/raid1/www/Hosts/bankrupt/TCR_Public/230131.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 31, 2023, Vol. 27, No. 30
Headlines
16 JUDGE LLC: Seeks to Hire Rachel S. Blumenfeld as Legal Counsel
208-214 E. 25TH: Taps Goldberg Weprin Finkel Goldstein as Counsel
225 BOWERY: Starts Chapter 11 Bankruptcy Amid Dispute With Ace
2377 GLENDON: Case Summary & 20 Largest Unsecured Creditors
26 BOWERY: Seeks to Hire Eastern Realty Capital as Lease Broker
2M RESEARCH: Voluntary Chapter 11 Case Summary
3052 BRIGHTON: $18.235 Mil. Sale of Brooklyn Property Approved
ACASTI PHARMA: Given 180 Days to Regain Nasdaq Compliance
ADVANCED REIMBURSEMENT: Selling FF&E Located in Scottsdale Office
AHP HOME: Seeks Cash Collateral Access
ALL ACTION SECURITY: Has Deal on Cash Collateral Access
ALL DAY ACQUISITIONCO: $200M Bank Debt Trades at 72% Discount
AMERICAN VIRTUAL: U.S. Trustee Appoints Creditors' Committee
ANASTASIA PARENT: $650M Bank Debt Trades at 19% Discount
AVAYA INC: $743M Bank Debt Trades at 70% Discount
AXYEHHO CORP: Sale of Fort Lauderdale Property for $1.6MM Approved
AYTU BIOPHARMA: Regains Nasdaq Minimum Bid Price Compliance
BED BATH: S&P Downgrades ICR to 'D' on Expected General Default
BOLTA US: Bankruptcy Administrator Appoints Creditors' Committee
BREAKFORM RESIDENTIAL: Case Summary & Eight Unsecured Creditors
BRENTWOOD AUTO: Files Emergency Bid to Use Cash Collateral
CARVER BANCORP: Subsidiary's 2016 Agreement With OCC Terminates
CASELLA WASTE: Moody's Upgrades CFR to Ba2, Outlook Stable
CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 25% Discount
CELSIUS NETWORK: May Issue Crypto Token to Pay Creditors
CITY BREWING: $850M Bank Debt Trades at 60% Discount
CLEAN ENERGY: Issues $187K Convertible Note to Mast Hill
CLEVELAND INTEGRITY: Case Summary & 30 Top Unsecured Creditors
COLOUROZ INVESTMENT 2: $677M Bank Debt Trades at 33% Discount
CONSOLIDATED ELEVATOR: Wins Cash Collateral Access Thru March 8
CRED INC: Trustees Urge Bankr. Court to Back-Up Cal. Lockton Suit
DAKTRONICS INC: Reaches Deal to Extend Credit Facility Maturity
DIEBOLD NIXDORF: $475M Bank Debt Trades at 32% Discount
DIGITAL MEDIA: Moody's Lowers CFR to Caa1 & Alters Outlook to Neg.
DIOCESE OF ROCKVILLE CENTRE: Says It Has Payout Plan for Survivors
DIOCESE OF ROCKVILLE: Creditors Committee Offers Own Payout Plan
DOMUS BWW: Exclusivity Period Extended to July 31
DR. ROOTS HERBS LLC: Files for Chapter 11 Bankruptcy Protection
ECOARK HOLDINGS: Signs Deal to Sell $3.5 Million Common Shares
ENDO INT'L: Opioid Victims, Creditors Want to Sue Lenders, Execs
ESJ TOWERS: HOA Seeks to Prohibit Cash Collateral Use
EVERNEST HOLDINGS: Bid to Use Cash Collateral Denied as Moot
EVOKE PHARMA: Stipulation of Dismissal Filed in GIMOTI Patent Case
FARADAY FUTURE: Appoints Tin Mok as Executive Director
FB DEBT: U.S. Trustee Appoints Creditors' Committee
FERTITTA ENTERTAINMENT: Moody's Alters Outlook on B3 CFR to Stable
FINGERLAKES HOSPITALITY: Taps Magnolia Willow as Strategic Advisor
FJC MANAGEMENT: Files Emergency Bid to Use Cash Collateral
GENESIS GLOBAL: Crypto Lenders Sue Parent Company for Fraud
GIBSON BRANDS: Moody's Cuts CFR to B3, Outlook Negative
GIGAMONSTER NETWORKS: Taps Pachulski Stang Ziehl & Jones as Counsel
GOLDEN KEY: Files Emergency Bid to Use Cash Collateral
GOTO GROUP: $2.25B Bank Debt Trades at 46% Discount
GUARDION HEALTH: Regains Compliance With Nasdaq Listing Rule
HASTINGS AND HOLLOWELL: $6.1M Sale of 10-Acre Asset to Patel OK'd
HERITAGE POWER: Files for Chapter 11 With Plan Deal
HERITAGE POWER: Moody's Cuts Secured Loans to 'C' on Bankr. Filing
IBIO INC: Board Appoints Interim CEO, CFO
INFOGROUP INC: $250M Bank Debt Trades at 24% Discount
INNOVATIVE DESIGNS: Delays Filing of Annual Report
INPIXON: Issues 476,500 Common Shares to Noteholder
INSTASET PLASTICS: Selling Office Equipment to WGS for $6.4K
INTEGRATED NANO-TECHNOLOGIES: UST Unable to Appoint Committee
KNOW LABS: Phillip Bosua Quits as CEO, Director
LADO ENTERPRISES: $350K Sale to Lado Washington to Fund Plan
LUCKY BUCKS: $555M Bank Debt Trades at 48% Discount
LUXE SPACES: Court OKs Cash Collateral Access Thru Feb 15
LUXE SPACES: Files Emergency Bid to Use Cash Collateral
MAGNOLIA OFFICE: Amends Children's Forum Secured Claim Pay Details
MATHESON FLIGHT: Gets More Time for Bankruptcy Plan
MAVENIR PRIVATE: S&P Downgrades ICR to 'CCC+' on Underperformance
MAVENIR SYSTEMS: $585M Bank Debt Trades at 31% Discount
MEDFORD LLC: Commences Subchapter V Case
MEDLEY LLC: Trustee Seeks to Block Final Eversheds Fee Bill
MENSONIDES DAIRY: McKinlay's Auction of Listed Dairy Cattle Granted
MILLERKNOLL INC: Moody's Alters Outlook on 'Ba1' CFR to Negative
MTPC LLC: Hearing on $20M Sale of All Assets to SAM Set for Feb. 16
MVK INTERMEDIATE: $335M Bank Debt Trades at 30% Discount
NAPA MANAGEMENT: $610M Bank Debt Trades at 20% Discount
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 74% Discount
NAUTILUS POWER: $728.6M Bank Debt Trades at 26% Discount
NAVARRO PECAN: Case Summary & 20 Largest Unsecured Creditors
NEW TROJAN: $110M Bank Debt Trades at 35% Discount
NEWAGE INC: Exclusivity Period Extended to March 28
NEXTPLAY TECHNOLOGIES: Regains Compliance With Nasdaq Requirement
NORMANDIE LOFTS: Case Summary & Three Unsecured Creditors
NOVA WILDCAT: Case Summary & 30 Largest Unsecured Creditors
PACKABLE HOLDINGS: Exclusivity Period Extended to March 23
PACTIV LLC: Moody's Withdraws Caa1 Ratings on Sr. Unsecured Notes
PICCARD PETS: Voluntary Chapter 11 Case Summary
PLAYPOWER INC: $400M Bank Debt Trades at 30% Discount
PMHC II: S&P Alters Outlook to Negative, Affirms 'B-' ICR
PRECAST LLC: Case Summary & 17 Unsecured Creditors
PREMIER BRANDS: $325M Bank Debt Trades at 22% Discount
PROPERTY HOLDERS: Welty Buying Cedar Rapids Parcel for $135K Cash
PURDUE PHARMA: Warns Tribe's NY Suit Could Unravel Chapter 11 Plan
QUALTEK LLC: $380M Bank Debt Trades at 38% Discount
REGIONAL HOUSING: Exclusivity Period Extended to Feb. 28
RESONETICS LLC: Moody's Affirms 'B3' CFR, Outlook Remains Stable
ROBERTSHAW US: $110M Bank Debt Trades at 52% Discount
RTW CONSTRUCTION: Final Hearing Today on DIP Loan, Cash Access
S2 ENERGY: U.S. Trustee Appoints Creditors' Committee
SANOTECH 360: Case Summary & 20 Largest Unsecured Creditors
SCF LLC: JLA Offers $515K for Equipment & Hand Tools in Adamsville
SCUNGIO BORST: Hearing on Exclusivity Bid Set for Feb. 1
SERTA SIMMONS: Unsecureds Owed $150M to Recover 100% in Joint Plan
SOUTH BAY PROPERTY: Case Summary & Three Unsecured Creditors
SPL PARTNERS: Expects $18M Exit Financing; Amends Plan
SUN PACIFIC: Board Waives Option to Implement Reverse Stock Split
TK CLEANING: Court OKs Final Cash Collateral Access
TOSCA SERVICES: $626.5M Bank Debt Trades at 20% Discount
USA ROOFING: Court OKs Cash Collateral Access Thru Feb 21
WINC INC: Vin-Global Appointed as New Committee Member
XPO INC: S&P Upgrades ICR to 'BB+' on Completion of Debt Repayment
YIELD10 BIOSCIENCE: Signs Deal to Sell $4.2 Million Common Shares
[^] Large Companies with Insolvent Balance Sheet
*********
16 JUDGE LLC: Seeks to Hire Rachel S. Blumenfeld as Legal Counsel
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16 Judge LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to employ The Law Office of Rachel S.
Blumenfeld PLLC to handle its Chapter 11 case.
Rachel Blumenfeld, Esq., a member of the firm, will be paid at her
hourly rate of $525.
The firm received a retainer in the amount of $35,000 from the
Debtor.
Ms. Blumenfeld 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:
Rachel S. Blumenfeld, Esq.
The Law Office of Rachel S. Blumenfeld PLLC
26 Court Street, Suite 2220
Brooklyn, NY 11242
Telephone: (718) 858-9600
Facsimile: (718) 858-960
Email: rachel@blumenfeldbankruptcy.com
About 16 Judge LLC
16 Judge LLC is a Single Asset Real Estate (as defined in 11 U.S.C.
Sec. 101(51B)).
16 Judge LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-43135) on Dec. 16,
2022. In the petition signed by Daniel Hilpert of AHDH Capital
Partners, LLC, the Debtor reported assets and liabilities between
$1 million and $10 million.
Judge Jil Mazer-Marino oversees the case.
The Law Office of Rachel S. Blumenfeld PLLC serves as the Debtor's
counsel.
208-214 E. 25TH: Taps Goldberg Weprin Finkel Goldstein as Counsel
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208-214 E. 25th St. LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Goldberg
Weprin Finkel Goldstein LLP as bankruptcy counsel.
The firm will render these services:
(a) provide the Debtor with all necessary representation in
connection with this Chapter 11 case;
(b) represent the Debtor in all proceedings before the U.S.
Bankruptcy Court and the Office of the U.S. Trustee;
(c) review, prepare and file all necessary legal papers; and
(d) render all other legal services required by the Debtor.
The firm received a retainer in the amount of $25,000 from the
Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Partner $685
Associate $275 - $500
Kevin Nash, Esq., a member of Goldberg Weprin Finkel Goldstein,
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:
Kevin J. Nash, Esq.
Goldberg Weprin Finkel Goldstein LLP
501 Broadway, 22nd Floor
New York, NY 10036
Telephone: (212) 221-5700
Email: knash@gwfglaw.com
About 208-214 E. 25th St. LLC
208-214 E. 25th St. LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Sec. 101(51B)).
208-214 E. 25th St. filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11610) on Nov. 30,
2022. In the petition signed by its chief restructuring officer,
David Goldwasser, the Debtor disclosed between $10 million and $50
million in both assets and liabilities.
Judge James L. Garrity Jr. oversees the case.
Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves
as the Debtor's counsel.
225 BOWERY: Starts Chapter 11 Bankruptcy Amid Dispute With Ace
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225 Bowery LLC filed for chapter 11 protection in the District of
Delaware.
In 2014, Northwind RE LLP and Omnia Properties LLC formed an
alliance to acquire the property located at 223-225 Bowery, New
York, New York with the intention of developing a hotel property.
The Debtor, 225 Bowery LLC, owns the hotel. The Debtor is a wholly
owned unit of non-debtor 225 Bowery Group, LLC.
Located in the Lower East Side of Manhattan, the Hotel is properly
described as a micro hotel, boutique with 200 fully functional,
high-finished guest rooms whose square footage is less than a
typical hotel room, along with communal spaces and restaurants
which play an important role in guest engagement.
Currently reservations at the Hotel are made solely through Airbnb,
Inc., which has been the Debtor's exclusive booking channel since
in or about August 2021. For the calendar year 2022, the Debtor's
gross revenue was in excess of $10,000,000.
The hotel project required significant financing. Construction of
the Hotel was largely completed in 2019, and the doors opened
shortly thereafter.
The Debtor finds itself in an industry that is still recovering
from the pandemic. The hospitality industry in New York City (and
across the world) has not completely rebounded from the effects of
COVID-19. With the virus continuing to spread, uncertain economic
conditions, and unrest in parts of the world, there has been a
shift in the hospitality industry's outlook that is seeing a
decrease in consumer hotel bookings. Albeit slightly offset by
increased average room rates as compared to 2019, hotels in the
City and across the globe are facing a slowdown in consumer
demand.
In light of the continuing default under a loan with Bank Hapoalim
B.M., a judgment obtained by Ace Management, as well as Ace's
destructive and counter-productive behavior, including the
restraints it placed on the Debtor's access to cash, the Debtor,
along with its principal equity holders and with the written
consent of the Debtor's independent manager, reasonably determined
that filing for chapter 11 protection was necessary and in the best
interests of the Hotel.
The Debtor intends to utilize the breathing room afforded by
chapter 11 to continue to stabilize operations, to continue
building its long-term business plan and develop a path to
reorganizing and exiting chapter 11 as efficiently and as quickly
as possible. The Hotel is a very valuable asset that will continue
to generate significant revenue and be the foundation of a chapter
11 plan and emergence from the Chapter 11 case.
Default, Receivership
The Debtor's current capital structure consists solely of a loan
agreement it closed on or about March 4, 2019 with Bank Hapoalim
B.M. ("BHI") that resulted in $68,000,000 of financing (the "BHI
Loan"). The BHI Loan is governed by that certain Loan Agreement
between the Debtor and BHI dated March 4, 2019, which is further
evidenced by a Consolidated, Amended and Restated Promissory Note
for up to $80,000,000, and is secured by a first priority security
interest in the Hotel.
On Oct. 27, 2021, BHI sent a Notice of Default, stating that the
Debtor had failed to make payments of principal and/or interest for
the months of August, September and October 2021, totaling more
than $2 million in the aggregate.
On April 28, 2022, BHI commenced a foreclosure action against the
Debtor, Omnia, and David S. Paz in the Supreme Court of the State
of New York, County of New York (Index No. 850096/2022) along with
a motion to appoint a receiver shortly thereafter.
Separate and apart from the Foreclosure Action, on or about May 17,
2022, Northwind commenced a lawsuit against the Debtor and several
non-Debtors–DSP Development LLC and Paz (as defendants) and KAL
Realty Partners LLC, TLLULE LLC, and VNAA LLC, Group and the Debtor
(as nominal defendants)–by filing a complaint in the Supreme
Court of the State of New York, County of New York (Index No.
656331/2022). Contemporaneously with the filing of said complaint,
Northwind submitted an order to show cause seeking to appoint a
temporary receiver over the Debtor and certain non-Debtor
affiliates.
The parties were able to consensually resolve the Receivership
Motions by, among other things, entering into a stipulation that
provided, in relevant part:
a. The Debtor shall deposit into its checking account (ending in
135501) maintained at BHI's New York branch, all funds in the
Debtor's possession, custody or control at the time of the
Stipulation or as of a date certain.
b. From and after the date of the Stipulation, the Debtor shall
take all steps necessary to have monies that are generated through
the Debtor's operation of the Hotel deposited directly into the BHI
Cash Account.
c. The Debtor shall not spend, distribute or otherwise disburse
any funds held in the BHI Cash Account, unless such expenditure is
for the exclusive purpose of funding one of the enumerated
expenses.
d. Any expense that is not an Approved Operating Expense shall
require prior written approval by BHI and Northwind, provided that
prior approval is not required insofar as the Debtor seeks to spend
or distribute amounts from the BHI Account to unrelated third-party
vendors/service providers up to a limit of $10,000.
e. After accounting for Approved Operating Expenses or other
distributions authorized pursuant to the Stipulation, any balance
remaining in the BHI Account above $650,000 shall be transferred to
a separate account maintained at BHI's New York branch (the "BHI
Suspense Account").
f. The funds in the BHI Suspense Account are subject to
application or release only by written consent of the parties to
the Stipulation or further order of the court, provided, however,
that if, after such a distribution, the remaining amount of funds
in the BHI Cash Account are insufficient to pay for any Approved
Operating Expenses, then the necessary funds to pay such Approved
Operating Expenses shall be deposited into the BHI Cash Account.
The Debtor appears to have operated under and consistent with the
terms of the Stipulation from May 2022 through the Petition Date.
As of the Petition Date, BHI asserts that the total of
approximately $79,498,046 is owed under the BHI Loan, including
$67,093,333 in principal, $11,619,727 in interest, and $784,986 in
late fees.
Ace Management Dispute
In 2014, non-debtor entities KAL, TLLULE, and VNAA entered into a
hotel management agreement with Ace Group Bowery LLC, an operating
company that is part of a larger corporate family headed by Ace
Group International LL, which owns and operates hotels under
certain brands, including the "Sister City" and "Ace Hotel" brands.
Consistent therewith, Ace Management began operating and managing
the Hotel from its opening in 2019.
From the beginning, it appears that Ace Management and the Debtor
were at odds over the management strategy employed by Ace
Management. During the pandemic, the Debtor secured a deal with
the City of New York to pair with Bowery Residents' Committee, Inc.
(www.brc.org), a City funded not-for-profit to provide its clients
with pandemic suitable, less crowded housing to stop the spread of
COVID-19. The Hotel then underwent renovations and in August 2021,
successfully began operating as an Airbnb site.
Ace Management opposed the Debtor's decisions to generate income
through the City Use Agreement with the City and to partner with
Airbnb. As a result, Ace Management sought legal recourse alleging
several claims for breach of the Hotel Management Agreement.
Pursuant to the Hotel Management Agreement, the Debtor and Ace
Management were required to arbitrate as a means of dispute
resolution. An arbitration was conducted before a fast track ICC
panel in New York City with a "merits hearing" taking place on June
17, 20, 21 and 22, 2022. The arbitration panel ultimately found
that the Debtor did in fact breach certain contractual obligations
under the Hotel Management Agreement and awarded Ace Management
damages in the amount of $10,474,628.
Ace Management moved swiftly after the arbitration panel issued the
Arbitration Award to seek confirmation thereof in the Supreme Court
of the State of New York, County of New York. Judgment on account
of the Arbitration Award was entered against the Debtor on October
28, 2022 (the "Ace Judgment"). After entry of the Ace Judgment,
and based on documents filed in the Foreclosure Action, Ace
Management initiated an aggressive litigation campaign against the
Debtor and various parties in business with the Debtor. For
example, Ace Management filed crossclaims in the Foreclosure Action
seeking, among other things, damages and a declaratory judgment
that the Ace Judgment somehow has priority over the BHI Security
Interest.
The Debtor and BHI, as the Debtor's senior secured lender and only
party with a properly perfected security interest in cash and
accounts, vehemently disagree with Ace Management's unfounded
assertion of priority. Notwithstanding the lack of any legal or
factual basis for its position, Ace Management plowed forward with
its strategy in the Foreclosure Action causing additional and
unnecessary litigation and, equally important, upheaval and
gridlock to the Debtor's efforts to operate and the manage the
Hotel in the ordinary course.
Indeed, Ace Management has disrupted the Debtor's business since
obtaining the Ace Judgment by, among other things, issuing a number
of statutory restraints on the accounts of the Debtor designed to
"cut off" the Debtor's cash flow and life-line. Critically, Ace
Management's strategy included placing a restraint on funds
received on the Debtor's behalf by Airbnb, which currently serves
as the Debtor’s sole source of revenue at the Hotel.
Because Ace Management has not shown any support for its position
that the Ace Judgment is senior in priority to the properly
perfected BHI Security Interest, and in light of Ace Management's
extremely litigious behavior seemingly aimed at destroying value
for all stakeholders other than itself, the Debtor has been forced
to seek relief in the Bankruptcy Court.
To that end, on the Petition Date, the Debtor commenced an
adversary proceeding against Ace Management and Ace International
seeking to avoid any lien arising from the Ace Judgment in and
against the Hotel as an avoidable preference and, also intends to
seek all other appropriate damages and relief against Ace
Management and Ace International available under the law and at
equity.
About 225 Bowery LLC
225 Bowery LLC owns the hotel at 223-225 Bowery, New York, New
York.
225 Bowery LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (D. Del. Case No. 23-10094) on January 28, 2022.
In the petition filed by Nat Wasserstein, as chief restructuring
officer, the Debtor reported assets and liabilities between $50
million and $100 million each. The petition states that funds will
be available to unsecured creditors.
The Debtor is represented by:
Ryan M. Bartley, Esq.
Young Conaway Stargatt & Taylor, LLP
187 Chrystie Street
Storefront S
New York, NY 10002
2377 GLENDON: Case Summary & 20 Largest Unsecured Creditors
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Debtor: 2377 Glendon LLC
12991 NW 1st Street #106
Pembroke Pines, FL 33028-3207
Business Description: 2377 Glendon is engaged in activities
related to real estate. The Debtor owns
in fee simple title a real property located
at 2377 Glendon Ave Los Angeles, CA, valued
at $3.8 million.
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-10498
Judge: Hon. Neil W. Bason
Debtor's Counsel: Thomas B. Ure, Esq.
URE LAW FIRM
800 West 6th Street, Suite 940
Los Angeles, CA 90017
Tel: 213-202-6070
Fax: 213-202-6075
Email: tom@urelawfirm.com
Total Assets: $3,800,000
Total Liabilities: $6,323,136
The petition was signed by Guillermo Montero as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/NLUOL2Q/2377_Glendon_LLC__cacbke-23-10498__0001.0.pdf?mcid=tGE4TAMA
26 BOWERY: Seeks to Hire Eastern Realty Capital as Lease Broker
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26 Bowery LLC and 2 Bowery Holding LLC seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Eastern Realty Capital, LLC as commercial lease broker.
The Debtors require a commercial lease broker to market for rent
their commercial spaces located at 26 Bowery, New York, and at 2
Bowery, New York.
The Debtors will compensate the firm a commission pursuant to the
below schedule:
(a) For the first year of any lease term - 5 percent
(b) For the second and third years - 4 percent
(c) For the fourth year - 3.5 percent
(d) For the fifth year - 3 percent
(e) For the sixth through the tenth years - 2.5 percent
Daniel Iwanicki, the principal at Eastern Realty Capital, 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:
Daniel Iwanicki
Eastern Realty Capital, LLC
400 East 70th Street
New York, NY 10021
About 26 Bowery
26 Bowery, LLC is the owner of the real property and improvements
located at 26 Bowery, N.Y. The property is a mixed-use commercial
property located in Manhattan's Chinatown neighborhood.
26 Bowery and its affiliate, 2 Bowery Holding, LLC, filed their
voluntary petitions for Chapter 11 protection (Bankr. S.D.N.Y. Case
Nos. 22-10412 and 22-10413) on March 31, 2022. Both reported as
much as $10 million in both assets and liabilities at the time of
the filing.
Judge Martin Glenn oversees the cases.
A. Mitchell Greene, Esq., at Leech Tishman Robinson Brog PLLC
serves as the Debtors' legal counsel.
2M RESEARCH: Voluntary Chapter 11 Case Summary
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Debtor: 2M Research Services LLC
1305 Grayhawk Drive
Mansfield, TX 76063
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 23-40271
Debtor's Counsel: Martin Averill, Esq.
ROQUEMORE SKIERSKI PLLC
13155 Noel Rd. Suite 900
Dallas, TX 75240
Tel: 972-325-6591
Email: filing@roqski.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marcus Martin as manager and member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NLXXFKQ/2M_Research_Services_LLC__txnbke-23-40271__0001.0.pdf?mcid=tGE4TAMA
3052 BRIGHTON: $18.235 Mil. Sale of Brooklyn Property Approved
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Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the
Eastern District of New York authorized 3052 Brighton First, LLC's
sale of the real property located at 3052/3062 Brighton 1st Street,
in Brooklyn, New York 12235 (Block: 8669, Lot 18) to 3052 Brighton
Ave, LLC, for $18,235,000.
The Debtor and the Secured Creditor are authorized, empowered and
directed to consummate the Sale of the Property to: (a) the Buyer
under the Order upon the terms set forth in the Successful Bid; or
(b) if the Buyer defaults, to the Secured Creditors (or their
assignee, nominee or designee) for a credit bid plus sufficient
cash to allow the Plan to become effective.
To the extent that the Order authorizes the Secured Creditor (or
its designee, nominee or assignee) to close as the Back-up Bidder
or take other steps in connection with any such closing, such
authorization is subject to entry of a further order authorizing
such closing to the Secured Creditor on notice to all parties in
interest.
The sale is free and clear of all claims, liens, and encumbrances
against the Property of any nature whatsoever.
The Buyer (or to the Secured Creditors (or their assignee, nominee
or designee) if the Successful Bidder defaults) is assuming and the
Debtor will assign to the Buyer (or to the Secured Creditors (or
their assignee, nominee or designee) if the Successful Bidder
defaults) all residential leases.
The Buyer (or to the Secured Creditors (or their assignee, nominee
or designee) if the Buyer defaults) will not assume and the Debtor
will be deemed to have rejected all non-residential leases and
executory contracts, unless the Buyer (or to the Secured Creditors
(or their assignee, nominee or designee) if the Successful Bidder
defaults) complies with the Plan's requirements in section 5.1 of
the Plan, including by filing and serving an Assumption Notice (as
defined therein).
Notwithstanding anything to the contrary, for avoidance of doubt,
nothing contained in the Order will constitute any waiver of the
Secured Creditors' rights and remedies relating to a deficiency
claim against any guarantor or other non-Debtor entity liable to
them.
The Buyer will default on its Successful Bid and will forfeit the
Deposit if it does not deposit the Remaining Deposit within 10 days
of the entry of the Order with time being of the essence.
The 14-day stay provided for in Rule 6004(h) of the Federal Rules
of Bankruptcy Procedure is waived and will not be in effect and,
pursuant to Rule 6004, 7062, and 9014 of the Federal Rules of
Bankruptcy Procedure, the Order will be effective and enforceable
immediately upon entry.
At the closing of the Sale of the Property, the Distribution Agent
will make all payments required to be made under the Plan.
The Buyer will pay the Broker 2% of the Purchase Price as a
commission and $3,767 for the Broker's expenses that are approved
at the closing of the Sale of the Property, such sum being separate
from and in addition to the Purchase Price.
The Secured Creditor (or its designee, assignee or nominee), if the
Buyer will default, will pay the Broker $100,000 plus $3,767 for
the Broker's expenses at the closing of the Sale of the Property.
Within 14 days after the conclusion of the Closing, the Secured
Creditors will provide the United States Trustee (attention: Nazar
Khodorovsky, Esq., Trial Attorney) with a copy of the closing
statement by electronic mail message. The Debtor will report any
disbursements made at closing in its relevant monthly operating
report(s) and/or post-confirmation reports (as applicable).
About 3052 Brighton First
3052 Brighton First, LLC, a New York-based company, filed a
Chapter
11 petition (Bankr. E.D.N.Y. Case No. 20-40794) on Feb. 6, 2020,
with as much as $50,000 in both assets and liabilities. Judge
Nancy Hershey Lord oversees the case.
Rosenberg Musso & Weiner and Outerbridge Law P.C. serve as the
Debtor's bankruptcy counsel and special litigation counsel,
respectively.
ACASTI PHARMA: Given 180 Days to Regain Nasdaq Compliance
---------------------------------------------------------
Acasti Pharma Inc. said in a Form 8-K filed with the Securities and
Exchange Commission it has received notification from the Nasdaq
Listing Qualifications Department that it is eligible for an
additional 180 calendar days, or until July 24, 2023, to regain
compliance with the minimum $1.00 per share requirement for
continued listing.
On July 27, 2022, the Company received notification from Nasdaq for
not maintaining a minimum bid price of US$1.00 per share for 30
consecutive business days. The Company was given 180 calendar
days, or until Jan. 23, 2023, to regain compliance.
The Company was granted the second extension because it meets the
continued listing requirements for the market value of publicly
held shares and all other initial listing standards for Nasdaq
Capital Market, except for the bid price requirement. To regain
compliance, the Company's shares must close at US$1.00 per share or
more for a minimum of 10 consecutive business days prior to July
24, 2023. Acasti said it will continue to monitor the bid price for
its common shares and consider various available options if
Acasti's common shares do not trade at a level that is likely to
regain compliance with the Minimum Bid Price Rule.
About Acasti Pharma
Acasti Pharma Inc. -- http://www.acastipharma.com-- is a
late-stage specialty pharma company with drug delivery capability
and technologies addressing rare and orphan diseases. Acasti's
novel drug delivery technologies have the potential to improve the
performance of currently marketed drugs by achieving faster onset
of action, enhanced efficacy, reduced side effects, and more
convenient drug delivery -- all which could help to increase
treatment compliance and improve patient outcomes.
Acasti Pharma reported a net loss and comprehensive loss of $9.82
million for the year ended March 31, 2022, a net loss and
comprehensive loss of $19.68 million for the year ended March 31,
2021, and a net loss and comprehensive loss of $25.51 million for
the year ended March 31, 2020. As of Sept. 30, 2022, the Company
had $120.91 million in total assets, $20.75 million in total
liabilities, and $100.16 million in total shareholders' equity.
ADVANCED REIMBURSEMENT: Selling FF&E Located in Scottsdale Office
-----------------------------------------------------------------
Advanced Reimbursement Solutions, LLC, asks the U.S. Bankruptcy
Court for the District of Arizona to authorize the sale of certain
furniture, fixtures, and equipment ("Applicable FF&E") located at
ARS's office in Scottsdale, Arizona.
ARS has ceased operations and is winding up its financial affairs.
As such, it has no need to retain the Applicable FF&E. ARS
operates out of Pantheon Global Holdings, LLC's headquarters
located at a leased space at 8465 North Pima Rd., Ste. 200,
Scottsdale, AZ 85258. Pantheon is the Debtors' parent company and
tenant for the leased premises. Pantheon's landlord recently
requested Pantheon, and in turn ARS, vacate the premises. ARS is
agreeable to this request since its operations have ceased, and the
CRO pre-petition significantly decreased its footprint at the
premises.
ARS proposes to market and sell the Applicable FF&E through various
online resale sites for reasonable liquidation prices or, as
determined by its business judgment, the best offer received for
such items. In the event it cannot sell certain items by April 30,
2023, ARS requests that the Court approves abandonment of such
assets.
ARS will post the listings on the Resale Platform within five days
of an order approving the Motion. It will maintain the listings
until April 29, 2023 if not earlier sold.
ARS will initially list the assets at the prices presented in
Exhibit A. It may accept any bona fide offer to purchase one,
some, or all of the Applicable FF&E for the List Price regardless
of the source of such offer. If it receives multiple offers for
any of the Applicable FF&E at List Price, ARS may but will not be
required to subject the sale to the highest and best offer.
In the event that it receives an offer other than the List Price,
ARS may accept such counteroffer if, upon exercising its reasonable
business judgment, it determines that such counteroffer likely
represents the highest and best offer it is likely to receive prior
to April 29, 2023. Further, ARS reserves the right to lower the
List Price in its reasonable business judgment. Any sale for an
amount other than the List Price or any reduction in the List Price
must be approved by the CRO.
ARS will use all commercially reasonable efforts to remove or cause
to be removed any confidential or personal identifying information
in any of its hardware, software, computers or similar equipment
that are to be sold or abandoned.
ARS' estate will retain any proceeds generated from the sale of the
Applicable FF&E in its DIP account for general expenses with any
remaining amount subject to disbursement to creditors at the
applicable time.
ARS and its CRO will conduct the proposed sale and no commissions
or compensation will be paid beyond the regular compensation
charged by such parties and their respective personnel, if
applicable.
The sale will not include any property of any landlord.
ARS has no known creditors which may assert an interest (lien,
claim, encumbrance or otherwise) in the Applicable FF&E. The
individual pieces of the Applicable FF&E likely do not have
significant value but, in aggregate, may exceed the $2,500
threshold provided in Rule 6004(d).
The Applicable FF&E are located at ARS' office space, and ARS seeks
to liquidate such assets as quickly as possible. As a result,
cause exists for the Court to waive the 14-day stay and allow any
Order granting the Motion to become effective
immediately.
A copy of the Exhibit A is available at
https://tinyurl.com/ywhk9tkd from PacerMonitor.com free of charge.
About Advanced Reimbursement Solutions
Advanced Reimbursement Solutions, LLC, is a full cycle revenue
management enterprise specializing in out-of-network (OON) medical
services, patient advocacy, and proprietary billing software. The
company is based in Scottsdale, Ariz.
Advanced Reimbursement Solutions and its affiliate, American
Surgical Development, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 22-06372)
on Sept. 23, 2022. In the petitions signed by their chief
restructuring officer, Bryan Perkinson, the Debtors disclosed
between $10 million and $50 million in both assets and
liabilities.
The Debtors tapped Allen Barnes & Jones, PLC as legal counsel and
Bryan Perkinson, Sonoran Capital Advisors' managing director, as
chief restructuring officer.
AHP HOME: Seeks Cash Collateral Access
--------------------------------------
AHP Home Health Care, Inc. asks the U.S. Bankruptcy Court for the
Middle District of Florida, Jacksonville Division, for authority to
use cash collateral.
The Debtor requires the use of cash collateral to meet
post-petition contractual and tax obligations related to payroll,
inventory and equipment owned by the Debtor and ongoing business
operations.
The Debtor executed a Promissory Note and Chattel Mortgage and
Security Agreement to World Business Lenders, LLC in the original
principal amount of $90,147 in which the rents, accounts
receivables, chattel paper, contracts, documents, cash, bank
accounts, etc. were pledged as collateral.
The Debtor is willing to enter into an agreement with the primary
secured creditor to provide a post-petition replacement lien of a
continuing nature on all post-petition accruing cash collateral to
the secured creditor.
A copy of the motion is available at https://bit.ly/3Jkb0FC from
PacerMonitor.com.
About AHP Home Health Care Inc.
Headquartered in Jacksonville, Florida, AHP Home Health Care, Inc.
filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case
No. 3:23-bk-00166) on January 25, 2023. In the petition signed by
Charlene Austin, chief executive officer, the Debtor disclosed up
to $500,000 in assets and up to $100,000 in liabilities.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP, represents the Debtor as legal counsel.
ALL ACTION SECURITY: Has Deal on Cash Collateral Access
-------------------------------------------------------
All Action Security Consulting Group, Inc. and JP Morgan Chase Bank
NA advised the U.S. Bankruptcy Court for the Central District of
California, San Fernando Valley Division, that they have reached an
agreement regarding the Debtor's use of cash collateral and now
desire to memorialize the terms of this agreement into an agreed
order.
The parties agreed that the Debtor may use cash collateral on an
interim basis in accordance with the budget through March 31, 2023.
JPMorgan will be granted post-petition replacement lien(s) on the
Collateral, to the same extent and priority as any duly- perfected
and unavoidable liens in cash collateral held by the Creditor as of
the Petition Date.
Commencing February 1, 2023, the Debtor will tender monthly
adequate protection payments of $5,703 to JPMorgan. Adequate
Protection Payments will continue on the first day of each month
thereafter until the earlier of:
(i) March 31,2023;
(ii) termination of the automatic stay;
(iii) confirmation of a Chapter 11 Plan;
(iv) the parties stipulate otherwise;
(v) the Court orders otherwise; or
(vi) dismissal of the case.
JPMorgan may apply the Adequate Protection Payments to the account
consistent with the terms of the Loan and Bankruptcy Law.
A copy of the stipulation is available at https://bit.ly/3j5InRY
from PacerMonitor.com.
About All Action Security Consulting Group, Inc.
All Action Security Consulting Group, Inc. is a service company and
provides security guard services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11429) on December
12, 2022. In the petition signed by John Ayam, chief executive
officer, the Debtor disclosed up to $1 million in both assets and
liabilities.
Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's legal
counsel.
ALL DAY ACQUISITIONCO: $200M Bank Debt Trades at 72% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which All Day
AcquisitionCo LLC is a borrower were trading in the secondary
market around 28.3 cents-on-the-dollar during the week ended
Friday, January 27, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $200 million facility is a Term loan that is scheduled to
mature on December 29, 2025. The amount is fully drawn and
outstanding.
All Day AcquisitionCo LLC, does business as Reorganized 24 Hour
Fitness Worldwide Inc., an operator of fitness centers in the US.
AMERICAN VIRTUAL: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of American Virtual Cloud Technologies, Inc. and its affiliates.
The committee members are:
1. Equinix, Inc.
Attn: Liz Vasquez, Esq.
1133 Avenue of the Americas, 16th Floor
New York, NY 10036
Phone: (646) 430-6847
Email: lvasquez@equinix.com
2. Orion Innovation AG
Attn: Robert Ragusa
333 Thronall Street, 7th Floor
Edison, NJ 08837
Phone (646) 369-2517
Email: robert.r@orioninc.com
3. Ribbon Communications Operating Company Inc.
Attn: Patrick Macken
6500 Chase Oaks Blvd., Suite 100
Plano, TX 75023
Phone: (978) 614-8170
Email: pmacken@rbbn.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 American Virtual
American Virtual Cloud Technologies, Inc., and its affiliates offer
cloud-based business communication services to customers looking to
transition business-critical services, phone services and other
business applications to the cloud. Its "Kandy" product is one of
the largest pure-play providers of unified communications as a
service (UCaaS), communications platform as a service (CPaaS), and
Microsoft Teams Direct Routing as a Service (DRaaS) for blue-chip
enterprise customers such as AT&T, IBM/Kyndryl, and Etisalat.
American Virtual Cloud Technologies, Inc., and affiliates
AVCtechnologies USA, Inc., and Kandy Communications LLC sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-10022) on
Jan. 11, 2023.
The Debtors disclosed $31,122,000 in total assets and $13,641,000
in total debt as of Sept. 30, 2022.
The Debtors tapped Cole Schotz P.C. as counsel; Solic Capital
Advisors, LLC as financial advisor; and Northland Securities as
investment banker. Kroll Restructuring Administration, LLC is the
claims agent.
ANASTASIA PARENT: $650M Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Anastasia Parent
LLC is a borrower were trading in the secondary market around 80.9
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $650 million facility is a Term loan that is scheduled to
mature on August 10, 2025. The amount is fully drawn and
outstanding.
Anastasia Parent, LLC is the parent company of Anastasia Beverly
Hills, Inc., a prestige cosmetics brand that focuses on eyebrow
shaping products.
AVAYA INC: $743M Bank Debt Trades at 70% Discount
-------------------------------------------------
Participations in a syndicated loan under which Avaya Inc is a
borrower were trading in the secondary market around 30
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $743 million facility is a Term loan that is scheduled to
mature on December 15, 2027. About $735.6 million of the loan is
withdrawn and outstanding.
Avaya Inc. provides communication software and services. The
Company offers unified communications, as well as contact centers,
cloud, and collaboration services.
AXYEHHO CORP: Sale of Fort Lauderdale Property for $1.6MM Approved
------------------------------------------------------------------
Judge Scott Grossman of the U.S. Bankruptcy Court for the Southern
District of Florida approved AXYEHHO Corp.'s sale of the real
property located at 2026 NE 32nd Avenue, in Fort Lauderdale,
Florida 33305, to First Class Properties, Inc., for the total
purchase price of $1,575,000.
The sale is part of and in connection with confirmation of the
Debtor's Plan of Liquidation dated Oct. 12, 2022, which the Court
confirmed pursuant to separate Order.
The Debtor's representative, Ekaterina Pushkarskaya, is authorized
and directed to execute any and all documents necessary to close
the sale of the Property to the Buyer, and timely provide those
documents to the closing agent to hold in escrow.
No documentary stamp taxes shall be due on the transfer of the
Property from the Debtor to the Buyer made under the Plan.
The Property is sold free and clear of any and all unsecured
creditors' liens and/or claims in Classes 2 and 3. It is not sold
free and clear of any claims of secured creditors in Class 1
(Broward County, Florida (Class 1A); Eric Platero, Trustee of the
Eric Platero Declaration of Trust Dated Dec. 2, 2004 (Class 1B);
and The United States of America (Class 1C)). Pursuant to the Plan,
Class 1A and Class 1B creditors shall be paid the full amount of
their allowed claims upon closing of the sale of the Property.
The Class 1A creditor will retain its statutory lien(s) upon the
Property consistent with Florida law until paid its allowed
claim(s). It pursuant to the Plan and after all other Plan payments
are made by the Debtor'd disbursing agent, shall be paid the net
proceeds of the sale of the Property. It will provide the Debtor's
disbursing agent with written instructions concerning the manner of
delivery of said net Plan proceeds.
The real estate commission of 6% contained within the Listing
Agreement approved by the Court on Sept. 21, 2022, with the
Debtor's broker, NB Elite Realty, is approved, and said commission
of $94,500 is authorized to be paid to Broker at closing on the
sale of the Property.
The Court waives any applicable stay under Fed. R. Bankr. P.
6004(h), and retains jurisdiction to enforce the terms of the
Order.
About AXYEHHO Corporation
AXYEHHO Corporation is a Fort Lauderdale, Fla.-based company
engaged in activities related to real estate.
AXYEHHO filed its voluntary petition for relief under Chapter 11
of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14717) on June
17, 2022, with up to $50,000 in assets and up to $10 million in
liabilities. Ekaterina Pushkarshkaya, president of AXYEHHO, signed
the petition.
Judge Scott M. Grossman presides over the case.
Stephen Breuer, Esq., at Breuer Law, PLLC represents the Debtor as
counsel.
AYTU BIOPHARMA: Regains Nasdaq Minimum Bid Price Compliance
-----------------------------------------------------------
Aytu BioPharma, Inc. announced it received a written notification
from the Listing Qualifications Department of The Nasdaq Stock
Market, LLC informing the Company that it has regained compliance
with the Nasdaq's minimum bid price requirement.
On Jan. 23, 2023, Nasdaq confirmed that for the ten consecutive
business days, from Jan. 6, 2023 to Jan. 20, 2023, the closing bid
price of the Company's common stock has been at $1.00 per share or
greater. Accordingly, the Company has regained compliance with
Listing Rule 5550(a)(2), and the matter is closed.
About Aytu BioPharma
Englewood, Colorado-based Aytu BioPharma, Inc., formerly known as
Aytu BioScience, Inc. -- http://www.aytubio.com-- is a
pharmaceutical company commercializing a portfolio of commercial
prescription therapeutics and consumer health products. The
Company's prescription products include Adzenys XR-ODT
(amphetamine) extended-release orally disintegrating tablets and
Cotempla XR-ODT (methylphenidate) extended-release orally
disintegrating tablets for the treatment of attention deficit
hyperactivity disorder (ADHD), as well as Karbinal ER
(carbinoxamine maleate), an extended-release antihistamine
suspension indicated to treat numerous allergic conditions, and
Poly-Vi-Flor and Tri-Vi-Flor, two complementary fluoride-based
prescription vitamin product lines available in various
formulations for infants and children with fluoride deficiency.
Aytu's consumer health segment markets a range of over-the-counter
medicines, personal care products, and dietary supplements
addressing a range of common conditions including diabetes,
allergy, hair regrowth, and gastrointestinal conditions.
Aytu Biopharma reported a net loss of $110.17 million for the year
ended June 30, 2022, compared to a net loss of $58.29 million for
the year ended June 30, 2021. As of Sept. 30, 2022, the Company
had $150 million in total assets, $96.09 million in total
liabilities, and $53.91 million in total stockholders' equity.
Denver, Colorado-based Plante & Moran, PLLC, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Sept. 27, 2022, citing that the Company's operations have
historically consumed cash and are expected to continue to consume
cash, which raises substantial doubt about the Company's ability to
continue as a going concern.
BED BATH: S&P Downgrades ICR to 'D' on Expected General Default
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
specialty retailer Bed Bath & Beyond Inc. (BBBY) to 'D' from 'CC'
and its issue-level ratings on its senior unsecured notes to 'D'
from 'C'.
The downgrade follows BBBY's announcement that it received a notice
of acceleration and default interest from stemming from its failure
to prepay an overadvance and comply with a financial covenant. S&P
said, "We consider BBBY to be in default as it has not repaid the
outstanding loans and obligations under its $1.13 billion ABL and
$375 million FILO facilities that are currently due. Borrowings
under these facilities totaled $925 million as of Nov. 26, 2022,
compared to an available cash and cash equivalent balance of $154
million. BBBY has insufficient funds available to repay its
financial obligations, including its $1.03 billion senior unsecured
notes, and it has disclosed it is considering strategic
alternatives, including restructuring its debt through bankruptcy.
We expect the company will experience a general default and pursue
a comprehensive debt restructuring."
BBBY sells domestic merchandise and home furnishings through retail
stores and e-commerce websites under the names Bed Bath & Beyond,
Harmon, and buybuyBABY. The company was founded in 1971 and is
headquartered in Union, N.J.
BOLTA US: Bankruptcy Administrator Appoints Creditors' Committee
----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Northern District of
Alabama appointed an official committee to represent unsecured
creditors in the Chapter 11 case of Bolta US Ltd.
The committee members are:
1. Arab Cartgage & Express Co. Inc.
1101 Nathan Rd. SW
Arab, AL 35016
2. Baxter Bailey & Associates, Inc.
6858 Swinnea Rd., Bldg. 4
Southaven, MS 38671
3. ABC Employment Holdings LLC dba
MS Companies, LLC
8425 Woodfield Crossing Blvd., Building 3, Suite 200 West
Indianapolis, IN 46240
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 Bolta US Ltd.
Bolta US Ltd. is an auto parts manufacturer in Tuscaloosa, Alabama.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-70042) on January 13,
2023. In the petition signed by Jeffrey Truitt, chief restructuring
officer, the Debtor disclosed up to $50 million in assets and up to
$100 million in liabilities.
Judge Jennifer H. Henderson oversees the case.
Stephen Gross, Esq., at McDonald Hopkins, LLC, is the Debtor's
legal counsel. The Debtor also tapped Rosen Harwood, P.C. as local
bankruptcy co-counsel and Winter McFarland, LLC as special counsel.
BREAKFORM RESIDENTIAL: Case Summary & Eight Unsecured Creditors
---------------------------------------------------------------
Debtor: Breakform Residential Fund I, LP
1801 Century Park East, Suite 1420
Los Angeles, CA 90067
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-10504
Debtor's Counsel: Mark Horoupian, Esq.
GREENSPOON MARDER LLP
333 S Grand Ave Suite 3400
Los Angeles, CA 90071
Tel: (213) 626-2311
Fax: (954) 771-9264
Email: mark.horoupian@gmlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrew De Camara as chief restructuring
officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/GRU4UMY/Breakform_Residential_Fund_I_LP__cacbke-23-10504__0001.0.pdf?mcid=tGE4TAMA
BRENTWOOD AUTO: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Brentwood Auto Brokers, LLC asks the U.S. Bankruptcy Court for the
Middle District of Tennessee, Nashville Division, for authority to
use cash collateral and provide adequate protection.
The Debtor requires access to up to $25,000 of cash collateral to
pay salaries and other necessary expenses for a three-week period
to accomplish the liquidation of the Debtor's remaining vehicle
inventory, and pay approximately $140,000 in current tax
obligations related to recent vehicle sales.
NextGear Capital, Inc., City Auto Finance, Claritas Private Credit
Fund, I, LP and the Small Business Administration are the only
entities the Debtor is aware of that may rightfully claim a
security interest in cash collateral. However, only NextGear is
believed to be the holder of a secured claim pursuant to 11 U.S.C.
section 506(a).
Based on a lien review conducted by the Debtor prior to the
Petition Date, NextGear filed a UCC-1 financing statement dated
October 21, 2013, to assert a security interest in substantially
all of the Debtor's assets, including the cash collateral. The
balance owing to NextGear as of the Petition Date, net of reserves
held by NextGear, is approximately $698,322. The total value of the
Debtor's unencumbered assets is substantially less. By operation of
11 U.S.C. section 506(a), NextGear's secured claim is limited to
the value of the collateral, making any purported junior liens
wholly unsecured. However, the Debtor does not dispute the
validity, priority, and extent of any liens asserted by the Secured
Creditors.
As for adequate protection for the limited use of cash collateral,
the Debtor proposes to provide to the Secured Creditors replacement
liens in accordance with 11 U.S.C. sections 361(2) and 552(b) to
the extent of cash collateral actually expended, and on the same
assets and in the same order of priority as currently exists. Any
replacement lien will be to the same extent and with the same
validity and priority as the Secured Creditors' pre-petition liens,
without the need to file or execute any document as may otherwise
be required under applicable nonbankruptcy law.
A copy of the motion is available at https://bit.ly/3HCjHtV from
PacerMonitor.com.
About Brentwood Auto Brokers, LLC
Brentwood Auto Brokers, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-00272) on
January 26, 2023. In the petition signed by Sam Karaman, principal
dealer, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.
Robert Gonzales, Esq., at EmergeLaw, PLC, is the Debtor's legal
counsel.
CARVER BANCORP: Subsidiary's 2016 Agreement With OCC Terminates
---------------------------------------------------------------
The Office of Comptroller of the Currency notified Carver Federal
Savings Bank, the wholly-owned subsidiary of Carver Bancorp, Inc.,
that the Formal Agreement between the Bank and the OCC dated May
24, 2016 was terminated, effective immediately.
The Individual Minimum Capital Ratio letter issued by the OCC,
which requires the Bank to maintain minimum regulatory capital
levels of 9% for its Tier 1 leverage ratio and 12% for its total
risk-based capital ratio, remains in effect, as do the Company's
resolutions requiring, among other things, written approval from
the Federal Reserve Bank of Philadelphia prior to the declaration
or payment of dividends, any increase in debt by the Company, or
the redemption of Company common stock.
About Carver Bancorp
Headquartered in New York, Carver Bancorp, Inc., is the holding
company for Carver Federal Savings Bank, a federally chartered
savings bank. The Company conducts business as a unitary savings
and loan holding company, and the principal business of the Company
consists of the operation of its wholly- owned subsidiary, Carver
Federal. Carver Federal was founded in 1948 to serve
African-American communities whose residents, businesses and
institutions had limited access to mainstream financial services.
The Bank remains headquartered in Harlem, and predominantly all of
its seven branches and four stand-alone 24/7 ATM centers are
located in low- to moderate-income neighborhoods.
Carver Bancorp reported a net loss of $847,000 for the year ended
March 31, 2022, a net loss of $3.90 million for the year ended
March 31, 2021, a net loss of $5.42 million for the year ended
March 31, 2020, and a net loss of $5.94 million for the year ended
March 31, 2019. As of Sept. 30, 2022, the Company had $755.72
million in total assets, $709.48 million in total liabilities, and
$46.24 million in total equity.
CASELLA WASTE: Moody's Upgrades CFR to Ba2, Outlook Stable
----------------------------------------------------------
Moody's Investors Service upgraded the ratings of Casella Waste
Systems, Inc., including the corporate family rating to Ba2 from
Ba3, the probability of default rating to Ba2-PD from Ba3-PD and
the senior unsecured ratings on the revenue bonds Casella
guarantees to B1 from B2. The outlook remains stable. Casella's
SGL-2 speculative grade liquidity rating is unchanged.
The upgrades reflect Casella's good execution and capital
discipline driving its improved operating performance. Moody's
expects the company to maintain a balanced financial policy as it
focuses on achieving profitable growth amid challenging market
conditions and macro headwinds. Casella has demonstrated steady
EBITDA growth and reduced debt-to-LTM EBITDA below 3x, despite cost
inflation and labor and supply chain challenges. Moody's expects
the company to maintain good operating momentum as it benefits from
favorable pricing dynamics in its core Northeast US market and
manages costs in the face of a weaker macroeconomic environment.
Upgrades:
Issuer: Casella Waste Systems, Inc.
Corporate Family Rating, Upgraded to Ba2 from Ba3
Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD
Issuer: Maine Finance Authority
Backed Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from
B2 (LGD5)
Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from B2
(LGD5)
Issuer: New Hampshire (State of) Business Finance Authority
Backed Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from
B2 (LGD5)
Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from B2
(LGD5)
Issuer: New York State Environmental Facilities Corp.
Backed Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from
B2 (LGD5)
Issuer: Vermont Economic Development Authority
Backed Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from
B2 (LGD5)
Senior Unsecured Revenue Bonds, Upgraded to B1 (LGD5) from B2
(LGD5)
Outlook Actions:
Issuer: Casella Waste Systems, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Casella's ratings reflect its modest but improving scale with a
regional focus in the Northeast US and healthy margins that
nonetheless fall shy of rated industry peers largely due to
regional operating dynamics. However, focused execution of
strategic initiatives has steadily improved credit metrics,
including adjusted debt-to-EBITDA, which Moody's expects to remain
below 3x even with acquisitive growth. The company benefits from
the stability of the solid waste industry given the
non-discretionary nature of demand for waste collection and
disposal.
Key aspects of the company's strategy to improve operations include
sourcing incremental waste volumes to its own landfills. This is
favorable for Casella as the Northeast region has a growing
disposal capacity imbalance. Moody's believes the company will
maintain a heightened focus on pricing landfill and collection
operations in excess of inflation, collection route efficiencies,
and restructuring fees on recycling contracts to drive higher
returns. Debt reduction has moderated as the company balances
deploying free cash flow among debt repayment, acquisitions and
other growth initiatives. As a result, Moody's expects earnings
growth to be the primary driver of improving the metrics.
The stable outlook reflects Moody's expectation of moderate organic
revenue growth, with favorable disposal pricing helping to offset
pressure on commercial/industrial volumes from macroeconomic
headwinds, boosted by prior acquisitions. Moody's also expects
free cash flow to remain positive but constrained by investments in
building out/integrating acquisitions and other growth initiatives.
Margins should remain healthy, despite inflationary pressures,
benefiting from positive pricing conditions and the company's cost
discipline and efficiency initiatives. The stable outlook
incorporates expectations that if Casella utilizes debt to help
fund acquisitions, borrowings will be modest and repaid from free
cash flow within a relatively short time frame.
Casella's liquidity profile is good as denoted by the SGL-2 rating,
driven by the company's sizable $300 million revolving credit
facility (undrawn), and Moody's expectation of positive free cash
flow with light debt maturities. The company typically holds a
modest cash balance of less than $5 million. However, the balance
was $48 million at September 30, 2022, including a boost from a
previous $150 million equity offering the company has deployed
towards acquisitions. The senior secured revolving credit facility
expiring in December 2026 had approximately $272 million available
to borrow, net of letters of credit, at September 30, 2022. With
the exception of periodic usage to help fund acquisitions, Moody's
expects revolver availability to remain in line with the current
level.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded following prudent and profitable
expansion of the company's operating footprint beyond New England
and New York and meaningful growth in scale. Additionally, an
EBITDA margin sustained above 25%, free cash flow-to-debt remaining
above 12.5%, EBIT-to-interest sustained at or above 4x and
debt-to-EBITDA expected to remain below 2.75x could result in an
upgrade. The maintenance of a well-balanced financial policy and
at least good liquidity would also be prerequisites for an
upgrade.
The ratings could be downgraded with flat organic revenue growth,
free cash flow-to-debt sustained below 7.5% and debt-to-EBITDA
expected to remain above 3.5x. Weaker liquidity, considering the
modest cash position, with deteriorating free cash flow or
significantly reduced availability under the revolving credit
facility could also drive a ratings downgrade.
The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.
Casella Waste Systems, Inc. is a Northeast US regionally-focused
(Vermont, New Hampshire, Connecticut, New York, Massachusetts,
Maine and Pennsylvania) solid waste management company providing
collection, transfer, disposal and recycling services. Revenue was
approximately $1.05 billion for the twelve months ended September
30, 2022.
CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 25% Discount
---------------------------------------------------------
Participations in a syndicated loan under which CCS-CMGC Holdings
Inc is a borrower were trading in the secondary market around 75.4
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $500 million facility is a Term loan that is scheduled to
mature on October 1, 2025. The amount is fully drawn and
outstanding.
CCS-CMGC Holdings, Inc. operates as a holding company. The Company,
through its subsidiaries, provides health care services. CCS-CMGC
Holdings serves patients in the United States.
CELSIUS NETWORK: May Issue Crypto Token to Pay Creditors
--------------------------------------------------------
Steven Church of Bloomberg News reports that Celsius Network LLC is
considering issuing a new digital-asset token to repay creditors as
part of a proposal to reorganize and exit bankruptcy as a regulated
crypto platform, the company said in court Tuesday, January 24,
2023.
Reorganizing Celsius into a publicly-traded company that is
properly licensed would bring in more money for creditors than
selling hard-to-liquidate assets at today's depressed prices,
company attorney Ross M. Kwasteniet said during a video-court
hearing.
Celsius has been negotiating with various creditor groups over how
to set up the new company and issue a new token to creditors as
part of a payout plan, Kwasteniet said.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No.22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankrupty counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC serve as the examiner's legal counsel and financial
advisor, respectively.
CITY BREWING: $850M Bank Debt Trades at 60% Discount
----------------------------------------------------
Participations in a syndicated loan under which City Brewing Co LLC
is a borrower were trading in the secondary market around 40.1
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $850 million facility is a Term loan that is scheduled to
mature on April 5, 2028. The amount is fully drawn and
outstanding.
City Brewing Company, LLC operates as a brewery company. The
Company produces beverages by contract, including beer, malts,
teas, and energy drinks.
CLEAN ENERGY: Issues $187K Convertible Note to Mast Hill
--------------------------------------------------------
Clean Energy Technology, Inc. disclosed in a Form 8-K filed with
the Securities and Exchange Commission it closed the transactions
contemplated by the Securities Purchase Agreement with Mast Hill,
L.P. dated Jan. 19, 2023 pursuant to which the Company issued to
Mast Hill a $187,000 Convertible Promissory Note, due Dec. 26, 2023
for a purchase price of $168,300 plus an original issue discount in
the amount of $17,700.00, and an interest rate of 15% per annum.
The principal and interest of the Note may be converted in whole or
in part at any time on or following the earlier of (i) upon an
event of default or (ii) the date that the Company consummates an
IPO and up listing to a national exchange, into common stock of the
Company, par value $.001 share, subject to anti-dilution
adjustments and for certain other corporate actions subject to a
beneficial ownership limitation of 4.99% of Mast Hill and its
affiliates. The per share conversion price into which principal
amount and accrued interest may be converted into shares of Common
Stock equals $1.00. However if the Company consummates the Up List
Offering on or before July 18, 2023, then the conversion price will
equal 75% of the offering price per share of Common Stock (or
units) as set in the Up List Offering. Upon an event of default,
the Note will become immediately payable and the Company shall be
required to pay a default rate of interest of 15% per annum. If
the Company issues an equity security or security convertible into
Common Stock following the issue date of the Note, the conversion
price of the Note will be lowered to such price. Certain existing
convertible debt is excluded from these antidilution provisions.
At anytime prior to an event of default, the Note may be prepaid by
the Company at a 115% premium. The note contains customary
representations, warranties and covenants of the Company.
The Securities Purchase Agreement provides customary
representations, warranties and covenants of the Company and Mast
Hill as well as providing Mast Hill with registration rights.
The Company issued Mast Hill a five-year warrant to purchase 58,438
shares of Common Stock in connections with the transactions. The
Warrant may be exercised, in whole or in part, on the earlier of
(i) on or after July 18, 2023 or (ii) the date that the Company
consummates an Up List Offering. The exercise price of the Warrant
is $01.60 per share, however, that if the Company consummates an Up
List Offering on or before July 19, 2023, then the exercise price
equals 120% of the offering price per share of Common Stock (or
unit) as set in the Up List Offering. If (i) the date of an
exercise notice is on or after July 19, 2023 and (ii) the per share
price of Common Stock is greater than the exercise price, then,
unless there is an effective non-stale registration statement the
Warrant may be exercised on a cashless exercise basis.
About Clean Energy
Headquartered in Costa Mesa, California, Clean Energy Technologies,
Inc. -- http://www.cetyinc.com-- designs, produces and markets
clean energy products and integrated solutions focused on energy
efficiency and renewables. The Company provides waste heat
recovery solutions, waste to energy solutions, and engineering,
consulting and project management solutions.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2015, issued a "going concern"
qualification in its report dated April 15, 2022, citing that the
Company has an accumulated deficit, net losses, and working capital
deficit from operations. These factors raise substantial doubt
about the Company's ability to continue as a going concern.
CLEVELAND INTEGRITY: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Cleveland Integrity Services, Inc.
370690 E Old Highway 64
Cleveland OK 74020
Business Description: Cleveland Integrity Services, Inc. is a
provider of inspection services and
integrity management solutions for
gathering, transmission, and distribution
pipelines and related infrastructure. CIS
is headquartered in Cleveland, Oklahoma, but
operates throughout the continental United
States providing services to many of the top
midstream operators and a growing number of
utilities.
Chapter 11 Petition Date: January 29, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Cleveland Integrity Services, Inc. (Lead) 23-90052
CIS Treasury, LLC 23-90051
Judge: Hon. Christopher M. Lopez
Debtors' Counsel: Jason S. Brookner, Esq.
Aaron M. Kaufman, Esq.
Amber M. Carson, Esq.
London England, Esq.
GRAY REED & MCGRAW LLP
1300 Post Oak Boulevard, Suite 2000
Houston, Texas 77056
Tel: (713) 986-7127
Fax: (713) 986-5966
Email: jbrookner@grayreed.com
akaufman@grayreed.com
acarson@grayreed.com
lengland@grayreed.com
Debtors'
Financial
Advisor &
Investment
Banker: PIPER SANDLER & CO.
Debtors'
Financial
Advisor: MACCO RESTRUCTURING GROUP, LLC
Debtors'
Notice &
Claims
Agent: DONLIN, RECANO & COMPANY, INC.
Cleveland Integrity's
Estimated Assets: $10 million to $50 million
Cleveland Integrity's
Estimated Liabilities: $100 million to $500 million
CIS Treasury's
Estimated Assets: $1 million to $10 million
CIS Treasury's
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Matt Kesner, president and COO.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/MLGC4QY/Cleveland_Integrity_Services_Inc__txsbke-23-90052__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/P2NPYQI/CIS_Treasury_LLC__txsbke-23-90051__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. American Arbitration Association Unknown
13727 Noel Road
Suite 700
Dallas, TX 75240
2. Andrew Ramirez Personal Unknown
David Harris and Injuries
David Bright Litigation
Sico Hoelscher Harris
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (877) 631-9965
Email: dharris@shhlaw.com;
dbright@shhlaw.com
3. Apolonio Perez Wrongful Death Unknown
c/o Paul Robert Hornung Litigation
Domingo Garcia Law Office
1111 W Mockingbird
Lane Suite 1200
Dallas, TX 75247
Tel: (214) 596-9545
Email: dallasoffice@dgley.com
4. Dana Howard Personal Unknown
Stephen Kherkher Injuries
and Kevin Haynes Litigation
Kherkher Garcia LLP
2925 Richmond Ave
Suite 1560
Houston, TX 77098
Tel: (713) 581-6684
Email: khaynes@kherkhergarcia.com;
skherkher@kherkhergarcia.com
5. Daniel Maher Personal Unknown
Robert M. Doig Injuries
Law Firm of Robert Litigation
Doig, LLC
1400 Providence
Road Suite 3020
Media, PA 19063
Tel: (610) 565-9565
Email: doig.rm@verizon.net
6. Daron Robinson Personal Unknown
Steve T Hastings Injuries
The Hastings Law Firm Litigation
101 N Shoreline
Blvd Suite 604
Corpus Christi, TX 78401
Tel: (361) 692-2000
Email: steveh@hastingslawfirm.net
7. Debra Miller Wrongful Unknown
David A Eberly Termination
Eberly McMahon Copetas Litigation
2445 Gilbert Ave
Suite 101
Cincinnati, OH 45206
Tel: (513) 533-1151
Email: deberly@mclawyers.com
8. Donald North Personal Unknown
Robert M. Doig Injuries
Law Firm of Robert Litigation
Doig, LLC
1400 Providence
Road Suite 3020
Media, PA 19063
Tel: (610) 565-9565
Email: doig.rm@verizon.net
9. Edward Howard Personal Unknown
David Harris and Injuries
David Bright Litigation
Sico Hoelscher Harris
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (877) 631-9965
Email: dharris@shhlaw.com;
dbright@shhlaw.com
10. Estate of Jesus Wrongful Death Unknown
Juarez Quintero Litigation &
Cory Itkin, Jason Personal
Itkin, Rick Holstein Injuries
Arnold & Itkin Litigation
6009 Memorial Drive
Houston, TX 77007
Tel: (888) 493-1629
Email: citkin@arnolditkin.com;
jitkin@arnolditkin.com;
rickholstein@mac.com
11. Estate of MacLean Maund Wrongful Death Unknown
c/o Heather Maund, Litigation
Administratrix,
Robert J. Fisher and
Drew Rummell
Edgar Snyder &
Associates LLC
600 Grant Street
10th Floor
Pittsburgh, PA 15219
Tel: (412) 844-2455
Email: contactus@edgarsnyder.com
12. Estate of Oscar Wrongful Unknown
Perez Martinez Death
Jason P. Hoelscher Litigation
Sico Hoelscher Harris LLP
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (361) 653-3300
Email: jhoelscher@shhlaw.com;
mcook@shhlaw.com
13. Francisca Juarez Wrongful Death Unknown
Cory Itkin, Jason Litigation and
Itkin, Rick Holstein Personal
Arnold & Itkin Injuries
6009 Memorial Drive Litigation
Houston, TX 77007
Tel: (888) 493-1629
Email: citkin@arnolditkin.com;
jitkin@arnolditkin.com;
rickholstein@mac.com
14. Ismael Garcia Personal Unknown
Stephen Kherkher Injuries
and Kevin Haynes Litigation
Kherkher Garcia LLP
2925 Richmond Ave
Suite 1560
Houston, TX 77098
Tel: (713) 581-6684
Email: khaynes@kherkhergarcia.com;
skherkher@kherkhergarcia.com
15. Jessica Juarez Wrongful Death Unknown
Cory Itkin, Jason Litigation and
Itkin, Rick Holstein Personal
Arnold & Itkin Injuries
6009 Memorial Drive Litigation
Houston, TX 77007
Tel: (888) 493-1629
Email: citkin@arnolditkin.com;
jitkin@arnolditkin.com;
rickholstein@mac.com
16. Jesus Juarez Jr Wrongful Death Unknown
Cory Itkin, Jason Litigation and
Itkin, Rick Holstein Personal Injuries
Arnold & Itkin Litigation
6009 Memorial Drive
Houston, TX 77007
Tel: (888) 493-1629
Email: citkin@arnolditkin.com;
jitkin@arnolditkin.com;
rickholstein@mac.com
17. John and Cindy May Personal Unknown
Robert M. Doig Injuries
Law Firm of Robert Litigation
Doig, LLC
1400 Providence
Road Suite 3020
Media, PA 19063
Tel: (610) 565-9565
Email: doig.rm@verizon.net
18. Juan Martinez Wrongful Unknown
c/o Paul Robert Death
Hornung Litigation
Domingo Garcia Law Office
1111 W Mockingbird
Lane Suite 1200
Dallas, TX 75247
Tel: (214) 296-9545
Email: dallasoffice@dgley.com
19. Linda Ramirez Personal Unknown
David Harris and Injuries
David Bright Litigation
Sico Hoelscher Harris
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (877) 631-9965
Email: dharris@shhlaw.com;
dbright@shhlaw.com
20. M.A.P., Minor Wrongful Death Unknown
Jason P. Hoelscher Litigation
Sico Hoelscher Harris LLP
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (361) 653-3300
Email: jhoelscher@shhlaw.com;
mcook@shhlaw.com
21. Manuel Galvan Personal Unknown
David Harris and Injuries
David Bright Litigation
Sico Hoelscher Harris
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (877) 631-9965
Email: dharris@shhlaw.com;
dbright@shhlaw.com
22. Mari C. Mendoza Wrongful Unknown
Rodriguez Death
Jason P. Hoelscher Litigation
Sico Hoelscher
Harris LLP
802 N Carancahua
St Suite 900
Corpus Christi, TX 78401
Tel: (653) 653-3300
Email: jhoelscher@shhlaw.com;
mcook@shhlaw.com
23. Martha Juarez Wrongful Unknown
Cory Itkin, Jason Death
Itkin, Rick Holstein Litigation
Arnold & Itkin
6009 Memorial Drive
Houston, TX 77007
Tel: (888) 493-1629
Email: citkin@arnolditkin.com;
jitkin@arnolditkin.com;
rickholstein@mac.com
24. Michael Bertrand Personal Unknown
Benny Agosto Jr Injuries
and Douglas D'Arche Litigation
Abraham, Watkins,
Nichols, Agosto
800 Commerce Street
Houston, TX 77002
Tel: (713) 222-7211
Email: bagosto@awtxlaw.com;
bdill@awtxlaw.com
25. Sharon Robinson Personal Unknown
Steve T Hastings Injuries
and Henry Litigation
Blackmon
The Hastings Law Firm
101 N Shoreline
Blvd Suite 604
Corpus Christi, TX 78401
Tel: (361) 692-2000
Email: steveh@hastingslawfirm.net;
henryb@hastingslawfirm.net
26. Wayne C. Ransom Personal Unknown
and Katherine R. Ransom Injuries
Andrew J. Leger, Jr. Litigation
861 Valleyview Road
Pittsburgh, PA 15243
Tel: (412) 281-1028
Email: aleger@leger-law.com
27. Internal Revenue Service Payroll Tax Unknown
Centralized Insolvency Audit
Operation
PO Box 7346
Philadelphia, PA
19101-7346
28. Bond International Trade Payable $4,973
Software, Inc.
Bullhorn, Inc.
100 Summer St
17th FL
Boston, MA 02110
Tel: (770) 246-2300
29. Valvco Trade Payable $2,500
PO Box 339
Skiatook, OK 74070
Tony Owen, President
Tel: (918) 557-0702
30. WPS Information Trade Payable $1,537
Engineering
D138-00000031
3100 E Arlington
Ada, OK 74820
Tel: (800) 256-4241
COLOUROZ INVESTMENT 2: $677M Bank Debt Trades at 33% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
2 LLC is a borrower were trading in the secondary market around
67.4 cents-on-the-dollar during the week ended Friday, January 27,
2023, according to Bloomberg's Evaluated Pricing service data.
The $677.5 million facility is a Term loan that is scheduled to
mature on September 7, 2023. The amount is fully drawn and
outstanding.
ColourOZ Investment 2 LLC provides industrial paint products.
CONSOLIDATED ELEVATOR: Wins Cash Collateral Access Thru March 8
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Consolidated Elevator Company,
Inc. to use cash collateral on an interim basis in accordance with
the budget, with a 10% variance, through March 8, 2023.
The Court said the Debtor is permitted to pay David J. Sandoval,
Thomas C. Wallis, and Thomas G. Wallis salary from January 25, 2023
through March 8, 2023.
The Debtor is not authorized to pay Insiders commissions or the
$1,000 per month for 24/7 on-call services and to retroactively pay
Insiders salary earned but not paid pursuant to 11 U.S.C. section
503(b)(1)(A)(i).
The Debtor will remit these adequate protection to secured
creditors:
a. U.S. Small Business Administration $2,437 per month;
b. Fund $5,000 per month;
c. Secured creditors are granted replacement liens on the
Debtor's postpetition cash collateral with the same validity,
extent and priority as their prepetition liens and as they would
have under nonbankruptcy law, to the extent that their cash
collateral is actually used; and
d. The Debtor must segregate and hold in its cash collateral
DIP bank account all revenue exceeding the funds needed to pay the
expenses set forth on the Budget.
A continued hearing on the matter is set for March 8 at 9 a.m.
A copy of the order is available at https://bit.ly/3XY4WaF from
PacerMonitor.com.
About Consolidated Elevator Company, Inc.
Consolidated Elevator Company, Inc. provides elevator repairs
services. Its employees consist of mechanics, salespeople, and
support staff. It sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-15611) on October 14,
2022. In the petition signed by David J. Sandoval, CFO, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Sandra R. Klein oversees the case.
Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's counsel.
CRED INC: Trustees Urge Bankr. Court to Back-Up Cal. Lockton Suit
-----------------------------------------------------------------
The liquidation trustees of collapsed crypto lender Cred Inc. have
asked a Delaware bankruptcy judge to clarify their Chapter 11
authority to acquire third-party creditor claims, in a bid to
support a California suit to recover at least $66 million from
insurance giant Lockton Companies LLC.
The trustees Cedric de Lisser, Christopher Moser, and Michael
Michelin, of The Cred Inc. Liquidation Trust established in the
chapter 11 bankruptcy cases of the Debtors filed a motion for entry
of an order clarifying the Bankruptcy Court’s July 19, 2022 bench
ruling that the Trust can acquire third-party customer claims in
connection with the settlement of preference claims and prosecute
those claims.
A hearing on the Motion is slated for Feb. 9, 2023, at 2:00 PM at
US Bankruptcy Court, 824 Market St., 3rd Fl., Courtroom #7,
Wilmington, Delaware.
Counsel Jonathan M. Kass of REID COLLINS & TSAI LLP, explains that
throughout the fall of 2022, the Trustees acquired claims of
CredEarn customers in accordance with the Court's findings from the
July 19, 2022 Bench Ruling. Consistent with the Court's findings
and direction, the claims were acquired on an individual basis,
customer-by-customer, as part of certain preference settlements
between those customers
and the Trust. No creditor/assignor was offered an enhanced
recovery over the assignor's allowed claim. Thus, through the
rights acquired by assignment, any ultimate recovery of damages
suffered by that third-party creditor will be available to
creditors in general and distributed in accordance with the Plan,
the Liquidation Trust Agreement and orders of the Court.
On Dec. 19, 2022 (in a filing docketed on Dec. 22, 2022), the
Trustees commenced an action in California state court against
Lockton Companies, LLC and Lockton Companies LLC Pacific Series, by
filing a complaint. An amended complaint was filed on January 9,
2023 (in a filing docketed on Jan. 17, 2023). The Amended
Complaint asserts the rights of CredEarn customers based on state
common-law claims and a California statute. In response, Lockton
filed a notice to remove the California state court case to federal
court, arguing that there is "related to" bankruptcy jurisdiction.
But Lockton's principal argument—that the Trust is not authorized
to receive assignments of third-party claims -- runs afoul of the
Trustees' understanding of the July 19, 2022 Bench Ruling. Out of
an abundance of caution, the Trustees seek clarification of that
ruling."
According to Mr. Kass, the Trust had considered suing Lockton in
the Bankruptcy Court but concluded that there was an insufficiently
close nexus because (i) the claims at issue are pre-petition
third-party claims, (ii) the Debtors' Chapter 11 plan of
reorganization was confirmed over a year and a half ago, and (iii)
there are no bankruptcy issues to consider in the claims asserted
against Lockton, among other reasons. Not willing to risk having
this Court dismiss the action for lack of subject matter
jurisdiction (which the Trustee believed would be likely), at the
beginning of the case, or worse yet, later in the case when statute
of limitation issues could be implicated, the Trustees commenced
the litigation in California state court.
Pursuant to Section 105 of the Bankruptcy Code, the Trustees seek
an order clarifying the July 19, 2022 Bench Ruling regarding the
Trust's authority to acquire certain third-party claims. Such an
order will save time and resources that would be otherwise incurred
litigating this removal issue and provide clarity for the
California District Court as to the impact of the July 19, 2022
Bench Ruling.
Special Counsel to the Trustees of the Cred Inc. Liquidation
Trust:
REID COLLINS & TSAI LLP
Jonathan M. Kass
300 Delaware Avenue, Suite 770
Wilmington, DE 19801-6600
Tel: (302) 467-1765
E-mail: jkass@reidcollins.com
- and -
REID COLLINS & TSAI LLP
Angela J. Somers
Jeffrey Gross
Minyao Wang
420 Lexington Avenue, Suite 2731
New York, NY 10170
Tel: (212) 344-5200
E-mail: asomers@ reidcollins.com
jgross@reidcollins.com
mwang@reidcollins.com
About Cred Inc.
Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io/ -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.
Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor. Donlin, Recano & Company, Inc., is the
claims agent.
The official committee of unsecured creditors in the Debtors'
Chapter 11 cases tapped McDermott Will & Emery LLLP as counsel, and
Dundon Advisers LLC as financial advisor.
Robert Stark is the examiner appointed in the Debtors' cases. Ashby
& Geddes, P.A., and Ankura Consulting Group, LLC, serve as the
examiner's legal counsel and financial advisor, respectively.
DAKTRONICS INC: Reaches Deal to Extend Credit Facility Maturity
---------------------------------------------------------------
Daktronics, Inc. announced it has entered into an amendment to its
credit agreement with its current lender, U.S. Bank National
Association, to extend the maturity of $10 million of its $45
million credit facility to May 1, 2023. The remaining $35 million
of the credit facility matures on April 29, 2025. The extension of
liquidity is the result of the efforts of an independent Strategy
and Financing Review Committee of the Daktronics Board of
Directors, which was formed in December 2022, to address the
Company's near-term credit needs and to examine alternatives for
strengthening the Company's longer-term financial structure and
liquidity profile.
The Committee, comprised of the independent directors of the
Company, is chaired by Howard I. Atkins, who joined the Board on
Dec. 7, 2022, at the recommendation of one of the Company's largest
shareholders, Prairieland Holdco, LLC. Mr. Atkins is the former
senior executive vice president and chief financial officer of
Wells Fargo & Company, where he was responsible for Wells Fargo's
financial management functions including during the financial
crisis of 2008 and 2009. The Committee has hired financial and
legal advisors to assist it with its activities.
"This maturity extension is the first step in a concerted effort on
the part of the management team, overseen by the Committee," said
Mr. Atkins. "We are now shifting our focus to reviewing
opportunities for additional longer-term liquidity to generate
profitable growth. Together with our financial and legal advisors,
our efforts include reviewing several financing proposals the
Company has already received, as well as engaging with other
potential financing sources."
The Company said there can be no assurance that the Committee's
process will result in any transaction or other alternative
outcome. There is no set timetable for the conclusion of this
process, and the Company does not intend to disclose or provide an
update concerning developments relating to this process until it
determines that further disclosure is appropriate or necessary.
About Daktronics
Headquartered in Brookings, SD, Daktronics, Inc. --
www.daktronics.com -- designs and manufactures electronic
scoreboards, programmable display systems and large screen video
displays for sporting, commercial and transportation applications.
The Company serves its customers by providing high quality standard
display products as well as custom-designed and integrated
systems.
"Although supply chain disruptions have started to ease and we
expect our inventory levels to decline, we cannot be certain we
will not experience future disruptions or need additional liquidity
to fund inventory levels, operations, and capital expenditures. We
will need additional liquidity to meet our obligations as they come
due in the 12 months following the date of this Report and we
cannot be assured that such liquidity will be available or the form
of such liquidity, such as equity raises or debt financing. These
conditions raise substantial doubt about our ability to continue as
a going concern. In response to these conditions, we are pursuing
additional liquidity through various means, including but not
limited to obtaining financing secured by a mortgage on our
facilities, a sales-leaseback transaction, leasing property and
equipment, and continued focus on reducing working capital. Since
these plans are not finalized and are subject to market conditions
and restrictions from our existing financing agreements that are
not within our control, they cannot be deemed probable. As a
result, we have concluded that our plans do not alleviate
substantial doubt about our ability to continue as a going
concern," the Company stated in its Quarterly Report on Form 10-Q
for the period ended Oct. 29, 2022.
DIEBOLD NIXDORF: $475M Bank Debt Trades at 32% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Diebold Nixdorf Inc
is a borrower were trading in the secondary market around 68.1
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $475 million facility is a Term loan that is scheduled to
mature on November 6, 2023. About $376.8 million of the loan is
withdrawn and outstanding.
Diebold Nixdorf, Incorporated provides automatic teller machines,
financial, and point of sale (POS) services.
DIGITAL MEDIA: Moody's Lowers CFR to Caa1 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded Digital Media Solutions, LLC's
(DMS) Corporate Family Rating to Caa1 from B2, Probability of
Default Rating to Caa2-PD from B3-PD, and the ratings on the senior
secured bank credit facilities, consisting of a $50 million
revolving credit facility (RCF) and $225 million term loan, to Caa1
from B2. Moody's also assigned a Speculative Grade Liquidity rating
of SGL-4. The rating outlook was revised to negative from stable.
The downgrade reflects DMS' high financial leverage and negative
free cash flow generation expected over the next 12 months
resulting from the company's deteriorating operating performance.
DMS experienced a pullback in advertising spend especially in its
insurance vertical from the backdrop of macroeconomic headwinds and
high inflation. This lowered overall EBITDA and Moody's adjusted
financial leverage rose sharply to 9.3x as of the twelve months
end-September 2022 from 5.2x in 2021. Moody's projects leverage to
remain elevated at above 10x for the next 12 months.
Moody's took the following rating actions:
Downgrades:
Issuer: Digital Media Solutions, LLC
Corporate Family Rating, Downgraded to Caa1 from B2
Probability of Default Rating, Downgraded to Caa2-PD from B3-PD
Backed Senior Secured First Lien Bank Credit Facility, Downgraded
to Caa1 (LGD3) from B2 (LGD3)
Assignments:
Issuer: Digital Media Solutions, LLC
Speculative Grade Liquidity Rating, Assigned SGL-4
Outlook Actions:
Issuer: Digital Media Solutions, LLC
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
DMS' Caa1 CFR reflects Moody's expectations that DMS' revenue and
adjusted EBITDA in 2023 will continue to be under pressure due to
ongoing challenges in the company's key client verticals in the
insurance sector. Consequently, Moody's adjusted debt to EBITDA
ratio will deteriorate further in 2023 and free cash flow will be
negative for the year.
With increasing macroeconomic uncertainties and inflationary
pressures, advertisers in select market verticals have scaled back
marketing spending. In particular, property and casualty insurance
carriers are reducing costs as they face elevated loss ratios
stemming from increasing accident frequency and severity, and
rising costs for auto replacement parts from continuing supply
chain issues. DMS' operating performance was significantly impacted
in 2022 due to its high customer concentration particularly to the
insurance vertical. As of last twelve months ended September 2022,
the insurance vertical represented 57% of total revenue (comprised
of exposure to auto 62%, health 29%, home 3%, and life 6%). Moody's
expects a weak first half of 2023 and modest recovery in revenues
in the second half of 2023 though there is the potential for a
stronger performance by DMS if recession risks subside,
inflationary pressure alleviates, and states approve premium hikes
proposed by insurance companies.
The company has remained highly acquisitive to support strategic
growth opportunities. Most of DMS' growth has been propelled by M&A
that enhanced its digital properties portfolio, providing editorial
content and facilitating its end-to-end customer acquisition
solutions and sales conversion business. Most recently, DMS
acquired Traverse Data, Inc., a marketing and advertising
technology company, for $2.5 million in cash in Q2 2022. Due to the
tight headroom for covenant compliance, Moody's believes the
company is unlikely to pursue a debt-funded acquisition in the near
term; however, an appetite for bolt-on, tuck-in M&A remains.
The negative outlook reflects Moody's view that the company's
operations will continue to face challenges given macroeconomic
weakness and a high degree of uncertainty over the timing of
recovery in the insurance vertical over the next 12 months. As a
result, Moody's adjusted debt to EBITDA will remain over 10x, free
cash flow will be negative and there is significant risk of a
covenant breach absent an equity cure or credit agreement
amendment.
DMS' SGL-4 Speculative Grade Liquidity Rating reflects weak
liquidity with negative free cash flow projected in 2023,
significant revolver borrowings and the potential for a covenant
breach absent an equity cure or credit agreement amendment. The
company had an $18.3 million cash balance as of September 30, 2022.
From its $50 million senior secured revolving credit facility due
May 2026, $40 million was drawn with $10 million of availability as
of December 31, 2022. The company's cash balance and limited
revolver availability provide little cushion to fund cash flow
deficits in the event of a delayed improvement in operations.
The senior secured credit facility contains financial covenants
that require the company to maintain a total net leverage ratio of
5x with a step down to 4.5x effective after December 31, 2022.
There was very little headroom for compliance at the end of Q3
2022. Moody's expects the company may violate this covenant in 2023
absent an equity cure or an amendment to the credit agreement. The
credit agreement contains an equity cure provision that allows
equity holders to inject additional equity to avoid a covenant
breach. This can only be exercised a maximum of two quarters in
four consecutive quarters and a maximum of five times until
maturity of the facility.
Moody's rates the senior secured first-lien term loan and revolving
credit facility Caa1, same as Caa1 CFR. Given that the debt capital
structure consists entirely of first-lien credit facilities with a
financial maintenance covenant, Moody's uses an average expected
family recovery rate of 65% in a default scenario.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if revenue growth and EBITDA margin
expansion improve significantly leading to consistent and
increasing positive free cash flow and sustained reduction in
adjusted debt to EBITDA leverage below 7.5x.
The rating could be downgraded if revenue and EBITDA decline
further, liquidity continues to erode such that free cash flow
remains negative or the company pursues debt-funded acquisitions
that pressures credit metrics.
Headquartered in Clearwater, FL, Digital Media Solutions, LLC is an
indirect wholly owned operating subsidiary of Digital Media
Solutions, Inc. (DMS), a publicly traded digital performance
marketing company providing a diversified lead and software
delivery platform that drives high value and high purchase intent
leads to its customers. In July 2020, a portion of the outstanding
equity of DMS's predecessor, Digital Media Solutions Holdings, LLC
and the equity of the predecessor's wholly owned subsidiary, CEP V
DMS US Blocker Company, were acquired by Leo Holdings Corp., a
special purpose acquisition company (SPAC), which was subsequently
renamed Digital Media Solutions, Inc. Prism Data, LLC and three
private equity funds controlled by Clairvest Group Inc. currently
own approximately 42% of the company's outstanding shares. As of
year-to-date September 2022, net revenue totaled $409 million.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
DIOCESE OF ROCKVILLE CENTRE: Says It Has Payout Plan for Survivors
------------------------------------------------------------------
The Diocese of Rockville Centre filed its Plan and Disclosure
Statement on Jan. 27, 2023, offering a substantial proposal for
settling with survivors. The Diocese believes the Plan is the best
means to efficiently and effectively pave the way for compensating
survivors and emerging from bankruptcy.
To demonstrate its commitment to move forward, the Diocese has
proposed a plan that it hopes provides a framework for a timely
resolution of this bankruptcy case for survivors, the Diocese, and
its parishes. The Diocese, which has continued to work towards a
global settlement, believes that the extensive and needlessly
expensive litigation path chosen by the Unsecured Creditors
Committee's proposed plan would only continue to financially erode
assets of the Diocese, parishes and other co-insureds that would
otherwise be used to fund the settlement.
Under the Diocese's Plan the estimated total contribution from the
Diocese, Parishes, its Co-Insured Parties, and other ministry
members has a value between $185 million and $200 million. These
figures do not include the value of the Diocese's substantial
rights against third-party insurance companies, which are also
being contributed under the Plan. The Diocese continues to press
for these rights in settlement negotiations for the benefit of
survivors.
The settlement contributions in the Diocese's Plan compare quite
favorably to recoveries under other Diocesan bankruptcy plans. By
way of comparison, the average aggregate non-insurance contribution
for Dioceses that have confirmed chapter 11 plans is approximately
$21.4 million. When non-insurance settlement contributions are
coupled with the insurance rights contribution, the Diocese's Plan
brings both the aggregate and per-claim recovery well in excess of
any other Diocesan chapter 11 plan in history.
The Diocese believes that survivors deserve and expect a settlement
now and hopes that all parties can work together to complete this
equitable and unprecedented settlement offer.
"The alternative litigation path advocated by the Committee will
take years, and wastefully drain resources that would otherwise be
directed toward compensating survivors," said Sean P. Dolan,
Director of Communications, Diocese of Rockville Centre. "The
litigation path also jeopardizes the common good of Long Island,
particularly for those families that depend on the Diocese to
deliver compassionate health care, housing, education, food
security, substance abuse, mental health and grief counseling,
immigration services, religious and spiritual care."
About The Roman Catholic Diocese
of Rockville Centre, New York
The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.
The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020, listing as much as $500 million in both assets and
liabilities. Judge Martin Glenn oversees the case.
The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case. The
committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC as its bankruptcy counsel and special real
estate counsel, respectively.
Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.
DIOCESE OF ROCKVILLE: Creditors Committee Offers Own Payout Plan
----------------------------------------------------------------
The Official Committee of Unsecured Creditors, the fiduciary for
all survivors of child sexual abuse ("Survivors") in the Chapter 11
case of The Roman Catholic Diocese of Rockville Centre ("DRC"),
took the extraordinary step to file its own plan of reorganization
for the DRC after more than two years of the Diocese of Rockville
Centre, its parishes, and affiliates failing to make a reasonable
offer to sexual abuse victims. The Committee's plan requires the
DRC to contribute cash and assets to compensate over 600 survivors
of child sexual abuse. The Committee's plan offers opportunity for
settlements with the DRC's parishes and affiliates, several of
which received alleged fraudulent transfers in cash and property
worth hundreds of millions of dollars and many of which are
individually liable for claims of Survivors for 100s of millions of
dollars. The plan also offers opportunity for settlements with
several of the DRC's general liability carriers in amounts that are
the subject of confidential mediation. The Committee's plan is
based on the Committee's extensive discovery of the DRC's assets
and transfers designed to hide the Diocese's assets from survivors.
The Committee will seek court approval of a disclosure statement so
Survivors then can vote on the Committee's reorganization plan.
"The Committee filed its own plan because the Diocese of Rockville
Centre continues to refuse to respond to a Committee settlement
offer that was made more than two months ago. The Diocese forced
the Committee's hand when the Diocese abdicated its responsibility
as a party to Court-ordered mediation and as a fiduciary to all
creditors," said Richard Tollner, Chair of the Committee.
"Tragically, some survivors who started with us have passed away
but their stories and their courage have reinforced the Committee's
dedication to achieve a fair and reasonable settlement that
includes protections for today's children."
In response to the Committee plan, the DRC filed its own plan
without the support of the Committee. The DRC plan has a minimal
financial contribution of $11.1 million from the parishes and
affiliates (totaling more than 300 different entities) who receive
a complete release of liability for 600 abuse sexual abuse claims
and largely relies on the assignment of potential insurance policy
recoveries that the carriers who sold the policies are actively
disputing in four separate lawsuits. The DRC's plan is "business as
usual" regarding child protection measures although some of the
over six hundred abuse claims arose after the so-called reforms
proposed by the U.S. Conference of Catholic Bishops.
The DRC also has started a process of objecting to Survivors'
claims. This strategy is rarely employed in Catholic Church
bankruptcies. Typically, claims disputes are handled by a procedure
in a consensual plan that saves everyone substantial legal fees and
costs and minimizes the possibility of re-traumatizing sexual abuse
survivors. However, the DRC is taking a scorched earth approach
with the Survivors sexually abused as children. The DRC is
continuing its decades-long pattern of employing "aggressive legal
strategies . . . to defeat and discourage lawsuits even though
Diocesan officials kn[o]w they were meritorious," as observed by
the Suffolk County Grand Jury in 2003.
"The Diocese has adopted a litigation path that ultimately will
fail and will have wasted millions of dollars. The Committee always
has stood for fair compensation and transparency. The DRC has
fought the Committee at almost every turn. The members of the
Committee have devoted hundreds of hours over more than two years
to getting the right result for all Survivors. This case poses the
unique challenge that the DRC refuses to negotiate with the
Committee and is attempting to bully Survivors into submission,"
said James Stang of Pachulski Stang Ziehl & Jones LLP, bankruptcy
counsel to the Committee.
About The Roman Catholic Diocese
of Rockville Centre, New York
The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.
The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020, listing as much as $500 million in both assets and
liabilities. Judge Martin Glenn oversees the case.
The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case. The
committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC as its bankruptcy counsel and special real
estate counsel, respectively.
Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.
DOMUS BWW: Exclusivity Period Extended to July 31
-------------------------------------------------
Domus BWW Funding, LLC and 1801 Admin, LLC received court approval
to retain control of their bankruptcy while awaiting the outcome of
two separate litigations involving the companies.
Judge Eric Frank of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania extended the periods during which the
companies have the exclusive right to file a Chapter 11 plan and
solicit votes on the plan to July 31 and Sept. 29, respectively.
The companies have been involved in two separate litigations with
47 East 34th Street (NY), LP and Donal Kinsella.
With regards to the 47 East litigation, the companies are in the
process of perfecting an appeal to move the litigation towards
conclusion. The briefing on the appeal is expected to be completed
and the case heard in April or May.
Meanwhile, the Court of Chancery of the State of Delaware, which
oversees the Kinsella litigation, has scheduled a post-trial
argument in the litigation for Feb. 14.
About Domus BWW Funding
Domus BWW Funding, LLC and 1801 Admin, LLC filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Pa. Lead Case No. 22-11162) on May 3, 2022, listing up
to $500,000 in assets and up to $50,000 in liabilities.
Judge Eric L. Frank presides over the cases.
The Debtors tapped Aris J. Karlis, Esq., at Karalis PC as
bankruptcy counsel. Dinsmore & Shohl LLP, McGuireWoods LLP, Landis
Rath & Cobb LLP, Perkins Coie LLP, Gateley Plc, Anderson Kill PC,
and Dechert LLP serve as special counsels.
DR. ROOTS HERBS LLC: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------------
Dr. Roots Herbs LLC filed for chapter 11 protection in the District
of Central California.
The Debtor disclosed $2,078,000 in assets against $620,581 in
liabilities in its schedules. The Debtor owns the property at 1514
& 1516 South Victoria Ave.
Los Angeles, CA 90019, valued at $2,000,000. It also holds a
5.774% interest in a vacant lot located at 4118 E. 1st St., Los
Angeles, CA 90001, valued at $24,000, as well as a 5.774% ownership
at the property 5923 Compton Avenue, Los Angeles, CA 90001, valued
at $54,000.
The Debtor's 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. 27, 2023, at 8:30 AM at UST-LA2, TELEPHONIC MEETING.
CONFERENCE LINE:1-866-816-0394, PARTICIPANT CODE:5282999.
About Dr. Roots Herbs LLC
Dr. Roots Herbs LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10375) on Jan.
24, 2023. In the petition filed by Greta S. Curtis, as managing
member, the Debtor reported assets between $1 million and $10
million and liabilities between $500,000 and $1 million.
The Debtor is represented by:
Thomas B Ure, Esq.
Ure Law Firm
1516 South Victoria Ave
Los Angeles, CA 90019
ECOARK HOLDINGS: Signs Deal to Sell $3.5 Million Common Shares
--------------------------------------------------------------
Ecoark Holdings, Inc. said in a Form 8-K filed with the Securities
and Exchange Commission it entered into an At-The-Market Issuance
Sales Agreement with Ascendiant Capital Markets, LLC, pursuant to
which the Company may issue and sell from time to time, through
Ascendiant shares of the Company's common stock, par value $0.001
per share, with offering proceeds of up to $3,500,000.
Sales of the Shares, if any, may be made by any method permitted by
law deemed to be an "at-the-market" offering as defined in Rule 415
of the Securities Act of 1933, including without limitation sales
made directly on or through The Nasdaq Capital Market, the trading
market for the Company's common stock, on any other existing
trading market in the United States for the Company's common stock,
to or through a market maker, directly to Ascendiant as principal
for its account in negotiated transactions at market prices
prevailing at the time of sale or at prices related to such
prevailing market prices, in privately negotiated transactions, in
block trades, or through a combination of any such methods of sale.
Ascendiant will use commercially reasonable efforts to sell on the
Company's behalf all of the Shares requested to be sold by the
Company, consistent with its normal trading and sales practices,
subject to the terms of the Agreement. Under the Agreement,
Ascendiant will be entitled to compensation of 3% of the gross
proceeds from the sales of the Shares sold under the Agreement.
The Company also agreed to reimburse Ascendiant for certain
specified expenses, including the fees and disbursements of its
legal counsel, in an amount not to exceed $30,000 as well as up to
$2,500 for each quarterly and annual bring-down while the Agreement
is ongoing.
The Shares are being offered and sold pursuant to a prospectus
supplement filed with the Securities and Exchange Commission on
Jan. 24, 2023 and the accompanying base prospectus which is part of
the Company's effective Registration Statement on Form S-3 (File
No. 333-249532).
The Agreement contains representations, warranties and covenants
customary for the transactions of this kind.
About Ecoark Holdings
Rogers, Arkansas-based Ecoark Holdings, Inc., is a diversified
holding company incorporated in 2007. Through Ecoark's
wholly-owned subsidiaries, the Company has subsidiaries focused on
three areas: (i) oil and gas, including exploration, production and
drilling operations on approximately 30,000 cumulative acres of
active mineral leases in Texas, Louisiana, and Mississippi and
transportation services, (ii) Bitcoin mining, and (iii)
post-harvest shelf-life and freshness food management technology.
Ecoark reported a net loss of $10.55 million for the year ended
March 31, 2022, a net loss of $20.89 million for the year ended
March 31, 2021, a net loss of $12.14 million for the year ended
March 31, 2020, and a net loss of $13.65 million for the year ended
March 31, 2019. As of Sept. 30, 2022, the Company had $46.62
million in total assets, $9.32 million in total liabilities, $9.21
million in series A convertible redeemable preferred stock, and
$28.08 million in total stockholders' equity.
ENDO INT'L: Opioid Victims, Creditors Want to Sue Lenders, Execs
----------------------------------------------------------------
The Official Committee of Unsecured Creditors and the Official
Committee of Opioid Claimants in Endo International's cases filed
with the Bankruptcy Court on Jan. 23, 2023, a motion seeking
standing to sue the drugmaker's executives and secured lenders,
saying the company is letting valuable claims and assets slip away
in bankruptcy.
A hearing on the motion filed the Official Committee as well as a
related motion filed by the Future Claimants Representative has not
been set.
"Strong estate claims exist against both the secured creditors and
the officers and directors in this case -- claims with significant
value for unsecured creditors and opioid claimants. Rather than
capture that value by pursuing (or even preserving) these claims,
the Debtors have not only agreed to release each of them as part of
their proposed sale transaction, but stipulated to vastly overbroad
(and factually unsupported) descriptions of the secured creditors'
collateral, as well. These releases and stipulations were given in
the absence of a robust investigation by the Company, and
effectively in exchange for either insufficient consideration (in
the case of opioid unsecured creditors) or no consideration at all
(in the case of non-opioid unsecured creditors)," Cullen D.
Speckhart of COOLEY LLP, counsel to the Opioid Claimants Committee
tells the Court.
The Official Committees requested that the Debtors grant them
standing to prosecute these claims for the benefit of their
respective constituencies. To date, however, the Debtors have
refused to consent to such standing, much less offer any meaningful
substantive response to the merits of the contemplated claims.
The Official Committees now ask the Bankruptcy Court to grant them
standing to commence the following causes of action:
* The Official Committees seek a declaration that the secured
creditors' alleged liens on the Debtors' U.S. Deposit Accounts were
unperfected as of the Petition Date, and for avoidance of such
unperfected liens;
* The Official Committees seek (i) declarations that certain
assets (excluding the U.S. Deposit Accounts) are unencumbered and
(ii) to avoid liens on other non-cash assets, in both cases to make
such assets available to satisfy the claims of unsecured
creditors;
* The Official Committees seek to avoid as preferences and
fraudulent transfers the roughly $95 million in Prepaid
Compensation paid to executives and other insiders in the days and
months before these bankruptcy cases were filed, and to pursue the
directors who breached their fiduciary duties in approving such
payments; and
* The Official Committees seek to challenge as either or both
constructively fraudulent and intentionally fraudulent, three debt
transactions the Debtors undertook between 2019 and 2021, and
thereby avoid the obligations and transfers of security interests
of certain Debtors in connection with each transaction, where such
avoidances will increase recoveries for unsecured creditors and
opioid claimants.
Motion for Standing to Intervene
Roger Frankel, as the court-appointed legal representative for
Future Claimants, on the other hand, on Jan. 23, 2023, filed a
motion filed a motion to preserve its standing to intervene in any
lawsuits filed by the Committees.
Counsel to the FCR, Sean T. Greecher of YOUNG CONAWAY STARGATT &
TAYLOR, LLP, explains that for the sake of efficiency and cost, the
FCR determined that the Committees should take the lead in
investigating the Prepetition Secured Indebtedness and any alleged
liens related thereto. Nevertheless, the FCR and his professionals
have engaged with the Committees and their professionals and have
been apprised of the types of Challenges the Committees intend to
file.
While the FCR is supportive of the Committees being granted
standing to bring Challenges likely to be commenced, as they
generally inure to the benefit of unsecured creditors as a whole,
the particularized nature of the claimants represented by the FCR
gives rise to a stake in the outcome of the Challenges that is
inherently distinct from the Committees. Under the circumstances,
the FCR believes preserving his right to seek intervention under
Rule 24 is the more appropriate tool than bringing an additional
duplicative Challenge.
About Endo International
Endo International plc is a generics and branded pharmaceutical
company. It develops, manufactures, and sells branded and generic
products to customers in a wide range of medical fields, including
endocrinology, orthopedics, urology, oncology, neurology, and other
specialty areas. On the Web: http://www.endo.com/
On August 16, 2022, Endo International and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549). The cases are pending
before Judge James L. Garrity, Jr. The Debtors have put up a Web
site dedicated to its restructuring: http://www.endotomorrow.com/
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as
legal counsel; PJT Partners, LP as investment banker; and Alvarez &
Marsal North America, LLC as financial advisor. Kroll Restructuring
Administration, LLC is the claims agent and administrative
advisor.
Roger Frankel, the legal representative for future claimants in
these Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsels, and Ducera Partners, LLC
as investment banker.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on Sept. 2, 2022. The committee tapped Kramer
Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC
as investment banker; and Dundon Advisers, LLC and Berkeley
Research Group, LLC as financial advisors.
Meanwhile, the official committee representing the Debtors' opioid
claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump
Strauss Hauer & Feld, LLP as special counsel; Province, LLC as
financial advisor; and Jefferies, LLC as investment banker.
ESJ TOWERS: HOA Seeks to Prohibit Cash Collateral Use
-----------------------------------------------------
ESJ Towers Condominium Homeowners' Association asks the U.S.
Bankruptcy Court for the District of Puerto Rico to prohibit ESJ
Towers, Inc. from using cash collateral.
HOA is the unincorporated association of all the owners of all
units or premises interests in the ESJ Towers Condominium and it
includes the owners of all of the intervals in all of the units in
the ESJ Towers Condominium, which has the powers and duties set
forth in the Act and the Condominium Documents. HOA asserts that
the Debtor has engaged in a substantial diversion of its funds and
assets and refused to provide an accurate and complete accounting
of its income and expenses.
The Debtor has neither obtained HOA's permission nor filed the
required motion to obtain the Court's prior order permitting its
use conditioned to the provision of adequate protection.
More than seven months have passed since the filing of the Debtor's
Chapter 11 petition, without the Debtor making any post-petition
payments to the Council for the maintenance dues, insurance and
assessments of the Unit Interests and Premises Interests owned
and/or managed by the Debtor. This means that the Council has not
received payment for the Debtor's Share of the Communal Common
Expenses, Premises Common Expenses or Unit Common Expenses for the
past seven months. During that time, the Council has filed several
motions and adversary proceedings requesting relief.
On October 24, 2022, the Debtor filed a motion informing the Court
of a sale of equity to Mr. Clifton Onolfo, through his company,
Global Cities Capital Associates, LLC. Soon thereafter, since
falling under Mr. Onolfo's control, the Debtor started aggressively
collecting, from the owners of Premises Interests, the amounts the
VOs owe to the Council by offering discounts to the payment of said
debt, by making threats to those VOs and without the VO's or the
Council's authorization, installing deadbolts on several units. The
Council has even received calls from some VOs requesting that the
Council return their payments because Mr. Onolfo directed the
Debtor's employees to tell the VOs to ask the Council for their
money back.
On December 30, 2022, the Debtor's legal representation requested
that Mr. Onolfo be prohibited from entering the premises of ESJ
Towers Inc., as a result of having observed, in the November 2022
MOR, that Mr. Onolfo made unauthorized expenditures from the
Debtor's accounts for personal expenses and for payments to his
associates and/or their companies. This latest episode, together
with the Debtor's admission (in its answer to the complaint in
adversary 22-ap-0070) to having received and not remitted to the
Council the entire amounts paid by Chubb and Attenure (more than
$5.8 million), demonstrate the need for an immediate order
protecting the Council's interests in its property and its cash
collateral.
HOA asserts that the Debtor must be prohibited from using cash
collateral to protect its interests in its property and cash
collateral, before they vanish as a result of misuse,
misappropriation, or diversion to third parties.
A copy of the motion is available at https://bit.ly/3ReTi8M from
PacerMonitor.com.
About ESJ Towers
ESJ Towers, Inc. owns the ESJ Towers in Carolina, P.R. The luxury
apartments and condo units at ESJ Towers have direct access to Isla
Verde Beach, widely considered one of the best in Puerto Rico.
ESJ sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.P.R. Case No. 22-01676) on June 10, 2022, with as much as
50 million in both assets and liabilities. ESJ President Keith St.
Clair signed the petition.
Judge Enrique S. Lamoutte Inclan oversees the case.
The Debtor tapped Charles A. Cuprill, Esq., at Charles A. Cuprill,
PSC Law Offices as legal counsel; Ramon Luis Nieves, Esq., at RL
Legal Consulting Services, LLC as special counsel; Dage Consulting
CPAS, PSC as financial advisor; and De Angel & Compania, PA, LLC
as auditor.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Sept. 12, 2022. MRO Attorneys at Law, LLC
and Dage Consulting CPAS, PSC serve as the committee's legal
counsel and financial advisor, respectively.
EVERNEST HOLDINGS: Bid to Use Cash Collateral Denied as Moot
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami-Dade Division denied as moot the Motion for an Order Granting
it Authority for Use of Cash Collateral filed by Evernest Holdings,
LLC.
PHH Mortgage Corporation, a creditor, has objected to the request.
Creditors PMIT REI 2021-A LLC and HSBC Bank USA have filed separate
requests for relief from the bankruptcy stay.
As previously reported by the Troubled Company Reporter, the Debtor
sought authority to use cash collateral to continue its day-to-day
business.
The Debtor's cash collateral is subject to the claims of:
a. PMIT REI 2021-A LLC/ Rushmore Mortgage;
b. HSBC Bank USA Natl Assn/PHH- Mortgage;
c. Venetian Isles Master Association Inc. - HOA;
d. Mediterranea (Miami) Condo Assn Inc.
A copy of the order is available at https://bit.ly/3j7K55n from
PacerMonitor.com.
About Evernest Holdings, LLC
Evernest Holdings, LLC owns real properties located in Miami-Dade
County, Florida.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18951) on November
21, 2022. In the petition signed by Eddrian Burciaga, manager, the
Debtor disclosed up to $50,000 in assets and up to $1 million in
liabilities.
Judge Robert A. Mark oversees the case.
Richard Siegmeister, Esq., at Richard Siegmeister, PA, is the
Debtor's legal counsel.
EVOKE PHARMA: Stipulation of Dismissal Filed in GIMOTI Patent Case
------------------------------------------------------------------
Evoke Pharma, Inc. announced that a joint stipulation of dismissal
has been filed in the GIMOTI (metoclopramide) patent infringement
case (Civil Action No. 1:22-cv-02019). The filing of the
stipulation arises from Teva Pharmaceuticals, Inc. and Teva
Pharmaceuticals USA, Inc.'s conversion from a Paragraph IV
certification to a Paragraph III certification. A paragraph III
Abbreviated New Drug Application (ANDA) is not eligible for
approval until the last expiration date of current and potential
future orange book listed patents for the reference listed drug in
conjunction with appropriate FDA reivew.
In addition, no future ANDA filer will be eligible to receive
180-day generic exclusivity for an ANDA that references GIMOTI.
This regulatory pathway is typically highly sought after by generic
firms.
About Evoke Pharma
Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.
Evoke Pharma reported a net loss of $8.54 million for the year
ended Dec. 31, 2021, compared to a net loss of $13.15 million for
the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company
had $13.41 million in total assets, $7.88 million in total
liabilities, and $5.53 million in total stockholders' equity. San
Diego, California-based BDO USA, LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 8, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations since inception.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.
FARADAY FUTURE: Appoints Tin Mok as Executive Director
------------------------------------------------------
Faraday Future (FFIE) announced that Mr. Tin Mok, global executive
vice president of Global User Ecosystem at Faraday Future, has been
appointed to FFIE's Board of Directors as an executive director
effective Jan. 25, 2023. On the same date, the Board also
appointed Mr. Tin Mok as a member of the Board's Finance and
Investment Committee.
On the same date, FFIE's Selection Committee, which was established
pursuant to the Heads of Agreement among FFIE, FF Top Holding LLC
and FF Global Partners LLC, approved Mr. Mok's nomination for
election to the Board at FFIE's 2023 annual meeting of stockholders
as one of FF Top's Designees. The company is in the process of
selecting a date for 2023 Annual Meeting, which it expects to
announce soon.
Mr. Mok is the global executive vice president of Faraday Future,
he is also a member of the board of managers of FF Global Partners,
as well as the member its Executive Committee. Mr. Mok oversees
the Global User Ecosystem team which includes the strategy
development and execution of FFIE's Brand & Marketing
Communications, O2O Sales and aftersales, User Operations as well
as the establishment of the Eco-O2O Direct Sales System. Mr. Mok
is a senior leader with over 15 years of executive experience in
the global consumer electronics, high-tech Internet industries and
intelligent electric vehicle industries and was a core executive
who participated in the early establishment of FF. Prior to that,
Mr. Mok served as the chief marking officer of the LeEco Holdings
and the CEO of LeEco Holdings Asia Pacific, where he successfully
helped LeEco Holdings develop the United States, Mainland China,
India, Hong Kong, China and the global markets including the
Asia-Pacific region. Mr. Mok also served as vice president of
Meizu Technology Co. Ltd, where he was responsible for the Chinese
local and global rollout and expansion of Meizu's smart products.
He has strong experience in global brand marketing, sales, and user
operations in the global consumer electronics, smart device, and
Internet industries. He led teams at LeEco and Meizu to achieve
stellar sales results, brand awareness, and global business
expansion. Mr. Mok succeeded in robust penetration of smartphone
and smart TV sales in India, Hong Kong, and China markets in a very
short period of time repeatedly.
Mr. Mok replaces Mr. Qing Ye on the Company's Board. Mr. Mok's
appointment is pursuant to the Amended Shareholder Agreement
between FFIE and FF Top, and follows the procedures set forth in
the Heads of Agreement, by and among FFIE, FF Top and FFGP, as
amended, for the nomination of directors for election to the Board
at the 2023 Annual Meeting. The Company would like to thank Mr.
Qing Ye for his outstanding contributions to the Company during his
tenure as a member of the Board of Directors. Pursuant to the
Amended Shareholder Agreement, FF Top currently has the right to
nominate for election to the Board four designees, subject to the
nomination procedures set forth in the Heads of Agreement. Mr. Mok
is the first director nominee approved by the Selection Committee.
Under the Heads of Agreement, the Board and the Nominating and
Corporate Governance Committee will recommend that stockholders
vote in favor of, and solicit proxies in favor, the nominees
approved by the Selection Committee at the 2023 Annual Meeting.
"We are excited and encouraged to have Mr. Mok join the Company's
Board of Directors at this critical time. Together with the other
members of the Board, he will provide the Company with strong
experience and leadership as we move full steam ahead towards the
launch of the FF 91 Futurist," said Mr. Adam He, Chairman of FFIE.
The Company expects to start production of a saleable FF 91
Futurist at the end of March 2023, with deliveries before the end
of April, subject to the timely availability of additional funding
and timely stockholder approval of an authorized share increase.
The Company continues to make progress with testing and validation
of the FF 91 Futurist through the Product and Technology Generation
2.0 program (PT Gen 2.0).
The Company also recently announced it has completed manufacturing
milestone #6, the completion of construction and equipment
installation in vehicle assembly areas. This marks six of the
seven manufacturing milestones (the 7th milestone being SOP) that
FF laid out late in 2021 to mark its manufacturing achievements
towards the start of production of the FF 91 Futurist.
About Faraday Future
Gardena, CA-based Faraday Future -- www.ff.com -- is a luxury
electric vehicle company. The Company has pioneered numerous
innovations relating to its products, technology, business model,
and user ecosystem since inception in 2014. Faraday Future aims to
perpetually improve the way people move by creating a
forward-thinking mobility ecosystem that integrates clean energy,
AI, the Internet.
Faraday Future reported a net loss of $516.50 million for the year
ended Dec. 31, 2021, compared to a net loss of $147.08 million for
the year ended Dec. 31, 2020.
Los Angeles, California-based PricewaterhouseCoopers LLP, the
Company's auditor since 2018, issued a "going concern"
qualification in its report dated May 13, 2022, citing that the
Company has suffered recurring losses from operations and has cash
outflows from operating activities that raise substantial doubt
about its ability to continue as a going concern.
FB DEBT: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of FB Debt Financing Guarantor, LLC and its affiliates.
The committee members are:
1. Brookfield Properties Retail, Inc.
Attn: Julie Minnick Bowden
350 N. Orleans St., Suite 300
Chicago, IL 60654
Phone: (312) 960-2707
Email: Julie.bowden@bpretail.com
2. Rapid Displays Inc.
Attn: Charles Fraas
33195 Lewis Ave.
Union City, CA 94587
Phone: (203) 403-6666
Email: Charles@gemspring.com
3. Sheencol'or USA
Attn: Elizabeth Forsyth
32 Gordon Rd.
Piscataway, NJ 08854
Phone: (201) 788-5444
Email: eforsyth@sheencolorusa.com
4. Shenzhen JOYO Cosmetics Co., Ltd.
a/k/a, Beautydom Cosmetics
Attn: Peter Jiang
Room 501, NO.279-6 DaBuTou Village
SongYuanXia Community
GUANLAN Street, LongHua District
Shenzhen, Guangdong Province
China
Email: peter@beautydom-cn.com
5. Simon Property Group, Inc.
Attn: Ronald Tucker, Esq.
225 West Washington Street
Indianapolis, IN 46204
Phone: (317) 263-2346
Email: rtucker@simon.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 FB Debt
FB Debt Financing Guarantor, LLC f/k/a Morphe Debt Financing
Guarantor, LLC together with their non-Debtor subsidiaries, are a
builder of beauty brands anchored in innovative and high-quality
products, marketing and operations. The Company's multi-branded and
multi-category portfolio includes Morphe, Morphe 2, Jaclyn
Cosmetics, and Born Dreamer. The Company's products are sold
through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025).
In the petition signed by Stephen Marotta as chief restructuring
officer, the Debtors disclosed $500 million to $1 billion in both
assets and liabilities.
The Debtors tapped Ropes & Gray, LLP as general bankruptcy counsel;
Bayard, P.A. as Delaware counsel; Configure Partners, LLC as
investment banker; and Ankura Consulting Group, LLC as
restructuring advisor. Kroll, LLC is the Debtor's notice and
claims agent.
FERTITTA ENTERTAINMENT: Moody's Alters Outlook on B3 CFR to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Fertitta Entertainment, LLC's B3
corporate family rating and B3-PD probability of default rating. In
addition, Moody's affirmed the company's B2 senior secured bank
credit facility rating, B2 senior secured notes rating and Caa2
senior unsecured notes rating. The outlook was changed to stable
from positive.
The affirmation of the B3 CFR rating reflects Fertitta
Entertainment's high leverage despite good revenue generation from
its restaurants and casinos driven in part by high commodity costs
and a labor structure that is expected to remain stubbornly high
and prevent meaningful margin expansion. For the LTM period ending
September 30, 2022, debt to EBITDA was about 6.7x.
The change in outlook to stable reflects Moody's view that the high
inflationary environment and challenging labor market will continue
to pressure operating profitability for high-end dining and casino
operators, creating uncertainty that Fertitta Entertainment will be
able to meaningfully improve credit metrics over the near term
through earnings growth alone. The outlook also reflects the
expectation that leverage will modestly improve from current levels
but remain very high, and that the company will maintain its very
good liquidity position.
Affirmations:
Issuer: Fertitta Entertainment, LLC
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Backed Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)
Senior Secured Regular Bond/Debenture, Affirmed B2 (LGD3)
Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD5)
Outlook Actions:
Issuer: Fertitta Entertainment, LLC
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
Fertitta Entertainment's credit profile is constrained by its high
leverage and history of debt-financed acquisitions and shareholder
returns related to its private ownership. For the LTM period ending
September 30, 2022, debt to EBITDA was high at about 6.7x but
Moody's forecast leverage improving to below 6.5x over the next 12
to 18 months. Credit metric improvement is expected through
modestly positive same-store sales and earnings contributions from
recent acquisitions, as well as the expectation for moderating
commodity costs into 2023. However, Moody's expect labor pressures
will remain stubbornly high due to both high wages and a tight
labor market. The specter of continually high labor and commodity
inflation presents the single highest risk to improving restaurant
and casino operator earnings, as well as the impact of the
inflationary environment on consumers' ability to dine out.
Fertitta Entertainment benefits from its material scale, the brand
value of its various restaurant and gaming properties, good
geographic diversification and very good liquidity.
Fertitta Entertainment's private ownership is a rating constraint
given the potential implications from both a capital structure and
operating perspective. Financial strategies are always a key
concern of privately-owned companies with regards to the potential
for higher leverage, extractions of cash flow via dividends, or
more aggressive growth strategies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could result an upgrade include a more moderate
financial policy with regards to acquisitions and shareholder
returns as well as a sustained improvement in operating
performance, liquidity and credit metrics. Specifically an upgrade
would require debt to EBITDA sustained below 5.5 times and EBIT to
interest sustained above 1.75 times. A higher rating would also
require very good liquidity.
Ratings could be downgraded in the event that overall top line
performance weakens or continued cost pressures result in further
earnings detioration. Specifically, ratings could be downgraded if
debt to EBITDA was sustained above 6.5 times or EBIT to interest
were sustained around 1.25 times. A deterioration in liquidity for
any reason could also negatively affect the ratings or outlook.
Fertitta Entertainment, LLC owns and operates the Golden Nugget
hotel, casino and entertainment resorts in downtown Las Vegas and
Laughlin Nevada, Lake Charles Louisiana, Biloxi Mississippi,
Atlantic City New Jersey and Criple Creek Colorado. The company
also owns and operates approximately 475 (full-service) mostly
upscale and casual dining restaurants under the trade names
Mastro's Restaurants, Catch, Del Frisco's, Morton's Steakhouse,
Landry's Seafood House, The Palm, Chart House, Saltgrass Steak
House, Rainforest Cafe, Cadillac Ranch, Houlihan's, Bubba Gump
Shrimp Co., McCormick & Schmicks Seafood, Dos Caminos, Bill's Bar &
Burger, Joe's Crab Shack and Brick House Tavern + Tap, as well as
restaurants from RUI. Golden Nugget, LLC is wholly owned indirectly
by Fertitta Entertainment, LLC. which is wholly owned by Tilman J.
Fertitta. Revenues were approximately $4 billion for the twelve
months ended September 30, 2022.
The principal methodology used in these ratings was Restaurants
published in August 2021.
FINGERLAKES HOSPITALITY: Taps Magnolia Willow as Strategic Advisor
------------------------------------------------------------------
Fingerlakes Hospitality Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of New York to employ
Magnolia Willow, LLC as strategic advisor.
The firm will provide these services:
(a) strategic support and advisory for business partnerships
and stakeholder relationships;
(b) strategic support for capital raise and/or acquisition;
and
(c) advisory related to pathway for capital raise, acquisition
or values-aligned management partnership opportunities.
The firm will also provide the following services, at the Debtor's
reasonable request:
(a) familiarize itself with the business, agreements,
operations, properties, technical build, financial condition,
financial projections, business plan and prospects of the Debtor;
(b) provide strategic advisory recommendations with respect to
structure, access to capital, impact and mission, stakeholder
partnerships, and business development;
(c) provide the Debtor with regularly scheduled and ad hoc
internal strategic support;
(d) introduce the Debtor to relevant stakeholders to further
its goals, as may be appropriate;
(e) support the Debtor in stakeholder discussions, as may be
appropriate; and
(f) perform such other strategic business development and
related advisory services.
The firm will receive a strategic advisory fee of $10,000 monthly
from the Debtor.
Additional hours outside the monthly retainer shall be by mutual
agreement, pre-approved, and billed at a rate of $425 per hour.
Lori Katz, a strategic advisor at Magnolia Willow, 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:
Lori Katz
Magnolia Willow, LLC
P.O. Box 5047
East Hampton, NY 11937
Telephone: (646) 701 3670
About Fingerlakes Hospitality Group
Fingerlakes Hospitality Group, LLC, filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case No.
22-30294) on May 13, 2022, with as much as $1 million in both
assets and liabilities. Paul Arthur Levine serves as Subchapter V
trustee.
Judge Wendy A. Kinsella oversees the case.
The Debtor tapped Peter A. Orville, Esq., at Orville & McDonald
Law, PC as counsel and Lori Katz at Magnolia Willow, LLC as
strategic advisor.
FJC MANAGEMENT: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
FJC Management Inc. asks the U.S. Bankruptcy Court for the Northern
District of California, Oakland Division, for authority to use cash
collateral and provide adequate protection.
The Debtor seeks to use cash collateral that is subject to a duly
perfected lien in favor of the U.S. Small Business Administration,
on an interim basis, pending a final hearing to pay ordinary and
necessary expenses in accordance with the interim budget, with a
20% variance, from January 25 through April 25, 2023.
In 2020, the Debtor's business fell victim to the global COVID-19
pandemic. The Debtor suffered significant revenue losses, supply
chain disruptions and inflationary pressures. The Debtor attempted
a number of cost saving measures, including, but not limited to,
the modification and renegotiation of lease terms for all its
locations.
The landlord for the San Ramon location, however, refused to
provide any relief from the rent obligations during the COVID-19
pandemic on a pre-petition basis and commenced litigation against
the Debtor in California state court. This has added significant
financial strain on to Debtor, especially as the San Ramon landlord
obtained a pre-judgement attachment order.
As a result of the store's reduced revenue and pressures from the
San Ramon landlord, the Debtor ceased its operation of the San
Ramon location over a year ago.
Since, the Debtor has engaged in good faith negotiations to settle
rent arrears with the San Ramon landlord. The Debtor has extended
realistic and reasonable offers, but the San Ramon landlord has
refused to settle thereby necessitating the Debtor's bankruptcy
filing. The Debtor continues to face the results of COVID and its
aftermath. The restaurant count has shrunk, and because of the
continuing pressures from the San Ramon location, thus requires the
protections afforded under Bankruptcy Code, Chapter 11, Subchapter
V.
On August 26, 2021, in an effort to stabilize its business, the
Debtor obtained a EIDL Loan from the SBA.
Under the terms of the Loan Agreement, the Debtor received a loan
in the aggregate principal Loan Amount of $500,000, at an interest
rate of 3.75% per annum. The Debtor's monthly obligation of $2,501
commenced 24 months from August 26, 2021. The balance of principal
become payable thirty years from the date of the Loan Agreement.
The SBA Loan is secured by a blanket pledge of all of the Debtor's
assets.
As adequate protection, the SBA will be granted a replacement lien
against the Debtor's personal property assets and the proceeds
thereof, to the same extent, priority and validity as the lien held
by the SBA as of the Petition Date, and subject to the same
defenses and avoidance actions as those applicable to the SBA's
lien as of the Petition Date.
Any diminution in the value of the SBA's collateral pursuant to the
subject SBA loan over the life of the bankruptcy case will entitle
the SBA to a super-priority claim pursuant to 11 U.S.C. sections
503(b), 507(a)(2) and 507(b).
The Debtor proposes to make monthly adequate protection payments to
the SBA in the amount of $2,501 which is the amount of the payment
required under the SBA Loan.
A copy of the motion is available at https://bit.ly/3j1HtWN from
PacerMonitor.com.
About FJC Management Inc.
FJC Management Inc. operates fast casual restaurants in California
known as "Buffalo Wild Wings" franchises. The Debtor's principal
business office is located at 2150 Portola Avenue, Livermore,
California. The Debtor operates four "Buffalo Wild Wings"
restaurant locations in Livermore, California, Dublin, California,
Fairfield, California, and Vacaville, California. Debtor previously
operated a restaurant location in San Ramon, California.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40085) on January 25,
2023. In the petition signed by Pravesh Chopra, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Evelina Gentry, Esq., at Akerman LLP, represents the Debtor as
legal counsel.
GENESIS GLOBAL: Crypto Lenders Sue Parent Company for Fraud
-----------------------------------------------------------
Martina Barash of Bloomberg Law reports that the cryptocurrency
owners who loaned digital assets to Genesis Global Capital Inc. to
earn interest have turned to the courts after Genesis' recent
bankruptcy filing, suing parent company Digital Currency Group Inc.
on behalf of a proposed class.
DCG and its founder and CEO, Barry Silbert, violated securities
laws by executing the lending agreements without registering them
as securities and by misleading the token lenders, William McGreevy
and other lenders say. They filed the complaint Monday, Jan. 24,
2023, in the US District Court for the District of Connecticut.
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat
currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP.
On Jan. 19, 2023, Genesis Global Holdco, LLC, GGC and GAP each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y). The cases are
pending before the Honorable Sean H. Lane, and the Debtors have
requested joint administration of the cases under Case No.
23-10063.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include,
without limitation, Genesis UK Holdco Limited, Genesis Global
Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda
Holdco Limited, Genesis Custody Limited ("GCL"), GGC International
Limited ("GGCI"), GGA International Limited, Genesis Global Markets
Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as counsel;
Alvarez & Marsal Holdings, LLC, as financial advisor; and Moelis &
Company LLC as investment banker. Kroll Restructuring
Administration is the claims agent.
GIBSON BRANDS: Moody's Cuts CFR to B3, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded Gibson Brands, Inc.'s
Corporate Family Rating to B3 from B2 and Probability of Default
Rating to B3-PD from B2-PD. Moody's also downgraded the rating on
Gibson's senior secured term loan due August 2028 to Caa1 from B2.
The outlook is negative.
The rating downgrades reflect Moody's view that financial metrics
will continue to weaken as softening consumer demand, excess
inventory in retail channels that is likely to depress new orders,
and rising interest rates will lead to weak free cash flow and
higher leverage over the next year. These factors along with
foreign currency headwinds will likely reduce operating margin over
the next 12 months. Gibson's sales continue to show resiliency amid
currency challenges, growing low single digit over the last twelve
months ending September 30, 2022. However, Moody's forecasts fiscal
2024 (ending March 2024) performance to be weaker than previously
anticipated. Financial leverage is expected to increase to 7x
debt-to-EBITDA in fiscal 2024, increasing from an elevated 5.7x as
of the last twelve months ending September 30, 2022 driven by
higher raw material costs, rising wage expenses and elevated
freight. Inflationary pressures will persist over the next 12
months, creating a challenging operating environment. Demand for
entry level guitars priced below $500 has been softening over the
past several quarters, but Moody's believes a slowing economy is
starting to soften demand for mid-priced guitars under $1,000.
Gibson's adequate liquidity is supported by availability on its
recently upsized $75 million asset-based lending ("ABL") revolving
facility expiring December 2025 (unrated) and Moody's expectation
for a return to positive free cash flow generation in fiscal year
2024, as working capital optimization and inventory monetization
yields benefits. Moody's forecasts positive free cash flow of about
$10 million in fiscal year 2024, which is anticipated to be used to
repay the outstanding balance on the ABL facility. However, the
potential for lower earnings and higher borrowing costs creates
some downside to the free cash flow forecast and Gibson is likely
to have some revolver borrowings over the next year. Gibson has a
modest senior secured term loan amortization of $3 million annually
and a good maturity profile with the ABL expiring in December 2025
and the senior secured term loan maturing in August 2028.
The downgrade of the senior secured term loan to Caa1 from B2
reflects the CFR downgrade as well as the increased size and
expected utilization of the ABL revolving facility. Utilization of
the upsized ABL weakens recovery prospects for the senior secured
term loan in the event of a default. The senior secured term loan
has a first priority lien on substantially all assets, other than
the ABL priority collateral on which the senior secured first lien
term loan has a second priority lien. The ABL has a first lien on
cash and cash equivalents, accounts receivable and inventory and a
second lien on other assets.
Downgrades:
Issuer: Gibson Brands, Inc.
Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Senior Secured First Lien Term Loan, Downgraded to Caa1 (LGD4)
from B2 (LGD4)
Outlook Actions:
Issuer: Gibson Brands, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Gibson's B3 CFR reflects strong brand awareness and reputation for
quality guitars, product innovation, geographic diversification,
and omni channel distribution network. The credit profile is
constrained by the discretionary nature of musical instruments
whose demand is highly sensitive to consumer spending, inflationary
pressures, and economic slowdowns. High leverage, small scale with
annual revenue of about $400 million, narrow product portfolio and
customer concentration also elevate credit risk. Leverage is high
with debt-to-EBITDA for the latest twelve months ending September
30, 2022, of 5.7x on a Moody's adjusted basis. Moody's expects
debt-to-EBITDA leverage to increase to 7x over the next 12 months,
as Gibson's profitability will remain constrained amid currency
pressures.
Gibson recently completed the expansion of an owned production
facility in China, which Moody's views as favorable, as it will
enable the company better control of costs, and more flexibility on
lead times, compared to other products sourced from Asian
partners.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects Moody's expectations for financial
leverage to remain high over the next 12 months. Softening consumer
demand and persistent inflationary pressures create uncertainty
around Gibson's ability to quickly reverse deterioration in
profitability, restore positive free cash flow and improve credit
metrics.
The ratings could be upgraded if the company demonstrates the
ability to generate consistent and comfortably positive free cash
flow, maintain good liquidity, and sustain debt-to-EBITDA leverage
below 6x. An upgrade would also require a high degree of confidence
that consumer demand for Gibson's musical instrument products will
improve and stabilize.
The ratings could be downgraded if earnings decline further, if
liquidity deteriorates such as through increased revolver
utilization, or free cash flow does not improve. A more aggressive
financial policy could also lead to a downgrade.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
Gibson Brands, Inc. (founded in 1894 and headquartered in
Nashville, TN) is a leading manufacturer of premium guitars,
amplifiers, pro audio equipment and related music products. The
company's branded portfolio consists of Gibson (about 60% of
sales), Epiphone (-22%), KRK (-6%) and others (Mesa/Boogie and
Kramer). Gibson is well diversified across retail distribution
channels, including a growing direct-to-consumer segment.
Approximately 50% of sales are derived from North American markets,
while the rest is diversified between Europe and APAC. Private
equity sponsor, KKR, acquired a majority stake in the company in
2018 as part of the company's emergence from bankruptcy. The
company generated revenue of approximately $430 million in the LTM
period ending September 30, 2022.
GIGAMONSTER NETWORKS: Taps Pachulski Stang Ziehl & Jones as Counsel
-------------------------------------------------------------------
GigaMonster Networks, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Pachulski Stang Ziehl & Jones LLP as their legal counsel.
The firm will render these services:
(a) advise the Debtors with respect to their powers and duties
in the continued operation of their business and management of
their property;
(b) prepare legal papers;
(c) file documents and coordinate with the Debtors' claims
agent for service of documents;
(d) prepare agenda letters, certificates of no objection,
certifications of counsel, and notices of fee applications and
hearings;
(e) prepare hearing binders of documents and pleadings, and
print of documents and pleadings for hearings;
(f) appear in court and at any meeting of creditors on behalf
of the Debtors;
(g) monitor the docket for filings and prepare for pending
matters that need responses;
(h) prepare and maintain critical dates memoranda to monitor
pending applications, motions, hearing dates, and other matters,
and the deadlines associated with same; and
(i) perform other legal services for the Debtors that may be
necessary and proper in these proceedings.
The hourly rates of the firm's counsel and staff are as follows:
Partners $995 - $1,995
Of Counsel $875 - $1,525
Associates $725 - $895
Paraprofessionals $495 - $545
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer in the
amount of $850,000 from the Debtors in connection with its
prepetition services.
In response to the request for additional information set forth in
Paragraph D.1 of the Fee Guidelines, Pachulski provided the
following information:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments or
discounts offered during the 12 months prepetition. If your billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Response: PSZ&J represented the client during the 12-month period
prepetition. The material financial terms for the prepetition
engagement remained the same as the engagement was hourly-based,
subject to economic adjustment. The billing rates and material
financial terms for the post-petition period remain the same as the
prepetition period subject to an annual economic adjustment. The
standard hourly rates of PSZ&J are subject to periodic adjustment
in accordance with the firm's practice.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The Debtors and PSZ&J expect to develop a prospective
budget and staffing plan to comply with the U.S. Trustee's requests
for information and additional disclosures, recognizing that in the
course of these large Chapter 11 cases, there may be unforeseeable
fees and expenses that will need to be addressed by the Debtors and
PSZ&J.
Laura Davis Jones, Esq., a partner at Pachulski Stang Ziehl &
Jones, 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:
Laura Davis Jones, Esq.
Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
Email: ljones@pszjlaw.com
About GigaMonster Networks
GigaMonster Networks, LLC and affiliates develop and deploy
universal access networks (UANs) 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 Jan. 16,
2023. In the petition signed by its chief restructuring officer,
Rian Branning, GigaMonster Networks 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.
GOLDEN KEY: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------
Golden Key Group, LLC asks the U.S. Bankruptcy Court for the
District of Maryland, Greenbelt Division, for authority to use cash
collateral and provide adequate protection.
The Debtor requires the use of cash collateral to meet its ordinary
and necessary expenses.
To protect the inherent value of the business, the Debtor has been
proactive in developing strategies to maintain its market position
while reassessing its business size and structure. Consistent with
this strategy, the Debtor is seeking to reorganize its affairs
through the bankruptcy process to maintain and ultimately increase
its enterprise value.
In November 2020, Communication Technologies, Inc. filed a
complaint against the Debtor in the Circuit Court of Fairfax
County, Maryland. The Circuit Court Action alleges, among other
things, that the Debtor breached its contract with COMTek.
Following a trial in September 2022, the jury rendered its verdict
in favor of COMTek and against the Debtor, and the Circuit Court
entered a judgment against the Debtor in the amount of $8.8 million
on September 14, 2022.
The Debtor's bankruptcy filing was precipitated by the entry of the
Judgment and impending garnishment actions by COMTek.
The Debtor's principal secured creditor is Associated Receivables
Funding, Inc. On May 24, 2007, AR Funding made a loan to the Debtor
to obtain operating funds by selling and assigning its receivables.
The AR Funding contract was amended in August 2009, December 2010,
September 2013, April 2019, and January 2020. AR Funding asserts a
lien on all of the Debtor's receivables, contract rights, and
general intangibles, related to accounts, including cash
collateral. AR Funding has filed UCC Financing Statements in
Delaware, Maryland and Virginia perfecting its lien.
The Debtor's other asserted secured creditor is Libertas Funding,
LLC. On May 31, 2022, Libertas made a loan to the Debtor to obtain
operating funds by selling and assigning its receivables. Libertas
asserts a lien on all "Future Receipts" defined in the contract as
"a specified amount of future payments your customer make for your
goods and services," including cash collateral. The status of
Libertas' perfection of a lien has not yet been verified.
The Debtor asserts that to the extent that AR Funding and Libertas
are fully secured creditors, they will be entitled to adequate
protection. As adequate protection: the Debtor proposes to:
(a) file its monthly operating reports in a timely manner
setting forth its income, expenditures and use of cash collateral
in compliance with the Budget;
(b) keep its assets in good working order, maintenance and
repair; and
(c) request that the Court grant AR Funding and Libertas
replacement liens on the same assets on which it held prepetition
liens and all products and proceeds thereof in the Interim Period.
A copy of the motion is available at https://bit.ly/4092fEn from
PacerMonitor.com.
About Golden Key Group, LLC
Golden Key Group, LLC is a professional services firm dedicated to
helping federal and commercial clients solve today's strategic,
organizational and operational challenges while addressing their
future needs. Founded in 2002, Golden Key Group's solution
offerings include Human Capital Management Support, Human Resources
Operations, Employee Training and Leadership Development,
Professional Consulting Services, Program Management Office,
Acquisition and Category Management, Analytics and Information
Technology, Executive Search Services, and Select Solutions.
The Debtor sought protection under U.S. Bankruptcy Code (Bankr. D.
Md. Case No. 23-10414) on January 20, 2023. In the petition signed
by Gretchen McCracken as CEO and managing member, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.
Paul Sweeney, Esq., at Yumkas, Vidmar, Sweeney and Mulrenin, LLC,
represents the Debtor as legal counsel.
GOTO GROUP: $2.25B Bank Debt Trades at 46% Discount
---------------------------------------------------
Participations in a syndicated loan under which GoTo Group Inc is a
borrower were trading in the secondary market around 53.9
cents-on-the-dollar during the week ended Friday, January 27, 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.
The Company's country of domicile is the United State 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.
GUARDION HEALTH: Regains Compliance With Nasdaq Listing Rule
------------------------------------------------------------
Guardion Health Sciences, Inc. announced it has received
confirmation from The Nasdaq Stock Market LLC that it has regained
compliance with the minimum bid price requirement of $1.00 per
share under Nasdaq Listing Rule 5550(a)(2) and currently meets all
other applicable criteria for continued listing.
On Jan. 25, 2022, Nasdaq notified Guardion that its common stock
failed to maintain a minimum bid price of $1.00 over the previous
30 consecutive trading days as required by the Listing Rules of
Nasdaq. Subsequently, by letter dated Jan. 24, 2023, Nasdaq has
determined that from Jan. 9, 2023 through Jan. 23, 2023, the
closing bid price of Guardion's common stock has been $1.00 per
share or greater, and the Company has therefore regained compliance
with Listing Rule 5550(a)(2), and this matter is now closed.
About Guardion Health Sciences
Headquartered in San Diego, California, Guardion Health Sciences,
Inc. -- http://www.guardionhealth.com-- is a specialty health
sciences company that develops clinically supported nutrition,
medical foods and medical devices, with a focus in the ocular
health marketplace. Located in San Diego, California, the Company
combines targeted nutrition with innovative, evidence-based
diagnostic technology.
Guardion Health reported a net loss of $24.75 million for the year
ended Dec. 31, 2021, a net loss of $8.57 million for the year ended
Dec. 31, 2020, a net loss of $10.88 million for the year ended Dec.
31, 2019, and a net loss of $7.77 million for the year ended Dec.
31, 2018. As of Sept. 30, 2022, the Company had $28.23 million in
total assets, $1.73 million in total liabilities, and $26.49
million in total stockholders' equity.
HASTINGS AND HOLLOWELL: $6.1M Sale of 10-Acre Asset to Patel OK'd
-----------------------------------------------------------------
Judge David M. Warren of the U.S. Bankruptcy Court for the Eastern
District of North Carolina entered a Final Order authorizing
Hastings and Hollowell, Inc.'s sale of property consisting of
approximately 10 acres with an attached commercial building located
at 102 Caratoke Highway, in Moyock, North Carolina, and 4732
Battlefield Boulevard, in Chesapeake, Virginia, to Bhavin Patel for
$6,086,111, subject to the Amended Asset Purchase Agreement.
The auction was conducted between 10:00 a.m., Dec. 7, 2022, and
2:00 p.m., Dec. 8, 2022. Mr. Patel was declared the highest and
best bidder and named as the Successful Bidder. He has or will
assign his successful bid and rights under the Amended Asset
Purchase Agreement to LAP Royal Realty, LLC. Seven Diamonds, LLC
has been declared the Back-Up Bidder in the bid amount of
$5,675,000, subject to an Amended Asset Purchase Agreement dated
Dec. 16, 2022.
The sale is free and clear of liens, claims, encumbrances, or other
interests of any kind or nature whatsoever in accordance with the
terms of the Debtor's confirmed Plan and the Sales Procedure
Order.
At the Closing of the sale of the Property to Successful Bidder,
following the payment of normal and customary closing costs to be
paid by the Debtor as provided in the Asset Purchase Agreement,
including but not limited to payment to Tranzon Fox as broker and
marketer for the Debtor, in the amount of $244,944.44 as commission
and $0 as reimbursement of marketing expenses, the remaining
proceeds will be disbursed by the closing attorney to the trust
account of Ayers & Haidt, P.A., for further disbursement in
accordance with prior Orders of this Court and the confirmed Plan.
Upon receipt of the net sales proceeds the Debtor is authorized to
disburse the sum of $60,001.67 as the authorized Break Up Fee to
Seven Diamonds, the Stalking Horse Bidder, pursuant to that Asset
Purchase Agreement by and between the Debtor and the Stalking Horse
Bidder, dated Nov. 30, 2022.
No stay will apply to the effectiveness of this Order upon entry.
Rather, the 14-day stay of the Order provided under Fed. R. Bankr.
P. 6004(h), and any other rule, is expressly waived for all
purposes, and the parties to the Asset Purchase Agreement are
authorized to promptly close and consummate the sale of the
Property on the Closing Date as set forth in the Amended Asset
Purchase Agreement and pursuant to the terms and conditions thereof
upon the entry of the Order.
About Hastings and Hollowell
Hastings and Hollowell, Inc. is a Moyock, North Carolina-based
single asset real estate corporation engaged in the business of
leasing its real property.
Hastings and Hollowell filed a Chapter 11 petition (Bankr. E.D.
N.C. Case No. 21-00806) on April 8, 2021. At the time of the
filing, the Debtor had between $1 million and $10 million in both
assets and liabilities. Judge David M. Warren presides over the
case. The Law Offices of Oliver & PLLC, led by Clayton W. Cheek,
Esq., and Tadlock & Associates, Inc. serve as the Debtor's legal
counsel and accountant, respectively.
HERITAGE POWER: Files for Chapter 11 With Plan Deal
---------------------------------------------------
Heritage Power LLC and its affiliates recently filed for chapter 11
protection in the Southern District of Texas with a debt-for-equity
plan negotiated with stakeholders, though the Debtors specifically
stated that a sale will be an option if the plan fails.
The Debtors are a power company with a focus on power generation
activities in Pennsylvania, New Jersey and Ohio. The Debtors own
or operate sixteen power generation assets with 13 in Pennsylvania,
two in New Jersey and one in Ohio.
Certain of the Debtors' corporate affiliates were involved in the
Chapter 11 bankruptcy cases, styled and captioned, In re GenOn
Energy, Inc., et al., Case No. 17-33695-DRJ. GenOn Energy, Inc.
and certain affiliates (the "GenOn Debtors") and NRG REMA LLC and
certain affiliates (the "REMA Debtors" and together with the GenOn
Debtors, the "Former Debtors") filed bankruptcy petitions for
relief on June 14, 2017 and Oct. 16, 2018, respectively, and they
emerged from bankruptcy on Dec. 14, 2018.
Following the Former Debtors' emergence from bankruptcy, the
Debtors were formed to separately own and operate the power
generation assets in Pennsylvania, New Jersey and Ohio. All of the
Debtors other than Heritage, Heritage Power Marketing, LLC ("HPM")
and Heritage Power Intermediate Holdings, LLC ("Intermediate") are
either the current successors to or the current owners or operators
of certain power generation assets previously owned or operated by
certain of the Former Debtors.
As of the Petition Date, the Debtors have $686 million in aggregate
debt obligations:
* $485 million outstanding under a Prepetition Term Loan
Facility that matures July 2026;
* $43 million outstanding under a Prepetition Revolving Loan
Facility that matures July 2024;
* $46 million outstanding under Prepetition Project L/Cs due
July 2023; aand
* $112 million in Potential Hedging Liabilities.
Back in Chapter 11
According to court filings, the recent chapter 11 filings by the
Debtors have been prompted by decreasing capacity prices,
substantial payment obligations under the Debtors' Shawville heat
rate call option (the "Shawville HRCO"), increased maintenance
costs, and other significant contractual obligations resulting in a
debt load that can no longer be serviced by the diminished
forecasted cash flows from the Debtors' business. Absent a
deleveraging of the Debtors' capital structure, the Debtors will
soon have insufficient cash flow to fund their debt and contractual
obligations while funding ordinary course operations.
In anticipation of these looming liquidity issues, the Debtors
engaged with GenOn Holdings, LLC, and a group of consenting
creditors in negotiations that culminated in the execution of a
Restructuring Support Agreement ("RSA"). Specifically, the Debtors
intend to deleverage their balance sheet through a debt-for-equity
swap of substantially all of their first lien secured debt and
rejection of burdensome contracts.
As a result of the headwinds facing the Debtors' business, in 2022,
the Debtors took steps to preserve their liquidity while evaluating
options to address potential future financial difficulties. In the
early fall of 2022, the Debtors began exploring strategic
alternatives to resolve their ongoing balance sheet and liquidity
issues and to address their anticipated future strains on cash flow
and upcoming maturities on certain debt. Following months of
productive discussions, coordination on due diligence efforts and
arm's length, good faith negotiations between the parties, the
Debtors, GenOn, and an ad hoc committee of Lenders (the "Ad Hoc
Committee") holding approximately [80]% of the outstanding
prepetition term loans reached an agreement regarding the Debtors'
restructuring, which was memorialized in the RSA.
Overview of Proposed Restructuring
The RSA contemplates a comprehensive and consensual restructuring
transaction that will be implemented through a plan of
reorganization, resulting in a substantial deleveraging while
maximizing stakeholder recoveries. Under the RSA, the Plan will
provide:
-- holders of the First Lien Claims will receive their pro rata
share of: (i) the equity of the reorganized Debtors, subject to
dilution on account of New Equity Interests to be issued for
participation in the Exit Facility, any backstop compensation
associated with the Exit Facility, and any management incentive
plan; (ii) the rights to participate in the funding of the Exit
Facility; and (iii) any Takeback Debt.
-- Any other secured or priority claims will be paid in full or
otherwise rendered unimpaired.
-- Unsecured claims that qualify as Convenience Claims will be
paid in the ordinary course of business, while other unsecured
claims will receive a pro rata share of a cash pool in the
aggregate amount of $1 million.
The Consenting Creditors under the RSA will backstop an Exit
Facility, which will be used to (i) fund certain amounts payable to
GenOn under the RSA, (ii) make distributions to holders that elect
the Cash-Out Option, (iii) if elected by the Requisite Consenting
Lenders, fund the Litigation Trust, (iv) pay Restructuring
Expenses, (v) meet working capital and general corporate needs.
The New Castle HRCO will remain in place consistent with the
Debtors’ intent to continue performing under the Energy Manager
Agreements and the Debtors will obtain a refinancing or extension
of letters of credit.
Further, GenOn will provide the Shared Services and the Transition
Services in accordance with the terms of the TSA.
Sale Still an Option
According to the Debtors, if the plan process is not successful,
the Debtors will instead pursue a sale of all or substantially all
of their assets in accordance with bidding procedures to be filed
with the Court. Pursuant to the RSA, the holders of First Lien
Claims have agreed to establish a vehicle to act as a stalking
horse bidder in any such sale process via the submission of a
credit bid.
In either a plan or sale scenario, the transactions contemplated by
the RSA will deleverage the Debtors' balance sheet by approximately
$610 million (less the size of the Exit Facility and any Takeback
Debt) and eliminate the Debtors' future obligations under the
Burdensome Contracts through rejection. Importantly, the RSA
provides for the Plants to remain operational and the
approximately 89 employees who work at the Plants to keep their
jobs.
Implementation of the transactions contemplated by the RSA will
position the Debtors for long-term success, preserve the continued
generation of power from the Plants, and ensure that the Debtors'
vendors have a financially sound go-forward business partner. After
an extensive review process, the Debtors have determined that the
path forward outlined by the RSA and Plan is the most viable means
to maximize value and recoveries for all stakeholders.
About Heritage Power
Heritage Power, LLC, et al., are a power company with a focus on
power generation activities in Pennsylvania, New Jersey and
Ohio. They own or operate sixteen power generation assets with
13 in Pennsylvania, two in New Jersey and one in Ohio.
Heritage Power LLC and 18 affiliates filed petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90032) on Jan. 25, 2023.
In the petition filed by Mark Allen, as manager, Heritage Power
reported assets between $50 million and $100 million and
liabilities between $500 million and $1 billion. The petition
states that funds will be available to unsecured creditors.
The Hon. Christopher M. Lopez is the case judge.
The Debtors tapped HAYNES AND BOONE, LLP, as counsel; and ALVAREZ &
MARSAL NORTH AMERICA, LLC, as financial advisor. EPIQ CORPORATE
RESTRUCTURING, LLC, is the claims agent.
HERITAGE POWER: Moody's Cuts Secured Loans to 'C' on Bankr. Filing
------------------------------------------------------------------
Moody's Investors Service has downgraded Heritage Power, LLC's
senior secured credit facilities to C from Caa2. The outlook also
has been changed to stable from negative. These actions follow the
company's announcement that it has filed for protection under
Chapter 11 of the US Bankruptcy Code.
Heritage's senior secured debt consists of its senior secured term
loan due 2026, senior secured revolving credit facility due 2024,
and senior secured letter of credit facility due 2023.
Downgrades:
Issuer: Heritage Power, LLC
Backed Senior Secured Bank Credit Facility, Downgraded to C from
Caa2
Outlook Actions:
Issuer: Heritage Power, LLC
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
On January 24, 2023, Heritage announced that it had initiated
Chapter 11 bankruptcy proceedings in the US Bankruptcy Court for
the Southern District of Texas. Declining capacity prices in the
PJM market, unfavorable hedges, and higher than expected operating
and capital expenditure costs resulted in an unsustainable capital
structure for Heritage. Accordingly, Heritage's proposed
restructuring plan incorporates equitizing secured claims against
Heritage and the rejection of burdensome contracts. The downgrade
to C from Caa2 reflects both Heritage's bankruptcy and Moody's
expectations for low recovery prospects on the senior secured
debt.
Subsequent to the actions, Moody's will withdraw all of its ratings
and outlook for Heritage given the company's bankruptcy filing.
Heritage owns a 2,389 MW portfolio of 16 gas or oil-fired power
plants located in New Jersey, Ohio, and Pennsylvania. The company
is an indirectly, wholly owned subsidiary of GenOn.
The principal methodology used in these ratings was Power
Generation Projects Methodology published in January 2022.
IBIO INC: Board Appoints Interim CEO, CFO
-----------------------------------------
The Board of Directors of iBio, Inc. has appointed Dr. Martin
Brenner to the position of interim chief executive officer,
effective on Jan. 20, 2023, and Mr. Felipe Duran, to the position
of interim chief financial officer, effective as of Feb. 13, 2023.
The Company is continuing its search for a successor chief
executive officer and as such, Dr. Brenner's position of interim
chief executive officer will end when the Company appoints a
successor.
Dr. Brenner, age 52, has served as the Company's chief scientific
officer since Jan. 18, 2021. Dr. Brenner has a strong history of
success heading drug discovery and development teams at several of
the world's leading pharmaceutical companies, including
AstraZeneca, Eli Lilly and Company, Pfizer Inc., and Merck Research
Laboratories. Most recently, Dr. Brenner served as senior vice
president, chief scientific officer of Pfenex Inc. from March 2019
until its acquisition by Ligand Pharmaceuticals Incorporated in
October 2020. From 2017 to 2018, Dr. Brenner served as chief
scientific officer at Recursion Pharmaceuticals, Inc., a
biotechnology company. From 2016 to 2017, Dr. Brenner served as
vice president and Head of Research and Early Development at Stoke
Therapeutics, Inc., a biotechnology company. From 2013 to 2016,
Dr. Brenner served as executive director, Diabetes & NASH, and
Chair of Diabetes & NASH Early Discovery Unit at Merck Research
Lab. From 2012 to 2013, Dr. Brenner served as senior director,
Head of Bioscience, CVMD at AstraZeneca. From 2009 to 2012, Dr.
Brenner served as an Associate Research Fellow for the Diabetes
Prevention and Remission Group at Pfizer. From 2003 to 2009, Dr.
Brenner served as Senior Research Scientist for the Diabetes Drug
Hunting Team at Lilly. Dr. Brenner holds a Ph.D. in Pharmacology
from the Veterinary School of Hannover in Hannover, Germany a DVM
from Veterinary School of Ludwig-Maximilians-University in Munich,
Germany.
Mr. Duran, age 43, has served as the Company's vice president of
Financial Planning and Analysis (FP&A) since April 2021.
Previously, Mr. Duran served as the executive director (CFO), of
Lupin Latin America, a subsidiary of Lupin Pharmaceuticals, which
is the 3rd largest generic pharmaceutical company in the United
States, from May 2016 to May 2021. Prior to joining Lupin
Pharmaceuticals, he held numerous strategy positions at Teva
Pharmaceuticals in both its growth markets and Latin America
offices. Mr. Duran also worked as a Manager, FP&A for both Bupa
and Noven Pharmaceuticals. Mr. Duran holds a B.A. in Finance and
an M.B.A from the University of Miami.
On Dec. 23, 2020, the Company entered into an employment agreement
with Dr. Martin Brenner to serve as the Company's chief scientific
officer, effective as of Jan. 18, 2021. In addition to a base
salary of $405,000 for serving as the Company's chief scientific
officer and a discretionary incentive bonus with a target of 40% of
his annual base salary, while serving as interim chief executive
officer, Dr. Brenner will receive a monthly cash stipend of $7,500.
Dr. Brenner was also granted restricted stock units to acquire
130,000 shares of the Company's common stock, $0.001 par value per
share, which RSUs shall vest pro rata over a twelve- month period,
such vesting to terminate if Dr. Brenner is no longer the Company's
interim chief executive officer. The grant-date fair value of the
RSUs totaled approximately $91,000. On Nov. 11, 2022, Dr. Brenner
also received a RSU grant of 95,348 shares of Common Stock in
exchange for Dr. Brenner's agreement to continue employment with
the Company through July 1, 2023, whereby such RSUs will vest on
the earlier of (i) July 1, 2023, or (ii) the successful achievement
of the Company's 2023 objectives, as defined by the Board of
Directors.
On Jan. 23, 2023, Mr. Duran accepted an offer letter from the
Company for the interim chief financial officer. Pursuant to the
terms of the Offer Letter, Mr. Duran will serve as the Company's
interim chief financial officer, effective as of Feb. 13, 2022.
Upon his appointment to the position of interim chief financial
officer, Mr. Duran's base salary will be increased from $300,000 to
a base salary of $350,000, he will be eligible for a discretionary
incentive bonus with a target of 40% of his annual base salary and
he will be granted a $140,000 special incentive bonus (40% of his
fiscal year 2023 annualized salary) in exchange for his agreement
to continue employment with the Company through the earlier of: (a)
July 1, 2023, or (b) the successful achievement of the Company's
2023 objectives, as defined by the Board of Directors minus any
retention bonus he is paid during the fiscal year 2023. Before his
appointment as the Company's interim chief financial officer, Mr.
Duran became eligible to receive a retention bonus of $70,000 in
exchange for Mr. Duran's agreement to continue employment with the
Company through March 31, 2023.
Each of Dr. Brenner's and Mr. Duran's employment is on an "at will"
basis and may be terminated at any time by either of them or the
Company. If either Dr. Brenner or Mr. Duran separate from
employment for any reason or no reason, they are entitled to
receive their accrued and unpaid base salary, any unreimbursed
expenses and benefits accrued through the termination date. If the
Company terminates their employment for reasons other than for
"Cause" (as defined in their respective employment agreements), the
Company is required to pay the accrued and unpaid base salary, any
unreimbursed expenses and benefits accrued through the
termination/separation date and provided, that the terminated
employee executes and does not revoke a separation agreement in
form acceptable to the Company, he will receive (1) an amount equal
to his base salary for nine months, (2) a pro rata share of any
bonus earned by him during the Company's fiscal year in which he
was terminated, within 30 days of his execution of a separation
agreement, and (3) payment of the full amount of all premiums for
continued health benefits (including COBRA) under the Company's
health plans for a period of nine months following the
termination.
If Dr. Brenner's or Mr. Duran's employment is terminated without
Cause within 12 months after a Change of Control (as defined in the
Company's equity incentive plan), (or in the case of Dr. Brenner,
Dr. Brenner terminates his employment with us for "good reason", as
defined in his employment agreement), provided they execute and do
not revoke a separation agreement in a form acceptable to the
Company, they each will be entitled to receive: (1) an amount equal
to his base salary for twelve months, (2) an amount equal to the
target bonus for which he would have been eligible during the
Company's fiscal year in which he was terminated, within 30 days of
his execution of a separation agreement, (3) immediate vesting of
100% of any unvested time-vested equity awards held by him at such
time, and (4) payment of the full amount of all premiums for
continued health benefits (including COBRA) under the Company's
health plans for a period of twelve (12) months following the
termination.
Dr. Brenner and Mr. Duran each has agreed to assign to the Company
all of his rights in any Inventions, including all Intellectual
Property Rights (as such terms are defined in the employment
agreements) that are made, conceived or reduced to practice, in
whole or in part, alone or with others, by him during his
employment with the Company and have agreed to certain non-compete
and non-solicitation terms.
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com-- develops next-generation
biopharmaceuticals using computational biology and 3D-modeling of
subdominant and conformational epitopes, prospectively enabling the
discovery of new antibody treatments for hard-to-target cancers and
other diseases.
iBio reported a net loss attributable to the Company of $50.30
million for the year ended June 30, 2022, a net loss attributable
to the Company of $23.21 million for the year ended June 30, 2021,
a net loss attributable to the company of $16.44 million for the
year ended June 30, 2020, and a net loss attributable to the
Company of $17.59 million for the year ended June 30, 2019. As of
Sept. 30, 2022, the Company had $84.56 million in total assets,
$36.20 million in total liabilities, and $48.37 million in
total stockholders' equity.
Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Oct. 11, 2022, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities for the years ended June 30, 2022 and 2021 and has an
accumulated deficit as of June 30, 2022. These matters, among
others, raise substantial doubt about its ability to continue as a
going concern.
INFOGROUP INC: $250M Bank Debt Trades at 24% Discount
-----------------------------------------------------
Participations in a syndicated loan under which infoGroup Inc is a
borrower were trading in the secondary market around 76
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Term loan that is scheduled to
mature on April 3, 2023. About $236.3 million of the loan is
withdrawn and outstanding.
Infogroup Inc., headquartered in Omaha, Nebraska, is a provider of
proprietary business and consumer data and multi-channel marketing
solutions to enterprise and SMB customers.
INNOVATIVE DESIGNS: Delays Filing of Annual Report
--------------------------------------------------
Innovative Designs, Inc. filed a 12b-25 with the Securities and
Exchange Commission with respect to its Annual Report on Form 10-K
for the year ended Oct. 31, 2022.
The Company said its auditors have not completed their work in
connection with compiling the financial information that is a part
of the Form 10-K. It is expected that the work will be completed
within the extended filing period.
Revenues increased from $225,601 for the fiscal year ended Oct. 31,
2021, to approximately $258,734, for the fiscal year ended Oct. 31,
2022. The net loss is approximately $197,574 as of Oct. 31, 2022,
vs $322,732 at Oct. 31, 2021.
About Innovative Designs
Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc.
operates in two separate business segments: cold weather clothing
and a house wrap for the building construction industry. Both of
its segment lines use products made from INSULTEX, which is a
low-density foamed polyethylene with buoyancy, scent block, and
thermal resistant properties. The Company has a license agreement
directly with the owner of the INSULTEX Technology.
Innovative Designs reported a net loss of $322,732 for the year
ended Oct. 31, 2021, compared to a net loss of $280,743 for the
year ended Oct. 31, 2020. As of July 31, 2022, the Company had
$1.63 million in total assets, $626,524 in total liabilities, and
$1.01 million in total stockholders' equity.
Kennett Square, PA-based RW Group, LLC, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
Feb. 14, 2022, citing that the Company had net losses and negative
cash flows from operations for the year ended Oct. 31, 2021 and an
accumulated deficit at Oct. 31, 2021. These factors raise
substantial doubt about the Company's ability to continue as a
going concern for one year from the issuance date of these
financial statements.
INPIXON: Issues 476,500 Common Shares to Noteholder
---------------------------------------------------
Inpixon disclosed in a Form 8-K filed with the Securities and
Exchange Commission filed on Jan. 26 that it has issued an
aggregate of 476,500 shares of its common stock to the holder of
that certain outstanding promissory note of the Company issued on
March 18, 2020, at a price between approximately $1.53 and $1.68
per share, in each case at a price per share equal to the Minimum
Price as defined in Nasdaq Listing Rule 5635(d) in connection with
the terms and conditions of Exchange Agreements, dated Jan. 4,
2023, Jan. 20, 2023 and Jan. 25, 2023, pursuant to which the
Company and the holder agreed to (i) partition new promissory notes
in the form of the March 2020 Note in the aggregate original
principal amount equal to approximately $654,592 and then cause the
outstanding balance of the March 2020 Note to be reduced by an
aggregate of approximately $654,592; and (ii) exchange the
partitioned notes for the delivery of the Exchange Common Shares.
The offer and sale of the Exchange Common Shares was not registered
under the Securities Act of 1933, as amended, in reliance on an
exemption from registration under Section 3(a)(9) of the Securities
Act, in that (a) the Exchange Common Shares were issued in
exchanges for partitioned notes which are other outstanding
securities of the Company; (b) there was no additional
consideration of value delivered by the holder in connection with
the exchanges; and (c) there were no commissions or other
remuneration paid by the Company in connection with the exchanges.
As of Jan. 25, 2023, after taking into account the issuance of the
Exchange Common Shares, the Company has 6,677,846 shares of common
stock outstanding.
About Inpixon
Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an
indoor data company and specializes in indoor intelligence. The
Company's indoor location data platform and patented technologies
ingest and integrate data with indoor maps enabling users to
harness the power of indoor data to create actionable
intelligence.
Inpixon reported a net loss of $70.13 million for the year ended
Dec. 31, 2021, a net loss of $29.21 million for the year ended Dec.
31, 2020, a net loss of $33.98 million for the year ended Dec. 31,
2019, and a net loss of $24.56 million for the year ended Dec. 31,
2018. As of Sept. 30, 2022, the Company had $108.59 million in
total assets, $21.61 million in total liabilities, $53.20 million
in mezzanine equity, and $33.79 million in total stockholders'
equity.
INSTASET PLASTICS: Selling Office Equipment to WGS for $6.4K
------------------------------------------------------------
Instaset Plastics Company, LLC, asks the U.S. Bankruptcy Court for
the Eastern District of Michigan to approve the private sale of its
remaining furniture, computers and technology, and fork trucks
("Office Equipment") to WGS Global Services, LC, for $6,410.
Prior to filing the Petition for Voluntary Bankruptcy, with the
assistance of its financial advisor, Heather Gardner of DWH, LLC
("DWH"), and attorneys, Strobl, the Debtor entered into an
agreement for the sale of certain of its executory contracts. In
conjunction with the sale, the Debtor has ceased all other
operations and is in the process of winding down its business. The
sale of the executory contracts did not include the sale of the
Debtor's machinery and equipment, or its furniture and computers.
IPC continued its operations through the wind down to ensure a
smooth transition for critical customers and to complete the sale
of the executory contracts to Clarion Technologies, Inc. Upon
termination of business operations, IPC has negotiated a sale of
its Office Equipment to WGS.
The the Debtor desires to proceed with a private sale of the Office
Equipment and requests that the Court enters an
Order authorizing the sale free and clear of Liens, Claims, and
Encumbrances, and transferring liens, if any, to proceeds.
The value of IPC's Office Equipment is de minimus and thus, to
conduct an auction for the sale of such Office Equipment would
generate costs in excess of the value of said Office Equipment.
Because the Debtor's Office Equipment is of little value, a private
sale conducted in the absence of any marketing attempts brings more
money into the estate than any sale derived through expensive
marketing.
The Debtor and WGS have negotiated an agreement for the sale and
purchase of the Office Equipment at a purchase price of $6,410,
pursuant to the terms of their Bill of Sale.
The material terms of the Bill of Sale are as follows:
a. WGS is the purchaser of the Office Equipment for a
purchase price of $6,410;
b. Upon execution of the Bill of Sale, the Purchaser shall
deposit the full Purchase Price into an escrow account with the
Debtor's counsel, Strobl PLLC;
c. In the event the sale does not close, a liquidated damages
of the Purchase Price will be retained by IPC and
balance returned to Purchaser within 10 days;
d. The closing shall occur on Feb. 1, 2023;
e. As a condition of the Bill of Sale, the Debtor will
transfer all of their right, title, and interest in the Office
Equipment to the Purchaser via a Bill of Sale;
f. The sale is "as is, where is";
g. The price to be paid by Purchaser to the Debtor is based
minimus liquidation value of the Office Equipment; and
h. The sale is contingent upon the Court's approval.
In order for the Debtor to successfully liquidate, the Debtor must
be able to sell the Office Equipment and thereby eliminate the
storage or disposal expenses associated with it and while
generating funds to significantly reduce the obligations to
creditors. It believes the sale of the Office Equipment at this
time pursuant to the Bill of Sale is in the best interest of
creditors of its estate and satisfies the sound business purpose
test.
Due to the need to transition the Office Equipment as quickly as
possible and in order to protect and preserve the Office Equipment,
the stay as set forth in Fed. R. Bankr. P. 6004 (h) should be
waived.
About Instaset Plastics Company
Instaset Plastics Company, LLC is a plastic fabrication company in
Michigan.
Instaset sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Mich. Case No. 22-47794) on Oct. 5, 2022. In the
petition signed by its chief restructuring officer, McGustavus
Miller, Jr., the Debtor disclosed $1,373,383 in assets and
$3,782,844 in liabilities.
Judge Thomas J. Tucker oversees the case.
Lynn M. Brimer, Esq., at Strobl Sharp PLLC and DWH, LLC are the
Debtor's legal counsel and financial consultant, respectively.
INTEGRATED NANO-TECHNOLOGIES: UST Unable to Appoint Committee
-------------------------------------------------------------
The U.S. Trustee for Region 2 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Integrated Nano-Technologies, Inc.
About Integrated Nano-Technologies
Integrated Nano-Technologies, Inc. is a company in Henrietta, N.Y.,
which offers scientific research and development services.
Integrated Nano-Technologies filed its voluntary petition for
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 22-20611) on Dec.
22, 2022, with $100,000 to $500,000 in assets and $10 million to
$50 million in liabilities. Donald H. Noble, chief financial
officer, signed the petition.
Judge Warren oversees the case.
Jeffrey A. Dove, Esq., at Barclay Damon, LLP serves as the Debtor's
legal counsel.
KNOW LABS: Phillip Bosua Quits as CEO, Director
-----------------------------------------------
Phillip A. Bosua resigned from the Board of Directors and from his
position as chief executive officer of Know Labs, Inc. Mr. Bosua's
resignation was not due to any disagreement with the Company on any
matter relating to the Company's operations, policies or practices,
according to the Company's Form 8-K filed with the Securities and
Exchange Commission.
In connection with Mr. Bosua's resignation on Jan. 23, 2023, the
Company and Mr. Bosua entered into a Separation and Release
Agreement containing customary terms and mutual releases, pursuant
to which Mr. Bosua shall receive a severance payment of $400,000
and benefits pursuant to his prior employment agreement. The
Company shall cause Mr. Bosua's current outstanding stock options
to cease vesting after the Separation Date and shall cause all
current vested stock options to be exercisable for a period of one
year after the Separation Date. Mr. Bosua has been engaged as a
consultant to the Company for a period of one year at a rate of
$10,000 per month.
Mr. Bosua also entered into a lock up and leak out agreement with
respect to 3,005,000 common shares owned by Mr. Bosua and shares
issuable upon exercise of his vested option awards. In connection
with Mr. Bosua's resignation, his employment agreement, dated
April 10, 2018, will terminate.
Appointment of New CEO
On Jan. 23, 2023, the Board of Directors of the Company appointed
Ronald P. Erickson, the current Chairman of the Board, to the
position of chief executive officer of the Company.
Mr. Erickson has been Chairman of the Board since February 2015.
He previously served as chief executive officer from November 2009
to April 2018 and from September 2003 through August 2004. He also
previously served as Chairman of the Board from August 2004 until
May 2011. A senior executive with more than 30 years of experience
in the high technology, telecommunications, micro-computer, and
digital media industries, Mr. Erickson was the founder of the
Company. He is formerly chairman, chief executive officer and
co-founder of Blue Frog Media, a mobile media and entertainment
company, chairman and chief executive officer of eCharge
Corporation, an Internet-based transaction procession company,
chairman, chief executive officer and co-founder of GlobalTel
Resources, a provider of telecommunications services, chairman and
chief executive officer of Egghead Software, Inc. a software
reseller where he was an original investor, chairman and chief
executive officer of NBI, Inc., and co-founder of MicroRim, Inc.,
the database software developer. Earlier, Mr. Erickson practiced
law in Seattle and worked in public policy in Washington, DC and
New York, NY. Additionally, Mr. Erickson has been an angel
investor and board member of a number of public and private
technology companies. In addition to his business activities, Mr.
Erickson is the former Chairman of the Board of Trustees of Central
Washington University where he received his BA degree. He also
holds a MA from the University of Wyoming and a JD from the
University of California, Davis. He is licensed to practice law in
the State of Washington.
Mr. Erickson was appointed to serve until his successor is duly
elected and qualified. There are no family relationships among Mr.
Erickson and the Company's existing directors and officers. There
are no arrangements or understandings between Mr. Erickson and any
other persons pursuant to which he was selected.
About Know Labs
Know Labs, Inc. is focused on the development and commercialization
of proprietary biosensor technologies which, when paired with its
AI deep learning platform, are capable of uniquely identifying and
measuring almost any material or analyte using electromagnetic
energy to detect, record, identify and measure the unique
"signature" of said materials or analytes. Know Labs call this its
"Bio-RFID" technology platform, when pertaining to radio and
microwave spectroscopy, and its "ChromaID" technology platform,
when pertaining to optical spectroscopy. The data obtained with
the Company's biosensor technology is analyzed with its trade
secret algorithms which are driven by its AI deep learning
platform.
Know Labs reported a net loss of $20.07 million for the year ended
Sept. 30, 2022, a net loss of $25.36 million for the year ended
Sept. 30, 2021, a net loss of $13.56 million for the year ended
Sept. 30, 2020, and a net loss of $7.61 million for the year ended
Dec. 31, 2019. As of Sept. 30, 2022, the Company had $13.76
million in total assets, $3.81 million in total current
liabilities, $87,118 in total non-current liabilities, and $9.86
million in total stockholders' equity.
LADO ENTERPRISES: $350K Sale to Lado Washington to Fund Plan
------------------------------------------------------------
Lado Enterprises, Inc., filed with the U.S. Bankruptcy Court for
the District of Maryland a Disclosure Statement for Plan of
Reorganization dated January 24, 2023.
In 1977, Dr. Robert Lado, after serving as the first Dean of the
School of Languages and Linguistics at Georgetown University,
retired and opened his own language school, Lado International
Institute, now Lado Enterprises, Inc. ("Lado") was a new type of
intensive English school -- one that was not affiliated nor
accredited through a university.
In early 2020, the Covid-19 virus began to spread worldwide, and on
March 11, 2020, the World Health Organization officially declared
Covid-19 as a worldwide pandemic. As a result, lock-downs were
imposed, and severe travel restrictions soon followed. The
classrooms were empty and Lado could not pay the rent for the
classroom space. In order to facilitate a consolidation of its
locations and to preserve its value as a going concern the Debtor
filed this bankruptcy proceeding.
On January 12, 2023, the Debtor entered into a Asset Purchase
Agreement (the "APA") with a newly formed entity, Lado Washington,
LLC for the purchase of its business. Lado Washington, LLC is a
Virginia limited liability company, wholly unrelated to the Debtor
or any of the Debtor's insiders. The purchase price of $350,000,
along with other assets not subject to the sale will be sufficient
to pay a substantial distribution to creditors.
The Plan is based upon the belief that the reorganization of the
Debtor, through the sale of its business as a going concern, and
its receipt of tax refunds and its Employee Retention Credit, will
generate more funds for repayment of creditors than if the
bankruptcy case were converted to a Chapter 7 liquidation.
Class 3 claims consist of the Allowed Secured Claim of the Eagle
Bank, which arises from promissory note in the original sum of
$400,000.00, and which had been paid down to $339,361. The claim of
this Class was secured by a lien on the depository account having a
value of slightly in excess of $400,000. Pursuant to a Consent
Order granting relief from the automatic stay, Eagle Bank was
authorized to apply the balance in the Debtor's depository account
to the outstanding balance due to this Class. This Class shall
receive no further payment under the terms of the Debtor's Plan.
Class 3 is unimpaired.
Class 4 claims consist of the secured claim of the Small Business
Administration pursuant to the Economic Injury Disaster Loan
program. That loan was made in June 2020 in the original sum of
$150,000. Upon information and belief, the current balance due on
the loan is approximately $161,278. This Class shall receive
payment in full on the Effective Date. This Class shall retain its
lien against property of the Debtor until such time as the claims
in this Class are paid in full. Class 4 is unimpaired.
Class 5 consists of the secured claim of TIAA Bank on the capital
lease of three copier/printer/scanners (the "Copiers"). According
to the books and records of the Debtor the balance due to this
Class is $14,708. The clams of this Class are secured by a purchase
money lien on the Debtor's assets. This Class shall receive payment
in full on the Effective Date. This Class shall retain its lien
against Copiers until such time as the claims in this Class are
paid in full. Class 5 is unimpaired.
Class 6 consists of all of the claims of parties to executory
contracts and unexpired leases. During the pendency of this case,
the Debtor has rejected its leases for real property at its
Maryland and District of Columbia locations. Upon confirmation, all
executory contracts and unexpired leases for real property shall
have either been rejected by order of the Court or shall be deemed
rejected. The claims of this Class will be treated as either Class
1 claims to the extent administrative expenses have been allowed by
order of the Court, or Class 7 claims for prepetition claims and
claims resulting from rejection damages. The claims of this Class
are impaired.
Class 7 consists of all general unsecured claims, including the
claims of parties to executory contracts and unexpired leases for
both prepetition claims and clams resulting from the rejection of
those contracts and leases. The holders of Class 7 Allowed Claims,
shall receive, in full and final satisfaction of their claims
against the Estate, a pro rata distribution of the funds remaining
after the payment of Class 1, Class 2, Class 4 and Class 5 Allowed
Claims. The Debtor does not expect that the holders of Allowed
Class 7 claims will paid in full. Payments to this Class shall be
made within 60 days of the Effective Date, Class 7 is impaired.
The allowed unsecured claims total $2,219,448.
Class 8 claims consist of the equity interests of shareholders.
After the payment of allowed claims in Classes 1 through 7, the
holders of the Class 8 Equity Interests shall be paid their
proportionate share of the remaining net sale proceeds, without
interest. The Debtor does not believe that there will be any funds
available for distribution to interest holders, Class 8 is
unimpaired.
The funds necessary to implement the Plan shall be generated from
sale of the Debtor's business as a going concern, as well as the
Employee Retention Credits, tax refunds, and any cash remaining
after the satisfaction of ordinary operating expenses through the
Effective Date.
A full-text copy of the Disclosure Statement dated January 24, 2023
is available at https://bit.ly/3HkXsHh from PacerMonitor.com at no
charge.
Counsel for the Debtor:
Steven H. Greenfeld, Esq.
Law Offices of Steven H. Greenfeld, LLC
325 Ellington Boulevard, #610
Gaithersburg, MD 20878
Telephone: (301) 881-8300
Email: steveng@cohenbaldinger.com
About Lado Enterprises
Lado Enterprises Inc., an educational service provider in Silver
Spring, Md., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 22-14357) on Aug. 9, 2022,
listing $657,396 in assets and $1,447,002 in liabilities. Margaret
Lado Schepis, chief executive officer, signed the petition.
Judge Maria Ellena Chavez-Ruark oversees the case.
The Law Offices of Steven H. Greenfeld, LLC, serves as the Debtor's
counsel.
LUCKY BUCKS: $555M Bank Debt Trades at 48% Discount
---------------------------------------------------
Participations in a syndicated loan under which Lucky Bucks LLC is
a borrower were trading in the secondary market around 52.2
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $555 million facility is a Term loan that is scheduled to
mature on July 30, 2027. About $520.3 million of the loan is
withdrawn and outstanding.
Lucky Bucks, LLC provides coin-operated amusement machines.
LUXE SPACES: Court OKs Cash Collateral Access Thru Feb 15
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Louisiana
authorized Luxe Spaces, LLC to use cash collateral on an interim
basis in accordance with the budget, with a 10% variance, through
February 15, 2023.
The Court held that, as adequate protection, the Secured Parties
are granted replacement security interests in and liens on all
post-petition accounts of the Debtor on which secured parties, if
any, hold valid and perfected liens as of Wednesday, January 18,
2023 and all proceeds of the foregoing, in the same respective
priority it held prior to the Petition Date.
As an additional form of adequate protection the Debtor will remit
$1,150 per week to the Subchapter V Trustee.
A further hearing on the matter is set for February 15, 2023 at 2
p.m.
A copy of the order is available at https://bit.ly/3Hbb0Fe from
PacerMonitor.com.
About Luxe Spaces, LLC
Luxe Spaces, LLC is a Baton Rouge, LA-based corporate housing
company. The Debtor leases apartments, houses, condos, townhomes,
etc. and then sublets them to, among others, film and televisions
production companies, governmental agencies such as FEMA, and
private businesses looking to temporarily house their executives.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 23-10042) on January 18,
2023. In the petition signed by Stephanie R. Clarke, manager, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Michael A. Crawford oversees the case.
Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC, is the
Debtor's legal counsel.
LUXE SPACES: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------
Luxe Spaces, LLC asks the U.S. Bankruptcy Court for the Middle
District of Louisiana for authority to use cash collateral in
accordance with the budget, with a 10% variance and provide
adequate protection.
The Debtor requires access to cash collateral to meet necessary
expenses incurred in the ordinary course of its business while it
restructures and reorganizes its indebtedness and business in a
manner that maximizes value and is fair and equitable to all
parties-in-interest.
The Debtor's business began to experience difficulties after
Hurricane Ian. FEMA encouraged the Debtor to expand its operations
into Florida because FEMA's officials needed extended-term housing
to deal with the aftermath of Hurricane Ian. To fund its expansion,
the Debtor borrowed sums from several so-called merchant cash
advance lenders to fund its expansion. Although the Debtor was able
to expand into Florida, the interest charged by and the demands of
the MCAs became untenable. Further, the Debtor was defrauded by one
MCA which promised to lend $1 million to the Debtor in exchange for
a $90,000 deposit. This MCA took the Debtor's deposit, but never
extended credit. With its cash flow impaired by the weight of the
MCAs' hyper aggressive collection tactics, the Debtor made the
difficult decision to seek relief under subchapter V of Chapter 11
of the Bankruptcy Code.
It is not clear who has an interest in cash collateral. The Debtor
ran a UCC search prior to the Petition Date. This search revealed
that multiple financing statements had been filed against the
Debtor, the earliest of which was filed on October 19, 2021. The
filing number of this UCC-1 is 17-1490865. However, the secured
party is described as "First Corporate Solutions as
Representative." Most of the so-called secured parties appear to be
service of process companies such as "Corporation Service Company,
as Representative." The Debtor has ordered the original filings,
but has not yet received them. Accordingly, the Debtor proposes to
make adequate protection payments to the Subchapter V Trustee, who
will hold such payments in escrow until the first priority
lienholder is identified. The Subchapter V Trustee, pending court
authorization, would disburse escrowed adequate protection payments
to whoever is the First Priority Secured Creditor.
As adequate protection, the Debtor proposes to grant First Priority
Secured Creditor replacement liens on post-Petition Date accounts
and general intangibles, having the same respective priority as its
pre-petition liens, to secure any post-petition diminution in value
thereof, but only to the extent such interests are entitled to
adequate protection against diminution under the Bankruptcy Code,
and only to the extent and in the event that it would be ultimately
determined that (i) First Priority Secured Creditor possess valid,
non-avoidable pre-petition liens and (ii) First Priority Secured
Creditor is entitled to adequate protection of any such liens.
A copy of the motion and the Debtor's budget is available at
https://bit.ly/3kB4MXE from PacerMonitor.com.
The Debtor projects total payments, on a weekly basis, as follows:
$101,425 for January 28, 2023;
$101,425 for February 4, 2023;
$101,425 for February 11, 2023;
$101,425 for February 18, 2023; and
$101,425 for February 25, 2023.
About Luxe Spaces, LLC
Luxe Spaces, LLC is a Baton Rouge, LA-based corporate housing
company. The Debtor leases apartments, houses, condos, townhomes,
etc. and then sublets them to, among others, film and televisions
production companies, governmental agencies such as FEMA, and
private businesses looking to temporarily house their executives.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 23-10042) on January 18,
2023. In the petition signed by Stephanie R. Clarke, manager, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC, is the
Debtor's legal counsel.
MAGNOLIA OFFICE: Amends Children's Forum Secured Claim Pay Details
------------------------------------------------------------------
Magnolia Office Investments, LLC, submitted a Third Amended
Disclosure Statement for Plan of Liquidation dated January 24,
2023.
The Debtor believes that confirmation of the Plan provides the best
opportunity for maximizing recoveries for its creditors. Moreover,
the Debtor believes, and will demonstrate to the Court, that
creditors will receive not less than the amount that they would
receive in a liquidation under Chapter 7 of the Bankruptcy Code.
Class 5 consists of the Allowed Secured Claim of Children's Forum,
in the amount of $49,980.00. In full satisfaction of its Allowed
Secured Claim, at closing of the Sale, Children's Forum, shall
receive a lump sum payment up to the full amount of its Allowed
Secured Claim of any Sale Proceeds remaining after payment in full
of all administrative claims, priority tax claims, real property
taxes required to be paid at closing, and the Allowed Class 1 Claim
of PS Funding, the Allowed Class 2 Claim of HIF, the Allowed Class
3 Claim of Swift Financial, and the Allowed Class 4 Claim of Johnny
Blue Craig, P.A.
The Holder of the Class 5 Claim shall retain its statutory lien(s)
on the Debtor's property to the same extent, priority, and validity
existing as of the Petition Date until paid at the closing of the
Sale. To the extent the Sale Proceeds are insufficient to pay the
Allowed Class 5 Claim in full, Children's Forum shall have an
Allowed Class 8 Claim for any such deficiency, up to the full
amount of its Allowed Claim. The Class 5 Claim is impaired.
A non-evidentiary hearing has been set on this creditor's Motion
for Order Compelling Rejection of Lease. In the event this Motion
is successful, the value of the property will be substantially
lower in amount that cannot be predicted by the Debtor but which
will severely impact the auction value of the property. Debtor's
position is that the Sale Proceeds will be insufficient to pay the
Class 1 Claim in full; therefore, the Class 5 Claim amount is most
likely to be $0.00. Debtor reserves the right to file a motion to
value the Class 5 Claim. However, until such determination is made,
this Class shall vote as a Class 5 claim.
Like in the prior iteration of the Plan, Class 8 consists of all
Allowed General Unsecured Claims. In full satisfaction of their
Allowed Class 8 Claims, Holders of Class 8 Claims shall receive a
pro rata share of, and distribution from, the greater of (i) the
remaining Sale Proceeds after payment in full of the Class 1, 2, 3,
4, 5, 6, and 7 Claims, respectively, or (ii) the GUC CarveOut.
Class 8 is impaired.
The Liquidating Debtor shall cause the Liquidating Debtor to be
wound down and dissolved pursuant to applicable Florida law after
all Sale Proceeds have been distributed pursuant to the Plan. The
Liquidating Debtor is authorized to take all actions necessary to
accomplish the winddown and dissolution of the Debtor and the
Liquidating Debtor, including the authority to file a certificate
of dissolution or equivalent document, and any other necessary
corporate documents, to effect the dissolution of the Debtor.
The Debtor has determined in its business judgment that the Sale of
the Property is in the best interest of all stakeholders. Prior to
the Sale, the Debtor or Liquidating Debtor, as applicable, shall
continue to operate its Property and to perform all of its duties
and obligations under all unexpired leases of the Property.
Debtor's President, Anand Patel, shall continue to oversee day-to
day operations of the Debtor, and its on-site management of the
Property. Upon confirmation of the Plan, and in accordance with the
Confirmation Order, the Debtor or Liquidating Debtor, as the case
may be, will be authorized to take all necessary steps, and perform
all necessary acts, to consummate the terms and conditions of the
Plan.
The Property shall be sold via a live auction to be conducted by
Fisher Auction Company. In conjunction with this Second Amended
Plan, the Debtor has filed an Expedited Motion for Entry of An
Order (1) Approving Bidding Procedures for the Sale of the Debtor's
Real Property, (2) Scheduling a Final Sale Hearing, (3) Approving
the Form and Manner of Notices, (4) Approving the Sale of the
Debtor's Property Free and Clear of All Liens, Claims, and
Encumbrances and Interests, (5) Approving Assumption and Assignment
Procedures, and (6) Granting Related Relief (the "Sale Motion").
All operating cash generated by the Debtor shall be used for
general operations of the Property, to pay adequate protection
payments to PS Funding.
A full-text copy of the Third Amended Disclosure Statement dated
January 24, 2023 is available at https://bit.ly/3XMc49D from
PacerMonitor.com at no charge.
Attorneys for Debtor:
David Lloyd Merrill, Esq.
The Associates
2401 PGA Boulevard 280M
Palm Beach Gardens, FL 33410
Tel: 561-877-1111
Email: dlm@theassociates.com
About Magnolia Office Investments
Magnolia Office Investments, LLC, is a single asset real estate (as
defined in 11 U.S.C. Sec. 101(51B)). It owns the commercial office
building located at 1211 Governors Square Blvd., Tallahassee, Fla.,
which is valued at $5.5 million.
Magnolia Office Investments sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14044) on May 24,
2022. In the petition signed by Anand Patel, as managing member,
Magnolia Office Investments listed as much as $10 million in both
assets and liabilities.
The case is assigned to Judge Erik P. Kimball.
David L. Merrill, Esq., at The Associates, is the Debtor's legal
counsel.
MATHESON FLIGHT: Gets More Time for Bankruptcy Plan
---------------------------------------------------
Matheson Flight Extenders, Inc. and its affiliates received court
approval to remain in control of their bankruptcy until next week.
Judge Christopher Klein of the U.S. Bankruptcy Court for the
Eastern District of California extended the periods during which
the companies have the exclusive right to file a Chapter 11 plan
and solicit votes on that plan to Feb. 8 and April 12,
respectively.
The bankruptcy judge's order does not preclude the official
unsecured creditors' committee from seeking leave from the
exclusivity to file a plan.
The committee had earlier requested that it be carved out of the
order to give it the flexibility to file its own plan should it
decide that would be beneficial to creditors of the companies.
The companies require additional time because any plan they are
able to propose will be shaped by which of the many contracts they
have with the U.S. Postal Service will continue after Jan. 31,
according to their attorney, Kevin Coleman, Esq., at Nuti Hart,
LLP.
Matheson Flight and affiliate, Matheson Postal Services, Inc., sort
and transport large volumes of mail across the U.S. under certain
contracts with the U.S. Postal Service, the companies' largest
customer. In May, the companies filed for bankruptcy protection
primarily to address significant operating losses under those
contracts.
About Matheson
Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc.
provide short and long-haul transportation, logistics and ground
handling services. The companies are based in Sacramento, Calif.
Matheson Flight Extenders and Matheson Postal Services sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Calif. Case Nos. 22-21148 and 22-21149) on May 5, 2022. On July 14,
2022, Matheson Trucking, Inc., an affiliate, filed for Chapter 11
protection (Bankr. E.D. Calif. Case No. 22-21758). The cases are
jointly administered under Case No. 22-21148.
In the petitions signed by Charles J. Mellor, chief restructuring
officer, the Debtors disclosed up to $50 million in both assets and
liabilities.
Judge Christopher M. Klein oversees the cases.
Nuti Hart, LLP and Development Specialists, Inc. serve as the
Debtors' bankruptcy counsel and financial advisor, respectively.
Donlin, Recano & Company, Inc. is the Debtors' claims, noticing and
solicitation agent, and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtors' cases. The committee is
represented by Felderstein Fitzgerald Willoughby Pascuzzi & Rios,
LLP.
MAVENIR PRIVATE: S&P Downgrades ICR to 'CCC+' on Underperformance
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
network infrastructure provider Mavenir Private Holdings II Ltd.
and its issue-level rating on the company's senior secured term
loan to 'CCC+' from 'B-'.
The negative outlook reflects S&P's view that Mavenir's business
performance could remain weak, especially in a recession scenario,
reducing its liquidity and financial flexibility.
S&P said, "The downgrade reflects Mavenir's significant
underperformance during the first nine months of 2022 and our
expectations that operating and financial results will remain weak
over the next year. Through the first nine months of 2022,
Mavenir's reported EBITDA fell 132% year over year due to a sharp
drop in its Mobile Core segment primarily because of weakness in
key customer revenue and high levels of research and development
(R&D) expenses in the OpenRAN business. At the same time, a weak
macro backdrop, which includes rising inflation, caused the
company's gross margins to decrease by nearly 19% year over year.
Despite the poor financial and operating results, the company is
continuing to invest in R&D related to its high-growth OpenRAN
product. Coupled with weak top-line performance, we expect EBITDA
will be substantially lower in full-year 2022 compared to 2021. We
believe it is necessary to maintain high levels of R&D expense
because not investing could harm the company's competitive position
since underinvesting could make it challenging for Mavenir to take
share from larger players in the space like Nokia and Ericsson.
"We expect FOCF to remain negative in 2023. As a result, the
company could face a liquidity shortfall during the year, absent
additional capital infusions. Under our base case forecast, we
expect Mavenir will record negative FOCF of $275 million-$325
million in 2022 and a FOCF deficit of $175 million-$225 million in
2023, based on our expectation for continued weak top-line trends,
higher interest expense, elevated R&D expense, and working capital
outflows. The company had about $88 million of cash and full
availability under its $75 million revolving credit facility. Given
our expectation for ongoing FOCF deficits in 2023, we believe it
will need to raise an additional $50 million-$100 million during
the year. While the company was successful in raising both debt and
equity capital to fund its operations in 2022, we believe this
could be even more challenging in 2023, especially if Mavenir's
financial performance does not improve and capital market
conditions remain weak.
"The negative outlook reflects our view that Mavenir's business
performance could remain weak, especially in a recession scenario,
reducing its liquidity and financial flexibility."
S&P could lower the rating if:
-- Operating performance does not improve;
-- FOCF deficits are greater than our expectations;
-- Liquidity deteriorates and the company is unable to raise
additional capital over the next three to six months; or
-- S&P believes the company is likely to default within 12
months.
S&P could raise the rating if:
-- Top-line trends in the mobile core segment improve, while
cost-savings initiatives result in EBITDA growth and margin
expansion; and
-- The company manages to raise additional capital, which provides
it will sufficient liquidity to fund operations for the next couple
of years.
ESG credit indicators: E-2 S-2 G-3
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Mavenir. 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."
MAVENIR SYSTEMS: $585M Bank Debt Trades at 31% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 69.5
cents-on-the-dollar during the week ended Friday, January 27, 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.
MEDFORD LLC: Commences Subchapter V Case
----------------------------------------
Medford LLC filed for chapter 11 protection in the District of
Oregon without stating a reason. The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.
According to court filings, Medford LLC 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. 23, 2023, at 10:00 AM at 341 Meeting via Telephone (UST). Dial
866-564-0532, passcode 8835427.
Proofs of claim are due by April 5, 2023.
About Medford LLC
Medford LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No.
23-30153) on January 25, 2023. In the petition filed by Jerry
Reeves, as managing member, the Debtor reported assets and
liabilities between $1 million and $10 million each.
Amy E Mitchell has been appointed as Subchapter V trustee.
The Debtor is represented by:
Keith Y. Boyd, Esq.
KATHRYN EVANS
14300 SW McKinley Dr
Sherwood, OR 97140-7089
MEDLEY LLC: Trustee Seeks to Block Final Eversheds Fee Bill
-----------------------------------------------------------
A liquidation trustee for bankrupt asset manager Medley LLC asked a
Delaware bankruptcy judge on Monday, January 23, 2023, to vacate
the final fee application by special counsel Eversheds Sutherland
LLP for allegedly misrepresenting how much it was paid by Medley
for prepetition services.
The Medley LLC Liquidating Trust, established by the confirmed plan
in this case of Medley LLC, moves for entry of an order vacating
(i) the
Order Retaining Eversheds Sutherland (US) LLP as Special Counsel to
the Debtor , and (ii) the portion of the Amended Omnibus Order
Awarding the Final Fee Application to Eversheds.
According to the Trustee, in connection with Eversheds' retention
as special counsel to the Debtor, Eversheds misrepresented to the
Court the amount of money it received for prepetition services it
provided to the Debtor, and, more importantly, the fact that
Eversheds received payments directly from the Debtor during the
90-day period prior to the Petition Date. As part of Eversheds'
retention application, Eversheds was required to file a verified
statement, pursuant to Bankruptcy Rules 2014 and 2016, detailing
its connections with the Debtor, which include: (i) any payments
received by Eversheds for services rendered to the Debtor, and (ii)
the source of such payments. Eversheds violated both disclosure
requirements, according to the Trustee.
Eversheds' verified statement disclosed that it received $1,039,501
during the 90-day period prior to the Petition Date from certain
insurance companies for services it rendered on behalf of the
Debtor. In reality, however, Eversheds received $2,015,987 directly
from the
Debtor during the same period. In light of these
misrepresentations, the Liquidating Trust requests that the Court
vacate the Retention Order4 and Amended Omnibus Final Fee Order.
Counsel to the Liquidating Trust:
Christopher M. Samis
Sameen Rizvi
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6th Floor
Wilmington, Delaware 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
E-mail: csamis@potteranderson.com
srizvi@potteranderson.com
- and -
James S. Carr
Whitney Smith
Sean T. Wilson
KELLEY DRYE & WARREN LLP
3 World Trade Center
175 Greenwich Street
New York, New York 10007
Tel: (212) 808-7800
Fax: (212) 808-7897
Email: jcarr@kelleydrye.com
wsmith@kelleydrye.com
swilson@kelleydrye.com
About Medley LLC
Medley LLC, through its direct and indirect subsidiaries, including
Medley Capital LLC, is an alternative asset management firm
offering yield solutions to retail and institutional investors. It
provides investment management services to a permanent capital
vehicle, long-dated private funds, and separately managed accounts,
and serves as the general partner to the private funds. Medley is
headquartered in New York City and incorporated in Delaware.
As of Sept. 30, 2020, Medley had $3.4 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) and Sierra Income Corporation, and several
private investment vehicles. Over the past 18 years, Medley has
provided capital to over 400 companies across 35 industries in
North America.
Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 21-10526) on March 7, 2021. The Debtor disclosed $5,422,369 in
assets and $140,752,116 in liabilities as of March 2, 2021.
The Debtor tapped Lowenstein Sandler LLP and Morris James LLP as
bankruptcy counsel, Eversheds Sutherland (US) LLP as special
counsel, B. Riley Securities Inc. as investment banker, and
Andersen Tax LLC as tax accountant. Corporation Service Company
serves as the Debtor's independent manager. Kurtzman Carson
Consultants, LLC is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on April 22, 2021. The committee is
represented by Potter Anderson & Corroon, LLP and Kelley Drye &
Warren, LLP.
MENSONIDES DAIRY: McKinlay's Auction of Listed Dairy Cattle Granted
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Washington
authorized Matthew McKinlay, the Plan Agent of Mensonides Dairy,
LLC, and Art & Theresa Mensonides' First Amended Joint Chapter 11
Plan of Reorganization, to sell up to 2,500 heads of the Dairy's
replacement heifer cattle by auction, pursuant to the Order
Appointing Plan Agent.
McKinlay is authorized to retain Toppenish Livestock to sell the
Listed Dairy Cattle and pay Toppenish a 5% commission from the
auction proceeds derived from the sale of the Listed Dairy Cattle
and other agreed expenses (veterinary fees, feed and yardage)
associated with the auctioning of the Listed Dairy Cattle.
Toppenish will disburse the net sale proceeds from the auction
sales as follows:
(a) $600,000 will be set aside in a mutually agreeable
segregated account and held pending (i) further order of this court
or other relief that may be granted in an appropriate forum that
addresses the claims of Pioneer and any disbursements from such
account; or (ii) a written stipulation signed by the Plan Agent,
Pioneer, and Northwest Farm Credit Services that provides for the
disposition of the segregated funds and that is filed on the
docket; and
(b) The full balance of the remaining net sale proceeds will
be remitted to Northwest Farm Credit Services per the remittance
instructions currently held by Toppenish.
McKinlay is authorized to execute such documents and take such
further actions as may be necessary or appropriate to accomplish
the terms of the Order.
All parties' rights and claims are expressly reserved, and by
entering the Order the Court is overruling Pioneer's Objection
solely to permit the proposed sale of the Listed Dairy Cattle by
auction and for disbursements of such sale proceeds to be made
pursuant to the terms set forth therein. Entry of the Order does
not address the merits of the remaining issues identified in
Pioneers' Objection but instead defers ruling thereon to a date to
be determined.
About Mensonides Dairy
Mensonides Dairy LLC operates a farm that produces milk and other
dairy products. It was founded in 1993 and is based in Mabton,
Washington.
Mensonides Dairy sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Wash. Case No. 18-01681) on June 14,
2018. In the petition signed by Art Mensonides, its owner and
member, the Debtor estimated assets of $10 million to $50 million
and liabilities of $10 million to $50 million. Judge Frank L.
Kurtz
presides over the case. The Debtor tapped Steven Sackmann, Esq.,
of Sackmann Law, PLLC, and Toni Meacham, Esq., as its counsel.
MILLERKNOLL INC: Moody's Alters Outlook on 'Ba1' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed MillerKnoll, Inc.'s ratings
including its Corporate Family Rating at Ba1, its Probability of
Default Rating at Ba1-PD, and the Ba1 ratings on the company's
first lien senior secured credit facilities. The first lien
facility consists of a $725 million first lien revolver due 2026, a
$400 million original principal amount first lien term loan A due
2026, and a $625 million original principal amount first lien term
loan B due 2028. At the same time, Moody's downgraded the company's
Speculative Grade Liquidity Rating to SGL-2 from SGl-1, and changed
the outlook to negative from stable.
The ratings affirmation reflects Moody's expectations that
MillerKnoll's earnings will improve in the third and fourth
quarters of fiscal 2023 (ends in May 2023) versus the prior year
despite revenue declines because the operating profit margin will
benefit from integration cost synergies and price increases taken
over the past year to offset cost inflation. Moody's anticipates
that execution on the order backlog, which stood at $815.4 million
at the end of 2Q-2023, will help to somewhat offset ongoing organic
order declines in the second half, and that a reduction of the
elevated working capital position will support free cash flow and
debt reduction. As a result, Moody's projects the company's
debt/EBITDA leverage will decline to 3.8x by the end of fiscal 2023
from 4.3x as of the 12 months ended December 3, 2022. The rating
affirmation also reflects that a reduction in working capital will
restore positive free cash flow in the second half of fiscal 2023
and in fiscal 2024.
Moody's changed the rating outlook to negative because declining
orders and a weakening economy are expected to reduce earnings and
raise leverage in fiscal 2024. MillerKnoll's organic orders
declined -9.2% during the second quarter ended December 3, 2022,
driven by organic orders decline in its Americas Contract segment
of -16.2%. Weaker macro-economic conditions with persistently high
inflation and rising interest rates is slowing business spending
including corporate investments on return-to-office projects.
Moody's expects that the office furniture market will remain under
pressure, and risks to MillerKnoll's business remain elevated due
to its exposure to cyclical macro-economic conditions. Moody's
expects the US economy will contract in a few quarters in 2023, and
US interest rates are likely to remain elevated until inflation is
reliably under control. The weaker economic outlook coupled with
increasing hybrid working arrangements will curtail corporate
spending on office renovations. As a result, Moody's projects that
MillerKnoll's earnings will decline subsequent in fiscal 2024 in
the high single digits percentage range with debt/EBITDA leverage
increasing to 4.0x.
The downgrade in the Speculative Grade Liquidity Rating to SGL-2
reflects the company's sizable revolver borrowings with $480
million outstanding on its $725 million revolver facility as of
December 3, 2022, and lower free cash flow generation relative to
Moody's previous expectations.
Moody's changed the ESG social IPS score to S-4 driven by the
company's highly negative exposure to demographic and societal
trends risks reflecting the structural shift in the office market
leading to permanent declines in office usage due to increased
hybrid and flexible work arrangements that were accelerated by the
pandemic. Although the office remains important, vacancy rates will
remain elevated and the level of future investment by corporations
amid a re-evaluation of office space needs in the aftermath of the
pandemic create risk of permanent structural changes that could
prolong the timing and weaken the level of the recovery in the
office products market.
Affirmations:
Issuer: MillerKnoll, Inc.
Corporate Family Rating, Affirmed Ba1
Probability of Default Rating, Affirmed Ba1-PD
Senior Secured 1st Lien Revolving Credit Facility, Affirmed Ba1
(LGD3)
Senior Secured 1st Lien Term Loan A, Affirmed Ba1 (LGD3)
Senior Secured 1st Lien Term Loan B, Affirmed Ba1 (LGD3)
Downgrades:
Issuer: MillerKnoll, Inc.
Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1
Outlook Actions:
Issuer: MillerKnoll, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
MillerKnoll's Ba1 credit profile reflects its leading market
position in the office furniture sector. The company benefits from
strong brands of office furniture products synonymous with modern
design and innovation. The company also has strong end market
diversification and good geographic reach throughout the Americas,
Europe, and Asia. Offices will remain an important contributor to
workplace culture and collaboration. However, secular shifts toward
higher remote work and less office space demand brought about by
the pandemic create significant uncertainty regarding the level of
recurring demand for office furniture. MillerKnoll operates in
highly competitive end markets with design driven demand and
reliance on independent contract channels that fosters higher
competitive risks. The company's acquisition strategy amid a
shifting demand landscape adds event risk. MillerKnoll's earnings
and cash flow are susceptible to economic downturns and variability
in raw material prices and increasing labor costs. The company's
good liquidity is supported by its $197 million cash balance and
approximately $231 million of availability on its revolver at the
end of 2Q-2023, and Moody's expectations of positive free cash flow
of around $100 million over the next 12 months.
MillerKnoll's ESG Credit Impact Score is moderately negative
(CIS-3) with ESG factors having a limited impact on the current
rating, with greater potential for future negative impact. As with
most consumer durables companies, the company's exposure to
environmental risks is considered moderately negative.
MillerKnoll's exposure to social risks positions it weakly with
highly negative exposure to changing demographic and societal
trends. The company's moderately negative governance reflects its
aggressive financial policy with large debt-financed acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects the potential that declining demand
and orders or cost pressures reduce earnings and prevents free cash
flow from improving.
The ratings could be upgraded if there is stability and sustained
growth visibility in the office market sector and MillerKnoll
successfully navigates through the secular changes. The company
would also need to significantly improve its operating performance
including generating a higher operating profit margin, strong and
consistent free cash flow, pursue a more conservative financial
policy that emphasizes financial flexibility in its capital
structure, and debt/EBITDA is maintained below 3.0x.
The ratings could be downgraded if recovery in earnings and credit
metrics stalls or reverses, the company is unable to reduce and
sustain debt/EBITDA leverage comfortably below 4.0x, or if free
cash flow remains weak. A ratings downgrade could also occur if the
office furniture market demand trends weaken, the operating profit
margin does not improve, liquidity deteriorates, the company
distributes meaningful cash to shareholders or pursues
debt-financed acquisitions.
MillerKnoll, Inc. designs, manufactures and distributes seating
products, office furniture systems, other freestanding furniture
elements, textiles, home furnishings and related services used in
office, healthcare, educational and residential settings. The
company sells its products through independent contract office
furniture dealers, owned retail studios and e-commerce platforms,
direct mail catalogs, independent retailers, and an owned contract
office furniture dealership. The company is a combination of Herman
Miller, Inc., established in 1905, and the July 2021 acquisition of
Knoll, Inc, established in 1938. MillerKnoll is publicly traded
(Nasdaq: MLKN) and has presence in over 100 countries. The company
reported approximately $4.3 billion in revenue over the last 12
months ending December 3, 2022.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
MTPC LLC: Hearing on $20M Sale of All Assets to SAM Set for Feb. 16
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee will
convene a hearing on Feb. 16, 2023, at 11:00 a.m. (CT), to consider
MTPC, LLC, and PCPT Hamlin, LLC's auction sale of substantially all
their assets to SAM Real Estate, LLC, for $20 million, subject to
overbid.
The Court entered its Order (A) Approving Renewed/Revised Bid
Procedures and Bid Protections for the Sale of Substantially all of
MTPC, LLC's and PCPT Hamlin, LLC's Assets, and (B) Granting Related
Relief ("Bid Procedures Order II"). The Bid Procedures Order II
sets the procedures for the Sale of the Assets and assumption and
assignment of the executory contracts and unexpired leases.
Pursuant to the Bid Procedures II, the Debtor has selected SAM as
the Stalking Horse Bidder pursuant to the asset purchase
agreement.
The interested parties who would like to submit and have their bid
considered by the Selling Debtors should submit their Qualified
Bids as soon as possible to MTPC and its advisors. Bids must be
submitted by Feb. 10, 2023, which is four business days prior to
the Sale Hearing. Bids submitted after the Qualified Bid Deadline
will not be a Qualified Bid.
Pursuant to the terms of the Bid Procedures Order II, if one or
more Qualified Bids (in addition to any Stalking Horse Bid) are
received by the Qualified Bid Deadline, an auction to sell the
Assets will be held on the date of the Sale Hearing at a time to be
determined, either at the Sale Hearing, or an alternate location
and time as shall be timely communicated to all persons entitled to
attend the Auction, as determined by MTPC in consultation with the
Consultation Parties. MTPC may cancel the Auction pursuant to the
Bid Procedures II.
If the Debtor does not timely receive more than one Qualified Bid,
the Debtor will not conduct the Auction and, instead, will (a) file
a notice with the Court identifying the sole Qualified Bid as the
Successful Bid for the Assets and (b) promptly seek the Court's
approval of the sale of the Assets.
Objections to the Sale, if any, be filed with the Court by Feb. 7,
2023, which is seven business days before the Sale Hearing.
About MTPC LLC
MTPC LLC is a proton-therapy cancer-treatment center that serves a
multi-state area of the Southeastern United States and began
operations in 2018. It is a freestanding center with three active
treatment rooms including one fixed beam and two gantries. MTPC
is located in a 43,500-square-foot building adjacent to the campus
of the Williamson Medical Center, in Franklin, Tenn.
MTPC's affiliate, The Proton Therapy Center, LLC, is a Tennessee
limited liability company that was organized in 2010. It is a
freestanding center with three active treatment rooms including
one fixed beam and two gantries. Proton Therapy Center is located
in an 88,000-square-foot building on the campus of the Provision
Case CARES Cancer Center at Dowell Springs, in Knoxville, Tenn., a
comprehensive healthcare campus focusing on cancer treatment,
patient care, research, and education.
PCPT Hamlin, another affiliate of MTPC, is a Florida limited
liability company that was organized in 2018. It includes an
approximately 36,700-square-foot building in the 900-acre Hamlin
planned development in the "Town Center" of the 23,000-acre
"Horizon West" planning area of West Orange County.
MTPC and its affiliates sought Chapter 11 protection (Bankr. M.D.
Tenn. Lead Case No. 20-05438) on Dec. 15, 2020.
As of Aug. 31, 2020, MTPC's unaudited financial statements
reflected total assets of approximately $105.6 million and total
liabilities of approximately $131.2 million. Proton Therapy
Center's unaudited financial statements reflected total assets of
approximately $93.4 million and total liabilities of approximately
$130.2 million. Meanwhile, PCPT Hamlin's unaudited financial
statements reflected total assets of approximately $139.2 million
and total liabilities of approximately $138.5 million.
The Hon. Randal S. Mashburn is the case judge.
The Debtors tapped McDermott Will & Emery LLP as lead bankruptcy
counsel, Waller Lansden Dortch & Davis LLP as co-counsel with
McDermott, Trinity River Advisors LLC as restructuring advisor,
and CRS Capstone Partners LLC as financial advisor. Stretto is
the claims agent.
The U.S. Trustee for Region 8 appointed an official committee of
unsecured creditors on Jan. 8, 2021. The committee is represented
by Sills Cummis & Gross P.C. and Manier & Herod, P.C.
MVK INTERMEDIATE: $335M Bank Debt Trades at 30% Discount
--------------------------------------------------------
Participations in a syndicated loan under which MVK Intermediate
Holdings LLC is a borrower were trading in the secondary market
around 70 cents-on-the-dollar during the week ended Friday, January
27, 2023, according to Bloomberg's Evaluated Pricing service data.
The $335 million facility is a Term loan that is scheduled to
mature on September 25, 2026. The amount is fully drawn and
outstanding.
Headquartered in Fresno, California, MVK Intermediate Holdings, LLC
(MVK) is the holding company of Wawona Packing Company, LLC.
Wawona produces a variety of fruit products.
NAPA MANAGEMENT: $610M Bank Debt Trades at 20% Discount
-------------------------------------------------------
Participations in a syndicated loan under which NAPA Management
Services Corp is a borrower were trading in the secondary market
around 79.8 cents-on-the-dollar during the week ended Friday,
January 27, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $610 million facility is a Term loan that is scheduled to
mature on February 18, 2029. The amount is fully drawn and
outstanding.
NAPA Management Services Corporation offers practice management
services. The Company provides accounting, billing, consulting,
medical personnel contracting, healthcare analyzes, financing,
human resources, information technology, insurance, marketing, and
operational support services.
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 74% Discount
----------------------------------------------------------
Participations in a syndicated loan under which National CineMedia
LLC is a borrower were trading in the secondary market around 25.9
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $270 million facility is a Term loan that is scheduled to
mature on June 20, 2025. About $257.9 million of the loan is
withdrawn and outstanding.
National CineMedia, LLC owns and operates movie theaters. The
Company offers entertainment content, advertising, and movie
screening services.
NAUTILUS POWER: $728.6M Bank Debt Trades at 26% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Nautilus Power LLC
is a borrower were trading in the secondary market around 74.4
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $728.6 million facility is a Term loan that is scheduled to
mature on May 16, 2024. About $574.9 million of the loan is
withdrawn and outstanding.
Nautilus Power, LLC provides utility services. The Company
generates, transmits, and distributes electric energy.
NAVARRO PECAN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Navarro Pecan Company, Inc.
4200 South Hulen Street, Suite 680
Fort Worth, TX 76109
Business Description: Founded in 1977, Navarro Pecan is a pecan
sheller that owns a state-of-the-art
facility in Corsicana, Texas. Its pecans
are found in a variety of brand-name food
products in the ice cream, confectionery,
cereal, snack food and bakery industries.
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 23-40266
Debtor's Counsel: Joshua N. Eppich, Esq.
BONDS ELLIS EPPICH SCHAFER JONES LLP
420 Throckmorton Street, Suite 1000
Fort Worth, TX 76102
Tel: 817-405-6900
Fax: 817-405-6902
Email: Joshua@bondsellis.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Brad Walker as chief restructuring
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/5RPSS4A/Navarro_Pecan_Company_Inc__txnbke-23-40266__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. AMC Freight Management Services $111,950
P.O. BOX 371993
El Paso, TX 79937
2. Bank Direct Capital Finance $42,336
150 North Field
Drive, Suite 190
Lake Forest, IL 60045
3. Cintas Corp. Services $61,211
CINTAS LOC 12 M
P.O. BOX 650838
Dallas, TX 75265
4. D&P Cold Storage $270,847
324 SH 16 South
Goldthwaite, TX 76844
5. Easterlin Pecan Company Trade Debt $5,192,805
P.O. BOX 216
Montezuma, GA 31063
6. Green Bay Packaging Inc. Trade Debt $41,207
BIN NO. 53139
Milwaukee, WI
53288-0139
7. Mansfield Warehousing Services $38,800
Services Inc.
614 Jenkins
Mansfield, LA 71052
8. Muirhead Trucking, Inc. Services $75,319
P.O. BOX 1080
Mabank, TX 75147
9. Nature's Finest Foods Ltd Trade Debt $65,366
1505 Paramount Parkway
Batavia, IL
60510-1469
10. Nutsource Inc Trade Debt $104,310
1700N Lincoln Hwy
St. Charles, IL 60174
11. Pecan Producers, Inc. Trade Debt $2,898,780
324 SH 16 South
Goldthwaite, TX 76844
12. Pure & Natural Food Trade Debt $113,502
Consortium
1700 Lincoln Hwy.
Suite H
St. Charles, IL 6017
13. Silliker Inc Services $103,857
3155 Paysphere Circle
Chicago, IL 60674
14. Smurfit Kappa No America LLC Trade Debt $70,400
MAIL CODE 5184
P.O. BOX 660367
Dallas, TX
75266-0367
15. SNRA Commodities Inc. Trade Debt $151,805
P.O. BOX 734056
Dallas, TX
75373-4056
16. Tax Advisors Group LLC Services $40,160
12400 Coit Road
Ste. 960
Dallas, TX 75251
17. The Home Depot Trade Debt $44,967
DBA Supplyworks
PO Box 844727
Dallas, TX 75284
18. Truist Bank Loan Unknown
3333 Peachtree Rd.,
NE, 7th Floor
Atlanta, GA 30326
Brent McIlwain
Holland & Knight LLP
1722 Routh Street,
Suite 1500
Dallas, TX 75201
19. U.S. Pecan Trading Co. Ltd Trade Debt $1,713,385
1117 Zuni
El Paso, TX 79925
20. US Pecans Ltd Trade Debt $1,889,616
1117 Zuni
El Paso, TX 7992
NEW TROJAN: $110M Bank Debt Trades at 35% Discount
--------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 65.3
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $110 million facility is a Term loan that is scheduled to
mature on January 6, 2029. The amount is fully drawn and
outstanding.
New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.
NEWAGE INC: Exclusivity Period Extended to March 28
---------------------------------------------------
NewAge, Inc. and its affiliates obtained a court order extending
their exclusive right to file a Chapter 11 plan to March 28 and
solicit votes on that plan to April 28.
The ruling by Judge Laurie Selber Silverstein of the U.S.
Bankruptcy Court for the District of Delaware allows the companies
to remain in control of their bankruptcy while they wait to get
confirmation of their proposed liquidating plan.
The companies filed a combined disclosure statement and joint
Chapter 11 plan of liquidation on Nov. 30 last year, which proposes
to pay creditors from the companies' remaining assets. These assets
include a liquidation trust with an initial principal amount of at
least $1.5 million. Certain general unsecured creditors will
receive a pro rata share of an interest in the trust.
A court hearing to consider confirmation of the plan is scheduled
for Feb. 8.
About NewAge Inc.
NewAge Inc. (Nasdaq: NBEV) -- http://www.NewAgeGroup.com/-- a
Utah-based company, commercializes a portfolio of organic and
healthy products worldwide primarily through a direct-to-consumer
(D2C) route to market distribution system across more than 50
countries. The company competes in three major category platforms
including health and wellness, inner and outer beauty, and
nutritional performance and weight management.
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10819) on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Greenberg Traurig, LLP as bankruptcy counsel and
SierraConstellation Partners, LLC as financial advisor. Houlihan
Lokey Capital, Inc. conducted the pre-bankruptcy marketing process
for the Debtors. Stretto is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 14,
2022. Cole Schotz P.C. and Dundon Advisers LLC serve as the
committee's legal counsel and financial advisor, respectively.
On Nov. 30, 2022, the Debtors filed a combined disclosure statement
and joint Chapter 11 plan of liquidation.
NEXTPLAY TECHNOLOGIES: Regains Compliance With Nasdaq Requirement
-----------------------------------------------------------------
NextPlay Technologies, Inc. said in a Form 8-K filed with the
Securities and Exchange Commission it received a letter from the
Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC
on Jan. 23, 2023, indicating that the Staff has determined that the
Company has regained compliance with the minimum bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2) because for
the prior 10 consecutive trading days, from Jan. 6, 2023 through
Jan. 20, 2023, the closing bid price of the Company's common stock
was above $1.00 per share or greater.
Accordingly, the Company has regained full compliance with the
outstanding deficiency, and Nasdaq has informed the Company in
writing that the matter is now closed.
About NextPlay Technologies
NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.)
-- nextplaytechnologies.com -- is a technology solutions company
offering games, in-game advertising, crypto-banking, connected TV
and travel booking services to consumers and corporations within a
growing worldwide digital ecosystem. NextPlay's engaging products
and services utilize innovative AdTech, Artificial Intelligence and
Fintech solutions to leverage the strengths and channels of its
existing and acquired technologies.
NextPlay reported a net loss of $40.41 million for the year ended
Feb. 28, 2022, compared to a net loss of $1.63 million for the
period from March 6, 2020 to February 28, 2021. As of Nov. 30,
2022, the Company had $103.85 million in total assets, $57.90
million in total liabilities, and $45.95 million in total
stockholders' equity.
Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 17, 2022, citing that the Company has suffered recurring
losses from operations and has stockholders' deficit that raise
substantial doubt about its ability to continue as a going concern.
NORMANDIE LOFTS: Case Summary & Three Unsecured Creditors
---------------------------------------------------------
Debtor: Normandie Lofts KTown LLC
26050 Mureau Road
Suite 101
Calabasas CA 91302
Business Description: Normandie Lofts is a Single Asset Real
Estate (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-10125
Judge: Hon. Martin R. Barash
Debtor's Counsel: Leslie Cohen, Esq.
Jaime Williams Kerper, 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
jaime@lesliecohenlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Edward Lorin as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HZR627Q/Normandie_Lofts_KTown_LLC__cacbke-23-10125__0001.0.pdf?mcid=tGE4TAMA
NOVA WILDCAT: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Nova Wildcat Shur-Line Holdings, Inc.
324A Half Acre Road
Cranbury NJ 08512
Business Description: H2 Brands Group is a consumer products
company with a growing portfolio of
nationally recognized brands. Core
categories include consumer electronics,
paint sundries, hardware, home environment
and plumbing products. Owned brands
include: Comfort Zone (home environment);
Shur-Line (paint sundries); Craig (consumer
electronics); Bulldog, Guard Security, Ultra
Hardware (hardware, locksets & security);
WordLock (padlocks); Bright-Way (electrical
supplies); Helping Hand (housewares);
AquaPlumb (plumbing) and Road & Home.
Chapter 11 Petition Date: January 29, 2023
Court: United States Bankruptcy Court
District of Delaware
Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Nova Wildcat Shur-Line Holdings, Inc. 23-10114
Nova Wildcat Shur-Line, LLC 23-10115
HBC Holdings LLC 23-10116
HBC Chemical LLC 23-10117
World and Main (Air), LLC 23-10118
World and Main (Cranbury), LLC 23-10119
Debtors' Counsel: Jason D. Angelo, Esq.
Kurt F. Gwynne, Esq.
REED SMITH LLP
1201 North Market Street, Suite 1500
Wilmington DE 19801
Tel: (302) 778-7500
Email: jangelo@reedsmith.com
kgwynne@reedsmith.com
- and -
Omar J. Alaniz, Esq.
Bradley J. Purcell, Esq.
Devan J. Dal Col, Esq.
REED SMITH LLP
2850 N. Harwood St., Suite 1500
Dallas, TX 75201
Tel: (469) 680-4200
(469) 680-4299
Email: oalaniz@reedsmith.com
bpurcell@reedsmith.com
ddalcol@reedsmith.com
Debtors'
Restructuring
Advisor: CARL MARKS ADVISORY GROUP, LLC
900 Third Ave, 33rd Floor
New York, NY 10022
Debtors'
Investment
Banker: SSG ADVISORS, LLC
300 Barr Harbor Drive
Suite 420
West Conshohocken, PA 19428
Debtors'
Claims,
Noticing &
Administrative
Agent: EPIQ BANKRUPTCY SOLUTIONS, LLC
777 3rd Avenue 12th Fl
New York City, New York, 10017
Nova Wildcat Shur-Line Holdings'
Estimated Assets: $10 million to $50 million
Nova Wildcat Shur-Line Holdings'
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Mark Rostagno as CEO/director.
Full-text copies of two of the Debtors' petitions are available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AEP25GI/Nova_Wildcat_Shur-Line_Holdings__debke-23-10114__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ANYD4FQ/Nova_Wildcat_Shur-Line_LLC__debke-23-10115__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Jiangsu Shihua Trade Debt $5,785,316
70 Wan An West Rd
Shangfang Town
Zhonghua Town
Zhonghua Men Wai
Nanjing 211103 China
Contact: Mr. He Aaron Wang
Tel: 86-25-52281209
Fax: 86-25-52281220
Email: shihua@cn-shihua.com
2. Wuxi Bote Electrical Trade Debt $4,162,892
Apparatus Co Ltd
Yuqi Industrial Park
Huishan District
Jiangsu, Jiangsu
China
Contact: Mr. Wei Hepeng
Tel: 86-0510-83889071
Fax: 86-0510-83880849
Email: sales@wxbote.com
3. Cixi Xinxiuli Electrical Trade Debt $3,107,063
Appliances Co
North Industrial Park
Fuhai Town
Cixi, Ningbo
Zhejiang China
Contact: Elaine Yuan, Counsel
Tel: 0086-574-63562609
Fax: 0086-574-63562605
Email: xxl@xinxiuli.com
4. Pakwell-China Trade Debt $2,887,209
25 Yanjiang E 5 Rd.
Maoshen Village
Huoju Developing Zone
Zhongshan Guangdong
528437 China
Contact: Grace Ting
Tel: 0086-760-23898818
Fax: 0086-760-23898800
Email: sales@pakwell.com
5. Shanghai Xiaobang Trade Debt $1,914,932
Household Products
Lane 155 Xinrong Rd No 101
Xinqiao Town Songjiang 201612
China
Contact: Jane Xia, Intl
Trading Dept Mgr
Tel: 0086-021-57687796
Fax: 0086-021-57687300
Email: jane.xia@xiaobang.sh.cn
6. Techxin Electric Trade Debt $1,748,140
Appliance Manufacture
No. 36, Haitanwei Industrial
Zhoujun Village, Tangxia Town
Guangdong 529085
China
Contact: Lance Liao
Tel: 0086-0750-3221868
Fax: 0086-0750-3222698
Email: lanceliao@techxn.com.cn
7. Taurus America, S.A. DE. C.V. Trade Debt $1,537,080
Rosas Moreno No 4-203
Colonia De San Rafael
Del Cuauhtem
Mexico City 06470 Mexico
Contact: Guillermo Freyria Perez
Tel: 555-685-3440
Email: gfreyria@taurus.com.mx
8. Zhongshan Airzone Trade Debt $1,515,415
Ventilated Equipment
Technology Co., Ltd.
The Fift Donghai Road
Dongfeng Town, Zhongshan City
Guangdong 528425 China
Contact: Mr. Liao
Tel: 7603228973
Fax: 0086-75722908642
Email: liaoxiaowen2008@126.com
9. Mediterranean Shipping Co Inc. Trade Debt $1,465,156
420 Fifth Avenue - 8th FL
New York, NY 10018
Contact: Roberta Cristofori
Tel: 2127644800
Fax: 854-400-2398
Email: roberta.cristofori@msc.com
10. Staffing Alternatives Trade Debt $1,070,873
622 Georges Road Suite 201
North Brunswick, NJ 08902
Contact: Greg Moyes
Tel: 732-917-6724
Email: gregm@saworks.com
11. Ventus Industrial Limited Trade Debt $952,119
No 1 Keji Ba Rd, Shangdi Ind Zone
Xingtan, Shunde
Foshan, Guangdong
China
Contact: Jason Zhong
Tel: 86-757-2806-3115
Email: lvzhouwujin@yahoo.com.cn
12. Shanghai Sunwise Plastic Trade Debt $701,163
Products
No. 409 Xingong Rd. Xinbang
Shanghai 201605
China
Contact: James Liu
Tel: 0086-021-67763100
Email: jamesliu@vlateinternational.com
13. Sheng Yang Hdwre Products Co. Trade Debt $658,971
No.46 Zhongxin Rd
Chuanglilai Industrial Park
Guang Dong Province
China
Contact: Danae Zuo
Tel: 0086-750-6806601
Email: danae@syhpc.com
14. Cixi Xinlun Electrical Trade Debt $646,471
No. 373 Xinxin Road
Xinpu Town
Cixi, Zhejiang
China
Tel: 0086-13105558832
Fax: 86-574-63567260
Email: xinlun@nbxinlun.com;
sales02@nbxinlun.com
15. Yangzhou Sanzhi Fiber Trade Debt $623,159
Co., Ltd.
Liuqiao Village
Hongqiao Town
Jiangsu 225108
China
Contact: Wugang
Tel: 0086-514-87261937
Fax: 0086-514-87263691
Email: kowa_yz@163.com
16. Faithful Engineering- Trade Debt $620,966
China Co Ltd
No 8 Haisheng Rd.
Wuyuan Town
(Haiyan Factory), Haiyan
County
Jiaxing City, Zhejiang
China
Contact: Karen Lin/
Sandy Liu
Tel: 886-2-26624717
Fax: 886-2-22622864
Email: karen@faithful.com.tw
17. AFCO Trade Debt $544,463
4501 College Boulevard,
Suite 320
Leawood, KS 66211
Contact: Counsel
Tel: 913-491-6700
Fax: 877-232-6329
Email: customerservice@afco.com
18. Cixi Fuyun Electric Appliance Trade Debt $540,445
No 199 Heart and Heart Rd.
Xinpu Industrial Zone,
Xinpu Town
Cixi, Zhejiang
China
Contact: Sunny Miao
Tel: 0086-574-63585923
Fax: 0086-574-63589500
Email: sunny@cxfuyun.com
19. International Motor Trade Debt $539,021
Freight, Inc.
c/o Becker LLC
Attn: Joseph Harraka, Jr. Esq.
354 Eisenhower Pkwy Ste 1500
Livingston, NJ 07039
Contact: Maryann Lowenstein
Tel: 973-589-4001
Fax: 973-589-2092
Email: m.loweinstein@imnj.com
20. Evergreen Shipping Agency Trade Debt $436,176
1 Evertrust Plaza 6th Floor
Jersey City, NJ 07302
Contact: Sandra Suknanan
Tel: 201-761-3000
Fax: 201-761-3066
Email: sandrasuknanan@evergreen-shipping.us
21. Crestline-Kirchner Trade Debt $432,500
201 Main Street, Suite 1900
FortWorth, TX 76102
Contact: Counsel
Tel: 817-339-7600
Email: lpham@crestlineinc.com
22. Zhejiang Fairtrade Trade Debt $416,251
E-Commerce Co Ltd
308 North Zhongshan Rd.
Hangzhou, Zhejiang
China
Contact: Nick Wang
Tel: 0086-571-88391756
Fax: 0086-571-88391758
Email: wcjzy@vip.163.com
23. Meister Packing Tools Co Ltd Trade Debt $416,104
Linjin Industrial Area
Dongjugu Qijiawu Town
Huanghua City 060 061104
China
Contact: Counsel
Tel: 0086 0317 5986605
Fax: 0086 0317 5986605
Email: brightstar33@126.com
24. Changzhou Henghao Trade Debt $400,169
Plastic Industrial Co Ltd.
17th Fengxi Rd
Gaoxin Dist
Wujin
Changzhou, Jiangsu 216166
China
Contact: Sun Guo Xian
Tel: 0086-150-619771779
Fax: 0086-051-989826862
Email: hengtiansuye@163.com
25. HBC Global Sourcing Trade Debt $382,325
Wuxi Co Ltd.
27/F, 8 Boli Square
1 East Xianqian Street
Wuxi, China
Contact: Sharon Zuo
Tel: 0086-510-82327500
Email: sharonzuo@h2bgroup.com
26. Beko International Limited Trade Debt $361,552
Mingye Painting Tools
Products
Beikeng Industrial Zone
Longtang Town
Qingyuan City China
Contact: Kiki Ming
Tel: 0086-7633682784
Fax: 0086-7636892022
Email: kiki@ming-ye.com
27. C.H. Robinson Co. Trade Debt $330,724
500 Unicorn Park Dr
Woburn, MA 01801
Contact: Maribel Vergara
Tel: 781-838-8980
Email: maribel.vergara@chrobinson.com
28. Horizon Tools Inc. Trade Debt $324,514
Aaren Exports B 17
Focal Point
Jalandhar, Punjab 14400
India
Contact: Deepak Aggarwal
Tel: 91 98726 6098
Email: deepak@horizon-tools.com
29. Rock Valley Textiles Inc. Trade Debt $316,576
111 Avon St
Janesville, WI 53545
Contact: Sarah Long
Tel: 608-752-6866
Fax: 608-752-6924
Email: denniscampion@rockvalleytextiles.com
30. General Paint & Trade Debt $309,240
Manufacturing
3376 Paysphere Circle
Chicago, IL 60674
Contact: Counsel
TEl: (847) 639-5383
Fax: 847-639-2058
Email: john.hammerle@truevalue.com
PACKABLE HOLDINGS: Exclusivity Period Extended to March 23
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended the
time Packable Holdings, LLC and its affiliates can keep exclusive
control of their Chapter 11 cases, giving the companies until March
23 to file a bankruptcy plan and until May 25 to solicit votes on
that plan.
The ruling allows the companies to pursue their own plan without
the threat of a rival plan from creditors.
The companies require additional time to complete the sales of
their de minimis assets and inventory liquidations, and to resolve
certain disputes before filing a plan of liquidation, according to
their attorney, Andrew Brown, Esq., at Potter Anderson & Corroon,
LLP.
About Packable Holdings
Packable Holdings, LLC -- https://www.packable.com/ -- is a
multi-marketplace e-commerce enablement platform.
Packable Holdings and five affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
22-10797) on Aug. 29, 2022. In the petition filed by Maria Harris,
chief legal officer, Packable Holdings reported between $100
million and $500 million in both assets and liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Cooley LLP and Potter Anderson & Corroon, LLP as
legal counsels; Alvarez and Marsal North America, LLC as financial
advisor; and Hilco Merchant Resources, LLC as liquidation agent.
Epiq Corporate Restructuring, LLC is the claims agent.
On Sept. 13, 2022, the U.S. Trustee for Region 3 appointed the
official committee of unsecured creditors in the Debtors' cases.
The committee selected Kelley Drye & Warren, LLP and A.M. Saccullo
Legal, LLC as bankruptcy counsels; ASK, LLP as special litigation
counsel; and Dundon Advisers, LLC as financial advisor.
PACTIV LLC: Moody's Withdraws Caa1 Ratings on Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all of Pactiv LLC's
unsecured notes ratings and outlook.
Moody's has withdrawn the Caa1 ratings on Pactiv LLC's senior
unsecured notes due 2025 and senior unsecured notes due 2027. The
ratings of Pactiv Evergreen Inc., Pactiv Evergreen Group Holdings
Inc. and Pactiv Evergreen Group Issuer Inc. are not impacted by
this rating action.
Withdrawals:
Issuer: Pactiv LLC
Senior Unsecured Regular Bond/Debenture, Withdrawn, previously
rated Caa1 (LGD6)
Outlook Actions:
Issuer: Pactiv LLC
Outlook, Changed To Rating Withdrawn From Stable
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.
Pactiv LLC is a wholly-owned subsidiary of Pactiv Evergreen Inc.
(B2 Corporate Family Rating). Pactiv Evergreen Inc. does not
guarantee Pactiv LLC's outstanding senior unsecured notes and will
not produce standalone audited financial statements on Pactiv LLC
going forward.
PICCARD PETS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Piccard Pets Supplies, Corp.
5521 Blanding Blvd
Jacksonville, FL 32244
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-00210
Debtor's Counsel: Thomas Adam, Esq.
THOMAS ADAM
2258 Riverside Ave
Jacksonville, FL 32204
Email: tadam@adamlawgroup.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marlon Martinez as CEO.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/K56NSWI/Piccard_Pets_Supplies_Corp__flmbke-23-00210__0001.0.pdf?mcid=tGE4TAMA
PLAYPOWER INC: $400M Bank Debt Trades at 30% Discount
-----------------------------------------------------
Participations in a syndicated loan under which PlayPower Inc is a
borrower were trading in the secondary market around 70.3
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $400 million facility is a Term loan that is scheduled to
mature on May 10, 2026. The amount is fully drawn and
outstanding.
PlayPower, Inc. based in Huntersville, North Carolina, primarily
manufactures commercial playground equipment used in parks and
schools throughout North America and Europe.
PMHC II: S&P Alters Outlook to Negative, Affirms 'B-' ICR
---------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed all the ratings, including the 'B-' issuer credit rating
on PMHC II Inc. (doing business as [d/b/a] Vibrantz Technologies
Inc.), the 'B-' issue-level rating on the senior secured debt, and
the 'CCC+' issue-level rating on the senior unsecured debt.
The negative outlook reflects the potential for a lower rating
within the next 12 months if the company's performance deteriorated
such that pro forma weighted average credit metrics were weaker
than S&P expected at the current rating.
The outlook revision reflects S&P's expectation that pro forma
credit metrics could be stretched over the next few quarters,
leaving less cushion than expected at the current rating.
S&P said, "We expect pro forma credit measures to remain pressured
in the near term. PMHC II Inc. acquired Ferro Corp. and
subsequently merged with ASP Chromaflo in April 2022 in a
debt-financed transaction that, although materially boosting
revenue, operating scale, and earnings, added sizable debt on the
balance sheet and thus a significantly higher interest burden. As a
result of a weakening macroeconomic environment, including the
potential for a recession in the U.S. and parts of Europe in 2023,
and a rapid rise in interest rates, the company's pro forma credit
metrics are weaker than our previously published expectations.
While the company has been able to more than offset volumetric,
inflationary, and foreign exchange headwinds with pricing actions
through 2022--we expect the impact of some pricing actions to spill
over into 2023--the ability to maintain earnings growth will be
tested going forward in a challenging macroeconomic environment.
This is particularly the case in certain cyclical end markets as
well as in key geographic areas, including Europe and North
America. Meanwhile, we expect the company's initiatives to achieve
cost synergies to pick up from 2022 levels in 2023 and support
EBITDA margins in the low-20% area going forward.
"We expect debt leverage to remain elevated in 2023, and high debt
servicing costs will dampen the company's cash flows which are
still expected to be higher than prior year.
"We expect S&P Global Ratings-adjusted debt to EBITDA to be at the
higher end of the 7x-8x range in 2023, albeit improved
year-over-year due to the full-year impact of the acquisition and
merger as well as cost-synergy capture. This credit metric is
weaker than a similarly rated peer such as Potters Borrower L.P.
Meanwhile, we expect borrowing costs to be materially higher
year-over-year in 2023 due to the rise in interest rates as well as
the full-year impact of higher debt levels, creating pressure on
the key ratio of funds from operations (FFO) to debt. We note that
the company uses interest rate caps to partially mitigate against
rising interest rates. While we expect free cash flows to be
negative in 2022, primarily driven by heightened working capital
requirements during most of the year on account of a build-up of
inventory at higher costs, we anticipate the company will generate
positive free cash flows in 2023 and maintain adequate liquidity
with sources over uses of liquidity above 1.2x. In addition, we
expect the company to remain compliant with its financial covenant
over the next 12 months."
The combined entity benefits from larger operating scale, leading
positions in niche markets, and synergistic opportunities.
Following the acquisition and merger in 2022, the consolidated
company has a significantly higher revenue base (over $2 billion
pro forma revenue for 2022) and leading market positions in color
solutions, functional coatings, and specialty minerals. Although
the company remains smaller in scale than market leaders
Sherwin-Williams Co., RPM International Inc., and PPG Industries
Inc., it has moderate geographic diversity. The combination of all
entities' operations has reduced overall revenue exposure to North
America (to about 47% from about 73%) and increased the number of
facilities to about 60 from 18. The company also benefits from its
improved product, end-market, customer, and supplier diversity and
somewhat variable raw material cost structure. Conversely, it has a
significant exposure to cyclical end markets, such as oil and gas,
refractory and steel, agriculture, and construction, partially
offset by exposure to the battery, electronics, and surface
technology markets. The company has also identified cost synergy
opportunities in areas including headcount optimization,
procurement, manufacturing facility rationalization, and
non-headcount sales general and administrative, and S&P expects it
to continue progressing toward achieving identified targets in the
near-to-medium term.
S&P said, "The negative rating outlook on PMHC reflects our
expectation that the company's pro forma S&P Global
Ratings-adjusted debt to EBITDA will be at the higher end of the
7x-8x range and FFO to debt will be within the 3%-5% range over the
next 12 months. While we expect the company to continue to take
initiatives to achieve targeted synergies that would support
growing EBITDA in the near term, we expect the current weak
operating environment to hinder earnings growth and keep leverage
metrics high. We believe interest coverage ratios will remain
weaker than initial expectations due to sizable interest expenses
in the current high interest environment. We expect the company to
maintain adequate liquidity and remain compliant with its financial
covenant."
S&P could take a negative rating action in the next 12 months if:
-- Consolidated earnings were lower than projected as a result of
more pronounced demand weakness or the inability to improve EBITDA
margins amid an unfavorable economic environment in key geographic
areas;
-- The company could not achieve targeted synergies on a timely
basis, execute other growth initiatives, or hold onto margins. In
such a scenario, we would expect its S&P Global Ratings-adjusted
debt to EBITDA to be higher than 8.5x or FFO to debt to remain in
the low-to-mid single-digit percentage area consistently;
-- Negative free cash flow persisted, constricting the company's
liquidity such that a financial covenant breach on the revolving
credit facility were likely over the next 12 months. The covenant
would spring if borrowings under the $325 million revolving credit
facility rose above 35% of the facility's commitment. Coupled with
weaker-than-expected EBITDA, this might lead to a tight covenant
cushion; or
-- The company pursued shareholder rewards.
S&P could consider an outlook revision within the next 12 months
if:
-- The company sustained EBITDA margins in the 20%-25% range via a
combination of favorable pricing actions and achieving
higher-than-expected synergies such that it sustained a S&P Global
Ratings-adjusted debt to EBITDA ratio consistently in the 7x-8x
range or FFO to debt were sustained in the mid-to-high single-digit
percentage area; or
-- There were stronger-than-projected demand in the company's
relatively stable end markets (including battery, electronics, and
surface technologies) and a quicker-than-expected recovery in the
macroeconomic environment such that it supported a strong rebound
in the company's cyclical end markets.
ESG credit indicators:E-2, S-2, G-3
S&P said, "Environmental and social factors are an overall neutral
consideration in our rating analysis on PMHC II Inc. Although the
chemical sector in general faces scrutiny from regulators and
consumers, we believe the lower asset-intensity of PMHC's specialty
chemical production for various specialty chemicals relative to
most commodity chemical production contributes in many instances to
a relatively lower potential for environmental issues, including
waste and pollution. Governance factors are a moderately negative
consideration, as is the case for most rated entities owned by
private equity sponsors. We view financial sponsor-owned companies
with highly leveraged financial risk profiles as demonstrating
corporate decision-making that prioritizes the interests of the
controlling owners, typically with finite holding periods and a
focus on maximizing shareholder returns."
PRECAST LLC: Case Summary & 17 Unsecured Creditors
--------------------------------------------------
Debtor: Precast LLC
2200 Lafontain St
Fort Wayne, IN 46802
Business Description: Precast is in the business of cement
concrete product manufacturing.
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Northern District of Indiana
Case No.: 23-10085
Debtor's Counsel: Scot T. Skekloff, Esq.
HALLERCOLVIN PC
444 East Main Street
Fort Wayne, IN 46802
Tel: (260) 426-0444
Fax: (260) 422-0274
Email: SSkekloff@hallercolvin.com
Total Assets: $1,058,984
Total Liabilities: $5,667,782
The petition was signed by William A. Kriesel as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 17 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/3TGV5NA/Precast_LLC__innbke-23-10085__0001.0.pdf?mcid=tGE4TAMA
PREMIER BRANDS: $325M Bank Debt Trades at 22% Discount
------------------------------------------------------
Participations in a syndicated loan under which Premier Brands
Group Holdings LLC is a borrower were trading in the secondary
market around 78.4 cents-on-the-dollar during the week ended
Friday, January 27, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $325 million facility is a Term loan that is scheduled to
mature on March 20, 2024. About $309.8 million of the loan is
withdrawn and outstanding.
Premier Brands Group Holdings LLC is a designer, wholesaler and
brand licensor of denim including under the Gloria Vanderbilt
brand, women's apparel including Kasper, and jewelry through Napier
and lonna & lilly. Licensed brands include Anne Klein, Nine West
and Bandolino.
PROPERTY HOLDERS: Welty Buying Cedar Rapids Parcel for $135K Cash
-----------------------------------------------------------------
Property Holders, LTD, asks the U.S. Bankruptcy Court for the
Northern District of Iowa to authorize the sale of its property
located at 2208 Mt. Vernon RD SE, in Cedar Rapids, Iowa, to Brandon
Welty for $135,000, cash.
The Debtor owns a number of parcels of real property characterized
as single-family residences located in the City of Cedar Rapids,
Iowa. A number of the properties are mortgaged to Greenstate Credit
Union (GSCU), and a number of the properties are mortgaged to
Dupaco Credit Union (DPCU).
On Nov. 29, 2022, one of the Debtor's properties was sold on a
purchase agreement for a cash sale, subject to approval of the sale
by the Court. This property is located at 2208 Mt. Vernon RD SE,
Cedar Rapids, IA and is mortgaged solely to GSCU. The closing
statement shows all required payments out of escrow leaving net
proceeds of $120,001.51 prior to payment to GSCU on its mortgage
lien.
The total amount due on the debt secured by the relevant mortgage
to GSCU is stated in the Modified Judgment Against Defendants and
Entry of Foreclosure Decree entered by the Iowa District Court,
Linn County in Case No. EQCV095003 as $80,405.44, plus interest
accruing from March 2, 2021 at $6.34309 per day until paid. From
that date to Jan. 11, 2023, the date set for the closing of the
subject sale, interest will have accrued for 680 days totaling
$6,353.30, giving a total amount due of $86,758.74 to satisfy
GSCU's mortgage and judgment lien upon this property.
After satisfaction of GSCU's mortgage and judgment liens at
closing, a balance of approximately $33,242.77 would remain,
subject to additional closing costs being assessed in the final
closing statement for the sale, which amount would be subject to
the liens of the in personam judgments entered in the other state
court foreclosure/civil actions brought against the Debtor by GSCU
as detailed in Schedule D and the Statement of Financial Affairs
filed in the case and would be deposited into the Debtor's cash
collateral account at DPCU opened to hold funds on which GSCU would
have a continuing lien pending satisfaction of its entire secured
claim.
Since the Debtor believes this sale could be lawfully completed
without approval of the Court but for the requirements of the Iowa
Title Standards, that the sale will not harm the interests of GSCU,
that the sale will not reduce any potential benefit to unsecured
creditors, and that a timely closing would be of essence to the
interests of the Debtor and other interested parties, Debtor
believes this motion could properly be handled on an ex parte
basis.
Therefore, the Debtor asks the Court to enter its order permitting
the sale to proceed as specified in the Motion and approving the
disposition of the net proceeds to seller following closing.
About Property Holders
Property Holders, LTD filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 22-00744) on
Nov.
21, 2022. In the petition filed by Charles A. Davisson, president,
the Debtor reported $2,771,431 in assets and $2,861,618 in
liabilities as of Sept. 30, 2022.
The Debtor tapped Rush M. Shortley, Esq., as bankruptcy counsel
and
Tom Riley Law Firm, PLC as general civil counsel.
PURDUE PHARMA: Warns Tribe's NY Suit Could Unravel Chapter 11 Plan
------------------------------------------------------------------
Purdue Pharma LP urged a New York bankruptcy court on Tuesday,
January 24, 2023, to reject a bid from an Indigenous tribe in
Canada to lift an injunction on litigation against the bankrupt
drugmaker and its Sackler family owners so the tribe can pursue its
claims against the Sacklers in state court.
On Jan. 24, 2023, Judge Sean H. Lane convened a hearing on a motion
by Lac La Ronge Indian Band to extend the injunction over the New
York state court complaint pursued by La Ronge Indian Band. The
Indian Band opposed the motion.
Since Oct. 11, 2019, the Bankruptcy Court has paused litigation of
civil suits against the Debtors and against the "Related Parties"
-- current and former officers, directors, and ultimate equity
owners of the Debtors -- all of which seek to recover from the same
pool of assets based on the same core set of allegations regarding
the Debtors’ marketing and sale of opioids.
Yet Plaintiff Lac La Ronge Indian Band has now filed an opposition
to the Preliminary Injunction to allow itself -- and apparently
only itself -- to prosecute a complaint it filed in the Supreme
Court of the State of New York on December 14, 2022 against several
Sacklers based on the well-trodden theory that they caused or
directed the Debtors to unlawfully market and sell opioids in the
United States.
"Plaintiff's newly filed suit against the Sacklers is different
from the many suits already subject to the Preliminary Injunction
only in its belatedness. It, like so many others subject to the
Preliminary Injunction, would subject the Debtors to the costs and
burdens of discovery, would risk prejudicing the Debtors' most
valuable assets -- claims against the Sacklers -- and would
threaten to engulf the Debtors in litigation that could well
destroy billions of dollars of value currently earmarked for opioid
abatement and victim compensation," the Debtors' attorneys said in
court filings on Jan. 17.
"Plaintiff has not offered any evidence to attempt to controvert
the extensive record supporting an injunction. Nor has Plaintiff
advanced any argument that could show its circumstances
meaningfully differ from those of plaintiffs whose actions have
been enjoined, and Plaintiff concedes that this Court has
jurisdiction to enjoin it from prosecuting its Complaint under the
law of this Circuit and the law of the case. Plaintiff instead
recycles its objections to the Debtors' Plan, in which Plaintiff
and four other allied Canadian municipalities and one First Nation
diverged from all Canadian provinces—representing virtually all
of Canada's population -- which had stipulated that they do not
object to the Plan. (Stipulation and Agreed Order By and Among the
Debtors and the Canadian Governmental Claimants, [Dkt. 3520].) But
Plaintiff's Plan objections are irrelevant here, were rejected by
the Bankruptcy Court, and are currently pending before the Second
Circuit. Plaintiff then baselessly asserts that its Complaint will
not injure the Estates all that much, and invites the Court to
allow Plaintiff to wager the value of the Estates and all
creditors' prospects of recovery in an apparent attempt to jump the
line and secure a separate recovery for Plaintiff. Plaintiff's
arguments, like the arguments that have been advanced against the
Preliminary Injunction since the outset of these cases, fail."
Counsel to the Debtors:
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, New York 10017
Telephone: (212) 450-4000
Facsimile: (212) 701-5800
Marshall S. Huebner
Benjamin S. Kaminetzky
James I. McClammy
Marc J. Tobak
* * *
Allen J. Underwood, II, counsel to the Plaintiffs wrote to the
Bankruptcy Court on Jan. 24, 2023, "This correspondence confirms,
as discussed on the record today, that Plaintiff voluntarily agrees
that it will abstain from serving the Defendants on the underlying
New York State Court Complaint, from today, for a period of two
weeks – through noon, February 7, 2023."
About Purdue Pharma
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
QUALTEK LLC: $380M Bank Debt Trades at 38% Discount
---------------------------------------------------
Participations in a syndicated loan under which Qualtek LLC is a
borrower were trading in the secondary market around 62.1
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $380 million facility is a Term loan that is scheduled to
mature on July 18, 2025. About $342 million of the loan is
withdrawn and outstanding.
Qualtek LLC provides communication infrastructure construction
services. The Company offers services such as networking, site
survey, post wiring, lock box installation, pole upgrades, plant
maintenance, and manhole placements.
REGIONAL HOUSING: Exclusivity Period Extended to Feb. 28
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
extended the time Regional Housing & Community Services Corp. and
its affiliates can keep exclusive control of their Chapter 11
cases, giving the companies until Feb. 28 to file a bankruptcy plan
and until May 1 to solicit votes on that plan.
The ruling allows the companies to pursue a sale of substantially
all of their assets and file their own plan without the threat of a
competing plan from creditors.
"The [companies] have begun the process of marketing their assets
for sale, however, that process is ongoing. Any Chapter 11 plan
will be dependent upon the outcome of the sale process," said
Ashley Ray, Esq., one of the attorneys at Scroggins & Williamson,
PC representing the companies.
About Regional Housing & Community Services
Regional Housing & Community Services Corp. and its affiliates
filed their voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-41034) on Aug.
26, 2021. At the time of the filing, Regional Housing & Community
Services listed as much as $100,000 in both assets and
liabilities.
Judge Paul W. Bonapfel oversees the cases.
The Debtors tapped Scroggins & Williamson, PC as legal counsel; GGG
Partners, LLC as interim management services provider; Gorefine,
Schiller & Gardyn, PA as accountant; and SLIB II, Inc., doing
business as Senior Living Investment Brokerage, as investment
banker. Kurtzman Carson Consultants, LLC is the claims, noticing
and balloting agent.
Greenberg Traurig, LLP serves as counsel for indenture trustee, UMB
Bank, N.A.
Melanie S. McNeil has been appointed as the patient care ombudsman
in the Debtors' cases.
RESONETICS LLC: Moody's Affirms 'B3' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Resonetics, LLC,
including the B3 Corporate Family Rating and B3-PD Probability of
Default Rating. Moody's also affirmed the B2 rating on the
company's senior secured first lien credit facilities and Caa2
rating on the senior secured second lien term loan. The outlook
remains stable.
The ratings action follows the announced acquisition of Memry
Corporation and SAES Smart Materials, Inc. ("Memry") from SAES
Getters S.p.A (NR) for $900 million. Memry is a vertically
integrated provider of nitinol components with a focus on medical
applications. Memry's capabilities are focused solely on nitinol,
from raw material sourcing to component manufacturing. The
acquisition, which is expected to close in 2023, will be funded
with an incremental first lien term loan and equity. Capital raised
will also go to cover transactions fees and expenses and pay down
the outstanding $12 million balance on Resonetics' revolver as of
September 30, 2022.
The affirmation of the B3 CFR reflects Moody's expectation that the
company's pro forma leverage will decrease slightly to 7.1x at
September 30, 2022 and expectation that leverage will remain
relatively stable at this level over the next 12-18 months. The
affirmation also reflects the acquisitions funding mix with
substantial new equity from the sponsors. The acquisition adds
scale in a fast growing market and expands Resonetics' existing
nitinol capabilities and supports supply chain inputs. The
acquisition also improves diversification, with new program
offerings and a reduction in customer concentration. That said,
there is integration risk as this is a much larger acquisition than
the company's typical tuck-ins. Moody's expects Resonetics to
continue to have good liquidity with breakeven to slightly positive
free cash flow over the next 12-18 months.
Governance risk considerations are material to the rating action,
reflecting Resonetics' aggressive financial policy, including high
leverage and debt funded growth.
Affirmations:
Issuer: Resonetics, LLC
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Backed Senior Secured Delayed Draw Term Loan, Affirmed B2 (LGD3)
Backed Senior Secured 1st Lien Term Loan, Affirmed B2 (LGD3)
Backed Senior Secured 1st Lien Revolving Credit Facility, Affirmed
B2 (LGD3)
Backed Senior Secured 2nd Lien Term Loan, Affirmed Caa2 (LGD5)
from (LGD6)
Outlook Actions:
Issuer: Resonetics, LLC
Outlook, Remains Stable
RATINGS RATIONALE
Resonetics' B3 Corporate Family Rating reflects its high financial
leverage, modest scale, high customer concentration and integration
risk related to the company's acquisition strategy. Moody's
estimates that the company's adjusted debt/EBITDA will be 7.1x pro
forma the Memry acquisition on a Moody's adjusted basis. Moody's
expects leverage to remain relatively elevated at around 7x over
the next 12-18 months. The company has high customer concentration
with the top five customers accounting for 42% of revenues pro
forma the Memry acquisition. The rating also reflects risks
associated with Moody's view that the company is likely to continue
to pursue further acquisitions.
The rating is supported by the high barriers to entry and switching
costs in contract manufacturing business involving laser-based
processes and precision grinding/machining. The high switching
costs are due to the significant amount of time and investment
required for its customers to obtain product regulatory approvals.
The credit profile also benefits from above industry average growth
in demand for many of the company's services focused on
interventional, diabetes care, surgical and ophthalmic surgery
products, as the US population ages.
The stable outlook reflects Moody's expectation that the company's
operating earnings will grow at a moderate pace organically and
leverage will remain relatively stable.
Moody's anticipates that Resonetics will maintain good liquidity
over the next 12-18 months. This reflects Moody's expectations of
breakeven to slightly positive free cash flow over the next 12
months, approximately $15 million in pro forma cash, and full
availability under the $50 million revolver at the close of the
acquisition and capital raise.
ESG CONSIDERATIONS
Resonetics' ESG credit impact score is highly negative (CIS-4). The
score reflects the company's highly negative exposure to both
social risks (S-4) and governance risks (G-4). The highly negative
exposure to social risk arises from responsible production as a
majority of the company's products are subject to similar
regulations as its large original equipment manufacturer customers.
Many of the company's products are implanted inside the human body
and are exposed to severe regulatory actions or product liability
litigations. The highly negative exposure to governance risks
reflect the company's aggressive financial strategy and risk
management and the risks associated with board structure which is
dominated by members representing the company's private equity
sponsors.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be downgraded if Resonetics' liquidity and/or
operating performance deteriorates, including sustained negative
free cash flow. The ratings could also be downgraded if the company
experiences operational disruptions, including challenges related
to the integration of recent acquisitions.
Ratings could be upgraded if Resonetics maintains its good
liquidity position, demonstrates solid revenue and EBITDA growth
and successfully integrates the recent acquisitions.
Quantitatively, adjusted debt/EBITDA sustained below 6.0 times
could support an upgrade.
Resonetics, LLC is a high technology manufacturer supplying
manufacturing services to the medical industry. The Company's
primary business operations include thin wall metal tubing,
laser-based and precision grinding/machining, metal fabrication,
and nitinol processing for medical device components beginning at
the prototyping phase through contract manufacturing. Resonetics is
owned by private equity firms Carlyle Group, Inc. and GTCR, LLC.
Pro-forma revenues for 2022 including recent acquisitions and Memry
are approximately $520 million.
The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.
ROBERTSHAW US: $110M Bank Debt Trades at 52% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Robertshaw US
Holding Corp is a borrower were trading in the secondary market
around 47.9 cents-on-the-dollar during the week ended Friday,
January 27, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $110 million facility is a Term loan that is scheduled to
mature on February 28, 2026. The amount is fully drawn and
outstanding.
Robertshaw US Holding Corp. operates as holding company. The
Company, through its subsidiaries, provides environmental
consultancy services.
RTW CONSTRUCTION: Final Hearing Today on DIP Loan, Cash Access
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
RTW Construction, Inc. on an interim basis, to use cash collateral
and obtain post-petition financing from Change Capital Holdings I,
LLC through January 31, 2023.
A hearing to consider the DIP Financing and entry of a Final Order
is scheduled for January 31 at 2 p.m.
As previously reported by the Troubled Company Reporter, the DIP
Loan is a revolver that will allow the Debtor to obtain funds,
repay, and obtain more funds up to the maximum principal amount of
$1,000,000 with a maximum outstanding amount during the initial
13-week period of not more than $250,000.
The Debtor acknowledges that separate and apart from its
negotiations with the DIP Lender, the Debtor has assured First
Indemnity of America Insurance Company that proceeds of each of the
Debtor's contracts for which FIA issued a surety bond will be
deposited into a segregated bank account and used first to pay:
(a) beneficiaries of the New Jersey Trust Fund Act (NJ Rev.
Stat section 2A:44-148) associated with a particular Bonded
Contract who are unpaid at the time of the Debtor's receipt of the
funds; or
(b) FIA directly to the extent FIA pays the claims (e.g.,
claims to subcontractors and material suppliers for a particular
Bonded Contract).
The Court ruled that the security interest and lien granted
post-petition by the Debtor to the DIP Lender pursuant to the DIP
Loan Documents is approved and granted on a first priority basis on
all of the Debtor's assets, subject to (i) valid and properly
perfected pre-petition liens and (ii) the Trust Fund Act.
As adequate protection for the Debtor's continued use of the DIP
Lender's cash collateral, to the extent of any diminution in the
value of its collateral, the DIP Lender continues to be granted a
replacement lien in all of the Debtor's presently owned or
hereafter acquired property and assets.
The DIP Lender is also granted, to the extent of any diminution in
the value of its collateral, an allowed super priority
administrative claim as provided in section 507(b) of the
Bankruptcy Code against the Debtor's estate which will have
priority in payment over any other indebtedness and/or obligations
now in existence or incurred hereafter by the Debtor and over all
administrative expenses or charges against property arising in the
Debtor's Chapter 11 case or any superseding Chapter 7 case.
The Debtor's authorization to use cash collateral and obtain DIP
Financing pursuant to the Order will be in effect commencing on the
bankruptcy filing date through and including the earlier of the
entry of a Final Order or January 31, 2023. The Debtor and the DIP
Lender may amend or provide for new Budgets and extend the
Expiration Date, without the need for further Court approval
provided that any amended Budget and notice of any extension of the
Expiration Date is filed with the Court.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3j1BYY9 from PacerMonitor.com.
The budget provides for total operating expenses, on a weekly
basis, as follows:
$24,900 for the week ending January 6, 2023;
$16,917 for the week ending January 13, 2023;
$14,500 for the week ending January 20, 2023;
$14,500 for the week ending January 27, 2023; and
$14,000 for the week ending February 3, 2023.
About RTW Construction, Inc.
RTW Construction, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 21-18595) on November
4, 2021. In the petition signed by Randy Worrell, chief executive
officer, the Debtor disclosed $1,376,365 in assets and $3,032,627
in liabilities.
Judge Christine M. Gravelle oversees the case.
Vincent Roldan, Esq., at Mandelbaum and Salsburg PC is the Debtor's
counsel.
Change Capital Holdings I, LLC, the DIP lender, is represented by
Henry G. Swergold, Esq., at Platzer, Swergold, Goldberg, Katz &
Jaslow, LLP.
S2 ENERGY: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------
David Asbach, Acting U.S. Trustee for Region 5, appointed an
official committee to represent unsecured creditors in the Chapter
11 case of S2 Energy Operating, LLC.
The committee members are:
1. Fab-Con, Inc.
Attention: Stacy Benandi
P.O. Box 520
Gonzales, LA 70707
Phone: 225-644-1072
Fax: 225-644-4902
Email: sbenandi@fab-con.net
2. Offshore Process Services, LLC
Attention: Donna Griggs
1206 Park Dr. #150
Mandeville, LA 70471
Phone: 985-727-2900
Email: donnagriggs@gmail.com
Counsel:
Jean-Paul Layrisson
607 St. Charles Ave., Ste. 100
New Orleans, LA 70130
Phone: 504-920-6415
Email: jean-paul@scanlayr.com
3. Pioneer Production Services, Inc.
Attention: Doug Danos
10628 LA-1
Lockport, LA 70374
Phone: 985-532-2577
Fax: 985-532-2580
Email: dougdanos@pioneerprod.net
Counsel:
Michael H. Bagot, Jr.
Wagner, Bagot & Rayer, LLP
601 Poydras Street, Suite 1660
New Orleans, LA 70130
Phone: 504-525-2141
Email: mbagot@wb-lalaw.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 S2 Energy Operating
S2 Energy Operating, LLC operates in the oil and gas extraction
industry.
S2 Energy Operating filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.
23-10066) on Jan. 16, 2023. The petition was signed by Barry R.
Salsbury as member. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and in liabilities.
Judge Meredith S. Grabill presides over the case.
The Debtor tapped Douglas S. Draper, Esq. at Heller, Draper & Horn,
LLC as legal counsel, and Seaport Global Securities, LLC as
financial advisor and investment banker.
SANOTECH 360: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: SanoTech 360, LLC
6795 Corporation Parkway
Fort Worth TX 76126
Business Description: SanoTech manufactures EMist Electrostatic
Sprayers for germs disinfectants.
Chapter 11 Petition Date: January 29, 2023
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 23-40261
Debtor's Counsel: J. Robert Forshey, Esq.
FORSHEY & PROSTOK, LLP
777 Main St., Suite 1550
Fort Worth TX 76102
Tel: 817-877-8855
Email: bforshey@forsheyprostok.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by George R. Robertson, chief executive
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/M3RXAPA/SanoTech_360_LLC__txnbke-23-40261__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Flextronics America, LLC $326,826
1000 Technology Dr. West
Columbia, SC 29170
2. FedEx $245,698
PO Box 660481
Dallas, TX 75266-0481
Matt Garcia
Email: matt@barnettgarcia.com
3. Piller Aimmco $211,709
3925 S Grant St.
Washougal, WA 98671
4. Team Manufacturing East West $151,197
4170 Ashford
Dunwoody Rd.
Suite 560
Atlanta, GA 30319
Adam Agress
Email: aagress@ewmfg.com
5. All Metals Fabricating $105,000
200 Allentown Parkway
Allen, TX 75002
6. TCS Micropumps $99,273
Highfield
Favorsham Road
Ospringe
ME13 OSF United Kingdom
Stuart Cakebread
Email: scakebread@ceruleanlaw.co.uk
7. Foley & Lardner LLP $95,028
2021 McKinny Avenue
Dallas, TX 75201
Mike Dubner
Email: mdunbar@foley.com
8. Hydradyne, LLC $91,507
15050 FAA Blvd.
Fort Worth, TX 76155-2215
Lara Roberge
Email: lroberge@bna-legal.com
9. Allied Electronics & $64,345
Automation
PO Box 841811
Dallas, TX 75284-1811
Desiree Davis
Email: desiree.davis@allicdelec.com
10. Micronel USA $62,081
12115 Insurance Way
Hagerstown, MD 21740
Rick Asai
Email: r.saal@micronel.com
11. Maxon Precision Motors $56,614
125 Dever Dr.
Taunton, MA 02780
Holly Correira
Email: holly.correira@maxongroup.com
12. Ryan Tax Compliance $45,853
Services, LLC
Three Galler Tower
13155 Noel Rd., Suite 100
Dallas, TX 75240
Marketta Plummer
Email: 214-524-9870
13. AUSPI Group $40,650
417 S Associated Rd.,
Suite 102
Brea, CA 92821
14. Classic Sheet Metal, Inc. $32,098
Purchasing
1515 Wrightwood Ct.
Addison, IL 60101
15. Buckeye Corrugated $26,718
PO Box 840931
Dallas, TX 75284-0931
16. The Specialty Mfg. Co. $24,974
5858 Centerville Rd.
St. Paul, MN 55127
Carie Brown
Email: carie@specialtymfg.com
17. CDW Direct $24,656
PO Box 75723
Chicago, IL 60675-5723
Vida Krug
Email: vida.krug@cdw.com
18. RIM Manufacturing, LLC $18,766
901 West I-20
Weatherford, TX 76087
19. Healthcare Surfaces $17,924
Institute
1156 Heritage Dr.
Stevensville, MT 59870
20. JTaylor $10,875
4800 Overton Plaza
Fort Worth, TX 76109-4450
SCF LLC: JLA Offers $515K for Equipment & Hand Tools in Adamsville
------------------------------------------------------------------
SCF LLC asks the U.S. Bankruptcy Court for the Western District of
Tennessee to approve the sale of equipment and hand tools located
at 320 Industrial Drive, in Adamsville, McNairy County, Tennessee
383810, to Johnson-Lancaster and Associates, Inc. ("JLA") for
$515,000.
The Debtor was a custom manufacturing and fabrication business
located in Adamsville, McNairy County, Tennessee, that specializes
in custom fabricating, primarily for the foodservice industry. It
ceased doing business in January 2022, but entered into a
Management Agreement with JLA to allow JLA to operate in the
manufacturing plant. JLA had been a customer of the Debtor prior to
closure.
Included in the property of the estate, and listed in the Debtor's
schedules, is personal property, including the Property. The
Debtor proposes to sell all of the estate's right, title and
interest in the Property. It received an offer from JLA to purchase
the Property for the sum of $515,000.
The Debtor believes that the consummation of the transaction is in
the best interest of the estate, and creditors insofar as the offer
will produce immediate cash to the estate. There will be no excess
proceeds, but it will reduce debts owed to creditors. The Debtor is
of the opinion that the aforementioned Offer of purchase is a fair
and reasonable offer for the Real Property and it does not believe
that it will receive a higher offer if the Court does not approve
the sale.
The Debtor requests that the Court authorizes the sale of the
Property, free and clear of all liens, claims, interests and
encumbrances which may be asserted against the Property. The
Property is subject to the security interest of CMM Finance, Inc.
in the amount of $556,652.35 per Proof of Claim 45.
Finally, the Debtor requests that the Court enters an Order
Confirming Sale of the Estate Property, that it be authorized to
take such steps, make such payments, and execute such documents as
reasonably necessary to implement and effectuate said sale, and, as
necessary, approve the Stalking Horse auction be conducted in
accordance with the Bidding Procedures, and that the Court grants
such further relief as may be just and equitable under the
circumstances.
About SCF LLC
SCF, LLC provides integrated logistics and barge transportation
services on the U.S. The company is based in Adamsville, Tenn.
SCF sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Tenn. Case No. 22-10809) on July 27, 2022. In the
petition filed by Doug Blaylock, chief financial officer, the
Debtor listed $1 million to $10 million in assets and $10 million
to $50 million in liabilities.
Judge Jimmy L. Croom oversees the case.
Steven N. Douglass, Esq., at Harris Shelton Hanover & Walsh, PLLC,
is the Debtor's counsel.
SCUNGIO BORST: Hearing on Exclusivity Bid Set for Feb. 1
--------------------------------------------------------
Scungio Borst and Associates, LLC is seeking more time to file a
Chapter 11 plan to liquidate its assets.
In its motion, the company asked the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania to extend the periods during which
it has the exclusive right to file a liquidating plan and solicit
votes on that plan to May 8 and July 5, respectively.
The court extended the exclusive filing period earlier this month,
which is set to expire on Feb. 6. The current solicitation period
ends on April 5.
Scungio Borst and Associates intends to file a plan to liquidate
its assets, which consist primarily of litigation claims in the
amount of $9.45 million against KPG-MCG Curtis Tenant, LLC and
employee retention credits in the amount of $550,000. The
liquidation or collection of these assets is the main unresolved
contingency in the company's bankruptcy case, according to the
motion filed by the company in court.
The exclusivity motion is on the court's calendar for Feb. 1.
About Scungio Borst & Associates
Scungio Borst & Associates, LLC is a worldwide construction
services firm specializing in general construction, consulting and
project management. It is based in Camden, N.J.
Scungio Borst & Associates filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
22-10609) on March 11, 2022, listing as much as $50 million in both
assets and liabilities. Judge Ashely M. Chan oversees the case.
Judge Ashely M. Chan oversees the case.
Aris J. Karalis, Esq., at Karalis, PC and Bochetto & Lentz, PC
serve as the Debtor's bankruptcy counsel and special litigation
counsel, respectively.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtor's case on April 11,
2022. The committee is represented by Obermayer Rebmann Maxwell &
Hippel, LLP.
SERTA SIMMONS: Unsecureds Owed $150M to Recover 100% in Joint Plan
------------------------------------------------------------------
Serta Simmons Bedding, LLC, et al., filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Disclosure Statement for
Joint Chapter 11 Plan dated January 24, 2023.
The Company is a leading manufacturer and marketer of bedding
products. Together with their non-debtor affiliates, the Debtors
operate 21 bedding manufacturing facilities across the United
States and Canada.
As a result of extensive negotiations with their secured creditors,
the Debtors entered into a restructuring support agreement
(including any amendments, modifications and joinders thereto, the
"Restructuring Support Agreement"), with the Consenting Creditors
party thereto, who hold, in the aggregate, approximately 81% of the
outstanding principal amount of the FLFO Term Loans and 77% of the
outstanding principal amount of FLSO Term Loans the outstanding
indebtedness under the PTL Credit Agreement, and the Consenting
Equity Holders.
The Restructuring will leave the Company's businesses intact and
substantially deleverage the Debtors' capital structure. The
Company's balance sheet liabilities will be reduced from greater
than approximately $1.9 billion in total debt to approximately $300
million in total debt upon emergence and result in the resolution
of certain pending claims against the Debtors brought by certain of
Non-PTL Term Loan Lenders. This deleveraging will enhance the
Company's long-term growth prospects and competitive position and
allow the Debtors to emerge from the Chapter 11 Cases as a
stronger, reorganized group of entities better able to invest in
the business, drive innovation, deliver value to customers, and
withstand a challenging market environment.
The Restructuring will be effectuated pursuant to the Plan, which
provides for, in relevant part, the following treatment of Claims
and Interests:
* Holders of an Allowed Other Secured Claim and an Allowed
Priority Non-Tax Claim will be unimpaired under the Plan.
* Holders of an Allowed FLFO Claim shall receive, in full and
final satisfaction of such Claim, such holder's Pro Rata share of
$195 million in aggregate principal amount of New Term Loans.
* Holders of an Allowed FLSO Claim shall receive, in full and
final satisfaction of such Claim, such holder's Pro Rata share of
(i) 100% of the New Common Interests issued on the Effective Date,
less any New Common Interests distributed to holders of Class 5
Non-PTL Claims under the Plan and subject to dilution by the New
Common Interests distributed pursuant to a post-emergence
equity-based management incentive plan (the "Management Incentive
Plan"), and (ii) $105 million in aggregate principal amount of New
Term Loans. Receipt of such consideration shall be effected as
described in the Restructuring Transactions Exhibit.
* Holders of Allowed Non-PTL Term Loan Claims shall receive,
in full and final satisfaction of such Claim:
-- If Class 5 votes to accept the Plan: such holder's Pro
Rata share of 4% of New Common Interests issued on the Effective
Date, subject to dilution by the New Common Interests distributed
pursuant to the Management Incentive Plan.
-- If Class 5 votes to reject the Plan: such holder's Pro
Rata share of 1% of New Common Interests issued on the Effective
Date, subject to dilution by any New Common Interests distributed
pursuant to the Management Incentive Plan.
* If a holder of an Allowed Ongoing General Unsecured Claim
executes a trade agreement providing for the continuation of goods
or services on the same or better terms as existed as most
favorable terms provided to the Debtors in the 6 months prior to
the Petition Date (the form and terms of such agreement to be
determined by the Debtors), such holder of an Allowed Ongoing
General Unsecured Claim shall receive no more than 4 Cash
installments, which payments shall result in full payment in the
Allowed amount of such Ongoing General Unsecured Claim on no better
terms than payment in the ordinary course of business.
* Holders of an Allowed Other General Unsecured Claim shall
receive, in full and final satisfaction of such Claim, its Pro Rata
Share of the Other General Unsecured Claims Recovery Pool as set
forth in the GUC Recovery Allocation Table.
* Holders of Allowed Intercompany Claims and Allowed
Intercompany Interests will be either impaired or unimpaired under
the Plan and therefore presumed to either accept or reject the
Plan.
* Holders of Other Intercompany Interests shall receive the
treatment afforded in the Restructuring Transactions Exhibit.
* Holders of Intermediate Equity Interests shall receive the
treatment afforded in the Restructuring Transactions Exhibit.
Cash on the balance sheet of the reorganized Debtors as reorganized
from the Effective Date ("Reorganized Debtors") and, to the extent
necessary, the proceeds issued or deemed issued under the Exit ABL
Facility shall be used to (i) pay the Professional Fee Claims, in
full in accordance with the Plan, (ii) fund other distributions,
costs, and expenses contemplated by the Plan, and (iii) fund
general working capital and for general corporate purposes of the
Reorganized Debtors.
Class 6A consists of Ongoing General Unsecured Claims. Except to
the extent that a holder of an Allowed Ongoing General Unsecured
Claim agrees to less favorable treatment, if a holder of an Allowed
Ongoing General Unsecured Claim executes a trade agreement
providing for the continuation of goods or services on the same or
better terms as existed as most favorable terms provided to the
Debtors in the 6 months prior to the Petition Date, on and after
the Effective Date, or as soon as reasonably practical thereafter,
such holder of an Allowed Ongoing General Unsecured Claim shall
receive no more than 4 Cash installments, which payments shall
result in full payment in the Allowed amount of such Ongoing
General Unsecured Claim on no better terms than payment in the
ordinary course of business. This Class will receive a distribution
of 100% of their allowed claims. As of the Petition Date, the
Debtors owe approximately $150 million in respect of trade debt and
other potential liabilities.
Class 6B consists of Other General Unsecured Claims. Except to the
extent that a holder of an Allowed Other General Unsecured Claim
agrees to less favorable treatment, each holder of an Allowed Other
General Unsecured Claim shall receive, in full and final
satisfaction of such Claim, its Pro Rata Share of the Other General
Unsecured Claims Recovery Pool as set forth in the GUC Recovery
Allocation Table. As of the Petition Date, the Debtors owe
approximately $30 million in respect of general unsecured claims
and other potential liabilities, exclusive of Ongoing General
Unsecured Claims.
Class 10 consists of Intermediate Equity Interests. On the
Effective Date, Intermediate Equity Interests shall receive the
treatment afforded in the Restructuring Transactions Exhibit.
Upon the Effective Date, the provisions of the Plan, including the
settlement of all Claims, Interests, and controversies among the
Debtor and the Consenting Parties given in consideration of the
value provided to the Estates by the Consenting Parties, the terms
of which are set out in the Restructuring Support Agreement and
incorporated by reference herein, shall constitute an integrated
and global good faith compromise and settlement of all Claims,
Interests, and controversies relating to the contractual, legal,
and subordination rights that a creditor or an Interest holder may
have with respect to any Allowed Claim or Allowed Interest or any
distribution to be made on account of such Allowed Claim or Allowed
Interest, including pursuant to the transactions set forth in the
Restructuring Transactions Exhibit.
A full-text copy of the Disclosure Statement dated January 24, 2023
is available at https://bit.ly/3Hm3UxQ from PacerMonitor.com at no
charge.
About Serta Simmons Bedding
Headquartered in Atlanta, Georgia, Serta Simmons Bedding, LLC --
https://sertasimmons.com/ -- is one of the leading mattress
manufacturers in North America with its iconic Serta, Beautyrest,
Simmons and Tuft & Needle brands.
After reaching a deal with stakeholders on a plan that will
significantly reduce the company's debt, Serta Simmons Bedding and
its affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan.
23, 2023. In the petition signed by CFO John Linker, Serta Simmons
disclosed up to $10 billion in both assets and liabilities.
The Debtors tapped WEIL, GOTSHAL & MANGES LLP as counsel; EVERCORE
GROUP L.L.C. as investment banker; and FTI CONSULTING, INC., as
financial advisor. EPIQ CORPORATE RESTRUCTURING, LLC, is the
claims agent.
SOUTH BAY PROPERTY: Case Summary & Three Unsecured Creditors
------------------------------------------------------------
Debtor: South Bay Property Homes LLC
595 S. Burlingame Ave
Los Angeles CA 90049
Chapter 11 Petition Date: January 30, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-10061
Debtor's Counsel: Leslie Cohen, Esq.
Jaime Williams Kerper, 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
jaime@lesliecohenlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steve Miller as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HG7COWI/South_Bay_Property_Homes_LLC__cacbke-23-10061__0001.0.pdf?mcid=tGE4TAMA
SPL PARTNERS: Expects $18M Exit Financing; Amends Plan
------------------------------------------------------
SPL Partners LLC submitted a Second Amended Disclosure Statement
for the Second Amended Plan of Reorganization dated January 24,
2023.
The Plan provides, among other things, for the implementation of a
settlement reached by and between the Debtor and Signature
regarding the resolution of Signature's senior mortgage on the
Debtor's Property and the Claim relating thereto.
Like in the prior iteration of the Plan, Class 4 shall consist of
Allowed General Unsecured Claims which shall be paid up to 100% of
their Allowed amounts, without interest. The Debtor estimates that
the Class 4 Claims total approximately $532,000 in the aggregate.
Class 5 shall consist of the Allowed subordinated Claims of
Insiders. Class 5 includes the Claims of Demetrios Spiropoulos in
the amount of $533,978.72, Robert Silvestri in the amount of
$200,000 and the Disputed Claim of Xemex in the amount of
$3,379,200.89. The holders of Allowed Class 5 Claims, together with
Allowed Class 4 Claims, shall potentially receive up to 100% of
their Allowed Claims, pro rata, from the Net Recovery, if any,
realized by the Debtor or Debtor's estate from the pursuit of
estate Causes of Action.
Class 6 shall consist of the Debtor's Interest Holder. In the event
that the Discounted Payoff is remitted timely and in full and an
Alternative Sale Process does not commence, the Interest Holder's
interest in the Debtor will be cancelled and new interest will be
issued in favor of the Funder. In the event that an Alternative
Sale Process is commenced, the Debtor's Interest Holder will retain
its interest and shall receive any surplus generated from Net
Proceeds of estate Causes of Action realized by the Debtor's
estate, after the payment in full of all Allowed Class 4 and Class
5 Claims.
Payments under the Plan due on the Closing Date shall be paid from
the following, or a combination thereof, (i) Exit Financing
obtained by the Debtor, (ii) the Debtor's cash on hand on the
Closing Date, and (iii) an equity infusion, as needed, from the
Funder. The Debtor anticipates approximately $18 million in Exit
Financing with the balance needed on confirmation to come from an
equity infusion. Additional funding for the Plan may come from the
Net Recovery from Causes of Action.
However, this recovery is not guaranteed as it requires successful
litigation as well as collection of amounts due. On the Effective
Date the Property shall revest in the Reorganized Debtor free and
clear of all liens, claims and encumbrances, subject to the
obligations of the Reorganized Debtor as set forth in the Plan and
the Settlement. It is important to note that as of the date of this
Disclosure Statement, the Debtor has not secured all of the funds
needed to satisfy discounted payoff to Signature by February 28,
2023 in addition to the additional amounts due under the Plan.
However, if the Debtor is unable to secure such funds by the
deadline, the Alternative Sale Process will be triggered.
In the event of an Alternative Sale Process, and no higher or
better bid is received from a bona-fide third-party than that of
Signature, the Plan shall automatically toggle, and Signature shall
then fund the cash obligations due on the Closing In the event of
an acceptable third-party bid obtained during the Alternate Sale
Process, the Plan shall then be funded from the ensuing sale
proceeds with the Class 2 Claims of Signature to be paid first up
to the Total Signature Claim, or such lesser amount as Signature
may agree in writing.
In the event that the Debtor does not fully and timely remit the
Discounted Payoff by the Payoff Deadline, Signature shall be
authorized to market and sell the Property on behalf of the
Debtor's estate for the highest and best price, in a single lot
with a closing to occur no later than April 14, 2023. Signature
shall pursue a sale of the Property by and through a licensed real
estate broker and in accordance with conventional Bidding
Procedures, with the retention of such broker and approval of the
Bidding Procedures to be approved by the Bankruptcy Court on or
before Confirmation of the Plan, likewise with the support of the
Debtor.
The Debtor and Signature have agreed to retain the services of
Rosewood Realty as the real estate broker, subject to Bankruptcy
Court approval. In the event that Rosewood Realty is not approved
by the Court, the parties shall select another mutually acceptable
broker to propose to the Court. In the event of an auction,
Signature shall have the right to credit bid up to the full amount
of the Signature Total Claim without any discount for pre-petition
or post-petition default interest or other fees and charges. The
sale of the Property pursuant to the Alternative Sale Process shall
be free and clear of all liens, Claims, interests and
encumbrances.
Under either a refinance or sale scenario, the transaction shall
not be subject to tax under any law imposing a stamp tax, real
estate transfer tax, mortgage recording tax, or similar tax due.
A full-text copy of the Second Amended Disclosure Statement dated
January 24, 2023 is available at https://bit.ly/3wDrpxu from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Dawn Kirby, Esq.
Erica R. Aisner, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
Email: dkirby@kacllp.com
eaisner@kacllp.com
About SPL Partners LLC
Brooklyn, N.Y.-based SPL Partners LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).
On Aug. 31, 2021, Xemex LLC, Stacey Angelides and Angelo Gerosavas
filed an involuntary petition against SPL Partners pursuant to
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21
42248). The creditors are represented by Ralph E. Preite, Esq., at
Koutsoudakis & Iakovou Law Group, PLLC.
Judge Elizabeth S. Stong presides over the case.
Melissa A. Pena, Esq., at Norris McLaughlin, P.A., serves as the
Debtor's legal counsel.
SUN PACIFIC: Board Waives Option to Implement Reverse Stock Split
-----------------------------------------------------------------
On Feb. 12, 2022, a majority of the shareholders of Sun Pacific
Holding Corp. approved of providing the Board of Directors of the
Company the option to, at its sole discretion, implement a reverse
stock split at a range between 100:1 and 1000:1. The option to
implement the reverse was for 12 months from April 21, 2022, the
date of the filing of a Definitive 14C with the SEC.
As of Jan. 24, 2023, the Board of Directors of the Company has
determined to allow the period to lapse and to waive its option to
implement a reverse stock split.
About Sun Pacific
Headquartered in Manalapan NJ, Sun Pacific Holding Corp. --
http://www.sunpacificholding.com-- offers "Next Generation" solar
panel and lighting products by working closely with design,
engineering, integration and installation firms in order to
deliver
turnkey solar and other energy efficient solutions. It provides
solar bus stops, solar trashcans and "street kiosks" that utilize
advertising offerings that provide State and local municipalities
with costs efficient solutions. The Company provides general,
electrical, and plumbing contracting services to a range of both
public and commercials customers in support of its goals of
expanding its green energy market reach.
Sun Pacific reported net income of $2.97 million for the year ended
Dec. 31, 2021, compared to a net loss of $1.87 million for the year
ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had
$303,455 in total assets, $3.26 million in total liabilities, and a
total stockholders' deficit of $2.95 million.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has suffered
recurring losses from operations since inception and has a
significant working capital deficiency, both of which raise
substantial doubt about its ability to continue as a going concern.
TK CLEANING: Court OKs Final Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina
authorized TK Cleaning & Lawn Services, LLC to use cash collateral
on a final basis in accordance with the budget and its agreement
with Newtek Small Business Finance, LLC.
The Debtor requires the use of cash collateral to pay its ordinary
business expenses associated with operation of the Debtor and
administration of the bankruptcy estate.
On January 12, 2023, Newtek, which owns two SBA loans secured by
substantially all of the Debtor's real and personal property,
including the Debtor's cash collateral, filed a timely objection to
the Debtor's bid to use cash collateral. Prior to the hearing, the
parties were able to reach an agreement on the Debtor's cash
collateral access.
The Court held that, if the Debtor's income exceeds $69,000 per
month, the Debtor may increase the budgeted expenses.
As adequate protection, the Debtor's secured creditors are granted
post-petition replacement liens and security interests in the
post-petition cash collateral and the proceeds thereof to the
extent of any diminution of the cash collateral post-petition. The
replacement liens will have the same rank and priority as the
secured creditors' pre-petition liens. The secured creditors will
not be required to file any UCC Financing Statements, or any other
document or take any other action (including possession of any of
the cash collateral) in order to validate or perfect the security
interests and liens granted to them hereunder, as all such liens
and security interests will be deemed automatically perfected by
and upon entry of this final order.
Payments made to the Debtor's secured creditors pursuant to the
final order will commence on February 10, 2023, and payable on the
10th day of each month thereafter.
A copy of the order is available at https://bit.ly/3HbIbbL from
PacerMonitor.com.
About TK Cleaning and Lawn Services
TK Cleaning and Lawn Services, LLC offers land clearing, screened
topsoil, mulch, snow removal, tree removal, lawn maintenance,
hardscaping, storm cleanup, and other landscape services.
TK Cleaning and Lawn Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No.
22-03485) on Dec. 19, 2022, with $1 million to $10 million in both
assets and liabilities. Troy Kelley, owner of TK Cleaning and Lawn
Services, signed the petition.
The Debtor tapped Jane H. Downey, Esq., at Moore Bradley Myers Law
Firm, PA as legal counsel and Newpoint Advisors Corporation as
financial advisor.
TOSCA SERVICES: $626.5M Bank Debt Trades at 20% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Tosca Services LLC
is a borrower were trading in the secondary market around 79.7
cents-on-the-dollar during the week ended Friday, January 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $626.5 million facility is a Term loan that is scheduled to
mature on August 18, 2027. About $616 million of the loan is
withdrawn and outstanding.
Tosca Services, LLC manufactures and supplies container solutions.
The Company offers plastic containers to transport fruit and
vegetable, egg, poultry, meat, and cheese products. Tosca Services
serves growers, suppliers, food manufacturers, and retailers in
North America.
USA ROOFING: Court OKs Cash Collateral Access Thru Feb 21
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized USA Roofing Partners, LLC to use cash
collateral on an interim basis in accordance with the budget until
February 21, 2023.
The Court said the Debtor must have at least $644,684 in a
combination of cash, accounts receivable and work in process at the
times when any cash collateral is spent and that such Adequate
Protection Amount will be deemed to be adequate protection for Ruth
Lake Investment Group LLC.
The Lender will continue to have the same liens, encumbrances and
security interests in the cash collateral generated or created post
filing, plus all proceeds, products, accounts, or profits thereof,
as existed prior to the filing date.
A continued hearing on the matter is set for February 21 at 9:30
a.m.
A copy of the order is available at https://bit.ly/3DhfPvJ from
PacerMonitor.com.
About USA Roofing Partners, LLC
USA Roofing Partners, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-33691) on
December 9, 2022. In the petition signed by Kevin Jones, partner,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge Jeffrey P. Norman oversees the case.
Reese W. Baker, Esq., at Baker & Associates, is the Debtor's legal
counsel.
WINC INC: Vin-Global Appointed as New Committee Member
------------------------------------------------------
The U.S. Trustee for Region 3 appointed Vin-Global, LLC as new
member of the official committee of unsecured creditors in the
Chapter 11 cases of Winc Inc. and its affiliates.
The committee is now composed of:
(1) Frederic Chaudiere Famille Chaudiere (SARL)
Attn: Frederic Chaudiere
A3G5, Route de Flassan
84570 (France) Mormoiron
Phone: +33(0)68153136
Email: frederic@chateaupesquie.com
(2) Ranch Canada de los Pinos
Attn: Douglas Circle
17772 E. 17th St., Suite 107
Tustin, CA 92780
Phone: 714-630-0299
Fax: 714-630-2399
Email: doug@circlevision.com
(3) Vin-Global, LLC
Attn: Douglas Jones
4501 Manatee Ave West, Suite 314
Bradenton, FL 34209
Phone: 845-629-4567
Email: djones@vin-global.net
About Winc Inc.
Winc, Inc. develops, produces and sells alcoholic beverages through
wholesale and direct to consumer business channels in conjunction
with winemakers, vineyards, distillers, and manufacturers, both
domestically and internationally. Its products are available at
retailers and restaurants throughout the United States.
Winc and its affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Del Lead Case No. 22-11238) on Nov.
30, 2022. In the petition signed by its interim chief executive
officer and president, Brian Smith, Winc disclosed up to
$50,318,000 in assets and up to $36,751,000 in liabilities.
Laurie Selber Silverstein oversees the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
restructuring and bankruptcy counsel; RPA Advisors, LLC as
financial advisor; and Canaccord Genuity Group Inc. as investment
banker. Epiq Corporate Restructuring, LLC is the Debtors' notice,
claims, solicitation and balloting agent, and administrative
advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped the law firms of A.M. Saccullo Legal, LLC and
ArentFox Schiff, LLP as legal counsels; CohnReznick, LLP as
financial advisor; and CohnReznick Capital Markets Securities, LLC
as investment banker.
XPO INC: S&P Upgrades ICR to 'BB+' on Completion of Debt Repayment
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on XPO Inc. to
'BB+' from 'BB' and removed the ratings from CreditWatch, where it
placed them with positive implications on June 22, 2022.
Additionally, S&P affirmed its issue-level rating on the company's
senior secured term loan and revised the recovery rating to '3'
from '2'.
S&P also raised its issue-level rating to 'BB-' from 'B+' on the
unsecured notes. The recovery rating remains '6'.
S&P assigned a stable outlook reflecting its expectation the
company will be able to increase rates to minimize the impact of a
softening macro environment.
XPO's credit metrics have improved from using the proceeds from its
divestitures to repay debt. In 2022, the company repaid more than
$1 billion of debt, ending the year with debt of about $2.3
billion. Proceeds arose from the March 2022 sale of its intermodal
operation, after which the company reduced debt by $630 million.
Additionally, following the spin-off of its truck brokerage
business, RXO Inc., in November 2022, the company decreased debt by
an additional $408 million, retiring a portion of its unsecured
notes through a tender offer. While timing is uncertain, XPO has
indicated its intent to divest its European Transportation business
(XET). S&P said, "We believe it is likely the company will use the
divestiture proceeds to support debt repayment at XPO, similar to
its actions following previous divestitures. That said, we do not
include any prospective debt repayment or proceeds from a
prospective divestiture in our forecasted assumptions. A potential
divestiture of XET is unlikely to result in a change to our view of
XPO's competitive position. XPO derives more than 85% of its EBITDA
from its North American less-than-truckload (NA LTL) business, and
we also expect the company will devote most of its capital
investment in North America."
S&P said, "We expect reported free operating cash flow (FOCF) will
remain positive in 2023 and improve further in 2024, which,
combined with EBITDA margin improvement, should result in S&P
Global Ratings-adjusted FFO to debt in the low-30% area in 2023,
improving to the high-30% range in 2024. The FFO-to-debt metric is
net of cash, which will likely build slightly in 2023 into 2024. We
forecast the company's cash balances will be about $350
million-$400 million in 2023 and $575 million-$625 million in 2024.
We expect FOCF generation of $70 million-$90 million in 2023,
increasing significantly in 2024 to $275 million-$300 million due
to EBITDA margin improvement noted previously from pricing
increases, linehaul insourcing, load optimization reducing touches
in the network, and inflationary pressures lessening over time with
slightly lower capital spending. Capital expenditures (capex) are
currently higher at this time to support fleet modernization ($550
million-$600 million) in 2023, which we expect will likely decrease
(to $500 million-$550 million) in 2024. Without the impact of cash
balances FFO to debt would be in the mid-20% area in 2023 and the
low-30% area in 2024.
"The RXO spin-off reduces XPO's diversification; however, we view
the remaining company as more stable with higher profitability. XPO
is now primarily a freight services business comprised of NA LTL
(approximately 60% of remainco 2022 revenues) and XET
(approximately 40% of remainco 2022 revenues), which is mostly
truckload (TL) and to a lesser extent LTL, with other
transportation services provided. Management has communicated its
intention for XPO to get to a pure-play NA LTL business and had
appetite to divest XET through sale or public offering on a
European stock exchange. However on Dec. 2, 2022, the company
announced it would be delaying the divestiture due to challenging
European capital markets.
"We view the LTL business as more stable in the transportation
cyclical industry, given characteristics unique to the market
including the necessity of lane density and volume to operate
profitably and to gain scale, which creates barriers for new
entrants. Additionally, LTL carriers have greater pricing
discipline and pricing power due to a more consolidated market with
fewer participants compared to the broader truckload (TL) market.
In addition, the technology requirements to manage volume in the
network combined with limited capacity in the market and overall
capital intensity suggests companies need to be well capitalized to
grow. Accordingly, we view the remaining business as less volatile
because by contrast RXO added exposure to a more volatile TL market
through the brokerage business, which had exposure to TL spot
pricing. We view the TL market as more fragmented with less pricing
discipline and therefore comparatively more volatile.
"We believe after this period of divestitures (RXO and intermodal),
the remaining XPO's EBITDA has a smaller scale (with RXO
contributing about 21% of the company's EBITDA in 2021 pro forma
for the 2021 GXO divestiture), and is ostensibly less diversified
given fewer offerings as it transitions toward a pure-play LTL
company. A large portion of the revenues in the legacy logistics
businesses and XET are pass-through expenses leading to higher
revenues and lower margins historically. From 2019 through 2022, we
estimate stand-alone RXO had S&P Global Ratings-unadjusted EBITDA
margins of 4%-6%, intermodal EBITDA margins of 15%-21%, and XET
EBITDA margins of negative 1%-3% compared to the 18%-20% margin at
NA LTL. Once the company divests the XET segment, we believe EBITDA
from NA LTL will be the future margin profile of XPO. Due to our
belief the company is moving to a smaller, more profitable core
business led by NA LTL, we forecast XPO (inclusive of NA LTL and
XET) S&P Global Ratings-adjusted EBITDA margins of 14%-15% in 2023
and 15.5%-16.5% in 2024. We believe credit metrics will continue to
improve over time. Moreover, we anticipate the company's
initiatives will allow it to gain market share. XPO plans to add
capacity to service more freight and expand its linehaul network in
areas of high population. Along with future rate increases, we
expect reported revenue (at remainco XPO) will grow around 5%-7% in
2022 and 3%-5% in 2023, despite a weaker macroeconomic environment,
further supportive of earnings and FOCF improvement over time.
"We believe the company could pursue future acquisitions or
shareholder returns while maintaining credit metrics supportive of
the rating. Though XPO has not stated a specific share repurchase
or dividend policy, we believe as cash builds and leverage
improves, the company could look to deploy capital for these
purposes. Furthermore, we believe the company is less likely to
pursue merger and acquisition (M&A) opportunities to support growth
of the remaining business, given the consolidated nature of LTL.
That said, we do not expect XPO would change its financial policy
to accommodate deployment of capital in a manner that places
downward pressure on the rating. XPO has targeted net leverage of
1.0x-2.0x (on an S&P Global Ratings-adjusted basis this is 0.5x to
1x higher).
"The stable outlook reflects our expectation that the company will
maintain FFO to debt commensurate with the rating over the next 12
months as rate increases and increasing market share, specifically
in the North American less-than-truckload business, offset
pressures from a deteriorating macroeconomic environment. Though
not explicitly considered in our base case assumptions--in the
event XET were divested, we believe XPO would use a portion of
proceeds to maintain appropriate credit metrics for the rating. We
expect XPO will generate FFO to debt around 30% in 2023, improving
to the high-30% area in 2024.
"We could downgrade the company within the next 12 months if we
believe XPO is unable to maintain profitable rates to offset
volumes lost from anticipated deterioration in the
macroenvironment, or if the company changes its stated financial
policy and pursues M&A or shareholder returns such that FFO to debt
declines below 30%.
"We could upgrade the company within the next 12 months if XPO can
sustain FFO to debt above 45%, in addition to maintaining a
financial policy that supports a higher rating. This could occur if
XPO is able to significantly expand its revenue and EBITDA though
new customer acquisitions and uses excess FOCF to repay debt."
ESG credit indicators: E-3, S-2, G-3
S&P said, "Environmental factors are a moderately negative
influence on our credit rating analysis of XPO Logistics. Like
other trucking operators, XPO faces tighter GHG emissions
regulation, which could lead to higher costs and required fleet
investment. Governance factors are also a moderately negative
influence. XPO has changed strategies several times in recent
years, pivoting from a roll-up strategy within the logistics and
transportation industry to pursuing significant share repurchases,
then ultimately spinning off its contract logistics and truck
brokerage segments. In addition, XPO's chairman Brad Jacobs has
historically been its largest shareholder; however, we do not
believe that Mr. Jacobs position has led to the prioritization of
his interests over those of other stakeholders nor do we believe it
is likely to impact the company's strategy.
"We have revised our recovery analysis to reflect the additional
$408 million repayment of the 2025 unsecured notes in November 2022
following the $630 million repayment in April 2022.
We affirmed our 'BB+' issue-level rating on the company's term loan
and revised the '2' recovery rating to '3', with the rounded
estimate declining to 65% from 80%, reflecting a lower enterprise
value subsequent to the spinoff of RXO on Nov. 1 2022, and
repayment of unsecured debt.
"We also raised our 'B+' issue-level rating on the XPO unsecured
notes to 'BB-'. The '6' recovery rating and 5% rounded estimate are
unchanged.
"We raised the issue-level rating on the legacy Con-way notes,
which do not benefit from a guarantee by XPO, to 'BB-'. The '6'
recovery rating and 5% rounded estimate are unchanged.
"The lower recovery rating on the first-lien term loan represents
the disproportionate paydown of unsecured claims in 2022.
"Our simulated default scenario contemplates a payment default in
2028 amid a sustained cyclical economic downturn that leads to a
significant decline in industrial production and demand for LTL
transportation. This results in lower revenue and margin pressure,
leading to a payment default.
"We value the company as a going concern using a 5.0x multiple of
our projected EBITDA."
-- Year of default: 2028
-- Jurisdiction: U.S.
-- EBITDA multiple: 5.0x
-- Valuation split (obligor/nonobligor): 85%/15%
-- EBITDA at emergence: $405 million
-- Net enterprise value (after 5% administrative costs): $1.9
billion
-- Priority claims: $367 million
-- Value available to secured claims: $1.4 billion
-- Total first-lien debt: $2.15 billion
--Recovery expectations: 50%-70% (rounded estimate: 65%)
-- Total value available to unsecured claims: $70 million
-- Total unsecured notes: $426 million
--Recovery expectations: 0%-10% (rounded estimate: 5%)
YIELD10 BIOSCIENCE: Signs Deal to Sell $4.2 Million Common Shares
-----------------------------------------------------------------
Yield10 Bioscience, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission it entered into an Equity
Distribution Agreement with Maxim Group LLC as agent, pursuant to
which the Company may offer and sell shares of its common stock,
$0.01 par value per share, having an aggregate offering price of up
to $4,200,000, from time to time through Maxim. On Jan. 23, 2023,
the Company filed a prospectus supplement with the Securities and
Exchange Commission in connection with the Offering under its
existing Registration Statement on Form S-3 (File No 333-254830),
which was declared effective on April 2, 2021.
Subject to the terms and conditions of the Distribution Agreement,
Maxim will use its commercially reasonable efforts to sell the
Shares from time to time, based on the Company's instructions.
Under the Distribution Agreement, Maxim may sell the Shares by any
method permitted by law deemed to be an "at-the-market" offering as
defined in Rule 415 promulgated under the Securities Act of 1933,
as amended.
The Company has no obligation to sell any of the Shares, and the
Company or Maxim may suspend or terminate the offering of Shares
upon notice to the other party and subject to other conditions.
Under the terms of the Distribution Agreement, Maxim will be
entitled to a transaction fee at a fixed rate of 2.75% of the gross
sales price of Shares sold under the Distribution Agreement. The
Company will also reimburse Maxim for certain expenses incurred in
connection with the Distribution Agreement, and agreed to provide
customary indemnification and contribution rights to Maxim.
About Yield10
Yield10 Bioscience, Inc. -- http://www.yield10bio.com-- is an
agricultural bioscience company that uses its "Trait Factory" and
the Camelina oilseed "Fast Field Testing" system to develop high
value seed traits for the agriculture and food industries. Yield10
is headquartered in Woburn, MA and has an Oilseeds Center of
Excellence in Saskatoon, Canada.
Yield10 Bioscience reported a net loss of $11.03 million for the
year ended Dec. 31, 2021, compared to a net loss of $10.21 million
for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the
Company had $11.27 million in total assets, $4.05 million in total
liabilities, and $7.22 million in total stockholders' equity.
Boston, Massachusetts-based RSM US LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 25, 2022, citing that the Company has suffered recurring
losses from operations. This raises substantial doubt about the
Company's ability to continue as a going concern.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 231.4 (10.3) (2.2)
7GC & CO HOLDING VIIAU US 231.4 (10.3) (2.2)
ABSOLUTE SOFTWRE ABST US 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE OU1 GR 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE ABST CN 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE ABT2EUR EU 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE OU1 GZ 544.9 (4.3) (53.0)
ACCELERATE DIAGN AXDX* MM 75.8 (9.8) 56.7
AEMETIS INC AMTX US 198.9 (184.9) (159.0)
AIR CANADA AC CN 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 GR 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACEUR EU 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 TH 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACDVF US 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 QT 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACEUR EZ 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 GZ 29,754.0 (1,931.0) 1,190.0
ALNYLAM PHAR-BDR A1LN34 BZ 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNY US 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL GR 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL QT 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNYEUR EU 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL TH 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNY* MM 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL GZ 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNYEUR EZ 3,535.3 (67.6) 1,918.1
ALTICE USA INC-A ATUS US 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A 15PA GR 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A 15PA TH 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A ATUSEUR EU 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A 15PA GZ 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A ATUS* MM 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A ATUS-RM RM 33,282.6 (339.1) (1,469.1)
ALTIRA GP-CEDEAR MOC AR 33,953.0 (4,232.0) (4,077.0)
ALTIRA GP-CEDEAR MOD AR 33,953.0 (4,232.0) (4,077.0)
ALTIRA GP-CEDEAR MO AR 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC PHM7 GR 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MO* MM 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MO US 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MO SW 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MOEUR EU 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MO TE 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC PHM7 TH 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MO CI 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC PHM7 QT 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MOUSD SW 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC PHM7 GZ 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC 0R31 LI 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC ALTR AV 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC MOEUR EZ 33,953.0 (4,232.0) (4,077.0)
ALTRIA GROUP INC 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 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL US 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G GR 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL* MM 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G TH 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G QT 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G GZ 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL11EUR EU 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL AV 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL TE 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G SW 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE 0HE6 LI 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL11EUR EZ 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL-RM RM 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL_KZ KZ 64,716.0 (5,799.0) (6,227.0)
AMPLIFY ENERGY C AMPY US 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ GR 458.2 (35.3) (48.9)
AMPLIFY ENERGY C MPO2EUR EU 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ TH 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ GZ 458.2 (35.3) (48.9)
AMPLIFY ENERGY C 2OQ QT 458.2 (35.3) (48.9)
AMYRIS INC AMRS* MM 754.1 (404.8) (36.8)
AMYRIS INC A2MR34 BZ 754.1 (404.8) (36.8)
AON PLC-CLASS A AON US 31,223.0 (670.0) 488.0
AON PLC-CLASS A 4VK GR 31,223.0 (670.0) 488.0
AON PLC-CLASS A 4VK QT 31,223.0 (670.0) 488.0
AON PLC-CLASS A 4VK TH 31,223.0 (670.0) 488.0
AON PLC-CLASS A AON1EUR EU 31,223.0 (670.0) 488.0
AON PLC-CLASS A AONN MM 31,223.0 (670.0) 488.0
AON PLC-CLASS A 4VK GZ 31,223.0 (670.0) 488.0
ARENA GROUP HOLD AREN US 167.6 (31.2) (43.0)
ASHFORD HOSPITAL AHD GR 3,971.7 (68.8) -
ASHFORD HOSPITAL AHT US 3,971.7 (68.8) -
ASHFORD HOSPITAL AHT1EUR EU 3,971.7 (68.8) -
ASHFORD HOSPITAL AHD TH 3,971.7 (68.8) -
ATLAS TECHNICAL ATCX US 528.8 (125.1) 98.7
AUTOZONE INC AZO US 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 TH 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 GR 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZOEUR EU 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 QT 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZO AV 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 TE 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZO* MM 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZOEUR EZ 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZ5 GZ 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC AZO-RM RM 15,315.9 (3,837.9) (2,075.9)
AUTOZONE INC-BDR AZOI34 BZ 15,315.9 (3,837.9) (2,075.9)
AVID TECHNOLOGY AVID US 237.5 (141.4) (22.4)
AVID TECHNOLOGY AVD GR 237.5 (141.4) (22.4)
AVID TECHNOLOGY AVD TH 237.5 (141.4) (22.4)
AVID TECHNOLOGY AVD GZ 237.5 (141.4) (22.4)
AVIS BUD-CEDEAR CAR AR 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA GR 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR US 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA QT 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR2EUR EU 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR* MM 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CAR2EUR EZ 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA TH 25,197.0 (507.0) (770.0)
AVIS BUDGET GROU CUCA GZ 25,197.0 (507.0) (770.0)
BABCOCK & WILCOX BW US 881.6 (17.1) 179.1
BABCOCK & WILCOX UBW1 GR 881.6 (17.1) 179.1
BABCOCK & WILCOX BWEUR EU 881.6 (17.1) 179.1
BATH & BODY WORK LTD0 GR 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LTD0 TH 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI US 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LBEUR EU 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI* MM 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LTD0 QT 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI AV 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LBEUR EZ 5,133.0 (2,608.0) 496.0
BATH & BODY WORK LTD0 GZ 5,133.0 (2,608.0) 496.0
BATH & BODY WORK BBWI-RM RM 5,133.0 (2,608.0) 496.0
BATTERY FUTURE A BFAC/U US 354.9 350.4 0.2
BATTERY FUTURE-A BFAC US 354.9 350.4 0.2
BED BATH &BEYOND BBBY* MM 4,401.4 (798.6) (694.1)
BED BATH &BEYOND BBBY SW 4,401.4 (798.6) (694.1)
BED BATH &BEYOND BBBY-RM RM 4,401.4 (798.6) (694.1)
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 137,100 (15,848) 19,471.0
BOEING CO-CED BA AR 137,100 (15,848) 19,471.0
BOEING CO-CED BAD AR 137,100 (15,848) 19,471.0
BOEING CO/THE BA EU 137,100 (15,848) 19,471.0
BOEING CO/THE BCO GR 137,100 (15,848) 19,471.0
BOEING CO/THE BAEUR EU 137,100 (15,848) 19,471.0
BOEING CO/THE BA TE 137,100 (15,848) 19,471.0
BOEING CO/THE BA* MM 137,100 (15,848) 19,471.0
BOEING CO/THE BA SW 137,100 (15,848) 19,471.0
BOEING CO/THE BOEI BB 137,100 (15,848) 19,471.0
BOEING CO/THE BA US 137,100 (15,848) 19,471.0
BOEING CO/THE BCO TH 137,100 (15,848) 19,471.0
BOEING CO/THE BA PE 137,100 (15,848) 19,471.0
BOEING CO/THE BOE LN 137,100 (15,848) 19,471.0
BOEING CO/THE BA CI 137,100 (15,848) 19,471.0
BOEING CO/THE BCO QT 137,100 (15,848) 19,471.0
BOEING CO/THE BAUSD SW 137,100 (15,848) 19,471.0
BOEING CO/THE BCO GZ 137,100 (15,848) 19,471.0
BOEING CO/THE BA AV 137,100 (15,848) 19,471.0
BOEING CO/THE BA-RM RM 137,100 (15,848) 19,471.0
BOEING CO/THE BAEUR EZ 137,100 (15,848) 19,471.0
BOEING CO/THE BA EZ 137,100 (15,848) 19,471.0
BOEING CO/THE BACL CI 137,100 (15,848) 19,471.0
BOEING CO/THE BA_KZ KZ 137,100 (15,848) 19,471.0
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)
DELL TECHN-C 12DA TH 85,172.0 (3,368.0) (13,220)
DELL TECHN-C 12DA GR 85,172.0 (3,368.0) (13,220)
DELL TECHN-C 12DA GZ 85,172.0 (3,368.0) (13,220)
DELL TECHN-C DELL1EUR EU 85,172.0 (3,368.0) (13,220)
DELL TECHN-C DELLC* MM 85,172.0 (3,368.0) (13,220)
DELL TECHN-C 12DA QT 85,172.0 (3,368.0) (13,220)
DELL TECHN-C DELL AV 85,172.0 (3,368.0) (13,220)
DELL TECHN-C DELL1EUR EZ 85,172.0 (3,368.0) (13,220)
DELL TECHN-C DELL-RM RM 85,172.0 (3,368.0) (13,220)
DELL TECHN-C-BDR D1EL34 BZ 85,172.0 (3,368.0) (13,220)
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 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GR 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO US 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EU 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI QT 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO1* MM 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GZ 1,458.7 (802.1) 128.8
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 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 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH GR 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA US 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH TH 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH QT 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCAEUR EU 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA* MM 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH TE 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCAEUR EZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH GZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA-RM RM 52,438.0 (73.0) 3,741.0
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE NUTRIT HOO GR 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLF US 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EU 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO QT 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO GZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO SW 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO TH 2,725.1 (1,361.9) 398.2
HEWLETT-CEDEAR HPQD AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQC AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQ AR 38,587.0 (2,918.0) (6,352.0)
HILLEVAX INC HLVX US 322.1 287.2 291.5
HILTON WORLD-BDR H1LT34 BZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT US 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 TH 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 GR 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 QT 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTEUR EU 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT* MM 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 TE 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTEUR EZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLTW AV 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HI91 GZ 15,508.0 (914.0) (389.0)
HILTON WORLDWIDE HLT-RM RM 15,508.0 (914.0) (389.0)
HORIZON ACQUIS-A HZON US 528.3 (20.7) (4.5)
HORIZON ACQUISIT HZON/U US 528.3 (20.7) (4.5)
HP COMPANY-BDR HPQB34 BZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ* MM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ US 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP TH 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GR 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ TE 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ CI 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ SW 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP QT 38,587.0 (2,918.0) (6,352.0)
HP INC HPQUSD SW 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EU 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ AV 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ-RM RM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQCL CI 38,587.0 (2,918.0) (6,352.0)
IMMUNITYBIO INC IBRX US 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA GR 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA TH 352.9 (429.1) 72.3
IMMUNITYBIO INC NK1EUR EU 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA GZ 352.9 (429.1) 72.3
IMMUNITYBIO INC NK1EUR EZ 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA QT 352.9 (429.1) 72.3
INHIBRX INC INBX US 164.9 (35.1) 128.3
INHIBRX INC 1RK GR 164.9 (35.1) 128.3
INHIBRX INC INBXEUR EU 164.9 (35.1) 128.3
INHIBRX INC 1RK QT 164.9 (35.1) 128.3
INHIBRX INC INBXEUR EZ 164.9 (35.1) 128.3
INNOVATE CORP VATE US 1,165.2 (28.6) 46.2
INNOVATE CORP PST TH 1,165.2 (28.6) 46.2
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
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 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
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) -
NEXTSOURCE MATER NEXT CN 27.1 (35.9) (42.5)
NINE ENERGY SERV NINE US 407.5 (32.1) 86.0
NINE ENERGY SERV NEJ GR 407.5 (32.1) 86.0
NINE ENERGY SERV NINE1EUR EU 407.5 (32.1) 86.0
NINE ENERGY SERV NINE1EUR EZ 407.5 (32.1) 86.0
NINE ENERGY SERV NEJ GZ 407.5 (32.1) 86.0
NINE ENERGY SERV NEJ TH 407.5 (32.1) 86.0
NINE ENERGY SERV NEJ QT 407.5 (32.1) 86.0
NOVAVAX INC NVV1 GR 2,267.4 (566.0) 92.0
NOVAVAX INC NVAX US 2,267.4 (566.0) 92.0
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 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 (3,776.0) (9,545.0)
ORACLE CO-CEDEAR ORCLC AR 128,469 (3,776.0) (9,545.0)
ORACLE CO-CEDEAR ORCL AR 128,469 (3,776.0) (9,545.0)
ORACLE CO-CEDEAR ORCLD AR 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL US 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORC GR 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL* MM 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL TE 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORC TH 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL CI 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL SW 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCLEUR EU 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORC QT 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCLUSD EU 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCLUSD SW 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORC GZ 128,469 (3,776.0) (9,545.0)
ORACLE CORP 0R1Z LN 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL AV 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCLEUR EZ 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCLUSD EZ 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCLCL CI 128,469 (3,776.0) (9,545.0)
ORACLE CORP ORCL-RM RM 128,469 (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 RTA1 QT 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 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO STXN MM 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO STX US 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO 847 GR 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO 847 GZ 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO STX4EUR EU 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO 847 TH 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO STXH AV 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO 847 QT 7,867.0 (470.0) 356.0
SEAGATE TECHNOLO STH TE 7,867.0 (470.0) 356.0
SEAWORLD ENTERTA SEAS US 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L GR 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L TH 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA SEASEUR EU 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L QT 2,355.5 (420.3) (153.8)
SEAWORLD ENTERTA W2L GZ 2,355.5 (420.3) (153.8)
SILVER SPIKE-A SPKC/U CN 128.5 (6.3) 0.5
SIRIUS XM HOLDIN SIRI US 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN RDO TH 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN RDO GR 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN RDO QT 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN RDO GZ 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN SIRI AV 10,059.0 (3,616.0) (1,719.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,059.0 (3,616.0) (1,719.0)
SIX FLAGS ENTERT SIX US 2,704.1 (421.8) (212.8)
SIX FLAGS ENTERT 6FE GR 2,704.1 (421.8) (212.8)
SIX FLAGS ENTERT SIXEUR EU 2,704.1 (421.8) (212.8)
SIX FLAGS ENTERT 6FE TH 2,704.1 (421.8) (212.8)
SIX FLAGS ENTERT 6FE QT 2,704.1 (421.8) (212.8)
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
TEMPUR SEALY INT TPD GR 4,351.7 (143.3) 198.5
TEMPUR SEALY INT TPX US 4,351.7 (143.3) 198.5
TEMPUR SEALY INT TPXEUR EU 4,351.7 (143.3) 198.5
TEMPUR SEALY INT TPD TH 4,351.7 (143.3) 198.5
TEMPUR SEALY INT TPD GZ 4,351.7 (143.3) 198.5
TEMPUR SEALY INT T2PX34 BZ 4,351.7 (143.3) 198.5
TEMPUR SEALY INT TPX-RM RM 4,351.7 (143.3) 198.5
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 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
WYNN RESORTS-BDR W1YN34 BZ 11,779.3 (1,597.0) 688.4
YELLOW CORP YELL US 2,450.9 (335.9) 224.9
YUM! BRANDS INC YUM US 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC TGR GR 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC TGR TH 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUMEUR EU 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC TGR QT 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUM SW 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUMUSD SW 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC TGR GZ 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUM* MM 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUM AV 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUMEUR EZ 5,779.0 (8,542.0) 351.0
YUM! BRANDS INC YUM-RM RM 5,779.0 (8,542.0) 351.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***