/raid1/www/Hosts/bankrupt/TCR_Public/230214.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 14, 2023, Vol. 27, No. 44
Headlines
1325 ATLANTIC: Taps Rosewood Realty Group as Real Estate Broker
1325 LLC: U.S. Trustee Unable to Appoint Committee
141 TROUTMAN: Amends Plan to Include NYC Water Board Claims Pay
476 GATES REALTY: Files for Chapter 11 Bankruptcy Protection
5280 AURARIA: Again Delays Disclosures Hearing for Talks
57-36 MYRTLE AVE: Case Summary & Five Unsecured Creditors
6 TURTLE KNOLL: Taps Joseph Ruyack as Litigation Attorney
ADVANCED REIMBURSEMENT: Plan Hearing Reset for Mediation
AHP HOME: Court OKs Interim Cash Collateral Access
AIR METHODS: $1.25B Bank Debt Trades at 37% Discount
ALTOSGROUPS LLC: Taps Latham Luna Eden & Beaudine as Counsel
AMC ENTERTAINMENT: $2B Bank Debt Trades at 31% Discount
AMC ENTERTAINMENT: Moody's Alters Outlook on 'Caa2' CFR to Stable
AMERICAN AIRLINES: Fitch Gives 'B' Rating on New Secured Notes
AMERICAN TELECONFERENCING: Capital Southwest Reports 2 Sour Loans
ARBORWORKS LLC: Capital Southwest Marks $12.7M Loan at 18% Off
ARBORWORKS LLC: Capital Southwest Marks $2M Loan at 18% Off
ARCHBISHOP OF AGANA: Gets OK to Tap Home Ventures Realty as Realtor
AVENTIV TECHNOLOGIES: $1.02B Bank Debt Trades at 26% Discount
AVENTIVE TECHNOLOGIES: Taps Advisers to Help Navigate Debt
BEATO AUTO SALES: Case Summary & 20 Largest Unsecured Creditors
BED BATH & BEYOND: Starts Incremental Closure of Stores
BELK INC: $300M Bank Debt Trades at 17% Discount
BIG VILLAGE: Court OKs Interim Cash Collateral Access
BIG VILLAGE: Feb.15 Deadline Set for Panel Questionnaires
BOLTA US LTD: Taps Donnelly Penman & Partners as Investment Banker
BRINKER INTERNATIONAL: S&P Alters Outlook to Neg, Affirms 'BB- ICR
BSPV-PLANO LLC: Says Project, Once Finished, to Pay Claims in Full
BURGER BUILDING: Case Summary & Five Unsecured Creditors
CASTLE US: $1.20B Bank Debt Trades at 27% Discount
CELSIUS NETWORK: Shareholders Take on Clients Over Affiliate Assets
CENTERPOINTE HOTELS: Court OKs Interim Cash Collateral Access
CITY BREWING: $850M Bank Debt Trades at 47% Discount
COMET BIDCO: $420M Bank Debt Trades at 21% Discount
CONVERGEONE HOLDINGS: $1.11B Bank Debt Trades at 32% Discount
CYXTERA DC: $815M Bank Debt Trades at 14% Discount
DELPHI BEHAVIORAL: Capital Southwest Marks $1.4M Loan at 25% Off
DEVILLE CORP: Taps Brannen Searcy & Smith as Special Counsel
DIAMOND SPORTS: $3.22B Bank Debt Trades at 88% Discount
DISPENSER BEVERAGES: Court OKs Interim Cash Collateral Access
DIV005 LLC: Unsecured Creditors to Get $382K Under Plan
DLVAM1302: Court OKS Interim Cash Collateral Access
DRIVE CHASSIS: S&P Withdraws 'B' ICR Following Sale to New Owners
DUNBAR PLAZA: Class UC-1 Owed $269K to Get $150K
EAGLEVIEW TECHNOLOGY: $635M Bank Debt Trades at 17% Discount
EAST BROADWAY: BOH Plan Disclosures Hearing Resumes Feb. 16
ELECTRONICS FOR IMAGING: $875M Bank Debt Trades at 24% Discount
EMERGENT FIDELITY: SBF Entity Files for Chapter 11 Bankruptcy
ENVISION HEALTHCARE: $1B Bank Debt Trades at 71% Discount
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 59% Discount
ERBO PROPERTIES: Case Summary and Nine Unsecured Creditors
FARMA SCI LIFE: Gets Interim OK to Hire Shraiberg Page as Counsel
FB DEBT FINANCING: Gets OK to Hire Ankura as Restructuring Advisor
FB DEBT FINANCING: Gets OK to Hire Ropes & Gray as Lead Counsel
FB DEBT FINANCING: Hires Bayard as Bankruptcy Co-Counsel
FB DEBT FINANCING: Hires Configure Partners as Investment Banker
FB DEBT FINANCING: Hires Kroll as Administrative Advisor
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 32% Discount
FIRST FRUITS: Gets OK to Hire Newpoint as Financial Advisor
FRANKO CATH: Case Summary & One Unsecured Creditor
FREEDOM DESIGNS: Hits Chapter 11 Bankruptcy Protection
FTX GROUP: Judge Dorsey Delays Ruling on Independent Examiner
FTX GROUP: US Trustee Objects to Debtor's Subpoena of SBF
FTX TRADING LTD: Committee Taps Jefferies as Investment Banker
G.A.H. BAR-B-Q: Melbourne, Fla. Business Files Subchapter V Case
GENESIS GLOBAL: Reaches Creditor Accord With DCG, Gemini
GIRARDI & KEESE: Litigation Funders Win Dismissal of Trustee Suit
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 19% Discount
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 19% Discount
HANESBRANDS INC: Moody's Rates New $600MM Sr. Unsecured Notes 'B1'
HANESBRANDS INC: S&P Rates New $600MM Senior Unsecured Notes 'BB-'
HOLLEY INC: $100M Bank Debt Trades at 18% Discount
HOMER CITY: $145M Bank Debt Trades at 30% Discount
IEH AUTO PARTS: Icahn-Owned Auto Plus Files for Chapter 11
IGLESIAS DIOS ES AMOR: Unsecureds to Get Payouts Starting in 2028
IKON WEAPONS: Sale for At Least $1.92M to Pay Off Claims
INVACARE CORP: Files for Chapter 11 With Plan Deal
J&B EXPRESS: Court OKs Interim Cash Collateral Access
JAF 27: Wins Cash Collateral Access Thru March 9
JLK CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
KALOS CAPITAL: Gets OK to Hire Ulmer & Berne as Special Counsel
KENNEDY-WILSON HOLDINGS: S&P Downgrades ICR to 'BB', Outlook Neg.
LIFESCAN GLOBAL: $1.48B Bank Debt Trades at 21% Discount
LIGHTING RETROFIT: Capital Southwest Marks $5.2M Loan at 54% Off
LONGRUN PBC: Starts Subchapter V Bankruptcy Proceeding
LUMEN TECHNOLOGIES: S&P Downgrades ICR to 'B+', Outlook Negative
M&M DEVELOPMENT: Commences Subchapter V Proceeding
MEADOWLARK HILLS: Fitch Affirms IDR at 'BB+', Outlook Stable
MEDME SERVICES: Court OKs Final Cash Collateral Access
MEN'S WEARHOUSE: S&P Upgrades ICR to 'B', Outlook Stable
META MEDIA: Seeks Cash Collateral Access, $1.5MM DIP Loan
METROHAVANA TOWN: March 28 Hearing on Amended Disclosures
MOVIA ROBOTICS: Taps Cohn Birnbaum & Shea as Legal Counsel
MTPC LLC: Court Confirms First Amended Plan
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 65% Discount
NEUROPSYCHIATRIC HOSPITALS: Capital SW Marks $15M Loan at 15% Off
NEUROPSYCHIATRIC HOSPITALS: Capital SW Marks $4.4M Loan at 15% Off
NEWAGE INC: IRS Says Plan May Not be Feasible
NIELSEN & BAINBRIDGE: Unsecureds to Get 0% in Joint Plan
ON MARINE: Asbestos Committee Responds to UST's Plan Objections
ON MARINE: Unsecureds Owed $570K to Get 88% Under Plan
PRETIUM PKG: $350M Bank Debt Trades at 32% Discount
PUG LLC: $327M Bank Debt Trades at 17% Discount
RED PLANET: $1.40B Bank Debt Trades at 26% Discount
RESEARCH NOW: Capital Southwest Marks $10.5M Loan at 34% Off
RIVERBED TECHNOLOGY: $900M Bank Debt Trades at 52% Discount
ROCK RIDGE: Court OKs Cash Collateral Thru Feb 23
ROCK SPLITTERS: Wins Cash Collateral Access Thru March 23
ROSIE'S LLC: Unsecureds Payouts Depend on Galinn Adversary
SENIOR CARE: Plan to Pay Off Claims From Sale
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 45% Discount
SORRENTO THERAPEUTICS: Case Summary & 30 Top Unsecured Creditors
STRONGHOLD DIGITAL: Reaches Deal With WhiteHawk to Restructure Debt
TEHUM CARE: Voluntary Chapter 11 Case Summary
TESSEMAE'S LLC: Files for Chapter 11 Bankruptcy
TIMES SQUARE: To Seek Plan Confirmation on March 10
TOPAZ SOLAR: Moody's Affirms Ba2 Rating on Secured Bonds Due 2039
TRIBE BUYER: $397M Bank Debt Trades at 28% Discount
UGI ENERGY: Moody's Affirms Ba3 CFR & Rates $800MM Term Loan Ba3
VERO PARENT: $180M Bank Debt Trades at 19% Discount
VILLAGE CENTER: Case Summary & Two Unsecured Creditors
VIRGIN PULSE: $505M Bank Debt Trades at 16% Discount
VOYAGER DIGITAL: Account Holder Wants Chapter 11 Trustee
VOYAGER DIGITAL: Judge Wiles Gives Support for Fee Examiner
W L HOUSTONS: Unsecureds Will Get 100% of Claims in Sale Plan
YAK ACCESS: S&P Downgrades ICR to 'D' on Debt Restructuring
YENTA LLC: Has Until April 1 to File Plan and Disclosures
ZEP INC: $550M Bank Debt Trades at 17% Discount
[*] 7 Businesses That Closed in January 2023
[^] Large Companies with Insolvent Balance Sheet
*********
1325 ATLANTIC: Taps Rosewood Realty Group as Real Estate Broker
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1325 Atlantic Realty, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Rosewood
Realty Group to market and sell its real property located at
1325-1339 Atlantic Ave., Brooklyn.
The firm will be paid a commission of 2.75 percent of the gross
purchase price.
Greg Corbin, a partner at Rosewood Realty Group, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Greg Corbin
Rosewood Realty Group
152 West 57th Street, 5th Floor
New York, NY 10019
Tel: (212) 359-9900/(212) 359-9904
Email: Greg@rosewoodrg.com
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, with 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.
1325 LLC: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of 1325, LLC, according to court dockets.
About 1325 LLC
1325, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10031) on Jan. 4,
2023, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities. Judge Robert A Mark presides over the
case.
Joel M. Aresty, Esq., at Joel M. Aresty, P.A. is the Debtor's legal
counsel.
141 TROUTMAN: Amends Plan to Include NYC Water Board Claims Pay
---------------------------------------------------------------
141 Troutman LLC, 243 Suydam LLC, and Union Residence LLC submitted
a 141 Troutman LLC, 243 Suydam LLC, and Union Residence LLC
submitted and a Second Revised Amended Chapter 11 Joint Plan of
Reorganization dated February 9, 2023.
The Plan seeks to implement the Debtors' prime goal of retaining
their properties by a restructuring of the underlying mortgage debt
through a negotiated cure and reinstatement thereof pursuant to
Section 1124(2) of the Bankruptcy Code.
Following the Debtors' unsuccessful challenge to allowance of
pre-petition default interest and certain other amounts owed by the
Debtors to the Senior Lender under the subject Loan Documents, the
Debtors and their senior secured lender Senior Lender have
negotiated a stipulation of settlement providing for an agreed cure
and reinstatement on the terms set forth in the stipulation of
settlement (the "Mortgage Restructuring Settlement").
The Mortgage Restructuring Settlement now forms the centerpiece of
the Plan and allows the Debtors the opportunity to retain the
Properties by effectuating a negotiated monetary cure in the
aggregate sum of $2,851,316.66, plus legal fees and costs. The cure
and reinstatement shall be funded by a capital contribution from
the Debtors' principals.
In the event of an uncured default under the confirmed Plan, the
Mortgage Restructuring Settlement and/or the underlying Loan
Documents, the Senior Lender is authorized to, among other
remedies, proceed with an auction sale of the Properties under
Section 1123(A)(5)(D) and (b)(4) of the Bankruptcy Code, subject to
the Senior Lender's credit bid rights, on a post-confirmation
basis.
Besides a negotiated cure and reinstatement, the Plan also provides
for payment of allowed Administrative Claims and Priority Claims,
plus a pro rata distribution to each holder of an allowed
non-insider general unsecured claim from the General Unsecured
Creditor Fund.
Class 1 consists of the allowed Secured Claims of the New York City
Water Board filed against each of the Debtors in the aggregate
total amount of $5,152.38. To the extent the allowed Class 1 Claims
are not paid prior to the Effective Date, all allowed Class 1
Claims shall be paid on the Effective Date of the Plan.
Class 2 consists of the allowed secured claim of the Senior Lender.
On the Effective Date, in accordance with the Mortgage
Restructuring Settlement, the Debtors shall pay the Senior Lender
the sum of $2,851,316.66, plus attorneys' fees and costs, on the
Closing Date set forth therein, which brings all interest current
as of February 15, 2023 and includes the principal paydown of
$500,000 to reduce the principal debt to $13.5 million as of the
Effective Date.
Upon the occurrence of an Event of Default under the Loan
Documents, as modified by the Plan, subject to the Court's granting
of a motion to reopen the Debtors' bankruptcy cases thereby
granting the Court jurisdiction over the Properties, and in
furtherance of the agreement of the Parties and as part as the
implementation of the Plan as permitted by Sections 1123(a)(5)(D)
and 1123(b)(4) of the Bankruptcy Code, the Parties agree to
immediately proceed with an auction sale of the Properties by
filing an appropriate motion for such relief with the Court. Such
sale shall utilize those procedures commonly used in public auction
sales under Section 363 of the Bankruptcy Code, and in such sale,
Lender shall have the right to credit bid up to the full amount of
its mortgage debt.
Class 3 consists of the allowed Unsecured Claims of Non-Insider
creditors, including all pre-petition vendors and service
providers. Class 3 allowed Unsecured Claims are estimated by the
Debtors to total approximately $92,000.00. On the Effective Date,
each holder of an Allowed Class 3 Unsecured Claim shall receive a
pro rata dividend of approximately 50% from the General Unsecured
Creditor Fund in full and final satisfaction of such holder's
allowed Unsecured Claim. Since the monies to fund the dividend to
Class 3 creditors will be escrowed prior to the Confirmation
Hearing, the Debtors submit that there is little risk to the Class
3 creditors that they will receive the proposed distribution under
the Plan.
The Plan shall be funded through the New Value Contributions of the
Debtors' Principals to be deposited into escrow with the Disbursing
Agent prior to the start of the Confirmation Hearing. The New Value
Contribution shall be used to fund payments due under the Plan.
A full-text copy of the Second Revised Amended Disclosure Statement
dated February 9, 2023 is available at https://bit.ly/3YRYySl from
PacerMonitor.com at no charge.
Attorneys for the Debtors:
Kevin J. Nash, Esq.
Goldberg Weprin Finkel Goldstein, LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Telephone: (212) 221-5700
Email: knash@gwfglaw.com
About 141 Troutman, et al.
141 Troutman, LLC, 243 Suydam, LLC, and Union Residence, LLC, are
owners of residential buildings in Brooklyn, New York,
141 Troutman filed a petition for Chapter 11 protection (Bankr.
E.D.N.Y. Lead Case No. 22-40337) on Feb. 24, 2022, listing
$2,372,944 in total assets and $14,537,068 in total liabilities.
243 Suydam filed for Chapter 11 protection (Bankr. E.D.N.Y. Case
No. 22-40339) on Feb. 24, 2022, listing $4,605,790 in total assets
and $14,675,136 in total liabilities.
Union Residence filed for Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 22-40342) on Feb. 24, 2022, listing $6,758,667 in assets
and $14,536,870 in liabilities.
The Debtors' cases are jointly administered.
Chaim Lefkowitz, manager, signed the petitions.
Judge Nancy Hershey Lord oversees the cases.
Goldberg Weprin Finkel Goldstein, LLP, serves as the Debtors' legal
counsel.
476 GATES REALTY: Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------------
476 Gates Realty LLC filed for chapter 11 protection in the Eastern
District of New York without stating a reason.
According to court filings, 476 Gates Realty estimates between $1
million and $10 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A teleconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for March 6, 2023 at 11:00 a.m.
About 476 Gates Realty
476 Gates Realty LLC is a Single Asset Real Estate (as defined in
11 U.S.C. § 101(51B)).
476 Gates Realty LLC filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40351) on Feb.
1, 2023. In the petition filed by Theordore Feldheim, as member,
the Debtor reported assets and liabilities between $1 million and
$10 million each.
The Debtor is represented by:
Mark A. Frankel, Esq.
Backenroth Frankel & Krinsky LLP
968 West Kennedy Blvd.
Lakewood, NJ 08701
5280 AURARIA: Again Delays Disclosures Hearing for Talks
--------------------------------------------------------
5280 Auraria, LLC, moves the Bankruptcy Court for entry of an order
continuing the hearing on its Disclosure Statement currently
scheduled for Feb. 10, 2023, at 10:30 a.m. and resetting the
attendant deadlines regarding circulating and filing an Amended
Disclosure Statement and objecting to it.
Through the Telephonic Hearing on the Disclosure Statement that
took place on
December 21, 2022, the Court set the following deadlines and
hearing relevant to this motion:
a. A deadline to circulate a draft Amended Disclosure Statement
no later than Jan. 5, 2023 to the objecting party DB Auraria, LLC
and the Office of the United States Trustee;
b. A deadline to file an Amended Disclosure Statement no later
than Jan. 9, 2023;
c. A deadline for filing objections to the Amended Disclosure
Statement no later than Jan. 16, 2023; and
d. A telephonic hearing to consider the adequacy of the Amended
Disclosure
Statement to Accompany Debtor’s Plan of Reorganization on Jan.
19, 2023,
at 10:00 a.m.
On Jan. 5, 2023, the Debtor filed an Ex Parte Unopposed Motion to
Continue Disclosure Statement Hearing and Reset Attendant
Deadlines. The Court granted the First Motion and reset (i) the
Circulation Deadline to January 19, 2023; (ii) the Filing Deadline
to Jan. 23, 2023; (iii) the Objection Deadline to Jan. 30, 2023;
and (iv) the Disclosure Statement Hearing to Feb. 2, 2023.
On Jan. 19, 2023, the Debtor filed another Ex Parte Unopposed
Motion to Continue Disclosure Statement Hearing and Reset Attendant
Deadlines. The Court granted the Second Motion and reset (i) the
Circulation Deadline to Jan. 30, 2023; (ii) the Filing Deadline to
February 2, 2023; (iii) the Objection Deadline to Feb. 7, 2023; and
(iv) the Disclosure Statement Hearing to Feb. 10, 2023.
DB Auraria, LLC, and the Debtor have continued to have productive
discussions regarding the Disclosure Statement and underlying Plan,
as well as other matters pending before the Court that may impact
the Disclosure Statement and Plan, but need additional time for to
continue those discussions.
Accordingly, the Debtor believes it is most efficient to not
proceed with the hearing on Feb. 10, 2023, and requests that the
Court continue the Disclosure Statement Hearing to an available
date on the Court's calendar no earlier than Feb. 15, 2023, and
reset the following deadlines: (i) the Circulation Deadline to Feb.
8, 2023; (ii) the Filing Deadline to Feb. 10, 2023; and (iii) the
Objection Deadline to on or about Feb. 13, 2023.
Attorneys for the Debtor:
Michael J. Pankow, Esq.
Anna-Liisa Mullis, Esq.
Amalia Sax-Bolder, Esq.
BROWNSTEIN HYATT FARBER SCHRECK, LLP
410 17th Street, Suite 2200
Denver, CO 80202
Telephone: (303) 223-1100
Facsimile: (303) 223-1111
E-mail: mpankow@bhfs.com
amullis@bhfs.com
asax-bolder@bhfs.com
About 5280 Auraria
5280 Auraria, LLC, owns Auraria Student Lofts, a high-rise building
in downtown Denver aimed at providing housing for college students.
5280 Auraria's sole member and manager is Nelson Partners, LLC, a
Utah limited liability company. The individual principal is
Patrick Nelson.
5280 Auraria sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 22-12059) on June 9, 2022.
In the petition filed by Patrick Nelson, as managing member, the
Debtor listed between $50 million and $100 million in both assets
and liabilities.
Judge Kimberley H. Tyson oversees the case.
Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP,
is the Debtor's counsel.
57-36 MYRTLE AVE: Case Summary & Five Unsecured Creditors
---------------------------------------------------------
Debtor: 57-36 Myrtle Ave, LLC
5736 Myrtle Ave
Ridgewood, NY 11385-4940
Business Description: The Debtor is a lessor of non-residential
building. The Debtor owns a property
located at 5736 Myrtle Ave, Ridgewood, NY
11385-4940 valued at $1.5 million.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-40482
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: H. Bruce Bronson, Esq.
BRONSON LAW OFFICE, P.C.
480 Mamaroneck Ave
Harrison, NY 10528-1621
Tel: (877) 385-7793
Email: hbbronson@bronsonlaw.net
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Paul Amato 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/U4LYFQA/57-36_Myrtle_Ave_LLC__nyebke-23-40482__0001.0.pdf?mcid=tGE4TAMA
6 TURTLE KNOLL: Taps Joseph Ruyack as Litigation Attorney
---------------------------------------------------------
6 Turtle Knoll, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Joseph Ruyack,
Esq., as its litigation attorney.
The litigation attorney's services include:
a. preparing and serving the Time is of the Essence Letter to
schedule to closing;
b. preparing litigation documents; and
c. appearing in court and representing the Debtor in settlement
negotiations.
Mr. Ruyack will be paid at the rate of $300. The attorney received
from the Debtor an advance fee of $3,000.
Mr. Ruyack, a practicing attorney in Middletown, N.Y., disclosed in
a court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The attorney can be reached at:
Joseph E. Ruyack, Esq.
259 Sands Road
Middletown, NY 10941
Tel: (845) 782-2155
About 6 Turtle Knoll
6 Turtle Knoll, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-35095) on Feb. 22, 2022, with up to $500,000 in assets and Up to
$1 million in liabilities.
Judge Cecelia G. Morris oversees the case.
The Debtor tapped James J. Rufo, Esq., at The Law Office of James
J. Rufo as bankruptcy counsel; Richard J. Croughan, Esq., as real
estate attorney; and Joseph Ruyack, Esq., a practicing attorney in
Middletown, N.Y., as special litigation counsel.
ADVANCED REIMBURSEMENT: Plan Hearing Reset for Mediation
--------------------------------------------------------
Judge Brenda K. Martin has entered an order rescheduling the
Combined Hearing of Advanced Reimbursement Solutions, LLC, et. al.
to March 16, 2023 at 1:30 p.m. The Combined Hearing will be held
in Courtroom 701, at the 230 North 1st Avenue, Suite 101, Phoenix,
AZ 85003. Parties may request to appear telephonically by
contacting Jennifer Lowry, Courtroom Deputy, at
Jennifer_Lowry@azb.uscourts.gov.
The Court reset the deadline for any creditor desiring to vote for
or against confirmation of the Plan to five business prior to the
continued Combined Hearing or March 9, 2023. To be timely, a
completed Ballot must be delivered to the Debtors by March 9,
2023.
The Debtors must file a report, consistent with Local Bankruptcy
Rule 3018-1, no later than 3 business days prior to the continued
Combined Hearing or by March 13, 2023.
In its Third Motion to Continue the hearing, the Debtors explained
that the Debtors, Aetna, Inc, United Healthcare Insurance Co, the
Maldonado Parties, and Maxon participated in mediation with the
Honorable Judge Collins on Dec. 20th and 21st, 2022. The mediation
was productive, particularly on the second day. However, the
parties require at least one additional day of mediation to achieve
what they hope is a fair and reasonable resolution. The third day
of mediation was originally scheduled for Jan. 25th, but it has now
been continued to Feb. 22, 2023, via Zoom.
The Debtors, as well as Aetna and United, believe it is important
to conclude mediation prior to the Combined Hearing so that the
results of mediation, and any impact it may have on the Debtors'
liquidation are known at the time of confirmation. Indeed, the
mediation is a significant event in these bankruptcy proceedings
and intended to address substantial estate claims against the
Maldonado Parties and Maxon, among other claims held by Aetna and
United. Accordingly, the Debtors believe it is in the estates' best
interests to continue the Combined Hearing. The Debtors further
seek to reset the deadlines to vote on the Plan and file a ballot
report accordingly.
The Debtors have discussed seeking a continuance of the Combined
Hearing with counsel for Aetna, United, the Maldonado Parties,
Maxon, and the U.S. Trustee, and none oppose the requested
continuance.
About Advanced Reimbursement Solutions
Advanced Reimbursement Solutions, LLC, is a full-cycle revenue
management enterprise specializing in out-of-network (OON) medical
services, patient advocacy, and proprietary billing software. The
company is based in Scottsdale, Ariz.
Advanced Reimbursement Solutions and its affiliate, American
Surgical Development, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 22-06372)
on Sept. 23, 2022. In the petitions signed by their chief
restructuring officer, Bryan Perkinson, the Debtors disclosed
between $10 million and $50 million in both assets and
liabilities.
The Debtors tapped Allen Barnes & Jones, PLC, as legal counsel and
Bryan Perkinson, Sonoran Capital Advisors' managing director, as
chief restructuring officer.
AHP HOME: Court OKs Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, authorized AHP Home Health Care, Inc. to use
cash collateral on an interim basis in accordance with the budget.
The Debtor requires the use of cash collateral to continue
operating the business and pay salaries.
As of the Petition Date, the Debtor was indebted to WBL SPE III,
LLC in the approximate amount of $65,000 total, without prejudice
to WBL asserting a higher amount owed through the claims process.
The Debtor's obligation is secured and is evidenced by a Promissory
Note, Security Agreement, Financing Statement, and Chattel Mortgage
executed on or about February 27, 2015 to WBL.
The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court; (b) the current and necessary
expenses set forth in the budget, plus an amount not to exceed 10%
for each line item; and (c) such additional amounts as may be
expressly approved in writing by WBL.
As additional adequate protection of WBL's interest and the
estate's interest in cash collateral, WBL is granted a replacement
lien to the same nature, priority, and extent that WBL may have had
immediately prior to the date that this case was commenced nunc pro
tunc to the Petition Date. Further, WBL is granted a replacement
lien and security interest on property of the bankruptcy estate to
the same extent and priority as that which existed pre-petition on
all of the cash accounts, accounts receivable and other assets and
property acquired by the Debtor's estate or by the Debtor on or
after the Petition.
The Debtor will pay $814 per month to WBL commencing February 1,
2023 and on the 1st of the month thereafter or further Order of the
Court.
As additional adequate protection of WBL's interest in the cash
collateral, the Debtor will (a) maintain all necessary insurance
coverage on WBL's collateral and under no circumstances will the
Debtor allow its insurance coverage to lapse, (b) continue to pay
such monthly insurance payment in a timely manner, and (c) within
two days of the request of WBL, the Debtor will provide to WBL's
counsel a written statement supported by evidence of the Debtor's
compliance with the foregoing.
The Debtor's authority to use the cash collateral will terminate
immediately and upon the earlier of (a) order of the Court; (b) the
conversion of the case to a Chapter 7 case or the appointment of a
Chapter 11 trustee without the consent of WBL; (c) the entry of an
Order that alters the validity or priority of the replacement liens
granted therein to the Bank; (d) the Debtor ceasing to operate all
or substantially all of its business; (e) the entry of an order
granting relief from the automatic stay that allows any entity to
proceed against any material assets of the Debtor that constitute
cash collateral; (f) the entry of an Order authorizing a security
interest in the collateral to secure any credit obtained or debt
incurred that would be senior to or equal to the replacement lien;
or (g) the dismissal of the Chapter 11 case.
A continued hearing on the matter is set for March 7, 2023 at 11
a.m.
A copy of the order is available at https://bit.ly/3YrfNKf from
PacerMonitor.com.
About AHP Home Health Care Inc.
Headquartered in Jacksonville, Florida, AHP Home Health Care, Inc.
filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case
No. 3:23-bk-00166) on January 25, 2023. In the petition signed by
Charlene Austin, chief executive officer, the Debtor disclosed up
to $500,000 in assets and up to $100,000 in liabilities.
Judge Jacob A. Brown oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP, represents the Debtor as legal counsel.
AIR METHODS: $1.25B Bank Debt Trades at 37% Discount
----------------------------------------------------
Participations in a syndicated loan under which Air Methods Corp is
a borrower were trading in the secondary market around 62.8
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on April 21, 2024. About $1.18 billion of the loan is
withdrawn and outstanding.
Air Methods Corporation provides ambulance services. The Company
offers emergency medical services by air transport. Air Methods
serves clients in the United States.
ALTOSGROUPS LLC: Taps Latham Luna Eden & Beaudine as Counsel
------------------------------------------------------------
Altosgroups, LLC received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Latham Luna Eden &
Beaudine, LLP as its legal counsel.
The firm's services include:
a. advising as to the Debtor's rights and duties in its
Chapter 11 case;
b. preparing pleadings, including a plan of reorganization;
and
c. taking all other necessary actions incident to the proper
preservation and administration of the Debtor's estate.
The firm will charge $250 to $475 per hour for attorney's services
and $105 per hour for paraprofessional services. Daniel Velasquez,
Esq., the attorney primarily working on this matter, charges $385
per hour.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
The firm received from the Debtor an advance fee of $19,238.
Justin Luna, Esq., a partner at Latham Luna Eden & Beaudine,
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:
Daniel A. Velasquez, Esq.
Latham Luna Eden & Beaudine, LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: jluna@lathamluna.com
About Altosgroups LLC
AltosGroups, LLC is a direct fund program funding commercial,
income producing real estate projects and assets. It is based in
Davenport, Fla.
AltosGroups sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00048) on Jan. 9,
2023, with total assets of $4,662,769 and total liabilities of
$286,973,940. David Ingram, president of AltosGroups, signed the
petition.
Judge Catherine Peek Mcewen oversees the case.
The Debtor is represented by Daniel A. Velasquez, Esq., at Latham
Luna Eden & Beaudine, LLP.
AMC ENTERTAINMENT: $2B Bank Debt Trades at 31% Discount
-------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment
Holdings Inc is a borrower were trading in the secondary market
around 69 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $2 billion facility is a Term loan that is scheduled to mature
on April 22, 2026. About $1.93 billion of the loan is withdrawn
and outstanding.
AMC Entertainment Holdings, Inc. is a theatrical exhibition
company. The Company is principally engaged in the theatrical
exhibition business and owns, operates, or has interests in
theaters primarily located in the United States and Europe
AMC ENTERTAINMENT: Moody's Alters Outlook on 'Caa2' CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed AMC Entertainment Holdings,
Inc.'s ("AMC" or the "company") Caa2 Corporate Family Rating,
Caa2-PD Probability of Default Rating, B3 rating on the $400
million senior secured first-lien notes residing at Odeon Finco PLC
("Odeon"), Caa1 ratings on AMC's senior secured debt (consisting of
a $225 million revolving credit facility (RCF), $1.93 billion
outstanding senior secured term loan and $950 million senior
secured first-lien notes), Caa3 rating on the $1,223.7 million
outstanding cash/PIK toggle second-lien subordinated secured notes,
and Ca ratings on the $279.7 million outstanding senior
subordinated notes. Concurrent with this rating action, Moody's
downgraded the Speculative Grade Liquidity (SGL) rating to SGL-3
from SGL-2. Moody's also appended the Caa2-PDR with the "/LD"
designation following the recent completion of a debt for equity
exchange. Moody's will remove the "/LD" from the PDR after three
business days. The outlook was revised to stable from positive.
The "/LD" designation follows AMC's 8-K filing dated February 9,
2023 [1], in which the company completed an exchange agreement on
February 7, 2023 with a single note holder to convert $100 million
of the 10%/12% Cash/PIK Toggle Second-Lien Subordinated Secured
Notes due 2026 to approximately 91.0 million AMC Preferred Equity
("APE") units at a previously determined fixed price as disclosed
in an 8-K filing dated December 22, 2022 [2]. The APE units closed
at $2.725/share on February 9, 2023, which valued the investor's
converted holdings at roughly $248 million. The exchange agreement
contains a lock-up provision on a portion of the APEs that is the
earlier of 90 days or the date of the Special Stockholders Meeting,
that prevents the investor from selling the APEs prior to
expiration.
Moody's appended the "/LD" designation to the PDR to signal that a
"limited default" has occurred on the exchanged securities. The
designation results from Moody's practice of interpreting
circumstances in which a debt holder accepts a compromise offering
of a diminished financial obligation as an indication of an
untenable debt capital structure. In AMC's case, the company agreed
to exchange its notes, which were trading at a substantial discount
to par prior to closing, for equity. The exchange has the effect of
allowing AMC to avoid default given the reduction in debt as a
result of the conversion. Though the market value of the APEs are
currently trading at a value greater than the notes' par value, a
loss was effectively incurred because the investor is unable to
immediately monetize the equity holdings at par value due to the
lock-up restriction. Also, since the notes were exchanged for
equity, their current discounted trading price implies a loss
relative to the original promise under the indenture. Hence,
Moody's views the debt for equity swap as a distressed exchange
because both default avoidance and loss are present.
Affirmations:
Issuer: AMC Entertainment Holdings, Inc.
Corporate Family Rating, Affirmed at Caa2
Probability of Default Rating, Affirmed at Caa2-PD /LD (/LD
appended)
$225 Million Senior Secured Revolving Credit Facility due 2024,
Affirmed at Caa1 (LGD3)
$2,000 Million ($1,930 Million outstanding) Senior Secured Term
Loan B1 due 2026, Affirmed at Caa1 (LGD3)
$950 Million 7.5% Senior Secured First-Lien Notes due 2029,
Affirmed at Caa1 (LGD3)
$1,223.7 Million outstanding 10%/12% Cash/PIK Toggle Second-Lien
Subordinated Secured Notes due 2026, Affirmed at Caa3 (LGD5)
$600 Million ($98.3 Million outstanding) 5.750% Senior
Subordinated Notes due 2025, Affirmed at Ca (LGD6)
$595 Million ($51.5 Million outstanding) 5.875% Senior
Subordinated Notes due 2026, Affirmed at Ca (LGD6)
$475 Million ($125.5 Million outstanding) 6.125% Senior
Subordinated Notes due 2027, Affirmed at Ca (LGD6)
Issuers: AMC Entertainment Holdings, Inc. and AMC Entertainment
Inc.
GBP500 Million (US$ 4.4 Million equivalent outstanding) 6.375%
Senior Subordinated Notes due 2024, Affirmed at Ca (LGD6)
Issuer: Odeon Finco PLC
$400 Million 12.75% Gtd Secured 1st Lien Regular Bond/Debenture
due 2027, Affirmed at B3 (LGD2)
Downgrades:
Issuer: AMC Entertainment Holdings, Inc.
Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
SGL-2
Outlook Actions:
Issuer: AMC Entertainment Holdings, Inc.
Outlook, Changed To Stable From Positive
Issuer: Odeon Finco PLC
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
The affirmation of the Caa2 CFR reflects Moody's expectation for
continuing improvement in AMC's operating performance with adequate
liquidity amid greater overall attendance levels at the box office
combined with Moody's view for a robust movie slate in 2023. This
will be supported by the planned release of at least 25 blockbuster
and franchise titles as well as Moody's belief that a majority of
the big studios will adhere to the 45-day theatrical window for
major film releases before distribution to video-on-demand (VOD)
streaming platforms. Notwithstanding somewhat disappointing Q4 2022
domestic box office results (14% below Q4 2021) and
weaker-than-expected moviegoer attendance, gross receipts last year
managed to increase 64% to $7.4 billion. Industry ticket sales
could climb to $8.5 - $9 billion in 2023, a 15%-20% increase.
Despite these improving trends, the cinema industry will remain
below its 2019 pre-pandemic level of $11.4 billion due to
structural challenges, changes in consumer movie viewing
preferences, a lower number of wide release titles driven by
production bottlenecks and an increasing number of mid-tier movies
distributed to competing streaming platforms.
The outlook revision to stable reflects Moody's expectation that
AMC's deleveraging to 8x will be delayed due to the box office's
measured cyclical recovery. Moody's expects negative free cash flow
(FCF) this year with concerns that the weakening global economy
could moderate attendance growth. AMC will continue to experience
good moviegoer demand, higher average ticket prices and a greater
proportion of higher margin concessions revenue, which will support
organic revenue growth and expanding EBITDA margins over the course
of the year. However, owing to rising interest rates that will
impact borrowing costs on the term loan and future debt
refinancings, coupled with a box office expected to be 20%-25%
below its historical peak, Moody's projects FCF will remain
negative in 2023, limiting AMC's ability to repay debt. Financial
leverage is currently 11.5x and expected to decline to around 9.5x
at the end of 2023 before improving to the 8.5x area by year end
2024 (all leverage metrics are calculated and adjusted by Moody's).
The outlook considers the impact of higher inflation and potential
recessionary pressures in a sluggish global economy, which could
slow margin expansion and moderate revenue growth amid rising
operating expenses and a pullback in consumer spending. However,
Moody's also recognizes that the average cost for a movie ticket
remains a relatively inexpensive form of out-of-home entertainment.
During past recessionary periods (excluding the pandemic),
moviegoer demand and ticket sales remained fairly resilient.
AMC's Caa2 CFR reflects the company's position as the world's
largest movie exhibitor, but also considers the weak, albeit
improving operating and financial performance, which suffered from
pandemic-induced revenue and operating losses in 2020 and 2021 when
theatres were closed or not fully operational, and delayed recovery
when they reopened. Moody's expects continued profit improvement
and adequate liquidity driven by a strong 2023 film slate, growing
moviegoer attendance, increasing new release volumes, and the
expectation that most of the big studios will adhere to the 45-day
theatrical window for major releases. Nevertheless, there is
uncertainty surrounding Disney's adherence to the window for some
of its movies as well as inflationary concerns that could dampen
moviegoer demand.
The rating incorporates AMC's elevated financial leverage, which
Moody's expects to decline over the rating horizon. The cinema
industry's structural challenges are similarly captured in the
rating, including: (i) excess screen capacity in North America,
which will eventually require further reduction; (ii) comparatively
lower moviegoer demand as studios simultaneously release some films
online via SVOD/PVOD or potentially release them downstream in a
shortened theatrical window; (iii) lower theatrical release volumes
relative to historical levels; (iv) reduced show times compared to
pre-pandemic periods; and (v) the impact from some cost-conscious
consumers reducing their out-of-home entertainment and number of
trips to the cinema amid affordable subscription-based VOD movie
viewing. The rating continues to reflect Moody's view that a
potential balance sheet restructuring could occur given AMC's
untenable debt capital structure.
Over the next 12-18 months, Moody's expects AMC to maintain
adequate liquidity (SGL-3) supported chiefly by sizable
unrestricted cash balances, which totaled $685 million at September
30, 2022, offset by Moody's expectation for continued negative FCF
over the coming twelve months. At LTM September 30, 2022, FCF was
-$728 million (Moody's adjusted). Moody's expects cash burn to
moderate and operating cash to turn positive in 2023, which should
help maintain cash at high levels (barring usage for M&A, debt
repayment, shareholder distributions or other capital outlays).
Liquidity is further supported by an undrawn $225 million revolving
credit facility (RCF) maturing April 2024. The RCF has a springing
maximum net senior secured leverage covenant of 6x that becomes
applicable when more than 35% of the facility is drawn.
However, last month, AMC again extended the waiver for this
covenant, which now continues through the quarter ending March 31,
2024. This follows the December 2021 covenant reprieve that
extended relief through March 31, 2023. Prior to waiver expiration,
Moody's will closely monitor the covenant cushion. AMC is currently
subject to a minimum liquidity requirement of approximately $100
million under the conditions for the extended Covenant Suspension
Period for the RCF, as amended.
AMC plans to hold a Special Stockholders Meeting on March 14, 2023
to obtain approval to increase the number of authorized common
shares to 550 million from just over 524 million (513 million
currently outstanding) and execute a 1-for-10 reverse stock split
of the common shares via the conversion of APE units into common
shares. To the extent the company receives authorization, manages
to raise equity in the future and use the proceeds to retire debt,
the credit profile could be improved based on the revised debt
capital structure.
ESG CONSIDERATIONS
AMC's ESG Credit Impact Score is highly negative (CIS-4),
reflecting the company's neutral-to-low exposure to environmental
risks (E-2) and highly-negative exposures to demographic and
societal trends (S-4) and governance risks (G-4).
STRUCTURAL CONSIDERATIONS
The B3 rating on the Odeon senior secured first-lien notes reflects
the significant asset coverage and overcollateralization for this
class of debt in a distressed scenario as well as the relatively
lower financial leverage, as measured by debt to EBITDA, associated
with AMC's international assets. The Caa1 ratings on the senior
secured bank credit facilities and senior secured first-lien notes
issued by AMC are one notch lower than the implied outcome to
reflect the less than adequate asset coverage for this debt class
in a distressed scenario and significant financial leverage
associated with the debt to EBITDA generated by the company's North
American-based assets. The ratings also consider the obligations'
priority position in AMC's capital structure versus the second-lien
notes issued by AMC, which are rated Caa3. The Caa3 rating on the
second-lien notes incorporates the deficient asset coverage and low
anticipated recovery prospects for this debt class in a distressed
scenario. The Ca ratings on the senior subordinated notes issued by
AMC reflect the very low anticipated recovery prospects given their
junior position relative to a sizeable amount of first-lien and
second-lien debt ahead of them.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if AMC experiences positive growth in box
office attendance, stable-to-improving market share, expanding
EBITDA with margins approaching pre-pandemic levels and enhanced
liquidity; and exhibits prudent financial policies that translate
into an improved credit profile. An upgrade would also be
considered if financial leverage as measured by total debt to
EBITDA approaches 8x (Moody's adjusted) and free cash flow as a
percentage of total debt improves to the -1% to +1% range (Moody's
adjusted).
Ratings could be downgraded if there was: (i) a deterioration of
the company's liquidity or an inability to access additional
sources of liquidity to cover cash outlays; (ii) poor execution on
reducing or managing operating expenses; or (iii) limited prospects
for sustained operating performance recovery in 2023. A downgrade
could also be considered if Moody's expects total debt to EBITDA
will remain above 9x (Moody's adjusted) or free cash flow will
remain negative on a sustained basis. Ratings could also be
downgraded if Moody's expects AMC will pursue a balance sheet
restructuring.
Headquartered in Leawood, Kansas, AMC Entertainment Holdings, Inc.
is the largest movie exhibitor in the US and globally, operating
943 movie theatres with 10,518 screens in 15 countries across the
US, Europe and the Middle East. Revenue totaled approximately $4.1
billion for the twelve months ended September 30, 2022.
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
AMERICAN AIRLINES: Fitch Gives 'B' Rating on New Secured Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'B'/'RR3' rating to American Airlines,
Inc.'s proposed senior secured notes issuance. The notes, in
conjunction with American's recently announced amended term loan,
will refinance its existing 2013 facility set to mature in 2025.
The notes and term loan will be secured by American's South
American slots, gates, and routes (SGR) portfolio on a pari passu
basis, the same collateral that secures the existing 2013
facilities.
Fitch recently revised American Airlines' Rating Outlook to
Positive from Stable and affirmed its Issuer Default Rating (IDR)
at 'B-'.
The Positive Outlook reflects the company's progress towards
de-leveraging its balance sheet and a supportive supply/demand
environment that is likely to produce improved profitability in
2023. Modest capital spending provide American with capacity to
execute its de-leveraging plans. American may warrant a higher
rating in the next 6-12 months absent weaker-than expected results
potentially driven by macroeconomic factors.
KEY RATING DRIVERS
De-leveraging Progress: As operating conditions have improved over
the past year, Fitch now believes American has a solid
line-of-sight towards its de-leveraging goal of reducing total debt
by $15 billion by YE 2025. American ended the year with $43 billion
in total adjusted debt, down from a peak of over $48 billion in
2021. Fitch expects that number to drop to the low-to-mid $30
billion range by YE 2025. The company remains committed to
addressing its balance sheet, as shown by pre-paying the term loan
that was scheduled to mature in 2023.
American's 2025 debt tower remains a rating concern. However, Fitch
believes that the company will have sufficient cash flow and
attractive collateral such that refinancing risks are manageable.
American's planned refinancing partially alleviates the 2025
refinancing risk, reducing scheduled principal payments from $9.3
billion to $7.6 billion. Adjusted debt/EBITDAR remains high for the
rating at YE 2022; however, Fitch expects leverage to drop to
around 4.5x by YE 2024.
Improving Financial Flexibility: Fitch views American's financial
flexibility as improving as it pays down debt and frees up
previously encumbered collateral. American reports that the
prepayment of its $1.2 billion 2023 maturity has increased its
first lien borrowing capacity to over $10 billion. Fitch expects
borrowing capacity to increase further as aircraft debt and the
company's loyalty program financings amortize.
Healthy Demand Outlook for 2023: Solid fourth quarter results from
American and other carriers, along with early reports around
booking trends, indicate a likely improvement in the operating
environment for this year. All of the U.S. network carriers
reported bookings ahead of 2019 levels on recent earnings calls.
Demand resilience likely points to an increased priority in
consumer spending on experiences over goods coming out of the
pandemic, which may hold up despite a weaker macroeconomic
environment.
Growth is likely to be supported by yoy increases in international
and business demand, both of which were depressed during the first
half of 2022. Meanwhile, supply growth is set to remain muted this
year due to ongoing pilot shortages and delivery delays from the
aircraft OEM's, which Fitch believes will support a favorable
pricing environment and offset rising operating costs.
Capital Spending and Cash Flow: Limited capex spending over the
next few years will aid American's efforts to start paying down
debt. Aircraft deliveries are manageable in 2023 and 2024, as
American largely completed its fleet renewal program prior to the
pandemic. The company has guided to full year aircraft capital
spending of only $1.5 billion in 2023, levels that are
significantly lower than its main peers who have heavier delivery
schedules.
Deliveries are scheduled to increase in 2024 with American set to
take more 737 MAXs and 787s, but total capital spending is expected
to remain manageable. Fitch expects American to be FCF positive in
2023 and 2024, marking a significant turn, as the company generated
negative FCF several years prior to the pandemic due to heavy
capital spending.
Rising Operating Costs: Rising operating costs, particularly
related to wage inflation, will remain a headwind in 2023. However,
Fitch expects costs to be offset by higher fares and increased
operating efficiencies as the airlines move back towards normalized
levels of utilization. Pilot wages are set to move materially
higher. For instance, Delta Air Lines has a tentative agreement
with its pilots and Spirit Airlines' pilots recently ratified a new
contract both of which include wage increases of over 30%. It is
likely that American and United will follow with similar deals.
Once fully realized, these agreements amount to low-to-mid-single
digit headwinds towards the carriers' unit costs. Despite rising
labor rates, American is guiding to full year unit costs that are
up in the low single digits as some of the operating inefficiencies
experienced in 2022 recede. Fitch is cautious regarding unit cost
guidance since improvements are dependent on growing capacity,
which is at risk in a potential recession. Nevertheless, Fitch
expects cost pressures to be manageable and operating profits to
improve in 2023, while remaining modestly below 2019 levels.
Lower Jet Fuel May Provide Relief: Crude oil prices receded in the
fourth quarter of 2022 from levels sustained above $100/barrel
through much of 2022. While prices are up recently and are still
high by historical standards, they have yet to reach 2022 peaks.
Fitch's base case incorporates jet fuel at around $3.30 gallon on
average through 2023 down from $3.54 in 2022, which would represent
roughly $1 billion in lower costs. Jet fuel prices are a potential
offsetting factor in a weaker macro environment as softened demand
may drive fuel prices down, balancing the potential top-line
softness.
DERIVATION SUMMARY
American is rated lower than its major network competitors, Delta
Air Lines (BB+/Negative) and United Airlines, Inc. (B+/Negative),
primarily due to the company's historically more aggressive
financial policies and higher debt balance. American's debt balance
increased substantially in the years prior to the pandemic as it
spent heavily on fleet renewal and share repurchases. As such,
American's adjusted leverage metrics are at the high end of its
peer group. American's leveraged balance sheet is offset by its
healthy cash balance and deleveraging prospects over the next 2-3
years. American's ratings may converge towards United's over time
as American has greater de-leveraging capacity over Fitch's rating
horizon.
KEY ASSUMPTIONS
Fitch's base case assumes:
- Continued modest traffic growth in 2023 as travel rebounds from
pandemic lows. Fitch's expectations incorporate a modest economic
recession in the U.S. in 2023.
- Unit revenues remaining relatively flat through the forecast
period reflecting potential weakness in demand from a slower
macroeconomic environment, offset by constrained seat supply.
- Jet Fuel prices averaging around $3.30/gallon in 2023 and
moderating slightly thereafter.
- Non fuel unit costs remaining roughly flat in 2023.
- Capital spending in line with the company's public forecasts.
Secured Debt Ratings: American's proposed secured notes will
primarily be secured by its South American slots, gates, and routes
(SGR) portfolio. SGRs are intangible assets that are inherently
difficult to value, but Fitch views the collateral as strategically
important to American. Fitch believes that American would most
likely restructure as a going concern (GC) in a potential
bankruptcy scenario and the company is unlikely to give up this
pool of slots gates and routes given its strong competitive
position in the region.
The 'B'/'RR3' rating is derived via Fitch's recovery analysis which
assumes that American would be reorganized as a GC in bankruptcy
rather than liquidated. Fitch has assumed a 10% administrative
claim. The GC EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level, which is the basis
for the enterprise valuation calculation. Fitch uses a GC EBITDA
estimate of $5.5 billion and a 5.0x multiple, generating an
estimated GC enterprise value (EV) of $25 billion after an
estimated 10% in administrative claims.
Fitch views its GC EBITDA assumption as conservative as it remains
below levels generated in 2014, the first year after American last
exited bankruptcy, but it incorporates potential structural changes
to the industry such as higher operating costs and/or depressed
demand that would potentially drive a restructuring. These
assumptions lead to an estimated recovery for senior secured
positions in the 51%-70% (RR3) range and poor recovery prospects
(RR6) for unsecured positions.
Fitch believes that recovery may improve to the 'RR2' range over
time potentially leading to an upgrade on the senior secured debt
as American progresses through its debt reduction initiatives.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Continued progress towards American's stated goal to reduce debt
by $15 billion through 2025, bringing adjusted debt/EBITDAR below
5x;
- EBITDAR/Gross interest+rent sustained around 2x;
- Sustained neutral FCF or higher;
- Reduction in secured debt of $2 billion-$3 billion or more may
drive an upgrade to American's senior secured debt ratings to
'RR2'.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDAR/Gross interest+rent below 1.25x;
- Total liquidity falling toward or below $8 billion;
- Inability to raise new capital in the event that liquidity
becomes strained.
LIQUIDITY AND DEBT STRUCTURE
Solid Liquidity: As of Dec. 31, 2022, American held $11.8 billion
in total liquidity, consisting of $8.5 billion liquid short-term
investments $440 million in cash and cash equivalents, and full
availability on its $2.8 billion aggregate revolving credit
facilities (but excluding short-term revolving facilities).
American's liquidity remains well above its pre-pandemic target of
$7 billion, and provides significant cushion against near-term
market weakness. The company has publicly stated a medium-term
liquidity target of $10 billion-$12 billion. Fitch expects American
to gradually reduce its total liquidity balance over the longer
term as it makes progress towards its de-leveraging goals.
Scheduled debt principal payments are manageable in 2023 and 2024
and largely consist of scheduled amortization. American prepaid its
$1.25 billion term loan facility that was scheduled to mature in
December 2023, reducing scheduled principal payments to roughly
$3.3 billion this year.
American faces a maturity tower in 2025, when scheduled principal
payments spike to $9.3 billion. The planned refinancing addresses a
portion of the 2025 maturity tower. Fitch believes that the
remaining 2025 risk is addressable given that the SGR collateral
underlying certain maturities has proven to be readily financeable
in the past, providing the company with refinancing options. A
portion of the maturity wall will be addressed via improving FCF
driven by an improving operating environment and American's limited
capital spending.
Fitch also expects American's base of unencumbered assets to grow
over the next two years, and expects its borrowing capacity to grow
as the company's loyalty program debt begins to amortize, providing
the company with options to address the maturity tower.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
ISSUER PROFILE
American Airlines Group was formed out of the merger between
American Airlines and US Airways in December of 2013, and
represents the world's second largest airline by available seat
miles.
Entity/Debt Rating Recovery
----------- ------ --------
American Airlines,
Inc.
senior secured LT B New Rating RR3
AMERICAN TELECONFERENCING: Capital Southwest Reports 2 Sour Loans
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Capital Southwest Corporation has marked two loans it extended to
American Teleconferencing Services, Ltd. d/b/a Premiere Global
Services, Inc., at 6% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Capital Southwest's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a 2016 First Lien term loan
where it extended $4,858,000 in principal amount to ATS. The loan
accrues interest at 9.00% (P+5.50%/Q (Floor 2.00%)) per annum and
is slated to mature on June 8, 2023. The fair value of the loan is
$274,000 as of December 31.
Capital Southwest is also a participant in a 2021 revolving loan
extended to ATS. Capital Southwest extended $868,000 to ATS, which
loan accrues interest at 9.00% (P+5.50%/Q (Floor 2.00%)) per annum
and was slated to mature on January 31, 2023. The fair value of
the loan is $49,000 as of December 31.
Capital Southwest says both loans are on non-accrual status as of
December 31, meaning it has ceased to recognize interest income on
them.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
American Teleconferencing Services, Ltd., doing business as
Premiere Global Services, Inc., provides communication solutions.
The Company offers audio and web-based conferencing and
collaboration services. Premiere Global Services serves
information technology, enterprise, small business, and marketing
industries worldwide.
ARBORWORKS LLC: Capital Southwest Marks $12.7M Loan at 18% Off
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Capital Southwest Corporation has marked its $12,780,000 loan
extended to Arborworks LLC to market at $10,420,000 or 82% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Capital Southwest's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a First Lien term loan to
Arborworks LLC. The loan accrues interest at a rate of 13.56%
(L+9.00% (Floor 1.00%)/Q) per annum. The loan matures on November
9, 2026.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
Arborworks was founded in 2009. The company's line of business
includes providing ornamental shrub and tree services.
ARBORWORKS LLC: Capital Southwest Marks $2M Loan at 18% Off
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Capital Southwest Corporation has marked its $2,000,000 loan
extended to Arborworks LLC to market at $1,640,000 or 82% of the
outstanding amount, as of December 31, 2022, according to a
disclosure contained in Capital Southwest's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a Revolving loan to
Arborworks LLC. The loan accrues interest at a rate of 13.14%
(L+9.00% (Floor 1.00%)/Q) per annum. The loan matures on November
9, 2026.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
Arborworks was founded in 2009. The company's line of business
includes providing ornamental shrub and tree services.
ARCHBISHOP OF AGANA: Gets OK to Tap Home Ventures Realty as Realtor
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Archbishop of Agana received approval from the U.S. Bankruptcy
Court for the District Court of Guam to employ Home Ventures
Realty.
The Debtor requires a realtor to market and sell its real
properties located at S. Marine Corps Drive, and ET Calvo Mem
Parkway, Tamuning, Guam.
The firm will be paid a commission of 5 percent of the sales
price.
Clare Delgado, a partner at Home Ventures Realty, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Clare Delgado
Home Ventures Realty
341 S. Marine Corps Dr.
Tamuning, GU 96913
Tel: (671) 483-2120
Fax: (671) 979-4873
Email: claredelgado@gmail.com
About Archbishop of Agana
Roman Catholic Archdiocese of Agana -- https://www.aganaarch.org/
-- is an ecclesiastical territory or diocese of the Catholic Church
in the United States. It comprises the United States dependency of
Guam. The Diocese of Agana was established on Oct. 14, 1965, as a
suffragan of the Archdiocese of San Francisco, California. It is a
tax-exempt entity (as described in 26 U.S.C. Section 501).
The Archbishop of Agana, also known as the Roman Catholic
Archdiocese of Agana, sought Chapter 11 protection (D. Guam Case
No. 19-00010) on Jan. 16, 2019. Rev. Archbishop Michael Jude
Byrnes, S.T.D., Archbishop of Agana, signed the petition. The
Archdiocese scheduled $22,962,686 in assets and $45,662,941 in
liabilities as of the bankruptcy filing.
The Hon. Frances M. Tydingco-Gatewood is the case judge.
The archdiocese tapped Elsaesser Anderson, Chtd. as bankruptcy
counsel, Deloitte & Touche, LLP as human resource consultant, and
Pacific Human Resource Services, Inc. as accountant. Blank Rome
LLP, LegalWorks Apostolate PLLC, Davis & Davis P.C., and Camacho
Calvo Law Group serve as the archdiocese's special counsels.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on March 6, 2019. Stinson Leonard Street LLP,
The Law Offices of William Gavras, and Hiller Law, LLC serve as the
committee's bankruptcy counsel, local counsel, and special counsel,
respectively.
AVENTIV TECHNOLOGIES: $1.02B Bank Debt Trades at 26% Discount
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Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 74.3 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $1.02 billion facility is a Term loan that is scheduled to
mature on November 1, 2024. About $976.2 million of the loan is
withdrawn and outstanding.
Aventiv Technologies is a diversified technology company that
provides innovative solutions to customers in the corrections and
government services sectors. Aventiv is the parent company to
Securus Technologies and AllPaid.
AVENTIVE TECHNOLOGIES: Taps Advisers to Help Navigate Debt
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Reshmi Basu and Rachel Butt of Bloomberg News report that lenders
of a group of lenders to Aventiv Technologies LLC, a prison phone
operator backed by Tom Gores's Platinum Equity, has hired advisers
as the company tries to determine how to navigate maturing debt.
The lenders tapped investment bank Evercore Inc. and law firm
Gibson, Dunn & Crutcher for debt advice, according to people with
knowledge of the matter, who asked not to be identified because the
matter is private. The company, known as Securus Technologies Inc.
before a reorganization, has a revolving line of credit and a
first-lien term loan that are both maturing next year, 2024.
About Aventiv Technologies
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.
BEATO AUTO SALES: Case Summary & 20 Largest Unsecured Creditors
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Debtor: Beato Auto Sales, Inc.
6 Folsom Rd.
Derry, NH 03038
Business Description: The Debtor is engaged in the retail sale of
used cars.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
District of New Hampshire
Case No.: 23-10064
Judge: Hon. Bruce A. Harwood
Debtor's Counsel: Peter N. Tamposi, Esq.
THE TAMPOSI LAW GROUP, P.C.
159 Main St.
Nashua, NH 03060
Tel: 603-204-5513
Fax: 603-204-5515
Email: peter@thetamposilawgroup.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Rafael Beato as president.
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/44QTU6A/Beato_Auto_Sales_Inc__nhbke-23-10064__0001.0.pdf?mcid=tGE4TAMA
BED BATH & BEYOND: Starts Incremental Closure of Stores
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Greg Chang of Bloomberg News reports that Bed Bath & Beyond said it
has initiated incremental store closures in its Bed Bath & Beyond
banner with an ultimate operating goal of ~360 stores, in addition
to ~120 buybuy BABY stores, across the US.
Announced closing of public offering, with net proceeds to be used
immediately to repay outstanding borrowings under credit facility.
It expects to reborrow loans under its amended credit facility to
enable its strategic initiatives in fiscal 2023, which will be
further supported by a realigned store footprint and cost
structure.
Digital channel is expected to rise to a higher proportion of sales
with improved channel.
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 $225.7 million as of Nov. 26,
2022, a decrease of $245.2 million as compared with Feb. 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: $300M Bank Debt Trades at 17% Discount
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Participations in a syndicated loan under which Belk Inc is a
borrower were trading in the secondary market around 83.5
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $300 million facility is a Term loan that is scheduled to
mature on July 31, 2025. The amount is fully drawn and
outstanding.
Belk, Inc. is an American department store chain founded in 1888 by
William Henry Belk in Monroe, North Carolina, with nearly 300
locations in 16 states. Belk stores and Belk.com offer apparel,
shoes, accessories, cosmetics, home furnishings, and wedding
registry.
BIG VILLAGE: Court OKs Interim Cash Collateral Access
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The U.S. Bankruptcy Court for the District of Delaware authorized
Big Village Holding LLC and its debtor-affiliates to use cash
collateral on an interim basis in accordance with the budget.
The Debtor requires the use of cash collateral to pay the costs and
expenses associated with administering the Chapter 11 Cases,
continue the orderly operation of the Debtors' business, maximize
and preserve the Debtors' going concern value, make payroll and
satisfy other working capital and general corporate purposes.
On November 17, 2020, Debtor Big Village Group, Inc., EMX Digital,
Inc., Big Village Insights, Inc., Big Village Group Holdings, LLC,
and certain subsidiaries party thereto as borrowers, the
prepetition lenders, and BNP Paribas as administrative agent
entered into the Amended and Restated Credit and Guaranty
Agreement, dated as of November 17, 2020.
As of the Petition Date, the Prepetition Borrowers were indebted to
the Prepetition Secured Parties under the Prepetition Financing
Documents, for (a) an aggregate principal amount of $49.3 million
of 2020 Term Loans, and (b) accrued and unpaid interest, fees and
costs, expenses, charges, indemnities, and all other Obligations
incurred or accrued with respect to the foregoing pursuant to, and
in accordance with, the Prepetition Credit Agreement.
As adequate protection for the Prepetition Secured Parties for the
Prepetition Secured Liens, the Agent, are granted additional and
replacement valid, binding, enforceable, non-avoidable, and
perfected postpetition security interests and liens upon all
present and after-acquired property and assets of the Debtors and
their estates.
The Prepetition Secured Parties and the Agent, for the benefit of
the Prepetition Secured Parties, are granted an allowed
administrative expense claim with super-priority over all other
administrative expenses and all other claims against the Debtors or
their estates or any kind or nature whatsoever, but in all cases
subject and subordinate to the Carve-Out and the Permitted Prior
Liens.
The Carve-Out means fees and expenses of any statutory committee of
unsecured creditors, appointed pursuant to section 1103 of the
Bankruptcy Code, and the Retained Professionals, including
professionals retained by the Committee that have been approved by
the Court, which upon the Carve-Out Trigger Date, is subject to a
cap of $750,000.
A final hearing on the matter is set for March 8, 2023 at 3 p.m.
A copy of the order is available at https://bit.ly/3Ikrzka from
PacerMonitor.com.
About Big Village Holding LLC
Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia. They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.
Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel, Kroll Restructuring Administration, LLC as claims and
noticing agent and administrative advisor, Portage Point Partners,
LLC as restructuring advisor, and Stephens, Inc. as investment
banker.
BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's Brian Trust
and Scott Zemser; and Potter Anderson & Corroon LLP's L. Katherine
Good.
BIG VILLAGE: Feb.15 Deadline Set for Panel Questionnaires
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The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Big Village Holding
LLC, et al.
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/3YwPbYw and return by email it to Linda
Richenderfer
-- Linda.Richenderfer@usdoj.gov -- at the Office of the United
States Trustee so that it is received no later than 12:00 p.m., on
Feb. 15, 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 Big Village Holding LLC
Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia. They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global
advertising
campaigns.
Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel, Kroll Restructuring Administration, LLC as claims and
noticing agent and administrative advisor, Portage Point Partners,
LLC as restructuring advisor, and Stephens, Inc. as investment
banker.
BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's Brian Trust
and Scott Zemser; and Potter Anderson & Corroon LLP's L. Katherine
Good.
BOLTA US LTD: Taps Donnelly Penman & Partners as Investment Banker
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Bolta US Ltd. seeks approval from the U.S. Bankruptcy Court for the
Northern District of Alabama to employ Donnelly Penman & Partners
as investment banker.
The Debtor requires an investment banker to:
(a) review and analyze the business, operations, and historical
and projected financials of the Debtor;
(b) assist the Debtor in the identification and evaluation of
transaction alternatives and strategies, including prospective
parties to a transaction, both strategic and financial prospects;
(c) assist in the preparation and dissemination of an
information memorandum and other descriptive information regarding
the Debtor to prospects;
(d) assist in screening and negotiating with prospects and in
evaluating, comparing and qualifying competing offers for the
Debtor, including the valuation of any securities or other assets
offered as part of a transaction and in consummating a
transaction;
(e) assist in coordinating and scheduling visits with prospects
to the Debtor's facilities and assist them in their due diligence;
(f) assist in assembling, coordinating and reviewing the
information relevant to the Debtor to be included in a data room
and maintain the data room and access thereto by prospects;
(g) assist the Debtor and their counsel in negotiating certain
agreements ancillary to a transaction;
(h) provide timely reports and updates to the Debtor regarding
the status of due diligence and transaction negotiations; and
(i) meet with management of the Debtor and the Board of
Directors if requested to discuss the proposed transaction and its
financial and other implications.
The firm will be paid as follows:
a. The Debtor agrees to pay the firm an initial, non-refundable
advisory fee of $50,000. Beginning in December 2022, and for each
subsequent month following the execution of the agreement, the
Debtor will pay the firm a non-refundable monthly advisory fee of
$30,000.
b. Transaction Fee. At the closing of a transaction, the firm
will be paid a cash fee calculated as follows:
Amount of Total Consideration Accomplishment Fee
Up to $20 million $500,000, plus
$20 - $30 million 2.5%; plus
$30 - $40 million 2.75%; plus
In excess of $40 million 3%
Roy Vorhees, senior vice president of Donnelly Penman & Partners,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Roy W. Vorhees
Donnelly Penman & Partners
20902 Mack Avenue
Grosse Pointe Woods, MI 48236
Tel: (313) 393-3058
Email: rvorhees@donnellypenman.com
About Bolta US Ltd.
Bolta US Ltd., an auto parts manufacturer in Tuscaloosa, Ala.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ala. Case No. 23-70042) on Jan. 13, 2023. In the
petition signed by its chief restructuring officer, Jeffrey Truitt,
the Debtor disclosed up to $50 million in assets and up to $100
million in liabilities.
Judge Jennifer H. Henderson oversees the case.
The Debtor tapped Stephen Gross, Esq., at McDonald Hopkins, LLC as
bankruptcy counsel; Rosen Harwood, P.C. as local bankruptcy
counsel; Winter McFarland, LLC as special counsel; and Donnelly
Penman & Partners as investment banker.
BRINKER INTERNATIONAL: S&P Alters Outlook to Neg, Affirms 'BB- ICR
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S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Dallas-based Brinker International Inc. and revised the outlook to
negative from stable.
The negative outlook reflects S&P's expectation for leverage to
remain near the mid-4x area through fiscal 2023 before improving to
4x and below in fiscal 2024.
The outlook revision reflects Brinker's elevated leverage due to
weaker profitability caused by commodity and wage inflation.
Brinker saw commodity inflation in the first and second quarters of
fiscal 2023 of 25% and 17%, respectively, with significant
year-over-year cost increases coming from chicken and beef.
Investments in its workforce such as raising wages in the
mid-single-digit area year-over-year have resulted in better
retention but higher costs. S&P expects increased costs in the
short term related to operating initiatives that will take several
quarters before their full benefits are realized. This, in addition
to still-present--though easing--commodity and wage inflation
presents heightened risk to Brinker's ability to improve margins
over the next 12 months and reduce leverage amid a softening
macroeconomic environment.
Despite S&P's expectation of mid-single-digit area revenue growth
in fiscals 2023 and 2024, challenging economic conditions are a key
risk. Second-quarter fiscal 2023 comparable restaurant sales at its
Chili's brand grew 9.7% year-over-year, led by price increases, and
a favorable mix, partially offset by 6.6% and 7.6% lower traffic in
quarters one and two, respectively. Brinker's S&P Global
Ratings-adjusted EBITDA margins contracted over 300 basis points in
the first half of fiscal 2023 compared to first half fiscal 2022 as
the company absorbed most of the commodity and labor inflation it
faced. Though the company raised menu prices at a higher rate than
its roughly 1.5% increases pre-pandemic, it lagged the industry,
retaining its relative value proposition at the expense of margin
contraction.
Brinker competes in a mature and fiercely competitive industry.
Brinker's ability to maintain relevance in terms of value and
offerings will be key to maintaining its competitive position. The
company, which operates approximately 70% of its units, is directly
exposed to fluctuations in commodity prices, wage inflation, and
other restaurant-related operating cost pressures, as well as
capital investment requirements. Brinker's geographic footprint is
concentrated, with approximately 42% of its company-owned
restaurants located in just three states: Texas, Florida, and
California. As a result of these risks, S&P applies a negative
comparable rating analysis modifier.
S&P said, "We expect credit metrics to be near the mid-4x in fiscal
2023 before improving in fiscal 2024. As of Dec. 28, 2022,
Brinker's S&P Global Ratings-adjusted debt to EBITDA was 4.8x,
compared to 4.1x a year ago due to inflationary pressures. We
anticipate Brinker will generate improved earnings as operating
initiatives--particularly related to menu pricing actions--take
hold. The negative outlook reflects our assessment of elevated risk
related to Brinker striking a balance between maintaining its value
proposition and not alienating customers while at the same time
driving more profitable sales. We expect leverage will remain at
mid-4x in fiscal 2023 followed by improvement to the high-3x area
by the end of fiscal year-end 2024 as the company progresses toward
a higher earnings base and paydown of debt. The company has a
stated leverage target of 2x-2.5x, compared to our current S&P
Global Ratings' reported debt-to-EBITDA ratio of 3.3x as of the
second quarter.
"The negative outlook reflects our expectation of S&P Global
Ratings-adjusted leverage to remain near the mid-4x area through
fiscal 2023 before improving to 4x and below in fiscal 2024."
S&P's could lower its rating on Brinker if the company's
profitability does not improve, leading to sustained leverage at or
above 4.5x. This could occur if:
-- Demand for food-away-from-home significantly weakens as
consumers pull back discretionary spending in a recessionary
environment;
-- It cannot raise prices commensurate with its own cost inflation
without meaningfully hurting customer traffic; or
-- It adopts a more aggressive financial policy.
S&P could revise its outlook to stable if:
-- Brinker's costs moderate, enabling it to improve margins
without raising prices to an extent that alienates key customer
demographics; and
-- The company is able to generate sufficient cash flow to pay
down debt such that adjusted leverage falls to--and we expect it to
remain--below 4.5x.
ESG credit indicators: E-2, S-2, G-2
ESG factors are an overall neutral consideration in S&P's credit
rating analysis of Brinker International Inc. The company was able
to leverage additional sales channels, including take-out,
third-party delivery, and virtual brands to help expand its revenue
base during the pandemic. Going forward, the company's adaptation
to off-site dining provides a degree of insulation from disruptive
BSPV-PLANO LLC: Says Project, Once Finished, to Pay Claims in Full
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BSPV-Plano, LLC, on Feb. 9, 2023, submitted an Amended Disclosure
Statement in support of its Plan of Reorganization dated Dec. 31,
2022.
THe Disclosure Statement hearing has been scheduled for Feb. 13,
2023, at 10:00 AM.
The Plan is a plan of reorganization which, if confirmed, will
grant the Debtor a discharge, although the Debtor and its property
will remain liable for those debts provided for in the Plan to the
extent so provided.
The Debtor believes that the Plan enables all legitimate debt to be
paid in full, whereas in a liquidation of the Debtor, the Debtor
does not believe that all debts will be paid in full, and that most
Creditors would receive no recovery.
The principal asset of the Debtor is the Project, the real property
and improvements owned by the Debtor and the Estate consisting of
approximately 31.5 acres known as "The Bridgemoor at Plano" and
generally located at 1109 Park Vista Road, Plano, Texas.
At present, and on a fair market valuation, the Debtor believes
that the Project has more than enough value to pay all Creditors in
full, over time, and that this value will only grow, thus
protecting the rights of all Creditors and holders of Equity
Interests. The Project is not yet finished and is approximately 2
years from stabilization, at which point it will reach its true
market value. Approximately $1.5 million is needed to complete the
Project, and a significant additional amount of funding is required
to properly market and open the Project, all of which the Debtor's
Equity Interest holders are funding and have committed to do.
Thus, if the Debtor is afforded sufficient time to complete the
Project and ramp-up the leasing at the Project, all Creditors will
be paid in full, most with interest, and all Creditors will be
protected against non-payment. This is why the Debtor filed the
Bankruptcy Case-to preserve value for all stakeholders and to
complete the Project -- and this is why the Debtor urges all
Creditors to vote to accept the Plan.
The alternative is very likely that Unsecured Creditors, junior M&M
lien claimants, and even the subordinated class or classes of the
Bond debt (Bond Series C and Bond Series D), will not be paid
anything. This is because any realistic alternative would result in
a foreclose by the senior Bond holders Bond Series A and Bond
Series B) against the Project and a sale at liquidation value,
which is much less than present fair market value and certainly
much less than future market value, since any buyer wanting to
purchase the Project will have to assume the risks and large
construction and carrying costs to get the Project to completion
and stabilization. The Estate does not have other readily
monetizable assets of sufficient value to pay much, if anything, to
any other Creditor in such a situation.
The Debtor believes that the Plan and the Project are feasible, and
that there is sufficient fair market value to pay all Creditors in
full, is best evidenced by the contributions that the Debtor's
Equity Interest holders have made towards the Project and the
Bankruptcy Case, including: approximately $7 million to fund
construction prior to the Petition Date once the Bond Trustee froze
access to the Debtor's funds, approximately $1.5 million under the
DIP Loan to fund the Bankruptcy Case; approximately $2 million
after the Petition Date to fund construction; and an additional
$1.5 million and more in present and future construction funding.
Those Equity Interest holders are not seeking to "profit" on the
"backs" of their Creditors. On the contrary, they have spent and
will continue to spend substantial funds to protect the rights of
all Creditors and stakeholders against the alternative of a
foreclosure.
Under the Plan, Class 10 Unsecured Claims total $1,900,000, this
amount includes Claims that the Debtor does not believe will be
Allowed, after objections to the same. The Debtor believes that the
more accurate amount of Unsecured Claims in the Bankruptcy Case
that will be Allowed is approximately $1,000,000, including taking
into account approved postpetition payments made on prepetition
claims. The Plan proposes to pay Allowed Unsecured Claims, without
interest, in full through quarterly payments over 4 years. The
Plan provides an option to each holder of an Allowed Unsecured
Claim whereby the Debtor will pay the Claim in full through a
one-time payment of 33% of the Allowed amount of the Claim.
Creditors will recover 100% of their claims. Class 10 is impaired.
Attorneys for the Debtor:
Jay H. Ong, Esq.
Davor Rukavina, Esq.
Thomas D. Berghman, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
500 N. Akard Street, Suite 3800
Dallas, TX 75202-2790
Telephone: (214) 855-7500
Facsimile: (214) 855-7584
A copy of the Amended Disclosure Statement dated Feb. 9, 2023, is
available at
https://www.pacermonitor.com/view/OTYZUWQ/BSPV-Plano_LLC__txebke-22-40276__0264.0.pdf?mcid=tGE4TAMA
About BSPV-Plano, LLC
BSPV-Plano, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 22-40276) on March 1,
2022. In the petition signed by Richard Shaw, manager, the Debtor
disclosed up to $100 million in both assets and liabilities.
At the time of filing, BSPV-Plano, LLC was developing a 31.5-acre,
"55+" Independent Senior Luxury Apartment Community with 318 units
of apartment inventory, that is known and branded as "The
Bridgemoor at Plano," and located at 1109 Park Vista Road in Plano,
Texas.
Thomas D. Berghman, Esq., at Munsch Hardt Kopf and Harr, PC, is the
Debtor's counsel.
BURGER BUILDING: Case Summary & Five Unsecured Creditors
--------------------------------------------------------
Debtor: The Burger Building, LLC
5718 Myrtle Ave
Ridgewood, NY 11385-4932
Business Description: The Debtor is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B).
The Debtor is the fee simple owner of a
property located at 5718 Myrtle Ave,
Ridgewood, NY 11385-4932 valued at $1.8
million.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-40481
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: H. Bruce Bronson, Esq.
BRONSON LAW OFFICE, P.C.
480 Mamaroneck Ave
Harrison, NY 10528-1621
Tel: (877) 385-7793
Email: hbbronson@bronsonlaw.net
Total Assets: $2,317,238
Total Liabilities: $1,614,216
The petition was signed by Paul Amato 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/UPWKV3A/The_Burger_Building_LLC__nyebke-23-40481__0001.0.pdf?mcid=tGE4TAMA
CASTLE US: $1.20B Bank Debt Trades at 27% Discount
--------------------------------------------------
Participations in a syndicated loan under which Castle US Holding
Corp is a borrower were trading in the secondary market around 72.9
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1.20 billion facility is a Term loan that is scheduled to
mature on January 29, 2027. The amount is fully drawn and
outstanding.
Castle US Holding Corporation provides database tools and software
to public relations and communications professionals.
CELSIUS NETWORK: Shareholders Take on Clients Over Affiliate Assets
-------------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that shareholders of a
Celsius Network LLC affiliate urged a judge to bar the crypto
lender's customers from going after certain assets which they say
are protected against liability.
Customers released the affiliate, Britain-based Celsius Network
Limited (CNL), from liability when they agreed to the terms of use
for using the crypto exchange, which created Celsius Network LLC in
2021, a lawyer for the affiliate's preferred shareholders said
Monday. Those terms of use told customers they had no legal
recourse against any affiliate of the LLC, which includes CNL,
Andrew Leblanc of Milbank LLP, said during a Monday, February 6,
2023, hearing before the judge.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to
get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case
No.22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as legal counsels; Centerview Partners, LLC as
investment banker; and Alvarez & Marsal North America, LLC as
financial advisor. Stretto, the claims agent and administrative
advisor, maintains the page https://cases.stretto.com/celsius
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP, as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP, as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP, and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CENTERPOINTE HOTELS: Court OKs Interim Cash Collateral Access
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized CenterPointe Hotels @ Texas II, LP and
debtor-affiliates to continue using cash collateral on an interim
basis in accordance with the budget.
The Court said the Debtor may use cash collateral in accordance
with the terms of the First Interim Order and the approved Budget,
except as expressly modified by the terms of the First Interim
Order.
The Debtors are also authorized to make payments to Gibson Hotel
Management in the ordinary course of business; provided, however,
that direct or indirect compensation paid by the Debtors to James
O. Guillory, Jr. will not exceed $5,000, and no management fees may
be paid to HarDam Hospitality until further order of the Court.
As previously reported by the Troubled Company Reporter, the
Debtors were permitted to use cash collateral to pay the expenses
described in the budget, except that direct or indirect
compensation paid by the Debtors to James O. Guillory will not
exceed $5,000 and no management fees may be paid to Gibson Hotel
Management.
As adequate protection, the Debtors will maintain the value of
their business as a going-concern; (ii) comply at all times with
the Budget, subject to reasonable variances; (iii) make monthly
payments to the SBA at the contract rate on the EIDL Note; and (iv)
make interest only payments to the holder of the SBA 504 Financing
debt in the amount of $18,100 per month.
To the extent of any Diminution in Value, each Secured Lender is
granted valid, automatically perfected and enforceable additional
adequate protection replacement subject to the Carve-Out and only
in collateral of the same type as such Secured Lender has a valid
prepetition lien.
Subject to the Carve-Out, and to the extent of any Diminution in
Value, the Secured Lenders are further granted an allowed
superpriority administrative expense claim, as provided and to the
full extent allowed by sections 503(b) and 507(b) of the Bankruptcy
Code, with 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/3IflGEL from
PacerMonitor.com.
About CenterPointe Hotels @ Texas II, LP
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.
CITY BREWING: $850M Bank Debt Trades at 47% Discount
----------------------------------------------------
Participations in a syndicated loan under which City Brewing Co LLC
is a borrower were trading in the secondary market around 53.1
cents-on-the-dollar during the week ended Friday, February 10,
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.
COMET BIDCO: $420M Bank Debt Trades at 21% Discount
---------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $420 million facility is a Term loan that is scheduled to
mature on October 6, 2024. About $400.6 million of the loan is
withdrawn and outstanding.
CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, tradeshows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the United
Kingdom.
CONVERGEONE HOLDINGS: $1.11B Bank Debt Trades at 32% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ConvergeOne
Holdings Inc is a borrower were trading in the secondary market
around 68.1 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $1.11 billion facility is a Term loan that is scheduled to
mature on January 4, 2026. About $1.09 billion of the loan is
withdrawn and outstanding.
ConvergeOne Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides managed cloud, cyber
security, enterprises networking, data center, application and
software development, security infrastructure, and hosted
collaboration solutions.
CYXTERA DC: $815M Bank Debt Trades at 14% Discount
--------------------------------------------------
Participations in a syndicated loan under which Cyxtera DC Holdings
Inc is a borrower were trading in the secondary market around 85.8
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $815 million facility is a Term loan that is scheduled to
mature on May 1, 2024. About $770.2 million of the loan is
withdrawn and outstanding.
Cyxtera DC Holdings, Inc. provides data center services. The
Company operates in the United States.
DELPHI BEHAVIORAL: Capital Southwest Marks $1.4M Loan at 25% Off
----------------------------------------------------------------
Capital Southwest Corporation has marked its $1,448,000 loan
extended to Delphi Behavioral Health Group, LLC to market at
$1,086,000 or 75% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Capital Southwest's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a Protective Advance loan to
Delphi Behavioral Health Group, LLC. The loan accrues interest at a
rate of 21.06% (L+16.70% PIK (Floor 1.00%)/Q) per annum. The loan
matures on April 7, 2023.
The loan is on non-accrual status as of December 31, 2022, meaning
Capital Southwest has ceased to recognize interest income on this
investment.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
Delphi Behavioral Health Group, LLC d/b/a The Palm Beach Institute,
and Palm Beach Recovery, LLC provide treatment programs for
addiction and detox.
DEVILLE CORP: Taps Brannen Searcy & Smith as Special Counsel
------------------------------------------------------------
Deville Corp. seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to employ Brannen, Searcy & Smith, LLP
as its special corporate and real estate counsel.
The Debtor requires legal advice concerning the sale of its
commercial real property and various corporate matters.
The firm will be paid at the rate of $250 per hour.
Ashlee Vaught, Esq., a partner at Brannen Searcy & Smith, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ashlee H. Vaught, Esq.
Brannen Searcy & Smith, LLP
22 East 34th St.
Savannah, GA 31401
Tel: (912) 234-8875
Email; avaught@brannenlaw.com
About Deville Corp.
Deville Corp. is a single asset real estate (as defined in 11
U.S.C. Sec. 101(51B)). The company is based in Savanah, Ga.
Deville Corp. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-04930) on Dec. 14,
2022, with $10 million to $50 million in assets and $1 million and
$10 million in liabilities. Edgar L.T. Gay, Deville Corp. president
and director, signed the petition.
Judge Catherine Peek Mcewen oversees the case.
Daniel R. Fogarty, Esq., at Stichter, Riedel, Blain & Postler, P.A.
and Gunster Yoakly & Stewart, P.A. serve as the Debtor's bankruptcy
counsel and special litigation counsel, respectively.
DIAMOND SPORTS: $3.22B Bank Debt Trades at 88% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Diamond Sports
Group LLC is a borrower were trading in the secondary market around
11.6 cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $3.22 billion facility is a Term loan that is scheduled to
mature on August 24, 2026. The amount is fully drawn and
outstanding.
Diamond Sports Group, LLC operates as a sports marketing company.
The Company offers seminars, combine, speed and agility
assessments, recruiting tools, and online training sessions for
sports including football, baseball, soccer, and basketball.
DISPENSER BEVERAGES: Court OKs Interim Cash Collateral Access
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Dispenser Beverages, Inc. to use cash
collateral on an interim basis.
The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the
Subchapter V Trustee for fees; (b) the current expenses set forth
in the budget, plus an amount not to exceed 10% for each line item,
and 10% in the aggregate, except as otherwise set forth in the
Order; and (c) such amounts as may be expressly approved in writing
by BankUnited, N.A.
Each creditor with a security interest in cash collateral will have
a perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as the prepetition
lien, without the need to file or execute any document as may
otherwise be required under applicable non-bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditor. The Debtor will provide the
Secured Creditor with proof of insurance within 10 days of entry of
the Order.
As additional adequate protection, the Debtor will make monthly
payments to the Secured Creditor equal to the monthly interest
accruing under the terms of the promissory notes executed by the
Debtor and delivered to the Secured Creditor. Interest is accruing
and will be paid on loan 600094 in the per diem amount of $58, and
on loan 600147 at $18. The Debtor will make payment to the Secured
Creditor for the interest accrued post-petition for the month of
January by February 1, 2023, payment for the month of February on
February 15, 2023, and all subsequent monthly payments will be due
on the 15th of each subsequent month. Without prejudicing the
rights of any other party in interest, the Debtor has agreed that
the Secured Creditor is oversecured for purposes of 11 U.S.C.
section 506(b), and that the payments will be applied only to
interest accruing under the loans; provided, however, that if any
party in interest successfully challenges the Secured Creditor's
liens, secured interests, or oversecured status, the payments are
subject to being reallocated to the outstanding principal under the
loans.
A further hearing on the matter is set for February 16, 2023 at
1:30 p.m.
A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3XnMKps from PacerMonitor.com.
The Debtor projects total cash outflow, on a weekly basis, as
follows:
$41,018 for the week ending February 5, 2023;
$1,075 for the week ending February 12, 2023;
$29,65 for the week ending February 19, 2023; and
$5,700 for the week ending February 26, 2023.
About Dispenser Beverages, Inc.
Dispenser Beverages, Inc. provides "one stop" beverage solutions
for those in the Education, Military, Healthcare, and Hospitality
industries. The Company's DispenServe service offers managed
service programs for the installation, repair and maintenance of
beverage dispensers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00088) on January 12,
2023. In the petition signed by Vincent Bacolini, director, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Catherine Peek McEwen oversees the case.
Christopher R. Thompson, Esq., at Burr & Forman LLP, is the
Debtor's legal counsel.
DIV005 LLC: Unsecured Creditors to Get $382K Under Plan
-------------------------------------------------------
DIV005 LLC and Metal Benders USA LLC filed a Joint Plan of
Reorganization and a Disclosure Statement.
The Debtors filed an application for an order conditionally
approving the Disclosure Statement and scheduling a hearing to
consider final approval thereof and a confirmation hearing on the
Plan.
These cases are in a somewhat unique procedural posture in that a
joint plan is being proposed in a Subchapter V case and a
"traditional" Chapter 11 case. While Metal Benders, as a
Subchapter V debtor, is not required to file a disclosure statement
as part of its plan, Div005, as a "traditional" Chapter 11 debtor,
is. However, to require Div005 to obtain approval of its
disclosure statement before soliciting votes in favor of the Joint
Plan would prevent Metal Benders from obtaining the benefits of an
expedited resolution of its Subchapter V case.
Reorganization Plan
DIV005 LLC and Metal Benders USA, LLC, filed a Joint Plan of
Reorganization dated Feb. 3, 2023.
As of the Petition Date, Debtor Div005 had the following assets:
$982,909 in personal property, including (i) $602,909 in cash and,
(ii) $370,000 in equipment. Debtor Div005 had liabilities
consisting of (i) secured claims in the approximate amount of
$9,271,341, (ii) priority claims in the amount of $200.00 and (iii)
unsecured claims in the amount of $5,399,595.
Debtor Metal Benders had the following assets: (i) Bank Accounts
with a value of $22,606, (ii) raw materials with a value of
$390,000, (iii) fabricated materials with a value of $114,285, and
(iv) furniture and equipment with a value of $102,000. Debtor
Metal Benders had liabilities consisting of unsecured claims in the
amount of $3,120,265.
The source of funds for the payments pursuant to the Plan is a
contribution of "new value" by the Debtor's owners and on-going
operations of the Debtors.
Under the Plan, Class 5 General Unsecured Claims, beginning on
December 31, 2023 and continuing on that date each following year
for five years following the Effective Date, the Debtors will pay
the General Unsecured Creditors equal annual pro-rata payments in a
total amount of $382,682.
Class 6 Unsecured Convenience Class will consist of unsecured
claims less than or equal to $10,000. Holders of Allowed Class 6
Claims (or which voluntarily reduce their Allowed claim to no less
than $10,000) will be paid 25 percent of their Allowed claim on the
first anniversary of the Effective Date.
The Debtors anticipate and project but do not warrant payments to
the Holders of Allowed Class 6 Claims.
After the Confirmation Date, the Debtors are authorized to sell or
refinance their assets free and clear of liens, claims and
encumbrances. In the event the applicable assets are subject to
secured claims, the Debtors are only authorized to sell or
refinance such property for any amount (a release amount) that is
at least equal to the outstanding amount of Allowed Secured Claims
securing such property (the "Release Amount"). The Release Amount,
after payment of customary closing costs including broker fees and
other items customarily attributed to the seller (in a sale) and
borrower (in a refinancing), shall be paid at closing as follows:
(i) first to cover any ad valorem property taxes associated with
the particular asset and (ii) then secured claims in order of
priority. Any net proceeds from any such sale available after
closing shall be paid to fund Debtors' other obligations as set
forth in the Plan. The Bankruptcy Court shall retain jurisdiction
to reopen the Bankruptcy Case, if applicable, and resolve any
disputes regarding the Sale Procedures.
Attorneys for the Debtor:
Cameron M. McCord, Esq.
Thomas T. McClendon, Esq.
JONES & WALDEN, LLC
699 Piedmont Avenue, NE
Atlanta, GA 30308
Tel: (404) 564-9300
A copy of the Order dated Feb. 3, 2023, is available at
https://bit.ly/3Yv2ngx from PacerMonitor.com.
A copy of the Disclosure Statement dated Feb. 3, 2023, is available
at https://bit.ly/3YhENmY from PacerMonitor.com.
About Div005, LLC
Div005, LLC, is primarily engaged in manufacturing iron and steel
pipe and tube, drawing steel wire, and rolling steel shapes, from
purchased steel.
Div005, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-21202) on Nov. 23,
2022. In the petition signed by Harold Lerner, manager, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Metal Benders USA LLC filed its voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 22-21201) on Nov. 23, 2022. The Debtor estimated up to
$50,000 in assets and $1 million to $10 million in liabilities.
Gary M. Murphey has been appointed as Subchapter V trustee.
Cameron M. McCord, Esq., at Jones & Walden, LLC, serves as the
Debtors' counsel.
DLVAM1302: Court OKS Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized DLVAM1302 North Shore, LLC to use the cash
collateral of HMC Assets, LLC on an interim basis, retroactive to
November 1, 2021.
The Debtor is permitted to use cash collateral to pay amounts
expressly authorized by the Court, including payments to the United
States Trustee for quarterly fees; the current and necessary
expenses set forth in the budget plus an amount not to exceed 10%
for each line item, and additional amounts as may be expressly
approved in writing by the Secured Creditors.
As adequate protection, the Secured Creditor will have perfected
post-petition liens against cash collateral to the same extent and
with the same validity and priority as the prepetition liens,
without the need to file or execute any document as may otherwise
be required under applicable non-bankruptcy law.
The Debtor will also maintain insurance coverage for its property
in accordance with the obligations under the loan and security
documents with the Secured Creditors.
The continued hearing on the matter is scheduled for March 2, 2023
at 1:30 a.m.
A copy of the order is available at https://bit.ly/3Xn1ntt from
PacerMonitor.com.
About DLVAM1302 North Shore
Anna Maria, Fla.-based DLVAM1302 North Shore, LLC filed a petition
for Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-05371) on
Oct. 20, 2021, disclosing $1,988,681 in total assets and $1,585,279
in total liabilities. Floyd Calhoun, manager, signed the
petition.
Judge Catherine Peek McEwen oversees the case.
The Debtor tapped Buddy D. Ford, P.A. as legal counsel.
DRIVE CHASSIS: S&P Withdraws 'B' ICR Following Sale to New Owners
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' issuer credit rating on Drive
Chassis Holdco LLC (DCLI). Apollo Global Management and EQT AB
completed the sale of DCLI on Dec. 13, 2022, to GIC, OMERS
Infrastructure, and WrenHouse. Subsequently, S&P withdrew the
rating as the previous capital structure no longer exists.
At the time of the withdrawal, S&P's outlook on DCLI was positive.
DUNBAR PLAZA: Class UC-1 Owed $269K to Get $150K
------------------------------------------------
Dunbar Plaza, Inc., submitted a Second Amended Combined Disclosure
Statement and Liquidation Plan.
The Debtor is holding the sum of $225,309. These monies represent
the balance of the net sale proceeds from the sale of real property
owned by the Debtor. The Debtor has previously paid administrative
expenses in the sum of $7,285. Any additional administrative
expenses will be paid only after approval by the U.S. Bankruptcy
Court.
All monies to be distributed will be distributed to the two classes
of unsecured creditors - Class I and Class II. Class I will
receive $150,000 and Class II will receive $75,309 less
administrative expense. This represents all that can be paid and
if the case were converted to a Chapter 7, there would be
additional administrative expenses of a Chapter 7 Trustee.
Class UC-1 Unsecured creditors other than Putnam County Bank are
identified on the exhibit attached and designated as Class I. Those
creditors will share, pro rata, the sum of $150,000 as set forth on
the exhibit. Creditor claims in Class I total the sum of $269,284.
Payments in this class represent the balance of the monies held by
the Debtor. This class exists because the Putnam County Bank claim
has been subordinated to the $150,000 hold back.
Class UC-II Class UC-II represents the balance of distributions to
be made to unsecured creditors after payment of the $150,000 sum as
identified in Class I. This class does include a distribution to
Putnam County Bank. The total amount available for payment to
creditors in this class is $75,309. Class II represents a pro rata
payment to Putnam County Bank because its secured claim on personal
property was not properly perfected.
After the filing of this Disclosure Statement, the Debtor realized
that it owned two lots on Dunbar Avenue, Dunbar, West Virginia,
utilized as a billboard site. The Debtor has received offers to
purchase the billboard and a hearing will be schedules in the U.S.
Bankruptcy Court for the Southern District of West Virginia to
select the highest bidder. The billboard is in a flood plain and
the property can only be used for advertising purposes but the
billboard is in view of the I-64 Dunbar, South Charleston, bridge.
Proceeds from the sale of the billboard will be utilized to pay any
administrative expenses with the balance to be made available for
creditors in Class II. The most recent offer was $35,000.
A copy of the Combined Disclosure Statement dated Feb. 1, 2023, is
available at https://bit.ly/3JFtIYC from PacerMonitor.com.
About Dunbar Plaza
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, with 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.
EAGLEVIEW TECHNOLOGY: $635M Bank Debt Trades at 17% Discount
------------------------------------------------------------
Participations in a syndicated loan under which EagleView
Technology Corp is a borrower were trading in the secondary market
around 83.4 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $635 million facility is a Term loan that is scheduled to
mature on August 14, 2025. About $608 million of the loan is
withdrawn and outstanding.
EagleView Technology Corporation designs and develops enterprise
software solutions. The Company offers software for property
measurement, estimation, imaging, deployment, analysis, and
integration. EagleView Technology serves government, construction,
insurance, and solar industries in the United States, India, and
Australia.
EAST BROADWAY: BOH Plan Disclosures Hearing Resumes Feb. 16
-----------------------------------------------------------
Honorable David S. Jones continued the Disclosure Hearing and
directed the Parties to prepare a revised scheduling order which
revises certain deadlines from the Order and sets forth additional
deadlines relating to the Bank of Hope ("BOH") Plan for debtor,
East Broadway Mall Inc.
The deadline for BOH to file an amended Disclosure Statement, if
any, is February 9, 2023.
The resumption of the Disclosure Hearing will be held before the
Honorable David S. Jones, United States Bankruptcy Judge for the
Southern District of New York, on Feb. 16, 2023 at 10:00 a.m.
(prevailing Eastern Time).
The Plan Confirmation Hearing date has been amended and shall now
be held on April 5, 2023 at 10:00 a.m. Objections to the BOH Plan
shall now be filed by March 29, 2023.
The Plan Confirmation Deadline is hereby extended to April 5, 2023.
Unless extended by further order of the Court, the Chapter 11 Plan
must be confirmed no later than this date.
The United States Trustee is authorized to reinstate his previously
filed motion to convert the chapter 11 case to chapter 7 by filing
a Notice of Reinstatement with the Court on or before April 5,
2023.
About East Broadway Mall
East Broadway Mall, Inc., operates a commercial mall located at 88
East Broadway in the City, County and State of New York. On March
1, 1985, Debtor entered into a 50-year lease commercial lease, with
the City through the New York City Department of General Services
for use of land beneath the Manhattan Bridge. Upon execution of the
Lease in 1985, the Debtor expended more than one million dollars to
construct a mall on the land.
East Broadway Mall, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12280) on July 12,
2019. In the petition signed by its president, Grace Chan, the
Debtor was estimated to have assets and debts of less than $50,000.
The Debtor hired Sferrazza & Keenan, PLLC, as counsel, and The
Carey Group LLC, as special counsel.
ELECTRONICS FOR IMAGING: $875M Bank Debt Trades at 24% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Electronics For
Imaging Inc is a borrower were trading in the secondary market
around 76.4 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $875 million facility is a Term loan that is scheduled to
mature on July 23, 2026. About $846.6 million of the loan is
withdrawn and outstanding.
Electronics for Imaging is a worldwide provider of products,
technology and services leading the transformation of analog to
digital imaging.
EMERGENT FIDELITY: SBF Entity Files for Chapter 11 Bankruptcy
-------------------------------------------------------------
Turner Wright of Coin Telegraph reports that Emergent Fidelity
Technologies, a Sam Bankman-Fried holding company based in Antigua
and Barbuda, has filed for bankruptcy protection.
According to court records filed on Feb. 3, Emergent Fidelity
Technologies submitted a voluntary petition to declare bankruptcy
under a Chapter 11 filing in the United States Bankruptcy Court for
the District of Delaware. The company was already the target of a
lawsuit filed by crypto lending firm BlockFi in November 2022
regarding the status of roughly 55 million shares of Robinhood.
The Robinhood shares -- worth more than $590 million at the time of
publication -- have been a point of contention among parties,
including BlockFi, FTX creditor Yonathan Ben Shimon and
Bankman-Fried himself. The United States Department of Justice
(DOJ) announced on January 6, 2023 that it had seized the shares
and roughly $20 million in U.S. dollars as part of the case against
FTX and its executives.
Emergent Fidelity Technologies claimed ownership of the shares and
the $20 million as its "only known assets," previously held by
brokerage firm Marex Capital Markets before the DOJ seizure.
According to a declaration by Angela Barkhouse, one of the joint
provisional liquidators in the case, Emergent Fidelity Technologies
filed for Chapter 11 in the same court as FTX to pursue a "form of
joint administration" between the two bankruptcies.
About Emergent Fidelity Technologies
Emergent Fidelity Technologies is a holding company owned by Sam
Bankman-Fried that is based in Antigua and Barbuda. Emergent
Fidelity owns 55 million shares of Robinhood Markets, Inc.,
and $20.7 million cash, which is apparently proceeds from the
sale of additional such shares. Emergent is 90% owned by Sam
Bankman-Fried.
Emergent Fidelity Technologies sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10149) on Feb.
3, 2023. In its petition, the Debtor reported $500 million to $1
billion in assets and liabilities. The petition was signed by
Angela Barkhouse as Joint Provisional Liquidator of Emergent.
The Debtor's counsel:
Jody C. Barillare, Esq.
MORGAN, LEWIS & BOCKIUS LLP
1201 N. Market Street, Suite 2201
Wilmington, DE 19801
Tel: 302-574-7294
E-mail: jody.barillare@morganlewis.com
ENVISION HEALTHCARE: $1B Bank Debt Trades at 71% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 29
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1 billion facility is a Term loan that is scheduled to mature
on March 31, 2027. The amount is fully drawn and outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 59% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 41.3
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $5.45 billion facility is a Term loan that is scheduled to
mature on October 10, 2025. About $3.73 billion of the loan is
withdrawn and outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ERBO PROPERTIES: Case Summary and Nine Unsecured Creditors
----------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
ERBO Properties LLC 23-10210
541-545 West 21st Street
New York, NY 10011
Kova 521, LLC 23-10211
541-545 West 21st Street
New York, NY 10011
Gold Mezz LLC 23-10212
541-545 West 21st Street
New York, NY 10011
Business Description: The Debtors are engaged in activities
related to real estate.
ERBO Properties is the owner in fee simple
title of a property located at 541 West 21st
Street, New York, NY 10011 valued at
$80 million.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Southern District of New York
Debtors' Counsel: Scott S. Markowitz, Esq.
TARTER KRINSKY & DROGIN LLP
1350 Broadway
11th Floor
New York, NY 10018
Tel: (212) 216-8000
Email: smarkowitz@tarterkrinsky.com
ERBO Properties'
Total Assets: $80,000,000
ERBO Properties'
Total Liabilities: $60,214,040
Kova 521's
Total Assets: $0
Kova 521's
Total Liabilities: $0
Gold Mezz's
Total Assets: $0
Gold Mezz's
Total Liabilities: $4,750,000
The petitions were signed by Erno Bodek as manager.
Debtors Kova 521 and Gold Mezz stated they have no creditors
holding unsecured claims.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/CLOTHPA/ERBO_Properties_LLC__nysbke-23-10210__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/V44ECVY/KOVA_521_LLC__nysbke-23-10211__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/2I7XYJQ/Gold_Mezz_LLC__nysbke-23-10212__0001.0.pdf?mcid=tGE4TAMA
List of ERBO Properties' Nine Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Cauldwell Wingate Construction $2,000,000
Co., LLC Manager
380 Lexington Avenue Agreement
52nd Floor
New York, NY 10168
2. HigherGround 541, LLC Development $500,000
c/o CIA Group Agreement
41 Madison Avenue,
31st Floor
New York, NY 10010
3. Advanced Facade Facade-Window $90,000
13-75 Redfern Ave Installation
Far Rockaway, NY 11691 Lobby-Chandeliers
4. High Concrete Group Facade-Engineering $86,634
125 Denver Rd Manufacturing
Denver, PA 17517 and Delivery
5. Mancini Duffy Architectural $58,148
275 7th Avenue Design Services &
New York, NY 10001 Construction
Administration
6. Lilker Associates Design Services $27,945
1001 6th Ave #9 & Construction
New York, NY 10018 Administration
7. Urban Umbrella Sidewalk Shed $9,491
20 Harrison St
New York, NY 10013
8. KM Associates of NY, Inc. Permits & $6,331
158 West 29 Street Filing Fees
Fl. 7
New York, NY 10001
9. Gilsanz Murray Steficek Structural Design $4,425
129 W 27th St 5th floor and Construction
New York, NY 10001 Administration
FARMA SCI LIFE: Gets Interim OK to Hire Shraiberg Page as Counsel
-----------------------------------------------------------------
Farma Sci Life, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Shraiberg Page P.A.
The Debtor requires legal counsel to:
a. give advice regarding matters of bankruptcy law in connection
with the Debtor's Chapter 11 case;
b. advise the Debtor of the requirements of the Bankruptcy Code,
the Federal Rules of Bankruptcy Procedure, applicable bankruptcy
rules, including local rules, pertaining to the administration of
the case and the U.S. Trustee Guidelines related to the daily
operation of its business and administration of the estate;
c. represent the Debtor in all proceedings before the court;
d. prepare and review legal documents;
e. negotiate with creditors, prepare and seek confirmation of a
plan of reorganization and related documents, and assist the Debtor
in the implementation of any plan; and
f. perform all other necessary legal services for the Debtor.
The firm will be paid at these rates:
Bradley S. Shraiberg, Esq. $600 per hour
Eric Pendergraft, Esq. $425 per hour
Attorneys $325 to $600 per hour
Legal Assistants $275 per hour
The Debtor paid the firm a fee retainer of $50,000 and a cost
retainer of $2,000 as security.
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Bradley Shraiberg, Esq., a partner at Shraiberg Page, 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:
Bradley S. Shraiberg, Esq.
Eric Pendergraft, Esq.
Shraiberg Page P.A.
2385 NW Executive Center Drive, Suite 300
Boca Raton, FL 33431
Tel: (561) 443-0800
Fax: (561) 998-0047
Email: bss@slp.law
ependergraft@slp.law
About Farma Sci Life
Farma Sci Life, Inc. manufactures, distributes and engages in the
online sale of cannabidiol (CBD) and Delta 8 tetrahydrocannabinol
consumer products sold under the Blue Moon Hemp brand name.
Farma Sci Life sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10398) on Jan. 18,
2023, with up to $10 million in both assets and liabilities. John
M. Maloney, Jr., president of Farma Sci Life, signed the petition.
Judge Erik P. Kimball oversees the case.
Bradley S. Shraiberg, Esq., at Shraiberg Page PA, represents the
Debtor as legal counsel.
FB DEBT FINANCING: Gets OK to Hire Ankura as Restructuring Advisor
------------------------------------------------------------------
FB Debt Financing and its affiliates received approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Ankura
Consulting Group, LLC as restructuring advisor.
The Debtors also received approval to hire Stephen Marotta to serve
as chief restructuring officer; Jerilyn Meckler as director of
human resources; and Ernest Lee to support financial planning and
analysis.
Mr. Marotta is a senior managing director at Ankura while the two
other personnel are both managing directors at the firm.
Ankura will charge these hourly fees for its restructuring advisory
services:
Senior Managing Directors $1,145 - $1,285 per hour
Other Professionals $300 - $1,065 per hour
Paraprofessionals $350 - $405 per hour
The firm received payments totaling $5,123,400.78 for professional
fees, and currently holds a $225,000 retainer.
Mr. Marotta 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:
Stephen Marotta
Ankura Consulting Group, LLC
485 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 818-1555
Email: stephen.marotta@ankura.com
About FB Debt Financing Guarantor
FB Debt Financing Guarantor, LLC, formerly known as Morphe Debt
Financing Guarantor, LLC, is a builder of beauty brands anchored in
innovative and high-quality products, marketing and operations. Its
multi-branded and multi-category portfolio includes Morphe, Morphe
2, Jaclyn Cosmetics, and Born Dreamer. The company's products are
sold through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
FB Debt and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025) on
Jan 11, 2023.
In the petition signed by their chief restructuring officer,
Stephen Marotta, the Debtors disclosed $500 million to $1 billion
in both assets and liabilities.
The Debtors tapped Ropes & Gray, LLP and Bayard, P.A. as bankruptcy
counsels; Configure Partners, LLC and Configure Partners
Securities, LLC as investment bankers; and Ankura Consulting Group,
LLC as restructuring advisor. Kroll Restructuring Administration,
LLC is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' cases on Jan. 24,
2023. The committee is represented by Cole Schotz, P.C. and Kelley
Drye & Warren, LLP.
FB DEBT FINANCING: Gets OK to Hire Ropes & Gray as Lead Counsel
---------------------------------------------------------------
FB Debt Financing Guarantor, LLC and its affiliates received
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Ropes & Gray, LLP as their lead bankruptcy
counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and duties
in the continued management and operation of their businesses and
properties;
b. advising and consulting on the conduct of the Debtors'
Chapter 11 cases, including all of the legal and administrative
requirements of operating in Chapter 11;
c. advising the Debtors regarding tax-related matters;
d. taking any necessary action to negotiate, draft and obtain
approval of a Chapter 11 plan and all documents related thereto;
e. representing the Debtors in connection with obtaining
authority to use cash collateral and post-petition financing;
f. attending meetings and negotiating with representatives of
creditors and other parties in interest;
g. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors' interests in negotiations concerning
litigations in which they are involved, including objections to the
claims filed against the estates;
h. preparing pleadings;
i. appearing before the bankruptcy court and any appellate
courts; and
j. other necessary legal services, including (i) analyzing the
Debtors' leases and contracts and the assumption and assignment or
rejection thereof; (ii) analyzing the validity of liens against the
Debtors; and (iii) advising the Debtors on corporate and litigation
matters.
Ropes & Gray will be paid at these rates:
Partners $1,400 to $2,150 per hour
Counsel $770 to $2,130 per hour
Associates $700 to $1,270 for per hour
Paraprofessionals $260 to $595 per hour
The firm received from the Debtors the amount of $250,000 as an
advanced payment retainer.
Gregg Galardi, Esq., a partner at Ropes & Gray, 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.
In response to the request for additional information set forth in
Paragraph D.1 of the U.S. Trustee Guidelines, Mr. Galardi disclosed
the following:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing arrangements
for this engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
pre-petition, disclose your billing rates and material financial
terms for the pre-petition engagement, including any adjustments
during the 12 months pre-petition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Ropes & Gray was initially engaged by Forma Brands,
LLC to provide FDA regulatory compliance advice and subsequently
engaged as the Debtors' restructuring counsel on Sept. 16, 2022,
pursuant to the 2022 Engagement Agreement. At the time of execution
of the 2022 Engagement Agreement until Dec. 31, 2022, Ropes & Gray
charged the Debtors its standard rates in effect at the time, which
were: $1,400 to $2,150 for partners; $770 to $2,130 for counsel;
$700 to $1,270 for associates; and $260 to $595 for
paraprofessionals. Effective Jan. 1, 2023, Ropes & Gray's standard
rates changed and pursuant to the terms of its engagement letter,
since Jan. 1, 2023, the firm has charged the Debtors the standard
rates in effect as of Jan. 1, 2023, which are: $1,520 to $2,350 for
partners; $830 to $2,330 for counsel; $770 to $1,390 for
associates; and $285 to $650 for paraprofessionals.
Question: Have the Debtors approved your prospective budget
and staffing plan, and, if so, for what budget period?
Answer: The Debtors approved a budget and staffing plan for
Ropes & Gray covering the period from the petition date through
April 14, 2023.
Ropes & Gray can be reached at:
Gregg M. Galardi, Esq.
Cristine Pirro Schwarzman, Esq.
Ropes & Gray, LLP
1211 Avenue of the Americas
New York, NY 10036
Tel: (212) 596-9000
Fax: (212) 596-9090
Email: gregg.galardi@ropesgray.com
cristine.schwarzman@ropesgray.com
About FB Debt Financing Guarantor
FB Debt Financing Guarantor, LLC, formerly known as Morphe Debt
Financing Guarantor, LLC, is a builder of beauty brands anchored in
innovative and high-quality products, marketing and operations. Its
multi-branded and multi-category portfolio includes Morphe, Morphe
2, Jaclyn Cosmetics, and Born Dreamer. The company's products are
sold through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
FB Debt and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025) on
Jan 11, 2023.
In the petition signed by their chief restructuring officer,
Stephen Marotta, the Debtors disclosed $500 million to $1 billion
in both assets and liabilities.
The Debtors tapped Ropes & Gray, LLP and Bayard, P.A. as bankruptcy
counsels; Configure Partners, LLC and Configure Partners
Securities, LLC as investment bankers; and Ankura Consulting Group,
LLC as restructuring advisor. Kroll Restructuring Administration,
LLC is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' cases on Jan. 24,
2023. The committee is represented by Cole Schotz, P.C. and Kelley
Drye & Warren, LLP.
FB DEBT FINANCING: Hires Bayard as Bankruptcy Co-Counsel
--------------------------------------------------------
FB Debt Financing Guarantor, LLC and its affiliates received
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Bayard, P.A. as co-counsel with Ropes & Gray,
LLP.
The firm's services include:
a. in conjunction with Ropes & Gray, providing legal advice and
services regarding local rules and substantive and strategic advice
to effectuate the Debtors' goals, bearing in mind that the Court
relies on Delaware counsel such as Bayard to be involved in all
aspects of the bankruptcy proceedings;
b. drafting, reviewing and commenting on drafts of documents to
be filed with the court to ensure compliance with local rules,
practices and procedures;
c. appearing in court and at any meetings with the U.S. Trustee
or creditors, and assisting the Debtors in their consultation with
other parties in interest and the U.S. Trustee relative to the
administration of these cases;
d. compiling and coordinating delivery of information to the
court and the U.S. Trustee as required by the Bankruptcy Code,
Bankruptcy Rules, local rules, and any applicable U.S. Trustee
Guidelines;
e. drafting, filing and serving documents as requested by Ropes
& Gray and the Debtors;
f. monitoring the case docket and coordinating with Ropes & Gray
on matters impacting the Debtors;
g. participating in calls with the Debtors;
h. handling inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these cases and coordinating with Ropes & Gray on any necessary
responses; and
i. other services assigned by the Debtors, in consultation with
Ropes & Gray.
Bayard will be paid at these rates:
Erin R. Fay, Esq. $675 per hour
Gregory J. Flasser, Esq. $500 per hour
Maria Kotsiras, Esq. $375 per hour
Kristin McCloskey, Paralegal $305 per hour
Rebecca Hudson, Paralegal $305 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtors paid retainer fees in the total amount of $264,139.
Erin Fay, Esq., a partner at Bayard, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Bayard
disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
pre-petition, disclose your billing rates and material financial
terms for the pre-petition engagement, including any adjustments
during the 12 months pre-petition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Bayard has represented the Debtors since Nov. 29, 2022.
The firm will be billing at its standard hourly rates, with all
fees and expenses being subject to approval of the bankruptcy
court, subsequent to the commencement of a case under Chapter 11 of
the Bankruptcy Code. There are no changes to the billing rates or
material financial terms between the pre-petition and post-petition
periods.
Question: Have the Debtors approved your prospective budget and
staffing plan, and, if so for what budget period?
Answer: The Debtors and their professionals are formulating a
detailed budget and staffing plan through March 31, 2023 that is
consistent with the form of budget that was filed to the applicable
U.S. Trustee Guidelines, recognizing that in the course of a case
like these Chapter 11 cases, it is highly likely that there may be
a number of unforeseen fees and expenses that will need to be
addressed by the Debtors and their professionals.
Bayard can be reached at:
Erin R. Fay, Esq.
Gregory J. Flasser, Esq.
Maria Kotsiras, Esq.
Bayard, P.A.
600 N. King Street, Suite 400
Wilmington, DE 19801
Tel: (302) 655-5000
Fax: (302) 658-6395
Email: efay@bayardlaw.com
gflasser@bayardlaw.com
mkotsiras@bayardlaw.com
About FB Debt Financing Guarantor
FB Debt Financing Guarantor, LLC, formerly known as Morphe Debt
Financing Guarantor, LLC, is a builder of beauty brands anchored in
innovative and high-quality products, marketing and operations. Its
multi-branded and multi-category portfolio includes Morphe, Morphe
2, Jaclyn Cosmetics, and Born Dreamer. The company's products are
sold through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
FB Debt and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025) on
Jan 11, 2023.
In the petition signed by their chief restructuring officer,
Stephen Marotta, the Debtors disclosed $500 million to $1 billion
in both assets and liabilities.
The Debtors tapped Ropes & Gray, LLP and Bayard, P.A. as bankruptcy
counsels; Configure Partners, LLC and Configure Partners
Securities, LLC as investment bankers; and Ankura Consulting Group,
LLC as restructuring advisor. Kroll Restructuring Administration,
LLC is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' cases on Jan. 24,
2023. The committee is represented by Cole Schotz, P.C. and Kelley
Drye & Warren, LLP.
FB DEBT FINANCING: Hires Configure Partners as Investment Banker
----------------------------------------------------------------
FB Debt Financing Guarantor, LLC and its affiliates received
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Configure Partners, LLC and Configure Partners
Securities, LLC as investment banker.
The Debtors require the services of an investment banker in
connection with any potential merger and acquisition (M&A),
restructuring or financing transactions. These services include:
i. advising the Debtors on the current state of the market;
ii. assisting in developing a general strategy for
accomplishing a transaction;
iii. assisting in implementing a transaction, including
advising the Debtors regarding tactics and strategies for
negotiating with their creditors and other stakeholders;
iv. assisting in evaluating and analyzing a transaction,
including the Debtors' potential debt capacity in light of their
projected cash flows, the value of the securities or debt
instruments, if any, that may be issued in any such transaction,
and the range of values for the Debtors on a going-concern basis;
v. assisting the Debtors in developing a list of potential
sources for a transaction and, at the Debtors' request, contacting
potential sources and assisting the Debtors in any negotiations
with interested parties;
vi. being available at the Debtors' request to meet with
their' management, board of managers or appropriate committee
thereof, creditor groups, or other parties to discuss any
transaction;
vii. assisting the Debtors in the development, preparation
and distribution of selected information, documents and other
materials to create interest in and to consummate any transaction;
viii. participateing in hearings before the court; and
ix. such other financial advisory and investment banking
services as may from time to time be agreed upon between Configure
and the Debtors.
The proposed compensation is as follows:
a. The Debtors shall pay Configure a non-refundable monthly fee
in the amount of $50,000 and such monthly fee shall be payable as
of the date of the engagement letter and on each monthly
anniversary thereafter.
b. Promptly upon the consummation of an M&A transaction, the
Debtors shall pay Configure a non-refundable cash fee of $750,000,
plus 3.0% of the total aggregate sales consideration of such
transaction in excess of the face amount, plus accrued interest, of
any pre-bankruptcy secured debt and any debtor-in-possession
financing obtained by the Debtors as of the consummation of such
M&A transaction.
c. Promptly upon the consummation of a restructuring, the
Debtors shall pay Configure a non-refundable cash fee equal to
$750,000.
d. Promptly upon the consummation of a financing, the Debtors
shall pay Configure a non-refundable cash fee of $150,000. One
hundred percent (100%) of any financing fee actually paid to
Configure shall be credited once, without duplication, against any
restructuring fee or M&A transaction fee subsequently payable to
Configure.
e. Reimbursement of work-related expenses.
The Debtors paid the firm the following amounts: (a) $56,624 for
the October monthly fee and $6,624 in reimbursable expenses; (b)
$50,171 for the November monthly fee and $171 in reimbursable
expenses; and (c) $56,064 for the December monthly fee, $1,064 in
reimbursable expenses and a $5,000 expense advance.
Jay Jacquin, a managing director at Configure Partners and
Configure Partners Securities, disclosed in a court filing that
both firms are "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code.
The firms can be reached at:
Jay C. Jacquin
Configure Partners, LLC
Configure Partners Securities, LLC
3280 Peachtree Road NE, 7th Floor
Atlanta, GA 30305
Tel: (678) 723-4575
Email: info@configurepartners.com
About FB Debt Financing Guarantor
FB Debt Financing Guarantor, LLC, formerly known as Morphe Debt
Financing Guarantor, LLC, is a builder of beauty brands anchored in
innovative and high-quality products, marketing and operations. Its
multi-branded and multi-category portfolio includes Morphe, Morphe
2, Jaclyn Cosmetics, and Born Dreamer. The company's products are
sold through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
FB Debt and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025) on
Jan 11, 2023.
In the petition signed by their chief restructuring officer,
Stephen Marotta, the Debtors disclosed $500 million to $1 billion
in both assets and liabilities.
The Debtors tapped Ropes & Gray, LLP and Bayard, P.A. as bankruptcy
counsels; Configure Partners, LLC and Configure Partners
Securities, LLC as investment bankers; and Ankura Consulting Group,
LLC as restructuring advisor. Kroll Restructuring Administration,
LLC is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' cases on Jan. 24,
2023. The committee is represented by Cole Schotz, P.C. and Kelley
Drye & Warren, LLP.
FB DEBT FINANCING: Hires Kroll as Administrative Advisor
--------------------------------------------------------
FB Debt Financing Guarantor, LLC and its affiliates received
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Kroll Restructuring Administration, LLC as
administrative advisor.
The Debtors require an administrative advisor to:
a. assist with, among other things, solicitation, balloting and
tabulation of votes, and prepare any related reports in support of
confirmation of a Chapter 11 plan, and in connection with such
services, process requests for documents;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. provide a confidential data room, if requested;
e. manage and coordinate any distributions pursuant to a Chapter
11 plan; and
f. provide other processing, solicitation, balloting and
administrative services.
The hourly rates of the firm's professionals are as follows:
Analyst $30 to $60
Technology Consultant $35 to $110
Consultant/Senior Consultant $65 to $195
Director $175 to $245
Solicitation Consultant $220
Director of Solicitation $245
On Nov. 10, 2022, Kroll received from the Debtors advance payment
in the amount of $50,000. In addition, on Nov. 10, 2022, Nov. 29,
2022, and Dec. 19, 2022, the firm received payments in the amount
of $71,528.69, $15,000, and $40,000, respectively, for actual and
estimated pre-bankruptcy fees and expenses.
Benjamin Steele, a managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration, LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
Tel: (212) 593-1000
About FB Debt Financing Guarantor
FB Debt Financing Guarantor, LLC, formerly known as Morphe Debt
Financing Guarantor, LLC, is a builder of beauty brands anchored in
innovative and high-quality products, marketing and operations. Its
multi-branded and multi-category portfolio includes Morphe, Morphe
2, Jaclyn Cosmetics, and Born Dreamer. The company's products are
sold through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
FB Debt and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025) on
Jan 11, 2023.
In the petition signed by their chief restructuring officer,
Stephen Marotta, the Debtors disclosed $500 million to $1 billion
in both assets and liabilities.
The Debtors tapped Ropes & Gray, LLP and Bayard, P.A. as bankruptcy
counsels; Configure Partners, LLC and Configure Partners
Securities, LLC as investment bankers; and Ankura Consulting Group,
LLC as restructuring advisor. Kroll Restructuring Administration,
LLC is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' cases on Jan. 24,
2023. The committee is represented by Cole Schotz, P.C. and Kelley
Drye & Warren, LLP.
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 32% Discount
----------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 68 cents-on-the-dollar during the week
ended Friday, February 10, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $460 million facility is a Term loan that is scheduled to
mature on December 17, 2029. The amount is fully drawn and
outstanding.
FinThriveis a provider of Revenue cycle management software
solutions to the healthcare sector.
FIRST FRUITS: Gets OK to Hire Newpoint as Financial Advisor
-----------------------------------------------------------
First Fruits Business Ministry, LLC received approval from the U.S.
Bankruptcy Court for the District of South Carolina to employ
Newpoint Advisors Corporation as its financial advisor.
The Debtor needs a financial advisor to prepare its monthly
operating reports, budgets, and possibly its annual tax returns;
and assist with financial information related to its schedules and
bankruptcy plan.
The hourly rates range from $225 to $285 depending on the
professional.
Carin Sorvik, CPA, a director at Newpoint, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Carin Sorvik, CPA
Newpoint Advisors Corporation
750 Old Hickory Blvd. Building 2, Suite 150
Brentwood, TN 37027
Telephone: (800) 306-1250
Facsimile: (702) 543-3881
About First Fruits Business Ministry
First Fruits Business Ministry, LLC is a privately held company,
which focuses on health and fitness through patented and
proprietary products that focus on losing body fat and building
lean muscle. The company is based in Columbia, S.C.
First Fruits Business Ministry sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 22-02747) on
Oct. 7, 2022. In the petition signed by its chief executive
officer, Roger Catarino, the Debtor disclosed $23,348,908 in assets
and $1,628,225 in liabilities as of July 31, 2022.
Judge David R. Duncan oversees the case.
Jane H. Downey, Esq., at Moore Bradley Myers Law Firm, P.A. is the
Debtor's bankruptcy counsel. The Law Offices of Robert L. Hill, APC
and Woods Rogers Vandeventer Black, PLC serve as special counsels.
FRANKO CATH: Case Summary & One Unsecured Creditor
--------------------------------------------------
Debtor: Franko Cath, LLC
149-36 122nd Street
South Ozone Park, NY 11420
Business Description: The Debtor owns in fee simple title
a mixed use property (store/apartments)
located at 118-09 Liberty Avenue, South
Richmond Hill NY valued at $1.50 million.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-40484
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Richard S. Feinsilver, Esq.
RICHARD S FEINSILVER, ESQ.
One Old Country Road
Suite 347
Carle Place, NY 11514
Tel: 516-873-6330
Fax: 516-873-6183
Email: feinlawny@yahoo.com
Total Assets: $1,541,000
Total Liabilities: $876,100
The petition was signed by Franklin Oquendo as managing member.
The Debtor listed the NYC Dept of Finance located at 66 John Street
2nd Floor, NY, NY 10038 as its only unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/CUXB7NY/EvoHealth_LLC__ncebke-23-00396__0001.0.pdf?mcid=tGE4TAMA
FREEDOM DESIGNS: Hits Chapter 11 Bankruptcy Protection
------------------------------------------------------
Freedom Designs Inc. filed for chapter 11 protection in the
Southern District of Texas.
According to court filings, Freedom Designs Inc. estimates between
$10 million and $50 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
About Freedom Designs Inc.
Freedom Designs Inc. -- http://freedomdesigns.com/-- designs &
manufactures specialized wheelchair frames, custom seating &
positioning, hardware, & accessories all in the U.S.A.
Freedom Designs Inc. filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. February 1, 2023. In the
petition filed by Kathleen Leneghan, as chief financial officer and
senior vice-presidlent, the Debtor reported assets between $1
million and $10 million and liabilities between $10 million and $50
million.
The Debtor is represented by:
Matthew D Cavenaugh, Esq.
Jackson Walker LLP
2241 N Madera Road
Simi Valley, CA 93065
FTX GROUP: Judge Dorsey Delays Ruling on Independent Examiner
-------------------------------------------------------------
The Block reports that a federal bankruptcy court judge in Delaware
did not rule on whether to appoint an examiner in FTX's enormous
bankruptcy case, and instead will allow lawyers to discuss a
"consensual resolution" on the issue.
The U.S. Trustee responsible for federal oversight of the
bankruptcy has requested the court appoint an independent examiner
to investigate the failed crypto empire's finances. Lawyers for the
FTX debtors argued against appointing an examiner during a court
hearing on Feb. 6, saying it would be too expensive and could raise
cybersecurity concerns.
Lawyers for the U.S. Trustee, the FTX debtors, the creditors
committee and the liquidators are expected to update the judge on
their progress at the next FTX hearing on Wednesday in the U.S.
Bankruptcy Court for the District of Delaware.
"It's simply going to be a duplication of effort and an enormous
amount of expense," said James Bromley, a lawyer for FTX and other
affiliated debtors, like Alameda Research. "We do not have enough
money to pay back all of our creditors."
Judge John Dorsey acknowledged on Monday that appointing an
examiner could cost the bankruptcy estate hundreds of millions of
dollars and discussed the possibility of giving the examiner a set
budget to head off that concern.
The fact that FTX has $1.2 billion in unrestricted cash "is not the
point," Bromley continued, because the debtors "need $8 billion of
unrestricted cash."
Arguments and cross-examinations lasted approximately five hours.
After the lawyers finished closing arguments, Dorsey invited them
to talk privately in his conference room to find a "consensual
resolution" that would pre-empt a ruling by the judge.
A similar examiner was appointed in the bankruptcy proceedings of
crypto lender Celsius, and recently filed a bombshell
report. Lawyers for the Official Committee of
Unsecured Creditors of FTX and joint provisional liquidators in
the Bahamas also argued against the examiner motion.
Millions of documents
FTX CEO John Ray III testified as a witness during the Monday
hearing and offered a glimpse into the trove of documents and data
his team has sifted through since the firm filed for bankruptcy
protection in November. Ray has previously said that FTX's old
leadership did not keep trustworthy financial records.
"The company was really unlike any other I've ever seen. Not a
single list of anything," Ray said, describing a hack into FTX
shortly after the bankruptcy filing as "pure hell."
Ray said he was paid $690,000, excluding expenses, for his work
from Nov. 11, when he took over as CEO of the company, to Dec. 31.
The corporate empire's new management has collected millions of
documents and fielded hundreds of government requests in the last
several months. FTX has collected more than 10 terabytes of data,
or 27 million documents.
The firm is cooperating with criminal and regulatory investigators,
fielding 156 requests from prosecutors in the Southern District of
New York, the office that filed criminal charges against former FTX
CEO Sam Bankman-Fried two of his top lieutenants. FTX has produced
70,000 documents for investigators and gave four presentations
based on "synthesis of evidence," according to Ray.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO
and majority owner of The Block, took a series of loans from
founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey
resigned from the company in December 2022 after failing to
disclose those transactions.
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: US Trustee Objects to Debtor's Subpoena of SBF
---------------------------------------------------------
Jamie Redman of Bitcoin.com reports that following a request from
FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and
members of his family, the U.S. Trustee appointed by the Department
of Justice has filed an opposition to the request. The U.S.
Trustee explained that the motion would duplicate the efforts of
the federally appointed independent examiner.
About a week ago, lawyers representing FTX debtors filed a motion
with the bankruptcy court to subpoena and question Sam
Bankman-Fried's (SBF) inner circle and family members. The FTX
attorneys stated they want to question SBF, his parents Joseph
Bankman and Barbara Fried, his brother Gabriel Bankman-Fried, and
four members of the FTX/Alameda executive teams. The legal team
noted that several of these individuals were allegedly not
cooperating with the bankruptcy process.
After the request was filed, the U.S. Trustee appointed by the
Department of Justice (DOJ) filed an objection motion against the
subpoena proposal. Andrew Vara, the U.S. Trustee in the FTX
bankruptcy case, was added to the proceedings in December 2022. In
the opposition filing, Vara argued that the subpoenas and
questioning could be a waste of time and result in duplicative
investigative efforts. Vara emphasized that the bankruptcy court
has an "obligation to prevent unnecessary expenditures in the
administration of an estate."
"To avoid duplication of effort, and to prevent unnecessary
expenditures in the administration of these estates, the U.S.
Trustee respectfully requests that if the court orders the
appointment of an examiner, then the court establish the scope of
the Rule 2004 relief contemporaneously with the scope of the
examiner's investigation," the U.S. Trustee's filing details.
Vara's filing with the bankruptcy court concludes:
"Wherefore, the U.S. Trustee respectfully requests that the court
determine the investigative scope of the motions contemporaneously
with the scope of any examiner’s investigation, and grant any
such other and further relief that the court deems just and
proper."
Vara believes the examiner is justified in this case, which
involves a large amount of money, and three members of Congress
have called for an independent examiner. Senators Elizabeth Warren
(D-Mass.), John Hickenlooper (D-Colo.) and Cynthia Lummis (R-Wyo.)
have urged Judge John Dorsey of the Bankruptcy Court of the
District of Delaware to support appointing an independent examiner.
The U.S. senators insisted that an "objective investigation of the
activities that led to the collapse of FTX" is necessary."
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 LTD: Committee Taps Jefferies as Investment Banker
--------------------------------------------------------------
The official committee of unsecured creditors of FTX Trading Ltd.
seeks approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Jefferies, LLC as its investment banker.
The committee requires the services of an investment banker in
connection with any potential merger and acquisition (M&A),
restructuring or financing transactions. These services include:
a. advising the committee on the current state of the
"restructuring market;"
b. analyzing various transaction scenarios and the potential
impact of these scenarios on the value of the Debtors, and the
recoveries of those stakeholders impacted by the transaction;
c. assisting the committee in developing a general strategy for
accomplishing a transaction;
d. assisting the committee in evaluating and analyzing any
transaction, including any securities or debt instruments that may
be issued in any such transaction;
e. assessing the financial issues and options concerning (i) a
sale of the Debtors' material assets, either in whole or in part,
and (ii) the Debtors' plan of reorganization or any other Chapter
11 plan;
f. advising the committee in negotiations with the Debtors and
third parties;
g. participating in court hearings and providing testimony and
expert reports; and
h. other investment banking services.
The firm will be paid as follows:
(a) A monthly fee of $225,000 until the termination of the
engagement. The first monthly fee shall be payable as of the date
of the engagement letter and each subsequent fee shall be payable
in advance on each monthly anniversary of such date. Additionally,
commencing with the 13th full monthly fee actually paid to
Jefferies under the engagement letter, an amount equal to 50% of
all full monthly fees actually and subsequently paid to the firm
shall be credited once, without duplication, against any
transaction fee subsequently payable to the firm; provided,
however, that in no event shall any transaction fee be reduced by
more than $1.5 million on account of such crediting.
(b) Upon the consummation of any Chapter 11 plan or a sale of
all or substantially all of the Debtors' equity and assets, a
transaction fee of $10 million. For the avoidance of doubt, only
one transaction fee may be payable to Jefferies.
(c) Reimbursement of out-of-pocket expenses.
Leon Szlezinger, a managing director at Jefferies, 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:
Leon Szlezinger
Jefferies LLC
520 Madison Avenue
New York, NY 10022
Tel: (212) 284-2300
About FTX Trading Ltd.
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
pagehttps://cases.ra.kroll.com/FTX/Home-Index
The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.
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.
G.A.H. BAR-B-Q: Melbourne, Fla. Business Files Subchapter V Case
----------------------------------------------------------------
G.A.H. Bar-B-Q Inc. filed for chapter 11 protection in the Middle
District of Florida. The Debtor elected on its voluntary petition
to proceed under Subchapter V of chapter 11 of the Bankruptcy
Code.
The Debtor operates a 156-seat Bar-B-Que restaurant at leased
premises located at 2227 W. New Haven Avenue, Melbourne, Florida
32904.
Prior to the Petition Date, the Debtor obtained financing from
Florida Business Bank which is purportedly secured by substantially
all of the assets of G.A.H., including its accounts and cash
equivalents. The outstanding balance owed to Florida Business is
$239,913, which amount may be subject to dispute.
According to court filings, G.A.H. Bar-B-Q Inc. estimates between
$100,000 and $500,000 in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
About G.A.H. Bar-B-Q Inc.
G.A.H. Bar-B-Q Inc. -- https://woodys.com/history/ -- offers
slow-cooked barbeque products like slabs of ribs, beef brisket, BBQ
chicken, grilled prime rib, smoked pork and more.
G.A.H. Bar-B-Q Inc. filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-00428) on February 3, 2023. In the petition filed by Gregory
Helwig, as sole shareholder, the Debtor reported assets between $1
million and $10 million and liabilities between $100,000 and
$500,000.
The Debtor is represented by:
Daniel A Velasquez, Esq.
Latham, Luna, Eden & Beaudine, LLP
2227 W. New Haven Ave.
Melbourne, FL 32904
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
GENESIS GLOBAL: Reaches Creditor Accord With DCG, Gemini
--------------------------------------------------------
Digital Currency Group and creditors representing $2 billion worth
of claims of its bankrupt Genesis lending division, including the
Winklevoss twins' Gemini Trust Co., reached an agreement in
principle to a settlement.
According to a court filing, since November 2022, the Debtors have
engaged in substantive discussions with their creditors, including
with two ad hoc groups of GGC lenders (the "Ad Hoc Groups") that
represent more than $2 billion in outstanding loans, and DCG,
Holdco's corporate parent and its largest borrower, in an effort
reach a consensual resolution that maximizes value and treats
creditors fairly and equitably. The Debtors and their advisors
have actively facilitated and led these discussions, providing
feedback and pushing the parties toward a resolution.
As announced on the record at the status conference on Feb. 6,
2023, the Debtors, DCG and the Ad Hoc Groups have reached an
agreement in principle as described in the Restructuring Term
Sheet, which Term Sheet remains subject to the negotiation and
execution of definitive documentation, including a plan support
agreement.
The Term Sheet provides for these terms:
* GGC Creditor Recoveries In-Kind: The Genesis Debtors and DCG
will use commercially reasonable efforts, in consultation with the
Ad Hoc Group Advisors and the Required Consenting GGC Creditors, to
provide recoveries to GGC Creditors under the Amended Plan in kind
in the form of crypto or fiat currency in which their claim is
denominated; provided that nothing in this Term Sheet, the Plan
Support Agreement, or the Amended Plan shall require the Genesis
Debtors or DCG to acquire fiat currency or digital assets or
otherwise exchange any type of fiat currency or digital asset into
any other form of fiat currency or digital asset for purposes of
making distributions to the GGC Creditors.
* Existing DCG-Eldridge Facility: DCG shall be solely
responsible for the refinancing and/or repayment of the Existing
Eldridge Facility.
* Existing DCG 2023 Loans: On the Plan Effective Date, in
exchange for, and in full and final satisfaction of the obligations
arising under, the Existing DCG 2023 Loans (including any accrued
and unpaid interest thereunder), DCG shall issue a new, junior
secured term loan in two tranches in the aggregate total of
approximately $500 million and 4,631.5275436429 BTC, respectively
("New Second Lien Facility"), made payable to the GGC Creditors
Trustee, as agent for and on behalf of the GGC Creditors.
* Existing DCG 2032 Note: In exchange for, and in full and final
satisfaction of the obligations arising under, the Existing DCG
2032 Note (including any accrued and unpaid interest thereunder),
DCG shall establish and issue, or cause a Permitted Subsidiary or
successor-in-interest to DCG to establish and issue (such successor
or each Permitted Subsidiary, an "Alternative DCG Issuer"), a class
of convertible Preferred Stock (the "Preferred Stock") upon the
Plan Effective Date.
* Plan of Reorganization: The Genesis Debtors shall file an
Amended Plan, revised to reflect the terms and conditions set forth
in this Term Sheet, no later than 10 days after the PSA Effective
Date. Under the Amended Plan, the claims of the Gemini Lenders
against GGC (the "Gemini Lender Claims") will be classified in
their own class(es), separate from the claims of the other GGC
Creditors, and will receive substantially similar recoveries as the
claims of the other GGC Creditors.
* Monetization of the Genesis Platform: On or as soon as
reasonably practicable following the effective date of the Amended
Plan , DCG shall contribute all of the equity interests it
currently holds in Genesis Global Trading, LLC ("GGT") to GGH (the
"GGT Contribution"). Following the PSA Effective Date, and subject
to finalization of Genesis entities' and GGT’s business plans,
GGH, in consultation with the Required Consenting GGC Creditors,
the Ad Hoc Group Advisors, DCG, and the official committee of
unsecured creditors, if any, appointed by the U.S. Trustee in the
Chapter 11 Cases, shall conduct one or more marketing and sales
processes in an effort to maximize the value of any disposition of
GGT, Genesis Global Markets Limited ("GGML"), and/or other entities
comprising the Genesis Platform.
* Gemini Support: Gemini is executing this Term Sheet on its own
behalf and in its capacity as agent for its retail users
participating in the Earn program (the "Gemini Lenders") pursuant
to that certain Master Digital Asset Loan Agreement entered into
among each Gemini Lender, Gemini, and GGC (the "Gemini MDLA") and
other agreements between each Gemini Lender and Gemini (together
with the Gemini MDLA, the "Earn Agreements"). Gemini, when acting
as agent, will do so only pursuant to the authority granted to
Gemini to act on behalf of such Gemini Lenders in the Earn
Agreements. Gemini shall use commercially reasonable efforts to
encourage the Gemini Lenders to support the Transactions through
voting to accept the Amended Plan. Gemini, in its individual
capacity, shall be considered a "Consenting GGC Creditor" under
this Term Sheet and the Plan Support Agreement only with respect to
the amount of claims that it actually controls for purposes of
voting to accept or reject the Amended Plan, if any.
* Disposition of Gemini Earn Collateral: On Nov. 16, 2022, Gemini
purportedly foreclosed upon collateral maintained by Gemini with
respect to the Gemini Lenders (the "Gemini Collateral"). As of the
Petition Date, the Parties agree that the value of the Gemini
Collateral was $354,180,262 (the "Petition Date Collateral Value").
The Petition Date Collateral Value shall be applied pro rata to
the amounts owed to the Gemini Lenders by GGC to reduce the amount
of such liability as of the Petition Date. On or as soon as
reasonably practicable after the
Plan Effective Date, Gemini shall distribute to each holder of an
allowed Gemini Lender Claim its pro rata share of the Petition Date
Collateral Value and the Postpetition Appreciation; provided that
the Postpetition Appreciation shall (i) be deemed a distribution
under the Amended Plan and (ii) not reduce such Gemini Lender
Claims for purposes of calculating pro rata distributions with
other GGC Creditors. For the avoidance of doubt, on the Plan
Effective Date, the Genesis Debtors waive all rights, claims, and
interests in or to the Gemini Collateral.
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
On Jan. 19, 2023, Genesis Global Holdco, LLC, GGC and GAP each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y). The cases are
pending before the Honorable Sean H. Lane, and the Debtors have
requested joint administration of the cases under Case No.
23-10063.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include 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.
GIRARDI & KEESE: Litigation Funders Win Dismissal of Trustee Suit
-----------------------------------------------------------------
David McAfee of Bloomberg Law reports that the trustee for bankrupt
Girardi Keese Tuesday lost a bid to hold litigation funders
responsible for purportedly helping Thomas Girardi engage in
fraud.
Res judicata resolves "virtually all" of the claims at issue in the
adversary proceeding against Counsel Financial Services, California
Attorney Lending II, and lawyer Joseph D. DiNardo, US Bankruptcy
Judge Barry Russell said after a hearing in Los Angeles on Tuesday,
granting the defendants bids for dismissal. DiNardo is allegedly
part owner of both companies.
Larry Hutcher of Davidoff Hutcher & Citron, counsel to the Counsel
Financial entities, hailed the US Bankruptcy Court for the Central
District of California decision.
"The judge made it very clear that the trustee failed to allege
anything that would support their conclusory allegations that any
of the defendants had acted improperly," Hutcher told Bloomberg Law
in an email. "Indeed, the judge said, just the opposite -that
everything that Counsel Financial did was in the ordinary course of
business."
Chapter 7 Trustee Elissa D. Miller filed the complaint in August,
claiming the defendants are "implied in fact" partners, or at least
"insiders" of the defunct firm and therefore have liability. In
November, the defendants moved for dismissal and pointed to a
claims release in an earlier settlement involving trustee and Cal
II.
DiNardo argued that, even if the trustee could pierce the corporate
veil to hold him personally liable, the claims against him would
still fail because the claims against Cal II were settled.
'No Way in the World'
Larry Gabriel, counsel for the trustee, acknowledged that they were
facing an uphill battle, and argued that the existence of an
unlawful fee-sharing agreement meant that the trustee could retain
its claim. But Russell said in a hearing Tuesday that he would
grant the dismissal bids and not allow any leave to amend.
"I'm not going to allow any further amendments. I know what went on
here," Russell said. "There's no way in the world you’re ever
going to prove they're partners. It just isn't there."
Neama Rahmani, president of West Coast Trial Lawyers, said that
Russell "is one of the most experienced bankruptcy judges in the
country."
"He has 40 years of experience handling complex cases, and
Girardi's is one of them," Rahmani told Bloomberg Law on Tuesday,
February 7, 2023.
Rahmani also added that, the more the U.S. Trustee uncovers in this
case, "the worse it is for Girardi's criminal case, if he is found
competent to stand trial."
The trustee is represented by Jenkins Mulligan & Gabriel LLP.
The case is Miller v. Counsel Financial Services LLC, Bankr. C.D.
Cal., No. 2:22-ap-01169, hearing 2/7/23.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter
7 trustee can be reached at:
Jason M. Rund
Email: trustee@srlawyers.com
840 Apollo Street, Suite 351
El Segundo, CA 90245
Telephone: (310) 640-1200
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 80.9 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $1.94 billion facility is a Term loan that is scheduled to
mature on March 14, 2025. About $1.86 billion of the loan is
withdrawn and outstanding.
Global Medical Response, Inc provides air, ground, specialty and
residential fire services, and managed medical transportation
through its wholly owned subsidiaries Air Medical Group Holdings
LLC and AMR Holdco, Inc.
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 80.9 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $1.98 billion facility is a Term loan that is scheduled to
mature on October 2, 2025. About $1.95 billion of the loan is
withdrawn and outstanding.
Global Medical Response, Inc provides air, ground, specialty and
residential fire services, and managed medical transportation
through its wholly owned subsidiaries Air Medical Group Holdings
LLC and AMR Holdco, Inc.
HANESBRANDS INC: Moody's Rates New $600MM Sr. Unsecured Notes 'B1'
------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Hanesbrands
Inc.'s proposed $600 million senior unsecured notes offering. All
other ratings are unchanged including the company's Ba3 corporate
family rating, Ba3-PD Probability of Default, Ba2 senior secured
bank credit facilities, B1 senior unsecured notes rating and SGL-3
Speculative Grade Liquidity Rating (SGL). The outlook is negative.
Proceeds from the proposed $600 million senior unsecured bonds will
be used to refinance, in part, indebtedness under Hanesbrands'
existing $1.43 billion (FX-adjusted) of senior unsecured bonds that
mature in 2Q2024.
Assignments:
Issuer: Hanesbrands Inc.
Senior Unsecured Global Notes, Assigned B1 (LGD5)
RATINGS RATIONALE
Hanesbrands' Ba3 CFR reflects the company's significant scale in
the global apparel industry, its well-known brands, leading share
in the innerwear product category and typically low-cost supply
chain. Moody's expect that the company will remain focused on
reducing leverage (stated long-term net leverage target is
2.0x-3.0x on reported EBITDA) while executing its multiyear growth
strategy (Full Potential Plan). The Ba3 CFR also reflects the
company's adequate liquidity and sufficient covenant cushion
following a recent amendment. Additionally, management has taken
creditor-friendly steps such as halting dividends and reducing
capital expenditures which will bolster free cash flow and
liquidity.
However, the company is currently dealing with weak customer
demand, a material customer concentration and elevated costs. These
factors have led adjusted debt/EBITDA to increase to 5.4x for the
year-ended Dec 31, 2022 from 3.3x a year earlier while
EBITA/interest has also reduced to 3.3x from 5.0x over the same
time. Moody's anticipates that the current weak operating
environment will run through mid-2023 with earnings expected to
improve in 2H'23 as the company benefits from lower cost inventory
and a normalization in demand. This should lead to Moody's adjusted
leverage to be slightly above 5.0x and EBITA/Interest to be just
below 2.0x by year-end 2023. Also, Moody's expect that Hanesbrands
will remain focused on reducing leverage while executing its
multiyear growth strategy (Full Potential Plan).
The negative outlook reflects Moody's view that conditions will
remain challenging for Hanesbrands through 1H'23. The negative
outlook also reflects the risks associated with a highly uncertain
consumer spending environment that may temper or delay the very
significant earnings recovery that is required starting in 2H'23
through 2024 for leverage and coverage metrics to improve to levels
that are appropriate for the Ba3 corporate family rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Ratings could be upgraded following a sustained improvement in
operating performance and credit metrics, a successful refinance of
the 2Q'24 bond maturities and the maintenance of good liquidity
with adequate covenant cushion. Quantitatively, ratings could be
upgraded if Moody's-adjusted debt/EBITDA is maintained below 4.5x
and EBITA/Interest is maintained above 2.75x.
Ratings could be downgraded should the company fail to reverse its
current negative cash flow or should liquidity deteriorate further
including the inability to fully refinance the 2Q'24 bond
maturities at rates that facilitate sufficient interest coverage
ahead of these liabilities becoming current. Ratings could also be
downgraded should operating performance remain pressured resulting
in Moody's-adjusted debt/EBITDA sustained above 5.5x and
EBITA/Interest sustained below 2.0x.
Headquartered in Winston-Salem, NC, Hanesbrands Inc. is a
manufacturer and distributor of basic apparel products under brands
that include Hanes, Champion, Maidenform, Bali, Bonds and Playtex.
Revenue is about $6.2 billion for the twelve months ending Dec 31,
2022.
The principal methodology used in this rating was Apparel published
in June 2021.
HANESBRANDS INC: S&P Rates New $600MM Senior Unsecured Notes 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '4'
recovery rating to Hanesbrands Inc.'s proposed $600 million senior
unsecured notes. The '4' recovery rating (30%-50%; rounded
estimate: 40%) indicates its expectation for average recovery in a
default scenario. Additionally, the company has upsized its senior
secured term loan B launched on Feb. 6, 2023 to $900 million from
the previously proposed $750 million. Hanesbrands will use the
proceeds from the proposed notes and term loan bto repay its
outstanding notes maturing in 2024, including its EUR500 million
3.5% notes and $900 million 4.625% notes. Upon its full repayment
of the 2024 notes, we will withdraw our ratings on the instruments.
The upsize to the senior secured term loan b reduces our rounded
recovery estimate to 90% from 95%, the '1' recovery rating remains
unchanged. The proposed incremental senior unsecured notes reduce
S&P's rounded recovery estimate for the remaining $900 million
4.88% senior unsecured notes to 40% from 45%, though our '4'
recovery rating remains unchanged.
S&P said, "Our ratings on Hanesbrands reflect its leading position
in the innerwear and activewear segments with its leading brand
Champion. The company had a challenging 2022 and its credit metrics
have deteriorated, leading us to estimate leverage in the 4.5x-5.0x
range as of the end of 2023. The company has suspended its dividend
and is focused on debt reduction. We expect Hanesbrands will use
its free operating cash flow to reduce leverage over the next few
years."
ESG Credit Indicator: E2, S2, G2
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
Hanesbrands' capital structure comprises a $1 billion revolving
credit facility due in 2026 (not rated), a $225 million accounts
receivable securitization facility (not rated), a $1 billion term
loan A due in 2026 (not rated), a $900 million term loan B due in
2030, $900 million of 4.875% senior unsecured notes due in 2026,
and the proposed $600 million senior unsecured notes due 2031.
Simulated default assumptions
S&P said, "In our simulated default scenario, we assume a default
occurring in the first half of 2027 stemming from increased
competition, weakening demand, and higher costs, such as for labor,
cotton, and freight. A combination of these factors could reduce
the company's revenue and cash flow. As a result, Hanesbrands may
fund its cash flow shortfalls with available cash and asset-based
revolver borrowings. Eventually, its liquidity and capital
resources become strained and it cannot continue to operate absent
an equity infusion or bankruptcy filing. We value the group as a
going concern and believe it would reorganize in the event of a
default. Most of the company's assets are located inside the U.S.,
where we assume its insolvency proceedings occur."
-- Debt service assumption: $358 million (assumed default year
interest and amortization)
-- Minimum capital expenditure assumption: $125 million
-- Preliminary emergence EBITDA: $483 million
-- Operational adjustment: 10%
-- Emergence EBITDA: $531 million
-- Implied enterprise value multiple: 6.5x
S&P estimates $3.5 billion gross emergence enterprise value, which
incorporates a 6.5x multiple to its estimate of its emergence
EBITDA. This multiple is in line with the multiples S&P uses for
U.S.-based apparel and footwear issuers.
Simplified waterfall
-- Net enterprise value: $3.3 billion
-- Priority claims at U.S. obligors: $191 million
-- Value available to first-priority claims: $2.3 billion
-- Secured first-priority claims: $2.6 billion
--Recovery expectations: 90%-100% (rounded estimate: 90%)
-- Total value available to unsecured claims: $794 million
-- Unsecured debt claims/secured deficiency claims/nondebt
unsecured claims: $1.5 billion/$278 million/$0 million
--Recovery expectations: 30%-50% (rounded estimate: 40%)
Note: Debt amounts include six months of accrued interest, which
S&P assumes will be owed at default.
HOLLEY INC: $100M Bank Debt Trades at 18% Discount
--------------------------------------------------
Participations in a syndicated loan under which Holley Inc is a
borrower were trading in the secondary market around 82.3
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $100 million facility is a Delay-Draw Term loan that is
scheduled to mature on November 18, 2028. About $29 million of the
loan is withdrawn and outstanding.
Holley Inc. operates as an automobile company. The Company designs,
manufactures, and distributes carburetors, fuel pumps, fuel
injection and nitrous oxide injection systems, superchargers,
exhaust headers, mufflers, ignition components, engine tuners, and
automotive performance plumbing products for car and truck
enthusiasts. Holley serves customers worldwide.
HOMER CITY: $145M Bank Debt Trades at 30% Discount
--------------------------------------------------
Participations in a syndicated loan under which Homer City
Generation LP is a borrower were trading in the secondary market
around 69.6 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $145 million facility is a Term loan that is scheduled to
mature on April 6, 2023. About $137 million of the loan is
withdrawn and outstanding.
Homer City Generation L.P. is a special purpose company that owns a
1,884 MW coal-fired plant in Homer City, PA.
IEH AUTO PARTS: Icahn-Owned Auto Plus Files for Chapter 11
----------------------------------------------------------
IEH Auto Parts Holding LLC filed for chapter 11 protection in the
Southern District of Texas to pursue a sale of the business.
Auto Parts, which operates under the Auto Plus brand, is a leading
distributor of automotive aftermarket parts and products in the
United
States. Over the last few years, Auto Parts incurred significant
operating losses. Auto Parts commenced these chapter 11 cases to
consummate a going concern sale of its assets.
Icahn Enterprises L.P. (Nasdaq:IEP), which owns the Debtors, says
various factors have negatively impacted this business as well as
the industry in general, including lessened demand, supply chain
disruptions, an inflationary environment and the effects of
COVID-19. Therefore, on January 31, 2023, Auto Plus determined to
file a voluntary chapter 11 case. This proceeding is limited to
Auto Plus and will not have a significant impact on IEP.
Since acquiring Auto Plus, IEP has invested significantly in
transformation and restructuring initiatives and has loaned
significant amounts to Auto Plus but has obviously been
disappointed in the results of these investments and the continued
losses that Auto Plus has experienced. As a result, IEP has
determined that it would no longer be prudent to continue to loan
money to Auto Plus at this juncture unless done in connection with
a restructuring process.
Auto Plus expects to continue to operate its business in the
ordinary course and also plans to run a sale process for
substantially all of its assets during the chapter 11 case.
DIP Facility
The Debtors do not have funding (absent the DIP Facility) to
maintain its operations and preserve the going concern value of its
operations to effectuate a sale that maximizes value for all
parties in interest. The DIP Facility from from American
Entertainment Properties Corp. will provide the Debtors the
liquidity needed to preserve and stabilize operations and conduct a
value-maximizing sale process. Absent access to the DIP Facility,
the Debtors will have absolutely no liquidity to continue
operations.
The DIP Facility provides $75 million of financing on materially
better terms than the prepetition lender had proposed at the outset
of the negotiations. The Debtors were able to achieve a DIP Term
Sheet that (i) included a payable-in-kind 8.00% interest rate,
which is at or lower than what other prospective lenders indicated
they would be willing to provide under the current situation; and
(ii) allows the Debtors, through Lincoln, to continue a marketing
process to find the best available financing prior to entry of the
Final Order.
According to court filings, IEH Auto Parts Holding estimates
between $100 million and $500 million in total debt owed to 1 to 49
creditors. The petition states that funds will be available to
unsecured creditors.
As of the Petition Date, the aggregate principal amount outstanding
under the Prepetition Credit Agreement from lenders led by Icahn
Automotive Group, LLC, is $187.5 million under the Prepetition Term
B Facility, plus the outstanding LC Exposure of $23.7 million, of
which all but four Debtors are obligated.
About IEH Auto Parts Holding
IEH Auto Parts Holding LLC -- https://autoplusap.com/ --
distributes automotive products. The Company offers equipment,
tools, accessories, paint, and related products in the automotive
aftermarket. Auto Plus serves customers in the United States.
IEH Auto Parts Holding LLC and its affiliates filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 23-90054) on Feb. 1, 2023. In the petition filed by John
Michael Neyrey, as chief executive officer, the Debtor reported
assets and liabilities between $100 million and $500 million.
The case is overseen by Honorable Bankruptcy Judge Christopher M
Lopez.
The Debtor is represented by:
Veronica Ann Polnick, Esq.
Jackson Walker, LLP
112 Townpark Drive NW
Suite 300
Kennesaw, GA 30144
IGLESIAS DIOS ES AMOR: Unsecureds to Get Payouts Starting in 2028
-----------------------------------------------------------------
Iglesias Dios Es Amor, Inc., submitted a Chapter 11 Plan of
Reorganization and a Disclosure Statement.
The Debtor seeks to accomplish payment under the Plan by using the
funds received from tithe and activities in the church. Also, the
Debtor is proposing to sell two plots of lands: Piece of land
located at Lomas de Trujillo Alto, VBC-57, Lot 3, Trujillo Alto,
Puerto Rico; and Piece of land located at Lomas de Trujillo Alto,
VBC-57, Lot 40-A, Bloq 1, Trujillo Alto.
Under the Plan, secured creditor COOPACA in CLass 2 will be paid
$1,909 per month for 180 months, until May 1, 2035, with a balloon
payment of $40,000.
Under the Plan, Class 3 consists of creditor CRIM which will be
paid in a 60-month interval at $116.65 per month with interest rate
of 4.25%. Payment will begin on July 1, 2028. Total payout will be
$6,999. Class 3 is impaired.
Class 4 consists of creditor Xerox which will be paid in a 60-month
interval at $116.65 per month with interest rate of 4.25%. Payment
will begin on July 1, 2028. Total payout will be $5,003. Class 4
is impaired.
A copy of the Disclosure Statement dated Feb. 1, 2023, is available
at https://bit.ly/3X0sHxk from PacerMonitor.com.
About Iglesias Dios Es Amor
Iglesias Dios Es Amor, Inc., is a corporation that administer a
Church in the municipality of Trujillo Alto. It has been in this
business since June 29, 1977. Mr. Elías Reyes Ortiz is the
president of the corporation.
Since Hurricane María, the members of the assembly has been
significantly reduced, causing the eebtor to default on a mortgage
loan with Cooperativa de Ahorro y Crédito de Arecibo (COOPACA).
Coopaca filed a mortgage foreclosure case against the debtor
corporation and a judgment was entered.
Due to the advanced stage of the foreclosure, Iglesias Dios Es
Amor, Inc., filed its voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 21-03508) on
Nov. 29, 2021, with as much as $1 million in both assets and
liabilities. Elias Reyes Ortiz, president, signed the petition.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Gerardo L. Santiago Puig, Esq., at Santiago Puig
Law Offices as legal counsel and Juan C. Pomales Torres as
accountant.
IKON WEAPONS: Sale for At Least $1.92M to Pay Off Claims
--------------------------------------------------------
Ikon Weapons submitted a Plan of Reorganization dated Feb. 1,
2023.
The final Plan payment is expected to be paid 5 years from the
Effective Date. The Plan proposes to pay creditors from the sale of
assets.
A group led by Rodney Turner, Dan Kohanriech, and Ader Vindel has
submitted an initial offer of $1,924,866 for the Debtor's assets.
The Debtor has or will contact all prospective purchasers or
investors that it believes in good faith (a) have the financial
wherewithal to consummate a transaction, (b) are interested in
purchasing the Purchased Assets, and (c) are in a position to
complete a transaction expeditiously. Any bids submitted by a
third party must be greater than the bid of the Turner group by
$50,000. An auction will be conducted if qualified bids are
received.
The Plan contemplates that distributions to allowed claims will be
funded by the revenue generated through the liquidation of the
assets and the recovery of any "excluded assets".
Under the Plan, Class 5 General Unsecured Claims total $4,807,387.
After the satisfaction of all Allowed Administrative Expense
Claims, Allowed Claims in Classes 1-4, the holder of Allowed Class
5 General Unsecured Claims will receive distribution in an amount
equal to their Pro Rata Share of the remaining net proceeds derived
from the liquidation of the Assets and any recoveries connected to
the Excluded Assets. Payments will be made on a quarterly basis
with the first quarter payment being made in July 2023 for the
period of April through June 2023. Payments will continue for five
years should the Prevailing Purchaser make payments similar to the
Proposed Purchaser. Class 5 is impaired.
Counsel for the Debtor:
John C. Woodman, Esq.
ESSEX RICHARDS, P.A.
1701 South Boulevard
Charlotte, NC 28203
Tel: (704) 377-4300
Fax: (704) 372-1357
E-mail: jwoodman@essexrichards.com
A copy of the Plan of Reorganization dated Feb. 1, 2023, is
available at https://bit.ly/3RMiTpB from PacerMonitor.com.
About Ikon Weapons
Ikon Weapons, LLC, operates as weapon manufacturer, purchaser, and
importer.
Ikon Weapons sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-30424) on Sept. 2,
2022. In the petition signed by Suliban Deaza, member manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Benjamin A. Kahn oversees the case.
John C. Woodman, Esq., at Essex Richards, P.A., is the Debtor's
counsel.
INVACARE CORP: Files for Chapter 11 With Plan Deal
--------------------------------------------------
Invacare Corporation (NYSE: IVC), a manufacturer and distributor of
medical equipment used in non-acute care settings, sought Chapter
11 protection after reaching a deal with lenders for a significant
reduction of the company's debt balance and a substantial new money
investment.
The company has entered into a Restructuring Support Agreement (the
"RSA") with substantially all of its debt holders, including its
term loan lender, all of the holders of convertible senior secured
notes, and holders of a majority of its convertible senior
unsecured notes. The Agreement provides for a significant
reduction of the company's debt balance and a substantial new money
investment, which will enhance the company's liquidity, thereby
enabling it to invest for future growth.
Specifically, the transactions agreed to in the RSA contemplate a
substantial reduction of the company's funded debt by approximately
$240 million. In addition, the RSA includes a backstop for a
rights offering to holders of claims on account of the company’s
unsecured notes and holders of general unsecured claims, providing
the company with $60 million of equity capital to repay certain of
its debt obligations and facilitate the company’s transformation
plan.
To effectuate the transactions contemplated by the Agreement,
Invacare and two of its U.S. based subsidiaries commenced voluntary
Chapter 11 cases in the United States Bankruptcy Court for the
Southern District of Texas. Invacare's other businesses throughout
the rest of the world remain strong and are not included in these
filings. The company does not anticipate these filings to impact
its ability to manufacture and deliver products to its customers
globally.
Geoff Purtill, president and chief executive officer at Invacare
commented, "The actions announced today mark a big step forward for
Invacare. Having the full support of our secured term loan lender
and a majority of our convertible noteholders will enable the
prearranged filings to proceed efficiently. The company expects to
emerge with significantly less debt on its balance sheet and will
secure additional liquidity to support long-term growth. Global
demand is strong, and by increasing our financial flexibility, we
will be able to focus on continuing to design, manufacture and
distribute products that help Make Life's Experiences Possible. We
have a clear vision for the future, and we are working
expeditiously towards our goals."
"Invacare has the right leadership, vision and the financial
commitment from the sponsorship group to succeed, and we are
confident that this Chapter 11 process will result in a
comprehensive recapitalization transaction that will not only
stabilize liquidity but also de-lever the balance sheet and better
position Invacare for future growth," said Steven Rosen, chief
executive officer of Azurite Management, the largest shareholder of
Invacare.
Upon emergence from Chapter 11, the company expects to be
financially positioned to seize opportunities and capitalize on a
significant upward shift in market demand. The company intends to
deliver improved profitability and free cash flow in 2023 and
beyond, while building on its legacy as a leader and innovator in
the lifestyle and mobility & seating markets.
$70 Million Financing
The RSA will be implemented through a plan of reorganization, which
will be filed with the Court. The RSA provides for a $70 million
debtor-in-possession term loan financing facility which includes
new money funding of $35 million (the "DIP Facility"). Upon
approval by the Court, the DIP Facility will provide the company
with the stability and liquidity needed to continue operations in
the ordinary course of business during the reorganization.
The company also has a commitment from a prepetition secured lender
for a senior secured first lien term loan facility in an aggregate
principal amount of up to $85 million and a commitment for senior
first lien secured convertible notes in an aggregate principal
amount not to exceed $41.5 million, which will be outstanding when
it emerges from Chapter 11.
Capacity for additional exit financing will be available to the
company in the form of two revolving credit facilities with
combined availability of up to $70 million.
Invacare has filed a number of customary "first day" motions for
Court approval to facilitate a smooth transition into Chapter 11
and support operations during its cases. The company has requested
and expects the authority to continue payment of employee wages and
benefits without interruption, as well as the continued support of
its customer programs and product warranties. The company expects
operations to continue and to pay its suppliers in the ordinary
course of business for all authorized goods delivered and services
rendered after the filing date.
Fourth Quarter Results
In the fourth quarter of 2022, the company continued to experience
strong demand for its lifestyle and mobility & seating products and
elevated open orders compared to the end of 2021. As guided in its
3Q22 earnings release, the company anticipated sequential
improvement in its key financial metrics. Based on preliminary
unaudited 4Q22 results, the company anticipates reporting the
following results for 4Q22 as compared to 3Q22:
* Reported net sales growth of 6% to $181 million as compared to
$170 million, with growth in all regions and in all major product
categories;
* Gross margins, excluding the respiratory charges in 3Q22,
improved substantially by 310 basis points to 26.6%;
* Net Loss and Adjusted EBITDA significantly improved driven by
revenue growth; gross margin expansion due to pricing actions,
favorable product mix and lower freight costs; and lower SG&A
expense; and,
* Europe returned to profitability, confirming the 3Q22
operating loss for the segment was out of the ordinary.
As part of its global transformation plan to accelerate a return to
profitability and focus on its core lifestyle and mobility &
seating product lines, the company took further decisive action to
exit non-core businesses.
On Jan. 30, 2023, the company completed the sale of its respiratory
assets to Ventec Systems, a subsidiary of React Health. The
company also completed the sale of its Top EndTM sports and
recreation wheelchair division to Top End Sports, LLC on January
27, 2023. These divestitures will enable the company to put its
full focus on strengthening its core businesses and driving
sustainable growth.
Commenting on the company's progress, Mr. Purtill stated
"Delivering strong sequential improvements in all key financial
metrics is testament to the actions we have undertaken to
strengthen the business and yield positive results. As a global
company, we remain focused on continuing to execute actions to
enhance service to our customers. By focusing on our core
businesses, we anticipate driving improved financial performance
over the short- and long-term."
Road to Chapter 11
Kathleen P. Leneghan, the Senior Vice President and Chief Financial
Officer of Invacare, explains in court filings that like many
businesses around the world, the Company was not immune to the
residual effects borne by the COVID-19 pandemic -- namely
interruptions in the production and supply of the Company's
products due to supply chain disruptions and the ongoing shipping
and logistics crisis that has crippled the global economy and
caused worldwide shortages in the availability and cost of
materials, labor, and container shipping. Material and freight
costs skyrocketed and ocean-crossing times more than tripled. This
limited the Company's access to materials and finished products,
which in turn negatively impacted the Company's ability to fulfill
strong customer demand and reduce an elevated order backlog.
Additionally, rising inflation on the heels of the COVID-19
pandemic, combined with the Federal Reserve's efforts to combat
inflation through significant interest rate increases, have placed
a significant strain on the Company's finances.
To combat the impact of the COVID-19 pandemic, the Company
initiated a financial and operational turnaround focused on product
line rationalization, footprint optimization, supply chain
simplification, organization rightsizing, and liquidity
enhancements. While the Company has continued executing on these
initiatives, the strain of the Company's existing capital structure
has made it increasingly difficult to effectuate the turnaround
without addressing the Company's balance sheet and liquidity
constraints.
In the third quarter of 2021, Invacare engaged Goldman Sachs to
provide advice regarding a potential sale of the Company. In
addition, beginning in November 2021, Goldman began engaging with
potential bidders and interested parties concerning a potential
sale of the Company's respiratory business (either separately or as
part of a sale of the entire enterprise). Upon completion of the
marketing process in February 2022, it became clear to the Company
that no parties were interested in pursuing a transaction regarding
either the assets comprising the respiratory business or the entire
enterprise due to lack of strategic fit, economics, lack of
differentiated ability to drive value, or untenable projected
returns, among other reasons.
As a result, beginning in February 2022, the Company determined
that it was necessary to seek alternate solutions and retained
Miller Buckfire & Co. as investment banker to pursue a capital
raise. On July 26, 2022, the Company completed a series of
strategic capital market transactions that increased its financial
flexibility to address supply chain issues and elevated backlog
levels. Specifically, the Company entered into (i) the Prepetition
Term Loan Credit Agreement with certain funds affiliated with
Highbridge Capital Management LLC, as the lender, whereby the
Company secured access to an aggregate of $104.5 million in secured
term loans and (ii) the amended Prepetition Revolving Credit
Agreement to (a) extend the maturity date of the Prepetition
Revolving Credit Facility from Jan. 16, 2024 to Jan. 16, 2026, (b)
reduce the maximum aggregate principal amount the Company may
borrow to $35 million, and (c) limit the borrowing base. Such
actions increased the Company's liquidity, allowing the Company to
accelerate its growth strategy and pay down existing debt
obligations.
Despite the Company's improved liquidity position, the challenges
of the Company's supply chain, including availability and cost of
product, continued to unfavorably impact the profitability and cash
flows of the Company. As a result, in September 2022, the Company
engaged Huron Consulting Group to act as its restructuring advisor
and investment banker to, among other things, re-market and sell
the assets comprising the respiratory business and certain other
segments of the Company -- the sale of the respiratory business
ultimately closed on January 30, 2023, generating approximately $11
million in gross proceeds.
Beginning in November 2022, the Company and its advisors also began
to engage with certain key prepetition stakeholders on the terms of
a more comprehensive restructuring resolution. Unfortunately,
during the same period, the Company's North American liquidity
position continued to worsen. On December 23, 2022, in an effort to
obtain some breathing room to allow the Company to develop a global
restructuring proposal with its key lenders, the Company entered
into an amendment to the Prepetition Term Loan Credit Agreement,
whereby Highbridge agreed to provide the Company with an additional
$5.5 million of term loans pursuant to the Prepetition Term Loan
Credit Agreement (the "Bridge Financing") in order to facilitate a
smooth and orderly path to a comprehensive restructuring.
Armed with the critical additional liquidity provided by the Bridge
Financing, the Debtors and their advisors continued comprehensive
restructuring negotiations with their major creditor
constituencies, including Highbridge, the Revolving Lenders, and an
ad hoc group of certain holders of Unsecured Notes (the "Ad Hoc
Group of Noteholders").
Given the liquidity constraints, the required lender consents, and
the complexity of the restructuring initiatives, the Company
determined that exploring an in-court process would be the most
value-maximizing alternative available. Extensive negotiations and
discussions culminated in the prearranged deal memorialized in the
restructuring support agreement agreed to by Highbridge (as Term
Loan Lender and holder of the Secured Notes), the Revolving
Lenders, the Ad Hoc Group of Noteholders (which consists of holders
of over 66.67% in aggregate outstanding principal amount of the
Unsecured Notes), and Azurite Management LLC.
Restructuring Support Agreement
The Restructuring Support Agreement provides the Debtors with a
clear roadmap for the chapter 11 cases, including new money
debtor-in-possession financing provided by Highbridge, the infusion
of new capital through an equity rights offering and exit financing
facilities that will right-size the Debtors' capital structure.
The Restructuring Support Agreement contemplates:
* a $70 million debtor-in-possession term loan financing
facility, which includes a "roll-up" $35 million of its outstanding
prepetition term loans ("Term DIP Facility");
* a $17.4 million debtor-in-possession revolving credit facility
comprised of (a) $11.6 million in undrawn commitments, of which
$3.4 million will be used to cash collateralize certain letters of
credit, and (b) a "roll up" of $5.8 million in drawn commitments
under the Prepetition Revolving Credit Facility (the "ABL Roll-Up,"
and together with the postpetition revolving commitments, the "ABL
DIP Facility" and together with the Term DIP Facility, the "DIP
Facilities");
* a preferred equity rights offering (the "Rights Offering") to
holders of Unsecured Notes Claims and General Unsecured Claims for
an aggregate subscription price of $60 million, fully backstopped
by the Ad Hoc Group of Noteholders;
* the issuance of New Common Equity;
* exit takeback financing in the form of (i) a senior secured
first lien term loan facility (the "Exit Term Loan Facility") in an
aggregate principal amount of up to $85 million and (ii) senior
first lien secured convertible notes (the "Exit Secured Convertible
Notes") in an aggregate principal amount not to exceed $41.5
million; and
* if needed, additional exit financing in the form of (i) a
revolving credit facility with availability of up to $40 million
(the "Exit NA ABL Facility") and (ii) a revolving credit facility
with availability of up to $30 million (the "Exit EMEA ABL
Facility").
Ultimately, the transactions agreed to in the Restructuring Support
Agreement will deleverage the Debtors' capital structure by
approximately $240 million, increase liquidity, and help ensure the
future viability of the Company.
Moreover, the contemplated financing and transactions, including
the DIP Facilities, send a strong signal to the Debtors' employees,
customers, and trade partners of the confidence Highbridge and the
Revolving Lenders have in the value of the Debtors' business and
ensure that there is adequate funding to execute on the Company's
operational turnaround. Together, the significant new money
commitments and the DIP Facilities provide a framework that will
allow the Debtors to move swiftly through these chapter 11 cases
and position the Company for long-term success.
About Invacare Corporation
Headquartered in Elyria, Ohio, Invacare Corporation (IVC) is a
leading manufacturer and distributor in its markets for medical
equipment used in non-acute care settings. The company provides
clinically complex medical device solutions for congenital (e.g.,
cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g.,
stroke, spinal cord injury, traumatic brain injury, post-acute
recovery, pressure ulcers) and degenerative (e.g., ALS, multiple
sclerosis, elderly, bariatric) ailments. Invacare employs
approximately 3,400 associates and markets its products in more
than 100 countries around the world.
Invacare Corp. and 2 U.S. subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90068) on January 31, 2023. In the petition signed by
Kathleen Leneghan, senior vice president and chief financial
officer, the Debtor disclosed up to $1 billion in both assets and
liabilities.
The Debtors tapped Kirkland and Ellis, LLP and Kirkland and
International LLP as bankruptcy counsel, McDonald Hopkins, LLC as
bankruptcy co-counsel, Huron Consulting Group as restructuring
advisor, Miller Buckfire and Co. as financial advisor and
investment banker, and Epiq Corporate Restructuring, LLC, as
claims, noticing, and solicitation agent and administrative
advisor. Street Advisory Group, LLC is serving as strategic
communications advisor to the company.
The DIP Term Loan Lenders led by Cantor Fitzgerald Securities, as
administrative agent, and GLAS Trust Corporation Limited, as
collateral agent, have retained Davis Polk & Wardwell LLP, Ducera
Partners, Porter Hedges LLP, Baker & McKenzie LLP, McDermott Will &
Emery LLP, Shipman & Goodwin LLP as advisors.
PNC Bank, National Association, and the ABL DIP Lenders, have
retained Blank Rome LLP, and B. Riley Advisory Services as
advisors.
Brown Rudnick LLP is serving as legal counsel and GLC Advisors &
Co., LLC is serving as investment banker to the ad hoc committee of
unsecured notes.
J&B EXPRESS: Court OKs Interim Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin
authorized J & B Express L.L.C. to use cash collateral on an
interim basis in accordance with the budget, with a 15% variance.
The Debtor requires the use of cash collateral to avoid irreparable
harm.
The Debtor's creditors are BMO Harris Bank N.A. and the U.S. Small
Business Administration.
As adequate protection, all creditors with an interest in the cash
collateral are granted replacement liens of the same priority to
the same extent in the cash collateral as existed immediately
before the Petition Date. The Replacement Liens are deemed
automatically perfected upon entry of the interim order without the
necessity of a creditor taking possession, filing financing
statements, mortgages or other documents.
As further adequate protection to BMO, it will receive, without
limitation, the following adequate protection payments from the
Debtors: effective March 10, 2023, and continuing until the Court
orders otherwise, the Debtors will pay BMO $1,747 and $511 toward
the secured amounts of its allowed claim relating to the line of
credit and the term note, respectively. The payments total $2,258
and are the amount of interest accruing monthly.
The Debtors will continue to maintain general property and
liability coverage consistent with their coverage before the
Petition Date and requirements under the loan documents with BMO
that existed as of the Petition Date with respect to the its
collateral.
A final hearing on the matter is set for February 28, 2023 at 10
a.m.
A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3RUyH9L from PacerMonitor.com.
The Debtor projects total operating expenses, on a weekly basis, as
follows:
$61,801 for the week ending February 11, 2023;
$66,767 for the week ending February 18, 2023;
$63,160 for the week ending February 25, 2023;
$65,388 for the week ending March 4, 2023;
$61,920 for the week ending March 11, 2023;
$63,242 for the week ending March 18, 2023;
About J & B Express L.L.C.
J & B Express L.L.C. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Wis. Case No. 23-20494) on February 7,
2023. In the petition signed by Mark S. Werner, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Rachel M. Blise oversees the case.
Nicholas W. Kerkman, Esq., at Kerkman and Dunn, oversees the case.
JAF 27: Wins Cash Collateral Access Thru March 9
------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
authorized JAF 27, LLC to continue using cash collateral on a final
basis through March 9, 2023.
A further hearing on the matter is set for March 9 at 11:30 a.m.
As previously reported by the Troubled Company Reporter, the
secured creditors holding a mortgage on 621 Central Street, with
estimated balances, are:
a. Belvidere Capital, LLC, which has a first mortgage in the
amount of $770,000;
b. Carlos Borges, who holds a second mortgage in the amount of
$88,000;
c. Marc P. Gendreau, in the amount of $50,000;
d. Hooshmand S. Afshar and Zarrin S. Afshar, who hold a
mortgage in the amount of $50,000;
e. Christian Doherty, who holds two mortgages in the total
amount of $10,000;
f. JMF Realty, LLC, which holds a mortgage in the amount of
$52,000; and
g. Kevin J. Ahern, Jr. and Brad M. Pacheco, who hold a
mortgage in the amount of $37,000.
The secured creditors holding a mortgage on 175 Dalton Street, with
estimated balances, are:
a. Hardest Working Realty, LLC, which holds a first mortgage
in the amount of $361,000;
b. JMF Realty, LLC, which holds a mortgage in the amount of
$52,000.
The secured creditors holding a mortgage on 44 Billerica Street,
with estimated balances, are:
a. the City of Lowell, which holds a tax lien in the amount of
$689;
b. Belvidere Capital, LLC, which holds a first mortgage with
the amount due of $85,000;
c. Omar Rafik, who holds a mortgage with the amount due of
$20,000.
Belvidere Capital, LLC, as the First Mortgagee on 621 Central
Street, has alleged default under the terms of its Note and a
foreclosure sale was scheduled for 621 Central Street on September
8, 2022. The foreclosure sale was delayed due to the Debtor's
bankruptcy filing. However, the Security Agreement with Belvidere
contains an assignment of rents or receivables.
As adequate protection, all secured creditors were granted
continuing liens in the Debtor's real estate to the extent of the
validity, perfection, priority, enforceability, and sufficiency of
their pre-petition lien or security interest.
A copy of the order is available at https://bit.ly/3K22NGK from
PacerMonitor.com.
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.
Judge Elizabeth D. Katz oversees the case.
Christopher Murray, Esq., at Murray Law Firm, P.C. is the Debtor's
legal counsel.
JLK CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: JLK Construction, LLC
1214 Frederick Ave.
Saint Joseph, MO 64501
Business Description: JLK is an excavation services provider in
Northwest Missouri. It moves dirt,
excavates dirt and does basic concrete
flatwork.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Western District of Missouri
Case No.: 23-50034
Debtor's Counsel: Colin N. Gotham, Esq.
EVANS AND MULLINIX, P.A.
7225 Reener Road, Suite 200
Shawnee, KS 662117
Tel: (913) 962-8700
Fax: (913) 962-8701
Email: cgotham@emlawkc.com
- and -
Steven R. Fox, Exq.
THE FOX LAW CORPORATION, INC.
17835 Ventura Blvd.
Suite 306
Encino, CA 91316
Tel: (818) 774-3545
Fax: (818) 774-3707
Email: srfox@foxlaw.com
Debtor's
Accountant: LUCOVE, SAY & CO.
Total Assets: $5,465,012
Total Liabilities: $8,348,453
The petition was signed by Jesse L. Kagarice as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/PURZLRQ/JLK_Construction_LLC__mowbke-23-50034__0001.0.pdf?mcid=tGE4TAMA
KALOS CAPITAL: Gets OK to Hire Ulmer & Berne as Special Counsel
---------------------------------------------------------------
Kalos Capital, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Ulmer & Berne,
LLP as its special counsel.
The Debtor needs the firm's legal assistance in certain arbitration
proceedings pending with FINRA Dispute Resolution Services in which
the Debtor is a respondent.
Ulmer & Berne will be paid at these rates:
Partners $625.50 per hour
Associates $247.50 to $436.50 per hour
Paralegals $238.50 per hour
Alan Wolper, Esq., a partner at Ulmer & Berne, 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:
Alan M. Wolper, Esq.
Ulmer & Berne LLP
500 West Madison Street, Suite 3600
Chicago, IL 60661
Tel: (312) 324-8007
Email: awolper@ulmer.com
About Kalos Capital
Kalos Capital, Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-58326) on Oct.
17, 2022. In the petition signed by its chief financial officer,
Carol Wildermuth, the Debtor disclosed between $1 million and $10
million in both assets and liabilities.
Judge Sage M. Sigler oversees the case.
The Debtor tapped Burr & Forman, LLP as bankruptcy counsel; Ulmer &
Berne, LLP as special counsel; and Stretto, Inc. as claims,
noticing, and solicitation agent.
KENNEDY-WILSON HOLDINGS: S&P Downgrades ICR to 'BB', Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Kennedy-Wilson Holdings Inc. to 'BB' from 'BB+'. At the same time,
S&P lowered its issue-level rating on Kennedy Wilson Europe Real
Estate PLC's (KWE) senior unsecured notes to 'BB+' from 'BBB-',
with the recovery rating remaining '2'. S&P also lowered its
issue-level rating on Kennedy-Wilson Inc.'s (KW) senior unsecured
notes to 'BB-' from 'BB', with the recovery rating remaining '5'.
The negative outlook reflects S&P's view that Kennedy-Wilson's
credit metrics will remain pressured over the next 12 months given
a substantial EBITDA contraction from reduced capital gains and a
challenging transaction environment that will likely persist
through at least the first half of 2023. The negative outlook
incorporates the risk that credit metrics remain near current
levels should the company be unable to execute on sufficient asset
sales with material capital gains.
The company's share of EBITDA generated from gains on asset sales
declined precipitously over the past year, leading to elevated
leverage. From 2018 through 2021, more than 50% of Kennedy-Wilson's
S&P Global Ratings'-adjusted EBITDA was generated from gains on
asset sales. S&P doesn't typically consider gains on asset sales as
part of EBITDA for real estate companies, but consider it a core
part of Kennedy-Wilson's business strategy supported by its sizable
asset management platform and the recurring and material volume of
these gains. This source of EBITDA generation is inherently more
volatile than EBITDA generated from rental revenue, which accounts
for the majority of EBITDA for its real estate peers. While this
has led to the instability of earnings and key credit metrics in
the past, the shortfall in EBITDA over the past 12 months has been
stark. For the consolidated portfolio, EBITDA generated from gains
on asset sales has been $46.5 million over the past 12 months
compared with more than $700 million for the 12 months prior. This
has led to adjusted debt to EBITDA increasing to 17.1x as of Sept.
30, 2022, from 6.9x a year prior, and adjusted fixed-charge
coverage (FCC) declining to 1.5x from 3.7x over the same time
frame. S&P said, "Our calculated adjusted debt to EBITDA is
materially higher than that of the company's calculated debt to
EBITDA because of two key differences. We account for preferred
shares as 100% debt, consistent with our treatment across real
estate companies, while the company treats them as 100% equity per
its financials. Secondly, while we include gains from asset sales
in our adjusted EBITDA figure, we do not include the company's pro
rata share of fair value adjustments from its co-investment
portfolio, which the company considers as EBITDA, as those are
unrealized gains on assets that are marked to market." This
difference in EBITDA is the most significant contributor to the gap
between our and the company's leverage calculations.
S&P applies a negative one-notch comparable rating analysis
modifier to its 'bb+' anchor score on the company. This adjustment
reflects our belief that gains on asset sales will remain a large
component of EBITDA generation, resulting in sustained higher
volatility to the company's credit metrics compared with other real
estate companies.
The company's tender offer on its KWE notes has provided cushion to
its recovery ratings.In November 2022, Kennedy-Wilson completed a
tender offer to purchase a total of EUR75 million of its KWE senior
unsecured notes (representing 13.64% of the EUR550 million amount
outstanding prior to the tender offer) at a price equal to 82% of
the nominal amount. S&P said, "While the '2' recovery rating is
unchanged, indicating substantial recovery in the event of a
payment default, we revised the rounded estimate to 85% from 75%
(although recovery prospects reflect higher recovery for KWE's
unsecured bondholders, the recovery rating is capped at '2' for
'BB' category rated entities. As such, the recovery expectations
are also capped, rounded to 85%). Should the rounded estimate for
the KWE notes fall below 70%, we would lower our rating on the
notes to a rating in line with the issuer credit rating."
S&P said, "Additionally, we revised the rounded estimate on KW's
senior unsecured notes to 20% from 15%, with the recovery rating
remaining unchanged at '5', indicating modest recovery in the event
of a payment default. Should the rounded estimate fall below 10%,
we would lower our rating on the notes to two notches below the
issuer credit rating."
Kennedy-Wilson's large proportion of secured debt, particularly
backing its multifamily platform in the U.S., has constrained
recovery prospects on its unsecured notes. A further increase in
secured debt or a reduction in unencumbered book value could
pressure the issue-level ratings.
S&P said, "The negative outlook reflects our view that
Kennedy-Wilson's credit metrics will remain pressured over the next
12 months given a substantial EBITDA contraction from reduced
capital gains and a challenging transaction environment that will
likely persist through at least the first half of 2023. While we
expect operating performance to remain solid and EBITDA to also
grow through the completion of ongoing development projects, the
negative outlook incorporates the risk that credit metrics will
remain near current levels if the company cannot execute on
sufficient asset sales with material capital gains.
"We could lower the rating on Kennedy-Wilson if adjusted debt to
EBITDA remains above 13x or FCC remains below 1.9x. We believe this
would likely be a result of lower-than-anticipated EBITDA from
gains on asset sales.
"We could also lower the issue-level ratings on Kennedy-Wilson's
unsecured debt if recovery prospects for bondholders decreases
below 70% for the KWE bonds or below 10% for the KW bonds, likely
as a result of an increase in the use of secured debt."
S&P sould revise the outlook back to stable if:
-- Adjusted debt to EBITDA declines to and remains below 13x; and
-- Adjusted fixed-charge coverage improves to and remains above
1.9x.
ESG credit indicators: E-2, S-2, G-2
LIFESCAN GLOBAL: $1.48B Bank Debt Trades at 21% Discount
--------------------------------------------------------
Participations in a syndicated loan under which LifeScan Global
Corp is a borrower were trading in the secondary market around 79.3
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1.48 billion facility is a Term loan that is scheduled to
mature on October 1, 2024. The amount is fully drawn and
outstanding.
LifeScan Global Corporation manufactures diagnostic equipment. The
Company offers blood glucose and hospital meters, test strips,
lancing devices, linearity test kits, application tools, and other
health care products. LifeScan Global serves patients and
healthcare professionals worldwide.
LIGHTING RETROFIT: Capital Southwest Marks $5.2M Loan at 54% Off
----------------------------------------------------------------
Capital Southwest Corporation has marked its $5,208,000 loan
extended to Lighting Retrofit International, LLC to market at
$2,375,000 or 46% of the outstanding amount, as of December 31,
2022, according to a disclosure contained in Capital Southwest's
Form 10-Q for the quarterly period ended December 31, 2022, filed
with the Securities and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a Second Lien term loan to
Lighting Retrofit International, LLC. The loan accrues interest at
a rate of 10% (Payment in Kind) per annum. The loan matures on
December 31, 2026.
The loan is on non-accrual status as of December 31, 2022, meaning
Capital Southwest has ceased to recognize interest income on this
investment.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
Lighting Retrofit International, LLC, a subsidiary of Envocore,
provides turnkey energy services with meticulous attention to
customer requirements and expectations.
LONGRUN PBC: Starts Subchapter V Bankruptcy Proceeding
------------------------------------------------------
LongRun P.B.C filed for chapter 11 protection in the District of
Massachusetts. The Debtor elected on its voluntary petition to
proceed under Subchapter V of chapter 11 of the Bankruptcy Code.
The Debtor is a Delaware corporation established in 2014 with its
main office in Belmont, Massachusetts. The company sells low carb
and keto foods wholesale to retailers via amazon.com, and via its
own ecommerce websites; it has no physical store location. The
Debtor currently has approximately 4 employees.
The Debtor's financial troubles can largely be traced to the COVD
pandemic. In 2020, the Debtor's gross revenues were approximately
$9,700,000. However, post pandemic consumers' buying and eating
habits changed dramatically. In 2021 the company's gross sales
fell to approximately $8,900,000, and in 2022 the Debtor's gross
revenues were the approximate amount of $5,072,000.
The Debtor's financial problems were caused by Decreases in sales,
inability to raise additional equity financing, inability to secure
additional debt financing, supply chain delays, increases in cost
of promotion, increases in cost of freight, increased distributor
deductions, increases in cost of goods, recalling a product,
defending lawsuits, decrease in advance rate on its line of credit.
The Debtor's primary line of credit matures in July, 2023, and the
Debtor was recently advised by the lender that it would not renew
the line of credit, which necessitated the Chapter 11 filing.
According to court filings, LongRun P.B.C estimates between $1
million and $10 million in total debt to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
About LongRun P.B.C
LongRun P.B.C., doing business as LongRun LLC and Keto & Co., make
low carb food for keto dieters, diabetics, and anyone trying to eat
healthier.
LongRun P.B.C filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
23-10140) on Feb. 1, 2023. In the petition filed by Richard
Tieken, as president and CEO, the Debtor reported assets and
liabilities between $1 million and $10 million.
The Debtor is represented by:
Steven Weiss, Esq.
Shatz, Schwartz and Fentin, P.C.
375 Concord Ave., Suite 005
Belmont, MA 02478
LUMEN TECHNOLOGIES: S&P Downgrades ICR to 'B+', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
telecommunications provider Lumen Technologies Inc. to 'B+' from
'BB-'. At the same time, S&P lowered its issue-level rating on
Lumen's senior unsecured debt to 'B' from 'B+' and our issue-level
rating on its senior secured debt to 'BB' from 'BB+'. S&P lowered
its issue-level rating on wholly-owned subsidiary Level 3's senior
secured debt to 'BB' from 'BB+' and its issue-level rating on its
senior unsecured debt to 'B+' from 'BB-'. In addition, S&P lowered
our issue-level rating on subsidiary Qwest Corp.'s senior unsecured
debt to 'BB' from 'BB+' and its issue-level rating on Qwest Cap
Funding's senior unsecured debt to 'B+' from 'BB-'.
The negative outlook reflects the potential for a lower rating due
to the uncertainty around Lumen's new strategy and its ability to
stabilize revenue and EBITDA over the next couple of years while
generating meaningful FOCF, which could result in leverage rising
above 5.25x and FOCF to debt remaining below 5%
S&P said, "The rating downgrade reflects our expectation that
EBITDA will decline sharply in 2023. Weak operating and financial
results during the fourth quarter of 2022 were largely in line with
expectations, and we expect the company's shift in strategy under
new management with greater focus on the customer, simplification,
and innovation to require investment to grow the business longer
term. However, we believe it will take some time for this strategy
to play out and will require solid execution.
"As a result, the company's EBITDA guidance for 2023 of $4.6
billion to $4.8 billion was about 10% below our previous base-case
forecast. Lumen's EBITDA outlook also represents a 15% decline from
2022, primarily because of topline pressures from secular industry
declines as customers transition from legacy products to newer,
less-expensive technologies. Additionally, the lower EBITDA
reflects growth and optimization investments of around $150 million
to $200 million and $200 million to $250 million of dis-synergies
from recent asset sales. While the company expects to achieve
revenue and EBITDA stability as it exits 2024, we believe that
reaching this goal will require solid execution on its strategy,
which will be difficult given the secular industry pressures and
Lumen's large exposure to legacy products and services.
"Fourth-quarter results were weak but largely in line with our
forecast. During the fourth quarter of 2022, Lumen's pro forma
revenue and EBITDA declined 6% and 7%, respectively,
year-over-year, due to a confluence of factors, including
inflation, global supply chain challenges, weaker demand in the
enterprise segment, slower IT decision making, and technology
shifts to less expensive products and services."
Enterprise revenue declined 7% from the year-ago period but
excluding the impact of the sale of the correctional facilities,
enterprise revenue was down 6% and large enterprise revenue, which
represents the largest portion of this channel decreased 2.5%.
In the mass markets segment, Lumen has lagged its peers in the
deployment of fiber to the home (FTTH) and the company paused its
fiber build during the fourth quarter. As a result, fiber net
subscriber additions were soft, at around 19,000, during the
quarter. The company also revised its fiber build target to 8 to 10
million from 12 million previously, electing to focus on markets
where it believes it can get a better return on capital. However,
Lumen's revised deployment plan implies that it will cover less
than half of its footprint with fiber. S&P believes that not
building fiber is a lost opportunity that increases the risk of
declining revenue and cash flow as the company continues to lose
copper-based broadband customers to cable while competitors
overbuild Lumen's footprint. Further, management indicated that the
cost per passing would be around $1,200, higher than the industry
average of $1,000 per home passed.
Weaker macroeconomic conditions in 2023 could exacerbate topline
pressures. S&P Global economists believe the U.S. will likely enter
a shallow recession in 2023 and we are currently projecting GDP to
decline 0.1% during this year before a modest rebound in 2024 to
1.4%. Unlike many other telecommunications providers, Lumen derives
about 80% of its pro forma revenue from business customers, which
are likely to scale back their IT spending and reduce headcount in
the event of a more severe economic downturn, which could lead to a
faster-than-expected decline in Lumen's revenue.
S&P said, "As Lumen transforms its business, we expect leverage to
rise over the next couple of years. Management stated that it plans
to use most of the proceeds from the EMEA asset sale (about $1.6
billion net of taxes) for debt reduction. While the company bought
back about $200 million of stock (out of its $1.5 billion program)
during the fourth quarter, we do not expect it to resume share
repurchases until operating and financial trends improve.
Lumen indicated that it expects its net leverage to increase to
4.0x-4.3x in 2023 (about 4.4x-4.7x S&P Global Ratings-adjusted)
from 3.7x in 2022 due to lower EBITDA and the payment of $900
million to $1 billion related to its tax obligation from the
divestitures with some improvement in 2024 since it will use the
proceeds from the EMEA asset sale for debt reduction. S&P said,
"Our base-case forecast assumes that S&P Global Ratings-adjusted
debt to EBITDA increases to around 4.6x-4.8x in 2023 and for FOCF
to be negative $750 million to $850 million, including the tax
payments from the asset sales (excluding the tax payments, we
expect FOCF to be $0-$200 million in 2023). We also expect a modest
increase in leverage to 4.7x-4.9x in 2024 since EBITDA to is likely
to remain under pressure and FOCF to only be around $0 to $200
million, despite the potential debt paydown from the EMEA asset
sale."
The negative outlook reflects the potential for a lower rating due
to the uncertainty around Lumen's new strategy and its longer-term
ability to stabilize revenue and EBITDA while generating meaningful
FOCF, which could result in leverage rising above 5.25x longer-term
and FOCF to debt remaining below 5%.
Although unlikely in the near-term, S&P's could lower the rating on
Lumen if:
-- The revenue declines in the enterprise segment are greater than
expected;
-- The company resumes stock repurchases without a corresponding
improvement in operating trends; and
-- Lower EBITDA, higher interest expense, and elevated capex cause
leverage to rise above 5.25x.
S&P could revise the outlook to stable if:
-- The company is successful in executing on its strategy, which
would entail demonstrating improving top line performance in its
business and mass market segments;
-- EBITDA and FOCF trends improve such that FOCF to debt to is
approaching 5%.
ESG credit indicators: E-2, S-2, G-2
M&M DEVELOPMENT: Commences Subchapter V Proceeding
--------------------------------------------------
M&M Development LLC filed for chapter 11 protection in the District
of Maryland. The Debtor elected on its voluntary petition to
proceed under Subchapter V of chapter 11 of the Bankruptcy Code.
According to court filings, M&M Development LLC estimates between
$1 million and $10 million in debt to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A virtual meeting of creditors (via Zoom) under 11 U.S.C. Section
341(a) is slated for February 28, 2023 at 10:00 a.m.
About M&M Development LLC
M&M Development LLC is primarily engaged in acting as lessors of
buildings used as residences or dwellings.
M&M Development LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
23-10687) on Feb. 1, 2023. In the petition filed by Mark Allen, as
manager, the Debtor reported assets and liabilities between $1
million and $10 million.
Monique Almy has been appointed as Subchapter V trustee.
The Debtor is represented by:
Daniel Alan Staeven, Esq.
Frost & Associates, LLC
8629 Park Ave
Bowie, MD 20720
MEADOWLARK HILLS: Fitch Affirms IDR at 'BB+', Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed at 'BB+' both the Issuer Default Rating
(IDR) and the rating on the series 2021A and 2022A health care
facilities revenue bonds, series 2021B taxable health care
facilities revenue bonds and series 2022B-1 and 2022B-2 tax exempt
mandatory paydown securities issued by the city of Manhattan,
Kansas on behalf of Meadowlark Hills.
The Rating Outlook is Stable.
Entity/Debt Rating Prior
----------- ------ -----
Meadowlark
Hills (KS) LT IDR BB+ Affirmed BB+
Meadowlark
Hills (KS)
/General
Revenues/1 LT LT BB+ Affirmed BB+
SECURITY
Bondholders are granted a security interest in the gross revenues
of Meadowlark Hills and a first mortgage lien on the Meadowlark
Hills campus. A fully-funded debt service reserve fund provides
additional security.
ANALYTICAL CONCLUSION
The affirmation of the 'BB+' rating reflects Meadowlark Hills'
maintenance of adequate liquidity and improved revenue generation
across service lines that helped to offset a 15% increase in
operating expenses from fiscal years 2021 to 2022. The rating also
reflects Meadowlark Hills' steady market position as the leading
life plan community (LPC) in a comparatively more challenged
service area, as well as its predominantly type-B contracts, which
provide for good profitability, despite a high exposure to skilled
nursing facility (SNF) operations, particularly those reimbursed by
Medicaid.
Meadowlark Hills is in the midst of a 24-unit independent living
(IL) expansion known as the Monarch. Construction remains on time
and budget and is expected to be completed in July 2023. Fitch
expects the associated temporary debt to be rapidly paid down in
fiscal 2024 (as 23 of the 24 units are currently reserved),
allowing for the financial profile to remain sufficient for the
current rating, even in Fitch's stress case scenario.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'
Limited Competition; Solid Demand
The 'bbb' revenue defensibility assessment reflects Meadowlark
Hills' solid market position as a single-site LPC with limited
competition. The community's occupancy improved across all service
lines from fiscal 2021 to fiscal 2022 as IL, assisted living,
memory care and skilled nursing occupancies increased from 87% to
89%, 87% to 98%, 86% to 93% and 83% to 92%, respectively.
IL occupancy has improved to 91% while health care service lines
have maintained strong occupancy through 2Q23. Despite population
declines in the region over the past few years, Fitch believes that
Meadowlark Hills' demand indicators are solid as the community's
waitlist has over 400 members, IL expansion units are fully presold
and the SNF maintains a five-star SNF quality rating.
Management implemented a 12% IL entrance fee increase and 5.25% IL
monthly service fee increase in 2022 and has budgeted for a 4%
increase to IL entrance fees and 2.5% increase to IL monthly
service fees for fiscal 2023. Even with the rate increases, Fitch
views Meadowlark Hills' rates and affordability as providing
moderate price flexibility. The community's weighted average
entrance fee of approximately $166,000 compares favorably to
average home values in Riley County, KS and the net worth of new IL
residents.
Operating Risk: 'bb'
Solid Core Profitability; High SNF and Medicaid Exposure
Fitch's 'bb' assessment of Meadowlark Hills' operating risk
reflects a historical track record of strong cost management and
the community's predominantly type-B contract mix. The 'bb'
assessment also incorporates the cash flow benefits from the usage
of entrance fees for health care service payment, which provides
for increased balance sheet stability and mitigates risks
associated with Meadowlark Hills' high exposure to skilled nursing
operations and Medicaid payor mix exposure, which accounted for 38%
of SNF net revenues in fiscal 2022.
Though Meadowlark Hills' occupancy improved across service lines
from fiscal years 2021 to 2022, the community's operating ratio,
net operating margin (NOM) and NOM-adjusted weakened to 94.1%, 8.2%
and 15.4%, respectively in fiscal 2022 due to labor challenges that
caused nursing expenses to increase by nearly 20% yoy. Fitch
expects Meadowlark Hills' core operating metrics to improve from
fiscal 2022 levels as a result of a nearly 9% increase in the
community's Medicaid reimbursement rate following a rebasing of the
nursing facility daily Medicaid rate and new revenues from the new
Monarch IL units.
Meadowlark Hills has a modest debt burden with maximum annual debt
service (MADS) equating to a moderate 12.1% of revenues and
revenue-only MADS coverage 1.1x in fiscal 2022. While the
community's debt to net available of 11.9x is unfavorably high,
Fitch expects this metric to improve as new IL units come online
and temporary debt is paid down. The 2022 debt issuance included
approximately $3.9 million in bond funds that will be used for
general capital expenditures, allowing the community to preserve
liquidity.
Capital spending over the longer-term may potentially include an
additional IL expansion and wellness center, but no projects are
under consideration and the current rating does not factor in any
additional debt.
Financial Profile: 'bb'
Financial Profile Consistent with Rating Through Moderate Stress
Given Meadowlark Hills' 'bbb' revenue defensibility and 'bb'
operating risk assessments, Fitch expects the community will
maintain a financial profile that is consistent with a 'bb'
assessment even during the economic and financial volatility
assumed in Fitch's stress case scenario. MADS coverage has averaged
2.1x over the past five years, which is solid for the 'bb'
financial profile.
Meadowlark Hills' adequate financial performance in fiscal 2022
allowed the community to sustain a modest $1.7 million decline in
liquidity (6.5%), even with $3.1 million in unrealized investment
losses. Unrestricted cash and investments of $25.5 million at Dec.
31, 2022 equates to 365 days cash on hand, which is neutral to the
assessment of Meadowlark Hills' financial profile.
Fitch's baseline scenario, which is a reasonable forward look of
financial performance over the next five years given current
economic expectations, shows Meadowlark Hills gradually improving
its operating ratio to be around 90% and a successful paydown of
2022B-1 and 2022B-2 temporary debt in fiscal 2024. Capex spending
incorporates spending for the Monarch project and other capital
needs that are largely funded by the community's 2022 debt issuance
in 2023 and 2024.
The forward look assumes an economic stress to reflect both
operating and investment portfolio volatility. The investment
portfolio stress is specific to Meadowlark Hills' asset allocation.
Through the stress case scenario, Meadowlark Hills' key leverage
metrics (cash-to-adjusted debt and MADS coverage) remain consistent
with the 'bb' category financial profile. The stress case shows
cash-to-adjusted debt continuing to improve to approximately 58% by
year four, which is sufficient for its 'bb' financial profile.
Asymmetric Additional Risk Considerations
Meadowlark Hills' unfavorable reliance on SNF and particularly
Medicaid revenues is incorporated into Fitch's 'bb' assessment of
operating risk and the 'BB+' rating. No other asymmetric risk
considerations are relevant to the rating.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Weakening in the operations/financial profile or issuance of
additional debt such that cash-to-adjusted debt is sustained below
40% and/or MADS coverage is expected to be consistently at or below
1.5x.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Improved financial profile such that cash-to-adjusted debt is
expected to stabilize above 100% and MADS coverage is consistently
above 2x;
- Reduced concentration of net resident service revenues in skilled
nursing;
- Improved SNF payor mix where Medicaid consistently accounts for
less than 25% of the skilled nursing net revenues.
CREDIT PROFILE
Meadowlark Hills is a predominantly type-B LPC located on
approximately 55 acres in Manhattan, KS. The campus currently
consists of 167 IL units (54 duplexes/cottages and 113 apartments),
38 AL units (all private, with 14 utilized as memory care units)
and 134 skilled nursing beds (74 semi-private and 60 private).
Meadowlark Hills generated about $28.4 million in total operating
revenue at FYE June 30, 2022.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
MEDME SERVICES: Court OKs Final Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, El
Paso Division, authorized MEDME Services Corporation to use cash
collateral on a final basis in accordance with the budget.
As adequate protection, Leaf Capital, LLC is granted a replacement
lien upon the Debtor's accounts receivable, inventory, and credit
card charges in process; to the extent of the current value of the
same or the balance owed to Leaf, whichever is less; provided
however, that any replacement lien on inventory should not prime or
subordinate the lien on inventory or other tangible personality
held by the City of El Paso Tax Collector.
Adequate protection payments in the ongoing non-default contractual
amount of $2,603 per month will continue to be made to Leaf until
further Court order or until confirmation of a Plan of
Reorganization changes that obligation.
A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3XmyIED from PacerMonitor.com.
The Debtor projects $71,100 in total disbursements for February
2023.
About MEDME Services Corporation
MEDME Services Corporation filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Texas Case No. 22-31111) on Dec. 22, 2022, with as
much as $1 million in both assets and liabilities.
Judge H. Christopher Mott oversees the case.
The Debtor is represented by E.P. Bud Kirk, an attorney practicing
in El Paso, Texas.
MEN'S WEARHOUSE: S&P Upgrades ICR to 'B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on specialty
men's apparel retailer The Men's Wearhouse LLC to 'B' from 'B-'. At
the same time, S&P raised its issue-level ratings on the company's
term loan to 'BB-' from 'B' and revised the recovery rating to '1'
(90% - 100% recovery; rounded estimate: 95%) from '2'. The improved
recovery rating reflects the company's incremental paydown of a
portion of the instrument during the latest quarter.
The stable outlook reflects S&P's expectation of consistent free
cash generation and ample headroom under the projected credit
metrics.
The upgrade reflects TMW's stronger-than-expected revenue growth
and operating performance leading to very low leverage in the
mid-1x range. Revenue expanded more than 40% year to date through
the third quarter, with more special events including weddings and
consumer spending on work attire. In addition, operating margins
were better than our previous expectation due to strategic and
cost-efficiency initiatives, resulting in significant free cash
flow generation. The company used the excess cash to prepay credit
facilities, including its $103 million priority term loan and a
portion of its takeback term loan, which has led to significant
de-leveraging. S&P said, "Despite these positives, we expect
performance to moderate in fiscal 2023 as consumer spending
benefits to this category ease. Specifically, we anticipate
challenging macroeconomic conditions with flat consumption and
still relatively high inflation and low consumer confidence that we
expect will result in a low-single-digit percent revenue decline."
S&P said, "We recognize material upside to margins in 2022 amid
elevated consumer demand for the company's core apparel offerings,
and forecast a decrease in S&P Global Ratings'-adjusted EBITDA
margin to about 20% in 2023 as operating momentum slows. S&P Global
Ratings'-adjusted EBITDA margin in the third quarter was stronger
than expected, increasing nearly 500 basis points (bps) year over
year to 25.7%. We attribute the continued improvement in
profitability to management's successful execution of operating
initiatives as part of the turnaround process, including better
inventory management, merchandising, and cost management. In 2023,
we expect a moderation in performance as we forecast weddings to
decline compared with the past year but to remain higher than
pre-pandemic levels. In addition, we believe the potential for more
intense competition amid an economic slowdown will likely weigh on
margins. We also continue to monitor the company's short track
record since its emergence from bankruptcy for sustainable profit
trends.
"We expect S&P Global Ratings'-adjusted debt to EBITDA to remain
low in 2023, with no expectation of a dividend to owners or other
type of leveraging transaction, supporting the rating on TMW. The
company reduced its debt burden around $200 million compared with
fiscal 2021. In addition, to optimize its interest costs, the
company used its asset-based loan (ABL) facility to prepay a
portion of its high interest takeback term loan. As a result, we
estimate a reduction of more than $30 million in interest expenses
in the current year. While we believe the company could pursue a
more aggressive financial policy given the current ownership
structure and low leverage, we believe the risk of meaningful
re-leveraging is low. Accordingly, we have revised our financial
policy modifier to neutral from negative.
"We expect free cash flow generation will remain more than $150
million annually after moderating from the current high levels.
Reported free operating cash flow (FOCF) was over $200 million
through the third quarter due to stronger performance, which we
expect to moderate in 2023. In addition, we expect benefits from
working capital management to moderate going forward as the
initiatives mature. Despite recent improvement in operating
performance, we view the company's credit profile as holistically
weaker than those of higher-rated peers. This is because of the
vulnerability to discretionary consumer spending, participation in
the intensely competitive and highly volatile apparel retail
segment, exposure to fashion risk, and the company's short track
record since emerging from bankruptcy. These risks result in a
negative comparable rating analysis modifier.
"The stable outlook reflects our view that adjusted leverage will
remain below 2x with adjusted funds from operations (FFO) to debt
above the 50% area over the next 12 months. In addition, we expect
TMW will generate over $150 million in FOCF despite a lower EBITDA
margin in 2023."
S&P could lower the rating on TMW if:
-- TMW underperforms our base case, potentially because of
intensifying competition, inventory challenges, increased
promotional activity, or a significant decline in men's apparel
demand; or
-- A more aggressive financial policy leads to worsening credit
metrics, including adjusted leverage above the mid-3x area or
FFO/debt approaching 30%, with deteriorating cash flow.
S&P could raise the rating on TMW if:
-- The company sustains its operating performance improvements as
demand trends normalize, strengthens its main banners, and
demonstrates a more consistent long term track record; and
-- The company demonstrates a commitment to a relatively
conservative financial policy.
ESG credit indicators: E-2, S-2, G-2
META MEDIA: Seeks Cash Collateral Access, $1.5MM DIP Loan
---------------------------------------------------------
Meta Media Tech, Inc. asks the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, for authority
to use cash collateral and obtain postpetition financing.
The Debtor seeks to obtain postpetition financing up to the
principal amount of $1.5 million from existing secured creditors,
Fred Muhs, Michael Giordano and JayJel2 to fund, among other
things, ongoing working capital, general corporate, and other
financing needs of the Debtor, pay certain transaction fees, and
other costs and expenses of administration of the Debtor's
bankruptcy case, and (c) pay fees expenses owed to the Lenders
pursuant to the Term Sheet.
The Debtor also seeks to tap on $450,000 of the loan on an interim
basis.
The proposed loan matures on the date of the earliest of:
(1) 12 months from initial loan advance,
(2) sale of collateral, or
(3) confirmation of plan of reorganization.
The Debtor's secured creditors are the U.S. Small Business
Administration, Kohorst Allen Partners, LLC, and Fred Muhs/Michael
Giordano/JayJel2.
Meta Media Inc., holder of a fifth priority lien in the Debtor's
assets, is controlled by Jason Brenek, the CEO of the Debtor, and
consents to the proposed financing.
In October 2022, the Debtor was forced to terminate an agreement
with a key vendor as a result of poor performance and improper
conduct. The Debtor began notifying its cinema and studio customers
that the Debtor's network would go completely down over the
following months while it transitioned to new service providers.
Every single customer voiced support, indicating that Debtor
provided a valuable service.
Immediately after terminating the foregoing vendor, the Debtor
began seeking other service providers, and in order to preserve
cash, reduced operating costs by 40%. Executive compensation was
reduced by 40%, open positions were eliminated, and one key
executive was furloughed until February 2023.
Through November and December 2022, the Debtor began to rebuild its
network with multiple new service providers. As promised, all
studios continued to deliver both movie and live content through
the Debtor's network. After three months of the reboot, the Debtor
was 75% complete with the transition with approximately 300 sites
generating revenue, approximately 20% of which are already
generating positive cashflows.
During the 3rd and 4th quarters of 2022, the Debtor, with its
investment banker, AMA, expended great resources to seek additional
funding to expand operations through 2023 and continue rebuilding
its platform. Based on the fact that the Debtor's assets are not
tangible that can be monetized, the Debtor was unable to obtain an
asset-based loan. Further, the Debtor was unable to obtain
financing on an unsecured basis due to pending litigation with its
former vendor.
Although financing was generally available on a secured basis,
based on the fact the Debtor was in the process of rebuilding stage
of its network with new service providers and that the Debtor has
approximately $4.5 million in existing secured debt, the Debtor was
unable to obtain outside funding on a junior secured basis.
As a media tech company, the Debtor's physical assets have very
limited value on a standalone basis; those assets must be deployed
and maintained in continuous operation in order to preserve value.
Although the Debtor believes its intellectual property has a value
of at least $30 million from active continuing operations, it is
unlikely that the value of the Debtor's physical assets, in the
event of cessation of operations, would exceed $250,000 in a
liquidation scenario.
A copy of the motion is available at https://bit.ly/3lfiDDl from
PacerMonitor.com.
About Meta Media Tech, Inc.
Meta Media Tech, Inc. is a fully managed network that is used to
securely and cost-effectively deliver movies, live events (such as
sports and concerts), and advertising content to more than 300 top
performing cinemas across the U.S.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10603) on February 2,
2023. In the petition signed by Jason Brenek, chief executive
officer, the Debtor disclosed up to $50 million in assets and up to
$10 million in liabilities. Although the Debtor believes its
intellectual property has a value of at least $30 million from
active continuing operations, it is unlikely that the value of the
Debtor's physical assets, in the event of cessation of operations,
would exceed $250,000 in a liquidation scenario.
David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo and
Golubchik LLP, represents the Debtor as legal counsel.
METROHAVANA TOWN: March 28 Hearing on Amended Disclosures
---------------------------------------------------------
On Feb. 3, 2023, MetroHavana Town Homes, LLC, filed a disclosure
statement pursuant to 11 U.S.C. Sec. 1125, with respect to a plan
filed on Feb. 3, 2023, pursuant to 11 U.S.C. Sec. 1121.
The disclosure hearing will be held:
Date: March 28, 2023
Time: 10:30 a.m.
Location: 301 N. Miami Ave.
Courtroom 8, (8th FL)
Miami, Florida 33128
Counsel and unrepresented parties must review the presiding
judge's
page on the Court's website to verify whether they may appear at
the
disclosure hearing remotely via Zoom Video Communications, Inc., or
are required to appear in person. If you are permitted to attend
the hearing remotely via Zoom, you must register in advance no
later than 3:00 p.m., one business day before the date of the
hearing. To register, click on or manually enter the following
registration link in a browser:
https://www.zoomgov.com/meeting/register/vJItfuqurDsoEnWyiKeoSfMa3m88
8k3mfBM
The deadline for filing objections to the disclosure statement is
March 21, 2023, or 7 days before the disclosure hearing.
In its order granting a continuance of the hearing on the
Disclosure Statement and authorizing the Debtor to file an amended
Disclosure Statement, Judge Laurel M. Isicoff said, "Metrohavana
Town Homes, LLC must reference detailed disclosures of the subject
property's pending sale and include a 90-day timeline for sale
completion within its First Amended Disclosure Statement and First
Amended Plan, specifically delineating May 1, 2023, as the date
after which lienholders are free to exercise their state law rights
and remedies as to the subject property."
The Debtor's counsel:
Christina Vilaboa-Abel, Esq.
CAVA LAW, LLC
1390 S. Dixie Hgwy., Ste. 1107
Coral Gables, FL 33146
Tel: (786) 675-6830
Fax: (786) 384-6909
E-mail: Echristina@cavalegal.com
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.
MOVIA ROBOTICS: Taps Cohn Birnbaum & Shea as Legal Counsel
----------------------------------------------------------
Movia Robotics, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Connecticut to employ Cohn Birnbaum & Shea,
P.C.
The Debtor requires legal counsel to:
a. give advice with respect to Debtor's business, operations and
the management of its property;
b. negotiate arrangements with creditors regarding their claims
and treatment of their claims under a a plan of reorganization;
c. institute and defend litigation, which the Debtor considers
necessary and appropriate for its reorganization;
d. prepare legal papers; and
e. perform other necessary legal services.
The firm's hourly rates are as follows:
Partners $340 to $520 per hour
Paralegals $210 per hour
The Debtor paid the firm an advance payment of $52,500.
Douglas Pelham, Esq., a principal at Cohn Birnbaum & Shea,
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:
Timothy D. Miltenberger, Esq.
Cohn Birnbaum & Shea, P.C.
CityPlace II, l5th Floor, 185 Asylum Street
Hartford, CT 06103
Tel: (860) 493-2200
About Movia Robotics
Movia Robotics, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 23-20024) on Jan. 18,
2023, with up to $10 million in both assets and liabilities.
Timothy Gifford, president of Movia Robotics, signed the petition.
Judge James J. Tancredi oversees the case.
Timothy D. Miltenberger, Esq., at Cohn Birnbaum & Shea, P.C.,
represents the Debtor as legal counsel.
MTPC LLC: Court Confirms First Amended Plan
-------------------------------------------
Judge Randal S. Mashburn has entered an order confirming the First
Amended Chapter 11 Plan of The Proton Therapy Center, LLC.
The documents contained in the Plan Supplement, (as subsequently
supplemented or amended) and the exhibits to the Plan are integral
to the Plan and are approved by the Bankruptcy Court, and the
Debtor, the Liquidation Trustee, and the GUC Liquidation Trustee
are authorized to take all actions required or appropriate under
the Plan, and the Plan Supplement documents to effectuate the
Plan.
On the Effective Date, all Liquidation Trust Assets of the Estate
and any Liquidation Trust Assets acquired by the Debtor pursuant to
the Plan shall vest in the Liquidation Trust, free and clear of all
Liens, Claims, charges, or other encumbrances, on behalf of holders
of Allowed Class 7 Bond Deficiency Claims and Class 8 Non-Settling
General Unsecured Claims; provided, however, that all Class 7 Bond
Deficiency Claims and Class 8 Non-Settling General Unsecured Claims
reserve their rights to Distributions from the Liquidation Trust
Assets in accordance with the Plan and this Confirmation Order. For
the avoidance of doubt, all Causes of Action not expressly released
under the Plan shall vest in the Liquidation Trust on the Effective
Date. This Confirmation Order shall constitute a determination that
the transfer of the Liquidation Trust Assets to the Liquidation
Trust under the Plan is legal, valid, and enforceable.
First Amended Plan
The Proton Therapy Center, LLC's First Amended Chapter 11 Plan
contemplates a liquidation of the Debtor's assets and the
resolution of all outstanding Claims against and Interests in the
Debtor. It also includes a settlement between the Debtor and the
Committee that will facilitate a Distribution to holders of
non-insider general unsecured claims, as more fully described in
the Plan. The Debtor has run a sale process for the sale of
substantially all its assets. The Plan will distribute proceeds
from the sale and create (i) a Liquidation Trust to pursue certain
causes of action, wind down the Debtor's Estate, and make
Distributions to holders of Allowed Claims, other than GUC Claims,
pursuant to the terms of the Plan and Liquidation Trust Agreement
and (ii) a GUC Liquidation Trust to reconcile GUC Settlement Claims
and make Distributions to holders of Allowed GUC Settlement Claims
pursuant to the terms of the Plan and GUC Liquidation Trust
Agreement. The Debtor is seeking to have the hearing on the
approval of the Disclosure Statement on an expedited basis and then
the Confirmation Hearing on or around January 31, 2023.
The Plan's goal is to distribute proceeds from the Bankruptcy Court
approved sale of substantially all the Debtor's Assets. The Plan
will also create two trusts: (i) a Liquidation Trust and appoint a
Liquidation Trustee to pursue certain causes of action and wind
down the Debtor's estate, and (ii) a GUC Liquidation Trust and
appoint the GUC Liquidation Trustee to reconcile GUC Settlement
Claims and make Distributions to Allowed GUC Settlement Claims.
Under the Plan, Class 5 GUC Settlement Claim total $3,123,970 and
will recover approximately 4% to 7% of their claims. Each Class 5
GUC Settlement Claim, such holder of each such Allowed GUC
Settlement Claim shall receive its Pro Rata share of uncertificated
beneficial interests in the GUC Liquidation Trust representing the
right of each holder of an Allowed GUC Settlement Claim to receive
Distributions from the GUC Liquidation Trust in accordance with the
Plan and the GUC Liquidation Trust Agreement.
The holders of Class 8 Non-Settling General Unsecured Claims will
receive its Pro Rata share of uncertificated beneficial interests
in the Liquidation Trust representing the right of each holder of a
Non-Settling General Unsecured Claim to receive Distributions from
the Liquidation Trust in accordance with the Plan and the
Liquidation Trust Agreement. Class 8 is impaired.
The Plan will be funded from the Sale Proceeds and the proceeds
from any other Assets available to fund the Plan, including
recoveries from any retained Causes of Action.
Counsel for the Debtor:
Marcus A. Helt, Esq.
Jack G. Haake, Esq.
MCDERMOTT WILL & EMERY, LLP
2501 North Harwood Street, Suite 1900
Dallas, TX 75201
Tel: (214) 210-2821
Fax: (972) 528-5765
E-mail: mhelt@mwe.com
jhaake@mwe.com
- and -
David E. Lemke, Esq.
Tyler N. Layne, Esq.
WALLER LANSDEN DORTCH & DAVIS, LLP
511 Union Street, Suite 2700
Nashville, TN 37219
Telephone: (615) 244-6380
Facsimile: (615) 244-6804
E-mail: David.Lemke@wallerlaw.com
Tyler.Layne@wallerlaw.com
A copy of the First Amended Chapter 11 Plan dated Feb. 1, 2023, is
available at https://bit.ly/3Y0w1Kh from Stretto, the claims
agent.
About MTPC LLC
MTPC LLC is a proton-therapy cancer-treatment center that serves a
multi-state area of the Southeastern United States and began
operations in 2018. It is a freestanding center with three active
treatment rooms including one fixed beam and two gantries. MTPC is
located in a 43,500-square-foot building adjacent to the campus of
the Williamson Medical Center, in Franklin, Tenn.
MTPC's affiliate, The Proton Therapy Center, LLC, is a Tennessee
limited liability company that was organized in 2010. It is a
freestanding center with three active treatment rooms including one
fixed beam and two gantries. Proton Therapy Center is located in an
88,000-square-foot building on the campus of the Provision Case
CARES Cancer Center at Dowell Springs, in Knoxville, Tenn., a
comprehensive healthcare campus focusing on cancer treatment,
patient care, research, and education.
PCPT Hamlin, another affiliate of MTPC, is a Florida limited
liability company that was organized in 2018. It includes an
approximately 36,700-square-foot building in the 900-acre Hamlin
planned development in the "Town Center" of the 23,000-acre
"Horizon West" planning area of West Orange County.
MTPC and its affiliates sought Chapter 11 protection (Bankr. M.D.
Tenn. Lead Case No. 20-05438) on Dec. 15, 2020.
As of Aug. 31, 2020, MTPC's unaudited financial statements
reflected total assets of approximately $105.6 million and total
liabilities of approximately $131.2 million. Proton Therapy
Center's unaudited financial statements reflected total assets of
approximately $93.4 million and total liabilities of approximately
$130.2 million. Meanwhile, PCPT Hamlin's unaudited financial
statements reflected total assets of approximately $139.2 million
and total liabilities of approximately $138.5 million.
The Hon. Randal S. Mashburn is the case judge.
The Debtors tapped McDermott Will & Emery LLP as lead bankruptcy
counsel, Waller Lansden Dortch & Davis LLP as co-counsel with
McDermott, Trinity River Advisors LLC as restructuring advisor, and
CRS Capstone Partners LLC as financial advisor. Stretto is the
claims agent.
The U.S. Trustee for Region 8 appointed an official committee of
unsecured creditors on Jan. 8, 2021. The committee is represented
by Sills Cummis & Gross P.C. and Manier & Herod, P.C.
NATIONAL CINEMEDIA: $270M Bank Debt Trades at 65% Discount
----------------------------------------------------------
Participations in a syndicated loan under which National CineMedia
LLC is a borrower were trading in the secondary market around 35.1
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $270 million facility is a Term loan that is scheduled to
mature on June 20, 2025. About $257.9 million of the loan is
withdrawn and outstanding.
National CineMedia, LLC owns and operates movie theaters. The
Company offers entertainment content, advertsing, and movie
screening services. National CineMedia serves customers in the
United States.
NEUROPSYCHIATRIC HOSPITALS: Capital SW Marks $15M Loan at 15% Off
-----------------------------------------------------------------
Capital Southwest Corporation has marked its $14,993,000 loan
extended to NeuroPsychiatric Hospitals to market at $12,744,000 or
85% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Capital Southwest's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a First Lien term loan to
NeuroPsychiatric Hospitals. The loan accrues interest at a rate of
11.74% (L+8.00% (Floor 1.00%)/Q) per annum. The loan matures on May
14, 2026.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
NeuroPsychiatric Hospitals is a hospital & health care company that
provides psychiatric and psychological treatments.
NEUROPSYCHIATRIC HOSPITALS: Capital SW Marks $4.4M Loan at 15% Off
------------------------------------------------------------------
Capital Southwest Corporation has marked its $4,400,000 loan
extended to NeuroPsychiatric Hospitals to market at $3,740,000 or
85% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in Capital Southwest's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a Revolving loan to
NeuroPsychiatric Hospitals. The loan accrues interest at a rate of
11.74% (L+8.00% (Floor 1.00%)/Q) per annum. The loan matures on May
14, 2026.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
NeuroPsychiatric Hospitals is a hospital & health care company that
provides psychiatric and psychological treatments.
NEWAGE INC: IRS Says Plan May Not be Feasible
---------------------------------------------
The United States, on behalf of the Internal Revenue Service, says
the Bankruptcy Court should deny confirmation of Newage, Inc., et
al.' Third Amended Proposed Combined Disclosure Statement and Joint
Chapter 11 Plan of Liquidation.
The United States, on behalf of the IRS, objects to the Plan on the
following grounds:
(1) the Plan may not be feasible given the size of the IRS's
estimated priority claims;
(2) the releases, exculpation clause, and plan injunction
provisions exceed this Court's jurisdiction as it relates to the
IRS;
(3) the Plan improperly curtails the United States' setoff and
recoupment rights;
(4) the Plan impermissibly deprives the United States of interest
on its administrative claims;
(5) the Plan may purport to release the Debtors from liability
for tax claims allegedly assumed by the buyer of its assets; and
(6) the Plan may impermissibly permit this Court to retain
jurisdiction over tax refund disputes.
"It is unclear if the Plan meets this standard. While it purports
to provide for all priority tax claims, it also indicates that the
Debtors "do not anticipate any significant outstanding ...Priority
Tax Claims following the claims reconciliation process." (Plan Sec.
2.7.4). The IRS has filed proofs of claim asserting priority tax
claims that collectively exceed five million dollars. While the
Plan may be feasible if the Debtors' objection to those claims is
sustained, it may not be feasible if the claims are allowed. The
Plan thus should not be confirmed until the Debtors' objections are
fully adjudicated or they provide assurance that the claims will be
paid in full if they are allowed," the U.S. said in its objection.
About NewAge Inc.
NewAge Inc. (Nasdaq: NBEV) -- http://www.NewAgeGroup.com/-- a
Utah-based company, commercializes a portfolio of organic and
healthy products worldwide primarily through a direct-to-consumer
(D2C) route to market distribution system across more than 50
countries. The company competes in three major category platforms
including health and wellness, inner and outer beauty, and
nutritional performance and weight management.
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10819) on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Greenberg Traurig, LLP, as bankruptcy counsel
and SierraConstellation Partners, LLC as financial advisor.
Houlihan Lokey Capital, Inc. conducted the pre-bankruptcy marketing
process for the Debtors. Stretto is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 14,
2022. Cole Schotz P.C. and Dundon Advisers LLC serve as the
committee's legal counsel and financial advisor, respectively.
On Nov. 30, 2022, the Debtors filed a combined disclosure statement
and joint Chapter 11 plan of liquidation.
NIELSEN & BAINBRIDGE: Unsecureds to Get 0% in Joint Plan
--------------------------------------------------------
Nielsen & Bainbridge, LLC and its Debtor Affiliates filed with the
U.S. Bankruptcy Court for the Southern District of Texas a
Disclosure Statement for the Joint Chapter 11 Plan of
Reorganization dated February 9, 2023.
The Debtors, together with their controlled non-Debtor subsidiaries
(collectively, the "Company"), are a key supplier of affordable
home décor in the United States across a portfolio of product
categories.
The onset of the COVID-19 pandemic and its aftermath—including a
challenging market environment, supply chain disruption, and
increasing freight costs—created a difficult operating
environment for the Debtors over the past two years. The Debtors
ultimately determined that commencing the Chapter 11 Cases
represented the best path forward to implement a restructuring that
will maximize the value of the Debtors' assets and realign the
Debtors' capital structure to better account for liquidity
constraints resulting from macroeconomic and industry-specific
challenges. In the weeks leading up to the Petition Date, the
Debtors began an extensive marketing process to solicit proposals
for plan sponsorship and for going-concern sales of the Debtors'
businesses (the "Marketing Process"), from strategic and financial
third-party purchasers.
Simultaneously, the Debtors worked to build consensus for the
Restructuring Transactions contemplated by the Restructuring
Support Agreement and the Plan, which are supported by the Sponsor,
the Initial Plan Sponsors, the Consenting First Lien Term Loan
Lenders, the Consenting Second Lien Term Loan Lenders, and the
Consenting ABL Lenders (collectively, the "Consenting Parties"). In
order to capitalize on the Debtors' prepetition marketing efforts,
the Plan contemplates a sale of 100% of the New Common Stock to
either (a) certain funds affiliated with Silver Point Capital, L.P.
and KKR Credit Advisors (US) LLC, which have agreed to serve as
initial plan sponsors (the "Initial Plan Sponsors"), or (b) a
prospective third-party purchaser that submits a bid pursuant to
the Bidding Procedures that the Debtors determine, in their
reasonable business judgment, to be higher or otherwise better.
To establish a minimum bid and facilitate the Marketing Process on
a postpetition basis, the Initial Plan Sponsors have committed to
purchase 100% of the equity in Reorganized NBG (the "New Common
Stock") for an amount in cash at least equal to the total amount of
Allowed DIP Roll-Up Claims attributable to the initial principal
amount of DIP Roll-up Loans, plus any Additional Cash Amount (the
"Stalking Horse Bid"). Consideration for the Stalking Horse Bid
shall equal the total amount of Allowed DIP Claims as of the
Effective Date, plus the total amount outstanding under the ABL
Facility as of the Plan Effective Date (such consideration,
collectively, the "Stalking Horse Bid Consideration"). Should the
Debtors receive a higher or otherwise better bid, any value above
the Stalking Horse Bid Consideration ("Additional Value") will be
distributed as set forth in the Plan; in the event that such a bid
does not materialize, the Debtors will consummate a sale
transaction with the Initial Plan Sponsors.
The settlement embodied in the Plan provides substantial Cash and
non-Cash consideration, including a purchase of the Sponsor's 100%
equity position in NBG, a $60 million commitment under the DIP
Facility, and $75 million in take-back debt to replace the ABL
Facility. Should a Qualified Bid be entered, the Debtors will
conduct an auction that may result in the full payment of DIP
Claims and additional recovery for other stakeholders. Based on the
milestones contained in the DIP Credit Agreement, the Debtors
intend to move expeditiously through chapter 11 with a target
emergence of late March or early April.
The primary objective of the Plan is to maximize the value of
recoveries to all Holders of Allowed Claims and Allowed Interests
and generally to distribute all property of the Estates that is or
becomes available for distribution generally in accordance with the
priorities established by the Bankruptcy Code and applicable law.
The Debtors believe that this objective is best served by means of
the Marketing Process, which provides for substantial baseline
value in the form of the Stalking Horse Bid Consideration, and may
result in Additional Value through offers from third-party
purchasers.
Class 6 consists of General Unsecured Claims. On the Effective
Date, each holder of a General Unsecured Claim shall receive its
Pro Rata share of Additional Value (if any), after all Class 5
Claims have been paid in full; provided, however, that in no event
shall any Holder of a General Unsecured Claim receive, on account
of such Claim, a recovery greater than 100% of the Allowed amount
of such Claim. This Class will receive a distribution of 0% of
their allowed claims.
Class 10 consists of Interests in NBG. On the Effective Date, all
Interests in NBG shall be cancelled, released, extinguished, and
discharged and will be of no further force or effect. Holders of
Interests in NBG shall receive no recovery or distribution on
account of their Interests in NBG.
The Plan and distributions thereunder will be funded by or consist
of the following sources of consideration: (a) Cash on hand; (b)
Cash from the Exit Financing, and (iii) the Stalking Horse Bid
Consideration (or consideration received from the Winning Bidder
pursuant to the Bidding Procedures), as applicable.
A full-text copy of the Disclosure Statement dated February 9, 2023
is available at https://bit.ly/3jVzD1f from PacerMonitor.com at no
charge.
About Nielsen & Bainbridge
Nielsen & Bainbridge, LLC, together with its debtor and non-debtor
affiliates, is an end-to-end supplier of home decor and hardwire
lighting operating under the trade name NBG Home. NBG Home serves
a portfolio of prominent retail partners in the design,
development, and fulfillment of products such as lighting, accents,
furniture, soft home goods, wall decor, and frames sold under
various brand names. NBG Home operates eight business units
touching the brick-and-mortar and eCommerce spaces.
Nielsen & Bainbridge filed Chapter 11 Petition (S.D. Tex. Lead Case
No. 23-90071) on February 8, 2023. KIRKLAND & ELLIS LLP, KIRKLAND &
ELLIS INTERNATIONAL LLP and JACKSON WALKER LLP are the Debtors'
Counsel.
In the petitions signed by Hope Margala, authorized signatory, the
Debtor disclosed $100 million to $500 million in assets and $500
million to $1 billion in liabilities.
ON MARINE: Asbestos Committee Responds to UST's Plan Objections
---------------------------------------------------------------
The Official Committee of Asbestos Personal Injury Claimants
responded to objections of the United States Trustee to the First
Amended Combined Disclosure Statement and Plan of Liquidation of
debtor ON Marine Services Company LLC.
The Second Amended Combined Disclosure Statement and Plan is the
result of extensive negotiations and careful drafting among the
Plan Proponents -- the Debtor and the Committee -- and is clearly
confirmable. The Committee supports Plan confirmation and believes
that the Debtor's Memorandum of Law details how the Plan meets each
applicable requirement for confirmation.
According to the Committee, the Plan Proponents have modified the
Plan to address certain of the concerns that the UST raised in its
Objection. And the Committee believes that these modifications moot
at least two of the UST's four objections: (i) the objection to the
Plan's exculpation provisions and (ii) the objection concerning
post-confirmation reporting. The remaining two objections appear
based on a misreading of the Plan and the Parent Entities
Settlement contained therein, and are contrary to the Code and
relevant case law in any event.
The Committee points out that the Plan does not treat its treatment
of creditors as a settlement, and the plan proponents are not
seeking approval of such treatment under Rule 9019:
* The UST objects to the Plan because it "purports to treat its
distributive provisions as if they were a Rule 9019 'settlement'"
and "purports to be a 'settlement' with creditors and interest
holders who have no formal agreements with the Debtor." But the
Plan does no such thing. R ather, the Plan explicitly states that
its confirmation depends on the Court finding that the Plan
complies with section 1129 of the Bankruptcy Code. The UST fails
to cite any provision of the Plan that suggests that the Plan is a
settlement or indicates that its distributive provisions should be
considered as such under Rule 9019.
* Instead, the UST cites only to section 14.2 of the Plan
concerning the Parent Entities Settlement - a settlement agreement
between the Debtor, the Committee, and the Parent Entities under
which only the Debtor and its estate are releasing only estate-held
claims against the Released Parties in return for a $1 million
payment to the Liquidating Trust on behalf of the Released Parties.
As the UST acknowledges, "Bankruptcy Code section 1123(b)(3)(A)
allows a plan proponent to 'provide for [] the settlement or
adjustment of any claim or interest belonging to the debtor or to
the estate.'" Consequently, it is appropriate for the Plan to
include the Parent Entities Settlement.
The Committee further points out that the plan's modified
exculpation provisions are permissible:
* The exculpation provided in s 16.1 of the Plan is integral to
the consensual Plan and is the result of negotiation between the
Plan Proponents. Furthermore, the Plan Proponents have amended the
Plan's exculpation provisions to address the UST's objections
thereto. In fact, the UST has acknowledged to the Debtor that its
objection to the "temporal scope" of the exculpation provisions has
been resolved with the Plan Proponents' amendments to Plan ss 3.52
and 16.1.
* The Plan Proponents have also amended the Plan to address the
UST's Objection to the scope of the Exculpated Parties.
Nonetheless, the UST still argues that the Plan's "definition of
Exculpated Parties is inconsistent with controlling case law
because it is allegedly not limited to estate fiduciaries." This is
incorrect.
Counsel to the Committee of Asbestos Personal Injury Claimants:
Stanley E. Levine, Esq.
CAMPBELL & LEVINE, LLC
310 Grant Street, Suite 1700
Pittsburgh, PA 15219
Telephone: (412) 261-0310
Facsimile: (412) 261-5066
E-mail: slevine@camlev.com
- and -
Kevin C. Maclay, Esq.
Todd E. Phillips, Esq.
Kevin M. Davis, Esq.
One Thomas Circle, NW, Suite 1100
Washington, DC 20005
Telephone: (202) 862-5000
Facsimile: (202) 429-3301
E-mail: kmaclay@capdale.com
tphillips@capdale.com
kdavis@capdale.com
About ON Marine Services Company
ON Marine Services Company is the continuation of the entity
formerly known as Oglebay Norton Company, as part of which the
Ferro Division operated as an unincorporated division. In 1999,
Oglebay Norton Company changed its name to ON Marine Services
Company and became a wholly-owned subsidiary of a newly formed
company known as Oglebay Norton Company, an Ohio corporation. The
Ferro Division and/or ON Marine manufactured and sold refractory
products for use exclusively in steelmaking. ON Marine Services
Company ceased all active business operations in 2010.
ON Marine Services Company filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 20-20007) on Jan. 2, 2020. In
its petition, the Debtor estimated $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities. The petition was
signed by Kevin J. Whyte, senior vice president.
Chief Judge Carlota M. Bohm oversees the case.
The Debtor is represented by Paul M. Singer, Esq., at Reed Smith
LLP and Legal Analysis Systems, Inc. as its consultant. Epiq is
the claims agent.
A committee of asbestos personal injury claimants has been
appointed in the Debtor's case. The asbestos committee is
represented by Caplin & Drysdale, Chartered.
ON MARINE: Unsecureds Owed $570K to Get 88% Under Plan
------------------------------------------------------
ON Marine Services Company LLC, along with the Official Committee
of Asbestos Personal Injury Claimants, filed a Second Amended
Combined Disclosure Statement and Plan of Liquidation pursuant to
Sections 1121(a) and 1125(b) of title 11 of the United States
Code.
The Combined Plan and Disclosure Statement provides for the
establishment of the Liquidating Trust for the benefit of holders
of Asbestos Claims and for the funding of the Liquidating Trust
through cash payments of approximately $28 million to be made by
the Settling Asbestos Insurance Entities and the Parent Entities as
a result of the Insurance Settlement Agreements and the Parent
Entities Settlement. The Liquidating Trust will assume liability
for all Asbestos Claims, use its assets to resolve the Asbestos
Claims, and compensate eligible holders of Asbestos Claims. The
Plan Proponents believe that approval of the Disclosure Statement,
confirmation of Plan, and approval of the related Insurance
Settlement Agreements will eliminate the possibility of protracted
litigation over the availability of insurance coverage and various
Released Causes of Action and will ensure a fair and equitable
distribution among holders of Asbestos Claims.
Under the Plan, Class 3 General Unsecured Claims total
approximately $570,000. Each holder of an Allowed General
Unsecured Claim will receive, in full and complete settlement,
release, and discharge of, and in exchange for, such Claim, Cash in
an amount equal to its Pro Rata share of the General Unsecured
Recovery Pool (Cash in the amount of $500,000) subject to a maximum
Distribution to each holder of an Allowed General Unsecured Claim
of 100% of the Allowed amount of such Claim. Distributions will be
made to holders of Allowed General Unsecured Claims from the
General Unsecured Recovery Pool (i) on the Effective Date, or as
soon as reasonably practicable thereafter, and (ii) on or before
the date that is 30 days after all Disputed General Unsecured
Claims are Allowed or Disallowed. Creditors will recover 88% of
their claims. Class 3 is impaired.
The Debtor will fund Distributions with Cash on hand as of the
Effective Date (other than Cash in the Wind Down Reserve).
Counsel to Debtor:
Paul M. Singer, Esq.
Andrew J. Muha, Esq.
Luke A. Sizemore, Esq.
Victoria A. Russell, Esq.
REED SMITH LLP
225 Fifth Avenue, Suite 1200
Pittsburgh, PA 15222
Telephone: (412) 288-3131
Facsimile: (412) 288-3063
E-mail: psinger@reedsmith.com
amuha@reedsmith.com
lsizemore@reedsmith.com
vrussell@reedsmith.com
A copy of the Amended Combined Disclosure Statement and Plan of
Liquidation dated Feb. 1, 2023, is available at
https://bit.ly/3jrilZx from PacerMonitor.com.
About ON Marine Services Company
ON Marine Services Company is the continuation of the entity
formerly known as Oglebay Norton Company, as part of which the
Ferro Division operated as an unincorporated division. In 1999,
Oglebay Norton Company changed its name to ON Marine Services
Company and became a wholly-owned subsidiary of a newly formed
company known as Oglebay Norton Company, an Ohio corporation. The
Ferro Division and/or ON Marine manufactured and sold refractory
products for use exclusively in steelmaking. ON Marine Services
Company ceased all active business operations in 2010.
ON Marine Services Company filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 20-20007) on Jan. 2, 2020. In
its petition, the Debtor estimated $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities. The petition was
signed by Kevin J. Whyte, senior vice president.
Chief Judge Carlota M. Bohm oversees the case.
The Debtor is represented by Paul M. Singer, Esq., at Reed Smith
LLP and Legal Analysis Systems, Inc. as its consultant. Epiq 11 is
the claims agent.
A committee of asbestos personal injury claimants has been
appointed in the Debtor's case. The asbestos committee is
represented by Caplin & Drysdale, Chartered.
PRETIUM PKG: $350M Bank Debt Trades at 32% Discount
---------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 68.4 cents-on-the-dollar during the week ended Friday,
February 10, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $350 million facility is a Term loan that is scheduled to
mature on October 1, 2029. The amount is fully drawn and
outstanding.
Pretium PKG Holdings, Inc. Is a manufacturer of rigid plastic
containers for variety of end markets, including food and beverage,
chemicals, healthcare, wellness and personal care. Pretium PKG
Holdings, Inc. is a portfolio company of Clearlake since January
2020.
PUG LLC: $327M Bank Debt Trades at 17% Discount
-----------------------------------------------
Participations in a syndicated loan under which Pug LLC is a
borrower were trading in the secondary market around 82.9
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $327.5 million facility is a Term loan that is scheduled to
mature on February 13, 2027. About $322.6 million 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.
RED PLANET: $1.40B Bank Debt Trades at 26% Discount
---------------------------------------------------
Participations in a syndicated loan under which Red Planet Borrower
LLC is a borrower were trading in the secondary market around 73.7
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1.40 billion facility is a Term loan that is scheduled to
mature on September 30, 2028. About $1.38 billion of the loan is
withdrawn and outstanding.
Red Planet Borrower, LLC develops application software.
RESEARCH NOW: Capital Southwest Marks $10.5M Loan at 34% Off
------------------------------------------------------------
Capital Southwest Corporation has marked its $10,500,000 loan
extended to Research Now Group Inc to market at $6,930,000 or 66%
of the outstanding amount, as of December 31, 2023, according to a
disclosure contained in Capital Southwest's Form 10-Q for the
quarterly period ended December 31, 2022, filed with the Securities
and Exchange Commission on January 31, 2023.
Capital Southwest is a participant in a Second Lien term loan to
Research Now Group Inc. The loan accrues interest at a rate of
14.43% (L+9.50% (Floor 1.00%)/S) per annum. The loan matures on
December 20, 2025.
Capital Southwest is an internally managed investment company that
specializes in providing customized financing to middle market
companies in a broad range of investment segments located primarily
in the United States. Its common stock currently trades on The
Nasdaq Global Select Market under the ticker symbol "CSWC." CSWC
was organized as a Texas corporation on April 19, 1961. On March
30, 1988, CSWC elected to be regulated as a business development
company.
Research Now Group Inc. provides online and mobile survey-data
collection, processing, and reporting. The company was acquired by
Court Square Capital Partners through a leveraged buyout
transaction.
RIVERBED TECHNOLOGY: $900M Bank Debt Trades at 52% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Riverbed Technology
Inc is a borrower were trading in the secondary market around 48
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $900 million facility is a Payment-In-Kind Term loan that is
scheduled to mature on December 7, 2026. The amount is fully drawn
and outstanding.
Riverbed Technology, Inc. provides software solutions. The Company
offers application performance monitoring, cloud migration, network
performance monitoring, and security solutions. Riverbed Technology
serves customers globally.
ROCK RIDGE: Court OKs Cash Collateral Thru Feb 23
-------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Greenville Division, authorized Rock Ridge Farms
Partnership to use cash collateral on an interim basis in
accordance with the budget, with a 5% variance, through February
23, 2023.
Prior to the Petition Date, the Debtor was indebted to various
creditors including, but not limited to:
a. AgCarolina: Secured claim arising from two outstanding
notes, numbers 58-2021 and 59-2021. The aggregate balance of the
claim as of the Petition date, was approximately $5.167 million.
AgCarolina's claim is secured by deeds of trust on the Debtor's
real property and liens on the Debtor's personal property.
b. GETSCO: Secured claim arising from a note and deed of trust
on real property recorded November 25, 2019. The deed of trust is
recorded at Book 2811, Page 378, Wilson County Registry. The
balance of the claim as of the Petition Date is approximately
$740,855 and is further secured by liens on farm equipment,
pre-petition accounts and general intangibles, pre-petition crop
proceeds and insurance payments.
c. Harvey's: Secured claim arising from a note and deed of
trust on real property recorded September 30, 2019. The deed of
trust is recorded at Book 2803, Page 371, Wilson County Registry.
The balance of the claim as of the Petition Date is approximately
$333,336 and is further secured by liens on farm equipment,
pre-petition accounts and general intangibles, pre-petition crop
proceeds and insurance payments.
The total amount of the Secured Creditors' claims is approximately
$7.192 million.
The Secured Creditors are provided the following as adequate
protection, in addition to the existing possible equity cushion:
a. Continuing replacement liens on the Debtor's post-petition
assets, including but not limited to any post-petition crops,
proceeds thereof, crop insurance proceeds, and government program
payments, to the same extent and in the same priority as
pre-petition security interests. The validity, enforceability, and
perfection of the Secured Creditors' post-petition replacement
liens will be immediately deemed perfected without the need for any
further action on the Secured Creditors' part.
b. The Debtor will segregate and account separately for the
cash collateral in its possession, custody, or control.
c. The Debtor will use cash collateral only in a manner
consistent with the cash collateral budget.
d. Any payment of post-petition fees to a professional are
subject to usual notice and court approval procedures.
e. The Debtor will provide the Secured Creditors and the
Bankruptcy Administrator a report no less frequently than every 14
days showing all revenues, expenditures, and an actual vs. budget
comparison.
f. The Debtor will grant the Secured Creditors reasonable
access to the Debtor's premises, operations, books and records, and
will provide such additional information as may be reasonably
requested by the Secured Creditors for the purpose of evaluating
the collateral or the Debtor's financial condition.
g. The Debtor will promptly turnover all funds in its
possession or which it receives, except as allowed by the cash
collateral order, to the Secured Creditors in the order of their
priority.
A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/40NLoYd from PacerMonitor.com.
The Debtor projects $434,486 in total revenues and $79,576 in total
expenses for 30 days.
About Rock Ridge Farms Partnership
Rock Ridge Farms Partnership is in the business of farming sweet
potatoes, soybeans, corn, and peanuts in and around Wilson County,
North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00291) on February 2,
2023. In the petition signed by Robert C. Boyette, partner, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Joseph N. Callaway oversees the case.
David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor
as legal counsel.
ROCK SPLITTERS: Wins Cash Collateral Access Thru March 23
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Central Division, authorized Rock Splitters, Inc. to use cash
collateral on a final basis through March 23, 2022.
A hearing on the Debtor's further use of cash collateral is set for
March 23 at 11 a.m. Objections are due March 20.
As previously reported by the Troubled Company Reporter, the Debtor
owes the Internal Revenue Service approximately $615,000 in
prepetition tax liabilities. Approximately all of this amount is
subject to tax liens.
The Debtor owes the Massachusetts Department of Revenue
approximately $82,000 in prepetition tax liabilities of which
approximately $59,000 is asserted to be secured.
Nearly all of the tax debt purported to be owed is for withholding
taxes. The taxes have been personally assessed against the Debtor's
principal and he is on a payment plan with both the DOR and IRS.
On August 8,2022, a judgment creditor, Huhtala Oil and Templeton
Garage, Inc., seized certain assets of the Debtor including a
truck, a compressor and a drilling machine. Upon the filing of the
case the assets were released to the Debtor.
The Court said the Massachusetts Department of Revenue is granted a
continuing and uninterrupted replacement lien in the Debtor's
assets to the same perfection, validity, priority, and extent that
MDOR held at the time of the filing of the Chapter 11 petition.
A copy of the order is available at https://bit.ly/3E25u7r from
PacerMonitor.com.
About Rock Splitters
Rock Splitters, Inc. is engaged in the business of blasting,
drilling, and splitting rocks in construction.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 22-40584) on Aug. 10,
2022, listing as much as $1 million in both assets and liabilities.
David Mawhinney serves as Subchapter V trustee.
Judge Elizabeth D. Katz oversees the case.
James O'Connor, Jr., Esq., at Nickless, Phillips and O'Connor
serves as the Debtor's bankruptcy counsel.
ROSIE'S LLC: Unsecureds Payouts Depend on Galinn Adversary
----------------------------------------------------------
ROSIE'S, LLC submitted an Amended Disclosure Statement to accompany
the Amended Plan of Liquidation dated Feb. 1, 2023.
Since the Petition Date, Rosie's initiated Adversary Proceeding
Number 22-01055- TBM against Galinn, asserting -- among other
things -- that Galinn's lien against the various properties owned
by Rosie's is invalid for lack of consideration (the "Galinn
Adversary"). Rosie's further argued that Galinn's claim in the
case in its entirety should be disallowed. That litigation remains
pending.
During the course of the case, BOC, Galinn and 59 Investments each
received relief from the automatic stay to pursue their claims
against each Rosie's property. Scalva, JW Property, and Wernsman
Ranch were sold at foreclosure sales initiated by BOC. Each
property was redeemed by Galinn. Monohan and Campbell were sold at
foreclosure sales initiated by Galinn, with Galinn as the
purchaser. Miller was sold at a foreclosure sale initiated by
Galinn on or about December 14, 2022. CJ Frank and Pivonka Ranch
were sold to J Capital. After J Capital credit bid the full amount
of its debt, J Capital paid cash in the sum of $1,330,019.02 which
is being held in escrow by Northeast Colorado Title Company, LLC,
pending further order of this Court. Galinn's held a second
position lien against both properties, and its disputed lien
attached to the proceeds.
In the event Rosie's prevails in the Galinn Adversary, those funds
will be disbursed to Rosie's and used to fund Rosie's Plan. If
Rosie's prevails in the Galinn Adversary it may also be entitled to
reclaim the JW Property, Monohan, and Campbell, which will then be
sold to fund Rosie's Plan. Given the fact Rosie's is no longer in
control of those properties, it lacks current information on value.
To the extent it reclaims those properties, and the funds from the
sale of CJ Frank and Pivonka Ranch are insufficient to pay allowed
unsecured claims in full, Rosie's will hire a realtor to market and
sell the properties, with any net proceeds to be paid to allowed
general unsecured creditors, pro rata until said claims are paid in
full.
In the event Galinn prevails in the Galinn Adversary, those funds
will be disbursed to Galinn and Rosie's will have no further right
in its former properties, now owned by Galinn. Rosie's also
received a lease payment during the course of the bankruptcy case
pursuant to a crop share agreement on CJ Frank.
The payment of Class 8 Allowed General Unsecured Claims is
dependent on whether Debtor prevails in the Galinn Adversary. If
Rosie's prevails, it will pay general unsecured claims in full out
of the net proceeds from the sale of the Pivonka Ranch and CJ Frank
properties. If Rosie's does not prevail, no funds will be
available to pay general unsecured. Class 8 is impaired.
The Debtor's Plan is feasible. This is a Liquidating Plan and if
the Galinn lien and claim are disallowed, there are sufficient
funds to pay general unsecured creditors in full.
Attorneys for Debtor:
Jonathan M. Dickey, Esq.
KUTNER BRINEN DICKEY RILEY, P.C.
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Telephone: 303-832-3047
E-mail: jmd@kutnerlaw.com
A copy of the Disclosure Statement dated Feb. 1, 2023, is available
at https://bit.ly/3HUuoIj from PacerMonitor.com.
About Rosie's LLC
Rosie's, LLC, a Sterling, Colo.-based company engaged in renting
and leasing real estate properties, filed a voluntary petition for
Chapter 11 protection (Bankr. D. Colo. Case No. 21-14259) on Aug.
16, 2021, listing as much as $50 million in both assets and
liabilities. David W. Lebsock, the Debtor's manager, signed the
petition.
Judge Thomas B. Mcnamara oversees the case.
The Debtor is represented by Kutner Brinen Dickey Riley, P.C.
SENIOR CARE: Plan to Pay Off Claims From Sale
---------------------------------------------
Senior Care Living VII, LLC, submitted a Disclosure Statement for
the Debtor's Plan of Reorganization under Chapter 11 of the United
States Bankruptcy Code.
The Debtor owns an assisted living facility (ALF) located on 9
acres of Class A property in Lewisville, Texas, known as Inspired
Living at Lewisville consisting of approximately 123 assisted
living beds, 51 memory support beds, and other common areas. The
ALF offers assisted living and memory care. The Debtor also owns
approximately 4.04 acres of additional undeveloped real property on
the main thoroughfare of Lewisville (the "Excess Real Estate").
The agreed-upon sale process led to stalking horse contracts on
both the ALF and the Excess Real Estate at prices acceptable to the
Bond Trustee. There were no overbids on the stalking horse
contracts and an auction was not conducted. By Sale Orders dated
Dec. 27, 2022, the Bankruptcy Court approved the sale of the ALF
and related assets to Phorcys Asset Management, LLC ("Phorcys"),
for a price of $28 million, and the sale of the Excess Real Estate
to MPH Partners, LLC ("MPH"), for a price of $1,683,445. The Sale
Orders contemplate that all proceeds of sale will be held in a
separate account pending further order of the Bankruptcy Court.
Under the Plan, Class 5 consists of All Allowed Unsecured Claims
against the Debtor, including the deficiency claim on the bond debt
in the approximate amount of $27 million and the disputed claims
filed by Baxter Construction Company totaling $3,011,041. Class 6
consists of All Allowed Unsecured Claims against the Debtor in an
amount not exceeding than $10,000 for convenience purposes, which
claims are estimated to total $150,000.
Payments and distributions under this Plan will be funded from
proceeds of the sales of the Debtor's ALF and Excess Real Estate
and any cash on hand, including escrows. Assuming all title issues
can be resolved, the Debtor anticipates closing on the approved
sales in or before March 2023. The Sale Orders became final and
non-appealable as of January 11, 2023.
Incorporated into the Plan is the settlement between and among the
Debtor, Bouldin and the Bond Trustee that provides for a release of
the Bond Trustee conditioned upon the Bond Trustee's support of the
Plan. The Debtor and Bouldin have complied with all aspects of the
settlement notwithstanding the fact that the settlement has not yet
been approved. The Sale Orders will also be incorporated into the
Plan.
Attorney for the Debtor:
Michael C. Markham, Esq.
JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
401 E. Jackson St., Suite 3100
Tampa, FL 33602
Tel: (813) 225-2500
E-mail: mikem@jpfirm.com
A copy of the Disclosure Statement dated Feb. 1, 2023, is available
at https://bit.ly/3HQB4XT from PacerMonitor.com.
About Senior Care Living VII
Senior Care Living VII, LLC sought Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Lead Case No. 22-00103) on Jan. 10, 2022, listing
up to $50 million in both assets and liabilities.
Judge Caryl E. Delano oversees the case.
Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns,
LLP, is the Debtor's legal counsel while SC&H Group, Inc. serves as
the Debtor's financial advisor.
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 45% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Shutterfly LLC is a
borrower were trading in the secondary market around 55.2
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion facility is a Term loan that is scheduled to
mature on September 25, 2026. About $1.09 billion of the loan is
withdrawn and outstanding.
Shutterfly, LLC. is an American photography, photography products,
and image sharing company, headquartered in Redwood City,
California.
SORRENTO THERAPEUTICS: Case Summary & 30 Top Unsecured Creditors
----------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Sorrento Therapeutics, Inc. (Lead Case) 23-90085
4955 Directors Place
San Diego, CA 92121
Scintilla Pharmaceuticals, Inc. 23-90084
Business Description: Sorrento Therapeutics, Inc. is a clinical
and commercial stage biopharmaceutical
company developing a portfolio of next
generation treatments for three major
therapeutic areas: cancer, infectious
disease and pain.
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. David R. Jones
Debtors'
Restructuring
Counsel: Matthew D. Cavenaugh, Esq.
Kristhy M. Peguero, Esq.
Genevieve M. Graham, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
Email: kpeguero@jw.com
Email: ggraham@jw.com
Debtors'
Financial
Advisor &
Investment
Banker: M3 PARTNERS
Debtors'
Special
Corporate,
Financing &
Litigation
Counsel: LATHAM & WATKINS LLP
Debtors'
Claims &
Noticing
Agent: STRETTO, INC.
Total Assets as of Feb. 10, 2023: In excess of $1 billion
(estimate)
Total Debts as of Feb. 10, 2023: About $235 million (estimate)
The petitions were signed by Dr. Henry Ji as chief executive
officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/B7PO2BQ/Sorrento_Therapeutics_Inc__txsbke-23-90085__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/TVIIJ3I/Scintilla_Pharmaceuticals_Inc__txsbke-23-90084__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Debtor Nature of Claim Claim Amount
1. NantCell, Inc. $156,829,562
9920 Jefferson Blvd
Culver City, CA 90232
2. NANTibody LLC $16,681,521
9920 Jefferson Blvd
Culver City, CA 90232
3. Paul Hastings LLP $11,470,493
515 S Flower St
Suite 2500
Los Angeles, CA 90071
4. JB Pacific, Inc. $4,485,396
11633 Sorrento Valley Rd
Suite 103
San Diego CA 92121
5. Latham & Watkins LLP $3,888,196
555 Eleventh St NW
Suite 1000
Washington, DC 20004
6. Aditus Partners, LLC $2,800,000
568 Garden Way
Edgewood KY 41017
7. Mayo Clinic $2,246,974
200 First St SW
MN Biobusiness 4
Rochester, MN 55905
8. Global Life Sciences Solutions USA LLC $1,382,227
100 Results Way
Marlborough, MA 01752
9. Ernst & Young U.S. LLP $1,080,000
200 Plaza Dr
Secaucus NJ 07094
10. Precision Oncology Acqusition Co. Inc. $1,065,422
(DBA: Precision for Medicine)
200 Route 31 North, Suite 102
Flemington, NH 08822
11. Synova Pesquisa Cientifica LTDA. $872,760
Av. Brigadeiro Faria Lima, n 1912, 8 Floor
8B Jardin Paulistano, Sau Paulo
San Paulo, 01451-907
Brazil
12. Cooley LLP $783,394
101 California St
5th Floor
San Francisco, CA 94111-5800
13. Indena, Banca Popolare DI Milano $732,870
AG 24 Milano ABI 05584 CAB
01624 C/C 6733
Italy
14. Karolinska Instutet $591,701
Department of Medicine
Huddinge, 171 77 Stockholm
Sweden
15. Linical Accelovance America, Inc. $548,559
789 SW Federal Hwy
Suite 212
Stuart FL 34994
16. First Insurance Funding $547,895
450 Skokie Blvd
Suite 1000
Northbrook, IL 60062
17. Worldwide Clinical Trials Scilex $537,134
3800 Paramount Pkwy
Suite 400
Morrisville NC 27560
18. Life Technologies Corp. $499,735
12088 Collection Center Dr
Chicago IL 60693
19. Emas Pharma Limited $492,943
Knowl Piece, Wilbury Way
Hitchin, SG4 0TY
United Kingdom
20. Protiviti Inc. $483,801
2613 Camino Ramon
San Ramon CA 94583
21. AB Sciex LLC $476,594
62510 Collections Center Dr
Cook, IL 60693
22. Charles River Laboratories $475,917
PO Box 27812
New York, NY 10087
23. Roger Williams Medical Center $472,600
Office of Research Administration
Providence, RI 02908
24. Advance Instruments LLC $410,232
PO Box 23302
New York, NY 10087
25. BSP Pharmaceuticals $359,440
Via Appia km. 65, 651 04013
Latina Scalo (LT)
Italy
26. Human Gene Exploration $299,275
Technologies LLC (Hugenx)
530 Technology Dr, Suite 100
Irvine, CA 92618
27. Trilink Bio $292,657
PO Box 889189
Los Angeles, CA 90088-9189
28. Morris, Nichols, Arsht & Tunnell LLP $274,726
1201 N Market St, 16th Floor
Wilmington, DE 19801
29. Baker Botts L.L.P. $257,051
PO Box 301251
Dallas TX 75303-1251
30. Silex Microsystems $242,443
PO Box 595
175 26 Jarfalla
Sweden
STRONGHOLD DIGITAL: Reaches Deal With WhiteHawk to Restructure Debt
-------------------------------------------------------------------
Stronghold Digital Mining, Inc. (NASDAQ: SDIG) on Feb. 7, 2023,
announced that it, its affiliate, Stronghold Digital Mining
Holdings, LLC ("Borrower"), and each subsidiary of Borrower have
entered into an agreement (the "Amended Credit Agreement") to
substantially amend its credit agreement dated October 27, 2022
(the "Original Credit Agreement") with Whitehawk Finance LLC and/or
its affiliates or designees and the other lenders from time to time
party hereto (collectively, the "Lenders") and Whitehawk Capital
Partners LP as collateral agent for the Lenders and as
administrative agent for the Lenders.
Separately, the Company entered into a new two-year hosting
agreement with Foundry Digital LLC ("Foundry"), replacing its
previously announced temporary hosting agreement.
Amended Credit Agreement
The Amended Credit Agreement is designed to provide Stronghold with
significantly enhanced liquidity and financial flexibility. The
Company and the Lenders have agreed to the following key terms:
* No mandatory principal amortization payments until July 2024.
Based on the Original Credit Agreement, Stronghold was required to
pay approximately $29 million in cumulative monthly principal
amortization through June 2024.
* Principal repayment through cash sweep. Following a five-month
complete amortization holiday, beginning in June 2023, at the end
of each month, Stronghold will repay the principal amount of debt
outstanding through a monthly cash sweep calculated as 50% of the
average daily cash balance for the month in excess of $7.5
million.
* Option to pay interest in kind for up to six months. If
Stronghold's average daily cash balance during a month is less than
$5 million, the Company may elect to pay interest in kind, instead
of using cash, for the respective month.
* Elimination of all leverage covenants before Q3 2024. Beginning
on September 30, 2024 and at the end of each quarter thereafter, a
4.0:1.0 net debt-to-EBITDA ratio covenant applies.
* Reduced minimum liquidity covenants. The minimum allowable
liquidity (defined as unrestricted cash plus Bitcoin), at any given
time, is $2.5 million through March 31, 2024, $5.0 million from
April 1, 2024 through December 31, 2024, and $7.5 million
thereafter.
* No dilution. No equity will be issued in relation to the
Amended Credit Agreement.
"With a lot of hard but necessary work, we have successfully
restructured nearly our entire balance sheet to make the Company
more resilient, and I am very excited about the next phase for
Stronghold," said Greg Beard, co-chairman and chief executive
officer of Stronghold. "Our efforts to anticipate and respond
proactively to challenges in our markets while prioritizing
liquidity have helped us endure through this environment. With
this amendment and our previously announced convertible debt
exchange agreement, which remains on track to close this month, we
will have removed all material mandatory principal repayments
through the middle of 2024. We believe this puts Stronghold on
course to capture significant value from our key markets, power and
Bitcoin."
Foundry Hosting Agreement
On Feb. 6, 2023, the Company signed a two-year hosting agreement
with Foundry (the "New Foundry Hosting Agreement"), replacing the
previous hosting agreement entered into on November 7, 2022. The
New Foundry Hosting Agreement applies to the same Bitcoin mining
fleet of approximately 4,500 miners with total hash rate capacity
of approximately 420 PH/s and average efficiency of approximately
35 J/TH. The New Foundry Hosting Agreement has similar terms to the
previous hosting agreement, with a few notable differences:
* The agreement term is two years, with no unilateral early
termination option.
* The applicable hosting fee will be the realized net cost of
power at the Company's Panther Creek Plant plus 10%, calculated on
a monthly basis.
* Foundry will participate in profit generated from selling power
to the grid when miners are curtailed.
Beard commented, "We are excited to continue to partner with
Foundry with this new long-term agreement, whereby Foundry will
fully participate in our vertically integrated business model,
validating our differentiated strategy. Further, the multi-year
nature of the agreement offers certainty around keeping miners
installed and is a natural pathway to fill a portion of our open
miner slots capable of supporting approximately 4 EH/s of miners
utilizing our self-generated power.'
About Stronghold Digital Mining
Stronghold Digital Mining, Inc., is a vertically integrated Bitcoin
mining company with an emphasis on environmentally beneficial
operations. Stronghold houses its miners at its wholly owned and
operated Scrubgrass Plant and Panther Creek Plant, both of which
are low-cost, environmentally beneficial coal refuse power
generation facilities in Pennsylvania.
* * *
David Pan of Bloomberg News reports that the Kennerdell,
Pennsylvania-based company is the latest crypto miner that's been
able to negotiate new terms with lenders to delay debt repayment
amid a sustained rally in Bitcoin prices. Public crypto-mining
companies such as Greenidge Generation Holdings Inc. and TeraWulf,
Inc. were able to improve their loan terms in recent weeks.
About Stronghold Digital Mining
Stronghold Digital Mining, Inc. (NASDAQ: SDIG), a crypto asset
mining company, focuses on mining Bitcoin in the United States. It
also operates coal refuse power generation facility. The company
was incorporated in 2021 and is headquartered in New York, New
York.
TEHUM CARE: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Tehum Care Services, Inc.
205 Powell Place
Suite 104
Brentwood TN 37027
Chapter 11 Petition Date: February 13, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-90086
Judge: Hon. Christopher M. Lopez
Debtor's Counsel: Jason S. Brookner, Esq.
GRAY REED
1300 Post Oak Blvd., Suite 2000
Houston, TX 77056
Tel: 469-320-6132
Email: jbrookner@grayreed.com
Debtor's
Provider of
Chief
Restructuring
Officer: ANKURA CONSULTING GROUP
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Russell A. Perry as chief restructuring
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/HZLNE5Y/Tehum_Care_Services_Inc__txsbke-23-90086__0001.0.pdf?mcid=tGE4TAMA
TESSEMAE'S LLC: Files for Chapter 11 Bankruptcy
-----------------------------------------------
Tessemae's LLC filed for chapter 11 protection in the District of
Maryland.
Founded by Gregory Vetter and his family in 2009, Tessemae's
quickly became one of the nation's premier organic salad dressing
companies. It manufactures and wholesales some of the most popular
all-natural, organic salad dressings in the United States, which
are ubiquitous in the world of "clean eating." By carefully
curating and combining healthy, organic ingredients using Mr.
Vetter's mother's recipes as inspiration, Tessemae's allows its
customers to choose from a variety of healthy dressings without
sacrificing taste.
The Tessemae's story began when Mr. Vetter was inspired to bottle
and sell his mother's home-made dressing after neighbors and
friends raved about its taste and quality. Mr. Vetter and his
family started out by mixing batches of dressing themselves and
handing out samples to customers in the WholeFoods grocery store in
Annapolis, Maryland. The customers' response to those initial
samples was so emphatic that Tessemae's promptly set a national
record for WholeFoods by selling 650 bottles of its first product
in just five days. Within three years, Tessemae's was the top
selling salad dressing in the MidAtlantic region of WholeFoods and
began expanding into other regions and other retailers. Its gluten
free, sugar free, and vegan friendly products quickly became the #1
refrigerated salad dressing at WholeFoods and Safeway.
However, due to the "clean" nature of Tessemae's product line, its
ability to engage in co-packing partnerships was severely
restricted during its initial growth period because other
manufacturers in the industry did not possess the capacity or
ability to replicate Tessemae's products. At the time, most salad
dressings contained harsh chemicals, preservatives, artificial
flavors, and thickening agents, rendering the manufacturing process
dramatically different. Accordingly, facing the logistical
challenge of quickly scaling its operations to meet customer demand
and without the ability to utilize large-scale third-party
manufacturers, Tessemae's opened its own manufacturing facility in
Essex, Maryland in 2012. This commitment to quality paid off, and
over the next several years, Tessemae’s enjoyed continued growth
and popularity, selling its products in many of the largest grocery
chains across the country. By 2021, at its peak, Tessemae's was
producing 36 bottles of dressing per minute, which were retailed in
12,500 locations nationwide.
Despite its growth, the company always maintained its family
values. It formed the Tessemae's Foundation to improve access to
healthy foods and life-practices in our country's Healthy Food
Priority Areas and chose to use bottles that are BPA-free,
recyclable plastic made from polyethylene terephthalate.
Tessemae's was named Sam's Club Fresh Food Supplier of the Year for
2021 and received the Nielsen Design Impact Award in 2018.
Not surprisingly, the COVID-19 pandemic impacted Tessemae's
business. Inflated prices for raw materials and labor shortages
reduced manufacturing output and required the company to undergo a
reduction in force and shift from self-manufacturing to
co-packing.
The company also faced a lawsuit filed by Democracy Capital
Corporation. The Debtor also faced a number of maturing unsecured
loans. Despite these challenges, Tessemae's customer base and
sales remain strong, and today Tessemae's sells 19 distinct
products wholesale to 15 regional and national grocery chains
including Krogers, WholeFoods, Safeway, Costco, Sam’s Club, and
others, generating revenues in excess of $15,000,000.00, with
orders in excess of $25,000,000.00 on an annual basis.
As of the Petition Date, the Debtor has six employees, all of whom
are salaried, and two 1099 consultants.
For the fiscal year ending December 31, 2022, Tessemae's had
invoiced sales of $13.25 million and suffered operating losses of
$2.3 million.
As of Jan. 30, 2023, the Debtor's balance sheet reflects assets of
$3.1 million and liabilities of approximately $36.4 million. As of
the Petition Date, the aggregate amount of principal and interest
outstanding on the Debtor's unsecured notes is $31,376,718.
Events Leading to Chapter 11 Filing
The Debtor's original secured lender, dating back to 2013, was
Howard Bank, which assigned the loan to Democracy Capital Corp. in
2018. In April 2018, the Debtor and Democracy entered into a
Second Amended and Restated Loan and Security Agreement and a
Consolidated, Amended and Restated Promissory Note in the principal
amount of $3,000,000. The maturity date of the Democracy loan was
April 10, 2020. Prior to the maturity date, the Debtor paid the
Democracy loan in full, including a prepayment penalty. In total,
the Debtor paid Democracy in principal, interest, and fees a total
of $3,980,614.
Not satisfied with receipt of full payment of all amounts due and
payable under its loan documents and the significant gains achieved
by Democracy from the loan, Democracy filed a complaint in the
Circuit Court for Baltimore County, Maryland against the Debtor and
Mr. and Mrs. Vetter, alleging breach of contract claims asserted in
amounts exceeding $13.8
million. The Debtor and Vetters answered denying any liability and
filed a counterclaim asserting breach of contract and tort claims
based on Democracy's wrongful conduct. Although this litigation
has been pending for almost two years, it has not proceeded beyond
the written discovery stage. The Debtor disputes that Democracy
has any valid secured claim and will seek to have the Democracy
claim disallowed during the course of the case.
The substantial distraction caused by the litigation and
accompanying legal fees further drained the company's capital. In
addition, the Debtor was no longer able to continue to make
payments to holders of the Unsecured Notes, and with debts now
exceeding $30,000,000, the the Debtor recognized the need to
restructure its indebtedness to creditors under the Court's
protection, to ensure the ability of the Debtor to realize its full
potential as a valuable company. In these circumstances, the Debtor
had no choice but to seek relief under chapter 11 of the United
States Bankruptcy Code to restructure its business and financial
affairs and to continue as a going concern.
Proposed Course of Chapter 11 Case
As reflected in the Debtor's cash flow forecast for the first 30
days of this case, the Debtors require authority to borrow up to
$650,000 to fund their raw material purchases and payroll. Without
this immediate post-petition financing, the Debtor would be unable
to pay its payroll and obtain the materials needed to fulfill
customer orders and would be prevented from reorganizing its
business, thus impairing the Debtor's ability to preserve the value
of its business and the estate for the benefit of all
stakeholders.
The Debtor intends to use the postpetition financing to ramp up
production under its new co-packing model. The increased margins
together with the reduced payroll and unsecured debt will provide
the liquidity needed for the Debtor to pursue what they believe
should be a successful chapter 11 case.
The Debtor also requires the Court's authority to use the cash
collateral of its secured creditors pursuant to the DIP and Cash
Collateral Motion, which would provide the Debtor with sufficient
liquidity to continue its operations and prosecute this chapter 11
case. The Debtor believes that those funds, along with
cash-on-hand and revenue generated from its ongoing business, will
provide the stability and liquidity needed to achieve a successful
result in this chapter 11 case.
About Tessemae's LLC
Tessemae's LLC -- https://www.tessemaes.com/ -- is the nation's
best tasting #1 selling Organic salad dressing and condiment
company.
Tessemae's LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 23-10675) on Jan. 1, 2023.
In the petition filed by Demian Costa, as chief strategy officer,
the Debtor reported assets between $1 million and $10 million and
liabilities between $10 million and $50 million.
The Debtor is represented by:
Gary H. Leibowitz, Esq.
Cole Schotz P.C.
714 South Wolfe Street
P.O Box No. 38438
Baltimore, MD 21231-7522
TIMES SQUARE: To Seek Plan Confirmation on March 10
---------------------------------------------------
Judge John P. Mastando III will convene a hearing to consider
approval of confirmation of the Plan of Times Square JV LLC, et al.
will be on March 10, 2023 at 10:00 a.m. (ET).
The deadline for distributing solicitation packages, including
ballots, to holders of claims entitled to vote to accept or reject
the Plan will be on February 6, 2023.
The deadline for filing the Plan Supplement and making the
Transaction Election will be on February 24, 2023.
March 3, 2023 at 4:00 p.m. (ET) is the deadline by which (a)
objections to the Plan must be filed and served so as to be
actually received by the appropriate notice parties, and (b) all
ballots must be properly executed, completed, and delivered so that
they are actually received by the Debtors' notice, claims, and
solicitation agent.
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.
TOPAZ SOLAR: Moody's Affirms Ba2 Rating on Secured Bonds Due 2039
-----------------------------------------------------------------
Moody's Investors Service affirmed Topaz Solar Farms LLC's Ba2
rating on its senior secured bonds due 2039 and changed the outlook
to positive from stable.
Affirmations:
Issuer: Topaz Solar Farms LLC
Senior Secured Regular Bond/Debenture, Affirmed Ba2
Outlook Actions:
Issuer: Topaz Solar Farms LLC
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
Topaz Solar's Ba2 rating affirmation and change in outlook to
positive from stable reflects the improved credit profile of
Pacific Gas & Electric Company (PG&E), a subsidiary of PG&E
Corporation (Ba2 corporate family rating: positive), whose ratings
were affirmed and outlook revised to positive from stable on
February 8, 2023. While the project's underlying financial and
operating performance has been consistently much stronger than the
original Moody's case, Topaz Solar's rating is capped by the credit
quality at PG&E since the project derives all of its revenue and
cash flow under a long-term power purchase and sales agreement
(PPA) with PG&E that expires in October 2039.
PG&E's rating action was driven the potential for a higher credit
rating at the utility and holding company as the utility continues
to invest heavily on wildfire mitigation, improves its relationship
with stakeholders, and establishes a track record of limiting
large, catastrophic wildfires that are caused by the utility's
equipment. Please see Moody's press release on PG&E dated February
8, 2023 for additional information on PG&E.
The rating affirmation at Topaz Solar also recognizes the project
's strong financial and operating performance since 2015, the
benefits from ownership by Berkshire Hathaway Energy Company (A3
stable), the project's low carbon transition risk, and traditional
project finance protections. For the last twelve months ending
September 2022, Moody's estimate Topaz Solar had a debt service
coverage ratio (DSCR) of over 2.20x according to Moody's standard
calculations, which is above the 5-year historical average over
2.0x. The higher DSCR was driven by stronger power generation at
above the original P-50 forecast and a step down to debt service.
Moody's expect the project will continue to maintain a DSCR within
Moody's long term expected range of 1.90x to 2.3x range depending
on the solar resource, curtailment levels and overall operating
performance.
RATING OUTLOOK
Topaz Solar's positive outlook reflects the positive outlook on
PG&E and Moody's expectations that the project will achieve
financial metrics commensurate with its past.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to a upgrade
Topaz Solar's rating is likely to be upgraded if PG&E is upgraded
and the project's operating and financial performance remain in
line with expectations.
Factors that could lead to a downgrade
Topaz Solar's rating would likely be downgraded should PG&E be
downgraded from its current rating level given the project's
reliance on the off-taker for all of its revenues and cash flow or
if the project experiences major operational or financial problems
resulting in consistently lower DSCRs.
The principal methodology used in these ratings was Power
Generation Projects Methodology published in January 2022.
TRIBE BUYER: $397M Bank Debt Trades at 28% Discount
---------------------------------------------------
Participations in a syndicated loan under which Tribe Buyer LLC is
a borrower were trading in the secondary market around 72.1
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $397 million facility is a Term loan that is scheduled to
mature on February 16, 2024. The amount is fully drawn and
outstanding.
Tribe Buyer LLC provides construction services. The Company
operates in the United States.
UGI ENERGY: Moody's Affirms Ba3 CFR & Rates $800MM Term Loan Ba3
----------------------------------------------------------------
Moody's Investors Service affirmed UGI Energy Services, LLC's
(UGIES) Ba3 Corporate Family Rating and assigned a Ba3 rating to
UGIES' proposed $800 million senior secured term loan due 2030. The
outlook remains stable.
UGIES will use net proceeds from its proposed term loan to
refinance the approximately $676 million that remains outstanding
on its senior secured term loan due 2026, to partially repay
amounts outstanding under its securitization facility and for
general corporate purposes. The rating on the existing term loan
will be withdrawn upon repayment.
"The affirmation of UGI Energy Services, LLC' ratings reflects the
company's low leverage, and modest but growing EBITDA base
underpinned by a significant portion of gross margin derived from
fee-based contracts," commented Jonathan Teitel, a Moody's
analyst.
Affirmations:
Issuer: UGI Energy Services, LLC
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Assignments:
Issuer: UGI Energy Services, LLC
Senior Secured Term Loan, Assigned Ba3 (LGD3)
Outlook Actions:
Issuer: UGI Energy Services, LLC
Outlook, Remains Stable
RATINGS RATIONALE
UGIES Ba3 CFR reflects low leverage offset by modest but growing
scale. UGIES' midstream business is geographically concentrated but
strategically located in high demand markets in Appalachia and the
eastern US. The company provides diversified services on its
integrated platform to a large number of customers. It derives the
vast majority of gross margin from fixed fee contracts, which
limits earnings volatility. UGIES benefits from long-term
contracts, including those with take-or-pay features and minimum
volume commitments. UGIES has driven growth in part through
acquisitions and seeks to continue driving growth in part through
investments to expand its portfolio of renewable natural gas (RNG)
assets. This investment could lead to further borrowing but Moody's
expects UGIES to do so in a manner that maintains the strength of
its balance sheet. The company has a successful track record of
operating in the traditional energy space and building its track
record of generating returns commensurate with its sizable
investments in RNG will be important. The rating considers that
UGIES' parent company, UGI Corporation, depends on cash flow from
its various subsidiaries to service its own debt and to support its
commitment to dividend growth.
Moody's expects UGIES to maintain adequate liquidity into 2024. As
of December 31, 2022, the company had $38 million of cash and an
undrawn revolver due March 2025. Proactively refinancing its
revolver will be important to support liquidity. The revolver has
financial covenants comprised of a maximum leverage ratio and
minimum interest coverage ratio. The term loan will have a minimum
debt service coverage ratio. Moody's expects UGIES to maintain
cushion to these covenants into 2024. UGIES has a receivables
securitization facility due October 2023 for which continued
renewal provides liquidity support. As of December 31, 2022, about
$121 million was outstanding on the facility.
UGIES' proposed $800 million senior secured term loan due 2030 is
rated Ba3, the same as the CFR, because the senior secured revolver
and senior secured term loan comprise the sole debt in the capital
structure (excluding the non-recourse securitization facility).
The stable outlook reflects Moody's expectation for UGIES to
reinvest in its business to grow EBITDA in a disciplined manner and
balance distributions to UGI Corporation in a way that maintains
low leverage.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include increasing EBITDA to
about $400 million, maintaining debt/EBITDA below 3.5x, and
conservative financial policies. Financial policies and liquidity
at UGIES' parent company, UGI Corporation, will also be
considered.
Factors that could lead to a downgrade include debt/EBITDA
approaching 4.5x, larger than expected distributions to UGI
Corporation, significant negative free cash flow or weakening
liquidity.
UGIES, a diversified midstream and energy marketing business, is a
subsidiary of publicly traded UGI Corporation, a holding company.
The principal methodology used in these ratings was Midstream
Energy published in February 2022.
VERO PARENT: $180M Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which Vero Parent Inc is
a borrower were trading in the secondary market around 80.6
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $180 million facility is a Term loan that is scheduled to
mature on August 16, 2025. The amount is fully drawn and
outstanding.
Vero Parent, Inc. provides software solutions. The Company develops
software for data processing and transaction processing purposes.
VILLAGE CENTER: Case Summary & Two Unsecured Creditors
------------------------------------------------------
Debtor: The Village Center Group, Limited Partnership
19 Highland Street
West Yarmouth, MA 02673
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 13, 2023
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 23-10193
Debtor's Counsel: Peter M. Daigle, Esq.
DAIGLE LAW OFFICE
1550 Falmouth Road
Suite 10
Centerville, MA 02632
Tel: (508) 771-7444
Email: pmdaigleesq@yahoo.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Brian S. Braginton-Smith as partner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/ASAEOOI/The_Village_Center_Group_Limited__mabke-23-10193__0001.0.pdf?mcid=tGE4TAMA
VIRGIN PULSE: $505M Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which Virgin Pulse Inc is
a borrower were trading in the secondary market around 83.6
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $505 million facility is a Term loan that is scheduled to
mature on April 6, 2028. The amount is fully drawn and
outstanding.
Virgin Pulse, Inc. operates as a digital health, wellbeing, and
engagement company. The Company focuses on engaging users every day
in building and sustaining healthy behaviors and driving measurable
outcomes for employees, employers, and health plans. Virgin Pulse
serves customers worldwide.
VOYAGER DIGITAL: Account Holder Wants Chapter 11 Trustee
--------------------------------------------------------
Michelle D. DiVita, a pro se creditor, filed a motion to appoint a
Chapter 11 trustee in the Voyager Digital Holdings, Inc., et al.
bankruptcy case, according to court filings.
DiVita is a pro se creditor with account ending 67CA who joined the
platform in September 2021 after accepting a click-through Customer
Agreement updated August 20, 2021. While she is an attorney
licensed to practice in the
states of Illinois (2019) and Minnesota (2022), she has no
litigation experience nor had any knowledge of bankruptcy law prior
to this case. Before becoming an attorney, she worked in corporate
finance at a Fortune 100 company reporting and analyzing financial
statements and technology transactions.
Crypto Slate reports that in DiVita's preliminary statement, she
stated the debtors have a "history of financial statement
inaccuracies and public misrepresentations."
"Despite its pre-petition conduct, no party requested an
appointment of an independent examiner. As such, Debtors
self-appointed a committee for its investigation."
Creditors are "stuck with dollarized claims bearing the brunt of
the market downsides and capped on the upside," DiVita stated.
"Interested of unsecured creditors have been [...] eroded under
Debtors continued management and a trustee is the most
cost-efficient way to bring this case to an equitable end."
FTX, Alameda failed transaction
The debtors' new plan proposed "the same broad-releasing releases"
-- despite the previous plan which lead to creditors losing $100
million due to the failed FTX/Alameda transaction, according to
DiVita's preliminary statement.
"The failed plan gave a state agency enough time to find the basis
for three (3) claims for securities fraud totaling $40 billion
each."
Despite the $40 billion in securities fraud claims, "the Official
Committee of Unsecured Creditors Committee continues to support the
plan," DiVita stated.
The 3AC loan
The Master Loan Agreement dated March 4, 2022 between Voyager
Digital, LLC and Three Arrows Capital Ltd. (3AC) is central to the
Voyager bankruptcy, according to the filing.
"With the 3AC Loan in the spotlight, investigative findings also
centered on the 3AC Loan. The Debtor-appointed Special Committee
solely found insider culpability arising from the 3AC Loan."
Prior to discussions with 3AC, on January 7, 2022, debtors modified
the Customer Agreement "to shift the risk of its lending activity
directly customers," according to the filing.
"The change removed any independence or controls between the
Debtors' lending activity (and resulting borrower risk) from
customer's cryptocurrency deposits."
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.
On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.
* * *
Following a auction process, the Debtors in September 2022 selected
the bid submitted by FTX US's West Realm Shires Inc. as the winning
bid for Voyager's assets. But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.
After reopening bidding, Voyager Digital selected U.S. exchange BAM
Trading Services Inc. (doing business as "Binance.US") as the
highest and best bid for its assets. Binance's bid is valued at
$1.022 billion.
VOYAGER DIGITAL: Judge Wiles Gives Support for Fee Examiner
-----------------------------------------------------------
Amelia Pollard of Bloomberg Law reports that the judge overseeing
Voyager Digital Holdings Inc.'s bankruptcy expressed interest in
appointing a fee examiner after creditors raised concerns about how
much lawyers and advisers have charged for their services in recent
months. US Bankruptcy Judge Michael Wiles didn't make a final
ruling on whether an independent examiner will be appointed during
a court hearing Tuesday, February 7, 2023. Instead, he said the
cryptocurrency lender and its official creditor committee should
submit a joint proposal by next Monday, February 13, 2023. He also
said he would support a limit on how much that examiner could
charge for their work.
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the
claims agent.
On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.
On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.
W L HOUSTONS: Unsecureds Will Get 100% of Claims in Sale Plan
-------------------------------------------------------------
W L Houstons Business Investments, LLC, filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Plan of
Reorganization.
The Debtor intends to market and sell Debtor's single asset within
6 months from the date of plan confirmation or the court's approval
to sell the property, whichever comes first.
Allowed claims shall be paid after closing and funding the sale of
the single real estate asset.
Class 2 consists of Security Claims. Notwithstanding any other
provisions contained herein, Fort Bend Independent School District,
Sienna Municipal Utility District #2, Sienna Parks and Levee
Improvement District, and Fort Bend County (the "Taxing
Authorities") are the holders of pre-petition Secured Tax Claims
for ad valorem property taxes for the 2022 tax year and such taxes
shall accrue statutory interest of 12% per annum on the entire
balance from the Petition Date until such tax debts are paid in
full. Any and all ad valorem tax liens securing the prepetition and
post-petition taxes shall be retained until all such taxes are paid
in full.
The Debtor shall pay all post-petition taxes (tax year 2023 and
subsequent) in the ordinary course of business prior to delinquency
under applicable nonbankruptcy law, without the need to file an
administrative expense and/or request for payment. In the event any
post-petition taxes are not paid before delinquency as required
under applicable non-bankruptcy law, interest shall accrue as
provided under applicable non-bankruptcy law, and the Taxing
Authorities are authorized to immediately commence any and all
collection actions authorized under such laws in state court
without further order of this Court.
Ad Valorem Taxes for the tax year 2022 shall be paid in full with
statutory interest upon the closing of the sale of the Debtor's
single real estate asset, before any disbursement of sales proceeds
to any other person or entity. Failure to pay such taxes shall be
an event of default under the plan.
Ad Valorem Taxes include estimated amounts for pre-petition tax
year 2022 and are subject to change at a later date pursuant to the
Texas Property Tax Code. The estimated amounts do not constitute a
final amount of the tax claims, and the Debtor shall be bound to
the final tax amount as determined under applicable non-bankruptcy
law.
Class 3 consists of General Unsecured Claims. Unsecured Creditors
shall be paid at closing of sale of single asset real estate. The
allowed unsecured claims total $22,519.66. This Class will receive
a distribution of 100% of their allowed claims.
Class 4 consists of Equity Security Holders Claims. Warren L.
Houston is owed $30,000 for pre-petition capital contributions and
labor. This debt will not be paid, unless and until all other debts
are paid in full.
The Debtor plans to fund the plan by selling the single real estate
asset at its fair market value.
A full-text copy of the Plan of Reorganization dated February 7,
2023 is available at https://bit.ly/3xkRYYy from PacerMonitor.com
at no charge.
Attorney for Debtor:
SAMUEL L. MILLEDGE
State Bar No. 14055300
2500 East T.C. Jester Blvd., Suite 510
Houston, Texas 77008
Telephone: (713)812-1409
Telecopier: (714)812-1418
About W L Houstons Business Investments
W L Houstons Business Investments LLC is a Single Asset Real Estate
(as defined in 11 U.S.C. Sec. 101(51B)).
W L Houstons Business Investments LLC sought protection under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Tex. Case No. 22-31575) on June 6, 2022. In the petition filed by
Warren Houston, as managing member, the Debtor reported assets and
liabilities of up to $50,000 each. Samuel L Milledge, of The
Milledge Law Firm, PLLC, is the Debtor's counsel.
YAK ACCESS: S&P Downgrades ICR to 'D' on Debt Restructuring
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Columbia,
Miss.-based specialty equipment rental and logistics company Yak
Access LLC to 'D' from 'CCC'. At the same time, S&P lowered its
issue ratings on the company's first-lien and second-lien term
loans to 'D', from 'CCC' and 'CC', respectively.
The downgrade reflects S&P's view that Yak Access may not have or
will not fully meet obligations under the original terms of its
rated loans. These obligations include amortization and interest on
the first-lien term loan maturing in 2025, as well as interest on
the second-lien loan maturing in 2026.
Under the announced terms of the restructuring support agreement,
lenders will receive equity and new loans that mature in 2028. The
restructuring is said to result in the elimination of over $500
million of loans.
YENTA LLC: Has Until April 1 to File Plan and Disclosures
---------------------------------------------------------
Following a status conference on Jan. 31, 2023, Judge Kathryn C.
Ferguson ordered Yenta LLC to file a Plan and Disclosure Statement
by April 1, 2023.
If the Plan and Disclosure Statement are not filed by April 1,
2023, the case will automatically be converted without further
notice.
The Debtor must comply with the Operating Guidelines for Chapter 11
Debtors issued by the Office of the United States Trustee
particularly as they apply to the filing of the operating reports
and payment of the required quarterly fees to the United States
Trustee pursuant to 28 U.S.C. Sec. 1930.
About Yenta LLC
Phillipsburg, New Jersey-based Yenta LLC is a Single Asset Real
Estate (as defined in 11 U.S.C. Section 101(51B)).
On Dec. 5, 2022, Yenta LLC filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 22-19607). The Debtor estimated assets of
$1 million to $10 million and debt of $500,000 to $1 million as of
the bankruptcy filing. The Debtor tapped Andre L. Kydala, of LAW
FIRM OF ANDRE L. KYDALA, as the Debtor's counsel.
ZEP INC: $550M Bank Debt Trades at 17% Discount
-----------------------------------------------
Participations in a syndicated loan under which Zep Inc is a
borrower were trading in the secondary market around 83.2
cents-on-the-dollar during the week ended Friday, February 10,
2023, according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on August 11, 2024. About $186.6 million of the loan is
withdrawn and outstanding.
Zep Inc., is a leading specialty chemical goods company selling a
wide variety of high-performance products that help professionals
and prosumers clean, maintain and protect their assets.
[*] 7 Businesses That Closed in January 2023
--------------------------------------------
Christopher Burch of NJ Advance Media reports on 7 businesses in
the U.S. that announced store closure in January 2023.
The past few years have been rough for a declining brick-and-mortar
retail industry.
The retail apocalypse continues to hit stores hard. Many have
struggled since the onset of the COVID-19 pandemic, and it was a
particularly tough January 2023 in New Jersey for some popular
chains and businesses.
Here's a look at seven that have announced closings or shuttered
stores permanently already in 2023.
* Barnes & Noble
The popular bookstore chain announced in a Facebook post its
Paramus location at 765 Route 17 will close on Saturday, February
11, 2023.
The space is expected to be converted into an adult daycare center
for people with disabilities called New Concepts for Living.
There are currently 17 Barnes & Noble bookstores in New Jersey and
over 600 nationwide.
* Dom's Bakery Grand
Dom's Bakery Grand, an iconic New Jersey bakery, closed on Jauary
28, 2023 after 43 years in business.
It was located at 506 Grand St. in Hoboken. The bakery landed on
NJ.com's list of 64 foods that define New Jersey and was heralded
as a go-to spot for Italian bread in the Garden State.
* Houlihan's
Houlihan's abruptly closed its Cherry Hill restaurant on January
28, 2023.
It was located at 2050 Route 70 at The Market Place at Garden State
Park and had been open since 2008.
There are now just seven Houlihan's spots left in the Garden State
and 33 locations throughout 14 states.
* Morphe
Makeup retailer Morphe Cosmetics abruptly shuttered all 27 stores
on January 5, 2023 leaving many employees and customers bewildered
by the closings.
Several former employees sounded off about the sudden closures via
TikTok. Many of them were given a day's notice before being laid
off, according to NBC News.
Forma Brands, Morphe's parent company, filed for Chapter 11
bankruptcy a week after the store closings.
* Regal Cinemas
Regal Cinemas, the second-largest cinema chain in the United State,
will shutter two New Jersey movie theaters and 37 others across the
country after filing for bankruptcy.
The list of closures includes locations in Mays Landing (Regal
Hamilton Commons) and Phillipsburg (Regal Pohatcong). Exact closing
dates have yet to be announced.
Cineworld, Regal Cinemas' parent company, announced it was filing
for Chapter 11 bankruptcy in 2022. In a more recent bankruptcy
filing, Cineworld said it plans to reject the leases of the 39
theaters starting February 15, 2023.
* Santander Bank
Santander Bank plans to shutter four of its Garden State branches
— Clementon at 100 Berlin Rd.; Hamilton at 1700 Nottingham Way;
Princeton at 188 Nassau St. and Robbinsville at 2371 Rt. 33.
Exact closing dates have yet to be announced.
There are more than 200 Santander Bank locations through the state
and over 484 branches nationwide.
* Williams Sonoma
Williams Sonoma, a high-end kitchen supply retailer, closed its
Westfield location in January. It was located at 127 Central Ave.
The company operates 10 stores in New Jersey and 168 locations
nationwide.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 231.4 (10.3) (2.2)
7GC & CO HOLDING VIIAU US 231.4 (10.3) (2.2)
ABSOLUTE SOFTWRE ABST US 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE OU1 GR 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE ABST CN 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE ABT2EUR EU 544.9 (4.3) (53.0)
ABSOLUTE SOFTWRE OU1 GZ 544.9 (4.3) (53.0)
ACCELERATE DIAGN AXDX* MM 75.8 (9.8) 56.7
AIR CANADA AC CN 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 GR 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACEUR EU 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 TH 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACDVF US 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 QT 29,754.0 (1,931.0) 1,190.0
AIR CANADA ACEUR EZ 29,754.0 (1,931.0) 1,190.0
AIR CANADA ADH2 GZ 29,754.0 (1,931.0) 1,190.0
ALNYLAM PHAR-BDR A1LN34 BZ 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNY US 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL GR 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL QT 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNYEUR EU 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL TH 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNY* MM 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE DUL GZ 3,535.3 (67.6) 1,918.1
ALNYLAM PHARMACE ALNYEUR EZ 3,535.3 (67.6) 1,918.1
ALTICE USA INC-A ATUS US 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A 15PA GR 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A 15PA TH 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A ATUSEUR EU 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A 15PA GZ 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A ATUS* MM 33,282.6 (339.1) (1,469.1)
ALTICE USA INC-A ATUS-RM RM 33,282.6 (339.1) (1,469.1)
ALTIRA GP-CEDEAR MOC AR 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* MM 9,206.1 (2,579.0) (717.4)
AMC ENTERTAINMEN AH9 BU 9,206.1 (2,579.0) (717.4)
AMC ENTERTAINMEN AMCE AV 9,206.1 (2,579.0) (717.4)
AMERICAN AIR-BDR AALL34 BZ 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* MM 4,401.4 (798.6) (694.1)
BED BATH &BEYOND BBBY-RM RM 4,401.4 (798.6) (694.1)
BELLRING BRANDS BRBR US 735.0 (370.3) 304.9
BELLRING BRANDS D51 TH 735.0 (370.3) 304.9
BELLRING BRANDS BRBR2EUR EU 735.0 (370.3) 304.9
BELLRING BRANDS D51 GR 735.0 (370.3) 304.9
BELLRING BRANDS D51 QT 735.0 (370.3) 304.9
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 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
BLUE BIRD CORP BLBD US 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB GR 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB GZ 351.6 (9.2) (26.4)
BLUE BIRD CORP BLBDEUR EU 351.6 (9.2) (26.4)
BLUE BIRD CORP BLBDEUR EZ 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB TH 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB QT 351.6 (9.2) (26.4)
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 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BDRAF US 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BBD GR 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BBD/AEUR EU 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BBD GZ 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBD/B CN 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC GR 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BDRBF US 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC TH 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDBN MM 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBD/BEUR EU 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC GZ 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBD/BEUR EZ 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC QT 12,324.0 (2,762.0) 148.0
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 10,178.0 (361.0) (3,762.0)
BROOKFIELD INF-A BIPC US 10,178.0 (361.0) (3,762.0)
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 2,150.5 (211.8) (310.3)
CINEPLEX INC CX0 GR 2,150.5 (211.8) (310.3)
CINEPLEX INC CPXGF US 2,150.5 (211.8) (310.3)
CINEPLEX INC CX0 TH 2,150.5 (211.8) (310.3)
CINEPLEX INC CGXEUR EU 2,150.5 (211.8) (310.3)
CINEPLEX INC CGXN MM 2,150.5 (211.8) (310.3)
CINEPLEX INC CX0 GZ 2,150.5 (211.8) (310.3)
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
CONTANGO ORE INC CTGO US 23.3 (0.8) 8.4
CPI CARD GROUP I PMTS US 305.0 (94.3) 112.7
CPI CARD GROUP I CPB1 GR 305.0 (94.3) 112.7
CPI CARD GROUP I PMTSEUR EU 305.0 (94.3) 112.7
CTI BIOPHARMA CO CEPS QT 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC US 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS GR 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EU 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS TH 123.5 (16.8) 77.6
CYTOKINETICS INC CYTK US 1,076.0 (16.0) 807.8
CYTOKINETICS INC KK3A GR 1,076.0 (16.0) 807.8
CYTOKINETICS INC KK3A QT 1,076.0 (16.0) 807.8
CYTOKINETICS INC CYTKEUR EU 1,076.0 (16.0) 807.8
CYTOKINETICS INC KK3A TH 1,076.0 (16.0) 807.8
CYTOKINETICS INC CYTKEUR EZ 1,076.0 (16.0) 807.8
DEFENCE THERAPEU DTC CN 0.3 (0.9) (1.0)
DEFENCE THERAPEU DTCFF US 0.3 (0.9) (1.0)
DELEK LOGISTICS DKL US 1,638.2 (114.3) (192.7)
DELL TECHN-C DELL US 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA TH 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA GR 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA GZ 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL1EUR EU 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELLC* MM 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C 12DA QT 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL AV 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL1EUR EZ 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C DELL-RM RM 85,172.0 (3,368.0) (13,220.0)
DELL TECHN-C-BDR D1EL34 BZ 85,172.0 (3,368.0) (13,220.0)
DENNY'S CORP DE8 GR 497.7 (44.6) (42.3)
DENNY'S CORP DENN US 497.7 (44.6) (42.3)
DENNY'S CORP DENNEUR EU 497.7 (44.6) (42.3)
DENNY'S CORP DE8 TH 497.7 (44.6) (42.3)
DENNY'S CORP DE8 GZ 497.7 (44.6) (42.3)
DIEBOLD NIXDORF DBD SW 3,065.0 (1,371.1) 166.0
DINE BRANDS GLOB DIN US 1,972.0 (301.6) 126.7
DINE BRANDS GLOB IHP GR 1,972.0 (301.6) 126.7
DINE BRANDS GLOB IHP TH 1,972.0 (301.6) 126.7
DINE BRANDS GLOB IHP GZ 1,972.0 (301.6) 126.7
DIVERSIFIED ENER DEC LN - - -
DIVERSIFIED ENER DGOCGBX EU - - -
DIVERSIFIED ENER DECL PO - - -
DIVERSIFIED ENER DECL L3 - - -
DIVERSIFIED ENER DECL B3 - - -
DIVERSIFIED ENER DECL TQ - - -
DIVERSIFIED ENER DGOCGBX EP - - -
DIVERSIFIED ENER DGOCGBX EZ - - -
DIVERSIFIED ENER DECL IX - - -
DIVERSIFIED ENER DECL EB - - -
DIVERSIFIED ENER DECL QX - - -
DIVERSIFIED ENER DECL BQ - - -
DIVERSIFIED ENER DECL S1 - - -
DOMINO'S P - BDR D2PZ34 BZ 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV TH 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV GR 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ US 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV QT 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZEUR EU 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ AV 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ* MM 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA EZV GZ 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZEUR EZ 1,646.4 (4,316.5) 247.7
DOMINO'S PIZZA DPZ-RM RM 1,646.4 (4,316.5) 247.7
DOMO INC- CL B DOMO US 217.3 (146.1) (78.7)
DOMO INC- CL B 1ON GR 217.3 (146.1) (78.7)
DOMO INC- CL B 1ON GZ 217.3 (146.1) (78.7)
DOMO INC- CL B DOMOEUR EU 217.3 (146.1) (78.7)
DOMO INC- CL B 1ON TH 217.3 (146.1) (78.7)
DROPBOX INC-A DBX US 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 GR 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 SW 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 TH 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 QT 2,702.8 (591.3) 423.3
DROPBOX INC-A DBXEUR EU 2,702.8 (591.3) 423.3
DROPBOX INC-A DBX AV 2,702.8 (591.3) 423.3
DROPBOX INC-A DBX* MM 2,702.8 (591.3) 423.3
DROPBOX INC-A DBXEUR EZ 2,702.8 (591.3) 423.3
DROPBOX INC-A 1Q5 GZ 2,702.8 (591.3) 423.3
DROPBOX INC-A DBX-RM RM 2,702.8 (591.3) 423.3
EARGO INC EAR US 116.6 (36.3) (47.5)
EMBECTA CORP EMBC US 1,086.4 (891.4) 363.7
EMBECTA CORP EMBC* MM 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 GR 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 QT 1,086.4 (891.4) 363.7
EMBECTA CORP EMBC1EUR EZ 1,086.4 (891.4) 363.7
EMBECTA CORP EMBC1EUR EU 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 GZ 1,086.4 (891.4) 363.7
EMBECTA CORP JX7 TH 1,086.4 (891.4) 363.7
ESPERION THERAPE ESPR US 312.8 (294.1) 179.4
ESPERION THERAPE 0ET GR 312.8 (294.1) 179.4
ESPERION THERAPE 0ET TH 312.8 (294.1) 179.4
ESPERION THERAPE ESPREUR EU 312.8 (294.1) 179.4
ESPERION THERAPE 0ET QT 312.8 (294.1) 179.4
ESPERION THERAPE 0ET GZ 312.8 (294.1) 179.4
ETSY INC ETSY US 2,450.3 (606.2) 854.9
ETSY INC 3E2 GR 2,450.3 (606.2) 854.9
ETSY INC 3E2 TH 2,450.3 (606.2) 854.9
ETSY INC 3E2 QT 2,450.3 (606.2) 854.9
ETSY INC 2E2 GZ 2,450.3 (606.2) 854.9
ETSY INC ETSY AV 2,450.3 (606.2) 854.9
ETSY INC ETSYEUR EZ 2,450.3 (606.2) 854.9
ETSY INC ETSY* MM 2,450.3 (606.2) 854.9
ETSY INC ETSY-RM RM 2,450.3 (606.2) 854.9
ETSY INC - BDR E2TS34 BZ 2,450.3 (606.2) 854.9
ETSY INC - CEDEA ETSY AR 2,450.3 (606.2) 854.9
FAIR ISAAC - BDR F2IC34 BZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GR 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO US 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EU 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI QT 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO1* MM 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GZ 1,458.7 (802.1) 128.8
FERRELLGAS PAR-B FGPRB US 1,537.6 (305.7) 116.2
FERRELLGAS-LP FGPR US 1,537.6 (305.7) 116.2
FORTINET INC FTNT US 6,228.0 (281.6) 732.0
FORTINET INC FO8 TH 6,228.0 (281.6) 732.0
FORTINET INC FO8 GR 6,228.0 (281.6) 732.0
FORTINET INC FTNTEUR EU 6,228.0 (281.6) 732.0
FORTINET INC FO8 QT 6,228.0 (281.6) 732.0
FORTINET INC FO8 SW 6,228.0 (281.6) 732.0
FORTINET INC FTNT* MM 6,228.0 (281.6) 732.0
FORTINET INC FTNTEUR EZ 6,228.0 (281.6) 732.0
FORTINET INC FO8 GZ 6,228.0 (281.6) 732.0
FORTINET INC FTNT-RM RM 6,228.0 (281.6) 732.0
FORTINET INC-BDR F1TN34 BZ 6,228.0 (281.6) 732.0
GARTNER INC GGRA GR 6,526.0 (64.9) (1,105.6)
GARTNER INC IT US 6,526.0 (64.9) (1,105.6)
GARTNER INC GGRA GZ 6,526.0 (64.9) (1,105.6)
GARTNER INC GGRA TH 6,526.0 (64.9) (1,105.6)
GARTNER INC IT1EUR EU 6,526.0 (64.9) (1,105.6)
GARTNER INC GGRA QT 6,526.0 (64.9) (1,105.6)
GARTNER INC IT1EUR EZ 6,526.0 (64.9) (1,105.6)
GARTNER INC IT-RM RM 6,526.0 (64.9) (1,105.6)
GARTNER-BDR G1AR34 BZ 6,526.0 (64.9) (1,105.6)
GCM GROSVENOR-A GCMG US 549.1 (47.0) 158.0
GODADDY INC -BDR G2DD34 BZ 7,072.9 (276.0) (705.7)
GODADDY INC-A GDDY US 7,072.9 (276.0) (705.7)
GODADDY INC-A 38D GR 7,072.9 (276.0) (705.7)
GODADDY INC-A 38D QT 7,072.9 (276.0) (705.7)
GODADDY INC-A GDDY* MM 7,072.9 (276.0) (705.7)
GODADDY INC-A GDDYEUR EZ 7,072.9 (276.0) (705.7)
GODADDY INC-A 38D TH 7,072.9 (276.0) (705.7)
GODADDY INC-A 38D GZ 7,072.9 (276.0) (705.7)
GOGO INC GOGO US 728.6 (128.3) 212.5
GOGO INC G0G GR 728.6 (128.3) 212.5
GOGO INC G0G QT 728.6 (128.3) 212.5
GOGO INC GOGOEUR EU 728.6 (128.3) 212.5
GOGO INC G0G TH 728.6 (128.3) 212.5
GOGO INC G0G GZ 728.6 (128.3) 212.5
GOOSEHEAD INSU-A GSHD US 324.0 (45.7) 33.1
GOOSEHEAD INSU-A 2OX GR 324.0 (45.7) 33.1
GOOSEHEAD INSU-A GSHDEUR EU 324.0 (45.7) 33.1
GOOSEHEAD INSU-A 2OX TH 324.0 (45.7) 33.1
GOOSEHEAD INSU-A 2OX QT 324.0 (45.7) 33.1
H&R BLOCK - BDR H1RB34 BZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB US 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB GR 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB TH 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB QT 2,593.2 (643.5) 130.0
H&R BLOCK INC HRBEUR EU 2,593.2 (643.5) 130.0
H&R BLOCK INC HRBEUR EZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB GZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB-RM RM 2,593.2 (643.5) 130.0
HCA HEALTHC-BDR H1CA34 BZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH GR 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA US 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH TH 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH QT 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCAEUR EU 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA* MM 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH TE 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCAEUR EZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH GZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA-RM RM 52,438.0 (73.0) 3,741.0
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE NUTRIT HOO GR 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLF US 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EU 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO QT 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO GZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HLFEUR EZ 2,725.1 (1,361.9) 398.2
HERBALIFE NUTRIT HOO TH 2,725.1 (1,361.9) 398.2
HEWLETT-CEDEAR HPQD AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQC AR 38,587.0 (2,918.0) (6,352.0)
HEWLETT-CEDEAR HPQ AR 38,587.0 (2,918.0) (6,352.0)
HILLEVAX INC HLVX US 322.1 287.2 291.5
HILTON WORLD-BDR H1LT34 BZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT US 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 TH 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 GR 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 QT 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTEUR EU 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT* MM 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 TE 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTEUR EZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTW AV 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 GZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT-RM RM 15,512.0 (1,098.0) (502.0)
HORIZON ACQUIS-A HZON US 528.3 (20.7) (4.5)
HORIZON ACQUISIT HZON/U US 528.3 (20.7) (4.5)
HP COMPANY-BDR HPQB34 BZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ* MM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ US 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP TH 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GR 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ TE 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ CI 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ SW 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP QT 38,587.0 (2,918.0) (6,352.0)
HP INC HPQUSD SW 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EU 38,587.0 (2,918.0) (6,352.0)
HP INC 7HP GZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ AV 38,587.0 (2,918.0) (6,352.0)
HP INC HPQEUR EZ 38,587.0 (2,918.0) (6,352.0)
HP INC HPQ-RM RM 38,587.0 (2,918.0) (6,352.0)
HP INC HPQCL CI 38,587.0 (2,918.0) (6,352.0)
IMMUNITYBIO INC IBRX US 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA GR 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA TH 352.9 (429.1) 72.3
IMMUNITYBIO INC NK1EUR EU 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA GZ 352.9 (429.1) 72.3
IMMUNITYBIO INC NK1EUR EZ 352.9 (429.1) 72.3
IMMUNITYBIO INC 26CA QT 352.9 (429.1) 72.3
INHIBRX INC INBX US 164.9 (35.1) 128.3
INHIBRX INC 1RK GR 164.9 (35.1) 128.3
INHIBRX INC INBXEUR EU 164.9 (35.1) 128.3
INHIBRX INC 1RK QT 164.9 (35.1) 128.3
INSEEGO CORP INSG-RM RM 184.4 (55.8) 29.0
INSMED INC INSM US 994.8 (30.0) 494.5
INSMED INC IM8N GR 994.8 (30.0) 494.5
INSMED INC IM8N TH 994.8 (30.0) 494.5
INSMED INC INSMEUR EU 994.8 (30.0) 494.5
INSMED INC INSM* MM 994.8 (30.0) 494.5
INSPIRED ENTERTA INSE US 286.6 (50.6) 50.8
INSPIRED ENTERTA 4U8 GR 286.6 (50.6) 50.8
INSPIRED ENTERTA INSEEUR EU 286.6 (50.6) 50.8
J. JILL INC JILL US 489.4 (2.0) 35.9
J. JILL INC 1MJ1 GR 489.4 (2.0) 35.9
J. JILL INC JILLEUR EU 489.4 (2.0) 35.9
J. JILL INC 1MJ1 GZ 489.4 (2.0) 35.9
JACK IN THE BOX JBX GR 2,922.5 (736.2) (238.7)
JACK IN THE BOX JACK US 2,922.5 (736.2) (238.7)
JACK IN THE BOX JACK1EUR EU 2,922.5 (736.2) (238.7)
JACK IN THE BOX JBX GZ 2,922.5 (736.2) (238.7)
JACK IN THE BOX JBX QT 2,922.5 (736.2) (238.7)
JACK IN THE BOX JACK1EUR EZ 2,922.5 (736.2) (238.7)
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 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 GR 1,300.9 (386.4) (275.0)
MADISON SQUARE G MSG1EUR EU 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 TH 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 QT 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 GZ 1,300.9 (386.4) (275.0)
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) -
MBIA INC MBJ GR 4,015.0 (849.0) -
MBIA INC MBJ QT 4,015.0 (849.0) -
MBIA INC MBI1EUR EU 4,015.0 (849.0) -
MBIA INC MBJ GZ 4,015.0 (849.0) -
MCDONALD'S - CDR MCDS CN 50,435.6 (6,003.4) 1,622.1
MCDONALD'S - CDR MDO0 GR 50,435.6 (6,003.4) 1,622.1
MCDONALDS - BDR MCDC34 BZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO TH 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD TE 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO GR 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD* MM 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD US 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD SW 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD CI 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO QT 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDUSD EU 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDUSD SW 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDEUR EU 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO GZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD AV 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDUSD EZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDEUR EZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP 0R16 LN 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD-RM RM 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDCL CI 50,435.6 (6,003.4) 1,622.1
MCDONALDS-CEDEAR MCDD AR 50,435.6 (6,003.4) 1,622.1
MCDONALDS-CEDEAR MCDC AR 50,435.6 (6,003.4) 1,622.1
MCDONALDS-CEDEAR MCD AR 50,435.6 (6,003.4) 1,622.1
MCKESSON CORP MCK* MM 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK GR 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK US 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK TH 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK1EUR EU 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK QT 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK GZ 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK1EUR EZ 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK-RM RM 62,690.0 (2,089.0) (3,349.0)
MCKESSON-BDR M1CK34 BZ 62,690.0 (2,089.0) (3,349.0)
MEDIAALPHA INC-A MAX US 265.2 (68.4) 6.0
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)
MSCI INC 3HM GR 4,997.5 (1,007.9) 497.4
MSCI INC MSCI US 4,997.5 (1,007.9) 497.4
MSCI INC 3HM QT 4,997.5 (1,007.9) 497.4
MSCI INC 3HM SW 4,997.5 (1,007.9) 497.4
MSCI INC MSCI* MM 4,997.5 (1,007.9) 497.4
MSCI INC MSCIEUR EZ 4,997.5 (1,007.9) 497.4
MSCI INC 3HM GZ 4,997.5 (1,007.9) 497.4
MSCI INC 3HM TH 4,997.5 (1,007.9) 497.4
MSCI INC MSCI AV 4,997.5 (1,007.9) 497.4
MSCI INC MSCI-RM RM 4,997.5 (1,007.9) 497.4
MSCI INC-BDR M1SC34 BZ 4,997.5 (1,007.9) 497.4
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 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 GR 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY US 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 TH 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY SW 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 QT 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY* MM 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLYEUR EU 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 GZ 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY AV 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLYEUR EZ 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY-RM RM 12,628.0 (1,060.8) (2,015.6)
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 3O8 GR 457.6 (46.3) 249.0
OMEROS CORP OMER US 457.6 (46.3) 249.0
OMEROS CORP 3O8 TH 457.6 (46.3) 249.0
OMEROS CORP OMEREUR EU 457.6 (46.3) 249.0
OMEROS CORP 3O8 QT 457.6 (46.3) 249.0
OMEROS CORP 3O8 GZ 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 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM1EUR EU 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PMI SW 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM1 TE 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN 4I1 TH 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM1CHF EU 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN 4I1 GR 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM US 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PMIZ IX 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PMIZ EB 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN 4I1 QT 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN 4I1 GZ 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN 0M8V LN 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PMOR AV 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM* MM 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM1CHF EZ 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM1EUR EZ 61,681.0 (6,311.0) (7,717.0)
PHILIP MORRIS IN PM-RM RM 61,681.0 (6,311.0) (7,717.0)
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 453.0 (35.5) 106.3
PROS HOLDINGS IN PRO US 453.0 (35.5) 106.3
PROS HOLDINGS IN PRO1EUR EU 453.0 (35.5) 106.3
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 1,359.0 (120.1) (21.0)
RAPID7 INC R7D GR 1,359.0 (120.1) (21.0)
RAPID7 INC RPDEUR EU 1,359.0 (120.1) (21.0)
RAPID7 INC R7D TH 1,359.0 (120.1) (21.0)
RAPID7 INC RPD* MM 1,359.0 (120.1) (21.0)
RAPID7 INC R7D GZ 1,359.0 (120.1) (21.0)
RAPID7 INC R7D QT 1,359.0 (120.1) (21.0)
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 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPR US 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A S9Q TH 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPREUR EU 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A S9Q QT 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPREUR EZ 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A S9Q GZ 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPR-RM RM 6,666.2 (243.8) 1,205.8
SPLUNK INC SPLK US 5,251.3 (569.6) 525.9
SPLUNK INC S0U GR 5,251.3 (569.6) 525.9
SPLUNK INC S0U TH 5,251.3 (569.6) 525.9
SPLUNK INC S0U QT 5,251.3 (569.6) 525.9
SPLUNK INC SPLK SW 5,251.3 (569.6) 525.9
SPLUNK INC SPLKEUR EU 5,251.3 (569.6) 525.9
SPLUNK INC SPLK* MM 5,251.3 (569.6) 525.9
SPLUNK INC SPLKEUR EZ 5,251.3 (569.6) 525.9
SPLUNK INC S0U GZ 5,251.3 (569.6) 525.9
SPLUNK INC SPLK-RM RM 5,251.3 (569.6) 525.9
SPLUNK INC - BDR S1PL34 BZ 5,251.3 (569.6) 525.9
SPRING VALLEY AC SVIIU US 0.7 (0.0) (0.7)
SPRING VALLEY AC SVII US 0.7 (0.0) (0.7)
SQUARESPACE -BDR S2QS34 BZ 962.8 (62.1) (98.7)
SQUARESPACE IN-A SQSP US 962.8 (62.1) (98.7)
SQUARESPACE IN-A 8DT GR 962.8 (62.1) (98.7)
SQUARESPACE IN-A 8DT GZ 962.8 (62.1) (98.7)
SQUARESPACE IN-A SQSPEUR EU 962.8 (62.1) (98.7)
SQUARESPACE IN-A 8DT TH 962.8 (62.1) (98.7)
SQUARESPACE IN-A 8DT QT 962.8 (62.1) (98.7)
STARBUCKS CORP SBUX US 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
TABULA RASA HEAL TRHCEUR EU 403.8 (31.7) 81.8
TABULA RASA HEAL 43T GZ 403.8 (31.7) 81.8
TEMPUR SEALY INT TPD GR 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPX US 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPXEUR EU 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPD TH 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPD GZ 4,359.8 (12.3) 214.0
TEMPUR SEALY INT T2PX34 BZ 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPX-RM RM 4,359.8 (12.3) 214.0
TORRID HOLDINGS CURV US 564.3 (229.1) (51.1)
TRANSDIGM - BDR T1DG34 BZ 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP T7D GR 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDG US 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP T7D QT 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDGEUR EU 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP T7D TH 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDG* MM 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDGEUR EZ 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDG-RM RM 18,489.0 (3,328.0) 4,521.0
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 3UB GR 1,268.7 (248.0) 530.1
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 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRS GR 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSN US 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRS QT 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSNEUR EU 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRS GZ 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSN* MM 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSNEUR EZ 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSN-RM RM 1,733.4 (1,562.2) (78.2)
VERISIGN INC-BDR VRSN34 BZ 1,733.4 (1,562.2) (78.2)
VERISIGN-CEDEAR VRSN AR 1,733.4 (1,562.2) (78.2)
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 1,560.3 (504.4) (0.9)
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
YUM! BRANDS -BDR YUMR34 BZ 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM US 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR GR 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR TH 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUMEUR EU 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR QT 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM SW 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUMUSD SW 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR GZ 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM* MM 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM AV 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUMEUR EZ 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM-RM RM 5,846.0 (8,876.0) (56.0)
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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.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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.
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