/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230207.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, February 7, 2023, Vol. 27, No. 37 Headlines 1325 ATLANTIC: Sets Bidding Procedures for Brooklyn Property 307 ASSETS: Seeks Approval of Proposed Sale of New York Property 575 BOULEVARD: Amick and McLemore Offer $2MM for Atlanta Property ACCELERATED HEALTH: $875M Bank Debt Trades at 30% Discount ACCEPTANCE FINANCIAL: Court OKs Cash Collateral Use Thru March 8 AGELESS SERUMS: Disposable Income to Fund Plan Payments ALL DAY ACQUISITIONCO: $200M Bank Debt Trades at 92% Discount ALLEN MEDIA: $660M Bank Debt Trades at 19% Discount AMERICAN AUTO: $180M Bank Debt Trades at 28% Discount ANDOVER SENIOR: WC Capital Offers $2.2-Mil. for Andover Property ARCHDIOCESE OF AGANA: Selling FHP, Chancery Property to Fund Plan ASP LS ACQUISITION: $1.38B Bank Debt Trades at 19% Discount AVENTIS SYSTEMS: Case Summary & 20 Largest Unsecured Creditors AVENTIV TECHNOLOGIES: $282M Bank Debt Trades at 44% Discount B GSE GROUP: Wins Cash Collateral Access Thru March 14 BED BATH & BEYOND: Taps Cole Schotz for Potential Filing BELK INC: S&P Downgrades ICR to 'CCC-' on Approaching Maturities BELLAIRE IN SPRING: Voluntary Chapter 11 Case Summary BON WORTH: May Use $75,000 of Cash Collateral Thru Feb 16 BUCKHARDT TECHNOLOGIES: Wins Cash Collateral Access Thru March 2 CELSIUS NETWORK: Allows Clients Funds Withdrawal CENTERPOINTE HOTELS: Seeks to Hire Okin Adams as Legal Counsel CHESTNUT RIDGE: Voluntary Chapter 11 Case Summary CITY BREWING: $850M Bank Debt Trades at 52% Discount COLOUROZ INVESTMENT 2: $205M Bank Debt Trades at 35% Discount COMPUTE NORTH: Fine-Tunes Plan Documents CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 20% Discount CORE SCIENTIFIC: Asks Court Okay to Sell $6 Million Bitmain Coupons CORE SCIENTIFIC: Court OKs $35MM DIP Loan From B. Riley CORTAVO INC: Case Summary & Nine Unsecured Creditors CP IRIS: $210M Bank Debt Trades at 20% Discount CPC ACQUISITION: $225M Bank Debt Trades at 38% Discount CQP HOLDCO: S&P Affirms 'BB' Rating on Debt Add-On, Outlook Stable CRESTWOOD HOSPITALITY: Cash Collateral Access OK'd Thru March 31 DAMON CAPITAL: Case Summary & Seven Unsecured Creditors DANNY R. BARTEL: Disclosures Hearing on Feb. 15 DCL HOLDINGS: Seeks to Hire King & Spalding as Bankruptcy Counsel DCL HOLDINGS: Taps Richards Layton & Finger as Co-Counsel DELPHI BEHAVIORAL: Case Summary & 30 Largest Unsecured Creditors DIAMANTE CUSTOM: Court Confirms Amended Plan DIAMOND SCAFFOLD: Proposes a Sale of Substantially All Assets DIOCESE OF ROCKVILLE: Victims, Diocese Have Competing Plans DUNBAR PLAZA: Seeks to Amend Proposed Sale of Dunbar Property EAGLE MECHANICAL: Files for Chapter 11 Bankruptcy EMB BILLING: Wins Cash Collateral Access Thru June 30 EMERALD ELECTRICAL: Seeks Approval of Vehicles & Equipment Sale EMPLOYEE LOAN: Sets Bidding Procedures for Substantially All Assets ENDO INTERNATIONAL: Committee Taps Grant Thornton as Tax Advisor ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 66% Discount EXELA INTERMEDIATE: $403M Bank Debt Trades at 85% Discount EYECARE PARTNERS: $300M Bank Debt Trades at 17% Discount EYECARE PARTNERS: $750M Bank Debt Trades at 17% Discount FARRELL CROSSING: Voluntary Chapter 11 Case Summary FEDNAT HOLDING: Green Owl Buying Excess Office Equipment for $21.4K FTX GROUP: Prosecutors Want to Block SBF from Contacting Workers FTX GROUP: Sullivan & Cromwell to Reap Millions for Untangling Co. FTX TRADING: Debtors, Committee Seek to Subpoena Insiders GABHALTAIS TEAGHLAIGH: Private Sale of 4 Properties to OHP Denied GALAXY NEXT: Hikes Authorized Common Shares to 3 Billion GENESIS GLOBAL: Gemini Clients Face $485M Possible Shortfall GENESIS GLOBAL: SEC & IRS Listed as Creditors in Chapter 11 Filing GIBSON BRANDS: S&P Affirms 'B-' Rating on First-Lien Term Loan GREELY LAND: Court OKs Deal on Cash Collateral Access Thru Feb 28 GTT COMMUNICATIONS: $350M Bank Debt Trades at 31% Discount HBL SNF: No Resident Complaints, 5th PCO Reports Says HEADQUARTERS INVESTMENTS: Selling 2 Orlando Properties for $15.5MM HEALTHCHANNELS INTERMEDIATE: Bank Debt Trades at 29% Discount HEMANI HOSPITALITY: Court Confirms Second Amended Plan HERMANOS GONZALES: Voluntary Chapter 11 Case Summary HOLLOWAY CROSSING: Says Modified Plan Confirmable HORNBLOWER SUB: $349.4M Bank Debt Trades at 36% Discount INDEPENDENT PET: Case Summary & 30 Largest Unsecured Creditors IRB HOLDING: S&P Rates New $1.75BB First-Lien Term Loan 'B+' JAF 27 LLC: Seeks Private Short Sale of Lowell Property for $400K JERRY L. TEAL, SR: Proposes to Sell Nashville Real Estate for $5.2M JERRY L. TEAL, SR: Seeks to Sell Nashville Property for $5.2 Mil. JHW ALPHIA: S&P Upgrades ICR to 'B-' on Performance Improvement JOHN'S FAMILY: Unsecureds Are Unimpaired in Plan KALBARRI AUSTRALIA: Court Confirms Liquidating Plan KNOW LABS: Provides Update on Strategic Partnerships LANNETT CO: Posts $36.3 Million Net Loss in Fiscal 2023 Q2 LEARFIELD COMMUNICATIONS: $864M Bank Debt Trades at 32% Discount LHS BORROWER: $1.41B Bank Debt Trades at 16% Discount LIBERTY POWER: Wins Cash Collateral Access Thru March 31 LINDERIAN CO: Seeks Approval of OT Agreement With LOH Longview MAVENIR SYSTEMS: $585M Bank Debt Trades at 34% Discount MDWERKS INC: M&K CPAs Replaces TAAD LLP as Auditor MEND CORRECTIONAL: Daley Properties Buying Equipment for $12.4K MEND CORRECTIONAL: Seeks Black Diamond Auction Sale of Equipment MESO DELRAY: Court Approves Disclosure Statement METROHAVANA TOWN: Has $2.73MM Offer From Fon-On for Miami Property MID SOUTH RECYCLING: SBI Buying 2018 Brazos Trailer for $35K NAKED JUICE: $450M Bank Debt Trades at 17% Discount NAUTICAL SOLUTIONS: Hires Jefferies LLC as Investment Banker NAUTICAL SOLUTIONS: Taps Ankura Consulting as Financial Advisor NAVARRO PECAN: Feb. 8 Deadline Set for Panel Questionnaires NBG ACQUISITION: $260M Bank Debt Trades at 85% Discount NEPHROS INC: Thomas Gwydir Quits as Director NERAM GROUP: MPSN Holdings Offers to Buy Ontario Property for $1.8M NORTHERN INYO: S&P Affirms 'B+' Rating on GO & Revenue Bonds NOVA WILDCAT: $48MM DIP Loan from PNC Bank Has Interim OK NUVO TOWER: Sets Bidding Procedures for 4 Contiguous Brooklyn Lots ONE CALL: $700M Bank Debt Trades at 16% Discount PAR PETROLEUM: S&P Assigns 'BB' Rating on New $550MM Term Loan B PARLEE CYCLES: Case Summary & 20 Largest Unsecured Creditors PARTY CITY: U.S. Trustee Appoints Creditors' Committee PEAK PROPERTY: Michel Trust Buys La Quinta Real Property for $450K PHI GROUP: Incurs $1.8 Million Net Loss in First Quarter PHYSIQ INC: Startup Starts Subchapter V Proceedings PLAYPOWER INC: $400M Bank Debt Trades at 23% Discount PLOURDE SAND: Files Emergency Bid to Use Cash Collateral PRECAST LLC: Court OKs Interim Cash Collateral Access PRINCIPLE ENTERPRISES: Plan Approved Subject to Modifications PUG LLC: $1.7B Bank Debt Trades at 15% Discount QUANTUM CORP: Incurs $2.2 Million Net Loss in Third Quarter REGIONAL HOUSING: No Decline in Patient Care at Columbus Facility REGIONAL HOUSING: No Decline in Patient Care at Gainesville REGIONAL HOUSING: No Decline in Patient Care at Gardens of Rome REGIONAL HOUSING: No Decline in Patient Care at Gardens of Savannah REGIONAL HOUSING: No Decline in Patient Care at Landings of Douglas REGIONAL HOUSING: No Decline in Patient Care at Social Circle ROCKLEY PHOTONICS: March 3 Hearing on Plan & Disclosures RODA LLC: Case Summary & Five Unsecured Creditors S2 ENERGY: Sets Bidding Procedures for Substantially All Assets SAMEH H. AKNOUK: U.S. Trustee Seeks Appointment of PCO SANO TECH: Feb. 8 Deadline Set for Panel Questionnaires SEINEYARD INC: Seeks to Hire Bruner Wright as Legal Counsel SERTA SIMMONS: Seeks Approval to Hire Ordinary Course Professional SOUTH AMERICAN BEEF: U.S. Trustee Appoints Creditors' Committee SOUTH AMERICAN: Seeks to Sell Boat, Porsche & Ferrari for $275.5K STARNET LLC: Case Summary & Five Unsecured Creditors STOCKTON GOLF: Court OKs Final Cash Collateral Access SYNAMEDIA AMERICAS: $305M Bank Debt Trades at 19% Discount SYSTEM1 INC: S&P Lowers ICR to 'B-' on Weak Operating Performance TAMA DEVELOPMENT: Voluntary Chapter 11 Case Summary TECHNICAL COMMUNICATIONS: Posts $849K Loss in Qtr. Ended Dec. 24 TECHNICAL ORDNANCE: Case Summary & 20 Largest Unsecured Creditors TIMES SQUARE JV: Clear Channel Objects to Disclosure Statement TIMES SQUARE JV: Committee Says Plan Disclosures Inadequate TKC HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR TOPP'S MECHANICAL: Creditor AEB Buys Tecumseh Property for $2.6K TORREY HOLDINGS: Unsecured Creditors to Get $2,000 in Plan TPC GROUP: Top Texas Court to Review Investor Liability TREES CORP: Completes Acquisition of Station 2 TRITON SOLAR: $100M Bank Debt Trades at 20% Discount TRIUMPH GROUP: Posts $11 Million Net Income in Third Quarter UNITED FURNITURE: Chapter 11 Trustee Approved VERICAST CORP: $785M Bank Debt Trades at 21% Discount VERISTAR TN: Case Summary & 20 Largest Unsecured Creditors VERTEX ENERGY: Sells UMO Collections, Refining Business for $90M VISTAGEN THERAPEUTICS: Closes Pherin Pharmaceuticals Acquisition VYANT BIO: To Reduce Workforce as Part of Cash Preservation Plan WESTBANK HOLDINGS: Water Board Says Fannie Disclosures Inadequate WESTERN AUSTRALIAN: Carricarte Buys Clyde Property for $6 Million WOK HOLDINGS: S&P Downgrades ICR to 'CCC+' on Cash Flow Deficit WPI WATER: Voluntary Chapter 11 Case Summary YAK ACCESS: $180M Bank Debt Trades at 94% Discount YAK ACCESS: $680M Bank Debt Trades at 61% Discount YUNHONG CTI: Signs Distribution Agreement With Kunshan Fair [*] Bankruptcy New Filings Up 12% in January Across Main Chapters [^] Large Companies with Insolvent Balance Sheet ********* 1325 ATLANTIC: Sets Bidding Procedures for Brooklyn Property ------------------------------------------------------------ 1325 Atlantic Realty, LLC, asks the U.S. Bankruptcy Court for the Eastern District of New York to approve the bidding procedures in connection with the sale of property located at 1325-1339 Atlantic Ave., in Brooklyn, New York, to the ultimate successful bidder at Auction. A hearing on the Motion is set for Feb. 21, 2023, at 11:30 a.m. (EST). The Objection Deadline is Feb. 14, 2023, at 5:00 p.m. (EST). The Debtor is the record owner of the Property, which is comprised of one building located in Brooklyn, New York. Its marketing and sales team, Rosewood Realty Group will conduct a robust marketing process for the sale of the Property upon approval of its retention. The Debtor believes that it is in the best interests of all of its creditors and interest holders that the Debtor proceeds expeditiously with the sale of the Property to maximize the value of the Property. By the Motion, the Debtor asks the Court's authority to conduct an Auction of the Property, which is to be sold free and clear of any and all liens, claims, and encumbrances, other than exceptions as defined in any Sale Agreement, with any such liens, claims, and encumbrances to attach to the net sale proceeds, but otherwise "as is" and "where is," subject to higher and better offers. To effectuate any sale of the Property, the Debtor asks for entry of two separate orders. The first order, to be presented at the hearing on the Motion scheduled for Feb. 21, 2023, at 11:30 a.m. (EST), approves the Bid Procedures, schedules the Auction, and approves the form and manner of notice of the Auction and sale. The second order is to be submitted at a hearing to be set by the Court, and generally asks approval of the sale of the Property to the bidder that submits the highest or best offer at Auction - the Successful Bidder and a finding by the Court that the Successful Bidder is a good faith purchaser entitled to the protections of Section 363(m) of the Bankruptcy Code. The Debtor believes that the Bid Procedures are the procedures most likely to maximize the value of the Property for its estate, its creditors, and other interested parties. Any person or entity will be permitted to conduct due diligence and inspect the Property prior to the Auction. The salient terms of the Bidding Procedures are: a. Bid Deadline: April 28, 2023, at 5:00 p.m. (ET) b. Initial Bid: Best qualified bid plus $100,000 c. Deposit: 10% of the Potential Bidder's bid d. Auction: In the event that the Debtor timely receives more than one Qualified Bid, the Debtor will conduct an Auction of the Property. The Debtor suggests that the Auction take place on May 5, 2023, at 10:00 a.m. (EST) at the law offices of Klestadt Winters Jureller Southard & Stevens, LLP, 200 West 41st Street, 17th Floor, New York, New York 10036. In the event that the Debtor fails to receive a Qualified Bid, it reserves the right to cancel the Auction or adjourn it to a later date. e. Bid Increments: $50,000 As the Court is aware, the Property, the Debtor's sole asset, has been the subject of ongoing litigation with its current tenant, BHG Hospitality Group, LLC, Lazar Waldman, BHG's principal, W Developers Corp. ("BHG Parties") a construction entity owned by Waldman, and Sands Capital LLC, an entity allegedly holding a leasehold mortgage against the Property.2 Additionally, the Debtor has filed claim objections against both the BHG Parties and Sands Capital seeking to have the claims asserted by the BHG Parties and Sands Capital expunged. The Claim Objections are currently proceeding forward with the Court. Finally, pursuant to failures of the BHG Parties to compensate the various parties performing construction on the Property, 20 mechanic's liens were placed on the Property. The proceeds of the Sale will serve as the only source of any potential recovery for potential creditors, including the aforementioned parties. Additionally, the Debtor continues to accrue property tax penalties and insurance costs associated with preserving the Property. Selling the Property now to maximize its value is therefore in the best interests of all parties in interest. For all of the foregoing reasons, the Debtor submits that the sale of the Property should be permitted free and clear of all liens, claims and encumbrances, occupants, tenancies, and rights to possession of any person, including all liens, with any such liens, claims, and encumbrances to attach to the sale proceeds. Upon entry of the Bid Procedures Order and approval from of Notice of Auction and Sale and Bid Procedures, the Debtor shall cause those documents to be served upon the Notice Parties. The Debtor believes that the sale of the Property is the estate's best opportunity to achieve the highest and best offer and to recover the maximum value from the Property for the benefit of the estate and its creditors. A copy of the Bidding Procedures is available at https://tinyurl.com/bdf5y33n from PacerMonitor.com free of charge. About 1325 Atlantic Realty 1325 Atlantic Realty, LLC, a company in Lakewood, N.J., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40277) on Feb. 16, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Esther Green, manager, signed the petition. Judge Nancy Hershey Lord oversees the case. Klestadt Winters Jureller Southard & Stevens, LLP and Levine & Associates, P.C. serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. 307 ASSETS: Seeks Approval of Proposed Sale of New York Property ---------------------------------------------------------------- 307 Assets, LLC, asks the U.S. Bankruptcy Court for the Southern District of New York to approve its Disclosure Statement and its proposed sale procedures in connection with the proposed sale under its proposed plan of reorganization of the property at 307-309 Sixth Avenue, New York, New York 10022, to 307-309 Sixth Owner LLC. The Debtor is the owner of the Property. The Property is a vacant development site. The value of the Property, as estimated by the Debtor in its Chapter 11 schedules is $14.5 million. 307-309 Sixth Avenue LLC ("First Mortgagee") holds a judgment of foreclosure and sale entered on June 6, 2022 in an action entitled 307-309 Sixth Avenue LLC v. 307 Assets LLC; et al. in the Supreme Court of the State of New York, New York County, Index No.: 850138/2020 ("Foreclosure Judgment"). The total amount due under the Foreclosure Judgment as of the Jan. 9, 2023, filing date is $15,077,472. Sei Insieme LLC ("Second Mortgagee") asserts a second mortgage in the amount of $7.5 million. The Property is also subject unpaid New York City real estate tax and other liens in the amount of approximately $83,366. The secured claims total is approximately $22,660,838. The Debtor is aware of general unsecured claims totaling about $38,500. Recognizing that the Property was underwater, George Filoupolos, the Debtor's beneficial owner agreed not to contest the foreclosure and to transfer ownership to an entity friendly to the Mortgagee. In June 2022, he thus transferred the Debtor's sole membership interest from Emilio Holdings LLC to 307-309 Sixth Owner LLC. After the Foreclosure Judgment was entered, the referee scheduled a sale for Dec. 14, 2022. On Dec. 13, 2022, the Second Mortgagee filed a Chapter 11 petition and on Dec. 14, 2022, the Court stayed Foreclosure Judgment sale. Except for some routine filings, the Second Mortgagee's bankruptcy has since been dormant. The case was primarily filed to effectuate an orderly sale of the Property with marketing pursuant to a Chapter 11 plan to ensure a fair recovery for all parties in interest, including the Second Mortgagee. By the Motion, the Debtor seeks approval of its Disclosure Statement and of the sale procedures so that a sale of the Property can be approved at the confirmation hearing and consummated shortly thereafter. The proposed sale procedures are as follows: a. The Sale will be held on (TBD), 2023 at (TBD) at the offices of Backenroth Frankel & Krinsky, LLP, 800 Third Avenue New York, New York 10022, or such other location as may be announced before the Sale. b. The seller of the Property is the Debtor. c. The Sale of the Property will be free and clear of liens, claims, and encumbrances, with any such liens, claims and encumbrances to attach to the sale proceeds, and disbursed pursuant to order of the Court. d. In order to be qualified to bid on the Property, within seven days prior to the commencement of the Sale, each prospective bidder must deliver to the Debtor (a) a bank check in the amount of $750,000 payable to "Backenroth Frankel & Krinsky, LLC, as Attorneys" (b) evidence reasonably demonstrating such bidder's ability to consummate a sale on the terms proposed, and (c) a written offer to purchase. No later than one business day before the Sale, each bidder will be notified by the Debtor as to whether the Debtor deems such bidder qualified to bid at the Sale. e. Bidding will be conducted openly at the Sale. The opening bid will be (TBD). Minimum bidding increments will be $50,000. f. A sale approval hearing will be conducted by the Court on (TBD) at the U.S. Bankruptcy Court, One Bowling Green, New York, NY 10004. g. The Successful Bidder must close title to the Property at a date that is no more than 15 days after the Order by the Bankruptcy Court is entered, time being of the essence. h. The Purchaser will be responsible for payment of any applicable document recording tax, stamp tax, conveyance fee or other similar tax, mortgage tax, real estate transfer tax, or other similar tax or governmental assessment including without limitation New York State Documentary Tax. i. The Property is being sold free and clear of all liens, claims, and encumbrances, with any such liens, claims and encumbrances to attach to the net proceeds of sale after deduction of any expenses of sale. Furthermore, the Property is being sold "as is, where is" "with all faults," without any representations, covenants, guarantees or warranties of any kind or nature whatsoever. j. The Debtor will convey the Property by delivery of a bargain and sale deed without covenants against grantor's acts. k. The Debtor will be liable only for the payment of fees of any broker it retained under Bankruptcy Court order. l. To ensure Plan feasibility, any credit bid by a Claimant must include a cash component to cover the costs of sale, Senior Lien Claims, Administrative Claims, Priority Claims, and a $15,000 reserve fund for the costs of wrapping up the case. The Debtor respectfully requests that the Court enters an order granting the relief requested and such other and further relief as may be just and proper. A telephonic hearing on the Motion is set for March 1, 2023, at 10:00 a.m. About 307 Assets 307 Assets LLC is a single asset real estate as defined in 11 U.S.C. Section 101(51B). The company is the fee simple owner of a property located at 307 Sixth Avenue New York, valued at $14.5 million. 307 Assets filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 23-10027) on Jan. 9, 2023. In the petition signed by its chief restructuring officer, David Goldwasser, the Debtor disclosed $14,500,000 in assets and $22,699,338 in liabilities. Judge James L. Garrity Jr. oversees the case. Backenroth Frankel & Krinsky, LLP, led by Mark Frankel, Esq., is the Debtor's counsel. 575 BOULEVARD: Amick and McLemore Offer $2MM for Atlanta Property ----------------------------------------------------------------- 575 Boulevard LLC asks the U.S. Bankruptcy Court for the Middle District of Georgia to approve its proposed sale of the real property located at 575 Boulevard SE, in Atlanta, Georgia 30312, together with certain fixtures and personal property located thereon, to Amick Investments GA, LLC, and McLemore & Wares Ferry Road, LLC, for $2 million. Respondent Susquehanna Capital Management, LLC ("SCM") is a Pennsylvania limited liability company with its principal office at 1817 Olde Homestead Lane, Suite 101, Lancaster, Pennsylvania 17501. Respondent Blue Green Capital, LLC ("BGC") is a Georgia limited liability company with its principal office at 434 Green Street, Gainesville, Georgia 30501. Upon information and belief, respondent Investa Services, LLC is a Georgia limited liability company with its principal place of business at 1266 West Paces Ferry Road, Box 517, Atlanta, Georgia 30327. Respondent Fulton County Tax Commissioner is the taxing authority for Fulton County, Georgia that may be served with the Motion by serving Fulton County Tax Commissioner c/o Honorable Dr. Arthur E. Ferdinand, Tax Commissioner, at 141 Pryor Street, SW, Atlanta, Georgia 30303. Respondent Johnson Legal Offices, LLC ("JLO") is a Georgia limited liability company with its principal place of business at 138 Hammond Drive, Suite B, Atlanta, Georgia 30328. Upon information and belief, respondent Mixdeity Media, LLC ("MM") is a Georgia limited liability company with its principal office location at 575 Boulevard SE, Unit #1, Atlanta, Georgia 30312. On Jan. 11, 2023, the Debtor, as Seller, and Jeffrey Wilson (a principal of the Debtor who owns other real property that is being sold under the Contract), also as Seller, entered into a certain Commercial Real Estate Purchase Agreement with the Purchasers relating to the purchase and sale of the Property. In pertinent part, the Contract provides that the Sellers will sell the Property to the Purchasers for a purchase price of $2 million, free and clear of all liens, claims, and interests, with such liens, claims, and interests attach to the net proceeds of such sale. Such an amount is subject to adjustment based on usual and customary closing expenses and prorations. The terms of the purchase price are further described in Section 4 of the Contract. The Debtor asks the Court to authorize it to disburse the proceeds of the sale as follows: i. pay liens for unpaid ad valorem taxes assessed against the Property through the closing of the sale, including taxes, if any, owing to the Tax Commissioner; ii. pay all usual, customary, and reasonable costs associated with the sale as agreed by the Debtor and Purchaser in the Contract; iii. pay to SCM at the closing an amount necessary to satisfy the SCM indebtedness (subject to any agreement, including any settlement agreement, between the Debtor and SCM); iv. pay to BGC at closing an amount necessary to satisfy the BGC indebtedness (subject to any agreement, including any settlement agreement, between the Debtor and BGC); v. pay to Investa at closing an amount necessary to satisfy the Investa indebtedness (subject to any agreement, including any settlement agreement, between the Debtor and Investa); vi. pay to JLO at closing an amount necessary to satisfy the JLO indebtedness (subject to any agreement, including any settlement agreement, between the Debtor and JLO); vii. pay to the Debtor, care of its counsel, at closing, funds sufficient to pay any fees due to the United States Trustee as a result of the described distributions; vii. pay to the Debtor at closing the remaining net proceeds from the sale, to be further distributed in accordance with the Code's priority distribution scheme. As part of its internal considerations toward restructuring, the Debtor has determined to sell the Property and use the proceeds to pay the allowed, secured claims of SCM, BGC, Investa, and other creditors who are determined to have allowed claims against the Property. It believes that the benefits of the sale (i.e., the satisfaction of the claims against the Debtor and the Property) outweigh the benefits of its continued ownership of the Property. Finally, the Debtor believes that time is of the essence in closing the transaction contemplated as such transactions are scheduled to close by Feb. 24, 2023. Therefore, it asks that the Court waives the 14-day stay of any order approving the Motion pursuant to F.R.B.P. 6004(h). A copy of the Agreement is available at https://tinyurl.com/2tc8t2wy from PacerMonitor.com free of charge. About 575 Boulevard LLC 575 Boulevard LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). 575 Boulevard LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-71057) on Dec. 5, 2022. In the petition filed by Jeffrey L. Wilson, as manager, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. The Debtor is represented by: Gregory D. Taylor, Esq Stone & Baxter, LLP 103 N Bartow St Nashville, GA 31639 ACCELERATED HEALTH: $875M Bank Debt Trades at 30% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Accelerated Health Systems LLC is a borrower were trading in the secondary market around 69.8 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $875 million facility is a Term loan that is scheduled to mature on February 15, 2029. The amount is fully drawn and outstanding. Accelerated Health Systems, LLC provides healthcare services. The Company offers athletic training, physical therapy, occupational therapy, and fitness services to affiliations including high schools, colleges, and many professional sports teams. ACCEPTANCE FINANCIAL: Court OKs Cash Collateral Use Thru March 8 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Louisiana authorized North American Acceptance Financial LLC to use cash collateral on an interim basis in accordance with the budget, through March 8, 2023. The Debtor is permitted to use cash collateral exclusively for disbursements to the extent and in the amount set forth in the Budget, with a 10% variance. As adequate protection, First Horizon is granted a replacement security interest in and liens on all post-petition accounts of the Debtor on which First Horizon holds valid and perfected liens as of December 12, 2022, in the same respective priority it held prior to the bankruptcy filing, and subject and subordinate only to (a) the payment of the allowed unpaid and outstanding reasonable fees and expenses of the attorneys, accountants, or other professionals retained by the Debtor as well as Ryan Richmond, the subchapter V trustee, up to the amounts set for in the Budget, and (b) valid, perfected, enforceable and non-avoidable liens and security interests granted by law or by the Debtor to any person or entity that were superior in priority to the prepetition security interest and liens held by First Horizon. The adequate protection lien herein is to secure the amount of any post-petition diminution in the value of the interests of First Horizon in the cash collateral to the extent such interests are entitled to adequate protection against such diminution under the Bankruptcy Code. A further hearing on the matter is set for March 8, 2023 at 1 p.m. A copy of the order is available at https://bit.ly/3YeMcU4 from PacerMonitor.com. About North American Acceptance Financial, LLC North American Acceptance Financial, LLC is a subprime indirect automobile finance lender. Acceptance Financial was organized in 2009 to both originate and service auto loans. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 22-11537) on December 12, 2022. In the petition signed by Larry Verges, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Robin R. De Leo, Esq., at The De Leo Law Firm, LLC, serves as the Debtor's counsel. AGELESS SERUMS: Disposable Income to Fund Plan Payments ------------------------------------------------------- Ageless Serums LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Second Amended Subchapter V Plan of Reorganization dated January 31, 2023. The Debtor is a Texas limited liability company founded in 2014 with its principal place of business in Missouri City, Texas. The Debtor is in the business of designing, developing, and selling high-quality serums for use with hydradermabrasion systems. The expense of defending the California and Texas Litigation simultaneously effectively consumed all of the Debtor's revenue and threatened the Debtor's ability to continue as a going concern. The Debtor filed this Chapter 11 proceeding to obtain a breathing spell in the litigation while it assessed its options for reorganizing. The Debtor's bankruptcy has paused the litigation and enabled the Debtor to devote its revenue to continued business operations rather than paying defense costs. Under this Plan, the Reorganized Debtor will continue to operate the Debtor's business as a going concern designing, developing, and selling Ageless-branded serums for use with hydradermabrasion systems. Rene Chlumecky will continue to serve as the Reorganized Debtor's sole manager and Chief Executive Officer and will manage the Reorganized Debtor's affairs after confirmation of this Plan. The Plan provides for the payment in full of all Allowed Administrative Expense Claims, Professional Fee Claims, Priority Tax Claims, and Priority Unsecured Claims. The Plan further provides for the pro rata Distribution of the Debtor's Projected Disposable Income during the Commitment Period to Holders of Allowed General Unsecured Claims and, solely to the extent the Disputed Edge Claims become Allowed Claims, Allowed Edge Claims. Distributions to Holders of Disputed Claims will be reserved until such Claims are Allowed or Disallowed by the Bankruptcy Court. The Plan contemplates that the Bankruptcy Court will determine the Allowance of the Disputed Edge Claims, including, if appropriate, by estimation under section 502(c) of the Bankruptcy Code and that, except as agreed otherwise by the Debtor or Reorganized Debtor, as applicable, and Edge, further proceedings in the California Litigation and Texas Litigation will enjoined pursuant to the Plan. Class 1 consists of all Priority Unsecured Claims. Each Holder of an Allowed Priority Unsecured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed Priority Unsecured Claim: (i) payment in full, in Cash, on the later of the Effective Date and the date on which such Priority Unsecured Claim becomes Allowed; (ii) payment in the ordinary course of business between the Debtor or the Reorganized Debtor, as applicable, and the Holder of such Allowed Priority Unsecured Claim; or (iii) such other treatment as the Debtor or Reorganized Debtor, as applicable and the Holder of such Allowed Priority Unsecured Claim may agree. Class 1 is Unimpaired. Class 2 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed General Unsecured Claim: (1) such Holder's Pro Rata share of the Reorganized Debtor's Projected Disposable Income during the Commitment Period and (2) to the extent Litigation Recoveries exceed the Projected Disposable Income to be Distributed under this Plan, such Holder's Pro Rata Share of such Litigation Recoveries, payable on the next annual payment date after the Debtor receives such Litigation Recoveries. The Subchapter V Trustee shall make annual Pro Rata Distributions of the Debtor's Projected Disposable Income, net of the Subchapter V Trustee's reasonable and necessary fees and expenses, to Holders of Allowed Class 2 Claims until all Projected Disposable Income has been Distributed or all Allowed General Unsecured Claims have been paid in full, whichever is earlier. The maximum Distribution to a Holder of a Class 2 Claim shall be the total Allowed amount of such Holder's Claim. If all Allowed General Unsecured Claims are paid in full before the end of the Commitment Period, the Debtor's obligation to remit its Projected Disposable Income to the Subchapter V Trustee shall cease, except as may be necessary to fund any reserve on account of Disputed Claims required under Article VI(F) of the Plan. Class 2 is Impaired. Class 3 consists of the Edge Claims, which are Disputed, contingent and unliquidated. No Distributions will be made on account of the Edge Claims unless and until such Claims become Allowed Claims. Except to the extent that a Holder of an Allowed Class 3 Claim and the Debtor or the Reorganized Debtor, as applicable, agree to less favorable treatment of such Holder's Allowed Class 3 Claim, each Holder of an Allowed Class 3 Claim shall receive, in full and complete satisfaction, settlement, discharge, and release of, and in exchange for, its Allowed Class 3 Claim, the same treatment as Holders of Allowed General Unsecured Claims in Class 2. Class 4 consists of all Equity Interests in the Debtor. Holders of Equity Interests in the Debtor shall retain such Equity Interests. Class 4 is Unimpaired. In accordance with Bankruptcy Code section 1191(b) and (c), this Plan provides that all Distributions will be funded with the Debtor's Projected Disposable Income over the three-year Commitment Period. In accordance with Bankruptcy Code sections 1191(c)(3), this Plan and the Projections demonstrate that the Reorganized Debtor will have sufficient future earnings to provide regular, annual Pro Rata Distributions of Projected Disposable Income to Holders of Allowed General Unsecured Claims over the Commitment Period. The Plan further provides appropriate remedies to Holders of Allowed Claims in the event that payments required by this Plan are not made in accordance with the Plan. Moreover, the Debtor's ability to make the Plan payments is not contingent upon victory in its litigation with Edge, and the Debtor does not expect that an adverse ruling in its litigation against Edge would materially limit the Debtor's ability to make the projected Plan payments. Edge has conceded that it is not seeking to generally enjoin the Debtor's sale of serums, even to Edge customers. Additionally, the Debtor estimates that approximately 5% of its total sales are to Edge customers, and that any order imposing certain requirements on the Debtor's sales to Edge customers would either not materially impact the Debtor's projected revenue or could be offset in currently unprojected growth in sales to new customers. A full-text copy of the Second Amended Subchapter V Plan dated January 31, 2023 is available at https://bit.ly/3lbycw3 from PacerMonitor.com at no charge. Debtor's Counsel: John D. Gaither, Esq. Neligan LLP 325 N. St. Paul, Suite 3600 Dallas, TX 75201 Telephone: (214) 840-5300 Email: jgaither@neliganlaw.com James E. Doroshow, Esq. Fox Rothschild LLP 1800 Century Park E Ste 300 Los Angeles, CA 90067-1506 Phone: 310-598-4150 Fax: 310-556-9828 Email: jdoroshow@foxrothschild.com About Ageless Serums Ageless Serums, LLC, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-31259) on May 5, 2022, with up to $100,000 in assets and up to $1 million in liabilities. Jarrod B. Martin serves as Subchapter V trustee. Judge Eduardo V Rodriguez presides over the case. Pachulski Stang Ziehl & Jones, LLP, Fox Rothschild, LLP and Pension Planning Consultants, Inc. serve as the Debtor's bankruptcy counsel, special litigation counsel, and pension plan advisor, respectively. ALL DAY ACQUISITIONCO: $200M Bank Debt Trades at 92% Discount ------------------------------------------------------------- Participations in a syndicated loan under which All Day AcquisitionCo LLC is a borrower were trading in the secondary market around 8.3 cents-on-the-dollar during the week ended Friday, February 3, 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. ALLEN MEDIA: $660M Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Allen Media LLC is a borrower were trading in the secondary market around 81 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $660 million facility is a Term loan that is scheduled to mature on February 10, 2027. The amount is fully drawn and outstanding. Allen Media LLC operates as a media company. The Company specializes in video production, photography, senior pictures, business portraits, graphic design work, photo editing, and screenplay analysis services. AMERICAN AUTO: $180M Bank Debt Trades at 28% Discount ----------------------------------------------------- Participations in a syndicated loan under which American Auto Auction Group LLC is a borrower were trading in the secondary market around 72.1 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $180 million facility is a Term loan that is scheduled to mature on December 30, 2028. The amount is fully drawn and outstanding. American Auto Auction Group LLC operates physical, mobile, and digital auction venues in addition to various remarketing services that are expected to remain stable channels in the foreseeable future, despite the advent of alternate powertrains and electric vehicles. ANDOVER SENIOR: WC Capital Offers $2.2-Mil. for Andover Property ---------------------------------------------------------------- Andover Senior Care, LLC, asks the U.S. Bankruptcy Court for the District of Kansas to authorize the sale of the following described real estate located in Butler County, Kansas, commonly known as 224 E. Central, Andover, KS 67002, to WC Capital, LLC, for $2.2 million: Parcel 1: Beginning at the Southeast Corner of Lot 3, THE MEADOWS SECOND ADDITION, an Addition to Andover, Butler County, Kansas; thence North 0°00'00" East for 550.00 feet to the Northwest Corner of Lot 1, Block 1, The Meadows Third Addition to Andover, Butler County, Kansas; thence North 89°56'48" West for 80.10 feet to a point, thence South 14° 32'43" East for 157.56 feet to a point, thence South 0°01'31" West for 397.52 feet to a point on the South line of Lot 3, The Meadows Second Addition, thence South 89°56'48" East for 40.70 feet to the point of beginning. Parcel 2: Lot 1, Block 1, EXCEPT the East 206.00 feet of the South 257.00 feet thereof, THE MEADOWS THIRD ADDITION, Andover, Butler County, Kansas, a replat of Lot 4, The Meadows Second Addition, Andover, Butler County, Kansas. The proposed sale of the Real Estate to the Buyer, a Kansas limited liability company, or any assignee thereof, is pursuant to the terms set forth in the Contract for Sale and Purchase by and between the Buyer and the Debtor. The Debtor has not claimed the Real Estate as exempt. The Real Estate will be sold in its present, "as is" condition, with no express or implied warranties, and subject to all rights of way and easements of record. It will be free and clear of all liens and encumbrances of record, including, without limitation, the following: a. Mortgage, Assignment of Rents, Security Agreement and Fixture filing dated March 19, 2020, and recorded March 30, 2020, as Book 2020, Page 2433, made by Andover Senior Care, L.L.C., to Dwight Capital, LLC, in the amount of $14,058,200; Assignment of Healthcare Mortgage, Assignment of Rents, Security Agreement and Fixture Filing to Secretary of Housing and Urban Development filed 8/26/2022 as Book 2022, page 8003. b. Financing Statement filed March 30, 2020, as Book UCC20, page 62 made by Andover Senior Care, L.L.C. to Dwight Capital LLC; Assignment to Secretary of Housing and Urban Development his/her successors and assigns filed on March 31, 2022, as Book UCC22, page 194; Assignment to Secretary of Housing and Urban Development his/her successors and assigns filed on Sept. 8, 2022, as Book UCC22, page 201. c. Lis pendens arising out of Case No. 19CV290 filed April 7, 2022, in the District Court of Sedgwick County, Kansas, styled Cynthia D. Giesey and Terry Wheeler, individually and as special Adm. of the estate of Betty Wheeler vs. Andover Senior Care, LLC, et al.; and d. Mortgage dated Dec. 31, 2013, and recorded Jan. 6, 2014, as Book 2014, page 94, made by Andover Senior Care, L.L.C., to Stephen F. Lemons, in the amount of $1 million. From the gross proceeds of the sale, the following shall be paid in descending order: a. Delinquent general taxes and special assessments attributable to the Real Estate for the fiscal year 2022 and prior inclusive, if any, including any accrued interest, penalties, and other amounts due thereunder; b. The Debtor's share of the general taxes and special assessments attributable to the Real Estate for the fiscal year 2023, prorated to the date of closing; c. Any and all expenses related to closing on the sale of the Real Estate including, without limitation, fees for title insurance, recording, copying, postage, and the bankruptcy court’s fee for filing the instant Motion advanced by the Debtor's counsel; d. Attorneys' fees of the Debtor's counsel in the amount of $2,500 pursuant to 11 U.S.C. Section 506(c) for legal work performed in relation to the sale; e. Marketing expenses of McCurdy Real Estate & Auction, LLC in excess of the marketing budget paid by the Debtor, if any; f. Broker commission to McCurdy Real Estate & Auction, LLC in the amount of $200,000 representing a 10% "Buyer's Premium," of which 3% ($60,000) will be paid to Stacy Latimer of RE/MAX Premier; and g. The remaining balance to the United States Department of Housing and Urban Development. The Debtor moves pursuant to Fed.R.Bankr.P. 6004(c) for authority to sell the Real Estate free and clear of all liens and encumbrances, including, without limitation, the liens and encumbrances outlined. If its Motion is granted, the sale will be made free and clear of all liens and encumbrances, with any such liens and encumbrances attaching to the proceeds of the sale. The Debtor further moves the Court to cancel the 14-day stay set forth at Fed.R.Bankr.P. 6004(h). The objections to the intended sale of the Real Estate, allowance and payment of the costs and expenses of the sale, or to the proposed distribution of the sale proceeds as set forth, is Feb. 17, 2023. If an objection is timely filed, a hearing will be scheduled for March 9, 2023, at 10:30 a.m. A copy of the Purchase Agreement is available at https://tinyurl.com/2p8ec8c9 from PacerMonitor.com free of charge. About Andover Senior Care Andover Senior Care, LLC, owns and operates an assisted living facility in Andover, Kansas. Andover Senior Care filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 22-10139) on March 11, 2022, listing $5,351,220 in assets and $16,334,476 in liabilities. Dennis L. Bush, managing member, signed the petition. Judge Mitchell L. Herren oversees the case. Mark Lazzo, Esq., at Mark J. Lazzo, P.A. and Colangelo & Taber, P.A. serve as the Debtor's legal counsel and accountant, respectively. ARCHDIOCESE OF AGANA: Selling FHP, Chancery Property to Fund Plan ----------------------------------------------------------------- Haidee Eugenio Gilbert of Pacific Daily News reports that the Archdiocese of Agana is selling its land and building property currently occupied by TakeCare Insurance and FHP Health Center in Tamuning for $3.7 million, and is also currently negotiating the sale of its chancery property in Agana Heights as part of a court-approved settlement to pay the claims of Guam clergy sexual assault survivors. "The FHP property is zoned M1. And it's very visible. I mean it's a landmark. The location is landmark because everybody can, they will tell you where to find, like the ITC (Building) is landmark. This is another landmark location so very highly visible and I think a property like this to be on the market is very rare, very few and far between,” Home Ventures Realty principal broker, owner and partner Clare Delgado, who's tapped by the archdiocese as broker and real estate agent, said in an interview with Pacific Daily News. The whole property is about 7,338 square meters, and the building where FHP is at is about 19,000 square feet, which includes the parking lot. The archdiocese, which has been under bankruptcy protection since January 2019, has agreed to pay the broker "5% total commission of the sales price paid," archdiocese attorneys Ford Elsaesser and Bruce Anderson said in a court filing. The archdiocese is currently negotiating with the current tenant, FHP, to sell the leasehold interests. If the sale culminates during the period of time the broker is in contract, then the real estate commission will be reduced to 3% on such transactions only, archdiocese attorneys said. Delgado said even before the $3.7 million listing went live, she was already getting phone calls. "So I know that the word is out. And it's just a matter of time for someone to present us with a bona fide offer," she said, adding that interested buyers can contact her via (671) 979-4871 or claredelgado@gmail.com. Chancery for sale For years now, the archdiocese said it plans to sell its multimillion chancery property and move operations to the Dulce Nombre de Maria Cathedral-Basilica. The chancery property, on San Ramon Hill overlooking Hagåtña, houses all the archdiocese's administrative functions and offices, which will be transferred to the cathedral. The archdiocese is presently negotiating with an "internal group for the purchase of the chancery," archdiocese attorneys said in court filings. As of Thursday, January 26, 2023, afternoon, the archdiocese said it does not have the authority from parties interested in buying the chancery, to divulge their names at this time. "The FHP lease is with a Realtor and we are looking for a bona fide buyer to ensure the best value. Several entities have expressed interest in the purchase of the chancery property, and as with the FHP lease, we hope to secure the greatest benefit for the parties. We do not have the authority from the interested parties to divulge their names at this time," the archdiocese, through director of communications Tony Diaz, told PDN. But the archdiocese stated in court documents that if the ongoing transaction does not lead to a purchase and sale agreement "within days," the archdiocese said it seeks to employ Delgado for the sale of the chancery as well. Pope John Paul II slept at the chancery during his historic visit to Guam in 1981. Delgado's Home Ventures Realty is the company for which the trustees of the Guam clergy sex abuse survivors' trust, Craig Wade, conducts his real estate business. The archdiocese said this relationship has been expressed to the Committee of Unsecured Creditors' counsel, "who have no objections," attorneys said. "It is believed that this relationship does not create a conflict of interest, as the transactions for which Clare Delgado is sought to be employed are separate and distinct from those that will be conducted by the Trustee, Craig Wade," archdiocese attorneys said. The archdiocese is supposed to transfer its cash and real property assets to a trust from which payouts to clergy abuse survivors will be taken. But the whole process takes months. The court confirmed in October 2022 the joint plan to get the archdiocese out of bankruptcy. The plan includes a $34 million to $101 million settlement with clergy abuse survivors, although archdiocese attorneys said the settlement could only be in the $34 million to $45 million range. The archdiocese earlier sold other properties, including the former Accion Hotel-turned seminary in Yona for $5.24 million. About Agana Archdiocese The Roman Catholic Archdiocese of Agana is an ecclesiastical territory or diocese of the Catholic Church in the United States that comprises the United States dependency of Guam. The Roman Catholic Archdiocese of Agana sought Chapter 11 protection (Bankr. D. Guam Case No. 19-00001) on Jan. 9, 2019. In the petition signed by Most Rev. Michael Jude Byrnes, Coadjutor Archbishop of Agana, it listed $22.96 million in assets, with $45.66 million in liabilities. The case is handled by Honorable Judge Frances M Tydingco-Gatewood. Edwin H. Caldie, of Stinson Leonard Street LLP, is the Debtor's counsel. ASP LS ACQUISITION: $1.38B Bank Debt Trades at 19% Discount ----------------------------------------------------------- Participations in a syndicated loan under which ASP LS Acquisition Corp is a borrower were trading in the secondary market around 81.3 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.38 billion facility is a Term loan that is scheduled to mature on May 7, 2028. The amount is fully drawn and outstanding. ASP LS Acquisition Corp. was formed to effectuate the acquisition of Laser Ship, Inc. by the private equity firm American Securities LLC. AVENTIS SYSTEMS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Aventis Systems, Inc. 200 Galleria Parkway Suite 250 Atlanta GA 30339 Business Description: Aventis offers custom IT solutions to build and operate complete physical and virtual infrastructures. The comprehensive solutions include refurbished and new hardware, system and application software, and an array of in-depth managed services including infrastructure consultation, cloud hosting and migration, virtualization deployment, data and disaster recovery, security consultation, hardware relocation, and equipment buyback. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 23-51162 Debtor's Counsel: Anna Humnicky, Esq. SMALL HERRIN, LLP 100 Galleria Parkway Suite 350 Atlanta GA 30339 Tel: 770-783-1800 Email: ahumnicky@smallherrin.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hessam Lamei as CEO. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QCD4A7Y/Aventis_Systems_Inc__ganbke-23-51162__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ramp Business Corporation Credit Card Debt $876,000 71 5th Avenue 6th floor New York, NY, 10003 2. Internal Revenue Service Taxes & Other $651,556 Central Insolvency Operations Government Units PO Box 7346 Philadelphia, PA, 19101 3. Fedex Parcel Suppliers or $639,064 FedEx Corp. Revenue Services Vendors 3965 Airways, Module G Memphis, TN, 38116 4. Brex Credit Card Debt $599,666 12832 Frontrunner Blvd Suite 500 Draper, UT, 84020 5. American Express Credit Card Debt $449,178 (Gold - 1006 & Platinum - 1009) World Financial Center 200 Vesey Street New York, NY, 10285 6. NOBU.tech Suppliers or $427,062 189 Cobb Parkway North Vendors Suite C1 Marietta, GA, 30062 7. Chase Ink Card Credit Card Debt $395,203 Nation Bank By Mail P.O. Box 6185 Westerville, OH, 43086 8. Divvy Credit Card Credit Card Debt $393,500 13707 S 200 W Suite 100 Draper, UT, 84020 9. Applied Computer Suppliers or $372,040 Online Services Vendors 2901 Moorpark Ave S-100 San Jose, CA, 95128 10. D&H Distributing Suppliers or $321,381 100 Tech Drive Vendors Harrisburg, PA, 17112 11. TD Synnex Corporation Suppliers or $282,481 P.O. Box 406748 Vendors Atlanta, GA, 30384-6748 12. Bank of America, N.A. Credit Card Debt $252,149 100 North Tryon Street Charlotte, NC, 28255 13. Ingram Micro Suppliers or $194,358 1759 Wehrle Drive Vendors Buffalo, NY, 14221 14. APEX Tools Suppliers or $148,170 13620 Reese Boulevard East Vendors Suite 405 Huntersville, NC, 2807 15. Trusted Tech Team Suppliers or $98,400 5171 California Avenue Vendors Suite 250 Irvine, CA, 92617 16. Westside Technology Suppliers or $44,900 343 Soquel Avenue Vendors Suite 416 Santa Cruz, CA, 95062 17. Corpay Credit Card Debt $34,000 3280 Peachtree Rd. Suite 2400 Atlanta, GA, 30305 18. International Leisure Suppliers or $26,079 Products, Inc. Vendors 191 Rodeo Drive Brentwood, NY, 11717 19. Teema Group Services $19,000 Attn: Katie Matthews 114D N Old Litchfield Rd Litchfield Park, AZ, 85340 20. O'Brien Watersports Suppliers or $16,712 Motions Sports of American, LLC Vendors 7926 Braacken Place SE Snoqualmie, WA, 98065 AVENTIV TECHNOLOGIES: $282M Bank Debt Trades at 44% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Aventiv Technologies LLC is a borrower were trading in the secondary market around 56.1 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $282.5 million facility is a Term loan that is scheduled to mature on November 1, 2025. The amount is fully drawn and outstanding. Aventiv Technologies is a diversified technology company that provides innovative solutions to customers in the corrections and government services sectors. Aventiv is the parent company to Securus Technologies and AllPaid, leading providers of innovative products and services. B GSE GROUP: Wins Cash Collateral Access Thru March 14 ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, granted B GSE Group LLC authority to use cash collateral on an interim basis in accordance with the budget, with a 10% variance, through the date of the continued hearing set for March 14, 2023 at 9:30 a.m. The Debtor is permitted to use cash collateral for ordinary and necessary business expenses consistent with the specific items and amounts contained in the budget. Truist Bank and the United States Small Business Administration may have an interest in the cash collateral. As adequate protection, the Lenders are granted valid, attached, choate, enforceable, perfected and continuing security interests in, and liens upon all postpetition accounts receivable of the Debtor, and the proceeds thereof, to the same extent and validity as the liens and encumbrances of the Lenders attached to the Debtor's accounts receivable pre-petition. Beginning in February 2023, the Debtor will pay $15,000 per month to Truist Bank as adequate protection pursuant to 11 U.S.C. section 361 by the last day of the applicable month. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3JADn2E from PacerMonitor.com. The Debtor projects $924,944 in cash collections and $927,865 in total expenses. About B GSE Group LLC B GSE Group LLC, doing business as Bullerdick GSE LLC, delivers turnkey system solutions to Military and Commercial airport terminals, ramps, and hangars around the globe -- cutting capital maintenance costs, saving time, and reducing fuel consumption. B GSE Group LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-30013) on Jan. 6, 2023. In the petition filed by Mark Allen, as manager, the Debtor reported assets and liabilities between $1 million and $10 million. David Schilli has been appointed as Subchapter V trustee. Judge J. Craig Whitley oversees the case. The Debtor is represented by Richard S. Wright, Esq., at Moon Wright & Houston, PLLC. BED BATH & BEYOND: Taps Cole Schotz for Potential Filing -------------------------------------------------------- CNBC reported that Bed Bath & Beyond is bulking up its team of legal advisors as the troubled retailer preps a potential bankruptcy filing that would take place in New Jersey in the coming weeks, according to people familiar with the matter. The company has hired law firm Cole Schotz to assist in a potential filing in the U.S. Bankruptcy Court in the District of New Jersey, according to the people who weren't authorized to speak publicly on the matter. The situation remains fluid, however, and plans may change, the people added. Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. The company also is in the midst of a sale process in hopes of keeping its namesake chain and Buybuy Baby business alive. Still, the Union, New Jersey-based retailer has been moving toward a bankruptcy filing in its home state, an increasingly popular venue for Chapter 11 cases, the people said. Earlier, fellow retailer Party City filed for Chapter 11 bankruptcy protection with plans to restructure its balance sheet and move forward with a smaller footprint of stores. That filing was made in the U.S. Bankruptcy Court in the Southern District of Texas. A Bed Bath spokeswoman said the company doesn't comment on speculation or specific relationships, saying only that it has been working with advisors to regain market share and explore multiple paths. "We have a team, internally and externally, with proven experience helping companies successfully navigate complex situations and become stronger," the spokeswoman said in a statement. The retailer has been working with other advisors, including Kirkland & Ellis, the law firm well known for representing bankrupt companies, as it navigates its financial troubles. Kirkland & Ellis and Cole Schotz also serve as legal advisors to crypto lender BlockFi, which filed for Chapter 11 protection in the New Jersey bankruptcy court. Bed Bath also recently hired consulting firm AlixPartners as one of its advisors, replacing Berkeley Research Group, CNBC previously reported. Despite efforts to stave off landing in bankruptcy protection, a filing will likely occur in the weeks ahead, the people said. Earlier this month, Bed Bath warned of a looming bankruptcy as its turnaround plans failed to improve the business and its balance sheet deteriorated. The retailer is facing a hefty debt load, falling sales and widening losses. On Thursday, Bed Bath said it received a notice from the Nasdaq Stock Market that it was out of compliance after not filing its quarterly earnings statement on time. The company said it is working to finalize its report and file it to regain compliance within 60 days. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operate under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. The Company reported a net loss of $559.62 million for the fiscal year ended Feb. 26, 2022, a net loss of $150.77 million for the year ended Feb. 27, 2021, and a net loss of $613.82 million for the year ended Feb. 29, 2020. As of Nov. 26, 2022, the Company disclosed $4.401 billion in total assets against $5.200 billion in total liabilities. Cash, cash equivalents and restricted cash were $225.7Â million as of Nov.Â 26, 2022, a decrease of approximately $245.2 million as compared with February 26, 2022. * * * As reported by the TCR on Jan. 11, 2023, S&P Global Ratings raised its issuer credit rating on Union, N.J.-based specialty home retailer Bed Bath & Beyond Inc. (BBBY) to 'CC' from 'SD' (selective default). S&P said, "The 'CC' rating and negative outlook on BBBY reflects our view that while not actively in default, the company is highly vulnerable and a distressed transaction or broader restructuring is a virtual certainty based on its deteriorating liquidity position, challenging operating conditions, and the looming maturities of its outstanding 2024 notes." As reported by the TCR on Nov. 28, 2022, Moody's Investors Service retained Bed Bath's corporate family rating at Ca and the outlook remains stable. According to Moody's, Bed Bath & Beyond's Ca corporate family rating reflects the very high likelihood of further defaults over the next twelve months. BELK INC: S&P Downgrades ICR to 'CCC-' on Approaching Maturities ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Charlotte, N.C.-based department store operator Belk Inc. to 'CCC-' from 'CCC+' reflecting weakened consumer demand, thinning liquidity, and approaching maturities. S&P said, “At the same time, we lowered our issue-level rating on the company's $300 million first-lien first-out (FLFO) term loan to 'CCC' from 'B-' and our issue-level ratings on its $815 million first-lien second-out (FLSO) and $110 million second-lien term loans to 'C' from 'CCC-'. The recovery ratings on the debt of '2' and '6', respectively, are unchanged. "The negative outlook reflects our expectation that Belk will likely restructure its credit facilities given its onerous capital structure and weak performance prospects.” The downgrade reflects Belk's poor operating trends and limited prospects for a sustained recovery. Belk's operating performance through the third quarter of fiscal 2023 (ended Oct. 29, 2022) deteriorated year-over-year with higher markdowns and significant cash burn. This was despite modest sales growth in the quarter. For the trailing 12 months ended in October 2022, S&P Global Ratings-adjusted EBITDA margins of about 6% were well below our expectations for high-single-digit margins. S&P said, "We also believe the fourth quarter likely remained weak because other department stores have announced contracting sales and margin pressures amid increased discounting. Further, we expect little recovery in profitability this year because of softening demand and a mild recession. This is despite seeing abating pressure from freight costs. We therefore expect continued weak credit metrics, including very high leverage well over 10x, and negative free operating cash flow (FOCF) to either persist or accelerate in the coming year." Belk has invested heavily in its omni-channel capabilities over the past several years, enabling it to capture some of the shift in demand to e-commerce sales that partially offset weakness in its stores. Based on the highly competitive online retail landscape and Belk's relatively small size, S&P does not expect online sales to fully recapture lost brick-and-mortar revenue. S&P said, "We believe the company's capital structure is unsustainable and will likely be addressed through some type of restructuring. Belk's turn-around efforts have not succeeded in a sustained improvement in EBITDA and cash flow since the 2021 bankruptcy emergence. The capital structure put in place at that time required significant improvement in profitability to become sustainable and this looks increasingly unlikely. Belk emerged from bankruptcy in early 2021 with a capital structure that includes payment-in-kind (PIK) elements that will partly reverse in the near term. The PIK option available on the $815 million FLSO term loan due July 2025 expires this year. This results in cash interest requirements stepping up to 10% from 5%. The $110 million second-lien term loan maturing July 2025 accrues PIK interest of 10%, with no cash coupon. The incremental cash interest expense will likely overlap ongoing challenges in sales, profitability, and cash flow. Belk also had over $500 million of borrowings under the $900 million asset-based lending (ABL) revolving credit facility due August 2024, which reflects peak seasonal borrowings. The facility will go current this summer absent an extension. We also view liquidity as constrained by Belk's very large debt burden totaling $1.9 billion as of the third quarter (including PIK amounts on its term loans over the past couple of years)." Leverage covenants on its term loans are not effective until the end of fiscal 2023 (ending February 2024). However, a minimum liquidity covenant on its FLFO term loan requires the company to maintain at least $40 million of liquidity and a springing 1x fixed-charge covenant limits its ability to access the full ABL borrowing base. S&P forecasts sufficient liquidity to comply with these requirements, but unfavorable market conditions relative to its forecast could result in covenant pressure. The negative rating outlook on Belk reflects our forecast for difficult operating conditions and its highly uncertain path to recovery. S&P believes the company is dependent on favorable market conditions to meet its financial obligations and its liquidity position may deteriorate over the next 12 months. S&P said, "We could lower our rating on Belk if it announced a restructuring transaction that we considered to be akin to a default or if it missed a payment on its debt obligations. "We could raise our rating on Belk if the company demonstrated significantly improved prospects that could allow it to address its upcoming maturities in full and in a manner we do not consider distressed." BELLAIRE IN SPRING: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: The Bellaire in Spring, LLC 6420 Cypresswood Drive Spring, TX 77379 Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Southern District of Texas Case No.: 23-30431 Judge: Hon. Jeffrey P. Norman Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln Ste 300 Houston TX 77024-2824 Email: courtdocs@bakerassociates.net Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Patrick Boyd as manager. 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/35FZRTQ/The_Bellaire_in_Spring_LLC__txsbke-23-30431__0001.0.pdf?mcid=tGE4TAMA BON WORTH: May Use $75,000 of Cash Collateral Thru Feb 16 --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York authorized Bon Worth Holdings, Inc. to use cash collateral in a maximum amount not to exceed $75,000 during the period from January 27 through February 16, 2023. The Debtor requires the immediate use of cash collateral to, among other things, permit the orderly continuation of the operation of its business, minimize the disruption of its business operations, and preserve and maximize the value of the assets of the Debtor's bankruptcy estate. Crossroads Funding II, LLC has an interest in the cash collateral. As of the Petition Date, the Debtor was a party to the Loan and Security Agreement by and between the Debtor and the Lender, dated November 12, 2019, in the original maximum advance amount of $2 million as amended by the First Amendment to Loan and Security Agreement dated October 1, 2022, and all other agreements, documents and instruments executed or delivered with, to, or in favor of the Lender. As of the Petition Date, the Debtor was indebted to the Lender in an aggregate outstanding principal amount of not less than $1.757 million. These events constitute an "Event of Default": a. The failure by the Debtor to perform, in any respect, any of the terms, provisions, conditions, covenants, or obligations under the Interim Order; b. The entry of any Court order granting relief from or modifying the automatic stay of Bankruptcy Code section 362(a); c. Dismissal of the Chapter 11 case or conversion of the Chapter 11 case to a Chapter 7 case, or appointment of a Chapter 11 trustee, or examiner with enlarged powers, or other responsible person; and/or d. A default by the Debtors in reporting financial or operational information as and when required under the Emergency Order or Existing Loan Agreements that is not cured within two business days after written notice to the Debtor and its counsel. The Lender is authorized to transfer cash collateral in an amount not to exceed $75,000 currently held in depository account ending in -5908 maintained at CIBC Bank USA by the Lender for the benefit of the Debtor to the deposit accounts maintained by the Debtor as of the Petition Date in accordance with the pre-petition cash management arrangements between the Debtor and the Lender pursuant to the Existing Loan Agreements. As adequate protection, the Lender is granted valid, perfected and enforceable security interests to the same extent that they existed as of the Petition Date. The Lender is also granted as and to the extent provided by section 507(b) of the Bankruptcy Code an allowed superpriority administrative. The Adequate Protection Superpriority Claim will have priority over all administrative expense claims and unsecured claims against the Debtor and its Estate now existing or hereafter arising, of any kind or nature whatsoever. A copy of the order is available at https://bit.ly/3DEMITi from PacerMonitor.com. About Bon Worth Holdings, Inc. Bon Worth Holdings, Inc. operates a retail clothing business and owns 28 brick and mortar stores and one online store and maintains an office in Brooklyn, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-43213) on December 29, 2022. In the petition signed by Dan Young, its president, the Debtor disclosed up to $50,000 in assets and up to $20 million in liabilities. Judge Jil Mazer-Marino oversees the case. Lawerence F. Morrison, Esq., at Morrison Tenenbaum PLLC, is the Debtor's legal counsel. BUCKHARDT TECHNOLOGIES: Wins Cash Collateral Access Thru March 2 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Buckardt Technologies, Inc., dba Konsultek, to use cash collateral on an interim basis in accordance with the budget through the close of business on March 2, 2023. BMO Harris Bank, N.A. asserts a senior valid blanket lien on the Debtor's assets. It holds a senior security interest in all of the Debtor's assets by way of a valid lien duly filed of which the amount due and owing totals no less than $381,719. The other potential lien holders are Funding Circle, the Small Business Administration, Internal Revenue Service, and Ingram Micro, Inc. In return for the Debtor's continued interim use of cash collateral, and for any diminution in value of Prepetition Secured Lender's interest in the cash collateral from and after the Petition Date, the Prepetition Secured Lender will receive an administrative expense claim pursuant to 11 U.S.C. Section 507(b). In further return for the Debtor's continued interim use of cash collateral, the Prepetition Secured Lender is granted a replacement lien in substantially all of the Debtor's assets, including cash collateral equivalents and the Debtor's cash and accounts receivable, among other collateral to the extent and validity as held prepetition. The Prepetition Secured Lender and all other subordinate lien holders are granted replacement liens, attaching to the Collateral, but only to the extent of their prepetition liens and only to the extent of priority that existed on the date of filing. The liens granted will be valid, perfected, and enforceable without any further action by the Debtor and/or the Prepetition Secured Lender and need not be separately documented. A further hearing on the matter is scheduled for March 2 at 11 a.m. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3HUKrFU from PacerMonitor.com. The Debtor projects $173,861 in total expenses for February 2023. About Buckardt Technologies, Inc. Buckardt Technologies, Inc. is an information and security technology consulting firm. Buckardt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-04420) on April 18, 2022. In the petition signed by Judith A. Buckardt, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Lashonda A. Hunt oversees the case. Richard G. Larsen, Esq., at SpringerLarsenGreene, LLC is the Debtor's counsel. CELSIUS NETWORK: Allows Clients Funds Withdrawal ------------------------------------------------- David Thomas of beincrypto.com reports that U.S. Bankruptcy Judge Martin Glenn has ruled that Celsius creditors who deposited funds after the lender filed for bankruptcy can soon withdraw their money. Judge Glenn's ruling stipulates that those withdrawing more than $40,000 or to whom Celsius transferred more than 200,000 during the three months before the lender's bankruptcy filing will need approval from the Celsius Creditor Committee. This approval follows an earlier ruling to airdrop FLARE tokens to customers with XRP on the platform in December 2020. 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. CENTERPOINTE HOTELS: Seeks to Hire Okin Adams as Legal Counsel -------------------------------------------------------------- CenterPointe Hotels @ Texas II, LP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Okin Adams Bartlett Curry LLP as its counsel. The firm's services include: a) advising the Debtor with respect to its rights, duties and powers in its Chapter 11 case; b) assisting the Debtor in its consultations relative to the administration of the case; c) assisting the Debtor in analyzing the claims of its creditors and in negotiating with such creditors; d) assisting the Debtor in the analysis of and negotiations with any third-party concerning matters relating to, among other things, a sale of substantially all of the Debtor's assets, or the terms of a plan of reorganization; e) representing the Debtor at all hearings and other proceedings; f) reviewing legal documents, statements of operations and schedules filed with the court and advising the Debtor as to their propriety; g) assisting the Debtor in preparing pleadings and applications; and h) performing other legal services for the Debtor. The hourly rates of Okin's attorneys and staff are as follows: Christopher Adams, Partner $700 David L. Curry, Jr., Partner $650 Ryan A. O'Connor, Associate $490 Legal Assistants $140 In addition, Okin will seek reimbursement for expenses incurred. Okin Adams received an initial retainer of $50,000. David Curry, Jr., Esq., a partner at Okin, disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Adams, Esq. David L. Curry, Jr., Esq. Ryan A. O'Connor, Esq. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Tel: 713-228-4100 Fax: 346-247-7158 Email: cadams@okinadams.com Email: dcurry@okinadams.com Email: roconnor@okinadams.com About CenterPointe Hotels @ Texas II CenterPointe Hotels @ Texas II, LP is primarily engaged in renting and leasing real estate properties. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-30023) on January 2, 2023. In the petition signed by James O. Guillory Jr., president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. David L. Curry, Jr., Esq., at Okin Adams Bartlett Curry LLP, represents the Debtor as counsel. CHESTNUT RIDGE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Chestnut Ridge Associates LLC 10800 Gosling #130564 Spring, TX 77393 Business Description: Chestnut Ridge is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: February 5, 2023 Court: United States Bankruptcy Court Southern District of Texas Case No.: 23-90069 Debtor's Counsel: Jeff P. Prostok, Esq. FORSHEY & PROSTOK, LLP 777 Main Street, Suite 1550 Fort Worth TX 76102 Tel: 817-777-8855 Email: jprostok@forsheyprostok.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Andrew Schreer as managing 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/MEN7T2A/Chestnut_Ridge_Associates_LLC__txsbke-23-90069__0001.0.pdf?mcid=tGE4TAMA CITY BREWING: $850M Bank Debt Trades at 52% Discount ---------------------------------------------------- Participations in a syndicated loan under which City Brewing Co LLC is a borrower were trading in the secondary market around 47.8 cents-on-the-dollar during the week ended Friday, February 3, 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. COLOUROZ INVESTMENT 2: $205M Bank Debt Trades at 35% Discount ------------------------------------------------------------- Participations in a syndicated loan under which ColourOZ Investment 2 LLC is a borrower were trading in the secondary market around 64.6 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $205 million facility is a Payment in kind Term loan that is scheduled to mature on September 21, 2024. The amount is fully drawn and outstanding. ColourOZ Investment 2 LLC provides industrial paint products. COMPUTE NORTH: Fine-Tunes Plan Documents ---------------------------------------- Compute North Holdings, Inc., et al., submitted a Third Amended Joint Liquidating Chapter 11 Plan and Disclosure Statement dated January 31, 2023. The Plan groups the Debtors together solely for the purpose of describing treatment under the Plan, confirmation of the Plan and making distributions in accordance with the Plan in respect of Claims against and Interests in the Debtors under the Plan. Like in the prior iteration of the Plan, Class 3 consists of all General Unsecured Claims. On the Effective Date, each General Unsecured Claim shall be discharged and released, and each Holder of an allowed General Unsecured Claim shall be entitled to receive its Pro Rata Share of the Wind-Down Distributable Cash remaining after satisfaction of all Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Claims in Class 1 and Class 2, on account of such General Unsecured Claim. Distributions of Wind-Down Distributable Cash shall be distributed by the Distribution Agent on the applicable Distribution Date in accordance with the Plan until all Allowed General Unsecured Claims in Class 3 are paid in full (taking into account any distributions made by the Litigation Trust on account of Allowed General Unsecured Claims) or the Wind-Down Distributable Cash is exhausted; provided, however, that all Distributions to Holders of Allowed General Unsecured Claims shall be subject to the Plan Administrator first paying in full all operating expenses of the Reorganized Debtors and/or reserving in the Plan Administrator Operating Reserve for such operating expenses as is reasonable and appropriate. The Plan shall be deemed a motion to approve the good faith compromise and settlement of all such Claims, Interests, Causes of Action and controversies released, settled, compromised, discharged or otherwise resolved pursuant to the Plan, pursuant to Bankruptcy Rule 9019, and the entry of the Confirmation Order shall constitute the Bankruptcy Court's approval of such compromise and settlement under section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, as well as a finding by the Bankruptcy Court that such settlement and compromise is fair, equitable, reasonable and in the best interests of the Debtors and their Estates. The Confirmation Order shall and shall be deemed to authorize, among other things, all actions as may be necessary or appropriate to effect any transaction described in, approved by, contemplated by, or necessary to effectuate the Plan, including the Wind-Down Restructuring, including, for the avoidance of doubt, any and all actions required to be taken under applicable nonbankruptcy law. The Debtors shall fund distributions under the Plan with Wind-Down Distributable Cash. On and after the Effective Date, the Plan Administrator will be authorized and directed to implement the Plan and any applicable orders of the Bankruptcy Court consistent with the Plan Administrator Agreement and the Wind-Down Budget, and the Plan Administrator shall have the power and authority to take any action necessary to wind down and dissolve the Debtors' Estates. Under the Plan Administrator Agreement, the Plan Administrator shall be obligated to consult with the Plan Oversight Committee approximately every 30 days concerning matters related to the Wind-Down Estates and obtain approval of the Plan Oversight Committee as set forth in the Plan Administrator Agreement. The Plan Administrator shall have the rights, authority and duties set forth in the Plan Administrator Agreement. The Litigation Trust, with the approval of the Plan Oversight Committee, shall have the authority to hire counsel to advise it in connection with its duties, powers and rights under the Litigation Trust Agreement and may hire such additional attorneys, accountants and other professionals as may be required or appropriate in connection with its duties therein, and pay reasonable compensation to such advisors, without further approval of the Bankruptcy Court. The Litigation Trust shall be entitled to retain professionals with the approval of the Plan Oversight Committee, including any professionals employed by the Debtors or the Committee in the Chapter 11 Cases. "Released Parties" means (a) each Debtor and its retained financial advisors, attorneys, accountants, investment bankers, and other professionals; (b) the officers, and directors of the Debtors on or after the Petition Date to the Plan; (c) the Plan Administrator; (d) the Committee and each of its members, solely in their capacity as such; (e) all Holders of Claims or Interests that vote to accept or are deemed to accept the Plan and who do not affirmatively opt out of the releases provided by the Plan by checking the box on the applicable form indicating that they opt not to grant the releases provided in the Plan in accordance with the procedures set forth in the Solicitation Procedures Order; (f) all Holders of Claims or Interests that abstain from voting on the Plan, who do not affirmatively opt out of the releases provided by the Plan by checking the box on the applicable form indicating that they opt not to grant the releases provided in the Plan, and who do not object to the Plan; and (g) with respect to each of the foregoing clauses through (f), such Entity's current and former Affiliates subsidiaries, advisors, principals, partners, manager, members, employees, officers, directors, representatives, financial advisors, attorneys, accountants, investment bankers, consultants, agents, and other representatives, and professionals, in each case to the extent a claim or Cause of Action arises from actions taken or omissions by any such person in its capacity as a related person of one of the parties listed in clauses (c) through (f) and is released as against such party. Provided, however, that with respect to each of the individuals that served as an officer or director of the Debtors as of the Petition Date not listed on Schedule 1.1.98 (each, an "Other D&O"), each Other D&O shall be a Released Party solely to the extent such party's legal obligations for any wrongful acts exceed the applicable combined limits (taking into account covered defense costs) of the Debtors' available insurance policies that cover, among others, current or former directors, members, trustees, managers, and officers liability issued at any time to or providing coverage to the Debtors and all agreements, documents or instruments relating thereto, including any runoff policies or tail coverage (such policies, the "D&O Policies"), subject to the following: any recovery by or on behalf of the Litigation Trust (and the beneficiaries thereof) on account of any cause of action (other than with respect to claims for gross negligence, willful misconduct or fraud) against any Other D&O, in each case by way of settlement or judgment, shall be limited to the applicable D&O Policies' available combined limits, after payment from such D&O Policies of any covered costs and expenses incurred by the covered parties in connection with the defense of such cause of action. A full-text copy of the Third Amended Joint Liquidating Plan dated January 31, 2023 is available at https://bit.ly/3DKc6ap from PacerMonitor.com at no charge. Counsel to the Debtors: James T. Grogan III, Esq. PAUL HASTINGS LLP 600 Travis Street, 58th Floor Houston, TX 77002 Telephone: (713) 860-7300 Facsimile: (713) 353-3100 E-mail: jamesgrogan@paulhastings.com - and - Luc Despins, Esq. Sayan Bhattacharyya, Esq. Daniel Ginsberg, Esq. 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 E-mail: lucdespins@paulhastings.com sayanbhattacharyya@paulhastings.com danielginsberg@paulhastings.com - and - Matthew Micheli, Esq. Michael Jones, Esq. 71 South Wacker Drive, Suite 4500 Chicago, IL 60606 Telephone: (312) 499-6000 Facsimile: (312) 499-6100 E-mail: mattmicheli@paulhastings.com michaeljones@paulhastings.com About Compute North Holdings Computer North Holdings, Inc. -- https://www.computenorth.com/ -- is a crypto mining data center company. Compute North has four facilities in the U.S. -- two in Texas and one in both South Dakota and Nebraska, according to its website. While cryptocurrency prices skyrocketed during the pandemic (with bitcoin surging by 300% in 2020), the Federal Reserve's decision to curb rising inflation by hiking interest rates has since ushered in some of the crypto market's biggest losses in history. After amassing a record value above $3 trillion in November 2021, the cryptocurrency market posted its worst first half ever -- plummeting more than 70% through July. Terra's luna token, a once top cryptocurrency worth more than $40 billion, lost virtually all its value within a week in May after sister token TerraUSD, a stablecoin meant to hold a price of $1, broke its dollar peg as markets collapsed. 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 include crypto lenders Celsius Network, Three Arrows Capital, Voyager Digital, and crypto mining firm Compute North. Compute North Holdings and 18 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold Coulby, as authorized signatory, the Debtors reported assets and liabilities between $100 million and $500 million. Judge Marvin Isgur oversees the cases. The Debtors tapped Paul Hastings, LLP as bankruptcy counsel; Jefferies, LLC as investment banker; and Portage Point Partners as financial advisor. Epiq Corporate Restructuring, LLC is the claims, noticing and solicitation agent. On Oct. 6, 2022, the Office of the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped McDermott Will & Emery LLP as its counsel. CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 20% Discount ------------------------------------------------------------------ Participations in a syndicated loan under which Constellation Automotive Ltd is a borrower were trading in the secondary market around 80.1 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR400 million facility is a Term loan that is scheduled to mature on July 28, 2028. The amount is fully drawn and outstanding. Constellation Automotive Group Limited offers digital used car marketplace. The Company offers used passenger cars, utility vehicles, and trucks, as well as provides parts and accessories, repairs and maintenance, finance, and insurance services. The Company's country of domicile is the United Kingdom. CORE SCIENTIFIC: Asks Court Okay to Sell $6 Million Bitmain Coupons ------------------------------------------------------------------- Ikemefula Aruogu of Coin Edition reports that bankrupt U.S. Bitcoin mining company Core Scientific has approached the court with a filing permitting it to sell its Bitmain coupons. Core Scientific filed at the United States bankruptcy court for the southern district of Texas Houston Division, seeking to dispose of the coupons that have become of no use to the company. Core Scientific holds $6 million worth of Bitmain coupons under tight conditions. The vouchers are product-specific and cannot exchange for cash with Bitmain. Coupon holders can only use them to purchase S19 miners from Bitmain. Some of these conditions make the coupons useless for Core Scientific, considering its current status. The requirements also include that the vouchers can only fund 30% of the total payment for the S19 miners purchased from Bitmain. S19 miners are older and do not perform as well as the recent versions during mining operations. Many miners closed operations and flooded the market with second-hand S19 miners. Demand for this category of miners also dropped significantly because of the bear market and the clampdown on Bitcoin miners in China. Core Scientific's situation became more complicated with the developments mentioned above. They will not be able to get the coupons' total value once the court approves the filing. According to reports, two proposals are currently on the table for Core Scientific. One of them is to sell $1.9 million worth of coupons for $285,000. The second proposal values $4.8 million coupons at $713,000. Both transactions imply that Core Scientific may trade the coupons for 15% of their value. The company has already engaged third parties that may be willing to take up the coupons at highly discounted rates. Core Scientific's situation becomes more complicated, knowing that the coupons are nearing expiry. They are due to expire between March and April 2023, when the company hopes it will have emerged from its chapter 11 reorganization. Core Scientific clarifies that it has no plans of acquiring more S19 miners in the future. About Core Scientific Core Scientific, Inc. (NASDAQ: CORZ) is the largest U.S. publicly-traded Bitcoin mining company in computing power. Core Scientific, which was formed following a business combination in July 2021 with blank check company XPDI, is a large-scale operator of dedicated, purpose-built facilities for digital asset mining colocation services and a provider of blockchain infrastructure, software solutions and services. Core mines Bitcoin, Ethereum and other digital assets for third-party hosting customers and for its own account at its six fully operational data centers in North Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core was formed following a business combination in July 2021 with XPDI, a blank check company. In July 2022, one of the Company's largest customers, Celsius Mining LLC, filed for Chapter 11 bankruptcy in New York. With low Bitcoin prices depressing mining revenue to a record low, Core Scientific first warned in October 2022 that it may have to file for bankruptcy if the company can't find more funding to repay its debt that amounts to over $1 billion. Core Scientific did not make payments that came due in late October and early November 2022 with respect to several of its equipment and other financings, including its two bridge promissory notes. Core Scientific Inc. and its affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90340) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific had total assets of US$1.4 billion and total liabilities of US$1.3 billion. Judge David R. Jones oversees the cases. The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT Partners, LP as investment banker; and AlixPartners, LLP as financial advisor. Stretto is the claims agent. A group of Core Scientific convertible bondholders is working with restructuring lawyers at Paul Hastings. CORE SCIENTIFIC: Court OKs $35MM DIP Loan From B. Riley ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, authorized Core Scientific, Inc. and its debtor-affiliates to use cash collateral and obtain senior secured non-priming superpriority replacement postpetition financing, on an interim basis. The Debtors obtained replacement postpetition financing on a superpriority, non-priming, senior secured basis from B. Riley Commercial Capital, LLC, as administrative agent and collateral agent and the lender party thereto, in the form of a multiple-draw term-loan facility in an aggregate principal amount of up to $70 million, pursuant to which an aggregate principal amount of $35 million will be borrowed in a single borrowing on the Closing Date. All DIP Obligations will be due and payable in full in cash -- or such other form of consideration as the DIP Agent and the DIP Lender may agree in their sole discretion -- on the earliest of: i. The date that is 12 months after the Petition Date; provided, that the Borrowers will be permitted to extend such date by three months upon paying the DIP Agent an extension fee, in cash, in an amount equal to 3.50% of the aggregate amount of all DIP Obligations drawn and outstanding as of the effective date of the extension; ii. The effective date of any chapter 11 plan of reorganization with respect to the Borrowers or any other Debtor; iii. The consummation of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code; iv. The date of the acceleration of the DIP Loans and the termination of the DIP Commitments in accordance herewith or with the DIP Documents; v. The date of the DIP Agent's written notice to the Borrowers of the occurrence of an Event of Default under the DIP Facility; vi. Dismissal of the Chapter 11 Cases or conversion of the Chapter 11 Cases into cases under chapter 7 of the Bankruptcy Code; and vii. 30 days after the date on which a motion to approve the DIP Facility is filed (or such later date as agreed to by the DIP Agent), unless the Final Order has been entered by the Bankruptcy Court on or prior to such date. The Events of Default includes: i. The entry of the Final Order will have not occurred within 30 days after the date on which a motion to approve the DIP Facility is filed; ii. The dismissal of any of the Chapter 11 Cases or the conversion of any of the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code; and iii. Noncompliance, subject to any applicable grace and/or cure periods (other than in the case, among others pursuant the Documentation Principles, of any negative covenant (none of which shall be subject to any grace or cure period, except to the extent incorporated within any such covenant)), by any Loan Party or any of its subsidiaries with the terms of hereof (as giving effect to the Documentation Principles), the DIP Documents, the Interim Order or the Final Order. The Debtors have an immediate and critical need to obtain the Replacement DIP Facility and use cash collateral in order to, among other things, (i) repay the Original DIP Facility to avoid an event of default thereunder and the exercise of remedies by the Original DIP Lenders, (ii) permit the orderly continuation and operation of their businesses, (iii) maintain business relationships with customers, vendors and suppliers, (iv) make payroll, (v) make capital expenditures, (vi) pay the expenses of the Chapter 11 Cases (including by funding the Carve-Out), (vii) satisfy working capital and operational needs of the Debtors, and (viii) for general corporate purposes, in each case, in accordance with and subject to the terms and conditions of the Interim Order and the Replacement DIP Loan Documents, including the Approved Budget. Core Scientific has issued to B. Riley Commercial Capital, LLC as holder: (x) the $60 million Bridge Promissory Note dated April 7, 2022 and (y) the $15 million Bridge Promissory Note also dated April 7, 2022. In connection with the Bridge Notes, Core Scientific and the Bridge Noteholder executed a Fee Letter, dated as of April 7, 2022. As of the Petition Date, Core Scientific was indebted to the Bridge Noteholder in the aggregate amount of approximately $42 million on account of principal amounts outstanding under the Bridge Note Documents. Certain of the Debtors are also parties to (x) the Secured Convertible Note Purchase Agreement, dated as of April 19, 2021, by and among Core Scientific (f/k/a Core Scientific Holding Co.), the guarantors party thereto from time to time, the "Initial Purchasers" and any "Additional Purchasers" party thereto from time to time and U.S. Bank National Association, as note agent and collateral agent, and (y) all other agreements, guarantees, pledge, collateral and security documents, instruments, certificates, promissory notes and other documents executed and/or delivered in connection therewith. As of the Petition Date, the Prepetition April NPA Notes Obligors were indebted to the Prepetition April NPA Secured Parties in the aggregate amount of approximately $239.6 million on account of principal amounts outstanding6 under the Prepetition April NPA Secured Notes. Pursuant to (x) the Secured Convertible Note Purchase Agreement, dated as of August 20, 2021, by and among Core Scientific (f/k/a Core Scientific Holding Co.), the guarantors party thereto from time to time, the "Initial Purchasers" and any "Additional Purchasers" party thereto from time to time and U.S. Bank National Association, as note agent and collateral agent, and (y) all other agreements, guarantees, pledge, collateral and security documents, instruments, certificates, promissory notes and other documents executed and/or delivered in connection therewith, Core Scientific issued convertible notes, and each of the Prepetition August NPA Guarantors, among other things, jointly and severally, irrevocably and unconditionally guaranteed the due and punctual payment and performance in full in cash of all Prepetition August NPA Secured Notes Obligations. As of the Petition Date, the Prepetition August NPA Notes Obligors were indebted to the Prepetition August NPA Secured Parties in the aggregate amount of approximately $325.9 million on account of principal amounts outstanding under the Prepetition August NPA Secured Notes. The Prepetition Secured Parties are entitled to adequate protection against any post-petition diminution in value of the Prepetition Secured Parties' respective liens and interests in the Prepetition Secured Notes Collateral resulting from, among other things, (i) the use, sale or lease by the Debtors of Prepetition Secured Notes Collateral, (ii) the imposition of the automatic stay, (iii) the imposition of the Carve-Out, and (iv) any other cause or reason to the maximum extent provided under the Bankruptcy Code and applicable law. A final hearing on the matter is set for February 27, 2023 at 3 p.m. A copy of the order is available at https://bit.ly/3RyKLNU from PacerMonitor.com. About Core Scientific Core Scientific, Inc. (NASDAQ: CORZ) is the largest U.S. publicly traded Bitcoin mining company in computing power. Core Scientific, which was formed following a business combination in July 2021 with blank check company XPDI, is a large-scale operator of dedicated, purpose-built facilities for digital asset mining colocation services and a provider of blockchain infrastructure, software solutions and services. Core mines Bitcoin, Ethereum and other digital assets for third-party hosting customers and for its own account at its six fully operational data centers in North Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core was formed following a business combination in July 2021 with XPDI, a blank check company. In July 2022, one of the Company's largest customers, Celsius Mining LLC, filed for Chapter 11 bankruptcy in New York. With low Bitcoin prices depressing mining revenue to a record low, Core Scientific first warned in October 2022 that it may have to file for bankruptcy if the company can't find more funding to repay its debt that amounts to over $1 billion. Core Scientific did not make payments that came due in late October and early November 2022 with respect to several of its equipment and other financings, including its two bridge promissory notes. Core Scientific Inc. and its affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90340) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific had total assets of US$1.4 billion and total liabilities of US$1.3 billion. Judge David R. Jones oversees the cases. The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT Partners, LP as investment banker; and AlixPartners, LLP as financial advisor. Stretto is the claims agent. A group of Core Scientific convertible bondholders has retained restructuring lawyers at Paul Hastings. CORTAVO INC: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: Cortavo, Inc. 200 Galleria Parkway Suite 250 Atlanta, GA 30339 Business Description: Cortavo is a provider of computer systems design and related services. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 23-51165 Debtor's Counsel: Anna Humnicky, Esq. SMALL HERRIN, LLP 100 Galleria Parkway Suite 350 Atlanta GA 30339 Tel: 770-783-1800 Email: ahumnicky@smallherrin.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hesam Lamei as CFO. A full-text copy of the petition containing, among other items, a list of the Debtor's nine unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/PE5RDJQ/Cortavo_Inc__ganbke-23-51165__0001.0.pdf?mcid=tGE4TAMA CP IRIS: $210M Bank Debt Trades at 20% Discount ----------------------------------------------- Participations in a syndicated loan under which CP Iris Holdco I Inc is a borrower were trading in the secondary market around 80.3 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $210 million facility is a Term loan that is scheduled to mature on October 5, 2029. The amount is fully drawn and outstanding. The Company's country of domicile is the United States. CPC ACQUISITION: $225M Bank Debt Trades at 38% Discount ------------------------------------------------------- Participations in a syndicated loan under which Cpc Acquisition Corp is a borrower were trading in the secondary market around 62.1 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $225 million facility is a Term loan that is scheduled to mature on December 29, 2028. The amount is fully drawn and outstanding. CPC Acquisition Corp is in the chemicals industry. CQP HOLDCO: S&P Affirms 'BB' Rating on Debt Add-On, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' issuer credit rating (ICR) on CQP Holdco L.P. (CQP Holdco) and its 'BB' issue-level rating on the company's senior secured debt. The '3' recovery rating, which indicates its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of payment default, is unchanged. S&P said, "The stable outlook reflects our expectation that Cheniere Energy Partners L.P. (CQP) will generate robust cash flows with commensurate distributions to CQP Holdco. We expect CQP Holdco's stand-alone leverage will be about 4.8x-5.0x at year-end 2022 and 4.6x-4.8x in 2023. "We do not expect the increased debt will materially depress financial metrics. We do not expect the higher debt balance will lead to a material decline in interest coverage ratios or a significant increase in leverage. Although interest payments will rise due to the increased debt amount and higher interest rates, we believe CQP Holdco has adequate headroom. Interest rate swaps in place dampen interest rate exposure on the term loan, providing some cushion on interest coverage ratios. We forecast interest coverage ratios of 3.2x-3.4x in 2023 and 2024." The 'BB' ICR on CQP Holdco reflects the differentiated credit quality between CQP Holdco and CQP. CQP Holdco owns approximately 42% of CQP. The rating differential reflects the structural subordination of CQP Holdco's debt to CQP's underlying cash flows, which CQP Holdco does not control. Other factors include cash flow stability, CQP Holdco's influence on CQP's corporate governance and financial policy, financial ratios, and ability to liquidate its investments in CQP to repay debt. S&P said, "We assess these factors as either positive, neutral, or negative. When viewing these factors holistically, we arrive at a 'bb' stand-alone credit profile (SACP) for CQP Holdco, a three-notch differential from our 'bbb' SACP on CQP." S&P said, "We view CQP's underlying cash flows as stable because the dividend stream to CQP Holdco is backed by highly contracted long-term agreements with investment-grade counterparties. We do not anticipate an adverse change to the dividend policy. In addition, having all six trains fully operational at Sabine Pass Liquefaction LLC (SPL) and strong 2022 cash flows further support the positive cash flow assessment. "We assess corporate governance and financial policy as positive, given the master limited partnership (MLP) structure of CQP. MLP unitholders strongly favor stable or increasing dividends. In our opinion, CQP Holdco also benefits from a more robust governance structure than that of conventional limited partners in an MLP structure. These policies were introduced as a precondition of an initial investment in CQP in 2012, before all six trains were operational, and supported by Blackstone Infrastructure Partners (Blackstone) and Brookfield Infrastructure Partners' joint ownership in 2020. "We assess CQP Holdco's ability to liquidate its investment in CQP as negative. At recent prices, CQP Holdco could sell its entire stake and repay its total debt by more than 3x; however, in our view, CQP's units do not have a relatively deep market. Therefore, if CQP Holdco tried to sell a large number of its units, it would likely depress CQP's unit price. We do not view the near-term likelihood of CQP Holdco selling its stake in CQP as probable. "The stable outlook on CQP Holdco reflects our expectation that CQP will generate robust cash flows with commensurate distributions to CQP Holdco. We expect CQP Holdco's stand-alone leverage will be about 4.8x-5.0x at year-end 2022 and 4.6x-4.8x in 2023." S&P could take a negative rating action if: S&P expects leverage will be sustained above 6.0x, which could occur as a result of the issuance of additional debt; -- The interest coverage ratio falls below 3.0x for a sustained period; -- CQP Holdco's liquidity position deteriorates materially; or -- CQP's credit quality deteriorates such that leverage is above 4.5x on a sustained basis, prompting us to revise downward the SACP on CQP Holdco. These outcomes could occur in the unlikely scenario that an unanticipated interruption at CQP's operational subsidiaries materially reduces cash flow. S&P could take a positive rating action on CQP Holdco if: -- CQP's leverage improves to less than 3.5x on a sustained basis due to robust cash flow generation and accelerated debt repayment; and -- CQP Holdco maintains leverage below 4.0x. ESG credit indicators: E-3, S-2, G-2 As a minority holder of CQP, CQP Holdco's environmental indicator assessment reflects the indicator for CQP. Environmental factors are a moderately negative consideration in our credit rating analysis on CQP, an operator of LNG regasification and liquefaction facilities on the U.S. Gulf Coast, and a natural gas pipeline. Climate transition risks for the midstream industry--and CQP notably--relate to risk that global gas demand may peak earlier than expected if renewable power generation is further accelerated by policies. However, this risk is offset to a certain degree by the role of natural gas in helping to balance renewables and seasonal demand. CRESTWOOD HOSPITALITY: Cash Collateral Access OK'd Thru March 31 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona approved the Seventh Stipulated Interim Order Authorizing the Use of Cash Claimed As Collateral entered into by Crestwood Hospitality, LLC and CIT Bank, N.A., successor by merger to Mutual of Omaha Bank. The parties agree that the Debtor is authorized to use cash, revenues and proceeds to pay the expenses in accordance with the budget, with a 10% variance, through March 31, 2023. On July 14, 2016, the Debtor entered into a Loan Agreement with the Bank for a loan in the original principal amount of $6.86 million as presently evidenced by, among other things, the Promissory Note dated July 14, 2016, executed by the Debtor in connection with the Loan. As security for repayment of the Loan, the Debtor executed a Deed of Trust, Assignment of Rents, Security Agreement and Financing Statement for the benefit of the Lender, dated July 14, 2016, and recorded on July 14, 2016 at Sequence No. 20161960300, records of Pima County, Arizona. As of the Petition Date, the Lender asserts the Debtor owed it for the Loan obligations in the principal amount of $6.248 million, plus accrued an accruing interest, late charges, attorneys' fees, costs, and all other amounts recoverable under the Loan Documents and applicable law. As adequate protection for the Debtor's use of cash collateral, the Lender is granted a replacement lien and security interest in the post-petition assets of the Debtor against which the Lender holds valid, properly perfected, and enforceable liens, to the extent, and in the order and priority, determined by the Bankruptcy Court after further proceedings. Any post-petition lien or security interest will be deemed effective and automatically perfected as of the Petition Date without the necessity of the Lender taking any further action. To the extent the protections granted to the Lender do not provide it with adequate protection of its interest, the Lender may seek, upon notice and with opportunity to object, a super-priority administrative expense claim under Bankruptcy Code section 507(b) as necessary to compensate the Lender fully for the use of the Lender's Collateral and cash collateral by the Debtor. A copy of the Court's order and the Debtor's budgets is available for free at https://bit.ly/3HUw0BX from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $274,031 for February 2023; $297,982 for March 2023; and $274,883 for April 2023. About Crestwood Hospitality LLC Crestwood Hospitality LLC, operates the Holiday Inn Express & Suites Tucson Mall, an "all suite" hotel built in 2004, pursuant to a license agreement with Holiday Hospitality Franchising, LLC. Crestwood filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 21-03091) on April 23, 2021. In the petition signed by Sukhbinder Khangura, its member and vice president, the Debtor estimated between $1 million and $10 million in assets, and between $10 million and $50 million in liabilities. Sacks Tierney P.A., represents the Debtor as counsel. Judge Brenda Moody Whinery is assigned to the case. DAMON CAPITAL: Case Summary & Seven Unsecured Creditors ------------------------------------------------------- Debtor: Damon Capital, Ltd. 701 S. Main Georgetown, TX 78626 Business Description: The Debtor is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Western District of Texas Case No.: 23-10063 Debtor's Counsel: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway Austin, TX 78731 Tel: (512) 649-3243 E-mail: ssather@bn-lawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chris Damon as president of General Partner. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7V6VVTA/Damon_Capital_Ltd__txwbke-23-10063__0001.0.pdf?mcid=tGE4TAMA DANNY R. BARTEL: Disclosures Hearing on Feb. 15 ----------------------------------------------- A hearing is scheduled for Feb. 15, 2023, at 1:30 p.m. to consider approval of the Amended Disclosure Statement filed by Brenda Sue Bartel, Danny R. Bartel, and Danny R. Bartel, M.D., P.A. See https://us-courts.webex.com/meet/morris for67. The Debtors submitted an Amended Plan and an Amended Disclosure Statement on January 25, 2023. Under the Plan, Class 6 BBVA USA Claim is impaired and will be paid through the Danny R. Bartel, MD, PA's Subchapter V. Class 7 McKesson Specialty Claims is impaired and will be paid through the Care Distribution Danny R. Bartel, MD, Corporation PA's Subchapter V. Class 8 Daimler Trust Assumed Lease 2021 Mercedes Claim is not impaired. Payments and distributions under the Plan will be funded by Dr. Bartel's employment. Attorneys for the Debtor: Craig Douglas Davis, Esq. DAVIS, ERMIS & ROBERTS, P.C. 1521 N. Cooper, Suite 860 Arlington, TX 76011 Tel: (817) 265-8832 Fax: (972) 262-3264 A copy of the Disclosure Statement dated Jan. 25, 2023, is available at https://bit.ly/3R7EY1G from PacerMonitor.com. About Danny R. Bartel, M.D., P.A. Dr. Danny Bartel M.D. and Brenda Sue Bartel are a married couple living in Wichita Falls, Texas. Dr. Danny Bartel is a Medical Doctor licensed on August 29, 1976, and a board-certified Neurologist. In the 1980's, Dr. Bartel started his private practice in neurology called Danny R. Bartel MD, PA. In 2011, Dr. Bartel and other investors decided to start a rehabilitation hospital in Flower Mound, Texas. On May 18, 2011, Dr. Danny Bartel and Brenda Sue Bartel and Danny Bartel MD, PA guaranteed an SBA loan for Continuum Rehabilitation Hospital of North Texas LP in excess of one million dollars. The hospital failed and Continuum Rehabilitation Hospital filed for Chapter 7 Bankruptcy on Dec. 11, 2015 (Bankr. N.D. Tex. Case No. 15-44978). Subsequently, Dr. Danny Bartel and Brenda Sue Bartel and Danny Bartel MD, PA were sued by Compass Bank, the servicer for the SBA loan. Compass Bank took an agreed judgment on June 8, 2018. Dr. Bartel and the P.A. negotiated a payment plan that the Defendants were paying timely. In June of 2019, Dr. Bartel was financially doing well and began contemplating retirement, therefore he voluntarily gave up his Drug Enforcement Administration (DEA) license. In March of 2020, the pandemic hit causing closures and quarantines, therefore specialty patients all over the country stopped making and attending appointments and Dr. Bartel's practice was no exception. Revenue significantly decreased and the PA could not make its payments to Compass Bank. Dr. Bartel, at this time, knew that retirement was no longer an option and reapplied for his DEA license. In the Spring of 2021, Compass Bank started to become aggressive in collecting on the judgment. On Feb. 9, 2021, Danny Bartel MD, PA had no choice but to file a Chapter 11 Bankruptcy (Case No. 21-40285). On May 2, 2021, Dr. Bartel and Brenda Bartel had no choice but to file a personal Chapter 11 bankruptcy (Case No. 21-41082). Due to the pandemic and government employees working from home, the DEA did not return Dr. Bartel's DEA license until February of 2022. Due to the delay in reinstating Dr. Bartel's DEA license, many insurance companies would not recredential Dr. Bartel. Due to delay in recredentials, Danny R. Bartel, MD, PA continued to suffer with the decrease in revenue. Until he had his DEA license returned and the insurance companies recredentialed Dr. Bartel, he could not in good faith propose a Chapter 11 Plan in the small business case of Danny R. Bartel, MD, PA by the deadline therefore the case was dismissed on April 14, 2022. Once the insurance companies recredentialed Dr. Bartel, his revenue dramatically increased and now Danny R. Bartel MD, PA can fund a Chapter 11 Plan therefore it refiled in June 2022. Danny R. Bartel, M.D., P.A., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 22-41407) on June 24, 2022, listing as much as $50,000 in both assets and liabilities. Danny R. Bartel, president, signed the petition. Judge Edward L. Morris oversees the case. In the new Chapter 11 case, Davis, Ermis & Roberts, P.C., and Freemon Shapard & Story, CPAs serve as the Debtor's legal counsel and accountant, respectively. DCL HOLDINGS: Seeks to Hire King & Spalding as Bankruptcy Counsel ----------------------------------------------------------------- DCL Holdings (USA) Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ King & Spalding, LLP as their legal counsel. The Debtors require legal counsel to: (a) give advice with respect to the Debtors' rights, powers and duties in the continued management and operation of their business and management of their properties; (b) advise the Debtors with respect to the conduct of their Chapter 11 cases, including all of the legal and administrative requirements in Chapter 11; (c) take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the estates; (d) prepare legal papers; (e) take all necessary actions in connection with any proposed Chapter 11 plan and take such further actions as may be required in connection with the administration of the Debtors' estates; (f) appear before the bankruptcy court and any other courts; (g) attend meetings and represent the Debtors in negotiations with representatives of creditors and other parties in interest; (h) negotiate and prepare documents relating to the disposition of assets, as requested by the Debtors; (i) advise the Debtors on finance, finance-related transactions and other matters relating to the sale of their assets; and (j) perform other necessary legal services. The firm will be paid at these rates: Partners $1,160 to $1,590 per hour Counsels $1,230 to $1,245 per hour Associates $620 to $1,195 per hour Paraprofessionals $265 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. In response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines, King & Spalding disclosed the following: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No, provided that King & Spalding has agreed that during the applicable period it will not, absent unexpected circumstances, bill amounts in excess of those specified in the budget approved in connection with the Debtors' post-petition financing. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. The hourly rates used by King & Spalding in representing the Debtors are consistent with the rates the firm charges other comparable Chapter 11 clients regardless of the location of the Chapter 11 cases. 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 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: King & Spalding’s rates are subject to periodic change in the ordinary course of business. The firm was retained by the Debtors in September 2022. Prior to the filing of these Chapter 11 cases, King & Spalding charged the Debtors its standard rates and applied courtesy discounts from time to time. As an accommodation to the Debtors, immediately prior to the petition date, King & Spalding agreed to certain discounted rates applicable to the cases. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: King & Spalding, in conjunction with the Debtors and Richards Layton & Finger, P.A., is developing a prospective budget and staffing plan for these Chapter 11 cases. Jeffrey Dutson, Esq., a partner at King & Spalding, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey R. Dutson, Esq. King & Spalding, LLP 1180 Peachtree Street, NE Suite 1600 Tel: (404) 572-2803 Email: jdutson@kslaw.com About DCL Holdings DCL Holdings (USA) Inc. -- https://www.pigments.com/ -- offers the broadest range of color pigments and preparations for the coatings, plastics and ink industries worldwide. The company is a global leader in the supply of color pigments and dispersions for the coatings, plastics and ink industries, according to its Web site. DCL Holdings (USA) and five affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-11319) on Dec. 20, 2022. In the petition filed by its chief restructuring officer, Scott Davido, the Debtor reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped King & Spalding, LLP as bankruptcy counsel; Richards, Layton & Finger, P.A. as Delaware counsel; TM Capital Corp. as investment banker; and Ankura Consulting Group, LLC as restructuring advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on Dec. 30, 2022. Quinn Emanuel Urquhart & Sullivan, LLP, Morris James, LLP and Province, LLC serve as the committee's bankruptcy counsel, Delaware counsel and financial advisor, respectively. DCL HOLDINGS: Taps Richards Layton & Finger as Co-Counsel --------------------------------------------------------- DCL Holdings (USA) Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Richards Layton & Finger, P.A. as co-counsel with King & Spalding, LLP. The firm's services include: b) advising the Debtors of their rights, powers and duties under Chapter 11 of the Bankruptcy Code; c) taking action to protect and preserve the Debtors' estate, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors in the Chapter 11 cases, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors; d) assisting in preparing legal papers; e) assisting in preparing the Debtors' plan of reorganization; f) assisting in preparing the Debtors' disclosure statement and any related documents necessary to solicit votes on the Debtors' plan of reorganization; g) prosecuting on behalf of the Debtors a plan of reorganization and seeking approval of all transactions contemplated therein; and h) other necessary legal services in connection with the Debtors' Chapter 11 cases. The firm will be paid at these rates: Directors $850 to $1,300 per hour Counsel $725 to $750 per hour Associates $425 to $700 per hour Paraprofessionals $315 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Richards Layton & Finger disclosed the following: a) The firm did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. b) None of the firm's professionals included in this engagement have varied their rate based on the geographic location for these Chapter 11 cases. c) The firm has represented the Debtors since Oct. 4, 2022. Other than the periodic adjustments, the billing rates and material financial terms of the firm's engagement have not changed post-petition from the pre-bankruptcy arrangement. d) The firm, in conjunction with the Debtors and King & Spalding, is developing a prospective budget and staffing plan for these Chapter 11 cases. Amanda Steele, Esq., a partner at Richards Layton & Finger, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Amanda R. Steele, Esq. Richards Layton & Finger, P.A. One Rodney Square, 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7838 Email: steele@rlf.com About DCL Holdings DCL Holdings (USA) Inc. -- https://www.pigments.com/ -- offers the broadest range of colour pigments and preparations for the coatings, plastics and ink industries worldwide. The company is a global leader in the supply of color pigments and dispersions for the coatings, plastics and ink industries, according to its Web site. DCL Holdings (USA) and five affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-11319) on Dec. 20, 2022. In the petition filed by its chief restructuring officer, Scott Davido, the Debtor reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped King & Spalding, LLP as bankruptcy counsel; Richards, Layton & Finger, P.A. as Delaware counsel; TM Capital Corp. as investment banker; and Ankura Consulting Group, LLC as restructuring advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on Dec. 30, 2022. Quinn Emanuel Urquhart & Sullivan, LLP, Morris James, LLP and Province, LLC serve as the committee's bankruptcy counsel, Delaware counsel and financial advisor, respectively. DELPHI BEHAVIORAL: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Delphi Behavioral Health Group, LLC 1901 West Cypress Creek Road, Ste. 500 Fort Lauderdale, FL 33309 Business Description: The Debtors provide a wide range of inpatient and outpatient behavioral healthcare services in the substance use disorder, addiction and mental health treatment space. Headquartered in Fort Lauderdale, Florida, the Debtors operated 12 clinical facilities and two recovery residences prior to the Petition Date, throughout California, Florida, Maryland, Massachusetts and New Jersey. The levels of care provided at the clinical facilities range from inpatient and residential to outpatient (partial hospitalization), intensive outpatient programming and outpatient programming. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Southern District of Florida Thirty-four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Delphi Behavioral Health Group, LLC 23-10945 61 Brown Street Holdings, LLC 23-10946 Aloft Recovery LLC 23-10947 Banyan Recovery Institute, LLC 23-10948 Breakthrough Living Recovery Community, LLC 23-10949 California Addiction Treatment Center LLC 23-10950 California Vistas Addiction Treatment LLC 23-10951 DBHG Holding Company, LLC 23-10952 Defining Moment Recovery Community, LLC 23-10953 Delphi Health BuyerCo, LLC 23-10955 Delphi Health Group, LLC 23-10956 Delphi Intermediate HealthCo, LLC 23-10957 Delphi Management LLC 23-10959 Desert View Recovery, LLC 23-10960 DR Parent, LLC 23-10961 DR Sub, LLC 23-10963 Las Olas Recovery, LLC 23-10964 Maryland House Detox, LLC 23-10965 New Perspectives, LLC 23-10967 New Step Housing, LLC 23-10969 Ocean Breeze Detox, LLC 23-10970 Ocean Breeze Recovery, LLC 23-10972 Onward Living Recovery Community, LLC 23-10973 Palm Beach Recovery, LLC 23-10975 Peak Health NJ, LLC 23-10977 QBR Diagnostics, LLC 23-10979 Rogers Learning, LLC 23-10981 SBH Haverhill, LLC 23-10982 SBH Union IOP, LLC 23-10983 Summit at Florham Park, LLC 23-10984 Summit Behavioral Health, LLC 23-10986 Summit Health BuyerCo, LLC 23-10987 Summit IOP Limited 23-10989 Union Fresh Start, LLC 23-10990 Judge: Hon. Peter D. Russin Debtors' Counsel: Paul Steven Singerman, Esq. Paul A. Avron, Esq. Robin J. Rubens, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue Suite 1900 Miami, FL 33131 Tel: 305-755-9500 Fax: 305-714-4340 Email: singerman@bergersingerman.com pavron@bergersingerman.com rrubens@bergersingerman.com Debtors' Restructuring Services Provider: GETZLER HENRICH & ASSOCIATES Debtors' Notice & Claims Agent: EPIQ CORPORATE RESTRUCTURING, LLC Delphi Behavioral Health's Estimated Assets: $1 million to $10 million Delphi Behavioral Health's Estimated Liabilities: $10 million to $50 million The petitions were signed by Edward A. Phillips as interim chief executive officer. Full-text copies of three of the Debtors' petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/FQDROWQ/Delphi_Behavioral_Health_Group__flsbke-23-10945__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BRQZXCA/Aloft_Recovery_LLC__flsbke-23-10947__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/GGQBYKA/Banyan_Recovery_Institute_LLC__flsbke-23-10948__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. EMD Realty Group, LLC Lease Payments $763,394 4620 N State Road 7 2nd Floor Lauderdale Lakes, FL 33319 2. McDermott Will & Emery LLP Professional $614,941 PO Box 6043 Services Chicago, IL 60680-6043 3. Matthew John Feehery $400,000 c/o Russell Landy, Esq. Damian & Valori LLP 1000 Brickell Avenue Suite 1020 Miami, FL 33131 Tel: (305) 371-3960 Email: rlandy@dvllp.com 4. Infinity Behavioral Billing Services $280,056 Health Services, LLC 4620 N State Road 7 Suite 200 Lauderdale Lakes, FL 33319 Tel: (954) 874-7935 5. Unidine Corporation Food Service $267,681 400 Northridge Rd, Ste. 600 Provider Sandy Springs, GA 30350 6. 3500 Quakerbridge, LLC Lease Payments $105,233 PO Box 3245 Hamilton, NJ 08619 7. 18307 Boys Ranch Road Lease Payments $92,254 Owner LLC c/o Wellness Real Estate Holdings LLC 30 East 9th Street Suite 3BB New York, NY 10003 8. Complete Pool Services $78,600 16084 Tamarind Terrace Chino Hills, CA 91709 9. PureLinq Marketing & $60,000 3769 Old Lighthouse Cir. Advertising Wellington, FL 33414 10. Crowe LLP Professional $48,944 320 E Jefferson Blvd Services South Bend, IN 46624 11. 588 E San Lorenzo Lease Payments $42,811 Owner, LLC 9 East 8th Street New York, NY 10003 12. City of Pembroke Pines Lease Payments $37,945 301 NW 103rd Avenue Pembroke Pines, FL 33026 13. Melnick, LLC Lease Payments $34,000 c/o Nancy Rabuchin 3315 NW Vaughn Street Portland, OR 97210 14. 314 10th Street Limited Lease Payments $28,680 Partnership 901 Northpoint Parkway Suite 200 West Palm Bch, FL 33407 Tel: (561) 434-1300 x 313 Email: sarla@kennedycompanies.com 15. Camp Meade Investments Lease Payments $27,875 I, LLC c/o Pinkard Properties, Agent 305 W Chesapeake Ave Suite 503 Towson, MD 21204 Tel: (443) 841-7682 Email: driscollcompany20@gmail.com 16. Bolive, LLC Lease Payments $26,163 5805 SW 113th Street Pinecrest, FL 3315 Tel: (305) 527-3475 Email: adcjr@gmail.com 17. Image First Trade Debt $23,539 PO Box 844891 Boston, MA 02284-4891 18. Digital First Media Trade Debt $22,500 PO Box 6200 Colorado Springs, CO 80962-2000 Email: ssc-adtaxi@medianewsgroup.com 19. Palm Bay Studios, Inc. Lease Payments $21,543 720 NE 69th Street Unit 19N Miami, FL 33138 20. Delphi RE Holdings LLC Lease Payments $21,000 3107 Stirling Road Ft. Lauderdale, FL 33312 21. Maxim Locum Tenens HR Temp Help $20,762 and Advanced Practitioners 12558 Collection Ctr Dr. Chicago, IL 60693 22. Ironclad Impact Windows Services $19,744 and Doors 3701 SW 47th Avenue Davie, FL 33314 23. 44 Court Street LLC 9 Lease Payments $17,227 East 40th Street New York, NY 10016 24. NABH Membership $17,000 PO Box 719048 Philadelphia, PA 19171-9948 Tel: (202) 393-6700 25. Yardbird Rental LLC Lease Payments $13,776 3225 McLeod Drive Suite 100 Las Vegas, NV 89121 Tel: (715) 554-1735 Email: skaroninvestments@gmail.com 26. Highway 111 Properties, LLC Lease Payments $12,981 PO Box 915 Rancho Santa Fe, CA 92067 Email: kaldrete@warrenproperties.com 27. Quest Diagnostics Services $11,515 PO Box 740880 Cincinnati, OH 45274-0880 28. Colross II, LLC Lease Payments $7,765 9485 SW 72nd Street Suite A-115 Miami, FL 33173 29. Staples Office Supplies $7,066 PO Box 105638 Atlanta, GA 30348-5638 Email: accounting@staplesbusinesscredit.com 30. McKesson Medical Surgical Trade Debt $6,614 PO Box 933027 Atlanta, GA 31193-3027 Email: mms.etf@mckesson.com DIAMANTE CUSTOM: Court Confirms Amended Plan -------------------------------------------- Judge Michael M. Parker has entered an order confirming the Amended Plan of Reorganization of Diamante Custom Homes, LLC. If the Debtor's bankruptcy case is subsequently converted to Chapter 7, all property of the Debtor shall automatically revest and become property of the bankruptcy estate of the Debtor in the converted Chapter 7 case. The Amended Plan specifies that Classes 1 and 2 are not impaired. The Amended Plan specifies that Classes 3, 4, 5, 6, and 7 are impaired under the Amended Plan. Classes 3, 4, 5 and 6 have accepted the Amended Plan. The Amended Plan provides that the Debtor will be deemed to reject executory contracts and unexpired leases, if any, except the Challoo project and the treatment of Class 3 creditor, Dr. Raheel Bengali. All other leases or executory contracts are not the subject of a motion to assume executory contracts or unexpired leases filed prior to the Effective Date, accordingly they are rejected by operation of the Amended Plan and the Plan Confirmation Order. The Debtor's Amended Plan is confirmed as a consensual Plan pursuant to Section 1191(a) and Michael Colvard as Subchapter V Trustee will serve as the Disbursing Agent. The Subchapter V Trustee shall make all payments or distributions to creditors or parties in interest holding allowed claims in Classes 1, 2, 3, 4, 5, and 6. The Class 1 claims will be paid as allowed. The Class 2 priority claim of the IRS in the amount of $3,271 will be paid within 30 days of the Effective Date. Byron Burris, the Class 5 creditor will receive $321,600 within 30 days of the Effective Date. The Subchapter V Trustee shall make payments to the holders of allowed Class 4 within 60 days of the Effective Date. The unpaid balance of the unsecured Class 5 claim and the unsecured Class 6 claims will be paid pro rata pari passu pursuant to the terms of the Amended Plan and this Order. For the avoidance of doubt, the disbursement to holders of allowed claims will include the Subchapter V Trustee monthly allocation, and creditor allocations may be reduced in an amount equal to the Subchapter V Trustee's fees and costs incurred as Subchapter V Trustee . The Debtor's counsel may be entitled to Post Confirmation fees and expenses subject to the submission of a Notice of fees and fee statement to the Subchapter V Trustee, the UST, and all parties in interest, which will have 21 days after the Notice is filed to object to the Debtor's counsel's fees and expenses disclosed therein. If no objection is received, the Subchapter V Trustee may disburse fees and expenses to Debtor's counsel from the property of the estate without further order of the Court. Counsel for the Debtor: Michael J. O'Connor, Esq. MICHAEL J. O'CONNOR LAW OFFICE The Spectrum Building, 613 NW Loop 410, Ste. 840 San Antonio, TX 78216 Tel: (210) 729-6009 E-mail: oconnorlaw@gmail.com About Diamante Custom Homes Diamante Custom Homes, LLC, sought protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-50606) on June 6, 2022. In the petition signed by Adam Sanchez, CEO and president, the Debtor estimated assets and liabilities between $1 million and $10 million each. Michael J. O'Connor, of the Law Office of Michael J. O'Connor, is the Debtor's counsel. Michael G. Colvard has been appointed as Subchapter V trustee. DIAMOND SCAFFOLD: Proposes a Sale of Substantially All Assets ------------------------------------------------------------- Diamond Scaffold Services, LLC, asks the U.S. Bankruptcy Court for the Southern District of Alabama to approve the sale of substantially all assets. The Debtor is a limited liability company organized in the State of Louisiana. It is qualified to do business in the State of Alabama. Until May 2022, its principal place of business was located in Fairhope, Alabama. In May 2022, the Debtor moved its principal place of business to Bogalusa, Louisiana. DSS provides scaffolding and related equipment to its customers on industrial job sites and sometimes provides the labor necessary to install scaffolding equipment on the job sites. The jobsites are located across the United States. The Debtor owns various assets used in connection with its scaffolding business, including scaffolding equipment, office equipment, and vehicles. It also owns accounts receivable. The Debtor's accounts receivable and cash may be excluded from the sale. The Debtor also claims to own certain scaffolding equipment ("Disputed Scaffolding") subject to a Master Lease Agreement in favor of Sertant Capital, LLC and its affiliate SMA II LP I, LLC. Sertant disputes the Debtor's ownership of this scaffolding and claims to own the scaffolding and lease it back to the Debtor. The Disputed Scaffolding accounts for approximately 15% of the Debtor's total scaffolding. Whether the Master Lease Agreement with Sertant is a true lease or disguised financing transaction is the subject of an adversary proceeding filed against Sertant by the Official Committee of Unsecured Creditors, The Committee of Creditors Holding Unsecured Claims v. Sertant Capital, LLC, et al., AP #22-01018. Subject to bidders' discretion, substantially all of DSS' assets, including the Disputed Scaffolding but with the possible exception of accounts receivable and cash, are expected to be included in the sale proposed. The Debtor has determined, in the exercise of its business judgment, that it is in the best interest of its estate and creditors to maximize value through a sale of the Assets. It intends to entertain all offers to purchase all of or any combination of the Assets. With approval of the Court, the Debtor has engaged SC&H Group, Inc. to market and oversee the process for selling substantially all of the Assets. On Oct. 28, 2022, the Court granted the Debtor's motion to employ SC&H as its exclusive financial advisor. In connection with the proposed sale by the Debtor of the Assets, on Nov. 21, 2022, the Debtor filed its Bid Procedures Motion. The Bid Procedures Motion sought the approval of procedures in connection with the submission of bids for the purchase of the Assets. On Jan. 18, 2023, the Court entered an order granting the Bid Procedures Motion. In addition to its disputed ownership interest in the Disputed Scaffolding, Sertant claims a lien on the scaffolding. The Debtor disputes that Sertant has a valid and perfected lien on the scaffolding equipment because it failed to file a UCC-1 financing statement in Louisiana, but the Court has not yet made a determination as to the nature, existence, validity, extent, or perfection of any purported lien in favor of Sertant. Like Sertant, Mazuma Capital Corp. and its affiliate First Guaranty Bank claimed to own a substantial portion of the scaffolding used by Debtor in its business and lease it back to the Debtor under a Master Lease Agreement. The portion of scaffolding Mazuma claimed to own is estimated to be approximately 80-85% of the scaffolding used in the Debtor's business. Whether Mazuma's Master Lease Agreement constitutes a true lease or a disguised secured credit transaction was the subject of an adversary proceeding, The Committee of Creditors Holding Unsecured Claims v. First Guaranty Bank, et al., AP #22-01017. However, prior to the filing of the motion, the Committee and the Debtor settled this dispute with Mazuma. Pursuant to the terms of the settlement, Mazuma claims no ownership interest in any scaffolding used by the Debtor in its business, but it holds a $2 million claim secured by a lien on the scaffolding "Mazuma Lien"). The following taxing authorities claim to have liens on some or all of the Assets: the Internal Revenue Service, the Alabama Department of Revenue, the Texas Comptroller, the Louisiana Department of Revenue, the Baldwin County Commission, the Mississippi Department of Revenue, and the Tennessee Department of Labor, and the Texas Workforce Commission. BMO Harris Bank N.A., Suntrust Bank/Truist, and Ford Motor Credit claim liens on certain vehicles owned by the Debtor. Other parties that may claim liens on some or all of the Assets include Honest Funding, LLC, Cheetah Capital, LLC, Dynasty Capital, 26, LLC, Reserve Capital Management, Imperial Funding, LLC, Byrd Capital, LLC, Granite State Services, LLC, Strategic Investments, LLC, 3 Cajuns, LLC, and the LCF Group, Inc. The Debtor believes that it has grounds to challenge the liens claimed by Honest Funding, LLC, Cheetah Capital, LLC, Dynasty Capital, 26, LLC, Reserve Capital Management, Imperial Funding, LLC, Byrd Capital, LLC, Granite State Services, LLC, Strategic Investments, LLC, 3 Cajuns, LLC, and the LCF Group, Inc. The Debtor is a party to leases for vehicles and real property located in Athens, Tennessee, and Bogalusa, Louisiana. It is also a party to numerous executory contracts with customers. The Debtor seeks authority to sell the Assets free and clear of all liens, claims, encumbrances, and interests, including but not limited to the Liens, pursuant to an asset purchase agreement to be executed between each Successful Bidder and the Debtor. The sale process will be conducted as provided in the Bid Procedures Order. The Debtor will also seek to assume and/or assign certain of the executory contracts and unexpired leases described, to be specifically identified by a buyer in an Agreement. The Debtor has sound business justifications for selling the Assets at this time, as outlined. It has already begun marketing the Assets and will continue to market the Assets up until the Bid Deadline of Feb. 24, 2023, at 5:00 p.m. (CT) by continuing to engage prospective purchasers for the Assets and providing all Bidders with continued access to a data room of confidential information on the Assets on March 1, 2023, at 10:00 a.m. (CT) and thereby maximize the value to be achieved from the sale of the Assets. The Debtor intends to distribute the proceeds of the sale pursuant to a plan of reorganization or liquidation. Finally, the Debtor requests that the Court waives the 14-day stay of the order authorizing the sale of the Assets pursuant to Rule 6004(h). About Diamond Scaffold Services Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/ -- is an authorized distributor of Ring-lock, Cup-lock, Shoring, and Frame Scaffold. Diamond Scaffold Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21, 2022, with between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Jewell Wayne Sumrall, president of Diamond Scaffold Services, signed the petition. Judge Jerry C. Oldshue oversees the case. The Debtor tapped Alexandra K. Garrett, Esq., at Silver, Voit & Garrett as bankruptcy counsel; Jason R. Watkins, Esq., as special counsel; and SC&H Group, Inc. as investment banker. DIOCESE OF ROCKVILLE: Victims, Diocese Have Competing Plans ----------------------------------------------------------- Dietrich Knauth of Reuters reports that the a Roman Catholic diocese on Long Island, New York, proposed a bankruptcy plan on Friday, January 27, 2023, moving to retake control of its Chapter 11 case after a committee representing sexual abuse victims filed a competing restructuring proposal. The Diocese of Rockville Centre, one of the largest in the United States, said in a statement Friday that the proposed aggregate payment and the payment each abuse victim would receive under its proposed plan are "well in excess of any other Diocesan Chapter 11 plan in history." The diocese filed for Chapter 11 bankruptcy in New York in October 2020, citing the cost of lawsuits filed by childhood victims of clergy sexual abuse. The state's Child Victims Act, which took effect in August 2020, temporarily enabled victims of child sexual abuse to file lawsuits over decades-old crimes. The diocese's efforts to reach a comprehensive settlement with more than 600 sexual abuse claimants stalled over its two years in bankruptcy. The breakdown in discussions caused the official committee that represents creditors, including abuse victims, in a rare move to propose a restructuring plan without input from the diocese on January 19, 2023. The committee's plan would require the diocese to pay $41 million to abuse victims, plus additional payments from the sale of property and future insurance proceeds. Parishes and other non-bankrupt affiliates could opt into the settlement for an aggregate $200 million contribution. The Diocese "refuses to negotiate with the Committee and is attempting to bully survivors into submission," committee attorney James Stang said in a Friday, January 27, 2023, statement. The diocese responded Friday, January 27, 2023, with a plan of its own, proposing to give abuse survivors between $185 million and $200 million in payments, plus the right to pursue additional recovery from the diocese's insurers. The biggest difference between the two plans is their treatment of individual parishes in Rockville Centre, which are not bankrupt themselves and which may also be liable for sexual abuse claims. The Diocese's plan proposes that parishes would be released from liability and only pay $11.1 million toward a sexual abuse settlement, instead of the $200 million proposed by creditors. Bankrupt Catholic dioceses have faced creditor-proposed plans in a few past cases, and creditors voted to support one such plan in the bankruptcy of the Archdiocese of Saint Paul and Minneapolis, Stang said. The judge in that case ultimately did not approve either the diocese's plan or the creditors' plan, and the two sides reached a new settlement that was ultimately approved in court, Stang said. For Rockville Centre: Corinne Ball of Jones Day For the creditors committee: James Stang of Pachulski Stang Ziehl & Jones 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. DUNBAR PLAZA: Seeks to Amend Proposed Sale of Dunbar Property ------------------------------------------------------------- Dunbar Plaza, Inc., asks the U.S. Bankruptcy Court for the Southern District of West Virginia to authorize to amend its previously filed request for approval of the sale of the real and personal property located at 3900 Dunbar Ave., in Dunbar, West Virginia. The Property includes two unimproved lots recognized by the Kanawha County Assessor's Office by the Legal Description "LT 40x280 Dunbar Avenue," and the Debtor was granted ownership of said by deeds of record in the Office of the County Commission of Kanawha County, West Virginia, in Deed Book 2461 at Pages 180 and 183. On Dec. 28, 2022, the counsel for the Debtor filed a "Debtor's Motion to Sell Real and Personal Property Located at 3900 Dunbar Ave., Dunbar West Virginia, Free and Clear of All Liens and Encumbrances Pursuant to 11 U.S.C. Section 363(b)(f) and 105." After the filing of said Motion, prior to the expiration of the objection period to the same and/or prior to the Entry of the Court's Order approving the sale requested therein, the counsel for the Debtor was advised of an additional potential buyer for the subject property who wished to bid more for the purchase of the property than the sole buyer advanced in the initial Motion. Thereafter, the now-two prospective buyers have begun advancing "upset bids" for the subject property, and in the interests of transparency and in the interests of obtaining the highest value for the property for the Debtor Estate, the counsel for the Debtor believes it in the best interest that the Court hold a hearing wherein the prospective buyers may appear and advance their offers for the parcel and that upon culmination of said hearing, the property can be sold to the highest bidder. Based on this, the counsel for the Debtor requests that it be permitted to Amend its previously filed Motion to Sell the Property free and clear of any encumbrances. A copy of the Amended Motion is available at https://tinyurl.com/2be8dpz7 from PacerMonitor.com free of charge. About Dunbar Plaza Inc. Dunbar, W.Va.-based Dunbar Plaza, Inc. filed a petition for Chapter 11 protection (Bankr. S.D. W.Va. Case No. 21-20221) on Sept. 23, 2021, listing as much as $10 million in both assets and liabilities. Carl Higginbotham, president of Dunbar Plaza, signed the petition. Judge B. Mckay Mignault oversees the case. Joseph W. Caldwell, Esq., at Caldwell & Riffee, PLLC is the Debtor's lead bankruptcy counsel. Matthew M. Johnson, Esq., a practicing attorney in Charleston, W.Va., serves as Mr. Caldwell's co-counsel. EAGLE MECHANICAL: Files for Chapter 11 Bankruptcy ------------------------------------------------- Eagle Mechanical Inc. filed for chapter 11 protection in the Middle District of Florida. The Debtor disclosed $7,751,210 in assets against $9,136,761 in liabilities in its schedules. The petition states that funds will not be available to unsecured creditors. The Debtor says the business continues to operate and it currently has 71 employees, all of which are paid on an hourly basis or are salaried employees. The Debtor on the Petition Date filed motions to use cash collateral and pay prepetition employee wages. About Eagle Mechanical Eagle Mechanical Inc. is a HVAC, plumbing, process and piping mechanical contractor with 30+ years' experience. It helps customers purchase, install, maintain or replace any heating, air conditioning, refrigeration and plumbing systems. It specializes in industrial and commercial facilities, like hospitals, office buildings, schools, and government facilities. Eagle Mechanical Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-00291) on January 27, 2023. In the petition filed by Rogelio Mancilla Jr., as CEO, the Debtor reported assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge James M Carr oversees the case. The Debtor is represented by: Weston Erick Overturf, Esq. Kroger Gardis & Regas, LLP c/o Weston E. Overturf 111 Monument Circle Suite 900 Indianapolis, IN 46204 Tel: (317) 559-3647 Email: woverturf@kgrlaw.com EMB BILLING: Wins Cash Collateral Access Thru June 30 ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado authorized EMS Billing Solutions, Inc. to use cash collateral in accordance with the budget, through June 30, 2023. As previously reported by the Troubled Company Reporter, Funding Circle aka FC Marketplace and Bankers Health Group assert an interest in the Debtor's cash collateral. As of the Petition Date, the Debtor had in its possession $13,405 in accounts. Of that portion, approximately $4,481 represents likely collectable funds "less than net 90 days." Additionally, the Deposit Account balances reflect the approximate amount of $50,433. Of that amount, approximately $30,000 are funds held for clients or customers (funds owed to medical providers). The Court ruled that the secured creditors will have a replacement lien on the Debtor's post-petition receivables to the same extent and priority as existed pre-petition and to the extent that the use of cash results in a decrease in the secured lender's collateral pursuant to 11 U.S.C. section 361(2). A copy of the order is available at https://bit.ly/3wYwQqM from PacerMonitor.com. About EMS Billing Solutions, Inc. EMS Billing Solutions, Inc. is engaged in the business of medical billing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 22-15088) on December 30, 2022. In the petition signed by Gaylene Garcia-Kabel, president, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Bankruptcy Judge Elizabeth E. Brown oversees the case. Sean Cloyes, Esq., at Berken Cloyes, PC, represents the Debtor as legal counsel. EMERALD ELECTRICAL: Seeks Approval of Vehicles & Equipment Sale --------------------------------------------------------------- Emerald Electrical Consultants, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to sell the vehicles and equipment identified in Exhibit A. An initial telephonic hearing on the Motion is set for Feb. 16, 2023, at 10:30 a.m. at the following number: (toll-free number: (833) 568-8864; meeting id: (161) 418 0533. In conjunction with its business, the Debtor owns a small fleet of vehicles and a significant amount of various equipment and tools used on job sites. After analysis of its operations, in consultation with its advisors, the Debtor has determined in its business judgment that downsizing of its operations is appropriate and will result in significant cost savings for its estate. Accordingly, the Debtor asks for authority to sell the Vehicles & Equipment, as identified in the table in Exhibit A, which indicates the year, make, and model as applicable, the secured lender with respect to each of the Vehicles & Equipment (if applicable), the amount of the loan payoff (if applicable), and the minimum proposed sale price for each piece of the equipment. In particular, by selling the Vehicles & Equipment, the Debtor's estate will benefit from savings related to ongoing payments and interest related to the Vehicles & Equipment and will benefit from significantly reduced insurance premiums. The Debtor's insurance policies are scheduled for renewal on March 11, 2023, and therefore time is of the essence in selling the Vehicles & Equipment in order to achieve the cost savings of reduced insurance premiums. The Debtor's representatives have explored various options for selling the Vehicles & Equipment and have been in discussions with various potential purchasers. Accordingly, the Debtor is prepared to move quickly if and when the Court approves the proposed sales. For the sake of efficiency, the Debtor asks authority to sell each of the Vehicles & Equipment for an amount equal to or greater than the amount reflected in Exhibit A in the "Minimum Sale Price" column. The Debtor submits that the Minimum Sale Price of each of the Vehicles & Equipment reflects at least 80% of its fair market value based on preliminary market research done by its representatives. Certainly, if the Debtor has an opportunity to sell any of the Vehicles & Equipment for more than the Minimum Sale Price, it will make every effort to do so. Upon the sale of any of the Vehicles & Equipment, the Debtor proposes to pay lesser of the Minimum Sale Price or the amount reflected in Exhibit A in the "Loan Payoff" column directly to the applicable secured lender without further order of the Court. Any excess proceeds above the Loan Payoff amount would be retained by the Debtor in its DIP account. Following any such sale(s), the Debtor will file a report of sale with the Court identifying the buyer and the amount received in exchange for any given Vehicles & Equipment. The Debtor proposes that any lien or security interest on or in any such assets would attach to the sale proceeds received for any such assets. Finally, the Debtor requests that the Court waives that stay so that it may proceed as expeditiously as possible with the closing of any sale(s) following court approval of the Motion. A copy of Exhibit A is available at https://tinyurl.com/2p9n9v9y from PacerMonitor.com free of charge. About Emerald Electrical Consultants Emerald Electrical Consultants, LLC specializes in substation construction, related technical services, and consulting across the United States, with a focused presence in the southeastern and central regions of the country. The company is based in Cumming, Ga. Emerald Electrical Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20913) on Sept. 15, 2022, with up to $10 million in both assets and liabilities. Lindy Truitt, president and chief executive officer, signed the petition. Benjamin Keck, Esq., at Keck Legal, LLC is the Debtor's counsel. EMPLOYEE LOAN: Sets Bidding Procedures for Substantially All Assets ------------------------------------------------------------------- Employee Loan Solutions, LLC, asks approval from the U.S. Bankruptcy Court for the Southern District of California of the bidding procedures in connection with the auction sale of substantially all of its assets, including the TrueConnect(TM) Platform; all related payment rights and accounts receivable, including the Debtor's rights to payments under any agreements with Brightside Benefit, Inc. or similar agreements with third parties; and the related intellectual property, free and clear of all claims, liens, encumbrances, and other interests. A hearing on the Motion is set for Feb. 27, 2023, at 2:30 p.m. Creditor Sunrise Banks, National Association holds a claim in the Bankruptcy Case, which is secured by a first priority lien on substantially all of the Debtor's assets. The Debtor and Sunrise have entered into a stipulation agreeing to, among other things, the use of cash collateral and a sale of the assets. The Debtor files the Motion seeking authority to market and sell the Subject Assets through an auction process. The Subject Assets will not include, however, the following excluded assets: (i) cash, security deposits, or other cash equivalents; (ii) avoidance actions pursuant to Bankruptcy Code Sections 544, 545, 547, 548, 549, and 553(b) and any proceeds therefrom; or (iii) certain other estate claims and causes of action. The Debtor requests approval pursuant to this Motion to sell all of the Subject Assets through the auction process to one or more buyers. The Debtor previously filed an application to retain Impact Capital Group, Inc. as its investment banker to market and sell the Subject Assets. At this point, the Debtor plans to select a Baseline Bid to serve as the opening bid at the Auction. Although no stalking horse bidder has been selected, the Debtor and Investment Banker, in consultation with Sunrise, are currently negotiating with a potential stalking horse that the parties believe would help advance the sale process. If an agreement is reached with that party or another party to be the stalking horse bidder, the Debtor will seek the Court's approval of such agreement on an emergency basis. The Debtor will pursue a marketing effort in an effort to attract competing bidders for an auction to select the highest and/or best bid (or bids). It proposes to hold the Auction and for the Court to conduct the sale hearing on May 1, 2023. The Debtors propose the following timeline for the sale process, Auction, and hearing on the approval of the sale: a. Cure Claim Objection Deadline: April 17, 2023 b. Bid Deadline: April 26, 2023 c. Sale Objection Deadline: April 26, 2023 d. Selection of Baseline: Bid April 28, 2023 e. Auction and Sale Hearing: May 1, 2023 f. Sale Closing: May 31, 2023 The salient terms of the Bidding Procedures are: a. Bid Deadline: April 26, 2023 b. Initial Bid: TBD c. Deposit: 5% of the bid d. Auction: In the event, two or more Qualified Bids are received, the Bankruptcy Court will conduct an auction sale on May 1, 2023, in which Qualified Bidders (including the Baseline Bidder) may participate. If no timely Qualified Bids are submitted on or before the Bid Deadline, the Court will not hold an Auction and the Court will instead proceed to consider approval of the Sale of the Subject Assets to the sole Qualified Bid, including to Sunrise pursuant to its credit bid rights if Sunrise credit bids. e. Bid Increments: $250,000 f. Sale Hearing: May 1, 2023, at 2:00 p.m. g. Credit Bid: Sunrise (or its designee) will have the unqualified right to credit bid up to the full amount of its claim outstanding at the time of the Auction, and (i) Sunrise (or its designee) will be considered a Qualified Bidder and (ii) such credit bid will be considered a Qualified Bid, for all purposes under the Sale Procedures. The Sale Procedures establish a fair and reasonable procedure to address any issues regarding the assignment of the Executory Contracts. Any objection to the cure amount due under any assumed contract should be made by April 17, 2023. To the extent necessary, the Debtor will address at the Sale Hearing any objection to the assumption and assignment of any Executory Contracts and will establish that the requirements for assignment under Section 365(f)(2) have been fully satisfied. About Employee Loan Solutions Employee Loan Solutions, LLC is a wholly owned subsidiary of Emp Loan Holdings Inc. The Debtor markets and services a web-based employee benefit platform called TrueConnect a trademarked brand since 2016. TrueConnect is an employee financial wellness benefit offered at no cost or financial risk to employers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 22-03210) on December 16, 2022. In the petition signed by Douglas Farry, CEO, the Debtor disclosed $38,144,499 in assets and $7,613,600 in liabilities. Caroline R. Djang, Esq., at Buchalter, is the Debtor's legal counsel. ENDO INTERNATIONAL: Committee Taps Grant Thornton as Tax Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Endo International plc seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Grant Thornton LLP as its tax advisor. The firm will render these services: (a) advise and assist the Committee in connection with any outstanding tax liability the Debtors may have incurred prior to filing for bankruptcy; (b) assist the Committee in navigating the consequences of a potential claim; and (c) discuss and consult with the Committee and its legal counsel, Kramer Levin, regarding the federal and state income tax implications of transactions required by the Court effectuating a bankruptcy plan or asset sale. The firm will be paid at these hourly rates: Partner $784 Managing Director $732 Senior Manager / Director $669 Manager $585 Senior Associate III $473 Senior Associate II $455 Senior Associate I $399 Associate II $291 Associate I $263 Allen Brandsdorfer, a principal of Grant Thornton, assured that Grant Thornton is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Allen Brandsdorfer Grant Thornton LLP 757 Third Ave., 9th Floor New York, NY, 10017 Phone:+1 212 599 0100 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. ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 66% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 34 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $5.45 billion facility is a Term loan that is scheduled to mature on October 10, 2025. About $3.73 billion of the loan is withdrawn and outstanding. Envision Healthcare Corporation provides health care services. It offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. EXELA INTERMEDIATE: $403M Bank Debt Trades at 85% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Exela Intermediate LLC is a borrower were trading in the secondary market around 15 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $403.4 million facility is a Term loan that is scheduled to mature on July 12, 2023. About $72.7 million of the loan is withdrawn and outstanding. Exela Intermediate LLC / Exela Finance Inc operate as a dual issuer and special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. EYECARE PARTNERS: $300M Bank Debt Trades at 17% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 83.3 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a Term loan that is scheduled to mature on November 15, 2029. The amount is fully drawn and outstanding. Eyecare Partners, LLC provides eye care services. The Company offers eye care practices, treatment, eye wears, lenses, and other related products and services. Eyecare Partners serves customers in the United States. EYECARE PARTNERS: $750M Bank Debt Trades at 17% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 82.9 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on February 20, 2027. The amount is fully drawn and outstanding. Eyecare Partners, LLC provides eye care services. The Company offers eye care practices, treatment, eye wears, lenses, and other related products and services. Eyecare Partners serves customers in the United States. FARRELL CROSSING: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Farrell Crossing, LLC 2520 Farrell Road, Houston Texas, 77073 Business Description: The Debtor is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Southern District of Texas Case No.: 23-30406 Judge: Hon. Christopher M. Lopez Debtor's Counsel: Marcellous S. McZeal, Esq. GREALISH & MCZEAL PC 700 Louisiana Street, 48th Floor Houston, Texas 77002 Tel: 713-255-3234 Email: mmczeal@grealishmczeal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Gonzales as managing member/owner. 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/H6FRIEQ/Farrell_Crossing_LLC__txsbke-23-30406__0001.0.pdf?mcid=tGE4TAMA FEDNAT HOLDING: Green Owl Buying Excess Office Equipment for $21.4K ------------------------------------------------------------------- FedNat Holding Co. and its affiliates ask the U.S. Bankruptcy Court for the Southern District of Florida to approve the private sale of their right, title, and interest in certain of their excess computer and office equipment to Green Owl Tech Recycling for $21,425.95. Objections, if any, must be filed within 21 days from the date of service of the Motion. The Debtors are in the process of significantly downsizing their operations. They are vacating their current headquarters (which consists of approximately 75,000 square feet of office space for property located at 14050 NW 14th Street, Suites 100, 120, 180, and 190 Sunrise, FL 33323) and seek to license two offices within a shared office space located at 1 East Broward Blvd, Fort Lauderdale, Florida. As part of downsizing their operations, the Debtors seek to sell the Office Equipment because it is no longer necessary to their operations. As to the Office Equipment, they believe that their estates would incur significant costs to pack, transport, and store the Office Equipment at a separate location and that such costs would be grossly disproportionate to the value of the Office Equipment. As to the portion of the Office Equipment shown on Exhibit B, the Debtors seek to sell such items to Green Owl for a total purchase price of $21,425.95. As to the portion of the Office Equipment shown on Exhibit C, the Debtors seek to sell such items pursuant to the IT Asset Disposition (ITAD) Services Agreement between the Debtors and Green Owl. Pursuant to the Agreement, Green Owl shall coordinate the pickup and transportation of the items shown on Exhibit C and will market and sell such items on a consignment basis. All revenue from the sale of such property (net of any refurbishing costs and disposition costs) shall be shared 50% by Green Owl and 50% by the Debtors. They have agreed to provide mutual indemnification. The Debtors propose that any bona fide and allowed claims or interests will attach to the sale proceeds of the Office Equipment. Finally, the Debtors give notice and request that the order approving the Motion be effective immediately by providing that the 14-day stays under Bankruptcy Rules 6004(h) and 6006(d) are waived. A copy of Exhibits B and C is available at https://tinyurl.com/yyfmbbz7 from PacerMonitor.com free of charge. About FedNat Holding Company FedNat Holding Co. -- https://www.fednat.com -- is a regional insurance holding company in Sunrise, Fla., which controls substantially all aspects of the insurance underwriting, distribution and claims processes through subsidiaries and contractual relationships with independent and general agents. It is not an insurance carrier and does not issue insurance policies. Rather, FedNat provides agency, underwriting and policyholder services to its insurance carrier clients. Its business is comprised of two primary components: underwriting and claims processing. FedNat and its affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Fla. Lead Case No. 22-19451) on Dec. 11, 2022. In the petition filed by its manager, Mark Allen, FedNat reported assets between $10 million and $50 million and liabilities between $100 million and $500 million. Judge Peter D. Russin oversees the cases. The Debtors are represented by Shane G. Ramsey, Esq., at Nelson Mullins Riley & Scarborough, LLP. FTX GROUP: Prosecutors Want to Block SBF from Contacting Workers ---------------------------------------------------------------- Eric Revell of Fox Business reports that federal prosecutors are looking to block FTX founder Sam Bankman-Fried from contacting any current and former employees of the collapsed cryptocurrency exchange without a lawyer present or permission from the Department of Justice (DOJ) amid concerns about potential witness tampering in his ongoing fraud case. DOJ prosecutors filed the request late Friday, January 27, 2023, with U.S. District Judge Lewis Kaplan after they discovered a message from Bankman-Fried to the general counsel of FTX on the Signal messaging app, according to their letter to the judge. On January 15th, Bankman-Fried said in a message, "I would really love to reconnect and see if there's a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other." The prosecutors interpreted that exchange as a sign Bankman-Fried may try to influence witnesses in his upcoming trial that have incriminating efforts against him. They requested that the judge revise the conditions of his bail to prohibit communications with current or former employees of FTX or Alameda Research – the hedge fund he founded that is also in bankruptcy proceedings – unless the DOJ waives the restriction or a lawyer is present for the exchange. Sam Bankman-Fried leaves Federal Court in New York City on Thursday, December 22, 2022. The former CEO of FTX and Alameda has been released on $250M bail. Mark Cohen, who is Bankman-Fried's attorney, blasted the prosecutors' push and characterized the FTX founder's outreach to the company's general counsel as "an innocuous attempt to offer assistance in FTX's bankruptcy process." Judge Kaplan issued an order Saturday, January 28, 2023, that Bankman-Fried provide complete copies of his electronic communications by Monday, January 30, 2023. That could prove difficult in some cases, as the Signal app has an auto-delete option that makes messages disappear quickly along with encryption technology that aims to block access to the contents of messages from outsiders. According to FTX's bankruptcy filings, Bankman-Fried regularly used apps set to auto-delete and encouraged the company's employees to do the same – a practice current FTX CEO John J. Ray III called "one of the most pervasive failures" of FTX's former management because it led to the "absence of lasting records of decision-making." Prosecutors have also asked Judge Kaplan to prohibit Bankman-Fried from communicating using the Signal app. They wrote, "Using Signal to contact potential witnesses increases the likelihood that detection of any attempt to obstruct justice by influencing a witness will itself be obstructed." However, the judge noted that Bankman-Fried's message to the FTX general counsel from earlier this month wasn't auto-deleted. Cohen also informed the judge that Bankman-Fried has deactivated the auto-deleting feature in his Signal account and argued, "The government cannot justify a bail condition based on an unfounded concern about Mr. Bankman-Fried might do, when there is no evidence that he is, in fact, doing it." Cohen claimed that the two sides were working toward a "reasonable" compromise on Bankman-Fried's communications with current or former FTX employees before prosecutors "sandbagged" those efforts by trying to block those communications outright. He argues that some of the roughly 350 current and former employees of FTX and Alameda Research may have information that's vital to Bankman-Fried's defense in his upcoming trial. Judge Kaplan admonished both sides in the case to refrain from "pejorative characterizations" of each other's actions and motives. He also told federal prosecutors to respond to Cohen's claims by Monday, when Bankman-Fried's counsel will be required to turn over the FTX founder's complete electronic communications. Bankman-Fried faces eight charges including wire fraud on customers, plus a related conspiracy charge; wire fraud on lenders, plus a conspiracy charge; in addition to conspiracies to commit commodities fraud, securities fraud, money laundering, and violate campaign finance laws. He has pleaded not guilty to all charges, and his trial is tentatively scheduled to begin in October. In total, the charges Bankman-Fried faces carry a total potential sentence of up to 115 years in prison based on federal sentencing guidelines for those crimes -- although if convicted he might not face maximum sentences on all the counts against him. The wire fraud charges -- including the conspiracy charges -- and the money laundering conspiracy count carry a maximum sentence of 20 years in prison apiece. Each of the commodities and securities fraud charges and the campaign finance conspiracy charge carries a maximum sentence of five years in prison. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FTX GROUP: Sullivan & Cromwell to Reap Millions for Untangling Co. ------------------------------------------------------------------ Justin Wise of Bloomberg Law reports that Sullivan & Cromwell, after surviving a push to kick it off the FTX bankruptcy, stands to reap huge fees to sort out the finances of Sam Bankman-Fried's fallen crypto empire. The Wall Street law firm has more than 150 people working on the FTX case, including 30 partners with rates that exceed $2,000 per hour, according to a court filing. Associates are billing between $810 and $1,475 per hour. Costs for lawyers and others working on the case will likely climb to the hundreds of millions of dollars before the bankruptcy is over. "To untangle the financials and then figure out what to do in the actual Chapter 11, there are going to be a lot of humans working," said Nancy Rapoport, a University of Nevada Las Vegas law professor. While Big Law bankruptcy practices aren't as lucrative as mergers or private equity work, big cases can generate months or years of work and help pad profits—particularly during financial downturns. New York-based law firm Weil Gotshal pocketed nearly $500 million in the bankruptcy of Lehman Brothers in the wake of the 2008 financial crisis. Kirkland & Ellis in 2019 was awarded roughly $56 million for 15 months of work on the Toys "R" Us bankruptcy. Eastman Kodak Co. paid $240 million in bills to advisers during its Chapter 11 reorganization, including more than $63 million that went to its main counsel, Sullivan & Cromwell. "The professionals are going to do very well in FTX, just as the professionals have done very well in other big cases," said Jonathan Lipson, a Temple University law professor. "That's the way the system has developed." Sullivan & Cromwell has shown in court documents that FTX stands to rival the biggest cases in terms of the size of the undertaking for the firm. More than 100 Sullivan & Cromwell lawyers in the bankruptcy, regulatory and litigation practices worked at least 10 hours on the FTX case in November 2022 alone. That included 25 partners whose rates are $2,165 an hour. John Ray, the restructuring expert tapped to take over for former CEO Bankman-Fried, is charging $1,300 per hour. The firm said in a court declaration its proposed fees are in accordance with market rates by "other leading law firms" and represent a "discount" from the rate structures used in non-bankruptcy matters. Staying On Sullivan & Cromwell has advised FTX since before it filed for Chapter 11 protection in November 2022. A former top FTX lawyer, as well as two creditors, argued the Sullivan & Cromwell should be thrown off the case because of its past ties to FTX, as well as its connection to FTX US general counsel Ryne Miller, a former Sullivan & Cromwell partner. US Bankruptcy Judge John Dorsey, however, said in a Jan. 20 hearing that there is "no evidence of an actual conflict," paving the way for the firm to keep its lead role. Ray has said Sullivan & Cromwell and other advisers worked "nonstop" over the past two months to sort through the FTX wreckage. They so far found more than $5 billion in cash or crypto assets that may be used to repay creditors, the firm said in court January 11, 2023. Sullivan & Cromwell's restructuring chairs, Andrew Dietderich and James Bromley, are leading the firm's work on the case. Dietderich represented Eastman Kodak in Chapter 11 and helped Fiat purchase Chrysler in bankruptcy. Bromley led the Chapter 11 of Nortel Networks US. The team includes Steve Peikin, who co-led the US Securities and Exchange Commission's enforcement division, and James McDonald, who was enforcement director for the US Commodity Futures Trading Commission, both from 2017 to 2020. Rising Rates At $2,165 per hour, Sullivan & Cromwell's top partner rates in the FTX case are up 23% from the amount senior timekeepers used in auto-parts maker Garrett Motion’s 2020 Chapter 11. "We're seeing a faster rise in hourly rates than we have in the past," said Lynn LoPucki, a University of Florida law professor. "And there is a rise in the number of professionals working on the cases." Legal industry rates rose roughly 40% from 2007 to 2020, according to Thomson Reuters data; US inflation rose by about 28% during that time. Big firms are expected to raise rates by 8% this 2023, according to a November 2022 Wells Fargo Legal Specialty Group survey. That would be the highest rate hike on record, according to the report. Rapoport, who has worked as a fee examiner in bankruptcy cases, said the high rates become suspect only when cases are poorly managed. "The rate will give you sticker shock just because it's high, but if the high billers are doing things that people of their expertise should be doing," then fees are reasonable, she said. Judge Dorsey has said that in the FTX case he will likely appoint a fee examiner, who will weigh in on the fees. The monitors, which are often called in for major bankruptcies, review periodic fee applications to ensure they are "reasonable, actual, and necessary," according to US bankruptcy guidelines. Lipson said how Sullivan & Cromwell is ultimately judged for their work on the FTX case may hinge on how much money the firm and other advisers can recover for creditors rather than the fees it charges. "The important question is never are the lawyers charging a lot; it's is it worth it?" Lipson said. "If they can recover a lot of money, then it's probably worth it." About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FTX TRADING: Debtors, Committee Seek to Subpoena Insiders ---------------------------------------------------------- FTX Trading Ltd., et al., and their Official Committee of Unsecured Creditors filed with the Bankruptcy Court a joint motion for entry of an order authorizing them to serve discovery requests to certain insiders. According to the Jan. 25, 2023 court filing, the Debtors and their advisors have been working tirelessly and nonstop over the last 70 plus days at the direction of Mr. Ray to implement controls, recover and protect estate assets, investigate potential claims, coordinate with authorities and proceedings in numerous jurisdictions, and maximize value for all stakeholders. Since its appointment, the Debtors have been coordinating closely with the Committee. The efforts to date have included extensive investigation into transfers of assets out of the Debtors' estates. The Debtors and Committee will pursue estate assets wherever they are and seek to recover from all parties who misused estate assets. Key questions remain, however, concerning numerous aspects of the Debtors' finances and transactions. Certain insiders are currently cooperating with the Debtors to provide important information. But others are not, and thus authorization to issue subpoenas to those with the missing information is critical to the Debtors' and Committee's recovery efforts. Accordingly, the Movants seek documents and information from the following individuals, who were key executives and senior advisors of the Debtors: * Samuel Bankman-Fried, former CEO and founder of the FTX group and Alameda Research LLC; * Zixiao "Gary" Wang, co-founder and Chief Technology Officer of the FTX group; * Nishad Singh, co-founder of the FTX group; * Caroline Ellison, CEO of Alameda Research LLC; * Zhe "Constance" Wang, COO of FTX Trading Ltd. and co-CEO of FTX Digital Markets Ltd.; * Barbara Fried, Mr. Samuel Bankman-Fried's mother and political advisor; * Joseph Bankman, Mr. Samuel Bankman-Fried's father and close advisor; and * Gabriel Bankman-Fried, Mr. Samuel Bankman-Fried's brother and political advisor. Beginning prior to the Committee's appointment, the Debtors have requested that the Insiders provide information and documents concerning: (1) the Debtors' assets, transactions, accounts, systems, and business operations; (2) their personal assets and transfers of funds, including anything of value they received from the Debtors; (3) their communications with certain individuals regarding the Debtors and their assets, transactions, accounts, systems, and business operations; and (4) other relevant information. The Movants require immediate access to the requested materials to, among other things, supplement the Debtors' limited and untrustworthy financial records, to locate and secure estate assets, and to position themselves to recover misappropriated and stolen assets. The Debtors and Committee will coordinate their efforts so as to proceed efficiently and without duplicating work. As required by Local Rule 2004-1, the Debtors attempted to confer with all of the Insiders to arrange a mutually agreeable date, time, place and scope of production. To date, none of the Insiders subject to this Motion have agreed to provide the requested information. Counsel for Ms. Wang and Mr. Bankman have stated that they expect to agree to produce responsive documents, and the Movants are hopeful that agreement can be reached on the scope of production following issuance of a subpoena. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GABHALTAIS TEAGHLAIGH: Private Sale of 4 Properties to OHP Denied ----------------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts denied without prejudice Gabhaltais Teaghlaigh, LLC's proposed private sale of the following real properties to OHP, LLC: a. 47 Old Harbor, S. Boston, MA for $1.2 million; b. 193 Randolph, Weymouth, MA for $350,000; c. 283 West 5th Street, S., Boston, MA for $900,000; d. 15 Simms Court, Newton, MA for $600,000. The Debtor proposed to sell the Property free and clear of all liens and other monetary interests. About Gabhaltais Teaghlaigh Gabhaltais Teaghlaigh, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June 15, 2022. In the petition filed by Virginia Hung, as member, Gabaltais Teaghlaigh LLC listed under $50,000 in both assets and liabilities. The case is assigned to Judge Christopher J. Panos. David G. Baker, Esq., at Baker Law Offices is the Debtor's counsel. GALAXY NEXT: Hikes Authorized Common Shares to 3 Billion -------------------------------------------------------- Galaxy Next Generation, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that it filed a Certificate of Change to its Articles of Incorporation with the Secretary of State of the State of Nevada that increased the number of the Company's authorized shares of common stock, $0.0001 par value per share, from 200,000,000 shares to 3,000,000,000 shares. About Galaxy Next Generation Headquartered in Toccoa, Georgia, Galaxy Next Generation, Inc. -- http://www.galaxynext.us-- is a manufacturer and distributor of interactive learning technologies and enhanced audio solutions. It develops both hardware and software that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy Next reported a net loss of $6.25 million for the year ended June 30, 2022, compared to a net loss of $24.43 million for the year ended June 30, 2021. As of Sept. 30, 2022, the Company had $4.64 million in total assets, $7.88 million in total liabilities, and a total stockholders' deficit of $3.25 million. Indianapolis, Indiana-based Somerset CPAs PC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Sept. 23, 2022, citing that the Company has suffered recurring losses from operations, recurring negative operating cash flows and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. GENESIS GLOBAL: Gemini Clients Face $485M Possible Shortfall ------------------------------------------------------------ Samuel Wan of CryptoSlate reports that Gemini Earn customers face a potential $485 million shortfall in their bid to be made whole following the Genesis Global bankruptcy. Gemini Earn paid rewards to customers who lent cryptocurrency to the program. Customers' tokens were then loaned to counterparties, in this case, Genesis, who generate yield by trading and investing. After months of insolvency rumors, Genesis filed for Chapter 11 bankruptcy on January 19, 2023, triggering panic among its creditors. The bankruptcy filing showed that Genesis owed its creditors $3.5 billion; the largest is Gemini, with a $769 million balance due. In an unexpected development, Genesis now claims it has fulfilled its obligations to Gemini by paying out the proceeds of a private sale of Grayscale Bitcoin Trust (GBTC) shares that collateralized the debt. Gemini Earn customers on the back foot On August 15, 2022, Genesis pledged 30.9 million GBTC shares as collateral for Gemini Earn's customers' tokens. This arrangement was later extended on November. 7, 2022. Incidentally, FTX filed for bankruptcy on November 11, 2022, following weeks of insolvency rumors beforehand. On November 16, 2022, Genesis froze withdrawals from its platform and informed Gemini that it had sold the collateralized GBTC shares at $9.20 per share, netting $284.3 million. However, with a balance owed of $769 million, the shortfall amounts to $484.7 million. Given the "behind-the-scenes" agreement between the two parties, Genesis now claims the $769 million balance owed to Gemini Earn customers has been paid with the GBTC share sale. What now? The dispute requires the judge overseeing the bankruptcy to make a call on whether the agreement stands. However, Gemini will likely challenge the claim, resulting in court action. This could further delay the bankruptcy case, meaning Gemini Earn customers may be set for a long wait before recovering their funds. However, the $284.3 million may be all that is due. In a further blow, Genesis classified Gemini as a "Class IV" unsecured creditor. Gemini Earn customers are behind institutional creditors, secured creditors, and priority claims in carving out the company's remaining assets. 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.Â The non-debtor subsidiaries include 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. GENESIS GLOBAL: SEC & IRS Listed as Creditors in Chapter 11 Filing ------------------------------------------------------------------ Paul Jolin of CoinNewsSpan reports that the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) are listed as creditors in Genesis Global's Chapter 11 bankruptcy protection filing. Genesis has filed for bankruptcy protection naming several credits in the court document. While some names have been redacted, the documents reveal a few names that can be referred to get an idea about the creditors. Reportedly, the Internal Revenue Service and the Securities & Exchange Commission are among the creditors on the list, along with the Office of the US Attorney. Other names include Norton Rose Fulbright US LLP, a law firm, and Stellar Development Foundation, a nonprofit organization. Now that Genesis has filed for bankruptcy protection, the firm will be subject to judicial oversight, and it will be required to provide discoveries into the machinations that have led to this point. 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.Â The non-debtor subsidiaries include 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: S&P Affirms 'B-' Rating on First-Lien Term Loan -------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issue-level rating on Gibson Brands Inc.'s $300 million senior secured first-lien term loan due August 2028 following the company's recent asset-based loan (ABL) facility upsize to $75 million from $50 million. S&P said, "We revised our recovery rating on the first-lien term loan to '4' from '3' because of reduced recovery prospects in our hypothetical default scenario given the increased amount of priority debt in the capital structure. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 45%) recovery for the loan holders in the event of default." S&P believes that Gibson is using the ABL upsize to proactively improve its liquidity position amid tougher macroeconomic conditions for consumer durables issuers. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The company's debt capital structure includes a $75 million revolver due September 2027 (not rated) and a $300 million senior secured first-lien term loan maturing in August 2028. -- The ABL facility has a first lien on cash, accounts receivable, inventory, and proceeds thereof of the loan parties in the U.S., Canada, U.K., and potentially other eligible jurisdictions, and a second lien on term loan priority collateral (except real estate). The ABL borrowing base is calculated as the sum of 85% of eligible accounts receivable and 85% of the net orderly liquidation value percentage of the eligible inventory of eligible U.S. credit parties, the eligible trademark component, the foreign borrowing base, and the availability reserve. The term loan B is secured by substantially all assets of the loan parties that are not current asset collateral and a second lien on the ABL priority collateral (except real estate). Guarantor entities include each existing and subsequently acquired or organized direct or indirect wholly owned U.S. restricted subsidiary of the borrower other than any excluded subsidiary. -- Gibson Brands Inc. is a U.S.-based company. In the event of an insolvency proceeding, S&P anticipates it would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and not involve other foreign jurisdictions. Simulated default assumptions -- S&P's simulated default scenario contemplates a default occurring in 2025 from loss of key customers, product category decline, retail/channel outlet closures, or major product recalls, reducing revenues, EBITDA, and cash flow. As a result, Gibson may have to fund cash flow shortfalls with available cash and revolver borrowings. Eventually, liquidity and capital resources become strained, causing a payment default. S&P believes the company would reorganize rather than liquidate under a default scenario. Calculation of EBITDA at emergence -- Debt service assumption (interest expense plus amortization): $25 million -- Minimum capex assumptions: $8.5 million -- Cyclicality adjustment: 5% -- Operational adjustment: -10% -- Emergence EBITDA: $33 million -- Multiple: 6x -- Gross enterprise value: $197 million Simplified waterfall -- Gross recovery value: $197 million -- Net recovery value for waterfall after administrative expenses (5%): $187 million -- Obligor/nonobligor split: 75%/25% -- Estimated first-lien claims: $301 million -- Collateral value available to first-lien claims: $130 million --Recovery expectations: 30%-50% (rounded estimate: 45%) All debt amounts include six months of pre-petition interest. ESG credit indicators: E-2, S-2, G-3 GREELY LAND: Court OKs Deal on Cash Collateral Access Thru Feb 28 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado authorized Greeley Land, LLC to use cash collateral on an interim basis in accordance with its agreement with Pathfinder 501, LLC and Pathfinder Crismon, LLC, through February 28, 2023. The Debtor is permitted to use cash collateral in accordance with the budget, with a 15% variance. As previously reported by the Troubled Company Reporter, Pathfinder 501 asserts a senior security interest in all the Debtor's assets pursuant to a Deed of Trust, Assignment of Rents, and Security Agreement. Crismon also asserts an interest in the cash collateral that is junior to 501's interest pursuant to a Deed of Trust, Assignment of Rents, and Security Agreement. The Loan matured on November 1, 2021. On October 20, 2022, Pathfinder filed a Complaint and Verified Ex Parte Motion for Order Appointing Receiver in the District Court for Weld County, Case No. 2022CV30788. On October 24, 2022, the State Court appointed Randel Lewis of Foundation, Ltd. as Receiver. The Receiver did not take possession of the Property and instead managed the Debtor's cash, working with the Debtor's property management team. Specifically, the Receiver did not replace the Debtor's employees so the Debtor has continued to use its same property management company. A copy of the order is available at https://bit.ly/3RxEIcg from PacerMonitor.com. About Greeley Land, LLC Greeley Land, LLC, an apartment building operator, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, with $10 million to $50 million in both assets and liabilities. Judge Michael E. Romero presides over the case. Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at Brownstein Hyatt Farber Schreck, LLP, are the Debtor's bankruptcy attorneys. GTT COMMUNICATIONS: $350M Bank Debt Trades at 31% Discount ---------------------------------------------------------- Participations in a syndicated loan under which GTT Communications Inc is a borrower were trading in the secondary market around 68.9 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $350 million facility is a payment-in-kind Term loan that is scheduled to mature on June 30, 2028. The amount is fully drawn and outstanding. GTT Communications, Inc., formerly Global Telecom and Technology, is a multinational telecommunications and internet service provider company with headquarters in McLean, Virginia, and incorporated in Delaware. HBL SNF: No Resident Complaints, 5th PCO Reports Says ----------------------------------------------------- Joseph Tomaino, the court-appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of New York a fifth report regarding the quality of patient care provided at HBL SNF, LLC's nursing facility in White Plains, N.Y. The report contains the PCO's findings from his visit to the White Plains facility on Jan. 6, during which he toured the facility and interviewed several patients, staff, and administration. According to the report, the PCO observed the following during his visit: (i) good sanitation at the short-term resident care units; (ii) well-maintained equipment; and (ii) staff being actively engaged with residents. No resident, family or staff complaints were received by the PCO during this period, the report further said. Meanwhile, the facility administrator reported no issues meeting payroll or operating-related financial obligations. He said that HBL SNF's bankruptcy continues to have no effect at all on the facility and is related to a landlord or financing dispute. The facility continues to have some vacant beds like other facilities in the area, according to the administrator. A copy of the fifth ombudsman report is available for free at https://bit.ly/3Y6E9Jj from Omni Agent Solutions, claims agent. About HBL SNF HBL SNF, LLC, doing business as Epic Rehabilitation and Nursing at White Plains, operates a 160-bedroom skilled nursing and rehabilitation facility located at 120 Church St., White Plains, N.Y. The facility, which opened in late 2019, provides an array of healthcare services, including neurological, respiratory, orthopedic, occupational, psychiatric, and many other medical and rehabilitative services. HBL SNF filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22623) on Nov. 1, 2021, listing $9,131,311 in total assets and $20,128,876 in total liabilities. Heidi J Sorvino, Esq., at White and Williams, LLP serves as Subchapter V trustee. Judge Sean H. Lane oversees the case. The Debtor tapped Klestadt Winters Jureller Southard & Stevens, LLP as bankruptcy counsel; Michelman & Robinson, LLP as special litigation counsel; and HMM CPAs, LLP as accountant. Joseph J. Tomaino, the patient care ombudsman appointed in the case, is represented by SilvermanAcampora, LLP. HEADQUARTERS INVESTMENTS: Selling 2 Orlando Properties for $15.5MM ------------------------------------------------------------------ Headquarters Investments, LLC, asks the U.S. Bankruptcy Court for the Middle District of Florida to approve the sale of real and personal property located at (i) 2000 N Orange Avenue, Orlando, FL, 32804, and (ii) 321 E Yale Street, Orlando, FL, to Amnion Longwood, LLC, for $15.5 million. The Debtor is a Florida limited liability company formed in July 2015. It owns certain real and personal property located at (i) 2000 N Orange Avenue, Orlando, FL, (ii) 2008 N Orange Avenue, Orlando, FL, (iii) 2010 N Orange Avenue, Orlando, FL; (iv) 316 E Harvard Street, Orlando, FL; and (v) 321 E Yale Street, Orlando, FL. These properties serve as a commercial building with a gross leasable area totaling 48,283 square feet. The properties previously consisted of an event venue, known as the M Bar, and a rooftop bar, known as the M Lounge. M Lounge, LLC (a non-debtor entity owned 100% by Sapna Majors) owns a liquor license. On Dec. 9, 2022, shortly before bankruptcy, the Debtor and Amnion entered that certain Commercial Contract, which contemplates the purchase and sale of the Property for $15.5 million. Pursuant to the terms of the Commercial Contract, the Buyer deposited $5,000 with the escrow agent, Nardella & Nardella, PLLC, 135 W. Central Blvd., Suite 300 Orlando, Florida 32801. The Sale includes the real Property, certain personal property located at the Property, and the liquor license held by M Lounge, LLC. The Debtor believes the Purchase Price and the terms of the Commercial Contract are fair, reasonable, in line with the market, and will yield the best possible result for all parties in interest. The Sale will pay off all creditors and leave significant equity for the Debtor's equity holder. Upon review, three parties in interest hold liens on the Property subject to the Sale: 2000 Orange Holdings, LLC, Ilya Mikhailov, and the Orange County Tax Collector. 2000 Orange Holdings, LLC holds a first-priority mortgage lien in the amount of $6,886,905.74 (which has been reduced to a judgment), Ilya Mikhailov holds a second-priority mortgage lien totaling $4,635,000, and the Debtor owes 2022 taxes to the Orange County Tax Collector. The Purchase Price far exceeds the aggregate value of all liens on the Property by approximately $3.9 million. By the Motion, the Debtor requests entry of an order authorizing it to sell the Property free and clear of all liens, claims, and encumbrances on the terms set forth in the Commercial Contract along with authorization to pay the following debts at closing: (i) the Debtor's outstanding Orange County taxes, (ii) the mortgage lien held by 2000 Orange Holdings, LLC; and (iii) the mortgage liens held by Ilya Mikhailov. The remainder of the funds will be held pending further Order of the Court. As time is of the essence, the Debtor also requests a waiver of the stay period under Rule 6004 to allow the parties to immediately close upon entry of an order approving the sale consistent with the Commercial Contract. A copy of the Commercial Contract is available at https://tinyurl.com/477ent9m from PacerMonitor.com free of charge. About Headquarters Investments Headquarters Investments, LLC owns certain real property located at 2000 N Orange Avenue, Orlando, FL, 2008 N Orange Avenue, Orlando, FL, 2010 N Orange Avenue, Orlando, FL; 316 E Harvard Street, Orlando, FL; and 321 E Yale Street, Orlando, FL (collectively, the "Property"). The Debtor filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-04542) on Dec. 27, 2022. In the petition filed by Timothy F. Majors as manager, the Debtor reported assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Grace E. Robson oversees the case. The Debtor is represented by Latham, Luna, Eden & Beaudine, LLP. HEALTHCHANNELS INTERMEDIATE: Bank Debt Trades at 29% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Healthchannels Intermediate Holdco LLC is a borrower were trading in the secondary market around 71.1 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $385 million facility is a Term loan that is scheduled to mature on April 3, 2025. The amount is fully drawn and outstanding. Headquartered in Fort Lauderdale, Fla., HealthChannels provides medical scribing services to hospitals and physician staffing companies. HealthChannels is majority-owned by private equity firm Vesey Street Capital Partners, LLC. HEMANI HOSPITALITY: Court Confirms Second Amended Plan ------------------------------------------------------ Judge Henry W. Van Eck has entered an order confirming the Second Amended Chapter 11 Plan of Reorganization of Hemani Hospitality, LLC. Generally, with the exception of 11 U.S.C. Sec. 1129(a)(8) & (a)(10), the Debtor has demonstrated, and the Court finds, that the applicable requirements for confirmation of the Plan of Reorganization under 11 U.S.C. Sections 1129 and 1191 are satisfied. The Court finds that notwithstanding the requirements of 11 U.S.C. Sec. 1129(a)(8) & (a)(10) having not been met, the Plan of Reorganization does not discriminate unfairly, and is fair and equitable, with respect to each class of claims or interests that is impaired under, and has not accepted, the Plan of Reorganization. All distributions to creditors shall be made in accordance with the Plan of Reorganization, and the Subchapter V Trustee shall make all distributions under the Plan of Reorganization. About Hemani Hospitality Hemani Hospitality, LLC, is a New Jersey limited liability company formed in 2005. It owns and operates the Baymont by Wyndham Hotel in Chambersburg, Pa. Hemani Hospitality filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Pa. Case No. 21-02416) on Nov. 11, 2021, listing as much as $10 million in both assets and liabilities. Niranjan Khatiwala, managing member, signed the petition. Beverly Weiss Manne, Esq., at Tucker Arensberg, PC, is the Debtor's legal counsel. HERMANOS GONZALES: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Hermanos Gonzales Holdings, LLC 471 Royal Navigator Montgomery, Texas 77316 Business Description: The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Section 101 (51B). Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Southern District of Texas Case No.: 23-30405 Judge: Hon. Marvin Isgur Debtor's Counsel: Marcellous S. McZeal, Esq. GREALISHMCZEAL PC 700 Louisiana Steet, 48th Fl. Houston, TX 77002 Tel: 713-255-3234 Email: mmczeal@grealishmczeal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Gonzales as managing 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/HAMW3LQ/Hermanos_Gonzales_Holdings_LLC__txsbke-23-30405__0001.0.pdf?mcid=tGE4TAMA HOLLOWAY CROSSING: Says Modified Plan Confirmable ------------------------------------------------- Holloway Crossing, LLC, on Jan. 25, 2023, filed a status report for the confirmation hearing on its proposed Plan of Reorganization. The Debtor filed its Plan of Reorganization on Oct. 12, 2022. On Jan. 23, 2023, Synovus Bank filed its objection to confirmation of Plan. On Jan. 25, 2023, the Debtor filed a Modification to the Plan. The Modification changes the Plan as follows: (a) In Section 4.8, rather than indicating that the Debtor is authorized to sell or refinance its assets, the Modification provides that the Debtor shall sell or refinance its assets prior to the Synovus Maturity Date (36 months following the Effective Date). (b) In Section 6.2, the Plan's proposed treatment of the Synovus secured claim is modified only to change the proposed interest rate from 7.75% to 10.5% (prime plus three points). This changes the proposed Plan payment to Synovus to $3,276. The modification does not otherwise change the treatment of Synovus. (c) Paragraph 6.2 is modified to clarify that Karen Mullins, as the 100% owner of the Debtor shall execute a written Plan Funding Commitment Agreement to be obligated to the Debtor to make contributions to fund the Plan. The Debtor filed an Application to Employ a Real Estate Broker on Jan. 23, 2023. The Debtor on Jan. 25, 2023, filed a certification that it has received ballots sufficient to confirm the Plan under 11 U.S.C. Sec. 1129(b) and that the Plan, as modified, is confirmable. A copy of the Plan modification si available at: https://www.pacermonitor.com/view/7X4E32A/Holloway_Crossing_LLC__ganbke-22-56865__0046.0.pdf?mcid=tGE4TAMA Attorneys for the Debtor: Leon S. Jones, Esq. William D. Matthews, Esq. JONES & WALDEN LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 E-mail: ljones@joneswalden.com bmatthews@joneswalden.com About Holloway Crossing Holloway Crossing LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Holloway Crossing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-56865) on Aug. 31, 2022. In the petition filed by Karen Mullins, as manager, the Debtor reported assets between $1 million and $10 million and liabilities between $100,000 and $500,000. The Debtor is represented by Leon S. Jones of Jones & Walden, LLC. HORNBLOWER SUB: $349.4M Bank Debt Trades at 36% Discount -------------------------------------------------------- Participations in a syndicated loan under which Hornblower Sub LLC is a borrower were trading in the secondary market around 64.4 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $349.4 million facility is a Payment in kind Term loan that is scheduled to mature on April 27, 2025. The amount is fully drawn and outstanding. Hornblower Sub, LLC is a charter yacht and public dining cruise operator. INDEPENDENT PET: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Lead Debtor: Independent Pet Partners Holdings, LLC 8450 City Centre Drive Woodbury Minnesota 55125 Business Description: IPP offers a one-stop pet experience with healthy, high-quality food products and treats and a range of pet services, including grooming, self-wash, pet parent education, and veterinary services. The Debtors also sell goods through their e- commerce platform with each of the Debtors' banners having its own standalone website. As of the Petition Date, the Debtors operated under four unique regional banners: Chuck and Don's, Kriser's Natural Pet, Loyal Companion, and Natural Pawz. Chapter 11 Petition Date: February 5, 2023 Court: United States Bankruptcy Court District of Delaware Thirteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Independent Pet Partners Holdings, LLC (Lead) 23-10153 Independent Pet Partners Intermediate Holdings I, LLC 23-10154 Independent Pet Partners Intermediate Holdings II, LLC 23-10155 Independent Pet Partners Employer Holdings, LLC 23-10156 Independent Pet Partners Employer, LLC 23-10157 Independent Pet Partners Intermediate Holdings, LLC 23-10158 IPP - Stores, LLC 23-10159 IPP Stores Employer, LLC 23-10160 Especially For Pets, LLC 23-10161 Pet Life, LLC 23-10162 Whole Pet Central, LLC 23-10163 Natural Pawz, LLC 23-10164 Pet Source, LLC 23-10165 Debtors' General Counsel: David A. Agay, Esq. Marc Carmel, Esq. Joshua Gadharf, Esq. Maria G. Carr, Esq. Ashley Jericho, Esq. MCDONALD HOPKINS LLC 300 North LaSalle Street, Suite 1400 Chicago, Illinois 60654 Tel: (312) 280-0111 Fax: (312) 280-8232 Email: dagay@mcdonaldhopkins.com mcarmel@mcdonaldhopkins.com jgadharf@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com ajericho@mcdonaldhopkins.com Debtors' Co-Counsel: Andrew L. Magaziner, Esq. S. Alexander Faris, Esq. Kristin L. McElroy, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: amagaziner@ycst.com afaris@ycst.com kmcelroy@ycst.com Debtors' Co-Chief Restructuring Officer: Charlie Reeves and Steve Coulomb BERKELEY RESEARCH GROUP, LLC Debtors' Financial Advisor & Investment Banker: HOULIHAN LOKEY CAPITAL, INC. Debtors' Notice, Claims, & Balloting Agent: OMNI AGENT SOLUTIONS Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Stephen Coulombe as co-chief restructuring officer. Full-text copies of three of the Debtors' petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DN3IBBQ/Independent_Pet_Partners_Holdings__debke-23-10153__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AZTXIWA/Independent_Pet_Partners_Intermediate__debke-23-10154__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/BZLTKCY/Pet_Life_LLC__debke-23-10162__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. ADMC Trade Debts $4,088,689 7900 97th St S Cottage Grove, MN 55016 Tel: 651-451-1349 Email: Accounts.Receivable@admcmn.com 2. Pet Food Experts Trade Debts $3,095,051 P.O. Box 8 Pawtucket, RI 02862 Tel: 800-637-7338 ext 3012 Email: receivables@petfoodexperts.com 3. Supreme Pet Supplies Trade Debts $674,714 P.O. Box 22629 Houston, TX 77227 Tel: 713-688-4530 Email: dmarx@supremepet.com 4. Tuffy's Pet Foods, Inc. Trade Debts $361,580 145 1st Ave N Perham, MN 56573 Tel: 218-346-7500 Email: bschepper@klnfamilybrands.com 5. Tall Tails Trade Debts $298,605 172 S Broadway White Plains, NY 10605 Tel: 937-222-2132 ext 2 Email: talltails@3tbrands.com 6. General Pet Supply Trade Debts $275,157 7711 N 81st St P.O. Box 245031 Milwaukee, WI 53224-9531 Tel: 800-233-4738 Email: arcontact@generalpet.com 7. Hill's Pet Nutrition Trade Debts $250,331 P.O. Box 842257 Dallas, TX 75284 Tel: 800-255-2403 ext 2139 Email: Cash_Application@Hillspet.com 8. Newco Trade Debts $230,241 10700 7th St Rancho Cucamonga, CA 91729 Tel: 909-291-2240 Email: ar@newcodistributors.com 9. Deloitte & Touche Professional $228,900 P.O. Box 844708 Services Dallas, TX 75284 Email: deloittepayments@deloitte.com 10. Pet Palette Trade Debts $216,952 1332 Londontown Blvd, Ste 230 Sykesville, MD 21784 Tel: 410-795-4444 Email: Accounting@petpalette.com 11. ServiceChannel.com Inc Trade Debts $151,018 P.O. Box 7410571 Chicago, IL 60674 Tel: 718-484-1046 Email: ar@servicechannel.com 12. Middlewest Distributors Trade Debts $136,827 1195 Atlantic Dr West Chicago, IL 60185 Tel: 630-876-8990 Email: cindi@middlewestpet.com 13. Zeigler's Distribution, Inc Trade Debts $131,322 27 Lebanon Valley Pkwy Lebanon, PA 17042 Tel: 800-282-9200 Email: accounting@zeiglersdist.com 14. Central Pet (East) Trade Debts $120,268 401 Cabot Dr, Ste A Hamilton, MA 01775 Tel: 212-210-4112 Email: cashapp@central.com 15. Chasing Our Tails Trade Debts $120,045 P.O. Box 368 Walnut Grove, MN 56180 Email: Steve@chasingourtails.com 16. Phillips Pet Food & Trade Debts $102,948 Supplies - Phido 3747 Hecktown Rd Easton, PA 18045 Email: payments@phillipspet.com 17. University of Denver Trade Debts $91,663 2199 S University Blvd Denver, CO 80210 18. Westerns Trade Debts $85,841 106 S Broadway P.O. Box 38 La Salle, MN 56056 Tel: 507-327-7843 Email: jadestaus@gmail.com 19. Central Pet (West) Trade Debts $82,274 401 Cabot Dr, Ste A Hamilton, MA 01775 Tel: 212-210-4112 Email: cashapp@central.com 20. Uber Technologies Inc Trade Debts $82,047 1455 Market St, 4th Fl San Francisco, CA 94103 Email: remittance@uber.com 21. Aramark (28050) Trade Debts $74,290 Aus North Lockbox P.O. Box 28050 New York, NY 10087-8050 Email: AUS_RemitInfo@uniform.aramark.com 22. American Express Credit Card Trade Debts $73,969 P.O. Box 0001 Los Angeles, CA 90096-8000 Email: cpc.rec.group@aexp.com 23. Buxton Trade Debts $69,390 2651 S Polaris Dr Ft Worth, TX 76137 Email: accountsreceivable@buxtonco.com 24. Innovative Office Solutions Trade Debts $62,632 Lockbox, Apt 131434 P.O. Box 1414 Minneapolis, MN 55480 Email: ar@innovativeos.com 25. KWI Trade Debts $61,252 2200 Northern Blvd, Ste 102 Greenvale, NY 11548 Email: ACCOUNTSRECEIVABLE@KWI.COM 26. Wild Meadow Farms LLC Trade Debts $47,465 1080 Enterprise Ct, Ste C Nokomis, FL 34275 Email: Dawn@Wildmeadowfarms.com 27. RC Pet Products Trade Debts $44,701 550 E Kent Ave S Vancouver, BC V5X 4V6 Canada Email: eft@rcpets.com 28. Xcel Energy Trade Debts $43,867 P.O. Box 9477 Minneapolis, MN 55484 Tel: 800-481-4700 29. Preppy Puppy Trade Debts $40,611 2380 Cranberry Hwy, Unit 3 W Wareham, MA 02576 Email: bwoodis@Preppypuppy.net 30. Front Row Digital Trade Debts $39,933 7840 Computer Ave Minneapolis, MN 55435 Email: DigitalAR@teamfrontrow.com IRB HOLDING: S&P Rates New $1.75BB First-Lien Term Loan 'B+' ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating to IRB Holding Corp's proposed $1.75 billion first-lien term loan. S&P expects the company will use the proceeds from this, combined with new and amended, restated and upsized VFN drawings, to refinance its outstanding $2.5 billion first-lien term loan (TLB-1) and for other general corporate purposes and expenses. In connection with the transaction, IRB has extended the maturity of its existing $490 million revolving credit facility from 2025 to September 2027. The recovery rating on the proposed term loan is '3', indicating our expectation of a meaningful recovery (50%-70%; rounded estimate: 55%) in a default scenario. The issue-level and recovery ratings on the company's revolving credit facility, additional first-lien term loan (TLB-2), and senior secured notes remain unchanged. Each has a 'B+' issue-level rating and a '3' recovery rating, indicating S&P's expectation of a meaningful recovery (50%-70%; rounded estimate: 55%) in a default scenario. The other ratings on IRB also remain unchanged, including its 'B+' issuer credit rating and stable outlook. S&P said, "While we expect this financing to be roughly leverage neutral, we believe IRB will continue to operate with high leverage. We forecast S&P Global Ratings-adjusted debt leverage in the mid- to high-9x area over the next 12 months. IRB is one of the largest restaurant companies in the U.S. by systemwide sales, operating or franchising over 32,000 points of distribution. Our rating on IRB incorporates its good market position and nationwide presence, concept diversity, and consistent cash flow generation." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's recovery analysis for the company simulates a default scenario occurring in 2027 due to a steep decline in revenue and income stemming from a broad slowdown in economic activity. -- S&P assumes IRB would reorganize as a going concern in a distressed scenario to maximize its lenders' recovery prospects. -- Accordingly, S&P uses an enterprise valuation (EV) approach to assess recovery prospects and have applied a 6x multiple to its assumed emergence-level EBITDA, which is in line with the multiples S&P uses for highly franchised restaurant peers, such as Restaurant Brands International Inc. -- S&P's EBITDA assumption reflects earnings available to the restricted group, after accounting for required interest and amortization payments to the securitization entities. -- S&P's hypothetical scenario assumes the securitization coverage ratio and systemwide sales covenants remain in compliance, because it believes a default scenario at the restricted group is likely to occur prior to covenants breaching at the securitization entities. Simulated default assumptions -- Simulated year of default: 2027 -- Restricted group EBITDA at emergence: $568 million -- Implied EV multiple: 6x -- Estimated gross EV at emergence: $3.4 billion Simplified waterfall -- Net EV after 5% administrative costs: $3.23 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Senior secured debt claims: $5.5 billion --Recovery expectations: 50%-70%; rounded estimate: 55% All debt amounts include six months of prepetition interest. JAF 27 LLC: Seeks Private Short Sale of Lowell Property for $400K ----------------------------------------------------------------- JAF 27, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts of proposed private short sale of the real property with the improvements thereon located at 175 Dalton Street, in Lowell, Massachusetts, to Lawrence Carney for $400,000. On a post-petition basis, by agreement dated Jan. 2, 2023, the Debtor entered into a conditional Purchase and Sale Agreement for the sale of the Property the Buyer. The Property is a single-family residence purchased by the Debtor on July 27, 2021, for the sum of $360,000. It is currently vacant. The sale of the Property proposed is to be free and clear of all liens, claims, interests, and encumbrances to attach to the proceeds in the order of their priority. The holders of interests in the Property ($439,582.04 in total encumbrances) are, in order of priority, as follows: a. The City of Lowell (Real Estate Taxes) - $3,041.72; b. Hardest Working Realty, LLC (First Mortgage) - $368,230.82; and c. JMF Realty, LLC (Mortgage) - $68,309.50. The Property has been marketed using conventional methods via listing of the property with Brad Carlson of NorthEast Private Client Group, licensed real estate brokers. However, the Debtor procured the Buyer without assistance of the Agent, and therefore the Agent will not earn a commission on the sale of the Property. The Debtor seeks approval for the proposed Private Sale to occur by Feb. 15, 2023. It will sell the Property in an "as is" condition, free from any warranty. The Private Sale is preferable in this instance as the Agent has marketed the Property previously and the Debtor believes the purchase price to be commensurate with the fair market value of the Property. Time is also of the essence as the Debtor continues to accrue interest and fees on each mortgage and the real estate taxes. The Real Estate Taxes owed to the City of Lowell and the First Mortgage of Hardest Working Realty, LLC will be paid in full at the closing. The remainder of the Private Sale proceeds, after deducting the Carve Out and the associated closing costs of the Private Sale, will be applied to the Mortgage of JMF Realty, LLC. The Debtor proposes to pay, and requests approval for disbursement from the sale proceeds at time of closing, the following: a. The City of Lowell (Real Estate Taxes) - $3,041.72 b. Hardest Working Realty, LLC (First Mortgage) - $368,230.82 c. JMF Realty, LLC (Second Mortgage) - $19,168.71 d. Closing Attorney Fee (Carve-Out) - $1,500 e. Subchapter V Trustee Fee (Carve-Out) - $1,728.75 f. Debtor's Counsel Fee (Carve-Out) - $4,149 g. Commonwealth of MA (Transfer Taxes) - $1,816 h. Recording Fees - $365 The Debtor proposes that all of the liens, interests, and encumbrances on the Property attach to the proceeds therefrom. While the Debtor believes that the amount of the Offer is reasonable, the Trustee will, nonetheless, continue to actively solicit higher and better offers for the Property, directly and through the Agent. The sale procedures provided for in the Motion and described in the Notice of Private Sale will also provide for an opportunity for potential competitive bidders to inspect the Property and submit competitive bids if interested in the Property. The Debtor has submitted and filed therewith a Notice of Intended Private Sale for purposes of solicitation of higher offers, counteroffers, and objections pursuant to Official Local Form 2A, and the Debtor requests the Court to allow this sale to take place upon the terms and conditions set forth in the Purchase and Sales Agreement and subject to the terms and provisions of the motion. The Debtor also asks that the Court approves the Notice of Intended Private Sale, to the extent required, for issuance. A copy of the Sale Agreement is available at https://tinyurl.com/2w5r5san from PacerMonitor.com free of charge. About JAF 27 LLC JAF 27, LLC is a Tewksbury, Mass.-based company engaged in renting and leasing real estate properties. JAF 27 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 22-40648) on Sept. 7, 2022, with between $1 million and $10 million in both assets and liabilities. Steven Weiss serves as Subchapter V trustee. Christopher Murray, Esq., at Murray Law Firm, P.C. is the Debtor's legal counsel. JERRY L. TEAL, SR: Proposes to Sell Nashville Real Estate for $5.2M ------------------------------------------------------------------- Jerry L. Teal, Sr., filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee a notice of proposed sale of the real estate consisting of approximately 3.22 acres located at 464, 468, and 470 Craighead Street, Nashville, Tennessee 37204, to A Partnership "to be named," Attention: Matthew McKinney and Jeff Gaw, for $5.2 million, under the terms and provisions of the Purchase and Sale Agreement. A hearing on the Motion was set for Feb. 6, 2023, at 9:30 a.m. (CST). The Debtor owns the Property and is entitled to sell the same. He is attempting to sell the Property in the current manner to reduce its debt load and simplify its assets. The Property is not used in the production, transmission, or distribution, for sale, of electric energy or of natural or synthetic gas for heat, light, or power. The Debtor believes that $5.2 million represents the fair market value of the Property. He relies on his experience to make this determination. From the sale proceeds, the Debtor proposes to pay the costs of the sale and any outstanding taxes which are believed to be none or nominal. Said sale will be free and clear of the interests of any lien holder; however, said lien will attach to the proceeds of the sale and will be distributed to First Bank (approximately $1.5 million plus interest and fees that have accrued since the petition date). First Bank holds a deed of trust and the first mortgage on the Property. The Debtor is aware of no other liens or other claimed interest in the Property. The closing is scheduled to take place upon approval of the sale by the Court. A copy of the Purchase and Sale Agreement is available at https://tinyurl.com/49ne7j4w from PacerMonitor.com free of charge. Jerry L. Teal, Sr., sought Chapter 11 protection (Bankr. E.D. Tenn. Case No. 22-12205) on Sept. 30, 2022. The Debtor tapped Steven Lefkovitz, Esq., as counsel. JERRY L. TEAL, SR: Seeks to Sell Nashville Property for $5.2 Mil. ----------------------------------------------------------------- Jerry L. Teal, Sr., asks the U.S. Bankruptcy Court for the Eastern District of Tennessee to approve his sale of the real estate consisting of approximately 3.22 acres located at 464, 468, and 470 Craighead Street, in Nashville, Tennessee 37204, to A Partnership "to be named," Attention: Matthew McKinney and Jeff Gaw, for $5.2 million, under the terms and provisions of the Purchase and Sale Agreement. The Debtor owns the Property and is entitled to sell the same. He is attempting to sell the Property in the current manner to reduce its debt load and simplify its assets. The Property is not used in the production, transmission, or distribution, for sale, of electric energy or of natural or synthetic gas for heat, light, or power. The Debtor believes that $5.2 million represents the fair market value of the Property. He relies on his experience to make this determination. From the sale proceeds, the Debtor proposes to pay the costs of the sale and any outstanding taxes which are believed to be none or nominal. Said sale will be free and clear of the interests of any lien holder; however, said lien will attach to the proceeds of the sale and will be distributed to First Bank (approximately $1.5 million plus interest and fees that have accrued since the petition date). First Bank holds a deed of trust and the first mortgage on the Property. The Debtor is aware of no other liens or other claimed interest in the Property. The closing is scheduled to take place upon approval of the sale by the Court. A copy of the Purchase and Sale Agreement is available at https://tinyurl.com/389rckjf from PacerMonitor.com free of charge. Jerry L. Teal, Sr. sought Chapter 11 protection (Bankr. E.D. Tenn. Case No. 22-12205) on Sept. 30, 2022. The Debtor tapped Steven Lefkovitz, Esq., as counsel. JHW ALPHIA: S&P Upgrades ICR to 'B-' on Performance Improvement --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based JHW Alphia Holdings Inc. (Alphia) to 'B-' from 'CCC+'. S&P also raised its issue-level rating on the company's secured first-lien credit facilities to 'B-' from 'CCC+'; the recovery rating on this debt remains '3', reflecting its expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default. The stable outlook reflects S&P's expectation for sustained improvement in profitability and cash flow over the next 12 months. The rating upgrade reflects Alphia's operating performance improvement in the second half of fiscal 2022. The company reported net sales of $532 million in the second half of fiscal 2022, a 30% year-over-year increase compared to the same prior-year period. The company's growth in sales was driven primarily by its improved cost visibility following the remediation of ERP system implementation challenges, which allowed Alphia to better price its customer contracts and to better leverage its procurement strategy. As a result of the company's pricing actions, more favorable costs on base mixes and animal proteins, and cost-cutting measures, its profitability and cash flow came in above our expectations in the second half of fiscal 2022. S&P estimates Alphia's S&P Global Ratings-adjusted leverage was about 5.3x for the 12 months ended Dec. 31, 2022 (inclusive of preferred shares treated as debt), compared to our 9x forecast for the period. Additionally, the company's working capital cycle improved, contributing to its positive operating cash flow generation in the second half of fiscal 2022. Volumes declined in the fourth quarter of fiscal 2022 as retailers reduced safety stocks, but S&P expects demand trends to remain supportive. The company's volumes shipped fell about 10% year-over-year in the fourth quarter of fiscal 2022. Alphia started to experience demand softness as retailers reduced their safety stock levels due to supply chain improvements, leading to more normal levels of fill rates, and to concerns over a potential recession in 2023. End consumer demand remains stable, following high rates of pet adoption during the COVID-19 pandemic, which fueled higher demand for premium pet food. In fiscal 2023, S&P expects Alphia's sales growth to moderate into the high-single-digit area, driven by prior-year pricing actions, new customers, and stable end consumer demand. S&P believes that the company will be relatively resilient to an economic downturn, because of its focus on the premium pet food segment. Additionally, Alphia is expanding its production capacity and may be able to capture some of the estimated 800 million pounds of production that competitors are discontinuing. S&P said, "While we expect additional deleveraging to below 5x in fiscal 2023, we believe that financial sponsor ownership could restrict leverage from being sustained below 5x over the long term. "We forecast that Alphia will continue to deleverage in fiscal 2023 to about 4.5x. Nevertheless, the company has a history of aggressive financial policies under various financial sponsors, including sustained high-single-digit adjusted leverage. Alphia has been highly acquisitive in its history and completed three acquisitions since 2016. We believe that under financial sponsor ownership the company will prioritize its debt capacity and excess cash for shareholder distributions and acquisitions, which could prevent leverage from being maintained below 5x over the long term. "The stable outlook reflects our expectation of sustained improvement in profitability and cash flow over the next 12 months. "We could lower the rating if Alphia's profitability and cash flow improvement is not sustained, resulting in liquidity constraints or an unsustainable capital structure." S&P believes this could happen if: -- Profitability weakens due to lower demand, operating inefficiency, supply chain challenges, or higher inflation; -- The company suffers a material loss of customers due a decline in service levels or customers switch to in-house production; or -- The company completes debt-financed acquisitions or dividends. S&P could raise the ratings if the company: -- Continues to generate organic revenue growth; -- Adopts more conservative financial policies such that it sustains S&P Global Ratings-adjusted leverage below 6x, inclusive of S&P's treatment of preferred shares as debt; and -- Generates sustained positive free operating cash flow above $30 million. ESG credit indicators: To E-2, S-2, G-3; From E-2, S-2, G-4 S&P said, "We have revised the company's governance indicator to G-3 from G-4. We believe the company has addressed the data integrity issues related to its new ERP implementation. Nevertheless, governance factors are a moderately negative consideration in our credit rating analysis of JHW Alphia Holdings Inc. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of the controlling owners, in line with our view of the majority of rated entities owned by private-equity sponsors. Our assessment also reflects the generally finite holding periods and a focus on maximizing shareholder returns." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight JOHN'S FAMILY: Unsecureds Are Unimpaired in Plan ------------------------------------------------ John's Family, Inc., submitted a Second Amended Disclosure Statement describing its First Amended Chapter 11 Plan of Liquidation. The Debtor is a corporation formed under the laws of the State of New Jersey. Its sole shareholder is Kun H. Kwak. Its sole assets are its ownership interest in the following properties: a. 164 University Avenue, Newark, New Jersey 07102, and also known as Block 36, Lot 1 on the tax maps of the City of Newark, New Jersey; b. 162 University Avenue, Newark, New Jersey 07102, and also known as Block 36, Lot 2 on the tax maps of the City of Newark, New Jersey; c. 160 University Avenue, Newark, New Jersey 07102, and also known as Block 36, Lot 3 on the tax maps of the City of Newark, New Jersey; d. 158 University Avenue, Newark, New Jersey 07102, and also known as Block 36, Lot 4 on the tax maps of the City of Newark, New Jersey; e. 156 University Avenue, Newark, New Jersey 07102, and also known as Block 36, Lot 5 on the tax maps of the City of Newark, New Jersey; and f. 53-55 Bleeker Street, Newark, New Jersey 07102, and also known as Block 36, Lot 41 on the tax maps of the City of Newark, New Jersey. Pursuant to a pre-petition appraisal for the Properties, they have a collective value of approximately $8,670,000. In addition, the Debtor obtained an appraisal from StarMark Appraisals on or about Oct. 3, 2019, for $8.5 million. Moreover, an appraisal was performed based on a development of the Properties. That appraisal was $39 million. On Jan. 5, 2023, MSB (Anthony Sodono, III), deposed Philip S. Lange, the Rent Receiver for the Properties. Mr. Lange testified that he was not surprised by the $39 million value if they are developed to their "highest and best" use, i.e., leveling the Properties and building student housing for Rutgers students. 100 Mile Northeast, LLC, has first and second mortgages against the Properties in the aggregate amount of $5,562,109 based on the foreclosure judgment obtained on Jan. 19, 2021. Outstanding real estate taxes owing to the City of Newark are approximately $160,000. Thus, the collective secured debt is approximately $5,851,367 as of Jan. 19, 2023 according to 100 Mile, subject to adjustments plus real estate taxes, and the Debtor believes that the Properties have a collective value of approximately $8,500,000. As such, the Debtor believes there is at least $1 million of equity in the Properties; however, 100 Mile's debt is still being determined. 100 Mile disputes the Debtor's valuation. Under the Plan, Class 3 General unsecured claims total $5,000, not including claimants filing duplicative Claims 4 – 8, which have asserted a secured claim in the amount of $550,881, based upon an alleged "equitable lien," which are disputed. Said vlaims are included in Class 4. Allowed Class 3 Claims will be paid in full from the proceeds upon closing of the Contribution Agreement. Class 3 is unimpaired. Class 4 Alleged Equitable Lien Claims of Alexander C. Best, Gustavo Albuquerque, University Newark QOZB, LLC, Heciara Cerreto and Ibrian Deabreu ("State Court Parties") in the amount of $550,881, which is disputed and subject to state court litigation. Allowed Class 4 Claims will be paid in full in an amount to be determined, if any. The Debtor has asserted counterclaims. Class 4 is unimpaired. The Plan will be funded by the proceeds upon the closing of the Contribution Agreement by a mortgage from BCB Bank and, if necessary, funds from individual members, with closing anticipated on or before March 31, 2023. Counsel to John's Family Inc.: Anthony Sodono, III, Esq. Sari B. Placona, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Suite 201 Roseland, NJ 07068 Tel: (973) 622-1800 E-mail: asodono@msbnj.com splacona@msbnj.com A copy of the Disclosure Statement dated Jan. 25, 2023, is available at https://bit.ly/3HfBFRx from PacerMonitor.com. About John's Family Inc. John's Family Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-17234) on Sept. 13, 2022. In the petition signed by Kun Kwak, its shareholder, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Stacey L. Meisel oversees the case. Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC, is the Debtor's counsel. KALBARRI AUSTRALIA: Court Confirms Liquidating Plan --------------------------------------------------- Judge Denise E. Barnett has entered an order confirming the Plan of Liquidation and approving the Disclosure Statement of Kalbarri Australia, LLC. The Court did not receive any objections to the Disclosure Statement or Plan. Any objections, responses to, and statements and comments in opposition to or inconsistent with the Plan that may have been filed but were not filed shall be and are, overruled and waived in their entirety. Class 4, the only impaired class, has accepted the Plan, as is required under Sections 1129(a)(7) and (10) of the Bankruptcy Code. For the reasons stated in the Findings of Fact and Conclusions of Law, the Court approves the compromises and settlements embodied in the Plan as fair and reasonable and, as of the Effective Date of the Plan, authorizes and directs the consummation thereof. On the Effective Date, (a) the Woodhill Complaint, having been filed in the case styled Woodhill Acquisitions LLC v. Kalbarri Australia, LLC, Case No. CH-22-0784 in Shelby County Chancery Court, Part I, shall be dismissed and/or denied, with prejudice, (b) Woodhill shall take any and all action reasonably necessary, including, without limitation, filing such notices, stipulations or other pleadings in the Chancery Court of Shelby County, as applicable, to effectuate the dismissal of the Woodhill Complaint, with prejudice. Liquidating Plan Kalbarri Australia submitted a First Amended Plan of Liquidation dated Jan. 13, 2023. Under the Plan, Class 5 General Unsecured Claims are unimpaired. The Debtor is not aware of any Allowed Unsecured Claims, does not anticipate the filing of any proofs of claim by the Claims Bar Date, and to the extent any unsecured claim is filed, will dispute such claim. T o the extent any proofs of claim are filed by the Bar Date and become Allowed Claims, such Allowed Claims will be entitled to participate pro rata in any distributions from the Disputed Claim Reserve. "Disputed Claims Reserve" means a reserve to be held in trust for the benefit of holders of Disputed Claims in accordance with the provisions of the Plan. The Plan is being funded by the sale of the Real Property pursuant to the Woodhill Settlement, which will generate a purchase price sufficient to satisfy all Allowed Claims, fund the Disputed Claims Reserve, and make a distribution to Allowed Interests. Attorneys for Kalbarri Australia, LLC: Adam M. Langley, Esq. BUTLER SNOW LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Tel: (901) 680-7200 Fax: (901) 680-7201 E-mail: adam.langley@butlersnow.com A copy of the Disclosure Statement dated Jan. 25, 2023, is available at https://bit.ly/3HCbYMu from PacerMonitor.com. About Kalbarri Australia Kalbarri Australia, LLC, owns the real property located at 4242 B F Goodrich Blvd, Memphis, Tennessee, which is the primary asset of the estate. Kalbarri Australia sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-23562) on Aug. 25, 2022. In the petition filed by its manager, George X. Canno, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Denise E. Barnett oversees the case. The Debtor tapped Adam M. Langley, Esq., at Butler Snow, LLP as bankruptcy counsel and G. Gregory Voehringer, Esq., at Voehringer Law Firm, PC as special counsel. KNOW LABS: Provides Update on Strategic Partnerships ---------------------------------------------------- Know Labs, Inc. shared an update on its strategic partnerships with leading experts in data science, sensor technology, product design and regulatory affairs. These strategic partners collectively accelerate Know Labs' progress toward the FDA clearance process for the world's first non-invasive glucose monitoring medical devices. "Doing something that's never been done before not only takes time and thoughtful attention to detail - it takes industry experts with high levels of experience and expertise," said Ron Erickson, CEO and Chairman at Know Labs. "We are fortunate to have world-class respected experts working alongside our own talented Know Labs team, to help accelerate our progress on data science, product design and the regulatory process, as we develop medical devices that we believe will transform patient care." With 30 years in medical device and high-tech design and development, Dr. Reza Kassayan, MD, BSEE has been lead designer and system architect for numerous commercially successful large-scale projects. He specializes in ultra-miniaturized embedded electronics for medical devices and has been assisting the Know Labs team to further refine Know Labs' Bio-RFID sensor. "It's inspiring to see the potential impact for this novel application of radio frequency spectroscopy. Having engineered other life-changing non-invasive medical devices, I'm thrilled to be supporting this development," Kassayan said. Igor Institute, a product development firm specializing in mechanical, electrical, and firmware engineering known for its work with multiple consumer brands, has been working with Know Labs since 2018 on Bio-RFID sensor development and optimization. Igor works closely with Know Labs' engineering team and is a foundational partner of high importance to the platform. Aren Kaser, co-founder and CEO of Igor Institute shared, "It is in our DNA to support hardware development from early stage inception to taking the most complex products to-market, and it's been incredible to aim our expertise in mechanical, electrical, and firmware engineering to support the development of the first functioning prototype of the Know Labs non-invasive glucose monitor." The respected industrial design firm behind successful products such as Nest, Roku and Willow, Bould Design has been providing Know Labs with design support on an updated prototype of Know Labs' non-invasive glucose monitoring medical devices. "With function at the core of our design principles, we're excited to help design a first-of-its-kind medical device with the potential to improve so many people's lives," said Fred Bould, principal partner and Design Director, Bould Design. Edge Impulse, the industry-leading development toolkit for machine learning, is collaborating with Know Labs to accelerate Bio-RFID's algorithm refinement, an essential step for interpreting its existing robust data set and ultimately supporting large-scale clinical trials. Edge Impulse has partnered with companies in similar stages of development across a variety of fields in health, health wearable technology, agriculture and infrastructure. "We've spent the last six months working alongside Know Labs' software team to accelerate algorithm development for their non-invasive glucose monitor and are reminded each day how incredible it is to demonstrate algorithm performance in such novel data," said Zach Shelby, co-founder and CEO of Edge Impulse. A medical device consulting firm, NOVUS Management Group LLC, has been providing regulatory systems and strategy guidance to Know Labs to prepare the company for the FDA clearance process. Novus has supported the application and approval of more than 30 products through the FDA. As previously announced, Racer Technology, a leading medical device Contract Manufacturing and wearables manufacturer based in Singapore, will manufacture the KnowU and UBand devices. Racer provides a world-class manufacturing facility and materials and has supported several FDA-approved devices from companies including Medtronic, Boston Scientific Corporation and Bio-Rad. In 2023, Know Labs will prioritize external validation of its Bio-RFID technology in detecting and measuring glucose and other analytes in the body non-invasively at high levels of accuracy. The company will also bring on new technical and scientific advisory board members in the coming months and will continue working with existing advisors and diabetes experts, as it brings the Bio-RFID technology and non-invasive diagnostic devices to market. For more information on Know Labs, visit www.knowlabs.co. 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. LANNETT CO: Posts $36.3 Million Net Loss in Fiscal 2023 Q2 ---------------------------------------------------------- Lannett Company, Inc. has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $36.31 million on $80.89 million of net sales for the three months ended Dec. 31, 2022, compared to a net loss of $81.08 million on $86.51 million of net sales for the three months ended Dec. 31, 2021. For the six months ended Dec. 31, 2022, the Company reported a net loss of $64.33 million on $155.97 million of net sales compared to a net loss of $103.43 million on $188.03 million of net sales for the same period in 2021. As of Dec. 31, 2022, the Company had $438.36 million in total assets, $750.63 million in total liabilities, and a total stockholders' deficit of $312.27 million. Lannett stated, "If we are unable to satisfy the NYSE criteria for continued listing, our common stock would be subject to delisting. A delisting of our common stock could negatively impact our reputation and, consequently, our business by, among other things, reducing the liquidity and market price of our common stock; reducing the number of investors willing to hold or acquire our common stock, which could negatively impact our ability to raise equity financing; decreasing the amount of news and analyst coverage of the Company; and limiting our ability to issue additional securities or obtain additional financing in the future. In addition, if the Company ceases to be listed or quoted on any of The NYSE, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors), holders of the outstanding 4.50% Convertible Senior Notes...will have the option to require the Company to repurchase for cash all of such holder's notes at 100% of the principal amount, plus accrued and unpaid interest. An acceleration of our debt maturities would put significant pressure on our liquidity and ability to continue to operate as a going concern; however, in the event of a delisting or likely delisting, the Company intends to work proactively and collaboratively with its debt holders to amend its credit documents and indentures or pursue other alternative plans that are probable of execution in order to avoid a default and acceleration of the Company's indebtedness." Management Commenary "For the quarter, net sales, gross margin and adjusted gross margin increased compared with the two preceding quarters," said Tim Crew, chief executive officer of Lannett. "This improved performance was in part driven by higher product sales across our offering, notably, generic pAdderall due to an ongoing market shortage where our partner was able to maintain their supply; the sale of certain products under a private label agreement; and less competitive intensity than we anticipated. During the quarter, we received, as expected, approximately $19 million of income tax refunds. "With regard to our pipeline, we are nearing the launch, subject to approval, of a few products that have the potential to be meaningful contributors to our financial results. For our biosimilar insulin glargine product, initial results from the pivotal trial are expected shortly; and with regard to our biosimilar insulin aspart product, positive results from the animal study indicated that our product was highly comparable to the reference biologic. Importantly, we previously entered into a supply agreement for a pen injector delivery device for use with our biosimilar insulin glargine and biosimilar insulin aspart products. Recently we acquired a sublicense to the various patents held by the reference product owner, related to the pen injector device, thereby removing potential related litigation risk associated with the insulin glargine product and improving our ability to freely market our biosimilar insulin products, once approved. "Looking ahead, we have raised our full-year guidance for net sales and adjusted gross margin, which reflects, in part, our improved performance over the first half of our current fiscal year and our belief that our and our partners' reliable and high quality supply of affordable medicines has contributed to some stabilization of our current business." Restructuring, Cost Reduction Initiatives In December 2022, the Company authorized a restructuring and cost savings plan that, once fully implemented, is estimated to generate cost savings of approximately $11 million, annually. The plan includes operational improvements and cost efficiencies, as well as a restructuring of the Company's research and development (R&D) function. These actions will result in a workforce reduction of approximately 60 staffed positions and 40 recently vacant positions, which will be implemented in phases over the remainder of the Company's current fiscal year. The company also anticipates exiting two facilities located in Philadelphia, Pennsylvania this year. While the plan is expected to reduce certain R&D-related costs, the Company plans to maintain its level of investment in product development. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000057725/000155837023000786/lci-20221231x10q.htm About Lannett Company Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com. The Company reported a net loss of $231.62 million for fiscal year ended June 30, 2022, a net loss of $363.47 million for fiscal year ended June 30, 2021, and a net loss of $33.37 million for fiscal year ended June 30, 2020. As of Sept. 30, 2022, the Company had $467.30 million in total assets, $744.86 million in total liabilities, and a total stockholders' deficit of $277.56 million. * * * As reported by the TCR on Feb. 11, 2022, S&P Global Ratings lowered its issuer-level rating on Lannett Inc. to 'CCC+' from 'B-'. The outlook is negative. S&P said, "The negative outlook reflects the possibility of another downgrade if we believed that Lannett were likely to consider a distressed exchange offer or sub-par redemption. This could occur if we expected continued pricing erosion within its key products or delays in new product launches to meaningfully reduce FOCF prospects and liquidity. In October 2022, Moody's Investors Service downgraded the ratings of Lannett Company, Inc., including the Corporate Family Rating to Ca from Caa1. The downgrade reflects Moody's expectation for continued deterioration in Lannett's operating performance, as base portfolio of oral generic drugs will continue to erode due to intense competitive pricing pressures. Given the forecast of negative EBITDA over the next year, Moody's views Lannett's debt levels as unsustainably high, and liquidity as weak, with the company continuing to burn through cash balance, well into fiscal year 2024. LEARFIELD COMMUNICATIONS: $864M Bank Debt Trades at 32% Discount ---------------------------------------------------------------- Participations in a syndicated loan under which Learfield Communications LLC is a borrower were trading in the secondary market around 68.3 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $864 million facility is a Term loan that is scheduled to mature on December 1, 2023. About $862 million of the loan is withdrawn and outstanding. Learfield Communications, LLC, dba Learfield IMG College, is an operator in the collegiate sports multimedia rights and marketing industry. Atairos Group, Inc. acquired the company in December 2016 from Providence Equity Partners, Nant Capital, and certain members of management. LHS BORROWER: $1.41B Bank Debt Trades at 16% Discount ----------------------------------------------------- Participations in a syndicated loan under which LHS Borrower LLC is a borrower were trading in the secondary market around 84.5 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.41 billion facility is a Term loan that is scheduled to mature on February 18, 2029. The amount is fully drawn and outstanding. LHS Borrower, LLC, a wholly owned subsidiary of Leaf Home Solutions, LLC, is a direct-to-consumer home solutions platform serving underserved markets with innovative home safety and improvement solutions throughout the United States and Canada. Leaf Home Solutions, LLC was purchased through an LBO by Gridiron Capital in 2016. LIBERTY POWER: Wins Cash Collateral Access Thru March 31 -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered an order authorizing Liberty Power Holdings, LLC, LPT, LLC and its affiliates to continue using the cash collateral of Boston Energy Trading and Marketing, LLC, through March 31, 2023 in accordance with the budget, with a 10% variance. The Court said the terms and conditions of the parties' Stipulation and the Court's Prior Approval Order will continue to govern the Debtors' continued use of cash collateral, including, without limitation, with respect to the adequate protection to be provided to BETM on account of the Debtors' continued use of cash collateral through the Maturity Date. The terms of the Stipulation and the Prior Approval Order are extended for so long as the Debtors' continue to use cash collateral and remain binding on the Debtors, their successors (including any subsequently appointed trustee for the Debtors), the Debtors' estates and their creditors. A copy of the order is available at https://bit.ly/3JEQS17 from Stretto, the claims agent. About Liberty Power Established in 2001 and headquartered in Fort Lauderdale, Florida, Liberty Power is one of the largest and longest-tenured owner-operated retail electricity provider in the U.S. Liberty Power provides large and small businesses, government agencies and residential customers with competitively priced electricity, sustainability solutions and exceptional customer service. Liberty Power filed a voluntary petition for Chapter 11 reorganization (Bankr. S.D. Fla. Case No. 21-13797) on April 20, 2021. The Debtor estimated $50 million to $100 million in assets and at least $100 million in liabilities as of the bankruptcy filing. Judge Scott M. Grossman oversees the case. Genovese Joblove & Battista, P.A., is the Debtor's counsel. Boston Energy Trading and Marketing, LLC, as DIP Lender, is represented by Eversheds Sutherland (US) LLP. LINDERIAN CO: Seeks Approval of OT Agreement With LOH Longview -------------------------------------------------------------- The Linderian Company, Ltd., asks the U.S. Bankruptcy Court for the Eastern District of Texas to authorize its Operations Transfer Agreement with LOH Longview, LLC, which includes the transfer of certain de minimus property to LOH. Objections, if any, must be filed within 21 days from the date of Motion service. Throughout the pendency of the Bankruptcy Case, the Debtor sought a third party to operate the Skilled Nursing Facility ("SNF"). Through October and November 2022, it negotiated an OTA with LOH. The Debtor and LOH executed the OTA on Nov. 30, 2022, which transferred the operations of the SNF on Dec. 1, 2022. As part of the OTA, certain de minimis property of the Debtor was transferred. Such property includes computers, perishable foods, medicine, toiletries, and other items of virtually no value on the open market, yet still necessary to the operation of a skilled-nursing facility without interruption to patient care. The OTA does not transfer any pre-closing cash, receivables, refunds, or credits, to which the Debtor retains full rights and title. The OTA also provides for the retention of Former Resident Records. By the Motion, the Debtor asks seeks the entry of an order authorizing the OTA, which includes the transfer of certain de minimus property to LOH. The Debtor submits that the sale of the Property pursuant to the OTA is within its discretion as the smooth transfer of operations of the SNF to ensure patient and employee stability was of tantamount concern, and such property was necessary to smoothly transfer operations of the SNF. Additionally, it believes that any liens asserted against the de minimis Property transferred could be compelled to accept a money judgment of such interest, especially in the case, where the smooth transfer of the SNF was paramount. Pursuant to Bankruptcy Rule 6004(h), an order authorizing the sale of the property is stayed for 14 days after the entry of the order unless the Court orders otherwise. The Debtor requests that the Court orders that such a stay not apply with respect to the sale of the property identified. A copy of the OTA is available at https://tinyurl.com/228munvp from PacerMonitor.com free of charge. About The Linderian Company The Linderian Company, Ltd. operates a nursing care facility in Longview, Texas. Linderian Company sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 22-60024) on Jan. 19, 2022. In the petition signed by Greg Sechrist, managing partner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Joshua P. Searcy oversees the case. Mark A. Castillo, Esq., at Curtis Castillo, PC and BKD, LLP serve as the Debtor's legal counsel and accountant, respectively. MAVENIR SYSTEMS: $585M Bank Debt Trades at 34% Discount ------------------------------------------------------- Participations in a syndicated loan under which Mavenir Systems Inc is a borrower were trading in the secondary market around 66.3 cents-on-the-dollar during the week ended Friday, February 3, 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. MDWERKS INC: M&K CPAs Replaces TAAD LLP as Auditor -------------------------------------------------- The Board of Directors of MDwerks, Inc. dismissed TAAD LLP as the Company's independent registered public accounting firm on Feb. 2, 2023. As disclosed by the Company in a Form 8-K filed with the Securities and Exchange Commission, TAAD's reports on the Company's financial statements for the fiscal years ended Dec. 31, 2021 and 2020 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that such reports expressed substantial doubt regarding the Company's ability to continue as a going concern. Furthermore, during the fiscal years ended Dec. 31, 2021 and 2020 and through Feb. 2, 2023, there have been no disagreements with TAAD on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to TAAD's satisfaction, would have caused TAAD to make reference to the subject matter of the disagreement in connection with its reports on the Company's financial statements for such periods. On Feb. 2, 2023, the Company's Board of Directors appointed M&K CPAs LLC as the Company's new independent registered public accounting firm. During the fiscal years ended Dec. 31, 2021 and 2020 and through Feb. 2, 2023, neither the Company nor anyone acting on the Company's behalf consulted M&K with respect to any of the matters or reportable events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K. About MDWerks MDwerks, Inc. is a public shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of its common stock. No potential merger candidate has been identified at this time. The Company does not propose to restrict its search for a business opportunity to any particular industry or geographical area and may, therefore, engage in essentially any business in any industry. The Company has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors. MDwerks reported net income of $37,976 for the year ended Dec. 31, 2021, compared to a net loss of $20,553 for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had zero asset, $239,444 in total liabilities, and a total stockholders' deficit of $239,444. As of Sept. 30, 2022, the Company had zero assets, $49,652 in total liabilities, and a total stockholders' deficit of $49,652. Diamond Bar, Calif.-based TAAD LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. MEND CORRECTIONAL: Daley Properties Buying Equipment for $12.4K --------------------------------------------------------------- MEnD Correctional Care, PLLC, asks the U.S. Bankruptcy Court for the District of Minnesota to approve the sale of the equipment listed in Exhibit A to Daley Properties for $12,387. An expedited hearing on the Motion is set for Feb. 8, 2023, at 9:30 a.m. The Objection Deadline is Feb. 8, 2023, at 7:30 a.m. The present case filed was due to cash flow difficulties experienced by the Debtor. It was not caused by any issues related to the services provided by the Debtor. The Debtor's extreme cash flow difficulties resulted in its defaulting on payments to several creditors. The Debtor operates a correctional medical care business that provides medical care to individuals in correctional facilities in several counties in the following States: Minnesota, Illinois, Iowa, South Dakota, and Wisconsin. The Debtor owns the list of equipment (Exhibit A). It owns this equipment free and clear and proposes to sell the equipment to the Buyer located at 1908 Krutchen Court South, Sartell, MN 56377. Daley Properties has offered to pay the Debtor the sum of $12,387 cash for the equipment. The assets proposed to be sold are not subject to any liens or encumbrances. Pursuant to Local Rule 9013-2(c), the Debtor states that should testimony be necessary, it reserves the right to call Todd Leonard, MD CCHP-P, on behalf of the Debtor. A copy of Exhibit A is available at https://tinyurl.com/2j63ur6u from PacerMonitor.com free of charge. About MEnD Correctional Care MEnD Correctional Care, PLLC is a health care services and management company in Sartell, Minn. MEnD Correctional Care filed its voluntary petition for Chapter 11 protection (Bankr. D. Minn. Case No. 22-60407) on Nov. 30, 2022, with up to $50,000 in assets and $1 million to $10 million in liabilities. Todd Leonard, MD CCHP-P, president and chief medical officer, signed the petition. Judge Michael E. Ridgway oversees the case. Steven B. Nosek, P.A. serves as the Debtor's legal counsel. MEND CORRECTIONAL: Seeks Black Diamond Auction Sale of Equipment ---------------------------------------------------------------- MEnD Correctional Care, PLLC, asks the U.S. Bankruptcy Court for the District of Minnesota to approve the auction sale of the following 116 items of equipment/property: L-Shaped Desk - 9 Hutch - 9 2 Drawer Lateral File Cabinets - 9 4 Drawer Lateral File Cabinet - 1 Office Chairs - 24 Small Desks - 24 Office Chairs - 15 Conference Room Tables - 2 Conference Room Table - 1 Medium Boxes - 20 Desktop Printers - 2 An expedited hearing on the Motion is set for Feb. 8, 2023, at 9:30 a.m. The Objection Deadline is Feb. 8, 2023, at 7:30 a.m. The present case filed was due to cash flow difficulties experienced by the Debtor. It was not caused by any issues related to the services provided by the Debtor. The Debtor's extreme cash flow difficulties resulted in its defaulting on payments to several creditors. The Debtor operates a correctional medical care business that provides medical care to individuals in correctional facilities in several counties in the following States: Minnesota, Illinois, Iowa, South Dakota, and Wisconsin. The Debtor owns the equipment free and clear and proposes to sell at auction. The Debtor has simultaneously filed with the Court an Application to Employ Black Diamond Auction as Auctioneers for Debtor to hold an Auction, at a date and time to be determined at a later date after Court approval of the Sale Motion, at 8160 County Road 138, St. Cloud, MN 56301. The assets proposed to be sold are not subject to any liens or encumbrances. The Debtor states that should testimony be necessary, it reserves the right to call Todd Leonard, MD CCHP-P, on its behalf. By the Motion, the Debtor asks the Court enters an order approving the sale of its equipment as listed. A copy of Exhibit A is available at https://tinyurl.com/2j63ur6u from PacerMonitor.com free of charge. About MEnD Correctional Care MEnD Correctional Care, PLLC is a health care services and management company in Sartell, Minn. MEnD Correctional Care filed its voluntary petition for Chapter 11 protection (Bankr. D. Minn. Case No. 22-60407) on Nov. 30, 2022, with up to $50,000 in assets and $1 million to $10 million in liabilities. Todd Leonard, MD CCHP-P, president and chief medical officer, signed the petition. Judge Michael E. Ridgway oversees the case. Steven B. Nosek, P.A. serves as the Debtor's legal counsel. MESO DELRAY: Court Approves Disclosure Statement ------------------------------------------------ Judge Seal H. Lane has entered an order approving the Disclosure Statement of Meso Delray LLC d/b/a Meso Beach House. A hearing will be held before the Honorable Sean H. Lane, United States Bankruptcy Judge, at the United States Bankruptcy Court, 300 Quarropas Street, White Plains, New York on March 8, 2023 at 10:00 a.m. to consider Debtor's request for confirmation of the Plan and consider final applications for the allowance of professional fees and reimbursement of expenses, together with such other and further relief as is proper. On or before Feb. 3, 2023, the Debtor shall cause a copy of the Disclosure Statement Approval Order and the Disclosure Statement and all exhibits thereto, including the Plan to be served upon all creditors, interest holders and other parties in interest, together with a ballot confirming to Official Form B 314, with instructions on how to complete and return the ballot to all persons and entities entitled to vote to accept or reject the Plan. March 1, 2023, is fixed as the last date for filing and serving written objections to confirmation of the Plan. Objections filed and served after such date may not be considered; further, the Debtor may file and serve as provided herein a response to any such objections as to be received on or before 12:00 noon on March 6, 2023. To be counted, ballots for acceptance or rejection of the Plan must be completed so as to be actually received by March 1, 2023, and the Debtor shall cause a certification of the ballots cast on the Plan to be filed and provided to the Court's chambers on or before 12:00 noon on March 5, 2023. March 1, 2023, is fixed as the last date for filing and serving written objections to final applications for award of professional fees and reimbursement of expenses, which objections, if any, must be filed and served in accordance with the paragraph above. About Meso Delray Meso Delray, LLC, operates a restaurant in Delray Beach, Fla., which specializes in Mediterranean cuisine. Meso Delray sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22388) on June 27, 2022. In the petition signed by its managing member, Alan Schoening, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor tapped H. Bruce Bronson, Esq., at Bronson Law Office, P.C. as legal counsel and Lester S. Caesar, CPA as accountant. METROHAVANA TOWN: Has $2.73MM Offer From Fon-On for Miami Property ------------------------------------------------------------------ Metrohavana Town Homes, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to authorize the sale of the real property located at 850 SW 14 Avenue, in Miami, Florida 33135, to Fon-On, Inc., for $2.73 million, all cash, subject to overbid. The Debtor owns the Property legally described as Lot 7, Block 1, Amended Plat of Avacado Park, according to the plat thereof as recorded in Plat Book 3, Page 68, Public Records of Miami-Dade County, Florida, Parcel Identification Number, 01-4111-005-0060. It is unable to afford the monthly obligations of the Property. Accordingly, the Debtor asks permission to sell the Property and pay the secured obligations on the Property. The sale of the property will relieve it of a great financial obligation. The Debtor asks to sell the Property to the Buyer pursuant to the Florida AS-IS Real Estate Sale Contract, including addendum. The Contract provides for (i) an all-cash sale of the Property for (ii) the purchase price of $2.73 million, including (iii) the sale of all fixtures and built-in furnishings. The Purchaser will make an Initial deposit of $5,000 within three days after the effective date, to be held by BHHS EWM Realty. The contract further stipulates an additional deposit of $100,000 to be made by the Purchaser within three days after the completion of the due diligence period. The balances of funds are due at closing. Upon listing the property for sale, the Debtor received multiple offers, brought all offers to creditors as ordered by this Honorable Court on Jan. 3, 2023, and accepted the best offer for $2.73 million, all cash, subject to the approval of the Court. The Debtor and the Purchaser have negotiated the Contract and the contemplated transaction in good faith. Upon information and belief, there are no other liens, claims, or encumbrances against the Property. The Purchaser will conduct a lien search and any additional liens, claims, and encumbrances will be satisfied, or the Debtor will file the appropriate Motions with the Court. The Debtor proposes that at closing, after payment of normal and customary closing costs, including without limitation, payment of the secured claims referenced above, to the extent that there is any dispute with regard to the amount(s) of the secured claims referenced, it would propose that the disputed amount(s) be held in escrow, pending the Court's determination of the allowed amount(s) of the such secured claim(s), so that the above-referenced transaction can close. It further proposes that the remaining proceeds, if any, be transferred to the CAVA Law's trust account, pending further order of the Court. In the event the Debtor receives any higher or better offers prior to the hearing on the Motion, the Debtor will seek the approval of bid procedures at the hearing on the Motion, where competing bids can then be made. In addition, the Debtor asks that the Court waives the stay period under Fed. R. Bank. P. 6004(h), so that the parties can close on the scheduled closing date, in the event the Motion is continued or the closing takes place sooner than the scheduled closing date. A copy of the Contract is available at https://tinyurl.com/3vvykupj from PacerMonitor.com free of charge. About Metrohavana Town Homes MetroHavana Town Homes, LLC, a Miami-based company, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-11349) on Feb. 18, 2022, with up to $10 million in both assets and liabilities. Kelly Beam, owner of MetroHavana Town Homes, signed the petition. Judge Laurel M. Isicoff oversees the case. Christina Vilaboa-Abel, Esq., at Cava Law, LLC is the Debtor's counsel. MID SOUTH RECYCLING: SBI Buying 2018 Brazos Trailer for $35K ------------------------------------------------------------ Mid South Recycle, Inc., asks the U.S. Bankruptcy Court for the Eastern District of Arkansas for authority to sell its 2018 Brazos, VIN 4B9BKDL21JH054181, to SBI, LLC, for $35,000. Objections, if any, must be filed within 21 days. The Debtor intends to liquidate a 2018 Brazos encumbered by a lien held by BMO Harris Bank pursuant. The sale will result in proceeds to pay BMO Harris Bank's lien in full. On Aug. 23, 2023, BMO Harris filed its secured claim in the sum of $34,728.18. The counsel for BMO Harris Bank has advised the Debtor's counsel that BMO Harris Bank is agreeable to the sale of the 2018 Brazos trailer in full satisfaction of its lien. The Buyer is willing to purchase the 2018 Brazos trailer for $35,000. The sale will be free and clear of all liens and other claims of creditors, and the remaining funds will be held by the Debtor pending further orders of the Court. For cause shown, the Debtor asks the provisions of FRBP 6004(g) be waived to permit the sale as soon as practicable after entry of an order approving the Motion. The Debtor believes the proposed sale of the 2018 Brazos is in the best interest of creditors and parties in interest and asks that the Court approves the sale and enters an order authorizing the sale as described. About Mid South Recycling Mid South Recycling Inc. primarily operates in the Recycling, Waste Materials business/industry. Mid South Recycling Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 22-12261) on Aug. 19, 2022. In the petition filed by Lisa Garretson, as officer, the Debtor reported assets between $1 million and $10 million and liabilities between $500,000 and $1 million. The Debtor is represented by Vanessa Cash Adams of AR Law Partners, PLLC. Donald A. Brady, Esq., at Brady Law Firm is the Subchapter V trustee. NAKED JUICE: $450M Bank Debt Trades at 17% Discount --------------------------------------------------- Participations in a syndicated loan under which Naked Juice LLC is a borrower were trading in the secondary market around 83.4 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $450 million facility is a Term loan that is scheduled to mature on January 24, 2030. The amount is fully drawn and outstanding. Naked Juice LLC is the entity resulting from a spin-off from PepsiCo, with PAI Partners owning 61% and Pepsi retaining a 39% stake. Naked Juice, LLC owns the Tropicana, Naked Juice, KeVita and other select juice brands. NAUTICAL SOLUTIONS: Hires Jefferies LLC as Investment Banker ------------------------------------------------------------ Nautical Solutions, L.L.C. and Nautical Solutions (Texas), LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Jefferies LLC as their investment banker. The firm will render these services: (a) M&A Transactions. Jefferies will provide the Debtors with financial advice and assistance in connection with a possible sale, disposition or other business transaction or series of transactions involving all or a material portion of the equity or assets of one or more entities comprising the Debtors, whether directly or indirectly and through any form of transaction, including, without limitation, merger, reverse merger, liquidation, stock sale, asset sale, asset swap, recapitalization, reorganization, consolidation, amalgamation, spin-off, splitoff, joint venture, strategic partnership, license, a sale under section 363 of the Bankruptcy Code (including any "credit bid" made pursuant to section 363(k) of the Bankruptcy Code) or other transaction (any of the foregoing, an "M&A Transaction"). (b) Financing. Jefferies will act as investment banker to the Debtors in connection with any of the following (each, a "Financing"): (i) the sale and/or placement, whether in one or more public or private transactions, of (A) common equity, preferred equity, and/or equity-linked securities of the Debtors (regardless of whether sold by the Debtors or their securityholders), including, without limitation, convertible debt securities (individually and collectively, "Equity Securities"), and/or (B) notes, bonds, debentures, bank debt, other credit facility, and/or other debt securities of the Debtors, including, without limitation, mezzanine, asset-backed securities, or any debtor-in-possession financing for any Debtor entity (a "DIP") (individually and collectively, "Debt" and any or a combination of Equity Securities and/or Debt, "Instruments"). (c) Restructuring. Jefferies will provide advice and assistance to the Debtors in connection with analyzing, structuring, negotiating and effecting (including providing valuation analyses as appropriate), and, act as financial advisor to the Debtors in connection with, any restructuring, recapitalization or modification of the Debtor's outstanding indebtedness, however achieved, including, without limitation, through any offer by the Debtors with respect to any outstanding Debtor indebtedness, a solicitation of votes, approvals, or consents giving effect thereto (including with respect to a plan of reorganization or other plan pursuant to the Bankruptcy Code), the execution of any agreement giving effect thereto, an offer by any party to convert, exchange or acquire any outstanding Debtor indebtedness, or any similar balance sheet restructuring involving the Debtors (any such transaction considered in this paragraph is hereinafter referred to as a "Restructuring"). For the avoidance of doubt, the consummation of any chapter 11 plan shall be deemed a Restructuring under the Engagement Agreement. (d) Advisory Services. Perform the following financial advisory services, among others, for the Debtors in connection with a Transaction: (1) becoming familiar with -- to the extent Jefferies deems appropriate or as reasonably requested by the Debtors -- and analyzing, the business, operations, properties, financial condition and prospects of the Debtors; (2) advising the Debtors on the current state of the "restructuring market"; (3) assisting and advising the Debtors in developing a general strategy for accomplishing a Transaction; (4) assisting and advising the Debtors in implementing a Transaction; (5) assisting and advising the Debtors in evaluating and analyzing a Transaction, including the value of the securities or debt instruments, if any, that may be issued in any such Transaction; and (6) rendering such other financial advisory services as may from time to time be agreed upon by the Debtors and Jefferies. The firm will be compensated as follows: (a) Monthly Fee. A monthly fee (the "Monthly Fee") equal to $100,000 per month until the expiration or termination of the Engagement Agreement. The first Monthly Fee was earned as of Oct. 1, 2021 and each subsequent Monthly Fee was and will continue to be earned on each monthly anniversary thereafter. After the payment of 6 full Monthly Fees to Jefferies, 50 percent of all Monthly Fees actually paid shall be credited once, without duplication, against any Transaction Fee or any Restructuring Fee subsequently payable to Jefferies. (b) Restructuring Fee and Transaction Fee. In the case of a Restructuring and/or M&A Transaction with one or more of the Debtors various affiliated companies or any of their direct or indirect equity owners that closes prior to the point (if any) at which Jefferies initiates outreach to third parties other than the Debtors' existing lenders or noteholders in connection with a potential Transaction, a flat fee in the amount of $3,000,000 payable upon consummation of the transaction (the "Restructuring Fee"). In the case of any other Restructuring or M&A Transaction, a fee (the "Transaction Fee") equal to 1.125 percent of the Transaction Value of such M&A Transaction or Restructuring, subject to a minimum fee of $3,000,000 payable upon consummation of the Transaction. (c) Debt Fee and Equity Securities Fee. Promptly upon the closing of each Financing involving Debt, a fee (the "Debt Fee") equal to (i) 0.75 percent of the aggregate principal amount of any DIP raised or committed and (ii) 1.875 percent of the aggregate principal amount of any Debt (secured or unsecured) raised or committed. Additionally, promptly upon the closing of each Financing involving Equity Securities, a fee (the "Equity Securities Fee") equal to 3.75 percent of the aggregate gross proceeds received or to be received from the sale of Equity Securities, including, without limitation, aggregate amounts committed by investors to purchase Equity Securities. Notwithstanding the foregoing, to the extent any portion of any Financing is provided by any lenders or noteholders of the Company existing as of the date of the Engagement Agreement, no Debt Fee or Equity Securities Fees shall be due to Jefferies on account of such portion. Additionally, 50 percent of any Debt Fees and/or Equity Securities Fee actually paid to Jefferies shall be credited once, without duplication, against any Transaction Fee or any Restructuring Fee subsequently payable to Jefferies. (d) Expenses. In addition to any fees that may be paid to Jefferies under the Engagement Agreement, whether or not any Transaction occurs, the Debtors will reimburse Jefferies, reasonably promptly upon receipt of an invoice therefor, for all reasonable and documented out-of-pocket expenses (including reasonable and documented fees and expenses of its counsel, and the reasonable and documented fees and expenses of any other independent experts retained by Jefferies) incurred by Jefferies and its designated affiliates in connection with the engagement (including, for the avoidance of doubt, in connection with any stapled financing for an M&A Transaction). Daniel Andersen, a managing director at Jefferies, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Andersen Jefferies LLC 520 Madison Avenue New York, NY 10022 Tel: (212) 284-2300 About Nautical Solutions Nautical Solutions, LLC and Nautical Solutions (Texas), LLC are providers of vessel services to the offshore oil and gas exploration and production, oilfield service, and construction sectors. The Debtors' services include transportation of personnel and supplies to fixed and floating drilling and production rigs and platforms, surface support for subsea installation activities, and support and supply of offshore accommodation units. The Debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90002) on Jan. 9, 2023. In the petition signed by their chief financial officer, Charles F. Comeaux, the Debtors disclosed $500 million to $1 billion in assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsels; Jefferies, LLC as investment banker; and Ankura Consulting Group, LLC as financial advisor. NAUTICAL SOLUTIONS: Taps Ankura Consulting as Financial Advisor --------------------------------------------------------------- Nautical Solutions, L.L.C. and Nautical Solutions (Texas), LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Ankura Consulting Group, LLC as their financial advisor. The firm will render these services: a. assist the Debtors and its advisors in restructuring efforts; b. assist in the development and management of 13-week cash flow forecasts and budgets; c. assist in evaluating, potential revision to and presentation of the Debtors' business plan and any related forecasts; d. assist in financing issues including assistance in preparation of reports and liaising with creditors; e. provide services to assist the Debtors in the administration of their chapter 11 cases, including support related to motions and other required filings; f. interface with the Debtors' creditors and other constituencies in the case and assist in the preparation of due diligence information and reports to such constituencies; g. assist in negotiation, approval or confirmation of any disclosure statement and plan of reorganization filed in these chapter 11 cases; h. assist the Debtors with respect to bankruptcy related claims reporting, estimation, review, and reconciliation process; i. assist the Debtors in preparing required reports by the Court and the United States Bankruptcy Code, including, but not limited to, monthly operating reports, statements of financial affairs, and schedules of assets and liabilities; j. oversee cash and liquidity management activities, including assisting with the preparation of cash flow budgets and other financial reporting and identification of future liquidity/financing requirements, preparation and maintenance of cash collateral cash flow forecasts and variance reporting, including modifying, refining, and updating the analyses, development of a routine for weekly updates to cash flow forecasts, including variance analysis for prior week(s), compliance with any Court orders authorizing use of cash collateral, and Debtor disbursement approval and performance management processes; k. identify and, if requested by the Debtors' management team, assist in implementing actions to improve short-term liquidity outlook; l. assist the Debtors' management team in the development and implementation of a communications plan for customers, vendors, and employees and, where appropriate, assist in communications and negotiations with constituents involved in the chapter 11 proceedings; m. oversee the administration and management of the Debtors' chapter 11 cases and provide services to assist the Debtors in the administration and management of these chapter 11 cases; n. testify on behalf of the Debtors to the extent requested in connection with any bankruptcy or other court proceeding; and o. perform such other professional services as may be requested by the Debtors and agreed to by Ankura in writing. The firm will be paid at these rates: Senior Managing Directors $1,145 - 1,285 Managing Directors $950 - 1,065 Senior Directors $780 - 900 Directors $650 - 750 Senior Associates $530 - 600 Associates $450 - 510 Ankura received a retainer in the amount of $300,000. Ankura does not hold any interest adverse to the Debtors’ estates, and is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, as disclosed in the court filings. The firm can be reached through: Roy Gallagher Ankura Consulting Group, LLC 150 North Riverside Plaza, Suite 2400 Chicago, IL 60606 Phone: +1 312-212-6100 Email: Roy.gallagher@ankura.com About Nautical Solutions Nautical Solutions, LLC and Nautical Solutions (Texas), LLC are providers of vessel services to the offshore oil and gas exploration and production, oilfield service, and construction sectors. The Debtors' services include transportation of personnel and supplies to fixed and floating drilling and production rigs and platforms, surface support for subsea installation activities, and support and supply of offshore accommodation units. The Debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90002) on Jan. 9, 2023. In the petition signed by their chief financial officer, Charles F. Comeaux, the Debtors disclosed $500 million to $1 billion in assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis and Jackson Walker, LLP as legal counsels; Jefferies, LLC as investment banker; and Ankura Consulting Group, LLC as financial advisor. NAVARRO PECAN: Feb. 8 Deadline Set for Panel Questionnaires ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Navarro Pecan Company, Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3YshkiC and return by email it to Erin Marie Schmidt - erin.schmidt2@usdoj.gov - at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Feb. 8, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Navarro Pecan 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. Navarro Pecan filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. ND Tex. Lead Case No. 23-40266) on Jan. 30, 2023. The Debtors' unaudited financial statements reflect assets with a book value totaling $10 million to $50 million and liabilities totaling $10 million to $50 million. The petition was signed by Brad Walker as chief restructuring officer. The Debtors tapped Bonds Ellis Eppich Schafer Jones LLP as counsel. NBG ACQUISITION: $260M Bank Debt Trades at 85% Discount ------------------------------------------------------- Participations in a syndicated loan under which NBG Acquisition Inc is a borrower were trading in the secondary market around 15 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $260 million facility is a Term loan that is scheduled to mature on April 26, 2024. The amount is fully drawn and outstanding. NBG Acquisition Inc. was formed by private equity firm Sycamore Partners to facilitate its acquisition of NB Holdings Corporation, the indirect parent of NBG Home. NEPHROS INC: Thomas Gwydir Quits as Director -------------------------------------------- Thomas Gwydir resigned from the Board of Directors of Nephros, Inc., effective Feb. 1, 2023. Mr. Gwydir's decision to resign was not a result of 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. On Feb. 2, 2023, the Company's Board of Directors appointed Alisa Lask to serve as a member of its Audit Committee, filling the vacancy created by Mr. Gwydir's resignation. About Nephros South Orange, New Jersey-based Nephros, Inc. -- www.nephros.com -- provides innovative water filtration products and services, along with water-quality education, as part of an integrated approach to water safety. Nephros reported a net loss of $3.87 million for the year ended Dec. 31, 2021, a net loss of $4.53 million for the year ended Dec. 31, 2020, a net loss of $3.18 million for the year ended Dec. 31, 2019, and a net loss of $3.32 million for the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had $11.33 million in total assets, $1.75 million in total liabilities, and $9.58 million in total stockholders' equity. NERAM GROUP: MPSN Holdings Offers to Buy Ontario Property for $1.8M ------------------------------------------------------------------- Neram Group, Inc., asks the U.S. Bankruptcy Court for the Central District of California to authorize the sale of the real property located at 1211, 1215, and 1219 N El Dorado Ave., Ontario, CA 91764, Tract No. 7037, Lots 5 And 6, to MPSN Holdings No. 1, LP, for $1.8 million or such other price is bid at the hearing. A hearing on the Motion is set for March 1, 2023, at 11:00 a.m. The Debtor owns the Property described as a 12-unit multifamily property. The Sale is free and clear of all liens, encumbrances, interests, and adverse claims and demands, and it is in accordance with the terms of the Sale Agreement. The estimated tax consequences to the estate are not fully determined at this time, however, the Debtor does not anticipate any tax liability. If any such tax liability exists, such tax liability will be attributed as ordered by the Court at the Sale hearing. The Broker will continue to market the Property for competing bidders until the Auction which is set at the hearing on the Motion. The Broker contends that the marketing time of over 40 days is sufficient time to determine if any competing bidders are in prospect. The salient terms of the Bidding Procedures are: a. Bid Deadline: Feb. 22, 2023 b. Initial Bid: $15,000 c. Deposit: $100,000 made payable to the Client Trust account of the Law Offices of Robert M. Yaspan d. Auction: March 1, 2023 e. Bid Increments: $5,000 f. Breakup Fee: $2,500 Pursuant to the Order of the Court entered on Nov. 3, 2022, the Broker was employed and pursuant to the Court's order and the Listing Agreement. The commission to the listing broker, Clarence Yoshikane of Berkshire Hathaway Home Services California Properties is $40,500 and the commission to the Selling Broker, Matthew William Guerra of KW Executive is $40,500 for a total of $81,000 or such other amount paid to the Broker if there is a higher price bid and to whatever selling broker, if any, that brings in a higher successful bid. In addition, there are property taxes (including arrearage) of approximately $77,985.67 (after proration); escrow, title, settlement, and closing fees yet to be determined; recording fees yet to be determined (total closing costs outside commission estimated to be approximately $13,000); and repayment of the secured creditor's on the Property paid pursuant to settlements of (1) approximately $235,000 to SMN Lo (holder of the 1st trust deed - pursuant to a settlement already approved by the Court), (2) approximately $314,410.96 to Hanh Thi Tran (holder of the 2nd trust deed - pursuant to a settlement already approved by the Court), and (3) approximately $300,000 to Arturo and Juana Leyva (holder of an alleged secured claim in third position - pursuant to a settlement already approved by the Court). There will also be payments to the Debtor's unsecured creditors pursuant to a settlement and the Debtor's Plan of Reorganization in the amount of $150,000 to Miguel Arreola and $30,000 to Mariana Dematti. The internal Revenue Service has a claim of approximately $44,000 and the California Franchise Tax Board has a claim of about $2,300. The Court costs are estimated to be approximately $1,500 and the United States Trustee fees are estimated to be approximately $16,000. The Debtor's attorney's fees that have been awarded by the Court are in the amount of about $335,000 to be paid to the Law Offices of Robert M. Yaspan. It is estimated that the proceeds that will be remaining are in the approximate sum of $190,000 which will be paid to the Client Trust Account of the Law Offices of Robert M. Yaspan to pay any final administrative expenses with the remainder remitted to the Debtor thereafter. It is not anticipated that there will be any significant tax consequences because of the sale of the Property. Finally, the Debtor asks the Court to waive the 14-day stay provided for in Rule 6004(h) of the Federal Rules of Bankruptcy Procedure. About Neram Group Inc. Neram Group, Inc. is a company based in Orange, Calif. It is the fee simple owner of a 12-unit apartment building located at 1211 N. El Dorado Ave, Ontario, Calif., having a comparable sale value of $2.5 million. Neram Group filed a petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 22-10268) on Feb. 16, 2022, with $2,802,000 in assets and $1,675,000 in liabilities. Humberto Perez Figuerola, chief executive officer, signed the petition. Judge Scott C. Clarkson oversees the case. The Debtor tapped the Law Offices of Robert M. Yaspan as bankruptcy counsel, and Hahn Fife & Company, LLP as accountant. NORTHERN INYO: S&P Affirms 'B+' Rating on GO & Revenue Bonds ------------------------------------------------------------ S&P Global Ratings revised the outlook to negative from stable and affirmed its 'B+' rating on Northern Inyo County Local Hospital District (NIHD), Calif.'s general obligation bonds and revenue bonds. "The outlook revision reflects weakened financial performance through the three-month interim period ended Sept. 30, 2022, with a significant operating loss, negative maximum annual debt service coverage, and decreasing unrestricted reserves," said S&P Global Ratings credit analyst Chloe Pickett. Precluding a lower rating at this time is S&P's expectation that the district's new management team, which has considerable industry experience, will focus on improving operations and unrestricted reserves, as well as remain in compliance with financial covenants. The rating reflects S&P's view of the district's: -- Thin unrestricted reserves, specifically low unrestricted reserves-to-long-term debt; -- Weak maximum annual debt service (MADS) coverage; -- Limited service area and revenue base with modest growth projected; and -- Very high debt burden and significantly underfunded defined-benefit pension liability. Partially offsetting these weaknesses, in S&P's view, are the district's: -- New management team focused on improved operations and cash flow, as well as stability in unrestricted reserves; -- Leading market position; and -- Stability and durability of the largest taxpayer. S&P said, "We could lower the rating if NIHD is unable to demonstrate a trend of operating improvement and stabilization in unrestricted reserves. We could also lower the rating if NIHD increases its already heavy debt load or violates its debt service coverage covenant. Finally, any deterioration in enterprise profile characteristics or continued management turnover could result in a lower rating. "We could revise the outlook to stable if NIHD's operating performance shows an improving trend, generating operating margins approaching breakeven as well as adequate MADS coverage above covenant levels. We would also view positively growth in unrestricted reserves, further reduction in leverage, and steps to address the large pension liability." NOVA WILDCAT: $48MM DIP Loan from PNC Bank Has Interim OK --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Nova Wildcat Shur-line Holdings, Inc. and its debtor-affiliates to use cash collateral and obtain post-petition financing, on an interim basis. The Debtors obtained $48.5 million in post-petition financing and other financial accommodations in connection with the debtor-in-possession financing but only up to $10 million during the Interim Period pursuant to and in accordance with the terms and conditions of the Debtor-In-Possession Credit Agreement dated as of January 30, 2023, by and among the Debtors, as borrowers and guarantors, PNC Bank, National Association, in its capacity as administrative agent and collateral agent, and the financial institutions from time to time party thereto, as lenders. The DIP Facility matures on March 31, 2023. The Debtors are required the comply with these milestones: (i) The Debtors must file a motion under section 363 of the Bankruptcy Code seeking authority to conduct a sale of substantially all of the Debtors' assets and requesting to establish bidding procedures for such a Comprehensive Sale on or before February 1, 2023; (ii) The Debtors must obtain an order of the Bankruptcy Court authorizing the Debtors to conduce such a Comprehensive Sale and establishing bidding procedures for such a sale on or before March 1, 2023; (iii) The Debtors must conduct an auction in accordance with the Bidding Procedures Order on or before March 20, 2023; (iv) The Debtors must obtain an order of the Bankruptcy Court to the successful bidder(s) at the Comprehensive Sale Auction on or before March 24, 2023; or (v) A Comprehensive Sale must be consummated in accordance with the Comprehensive Sale Order on or before March 31, 2023. Nova Wildcat Shur-Line, LLC, World And Main (Cranbury), LLC, and World And Main (Air), LLC are borrowers under the Pre-Petition Credit Agreement by and among (a) Nova Wildcat Shur-Line, LLC, World And Main (Cranbury), LLC, and World And Main (Air), LLC as Pre-Petition Borrowers, (b) Nova Wildcat Shur-Line Holdings, Inc., HBC Holdings LLC, and HBC Chemical LLC, as Pre-Petition Guarantors, (c) the lenders party thereto from time to time, as Pre-Petition Lenders, and (d) PNC, as Pre-Petition Agent. Pursuant to the Pre-Petition Loan Documents, the Pre-Petition Lenders provided Term Loans, Revolving Loans, outstanding letters of credit and other financial accommodations to, and for the account of, the Pre-Petition Borrowers. As of the Petition Date, the aggregate principal amount of outstanding Pre-Petition Obligations under the Pre-Petition Secured Facility was approximately $49.691 million. The Debtors require the use of cash collateral and DIP Facility to continue their operations. As adequate protection, the Pre-Petition Secured Parties are granted: (i) Adequate Protection Liens upon all of the DIP Collateral, subordinate in priority only to the DIP Liens and any liens to which the DIP Liens are Junior and to payment in full in cash of the Carve-Out, (ii) allowed superpriority administrative expense claims as provided for in Section 507(b) of the Bankruptcy Code with recourse to the DIP Collateral and subordinate to the payment in full in cash of the Carve-Out and the DIP Superpriority Claims; (iii) subject to the Carve-Out, payment of (x) all accrued and unpaid interest and fees at default rate under the Pre-Petition Credit Agreement and (y) all reasonable and documented fees, out-of-pocket expenses and disbursements of the Pre-Petition Secured Parties, upon entry of the Interim Order; (iv) ongoing payment postpetition of the fees, expenses, and disbursements payable to the Pre-Petition Secured Parties; and (v) delivery of all required written financial reporting and other periodic reporting that is required to be provided to the DIP Agent or the DIP Lenders under the DIP Credit Agreement. A final hearing on the matter is set for March 2 at 10 a.m. A copy of the order is available at https://bit.ly/3l6cOrQ from PacerMonitor.com. About Nova Wildcat Shur-line Holdings, Inc. Nova Wildcat Shur-line Holdings, Inc. and affilaites sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10114) on January 29, 2023. In the petition signed by Mark Rostagno, chief executive officer and director, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. Jason D. Angelo, Esq., at Reed Smith, LLP, represents the Debtor as legal counsel. NUVO TOWER: Sets Bidding Procedures for 4 Contiguous Brooklyn Lots ------------------------------------------------------------------ Nuvo Tower, LLC, asks the U.S. Bankruptcy Court for the Eastern District of New York to approve the bidding procedures in connection with the sale of 4 contiguous lots located at 2954-2958 Brighton 6th Street and 6-7 Brighton Fifth Place in the Brighton Beach section of Brooklyn, New York, which lots are intended for the construction of a 23-unit condominium complex. The Debtor owns the Property. The Property is zoned for multi-residential use and the lots have been consolidated into one tax lot by the City of New York. The Debtor acquired title to the Property in 2017 for the approximate purchase price of $700,000. The Property has been recently appraised in its current state at $4.3 million. Since such time, and with the Covid-19 pandemic intervening, the Debtor has worked strenuously on architectural, mechanical, and structural plans to build out the condominium complex and has finally obtained approvals from the City of New York Dept. of Buildings for a 23-unit condominium. The Property is "shovel ready" for construction. On Aug. 7, 2017, the Debtor took out a high-interest mortgage from Bayport Funding, LLC in the principal amount of $1.5 million against the Property. Due to financial difficulties before, and exacerbated after the Covid 19 Pandemic, in February 2022, Bayport obtained a judgment of foreclosure which, together with accrued interest at the default rate up the judgment date and statutory 9% interest accruing thereafter, is currently in the approximate aggregate amount of $2.8 million, which the Debtor disputes. To address those issues, the Debtor has determined to either sell the Property via auction or obtain financing that will be secured by its interest in the Property and fund its proposed Chapter 11 plan , which provides for payment in full of all creditors. To assist it in obtaining this financing or auction, the Debtor seeks to engage Rosewood Realty Group as its real estate advisor to either sell the Property at an auction or solicit and secure a commitment or commitment for a refinancing of the Property. The Debtor filed its Second Amended Plan of Reorganization on Jan. 4, 2023, which Plan contemplates that unless the Property has refinanced after the Effective Date of the Plan, the Property will be sold pursuant to the Bidding Procedures by April 15, 2023. By this Motion, the Debtor asks entry of the Bidding Procedures Order, authorizing it to implement the Bidding Procedures for the sale of the Property. It also asks authority to sell the Property to the highest and best bidder(s), free and clear of all liens, claims, and encumbrances, but subject to the right of Bayport to credit bid their secured claim. Accordingly, it is important that the Bidding Procedures be in place, and the authority to sell be granted. Subject to the entry of an order authorizing the retention of Rosewood, Rosewood is ready to commence the marketing process for the Property. Accordingly, it is important that the Bidding Procedures be approved. The Property will be offered for sale "as is," "where is," and free and clear of all liens, claims, and encumbrances (other than Assumed Contracts), with any such liens, claims, and encumbrances to attach to the proceeds. In furtherance of the Bidding Procedures Order, Rosewood will prepare sales and marketing materials for circulation along with the Bidding Procedures to potential buyers in order to maximize the value of the Property. Interested purchasers may be required to enter into confidentiality agreements with Rosewood prior to their being provided with confidential information regarding the Property. The Bidding Procedures set forth the parameters for which the Debtor and Rosewood will consider bids for the purchase of the Property. Additionally, they: (a) provide that the Debtor will send all bidders a form of Purchase and Sale Agreement, (b) set a bid deadline; (c) define requirements for qualified bids; and (d) set an auction date on April 15, 2023. They also provide for, at the Debtor's discretion, the selection of one or more stalking horses as well as the possibility that the Debtor provides for a breakup fee. In the event the Debtor selects one or more stalking horses, the Debtor will file a supplemental notice with the Court identifying the stalking horse and the terms of the stalking horse bid, including any Breakup Fee, and providing parties with the opportunity to object. The Bidding Procedures also recognize Bayport's right to submit a credit bid for the Property. The Plan provides for the sale of the Property contemplated by the Bidding Procedures and, upon the selection of a Successful Bidder, at the conclusion of the Auction(s) the Debtor will present the successful bid(s) to the Court for approval. The salient terms of the Bidding Procedures are: a. Bid Deadline: April 8, 2023, at 5:00 p.m. b. Initial Bid: Not less than $3.5 million c. Deposit: 10% of Bid d. Auction: The Debtor, with the assistance of its Broker, will conduct a public auction with respect to the Property on April 15, 2022, at 11:00 a.m. (EST). The Auction will take place by a virtual or video conference remote process. e. Bid Increments: $10,000 f. Sale Hearing: April (TBD), 2023 at 10:00 a.m. via zoom conference only (https://ecf.nyeb.uscourts.gov/cgi-bin/nysbAppearances.pl) g. Sale Objection Deadline: (TBD), 2023 at 4:00 p.m. h. Closing: 30 days after approval of the sale(s) i. Credit Bid: Bayport will be deemed a Qualified Bidder and have the right to credit bid the allowed amount of its claim at Auction. By the Motion and the Plan, the Debtor asks the Court's authorization to sell the Property by public auction sale in accordance with the Bidding Procedures. It has a substantial business justification for the proposed sale of the Property. It believes that the sale of the Property is appropriate and necessary and the parties have agreed to the Bidding Procedures. The Debtor also asks for authority to designate a stalking horse and offer customary bid protections including a break-up fee as part of the Bidding Procedures. In the event the Debtor designates a stalking horse, that party will subject their bid to higher and better offers, and likely may request the enticement of a break-up fee if the stalking horse loses at auction to another bidder. A copy of the Bidding Procedures is available at https://tinyurl.com/2whc68p7 from PacerMonitor.com free of charge. About Nuvo Tower Nuvo Tower LLC is a single asset real estate (as defined in 11 U.S.C. Sec. 101(51B)). It owns four contiguous building lots located at 2954-2958 Brighton 6th St. and 6-7 Brighton Fifth Place in the Brighton Beach section of Brooklyn, which lots are intended for construction of 23-unit condominium complex. Nuvo Tower sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41444) on June 22, 2022, listing $1 million to $10 million in both assets and liabilities. Haim Pinhas, manager, signed the petition. Judge Nancy Hershey Lord oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP, is the Debtor's counsel. ONE CALL: $700M Bank Debt Trades at 16% Discount ------------------------------------------------ Participations in a syndicated loan under which One Call Corp is a borrower were trading in the secondary market around 84 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $700 million facility is a Term loan that is scheduled to mature on April 22, 2027. The amount is fully drawn and outstanding. One Call Corporation operates in providing health care services. PAR PETROLEUM: S&P Assigns 'BB' Rating on New $550MM Term Loan B ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to integrated downstream energy company Par Petroleum LLC's proposed $550 million senior secured term loan B due 2030. S&P's recovery rating on the term loan is '1', reflecting our expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. Par plans to use the proceeds from the issuance to refinance its capital structure and for general corporate purposes. S&P said, "We anticipate the acquisition of the Billings assets from Exxon will close in the second quarter of 2023, and thus consider it in our base case and recovery analysis. The Billings assets will increase Par's overall scale and geographic diversity and, in our view, modestly improve its competitive positioning. Given the company will fund the acquisition largely with cash on the balance sheet, and considering incremental EBITDA anticipated, we forecast S&P Global Ratings-adjusted leverage in the mid-2x area in a midcycle environment. This is somewhat better than our previous expectation in the 3x area. "While both these factors are positive for credit quality, the size and scale of Par remains smaller than peers rated in the 'BB' category (such as Delek US Holdings Inc., Inc., which we rate 'BB-' with a positive outlook) and it faces some execution risk associated with asset integration and achieving outlined synergies. As a result, our issuer credit rating of 'B+' with a stable outlook on Par is unchanged." Issuer Ratings—Recovery Analysis Key analytical factors -- S&P's simulated default scenario contemplates a prolonged cyclical downturn resulting in depressed prices for refined products and operational issues at the company's refineries, such that sales fall significantly and cash flow is reduced meaningfully. -- S&P uses a discrete asset valuation method to value the refineries and an EBITDA multiple approach for the logistics and retail segments. It values these segments by applying a 5.5x multiple to our emergence EBITDA assumption. -- S&P said, "Given our base case expectation for the acquisition of the Billings refinery and associated logistics assets to close in the second quarter, we have adjusted our recovery analysis to incorporate anticipated value from these assets at default. We assign an average value of $1,000 per barrel to the refining assets. Our valuation considers the refineries complexity, location, and other factors." -- S&P's hypothetical default occurs in 2027 and it assumes the six months of interest outstanding on the company's debt at the time of default. -- In the event the acquisition does not close in line with S&P's expectations, S&P will reassess its recovery analysis. Simulated default assumptions -- Simulated year of default: 2027 -- Midstream and retail value at emergence: About $335 million -- Refining value at emergence: About $225 million Simplified waterfall -- Gross enterprise value: $560 million -- Net enterprise value (after 5% administrative costs): $533 million -- Total first-lien debt: Around $550 million --Recovery expectations: 90%-100% (rounded estimate: 95%) Note: All debt amounts include six months of prepetition interest. PARLEE CYCLES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Parlee Cycles, Inc. 69 Federal Street Beverly, MA 01915 Business Description: Parlee Cycles is a designer and manufacturer of both custom and semi-custom carbon fiber road and triathlon bicycles. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court District of Massachusetts Case No.: 23-10161 Judge: Hon. Christopher J. Panos Debtor's Counsel: David B. Madoff, Esq. MADOFF & KHOURY LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 Fax: 508-543-0020 Email: alston@mandkllp.com Total Assets: $2,133,908 Total Liabilities: $4,317,907 The petition was signed by Robert K. Parlee as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: 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/SYRB25Y/Parlee_Cycles_Inc__mabke-23-10161__0001.0.pdf?mcid=tGE4TAMA PARTY CITY: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Party City Holdco, Inc. and its affiliates. The committee members are: 1. Wilmington Trust, National Association 1100 North Market Street Wilmington, DE 19890 Attention: Rita Marie Ritrovato Phone: (302) 636 5137 Email: rritrovato@wilmingtontrust.com 2. CEVA Freight, LLC 15350 Vickery Dr. Houston, TX 77032 Attention: Gary Pederson Phone: (201) 423-0315 Email: gary.pedersen@cevalogistics.com 3. Trick or Treat Studios 1005 17th Avenue Santa Cruz, CA 95062 Attention: Chris Zephro Phone: (831) 234-2762 Phone: (831) 234-2762 Email: chris@trickortreatstudios.com 4. Worthington Cylinder Corporation 200 Old Wilson Bridge Road Worthington, OH 43085 Attention: Michael Garapic Phone: (614) 840-4616 Email: michael.garapic@worthingtonindustries.com 5. Easter Unlimited, Inc., D/B/A Funworld 80 Voice Rd. Carle Place, NY 11514 Attention: Thomas Rosenthal Phone: (516) 873-9000 ext. 227 Email: thomasr@fun-world.net 6. SITE Centers Corp. 3300 Enterprise Parkway Beachwood, OH 44122 Attention: Hilary Michael Phone: (216) 755-5513 Email: hmichael@sitecenters.com 7. Spirit Realty. L.P. 2727 N. Harwood Street, Suite 300 Dallas, TX 75201 Attention: Ken Heimlich Phone: (972) 476-1995 Email: kheimlich@spiritrealty.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 Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. On Jan. 17, 2023, Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90005). Party City Holdco disclosed total assets of $2,869,248,000 against total debt of $3,022,960,000 as of Sept. 30, 2022. Judge David R. Jones oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Porter Hedges, LLP as legal counsels; Moelis & Company, LLC as investment banker; A&G Realty Partners as real estate consultant; and AlixPartners, LLP as restructuring advisor. David Orlofsky, managing director at AlixPartners, serves as the Debtors' chief restructuring officer. Kroll Restructuring Administration, LLC is the claims, noticing and solicitation agent. Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and investment banker, respectively, to the ad hoc group of first lien holders. PEAK PROPERTY: Michel Trust Buys La Quinta Real Property for $450K ------------------------------------------------------------------ Peak Property Group, LLC, asks the U.S. Bankruptcy Court for the District of Colorado to authorize the sale of the real property located at 54830 Avenida Obregon, in La Quinta, California 92253, to The Lesa E Michel Living Trust for $450,000. The Debtor owns two single-family residences in California, the Obregon Property. USA Loans LLC holds first-priority liens against the Obregon and Rubio Properties. The Debtor stipulated in Adversary Proceeding No. 20-1309-MER that pre-petition principal, interest, fees, and costs owed to USA Loans total $600,000. Post-petition interest, fees, and costs will be determined by the court pursuant to 1 l U.S.C. § 506(b) based upon evidence submitted at hearings during November and December 2022. The Debtor sold two properties located at 2700 S. Holly Street #1 12 and #221, Denver, Colorado 80222. USA Loans received $212,107.24 from the sale proceeds of the Holly #221 Property on Nov. 23, 2022, and $178,956,35 from the Holly #112 Property on Dec. 2, 2022. The bankruptcy court in Adversary Proceeding No. 20-01290-MER avoided liens in favor of Irma Martinez encumbering the Holly Properties but determined a 2015 lien in favor of Martinez against the Obregon Property remains valid and enforceable. See Adv. Proc. No. 20-01290-MER, Doc. Nos. 54 and 55. Martinez's lien against the Obregon Property is junior to the senior lien in favor of USA Loans. Martinez claims she as of the Petition Date was owed principal and interest of $28,975.51. The Court agreed with these calculations but concluded Martinez's lien does not secure any debt incurred after October 30, 2015. Martinez further claims she is entitled to costs and attorney fees. The Debtor commenced Adversary Proceeding No. 20-01289-MER to determine the validity and amount of a junior lien encumbering the Rubio Property in favor of Haun. Haun filed a proof of claim in the amount of $186,000, which the Debtor disputes. The validity and amount of Haun's lien remains unresolved. Martinez commenced Adversary Proceeding No. 22-01247-MER ("Marshaling Adversary") on Oct. 7, 2022, requesting that the court enter an order (a) directing the Debtor to promptly sell the Obregon and Rubio Properties, (b) require the Debtor to pool or "marshal" proceeds from the sale of the Obregon and Rubio Properties after payment of the USA Loans allowed secured claim, (c) determine that the Martinez and Haun liens attach to the pooled proceeds with the same validity, extent, and priority their liens had to the respective properties prior to the sales, but as to each other, equal priority. Martinez further claims she is owed approximately $60,815.66 as of October 3, 2022, including $40,669.30 in principal and interest and $30,722.12 in claimed attorney fees. The Debtor disputes these amounts. The Court entered an order on July 22, 2022, authorizing the Debtor to employ David Dufresne and Lisa Platts to market and sell the Obregon Property. Shilliday Law, P.C., the Debtor's bankruptcy counsel, holds an administrative claim subject to final court approval for unpaid attorney fees and costs incurred on behalf of the Debtor in the amount of $66,859.37 through December 2022. The Buyer has agreed to purchase the Obregon Property for $450,000 upon Court approval. It paid a $13,500 earnest money deposit into escrow. The closing is expected to occur within 21 days from entry of the order approving the Agreement and authorizing the sale of the Obregon Property. The sale is pursuant to the terms and conditions of the California Residential Purchase Agreement and Joint Escrow Instructions. USA Loans and Martinez consent to the sale of the Obregon Property pursuant to the following terms: (a) the Debtor at closing will pay $325,000 in net proceeds to USA Loans on account of its first-priority lien, (b) the Debtor shall deposit the remaining net proceeds in the estimated amount of $91,510.78 but in no event less than $80,000 ("Escrowed Proceeds") in the Escrow Account pending resolution of the Marshaling Adversary, (c) the liens of USA Loans and Martinez will attach to the Escrowed Proceeds with the same validity, extent and priority as the liens attached to the Obregon Property prior to the sale, and (d) the parties agree to waive the 14-day stay imposed under Fed. R. Bankr. P. 6004(h). The Debtor seeks authority to sell the Obregon Property to the Buyer. Approval of the sale of estate property is appropriate where there exists a sound business reason for the proposed sale. The Debtor respectfully requests that the Court grants the relief sought. A copy of the Purchase Agreement is available at https://tinyurl.com/2p8jsmfu from PacerMonitor.com free of charge. About Peak Property Group Peak Property Group LLC owns four properties in Denver, Colo., and La Quinta, Calif., having an aggregate comparable sale value of $1.09 million. Peak Property Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-16088) on Sept. 12, 2020. Kip Korthuis, sole member, signed the petition. At the time of the filing, the Debtor disclosed $1,102,686 in assets and $1,685,781 in liabilities. Judge Kimberley H. Tyson oversees the case. Shilliday Law, PC is the Debtor's legal counsel. PHI GROUP: Incurs $1.8 Million Net Loss in First Quarter -------------------------------------------------------- PHI Group, Inc. has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.82 million on $25,000 of total revenues for the three months ended Sept. 30, 2022, compared to a net loss of $5.96 million on $20,000 of total revenues for the three months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $590,547 in total assets, $6.86 million in total liabilities, and a total stockholders' deficit of $6.26 million. The Company has accumulated deficit of $73,538,986 as of Sept. 30, 2022. For the quarters ended Sept. 30, 2022, and Sept. 30, 2021, the Company incurred net losses. The Company said these factors as well as the uncertain conditions that the Company faces in its day-to-day operations with respect to cash flows create an uncertainty as to the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/704172/000149315223003538/form10-q.htm About PHI Group Headquartered in Irvine, California, PHI Group, Inc. (www.phiglobal.com) is primarily engaged in mergers and acquisitions, advancing PHILUX Global Funds, SCA, SICAV-RAIF, a "Reserved Alternative Investment Fund" under the laws of Luxembourg, and establishing the Asia Diamond Exchange in Vietnam. Besides, the Company provides corporate finance services, including merger and acquisition advisory and consulting services for client companies through its wholly owned subsidiary PHILUX Capital Advisors, Inc. (formerly PHI Capital Holdings, Inc.) and invests in selective industries and special situations aiming to potentially create significant long-term value for the Company's shareholders. PHILUX Global Funds intends to include a number of sub-funds for investment in select growth opportunities in the areas of agriculture, renewable energy, real estate, infrastructure, and the Asia Diamond Exchange in Vietnam. PHI Group reported a net loss of $21.15 million for the year ended June 30, 2022, compared to a net loss of $6.55 million for the year ended June 30, 2021. As of June 30, 2022, the Company had $469,963 in total assets, $7.01 million in total liabilities, and a total stockholders' deficit of $6.54 million. Bangalore, India-based M.S. Madhava Rao, the Company's auditor, issued a "going concern" qualification in its report dated Jan. 13, 2023, citing that Company has an accumulated deficit of $71,717,973 and had a negative cash flow from operations amounting to $1,545,570 for the year ended June 30, 2022. These factors raise substantial doubt about the Company's ability to continue as a going concern. PHYSIQ INC: Startup Starts Subchapter V Proceedings --------------------------------------------------- PhysIQ Inc. filed for chapter 11 protection in the District of Delaware. The Debtor elected on its voluntary petition to proceed under Subchapter V of chapter 11 of the Bankruptcy Code. Gary Conkright is the Chairman, Chief Executive Officer, and Co-Founder of physIQ, Inc. Prior to co-founding the Company, Conkright was the founding CEO and Chairman of SmartSignal Corporation (now part of GE), a Chicago-based enterprise software firm, incubated by the University of Chicago to commercialize predictive analytics technology developed at Argonne National Laboratory. Conkright has served as CEO of venture-backed technology startups for over 20 years. The Debtor is a "start-up" healthcare technology company with exciting prospects but very limited liquidity. Simply stated, the Debtor commenced this Chapter 11 Case in order to obtain access to secured financing that could provide working capital for the Debtor to use as a bridge to a larger recapitalization or alternate liquidity event. Though the Debtor and its assets are currently unencumbered by any liens or security interests, the Debtor faced severe liquidity challenges prior to the Petition Date. Those challenges threatened the Debtor's ability to continue operations and satisfy payroll and other operating obligations, let alone recapitalize its business. To continue its operations while it pursues a recapitalization, the Debtor obtained a commitment for secured financing from PhysIQ Lending Group, LLC (the "Lender"). However, the Lender was unwilling to go forward with the financing unless (i) the Debtor (A) filed a chapter 11 bankruptcy case, and (B) obtained bankruptcy court approval of the financing, and (ii) the Lender received the protections contemplated by section 364 of the Bankruptcy Code. The Debtor therefore filed a Chapter 11 Case in order to move forward with a secured financing facility that would support the Debtor's operations while it pursued a recapitalization under the auspices of a chapter 11 plan. According to court filings, PhysIQ Inc. estimates between $1 million and $10 million in total debt owed to 100 to 199 creditors. The petition states that funds will be available to unsecured creditors. About PhysIQ Inc. PhysIQ Inc. -- https://www.physiq.com/ -- aims to deliver on the promise of scalable personalized medicine by applying artificial intelligence to physiological data and patient reported outcomes, collected in near real-time, from any wearable biosensor. PhysIQ Inc. sought protection under Subchapter V of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10102) on January 26, 2023. In the petition filed by Gary W. Conkrigth, as CEO, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. Natasha Songonuga of Gibbons, P.C., has been appointed as Subchapter V trustee. The Debtor is represented by Thomas Joseph Francella, Jr., Esq. Cozen O'Connor 300 E 5th Ave. Suite 105 Naperville, IL 60563 PLAYPOWER INC: $400M Bank Debt Trades at 23% Discount ----------------------------------------------------- Participations in a syndicated loan under which PlayPower Inc is a borrower were trading in the secondary market around 76.9 cents-on-the-dollar during the week ended Friday, February 3, 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. PLOURDE SAND: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Plourde Sand & Gravel Co., Inc. asks the U.S. Bankruptcy Court for the District of New Hampshire for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral up to the maximum amount of $109,800 to pay the costs and expenses provided for in the Budget for the period beginning on January 30, 2023 and ending on February 28, 2023. The Budget projects the amount of projected receipts and disbursements as required by LBR 4001-2(d) and shows that: a. The Debtor will be able to cover its unavoidable operating costs and expenses during the Use Period. b. Between cash on hand and revenue, the Debtor will enjoy positive cash flow during the Use Period. The potential holders of security interests in and to and/or liens of record on personal property of the estate are GreenLake Real Estate Fund LLC, Internal Revenue Service, Granite Woods, LLC, and Universal Finance Corp. As of the Petition Date, the Debtor valued its cash collateral consisting of cash on hand, deposits and other cash equivalents at $1,485. At this time, the Debtor expects to be able to propose a confirmable plan. Without the ability to meet its payroll, purchase inventory and pay the other costs and expenses listed in the Budget, this reorganization will be stopped in its tracks. A copy of the Debtor's motion and the budget is available at https://bit.ly/3XmO0cN from PacerMonitor.com. The Debtor projects total cash out, on a weekly basis, as follows: $14,326 for the week ending February 4, 2023; $23,130 for the week ending February 11, 2023; $25,210 for the week ending February 18, 2023; and $24,770 for the week ending February 25, 2023. About Plourde Sand & Gravel Co., Inc. Plourde Sand & Gravel Co., Inc. owns eight properties located in New Hampshire having an aggregate total value of $5.34 million. In the petition signed by Daniel O. Plourde, sole shareholder and vice president, the Debtor disclosed $9,192,623 in assets and $8,072,411 in liabilities. William S. Gannon PLC, is the Debtor's legal counsel. PRECAST LLC: Court OKs Interim Cash Collateral Access ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Indiana, Fort Wayne Division, authorized Precast, LLC to use cash collateral in accordance with the budget to facilitate ongoing operations for preservation of the value of the Debtor's business. As adequate protection for the use of cash collateral, all secured creditors with an interest in cash collateral will have a replacement lien on the Debtor's postpetition assets which comprised the pre-petition cash collateral including cash, accounts and inventory, in the same priority and to the same extent as existed as of the petition date. The Debtor is also required to ensure that adequate insurance is maintained on its assets and that all current taxes are paid. The Debtor will also provide to all secured creditors that so request ongoing financial reporting. A final hearing on the matter is set for March 7, 2023 at 1:30 p.m. A copy of the order is available at https://bit.ly/3Y7Itb1 from PacerMonitor.com. About Precast, LLC Precast, LLC operates as a maker of custom precast concrete blocks used in the construction industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bank. N.D. Ind. Case No. 23-10085) on January 30, 2023. In the petition signed by William A. Kriesel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert F. Grant oversees the case. Scot T. Skekloff, Esq., at HallerColvin PC, represents the Debtor as legal counsel. PRINCIPLE ENTERPRISES: Plan Approved Subject to Modifications ------------------------------------------------------------- Principle Enterprises, LLC, on Feb. 2, 2023, won an order confirming its First Amended Combined Disclosure Statement and Plan. On Feb. 1, 2023, a hearing was held on the Combined Plan and Disclosure Statement. For the reasons stated on the record, the Objection to Confirmation of Plan by U.S. Trustee is SUSTAINED in part, and OVERRULED in part. As reflected by representations made on the record, the portions sustained by the Court are resolved through amended plan language to be submitted on or before February 5, 2023. Further, upon review of the record, the First Amended Combined Disclosure Statement and Plan of Reorganization of Principle Enterprises, LLC, Under Chapter 11 of the Bankruptcy Code is conditionally APPROVED, subject to submission of a revised form of order on or before February 5, 2023, containing minor modifications to the plan documents and and confirmation order consistant with the statements made on the record. The Debtor asked for a one-week adjournment of the hearing slated for Jan. 25, 2023. The Debtor said a delay was necessary in order to not only attempt to resolve the outstanding objection to confirmation by the Office of the United States Trustee, but also confirm it will have the ability to utilize the proposed exit financing to satisfy its obligations under the Plan. Counsel for Principle Enterprises, LLC: Daniel R. Schimizzi, Esq. WHITEFORD TAYLOR & PRESTON, LLP 11 Stanwix Street, Suite 1400 Pittsburgh, PA 15222 Telephone: (412) 275-2401 Facsimile: (412) 275-2404 E-mail: dschimizzi@wtplaw.com Counsel for KeyBank National Association and Key Equipment Finance: Jared S. Roach, Esq. Emily C. Constantine, Esq. REED SMITH LLP 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Telephone: (412) 288-3131 Facsimile: (412) 288-3063 E-mail: jroach@reedsmith.com econstantinou@reedsmith.com About Principle Enterprises Principle Enterprises, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21779) on Sept. 9, 2022, with up to $50 million in both assets and liabilities. Angelo Mark Papalia, president of AMP Holdings, sole member, signed the petition. Judge Gregory L. Taddonio oversees the case. Daniel R. Schimizzi, Esq., at Whiteford, Taylor & Preston, LLP is the Debtor's counsel. The Debtor filed its proposed combined Chapter 11 plan and disclosure statement on Dec. 6, 2022. PUG LLC: $1.7B Bank Debt Trades at 15% Discount ----------------------------------------------- Participations in a syndicated loan under which Pug LLC is a borrower were trading in the secondary market around 84.7 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.70 billion facility is a Term loan that is scheduled to mature on February 13, 2027. About $1.65 billion of the loan is withdrawn and outstanding. PUG LLC provides an online marketplace for secondary tickets along with payment support, logistics, and customer service. It acquired the StubHub business of eBay Inc. QUANTUM CORP: Incurs $2.2 Million Net Loss in Third Quarter ----------------------------------------------------------- Quantum Corporation has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.17 million on $111.19 million of total revenue for the three months ended Dec. 31, 2022, compared to a net loss of $11.06 million on $95.34 million of total revenue for the three months ended Dec. 31, 2021. For the nine months ended Dec. 31, 2022, the Company reported a net loss of $24.33 million on $307.41 million of total revenue compared to a net loss of $24.47 million on $277.62 million of total revenue for the nine months ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $232.40 million in total assets, $309.45 million in total liabilities, and a total stockholders' deficit of $77.05 million. "We delivered a solid quarter with revenue increasing 16.6% year-over-year and exceeded the preliminary estimates we announced in early January. Our overall performance was further highlighted by strong EBITDA results," said Jamie Lerner, Chairman and CEO of Quantum. "Revenue growth in our Secondary Storage Systems combined with continued operational expense management, contributed to a significant year-over-year improvement in our operational performance." Lerner continued, "As we begin to see signs of the supply chain normalizing, we are cautiously optimistic. However, as we look forward, we are not standing still. We are actively working to increase margins and profitability; looking to accelerate efforts to drive cost out of our operations; and will continue our innovation to remain a global leader in managing and storing unstructured data." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/709283/000070928323000006/qtm-20221231.htm About Quantum Corp. Based in San Jose, California, Quantum Corp. (NYSE:QTM) -- http://www.quantum.com-- provides technology and services that stores and manages video and video-like data delivering streaming for video and rich media applications, along with low cost, high density massive-scale data protection and archive systems. The Company helps customers capture, create and share digital data and preserve and protect it for decades. Quantum reported a net loss of $32.28 million for the year ended March 31, 2022, a net loss of $35.46 million for the year ended March 31, 2021, and a net loss of $5.21 million for the year ended March 31, 2020. As of Sept. 30, 2022, the Company had $209.68 million in total assets, $289.02 million in total liabilities, and a total stockholders' deficit of $79.34 million. REGIONAL HOUSING: No Decline in Patient Care at Columbus Facility ----------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her eight report regarding the quality of patient care provided at The Landings of Columbus, which is operated by RHCSC Columbus AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Landings of Columbus in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited the facility on Jan. 12. The ombudsman representative did not receive any complaints from residents during this visit. Residents expressed satisfaction with their care team and the care received. They were well groomed and appropriately dressed and were comfortable engaging with staff, the ombudsman representative observed during the site visit. Moreover, the ombudsman representative received no concerns about food supplies and medications or medication security. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this personal care home since the last visit. A copy of the eight ombudsman report is available for free at https://bit.ly/3RiadHe from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition 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, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; 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, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Gainesville ----------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her eight report regarding the quality of patient care provided at The Landings of Gainesville, which is operated by RHCSC Gainesville AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Landings of Gainesville in Georgia. In her eight ombudsman report, Ms. McNeil noted no decline in resident care at The Landings of Gainesville since the last visit. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited the facility on Jan. 10. The ombudsman representative did not receive any complaints. The quality of care appeared to be good; the building inside was very good; and residents in the memory care unit seemed very content and stress free, according to the ombudsman representative. A copy of the eight ombudsman report is available for free at https://bit.ly/3YbvbtH from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition 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, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; 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, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Gardens of Rome --------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her eight report regarding the quality of patient care provided at The Gardens of Rome, which is operated by RHCSC Rome AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Gardens of Rome in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited The Gardens of Rome facility on Jan. 6. The ombudsman representative did not receive any complaints on this visit. The quality of care appeared to be good and residents expressed that they feel comfortable addressing concerns with management, according to the ombudsman representative. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this personal care home since the last visit. A copy of the eight ombudsman report is available for free at https://bit.ly/3HFLmtP from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition 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, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; 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, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Gardens of Savannah ------------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her eight report regarding the quality of patient care provided at The Gardens of Savannah, which is operated by RHCSC Savannah AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Gardens of Savannah in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited The Landings of Douglas facility on Jan. 23. In her report, the patient care ombudsman said she is not aware of any significant change in facility conditions or decline in resident care for this personal care home since the last visit. A copy of the eight ombudsman report is available for free at https://bit.ly/3Rm9ODL from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. 2 Peachtree Street NW, 33rd Floor Atlanta, GA 30303 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition 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, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; 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, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Landings of Douglas ------------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her eight report regarding the quality of patient care provided at The Landings of Douglas, which is operated by RHCSC Douglas AL Holdings, LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Landings of Douglas in Georgia. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited The Landings of Douglas facility on Jan. 11. The ombudsman representative reported no decline in resident care since the last visit. The facility was clean; food and supplies were adequate; meds were properly secured; and staffing is stable, the ombudsman representative noted during the site visit. The ombudsman representative also observed that the director is receptive to resolving problems. A copy of the eight ombudsman report is available for free at https://bit.ly/3HJRVLZ from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition 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, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; 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, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. REGIONAL HOUSING: No Decline in Patient Care at Social Circle ------------------------------------------------------------- Melanie McNeil, Esq., the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Georgia her eight report regarding the quality of patient care provided at The Gardens of Social Circle, which is operated by RHCSC Social Circle AL Holdings LLC, an affiliate of Regional Housing & Community Services Corp. Regional Housing & Community Services is the governing body for six personal care homes, including The Gardens of Social Circle. The report was filed after an ombudsman representative for the Office of the State Long-Term Care Ombudsman visited the facility on Jan. 10. The patient care ombudsman reported no decline in resident care since the last visit. The residents stated to the ombudsman representative that they like the staff and the facility, which is clean and tidy. A copy of the eight ombudsman report is available for free at https://bit.ly/3jiBLQl from PacerMonitor.com. About Regional Housing & Community Services Regional Housing & Community Services Corp. and its affiliates filed a voluntary petition 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, P.C. as legal counsel; GGG Partners, LLC as interim management services provider; 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, Esq., at Melanie S. McNeil is the patient care ombudsman appointed in the Debtors' cases. ROCKLEY PHOTONICS: March 3 Hearing on Plan & Disclosures -------------------------------------------------------- The Hon. Lisa G. Beckerman of the U.S. Bankruptcy Court for the Southern District of New York will hold a hearing on March 3, 2023, at 10:00 a.m., (Prevailing Eastern Time) to consider the adequacy of the disclosure statement describing the prepackaged Chapter 11 plan of reorganization filed by Rockley Photonics Holdings Limited, and confirming the Debtor's Chapter 11 plan. Objections, if any, must be filed no later than 5:00 p.m. (Prevailing Eastern Time) on Feb. 23, 2023. According to the Troubled Company Reporter on Jan. 26, 2023, the Debtor filed with Court a Disclosure Statement for the Prepackaged Chapter 11 Plan of Reorganization dated Jan. 23, 2023. The Plan provides for a comprehensive recapitalization of the Prepetition Notes Claims, anchored by the Prepetition Noteholders' commitment to equitize their outstanding debt and fund approximately $35 million of new money to the Debtor on the Effective Date, which will substantially deleverage the Debtor's capital structure, increase liquidity, and is designed to ensure the future viability of the Company. The Prepetition Noteholders' commitment is divided between $20.7 million in Exit Financing (including the conversion of $5.08 million of Allowed Super Senior Notes Claims into the Exit Financing) and the Prepetition Noteholder Private Placement for the purchase of $20 million of Reorganized Rockley Equity to increase the Debtor's liquidity. The Debtor is confident that the negotiated path forward will preserve the going-concern value of the Debtor's business, preserve the jobs of the Company's employees, and maximize the value of the Debtor for the benefit of all stakeholders. Following extensive due diligence and arm's length, good faith negotiations, the Debtor and the Prepetition Noteholders have agreed to the terms of the Restructuring Transactions embodied in the Plan. The Plan contemplates a comprehensive reorganization that will result in a substantial deleveraging of the Debtor's balance sheet. The Plan contemplates a conversion of the outstanding Prepetition Notes into 100% of Reorganized Rockley Equity, subject to dilution by the Management Incentive Plan and the Prepetition Noteholder Private Placement. The Plan also contemplates that the Debtor will conduct a Prepetition Noteholder Private Placement for the purchase of $20 million of Reorganized Rockley Equity. Specifically, pursuant to the Plan, the Debtor's stakeholders will receive the following recoveries, among others: * Each Holder of an Allowed Super Senior Notes Claim will receive (i) its Pro Rata share and interest in a distribution of Reorganized Rockley Equity (subject to dilution by the Management Incentive Plan and the Prepetition Noteholder Private Placement) which will constitute 74.65% of Reorganized Rockley Equity; (ii) its Pro Rata share of $5.08 million of the Exit Financing; and (iii) the right to participate in the Prepetition Noteholder Private Placement to acquire its Pro Rata share of up to 74.65% of $20 million of Reorganized Rockley Equity at a 20% discount to Agreed Equity Value. * Each Holder of an Allowed Existing Notes Claim will receive (i) its Pro Rata share and interest in a distribution of Reorganized Rockley Equity (subject to dilution by the Management Incentive Plan and the Prepetition Noteholder Private Placement) which will constitute 25.35% of Reorganized Rockley Equity; and (ii) the right to participate in the Prepetition Noteholder Private Placement to acquire its Pro Rata share of up to 25.35% of $20 million of Reorganized Rockley Equity at a 20% discount to Agreed Equity Value. * Each Holder of an Allowed General Unsecured Claim will receive (i) payment in full in Cash of the amount of its Allowed General Unsecured Claim plus postpetition interest to the extent necessary under applicable law to render such Unsecured Claim Unimpaired on the later of (A) the Effective Date and (B) the date such Allowed General Unsecured Claim becomes payable in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Allowed General Unsecured Claim; (ii) Reinstatement of such Allowed General Unsecured Claim, or (iii) such other treatment rendering its Allowed General Unsecured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. * Each Holder of an Allowed Intercompany Claim will, at the Debtor's election with the consent of the Prepetition Noteholders, have its Claim Reinstated, converted to equity, or extinguished, compromised, addressed, setoff, cancelled, or settled, potentially without any distribution on account of such Claims. * Each Holder of an Allowed Interest in the Debtor will have its Interest cancelled and extinguished as of the Effective Date and will not receive any distribution on account of such Interest. * Each Holder of an Allowed 510(b) Claim will have its claim discharged and extinguished and will not receive or retain any property under the Plan on account of such Section 510(b) Claim. Class 5 consists of General Unsecured Claims. Each such Holder shall receive, at the election of the Debtor (with the consent of the Prepetition Noteholders) (i) payment in full in Cash of the amount of its Allowed General Unsecured Claim plus postpetition interest to the extent necessary under applicable law to render such Unsecured Claim Unimpaired on the later of (A) the Effective Date and (B) the date such Allowed General Unsecured Claim becomes payable in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such Allowed General Unsecured Claim; (ii) Reinstatement of such Allowed General Unsecured Claim, or (iii) such other treatment rendering its Allowed General Unsecured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. The allowed unsecured claims total $420,316. This Class will receive a distribution of 100% of their allowed claims. Class 6 consists of Intercompany Claims. On the Effective Date, all Intercompany Claims shall, at the Debtor's election with the consent of the Prepetition Noteholders, be Reinstated, converted to equity, or extinguished, compromised, addressed, setoff, cancelled, or settled, potentially without any distribution on account of such Claims. Class 7 consists of Interests in the Debtor. On the Effective Date, all Allowed Interests in the Debtor shall be cancelled, extinguished, and released, as of the Effective Date. The Debtor shall fund distributions under the Plan, as applicable, with (1) the issuance of the Reorganized Rockley Equity; (2) proceeds from issuance of the Exit Financing; (3) proceeds from issuance of the Reorganized Rockley Equity pursuant to the Prepetition Noteholder Private Placement; and (4) Cash on hand. A full-text copy of the Disclosure Statement dated Jan. 23, 2023 is available at https://bit.ly/3JdmoDc from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: PILLSBURY WINTHROP SHAW PITTMAN LLP John A. Pintarelli, Esq. Dania Slim, Esq. Kwame O. Akuffo, Esq. Alana A. Lyman, Esq. 31 West 52nd Street New York, NY 10019-6131 Phone: (212) 858-1000 Fax: (212) 858-1500 Email: john.pintarelli@pillsburylaw.com dania.slim@pillsburylaw.com kwame.akuffo@pillsburylaw.com alana.lyman@pillsburylaw.com PILLSBURY WINTHROP SHAW PITTMAN LLP Joshua D. Morse, Esq. Jonathan Doolittle, Esq. Four Embarcadero Center, 22nd Floor San Francisco, CA 94111-5998 Phone: (415) 983-1000 Fax: (415) 983-1200 Email: joshua.morse@pillsburylaw.com jonathan.doolittle@pillsburylaw.com About Rockley Photonics Rockley Photonics Holdings Limited specializes in the research and development of integrated silicon photonics chipsets. The Company has developed a ground-breaking versatile, application specific, third generation silicon photonics platform specifically designed for the optical integration challenges facing numerous mega-trend markets. The Company has partnered with multiple tier-1 customers across markets to deliver complex optical systems required for transformational sensors, communications, and medical product realization. Rockley Photonics filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y Case No. 23 10081) on Jan. 23, 2023. In the petition signed by Richard A. Meier, chief executive officer, the Debtor disclosed $90,880,000 in assets and $120,733,000 in liabilities. The Debtor tapped PILLSBURY WINTHROP SHAW PITTMAN LLP as bankruptcy counsel; JEFFERIES LLC as investment banker; and ALVAREZ & MARSAL, LLC as financial advisor. WALKERS LAW FIRM is the Cayman Islands counsel. KROLL, LLC, is the claims agent. RODA LLC: Case Summary & Five Unsecured Creditors ------------------------------------------------- Debtor: Roda, LLC 20407 SW Borchers Dr. Sherwood, OR 97140 Business Description: The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Section 101 (51B). Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court District of Oregon Case No.: 23-30250 Judge: Hon. Teresa H. Pearson Debtor's Counsel: Douglas R. Ricks, Esq. VANDER BOS & CHAPMAN, LLP 319 SW Washington Suite 520 Portland, OR 97204 Tel: 503-241-4869 Fax: 503-241-3731 Email: doug@vbcattorneys.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Roy MacMillan as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/INMN32Y/RODA_LLC__orbke-23-30250__0001.0.pdf?mcid=tGE4TAMA S2 ENERGY: Sets Bidding Procedures for Substantially All Assets --------------------------------------------------------------- S2 Energy Operating, LLC, Krewe Energy, LLC, S2 Energy 1, LP, and Krewe-TBay, LLC, ask the U.S. Bankruptcy Court for the Eastern District of Louisiana to approve their proposed auction procedures relating to the sale of substantially all of their assets. The Debtors are entities that were formed to explore oil and gas. SEO is the operator for the oil and gas leases owned by Krewe, TBay, and SE2. The assets of the entities consist of certain oil and gas leases, equipment necessary for the production of oil and gas from the leases owned by the Debtors which includes, but is not limited to, platforms, flow lines and other equipment, intellectual property acquired in connection with the oil and gas properties, cash and accounts receivable ("Assets"). The Motion does not seek to sell any cash owned by any Debtor, accounts receivables, or any claims possessed by any Debtor. The Debtors still maintain the "exclusive period" to file a Plan and, to the extent necessary, they will include the consummation of the sale contemplated by the Motion within a Plan. They believe that an Auction of substantially all of their assets will result in the highest possible recovery to creditors and monetize assets for distribution to creditors. The principal terms of the Auction are: 1. The Assets Subject to Auction. The Debtors propose to sell substantially all of their Assets. 2. Data Room. The Debtors will set up an electronic location to store the information the Debtors and their investment banker, Seaport Global Securities, LLC, believe is necessary for a Prospective Bidder3 to submit a Bid for the Assets of the Debtors. 3. Non-Disclosure Agreement. As a condition to obtaining access to the information contained in the Data Room, Prospective Bidders will execute a Non-Disclosure Agreement. 4. Purchase Price Deposit and Conditions for Release. The Purchase Price Deposits of all Qualified Bidders will be held in one or more non-interest-bearing escrow accounts by the Debtors but will not become the property of their estate absent further order of the Court. 5. Distribution of Sale Proceeds. Upon the closing of the sale of the Debtors' Assets to the Winning Bidder or the Backup Bidder, the proceeds of such sale will be either distributed pursuant to the Order of Court, distributed pursuant to a confirmed plan or placed in a segregated DIP Account subject to further order of Court. 6. Tax Exemption Requested. The sale will be exempt from all taxes arising from such sale which would otherwise be imposed at the time of transfer or sale and are determined as consideration for, or value of the property being transferred. 7. Waiver of The Stay Under Bankruptcy Rule 6004. Subject to the conditions of closing, the Debtors ask a waiver of the stay that otherwise would be applicable to the Sale Order approving the proposed sale of Assets and the assumption and assignment of executory contracts and unexpired leases, pursuant to Bankruptcy Rules 6004(h) and 6006(d). 8. Due Diligence. The Debtors will invite interested parties to conduct reasonable due diligence upon the execution of the Non-Disclosure Agreement in order to make a Bid. The salient terms of the Bidding Procedures are: a. Bid Deadline: March 9, 2023, at 5:00 p.m. (CT) b. Initial Bid: The Initial Overbid after the Auction Baseline Bid will be greater than $50,000 or 125% in excess of any Bid Protections (breakup fee and expense reimbursement) pursuant to a Stalking Horse Bid. c. Deposit: 10% of the cash purchase price in such Prospective Bidder's Bid d. Auction: If multiple Qualified Bids (including any APA/Modified APA submitted by a designated Stalking Horse Bidder) are received by the Bid Deadline, the Court will conduct an auction to determine the highest or otherwise best Qualified Bid. e. Bid Increments: The Court will control any subsequent Bid increment in any round of bidding after the Initial Overbid Increment. f. Sale Objection Deadline: April 4, 2023, at 5:00 p.m. (CT) g. Any Stalking Horse Bidder designated by the Debtors will be permitted to credit bid the full amount of the expense reimbursement and break-up fee pursuant to any Overbid in connection with each round of bidding. Subject to the terms of and except as provided in the APA/Modified APA of the Winning Bidder, the Assets of the Debtors will be conveyed at closing free and clear of all liens, claims, interests, and encumbrances. The consummation of the sale to the Winning Bidder will be contingent upon the Court entering an Order approving the assumption and assignment of 90% of such executory contracts and leases to the Winning Bidder. The Debtors believe that the Bid Procedures are best designed to maximize the amount received by the Debtors for the Assets. The Court should approve the form of the Bid Procedures as they represent a sound exercise of the Debtors' business judgment to ensure that all parties have the necessary assurances that the proposed Auction and sale will be conducted in a fair and reasonable manner, which will allow for a duly approved sale to the Qualified Bidder with the highest and best offer at the Auction and Sale Hearing. The Debtors as the Court to waive the Stay under Bankruptcy Rules 6004(h) and 6006(d). 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. SAMEH H. AKNOUK: U.S. Trustee Seeks Appointment of PCO ------------------------------------------------------ William Harrington, the U.S. Trustee for Region 2, asked the U.S. Bankruptcy Court for the Southern District of New York to appoint a patient care ombudsman for Sameh H. Aknouk, Dental Services, P.C. In court papers, the Justice Department's bankruptcy watchdog argued the dental services business owned by Dr. Sameh H. Aknouk is a "health care business" despite the latter claiming otherwise. "The business is a private entity that offers various dental services, all of which are openly advertised to the general public," Mr. Harrington said, pointing out that as a healthcare business, it is subject to the provisions of Section 333 of the Bankruptcy Code. Section 333 directs that a patient care ombudsman be appointed if a debtor is a health care business unless the court finds that the appointment of such ombudsman is not necessary for the protection of patients. The ombudsman monitors the quality of patient care and represents the interest of the patients of the healthcare debtor. "In the event the quality of patient care declines, the debtor's reorganization would be imperiled as patient care is the source of income to fund the debtor's reorganization," Mr. Harrington said. The U.S. trustee believes the dental services business has enough funds to pay the cost of a patient care ombudsman, saying it has approximately $25,000 in cash on hand. About Sameh H. Aknouk, Dental Services Sameh H. Aknouk, Dental Services, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11651) on Dec. 8, 2022, with up to $50,000 in assets and up to $1 million in liabilities. Sameh H. Aknouk, president, signed the petition. Judge Martin Glenn oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley LLP is the Debtor's legal counsel. SANO TECH: Feb. 8 Deadline Set for Panel Questionnaires ------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Sano Tech 360, LLC. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3HzfUft and return by email it to Erin Schmidt -- erin.schmidt2@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Feb. 8, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About SanoTech 360, LLC SanoTech 360, LLC manufactures high-quality, advanced electrostatic sprayers designed to apply disinfectant more efficiently than conventional methods. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-40261) on January 29, 2023. In the petition signed by George R. Robertson, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, represents the Debtor as legal counsel. SEINEYARD INC: Seeks to Hire Bruner Wright as Legal Counsel ----------------------------------------------------------- Seineyard, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A. to handle its Chapter 11 case. The firm will be paid at these rates: Robert C. Bruner $450/hour Byron Wright III $375/hour Samantha A. Kelley $350/hour Paralegal $150/hour Bruner Wright was paid $6,738 as a retainer for this proceeding. Byron Wright III, Esq., a member of Bruner Wright, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Byron Wright III, Esq. Robert C. Bruner, Esq. Bruner Wright, PA 2810 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Seineyard Inc. Seineyard, Inc., generates income from its restaurant business and catering business located in Woodville, Florida. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 17-40210) on May 18, 2017. Sam Dunclap, president, signed the petition. At the time of the filing, the Debtor estimated assets and liabilities of less than $50,000. Thomas Woodward Law Firm is the Debtor's bankruptcy counsel. SERTA SIMMONS: Seeks Approval to Hire Ordinary Course Professional ------------------------------------------------------------------ Serta Simmons Bedding, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ professionals retained in the ordinary course of business. The OCP's include: Cantor Colburn, LLP 20 Church St. Fl 22 Hartford, CT 06103-1221 -- Legal Services Adams & Adams PO Box 1014 Pertoria 0001 Pretoria, Sad 0 -- Legal Services AMR Partnership Gandaria City, Candaria 8 Off Bldg, 3rd Fl/Unit D Jl.Sultan Iskandar Muda, Jakarta Selatan, JS 12240 -- Legal Services Arent Fox LLP 1717 K St. NW, Ste B1 Farragut Square Washington, DC 20006 -- Legal Services Arias, Fabrega & Fabrega Ph Arifa, 9th Floor, West Boulevard Santa Maria Business District Panama, 8 0 -- Legal Services Arnason Faktor Gudridarstig 2-4 113 Reykjavik, Iceland, 1 101 -- Legal Services Baker Mckenzie 14th Floor One Taikoo Place 979 King's Road Quarry Bay Hong Kong, BJ 0 -- Legal Services Banca Co., Ltd. 15 Bis Trieu Viet Vuong, Hanoi, Ban 0 -- Legal Services Barreda Moller Av. Angamos Oeste 1200, Lima, Lim 0 -- Legal Services Barzano & Zanardo Roma 26 Via Piemonte PO Box 294, Roma, Var 187 -- Legal Services Belin McCormick 666 Walnut St, Suite 2000 Des Moines, IA 50309 -- Legal Services Bharucha & Co. F-7/1, Block B Kda Scheme No 5 -- Legal Services Kehshan Clifton Karachi Province, HR 75600 -- Legal Services Boardman and Clark 1 S Pinckney St. 4th Fl Madison, WI 53701 -- Legal Services Bolet & Terrero Av. Francisco De Miranda Edif. Cavendes Ofic.12.01, Los Palos Grandes, Caracas, Tri 1060 -- Legal Services Brons & Salas Maipu 1210, 5th Floor, Buenos Aires, Argentina, B C1006Act -- Legal Services Bryn Aarflot Stortingsgata 8, Oslo, 3 0 -- Legal Services Bufete Mejia & Asociados PO Box 1744, San Pedro, Gtm 0 -- Legal Services Bustamante & Bustamante Av. Patria E4-69 Aad Amozonas Cofiec Building, 4th Floor Quito, Sad 0" -- Legal Services Cabinet Sales 62, Rue Geffrard, Petion-Ville, Port-auPrince, HT 6140, Haiti -- Legal Services Cavelier Abogados Carerra 4 # 72-35 Edificio Siski, Colombia, DC 110221 -- Legal Services China Patent Agent 22/F Great Eagle Centre 23 Harbour Rd, Wanchai Hongkong, Bj 0" -- Legal Services Covington & Burling LLP 850 10th St NW One City Center Washington, DC 20001 -- Legal Services Danneman Siemsen Rua Marques De Olinda, 70 Parle, Rio De Janeiro, Rj-Cep 222251-040, Rio De Janeiro, Sp 222251-040 -- Legal Services Divimark Abogados Centro Corporativo El Cedral Torre 4, Piso 3, Escazu San Jose, SJ 2727-1000" -- Legal Services DLA Piper 27 Rue Lafitte Paris, 0 75009 -- Legal Services Drew & Napier 10 Collyer Quay #10-01 Ocean Financial Centre, Singapore, Sha 49315 -- Legal Services Elarbee, Thompson, Sapp & Wilson LLP 229 Peachtree St. NE, Ste 800 800 International Tower Atlanta, GA 30303 -- Legal Services Estudio Benedetti Comosa Building, 11 Floor Samuel Lewis Ave, Manuel Maria Icaza St, Panama City, Pan 0 -- Legal Services Estudio Caldera, S.A Del Inisterio De Gobernacion P.O. Box 4597 Managua, Nicaragua, Mn 0 -- Legal Services Farris Bogango 999 Shady Grove Rd S, Ste 500 Memphis, TN 38120 -- Legal Services Ferraiuoli LLC PO Box 195168, San Juan, PR 919 Fisher Broyles 945 E Paces Ferry Rd NE, Ste 2000 Atlanta, GA 30326 -- Legal Services Forresters Sherborne House 119-121 Cannon Street, London, Tas Ec4N 5At -- Legal Services Fox & Lapenne Pedro Murrillo 6136 Montevideo, MO 11500 -- Legal Services About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. Gabriel Adam Morgan, Esq. at the Weil, Gotshal & Manges represents the Debtor as counsel. The Debtor also tapped Evercore Group, LLC as its investment banker; FTI Consulting, Inc. as its Financial Advisor; Epiq Corporate Restructuring, LLC as its claims and noticing agent; and Pricewaterhousecoopers LLP as its tax services advisor. SOUTH AMERICAN BEEF: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Chapter 11 case of South American Beef, Inc. The committee members are: 1. Scotlynn USA Division, Inc. c/o Kevin Kollker Corporate Headquarters 9597 Gulf Research Lane Fort Myers, FL 33912 Phone: 239-210-3000 Email: mike@dallagolaw.com 2. Dabbagh Foods Pty Ltd/Hilal Meat Products Co Pty Ltd 49-67 Drake Blvd Altona, VIC 3018, Australia Phone: +614-8844-0520 Email: basel@dabbaghtrading.com 3. Ararat Abattoirs Exports Pty, Ltd. c/o Michael Stapleton, Director 343 Nott Road Ararat, Victoria Australia 3377 Phone: +613-5352-3224 Email: info@araratmeatexports.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 South American Beef South American Beef, Inc. specializes in the purchase, import and sales of high-quality beef, lamb, goat, mutton, veal, seafood, and poultry game meats. The company is based in West Des Moines, Iowa. South American Beef sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-01341) on Dec. 13, 2022, with $23,567,773 in assets and $23,993,243 in liabilities. Alejandra M. Vidal-Soler, president of South American Beef, signed the petition. Judge Anita L. Shodeen oversees the case. Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave PC and Moglia Advisors serve as the Debtor's legal counsel and financial advisor, respectively. SOUTH AMERICAN: Seeks to Sell Boat, Porsche & Ferrari for $275.5K ----------------------------------------------------------------- South American Beef, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to sell the following assets: a. 2021 Mastercraft XT-22 boat with a trailer to Dan DeCarlo for $82,000; and b. 2021 Porsche Taycan 4S for $100,000 and 2015 Ferrari California T for $93,500 to Tim D. Rogers at We Buy Exotics. The Debtor holds title to the Assets. It proposes to sell them free and clear of all liens, claims, and encumbrances, outside the ordinary course of business. The 2021 Porsche Taycan 4S is encumbered by a lien with Northwest Bank. The current estimated loan payoff amount is $83,543.07. The 2021 Mastercraft XT-22 boat with trailer is encumbered by a lien with Northwest Bank. The current estimated loan payoff amount is $59,717.80. The 2015 Ferrari California T is encumbered by a lien with Northwest Bank. The current estimated loan payoff amount is $58,593.09. On Jan. 12, 2023, the Debtor received an offer from Tim D. Rogers at We Buy Exotics, 1040 Calle Recodo, San Clemente, CA 92673, for the purchase of the 2021 Porsche Taycan 4S for $100,000 and the 2015 Ferrari California T for $93,500. Pursuant to the terms and conditions of the offer and acceptance, the parties have mutually agreed to a combined sale price of $193,500 for the 2021 Porsche Taycan 4S and 2015 Ferrari California T. The sale price for each of these vehicles is greater than the liens held by Northwest Bank on these vehicles, and the sale of these Assets will result in the payoff of these liens to Northwest Bank. On Jan. 4, 2023, the Debtor received an offer from Dan DeCarlo, 260 NE 44th Ave, Des Moines, IA 50313 for the purchase of the 2021 Mastercraft XT-22 boat and trailer. Pursuant to the terms and conditions of the offer and acceptance, the parties have mutually agreed to a sale price of $82,000 for the Mastercraft XT-22 boat with trailer. This sale price is greater than the lien by Northwest Bank, and the sale of this Asset will result in the payoff of this lien to Northwest Bank. The Debtor is asking Court approval for the sale of these Assets to the Buyers -- We Buy Exotics, and Dan DeCarlo for the Purchase Price, free and clear of all liens, claims, encumbrances, and interests. The Debtor believes that the sale of these Assets to the Buyers is in the best interest of the estate and its creditors. In the instant case, the proposed Sale of these Assets constitutes a sound exercise of the Debtor's business judgment and has been proposed in good faith. The sale of these Assets will aid in minimizing the expenses of its estate, resulting in a greater distribution to creditors. The Motion proposes the sale of these Assets free and clear of all interests, liens, claims, and encumbrances, including existing or asserted rights of first refusal, contractual restrictions on transferability, or other similar protective rights. Any such interests, liens, claims, and encumbrances would attach to the proceeds from the sale of the Assets. Upon finalizing the sales, Northwest Bank will be paid in full. Time is of the essence in approving and finalizing the sale of these Assets, and any unnecessary delay in finalizing the sale of these assets could result in the collapse of the sales. Accordingly, the Court should waive the 14-day period staying any order to sell or assign property of the estate imposed by Bankruptcy Rules 6004(h) and 6006(d). About South American Beef Inc. South American Beef, Inc. specializes in the purchase, import, and sales of high-quality beef, lamb, goat, mutton, veal, seafood, and poultry game meats from well-known packing plants. South American Beef was established in 1999. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-01341) on December 13, 2022. In the petition signed by Alejandra M. Vidal-Soler, president, the Debtor disclosed up to $50 million in assets and liabilities. Judge Anita L. Shodeen oversees the case. Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave PC and Moglia Advisors serve as the Debtor's legal counsel and financial advisor, respectively. STARNET LLC: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: Starnet, LLC 2413 Briarwood Cove Cedar Hill, TX 75104 Business Description: Starnet is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). The Debtor is the owner in fee simple title of a real property located at 2413 Brairwood valued at $1.6 million. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Northern District of Texas Case No.: 23-30210 Debtor's Counsel: Eric A. Liepins, Esq. ERIC A. LIEPINS 12770 Coit Road Suite 850 Dallas, TX 75251 Tel: 972-991-5591 Fax: 972-991-5788 Email: eric@ealpc.com Total Assets: $1,700,000 Total Liabilities: $1,118,534 The petition was signed by Paul Faure as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/R6XJB5A/Starnet_LLC__txnbke-23-30210__0001.0.pdf?mcid=tGE4TAMA STOCKTON GOLF: Court OKs Final Cash Collateral Access ----------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, authorized Stockton Golf and Country Club to use cash collateral on a final basis in accordance with the budget, with a 10% variance, through April 30, 2023. As previously reported by the Troubled Company Reporter, the parties that assert an interest in the Debtor's cash collateral are the Bank of Stockton and these UCC-1 Secured Creditors: Performance Food Service Great America Financial Services Corporation TCF National Bank VGM Financial Services, a Division of TCF National Bank Wells Fargo Bank, DLL Finance LLC Sysco Sacramento, Inc. To the extent the Debtor's use of cash collateral results in a diminution of the value of their respective collateral, the Bank and the UCC-1 Secured Creditors are granted valid and perfected replacement liens and security interests in the post-petition cash collateral of the Debtor acquired on or after the October 11 bankruptcy filing date, to secure the Bank's and the UCC-1 Creditors' claims against the Debtor. The Replacement Lien will have the same scope, validity, perfection, relative priority and enforceability as the Bank's and the UCC-1 Creditors' pre-Petition Date security interests. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3Y8M7la from PacerMonitor.com. The budget provides for total cash disbursements, on a monthly basis, as follows: $104,943 for January 2023; $83,959 for February 2023; $93,049 for March 2023; and $103,619 for April 2023. About Stockton Golf and Country Club Stockton Golf and Country Club sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-22585) on October 11, 2022. Judge Christopher D. Jaime oversees the case. Thomas A. Willoughby, Esq., at Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP, is the Debtor's counsel. SYNAMEDIA AMERICAS: $305M Bank Debt Trades at 19% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Synamedia Americas Holdings Inc is a borrower were trading in the secondary market around 80.6 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $305 million facility is a Term loan that is scheduled to mature on October 29, 2024. The amount is fully drawn and outstanding. Synamedia Americas Holdings, Inc. specializes in the developing of video software and solutions for the Pay TV industry. SYSTEM1 INC: S&P Lowers ICR to 'B-' on Weak Operating Performance ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit ratings on System1 Inc and Orchid Merger Sub II LLC to 'B-' from 'B'. At the same time, S&P lowered its issue-level rating on Orchid Merger's senior secured term loan to 'B-' from 'B'. The stable outlook reflects S&P's belief that the company will maintain adequate liquidity over the next year and that free operating cash flow (FOCF) should materially improve in 2024 as digital advertising revenue growth improves and one-time costs roll off. System1's liquidity has tightened and will be further constrained in a recession. System1 could need to rely on its cash balance, which we estimate is currently between $35 million and $40 million, for liquidity in 2023. Over the next 12 months, System1 will have about $40 million of cash interest payments and $30 million of deferred cash compensation payments related to its merger with Protected and its acquisition of CouponFollow. S&P is forecasting FOCF to be about $20 million-$25 million in 2023 after these payments, but the company will need to pay term loan amortization of $20 million. Depending on the magnitude and length of a recession, cash flow could potentially become negative and reduce the company's financial flexibility, particularly since it fully drew on its $50 million revolver in 2022 to fund acquisitions. This could limit the company's ability to invest in its business where innovation is key to remaining competitive in a highly fragmented market. The company's largest operating expense is variable marketing and traffic acquisition spending, which it could decrease to preserve cash flow in response to lower revenue generation but doing so would likely accentuate its revenue decline given the vast majority of its traffic is paid rather than organic. System1 will face earnings pressure in a recession that could cause leverage to remain above 6x. The company's performance already started to soften in the middle of 2022 because digital programmatic advertising is one of the first advertising forms to be cut amid weak economic conditions due to short lead times. S&P said, "We expect worsening economic conditions in the first half of 2023 will drive reduced advertising spending through System1's RAMP platform and slower subscriber growth in its antivirus software products. As a result, we lowered our previous EBITDA expectation for 2023 by about 25%. We still expect revenue and EBITDA growth in 2023 and estimate leverage will decline to about 4.7x in 2023 (from about 6x annualized in the third quarter of 2022). However, we have very little visibility into the company's future performance, and if a more prolonged or deep recession occurs than we expect, we believe System1's revenue and EBITDA would underperform our current expectations. About 80% of the company's revenue consists of a pay-for-performance structure (for example, cost per acquisition), where it takes responsibility to attract and convert customers for its clients. The nature of these contracts leads to earnings volatility and high dependence on favorable macroeconomic activity to spur advertising spending and customer conversion." System1 is subject to significant customer concentration risk with Google. Google is System1's largest monetization partner, contributing about 70% of the company's advertising revenue. S&P views this concentration as a material risk. System1's relationship with Google is primarily governed by two service contracts that expire in February and July 2023, which Google has the right to cancel at any time. The company has a long-standing relationship with Google and has repeatedly renewed its contracts, and we consider it unlikely that either of these contracts would be terminated or not renewed. However, any renewals with less-favorable rates would pose a risk to System1, as would Google deciding to allocate its marketing spending elsewhere. System1's subscription business provides some countercyclicality but not enough to offset slowing advertising growth. System1's subscription antivirus software solutions (20% of revenue) provide some countercyclicality to the business, given it tends to be a more steady and predictable revenue stream than digital advertising. However, in periods of economic decline, S&P believes it's likely attrition rates would increase and that the company would have to increase traffic acquisition costs to increase subscribers, which would put downward pressure on margins. S&P said, "The stable outlook reflects our belief that the company will maintain adequate liquidity over the next year and that FOCF should materially improve in 2024 as digital advertising revenue growth improves and one-time costs roll off. "We could lower the rating if we viewed System1's capital structure as sustainable, which could occur if its FOCF to debt were sustained below 5% and liquidity weakened such the company had difficulty meeting its financial obligations." This could be caused by: -- Macroeconomic pressures leading to significant pricing pressures and/or major client losses; -- The company renewing its service contract with Google at less-favorable terms, thereby pressuring margins; -- Advertisers shifting more of their marketing budgets toward social and search platforms, affecting the growth of advertising spending on System1's owned and operated properties; or -- The company pursuing material debt-financed acquisitions. Although unlikely, S&P could raise the rating over the next 12 months if: -- It believed the risk of an economic recession had passed and the company continued to demonstrate earnings improvement by improving scale and margins; and -- Cash flow and liquidity improved such that the company maintained FOCF to debt of at least 10%. ESG credit indicators: E-2, S-2, G-2 TAMA DEVELOPMENT: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Tama Development, Inc. 41109 IH-10 W, Ste. B Borene, TX 78006 Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Western District of Texas Case No.: 23-50114 Judge: Hon. Michael M. Parker Debtor's Counsel: Allen M. DeBard, Esq. LANGLEY & BANACK, INC. 745 E Mulberry Ave. Suite 700 San Antonio TX 78212 Tel: (210) 736-6600 Fax: (210) 735-6889 Email: adebard@langleybanack.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dwayne Thompson as president. 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/7IOPWTQ/Tama_Development_Inc__txwbke-23-50114__0001.0.pdf?mcid=tGE4TAMA TECHNICAL COMMUNICATIONS: Posts $849K Loss in Qtr. Ended Dec. 24 ---------------------------------------------------------------- Technical Communications Corporation announced its results for the fiscal quarter ended Dec. 24, 2022. For the quarter ended Dec. 24, 2022, the Company reported a net loss of $(849,000), or $(0.46) per share, on revenue of $122,000, compared to a net loss of $(613,000), or $(0.33) per share, on revenue of $423,000 for the quarter ended Dec. 25, 2021. As of Dec. 24, 2022, the Company had $1.91 million in total assets, $4.68 million in total liabilities, and a total stockholders' deficit of $2.77 million. Carl H. Guild Jr., president and CEO of Technical Communications Corporation, commented, "The impact of the COVID pandemic has not resolved and continues to have negative effects on the financial condition of the Company. We continue to work closely with our customers in order to be able to move quickly once they are in a position to place orders. TCC continues to closely monitor expenses and is actively pursuing additional sources of liquidity." A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/96699/000117184323000678/exh_991.htm About Technical Communications Concord, Massachusetts-based Technical Communications Corporation -- http://www.tccsecure.com-- specializes in secure communications systems and customized solutions to protect highly sensitive voice, data and video transmitted over a wide range of networks, serving government entities, military agencies, and corporate enterprises. Westborough, Massachusetts-based Stowe & Degon LLC, Technical Communications Corporation's auditor since 2019, issued a "going concern" qualification in its report dated Dec. 22, 2022, citing that the Company has an accumulated deficit, has suffered significant net losses and negative cash flows from operations and has limited working capital that raise substantial doubt about its ability to continue as a going concern. TECHNICAL ORDNANCE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Technical Ordnance Solutions LLC 23-00125 2430 Vanderbilt Beach Rd Suite 108 PMB 269 Naples FL 34109 Atomic Machine & EDM Inc 23-00126 9950 Business Circle, Ste 13 Naples FL 34104 Energy Technical Systems Inc 23-00127 6958 Mill Run Circle Naples FL 34109 Business Description: Technical Ordnance is engaged in the business of ordnance accessories manufacturing. Atomic Machine and EDM Inc, is a Naples FL precision contract manufacturing company servicing the defense, aerospace and medical industries. Energy Technical is in the small arms ammunition manufacturing business. Chapter 11 Petition Date: February 5, 2023 Court: United States Bankruptcy Court Middle District of Florida Debtors' Counsel: Mike Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 Email: mike@dallagolaw.com Technical Ordnance's Estimated Assets: $50,000 to $100,000 Technical Ordnance's Estimated Liabilities: $1 million to $10 million Atomic Machine's Estimated Assets: $1 million to $10 million Atomic Machine's Estimated Liabilities: $1 million to $10 million Energy Technical's Estimated Assets: $50,000 to $100,000 Energy Technical's Estimated Liabilities: $0 to $50,000 The petitions were signed by Clyde William Colburn, III as owner. Copies of the Debtors' lists of largest unsecured creditors are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GZXUXPA/Technical_Ordnance_Solutions_LLC__flmbke-23-00125__0004.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/HXEE26Q/Atomic_Machine__EDM_Inc__flmbke-23-00126__0004.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ECD5PNI/Energy_Technical_Systems_Inc__flmbke-23-00127__0004.0.pdf?mcid=tGE4TAMA Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GUSST5Y/Technical_Ordnance_Solutions_LLC__flmbke-23-00125__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/HBEZFTA/Atomic_Machine__EDM_Inc__flmbke-23-00126__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/H7NTDWA/Energy_Technical_Systems_Inc__flmbke-23-00127__0001.0.pdf?mcid=tGE4TAMA TIMES SQUARE JV: Clear Channel Objects to Disclosure Statement -------------------------------------------------------------- Clear Channel Spectacolor, LLC, submitted an objection to Times Square JV LLC, et al.'s Disclosure Statement for the Debtors' Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code filed on January 24, 2023. Clear Channel contends that the Amended Disclosure Statement lacks adequate information and should not be approved. The Amended Disclosure Statement is lacking the information necessary to allow creditors, particularly Clear Channel, to make an informed judgment with respect to the proposed plan and its implications. Clear Channel does not have adequate information about the risks it will face under the proposed plan. Among other things, the TSJV and CPTS debtors have refused to acknowledge the continued viability and enforceability of Clear Channel's Lease through June 29, 2032 in light of their Operating Lease that supposedly expires on June 30, 2023. Clear Channel points out that the Amended Disclosure Statement lacks adequate information concerning the consequences of expiration of the operating lease. Despite requests from Clear Channel, the Amended Disclosure Statement does not state the position of TSJV and CPTS regarding the effect of the purported expiration or termination of the Operating Lease on or before June 30, 2023 on the Clear Channel Lease, scheduled to expire 9 years later on June 29, 2032. The Amended Disclosure Statement, therefore, does not contain adequate information of the consequences of the plan or the risks associated with the plan – leaving Clear Channel without sufficient information to make an informed decision about the proposed plan. Clear Channel asserts that the Amended Disclosure Statement contains no information about the Debtors' intentions regarding the lease. The Amended Disclosure Statement also fails to disclose adequate information regarding the intentions of TSJV or CPTS to assume or reject the Lease. In fact, the Amended Disclosure Statement does not contain any information on this topic. Clearly, the Amended Disclosure Statement cannot be deemed to contain adequate information of the consequences of the plan or the risks associated with the plan if it does not contain clear language about whether TSJV or CPTS proposed to assume or reject the Lease. As the Amended Disclosure Statement is completely silent on the issue of assumption or rejection of the Lease, as well as the consequences of each, it does not contain adequate information and cannot be approved. Clear Channel complains that the Amended Disclosure Statement fails as the proposed Plan is unconfirmable. An unconfirmable plan is grounds for rejection of the disclosure statement, and a disclosure statement that describes a plan that is patently unconfirmable on its face should not be approved. Attorneys for Clear Channel Spectacolor, LLC: Daniel M. Eliades, Esq. Caitlin C. Conklin, Esq. K&L GATES LLP One Newark Center, 10th Fl. Newark, NJ 07102 Tel: (973) 848-4000 E-mail: daniel.eliades@klgates.com caitlin.conklin@klgates.com About Times Square JV LLC Times Square JV LLC owns a building located at 1605 Broadway, New York, NY 10019, in central Times Square (between West 48th and 49th Streets). The Premises has a total of 840,000 square feet and consists, among other things, of certain hotel space on the 15th through 46th floors, currently branded as the Crowne Plaza Times Square Manhattan Hotel; 196,300 square feet of commercial office space, portions of which are currently leased to three third-party tenants; 17,800 square feet of ground floor retail space; certain billboard spaces; and a parking garage. Debtor TJV leases the Premises to affiliate CPTS Hotel Lessee LLC pursuant to an Agreement of Lease dated as of Jan. 1, 2017, as amended. Affiliates 1601 Broadway Owner LLC and 1601 Broadway Holdings LLC directly or indirectly own or lease certain real property underlying the Premises. Vornado is the ultimate indirect majority parent of non-debtor CPTS Mezz Borrower, which is the sole legal and beneficial owner of 100% of the issued and outstanding limited liability company membership interests in Debtor CPTS. On Dec. 28, 2022, CPTS Hotel Lessee LLC ("CPTS"), Times Square JV LLC ("TSJV"), 1601 Broadway Owner LLC and 1601 Broadway Holdings LLC filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-11715) on Dec. 27, 2022. In the petition filed by Richard Shinder, as president, treasurer and sole director, TSJV reported assets and liabilities between $100 million and $500 million. Judge John P. Mastando III oversees the case. The Debtors are represented by John R. Ashmead, Esq. at Seward & Kissel, LLP. TIMES SQUARE JV: Committee Says Plan Disclosures Inadequate ----------------------------------------------------------- The Official Committee of Unsecured Creditors of Times Square JV LLC, et al. objects to the adequacy of the amended Disclosure Statement for the Debtors' Plan of Reorganization Under Chapter 11 of the Bankruptcy Code and to approval of the Debtors' Motion for Entry of an Order Approving the Adequacy of the Disclosure Statement, Solicitation and Notice Procedures, Forms of Ballots and Notices in Connection Therewith, and Certain Dates with Respect Thereto. "Unreasonable haste is the direct road to error. Seeking to rush these Chapter 11 Cases to conclusion at the behest of their secured creditor, the Debtors have proposed a Disclosure Statement that fails to provide adequate disclosures and cannot be approved in its current form," the Committee tells the Court. According to the Committee, the Debtors seek to solicit a plan that gives unsecured creditors no means of knowing: (i) in which class their claim will sit; (ii) how or when the Debtors will decide in which class their claim will be placed; (iii) what the treatment will actually be for that class; and (iv) what the expected recovery will be. The Debtors apparently expect creditors to vote blindly and hope that their claims will be treated fairly. This is not adequate information under the Bankruptcy Code. "Just as problematically, the Debtors entirely fail to explain how they expect to confirm a plan that discriminates, unfairly and unapologetically, against the overwhelming majority of the Debtors' unsecured creditors. In its "equitization" iteration, the Plan proposes to make a substantial distribution to "ongoing trade creditors" in Class 4, while making no distribution at all to the remainder of the Debtors' "other" unsecured creditors in Class 5. Plans affording greater recoveries to "ongoing trade claims" have been confirmed, but only upon a "compelling" showing that such ongoing trade creditors are "vital" to the debtors' ongoing, post-emergence business. The Debtors have not explained how they intend to make the requisite showing here, and, plainly, they cannot even try to make that showing without identifying which creditors will be "ongoing" and which will not, which they have not done to date," the Committee said in court filings. "Nor does the Disclosure Statement anywhere acknowledge that confirmation of the Plan will be subject to a "heightened scrutiny" standard. The Plan seeks to implement significant insider transactions that, if consummated, will enable the Debtors' prepetition secured lender, under the control of Argent Ventures, LLC ("Argent"), who is also the DIP Lender and exercises equity control of the Debtors, to acquire substantially all of the Debtors' assets, either through a sale or an equitization, with little to no benefit flowing to any other stakeholder, including general unsecured creditors. Under such circumstances, bankruptcy courts apply a "heightened scrutiny" standard in determining whether to confirm the relevant plan. The Debtors must acknowledge and disclose that this standard will apply to the Plan." Proposed Counsel to the Official Committee of Unsecured Creditors: Dennis C. O'Donnell, Esq. Rachel Ehrlich Albanese, Esq. DLA Piper LLP (US) 1251 Avenue of the Americas New York, NY 10020-1104 Telephone: (212) 335-4500 Facsimile: (212) 335-4501 E-mail: dennis.odonnell@us.dlapiper.com rachel.albanese@us.dlapiper.com About Times Square JV LLC Times Square JV LLC owns a building located at 1605 Broadway, New York, NY 10019, in central Times Square (between West 48th and 49th Streets). The Premises has a total of 840,000 square feet and consists, among other things, of certain hotel space on the 15th through 46th floors, currently branded as the Crowne Plaza Times Square Manhattan Hotel; 196,300 square feet of commercial office space, portions of which are currently leased to three third-party tenants; 17,800 square feet of ground floor retail space; certain billboard spaces; and a parking garage. Debtor TJV leases the Premises to affiliate CPTS Hotel Lessee LLC pursuant to an Agreement of Lease dated as of Jan. 1, 2017, as amended. Affiliates 1601 Broadway Owner LLC and 1601 Broadway Holdings LLC directly or indirectly own or lease certain real property underlying the Premises. Vornado is the ultimate indirect majority parent of non-debtor CPTS Mezz Borrower, which is the sole legal and beneficial owner of 100% of the issued and outstanding limited liability company membership interests in Debtor CPTS. On Dec. 28, 2022, CPTS Hotel Lessee LLC ("CPTS"), Times Square JV LLC ("TSJV"), 1601 Broadway Owner LLC and 1601 Broadway Holdings LLC filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-11715) on Dec. 27, 2022. In the petition filed by Richard Shinder, as president, treasurer and sole director, TSJV reported assets and liabilities between $100 million and $500 million. Judge John P. Mastando III oversees the case. The Debtors are represented by John R. Ashmead, Esq. at Seward & Kissel, LLP. TKC HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings revised its rating outlook to negative on St. Louis-based TKC Holdings Inc., a provider of commissary, food service, and technology products to the corrections industry. S&P also affirmed all of its ratings on TKC, including its 'B-' issuer credit rating. The negative outlook reflects the risk that S&P could lower the ratings over the next 12 months if weaker-than-expected operating performance results in S&P Global Ratings' adjusted leverage remaining higher than 10x along with FOCF deficits if TKC continues to face rapidly rising input costs. Low-single-digit revenue growth and improved margins in 2023 will not be enough to meaningfully improve leverage or bolster free cash flow generation. For the 12-month period ended Sept. 30, 2022, TKC's revenue declined 5.8% with S&P Global Ratings-adjusted EBITDA margin between 9%-10%, down from the low teens in FY2021. This was the result of lower commissary and ancillary product sales due to a decline in inmate spending (down 16.7% year-over-year, but up 1.4% from 2020) along with the loss of one contract in its food services segment. The elevated per-inmate spend in 2021 was as a result of increased available funds from stimulus payments, as well as contributions from relatives under limited visitation circumstances. The 300-400 basis point (bp) year-over-year decline in EBITDA margin is largely inflation-related. Although TKC passes through higher input costs to its customers, there is generally a timing lag. During periods of high inflation, this lag can significantly compress margins and cash generation. The Producer Price Index for food (PPI) increased ~30% in 2022 (~20% excluding the impact the avian flu has had on eggs), which followed a 20% increase in 2021. S&P said, "While we expect these headwinds to ease in 2023, our base-case forecast still assumes food PPI growth is in the mid- to high-single-digit percentages. As such, the price increases that TKC has implemented over the past 24 months from rising input costs (largely indexed to the Consumer Price Index [CPI] food away from home category) will not entirely cover the increased costs it faces from vendors. We acknowledge there is a wide range of potential outcomes given supply chains have not completely normalized and food suppliers continue to cite higher transport, labor, and production costs. While our base case expects EBITDA margin to improve by about 100 bps from 2022, higher-than-expected PPI may continue to pressure TKC's margins given the lag in realizing benefits from pricing increases." S&P said, "We expect 2023 revenue growth in the low-single-digit percentage area as TKC's pricing increases are largely offset by lower per-inmate spending in its commissary segment, though rising inmate populations will benefit the food services segment. We expect TKC's other segments to remain stable, including its communications and other products for the corrections industry, along with its courtesy business catering to hotel and accommodation industries." TKC's tight cushion under its springing covenant may limit its liquidity and financial flexibility. As of Sept. 30, 2022, TKC's cash balance was $43.0 million with full access to its $50 million revolving credit facility due May 2026. S&P said, "We believe the fourth quarter was a use of cash for seasonal inventory needs which likely also included a modest revolver draw. Under our base-case forecast, we do not expect TKC to utilize its revolver in the first half of 2023. However, if the company's operating results are worse than we expect and it is forced to draw further on its revolving facility, we expect headroom under its 5.1x first-lien springing leverage covenant will be relatively tight (below 15%). As such, we revised our liquidity assessment to less than adequate." S&P said, "We expect slowing inflation, along with unwinding inventory and additional collections-related initiatives to result in working capital being a source of cash. If the company executes these initiatives, we believe there is upside to our forecast. However, interest expense will be higher in 2023 and cost headwinds (both input costs and labor) are likely to persist. As such, we expect negligible free cash flow generation for the year, and we forecast leverage in the 9x-10x range from 11.3x as of Sept. 30, 2022. "The negative outlook reflects the risk that we could lower the ratings over the next 12 months if weaker-than-expected operating performance results in S&P Global Ratings'-adjusted leverage remaining higher than 10x along with FOCF deficits if TKC's input costs continue to rise." S&P could lower its rating on TKC if it views TKC's capital structure as unsustainable, evidenced by: -- Declining operating performance resulting in sustained free cash flow deficits; -- Leverage sustained above 10x; -- S&P's belief that TKC depends upon favorable business, financial, and economic conditions to meet its financial commitments; or -- Weak liquidity caused by worse-than-expected profitability or a potential covenant breach. S&P could revise the outlook to stable if it expects operating trends to improve, partly as a result of improved margins, and if we expect FOCF to debt to remain in the low-single-digit percent area. ESG credit indicators: E-2, S-3, G-3 S&P said, "Social factors are a moderately negative consideration in our rating analysis on TKC Holdings. The company has a good record of upholding service quality but did suffer a lapse in 2017 when it incurred a $2 million fine for service-level agreement violations at the Michigan Department of Corrections (though it has since entered into new contracts with TKC). In addition, the inmate communications space is under constant public and regulatory scrutiny for charging above-average call rates compared to noncorrections telecommunication markets. Governance is a moderately negative consideration, as it is for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects private-equity sponsors' generally finite holding periods and focus on maximizing shareholder returns." TOPP'S MECHANICAL: Creditor AEB Buys Tecumseh Property for $2.6K ---------------------------------------------------------------- Topp's Mechanical, Inc., asks the U.S. Bankruptcy Court for the District of Nebraska to approve the sale of the real property commonly known as 1206 Jackson Street, Tecumseh, Nebraska, to its Secured Creditor, American Exchange Bank, for $2,600. Topp's is the owner of Real Property, which is described as The South Half (S1/2) of Lot 6, in Block 2, Original Town, now City of Tecumseh, Johnson County, Nebraska. The title to the property is held in the name of Topp's. The ownership and lien positions of the judgment lienholders are set forth in the Limited Title Report. The Real Property is located in the southeast corner of the facility formerly operated by Topp's. There is a small house located on the Real Property, which is not habitable and should be demolished. The assessed value of the property for 2022 is $2,534. AEB has agreed to purchase and Topp's has agreed to sell the Real Property under the terms of the Purchase Agreement. The sale will close within 10 business days after an order approving the sale free and clear of liens is approved by the Court. There are five judgment liens against the Real Property as shown by the Title Report. The Real Property was assessed with the shop property owned by Topp's but has been separately assessed following the sale of the shop property by AEB. The judgment lien creditors are, in order of priority: Westco International, Inc. - $26,223.91 HTH Companies, Inc. - $108,688.39 Tradesmen International, LLC - $115,590.30 Jacobi Carbons, Inc. - $58,990.89 Kenny Pipe & Supply, Inc. - $79,475.55 Following payment of the real estate taxes, the remaining proceeds will be paid to Westco International, Inc. for application to its judgment lien. There will not be sufficient proceeds to pay the judgment lien of Westco International, Inc. The remaining judgment lienholders will receive nothing on their judgment liens. The best interests of the estate would be served by a sale of the Real Property free and clear of liens or other claims. The purchase price exceeds the assessed value. No other party has made an offer to purchase the Real Property at any price and given the judgment liens on the Real Property, it is unlikely that a private sale will generate sufficient proceeds to pay any one of the judgment liens. The sale of the Real Property will result in a loss of approximately $2,400 for income tax purposes. Topp's purchased the Real Property for $5,000. The parties request that the Court waives the 14-day stay under Bankruptcy Rule 6004(h). A copy of the Purchase Agreement is available at https://tinyurl.com/fx6mhmhy from PacerMonitor.com free of charge. About Topp's Mechanical Topp's Mechanical Inc., a mechanical contractor in Tecumseh, Neb., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-40038) on Jan. 15, 2021. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. Judge Thomas L. Saladino oversees the case. Justin D. Eichmann, Esq., at Houghton Bradford Whitted PC, LLO, is the Debtor's legal counsel. TORREY HOLDINGS: Unsecured Creditors to Get $2,000 in Plan ---------------------------------------------------------- Torrey Holdings LLC submitted a Second Amended Plan of Reorganization. Under the Plan, Class 9 General Unsecured Claims will receive payment of $2,000, in cash to be divided amongst each Allowed Claim as soon as reasonably practicable after the later of the Effective Date of the Plan, the date such Class 9 Claim becomes Allowed, or such other date as may be ordered by the Bankruptcy Court. Class 9 is impaired. On and after the Effective Date, Reorganized Debtor shall continue to exist as a separate entity in accord with applicable law and shall retain all licenses necessary to its operations that existed as of the Petition Date. Debtor's existing articles of incorporation, bylaws, corporate resolutions (as amended, supplemented or modified) will continue in effect for Reorganized Debtor following the Effective Date, except to the extent such documents are amended in conformance with this Plan or by proper corporate action after the Effective Date. On and after the Effective Date, Reorganized Debtor's parent company and managing member, 365 REAL ESTATE INVESTMENTS, LLC, provide substantial new value to Reorganized Debtor by infusing Reorganized Debtor with the necessary funds to restore the Property to habitable conditions, and renovate to maximize income, which Debtor projects will cost at least $400,000. Counsel for the Debtor: Ryan A. Andersen, Esq. ANDERSEN LAW FIRM, LTD. 3199 E Warm Springs Rd., Ste 400 Las Vegas, NV 89120 Tel: (702) 522-1992 Fax: (702) 825-2824 E-mail: ryan@vegaslawfirm.legal A copy of the Second Amended Plan of Reorganization dated Jan. 25, 2023, is available at https://bit.ly/3XIBHZa from PacerMonitor.com. About Torrey Holdings Based in Las Vegas, Torrey Holdings, LLC, filed a Chapter 11 petition (Bankr. D. Nev. Case No. 20-10449) on Jan. 27, 2020. At the time of filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of less than $50,000. Judge Bruce T. Beesley oversees the case. The Debtor tapped Andersen Law Firm, Ltd., as its legal counsel. TPC GROUP: Top Texas Court to Review Investor Liability -------------------------------------------------------- Tom Lotshaw of Law360 reports that the Texas Supreme Court on Friday, January 28, 2023, set oral arguments to determine if lower courts failed to properly enforce the limited liability of First Reserve Corp. and other investors in a suit alleging that they should face claims for damages after the explosion of a TPC Group chemical plant in Port Neches. About TPC Group TPC Group, headquartered in Houston, is a producer of value-added products derived from petrochemical raw materials such as C4 hydrocarbons, and provider of critical infrastructure and logistics services along the Gulf Coast. The Company sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. With an operating history of more than 75 years, TPC Group has a manufacturing facility in the industrial corridor adjacent to the Houston Ship Channel and operates product terminals in Port Neches, Texas and Lake Charles, Louisiana. TPC Group Inc. and its subsidiaries sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 22-10493) on June 1, 2022. TPC Group estimated assets and debt of $1 billion to $10 billion to $10 billion. The Hon. Craig T. Goldblatt is the case judge. Baker Botts L.L.P. is the Debtors' counsel; Morris, Nichols, Arshtn & Tunnell LLP is the co-counsel; Moelis & Company LLC is the investment banker; and FTI Consulting is the financial advisor. Simpson Thacher & Bartlett LLP is the special finance counsel. Kroll Restructuring Administration is the claims agent. Eclipse Business Capital LLC is advised by Goldberg Kohn Ltd. Paul Hastings LLP, and Stroock & Stroock & Lavan LLP are serving as counsel to the Ad Hoc Noteholder Group that supports the Debtors' restructuring. Evercore Group L.L.C., is the Group's financial advisor. Young Conaway Stargatt & Taylor, LLP is local counsel to the Ad Hoc Noteholder Group. The Supporting Noteholders are funds controlled by FIG LLC and Fortress Capital Finance III(A) LLC, Monarch Alternative Capital LP., PGIM Inc., Redwood Capital Management LLC, and Strategic Value Partners LLC. Pachulski Stang Ziehl & Jones LLP, Proskauer Rose LLP, and Selendy Gay Elsberg PLLC are serving as counsel to an Ad Hoc Group of Non-Consenting Noteholders, led by Bayside Capital, Inc., and Cerberus Capital Management, L.P. Milbank LLP previously served as the group's counsel but was later replaced by Pachulski and SGE. TREES CORP: Completes Acquisition of Station 2 ---------------------------------------------- TREES Corporation and its indirect wholly-owned subsidiary Trees Colorado LLC, completed the acquisition of substantially all of the assets of Station 2, LLC, a Colorado limited liability company. At the closing, the Company delivered to Station 2 an aggregate of cash equal to $256,581.71. An additional $384,872.56 in cash will be paid by the Company to Station 2 in 24 equal monthly payments of $16,036.36 each per month commencing on the first full calendar month following the closing. Timothy Brown, a member of the Company's Board of Directors and Nominating Committee, is the sole owner of Station 2. Mr. Brown indirectly received all of the consideration described above. About Trees Corp Headquartered in Denver, Colorado, Trees Corporation (formerly known as General Cannabis Corp) -- provides services and products to the regulated cannabis industry. The Company is a trusted partner to the cultivation, production and retail sides of the cannabis business. General Cannabis reported a net loss of $8.87 million for the year ended Dec. 31, 2021, compared to a net loss of $7.68 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $27.79 million in total assets, $19.45 million in total liabilities, and $8.34 million in total stockholders' equity. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 25, 2022, citing that the Company has suffered recurring losses from operations and has negative working capital that raise substantial doubt about its ability to continue as a going concern. TRITON SOLAR: $100M Bank Debt Trades at 20% Discount ---------------------------------------------------- Participations in a syndicated loan under which Triton Solar US Acquisition Co is a borrower were trading in the secondary market around 80.5 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a Term loan that is scheduled to mature on October 29, 2025. The amount is fully drawn and outstanding. Triton Solar US Acquisition Co. operates as a global provider of video infrastructure technology. The Company offers solutions to both the direct to home and over the top end markets. TRIUMPH GROUP: Posts $11 Million Net Income in Third Quarter ------------------------------------------------------------ Triumph Group, Inc. has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net income of $10.95 million on $328.85 million of net sales for the three months ended Dec. 31, 2022, compared to a net income of $7.24 million on $319.25 million of net sales for the three months ended Dec. 31, 2021. For the nine months ended Dec. 31, 2022, the Company reported a net income of $107.14 million on $985.84 million of net sales compared to a net loss of $32.18 million on $1.07 billion of net sales for the same period during the prior year. As of Dec. 31, 2022, the Company had $1.59 billion in total assets, $370.11 million in total current liabilities, $1.60 billion in long-term debt (less current portion), $259.67 million in accrued pension and other postretirement benefits, $7.44 million in deferred income taxes, $43.05 million in other noncurrent liabilities, and total stockholders' deficit of $688.06 million. "We are pleased to have generated 21% organic sales growth in our continuing operations during the quarter as a result of ramping commercial OEM production rates, accelerating MRO demand, and recovering military volumes," said Dan Crowley, TRIUMPH's chairman, president, and chief executive officer. "As our supply chain catches up to increasing customer demand, we expect to see strong cash generation next quarter. We remain on track to meet our updated cash flow guidance as we increase profitability year over year." Mr. Crowley continued, "While our top-line growth is encouraging, improving our capital structure remains a priority. To that end, we recently provided stockholders with a pro rata distribution of warrants as a step towards deleveraging while we prepare to refinance our 2024 debt maturities. We continue to actively explore financing options and are confident that our comprehensive approach, underscored by the strength in our business and improving markets' conditions, will position TRIUMPH well for the future and benefit all of our stakeholders. TRIUMPH is on track to deliver profitable growth and increase shareholder value." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1021162/000095017023001631/tgi-20221231.htm About Triumph Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. -- http://www.triumphgroup.com-- designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators. Triumph Group reported a net loss of $42.76 million for the year ended March 31, 2022, compared to a net loss of $450.91 million for the year ended March 31, 2021. As of June 30, 2022, the Company had $1.66 billion in total assets, $543.53 million in total current liabilities, $1.59 billion in long-term debt (less current portion), $287.62 million in accrued pension and other postretirement benefits, $7.26 million in deferred income taxes, $47.27 million in other noncurrent liabilities, and a total stockholders' deficit of $805.29 million. * * * As reported by the TCR on Aug. 18, 2021, Moody's Investors Service upgraded its ratings for Triumph Group, Inc., including the company's corporate family rating to Caa2 from Caa3 and Probability of Default Rating to Caa2-PD from Caa3-PD. The upgrades reflect Moody's expectations for stronger operating performance that will result in a gradual improvement in credit metrics through 2023. In June 2020, S&P Global Ratings lowered its issuer credit rating on Triumph Group Inc. to 'CCC+' from 'B-'. UNITED FURNITURE: Chapter 11 Trustee Approved --------------------------------------------- Richard Craver of Winston-Salem Journal reports that the Chapter 11 trustee for a collapsed United Furniture Industries Inc. was approved Wednesday, January 25, 2023, by a federal Bankruptcy Court judge. Derek Henderson was selected as the trustee by a federal bankruptcy trustee after being signed off on by United and its creditors, led by Wells Fargo & Co. The Chapter 11 motion approved January 18, 2023 for United gives the manufacturer the opportunity to direct the sale of its assets with the oversight of a trustee. United unexpectedly shut down November 22, 2022, immediately ending employment and health insurance benefits for 530 Triad employees and about 2,700 companywide. Among its assets is the 850,000-square-foot production facility at 401 W. Hanes Mill Road in Winston-Salem. Wells Fargo filed a motion for Chapter 7 liquidation of the manufacturer's assets and the appointment of a bankruptcy trustee. The bank said in a Dec. 30 court filing requesting the Chapter 7 liquidation of United that it is owed $99.21 million in secured debt. However, the bank acknowledged it "estimates that any recoveries from liquidation of (United's) collateral will result in a recovery equal to a fraction of this amount." About United Furniture Industries United Furniture Industries manufactures and sells upholstery. It offers bonded leather and upholstery fabric recliners, reclining sofas and loveseats, sectionals, and sofa sleepers, as well as stationary sofas, loveseats, chairs, and ottomans. United Furniture Industries was subject to an involuntary Chapter 7 bankruptcy petition (Bankr. N.D. Miss. Case No. 22-13422) filed on Dec. 30, 2022. The petition was signed by alleged creditors Wells Fargo Bank, National Association, Security Associates of Mississippi Alabama LLC, and V & B International, Inc. Wells Fargo is represented by: R. Spencer Clift, III 901-526-2000 sclift@bakerdonelson.com Security Associates is represented by: Andrew C Allen The Law Offices Of Andrew C. Allen aallen@acallenlaw.com VERICAST CORP: $785M Bank Debt Trades at 21% Discount ----------------------------------------------------- Participations in a syndicated loan under which Vericast Corp is a borrower were trading in the secondary market around 79.1 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $785 million facility is a Term loan that is scheduled to mature on June 16, 2026. The amount is fully drawn and outstanding. Vericast Corp. operates as a marketing company. The Company offers advertising, marketing, transaction solutions, customer data, cross-channel campaign management, and intelligent media delivery services. VERISTAR TN: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. Veristar TN, LLC 23-00412 5134 Harding Pike Suite B10 Nashville, TN 37205 Veristar, LLC 23-00413 9501 West 144th Place Orland Park, IL 60462 Veristar Global, LLC 23-00414 d/b/a Veralocity 9501 West 144th Place Orland Park, IL 60462 Business Description: Veristar provides legal services for a range of practice areas and industries. The Company offers discovery, specialized legal staffing, and veralocity services. Chapter 11 Petition Date: February 5, 2023 Court: United States Bankruptcy Court Middle District of Tennessee Judge: Hon. Marian F. Harrison Debtors' Counsel: Robert Gonzales, Esq. EMERGELAW, PLC 4235 Hillsboro Pike 350 Nashville TN 37215 Tel: 615-815-1535 Email: robert@emerge.law Veristar TN's Total Assets: $117,621 Veristar TN's Total Liabilities: $0 Veristar, LLC's Total Assets: $1,477,959 Veristar, LLC's Total Liabilities: $3,806,865 Veristar Global's Total Assets: $0 Veristar Global's Total Liabilities: $250,000 The petitions were signed by Ben Gardner as chief financial officer. Veristar TN listed UPS, located at 55 Glenlake Parkway Northeast Atlanta, GA, 30328, as its only unsecured creditor. Veristar Global listed Charlie Gardner, located at 101 Park Shores Circle Suite 30E, Vero Beach, FL, 32963 as its only unsecured creditor holding a claim of $250,000. Full-text copies of the petitions containing, among other items, lists of the Debtors' 20 largest unsecured creditors are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VHXHMTI/Veristar_TN_LLC__tnmbke-23-00412__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/YE2OANI/Veristar_LLC__tnmbke-23-00413__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6ZBR4ZI/Veristar_Global_LLC__tnmbke-23-00414__0001.0.pdf?mcid=tGE4TAMA VERTEX ENERGY: Sells UMO Collections, Refining Business for $90M ---------------------------------------------------------------- Vertex Energy, Inc. announced it has sold its Heartland used motor oil (UMO) collection and recycling business to a wholly owned subsidiary of GFL Environmental, Inc., for total cash consideration of $90 million. The transaction was completed pursuant to the entry into a sale and purchase agreement which closed at the time of signing, on Feb. 1, 2023. Under the terms of the transaction, GFL acquired Vertex's 20 million gallon per year Heartland used motor oil (UMO) refinery in Ohio and the associated Heartland UMO collections business. STRATEGIC RATIONALE * Transaction facilitates continued improvement of balance sheet health. After fees, total net cash proceeds from the transaction are approximately $85 million. The Company may use some of the transaction proceeds to reduce outstanding debt on its balance sheet. * Transaction supports capital deployment into higher-return energy transition opportunities. This transaction positions Vertex to redeploy capital into energy transition assets of scale. Vertex continues to examine potential investment opportunities across the sustainable fuels sector, including further development of its renewable diesel production business, as well as potential new opportunities in the rapidly growing Sustainable Aviation Fuel (SAF) market. Management believes the transition to the production of lower-carbon, sustainable fuels and products represents an attractive investment opportunity that positions the Company to achieve meaningful growth in Adjusted EBITDA and free cash flow long-term. * Transaction enhances strategic and operational focus on its core refining operations. Vertex believes the resulting streamlined asset footprint will enable further operational focus and enhanced efficiencies throughout the Company. The improved operational focus on the Mobile refining facility comes almost concurrently with anticipated mechanical completion and subsequent start-up of initial renewable diesel production which is currently expected to be completed in the second quarter 2023. Management Commentary "We believe that the divestiture of our used motor oil business at Heartland, while a significant element of our Company's history and roots, will reflect another step forward in the greater transformation of our business into an energy transition story of scale. We expect that this transaction will serve us well by enabling the improvement of our balance sheet health, while adding strategic value through the streamlining of our operations. We remain highly focused on the execution of our conventional fuels refining strategy and the development of a large-scale, sustainable fuels production business longer-term. Make no mistake, we are committed to our remaining legacy business, coupled with our new investments in the Mobile refinery and the Gulf Coast, a key pathway to our greater energy transition strategy," stated Benjamin P. Cowart, president and CEO of Vertex. Advisors Houlihan Lokey served as financial advisor to Vertex, and Stroock & Stroock & Lavan LLP served as legal counsel to Vertex for the transaction. About Vertex Energy Houston-based Vertex Energy, Inc. is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also a processor of used motor oil, with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. Vertex Energy reported a net loss of $7.66 million for the year ended Dec. 31, 2021, a net loss of $11.40 million for the year ended Dec. 31, 2020, and a net loss of $5.49 million for the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $647.58 million in total assets, $527.24 million in total liabilities, and $120.34 million in total equity. VISTAGEN THERAPEUTICS: Closes Pherin Pharmaceuticals Acquisition ---------------------------------------------------------------- Vistagen announced the closing of its acquisition of Pherin Pharmaceuticals, Inc., a privately held drug development company focused on neuropsychiatric and neuroendocrine conditions. Vistagen now owns all intellectual property rights to its two most advanced drug candidates, PH94B, currently in Phase 3 development for social anxiety disorder (SAD) and Phase 2 development for adjustment disorder with anxiety (AjDA), and PH10, in clinical development for major depressive disorder (MDD), as well as three additional drug candidates in earlier stages of development: PH15 for cognition improvement; PH80 for migraine and hot flashes; and PH284 for appetite-related disorders. Vistagen's acquisition of Pherin eliminates all future royalty payment obligations related to its five pherine nasal spray drug candidates. "This acquisition is another important step in our plan to develop and commercialize PH94B and PH10 as innovative treatments for millions of individuals struggling with anxiety and depression disorders," stated Shawn Singh, chief executive officer of Vistagen. "By acquiring Pherin, we are eliminating all potential royalty payment obligations related to PH94B and PH10, as well as the three additional earlier stage pherines acquired in the transaction. This acquisition significantly improves the potential future commercial profile of each drug candidate." At Closing (Feb. 2, 2023), each outstanding share of Pherin common stock, par value $0.0001 per share, converted into the right to receive 0.325 of one share of the Company's common stock, par value $0.001 per share or, solely for those Pherin stockholders who were not eligible to receive Company Common Stock as consideration for the Pherin Acquisition, an equivalent cash payment, calculated by multiplying the shares of Company Common Stock otherwise issuable to such Pherin stockholders by $0.2479, the most recently reported closing price of the Company Common Stock immediately prior to Closing, as reported on the Nasdaq Stock Market. The Company expects to issue an aggregate total of (i) 12,410,181 unregistered shares of Company Common Stock to approximately 96.07% of the Pherin stockholders, and (ii) an aggregate total of approximately $125,800 to the remaining approximately 3.93% of the Pherin stockholders who were not eligible to receive shares of Company Common Stock on the Closing Date. About VistaGen Headquartered in San Francisco, California, VistaGen Therapeutics, Inc. -- http://www.vistagen.com-- is a biopharmaceutical company committed to developing and commercializing innovative medicines with the potential to go beyond the current standard of care for anxiety, depression, and other CNS disorders. VistaGen reported a net loss and comprehensive loss of $47.76 million for the fiscal year ended March 31, 2022, compared to a net loss and comprehensive loss of $17.93 million for the fiscal year ended March 31, 2021. As of Sept. 30, 2022, the Company had $40.70 million in total assets, $11.10 million in total liabilities, and $29.60 million in total stockholders' equity. San Francisco, California-based WithumSmith+Brown, PC, the Company's auditor since 2006, issued a "going concern" qualification in its report dated June 23, 2022, citing that the Company has suffered negative cash flows from operations and recurring losses from operations since inception, resulting in an accumulated deficit of $267.6 million as of March 31, 2022, that raise substantial doubt about its ability to continue as going concern. VYANT BIO: To Reduce Workforce as Part of Cash Preservation Plan ---------------------------------------------------------------- Vyant Bio, Inc. announced that on Jan. 31, 2023 its Board of Directors determined it was appropriate to conduct a reduction in force as soon as practical so as to preserve cash to allow the Company, through its advisors including LifeSci Capital, to continue to pursue satisfactory strategic alternative transactions and/or execute an orderly wind down of the Company, if necessary. John A. Roberts, president and chief executive officer and Robert T. Fremeau, Jr. Ph.D., chief scientific officer, agreed in principle with the Company to step down from their respective positions, effective as of Feb. 3, 2023, to preserve cash for the execution of an orderly wind down process. Mr. Roberts will remain a member of the Board of Directors of the Company. The Company's Board of Directors has appointed Andrew D. C. LaFrence, currently the Company's chief financial officer, to assume the position of president and chief executive officer to lead the Company through this period of transition. "The Company's Board and Management believe that it is prudent to allow time for LifeSci Capital to continue its mandate of exploring potential strategic transactions while providing for prudent cash management in the event strategic alternatives fail to materialize and an orderly wind down of the Company's operations becomes necessary," said Andy LaFrence, chief financial officer of Vyant Bio. The Company estimates that it will incur approximately $1.4 million for retention, severance and other employee termination-related costs in the first and second quarters of 2023. The Company expects to substantially complete the workforce reduction prior to the end of February 2023. The Company also expects to delay or defer pending efforts with respect to its current pre-clinical and clinical programs. The Company's decision to potentially pursue other strategic alternatives to unlock material value is based on its belief that its stock price does not reflect the fundamental value of the business. On Jan. 4, 2023, the Company announced it had engaged LifeSci Capital to assist the Board in evaluating potential strategic options. To arrange a time to meet with the management team, please contact Hany Awadalla at LifeSci Capital at hawadalla@lifescicapital.com. About Vyant Bio Headquartered in Cherry Hill, New Jersey, Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. Its central nervous system drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Vyant Bio reported a net loss of $40.86 million for the year ended Dec. 31, 2021, a net loss of $8.65 million for the year ended Dec. 31, 2020, a net loss of $6.71 million for the year ended Dec. 31, 2019, and a net loss of $20.37 million for the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had $23.04 million in total assets, $9.20 million in total liabilities, and $13.84 million in total stockholders' equity. WESTBANK HOLDINGS: Water Board Says Fannie Disclosures Inadequate ----------------------------------------------------------------- The Sewerage and Water Board of New Orleans submitted an objection to the Disclosure Statement for Creditor's Plan of Reorganization for debtor Westbank Holdings, LLC, filed by creditor Federal National Mortgage Association. SWBNO appreciates that Fannie Mae has presented an alternative to the Plan filed by Bruno and agrees with many features of Fannie Mae's Disclosure Statement, but the SWBNO submits that Fannie Mae's Disclosure Statement lacks adequate information required under the Bankruptcy Code. The SWBNO has substantial postpetition priority administrative claims and pre-petition unsecured claims. The SWBNO's unsecured claims total $3,008,105. The SWBNO timely filed the following proofs of claim in each of the Debtors' cases: $174,634 for Washington Place, LLC; $107,718 for Forest Park Apartments, LLC; $64,476 for Liberty Park Apartments, LLC; $451,695 for Cypress Park Apartments II, LLC; and $2,209,582.25 for Westbank Holdings, LLC. SWBNO holds allowed priority administrative claims for postpetition sewerage and water. The Court entered an Order on Oct. 12, 2022 granting SWBNO first-priority administrative expense claims in the amount of $200,000 from Westbank Holdings, LLC and $55,319 from Cypress Park Apartments II, LLC [ECF Doc. 561], plus administrative claims for all future billings. The October 12, 2022 Order provided a payment plan for SWBNO's administrative expense claim, which has just started. "Fannie Mae's Disclosure Statement lacks several of the key ingredients, and thus lacks adequate information to accomplish the purpose of disclosure statements," SWBNO tells the Court. Fannie Mae's Disclosure Statement lacks adequate information for SWBNO to determine whether to vote Fannie Mae's plan and to determine what it is going to get and when: * Fannie Mae's Disclosure Statement presents a liquidating plan. But importantly it does not contain any value or estimated value of the assets to be sold or the estimated proceeds of any sale. Without this information, compounded by the deficiencies and blanks in the Disclosure Statement described below, Fannie Mae's Disclosure Statement lacks "financial information, data, valuations or projections relevant to the creditors' decision to accept or reject the Chapter 11 plan." * Fannie Mae's Disclosure Statement lacks an adequate Chapter 7 liquidation analysis, as required by the factors listed above. Section XI.B of the Disclosure Statement does not present any financial figures to allow a comparison of a Chapter 7 liquidation to the estimated outcome of Fannie Mae's plan. * Fannie Mae's Disclosure Statement also lacks adequate information regarding "the actual or projected realizable value from recovery of preferential or otherwise voidable transfers." Fannie Mae's Disclosure Statement does not contain any estimate of the realizable value of such claims, nor any meaningful description of the effort that will be undertaken to investigate and pursue those claims. SWBNO has made known is interest in the pursuit of these claims, but the Disclosure Statement lacks adequate information regarding these claims. SWBNO points out that the Disclosure Statement lacks adequate information regarding the scheduled claims, aside from Fannie Mae's secured claims. A disclosure statement must include the treatment of claims, a list of claims, a description of the claims, and a description of the implementation of the plan. SWBNO further points out that the Disclosure Statement does not provide adequate information regarding the creditors' estimated return under a liquidation plan or a basis for comparison in a Chapter 7 liquidation. Fannie Mae plans on liquidating the Debtors' assets, and thus, Fannie Mae's Disclosure Statement must contain adequate information regarding "the estimated return" from the planned liquidation. SWBNO asserts that the Disclosure Statement makes reference to "Avoidance Actions" and "Causes of Action against Insiders." But it lacks adequate information regarding these claims. The Disclosure Statement does not provide adequate information regarding "the actual or projected realizable value from recovery of preferential or otherwise voidable transfers" as contemplated by the Section 1125 jurisprudence, and thus it fails to supply "adequate information" required in a disclosure statement. Counsel for Sewerage and Water Board of New Orleans: James M. Garner, Esq. Peter L. Hilbert, Esq. Thomas J. Madigan, II, Esq. SHER GARNER CAHILL RICHTER KLEIN & HILBERT, L.L.C. 909 Poydras Street, Suite 2800 New Orleans, LA 70112 Telephone: (504) 299-2100 Facsimile: (504) 299-2300 E-mail: jgarner@shergarner.com tmadigan@shergarner.com About Westbank Holdings Westbank Holdings, LLC is a New Orleans, La.-based company primarily engaged in renting and leasing real estate properties. Westbank Holdings and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Lead Case No. 22-10082) on Jan. 27, 2022. In its petition, Westbank Holdings listed as much as $50 million in both assets and liabilities. Joshua Bruno, manager, signed the petition. Judge Meredith S. Grabill oversees the cases. Frederick L. Bunol, Esq., at The Derbes Law Firm, LLC, Alvendia Kelly & Demarest, LLC and G Rowland CPA & Associates, serve as the Debtors' bankruptcy counsel, special counsel and accountant, respectively. Richard W. Cryar, a partner at F M Reed Company, is the Debtors' chief restructuring officer. Dwayne M. Murray, the Chapter 11 trustee appointed in the Debtors' cases, tapped Fishman Haygood, LLP as legal counsel and Patrick J. Gros, CPA, as accountant. WESTERN AUSTRALIAN: Carricarte Buys Clyde Property for $6 Million ----------------------------------------------------------------- Western Australian Holdings, LLC, asks the U.S. Bankruptcy Court for the Western District of North Carolina to approve the private sale of real property, specifically, 200 (+/-) acres located at 1610 Perth Road, Clyde, Haywood County, North Carolina, together with associated personalty, to Louis Carricarte for $6 million. Objections, if any, must be filed within 21 days of the date of the Notice. Since August 2014, the Debtor has owned certain real property located in Haywood County, North Carolina. Historically, it operated a business venture on the property known as Majors Estate, a vacation and event venue consisting of a 200+ acre mountain ranch with several residential log cabins, plus a barn, chapel, and reception hall. Majors Estate catered to weddings, corporate retreats, family vacations, social gatherings, and the like. The Debtor is no longer operating Majors Estate and the property is not generating any revenue. The Debtor's assets consist of the Property. Pursuant to Section 363(1) of the Bankruptcy Code, the Debtor may, with Court approval, sell the Property free and clear of all liens, encumbrances, rights, interests, and claims of record thereon. The Debtor has determined that it is in the best interests of the Debtor, the Estate, and its creditors to orderly liquidate the Property by and through a private cash sale. On May 20, 2022, the Debtor filed an application for the employment of Dave Cash and the firm of Keller Williams Professionals as the Debtor's real estate broker for the sale of the Property, and on May 24, 2022, the Court entered an Order authorizing the Debtor's employment of Broker. On Dec. 27, 2022, the Debtor filed an application to continue the employment of the Broker, and on Dec. 28, 2022 the Court entered an Order authorizing the Debtor's continued employment of the Broker. The Motion is made subject to a subsequent determination of the validity, priority, and extent of any liens after due notice and a hearing as provided by law. The Broker has received an offer to purchase the Property from the Debtor. By the Motion, the Debtor proposes to sell the Property by private sale free and clear of all liens, encumbrances, rights, interests and claims of record. It asks authority to sell the Property to the Buyer for $6 million by private sale pursuant to the terms of the Purchase and Contract. The Debtor requests that the sale of the Property be made free and clear of any and all asserted liens, encumbrances, claims, rights, and other interests, including but not limited to the following: a. Any and all property taxes due and owing to any City, County, or municipal corporation, speciﬁcally including the Haywood County Tax Department; b. North Carolina Department of Revenue; c. DCR Mortgage 10 Sub 2, LLC; d. Davi Enterprises Corp.; and e. Any and all remaining asserted interests, liens, encumbrances, rights, and claims asserted against the Property, which relate to or arise as a result of a sale of the Property, or which may be asserted against the buyer of the Property, including, but not limited to, those liens, encumbrances, interests, rights, and claims, whether fixed and liquidated or contingent and unliquidated, that have or may be asserted against the Property or the buyer of the Property by the North Carolina Department of Revenue, the Internal Revenue Service, and any and all other taxing government authorities. The proceeds of the sale shall be subject to the payment of reasonable, necessary costs and expenses of preserving, or disposing of, such property, to the extent of any benefit to the holder of an allowed secured claim, such costs, and expenses to be approved by the Court. Specifically, it asks authority to pay from the sale proceeds at closing the associated quarterly fees, ad valorem taxes, personal property taxes, ordinary closing costs (including, without limitation, the broker's commission), as well as all allowed administrative expenses of the Estate previously approved by the Court before any further distributions to creditors. About Western Australian Holdings Western Australian Holdings, LLC -- https://www.majorsestate.com/ -- operates a 200-acre mountain ranch. Based in Clyde, N.C., the company conducts business under the name Majors Estate. Western Australian Holdings sought Chapter 11 bankruptcy protection (Bankr. W.D.N.C. Case No. 22-10058) on April 27, 2022. In the petition filed by its manager, Timothy F. Majors, the Debtor listed up to $10 million in assets and up to $50 million in liabilities. Judge George R. Hodges oversees the case. Hendren Redwine & Malone, PLLC and David M. Cole, CPA, LLC serve as the Debtor's legal counsel and accountant, respectively. WOK HOLDINGS: S&P Downgrades ICR to 'CCC+' on Cash Flow Deficit --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based restaurant company Wok Holdings Inc. to 'CCC+' from 'B-' and issue-level rating on the company's senior secured credit facilities to 'CCC+' from 'B-'. The '3' recovery rating is unchanged. The negative outlook reflects the potential for a lower rating if liquidity becomes more constrained than we anticipate, or if a distressed exchange appears more likely. S&P said "Our downgrade of Wok Holdings reflects its weak credit protection metrics, sustained cash flow deficits, and heightened refinancing risk. Wok Holdings ramped up capital investments aggressively in 2022, aiming to complete its brand refresh initiative and expand its restaurant footprint. However, weaker-than-expected operating results, driven by elevated commodity and wage costs as well as declining guest traffic, pressured profitability and cash generation. We project the company generated a roughly $50 million cash flow deficit in fiscal 2022, which has strained liquidity. The company currently lacks borrowing availability under its revolving credit facility which becomes current next month. In our view, Wok has limited financial flexibility and will need to materially cut back its capital spending this year in order to preserve liquidity. This will limit its ability to continue to invest in its restaurant properties as well as grow new units. "We forecast S&P Global Ratings'-adjusted leverage around 6x and EBITDA interest coverage in the high-1x area over the next 12 months. Credit protection metrics deteriorated in 2022 as weaker than expect operating results coupled with higher revolver borrowings pressured leverage and interest coverage. We expect operating results to improve in 2023 from easing commodity inflation and moderating wage pressure, with adjusted EBITDA margins in the low-teen percentage area. However, the macroeconomic environment remains highly uncertain and we expect industry competition to intensify. In our view, Wok Holding's weak credit protection metrics and refinancing needs leave it more vulnerable to business, economic, and financial conditions to meet its financial commitments. "We have revised our assessment of Wok Holdings' liquidity to less than adequate based on sustained cash flow deficits and the upcoming March 2024 maturity of its revolving credit facility. The company's liquidity deteriorated in 2022 as soft performance, rising interest costs, and heavy capex spending contributed to a cash flow deficit of approximately $55 million through the third quarter of 2022. We anticipate FOCF generation will remain under pressure in 2023 due to challenging operating conditions and growing interest expense. We project cash interest costs of around $50 million in 2023, up from around $30 million paid in fiscal 2021." The company's $55 million revolving credit facility becomes current next month. As of the end of the third quarter, the company had $31 million drawn and $24 million committed for letters of credit, leaving no borrowing availability. S&P said, "In our view, Wok Holdings has little flexibility to absorb low-probability adversities. In the most recent quarter, headroom under its covenant was about 30%, but we believe the potential impact of a recessionary environment could lead to a substantial decline in EBITDA, reducing covenant headroom and leading to further ratings pressure." The negative outlook reflects the risk Wok Holdings will be unable to sufficiently improve performance and restore liquidity in the next 12 months. S&P could lower our rating if: -- S&P envisions a specific default scenario over the next 12 months, including the possibility of a near-term liquidity crisis or violation of its financial covenant; or -- S&P does not expect Wok Holdings to restore operating performance to levels that support the company's current capital structure, increasing the likelihood of a distressed exchange. S&P could revise the outlook to stable or raise its rating if: -- The company successfully addresses its upcoming revolver maturity; and -- S&P expects the company will generate sustained positive FOCF through meaningful operating performance improvement. ESG credit indicators: E-2, S-2, G-3 Governance is a moderately negative consideration, as is the case for most rated entities owned by financial sponsors. S&P believes Wok's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This reflects a focus on maximizing shareholder returns and their generally finite holding periods. WPI WATER: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: WPI Water Resources, Inc. d/b/a Waterwell Specialties 28702 Avenue 56 Ducor, CA 93218 Business Description: WPI Water owns and operates a water well drilling and repair business in Tulare County, California. Chapter 11 Petition Date: February 6, 2023 Court: United States Bankruptcy Court Eastern District of California Case No.: 23-10219 Judge: Hon. Rene Lastreto II Debtor's Counsel: Leonard K. Welsh, Esq. LAW OFFICE OF LEONARD K. WELSH 1800 30th Street, Fourth Floor Bakersfield, CA 93301 Tel: 661-328-5328 Fax: 661-760-9900 Email: lwelsh@lkwelshlaw.com Total Assets as of Feb. 6, 2023: $72,631 Total Liabilities as of Feb. 6, 2023: $1,186,605 The petition was signed by Amanda Jensen as chief executive officer. 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/N2IQFNQ/WPI_WATER_RESOURCES_INC__caebke-23-10219__0001.0.pdf?mcid=tGE4TAMA YAK ACCESS: $180M Bank Debt Trades at 94% Discount -------------------------------------------------- Participations in a syndicated loan under which Yak Access LLC is a borrower were trading in the secondary market around 6 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $180 million facility is a Term loan that is scheduled to mature on July 11, 2026. The amount is fully drawn and outstanding. Yak Access LLC provides construction services. The Company offers matting solutions, installation and removal of temporary roads, construction of permanent access roads, and civil services. YAK ACCESS: $680M Bank Debt Trades at 61% Discount -------------------------------------------------- Participations in a syndicated loan under which Yak Access LLC is a borrower were trading in the secondary market around 39.3 cents-on-the-dollar during the week ended Friday, February 3, 2023, according to Bloomberg's Evaluated Pricing service data. The $680 million facility is a Term loan that is scheduled to mature on July 11, 2025. About $552.5 million of the loan is withdrawn and outstanding. Yak Access LLC provides construction services. The Company offers matting solutions, installation and removal of temporary roads, construction of permanent access roads, and civil services. YUNHONG CTI: Signs Distribution Agreement With Kunshan Fair ----------------------------------------------------------- Yunhong CTI Ltd disclosed in a Form 8-K filed with the Securities and Exchange Commission that it entered into an exclusive distribution agreement with Kunshan Fair Craft Product Co., Ltd. to facilitate the sale and market development of balloons with biodegradable features in the United States. Each of FAIR and YCTI is in the business of manufacturing and selling balloons, and each is working with materials designed to offer biodegradable and compostable features to balloons. YCTI will be FAIR's exclusive distributor of its product offering in the United States for the term of the Agreement. The Agreement has an initial term commencing on Jan. 28, 2023 and ending on Jan. 31, 2024, and is subject to automatic renewal for successive one-year terms unless either party elects to terminate the term at least 30 days prior to the end of the then-current term. The Agreement does not restrict the Company's own independent development of similar products. About Yunhong CTI Lake Barrington, Illinois-based Yunhong CTI Ltd. -- www.ctiindustries.com -- develops, produces, distributes and sells a number of consumer products throughout the United States and in over 30 other countries, and it produces film products for commercial and industrial uses in the United States. Many of the Company's products utilize flexible films and, for a number of years, it has been a leading developer of innovative products which employ flexible films including novelty balloons, pouches and films for commercial packaging applications. Yunhong CTI reported a net loss of $7.55 million for the 12 months ended Dec. 31, 2021, a net loss of $4.29 million for the 12 months ended Dec. 31, 2020, and a net loss of $8.07 million for the 12 months ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $16.31 million in total assets, $13.50 million in total liabilities, and $2.81 million in total stockholders' equity. New York, NY-based RBSM LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. [*] Bankruptcy New Filings Up 12% in January Across Main Chapters ----------------------------------------------------------------- Bankruptcy new filings were up year-over-year across Chapter 7, 11, 13, and 15 in January 2023, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Epiq Bankruptcy is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations. Total commercial filings increased twelve percent to 1,694 in January 2023 over the 1,508 total filings reported in January 2022. Commercial Chapter 11 filings increased 70 percent to 257 filings up from 151 filings recorded one year ago. All subchapter V small business filings increased 49 percent to 137 in January 2023 from the 92 filings registered the previous year. Total U.S. bankruptcy filings in January 2023 were 31,087, up 19 percent from the 26,215 total filings registered in January 2022. The 29,545 overall individual filings were 20 percent higher in January 2023 than the 24,703 individual filings recorded last year. While still below pre-pandemic levels, individual Chapter 13 filings continued to increase in January, as the 13,702 reported filings were a 32 percent increase over the January 2022 total of 10,346. "While month-over-month and year-over-year new filings were up for most chapters, we continue to see a delta between more cases closing in a month than are being opened, making it inconclusive whether we've reached a turning point from historic lows in bankruptcy filings," said Gregg Morin, vice president business development and revenue for Epiq Bankruptcy. "In January 2023, 8,786 more total cases closed than opened. The two biggest deltas were Chapter 7s where 4,419 more cases closed than opened and Chapter 13s where 4,315 more cases closed than opened." Compared to December 2022, every Chapter new filing except Chapter 12 increased. January's total filings represented a five percent increase when compared to the 29,640 total filings recorded in December. Total individual filings for January represented a 6 percent increase from the December 27.911 total, however total commercial filings did decrease 2 percent from 1,729 in December. Individual Chapter 7 increased 2 percent from 15,471 and individual Chapter 13 increased 10 percent over December's 12,393. Total Chapter 11 filings registered a 16 percent increase from the 365 filings reported the previous month, and total Chapter 11 subchapter 5 by themselves increased 9 percent from the 126 filed in December 2022. "While still below pre-pandemic totals, bankruptcy filings continue to increase amid growing debt loads due to inflationary pressures and reduced availability of low-cost financing," said ABI Executive Director Amy Quackenboss. "Struggling households and businesses on shaky economic footing can look to bankruptcy to provide a solid path toward a financial fresh start." ABI partners with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Bankruptcy Epiq Bankruptcy -- https://www.epiqglobal.com -- is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations that takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. About ABI ABI -- http://www.abi.org/-- is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. [^] 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) AEMETIS INC DW51 GR 198.9 (184.9) (159.0) AEMETIS INC AMTXGEUR EU 198.9 (184.9) (159.0) AEMETIS INC DW51 GZ 198.9 (184.9) (159.0) AEMETIS INC DW51 TH 198.9 (184.9) (159.0) AEMETIS INC DW51 QT 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 36,954.0 (3,923.0) (1,396.0) ALTIRA GP-CEDEAR MOD AR 36,954.0 (3,923.0) (1,396.0) ALTIRA GP-CEDEAR MO AR 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 GR 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO* MM 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO US 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO SW 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOEUR EU 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO TE 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 TH 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO CI 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 QT 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOUSD SW 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 GZ 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC 0R31 LI 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC ALTR AV 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOEUR EZ 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOCL CI 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO-RM RM 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 BU 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP-BDR MOOO34 BZ 36,954.0 (3,923.0) (1,396.0) 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 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 US 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-BDR A1ON34 BZ 32,704.0 (429.0) 417.0 AON PLC-CLASS A AON US 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK GR 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK QT 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK TH 32,704.0 (429.0) 417.0 AON PLC-CLASS A AON1EUR EU 32,704.0 (429.0) 417.0 AON PLC-CLASS A AONN MM 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK GZ 32,704.0 (429.0) 417.0 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 US 4,401.4 (798.6) (694.1) 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 BBBYEUR EU 4,401.4 (798.6) (694.1) BED BATH &BEYOND BBBYEUR EZ 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 137,100.0 (15,848.0) 19,471.0 BOEING CO-CED BA AR 137,100.0 (15,848.0) 19,471.0 BOEING CO-CED BAD AR 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA EU 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BCO GR 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BAEUR EU 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA TE 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA* MM 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA SW 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BOEI BB 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA US 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BCO TH 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA PE 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BOE LN 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA CI 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BCO QT 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BAUSD SW 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BCO GZ 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA AV 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA-RM RM 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BAEUR EZ 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA EZ 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BACL CI 137,100.0 (15,848.0) 19,471.0 BOEING CO/THE BA_KZ KZ 137,100.0 (15,848.0) 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 518.7 (21.6) - BRIGHTSPHERE INV 2B9 GR 518.7 (21.6) - BRIGHTSPHERE INV BSIGEUR EU 518.7 (21.6) - BRIGHTSPHERE INV 2B9 GZ 518.7 (21.6) - BRINKER INTL EAT US 2,519.6 (267.5) (336.3) BRINKER INTL BKJ GR 2,519.6 (267.5) (336.3) BRINKER INTL BKJ QT 2,519.6 (267.5) (336.3) BRINKER INTL EAT2EUR EU 2,519.6 (267.5) (336.3) BRINKER INTL EAT2EUR EZ 2,519.6 (267.5) (336.3) BRINKER INTL BKJ TH 2,519.6 (267.5) (336.3) 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 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CAH US 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CLH GR 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CLH TH 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CLH QT 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CAHEUR EU 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CLH GZ 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CAH* MM 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CAHEUR EZ 44,482.0 (2,212.0) 1,384.0 CARDINAL HEALTH CAH-RM RM 44,482.0 (2,212.0) 1,384.0 CARDINAL-CEDEAR CAH AR 44,482.0 (2,212.0) 1,384.0 CARDINAL-CEDEAR CAHC AR 44,482.0 (2,212.0) 1,384.0 CARDINAL-CEDEAR CAHD AR 44,482.0 (2,212.0) 1,384.0 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 DELEK LOGISTICS DKL US 1,638.2 (114.3) (192.7) DELL TECHN-C DELL US 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C 12DA TH 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C 12DA GR 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C 12DA GZ 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C DELL1EUR EU 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C DELLC* MM 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C 12DA QT 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C DELL AV 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C DELL1EUR EZ 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C DELL-RM RM 85,172.0 (3,368.0) (13,220.0) DELL TECHN-C-BDR D1EL34 BZ 85,172.0 (3,368.0) (13,220.0) DENNY'S CORP DE8 GR 497.7 (44.6) (42.3) DENNY'S CORP DENN US 497.7 (44.6) (42.3) DENNY'S CORP DENNEUR EU 497.7 (44.6) (42.3) DENNY'S CORP DE8 TH 497.7 (44.6) (42.3) DENNY'S CORP DE8 GZ 497.7 (44.6) (42.3) DIEBOLD NIXDORF DBD SW 2,907.4 (1,317.7) (2,223.6) DINE BRANDS GLOB DIN US 1,972.0 (301.6) 126.7 DINE BRANDS GLOB IHP GR 1,972.0 (301.6) 126.7 DINE BRANDS GLOB IHP TH 1,972.0 (301.6) 126.7 DINE BRANDS GLOB IHP GZ 1,972.0 (301.6) 126.7 DIVERSIFIED ENER DEC LN - - - DIVERSIFIED ENER DGOCGBX EU - - - DIVERSIFIED ENER DECL PO - - - DIVERSIFIED ENER DECL L3 - - - DIVERSIFIED ENER DECL B3 - - - DIVERSIFIED ENER DECL TQ - - - DIVERSIFIED ENER DGOCGBX EP - - - DIVERSIFIED ENER DGOCGBX EZ - - - DIVERSIFIED ENER DECL IX - - - DIVERSIFIED ENER DECL EB - - - DIVERSIFIED ENER DECL QX - - - DIVERSIFIED ENER DECL BQ - - - DIVERSIFIED ENER DECL S1 - - - DOMINO'S P - BDR D2PZ34 BZ 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA EZV TH 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA EZV GR 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA DPZ US 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA EZV QT 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA DPZEUR EU 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA DPZ AV 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA DPZ* MM 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA EZV GZ 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA DPZEUR EZ 1,646.4 (4,316.5) 247.7 DOMINO'S PIZZA DPZ-RM RM 1,646.4 (4,316.5) 247.7 DOMO INC- CL B DOMO US 217.3 (146.1) (78.7) DOMO INC- CL B 1ON GR 217.3 (146.1) (78.7) DOMO INC- CL B 1ON GZ 217.3 (146.1) (78.7) DOMO INC- CL B 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JILL INC 1MJ1 GZ 489.4 (2.0) 35.9 JACK IN THE BOX JBX GR 2,922.5 (736.2) (238.7) JACK IN THE BOX JACK US 2,922.5 (736.2) (238.7) JACK IN THE BOX JACK1EUR EU 2,922.5 (736.2) (238.7) JACK IN THE BOX JBX GZ 2,922.5 (736.2) (238.7) JACK IN THE BOX JBX QT 2,922.5 (736.2) (238.7) KARYOPHARM THERA KPTI US 231.2 (140.3) 160.9 KARYOPHARM THERA 25K GR 231.2 (140.3) 160.9 KARYOPHARM THERA KPTIEUR EU 231.2 (140.3) 160.9 KARYOPHARM THERA 25K TH 231.2 (140.3) 160.9 KARYOPHARM THERA 25K GZ 231.2 (140.3) 160.9 KARYOPHARM THERA 25K QT 231.2 (140.3) 160.9 KLX ENERGY SERVI KLXE US 440.1 (55.9) 68.5 KLX ENERGY SERVI KX4A GR 440.1 (55.9) 68.5 KLX ENERGY SERVI KLXEEUR EU 440.1 (55.9) 68.5 KLX ENERGY SERVI KX4A TH 440.1 (55.9) 68.5 KLX ENERGY SERVI KX4A GZ 440.1 (55.9) 68.5 L BRANDS INC-BDR B1BW34 BZ 5,133.0 (2,608.0) 496.0 LATAMGROWTH SPAC LATGU US 134.9 127.1 1.2 LATAMGROWTH SPAC LATG US 134.9 127.1 1.2 LEGACY VENTUR-B LGYV US 0.0 (0.0) (0.0) LENNOX INTL INC LXI GR 2,567.6 (203.1) (99.2) LENNOX INTL INC LII US 2,567.6 (203.1) (99.2) LENNOX INTL INC LII1EUR EU 2,567.6 (203.1) (99.2) LENNOX INTL INC LXI TH 2,567.6 (203.1) (99.2) LENNOX INTL INC LII* MM 2,567.6 (203.1) (99.2) LESLIE'S INC LESL US 1,076.8 (225.6) 253.9 LESLIE'S INC LE3 GR 1,076.8 (225.6) 253.9 LESLIE'S INC LESLEUR EU 1,076.8 (225.6) 253.9 LESLIE'S INC LE3 QT 1,076.8 (225.6) 253.9 LINDBLAD EXPEDIT LIND US 811.5 (55.1) (126.4) LINDBLAD EXPEDIT LI4 GR 811.5 (55.1) (126.4) LINDBLAD EXPEDIT LINDEUR EU 811.5 (55.1) (126.4) LINDBLAD EXPEDIT LI4 TH 811.5 (55.1) (126.4) LINDBLAD EXPEDIT LI4 QT 811.5 (55.1) (126.4) LINDBLAD EXPEDIT LI4 GZ 811.5 (55.1) (126.4) LOWE'S COS INC LWE GR 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOW US 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LWE TH 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOW SW 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LWE QT 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOWEUR EU 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LWE GZ 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOW* MM 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LWE TE 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOWE AV 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOWEUR EZ 46,973.0 (12,868.0) 4,115.0 LOWE'S COS INC LOW-RM RM 46,973.0 (12,868.0) 4,115.0 LOWE'S COS-BDR LOWC34 BZ 46,973.0 (12,868.0) 4,115.0 MADISON SQUARE G MSGS US 1,345.9 (171.9) (302.1) MADISON SQUARE G MS8 GR 1,345.9 (171.9) (302.1) MADISON SQUARE G MSG1EUR EU 1,345.9 (171.9) (302.1) MADISON SQUARE G MS8 TH 1,345.9 (171.9) (302.1) MADISON SQUARE G MS8 QT 1,345.9 (171.9) (302.1) MADISON SQUARE G MS8 GZ 1,345.9 (171.9) (302.1) MANNKIND CORP NNFN GR 293.8 (237.7) 158.8 MANNKIND CORP MNKD US 293.8 (237.7) 158.8 MANNKIND CORP NNFN TH 293.8 (237.7) 158.8 MANNKIND CORP NNFN QT 293.8 (237.7) 158.8 MANNKIND CORP MNKDEUR EU 293.8 (237.7) 158.8 MANNKIND CORP MNKDEUR EZ 293.8 (237.7) 158.8 MANNKIND CORP NNFN GZ 293.8 (237.7) 158.8 MARKETWISE INC MKTW* MM 435.2 (328.0) (119.1) MASCO CORP MAS US 5,417.0 (416.0) 1,040.0 MASCO CORP MSQ GR 5,417.0 (416.0) 1,040.0 MASCO CORP MSQ TH 5,417.0 (416.0) 1,040.0 MASCO CORP MAS* MM 5,417.0 (416.0) 1,040.0 MASCO CORP MSQ QT 5,417.0 (416.0) 1,040.0 MASCO CORP MAS1EUR EU 5,417.0 (416.0) 1,040.0 MASCO CORP MSQ GZ 5,417.0 (416.0) 1,040.0 MASCO CORP MAS1EUR EZ 5,417.0 (416.0) 1,040.0 MASCO CORP MAS-RM RM 5,417.0 (416.0) 1,040.0 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 4,182.8 (358.9) 326.0 MATCH GROUP INC 0JZ7 LI 4,182.8 (358.9) 326.0 MATCH GROUP INC MTCH US 4,182.8 (358.9) 326.0 MATCH GROUP INC MTCH1* MM 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN TH 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN GR 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN QT 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN SW 4,182.8 (358.9) 326.0 MATCH GROUP INC MTC2 AV 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN GZ 4,182.8 (358.9) 326.0 MATCH GROUP INC MTCH-RM RM 4,182.8 (358.9) 326.0 MBIA INC MBI US 4,015.0 (849.0) - 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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 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR US 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA GR 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTREUR EU 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA SW 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA TH 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA QT 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTREUR EZ 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR* MM 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA GZ 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR-RM RM 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR AR 2,410.3 (383.1) (52.8) 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-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 81.8 (46.0) 58.4 NATHANS FAMOUS NFA GR 81.8 (46.0) 58.4 NATHANS FAMOUS NATHEUR EU 81.8 (46.0) 58.4 NEW ENG RLTY-LP NEN US 387.8 (61.0) - NINE ENERGY SERV NINE US 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ GR 407.5 (32.1) 86.0 NINE ENERGY SERV NINE1EUR EU 407.5 (32.1) 86.0 NINE ENERGY SERV NINE1EUR EZ 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ GZ 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ TH 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ QT 407.5 (32.1) 86.0 NOVAVAX INC NVV1 GR 2,267.4 (566.0) 92.0 NOVAVAX INC NVAX US 2,267.4 (566.0) 92.0 NOVAVAX INC NVV1 TH 2,267.4 (566.0) 92.0 NOVAVAX INC NVV1 QT 2,267.4 (566.0) 92.0 NOVAVAX INC NVAXEUR EU 2,267.4 (566.0) 92.0 NOVAVAX INC NVV1 GZ 2,267.4 (566.0) 92.0 NOVAVAX INC NVV1 SW 2,267.4 (566.0) 92.0 NOVAVAX INC NVAX* MM 2,267.4 (566.0) 92.0 NOVAVAX INC 0A3S LI 2,267.4 (566.0) 92.0 NOVAVAX INC NVV1 BU 2,267.4 (566.0) 92.0 NUTANIX INC - A NTNX US 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU GR 2,357.4 (791.0) 524.3 NUTANIX INC - A NTNXEUR EU 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU TH 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU QT 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU GZ 2,357.4 (791.0) 524.3 NUTANIX INC - A NTNXEUR EZ 2,357.4 (791.0) 524.3 NUTANIX INC - A NTNX-RM RM 2,357.4 (791.0) 524.3 NUTANIX INC-BDR N2TN34 BZ 2,357.4 (791.0) 524.3 O'REILLY AUT-BDR ORLY34 BZ 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT OM6 GR 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLY US 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT OM6 TH 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLY SW 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT OM6 QT 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLY* MM 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLYEUR EU 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT OM6 GZ 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLY AV 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLYEUR EZ 12,238.0 (1,205.5) (2,080.7) O'REILLY AUTOMOT ORLY-RM RM 12,238.0 (1,205.5) (2,080.7) OAK STREET HEALT OSH US 2,100.5 (155.6) 509.6 OAK STREET HEALT HE6 GZ 2,100.5 (155.6) 509.6 OAK STREET HEALT HE6 GR 2,100.5 (155.6) 509.6 OAK STREET HEALT OSH3EUR EU 2,100.5 (155.6) 509.6 OAK STREET HEALT HE6 TH 2,100.5 (155.6) 509.6 OAK STREET HEALT HE6 QT 2,100.5 (155.6) 509.6 OAK STREET HEALT OSH* MM 2,100.5 (155.6) 509.6 OMEROS CORP OMER US 457.6 (46.3) 249.0 ORACLE BDR ORCL34 BZ 128,469.0 (3,776.0) (9,545.0) ORACLE CO-CEDEAR ORCLC AR 128,469.0 (3,776.0) (9,545.0) ORACLE CO-CEDEAR ORCL AR 128,469.0 (3,776.0) (9,545.0) ORACLE CO-CEDEAR ORCLD AR 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL US 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC GR 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL* MM 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL TE 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC TH 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL CI 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL SW 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLEUR EU 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC QT 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLUSD EU 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLUSD SW 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC GZ 128,469.0 (3,776.0) (9,545.0) ORACLE CORP 0R1Z LN 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL AV 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLEUR EZ 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLUSD EZ 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLCL CI 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL-RM RM 128,469.0 (3,776.0) (9,545.0) ORGANON & CO OGN US 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP TH 10,437.0 (1,066.0) 1,264.0 ORGANON & CO OGN-WEUR EU 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP GR 10,437.0 (1,066.0) 1,264.0 ORGANON & CO OGN* MM 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP GZ 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP QT 10,437.0 (1,066.0) 1,264.0 ORGANON & CO OGN-RM RM 10,437.0 (1,066.0) 1,264.0 OTIS WORLDWI OTIS US 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG GR 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG GZ 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTISEUR EZ 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTISEUR EU 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTIS* MM 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG TH 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG QT 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTIS AV 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTIS-RM RM 9,819.0 (4,664.0) (700.0) OTIS WORLDWI-BDR O1TI34 BZ 9,819.0 (4,664.0) (700.0) 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) 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 HO-BDR SRXM34 BZ 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRI US 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO TH 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO GR 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO QT 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRIEUR EU 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO GZ 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRI AV 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRIEUR EZ 10,022.0 (3,351.0) (1,943.0) 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 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX* MM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB TH 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB GR 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX CI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX SW 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB QT 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX PE 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXUSD SW 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB GZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX AV 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX TE 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXEUR EU 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX IM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXEUR EZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP 0QZH LI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX-RM RM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXCL CI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX_KZ KZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRBD BQ 28,256.1 (8,665.9) (2,311.3) STARBUCKS-BDR SBUB34 BZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS-CEDEAR SBUX AR 28,256.1 (8,665.9) (2,311.3) STARBUCKS-CEDEAR SBUXD AR 28,256.1 (8,665.9) (2,311.3) 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 1,597.3 (688.1) 453.2 TRIUMPH GROUP TGI US 1,597.3 (688.1) 453.2 TRIUMPH GROUP TGIEUR EU 1,597.3 (688.1) 453.2 TRIUMPH GROUP TG7 TH 1,597.3 (688.1) 453.2 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 1,268.7 (248.0) 530.1 UBIQUITI INC UBNTEUR EU 1,268.7 (248.0) 530.1 UBIQUITI INC 3UB TH 1,268.7 (248.0) 530.1 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 YELLOW CORP YEL GR 2,450.9 (335.9) 224.9 YELLOW CORP YEL1 TH 2,450.9 (335.9) 224.9 YELLOW CORP YEL QT 2,450.9 (335.9) 224.9 YELLOW CORP YRCWEUR EU 2,450.9 (335.9) 224.9 YELLOW CORP YEL GZ 2,450.9 (335.9) 224.9 YUM! BRANDS -BDR YUMR34 BZ 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUM US 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC TGR GR 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC TGR TH 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUMEUR EU 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC TGR QT 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUM SW 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUMUSD SW 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC TGR GZ 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUM* MM 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUM AV 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUMEUR EZ 5,779.0 (8,542.0) 351.0 YUM! BRANDS INC YUM-RM RM 5,779.0 (8,542.0) 351.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***