follows:
Richard S. Wright $575
Andrew T. Houston $550
Caleb Brown $375
Shannon L. Myers, Paralegal $185
Jaime Schaedler, Assistant $150
In addition, the firm will seek reimbursement for expenses
incurred.
Richard Wright, Esq., an attorney at Moon Wright & Houston,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Richard S. Wright, Esq.
Moon Wright & Houston, PLLC
212 N. McDowell Street, Suite 200
Charlotte, NC 28204
Telephone: (704) 944-6560
Facsimile: (704) 944-0380
Email: rwright@mwhattorneys.com
About B GSE Group
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 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,
manager, the Debtor disclosed between $1 million and $10 million in
both assets and liabilities. David Schilli has been appointed as
Subchapter V trustee.
Judge J. Craig Whitley oversees the case.
The Debtor tapped Richard S. Wright, Esq., at Moon Wright &
Houston, PLLC as counsel and GreerWalker LLP as financial advisor.
BCPE NORTH: $20M Bank Debt Trades at 16% Discount
-------------------------------------------------
Participations in a syndicated loan under which BCPE North Star US
Holdco 2 Inc is a borrower were trading in the secondary market
around 84.3 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $20 million facility is a Delay-Draw Term loan that is
scheduled to mature on June 10, 2029.
BCPE North Star US Holdco 2 (Dessert Holdings) operates as a
manufacturer of dessert cakes, cheesecakes, brownies, and bars. The
Company sells dessert cakes, cheesecakes, brownies, and bars to
retail and foodservice customers across the US and Canada.
BELLA RANCH ESTATE: Files Bare-Bones Chapter 11 Petition
--------------------------------------------------------
Bella Ranch Estate I LLC filed for chapter 11 protection without
stating a reason.
According to court filings, Bella Ranch Estate I estimates between
$1 million and $10 million in debt owed to 1 to 49 creditors. The
bare-bones 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. 17, 2023, at 9:30 AM by TELEPHONE.
Proofs of claim are due by March 28, 2023.
About Bella Ranch Estate I
Bella Ranch Estate I LLC filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10361) on
Jan. 17, 2023. In its petition, the Debtor reported assets and
liabilities between $1 million and $10 million.
The Debtor is represented by:
Ronald S Kaniuk, Esq.
Kaniuk Law Office, P.A.
1500 Weston Road, Suite 200
Weston, FL 33326
BETTER NUTRITIONALS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------------
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Better
Nutritionals, LLC.
The committee members are:
(1) AmTech Ingredients, Inc.
Attention: David Neumann
Meyers, Roman, Friedberg & Lewis, LLP
28601 Chagrin Boulevard, Suite 600
Cleveland, OH 44122
Phone: (216) 831-0042
Email: dneumann@mayersroman.com
(2) Beyond Resource Solutions Inc.
dba BRS Staffing
Attention: Daniel J. McCarthy
Hill, Farrer & Burrill LLP
300 S. Grand Ave., 37th Floor
Los Angeles, CA 90071
Phone: (213) 621-0802
Email: dmccarthy@hillfarrer.com
(3) Capital One, N.A.
Attention: Mary Diemer
1600 Capital One Dr.
McLean, VA 22102
Phone: (240) 712-3296
Email: mary.diemer@capitalone.com
(4) CitiStaff Solutions Inc.
Attention: Charles C. Slater
1111 W. Town & Country Rd., Suite 30
Orange, CA 92868
Phone: (657) 333-8090, Ext. 102
Email: cslater@citistaffsolutions.com
(5) Custom Ingredients Inc.
dba Custom Flavors
Attention: Robert J. Danko
31805 Temecula Pkwy., #623
Temecula, CA 92592
Phone: (951) 303-1200
Email: rjdanko@verizon.net
(6) Mold Rite Plastics
Attention: Jeffrey M. Schwartz
Much Shelist, P.C.
191 North Wacker Drive, Suite 1800
Chicago, IL 60606
Phone: (312) 521-2626
Email: jschwartz@muchlaw.com
(7) Tay Ninh Tapioca Joint Stock Company
Attention: Tania Moyron
Rebecca Wicks
Dentons US, LLP
601 South Figueroa Street, Suite 2500
Los Angeles, CA 90017
Phone: (213) 243-6093
Email: tania.moyron@dentons.com
rebecca.wicks@dentons.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 Better Nutritionals
Better Nutritionals, LLC is a contract manufacturer and R&D leader
in nutritional supplements. The company is based in Norco, Calif.
Better Nutritionals sought protection from Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-14723) on Dec. 20,
2022. In the petition signed by Sharon Hoffman, manager, the Debtor
disclosed $50 million to $100 million in assets and $100 million to
$500 million in liabilities.
Judge Mark D. Houle oversees the case.
John N. Tedford, IV, Esq., at Danning Gill Israel & Krasnoff, LLP
and Force 10 Partners, LLC serve as the Debtor's legal counsel and
financial advisor, respectively.
BIOLASE INC: Expects Fourth Quarter Revenue of $14.0MM to $14.4MM
-----------------------------------------------------------------
Biolase, Inc. announced that based on currently available
information, preliminary 2022 fourth quarter revenue is expected to
be between $14.0 million and $14.4 million, well above 2021 fourth
quarter revenue of $12.4 million. The Company will report fourth
quarter and full-year 2022 results in March 2023.
As demonstrated by its continued positive results, the Company
believes it is well positioned with its industry-leading dental
lasers, broad intellectual property ("IP") portfolio, and recently
bolstered balance sheet to capitalize on the significant market
opportunity for dental laser adoption.
Below are preliminary fourth quarter and full-year revenue results,
a recap of the Company's 2022 key accomplishments, and anticipated
operational and product milestones for 2023.
Preliminary Fourth Quarter and Full-Year Results
* Fourth quarter revenue is expected to be between $14.0 million
and $14.4 million, reflecting a 13% to 16% increase over the
fourth quarter of 2021
* Full-year 2022 revenue is expected to be in the range of $48.4
million to $48.8 million, representing 24% to 25% growth over 2021
* The Company generated increased adoption of its
industry-leading laser with approximately 84% of U.S. Waterlase
sales in the fourth quarter and full-year 2022 coming from new
customers
* The Company delivered an increased sales conversion rate
throughout the year with the continued success of its Waterlase
Exclusive Trial Program
2022 Accomplishments
* Demonstrated leadership in creating awareness of the benefits
of laser dentistry through over 600 webinars, study clubs, and
training events in 2022
* Waterlase delivered increased utilization rates with close to
70% of new customers using Waterlase daily, based on Company data
* Achieved record consumable sales in 2022
* Significantly improved its marketing engine in 2022 with
marketing qualified leads increasing 4x over 2018 levels
* Solidified its sales force with no turnover in 2022 and a
fully staffed sales force with 25 territory managers entering 2023
* Added new OEM revenue stream with EdgePro product launch
through a partnership with EdgeEndo
* Purchased supplier and IP for key manufacturing components
* Appointed a new Chief Dental Officer who joined BIOLASE from
Heartland Dental, the largest Dental Service Organization in the
U.S.
Anticipated 2023 Milestones Expected to Position BIOLASE for
Long-Term Growth and Success
In 2023, the Company plans to:
* Achieve positive adjusted EBITDA results for the full year of
2023 (adjusted EBITDA is defined as net loss before interest,
taxes, depreciation and amortization, patent litigation
settlements, stock-based and other non-cash compensation, and the
change in allowance for doubtful accounts)
* Grow total full-year 2023 revenue by at least 25% through
continued adoption of lasers and consumables by the dental
community including general dentists, dental specialists, dental
hygienists, and group practice entities (DSOs)
* Expand OEM revenue base through its partnership with EdgeEndo
* Broaden participation in BIOLASE dental and hygiene academies
to expand awareness of the benefits of BIOLASE lasers to patients
* Launch training centers to enhance sales and marketing efforts
and communicate the benefits of BIOLASE technology
* Expand the Waterlase Exclusive Trial Program to drive
increased adoption
* Open a model dental office to increase marketing, testimonial,
and training opportunities
* Expand the DSO customer base and further penetrate the DSO
market
* Realize cost savings and improve quality from in-house
manufacturing of key components
* Execute growth strategy with over $13.0 million in cash and
cash equivalents, including net proceeds from its January 2023
equity raise
About Biolase
BIOLASE, Inc. -- http://www.biolase.com-- is a medical device
company that develops, manufactures, markets, and sells laser
systems for the dentistry and medicine industries. The Company's
proprietary systems allow dentists, periodontists, endodontists,
pediatric dentists, oral surgeons, and other dental specialists to
perform a broad range of minimally invasive dental procedures,
including cosmetic, restorative, and complex surgical
applications.
Biolase reported a net loss of $16.16 million for the year ended
Dec. 31, 2021, a net loss of $16.83 million for the year ended Dec.
31, 2020, a net loss of $17.85 million for the year ended Dec. 31,
2019, and a net loss of $21.52 million for the year ended Dec. 31,
2018. As of Sept. 30, 2022, the Company had $42.86 million in total
assets, $29.01 million in total liabilities, and $13.86 million in
total stockholders' equity.
BOLTA US LTD: Files for Chapter 11 to Pursue Going Concern Sale
---------------------------------------------------------------
Struggling autoparts supplier Bolta US Ltd. filed for chapter 11
protection as a means of preserving the going concern value of its
business and assets and conducting a quick sale process before
customers pursue business elsewhere.
The Debtor is a Tier 1 and Tier 2 automotive parts supplier
providing injection molding, chrome plating, and assembling of
components for automotive original equipment manufacturers (each an
"OEM") and various Tier 1 suppliers, which in turn supply OEMs.
The OEMs that ultimately purchase products directly from the Debtor
or through a Tier 1 suppliers are predominantly German OEMs with
facilities located in the southeastern United States. Although
from time-to-time, the Debtor may provide services for a few
non-automotive customers, the vast majority of Debtor's production
is dedicated to the automotive industry.
The Debtor conducts its injection molding, chrome plating, and
assembling from a leased facility at 1650 North Boulevard,
Northport, Alabama 35476, which it leases from Bolta Investment
Ltd. Bolta Investment Ltd. is qualified to do business in Alabama
as Bolta Investment, Inc., and is a non-debtor entity owned by the
Debtor's sole shareholder, White Capstan, Ltd., a limited
corporation under the law of England and Wales. The Debtor also
rents 7,500 square feet of warehouse space located at 502 Bear
Creek Cutoff Road, Building #5, Tuscaloosa, Alabama 35405, on a
month-to-month basis from Industrial Warehouse Services, Inc.
The Debtor and Investment invested significant funds to construct
and build out the manufacturing facility used for Debtor's
operations, and the Debtor began actual production at the facility
in early 2017. By 2021, its annual revenues exceeded $50 million.
As of the Petition Date, the Debtor owes:
* $2.2 million to Porter Capital Corporation pursuant to an
agreement to provide advances in exchange for the Debtor's
receivables.
* ICICI Bank UK Plc, Germany Branch in excess of $11.3 million,
including past due interest and various penalties, fees and costs
asserted by ICICI, pursuant to a certain $15,000,000 Credit
Agreement dated April 21, 2016.
* Deutsche Leasing USA, Inc. approximately $990,000 on account of
various lease agreements.
* Deutsche Bank AG approximately $7.2 million plus various
penalties, fees and costs asserted by Deutsche Bank AG, pursuant to
an unsecured promissory note dated September 22, 2015.
* Commerzbank AG approximately $4.3 million, plus various
penalties, fees and costs asserted by Commerzbank AG, pursuant to
unsecured promissory notes
* The Debtor owes its key customers approximately $10,883,000
(plus accrued and unpaid interest) under a customer prepetition
loans, which enabled the Debtor to operate throughout 2022.
The petition states that funds will be available to unsecured
creditors.
Loans From Customers
The Debtor was formed in 2014 to supply, as a Tier 1 or Tier 2
supplier, the needs of certain German OEMs with facilities in the
southeastern United States whose requirements in Europe were being
supplied by Bolta Werke, GmbH, a German corporation that was also
owned and controlled by White Capstan.
On Sept. 27, 2021, as result of the significant downturn in
European automotive production caused by the COVID-19 pandemic and
the corresponding shutdowns, as well as the international shortage
of microchip processing, and related factor and supply chain
interruptions, Werke filed a preliminary German insolvency
proceeding. On Dec. 1, 2021, Werke opened a regular German
insolvency proceeding. A purchaser bought substantially all of the
assets of Werke in the summer of 2022, and the remaining assets of
Werke are currently being wound down by an administrator in
Germany. Werke’s insolvency greatly interrupted the Debtor's
day-to-day ability to operate by interfering with strategic sales,
design, project management, engineering, tooling, information
technology, accounting, and human resources support typically
provided by Werke. By late 2021, the issues stemming from
Werke’s insolvency, along with the Debtor's untenable capital
structure, lack of ongoing financial support from its affiliates,
supply chain disruptions, increases in the costs of raw materials
and other lingering effects of the COVID-19 pandemic, caused the
Debtor -- which had never achieved profitability -- to suffer a
liquidity crisis that threatened its ability to operate.
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 ("VW") (together, the
"Customers") -- began granting price increases and provided other
incremental funding to support the Debtor's operations. Beginning
in January 2022, the Customers agreed to provide funding in the
form of unsecured loans. To date, the Customers have provided the
Debtor with unsecured loans totaling approximately $10,883,000 in
the aggregate, plus accrued and unpaid interest.
Road to Bankruptcy
B. Riley's Jeffrey R. Truitt, presently the CRO of the Debtor,
explains in court filings that the Debtor has, for the most part,
been operating at a significant cash deficit since its inception.
Each of the Customers has been exposed to significant risks to its
production and has incurred additional financial cost to provide
funding to the Debtor so that it may continue as a supplier.
Because of this, certain of the Customers have terminated new
programs and resourced some or all of their future work.
According to Mr. Truitt, the Customers have indicated that they
would support a sale of the Debtor's assets and operations to a
financially stable purchaser with experience in the Debtor's
industry. However, the Debtor's significant and complicated debt
structure (most of which is in default) and its unpaid vendors,
could lead to situations that could jeopardize its operations if it
pursued a potential sale outside of bankruptcy.
Moreover, these factors make it less attractive to potential
purchasers. As such, the Debtor, in consultation with the
Customers, has concluded that the best way to maximize value,
preserve jobs, and prevent the Debtor from incurring even more
liabilities is for it to conduct a going concern sale under Section
363 of the Bankruptcy Code.
Plan for the Chapter 11 Case
The Debtor's plan for the Chapter 11 case is straightforward --
move as expeditiously as possible to a sale of substantially all of
its assets before the Customers are forced to resource their
business due to the additional costs of supporting the Debtor and
the potential operational risks associated with continuing to rely
on the Debtor in its current state. Absent the bankruptcy filing,
the Debtor risks imminent shut down from creditor action and/or
lack of liquidity. The Debtor intends to file a plan of
liquidation as soon as practicable after the conclusion of the sale
process, which will ideally enable it to pay secured creditors (to
the extent of the value of their collateral), pay all
administrative claims, and, hopefully, make a distribution to its
priority and unsecured creditors.
About Bolta US Ltd.
Bolta US Ltd. is an auto parts manufacturer in Tuscaloosa,
Alabama.
Bolta US Ltd. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-70042) on Jan. 13,
2023. In the petition filed by Jeffrey Truitt, as chief
restructuring officer, the Debtor reported assets between $10
million and $50 million, and liabilities between $50 million and
$100 million.
The Debtor tapped McDonald Hopkins LLC as bankruptcy counsel, Rosen
Harwood, P.A., as local counsel, and B. Riley Financial Services,
Inc., as financial advisor. Epiq is the claims agent.
BRAZOS DELAWARE II: S&P Rates New $800MM Sr Secured Term Loan 'B+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to Brazos Delaware II LLC's (a subsidiary of Brazos
Permian II LLC) proposed $800 million senior secured term loan due
2030. The '3' recovery rating indicates its expectation for
meaningful recovery (50%-70%: rounded estimate 60%) in the event of
a payment default.
The company intends to use the net proceeds from the term loan,
along with $50 million of balance sheet cash, to repay its
outstanding $832 million term loan B (TLB) due May 2025. As part of
the transaction, Brazos is also upsizing its currently undrawn
revolving credit facility to $150 million from $90 million and
extending the facility's maturity date to 2028 from 2024. As of
Sept. 30, 2022, Brazos had outstanding debt of approximately $840.5
million.
Fort Worth, Texas-based Brazos Permian II LLC owns and operates
natural gas and crude oil gathering and processing systems in the
Delaware Basin. The company operates 865 miles of natural gas and
crude pipelines, over 145,000 horsepower of field compression
facilities, and 75,000-barrels of terminal storage facilities.
Brazos' system has processing capacity of 460 million cubic feet of
natural gas per day.
CARESTREAM HEALTH: $540M Bank Debt Trades at 26% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Carestream Health
Inc is a borrower were trading in the secondary market around 73.5
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $540.8 million facility is a Term loan that is scheduled to
mature on September 30, 2027. The amount is fully drawn and
outstanding.
Carestream Health, Inc., headquartered in Rochester, New York, is a
supplier of imaging and IT systems to the medical and dental
communities and to other markets.
CINEMA SQUARE: Court OKs Deal on Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, authorized Cinema Square, LLC to use cash
collateral on an interim basis in accordance with its agreement
with Wilmington Trust, National Association, as Trustee, for the
benefit of the Holders of COMM 2016-DC2 Mortgage Trust Commercial
Mortgage Pass Through Certificates, Series 2016-DC2.
The parties agreed that the Debtor may use cash collateral through
March 30, 2023. Given the extension of the Cash Collateral
Stipulation, the parties also stipulated to continue the hearing on
the Debtor's Motion for Use of Cash Collateral to to March 14 at
11:30 a.m.
A copy of the motion is available at https://bit.ly/3J4n0ep from
PacerMonitor.com.
A copy of the order is available at https://bit.ly/3D6ic4i from
PacerMonitor.com.
About Cinema Square, LLC
Cinema Square, LLC is the owner of a small shopping center located
at 6917 El Camino Real, Atascadero, CA 93422. There are several
tenants, the primary tenant is a movie theater, the Galaxy
Theater.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10634) on June 14,
2021. In the petition signed by Jeffrey C. Nelson, president, the
Debtor disclosed up to $50 million in assets and up to $10 million
in liabilities.
Judge Deborah J. Saltzman oversees the case.
William C. Beall, Esq., at Beall & Burkhardt, APC is the Debtor's
counsel.
CINEWORLD GROUP: Keeps Exclusive Right to Propose Bankruptcy Plan
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
extended the time Cineworld Group plc and its affiliates can keep
exclusive control of their Chapter 11 cases, giving them until
April 5 to file a bankruptcy plan and until June 5 to solicit votes
on that plan.
The ruling allows the companies to pursue their own plan for
emerging from Chapter 11 protection without the threat of a rival
plan from creditors.
The extension gives the companies the "breathing spell" necessary
to facilitate negotiations with stakeholders on remaining issues
and maximize the value of their businesses as well as recovery by
creditors, according to their attorney, Matthew Cavenaugh, Esq., at
Jackson Walker, LLP.
About Cineworld Group
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the United States.
According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group at 13.8%, Polaris
Capital Management (7.82%), Aberdeen Standard Investments (4.98%)
and Aviva Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc. as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
COASTAL DRILLING: Exclusivity Period Extended to Feb. 9
-------------------------------------------------------
Coastal Drilling Land Company, LLC obtained an order from the U.S.
Bankruptcy Court for the Southern District of Texas, which extended
its exclusive right to file a Chapter 11 plan to Feb. 9 and solicit
votes on the plan to April 10.
The company had requested an extension of the exclusivity period in
order to implement the sale of most of its assets and pursue its
own plan without the threat of a rival plan from creditors.
About Coastal Drilling Land Company
Coastal Drilling Land Company, LLC offers drilling rigs and
services to the South Texas and Gulf Coast regions.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 22-20204) on Aug. 28,
2022. In the petition signed by CEO Chris McClanahan, the Debtor
disclosed up to $50 million in both assets and liabilities.
Judge David R. Jones oversees the case.
Matthew Okin, Esq., at Okin Adams Bartlett Curry, LLP is the
Debtor's legal counsel.
On Sept. 14, 2022, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtor's
case. Mehaffy Weber, P.C. and Riveron RTS, LLC serve as the
committee's legal counsel and financial advisor, respectively.
COINBASE GLOBAL: Moody's Cuts CFR to B2 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has downgraded Coinbase Global, Inc.'s
corporate family rating to B2 from Ba3 and downgraded its
guaranteed senior unsecured notes to B1 from Ba2. Coinbase's
outlook was changed to stable from rating under review. This action
concludes the review for downgrade that was initiated on November
21, 2022.
RATINGS RATIONALE
The rating action reflects Coinbase's substantially weakened
revenue and cash flow generation capacity due to the challenging
conditions in the crypto asset operating environment characterized
by steep declines in crypto asset prices and lower customer trading
activity. Moody's expects the company's profitability to remain
challenged despite its January 10 announcement of a reduction in
its global workforce of around 950 employees[1].
Moody's said the rating action also reflects the heightened
uncertainty around developments in the crypto asset regulatory
environment, especially following the failure of FTX Trading Ltd.
and its affiliated entities (collectively referred to here as FTX).
Moody's believes that a sudden tightening of regulations and
related oversight could have a credit negative impact on Coinbase's
revenues as well as increase its cost base. Although increased
regulatory oversight could ultimately favor the relatively more
mature and compliant crypto asset platforms such as Coinbase,
Moody's said that the path to changes and enhancements in the
regulatory framework is highly uncertain and could prove disruptive
to crypto market participants.
Moody's said that Coinbase's January 2023 workforce reduction,
which represents roughly 20% of the firm's staff as of September
30, 2022, will help to preserve the firm's liquidity. Coinbase's
latest restructuring plan follow its June 2022 reduction of around
1,100 employees, which represented roughly 18% of its global
workforce at the time. In its latest announcement, Coinbase also
indicated that its reduction in workforce, coupled with ongoing
expense management initiatives, will result in a decline of around
25% in operating expenses for the first quarter of 2023 compared to
the firm's fourth quarter 2022 results. Moody's expects the firm's
efforts in curbing expenditure to help slow its rate of cash
outflow, but that its profitability will remain under considerable
pressure absent a stark and sustained increase in crypto asset
prices and trading volumes, which Moody's does not expect to
occur.
Moody's said that the November 2022 failure of FTX has reverberated
across the crypto ecosystem, triggering losses for institutional
and retail customers and the associated failure of other entities
that have been exposed to FTX. Moody's said that Coinbase operates
a different business model than FTX did, and unlike FTX, Coinbase
does not engage in retail client lending activities that could
expose it to material asset-liability mismatch, misappropriation of
customer assets, related liquidity risk or other bank-like concepts
or risks.
In January 2023, the New York Department of Financial Services
(NYDFS) and Coinbase entered into a consent order to resolve
historical compliance deficiencies at Coinbase. Moody's said that
this was despite Coinbase's numerous investments in its Anti-Money
Laundering and Counter-Terrorist Financing program. As part of the
agreement, Coinbase incurred a $50 million penalty to the NYDFS and
committed to investing another $50 million in its internal
compliance programs over the coming two years. The consent order
helped reveal some of the regulatory implications of conducting a
digital assets business and the additional efforts needed to
bolster compliance functions even after Coinbase had made
significant investments and hiring over the past few years.
Moody's said that Coinbase maintains a strong liquidity position
relative to its $3.4 billion in long-term debt (including the $2
billion B1-rated senior guaranteed notes, due 2028 and 2031). At
September 30, 2022, this liquidity position included $5 billion in
cash and cash equivalents, $0.4 billion in USDC (a fiat-backed
stablecoin) and $0.6 billion in crypto assets, and also certain
custodial account overfunding balances.
Coinbase's stable outlook is driven by its currently healthy
liquidity position that is absorbing the ongoing cash flow drain
the firm is experiencing. The stable outlook also reflects
Coinbase's cost management efforts and considers the incremental
cash flow benefits associated with the company's growing
non-transactional revenue streams.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's said that Coinbase's ratings could be upgraded should there
be evidence of: 1) increased regulatory clarity for the oversight
of crypto asset markets that does not adversely affect Coinbase's
revenue streams or cost base; 2) successful cost structure
transformation generating reliable profitability in varying crypto
asset price and trading volume environments; and 3) achieving
revenue diversification through the strong and sustained
development of non-transactional revenue streams, without adding
significant incremental credit risk.
Factors that could lead to a downgrade of Coinbase's ratings
include: 1) an accelerated decline in the company's liquidity
position; 2) a failure to return to relatively healthy free cash
flow generation despite the ongoing expense control efforts; 3)
regulatory or crypto asset market structure changes resulting in
lower revenue or increased costs; or 4) the company incurring
significant regulatory penalties.
The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.
CORALVILLE, IA: S&P Alters Outlook to Stable, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' rating on the city of Coralville, Iowa's general
obligation (GO) bonds and its 'BB' rating on Coralville's
outstanding appropriation bonds and lease rental payment bonds.
"The outlook revision to stable reflects our view of the gradual
improvement in revenue collections pertaining to the city-owned
hotel and conference center as well as the new arena and field
house that had been negatively affected by social distancing
precautions," said S&P Global Ratings credit analyst Helen
Samuelson. "However, Coralville's very high debt burden,
particularly its high carrying charges, and weak liquidity in 2021
cap its rating at 'BB+', overshadows its strong economy, and weighs
down its other credit fundamentals," Ms. Samuelson added.
The receipt of roughly $4 million in federal stimulus funding
helped alleviate the city's immediate liquidity stress and eases
pressure on Coralville to provide financial support to the hotel,
conference center and arena.
The city's GO annual appropriation debt is backed by debt service
reserve funds. We rate the city's existing appropriation
obligations and lease rental payment bonds one notch lower than the
city's general creditworthiness (as reflected in the GO rating) to
reflect the appropriation risk associated with the annual payment.
Coralville is northwest of Iowa City, which is home to the
University of Iowa.
DOCUPLEX INC: Wins Cash Collateral Access Thru Feb 28
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Kansas authorized
Docuplex, Inc. to use cash collateral, on an interim basis in
accordance with the budget, through February 28, 2023.
The Court said the deadline for the Debtor to file a chapter 11
plan for purposes of the default provisions of the Cash Collateral
Order is extended to January 16, 2023.
All other provisions of the Cash Collateral Order will remain
applicable, enforceable, and binding.
As previously reported by the Troubled Company Reporter, Equity
Bank holds an alleged properly perfected first-priority security
interest in the cash collateral, as well as all other equipment,
furniture, and personal property of the Debtor. The U.S. Small
Business Administration holds an alleged properly perfected second
priority security interest in the Debtor's accounts receivables,
non-titled machinery and equipment, general intangibles, goods, and
other forms of personal property.
Other creditors may assert first priority purchase money security
interests in specific items of equipment, as follows:
1) Heidelberg USA, Inc. (S_Coating GTT C CD102B Large Bail --
claim totals $8,848.73);
2) Canon Financial Services, Inc. (certain leased printers --
assets not owned by Debtor);
3) Fujifilm North America Corporation (FLH85Z Plate Processor
S/N 94199-0158 and Chiller S/N 109079002 -- claim totals
$17,099.96);
4) TCF Equipment Finance (ST100 6 Pocket Stitcher and
Fennimore Punch System -- claim totals $807.21); and
5) Key Equipment Finance (2009 Screen PTR8600S Thermal
Platesetter -- claim amount is unknown).
As partial adequate protection, Equity was granted a valid,
automatically perfected replacement lien against the Debtor's
assets for the full amount of the cash collateral that is utilized
pursuant to the Order. The replacement liens will have the same
validity, avoidability and priority as the security interests and
liens existing against the cash collateral as of the date of the
Order on the Motion. The replacement liens will be valid and
perfected without the need for the execution, recording or filing
of any further document or instrument or the taking of any further
act otherwise required under nonbankruptcy law.
Equity, for its benefit, is granted, an additional and replacement
continuing valid, binding, enforceable, non-avoidable, and
automatically perfected post-petition security interest in and lien
on any and all presently owned and hereafter acquired personal
property and all other assets of the Debtors and the estate,
together with any proceeds thereof.
Equity will also receive from the Debtor, commencing not later than
September 30, 2022, and continuing monthly thereafter until a)
confirmation of a chapter 11 plan, b) dismissal of the case, c)
conversion of the case to another chapter, or d) subsequent order
of the Court, payments in the amount of $10,000 as adequate
protection.
A copy of the Debtor's order is available at https://bit.ly/3wn8hU8
from PacerMonitor.com.
About Docuplex, Inc.
Docuplex, Inc. owns and operates a print and mailing company,
providing all varieties of commercial printing, finishing, and
direct mailing services. It is one of the largest providers of
these services in Wichita, Kansas. Docuplex does not own any real
property, but owns a significant amount of furniture, fixtures,
machinery, equipment, rolling stock, and inventory used in the
operation.
Docuplex sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Kan. Case No. 22-10734) on September 2, 2022. In
the petition signed by Gina Cherry, controller, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Mitchell L. Herren oversees the case.
DRY MORE: Court OKs Cash Collateral Access Thru Jan 27
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Dry More Company to use cash
collateral on an interim basis in accordance with the budget, with
a 25% variance, through January 27, 2023.
The Debtor is permitted to use cash collateral to meet its
post-petition obligations in the ordinary course of business.
The Debtor's secured lender, Veritex Community Bank, consents to
the use of cash collateral in the amount and categories as listed
on the budget.
To the extent the Lender has valid, perfected security interests,
the Lender is granted valid, perfected, and enforceable replacement
security interests in and liens and mortgages upon all categories
of property of the Debtor and its estate.
As additional adequate protection to Veritex, on or before their
due date(s) pursuant to the Veritex loan documents, the Debtor will
make adequate protection payments to Veritex.
The liens on the PostPetition Collateral are subordinated to fees
payable to the United States Trustee pursuant to 28 U.S.C. section
1930(a)(6) and any carve out for attorney's fees as authorized by
the Court.
The Debtor is also directed to maintain insurance with respect to
all Prepetition Collateral and Post Petition Collateral, both real
and personal property.
The final hearing on the matter is set for January 27 at 10:30
a.m.
A copy of the order is available at https://bit.ly/3iYDBFL from
PacerMonitor.com.
About Dry More Company
Dry More Company is a water damage restoration services in Houston,
Texas. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-33532) on November
30, 2022. In the petition signed by Jessica Lykins, president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Christopher M. Lopez oversees the case.
Reese W. Baker, Esq., at Baker & Associates, is the Debtor's
counsel.
EAGLEPICHER TECH: KKR Fund Marks $1.9M Loan at 50% Off
------------------------------------------------------
KKR Income Opportunities Fund has marked its $1,957,223 loan
extended to EaglePicher Technologies, LLC to market at $978,612 or
50% of the outstanding amount, as of October 31, 2022, according to
a disclosure contained in the KKR IOF's Form N-CSR for the fiscal
year ended October 31, 2022, filed with the Securities and Exchange
Commission on January 6, 2023.
KKR IOF is a participant in a second lien term loan to EaglePicher
Technologies, LLC. The loan accrues interest at a rate of 11%
(LIBOR (1M) + 7.25%) per annum and matures on March 8, 2026.
KKR IOF was organized on March 17, 2011 as a statutory trust under
the laws of the State of Delaware. The Fund is a closed-end
registered management investment company, which commenced
operations on July 25, 2013. The Fund seeks to generate a high
level of current income, with a secondary objective of capital
appreciation. The Fund is diversified for purposes of the
Investment Company Act of 1940, as amended. KKR Credit Advisors
(US) LLC serves as the Fund’s investment adviser.
EaglePicher Technologies, LLC develops commercial power solutions.
The Company offers batteries and energetic devices for
mission-critical aerospace, defense, aviation, and medical battery
markets. EaglePicher Technologies serves customers in the State of
Missouri.
EASTERN POWER: Moody's Lowers Rating on Senior Secured Debt to B2
-----------------------------------------------------------------
Moody's Investors Service downgraded Eastern Power, LLC's senior
secured credit facility to B2 from B1. The rating outlook has been
revised to stable from negative.
RATINGS RATIONALE
The rating action balances material debt reduction under Eastern
Power's term loan with proceeds from asset sale and an improved
outlook for capacity prices with elevated refinancing risk
resulting from the anticipated near-term shutdown of two of Eastern
Power's generating facilities.
Eastern Power completed the sale of three PJM-based peaking assets
in September 2022 resulting in $493 million of term loan principal
repayment. Combined with a $30 million prepayment made in December,
Eastern Power's term loan balance at year-end was approximately
$650 million compared to $1,173 million at year-end 2021.
The B2 rating is supported by an expectation that capacity prices
in New York City meaningfully rebound beginning May 2023 coinciding
with the initial reduction in nitrogen oxide requirements and the
corresponding retirement of impacted generating facilities.
Specifically, Moody's expect Summer 2023 capacity prices to be in
excess of $14 kW-month and Winter 2023/24 prices to in excess of $6
kW-month, almost a tripling of capacity prices compared to the most
recent summer and winter prices. Given Eastern Power's
concentration to the NYC capacity market and low capacity factor,
its financial performance remains sensitive to realized capacity
prices. Assuming these price levels, Moody's analysis suggests
Eastern Power's term loan balance toward maturity would be in a
range of $500-550 million. The potential to monetize the existing
sites of Gowanus and Narrows at the end of their respective
end-of-life represents another avenue for debt reduction. Failure
of capacity prices to rebound to the aforementioned price levels
over the near-term would likely increase Eastern Power's debt
outstanding at maturity and potentially trigger a negative rating
action.
Cash flow to meet Eastern Power's debt service is derived primarily
from capacity revenue earned by its three New York City-based
generating facilities: the Astoria Generating Station (Astoria: 959
MW), Gowanus Turbine Facility (Gowanus: 320 MW) and Narrows Station
(Narrows: 352 MW). Gowanus and Narrows, however, are nearing
retirement due to a New York statewide requirement that reduces the
allowable level of nitrogen oxide emission from peaking plants
beginning May 2023 followed by a further step-down beginning May
2025. Because of the potential retirement of Gowanus and Narrows,
Moody's view this issue as an environmental consideration under
Moody's Environmental, Social, and Governance risk assessment.
To that end, Eastern Power in November 2022 retired 50% or 320
megawatts of Gowanus' generating capacity that would not have met
the May 2023 requirement. Gowanus' remaining 320 megawatts of
capacity and all of Narrows capacity is scheduled to be retired no
earlier than May 2025. Depending upon the reliability needs,
however, some or all the barges could continue to operate beyond
May 2025. If the timing of the retirement of Gowanus and Narrows is
near the October 2025 term loan maturity date, it may complicate
Eastern Power's ability to refinance its term loan as its remaining
asset will be Astoria.
Variables that will determine Eastern Power's ability to refinance
its term loan at maturity include capacity and power prices at that
time, the level of term loan debt outstanding and the residual
value of Gowanus and Narrows should Eastern Power elect to monetize
these assets. The one notch downgrade considers a high degree of
uncertainty around each of these variables.
Eastern Power's cash position is approximately $90 million, an
amount that includes a cash funded 6-month debt service reserve
account. External liquidity is provided under a $50 million
revolving credit facility due October 2023 under which $30 million
of letters of credit were issued. Moody's understanding is that
Eastern Power has begun discussions relating to an extension of the
credit facility.
OUTLOOK
The stable outlook reflects the improved outlook for capacity
prices that is expected to improve Eastern Power's financial
performance and allow for incremental debt repayment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
In light of the rating action, there are limited near-term
prospects for the rating to be upgraded. Greater than anticipated
debt reduction from higher than expected capacity pricing, early
partial monetization of real estate or delayed retirement of the
barges could have positive rating ramifications.
Eastern Power's rating could be downgraded should the anticipated
improved capacity pricing environment not materialize reducing
Eastern Power's ability to reduce term its term loan balance over
the remaining term. Failure to extend the maturity of its
revolving credit facility could also trigger negative rating
pressure.
Eastern Power owns three gas-fired electric generating stations
with a combined operating capacity of approximately 1,630 megawatts
(MWs). Eastern Power is an affiliate of ArcLight Energy Partners.
The principal methodology used in these ratings was Power
Generation Projects Methodology published in January 2022.
ECL ENTERTAINMENT: $35MM Loan Add-on No Impact on Moody's 'B2' CFR
------------------------------------------------------------------
Moody's Investors Service says ECL Entertainment, LLC's B2 (LGD4)
First Lien Senior Secured Term Loan B remains unchanged following
its proposed add-on of $35 million (pro forma total tranche size of
$365 million). ECL's B2 Corporate Family Rating, Ba2 (LGD1) Senior
Secured Revolving Credit Facility, and its B2-PD Probability of
Default Rating remain unchanged. The outlook remains stable.
Moody's expects ECL to use part of the proceeds from the proposed
Term Loan B add-on along with its existing cash-on-hand and
recently acquired owned land to support a $50 million New Hampshire
JV investment, which purpose is to acquire and develop an HHR
facility in southern New Hampshire. Moody's views the transaction
as a credit negative, as ECL's leverage will increase modestly
following the $35 million Add-on. However, the B2 CFR and stable
outlook are not affected as ECL's proforma leverage remains below
its downgrade trigger of less than 5.0x debt-to-EBITDA on a
sustained basis. In addition, the company has delivered good
financial performance through 2022. For the latest 12-month period
ended November 30, 2022, ECL generated $217 million of net revenues
(compared to $154 million for the 12-month period ended September
30, 2021).
ECL is a privately-owned, regional gaming company focused on the
Nashville, Knoxville and Southern Kentucky markets. ECL was formed
in March 2019 by an investor group led by Marc Falcone and Ron
Winchell. The company owns and operates Kentucky Downs, LLC (a/k/a
the "Mint at Kentucky Downs"), an existing horse racetrack and
1,055 Historical Horse Racing machine ("HHR") facility on the
border of Tennessee and Kentucky and the closest gaming facility to
Nashville, TN; Bowling green, which opened on December 28, 2021 in
Bowling Green, KY that offers 450 HHR games and other amenities and
Williamsburg which opened on August 31, 2022 in Williamsburg, that
KY offers 450 HHR games and other amenities.
EDWARD DON: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed Edward Don & Company, LLC's
ratings including its Corporate Family Rating at B3, its
Probability of Default Rating at B3-PD, and its first lien senior
secured term loan rating at Caa1. Moody's also change the outlook
to stable from negative.
The ratings affirmation reflects that Edward Don's revenue and
earnings continue to rebound as a result of improved market demand
for casual dining and lodging as consumers increase activities away
from home including dining at restaurant and travel. Edward Don's
revenue has exceeded its 2019 level and debt-to-EBITDA declined to
5.6x as of September 30, 2022. Moody's expects the company's credit
metrics to further improve, including debt-to-EBITDA to decline to
a low 5x range in the next 12-18 months. However, Edward Don's free
cash flow conversion remains weak and faces a drag from rising
interest rates.
Free cash flow has been consistently negative since 2018, expect in
2020 when revenue declined over 30% as a result of coronavirus
disruptions to restaurant traffic and the company generated free
cash flow due to a reduction in accounts receivable and inventory.
Moody's is concerned that the company's consistent reliance on the
revolver and negative free cash flow are not sustainable. The
extension of the revolving credit facility to 2025 nevertheless
provides the company more time to improve operating efficiency,
credit metrics and working capital management in an effort to
increase free cash flow conversion before the asset based revolver
and term loan mature in 2025.
Moody's changed the outlook to stable from negative because Edward
Don's liquidity has improved following the company's revolver
upsize to $125 million from $100 million extension to 2025. Moody's
also anticipates the company will further improve its EBITA margin
as revenue recovers and maintain adequate liquidity to navigate a
potential pullback in casual dining amid a more uncertain economic
environment.
The following ratings are affected by the action:
Affirmations:
Issuer: Edward Don & Company, LLC
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Backed Senior Secured 1st Lien Term Loan B, Affirmed Caa1 (LGD5)
from (LGD4)
Outlook Actions:
Issuer: Edward Don & Company, LLC
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
Edward Don's B3 CFR reflects its relatively small scale, negative
free cash flow, and high financial leverage, with debt-to-EBITDA at
5.6x for the twelve months ending September 30, 2022. Moody's
expects the company's debt-to-EBITDA leverage to decline to a low
5x range in 2023, supported by mid-to-high single digit revenue
growth and low single digit earnings growth. The company has end
market concentration in the foodservice/restaurant and lodging
sectors, and the majority of customers in restaurant are casual
dining and full service, which are more susceptible to
discretionary consumer spending as opposed to quick service
restaurants (QSR). Edward Don's revenue has rebounded strongly in
the last two years and now exceeds the pre-pandemic 2019 level.
However, EBITA has recovered slower than revenue, amid higher
freight and labor costs as well as supply chain disruptions.
Moreover, the company generated negative free cash flow in part
because of significant working capital investment to support
revenue growth. The exception was 2020 when the company generated
over $40 million of free cash flow primarily from a reduction in
account receivables related to revenue declining more than 30%. The
rating also reflects the company's strong market position in the
foodservice supplies and equipment distribution industry, its
relatively recurring revenue stream from supply replenishment and
equipment replacement, and low capital expenditure requirements.
Moody's anticipates Edward Don will have adequate liquidity over
the next 12 months, supported primarily by $41 million availability
on its $125 million committed ABL revolver (upsized from $100
million in October 2022) as of September 30, 2022. Edward Don holds
a minimal cash balance. However, following a $12.5 million excess
cash flow payment in May 2021, the quarterly term loan amortization
payments were prepaid through maturity. Moody's expects the company
to generate roughly break-even free cash flow despite higher EBITDA
in 2023 due to a meaningful working capital investment to support
business growth and higher interest expense amid a rising interest
rate environment. The revolver expires the earlier of July 2025 or
90 days prior to the July 2025 term loan maturity.
Edward Don & Company's CIS-4 Credit Impact Score represents Moody's
view that ESG factors have a highly negative impact on the
company's rating, mainly a result of the company's high risk
exposure to environmental risk related to carbon transition of its
vehicle fleet and governance risk given its majority ownership by
private equity sponsors, aggressive financial policies, and its
growth through acquisition strategy. The company has moderately
negative exposure to social risks.
Edward Don & Company's exposure to environmental risks is highly
negative (E-4). As a foodservice distributor, the company utilizes
a fossil fuel dependent truck fleet, which elevates carbon
transition risks that will require investment in new and
potentially costlier vehicles. Waste and pollution risks are
moderately negative, reflecting pollution arising from fleet
emissions, as well as waste created from consumer products and
packaging material that often cannot be recycled. Edward Don has
neutral to low risk exposure to physical climate risks, water
management, and the use of natural capital.
Social risks are moderately negative (S-3) and mainly reflect
Edward Don's exposure to responsible production, health and safety,
and human capital risks. The company must cost-effectively manage
its supply chain and responsibly source products such as glassware
and kitchen supplies. In addition, the company has moderately
negative exposure to health and safety as well as human capital
risks due to heavy reliance on drivers in the sector that requires
continual recruitment and retention investment. A portion of the
workforce handles and delivers heavy kitchen equipment that can
lead to workplace injuries if the company does not maintain proper
investment and processes that support employee safety. The company
has neutral-to-low risk exposure to customer relations as well as
demographic and societal trends. The company's wholesale business
model creates low exposure to end consumers and Edward Don is a
distributor of a diverse assortment of supplies and equipment to
foodservice providers.
Edward Don has highly negative governance risk (G-4) primarily
related to the company's aggressive financial policies, including
its high financial leverage and growth through acquisition
strategy. Edward Don is majority owned by Vestar Capital Partners,
with the Don family maintaining the remaining minority equity
stake. Concentrated decision making creates potential for event
risk and decisions that favor shareholders over creditors.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company improves its operating
results and working capital management such that the company
generates consistent and comfortably positive free cash flow,
debt/EBITDA is sustained below 5.5x and the company maintains at
least adequate liquidity with less reliance on revolver borrowings
and proactive maturity management.
The ratings could be downgraded if operating results deteriorate
such that debt/EBITDA increased to above 7.5x. Failure to improve
free cash flow to a positive level or a deterioration in liquidity
could also lead to a downgrade.
The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.
Headquartered in Woodridge, Illinois, Edward Don & Company, LLC
("Edward Don"), is a distributor of supplies and equipment to
foodservice providers. Private Equity firm Vestar Capital Partners
acquired a majority ownership interest in Edward Don in March 2017.
The company is private and does not publicly disclose its
financials. Edward Don generated revenue of $1.3 billion for the
twelve-month period ended September 30, 2022.
ENERGIZER HOLDINGS: Moody's Alters Outlook on 'B1' CFR to Negative
------------------------------------------------------------------
Moody's Investors Service affirmed Energizer Holdings, Inc.'s B1
Corporate Family Rating and B1-PD Probability of Default Rating. At
the same time, Moody's affirmed the Ba1 ratings on the company's
senior secured first lien term loan due 2027 and senior secured
first lien revolving credit facility due 2025 and affirmed the B2
rating on the senior unsecured notes. Energizer's SGL-1 speculative
grade liquidity rating is unchanged. The outlook was changed to
negative.
The rating affirmation reflects Moody's expectation that
Energizer's operating performance will recover meaningfully over
the next two years. Improvement to margins and free cash flow will
position management to execute on its de-leveraging plan and
strengthen credit metrics. Elevated input costs will continue to
pressure earnings, but Moody's expects targeted pricing actions,
additional investments in operational efficiencies and cost
reductions ("Project Momentum"), and moderation to input costs
through the second half of the year to support margins and offset
volume headwinds. Moody's forecasts debt-to-EBITDA leverage to
decline to around 6x in 2023 and 5.5x in 2024, which leverage level
is in-line with the upper range of Moody's expectations for the
rating given the operating profile. Moody's expects free cash flow
after dividends exceeding $200 million in fiscal 2023 and 2024 to
go towards reducing the debt, reflective of management's current
focus on debt paydown. However, Energizer does not have a formal
leverage target and financial policy is aggressive, including large
debt funded M&A as part of the company's diversification strategy
and shareholder distributions including a sizable dividend and
share repurchases. Overall, Moody's sees the business tracking in a
positive direction. Very good liquidity provides the company
flexibility to execute on its operating and deleveraging
strategies. Liquidity is bolstered by $205 million of cash on hand
and $492 million of available capacity on the company's $500
million revolving credit facility that expires in December 2025.
Improvement in free cash flow should facilitate debt paydown.
The change to a negative outlook captures the elevated risk that
leverage remains very high and that it will likely take several
years to restore leverage to a range expected for the rating even
with the projected improvement in fiscal 2023 and 2024. Less EBITDA
margin improvement than anticipated due to continued cost pressures
or a weakening demand environment could slow deleveraging progress,
particularly if Project Momentum cost savings are lower than
expected. Volume declines that are not offset through pricing or if
the working capital reduction is less than anticipated could also
limit free cashflow generation resulting in lower-than-expected
debt reduction.
The following ratings/assessments are affected by the action:
Affirmations:
Issuer: Energizer Holdings, Inc.
Corporate Family Rating, Affirmed B1
Probability of Default Rating, Affirmed B1-PD
Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD2)
Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5)
Issuer: Energizer Gamma Acquisition B.V.
Backed Senior Unsecured Regular Bond/Debenture, Affirmed B2
(LGD5)
Outlook Actions:
Issuer: Energizer Holdings, Inc.
Outlook, Changed To Negative From Stable
Issuer: Energizer Gamma Acquisition B.V.
Outlook, Assigned Negative
RATINGS RATIONALE
Energizer's B1 CFR reflects the company's very high leverage
following large debt funded acquisitions and recent earnings
weakness. Acquisitions result from Energizer's strategy to
diversify away from the disposable battery category which is facing
slow long-term erosion although the category benefited from
outsized demand for battery operated devices during the coronavirus
pandemic. The high leverage is also a function of a lower EBITDA
margin due to elevated costs for raw materials, labor, freight, and
FX. Margin pressure is being compounded by inefficiencies in the
company's supply chains that Energizer has worked hard to address
through multiple restructuring and efficiency initiatives.
Energizer's credit profile is supported by its leading market
position in the single use and specialized battery market, its
portfolio of well-known brands in the battery and consumer car
maintenance segments, historically solid operating cash flow and
EBITDA margin, and very good liquidity.
Moody's expects leverage to decline from 6.9x as of the fiscal year
ended September 30, 2022 to around 5.5x by fiscal year end 2024 led
by investments into supply chain improvement, analytics and cost
reductions, additional pricing initiatives, and expected moderation
of input costs into the latter half of 2023. However, the company's
financial policy remains a risk despite management's current focus
on reducing debt. Failure to reduce debt levels, especially if
earnings and cash flows do not recover as expected, could slow
deleveraging.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects the elevated risk that leverage
remains very high because of slower than anticipated EBITDA margin
improvement, lower-than-expected debt reduction funded from free
cash flow, as well as the potential for acquisitions and share
repurchases.
An upgrade would require consistent operational performance
including stable organic revenue growth, and a higher EBITDA
margins that leads to sustained debt to EBITDA below 4.5x and
consistently stronger free cash flow.
The ratings could be downgraded if Energizer does not generate
material improvement in the EBITDA margin and free cash flow in the
next 12-18 months, or if the company does repay debt such that debt
to EBITDA is likely to remain elevated above 5.5x. A deterioration
of liquidity, or the company engages in acquisitions or share
repurchases prior to reducing leverage could also lead to a
downgrade.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FACTORS
Energizer Holdings, Inc's ESG Credit Impact Score (CIS-4) reflects
ESG factors as having a highly negative impact on the current
rating. Aggressive financial strategy is a key driver of the
governance factor and overall ESG Credit Impact Score though
environmental and social components are also contributing factors.
Moody's views Energizer's diversification strategy away from its
traditional battery business as a positive, though thus far this
has exhibited aggressive features on the financial side including
leveraging acquisitions.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
Energizer Holdings, Inc. manufactures and markets batteries,
lighting products, car fragrance and appearance, and engine
additives around the world. The product portfolio includes
household batteries, specialty batteries, portable lighting
equipment and various car fragrance dispensing systems. Some key
brands include Energizer, Eveready, Rayovac, STP, and ArmorAll.
Headquartered in St. Louis, MO, the publicly-traded company
generates roughly $3.0 billion in annual revenues.
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 58% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 41.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.20 billion facility is a Term loan that is scheduled to
mature on March 31, 2027. The amount is fully drawn and
outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 66% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 33.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $5.45 billion facility is a Term loan that is scheduled to
mature on October 10, 2025. About $3.73 billion of the loan is
withdrawn and outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
FINASTRA USA: $1.25B Bank Debt Trades at 20% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Finastra USA Inc is
a borrower were trading in the secondary market around 79.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on June 13, 2025. The amount is fully drawn and
outstanding.
Finastra USA, Inc. provides financial software solutions. The
Company specializes in retail and transaction banking, lending, and
treasury and capital markets. Finastra USA serves customers in the
United States.
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 26% Discount
----------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 73.4 cents-on-the-dollar during the week
ended Friday, January 20, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $460 million facility is a Term loan that is scheduled to
mature on December 17, 2029. The amount is fully drawn and
outstanding.
FinThriveis a provider of Revenue cycle management software
solutions to the healthcare sector.
FIRST TO THE FINISH: Wins Cash Collateral Access Thru Feb 9
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Illinois
authorized Michael E. Collins, the Chapter 11 Trustee for First to
the Finish Kim and Mike Viano Sports Inc., to use cash collateral
on an interim basis in accordance with the budget, with a 10%
variance.
The Chapter 11 Trustee requires the use of cash collateral to
minimize the disruption of the Debtor's business, operate the
business in an orderly manner, maintain business relationships with
vendors, suppliers, and customers, pay employees, and satisfy other
operational as well as working capital needs.
CNB Bank & Trust, N.A., Nike USA, Inc., and the Bank of Springfield
have asserted a perfected security interest in the Debtor's
bankruptcy estate.
The Trustee may access cash collateral through the termination
date, which is the earlier of:
(i) February 9, 2023;
(ii) the entry of an Order, on a "final" basis approving the
Trustee's use of cash collateral;
(iii) the date of the dismissal of the Debtor's bankruptcy
case or the conversion of the Debtor's bankruptcy case
to a case under Chapter 7 of the Bankruptcy Code;
(vi) the date a sale of substantially all of the Estate's
assets is consummated after being approved by the
Court; and
(v) the effective date of any confirmed chapter 11 plan.
As adequate protection, the Secured Lenders will be granted access
to examine the books and records of the Debtor and take an
inventory of assets of the Estate. The parties will use their best
efforts to coordinate on mutually available dates and times to
avoid duplication and disruptions on the operations.
As further adequate protection, and only to the extent of (a) the
diminution of value of a Secured Lender's interest in the
Prepetition Collateral occurring from the Petition Date to the
Termination Date, and (b) the prepetition validity and priority of
each the Secured Lender's respective security interests in the
Prepetition Collateral, the Secured Lenders are granted valid and
perfected, security interests in, and liens including, but not
limited to, replacement liens on all of the right, title, and
interest of the Estate.
As further adequate protection, the Chapter 11 Trustee will take
reasonable steps to preserve any and all rights of the Estate in
FTTF Health Supply, LLC from the sale of personal protective
equipment and related items and will seek documentation regarding
any receivables held by FTTF Health Supply, Inc.
The Adequate Protection Liens granted in the Postpetition
Collateral, including the cash collateral, in the First Cash
Collateral Order remain in full force and effect. All rights and
extensions granted to Nike in the First Cash Collateral Order and
Interim Orders remain in force and effect.
A final telephonic hearing on the matter is set for February 9 at
10 a.m.
A copy of the order is available for free at https://bit.ly/3kwzMbp
from PacerMonitor.com.
About First to the Finish Kim
and Mike Viano Sports Inc.
First to the Finish Kim and Mike Viano Sports Inc. sells sporting
goods, hobbies, and musical instruments.
First to the Finish Kim and Mike Viano Sports filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ill. Case No. 20-30955) on October 7, 2020. The petition was
signed by Mike Viano, president. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.
Judge Laura K. Grandy oversees the case.
The Debtor is represented by Carmody MacDonald P.C.
The Chapter 11 Trustee, Michael E. Collins, is represented by
Manier & Herod, P.C.
CNB Bank & Trust, N.A., as secured lender, is represented by Silver
Lake Group, Ltd. Nike USA, Inc., also a secured lender, is
represented by A.M. Saccullo Legal, LLC.
FREE SPEECH: Conn. Judge Refuses to Sanction Jones' Texas Atty
--------------------------------------------------------------
Christine DeRosa of Law360 reports that a Connecticut judge ruled
Tuesday, January 17, 2023 that Alex Jones' Texas attorney will not
be disciplined for his disclosure of Sandy Hook families' sensitive
medical and financial information despite the fact he engaged in
misconduct and violated Connecticut Rules of Professional Conduct.
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run
business founded by Alex Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online
spaces. Shunning from financial institutions and banning Jones
and FSS from major tech companies began in 2018.
Conspiracy theorist Alex Jones was sued by victims' family members
over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
The Debtors agreed to the dismissal of the Chapter 11 cases in June
2022 after the Sandy Hook victim families dismissed the three
bankrupt companies from their lawsuits.
Free Speech Systems filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 22-60043) on July 29, 2022. In the petition filed by W.
Marc Schwartz, as chief restructuring officer, the Debtor reported
assets and liabilities between $50 million and $100 million.
Melissa A Haselden has been appointed as Subchapter V trustee.
Alexander E. Jones filed for personal bankruptcy under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 4:22-bk-60043) on
Dec. 2, 2022, listing $1 million to $10 million in assets against
liabilities of $1 billion to $10 billion in liabilities.
Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC,
is FSS's counsel. Raymond W. Battaglia and Crowe & Dunlevy, P.C.,
led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan,
and Antonio Ortiz are representing Alex Jones.
FREEPORT GATE: Unsecureds to Get 5% Under $1.1-Mil. Sale Plan
-------------------------------------------------------------
Freeport Gate LLC submitted a Second Amended Subchapter V Small
Business Plan of Liquidation.
Under this Plan, the Debtor proposes to sell the Debtor's marina
property located at 55 Hudson Avenue, Freeport, New York (the
"Marina Property") to the highest and best bid at auction. The
terms and conditions of the sale were approved by the Court and the
sale has taken place subject to Court Approval. The successful
purchaser, 55 Hudson-Freeport, LLC (the "Successful Purchaser")
submitted a bid of $1,100,000 which was the highest and best offer
received by the Debtor at the auction sale. From the proceeds of
the sale of the Marina Property, and a settlement approved by the
Bankruptcy Court, the Debtor intends to fund the Plan.
Under the Plan, Class 6 Allowed General Unsecured Claims will
receive payment of 5% of their Allowed Claims, on the later of the
Effective Date and the date on which any such General Unsecured
Claim becomes an Allowed General Unsecured Claim, or as soon as
reasonably practical thereafter. Any balance(s) on said allowed
claims in this Class after payment are deemed cancelled under this
Plan. Class 6 is impaired.
A copy of the Second Amended Subchapter V Small Business Plan of
Liquidation dated Jan. 11, 2023, is available at
https://bit.ly/3ISluMn from PacerMonitor.com.
About Freeport Gate
Freeport Gate, LLC, a company in Great Neck, N.Y., filed a petition
for relief under Subchapter V of Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 22-71639) on July 7, 2022, listing $1
million to $10 million in both assets and liabilities. Gerard R.
Luckman has been appointed as Subchapter V trustee.
Judge Robert E. Grossman oversees the case.
Robert J. Spence, Esq., at Spence Law Office, P.C. represents the
Debtor as counsel.
FTX TRADING: Justice Dept. Objects to Choice of Lawyers
-------------------------------------------------------
Jack Schickler of CoinDesk reports that the U.S. Trustee has voiced
objections to FTX hiring New York law firm Sullivan and Cromwell,
claiming potential conflicts of interest from its previous
activity, in a Jan. 13, 2023 legal filing.
The complaint echoes those made by a bipartisan grouping of U.S.
Senators and by the crypto exchange's founder Sam Bankman-Fried,
and expresses concern the firm might tread on the toes of future
work by an independent examiner.
"S&C's disclosures as filed are wholly insufficient to evaluate
whether S&C satisfies the Bankruptcy Code's conflict-free and
disinterestedness standards," said Trustee Andrew Vara, a
Department of Justice official responsible for bankruptcy cases.
"The incomplete disclosures are a sufficient and independent reason
to deny the application."
"Any investigation led by S&C would be duplicative and wasteful of
estate resources if the Court were to grant the U.S. Trustee's
pending motion to appoint an examiner with a comprehensive
investigative mandate," Vara added.
FTX's General Counsel Ryne Miller previously worked at S&C for
eight years, Vara noted, and the law firm might find itself in the
"conflicted position" of investigating both itself and its former
staffer.
Retaining the law firm is "necessary and in the best interests of
the Debtors and their estates and stakeholders," John Ray,
appointed FTX chief executive officer on Nov. 11, 2022 said in a
Dec. 21, 2022 deposition. "S&C is one of the leading law firms in
the world in all of the key practice areas."
In a blog published Thursday, January 12, 2023, Bankman-Fried said
S&C's relations with FTX prior to its downfall had been more than
purely transactional, and that its staff had pressured him into
filing for bankruptcy on Nov. 11, 2022 – echoing concerns over
the law firm's independent made by Senators in a Jan. 10, 2023
letter.
Judge John Dorsey said at a Jan. 11 hearing that the letter,
calling for the appointment of an independent examiner into the
case, was an inappropriate intervention.
S&C lawyers did not immediately respond to a request for comment.
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 amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
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
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX TRADING: Miami-Dade Ends Arena Naming Rights Deal
-----------------------------------------------------
Dean Budnick of Yahoo! Entertainment reports that on Jan. 11, 2023,
a federal bankruptcy judge terminated the naming-rights agreement
between Miami-Dade County, which owns the facility, and the now
defunct FTX, once the third-ranked crypto exchange by volume until
it was discovered in November 2022 that the company was insolvent
due to its mishandling of customer funds.
This ruling ends the contractual relationship with FTX, which still
had over 17 years to run.
The 21,000-capacity home of the NBA's Miami Heat hosted more than
50 concerts in 2022, including performances by Elton John, Dua
Lipa, Bad Bunny, Roger Waters, Daddy Yankee, Justin Bieber and
Tyler, the Creator.
In March of 2021, the Miami-Dade County Board of County
Commissioners approved a $135 million deal with FTX. At that time,
now-disgraced CEO Sam Bankman-Fried released a statement that
crowed, "This opportunity is more than putting our name on an
iconic building. It is a chance to provide value to the growing
and diverse community in Miami and its surrounding cities."
That value diminished considerably after FTX filed for bankruptcy
on November 11, 2022, just five days after Bankman-Fried took to
Twitter in an attempt to allay concerns about his company, by
insisting, "FTX is fine. Assets are fine."
In response to the announcement that the exchange would initiate
Chapter 11 proceedings, Miami-Dade County and the Miami Heat issued
a joint press release, declaring that they would be "immediately
taking action to terminate our business relationships with FTX, and
we will be working together to find a new naming rights partner for
the arena."
Just one month earlier, in October, the FTX logo had been placed on
the arena's roof, replacing the aircraft associated with the
facility's original sponsor, American Airlines. Back in 1999
American had entered into a 20-year contract which it eventually
opted not to renew. The facility subsequently retained the
American Airlines Arena name for well over a year, while Miami-Dade
scrambled to identify a replacement sponsor, which it eventually
found in FTX.
On Nov. 22, 2022, the county petitioned the bankruptcy court for
permission to remove the name from the venue, so that it could
pursue other options. Miami-Dade also suggested that keeping FTX
on the facility would compound the "enduring hardships" of the
exchange’s aggrieved former customers.
The situation in Miami calls to mind the naming of a new ballpark
in Houston, just over 20 years ago. In the spring of 1999 Enron
chairman Kenneth Lay trumpeted a 30-year, $100 million deal with
the Astros for what briefly would be known as Enron Field. By early
2002, the Astros were eager to distance themselves from the
scandal-plagued corporation. However, since Enron had already paid
ahead for a year, the desperate baseball team purchased back the
naming rights for $2.1 million.
FTX was already in arrears with another $5.5 payment due on January
1, 2023, so Miami-Dade did not need to pay off its former partner.
Instead, it had to bide its time, until Judge John Dorsey issued
his ruling.
On Friday, January 13, 2023, local officials and the Heat revealed
that they had landed on an interim name. For the immediate future,
the venue will be known as Miami-Dade Arena.
As for a potential partner, mortgage lender Network Capital
reportedly made a bid back in 2021.
Or perhaps in the spirit of defending digital currency, a Los
Angeles arena sponsor will increase its East Coast presence, by
staking claim to a second Crypto.com Arena.
Then again, Florida has its own distinct history of colorful venue
names, so perhaps the moment is right to resuscitate the legacy of
Tampa's lost, lamented 1-800-ASK-GARY Amphitheatre.
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 amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
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
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX TRADING: Reports $451 Million Crypto Hacked Since Chapter 11
----------------------------------------------------------------
Reuters reports that bankrupt crypto exchange FTX said in a report
to creditors that about $415 million in cryptocurrency had been
stolen in hacks.
FTX has said it had recovered over $5 billion in crypto, cash and
liquid securities, but that significant shortfalls remained at both
its international and U.S. crypto exchanges. FTX attributed some
of the shortfall to hacks, saying that $323 million in crypto had
been hacked from FTX's international exchange and $90 million had
been hacked from its U.S. exchange since it filed for bankruptcy on
Nov. 11.
Indicted founder Sam Bankman-Fried later challenged aspects of the
company's report in a blog post.
Bankman-Fried, who has been accused of stealing billions of dollars
from FTX customers to pay debts incurred by his crypto-focused
hedge fund, Alameda Research, pushed back against FTX's
calculations late Tuesday, saying that the company's lawyers at
Sullivan & Cromwell had presented an "extremely misleading" picture
of the company's finances.
Bankman-Fried said FTX has more than enough money to repay U.S.
customers, whom he says are owed between $181 million and $497
million based on his "best guess." Bankman-Fried has not had access
to FTX records since stepping down as CEO in November.
A spokesperson for Sullivan and Cromwell declined to comment.
Attorneys at the firm said in a recent court filing that they have
rebuffed Bankman-Fried's efforts to stay involved in the company's
bankruptcy proceedings.
Bankman-Fried has pleaded not guilty to fraud charges, and he is
scheduled to face trial in October.
FTX did not provide an estimate of the amount owed to FTX's U.S. or
international customers, and it did not immediately respond to
questions about Bankman-Fried's blog post.
FTX provided some additional details about its recovery efforts on
Tuesday, saying it had recovered $1.7 billion in cash, $3.5 billion
in liquid cryptocurrency and $300 million in liquid securities.
"We are making progress in our efforts to maximize recoveries, and
it has taken a Herculean investigative effort from our team to
uncover this preliminary information," Ray said in a statement.
The crypto assets recovered to date include $685 million in Solana,
$529 million in FTX's proprietary FTT token and $268 million in
bitcoin, based on crypto prices on Nov. 11, 2022. Solana, which was
lauded by Bankman-Fried, lost most of its value in 2022.
During FTX's initial investigation into hacks of its system, it
uncovered a November asset seizure by the Securities Commission of
the Bahamas, which led to a dispute between FTX's U.S.-based
bankruptcy team and Bahamian regulators.
The two sides settled their differences in January, and Ray said on
Tuesday that the Bahamian government was holding $426 million for
creditors.
Bahamas Prime Minister Philip Davis referenced the dispute during a
Tuesday event at the Atlantic Council in Washington, saying Ray's
team had "come around" and accepted that the Bahamian asset seizure
"was appropriate and perhaps has saved the day for many of the
investors in FTX."
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 amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
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
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
GA REAL ESTATE: Court OKs Cash Collateral on Final Basis
--------------------------------------------------------
The U.S Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, authorized GA Real Estate Acquisitions, LLC to
use cash collateral on a final basis in accordance with the budget,
through and including entry of an order confirming a plan of
reorganization.
The Debtor requires the use of cash collateral to fund critical
operations.
The Debtor asserts it is a borrower on loans from Velocity
Commercial Capital, LLC, SkyBeam Capital REIT, LLC, and RRK
Investments, LLC, which may assert security interests in certain of
the Debtor's property. As of the Petition Date, the amount
allegedly owed to the Lenders is approximately $1,057,400.
As adequate protection, the Lenders are granted a valid and
properly perfected lien ) on all property acquired by the Debtor
after the Petition Date. The Adequate Protection Liens will be
deemed automatically valid and perfected upon entry of the Order.
A copy of the order is available at https://bit.ly/3Wq2ZC0 from
PacerMonitor.com.
About GA Real Estate Acquisitions, LLC
GA Real Estate Acquisitions, LLC owns and leases out several
residential real properties in the Atlanta Metro area and in Macon,
Georgia. The Debtor is in the business of purchasing, renovating,
and leasing or selling the renovated properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-55886) on August 1,
2022. In the petition signed by Carmenlita Trimble, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Lisa Ritchey Craig oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is
the Debtor's counsel.
GAUCHO GROUP: Releases Growth Objective for 2023 and Beyond
-----------------------------------------------------------
Gaucho Group Holdings, Inc. announced its objectives for 2023 and
beyond, as the Company continues to lay the foundation for growth
and scale with the goal to create long term value for its
investors.
Scott Mathis, CEO & Chairman of Gaucho Holdings commented; "We have
accomplished so much since we embarked on this journey, building
from the ground up a portfolio of diverse experiential luxury
brands and real estate assets. Looking ahead, we seek to continue
development and the build out of our existing assets, to strengthen
our businesses by setting up our revenue potential for exponential
and transformational growth for 2023.
"Upcoming initiatives for our luxury vineyards estate lot sales
program can potentially generate USD 5 Million or more in sales in
2023 alone, while our continued build out of the project's
infrastructure (a planned 60-room hotel and spa, that is also
slated to include 30-50 residences, and for which we seek to
co-brand with a luxury hotel brand) could generate an additional
$25 million per year of revenue once complete. With our
Masterplan's addition of 200 more lots, ranging in size from 2.47
acres to 6 acres, we anticipate the potential to generate more than
$100 million in revenue.
"In the hospitality sector, we have a strategy in place to increase
the occupancy and ADR for our hotels in Buenos Aires and Mendoza.
"Similarly, our e-commerce wine sales in 2022 saw increased sales
volume, retuning customer rates and online sessions, as well as
increased distribution channels in both Argentina and the U.S. Our
plans for 2023 and beyond include further increasing our
distribution channels, our e-commerce sales and our international
markets, such as Argentina's neighbor Brazil, which is the world's
3rd largest market for online wine sales.
"Last summer, our leather goods and accessories brand celebrated
the incredible milestone of opening our flagship at one of the
world's most renowned luxury shopping malls, the Miami Design
District, among the likes of widely recognized luxury retail brands
such as Off White, Bottega Veneta, Gucci, and Chanel, and many
others. In addition to presenting at the renowned New York Fashion
Week, we also launched our line of luxury home goods, among other
notable milestones. We look forward to continuing to scale our
e-commerce revenue growth with an aggressive marketing campaign, as
well the launch of our Resort Collection this summer and a luggage
+ travel accessories collection."
2022 Accomplishments Highlights
* Received official approval from the Municipality of San Rafael
of the Masterplan for Algodon Wine Estates, a 4,138-acre wine,
wellness, culinary and sport resort and luxury residential
development, in San Rafael, Mendoza, Argentina. This includes an
additional 200 lots for sale.
* Completion of Algodon's winery multi-year expansion and
infrastructure improvement initiative, that has resulted in a
larger and better equipped facility to produce premium quality,
small batch wines.
* San Rafael's vineyard estate restaurant expansion project
nearly complete.
* Unveiled map of newly expanded and revised Masterplan of the
entire 4,138 acres including a new Hotel & Spa project.
* Received approval for Masterplan electrical grid by EDEMSA to
develop further sectors of estate.
* Deed approval of 27 new lots in Sector A, allowing the sale of
lots to be simplified for foreign buyers.
* 2nd and 3rd water wells approved. 3rd well is awaiting
drilling commencement.
* Gaucho – Buenos Aires NYFW Runway Show.
* Gaucho.com domain acquired, driving more brand awareness and
traffic to online e-commerce platform.
* Launched Gaucho CASA the Home Collection.
* Engaged Tara Ink PR agency
* Opened U.S. Flagship retail location in one of the most
luxurious retail centers in Florida's the Miami Design District.
* Algodon Fine Wines added to Southern Glazer's Wine & Spirits
portfolio, penetrating the Miami hospitality market (currently in
20 restaurants and looking to be in 50 by the end of the year).
* Algodon Fine Wines targets Brazil e-commerce wine market.
* Record sales in Argentine wine e-commerce platform.
* VIVINO Partnership (Top 2% of Pageviews on VIVINO App out of
180k Wineries).
* Algodon Mansion refurbishment of furniture lighting and
interiors.
* Rooftop at Algodon Mansion has been completed.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.
Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019. As of Sept. 30, 2022, the Company had $25.39 million
in total assets, $6.86 million in total liabilities, and $18.53
million in total stockholders' equity.
GEORGIAN COURT: Moody's Cuts Issuer & Revenue Bond Ratings to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Georgian Court
University's (NJ) issuer and revenue bond ratings to Ba1 from Baa3.
This action affects approximately $23 million of outstanding debt
from the university's Series 2017G and Series 2017H revenue bonds.
The bonds were issued through the New Jersey Educational Facilities
Authority. The Series 2017H revenue bonds have an expected final
maturity in 2033 and the Series 2017G revenue bonds have an
expected final maturity in 2037. The outlook has been revised to
negative from stable.
RATINGS RATIONALE
The downgrade of Georgian Court University's issuer rating to Ba1
from Baa3 is driven by its deeply imbalanced operations, with
budget deficits forecast for fiscal 2023 and beyond. Deficits will
be driven by the university's heightened student demand challenges
that contribute to declining enrollment and strained net tuition
revenue. Social and governance considerations are key drivers of
this rating action. Weakening regional demographics, shifting
student preferences, and New Jersey's numerous public and low-cost
private university options create a fiercely competitive market.
Enrollment has declined in each of the last four academic years,
with a lower level of transfer students from local community
colleges in particularly affecting the university's student
population. These market challenges will continue to constrain
pricing flexibility and net student revenue growth, which accounts
for over 85% of the university's total revenue. University
leadership has shown some ability to reduce expenses during the
pandemic; however, absent additional cuts, deficit operations will
continue if not intensify. A small scale of operations additionally
limits the extent of cost reductions the university can pursue
without affecting its competitive position. Georgian Court plans to
expand its health sciences and professional care program offerings,
the success of which will be crucial to improving its brand and
strategic position. The university has also begun to execute on a
series of real estate sales that will provide additional liquidity
to cover operations and strained cash flow in the coming years.
Elevated draws on reserves to cover operating deficits and cover
debt service obligations, however, highlight core challenges in the
university's business model even as these sales provide a cushion.
Georgian Court's Ba1 issuer rating incorporates its solid wealth
and healthy liquidity position. Total cash and investments of $64
million provide good cushion for total adjusted debt and operating
expenses, which should improve further as the university completes
real estate sales. Further, liquidity remains healthy at 327
monthly days cash on hand in fiscal 2022.
The university's Ba1 revenue bond rating is based on the issuer
rating, the secured general obligation to pay debt service and
pledged mortgage of certain campus facilities to bondholders.
RATING OUTLOOK
The negative outlook reflects the possibility of further credit
deterioration if the university is not able to implement cost
containment initiatives or if strategic objectives around
enrollment management are not met.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
-- Improved student demand that results in growing
total enrollment and increased net tuition revenue per
student
-- Significant improvements in operating performance driven
by tuition revenue growth and fundraising support and
the implementation of material expense reductions
-- Material improvement in wealth and liquidity, providing
for stronger coverage of debt and expenses
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- Further deterioration of student demand resulting in
declining enrollment and net tuition revenue
-- Inability to make progress toward restoring balanced
operations in fiscal 2024 and beyond
-- Declines in total cash and investments and erosion of
the university's liquidity position due to elevated draws
on reserves
LEGAL SECURITY
The university's Series 2017G and 2017H bonds are a general
obligation of the university, payable from all legally available
funds. The university has granted a mortgage on certain facilities
to bondholders. The bonds also feature a rate covenant to set
tuition, fees, rentals and other charges, together with other legal
funds to cover loan payments.
PROFILE
Georgian Court University is a small private, Catholic
not-for-profit university located in Lakewood, Ocean County, New
Jersey. In fiscal 2022, Georgian Court generated operating revenue
of $40 million and enrolled 1,563 full-time equivalent (FTE)
students as of fall 2022.
METHODOLOGY
The principal methodology used in these ratings was Higher
Education Methodology published in August 2021.
GIGAMONSTER NETWORKS: Court OKs $5.8MM DIP Loan
-----------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
GigaMonster Networks, LLC and affiliates to use cash collateral and
obtain postpetition financing, on an interim basis.
The Debtors are permitted to obtain secured postpetition financing
on a superpriority basis in the amount of $3.5 million pursuant to
the terms and conditions of the Superpriority Secured
Debtor-in-Possession Credit Agreement by and among (i) GigaMonster
Networks, (ii) the other Debtors, and (iii) M/C Partners VIII,
L.P., as agent and lender. The maximum principal amount that may be
borrowed following entry of the Final Order will not exceed $5.8
million.
The DIP Facility proceeds and cash collateral will be used for (a)
working capital and general corporate purposes of the Debtors, (b)
bankruptcy-related costs and expenses and (c) any other purposes
agreed upon in the DIP Loan Documentation, in each case in
accordance with the Approved Budget.
The DIP Loan matures through the earliest to occur of:
(a) 60 calendar days after the Petition Date;
(b) The date that is 30 calendar days after the Petition Date
if the Final DIP Order has not been entered by the Bankruptcy Court
on or before such date;
(c) The termination of the Asset Purchase Agreement for any
reason without the prior written consent of the DIP Lender and the
Buyer other than a termination as a result of a default by the
Buyer or a termination for the Debtors to pursue approval of an
alternative transaction that results in the indefeasible payment in
full in cash of the DIP Obligations at or before maturity as of the
closing of such alternative transaction;
(d) The substantial consummation of a plan of reorganization
filed in the Chapter 11 Cases that is confirmed pursuant to an
order entered by the Bankruptcy Court;
(e) The date of acceleration of the DIP Loans and the
termination of the DIP commitments upon the occurrence of an Event
of Default;
(f) Entry of an order by the Bankruptcy Court approving (A) a
motion seeking conversion or dismissal of any or all of the Chapter
11 Cases or (B) a motion seeking the appointment or election of a
trustee, a responsible officer or examiner with enlarged powers
relating to the operation of the Debtors' business;
(g) The date the Bankruptcy Court orders the conversion of the
bankruptcy case of any of the Debtors to a chapter 7 liquidation;
and
(h) Dismissal of the bankruptcy case of any Debtor.
GigaMonster Networks and the other Debtors as guarantors are party
to the Loan and Security Agreement dated as of October 23, 2020
with Barings Asset-Based Income Fund (US), LP, as collateral agent
and certain financial institutions parties thereto from time to
time as lenders. To support growth and ongoing operations, the
Prepetition Credit Agreement was amended several times in 2021 and,
again most recently, in September 2022, to provide the Debtors with
additional liquidity to fund their day-to-day operations, pay
employees, to continue to work to identify a suitable buyer of
their assets, and to bridge to the filing of the Chapter 11 Cases.
The total outstanding amount under the Prepetition Loan Documents
is at least $44 million in principal, plus interest, fees and
costs, all of which was due and payable as of the Petition Date.
As adequate protection, the Prepetition Lenders are granted valid,
perfected, postpetition security interests and liens in and on all
of the DIP Collateral, with a priority subject and subordinate only
to (i) the DIP Liens, the DIP Superpriority Claim, and the
Termination Payment and (ii) prior payment of the Carve-Out.
As further adequate protection, the Prepetition Agent, for itself
and for the benefit of the other Prepetition Lenders, are granted a
superpriority claim to the extent of any Diminution, which claim
will have priority over all other administrative expense claims and
unsecured claims against the Debtors or their estates.
The "Carve-Out" means (i) all fees required to be paid to (A) the
clerk of the Bankruptcy Court and (B) the Office of the United
States Trustee under 28 U.S.C. section 1930(a), plus interest
required to be paid on any past due amount at the statutory rate;
(ii) all reasonable fees and expenses, up to $50,000, incurred by a
trustee under section 726(b) of the Bankruptcy Code; (iii) to the
extent allowed at any time, all unpaid fees and expenses of persons
or firms retained by the Debtors pursuant to sections 327, 328, or
363 of the Bankruptcy Code or by any Creditors' Committee pursuant
to sections 328 or 1103 of the Bankruptcy Code.
A copy of the order is available at https://bit.ly/3J15isl from
PacerMonitor.com.
About GigaMonster Networks, LLC
GigaMonster Networks, LLC and affiliates develop and deploy
universal access networks in multi-family and commercial real
estate properties, providing internet, video and other network
services to approximately 400 customer properties and nearly 35,000
end-user subscribers. The Debtors contract with property owners to
set up UANs in their buildings and also provide internet services
to subscribers in those buildings.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10051) on January
16, 2023. In the petition signed by Rian Branning, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.
Judge Kate Stickles oversees the case.
The Debtors tapped Pachulski Stang Ziehl and Jones LLP as legal
counsel, Novo Advisors LLC as restructuring advisor, Bank Street
Group, LLC as investment banker, and Kroll Restructuring
Administration as claims and noticing agent.
GIGAMONSTER NETWORKS: Has M/C Partners Backing for Chapter 11 Sale
------------------------------------------------------------------
GigaMonster Networks LLC filed for chapter 11 protection in the
District of Delaware to pursue a sale of its business.
Headquartered in Marietta, Georgia, the Company develops and
deploys universal access networks ("UANs") in multi-family and
commercial real estate properties, providing internet, video and
other network services to 400 customer properties and nearly 35,000
end-user subscribers. While the Debtors do not own any real
property, they do own the internet infrastructure at the buildings
for which they provide services.
The Company has suffered recurring losses from operations and
negative cash flows from operating activities for the past several
years. For the calendar year ending Dec. 31, 2021, the Debtors
generated a net operating loss of approximately $22 million on
revenues of approximately $18.8 million. The Debtors'
circumstances did not improve during 2022; as of October 31st, they
recorded a net loss of over $22.5 million.
The Debtors have commenced Chapter 11 cases to preserve and
maximize value for all stakeholders through one or more sales of
their assets. The Debtors determined that, absent a strategic
transaction, the Company was no longer viable to conduct its
business over a long period of time due to its financial
constraints. To pursue one or more sales transactions, the Debtors
have obtained debtor in possession financing from M/C Partners
VIII, L.P., as agent and lender (the "DIP Lender") to allow the
Debtors to continue operating in these Chapter 11 Cases pending the
sale process.
Bel Air Internet LLC and Everywhere Wireless, LLC, entities
affiliated with the DIP Lender, are acting as the stalking horse
buyer for a significant portion of the Debtors' operating assets.
About GigaMonster Networks
GigaMonster Networks, LLC and affiliates develop and deploy
universal access networks in multi-family and commercial real
estate properties, providing internet, video and other network
services to approximately 400 customer properties and nearly 35,000
end-user subscribers. GigaMonster Networks contracts with
property owners to set up UANs in their buildings and also provide
internet services to subscribers in those buildings. On the Web:
https://www.gigamonsternetworks.com/
GigaMonster Networks and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10051) on Jan. 16, 2023.
In the petition signed by Rian Branning, chief restructuring
officer, the Debtor disclosed up to $100 million in both assets and
liabilities. The petition states that funds will be available to
unsecured creditors.
The Debtors tapped Pachulski Stang Ziehl and Jones LLP as legal
counsel, Novo Advisors LLC as restructuring advisor, Bank Street
Group, LLC as investment banker, and Kroll Restructuring
Administration as claims and noticing agent.
GIGAMONSTER NETWORKS: Jan. 26 Deadline Set for Panel Questionnaires
-------------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of GigaMonster Networks,
LLC.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3HnEkJX and return by email it to
Timothy Fox - Timothy.Fox@usdoj.gov - at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
Jan. 26, 2023.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About GigaMonster Networks
GigaMonster Networks, LLC and affiliates develop and deploy
universal access networks in multi-family and commercial real
estate properties, providing internet, video and other network
services to approximately 400 customer properties and nearly 35,000
end-user subscribers. The Debtors contract with property owners to
set up UANs in their buildings and also provide internet services
to subscribers in those buildings.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10051) on January
16, 2023. In the petition signed by Rian Branning, chief
restructuring officer, the Debtor disclosed up to $100 million in
both assets and liabilities.
The Debtors tapped Pachulski Stang Ziehl and Jones LLP as legal
counsel, Novo Advisors LLC as restructuring advisor, Bank Street
Group, LLC as investment banker, and Kroll Restructuring
Administration as claims and noticing agent.
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 26% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 73.5 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $1.94 billion facility is a Term loan that is scheduled to
mature on March 14, 2025. About $1.86 billion of the loan is
withdrawn and outstanding.
Global Medical Response, Inc provides air, ground, specialty and
residential fire services, and managed medical transportation
through its wholly owned subsidiaries Air Medical Group Holdings
LLC and AMR Holdco, Inc.
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 26% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 73.6 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $1.98 billion facility is a Term loan that is scheduled to
mature on October 2, 2025. About $1.95 billion of the loan is
withdrawn and outstanding.
Global Medical Response, Inc provides air, ground, specialty and
residential fire services, and managed medical transportation
through its wholly owned subsidiaries Air Medical Group Holdings
LLC and AMR Holdco, Inc.
GLOBAL PREMIER: Exclusivity Period Extended to March 13
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended the time Global Premier Regency Palms Oxnard, LP can keep
exclusive control of its Chapter 11 case, giving it until March 13
to file a bankruptcy plan and until June 14 to solicit votes on
that plan.
The ruling allows Global Premier to pursue its own plan for
emerging from Chapter 11 protection without the threat of a
competing plan from creditors.
"[Global Premier] is still in the process of providing interested
debt and equity investors with due diligence to procure letters of
intent. Once it receives the letters of intent, it will have more
precision on which to base a plan," said Matthew Stockl, Esq., one
of the attorneys at Winthrop Golubow Hollander, LLP representing
Global Premier.
JKO Group, LLC, a secured creditor, did not oppose the extension
but expressed doubt about Global Premier's ability to make the
necessary payments or preserve the value of its interest in Global
Premier's real property.
About Global Premier Regency Palms Oxnard
Global Premier Regency Palms Oxnard LP owns Regency Palms Oxnard,
an assisted living facility in Oxnard, California.
Global Premier Regency Palms Oxnard sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10626)
on Aug. 16, 2022. In the petition filed by Christine Hanna,
managing member of the General Partner, the Debtor reported between
$10 million and $50 million in both assets and liabilities.
Judge Ronald A. Clifford III oversees the case.
The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow
Hollander, LLP as counsel and Wilshire Pacific Capital Advisors LLC
as financial advisor.
GOODLIFE PHYSICAL: Case Summary & Six Unsecured Creditors
---------------------------------------------------------
Debtor: Goodlife Physical Medicine Corp
1300 S Pacific Coast Highway
Suite 201
Redondo Beach, CA 90277
Chapter 11 Petition Date: January 23, 2023
Court: United States Bankruptcy Court
Central District California
Case No.: 23-10340
Judge: Hon. Sandra R. Klein
Debtor's Counsel: Leslie Cohen, Esq.
LESLIE COHEN LAW PC
1615-A Montana Avenue
Santa Monica CA 90403
Tel: 310-394-5900
Fax: 310-394-9280
Email: leslie@lesliecohenlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by David Carry as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/SK7EAKI/Goodlife_Physical_Medicine_Corp__cacbke-23-10340__0001.0.pdf?mcid=tGE4TAMA
GOPHER RESOURCE: $510M Bank Debt Trades at 28% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Gopher Resource LLC
is a borrower were trading in the secondary market around 71.9
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $510 million facility is a Term loan that is scheduled to
mature on March 6, 2025. About $470.5 million of the loan is
withdrawn and outstanding.
Gopher Resource, LLC provides recycling services. The Company
offers lead, plastic, and household waste recycling services.
Gopher Resource serves customers in North America.
GOTO GROUP: $2.25B Bank Debt Trades at 48% Discount
---------------------------------------------------
Participations in a syndicated loan under which GoTo Group Inc is a
borrower were trading in the secondary market around 51.8
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.25 billion facility is a Term loan that is scheduled to
mature on August 31, 2027. The amount is fully drawn and
outstanding.
GoTo, formerly LogMeIn Inc., is a flexible-work provider of
software as a service and cloud-based remote work tools for
collaboration and IT management.
GRAVITY HOLDINGS: Gets 90-Day Extension to File Bankruptcy Plan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Louisiana
extended the time Gravity Holdings, Inc. can keep exclusive control
of its Chapter 11 case, allowing the company to file a bankruptcy
plan within 90 days from Jan. 24.
The extension allows the company to market its assets before it
files its own plan without the threat of a competing plan from
creditors.
Gravity Holdings intends to liquidate its assets and believes it
may take as much as 90 days to find a buyer, according to its
attorney, Thomas Willson, Esq.
About Gravity Holdings
Gravity Holdings, Inc., a company in Elmer, La., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
La. Case No. 22-80538) on Oct. 26, 2022, with $2,113,100 in assets
and $2,077,503 in liabilities. Lucy G. Sikes has been appointed as
Subchapter V trustee.
Judge Stephen D. Wheelis oversees the case.
The Debtor tapped Thomas Willson, Esq., a practicing attorney in
Alexandria, La., to handle its Chapter 11 case. Roland D.
Kraushaar, CPA is the Debtor's accountant.
GUARDIAN US: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level and '3' recovery
ratings to U.S.-based public safety solutions provider Guardian US
Holdco LLC's (d/b/a Intrado) proposed senior secured credit
facilities, consisting of a $100 million revolving credit facility
due 2028 and $825 million senior secured term loan due 2030. The
'3' recovery rating reflects its expectation of meaningful (rounded
estimate: 60%) recovery in an event of a payment default.
The stable outlook reflects S&P Global Ratings' expectation that
modest top-line growth and margin expansion should enable solid
earnings growth such that leverage will be in the mid to high-4x
area over the next year.
Intrado's high S&P Global Ratings'-adjusted leverage and
private-equity ownership constrain the rating. Pro forma for the
transaction, we expect adjusted debt to EBITDA will be elevated, at
around 4.7x in 2023. However, greater adoption of next generation
911 (NG911) and enterprise 911 (E911) services, and new public
safety answering point (PSAP) technologies should translate into
low- to mid-single-digit revenue and EBITDA growth and leverage
reduction to the low-4x area by year-end 2024. Nevertheless, there
is longer-term uncertainty if leverage will remain below 5x given
the potential for an aggressive financial policy under
private-equity ownership, which could involve debt-financed
acquisitions or dividends that result in subsequent re-leveraging.
S&P said, "Our rating also reflects Intrado's strong position as a
key player in the 911 industry, which has utility-like
characteristics and contributes to earnings stability. Intrado is
the industry leader in 911 call routing and PSAP call handling with
large market shares. Its services provide the backbone
infrastructure that enables the delivery of 911 calls from citizens
to PSAPs. The company estimates 90% of 911 calls interact with its
platform. Furthermore, access to 911 is viewed as a critical public
service and benefits from a supportive regulatory environment and
government funding. For example, its enterprise 911 service
benefits from federal mandates on multi-line telephone systems used
within offices, hotels, and campuses. Moreover, state and local
governments fund PSAP call handling primarily through 911 surcharge
fees collected by carriers from end users. We believe these
industry dynamics, combined with its high percentage of recurring
revenue protect its earnings from cyclical variations."
Intrado has solid growth prospects supported by favorable industry
tailwinds. S&P expects revenue and earnings growth to be in the
low- to mid-single-digit percent area over the next couple of
years. The 911 industry is benefitting from communications network
investments and increased public safety spending by state and local
governments. Fiber expansion is facilitating the nationwide
transition to next-gen 911, which currently only covers about 50%
of the U.S. population. Meanwhile, 5G deployment is fueling growth
in wireless sites that need to be provisioned for 911. Federal
regulation is also driving adoption of enterprise 911 services.
Furthermore, the proliferation of Internet of Things (IoT) devices
creates opportunities for Intrado to provide more data for first
responders, although security and reliability concerns remain a
challenge.
Intrado provides critical services, which makes the company more
resilient to macroeconomic stress. While S&P expects a recession to
occur in the first half of 2023, it does not expect a weaker
macroeconomic environment to affect 911 communications services.
During the most recent economic slowdown in 2020, Intrado's revenue
grew 4% while companies in many other industries were negatively
affected. This reinforces the critical nature of Intrado's
services, in our view.
S&P believes the market for 911 solutions is highly competitive and
fragmented with moderate barriers to entry. Intrado faces intense
competition from multiple vendors in each of its product or service
categories. In network and information services which caters to
carriers, Intrado competes with companies such as Comtech and
RapidSOS. In the command center technologies business, vendors
include Motorola, NGA 911, and Comtech. In the enterprise
technology space, Intrado competes with RedSky and Bandwidth.
Comtech and Motorola in particular benefit from greater scale,
integrated offerings, and more financial flexibility. While
Intrado's financial resources and breadth of operations is more
limited, it provides integrated solutions, which gives it a
competitive advantage against providers of stand-alone services.
Further, barriers to entry are high and include substantial
switching costs and FCC and state regulations for emergency
services providers.
Intrado has significant revenue concentration with AT&T. The
company derives a significant portion its revenue from AT&T through
various contracts. Its other top customer is Lumen. Contract losses
from one of these two customers could have a material impact on
revenue and cash flow generation, leading to higher leverage. That
said, this is partially mitigated by multi-year agreements of
typically three years or more and high switching costs.
Solid free operating cash flow (FOCF) generation supports debt
repayment, although we expect the company's financial policy under
private equity ownership to be aggressive. Intrado benefits from
strong EBITDA margins, in the high-40% area, and low capital
intensity of about 2% of revenue due to the company's asset-lite
business model, which enables solid FOCF generation that could be
used to reduce debt. Still, our base-case scenario does not assume
meaningful long-term debt repayment beyond required debt
amortization and mandatory prepayments of excess cash flow given
the potential for debt-financed dividends to shareholders under
private-equity ownership. Further, we believe Intrado will likely
remain acquisitive and could engage in larger debt-financed
acquisitions in the future.
The stable outlook reflects S&P Global Ratings' expectation that
modest top-line growth and margin expansion from a mix-shift to
higher margin services and better scale should enable solid EBITDA
growth such that leverage will be in high-4x area over the next
year.
S&P said, "We could lower the rating on Intrado if intensifying
competition leads to lower sales, elevated pricing pressure, margin
compression, or higher customer churn such that its EBITDA declines
and leverage rises above 6x or its funds from operations (FFO) to
debt declines below 5% for a prolonged period. We could also
downgrade the company if it pursues a more aggressive financial
policy, including debt-financed acquisitions, share repurchases, or
dividends to its owners."
Although unlikely given the company's private-equity ownership, we
could consider raising the rating if:
-- Intrado's leverage remains below 4.5x.
-- S&P has confidence that financial policy considerations will
not lead to higher leverage in the future.
ESG credit indicators: E-2 S-2 G-3
S&O said, "Governance is a moderately negative consideration in our
credit rating analysis of Intrado. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of controlling
owners, in line with our view of most rated entities owned by
private-equity sponsors. Our assessment also reflects their
generally finite holding periods and a focus on maximizing
shareholder returns."
INSCAPE CORPORATION: Chapter 15 Case Summary
--------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Inscape (New York) Inc. 23-10073
15 Tiffany Avenue
Jamestown NY 14701
United States of America
Inscape Corporation 23-10074
67 Toll Road
Holland Landing (Ontario)
Canada L9N 1H2
Inscape Inc. 23-10075
15 Tiffany Avenue
Jamestown NY 14701
United States of America
Business Description: The Debtors are in the business of
designing, manufacturing and selling
office furniture and architectural walls
to customers across North America and
Europe.
Foreign Proceeding: Proceeding under the Companies'
Creditors Arrangement Act, R.S.C. 1985,
C.C-36, as amended, pending before the
Superior Court of Justice in Ontario
(Court File No. CV-23-00692784-00CL)
Chapter 15 Petition Date: January 23, 2023
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. Michael E. Wiles
Foreign Representative: Inscape Corporation
(Attention: Eric Ehgoetz)
67 Toll Road
Holland Landing (Ontario)
Canada L9N 1H2
Foreign
Representative's
Counsel: Weston T. Eguchi, Esq.
WILLKIE FARR GALLAGHER LLP
787 7th Avenue
New York NY 10019
Tel: (212) 728-8881
Email: weguchi@willkie.com
Estimated Assets: Unknown
Estimated Debt: Unknown
Full-text copies of the Chapter 15 petitions are available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/OUF4ROY/Inscape_New_York_Inc_and_Inscape__nysbke-23-10073__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/47CVI4A/Inscape_Corporation_and_Inscape__nysbke-23-10074__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/5UUF3EI/Inscape_Inc_and_Inscape_Corporation__nysbke-23-10075__0001.0.pdf?mcid=tGE4TAMA
INSTANT BRANDS: $450M Bank Debt Trades at 40% Discount
------------------------------------------------------
Participations in a syndicated loan under which Instant Brands
Holdings Inc is a borrower were trading in the secondary market
around 59.5 cents-on-the-dollar during the week ended Friday,
January 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $450 million facility is a Term loan that is scheduled to
mature on April 12, 2028. About $399.5 million of the loan is
withdrawn and outstanding.
Instant Brands Holdings Inc. designs, manufactures and markets
kitchen products. The Company offers bakeware, dinnerware, kitchen,
and household tools for storage and cutlery.
INTERNAP CORP: $225M Bank Debt Trades at 40% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Internap Corp is a
borrower were trading in the secondary market around 60.3
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $225 million facility is a Payment in kind Term loan that is
scheduled to mature on May 8, 2025. The amount is fully drawn and
outstanding.
Internap Corporation provides a broad range of scalable information
technology infrastructure services for enterprises. The Company's
services include colocation, managed hosting, optimized IP,
connectivity and content delivery services
JVNLDG LLC: Seeks to Tap Francis E. Hemmings as Bankruptcy Counsel
------------------------------------------------------------------
JVNLDG LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to employ the Law Offices of Francis
E. Hemmings PLLC to handle its Chapter 11 case.
Mr. Hemmings received a retainer of $2,500 from Louis Degasperi,
the Debtor's managing member, on Aug. 3, 2022.
The Debtor will compensate the attorney at his hourly rate of
$400.
Mr. Hemmings disclosed in a court filing that he and his firm are
"disinterested persons" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Francis E. Hemmings, Esq.
Law Offices of Francis E. Hemmings PLLC
228-18 Mentone Avenue
Laurelton, NY 11413
Telephone: (212) 747-9560
Email: Fhemmings@gmail.com
About JVNLDG LLC
JVNLDG, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41899) on Aug. 4,
2022, with up to $500,000 in assets and up to $50,000 in
liabilities. Judge Nancy Hershey Lord presides over the case.
Francis E. Hemmings, Esq., at the Law Offices of Francis E.
Hemmings PLLC serves as the Debtor's counsel.
K&N PARENT: $245M Bank Debt Trades at 60% Discount
--------------------------------------------------
Participations in a syndicated loan under which K&N Parent Inc is a
borrower were trading in the secondary market around 39.9
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $245 million facility is a Term loan that is scheduled to
mature on October 20, 2023. About $229.1 million of the loan is
withdrawn and outstanding.
K&N Parent, Inc. operates as a designer and manufacturer of
performance automotive aftermarket products. The Company offers air
filters, intakes, oil filters, cabins, and accessories.
LOCK HAVEN UNIVERSITY: S&P Lowers 2013A Bond Rating to 'BB-'
------------------------------------------------------------
S&P Global Ratings lowered its rating to 'BB-' from 'BB' on the
Pennsylvania Higher Educational Facilities Authority's series 2013A
revenue refunding bonds, issued for Lock Haven University
Foundation (LHUF), for the Evergreen Commons Student Housing
project at Lock Haven University (LHU). The outlook is stable.
"The one-notch downgrade reflects continued pressure on project
demand, resulting in occupancy rates that do not generate revenue
sufficient to meet covenanted debt service coverage requirements
without additional support from LHUF," said S&P Global Ratings
credit analyst Kimberly Barrett.
The bonds are secured by project revenue and a first-priority
mortgage on the project to the trustee to benefit bondholders. The
bonds have adequate security features, including a 1.2x annual debt
service coverage (DSC) covenant, a 1.2x additional bonds test, and
a debt service reserve (DSR) requirement of the lesser of maximum
annual debt service (MADS), 125% of average annual debt service, or
10% of par. The DSR is currently funded at MADS. The series 2013A
bonds are currently outstanding in the principal amount of $9.1
million. There are no plans to issue additional parity debt.
The rating reflects weak DSC in recent years, due to revenue
declines throughout the COVID-19 pandemic, but that could also be a
long-term trend related to recurring enrollment declines at LHU.
The university lost approximately a third of its full-time
equivalent enrollment between fall 2017 and fall 2022. The
Evergreen Commons project had occupancy rates of 62% and 64% in
fall 2021 and fall 2020, respectively, reflecting campus closures
and safety protocols implemented during the peak of the pandemic.
The occupancy rate recovered somewhat in fall 2022, reaching 84%.
Management estimates that the breakeven occupancy rate needed to
achieve 1.0x DSC is 82%-85%. Additional financial support from the
foundation was required to meet coverage in fiscal years 2020,
2021, and 2022, and is expected to be needed in fiscal 2023 as
revenues continue to recover.
The stable outlook reflects S&P's view that occupancy could improve
over time as the effects of the pandemic lessen, that LHUF will
continue to support the project as needed to meet 1.2x DSC, and
that a draw on the DSR will not occur.
M.A.R. DESIGNS: Taps Antonio Martinez, Jr. as Bankruptcy Counsel
----------------------------------------------------------------
M.A.R. Designs & Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ the
Law Office of Antonio Martinez, Jr., PC as its counsel.
The firm will render these services:
(a) take all necessary action to protect and preserve the
estate of the Debtor;
(b) prepare legal papers;
(c) advise the Debtor in respect of bankruptcy matters or
other such related services as requested;
(d) perform all other necessary legal services in connection
with the case;
(e) advise the Debtor with respect to its powers and duties in
the continued management, operation, and liquidation of its
business and properties;
(f) review all loan and lease documents executed by the Debtor
with its lenders and lessors;
(g) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(h) review and take necessary steps if there are transfers
which may be avoided as preferential or fraudulent transfers, under
the appropriate provision of the Bankruptcy Code;
(i) prepare on the Debtor's behalf any plan or plans of
liquidation, statements, and all related agreements or documents,
and take any necessary action on behalf of the Debtor to obtain
confirmation of such plan;
(j) represent the Debtor in connection with any potential
post-petition financing;
(m) appear before the bankruptcy court, any appellate courts,
and the United States Trustee and protect the interests of the
Debtor's estate before such Courts and the United States Trustee;
(n) file the Chapter 11 petition and schedules, related
pleadings and first day motions;
(o) perform all other necessary legal services with regard to
the liquidation of the Debtor's real estate; and
(p) appear before any local authorities or state permitting
agency with regard to the development, subdivision, or transfer of
the Debtor's real estate.
The hourly rates of the firm's counsel and staff are as follows:
Partners $270
Associate $175
Legal Assistants $75
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm a deposit of $8,000 as retainer.
Antonio Martinez, Jr., Esq., disclosed in a court filing that he is
a "disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Antonio Martinez, Jr., Esq.
Law Office of Antonio Martinez, Jr., PC
515 W. Nolana Ave., Ste. B
McAllen, TX 78504
Telephone: (956) 683-1090
Email: martinez.tony.jr@gmail.com
About M.A.R. Designs & Construction
M.A.R. Designs & Construction, LLC filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas
Case No. 23-70001) on Jan. 1, 2023, with as much as $1 million in
both assets and liabilities. Judge Eduardo V. Rodriguez oversees
the case.
The Law Office of Antonio Martinez, Jr., PC serves as the Debtor's
counsel.
MAVENIR SYSTEMS: $585M Bank Debt Trades at 33% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 67.4
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $585 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $577.7 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MEDLY HEALTH: $8MM DIP Loan Wins Final OK
-----------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Medly Health Inc. and affiliates to use cash collateral and obtain
postpetition financing, on a final basis.
The Debtor sought to obtain a secured, superpriority postpetition
multi-draw term loan facility in an aggregate principal amount of
up to $8 million all of which constitutes new money, plus interest,
costs, fees, and other expenses and amounts provided for in the DIP
Term Sheet, the Interim Order, or the Final Order, with the initial
sum of $4 million being available to the Debtors, on an interim
basis pursuant to the Interim Order pending entry of a Final Order,
from the DIP Lenders.
The DIP Lenders are TriplePoint Venture Growth BDC Corp.,
TriplePoint Capital LLC and TriplePoint Private Venture Credit Inc.
TriplePoint Venture Growth BDC Corp. is the collateral agent for
the DIP Lenders.
The Debtors are parties to these prepetition secured loan
agreements:
a. Prepetition Senior Loan Agreement: Pursuant to the Loan and
Security Agreement, dated as of November 1, 2019, between the
Debtors and Silicon Valley Bank, the Prepetition Senior Lender made
secured advances to the Debtors. The outstanding principal amount
of the Prepetition Senior Credit Facility is $20 million, together
with default interest, fees, expenses and all other amounts which
are payable, chargeable or otherwise reimbursable under the
Prepetition Senior Loan Documents.
b. Prepetition TPC Loan Agreement: Pursuant to the Plain
English Growth Capital Loan and Security Agreement dated as of
November 20, 2020, between the Debtors, the lenders from time to
time party thereto and TriplePoint Venture Growth BDC Corp. in its
capacity as collateral agent for the Prepetition TPC Lenders, the
Prepetition TPC Lenders made secured advances to the Debtors in
accordance with the terms thereof. The outstanding principal amount
of the Prepetition TPC Credit Facility is $81 million (of which $1
million is a TPC Prepetition Priority Obligation), plus (a)
interest accrued and payable thereon and (b) end of term fees with
respect thereto in an amount not less than $6.854 million, together
with default interest, fees, expenses and all other amounts which
are payable, chargeable or otherwise reimbursable under the
Prepetition TPC Loan Documents.
c. Prepetition Notes: As evidenced by those Senior Secured
Promissory Notes dated August 29, 2022 and August 30, 2022 executed
by the Debtors in favor of the holders thereof, the Prepetition
Noteholders made advances totaling $10 million in principal amount
in accordance with the terms thereof.
d. Intercreditor Agreements: Pursuant to (A) the Second
Amended and Restated Subordination Agreement, dated as of August
29, 2022, between the Prepetition Senior Lender and the Prepetition
TPC Parties, (B) the Subordination Agreement, dated as of August
29, 2022, between the Prepetition Senior Lender and the
Prepetition Noteholders, and (C) the Intercreditor Agreement, dated
as of August 29, 2022, between the Prepetition TPC Parties and the
Prepetition Noteholders, the Prepetition Senior Lender, pursuant to
which the Prepetition TPC Parties, and the Prepetition Noteholders
agreed on the relative priority of the liens granted under the
Prepetition Senior Loan Documents, the Prepetition Notes, and the
Prepetition TPC Loan Documents, respectively, and, as between the
Prepetition TPC Parties and the Prepetition Noteholders, on the
order of distribution of collateral or proceeds thereof, all as
more particularly set forth in the Intercreditor Agreements. In
addition, pursuant to that certain Consent under Subordination
Agreement with respect to the TPC/Noteholder Intercreditor
Agreement dated as of November 30, 2022, the Prepetition TPC
Parties and certain Prepetition Noteholders agreed to certain
variances from the TPC/Noteholder Intercreditor Agreement with
respect to a $1 million prepetition advance which was made by the
Prepetition TPC Parties to the Debtors.
e. Prepetition Noteholder Consent to DIP Financing and Use of
Cash Collateral. The TPC/Noteholder Intercreditor Agreement and the
TPC/Noteholder Consent provide that to the extent the Prepetition
TPC Agent consents to the Debtors' obtaining financing under
Section 363 or Section 364 of the Bankruptcy Code, then the
Prepetition Noteholders (x) will raise no objection to and will not
otherwise contest or oppose such financing, (y) will not request
adequate protection or any other relief in connection therewith
and, (z) to the extent the liens securing the Prepetition TPC
Obligations are subordinated to such financing, will subordinate
their liens to the liens securing such financing on the same basis
as is applicable to the liens securing the Prepetition TPC
Obligations and will subordinate their liens to any "carve-out" for
professional fees and United States Trustee fees agreed to by the
Prepetition TPC Agent. The Prepetition TPC Agent has consented to
the DIP Credit Facility, the use of cash collateral, and the other
relief provided for therein.
As of and upon the Petition Date, events of default have occurred
under the terms of the Prepetition Senior Loan Agreement and the
Prepetition TPC Loan Agreement, respectively.
The DIP Loans will be used for (a) working capital and general
corporate purposes and (b) bankruptcy-related costs, all in
accordance with the Approved Budget.
The Debtor is permitted to obtain borrowings under the DIP Credit
Facility on a final basis in an amount up to $8 million.
As adequate protection, the Prepetition Senior Lender and
Prepetition TPC Parties are granted customary adequate protection
for their Prepetition Liens, including replacement liens and
superpriority claims on the DIP Collateral, to the extent of any
diminution.
These events constitute an "Event of Default":
(a) The occurrence of an "Event of Default" under the DIP Term
Sheet (subject to any extensions or waivers as permitted under the
DIP Loan Documents),
(b) The existence of an Existing Permitted Lien securing
obligations in excess of $500,000, or
(c) A default under the terms and conditions of the Interim
Order, will constitute an event of default under the Interim Order,
unless expressly waived in writing by the DIP Agent or the
Prepetition Senior Lender, as applicable; provided that any waiver
by the DIP Agent of an Event of Default under the DIP Loan
Documents will not be binding on (or constitute a waiver of) the
Prepetition Senior Lender's ability to declare an Event of Default
under the Interim Order.
A copy of the order is available at https://bit.ly/3Wtknpm from
PacerMonitor.com.
About Medly Health Inc.
Medly Health Inc. and affiliates operate four full service digital
pharmacies, 21 brick-and-mortar, full-service specialty pharmacies
serving 20 markets across nine states and one health and wellness
store in Seattle, Washington. Medly Health also operates an
e-commerce business through the "Pharmaca.com" website. It offers
orchestrated consumer services such as delivery, prior
authorization coordination, copay management, refill management and
much more. Its strategic pillars include prescription medications,
health and wellness and order fulfilment, including, where
available, same day delivery.
Medly Health and its affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11257)
on December 9, 2022. In the petition signed by Richard S. Willis,
chief executive officer and chief financial officer, Medly Health
disclosed up to $500 million in both assets and liabilities.
Judge Karen B. Owens oversees the case.
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, is
the Debtor's counsel. Epiq Corporate Restructuring serves as
notice and claims agent.
An official committee of unsecured creditors has been appointed in
the case. The Committee has retained Rock Creek Advisors LLC as
Financial Advisor, and Porzio, Bromberg & Newman, P.C. as Counsel.
MLN US HOLDCO: $1.12B Bank Debt Trades at 70% Discount
------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 30
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.12 billion facility is a Term loan that is scheduled to
mature on November 30, 2025. About $281 million of the loan is
withdrawn and outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by Searchlight Capital Partners, a private
equity firm.
MMJS ENGINEERING: Unsecureds Will Get 5.14% of Claims in 60 Months
------------------------------------------------------------------
MMJS Engineering filed with the U.S. Bankruptcy Court for the
Southern District of California a Chapter 11 Plan of Reorganization
dated January 17, 2023.
The Debtor is a California corporation, formed originally as a
California limited liability company in October 2018, but later
incorporated in March 2019. The limited liability company was not
dissolved, and it is now a suspended non-operating entity.
The Debtor installs fiber optic conduit and electrical conduit and
does asphalt restoration. The Debtor currently has 16 employees –
four are insiders: the office manager, general superintendent and
two foremen. Mark Martini, Chief Executive Officer and Secretary of
the Debtor, is not compensated.
The Debtor entered into an equipment rental agreement with Otay
Mesa Sales, Inc. on January 3, 2022. The Debtor leased equipment
for various projects from Otay between January through February. In
order to pay operating expenses, including equipment rentals from
Otay, the Debtor entered into a business line of credit agreement
with Rapid Finance on February 10, 2022.
Otay filed a complaint in the Superior Court of San Diego for
breach of contract on September 16, 2022. Thereafter, Otay sought
an ex parte prejudgment writ of attachment against the Debtor on
October 11, 2022. This action prompted the Debtor to file the
present case to resolve this litigation and to otherwise reorganize
its debts.
The Debtor is proposing to pay claims over 60 months.
Class 11 consists of General Unsecured Claims. In the present case,
the Debtor estimates that general unsecured debts total
approximately $583,526. Class 16 will be paid $30,000; this is
estimated to pay approximately 5.14% of each claim. The Debtor will
pay a lump sum of $30,000 in month 60. This Class is impaired.
Class 11 includes the claims of Rapid Finance and Reliant Funding,
which are all rendered unsecured due to the value of the Debtor's
assets and the amounts owed to senior lienholders. This class also
includes the unsecured portion of the claim of Velocity (Class 9)
– rendered partially unsecured due to the value of the Debtor's
assets and the amounts owed to senior lienholders.
Class 12 consists of Interest Holders. The Debtor's owner will
retain his ownership interest in the Debtor. This Class is
unimpaired.
The Debtor will fund the Plan from the operation of its business
and the funds that it has/will have accumulated in its DIP bank
accounts.
A full-text copy of the Plan of Reorganization dated January 17,
2023 is available at https://bit.ly/3wkCKCj from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Roksana D. Moradi-Brovia, Esq.
Matthew D. Resnik, Esq.
RHM Law, LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Phone: (818) 285-0100
Fax: (818) 855-7013
Email: roksana@RHMFirm.com
matt@RHMFirm.com
About MMJS Engineering
MMJS Enginering installs fiber optic conduit and electrical conduit
and does asphalt restoration. The Debtor sought for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No.
22-02691) on Oct. 19, 2022. In the petition filed by Mark Anthony
Martini, chief executive officer, the Debtor disclosed up to $1
million in both assets and liabilities.
Judge Margaret M. Mann oversees the case.
Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's legal
counsel.
NAKED JUICE: $450M Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which Naked Juice LLC is
a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on January 24, 2030. The amount is fully drawn and
outstanding.
Naked Juice LLC is the entity resulting from a spin-off from
PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39%
stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and
other select juice brands.
NANI WALE O' PUAKO: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The U.S. Trustee for Region 15 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 cases of Nani Wale O' Puako, LLC and its affiliates.
About Nani Wale O' Puako
Nani Wale O' Puako LLC and its affiliates are Single Asset Real
Estates as defined in 11 U.S.C. Sec. 101(51B).
Nani Wale O' Puako, Nani Wale O' Laika LLC, Nani Wale O' Anahulu
LLC, and Nani Wale O' 'Anaeho' Omalu LLC each filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Hawaii
Lead Case No. 22-00899) on Dec. 14, 2022. In the petition filed by
managing member, Brian A. Anderson, Nani Wale O' Puako reported $1
million to $10 million in both assets and liabilities.
Judge Robert J. Faris oversees the cases.
The Debtors are represented by Jerrold K. Guben, Esq., at O'Connor
Playdon & Guben.
NATIONAL CINEMEDIA: S&P Downgrades ICR to 'CCC-', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on National
Cinemedia Inc. CCC-' from 'CCC'. At the same time, S&P lowered its
issue-level ratings on its secured debt to 'CCC-' from 'CCC' and
its unsecured debt to 'C' from 'CC'.
The negative outlook reflects the risk that despite S&P's
expectations for a recovery in in-theater advertising revenue and
profitability, the company faces a substantial risk of a payment
default, restructuring, or distressed exchange within the next six
months if it cannot successfully amend its covenants and extend its
revolving debt maturities at par before they become due in June
2023.
National Cinemedia Inc. cannot service its June 2023 debt
maturities without refinancing, which could lead to a payment
default, subpar debt exchange, or restructuring. NCM has not yet
refinanced its $175 million and $50 million capacity revolvers that
are both due in June 2023. The company cannot service these fully
drawn facilities with its cash balances and will need to pursue an
extension to avoid a liquidity shortfall. Further, the company is
subject to a net total leverage and net senior secured leverage
covenant. The net senior secured leverage covenant is in effect if
the revolvers have an outstanding balance. The net total leverage
covenant is tested at 9.25x in March 2023 and steps down throughout
the year to 6.25x in December 2023. The net senior secured leverage
covenant is tested at 7.25x in March 2023 and steps down throughout
the year to 4.5x in December 2023. NCM must maintain a minimum of
$55 million in liquidity through the end of 2023. We don't believe
the company can comply with its leverage covenants over the next
six months.
S&P believes that current challenges, including the potential for
reduced demand for in-theater advertising in a recession,
inhospitable debt capital markets, and uncertainty surrounding the
bankruptcy proceedings of Cineworld (one of NCM's partners and
owners), have increased the risk that the company may not be able
to resolve its upcoming debt maturities and covenant issues without
some type of restructuring, including a distressed exchange. If the
company is not able extend its debt maturities, it faces a
traditional payment default in June 2023. If it can't amend its
covenants, it may be subject to an event of default under its
credit agreements once it breaches its covenant tests by the first
half of 2023.
S&P Global expects a U.S. recession in 2023, which is likely to
limit growth in spending for in-theater advertising. S&P Global's
economists expect a U.S. recession in 2023 due to ongoing
macroeconomic challenges such as inflation and rising interest
rates. The advertising market is historically heavily correlated to
GDP growth, and S&P believes discretionary advertising spending
such as in-theater scatter advertising is at an increased risk from
a recession. Advertising clients will likely lower their spending
on advertising for noncore platforms such as cinema. This is
especially untimely for NCM because the company's up-front deal
volume has not yet returned to pre-pandemic levels due to an
uncertain recovery in the box office. The company is not only
exposed to potential cancelations in up-front advertising but is
also subject to market demand for its scatter-based advertising
offerings, which has a short lead time and is subject to budget
concerns or changes in plans from both national and local
advertising clients.
Lagging attendance trends mean NCM's operating performance will
trail overall domestic box office recovery. S&P said, "We believe
the 2023 domestic box office could reach $8 billion, primarily due
to our expectations for elevated average ticket prices, offset by a
lagging recovery in attendance. NCM's revenue will likewise lag the
recovery of the overall box office because it is an in-theater
advertiser that charges clients based on cost per thousand
impressions. In our view, the pace of advertising spending remains
uncertain and heavily dependent on individual advertising client
plans. As a result of these attendance patterns, combined with our
tempered expectations for the advertising market over the next 12
months, we expect NCM's revenue to reach about 65% of 2019 levels
in 2023 and about 70% in 2024."
Cash flows will also suffer from not only lower revenue but also
rising interest rates. NCM will have a heavy interest burden of
over $85 million annually in 2023. As a result, S&P expects free
operating cash flow (FOCF) to debt will be negative in 2023 and
only improve to the 1%-3% range in 2024.
S&P said, "We have revised our assessment of NCM's business risk to
weak from fair due to slower-than-expected box office recovery and
challenged client relationships. We believe the competitive
position of NCM's business has been hurt by a sluggish recovery in
theater attendance, reduced operating leverage, and challenged
relationships with financially distressed movie exhibition
partners. The recovery of attendance in movie theaters has been
slower than we expected and has led to lower viewership on NCM's
advertising platform. While we believe that in-theater advertising
is a viable format for brand advertisers, the lower viewership and
uncertain path of recovery mean that NCM's offering to these
advertising clients is less robust than it has been historically.
In addition, our expectations for lower revenue growth will result
in less favorable operating leverage for the business. It is
unlikely NCM will ever return to pre-pandemic levels of
profitability. Finally, one of NCM's key partners and owners,
Cineworld, is financially distressed. The outcome of Cineworld's
bankruptcy proceedings is unknown, but if Cineworld cancels its
agreement with NCM or substantially modifies the unit economics
then NCM would face additional, and in some scenarios dramatic,
challenges to its advertising platform.
"Following the change in our business risk profile assessment to
weak, we no longer net cash against debt in our credit measures.
"The negative outlook reflects the risk that, despite our
expectations for a recovery in in-theater advertising revenue and
profitability, the company faces a substantial risk of a payment
default, restructuring, or distressed exchange within the next six
months if it cannot successfully amend its covenants and extend its
revolving debt maturities at par before they become due in June
2023."
S&P could lower the rating if it believed a payment default,
restructuring, or distressed exchange were a virtual certainty.
S&P could raise its rating to 'CCC' if NCM:
-- Successfully amended its covenants and extended the maturity to
its revolving credit facilities at par such that S&P did not expect
any risk of payment default, restructuring, or a distressed
exchange in the next six months, but S&P expected a payment default
scenario in the next 12 months.
S&P could raise its rating to 'CCC+' if NCM:
-- Successfully refinanced its capital structure at par such that
S&P did not believe a default payment or distressed exchange were
likely in the next 12 months.
NERVIVE INC: Taps Gellert Scali Busenkell & Brown as Counsel
------------------------------------------------------------
Nervive, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Gellert Scali Busenkell & Brown, LLC
as its legal counsel.
The firm will render these services:
(a) advise the Debtor and prepare all necessary documents
regarding debt restructuring, bankruptcy, and asset dispositions;
(b) take all necessary actions to protect and preserve the
Debtor's estate during the pendency of this Chapter 11 case;
(c) prepare legal papers;
(d) counsel the Debtor with regard to its rights and
obligations;
(e) appear in court and protect the interests of the Debtor
before the court; and
(f) perform all other legal services for the Debtor which may
be necessary and proper in this proceeding.
The hourly rates of the firm's counsel and staff are as follows:
Michael Busenkell $475
Associates/Of Counsel $325 - $425
Paraprofessionals $105 - $210
In addition, the firm will seek reimbursement for expenses
incurred.
In connection with this Chapter 11 case, the firm received a
retainer of $50,000.
Michael Busenkell, Esq., a partner at Gellert Scali Busenkell &
Brown, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Michael Busenkell, Esq.
Gellert Scali Busenkell & Brown, LLC
1201 N. Orange Street, Suite 300
Wilmington, DE 19801
Telephone: (302) 425-5800
Facsimile: (302) 425-5814
About Nervive Inc.
Nervive Inc. -- https://nervive.com/ -- is a medical clinic that
offers emergency treatment for strokes. Nervive is a for-profit
C-Corp incorporated in Delaware in December 2013, with headquarters
in North East Ohio. It has invested over $10 million in research
and development to date, mostly in the form of non-dilutive
research grants.
Nervive's Vitalflow(TM) is a novel platform technology that
stimulates the facial nerve using non-invasive pulsed magnetic
energy, resulting in increased blood flow to the brain. The
VitalFlow is expected to improve the effectiveness of existing
emergency stroke treatments, increasing the delivery of tPA and
other clot-busting drugs to the site of arterial obstruction and
facilitating the navigation of clot-retrieval catheters through the
dilated arteries of the brain.
The Debtor filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
23-10009) on Jan. 8, 2023. In the petition filed by Emilio
Sacristan, chief executive officer, the Debtor reported between $1
million and $10 million in both assets and liabilities. Jami B.
Nimeroff has been appointed as Subchapter V trustee.
Michael Busenkell, Esq., at Gellert Scali Busenkell & Brown, LLC
serves as the Debtor's counsel.
NORTH JAX CONCRETE: Exclusivity Period Extended to April 11
-----------------------------------------------------------
North Jax Concrete and Construction, LLC obtained a court order
extending to April 11 the period during which only the company can
file a bankruptcy plan and solicit votes on the plan.
The ruling by the U.S. Bankruptcy Court for the Middle District of
Florida allows the company to wait until the sale of its
Jacksonville property is completed and to pursue its own plan
without the threat of a competing plan from creditors.
North Jax sold the property to Mehmeti Transport, LLC for $749,000
in December last year. Until the sale is consummated, the company
cannot determine its remaining liability to the Internal Revenue
Service, according to documents filed by the company in court.
About North Jax Concrete and Construction
North Jax Concrete and Construction, LLC, a company in
Jacksonville, Fla., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01206) on June 15,
2022. In the petition signed by its managing member, John C. Holton
III, the Debtor listed $1 million to $10 million in both assets and
liabilities.
Judge Jacob A. Brown oversees the case.
The Debtor tapped Byron Wright, III, Esq., and Robert C. Bruner,
Esq., at Bruner Wright P.A. as bankruptcy attorneys; and Georgia
Evans of Professional Management Systems, Inc. as accountant.
NOVABAY PHARMACEUTICALS: Chief Financial Officer to Quit
--------------------------------------------------------
Andrew Jones advised NovaBay Pharmaceuticals, Inc. of his decision
to voluntarily resign from his position as the Company's chief
financial officer and treasurer effective as of Feb. 15, 2023. The
Company stated in a Form 8-K filed with the Securities and Exchange
Commission that Mr. Jones did not resign as a result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
In connection with Mr. Jones' departure, he and the Company will
enter into a consulting agreement. Pursuant to the Consulting
Agreement, following Mr. Jones' departure, he will make himself
available to consult with the Company regarding matters with which
he was involved or has knowledge on an as-needed basis for six
months at an hourly rate of $190.
Interim CFO Appointed
Due to Mr. Jones' departure, the Board of Directors of the Company
appointed Tommy Law, currently the Company's controller, as the
Company's interim chief financial officer and treasurer, effective
Feb. 16, 2023, until a permanent replacement can be found. The
Company expects to launch a search for a permanent chief financial
officer and treasurer immediately.
Mr. Law is not currently party to an employment agreement with the
Company; however, Mr. Law's at-will employment currently includes a
base salary of $170,000 per year as well as the opportunity to earn
an annual performance bonus. Mr. Law will not receive any
additional compensation for assuming the role of interim chief
financial officer during this period.
Mr. Law, age 37, has served the Company since December 2019 in a
variety of positions, most recently as the corporate controller
since September 2022. As the Corporate Controller, Mr. Law was
responsible for quarterly filings with the SEC, as well as managing
the periodic financial close process. Prior to serving as the
corporate controller, Mr. Law served the Company as an assistant
controller (April 2022 to September 2022), accounting manager (June
2020 to April 2022) and Senior Accountant (December 2019 to June
2020). Prior to joining the Company, Mr. Law was a senior
accountant at KP LLC, a marketing solutions company, from January
2017 to December 2019. Previously, he served as Accounting Manager
at Hitachi Solutions America, Ltd., an information technology
company, from 2012 to 2015. Mr. Law received a B.S. in Business
Administration, Accounting from the San Jose State University.
About Novabay
Headquartered in Emeryville, California, NovaBay Pharmaceuticals,
Inc. -- http://www.novabay.com-- develops and sells scientifically
created and clinically proven eyecare and skincare products.
NovaBay's leading product, Avenova Antimicrobial Lid & Lash
Solution, is often prescribed by eyecare professionals for
blepharitis and dry-eye disease and is also available directly to
eyecare consumers through online distribution channels such as
Amazon. DERMAdoctor offers more than 30 OTC
dermatologist-developed skincare products through the DERMAdoctor
website, well-known traditional and digital beauty retailers, and
international distributors. NovaBay also manufactures and sells
effective, yet gentle and non-irritating wound care products.
Novabay reported a net loss and comprehensive loss of $5.82 million
for the year ended Dec. 31, 2021, a net loss and comprehensive loss
of $11.04 million for the year ended Dec. 31, 2020, a net loss and
comprehensive loss of $9.66 million for the year ended Dec. 31,
2019, and a net loss and comprehensive loss of $6.54 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had
$22.37 million in total assets, $8.59 million in total liabilities,
and $13.78 million in total stockholders' equity.
NUVEI TECHNOLOGIES: Moody's Affirms 'Ba3' CFR on Paya Transaction
-----------------------------------------------------------------
Moody's Investors Service affirmed Nuvei Technologies Corp.'s Ba3
Corporate Family Rating, Ba3-PD Probability of Default Rating, and
Ba3 rating for its existing senior secured credit facilities
following Nuvei's announcement that it plans to acquire Paya
Holdings III, LLC in an all-cash transaction for equity
consideration of approximately $1.3 billion. The SGL-1 Speculative
Grade Liquidity rating remains unchanged. The outlook is stable.
The acquisition of Paya, an integrated payment solutions provider
to mid-size merchants in the United States, will be financed with a
combination of balance sheet cash, an existing revolver and a new
$600 million senior secured credit facility (unrated). Nuvei
expects to close the acquisition by the end of the first quarter of
2023.
The acquisition will add revenue scale, diversification into
underpenetrated and non-cyclical end markets, relationships with
software integration partners and business-to-business payment
capabilities. Pro forma for the transaction leverage is around 4.4x
debt/EBITDA as of September 30, 2022 (Moody's adjusted, treating
stock compensation as an expense and including $21 million of
proposed synergies; or around 3x excluding stock compensation).
Moody's expects Nuvei's leverage to approach 3.5x debt/EBITDA
within the next 12 months based on projected low teens percentage
organic revenue growth and some debt paydowns. Although
Moody's expects Nuvei to remain acquisitive over time, the rating
affirmation also reflects management's commitment to deleveraging
following any larger debt-funded acquisitions to its target
leverage range of 2x – 3x net debt/EBITDA.
Affirmations:
Issuer: Nuvei Technologies Corp.
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Senior Secured 1st Lien Bank Credit Facility, Affirmed Ba3 (LGD3)
Outlook Actions:
Issuer: Nuvei Technologies Corp.
Outlook, Remains Stable
RATINGS RATIONALE
Nuvei's Ba3 CFR reflects solid growth prospects supported by
secular trends, strong profitability and a balanced financial
policy. The rating is constrained by modest business scale and ESG
and regulatory risks related to gambling. Nuvei's differentiated
business strategy focuses on several online-native merchant
verticals, and the company's competitive advantage stems from the
breadth and bespoke nature of its technology capabilities. High
customer integration and service complexity limits churn, and
capability differentiation provides wallet share and market share
growth opportunities.
The stable outlook reflects Moody's expectation that Nuvei will
continue to grow its revenue and EBITDA at least in the low teen
digits, leading Moody's adjusted leverage to approach 3.5x within
the next 12 months. It also assumes that to the extent further
debt-financed acquisitions are undertaken the company remains
capable of and committed to deleveraging below 4x within a 12-18
months period.
The SGL-1 Speculative Grade Liquidity rating reflects Nuvei's very
good liquidity position comprising of cash balances (pro forma for
the acquisition Moody's expects over $100 million of cash), partial
availability under the $385 million revolving credit facility due
September 2024 and Moody's expectation for around $250 million of
free cash flow in the next 12 months. The first lien credit
facilities are subject to a maintenance net leverage covenant
currently set at 7x (declining to 6x in October 1, 2023). Moody's
projects the company to maintain a sufficient cushion under the
covenant.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Nuvei expands its revenue scale
while maintaining consistent organic revenue growth with strong
profitability and leverage below 3x debt/EBITDA (Moody's adjusted).
An upgrade would also require the company to build a track record
of conservative financial policies with respect to future M&A
financing and shareholder return initiatives.
The ratings could be downgraded if Nuvei's revenue or profitability
decline with financial leverage expected to be sustained above 4x
debt/EBITDA (Moody's adjusted).
Headquartered in Montreal, Canada, Nuvei is a leading global
payments technology provider to digital merchant businesses such as
regulated online gaming, financial services (e.g. insurance), and
online retail. The company operates in over 200 markets around the
world (local acquiring in 47 markets), facilitating payments in
about 150 currencies with over 500 payment methods.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
NUZEE INC: Regains Compliance with Nasdaq Bid Price Requirement
---------------------------------------------------------------
NuZee Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission it received a letter from the Staff of The
Nasdaq Stock Market LLC, notifying the Company that the Staff has
determined that for the last 10 consecutive business days, from
Dec. 29, 2022 to Jan. 13, 2023, the closing bid price of the
Company's common stock had been at $1.00 per share or greater and
that accordingly, the Company has regained compliance with Nasdaq
Listing Rule 5550(a)(2).
As previously disclosed, on Sept. 20, 2022, NuZee received a letter
from Nasdaq notifying the Company that it was not in compliance
with the minimum bid price requirement set forth in Nasdaq Listing
Rule 5550(a)(2) for continued listing.
About NuZee
NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company
and a single-serve pour-over coffee pouch producer and co-packer.
The Company owns packing equipment developed in Asia for single
serve pour over production. It co-packs single-serve pour-over
coffee and tea bag style coffees for customers in the U.S. market
and also co-packs for the South Korean market.
Nuzee reported a net loss of $11.80 million for the year ended
Sept. 30, 2022, a net loss of $18.55 million for the year ended
Sept. 30, 2021, a net loss of $9.52 million for the year ended
Sept. 30, 2020, and a net loss of $12.21 million for the year ended
Sept. 30, 2019. As of Sept. 30, 2022, the Company had $11.71
million in total assets, $1.97 million in total liabilities, and
$9.74 million in total stockholders' equity.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
Dec. 23, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations that raises
substantial doubt about its ability to continue as a going concern.
NXT ENERGY: CEO to Take Medical Leave of Absence
------------------------------------------------
NXT Energy Solutions Inc. announced that its Chief Executive
Officer, Mr. George Liszicasz, has informed the Board of Directors
that he will be taking a medical leave of absence in order to
address personal and private health matters. In light of this
development, the Board of Directors has formally empowered a
committee of the Board to assume the CEO's duties until further
notice. The Committee, which meets three times weekly with NXT
management, consists of Lead Director Charles Selby and Directors
Gerry Sheehan and Bruce G. Wilcox, who collectively possess senior
operating and management experience in the Energy and Capital
Markets Industries. The priorities of the Committee have been to
formalize new contracts, including repeat business, for NXT's
proven stress field technology. Management members included in
this seamless process include Eugene Woychyshyn, vice president of
Finance and chief financial officer; Rashid Tippu, director of
Geosciences for Africa, Asia, and Middle East; Enrique Hung,
Director of Geosciences for the Americas; Mohammed Saqib, Head of
Interpretation and Project Engineer; and Dr. Xiang Gui, Director of
Research & Development.
NXT also announced that Mr. Frank Ingriselli has resigned from the
Company's Board of Directors effective Jan. 20, 2023, to assume
increased responsibilities as chief executive officer of Trio
Petroleum Corp. NXT thanks Mr. Ingriselli for his insights and
guidance particularly regarding business opportunities in the
South-East Asian region and looks forward to future informal
cooperation.
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs. The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
NXT Energy reported a net loss and comprehensive loss of C$3.12
million for the year ended Dec. 31, 2021, compared to a net loss
and comprehensive loss of $6.03 million for the year ended Dec. 31,
2020. As of June 30, 2022, the Company had C$17.96 million in
total assets, C$3.35 million in total liabilities, and C$14.61
million in shareholders' equity.
Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2022, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations that raises
substantial doubt about its ability to continue as a going concern.
ORIGIN AGRITECH: Delays Filing of Annual Report
-----------------------------------------------
Origin Agritech Limited filed a Form 12b-25 with the Securities and
Exchange Commission regarding the delay in the filing of its Annual
Report on Form 20-F for the year ended Sept. 30, 2022.
The Company said the verification and review of the information
required to be presented in the Form 20-F has required additional
time rendering timely filing of the Form 20-F impracticable without
undue hardship and expense to the Company.
About Origin Agritech
Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology and
an agricultural oriented e-commerce platform, operating in the PRC.
The Company's seed research and development activities specialize
in crop seed breeding and genetic improvement. The e-commerce
activities will focus on delivering agricultural products to
farmers in China via online and mobile ordering and tracking the
source of the agricultural products via blockchain technologies.
Origin Agritech reported a net loss of RMB127.08 million for the
year ended Sept. 30, 2021, compared to a net loss of RMB102.84
million for the year ended Sept. 30, 2020. As of March 31, 2022,
the Company had RMB93.86 million in total assets, RMB280.01 million
in total liabilities, and a total deficit of RMB186.15 million.
Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 4, 2022, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
PAPACINO'S BAGELS: Exclusivity Period Extended to Feb. 10
---------------------------------------------------------
Papacino's Bagels, Deli & Catering, Inc. has been given more time
to file its plan for emerging from Chapter 11 protection.
Judge Louis Scarcella of the U.S. Bankruptcy Court for the Eastern
District of New York extended the exclusivity period for the
company to file its Chapter 11 plan of reorganization to Feb. 10
and to solicit votes on the plan to April 11.
About Papacino's Bagels, Deli & Catering
Papacino's Bagels, Deli & Catering, Inc. filed a Chapter 11
bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-72367) on Sept. 9,
2022, with up to $1 million in both assets and liabilities. Judge
Louis A. Scarcella oversees the case.
The Debtor is represented by Ronald D. Weiss, P.C.
PARAMOUNT RESTYLING: Cash Collateral Access OK'd Thru March 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Riverside Division, authorized Paramount Restyling Automotive Inc.
to use cash collateral on an interim basis in accordance with the
budget, with a 15% variance, through March 31, 2023.
The Court said all secured creditors are granted replacement liens
on, and security interests in, the assets of the bankruptcy estate
of the Debtor, with the same extent, validity, and priority (if
any) as the pre-petition liens of the secured creditors on
pre-petition collateral and all postpetition proceeds obtained by
the Debtor from such pre-petition collateral, to the extent of any
diminution in the cash collateral of secured creditors after the
petition date resulting from the use of any cash collateral by the
Debtor. These replacement liens and security interests are
effective immediately without the requirement for any additional
action by the secured creditors, including the recordation of any
new or amended UCC-1 financing statements, provided that the
automatic stay under 11 U.S.C. section 362 is lifted to the extent
that any secured creditors, for the avoidance of doubt, desire to
record any new or amended UCC-1 financing statements to reflect the
relief granted in the order.
As previously reported by the Troubled Company Reporter, Paramount
has two secured creditors: (1) GemCap, which is owed approximately
$2,396,515, and (2) the US Small Business Administration, which is
owed approximately $502,924.
There are also approximately $287,483 of non-insider, general
unsecured claims against Paramount.
A hearing on the matter is set for February 21 at 1:30 p.m.
A copy of the order is available at https://bit.ly/3QVMIUv from
PacerMonitor.com.
About Paramount Restyling Automotive Inc.
Paramount Restyling Automotive Inc. is a manufacturer of automotive
parts, accessories, and tires.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10069) on January 9,
2023. In the petition signed by Samson Yang, vice president and
authorized signatory, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Wayne Johnson oversees the case.
David L. Neale, Esq., at Levene, Neale, Bender, Yoo & Golubchik,
LLP, represents the Debtor as legal counsel.
PARTY CITY HOLDCO: $150MM DIP Loan Wins Interim OK
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Party City Holdco Inc. and affiliates
to use cash collateral and obtain postpetition financing, on an
interim basis.
Party City Holdings, Inc. and Party City Corporation obtained
postpetition financing pursuant to a senior secured, superpriority
and priming debtor-in-possession term loan credit facility
consisting of new money term loans in an aggregate principal amount
of $150 million from the DIP Lenders, of which $75 million will be
available immediately upon entry of the Interim Order, and the
remainder to be available subject to and upon the date of entry of
the Final Order, by and among the Borrowers, Party City Holdco Inc,
PC Nextco Holdings, LLC, PC Nextco Finance, Inc., PC Intermediate
Holdings, Inc., the other DIP Guarantors, as guarantors, the
several financial institutions or other entities from time to time
party thereto as DIP Lenders, and Ankura Trust Company, LLC, as
administrative agent and collateral agent.
The Debtors are parties to several loan agreements. As of Petition
Date, the Prepetition 1L Fixed Notes Issuer and the Prepetition 1L
Fixed Notes Guarantors were indebted and liable to the Prepetition
1L Fixed Notes Secured Parties in the aggregate principal amount of
not less than $750 million of the outstanding Prepetition 1L Fixed
Notes.
The Prepetition 1L Floating Notes Issuer and the Prepetition 1L
Floating Notes Guarantors were indebted and liable to the
Prepetition 1L Floating Notes Secured Parties in the aggregate
principal amount of not less than $161.699 million of the
outstanding Prepetition 1L Floating Notes.
The Prepetition ABL Borrowers, Holdings and the other Prepetition
ABL Guarantors were indebted and liable to the Prepetition ABL
Secured Parties for not less than (a) $369.362 million in
outstanding principal amount of ABL Revolving Loans, plus interest
and fees thereon, plus $38 million of the aggregate stated
principal amount available for drawing under all outstanding
letters of credit and all unpaid reimbursement obligations with
respect to drawn letters of credit and (b) $17.110 million in
outstanding principal amount of FILO Loans.
As adequate protection:
a. Each Prepetition 1L Notes Trustee, for itself and for the
benefit of the other applicable Prepetition 1L Notes Secured
Parties, is granted, on account of its Adequate Protection Claims,
a valid, perfected replacement security interest in and lien upon
all of the DIP Collateral, subject and subordinate to (i)
Prepetition Permitted Senior Liens, (ii) the Carve-Out, (iii) the
DIP Liens and (iv) and in the case of Prepetition ABL Priority
Collateral, (x) the Prepetition ABL Liens and (y) the ABL Adequate
Protection Liens.
b. Each Prepetition 1L Notes Trustee, for itself and for the
benefit of the other applicable Prepetition 1L Notes Secured
Parties, is granted, subject to the Carve-Out, an allowed
superpriority administrative expense claim on account of such
Prepetition 1L Notes Secured Parties' Adequate Protection Claims as
provided for in section 507(b) of the Bankruptcy Code, which
Prepetition 1L Notes 507(b) Claim will be payable from and have
recourse to all DIP Collateral and all proceeds thereof.
c. The Prepetition ABL Agent, for itself and for the benefit
of the Prepetition ABL Lenders is hereby granted, on account of its
Adequate Protection Claims, a valid, perfected replacement security
interest in and lien upon all of the DIP Collateral, in the case of
the Prepetition ABL Priority Collateral, senior to all other liens
but in the case of DIP 1L Notes Priority Collateral subject and
subordinate to, in the case of DIP 1L Notes Priority Collateral,
(i) the Prepetition Permitted Senior Liens, (ii) the Carve-Out,
(iii) the DIP Liens, (iv) the Prepetition 1L Notes Liens, and (v)
the 1L Notes Adequate Protection Liens.
d. The Prepetition ABL Agent, for itself and for the benefit
of the Prepetition ABL Lenders, is granted an allowed superpriority
administrative expense claim on account of such Prepetition ABL
Secured Parties' Adequate Protection Claims as provided for in
section 507(b) of the Bankruptcy Code which Prepetition ABL 507(b)
Claim will be payable from and have recourse to all DIP Collateral
and all proceeds thereof. With respect to the Prepetition ABL
Priority Collateral, the Prepetition ABL 507(b) Claim will be
senior to all other claims of any kind and with respect to the DIP
1L Notes Priority Collateral, the Prepetition ABL 507(b) Claim will
be subject and subordinate only to the CarveOut, the DIP
Superpriority Claims, the Prepetition 1L Notes 507(b) Claim, the
Prepetition Permitted Senior Liens, and the prepetition claims of
the Prepetition 1L Notes Secured Parties.
The term Carve-Out means the sum of (i) all fees required to be
paid to the Clerk of the Court and to the U.S. Trustee under 28
U.S.C. section 1930(a) plus interest at the statutory rate, if any,
pursuant to 31 U.S.C. section 3717; (ii) all reasonable and
documented fees and expenses up to $100,000 incurred by a trustee
under section 726(b) of the Bankruptcy Code; (iii) subject, in each
case, to application of any retainers that may be held and to the
extent allowed at any time, whether by interim order, procedural
order, final order or otherwise, all unpaid fees and expenses
incurred by persons or firms retained by the Debtors or the
Creditors' Committee pursuant to section 327, 328, 363, or 1103 of
the Bankruptcy Code at any time before or on the first business day
following delivery by the DIP Agent of a Carve-Out Trigger Notice
and without regard to whether such fees and expenses are provided
for in any Approved Budget, whether allowed by the Court prior to
or after delivery of a Carve-Out Trigger Notice; and (iv) Allowed
Professional Fees of Estate Professionals in an aggregate amount
not to exceed $4 million incurred after the first business day
following delivery by the DIP Agent of the Carve-Out Trigger
Notice.
A final hearing on the matter is set for February 14, 2023 at 2
p.m.
A copy of the Interim DIP Order is available at
https://bit.ly/3whc7OK from PacerMonitor.com.
About Party City
Party City Holdco Inc. is a party-supply retailer in the U.S., with
761 company-owned stores as of September 2022, e-commerce
operations, and a large wholesale operation that supplies retail
operations and third parties.
Party City Holdco Inc. and 13 affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 23-90005) on
Jan. 17, 2023. Party City reported $2.869 billion in total assets
against $3.022 billion in total liabilities as of Sept. 30, 2022.
The Hon. David R. Jones presides over the case.
AlixPartners LLP's David Orlofsky serves as the Debtors' Chief
Restructuring Officer. Paul, Weiss, Rifkind, Wharton & Garrison
LLP and Porter Hedges LLP serve as the Debtors' chapter 11 counsel.
Moelis & Company LLC is the Debtors' Investment Banker; Kroll
Restructuring Administration LLC acts as the notice and claims
agent; and A&G Realty Partners, LLC is the Real Estate Advisor.
JPMorgan Chase Bank, N.A., as Prepetition ABL Agent, is represented
by Simpson Thacher & Bartlett LLP. The Ad Hoc Group of lenders is
represented by Davis Polk & Wardwell LLP. The Ad Hoc Group's
advisors also include Lazard Ltd., and Haynes and Boone, LLP, as
Texas local counsel. Ankura Trust Company, LLC, as DIP Agent,
Prepetition 1L Fixed Notes Trustee, and Prepetition 1L Floating
Notes Trustee, is represented by Chapman and Cutler LLP as counsel.
PARTY CITY: Fitch Lowers LongTerm IDR to 'D' Amid Bankr. Filing
---------------------------------------------------------------
Fitch Ratings has downgraded Party City Holdco Inc. (Party City)
and its subsidiary Party City Holdings, Inc.'s Long-Term Issuer
Default Ratings (IDR) to 'D' from 'CCC' following the company's
filing for Chapter 11 bankruptcy protection on Jan. 17, 2023. The
'CCC' Long-Term IDR and issue level ratings of Party City's
subsidiaries Anagram Holdings, LLC and Anagram International Inc.
have been placed on Rating Watch Evolving (RWE). The RWE on
Anagram's entities reflects Party City's bankruptcy and the
transition to analyzing Anagram as a standalone business given the
exclusion of the Anagram subsidiaries from the bankruptcy process.
The RWE will be resolved once Fitch is able to better assess the
impact of Party City's bankruptcy filing on Anagram's standalone
credit profile.
In its filing, Party City announced a pre-negotiated Restructuring
Support Agreement (RSA) supported by over 70% of first lien note
holders (first lien notes accounted for $916 million or around 63%
of Party City's debt including borrowings on its ABL facility but
excluding Anagram at the time of the filing). The RSA would
equitize existing secured notes and provides Party City a $150
million DIP financing facility which could support the company's
ability to continue operations through the bankruptcy process. At
the time of the filing, Party City had outstanding debt of around
$1.45 billion (excluding lease liabilities and debt at its Anagram
subsidiary). The filing for Chapter 11 follows a challenging 2022
for the company, in which rising supply chain input costs, input
costs, inflation pressures, and mis-execution led to a rapid
deterioration in its operating profile, leaving limited liquidity
to navigate the current environment.
KEY RATING DRIVERS
Chapter 11 Bankruptcy Filing: Party City's Chapter 11 bankruptcy
filing on Jan. 17, 2022 follows a challenging 2022 in which its
EBITDA declined significantly compared to 2021 and pre-pandemic
levels, driven by rising costs and mis-execution. Party City's 2022
EBITDA declined to around $139 million per the company's 8k filing
on Jan. 18, 2023, driven both by weak operating performance and
significant inventory build, compared to around $240 million in
EBITDA in 2021. The decline in EBITDA put significant pressure on
the company's liquidity, and without the $150 million DIP financing
facility the company will get access to through its bankruptcy
filing it is unlikely the company would have been able to continue
operating as a going concern.
Post Emergence Prospects: Party City is a leading U.S. retailer of
party goods with good market share, in an albeit fragmented
segment. Fitch believes that Party City's party goods category was
increasingly disrupted by the discount and e-commerce channels
after remaining defensive for years due to low average tickets,
significant breadth of inventory in the category and the importance
of an in-store experience.
Fitch expects that Party City will continue to face pressures
post-emergence, given the structural dynamics, the challenging
macro backdrop and the uncertain time frame it will take for cost
pressures to ease and in turn for margins to improve. Party City's
ability to close or renegotiate leases for unprofitable locations,
combined with a significant reduction in interest burden
post-bankruptcy emergence, could lead to improved cash flow which
the company could use to reinvest in the business. As part of the
filing, the company noted it recently closed 28 locations, however,
that number could grow depending on various factors. There were 761
company-owned stores at the end of September 2022.
Fitch believes that despite the challenges it faces, Party City can
be a viable player in the in the party supplies space given its
good brand recognition, if it emerges from bankruptcy with a
healthier store base and significantly reduced leverage due to the
equitization of its first lien notes. Greater cash flow would allow
the company to accelerate investment in market share stabilization
efforts including NXTGEN store remodels and omnichannel
enhancements.
Parent Subsidiary Linkage: Historically, Fitch equalized the IDRs
of Party City Holdings and its subsidiaries, including Anagram
Holdings, LLC and Anagram International Inc. (together representing
the company's balloon manufacturing business) given its assessment
of high linkage of the entities. While Anagram's operating
subsidiaries were excluded from the bankruptcy filings, their
primary customer is Party City and Fitch will assess the impact of
Party City's filing on Anagram's standalone credit profile.
Anagram manufactures non-latex, synthetic balloons, the majority of
which are designed to be filled with helium. For the LTM period
ended Sept. 30, 2022, Anagram generated revenue of around $200
million and EBITDA of around $40 million, and had outstanding debt
of around $212 million.
DERIVATION SUMMARY
Party City's 'D' Long-Term IDR reflects its bankruptcy filing on
Jan. 17, 2023 after the rapid deterioration in its operating and
liquidity profile through 2022.
Fitch's similarly rated retail coverage includes Rite Aid
Corporation, which was upgraded to 'CCC' from 'C' following the
completion of its amended tender offer. Rite Aid's prior 'C' rating
reflected Fitch's view that the original terms of the tender offer
represented a Distressed Debt Exchange (DDE) although the amended
terms remove the coercive nature of the original offer and thus
Fitch no longer deems the transaction a DDE. Rite Aid's 'CCC'
rating is lower than its pre-tender 'B-' rating, as its capital
structure looks increasingly unsustainable given ongoing
operational challenges as the company approaches its 2025
maturities. Heightening refinancing risk is somewhat mitigated by
Rite Aid's ample liquidity of well over $1 billion under its
revolver, supported by a rich asset base of pharmaceutical
inventory and prescription files.
RATING SENSITIVITIES
Sensitivities are not applicable for the Party City entities that
were part of the Chapter 11 filing. For the Anagram entities, the
RWE will be resolved once Fitch is able to better assess the impact
of Party City's bankruptcy filing on Anagram's standalone credit
profile.
LIQUIDITY AND DEBT STRUCTURE
Based on the budget filed with the company's bankruptcy filing on
Jan. 17, 2023, Party City had approximately $8 million in
accessible cash and liquidity that will be further supported by the
$150 million in DIP financing the company obtained as part of the
bankruptcy process.
At the time of filing for bankruptcy, Party City's debt structure
consisted of around $406 million drawn on its ABL facilities
(including the FILO tranche) due 2026, $162 million of secured
notes due July 2025 and $750 million of secured notes due February
2026. The company also had $23 million of unsecured notes due
August 2023 and $92 million of unsecured notes due August 2026.
Anagram has around $119 million in first-lien secured notes due
August 2025 and $94 million in second-lien secured notes due August
2026.
Recovery Analysis:
Given the various collateral packages, Fitch has performed separate
recovery analyses for Anagram and the balance of Party City's
businesses.
Party City ex Anagram
Fitch's recovery analysis for Party City is based on a going
concern value of approximately $625 million, versus approximately
$580 million from an orderly liquidation of assets, much of which
is comprised of inventory. Post-default EBITDA was estimated at
around $125 million. The going-concern EBITDA assumes that the
company closes weaker-performing stores, after having closed around
75 or approximately 8% over the past several years as part of a
store optimization process. EBITDA margins could improve toward
7%-9% on cost reductions and revenues in the mid to high $1 billion
range.
A multiple of 5.0x to EBITDA is applied, at the midpoint of the
4.0x-6.0x multiple range observed in Fitch retail bankruptcy case
studies given Party City's leadership position in its category
mitigated by concerns regarding weakening category defensibility to
intrusive channels. Together these estimates yield a $625 million
going concern value.
After deducting 5% for administrative claims, the remaining $594
million would lead to outstanding recovery prospects (91%-100%) for
the ABL, which as of the company's bankruptcy filing had around
$406 million outstanding (ABL Facility and FILO Facility combined).
The ABL is consequently rated 'CCC'/'RR1'. Party City's DIP
Financing Facility ranks junior to the ABL in terms of priority,
however, it ranks senior to the company's first lien and unsecured
notes. After accounting for the ABL and DIP facilities, the $750
million of first-lien secured notes, $162 million of other
first-lien secured notes (both pari passu), and the $115 million of
unsecured notes are expected to have poor recovery prospects
(0%-10%) and are thus rated 'C'/'RR6'.
Anagram:
Fitch's recovery analysis for Anagram is based on a going concern
value of approximately $180 million, versus approximately $45
million from an orderly liquidation of assets, which is comprised
of receivables, inventory and manufacturing assets. Post default
EBITDA is estimated at around $30 million. This compares to Party
City's indication of approximately $40 million in EBITDA on around
$200 million of revenue over the LTM ending Sept. 30, 2022.
The $30 million going concern EBITDA represents the scenario of a
reduction in revenue, yielding around $150 million in revenue,
offset by some expense management to generate 20% EBITDA margin.
Fitch assumes Anagram could fetch a 6x multiple, near the midpoint
of Fitch's consumer products bankruptcy studies, given the
business' strong market share and relatively stable category over
the long term.
After deducting 10% for administrative claims, the remaining $162
million would lead to outstanding recovery prospects (91%-100%) for
the $15 million ABL (assumed 70% drawn) and $119 million first lien
secured notes, the latter of which is rated 'B'/'RR1'. The $94
million second lien secured notes would be expected to have average
recovery prospects (31%-50%), and is thus rated 'CCC'/'RR4'.
ISSUER PROFILE
Party City is the leading party-supply retailer in the U.S., with
761 company-owned stores as of September 2022, e-commerce
operations, and a large wholesale operation that supplies retail
operations and third parties.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Anagram
International Inc. LT IDR CCC Rating Watch On CCC
senior secured LT B Rating Watch On RR1 B
Senior Secured
2nd Lien LT CCC Rating Watch On RR4 CCC
Party City Holdco
Inc. LT IDR D Downgrade CCC
Party City
Holdings Inc. LT IDR D Downgrade CCC
senior
unsecured LT C Downgrade RR6 CC
senior secured LT CCC Downgrade RR1 B
senior secured LT C Downgrade RR6 CCC-
Anagram Holdings,
LLC LT IDR CCC Rating Watch On CCC
senior secured LT B Rating Watch On RR1 B
Senior Secured
2nd Lien LT CCC Rating Watch On RR4 CCC
PARTY CITY: Moody's Downgrades CFR to Ca on Bankruptcy Filing
-------------------------------------------------------------
Moody's Investors Service downgraded Party City Holdings Inc.
probability of default rating to D-PD from Caa3-PD, corporate
family rating to Ca from Caa3 and senior secured rating to C from
Caa3. At the same time, Moody's affirmed the senior unsecured
rating of C and maintained the speculative grade liquidity rating
(SGL) of SGL-4. The outlook was changed to stable from negative.
These actions follow the company's announcement [1] that it has
filed for protection under Chapter 11 of the US Bankruptcy Code.
The filing follows a period in which the company has been
contending with high supply chain costs, helium shortages and
softening customer demand, all of which have led to an
unsustainable weakening of leverage, coverage and liquidity
metrics. These negative operating trends are expected to continue
through 2023 necessitating a rationalization of the company's
capital structure. The downgrade of the corporate family rating and
senior secured rating reflect the lower than anticipated recovery
at default as a result of weaker than originally expected EBITDA.
Downgrades:
Issuer: Party City Holdings Inc.
Corporate Family Rating, Downgraded to Ca from Caa3
Probability of Default Rating, Downgraded to D-PD from Caa3-PD
Senior Secured 1st Lien Regular Bond/Debenture, Downgraded to C
(LGD5) from Caa3 (LGD4)
Affirmations:
Issuer: Party City Holdings Inc.
Senior Unsecured Regular Bond/Debenture, Affirmed C (LGD6)
Outlook Actions:
Issuer: Party City Holdings Inc.
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
On January 17, 2023, Party City and its subsidiaries commenced
voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for
the Southern District of Texas. The company has received
commitments of up to $150 million of 'new money'
debtor-in-possession (DIP) financing from its senior secured first
lien noteholders. Party City has also signed a transaction support
agreement with more than 70% of these first lien noteholders (the
notes comprise approximately $912 million of debt in total). It is
anticipated that a material portion of the senior secured first
lien and senior unsecured notes (latter totaling approximately $115
million of debt) will be converted into equity. The company's
subsidiaries outside of the US, its' Party City franchise stores
and its Anagram business are not part of the Chapter 11
proceedings. The restructuring is expected to be completed in
2Q'23.
Subsequent to the actions, Moody's will withdraw all of its ratings
for Party City given the company's bankruptcy filing.
Party City Holdings Inc. is a designer, manufacturer, distributor
and retailer of party goods and related accessories. The company's
retail brands principally include Party City and Halloween City.
Total revenue is approximately $2.2 billion for the LTM period
ending September 30, 2022.
The principal methodology used in these ratings was Retail
published in November 2021.
PERFORMANCE POWERSPORTS: $3.5 Million Chapter 11 Loan Okayed
------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge on
Wednesday, January 18, 2023, gave off-road vehicle wholesaler
Performance Powersports permission to tap into $3. 5 million in
Chapter 11 financing despite misgivings about the legal releases
requested by the lender, Powersport's equity owner.
As reported in the TCR, the Debtors sought approval to, among other
things, obtain senior and junior secured superpriority postpetition
financing from Tankas Funding VI, LLC. The DIP Lender agreed to
make junior lien superpriority debtor-in-possession term loans in
an aggregate principal amount not to exceed $10 million in "new
money" loans to the DIP Borrower, which DIP Loans will be made
available in two separate borrowings:
(1) $3.5 million under the DIP Credit Facility to be
drawn following entry in the Bankruptcy Cases of the Interim DIP
Order approving the DIP Credit Facility on the Closing Date, and
(2) the remainder of the DIP Credit Facility to be drawn
following entry of a Final DIP Order upon the Final Closing Date;
About Performance Powersports
Performance Powersports -- https://colemanpowersportsusa.com/ -- is
a leading producer of entry-level powersports equipment sold
through "Big Box" retailers. Performance Powersports is in the
business of adventure, selling dirt bikes, go-karts, ATVs, golf
carts, and the like to retailers throughout the US.
Performance Powersports Group Investor LLC and three affiliates,
including Performance Powersports Group Holdings, Inc., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Del. Lead Case No. 23-10047) on Jan. 16, 2023.
In the petition signed by Ken Vanden Berg, chief financial officer,
PPSGI disclosed up to $500 million in both assets and liabilities.
The petition states that funds will be available to unsecured
creditors.
Klehr Harrison Harvey Branzburg LLP, is the Debtors' legal counsel.
Omni Agent Solutions is the claims agent.
Tankas Funding VI, LLC, as DIP lender, is represented by Kirkland &
Ellis LLP.
PERFORMANCE POWERSPORTS: In Chapter 11 With Kinderhook Sale Deal
----------------------------------------------------------------
Performance Powersports Group Investor LLC and three affiliates
filed for chapter 11 protection in the District of Delaware to
pursue a bankruptcy sale of their assets with a unit of equity
sponsor Kinderhook opening an auction on March 9, 2023.
The Debtors are in the business of adventure, selling dirt bikes,
go-karts, ATVs, golf carts, and the like to retailers throughout
the United States.
In advance of the 2021 holidays, the Debtors ordered products from
Huansong, one of its then primary vendors, who was to deliver
all-terrain and utility vehicles prior to the fourth quarter of
2021. Those vehicles were not, however, delivered until the
beginning of January 2022. As a result, the Debtors could not
capitalize on the 2021 holiday season and suffered losses from
their inability to sell its vehicles when demand was high.
The Debtors' financial distress was further compounded by delays
and costs in shipping caused by supply chain disruption felt across
the country, increased costs associated with freight, shipping,
demurrage and warehousing of inventory deliveries, and a
"post-pandemic" reduction in demand from customers.
The financial distress experienced by the Debtors has continued to
worsen as the Debtors are suffering from an ongoing drain on cash
flow and the lack of any source of long-term additional liquidity.
Worse still, the very vendor that failed to timely deliver the
product has commenced litigation against the Debtors for
purportedly outstanding amounts and has threatened to file an
involuntary petition against at least one of the Debtor entities.
The Debtors quickly took steps necessary to save the Company and
maximize value for all stakeholders:
* First, the Debtors hired outside advisors, including
restructuring counsel and Portage Point Partners, LLP (who is
serving as both a restructuring advisor and investment banker to
the Debtors). In addition, the Debtors appointed a disinterested
director to the boards.
* Second, following the Debtors' unsuccessful attempts to
negotiate a commercial resolution with Huansong, the Debtors
determined that a sale of their assets was in the best interests of
the Debtors, their creditors, and all parties in interest.
* Third, Kinderhook has agreed to provide a DIP Facility that
will address the Debtors' immediate need for liquidity and prevent
the liquidation that would otherwise occur absent such financing.
The Debtors and Kinderhook were able to reach terms on a $10
million second lien junior financing facility.
Stalking Horse Bidder
Beginning on Dec. 6, 2022 and continuing thereafter, Portage Point
Partners, LLP (restructuring advisor and investment banker) began
outreach to a broad universe of relevant strategic and financial
parties to assess interest in an acquisition of the Company.
Portage Point and/or the Debtors advisors reached out to 33 parties
and offered them the opportunity to participate in the sale
process, including Rich Godfrey (the prepetition founder of the
Debtors), Huansong (the Company's prior, primary vendor
manufacturing partner), and Twin Brook Capital Partners, LLC (the
Debtors' Prepetition Lender).
Of the 33 parties, 9 negotiated and executed confidentiality
agreements and were provided with a confidential information
memorandum and access to a virtual data room. But the Company
received no written indications of interest by the initial Jan. 13,
2023 bid deadline.
The Company then commenced negotiations with CPS USA Acquisition,
LLC, to potentially serve as a "stalking horse" purchaser for the
proposed sale. As a product of these negotiations, the Company and
CPS USA Acquisition, LLC, an affiliate of Kinderhook, entered into
an Asset Purchase Agreement dated Jan. 16, 2023, by and among the
Company as sellers and CPS USA Acquisition, LLC as buyer (the
"Stalking Horse Bidder").
Due to the Debtors' cash position, the lack of any viable,
actionable alternatives, the lack of any business solution with
Huansong, and Huansong's threats of an involuntary bankruptcy
proceeding, it became readily apparent that the most effective way
to maximize the value of the Debtors' estates would be a
continuation of the sale process through chapter 11.
Goals of the Chapter 11 Cases
The Company commenced Chapter 11 cases to preserve value for its
stakeholders, including its employees and creditors. In addition,
the Debtors have negotiated a second lien junior
debtor-in-possession financing facility with Tankas Funding VI,
LLC, an affiliate of Kinderhook, that will allow the Debtors to
continue to operate in the normal course, pay landlords and
vendors, and have sufficient liquidity to pay the administrative
costs, both operational and statutory, required in these Chapter 11
Cases.
Potage Point will continue to market the Debtors' assets for sale
to potential purchasers other than the Stalking Horse Bidder, with
the Stalking Horse Bidder serving as a bidding floor.
Contemporaneously with the filing of the Chapter 11 Cases, the
Debtors filed their sale procedures motion and sale motion with the
Court to approve the asset purchase agreement with the Stalking
Horse Bidder and establish a formal sale timeline, which will
include an auction process, with a goal of exposing the existing
asset purchase agreement to higher and better offers.
The proposed sale timeline and DIP milestones are as follows:
* Interim DIP Order: Entered by Jan. 19, 2023 at 4:00 p.m.
prevailing
Eastern time
* Final DIP Order: Entered by Feb. 15, 2023 at 4:00 p.m.
prevailing
Eastern time
* Bidding Procedure Motion and Order: Motion filed by Jan. 18,
2023 at 4:00 p.m. prevailing Eastern time. Order entered by Feb.
15, 2023 at 4:00 p.m. prevailing Eastern time
* Cure/Assignment Objection Deadline: March 10, 2023 at 4:00
p.m. prevailing Eastern time
* Bid Deadline: March 7, 2023 at 4:00 p.m. prevailing Eastern
time
* Stalking Horse Adequate Assurance Objection Deadline: March
10, 2023 at 4:00 p.m. prevailing Eastern time
* Auction: March 9, 2023 at 10:00 a.m. prevailing Eastern time
* Sale Objection Deadline: March 10, 2023 at 4:00 p.m.
prevailing Eastern time
* Non-Stalking Horse Adequate Assurance Objection Deadline:
March 16, 2023 at 4:00 p.m. prevailing Eastern time
* Sale Hearing: On or before March 17, 2023 at [__] [__]._m
prevailing Eastern time.
The proposed sale timeline is necessary in order to allow the
transaction to close prior to the ramp up of the summer season and
to allow the Company to focus on its scheduled operational move to
Texas which is planned for the first half of 2023. In order to
secure inventory to meet such demand, the Debtors will be required
to expend significant funds in advance for delivery of inventory.
Furthermore, vendors may be less inclined to schedule production
and shipment for the Debtors, and instead schedule production and
shipment for their competitors, if the Debtors do not have
certainty with respect to their new ownership. Moreover, any new
owner, whether it be the Stalking Horse Bidder or another
successful bidder, will want input into the mix and quantity of
inventory that is purchased.
About Performance Powersports
Performance Powersports -- https://colemanpowersportsusa.com/ -- is
a leading producer of entry-level powersports equipment sold
through "Big Box" retailers. Performance Powersports is in the
business of adventure, selling dirt bikes, go-karts, ATVs, golf
carts, and the like to retailers throughout the US.
Performance Powersports Group Investor LLC and three affiliates,
including Performance Powersports Group Holdings, Inc., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Del. Lead Case No. 23-10047) on Jan. 16, 2023.
In the petition signed by Ken Vanden Berg, chief financial officer,
PPSGI disclosed up to $500 million in both assets and liabilities.
The petition states that funds will be available to unsecured
creditors.
Klehr Harrison Harvey Branzburg LLP, is the Debtors' legal counsel.
Omni Agent Solutions is the claims agent.
Tankas Funding VI, LLC, as DIP lender, is represented by Kirkland &
Ellis LLP.
PHOENIX HOLDINGS: Hearing on Exclusivity Bid Set for Feb. 10
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York is
set to hold a hearing on Feb. 10 to consider the motion filed by
Phoenix Holdings & Investments, LLC to extend the time it can keep
exclusive control of its Chapter 11 case.
The motion seeks to extend the company's exclusive period to file a
bankruptcy plan and solicit votes on the plan to March 20.
Phoenix Holdings wants to remain in control of its bankruptcy while
it waits for the resolution of two separate lawsuits involving
Worthnet Partners, Inc.
The lawsuits stemmed from Worthnet's alleged breach of its purchase
agreement with Phoenix Holdings. Due to lack of funds, Worthnet
allegedly failed to close on the sale of Phoenix Holdings'
residential building in Brooklyn, N.Y.
About Phoenix Holdings & Investments
Phoenix Holdings & Investments, LLC is a Brooklyn, N.Y.-based
company engaged in renting and leasing real estate properties. It
is the fee simple owner of a real property located at 512 Classon
Ave., Brookyln, which is valued at $1.1 million.
Phoenix Holdings & Investments filed its voluntary petition for
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 22-40292) on Feb.
18, 2022, listing $1,100,000 in assets and $2,056,355 in
liabilities. On Feb. 22, 2022, the case was transferred to the
appropriate office under Case No. 22-70303. On May 9, 2022, the
case was reassigned from Judge Nancy Hershey Lord to Judge
Elizabeth S. Stong and was assigned a new case number (Case No.
22-40981).
The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's
legal counsel.
PROFRAC HOLDINGS II: Moody's Rates Delayed Draw Term B Loan 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to ProFrac Holdings
II, LLC's Delayed Draw Term B Loan (DDTL). ProFrac's other ratings,
including the B2 Corporate Family Rating and B2 ratings of the
existing senior secured term loans, as well as the stable outlook
remain unchanged.
Assignments:
Issuer: ProFrac Holdings II, LLC
Backed Senior Secured Delayed Draw Term Loan B,
Assigned B2 (LGD4)
Withdrawals:
Issuer: ProFrac Holdings II, LLC
Backed Senior Secured Delayed Draw Term Loan B, Withdrawn,
previously B2 (LGD4)
RATINGS RATIONALE
ProFrac entered into a $150 million DDTL and drew $80 million in
early January 2023, bringing the total outstanding term loans to
$599 million. The company can draw the remaining $70 million of the
DDTL until the end of 2023.
ProFrac's senior secured term loans due 2025 are rated B2, the same
as the CFR, and comprise the majority of the company's debt. The
company also has a $280 million ABL revolver due 2027 which has a
first lien on working capital assets and a second lien on other
assets. The B2 term loan ratings could be downgraded if revolver
borrowings increase or the borrowing base increases. The term loan
has a first lien on non-ABL priority collateral. The company has a
$39 million REV Energy seller note due in June 2025 (secured by REV
Energy's assets, including working capital) and a $87.5 million
Monarch Silica seller note due in December 2024 (secured by Monarch
assets, including working capital). ProFrac has about $50 million
of other debt largely for equipment financing.
ProFrac's B2 CFR reflects the company's improving business profile
and Moody's expectation that the company's free cash flow
generation will continue to grow offset by the highly cyclical
nature of the oilfield services sector, and pressure pumping in
particular. Cash flow benefits from continued strong demand for
pressure pumping services and growth from acquisitions. The rating
is tempered by Moody's expectation that debt will continue to
comprise a meaningful portion of acquisition funding as well as
execution risks on the company's acquisitive growth strategy.
Pressure pumping, which accounts for the vast majority of the
company's EBITDA, is a highly competitive sector.
The acquisition of USWS, which closed in November 2022, as well as
the recently closed acquisitions of REV Energy Holdings, LLC,
Producer Services Holdings, LLC, and Monarch Silica, LLC improve
ProFrac's scale, market position, earnings diversity, and
competitive product offerings. The pending acquisition of
Performance Holdings I, LLC and Performance Holdings II, LLC
(Performance Proppants) for $475 million of cash will further build
on ProFrac's vertical integration growth strategy. However, the
funding mix is unknown and Moody's expects debt to comprise a
meaningful portion of the financing. The Performance Proppants
acquisition is expected to close by March 2023.
ProFrac's SGL-2 Speculative Grade Liquidity (SGL) rating reflects
the company's good liquidity position. The company had $65 million
of cash on hand as of September 30, 2022 and $164 million drawn
under its $280 million ABL facility maturing in March 2027 as of
November 1, 2022. Moody's expects the company to be able to
continue meet its cash requirements including interest, maintenance
capital expenditures, and cash taxes from operating cash flow. The
term loan facility contains financial covenants including a maximum
net leverage covenant of 1.25x, a minimum liquidity covenant of $30
million, and a maximum capital expenditures covenant of the greater
of $275 million or 50% of the previous four consecutive fiscal
quarters' total Ebitda. The ABL facility has covenant requiring
maintenance a minimum 1.0x fixed charge coverage ratio, and a
minimum liquidity covenant of $10 million. Moody's expects that
Profrac will remain in compliance with its covenants in 2023.
ProFrac's stable outlook reflects Moody's expectations for growth
in cash flow generation through higher fleet utilization and margin
improvements.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to a rating upgrade include sustainable
EBITDA growth, debt reduction, maintaining good liquidity and
conservative financial policies.
Factors that could lead to a rating downgrade include debt/EBITDA
above 4x, EBITDA/interest below 3x, deterioration in liquidity, or
more aggressive financial policies.
ProFrac (NASDAQ: ACDC), headquartered in Willow Park, Texas, is a
vertically integrated provider of hydraulic fracturing services to
E&P companies in the United States. ProFrac is substantially owned
by the Wilks family.
The principal methodology used in these ratings was Oilfield
Services published in August 2021.
PUERTO RICO: PREPA Gets Feb. 1, 2023 Revenue Fight Hearing
----------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
bankrupt power utility, Puerto Rico Electric Power Authority, and
its bondholders will face off in court on February 1, 2023, over
how much of the electricity provider's money investors are entitled
to.
US District Court Judge Laura Taylor Swain is set to hear arguments
on the issue during an omnibus hearing in the commonwealth's
bankruptcy case. The island's Electric Power Authority, called
PREPA, is seeking to restructure about $9 billion of debt.
A financial oversight board that manages Puerto Rico's finances and
its bankruptcy process says that Prepa bondholders only have a
claim to accounts holding about $16 million.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at:
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
QUEST SOFTWARE: $765M Bank Debt Trades at 35% Discount
------------------------------------------------------
Participations in a syndicated loan under which Quest Software Inc
is a borrower were trading in the secondary market around 65.3
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $765 million facility is a Term loan that is scheduled to
mature on February 1, 2030. The amount is fully drawn and
outstanding.
Quest Software Inc. provides software solutions. The Company offers
enterprise software that identities, users and data, streamlines IT
operations, and hardens cybersecurity from the inside out. Quest
Software serves customers in the United States.
RAMARAMA INC: NC Property Owner Files Subchapter V Case
-------------------------------------------------------
Ramarama Inc. filed for chapter 11 protection in the Eastern
District of North Carolina. The Debtor elected on its voluntary
petition to proceed under Subchapter V of chapter 11 of the
Bankruptcy Code.
In its schedules, the Debtor disclosed that it owns real properties
valued at a total of $2,350,000 and personal property totaling
$10,010. Its debts total $2,164,351.
The Debtor owns the property at 1343 Ellis Road Durham, North
Carolina, valued at $750,000; the property at 2306 S. Roxboro
Street Durham, North Carolina 27707, valued at $100,000; and the
property at 2314 S. Roxboro Street, Durham, North Carolina 27707 /
2300 Pinecrest Road, Durham, North Carolina 27705, valued at
$1,500,000.
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 10:00 AM at Raleigh 341 Meeting Room.
Proofs of claim are due by May 8, 2023.
About Ramarama Inc.
Ramarama Inc. acquires, develops, and sells distressed residential
and commercial properties.
Ramarama Inc. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-00107) on Jan. 13, 2023. In the petition filed by Mark Bullock,
as president, the Debtor reported assets and liabilities between $1
million and $10 million.
The Debtor is represented by:
Joseph Zachary Frost, Esq.
Buckmiller, Boyette & Frost, PLLC
1012 Carpenter Fletcher Road
Durham, NC 27713
RAMARAMA INC: Taps Buckmiller, Boyette & Frost as Legal Counsel
---------------------------------------------------------------
Ramarama, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Buckmiller,
Boyette & Frost, PLLC as its counsel.
The firm will render these services:
(a) undertake any and all steps and actions necessary to
authorize the use of cash collateral pursuant to Sec. 363 of the
Bankruptcy Code;
(b) advise the Debtor with respect to its powers and duties in
the continued management, operation, and reorganization of its
business;
(c) review any and all claims asserted against the Debtor by
its creditors, equity holders, and parties in interest;
(d) represent the Debtor's interests at the meeting of
creditors and at any other hearing or conference;
(e) attend any meetings, conferences, and negotiations with
representatives of creditors and other parties in interest;
(f) review and examine, if necessary, any and all transfers
which may be avoided a preferential or fraudulent transfers under
the appropriate provisions of the Bankruptcy Code;
(g) take any and all necessary actions to protect and preserve
the Debtor's bankruptcy estate;
(h) prepare on behalf of the Debtor all motions, applications,
answers, orders, reports, and pleadings necessary to the
administration of the bankruptcy estate;
(i) prepare, on behalf of the Debtor, any plan of
reorganization, disclosure statement, and all related agreements or
documents, and take any necessary actions to obtain confirmation of
such plan of reorganization and approval of such disclosure
statement;
(j) represent the Debtor in connection with any potential
post-petition financing;
(k) advise the Debtor in connection with the sale or
liquidation, if applicable, of any assets and property to third
parties;
(l) appear before the court, or any such appellate court, and
the Office of the Bankruptcy Administrator to protect the interests
of the Debtor and the bankruptcy estate;
(m) represent the Debtor with respect to any general,
corporate, or transactional matters that arise during the course of
the administration of the bankruptcy case; and
(n) assist and advise the Debtor with respect to negotiation,
documentation, implementation, consummation, and closing of any
corporate transactions.
The hourly rates of the firm's counsel and staff are as follows:
Matthew W. Buckmiller $350
Joseph Z. Frost $330
Blake Y. Boyette $330
Paralegals, Legal Assistants, and Law Clerks $65 - $150
In addition, the firm will seek reimbursement for expenses
incurred.
Joseph Frost, Esq., an attorney at Buckmiller, Boyette & Frost,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Joseph Z. Frost, Esq.
Buckmiller, Boyette & Frost, PLLC
4700 Six Forks Road, Suite 150
Raleigh, NC 27609
Telephone: (919) 296-5040
Facsimile: (919) 977-7101
Email: jfrost@bbflawfirm.com
About Ramarama Inc.
Ramarama, Inc. acquires, develops and sells distressed residential
and commercial properties. The company is based in Durham, N.C.
Ramarama filed its voluntary petition for relief under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-00107) on Jan. 13, 2023, with up to $10 million in both assets
and liabilities. Mark Bullock, president of Ramarama, signed the
petition.
Judge David M. Warren oversees the case.
Joseph Z. Frost, Esq., at Buckmiller, Boyette & Frost, PLLC serves
as the Debtor's counsel.
REDSTONE HOLDCO 2: $1.11B Bank Debt Trades at 20% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 80.4
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion facility is a Term loan that is scheduled to
mature on April 27, 2028. The amount is fully drawn and
outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
REDSTONE HOLDCO 2: $450M Bank Debt Trades at 42% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 57.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on August 6, 2029. The amount is fully drawn and
outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
RIDER HOTEL: Iron Horse Business Improves While in Chapter 11
-------------------------------------------------------------
Sean Ryan of Milwaukee Business Journal reports that the Iron Horse
Hotel's business improved through the second half of 2022 as
revenue from room rentals outperformed the market, a recovery that
is helping owner Tim Dixon's efforts to steer the hotel through a
bankruptcy reorganization.
Through November 2022, the Milwaukee motorcycle-themed hotel's 2022
revenue topped $7.2 million, according to filings in the bankruptcy
case, beating its overall 2021 figure by more than a half-million
dollars and doubling its $3.4 million in revenue in 2020. July
2022's room and food and beverage revenue exceeded $1 million,
according to an operating statement filed with the bankruptcy
court.
Iron Horse's revenue per room nights, a key metric in tracking
activity for the hotel industry, is tracking higher than the
overall data for the Milwaukee market.
The Iron Horse's owner Rider Hotel LLC in June 2022 voluntarily
filed for Chapter 11 bankruptcy, a move that halted a foreclosure
case by its mortgage lender. The situation followed the slow years
of the Covid-19 pandemic that hurt the overall travel industry,
alleged poor management of the hotel leading up to 2020, and an
inability for its owner and lender to reach forbearance agreements
over the loan.
Since June 2022, Iron Horse developer Dixon, of Rider Hotel LLC,
has been playing a role in its management while negotiating with
the lender. His stated goal through the bankruptcy case is to
resolve the debt so the hotel can emerge from bankruptcy and
continue operating under Rider Hotel's ownership.
"Through the bankruptcy process, the hotel was actually able to
reduce its overhead, reduce its cost and increase its revenue,"
said Kurt Carlson, the Iron Horse's lead restructuring and
bankruptcy counsel with law firm Carlson Dash.
Carlson on Friday said discussions continue for Rider Hotel to
draft a reorganization plan that its lender would support. Rider
Hotel has requested a second deadline extension from a federal
bankruptcy court in Delaware to file that reorganization plan in
early April 2023.
In recent months, Rider Hotel has been working to obtain new
financing from "local sources" to help with a reorganization, and
Dixon could use his personal assets toward the goal as well,
according to recent filings in the bankruptcy case.
The hotel's financial performance is better than the cash-flow
projections agreed to earlier in the bankruptcy proceedings,
according to that court filing.
"The hotel has beaten all financial projections and exceeded
expectations since the filing of the bankruptcy case, so much so
that the largest secured lender has consented not once, but twice,
to extend the time period by which the hotel has to extend its plan
for reorganization," Carlson said. "It's been paying its mortgage.
It's been paying additional adequate protection payments. It's
been paying all of its creditors when and as due, and it's been
paying the administrative costs related to this bankruptcy."
Although the Iron Horse's mortgage lender has halted its
foreclosure efforts during the bankruptcy proceedings, a judge
recently ruled that a separate dispute can proceed against Dixon.
Dixon for several years has been involved in lawsuits filed by an
affiliate of Madison developer Hovde Properties, which owns the
parking structure neighboring the Iron Horse. Hovde has filed
lawsuits and won judgments in Milwaukee County Circuit Court
contending Dixon's development group has not made its lease
payments for the Iron Horse to use spaces in that parking
structure.
Dixon in March 2022 paid off those past judgments, according to
filings in the foreclosure lawsuit. Hovde through a Milwaukee
County Circuit Court filing is now seeking an additional $69,000
from Dixon, representing money allegedly owed under the lease
agreement since the last payment.
Rider Hotel had asked the federal bankruptcy judge to halt that
legal dispute while the bankruptcy played out. The federal judge
rejected that request this month, which lets Hovde continue its
case to seek a local court judgment for that money.
About Rider
Hotel
Rider Hotel, LLC owns The Iron Horse Hotel located at 500 W.
Florida St., in Milwaukee, Wis. The hotel, which opened in 2008,
has about 100 rooms, two banquet facilities and two restaurants;
and features a motorcycle theme and decor building off the nearby
Harley-Davidson Museum.
Rider Hotel sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 22-10522) on June 9, 2022, listing
between $10 million and $50 million in both assets and liabilities.
Timothy J. Dixon, president of Rider Hotel, signed the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped Carlson Dash, LLC and Saul Ewing Arnstein & Lehr,
LLP as legal counsels; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Stretto is the claims, noticing and administrative agent.
ROCKING M MEDIA: Exclusivity Period Extended to March 9
-------------------------------------------------------
A judge extended the time Rocking M Media, LLC and its affiliates
can keep exclusive control of their Chapter 11 cases, giving the
companies until March 9 to file a bankruptcy plan and until June 7
to solicit votes on that plan.
Judge Dale Somers of the U.S. Bankruptcy Court for the District of
Kansas extended the exclusivity periods despite opposition from the
official unsecured creditors' committee and KS StateBank, both of
which downplayed the companies' efforts to reorganize.
"The court finds [the companies'] efforts toward formulating a plan
to be in good faith and that the extension of the exclusivity
periods is being requested to complete that effort," the bankruptcy
judge said in his order.
Judge Somers does not agree with the committee's argument that the
extension would give the companies more time to manipulate the
situation for the benefit of insiders, saying it is "unsupported by
the facts of this case."
The bankruptcy judge also disagrees that the companies committed
nonfeasance as claimed by KS StateBank, citing the companies'
partial liquidation through sale of their 12 stations that was
approved within 30 days before the first extension of the
exclusivity periods expired.
"[The companies] have been actively pursuing circumstance to
provide a basis for a plan proposal. The requested extension
provides [the companies] with time to bring the efforts they have
taken to fruition," Judge Somers said.
About Rocking M Media
Rocking M Media, LLC and its affiliates own and operate radio
stations, radio networks, and digital media platforms that provide
music, news, sports, and weather to its listeners and viewers.
Rocking M Media supports local, regional, and national businesses
and organizations across the State of Kansas as well as Nebraska,
Colorado, Oklahoma, and Texas.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 22-20242) on March 26,
2022. In the petition signed by Monte M. Miller, chief executive
officer, the Debtors disclosed up to $1 million in assets and up to
10 million in liabilities.
Judge Dale L. Somers oversees the cases.
The Debtors tapped Sharon L. Stolte, Esq., at Sandberg Phoenix &
von Gontard PC as legal counsel and AdamsBrown, LLC as accountant.
Creditors Kansas State Bank of Manhattan, Belate LLC, and Farmers
and Merchants Bank of Colby are represented by Stinson LLP, Spencer
Fane LLP, and Hite, Fanning & Honeyman LLP, respectively.
The U.S. Trustee for Region 20 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on July 7,
2022. Loeb & Loeb, LLP and Dundon Advisers, LLC serve as the
committee's legal counsel and financial advisor, respectively.
ROCKLEY PHOTONICS: Case Summary & 11 Unsecured Creditors
--------------------------------------------------------
Debtor: Rockley Photonics Holdings Limited
3rd Floor 1 Ashley Road
Altrincham, Cheshire
United Kingdom WA14 2DT
Business Description: The Company specializes in the research and
development of integrated silicon photonics
chipsets. The Company has developed a
ground-breaking versatile, application
specific, third-generation silicon photonics
platform specifically designed for the
optical integration challenges facing
numerous mega-trend markets. The Company
has partnered with multiple tier-1 customers
across markets to deliver complex optical
systems required for transformational
sensors, communications, and medical product
realization.
Chapter 11 Petition Date: January 23, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-10081
Debtor's Counsel: Dania Slim, Esq.
PILLSBURY WINTHROP SHAW PITTMAN LLP
31 West 52nd Street
New York NY 10019-6131
Tel: 202-663-9240
Email: dania.slim@pillsburylaw.com
Debtor's
Cayman Islands
Counsel: WALKERS LAW FIRM
Debtor's
Investment
Banker: JEFFERIES LLC
Debtor's
Financial
Advisor: ALVAREZ & MARSAL, LLC
Debtor's
Notice,
Claims,
and Balloting
Agent: KROLL, LLC
Total Assets as of Sept. 30, 2022: $90,880,000
Total Debts as of Sept. 30, 2022: $120,733,000
The petition was signed by Richard A. Meier as chief executive
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AUYOC7Y/Rockley_Photonics_Holdings_Limited__nysbke-23-10081__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 11 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Wilmington Savings Fund Super Senior Unknown
Society, FSB Notes
WSFS Bank Center
500 Delaware Avenue
Wilmington, DE 19801
United States
Attn: Rodger Levenson
Title: Chairman, President &
Chief Executive Officer
Tel: 302-996-0776
Email: rodger.levenson@wsfsbank.com
2. Wilmington Savings Fund Existing Notes Unknown
Society, FSB
WSFS Bank Center
500 Delaware Avenue
Wilmington, DE 19801
United States
Attn: Rodger Levenson
Title: Chairman, President and
Chief Executive Officer
Tel: 302-996-0776
Email: rodger.levenson@wsfsbank.com
3. SSI (U.S.) DBA Spencer Trade Payables $222,417
Stuart
353 N Clark Suite 2400
Chicago, IL 60693
United States
Attn: Ben Williams
Title: Chief Executive Officer
Tel: 212-336-0200
Email: bwilliams@spencerstuart.com
4. Craig Hallum Capital Trade Payables $100,000
Group LLC
222 South 9th Street
Suite 350
Minneapolis, MN 55402
United States
Attn: Steve Dyer
Title: Chief Executive Officer
Tel: 651-592-9392
Email: sdyer@craig-hallum.com
5. Goodwin Procter LLP Trade Payable $60,000
Counselors at Law
The New York Times Building
620 Eighth Avenue
New York, NY 10018
United States
Attn: Mike Caplan
Title: Chief Operating Officer
Tel: 212-813-8856
Email: mcaplan@goodwinlaw.com
6. E*Trade Financial Corporate Trade Payables $18,500
Services, Inc.
3 Edison Drive
Alpharetta, GA 30097
United States
Attn: Michael A. Pizzi
Title: Chief Executive Officer
Email: michael.pizzi@etrade.com
7. Computershare Inc. Trade Payables $9,948
Dept CH 19228
6005-9228
Palatine, IL 60055
United States
Attn: Stuart Irving
Title: Chief Executive
Officer and President
Tel: 781-575-2000
Email: stuart.irving@computershare.com
8. Wist Attorneys -- Trade Payables $4,369
Asianajotoimisto Oy
Hopeatie 21
Espoo, 02750
Finland
Attn: Tarja Wist
Title: Partner
Email: tarja.wist@wistattorneys.fl
9. The International Trade Payables $2,418
Stock Exchange Authority Ltd
PO Box 623
Helvetia Court
Block B Third Floor
Les Echelons, St Peter Port
Guernsey
Attn: Cees Vermaas
Title: Chief Executive Officer
Email: cees.vermaas@tisegroup.com
10. Robinhood Markets Inc. Trade Payables $1,987
(DBA Say Technologies LLC)
85 Willow Road
Menlo Park, CA 94025
United States
Attn: Vlad Tenev
Title: Chief Executive Officer and
Co-Founder
Tel: 571-224-8804
Email: vlad@robinhood.com
11. Mediant Communications, Inc. Trade Payables $677
400 Regency Forest Drive
Suite 200
Cary, NC 27518
United States
Attn: Arthur Rosenzweig
Title: Chief Executive Officer
Email: arosenzweig@mediantonline.com
S2 ENERGY: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------
S2 Energy Operating, LLC, along with affiliates Krewe Energy, LLC,
S2 Energy 1, LP, and Krewe-TBay, LLC filed for chapter 11
protection in the Eastern District of Louisiana.
The Debtors are three limited liability companies and one limited
partnership with their principal places of business located in St.
Tammany Parish, Louisiana. Krewe, TBay and SE2 own oil and gas
leases on property located in Louisiana. SEO operates the
properties on behalf of Krewe, TBay and SE2. SEO, as operator,
contracts with vendors who perform work on the oil and gas leases.
The equity ownership of the TBay, SEO and SE2 ultimately resides in
Krewe.
The Debtors are seeking relief due to losses incurred as a result
of Hurricanes Zeta and Ida and the prior downturn in the price of
oil and gas. The combination of the losses sustained as a result
of both hurricanes and the downturn has stripped the Debtors of the
funds necessary to develop the properties owned by TBay, SE2 and
Krewe to pay creditors from increased production.
According to court filings, S2 Energy Operating LLC estimates $1
million to $10 million in debt to 100 to 199 creditors. The
petition states that funds will be available to unsecured
creditors.
About S2 Energy Operating LLC
S2 Energy Operating LLC is engaged in the acquisition, exploitation
and development of creative business ventures within the shallow
waters of the Gulf of Mexico and onshore south Louisiana.
S2 Energy Operating, LLC, along with affiliates Krewe Energy, LLC,
S2 Energy 1, LP, and Krewe-TBay, LLC, sought Chapter 11 bankruptcy
protection (Bankr. E.D. La. Lead Case No. 23-10066) on Jan. 17,
2023. In the petition filed by Barry R. Salsbury, as manager, SEO
reported assets and liabilities between $1 million and $10
million.
The Debtors are represented by:
Douglas S. Draper, Esq.
Heller, Draper & Horn L.L.C.
200 Caroline Court
Covington, LA 70433
SAN JORGE CHILDREN'S: Exclusivity Period Extended to Feb. 28
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico extended
the time San Jorge Children's Hospital, Inc. can keep exclusive
control of its Chapter 11 case, giving it until Feb. 28 to file a
bankruptcy plan and until April 29 to solicit votes on that plan.
The court denied the objection from Data Access Communications,
Inc., which opposed the 60-day extension, arguing San Jorge has not
made significant progress in negotiating with creditors.
Data Access asserts an unsecured claim in the amount of $8,191,
which has remained unpaid since June last year.
Meanwhile, the official unsecured creditors' committee did not
oppose the extension, saying the extension will give the committee
and San Jorge enough time to negotiate regarding treatment of
unsecured creditors under San Jorge's bankruptcy plan.
About San Jorge Children's Hospital
San Jorge Children's Hospital, Inc. operates a hospital
specializing in pediatrics in San Juan, P.R.
San Jorge Children's Hospital filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 22-02630) on Sept. 1, 2022, with between $10 million and $50
million in both assets and liabilities. Edward P. Smith, chief
operating officer, signed the petition.
Judge Maria De Los Angeles Gonzalez presides over the case.
The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as bankruptcy counsel and Galindez, LLC as external auditor.
Cardona Jimenez Law Offices, P.S.C. represents the official
committee of unsecured creditors appointed in the Debtor's case
while RSM Puerto Rico serves as the committee's financial advisor.
SIGNAL PARENT: $550M Bank Debt Trades at 32% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Signal Parent Inc
is a borrower were trading in the secondary market around 68.1
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on April 1, 2028. About $541.8 million of the loan is
withdrawn and outstanding.
Signal Parent, Inc. provides interior design services.
SPRING MOUNTAIN: Wins Access to $1MM of DIP Loan
------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
Santa Rosa Division, authorized Spring Mountain Vineyard Inc. to
use cash collateral and obtain postpetition financing, on an
interim basis.
The Debtor is sought to obtain senior secured postpetition
financing from from MGG California, LLC on a superpriority basis
pursuant to the terms and conditions of the Interim Order and the
Debtor in Possession Secured Multi-Draw Term Promissory Note, in
the aggregate, maximum principal amount of up to $4 million.
The Debtor is permitted to incur DIP Obligations immediately
subject to the terms of the Interim DIP Order, the Approved Budget,
and the DIP Loan Documents, in the aggregate principal amount of up
to $1 million for the period up to and including January 29, 2023.
The Debtor has an immediate need for financing to, among other
things, preserve and maximize the value of the assets of the
Debtor's bankruptcy estate.
The terms and provisions of the Third Cash Collateral Order, as
extended pursuant to the Cash Collateral Stipulation, will be
further extended to January 29, 2023, and, subject to entry of the
Final Order, the Maturity Date, and the Debtor will be permitted to
use cash collateral solely in accordance with and to the extent set
forth in the Approved Budget during the period commencing on the
date of the Interim DIP Order through the Maturity Date.
As previously reported by the Troubled Company Reporter, the
Debtor's sole secured creditor is MGG California LLC, which is the
administrative agent and collateral agent for a group of lenders
who are affiliated with MGG. The Debtor obtained a $185 million
loan from MGG in October 2018. Since that date, the Debtor and MGG
have amended the credit facility twice, entered into a forbearance
agreement, and amended the terms of that forbearance agreement two
times, most recently in July 2022. As a result of these
transactions, with one exception, MGG possesses a security interest
in all of the Debtor's assets.
As adequate protection, the Administrative Agent, for the benefit
of itself, is granted valid, binding, enforceable and perfected
replacement and additional liens upon and security interests in all
property.
As adequate protection for the Diminution in Value of its interest
in the Prepetition Collateral, the Administrative Agent is granted
as and to the extent provided by sections 503 and 507(b) of the
Bankruptcy Code, an allowed superpriority administrative expense
claim in the Case and any successor bankruptcy case, subject in all
respects to the Carve-Out.
The Adequate Protection Superpriority Claim will have priority over
all administrative expense claims, including administrative
expenses of the kinds specified in or ordered pursuant to sections
503(b) and 507(b) of the Bankruptcy Code, and unsecured claims
against the Debtor and the Estate.
A hearing on the matter is set for January 25 at 11 a.m.
A copy of the order is available at https://bit.ly/3GP6iwU from
PacerMonitor.com.
About Spring Mountain Vineyard Inc.
Spring Mountain Vineyard Inc. is a privately owned estate comprised
of four vineyards. Spring Mountain Vineyard's beneficial owner is
Jacob Safra, who also owns Encyclopaedia Britannica, Inc., the
company that holds the famed Encyclopedia Britannica and
Merriam-Webster dictionary and thesaurus, with an estimated value
of $450 million to $550 million.
Spring Mountain Vineyard sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-10381) on
September 29, 2022. In the petition signed by Constantine S.
Yannias, as president, the Debtor disclosed up to $500 million in
both assets and liabilities.
Judge Charles Novack oversees the case.
Victor A. Sahn, Esq., at Greenspoon Marder, LLP, is the Debtor's
counsel.
STATERA BIOPHARMA: Receives Delisting Notice From Nasdaq
--------------------------------------------------------
Statera Biopharma, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received notice from The
Nasdaq Capital Market on Jan. 10, 2023, that the Company was being
delisted and that suspension of trading in the Company's common
stock would be effective at the open of business on Jan. 12, 2023.
The Company intends to appeal the delisting and request a review of
the Panel's decision by the Nasdaq Listing and Hearing Review
Council.
Effective Jan. 12, 2023, the Company's common stock is quoted on
OTC Pink Open Market under the symbol "STAB". In addition, the
Company has submitted an application for trading of its common
stock on the OTCQB Venture Market. There can be no assurance that
the Company's application to trade on the OTCQB will be approved on
a timely basis or at all or that the Company will be able to
satisfy reporting and other applicable requirements.
As previously disclosed, on Oct. 26, 2022, Statera received a
determination from a Nasdaq Hearings Panel granting the Company's
request for the continued listing of its common stock on The Nasdaq
Capital Market, subject to the Company's satisfaction of certain
interim milestones and, ultimately, the Company's compliance with
all applicable criteria for continued listing on Nasdaq, including
the $1.00 bid price and $2.5 million stockholders' equity
requirements as set forth in Nasdaq Listing Rules 5550(a)(1) and
5550(b)(2), respectively, by no later than Jan. 31, 2023.
About Statera
Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and
Cleveland Biolabs) is a pre-clinical and clinical
biopharmaceutical
company developing multiple product candidates to address unmet
medical needs for use in diseases involving immune system
dysfunction.
An involuntary Chapter 11 bankruptcy case was filed against Statera
on Aug. 16, 2022, by three alleged creditors of the Company
alleging they are owed a total of $2.1 million on account of notes,
unpaid wages, and severance.
Statera Biopharma reported a net loss of $101.87 million for the
year ended Dec. 31, 2021, compared to a net loss of $12.09 million
for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the
Company had $12.75 million in total assets, $22.92 million in total
liabilities, and a total stockholders' deficit of $10.17 million.
Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated Oct. 4, 2022, citing that Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
TELESAT LLC: $1.91B Bank Debt Trades at 57% Discount
----------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 43.2
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.91 billion facility is a Term loan that is scheduled to
mature on December 6, 2026. About $1.55 billion of the loan is
withdrawn and outstanding.
Telesat LLC is a satellite operator.
TRADESMAN BREWING: Taps Steadman Law Firm as Bankruptcy Counsel
---------------------------------------------------------------
Tradesman Brewing Co., Inc. seeks approval from the U.S. Bankruptcy
Court for the District of South Carolina to employ Steadman Law
Firm, PA as bankruptcy counsel and Elizabeth M. Atkins as of
counsel.
Steadman Law Firm will render these services:
(a) assist and advise the Debtor relative to the
administration of this proceeding;
(b) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
property;
(c) represent the Debtor before the Bankruptcy Court and
advise the Debtor on pending litigation, hearings, motions, and
decisions of the Bankruptcy Court;
(d) review and advise the Debtor regarding applications,
orders, and motions filed with the Bankruptcy Court by third
parties in this proceeding;
(e) attend meetings conducted pursuant to section 341(a) of
the Bankruptcy Code and represent the Debtor at all examinations;
(f) communicate with creditors and other parties in interest;
(g) assist the Debtor in preparing all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;
(h) confer with other professionals retained by the Debtor and
other parties in interest;
(i) negotiate and prepare the Debtor's Chapter 11 plan,
related disclosure statement, and all related agreements and
documents and take any necessary actions on the Debtor's behalf to
obtain confirmation of the plan; and
(j) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 case.
Ms. Atkins will provide these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business affairs and management of
its property;
(b) prepare legal papers;
(c) assist in preparation of a Subchapter V Plan of
Reorganization and any other reports; and
(d) appear in matters before the court that may arise in the
case.
The hourly rates of the firm's counsel and staff are as follows:
Richard A Steadman, Jr. $360
Lauren J. Schumann $300
Other Attorneys $300 - $395
Paralegals $110
Ms. Atkins will be paid at her hourly rate of $395.
The firm received a retainer of $7,500 from the Debtor.
Richard Steadman, Jr., Esq., and Lauren J. Schumann, Esq.,
attorneys at Steadman Law Firm, and Ms. Atkins, of counsel,
disclosed in a court filing that they are "disinterested persons"
as that term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Richard A Steadman, Jr., Esq.
Lauren J. Schumann, Esq.
Steadman Law Firm, PA
Post Office Box 60367
North Charleston, SC 29419
Telephone: (843) 529-1100
Facsimile: (843) 529-0027
Email: rsteadman@steadmanlawfirm.com
lschumann@steadmanlawfirm.com
- and -
Elizabeth M. Atkins, Esq.
P.O. Box 60568
North Charleston, SC 29419
Telephone: (843) 763-0333
Facsimile: (843) 763-9020
Email: atkinslawoffice@yahoo.com
About Tradesman Brewing Co.
Tradesman Brewing Co., Inc. filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 23-00147)
on Jan. 13, 2023, with up to $50,000 in assets and up to $1 million
in liabilities. Steadman Law Firm, PA serves as the Debtor's
bankruptcy counsel.
UNITED PF HOLDINGS: $525M Bank Debt Trades at 26% Discount
----------------------------------------------------------
Participations in a syndicated loan under which United PF Holdings
LLC is a borrower were trading in the secondary market around 74.3
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $525 million facility is a Term loan that is scheduled to
mature on December 30, 2026. The amount is fully drawn and
outstanding.
Headquartered in Austin, Texas, United PF is the U.S.'s largest
Planet Fitness franchisee.
UPSTREAM NEWCO: $883M Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Upstream Newco Inc
is a borrower were trading in the secondary market around 82.9
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $883 million facility is a Term loan that is scheduled to
mature on November 20, 2026. The amount is fully drawn and
outstanding.
Upstream Newco, Inc., headquartered in Birmingham, Alabama, is a
provider of outpatient rehabilitation services - primarily physical
therapy. Through its subsidiaries, Upstream operates about 1,150
clinics in 28 states, with a strong presence in the Southeast.
VC GB HOLDINGS I: $295M Bank Debt Trades at 17% Discount
--------------------------------------------------------
Participations in a syndicated loan under which VC GB Holdings I
Corp is a borrower were trading in the secondary market around 82.6
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $295 million facility is a Term loan that is scheduled to
mature on September 30, 2029. The amount is fully drawn and
outstanding.
VC GB Holdings I Corp., formerly known as Illuminate Merger Sub
Corp., is a collection of brands including Visual Comfort premium
decorative lighting collections, Tech Lighting decorative and
functional lighting, generation Lighting and Monte Carlo ceiling
fans.
VIVAKOR INC: Appoints Three New Directors
-----------------------------------------
Vivakor, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission its Board of Directors appointed John Harris
and Albert Johnson as independent members of the Board and as
members of the Audit Committee, Compensation Committee, and
Nominating and Corporate Governance Committee of the Board, and Mr.
Harris and Mr. Johnson accepted appointment to such positions.
In addition, on Jan. 16, 2023, the Board appointed Tyler Nelson,
the Company's chief financial officer, as a member of the Board,
and Mr. Nelson accepted appointment to such position.
John R. Harris combines over 35 years of experience in Board of
Directors, CEO and senior management positions in a variety of
industries including technology services, telecommunications,
healthcare, and business process outsourcing. He currently serves
on the board of directors for the Hackett Group, Hifu Prostate
Services, GenHemp, and Everservice. Since 2009 Mr. Harris has
primarily been a private investor, advisor, and board member for
both public and privately held companies. From 2006 to 2009 he was
CEO of Etelecare Global solutions a leading provider of offshore
teleservices to Fortune 1,000 companies. From 2003 to 2005 he
served as the CEO of Seven Worldwide, a digital content management
company where he was previously a member of the board of directors
of the company. From 2001 to 2003, Mr. Harris consulted with a
variety of venture-backed early-stage companies. Previously Mr.
Harris spent 25 years with Electronic Data Systems in a variety of
senior executive positions to include President of the 4 strategic
business units serving the telecommunications and media industries
world-wide. He was elected as a corporate vice-president and
officer of the company. During his tenure with EDS, he gained
extensive international experience working and living in the Middle
East, Europe and Asia. Mr. Harris has extensive public company
board experience through prior services on the boards of Premier
Global Services, Cap Rock Communications, Genuity, Ventiv Health,
Startek, Sizmek, Mobivity and Applied Graphic Technologies and
served in a variety of positions to include board member, committee
chairman, lead director and chairman. Mr. Harris received his BBA
and MBA from the University of West Georgia where he serves on the
Board of Advisors to the Richards School of Business.
With Mr. Harris's years of experience with public company boards of
directors, as well as his international business background, he
will be a strong addition to the Board.
Albert Johnson brings over 25 years of experience in operations and
senior management in the midstream and downstream sectors of the
oil and gas industry. Previously, Mr. Johnson had been involved in
public and privately held companies holding various positions in
senior management and serving as a member of boards of directors.
From 2014 to 2015, he was Director of Business Development for
Sunoco Logistics, LP., a publicly traded master limited partnership
involved in the marketing, trading, transportation and terminalling
of crude oil, products and NGLS. From July 2015 through May 2017,
Mr. Johnson was the Vice President of Business Development for
Navigator Energy Services, LLC., a private equity backed company
involved in the gathering, transportation and terminalling of crude
oil. From March 2018 to November 2022, Mr. Johnson served as
Executive Vice President Business Development for ARX Energy, LLC.
Since November 2022, Mr. Johnson has served as Chief Commercial
Officer for ARX Energy, LLC., a privately held company involved in
building a world class clean fuels facility in the Port of
Brownsville, Texas. Mr. Johnson served on the Board of Directors
for West Texas Gulf Pipe Line Company and on the Management
Committee of SunVit Pipeline, LLC. He has an undergraduate degree
in History from the University of Texas at Austin and an MBA
finance concentration from Jones Graduate School of Business at
Rice University.
As a member of the Board, Mr. Johnson will add significant
expertise, in particular with respect to the Company's midstream
and downstream operations, having worked extensively in the oil and
gas industry.
Tyler Nelson joined Vivakor on a part-time basis as chief financial
officer in 2014 and has served as full-time chief financial officer
since September 2020. Mr. Nelson is a CPA who worked from 2006 to
2011 in Audit and Enterprise Risk Services at Deloitte LLP (USA)
and later at Withum+Brown, PC. He worked with clients with assets
of more than $100 billion and annual revenues of more than $15
billion, which are considered some of the most respected financial
institutions in the world. In 2011, Mr. Nelson began working for
LBL Professional Consulting, Inc. where he provided merger and
acquisition, initial public offering, and interim chief financial
officer services to clients. Mr. Nelson continues to sit on the
Board of Directors and remains an officer of LBL Professional
Consulting, Inc. Mr. Nelson earned a Master's Degree in Accountancy
from the University of Illinois- Urbana-Champaign, and a Bachelor's
Degree in Economics with a minor in Business Management from
Brigham Young University.
Mr. Nelson will add value to the Board given his strong financial
background and familiarity with the Company in his role as chief
financial officer.
The Company has a consulting contract with LBL Professional
Consulting, Inc., which shares Mr. Nelson as a common officer and
director with the Company. For the year ended Dec. 31, 2022 it is
estimated that the LBL has invoiced the Company for approximately
$340,000 for services rendered. For the years ended Dec. 31, 2021
and 2020, LBL was paid $188,150 and $191,295 for services rendered.
The common officer/director is not the beneficiary of LBL and is
not permitted to participate in any discussion, including LBL's
board meetings, regarding any Company stock that LBL may own at any
time. On Dec. 17, 2020 the Company granted non-statutory stock
options to LBL to purchase 333,334 shares of common stock, which
was cancelled on Sept. 1, 2022 by the parties.
Resignation of Director
On Jan. 16, 2023, Matthew Balk advised the Board of his
resignation, effective immediately, from the Board and from his
position as a member of the Audit Committee, the Compensation
Committee and the Nominating and Corporate Governance Committee.
Such resignation was not the result of any dispute or disagreement
with the Company or the Board on any matter relating to the
operations, policies or practices of the Company.
About Vivakor Inc.
Coralville, Iowa-based Vivakor, Inc. is an operator, acquirer and
developer of clean energy technologies and environmental solutions,
primarily focused on soil remediation. The Company specializes in
the remediation of soil and the extraction of hydrocarbons, such as
oil, from properties contaminated by or laden with heavy crude oil
and other hydrocarbon-based substances.
Vivakor reported a net loss attributable to the company of $5.48
million for the year ended Dec. 31, 2021, compared to a net loss
attributable to the company of $2.18 million for the year ended
Dec. 31, 2020. For the nine months ended Sept. 30, 2022, the
Company reported a net loss attributable to the company of $7.08
million. As of Sept. 30, 2022, the Company had $94.80 million in
total assets, $57.13 million in total liabilities, and $37.67
million in total stockholders' equity.
WINDOW SELECT: Selects Interim CEO Ahead of Chapter 11 Filing
-------------------------------------------------------------
Jenna Sachs of FOX6 News reports that the owner of a window
installation company when it came under fire by consumers will exit
the company.
Cogent Analytics, a third-party advisory firm working on behalf of
Window Select, tells Contact 6 that Window Select's previous owner,
Justin Kiswardy, "will no longer be affiliated with the
organization" following its Chapter 11 bankruptcy proceedings.
The company is expected to file for Chapter 11 by Jan. 23,
according to a notice some customers received, FOX6 said.
Under Kiswardy's leadership, Wisconsin Consumer Protection got more
than 400 customer complaints about the company. Since 2021, more
than 80 unhappy Window Select customers have filed complaints with
Contact 6. Many told Contact 6 they'd paid the Menomonee Falls
window installer for work that hadn't started.
A Cogent Analytics team member, Andy Parsons, was appointed Interim
CEO of Window Select in December 2022. The company says Parsons
will see Window Select through its "legal restructuring" with the
goal of fulfilling as many customer contracts as possible.
The following statement was provided by a Milwaukee public
relations firm providing communications to Cogent Analytics:
"Window Select is entering into a legal reorganization process
as a means to fulfill past due commitments. A team of third-party
advisors from Cogent Analytics is supporting this process,
committed to doing right by Window select customers, using
available business tools and resources, including a legal
reorganization, to make that happen.
"One of Cogent's team members, Andy Parsons, has been in
Milwaukee working with Window Select. In preparation for the legal
reorganization process, Andy was appointed Interim CEO in December
2022.
"He will be taking Window Select through the legal
restructuring process, with the aim of providing a means of
fulfilling as many customer contracts and past due commitments as
possible. Upon full execution of the legal restructuring through
the court system, previous owner Justin Kiswardy will no longer be
affiliated with the organization moving forward."
About Window Select
Window Select is a window installation service provider in
Menomonee Falls, Wisconsin.
WP CPP HOLDINGS: $276M Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which WP CPP Holdings LLC
is a borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, January 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $276 million facility is a Term loan that is scheduled to
mature on April 30, 2026. The amount is fully drawn and
outstanding.
Headquartered in Cleveland, Ohio, WP CPP Holdings, LLC, d/b/a
Consolidated Precision Products, is a castings manufacturer of
engineered components and subassemblies for the commercial
aerospace, military and defense and energy markets. The company is
majority-owned in equal parts by private equity firm Warburg
Pincus
and Berkshire Partners.
ZURN ELKAY: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Zurn
Elkay Water Solutions Corp. At the same time, S&P raised the
issue-level rating on the company's senior secured debt to 'BB+'
from 'BB' and revised the recovery rating to '2' from '3' given a
higher emergence value against relatively stable debt.
The stable outlook reflects S&P's view that credit metrics will
remain in line with its expectations for the rating, with debt to
EBITDA at the lower end of the 2x-3x range over the next 12
months.
Wisconsin-based Zurn Water Solutions Corp. merged with Elkay
Manufacturing to create Zurn Elkay Water Solutions Corp. and
increased its presence in the water management industry in the U.S.
with projected pro forma revenue of about $1.4 billion.
The Elkay merger improves Zurn's scale, scope, and product
diversity, but sales remain solely focused on water management. S&P
now expect pro forma 2022 revenue of about $1.4 billion compared
with about $910 million in 2021 after Zurn's spin-off of PMC (its
process and motion control business). Product diversity is also
enhanced by the addition of the drinking water segment, which now
comprises about 20% of sales. In addition, Elkay is the No. 1
manufacturer of stainless steel sinks in the country, for both
commercial and residential applications, which fits within Zurn's
current hygienic and environmental sector portfolio of products.
The merger has also reduced Zurn's exposure to cyclical new
construction end markets, which now comprises 55% of sales from 65%
previously with new residential construction exposure now limited
to 15%, down from 22%. At the same time, Zurn's exposure to more
stable retrofit and repair markets has expanded to 45% from 35%
previously. The water management business has a history of
maintaining somewhat steady earnings in downturns, benefitting from
cost-reduction actions due to its fixed asset-lite business, lower
material prices in downturns, and productivity gains. S&P also
expects further stability from the health and education business,
which comprises 70% of its institutional end market. However, all
revenue and earnings remain tied to water management, which means
growth drivers remain closely tied.
S&P said, "We expect pro forma debt leverage toward the low end of
the 2x-3x range over the next 12 months. This compares with our
expectation of about 2.5x in 2022 and 2.1x in 2021. The improvement
in 2023 is mainly due to increased earnings from a full year of
Elkay, benefits from cost synergies (the company estimates about
$25 million annually over the next two years), and continued good
demand in the base business. We expect that Zurn will remain
acquisitive but target small tuck-in acquisitions in the near term
as the company focuses on the Elkay acquisition. In the medium to
longer term, Zurn could pursue larger acquisitions that increase
leverage above its 2x-3x target, but we expect the company to
quickly deleverage back to its target given its good free operating
cash flow generation.
"We expect Zurn to generate positive free operating cash flows over
the next 12 months.We estimate about $100 million-$105 million in
free operating cash flows (operating cash flow less capital
spending) in 2023. This is supported by increased earnings and
improved inventory management coupled with the company's asset-lite
business model (maintenance capital expenditure (capex) estimated
at 1% of revenue). We also expect discretionary cash flows to
remain positive despite the recent increase in quarterly dividends
to 7 cents per share from 3 cents per share.
"The stable outlook reflects our view that credit metrics will
remain in line with our expectations for the rating with debt to
EBITDA toward the low end of the 2x-3x range over the next 12
months."
Although unlikely, we could lower our rating on Zurn over the next
12 months if we anticipated leverage rising above 3x. This could
happen if:
-- It undertook large debt-financed acquisitions with little
prospect of a rapid deleveraging, or
-- EBITDA declined 40%-43% below our 2023 expectations. This is
unlikely but could occur if the company faced stiff competition in
the market such that it lost its ability to pass through raw
material costs to customers or if recessionary pressure caused a
fall in demand for its products.
S&P views an upgrade as unlikely given Zurn's smaller scale and
lower diversity compared with higher rated peers. However, it could
raise its rating if:
-- The company significantly expanded its size and diversification
such that it were more in line with larger peers, and
-- It maintained S&P Global Ratings-adjusted leverage comfortably
below 3x across most market conditions.
ESG credit indicators: E-2, S-2, G-2
S&P said, "ESG factors have an overall neutral influence on our
credit rating analysis of Zurn. As a provider of water management
systems, the company is exposed to residential and nonresidential
building construction trends. However, the manufacturing of the
company's plumbing fixtures has little environmental impact, and we
believe Zurn is positioned to benefit from increasing awareness and
demand for hygienic products."
[*] Colorado Bankruptcies Rose 6% in December 2022
--------------------------------------------------
Christopher Wood of BizWest reports that Colorado bankruptcies
increased 6% in December 2022 compared with the same period a year
ago, but overall filings in 2022 declined 18.9% from 2021.
That's according to a BizWest analysis of U.S. Bankruptcy Court
data. Numbers cited include all new filings, including open,
closed and dismissed cases. Colorado recorded 400 bankruptcy
filings in December, compared with 377 in December 2021.
The state recorded 5,092 bankruptcy filings last year, compared
with 6,281 in 2021.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 231.4 (10.3) (2.2)
7GC & CO HOLDING VIIAU US 231.4 (10.3) (2.2)
ABSOLUTE SOFTWRE ABST US 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE OU1 GR 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE ABST CN 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE ABT2EUR EU 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE OU1 GZ 544.9 (4.3) (53.0)
ACCELERATE DIAGN AXDX* MM 75.8 (9.8) 56.7
AIR CANADA AC CN 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 GR 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACEUR EU 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 TH 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACDVF US 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 QT 29,754.0 (1,931.0) 1,190.0
AIR CANADA 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 MOCL CI 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 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
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) 19,633.0
BOEING CO-CED BA AR 137,558.0 (17,635) 19,633.0
BOEING CO-CED BAD AR 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA EU 137,558.0 (17,635) 19,633.0
BOEING CO/THE BCO GR 137,558.0 (17,635) 19,633.0
BOEING CO/THE BAEUR EU 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA TE 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA* MM 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA SW 137,558.0 (17,635) 19,633.0
BOEING CO/THE BOEI BB 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA US 137,558.0 (17,635) 19,633.0
BOEING CO/THE BCO TH 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA PE 137,558.0 (17,635) 19,633.0
BOEING CO/THE BOE LN 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA CI 137,558.0 (17,635) 19,633.0
BOEING CO/THE BCO QT 137,558.0 (17,635) 19,633.0
BOEING CO/THE BAUSD SW 137,558.0 (17,635) 19,633.0
BOEING CO/THE BCO GZ 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA AV 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA-RM RM 137,558.0 (17,635) 19,633.0
BOEING CO/THE BAEUR EZ 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA EZ 137,558.0 (17,635) 19,633.0
BOEING CO/THE BACL CI 137,558.0 (17,635) 19,633.0
BOEING CO/THE BA_KZ KZ 137,558.0 (17,635) 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 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
CYTOKINETICS INC CYTKEUR EZ 1,076.0 (16.0) 807.8
DEFENCE THERAPEU DTC CN 0.3 (0.9) (1.0)
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
EARGO INC EAR US 116.6 (36.3) (47.5)
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 GDDYEUR EZ 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)
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
KARYOPHARM THERA 25K QT 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
LEGACY VENTUR-B LGYV US 0.0 (0.0) (0.0)
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) 4,115.0
LOWE'S COS INC LOW US 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LWE TH 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LOW SW 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LWE QT 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LOWEUR EU 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LWE GZ 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LOW* MM 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LWE TE 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LOWE AV 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LOWEUR EZ 46,973.0 (12,868) 4,115.0
LOWE'S COS INC LOW-RM RM 46,973.0 (12,868) 4,115.0
LOWE'S COS-BDR LOWC34 BZ 46,973.0 (12,868) 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 387.8 (61.0) -
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)
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)
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 RADEUR EU 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)
SKYX PLATFORMS C SKYX US 47.8 12.5 15.0
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 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)
TABULA RASA HEAL TRHC US 403.8 (31.7) 81.8
TABULA RASA HEAL TRHCEUR EU 403.8 (31.7) 81.8
TABULA RASA HEAL 43T GZ 403.8 (31.7) 81.8
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
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
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 WYNN SW 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
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
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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.
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*** End of Transmission ***