/raid1/www/Hosts/bankrupt/TCR_Public/230321.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, March 21, 2023, Vol. 27, No. 79
Headlines
ACCELERATED HEALTH: $875M Bank Debt Trades at 32% Discount
ACPRODUCTS HOLDINGS: $1.4B Bank Debt Trades at 19% Discount
ADAMIS PHARMACEUTICALS: Posts $26.5 Million Net Loss in 2022
AKUMIN INC: Incurs $151.6 Million Net Loss in 2022
ALLEGIANCE COAL: U.S. Trustee Appoints Creditors' Committee
ANKURA CONSULTING: $175M Bank Debt Trades at 19% Discount
ANNA MARIA COLLEGE: S&P Assigns 'BB' Rating on 2023 Revenue Bonds
ANTHONY SCOTT LEVANDOWSKI: Tax Order Reversed and Remanded
ANTHONY SCOTT LEVANDOWSKI: Trustee's Bid to Dismiss Appeal Denied
APEX LEGACY: Court OKs Cash Collateral Access Thru June 6
APEX LEGACY: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel
ARMATA PHARMACEUTICALS: Incurs $36.9 Million Net Loss in 2022
ARUZE GAMING: Court OKs Final Cash Collateral Access
AVAYA INC: Seeks to Hire Ernst & Young as Tax Services Provider
AVAYA INC: Seeks to Hire Jackson Walker as Co-Counsel
AVINGER INC: Posts $27.2 Million Net Loss in 2022
BEAM & COMPANY: Seeks to Hire Fear Waddell as Legal Counsel
BEATO AUTO SALES: Seeks to Hire Tamposi Law Group as Counsel
BERNARD L. MADOFF: Dexia Defendants' Motion to Dismiss Denied
BERNARD L. MADOFF: RBC Defendants' Move to Dismiss Case Denied
BKLYN3 LLC: Seeks to Hire Rountree Leitman Klein & Geer as Counsel
BLACK KNIGHT: $1.15B Bank Debt Trades at 25% Discount
BOARDRIDERS INC: $450M Bank Debt Trades at 36% Discount
BRIDGER STEEL: Files Emergency Bid to Use Cash Collateral
BROSE CONSTRUCTION: Unsecureds to Split $5K in Consensual Plan
CARESTREAM HEALTH: $540M Bank Debt Trades at 40% Discount
CARIBBEAN BANANA: April 14 Plan & Disclosure Statement Hearing Set
CASH CLOUD: Committee Taps Seward & Kissel as Bankruptcy Counsel
CASTLE US: $1.20B Bank Debt Trades at 34% Discount
CCC CONSULTING: Unsecureds Will Get 10 Cents on Dollar in Plan
CITY BREWING: $850M Bank Debt Trades at 57% Discount
CITY OF CHESTER: Eligible for Relief Under Chapter 9, Court Says
COLOUROZ INVESTMENT 2: $205M Bank Debt Trades at 50% Discount
CONFLUENT HEALTH: $465M Bank Debt Trades at 18% Discount
CONSOLIDATED ELEVATOR: Wins Cash Collateral Access Thru March 22
CONSOLIDATED: $999.9M Bank Debt Trades at 21% Discount
CONVERGEONE HOLDINGS: $275M Bank Debt Trades at 63% Discount
CPC ACQUISITION: $1.03B Bank Debt Trades at 17% Discount
CREEPY COMPANY: Unsecureds to Get Share of Income for 5 Years
DIEBOLD NIXDORF: Widens Net Loss to $585.6 Million in 2022
DIGITAL AEROLUS: Seeks to Hire Olsen Law Firm as Bankruptcy Counsel
DOYLESTOWN HOSPITAL: Moody's Confirms B3 Rating on $210MM Bonds
EAGLE BEAR: Gets OK to Hire Holmes & Turner as Accountant
EAST WILLIAMSBURG: Taps Law Offices of Avrum J. Rosen as Counsel
ENVIVA INC: Fitch Affirms LongTerm IDR at 'BB-' , Outlook Stable
EVERNEST HOLDINGS: Amends HSBC & PMIT Secured Claims Pay Details
EXELA INTERMEDIATE: $403M Bank Debt Trades at 75% Discount
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 41% Discount
FIRST REPUBLIC BANK: S&P Lowers LT ICR to 'B+', On Watch Negative
FORTE II LLC: Seeks to Hire Marjorie Guymon as Bankruptcy Counsel
FRANKIE'S COMICS: Court OKs Interim Cash Collateral Access
FTAI AVIATION: Fitch Assigns 'B' Rating on $65MM Preferred Shares
GMP BORROWER: $69.2M Bank Debt Trades at 17% Discount
GORDIAN MEDICAL: $280M Bank Debt Trades at 20% Discount
GRAND CANYON: Seeks to Tap Symphony Business Services as Accountant
GREENWAY HEALTH: $526M Bank Debt Trades at 24% Discount
HALLMARK MFG: Seeks to Hire Coan Payton & Payne as Legal Counsel
HENRRY DELIVERY: Unsecureds Will Get 100% via Quarterly Payments
HERTZ CORPORATION: Court Grants Bid for Summary Judgment
HOLLEY INC: $600M Bank Debt Trades at 17% Discount
HOMER CITY: $145M Bank Debt Trades at 15% Discount
INDIAN CANYON: Reaches Agreement with Fiore; Plan Hearing May 16
INNOVATE CORP: Incurs $42 Million Net Loss in 2022
INSTANT BRANDS: $450M Bank Debt Trades at 59% Discount
INTEGRATED COOLING: Seeks to Hire Bruner Wright as Legal Counsel
ITT HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
IVANTI SOFTWARE: $465M Bank Debt Trades at 17% Discount
J CREW PROPERTY: Seeks to Tap Honey Law Firm as Bankruptcy Counsel
JERK TACO: Taps Eric O'Neal January & Co. as Accountant
JOURNEY PERSONAL: $650M Bank Debt Trades at 22% Discount
KNIGHT HEALTH: $450M Bank Debt Trades at 48% Discount
KOPIN CORP: Incurs $19.3 Million Net Loss in 2022
KROLLMOTION TECHNOLOGIES: Court OKs Cash Access Thru April 18
LATCO CONSTRUCTION: Grant of Writ of Scire Facias Affirmed
LIGADO NETWORKS: $117.6M Bank Debt Trades at 65% Discount
LIQUIDMETAL TECHNOLOGIES: Incurs $2.4 Million Net Loss in 2022
LOGIX HOLDING: $250M Bank Debt Trades at 18% Discount
LTI FLEXIBLE PRODUCTS: $142M Bank Debt Trades at 17% Discount
MANZELLA PROPERTIES: Trustee Taps Hahn Fife & Co. as Accountant
MARY A II: Taps Florida Land Advisors-Jacksonville as Broker
MATHIS & MATHIS: Unsecureds Will Get 12.5 Cents on Dollar in Plan
MAVERICK GAMING: $310M Bank Debt Trades at 29% Discount
MEDICAL ACQUISITION: Taps Steinbrecher & Span as Litigation Counsel
MEGA-PHILADELPHIA LLC: Taps Citrin Cooperman Advisors as Accountant
MERIDIAN INVENTORY: Seeks to Hire Daryle W. Yergler as Accountant
MERLIN BUYER: $85M Bank Debt Trades at 19% Discount
MOUNTAIN MOVING: Unsecureds Will Get 29% of Claims in 60 Months
MOUNTAINEER MERGER: $200M Bank Debt Trades at 23% Discount
MTPC LLC: Gets OK to Hire Holland & Knight as Bankruptcy Counsel
NATIONAL CINEMEDIA: S&P Cuts ICR to 'D' on Late Interest Payment
NATIONAL MENTOR: $165M Bank Debt Trades at 23% Discount
NATIONAL MENTOR: $50M Bank Debt Trades at 23% Discount
NBG ACQUISITION: $260M Bank Debt Trades at 97% Discount
NEW BEGINNING: Seeks to Hire Peter Spindel as Bankruptcy Counsel
NEW CONSTELLIS: $150M Bank Debt Trades at 42% Discount
NEW SK HOLDCO: $802.9M Bank Debt Trades at 17% Discount
NIELSEN & BAINBRIDGE: Seeks to Hire Jackson Walker as Co-Counsel
NORTH AMERICAN ACCEPTANCE: Unsecureds to be Paid in Full in Plan
NORTHEAST TOMATO: Seeks to Hire Cunningham as Legal Counsel
NORTHEAST TOMATO: Wins Cash Collateral Access Thru April 24
NUCSAFE INC: Farber and Maisel's Summary Judgment Affirmed
OAK PARENT: Moody's Lowers CFR to 'Caa1', Outlook Stable
OBRA CAPITAL: $275M Bank Debt Trades at 25% Discount
OUTPUT SERVICES: $180M Bank Debt Trades at 42% Discount
PARAMOUNT AIR: Unsecureds to Recover 4.9% over 36 Months
PETIQ INC: S&P Raises Issuer Credit Rating to 'B', Outlook Stable
POINDEXTER PROPERTIES: $10.9M Bank Debt Trades at 17% Discount
POSEIDON INVESTMENT: S&P Cuts ICR to 'CCC+' on Underperformance
PRETIUM PKG: $1.25B Bank Debt Trades at 19% Discount
PRETIUM PKG: $350M Bank Debt Trades at 35% Discount
QUEST SOFTWARE: $2.8B Bank Debt Trades at 18% Discount
QURATE RETAIL: S&P Downgraded ICR to 'CCC+' on Turnaround Risks
RACKSPACE TECHNOLOGY: $2.30B Bank Debt Trades at 39% Discount
RADIOLOGY PARTNERS: $1.64B Bank Debt Trades at 17% Discount
RED PLANET: $1.40B Bank Debt Trades at 29% Discount
REDSTONE HOLDCO: $450M Bank Debt Trades at 44% Discount
RESEARCH NOW: $975M Bank Debt Trades at 22% Discount
RTW CONSTRUCTION: Cash Collateral Access, $1MM DIP Loan OK'd
SCHARN INDUSTRIES: Seeks to Hire Robert S. Widell as Accountant
SENSEONICS HOLDINGS: Swings to $142.1 Million Net Income in 2022
SP PF BUYER: $744M Bank Debt Trades at 38% Discount
STARKCORP INC: Seeks to Hire Paul Reece Marr as Bankruptcy Counsel
TAMPA HYDE: Seeks to Hire W. Bart Meacham as Bankruptcy Counsel
TKEES INC: Case Summary & 20 Largest Unsecured Creditors
TOKEN BUYER: S&P Downgrades ICR to 'CCC+', Outlook Negative
TRANSIT PHYSICAL: Case Summary & 20 Largest Unsecured Creditors
TRANSMONTAIGNE PARTNERS: Fitch Lowers IDR to 'B', Outlook Stable
TRISEPTEM DEVELOPERS: Taps Donna Dillard as Real Estate Agent
TS EMPLOYMENT: Trustee's Motion for Summary Judgment Granted
UNITED FURNITURE: Trustee Taps King & Spencer as Special Counsel
UPSTREAM NEWCO: $883M Bank Debt Trades at 21% Discount
VALCOUR PACKAGING: $420M Bank Debt Trades at 17% Discount
VERICAST CORP: New Debt Exchange No Impact on Moody's 'Caa3' CFR
VERISTAR LLC: Taps Crosslin to Provide Forensic Accounting Services
VISION SOLUTIONS: $60M Bank Debt Trades at 22% Discount
WAHOO FITNESS: $225M Bank Debt Trades at 48% Discount
WINC INC: Frederic Chaudiere Steps Down as Committee Member
YIELD10 BIOSCIENCE: Incurs $13.6 Million Net Loss in 2022
[^] Large Companies with Insolvent Balance Sheet
*********
ACCELERATED HEALTH: $875M Bank Debt Trades at 32% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Accelerated Health
Systems LLC is a borrower were trading in the secondary market
around 68.3 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $875 million facility is a Term loan that is scheduled to
mature on February 15, 2029. The amount is fully drawn and
outstanding.
Accelerated Health Systems, LLC provides healthcare services. The
Company offers athletic training, physical therapy, occupational
therapy, and fitness services to affiliations including high
schools, colleges, and many professional sports teams.
ACPRODUCTS HOLDINGS: $1.4B Bank Debt Trades at 19% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which ACProducts Holdings
Inc is a borrower were trading in the secondary market around 81.4
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.40 billion facility is a Term loan that is scheduled to
mature on May 17, 2028. The amount is fully drawn and
outstanding.
ACProducts Holdings, Inc. manufactures cabinets. The Company offers
single and multi-family home builders, distributors, home centers,
cabinetry, and other related products.
ADAMIS PHARMACEUTICALS: Posts $26.5 Million Net Loss in 2022
------------------------------------------------------------
Adamis Pharmaceuticals Corporation has filed with the Securities
and Exchange Commission its Annual Report on Form 10-K disclosing a
net loss applicable to common stock of $26.48 million on $4.75
million of net revenue for the year ended Dec. 31, 2022, compared
to a net loss applicable to common stock of $45.83 million on $2.21
million of net revenue for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $10.93 million in total
assets, $11.58 million in total liabilities, $157,303 in
convertible preferred stock, and a total stockholders' deficit of
$808,068.
Selling, general and administrative expenses for the twelve months
ending Dec. 31, 2022 and 2021 were approximately $13.2 million and
$16.1 million, respectively. The decrease was primarily a result
of reductions in legal and compensation expenses which included the
elimination of the bonus accrual and lower stock-based compensation
expenses.
Research and development expenses were lower for 2022 at
approximately $10.4 million compared to $11.3 million in 2021. The
decrease was also primarily related to the elimination of the bonus
accrual and lower stock-based compensation expense.
Cash and cash equivalents at Dec. 31, 2022, totaled $1.1 million.
Additional cash infusions during the first quarter of 2023 included
proceeds of approximately $832,000 from the sale of certain
equipment related to the discontinued US Compounding operations,
proceeds of $875,000 from Employee Retention Credit program of the
government and $3.0 million gross proceeds from the sale of
equity.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 16, 2023, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887247/000138713123003523/admp-10k_123122.htm
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) --
http://www.adamispharmaceuticals.com-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease.
AKUMIN INC: Incurs $151.6 Million Net Loss in 2022
--------------------------------------------------
Akumin Inc. has filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $151.58
million on $749.63 million of revenues for the year ended Dec. 31,
2022, compared to a net loss of $34.81 million on $421.08 million
of revenues for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $1.76 billion in total assets,
$1.62 billion in total liabilities, $30.34 million in redeemable
noncontrolling interests, and $110.95 million in total equity.
Cash and cash equivalents were $59.4 million as of Dec. 31, 2022.
In addition, the Company has a revolving credit facility under
which the Company may borrow up to $55.0 million for working
capital and other general corporate purposes. As of Dec. 31, 2022,
there were no borrowings outstanding under the revolving credit
facility.
Akumin said, "We believe that our existing cash, cash equivalents
and expected future cash flow from operations will provide
sufficient funds to finance our operations for at least the next
twelve months. However, it is possible that we may need to
supplement our existing sources of liquidity to finance our
activities beyond the next twelve months and there can be no
assurance that sources of liquidity will be available to us at that
time or if available will be on commercially reasonable terms. In
addition, we may be limited to obtain additional financing under
the terms of the financing from Stonepeak.
"We also have access from Stonepeak to an additional $349.6 million
of debt financing through August 2024, provided certain conditions
are met, to finance mutually agreed upon organic growth and future
acquisition opportunities."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001776197/000177619723000009/aku-20221231.htm
About Akumin
Akumin Inc. -- www.akumin.com -- provides fixed-site outpatient
diagnostic imaging services through a network of owned and/or
operated imaging locations; and outpatient radiology and oncology
services and solutions to approximately 1,000 hospitals and health
systems across 48 states. Its imaging procedures include magnetic
resonance imaging ("MRI"), computerized tomography ("CT"), positron
emission tomography, ultrasound, diagnostic radiology (X-ray),
mammography, and other related procedures. Akumin's cancer care
services include a full suite of radiation therapy and related
offerings.
* * *
This concludes the Troubled Company Reporter's coverage of Akumin
until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.
ALLEGIANCE COAL: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Allegiance
Coal USA Limited and its affiliates.
The committee members are:
1. RelaDyne, LLC
Attn: Matt Green
8280 Montgomery Road, Suite 101
Cincinnati, OH 45236
Phone: 513-256-9297
Email: matt.green@reladyne.com
2. Nelson Brothers, LLC
Attn: Jason K. Baker
820 Shades Creek Parkway, Suite 2000
Birmingham, AL 35216
Phone: 205-414-2900
Email: jbaker@nelbro.com
3. West River Conveyors and Machinery Company
Attn: Pete Savage
8936 Dismal River Road
Oakwood, VA 24631
Phone: 276-991-4450
Fax: 276-259-5252
Email: psavage@westriverconveyors.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Allegiance Coal USA Limited
Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.
Allegiance and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10234) on
Feb. 21, 2023. In the petition signed by its chief executive
officer, Jonathan Romcke, Allegiance disclosed up to $100 million
in assets and up to $50 million in liabilities.
Judge Craig T. Goldblatt oversees the cases.
Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell,
LLPrepresents the Debtors as legal counsel.
ANKURA CONSULTING: $175M Bank Debt Trades at 19% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ankura Consulting
Group LLC is a borrower were trading in the secondary market around
81.2 cents-on-the-dollar during the week ended Friday, March 17,
2023, according to Bloomberg's Evaluated Pricing service data.
The $175 million facility is a Term loan that is scheduled to
mature on March 17, 2029. The amount is fully drawn and
outstanding.
Ankura Consulting Group LLC is an independent global expert
services and advisory firm that delivers services and end-to-end
solutions to help clients at critical inflection points related to
change, risk, disputes, finance, performance, distress, and
transformation.
ANNA MARIA COLLEGE: S&P Assigns 'BB' Rating on 2023 Revenue Bonds
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term rating to the
Massachusetts Development Finance Agency's series 2023 educational
facilities revenue bonds, issued on behalf of Anna Maria College
(AMC). The outlook is stable.
"We assessed AMC's enterprise profile as vulnerable, characterized
by somewhat pressured undergraduate enrollment, high tuition
discounting, and very weak matriculation and graduation rates. We
assessed AMC's financial profile as vulnerable, characterized by
very low, but sufficient for the rating, available resources and a
history of operating deficits on a full-accrual basis," said S&P
Global Ratings credit analyst Nicholas Breeding.
The series 2023 bonds will constitute a fixed-rate general
obligation pledge of the college. Proceeds from the approximately
$36.63 million series 2023 bonds will be used to refund all
outstanding debt, including $21.3 million of privately placed
series 2017 notes as of June 30, 2022. Bond proceeds will also
provide $5 million of new money to finance the construction of a
new athletic field, and to fund a debt service reserve fund equal
to the maximum annual debt service (MADS) of about $2.7 million in
fiscal 2050, which S&P considers moderate at 4.9% of fiscal 2022
operating expenses, plus $4.3 million of capitalized interest
through fiscal 2026. The college does not have any other
outstanding debt, including capital or operating leases, and it
understands management has no further additional debt plans at this
time.
The series 2023 bonds have covenants requiring a debt service
coverage (DSC) ratio of 1.1x annual debt service payments starting
in fiscal 2027 and a liquidity requirement of unrestricted cash and
investments equaling at least 10% of outstanding debt. Covenant
violations may trigger an event of default curable by use of
consultants and would not invoke acceleration of the remaining
balance unless DSC falls below 1x for three consecutive years. S&P
views these covenants as manageable given multiyear cure periods
prior to triggering an acceleration and AMC's sufficient
unrestricted assets available to meet the liquidity covenant.
Founded in 1946 by the Sisters of St. Anne to increase access to
higher education, Anna Maria College is a private Catholic
institution with more than 47 undergraduate academic programs, as
well as more than 27 graduate and certificate programs, with a
particular focus on community-oriented professions like nursing,
social work, fire safety, and criminal justice. AMC places a strong
focus on partnerships with local business and non-profit groups for
student internships and mentoring and hiring adjunct faculty from
relevant industries. The campus of 260 acres is in Paxton, near
Worcester.
S&P analyzed the college's environmental, social, and governance
(ESG) credit factors pertaining to its market position, management
and governance, and financial performance. Health and safety risks,
which S&P considers a social risk factor, have largely abated and
are neutral in its credit rating analysis. All other environmental
and governance credit factors are also neutral in its credit rating
analysis.
ANTHONY SCOTT LEVANDOWSKI: Tax Order Reversed and Remanded
----------------------------------------------------------
District Judge Yvonne Gonzalez Rogers for the Northern District of
California reverses and remands the bankruptcy court's Tax Order
and affirms in part the Confirmation Order in connection with
Anthony Scott Levandowski's Chapter 11 bankruptcy proceedings.
The Tax Order expressly determined that the Main Uber Payment did
not constitute gross income, depriving the Internal Revenue Service
and the California Franchise Tax Board from levying any tax. In
addition, the Confirmation Order did not account for any tax
liability because the bankruptcy court determined that there was
none.
The Court finds that "the bankruptcy court erred in making its tax
determination. . . First, section 61(a) itself disproves the
premise upon which the bankruptcy court relied, i.e. that all
insurance is not deemed taxable. . . Second, section 61(b) provides
'Cross References for items specifically included in gross income'.
. . Nowhere does the IRC contain a provision that indicates all
insurance is excluded. Analysis is required to determine whether a
specific exclusion applies. . . Third, framing the issue in the
context of "insurance" under federal common law, which may
interpret the meaning of "insurance" for qualifying statutory
deductions and exemptions, ignores the statutory definition of
"gross income" in the first place." The Court further finds that
"the briefing here is insufficient and that the record would
benefit from further clarification below. . . the bankruptcy court
may consider the statutory definition of gross income and
alternative theories in the first instance upon remand."
The Court concludes that the bankruptcy court erred in its base
premise. As such, the Tax Order is reversed and remanded for
further consideration. Given possible alternative grounds for the
Tax Order, the Court does not vacate it at this juncture and leaves
to the bankruptcy court whether it should be.
The parties agree that the vast majority of the appeal concerning
the Confirmation Order rises and falls with the Court's decision on
the Tax Order. This is because it is undisputed that the plan did
not make any reserves for tax liability and that Levandowski
admitted that the plan would not otherwise be feasible if there
were any resulting tax liability from the Main Uber Payment.
Since the Court has determined that the tax determination was
erroneous as a matter of law and requires remand for further
consideration, so too does the Confirmation Order. To the extent
the Confirmation Order was premised upon the Tax Order, the Court
orders that "the bankruptcy court will have to reconsider the tax
implications and make any necessary modifications to the
Confirmation Order to account for any potential tax liabilities
that do exist. . . in reconsidering confirmation, the bankruptcy
court shall consider binding authority concerning setoff rights. "
Lastly, the Court affirms bankruptcy court's initial finding that
"the principal purpose of the plan in light of the global
settlement was to resolve contentious litigation (including the
largest claim), pay all existing claims equally, and give
Levandowski the fresh start contemplated by the Bankruptcy Code."
The appealed case is In re: ANTHONY SCOTT LEVANDOWSKI, Debtor.
Chapter 11 THE UNITED STATES OF AMERICA on behalf of THE INTERNAL
REVENUE SERVICE -and- CALIFORNIA FRANCHISE TAX REMANDING IN PART
CONFIRMATION BOARD, Appellants, v. ANTHONY SCOTT LEVANDOWSKI, et
al. Appellees., Case Nos. 4:22-cv-02781-YGR (lead case), Nos.
4:22-cv-02783-YGR, 4:22-cv-02786-YGR, 4:22-cv-02789-YGR, (N.D.
Cal.).
A full-text copy of the Opinion dated March 14, 2023 is available
at https://tinyurl.com/4fc9rbek from Leagle.com.
About Anthony Scott Levandowski
Anthony Scott Levandowski filed for bankruptcy under Chapter 11 on
March 4, 2020 (Bankr. N.D. Cal. Case No. 20-30242). Mr.
Levandowski is represented by Tobias Keller, Esq.
ANTHONY SCOTT LEVANDOWSKI: Trustee's Bid to Dismiss Appeal Denied
-----------------------------------------------------------------
District Judge Yvonne Gonzalez Rogers for the Northern District of
California denies the motion to dismiss the appeals filed by Peter
Kravitz, the appointed Trustee of the Levandowski Residual
Liquidation Trust.
The United States of America, on behalf of the Internal Revenue
Service, and the California Franchise Tax Board commenced four
separate appeals in connection with Anthony Scott Levandowski's
Chapter 11 bankruptcy proceedings.
Relevant to the underlying appeals are two orders of the bankruptcy
court that were entered on May 2, 2022 -- an order which determines
that the Main Uber Payment would not constitute gross income for
Levandowski, or alternatively, findings that the plan was feasible
without reserving funds for taxes that may arise from the Main Uber
Payment, and an order confirming Levandowski's plan.
Within eight days of the Tax and Confirmation Orders being entered
by the bankruptcy court, the IRS and FTB filed four separate
appeals. Contemporaneously, the IRS and FTB sought emergency stays
of the Tax and Confirmation Orders pending appeal to prevent them
from going into effect after the expiration of the automatic stay.
Since the requests to stay the bankruptcy orders were denied, the
approved plan went into effect on August 25, 2022.
Now, pending before the Court is the Trustee's motion to dismiss
the appeals for lack of constitutional standing because there is no
way that a favorable appellate decision will redress the injuries
asserted by the IRS and FTB. Next, the Trustee argues that even if
there is standing to proceed with the appeals, the appeals should
be dismissed as equitably moot.
The Court finds that "the Tax Order expressly determined that the
Main Uber Payment did not constitute gross income, depriving the
IRS and FTB from levying any tax. In addition, the Confirmation
Order did not account for any tax liability because the bankruptcy
court determined that there was none, thus denying the IRS and FTB
financial recovery and giving rise to economic harm. This is
sufficient to arise to an injury in fact to support a claim to
standing. Their injuries are a direct result of the bankruptcy
court's determinations and vacating those determinations provide
redress."
The Court further finds that "the Global Settlement was negotiated
without the IRS and FTB. . . the compromise order did not purport
to determine whether the Main Uber Payment was gross income for
Levandowski or the bankruptcy estate." The IRS and FTB argue that
they are seeking to vacate the tax determination, reassess tax
through valid means, and restore their rights to collect any
liability that derives from the Main Uber Payment, including to the
extent necessary, by modifying the discharge injunction for the
debtor.
The Court concludes that "the Trustee's position ignores that the
inquiry is focused on innocent third-parties. Levandowski, who was
a common nucleus to the proceedings below, is not an innocent
party. He secured a compromise of his largest claim and the
protracted litigation around it. That there may be tax consequences
is a risk that he voluntarily assumed by entering into the
compromise and opposing a stay of the bankruptcy court's order.
Again, because of the tactics taken throughout this litigation, the
true impact of the Main Uber Payment has not been established by
any measure. This leaves the Court to speculate. Speculation does
not support dismissal."
The appealed case is In re: ANTHONY SCOTT LEVANDOWSKI, Debtor.
Chapter 11 THE UNITED STATES OF AMERICA on behalf of THE INTERNAL
REVENUE SERVICE -and- CALIFORNIA FRANCHISE TAX REMANDING IN PART
CONFIRMATION BOARD, Appellants, v. ANTHONY SCOTT LEVANDOWSKI, et
al. Appellees., Case Nos. 4:22-cv-02781-YGR (lead case), Nos.
4:22-cv-02783-YGR, 4:22-cv-02786-YGR, 4:22-cv-02789-YGR, (N.D.
Cal.).
A full-text copy of the Order dated March 14, 2023 is available at
https://tinyurl.com/2znecw5m from Leagle.com.
About Anthony Scott Levandowski
Anthony Scott Levandowski filed for bankruptcy under Chapter 11 on
March 4, 2020 (Bankr. N.D. Cal. Case No. 20-30242). Mr.
Levandowski is represented by Tobias Keller, Esq.
APEX LEGACY: Court OKs Cash Collateral Access Thru June 6
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, authorized Apex Legacy TX, LLC to use cash
collateral on an interim basis in accordance with the budget,
through June 6, 2023.
Fannie Mae asserts a lien on the Debtor's apartment property and
the rents generated. The Debtor says this Collateral may
constitute Fannie Mae's cash collateral as that term is defined in
the Bankruptcy Code.
As of the Petition Date, the Debtor is indebted to Fannie Mae in an
amount no less than $1.992 million, plus interest, charges, and all
other obligations allowable pursuant to the Loan Documents and
applicable law.
Pursuant to the Court order, the Debtor is authorized to make
expenditures only for the purposes and in the amounts set forth in
the Budget, unless (i) Fannie Mae consents in writing in advance to
an additional expense or expenses within the Interim Period or (ii)
the Court approves the additional expense or expenses after notice
and a hearing.
As adequate protection, beginning on April 5, 2023, and continuing
on the fifth calendar day of each month thereafter, the Debtor will
sweep all cash on hand in the DIP Account to Fannie Mae
representing the excess surplus from the prior month's collection
of Rents net of actual costs spent in strict compliance with the
Budget.
The Debtor will at all times maintain insurance coverage in
accordance with the terms and conditions of the Loan Documents and
subject to Fannie Mae's approval, and the Debtor shall deliver,
evidence of the maintenance of such insurance to Fannie Mae on or
before March 15, 2023.
As additional adequate protection of Fannie Mae's interests in the
cash collateral, and any diminution in value thereof during the
pendency of the Case, Fannie Mae will have, valid and automatically
perfected first priority replacement and additional liens and
security interests ahead of all other liens, in and upon any and
all assets of the Debtor.
To the extent the adequate protection provided is insufficient to
adequately protect Fannie Mae's interests in the cash collateral,
Fannie Mae is granted all of the other benefits and protections
allowable under 11 U.S.C. section 507(b).
A final hearing on the matter is set for April 4, 2023 at 9:30
a.m.
A copy of the order is available at https://bit.ly/3Jsnx8p from
PacerMonitor.com.
About Apex Legacy TX, LLC
Apex Legacy TX, LLC's business consists of the ownership and
operation of a 41-unit apartment complex in Sherman, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-40428) on March 7,
2023. In the petition signed by Oron Zarum, managing member, the
Debtor disclosed up to $50,000 in both assets and liabilities.
Judge Brenda T. Rhoades oversees the case.
Eric A. Liepins, Esq., represents the Debtor as legal counsel.
APEX LEGACY: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel
----------------------------------------------------------------
Apex Legacy TX, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to hire Eric A. Liepins, P.C. as
its legal counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $7,500, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Apex Legacy TX
Apex Legacy TX, LLC's business consists of the ownership and
operation of a 41-unit apartment complex in Sherman, Texas.
Apex Legacy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Texas Case No. 23-40428) on March 7,
2023. with up to $50,000 in both assets and liabilities. Oron
Zarum, managing member of Apex Legacy, signed the petition.
Eric A. Liepins, P.C. represents the Debtor as legal counsel.
ARMATA PHARMACEUTICALS: Incurs $36.9 Million Net Loss in 2022
-------------------------------------------------------------
Armata Pharmaceuticals, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $36.92 million on $5.51 million of grant revenue for the
year ended Dec. 31, 2022, compared to a net loss of $23.16 million
on $4.47 million of grant revenue for the year ended Dec. 31,
2021.
As of Dec. 31, 2022, the Company had $95.83 million in total
assets, $59.75 million in total liabilities, and $36.08 million in
total stockholders' equity.
Research and development expenses for the three months ended Dec.
31, 2022, were approximately $9.6 million as compared to
approximately $4.8 million for the comparable period in 2021. The
company continues to invest in clinical trial and personnel related
expenses associated with its primary development programs.
General and administrative expenses for the three months ended Dec.
31, 2022, were approximately $1.8 million as compared to
approximately $2.2 million for the comparable period in 2021.
Loss from operations for the three months ended Dec. 31, 2022, was
$(10.3) million as compared to a loss from operations of
approximately $(6.0) million for the comparable period in 2021.
Cash and Equivalents. As of Dec. 31, 2022, Armata held
approximately $14.9 million of unrestricted cash and cash
equivalents, as compared to $10.3 million as of Dec. 31, 2021.
San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 16, 2023, citing that the Company has suffered
recurring losses and negative cash flows from operations and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000921114/000155837023004014/armp-20221231x10k.htm
About Armata Pharmaceuticals
Marina del Rey, CA-based Armata is a clinical-stage biotechnology
company focused on the development of pathogen-specific
bacteriophage therapeutics for the treatment of
antibiotic-resistant and difficult-to-treat bacterial infections
using its proprietary bacteriophage-based technology. Armata is
developing and advancing a broad pipeline of natural and synthetic
phage candidates, including clinical candidates for Pseudomonas
aeruginosa, Staphylococcus aureus, and other pathogens. Armata is
committed to advancing phage with drug development expertise that
spans bench to clinic including in-house phage specific GMP
manufacturing.
ARUZE GAMING: Court OKs Final Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada authorized
Aruze Gaming America, Inc. to use cash collateral on a final basis
in accordance with the budget and its agreement with various
secured creditors.
The secured creditors are First Savings Bank, National Servicing
and Administration, LLC, PDS Gaming, LLC, PDS Gaming-Nevada, Inc.,
PDS Gaming-Mississippi, LLC and PDS GamingLA, LLC, and RSPENN,
LLC.
The Secured Lenders and the Debtor are parties to several
commercial loan transactions, evidenced by, among other things,
loan agreements, promissory notes, and security agreements. As of
the Petition Date, the Secured Lenders and the Debtor estimate the
balance owed to the Secured Lenders is not less than $20.070
million, in the aggregate, plus interest, default interest, late
fees, costs, and attorneys' fees.
The parties agreed the Secured Creditors' respective Loans and
other agreements with the Debtor are valid, binding, and
enforceable and were granted to, or for the benefit of, the
applicable Secured Creditors for fair consideration and reasonably
equivalent value.
As adequate protection, the Secured Creditors are granted
post-petition security interest and replacement lien to the same
extent and priority as their respective Pre-Petition Liens in their
respective Collateral.
The replacement liens and security interests will be deemed valid,
automatically perfected, continuing, unavoidable and enforceable,
not subject to subordination, impairment or avoidance, without any
additional action by the respective Secured Lenders.
As further adequate protection, the Secured Creditors are granted a
superpriority claim in the amount of the Debtor's cumulative use of
their respective cash collateral.
These events constitute an "Event of Default":
(a) A failure of the Debtor to (i) observe or perform any of
the material terms or provisions contained in the Stipulation or
the order approving it, including compliance with the Budget; or
(ii) comply with any covenant or agreement in this Stipulation or
any order approving it in any material respect;
(b) An order is entered by the Court converting to a case
under chapter 7 of the Bankruptcy Code or dismissing the Chapter 11
Case;
(c) An order is entered by the Court appointing a chapter 11
trustee in the Chapter 11 Case;
(d) An order is entered by the Court granting any other claim
a lien equal or superior to the claims and liens granted to the
Secured Creditors;
(e) An order is entered by the Court staying, reversing,
vacating or otherwise modifying the terms of the Interim Order
without the Secured Creditors' prior written consent;
(f) An order is entered by the Court in the case appointing an
examiner having enlarged powers beyond those set forth under
sections 1106(a)(3) and (4) of the Bankruptcy Code;
(g) Any post-petition material representation or material
warranty by the Debtor or its managers or members that is incorrect
or misleading in any material respect when made;
(h) The general cessation of the day-to-day operations of the
Debtor;
(i) The assertion by the Debtor or any trustee (or any other
party in interest) of claims arising under section 506(c) of the
Bankruptcy Code against the Secured Creditors, or any of them, or
the commencement of other actions adverse to the Secured Creditors,
or any of them, of its rights and remedies under the Stipulation or
the Interim Order;
(j) The entry of any order granting any relief from the
automatic stay so as to allow a third party to proceed against any
material asset or assets of the estate; or
(k) the actual ending cash balance in any given week is less
than 90% of the projected ending cash balance provided in the
Budget for such week; and
(l) the number of gaming machines owned by the Debtor (other
than Roll To Win Craps Tables) that serve as Secured Lenders
Collateral decreases by more 2% or more in any weekly period or the
number of machines comprising the Non-RTWC Collateral falls below
1,400 machines at any time during the Final Period.
A copy of the Court's order, the Debtor's budget, and stipulation
is available at https://bit.ly/3YXYobm from PacerMonitor.com.
The budget provides for total operating disbursements, on a weekly
basis, as follows:
$1,819,168 for the week ending March 17, 2023;
$1,692,376 for the week ending March 24, 2023;
$1,030,616 for the week ending March 31, 2023; and
$1,692,376 for the week ending April 7, 2023;
About Aruze Gaming America, Inc.
Aruze Gaming America, Inc. designs, develops and manufactures
gaming machines.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 23-10356) on February 1,
2023. In the petition signed by Yugo Kinoshita, chief executive
officer, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.
The bankruptcy filing is a part of Aruze's efforts to seek
financial restructuring in the wake of a recent garnishment
judgment against Aruze resulting from a separate judgment against
Aruze's shareholder.
Judge August B. Landis oversees the case.
Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, is the Debtor's
legal counsel.
AVAYA INC: Seeks to Hire Ernst & Young as Tax Services Provider
---------------------------------------------------------------
Avaya, Inc., and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Ernst &
Young, LLP.
The firm's services include:
A. Valuation Services
ASC 350 and ASC 360
a. EY LLP will provide valuation services related to
Accounting Standards Codification ("ASC") Topic 350 "Intangible –
Goodwill and Other" and ASC Topic 360 "Impairment and Disposal of
Long-Lived Assets", as well as valuation services related to the
valuation of certain embedded derivatives, as of June 30, 2022, Sep
30, 2022, Dec 31, 2022, and March 31, 2023, to support Avaya's
financial reporting requirements.
Fresh Start Valuation Assistance
a. EY LLP will conduct interviews with management
concerning certain relevant topics.
b. EY LLP will conduct an analysis of the industry, as
well as the economic and competitive environments in which the
Debtors operate.
c. EY LLP will apply the Income and Market Approaches to
value using, where appropriate, financial data that is based on a
market participant perspective.
d. EY LLP will conduct an analysis of the Debtors'
weighted average cost of capital and internal rate of return for
the purpose of assisting management with the selection of a single
point estimate of the Company's reorganization business enterprise
value.
e. EY LLP will prepare a valuation analysis of the
Debtors' intangible assets by reporting unit, as applicable. The
following intangible assets are typically considered; however, EY
LLP will consider the extent to which such assets are applicable in
the current situation: (a) customer relationships; (b) order
backlog; (c) trade name / trademark / domain names; (d) developed
technology; (e) in-process research and development ("IPRandD");
and other intangible assets (e.g., non-compete agreements,
commercial agreements).
f. EY LLP will leverage relevant work-findings and
insights of the Debtors' advisors (EY LLP and others).
g. EY LLP will perform corroborative procedures, such as
calculation of weighted average return on assets ("WARA") and
reconciliation with the Initial Rate of Return ("IRR") and the
weighted average cost of capital ("WACC") to confirm that
internally and externally prepared analyses are consistent and
reasonable.
h. EY LLP will perform scoping procedures to determine if
any debt or equity instruments need to be valued.
i. EY LLP will prepare separate narrative reports in PDF
format covering the valuation methodologies and key assumptions
utilized in our analysis for the valuation services related to ASC
Topic 350 / 360, valuation services related to embedded
derivatives, and valuation services related to fresh start
accounting.
Real Property – Leases
a. EY LLP will perform an above/below market analysis of
the acquired real property leases. EY LLP will analyse the
population of real property leases to identify lease terms that
might suggest certain real property leases are above/below market.
Real property leases will be filtered to exclude: (a) leases that
expire within the next 12 months; (b) leases that renew at market
on a monthly, quarterly or annually basis; and (c) leases where any
above/below market value would be deemed immaterial given the lease
size or rent amount.
b. EY LLP will collect subject lease data through
discussions with management and a review of lease abstracts and
summary lease schedules for the in-scope leases (the "Subject
Leases").
c. EY LLP will collect market data relating to market
rent for Subject Lease properties through discussions with market
participants as well as through research of publicly available
resources.
d. Using the Income Approach, for the Subject Leases EY
LLP will calculate the above/below market nature of the real
property contract lease income on a per lease basis. The
above/below market income stream will then be converted by EY LLP
to a net present value based on a risk adjusted real estate
discount rate.
e. EY LLP will estimate the right of use (the "ROU")
lease asset by adjusting the lease liability by the above/below
market adjustment, with the lease liability amount to be provided
by the Debtors.
Personal Property – Owned
a. EY LLP will perform an appraisal of personal property
to develop recommendations of fair value ("Fair Value") and / or
opinion of fair market value ("Fair Market Value").
b. Where appropriate, EY LLP will perform the indirect
and direct method of the Cost Approach to develop recommendations
of Fair Value and / or opinion of Fair Market Value for the
personal property.
c. Where appropriate, EY LLP will develop
reproduction/replacement cost new estimates based on specifications
and capabilities.
d. EY LLP will estimate the physical deterioration, as
appropriate, to apply to
replacement/reproduction costs new, based on observations,
appropriate physical deterioration profiles and other data.
e. EY LLP will consider adjustments, functional
obsolescence, and economic obsolescence based on observations,
historical and projected operating statistics, maintenance records,
economic support from the Income Approach, and other data.
f. Where appropriate, EY LLP will develop indications of
Fair Value and / or Fair Market Value based on the Market Approach
for the personal property.
g. EY LLP will research available transactions and asking
prices for similar assets, with assistance from the Debtors.
h. Where appropriate, EY LLP will consider and reconcile
the results of the three approaches (Cost, Market, and Income).
Personal Property – Leased
a. EY LLP will assist management in their determination
of which leases may be material (individually and in aggregate by
asset class) and mutually agree upon an expansion to be EY LLP's
professional fee to analyze material leases.
b. For leased assets that are determined to be material,
EY LLP will develop recommendations of Fair Value and /or opinion
of Fair Market Value for the leased assets' right of use asset and
liability in accordance with ASC Topic 842, relying upon the
Debtors' incremental borrowing rate, if available.
General
a. EY LLP will discuss with management and its auditors
valuation approaches and methodologies used in EY LLP's analysis.
b. EY LLP will prepare a separate narrative report in PDF
format covering the valuation methodologies and key assumptions
utilized in estimating the Fair Value and Fair Market Value
respectively.
c. EY LLP will provide the Debtors with periodic progress
updates and, at the Debtors' written request, meet with the Debtors
periodically to review EY LLP's results.
B. Accounting Services
Phase 1 – Fresh Start Assistance
a. At the Debtors' request, Phase 1 will include services
related to fresh start accounting and the accounting impact of
emergence from bankruptcy prior to the confirmation of the Debtors'
ownership structure at emergence.
b. EY LLP will advise and provide insights, observations
and training on the general aspects of financial accounting and
reporting while in bankruptcy, including, Generally Accepted
Accounting Principles ("GAAP"), Securities and Exchange Commission
("SEC") reporting matters, and tax accounting matters.
c. EY LLP will advise and provide insights on accounting
and reporting issues related to the bankruptcy filing by
summarizing the applicable guidance and providing a high-level
interpretation to an illustrative fact pattern.
d. EY LLP will advise on technical whitepapers drafted by
management addressing the Debtors' selection of bankruptcy
accounting treatment in compliance with ASC Topic 852.
e. EY LLP will assist the Debtors with their preparation
of technical accounting whitepapers addressing the Debtors'
selection of bankruptcy accounting treatment in compliance with ASC
Topic 852, related to the bankruptcy filing and DIP financial
statements, including disclosures. Examples of issues include: (a)
classification of liabilities subject to compromise and (b)
expenses to be included in reorganization expense.
f. EY LLP will assist Debtors with its preparation of DIP
financial statements including presentation and disclosures.
g. EY LLP will assist Debtors with their preparation of
DIP financial information included in the draft and final Plan.
Such information may include historical financial information and
summary analysis of the impact of the plan of reorganization (e.g.,
payment of liabilities subject to compromise and related gain).
h. EY LLP will participate in discussions to help
management understand the accounting and reporting implications
while in bankruptcy and considerations upon emergence, including
GAAP and SEC reporting matters, and tax accounting matters.
i. EY LLP will advise and provide insights on accounting
and reporting issues related to the fresh start reporting by
summarizing the applicable guidance and providing a high-level
interpretation to an illustrative fact pattern.
j. EY LLP will advise and provide insights and
observations regarding the preparation of the fresh start
accounting required work steps and provide comments on management's
overall project timeline. EY LLP will provide generic templates of
project charters, status reports, and issue logs for the Company's
own customization.
k. EY LLP will advise and provide insights, as necessary,
on complex accounting matters relevant to the preparation of the
pro forma financial statements and other disclosures in Debtor
filings.
l. EY LLP will advise and provide insights on the
technical fresh start accounting and reporting requirements,
including advising on the identification of accounts (including
income tax accounts) typically impacted by fresh start accounting
and the fresh start reporting date. This may include providing
examples of fresh start accounting disclosures, publications, or
examples of the application of fresh start accounting, or other
information that may assist management with the application of
fresh start accounting.
m. EY LLP will advise and provide comments on technical
whitepapers drafted by management related to the analysis of fresh
start criteria and disclosures based upon preliminary Plan
discussions.
n. EY LLP will provide management with generic examples
of the application of accounting standards, financial statement
presentations, or disclosure practices in public filings or other
public materials.
Phase 2 – Fresh Start Assistance
a. At the Debtors' request, EY LLP will assist the
Debtors with their preparation of technical accounting whitepapers
related to the analysis of fresh start criteria and disclosures
based upon preliminary (or final) Plan discussions.
b. EY LLP will assist Debtors with its preparation of
templates for the financial statement disclosure requirements for
the financial statements upon emergence. All disclosures and
analysis will be based upon the preliminary (or final) Plan.
c. EY LLP will assist management, as necessary, in
preparation of the pro forma financial statements and other
disclosures in Debtor filings.
d. EY LLP will advise the project management office (the
"PMO") on preparation of the fresh start accounting required work
steps, project setup, governance, training needs, communication
protocols, and status update and project activity reporting.
e. EY LLP will assist management in drafting any of the
related PMO documentation, including (a) drafting project
management documentation, (b) documentation of the minutes or notes
of meetings for use by the PMO or management, (c) coordinating or
tracking project activities and performing internal reporting
(e.g., status, issues, progress), (d) coordinating or tracking
resources (people, budget, etc.), including tracking overall
project or client hours.
f. EY LLP will assist management with the technical fresh
start accounting and reporting requirements, including the
applicability of fresh start, identification of accounts (including
income tax accounts) impacted by fresh start accounting and the
fresh start reporting date. Such assistance by EY LLP could include
preparation of spreadsheets and journal entries to be approved and
recorded by the Debtors to summarize the implications of fresh
start accounting.
g. EY LLP will assist the Debtors with its determination
of the income tax accounting impacts, including deferred taxes,
stemming from fresh start accounting and effects of the Plan.
Other Accounting Services
a. EY LLP will provide a general interpretation of
accounting standards, including general provisions and high-level
application to an illustrative fact pattern.
b. EY LLP will identify relevant existing authoritative
guidance or literature.
c. EY LLP will benchmark Debtors' accounting policies and
financial statement disclosures with industry practice.
C. Tax Services
2022 Federal and State Tax Compliance
a. EY LLP will complete Form 1065 Federal Partnership
Income Tax Return and required state and local income tax returns
(32 total) and extensions of time to file state income tax returns
for Avaya Management Limited Partnership ("AMLP") for the tax year
ended September 30, 2022.
b. EY LLP's will complete Form 1120F U.S. Income Tax
Return of a Foreign Corporation and required state and local income
tax returns (33 total) and extension of time to file state income
tax returns for Avaya International Holdings Ltd. ("AIHL") for the
tax year ended September 30, 2022.
c. EY LLP will analyze and prepare applicable federal
income tax withholding provisions of AMLP related to AIHL (e.g.,
Forms 8804, 8805, and 8813).
d. EY LLP will prepare and file (as required) FY 2022
federal and state estimated payment vouchers for AMLP and AIHL.
2022 Transfer Pricing Global Documentation
a. EY LLP will assist the Debtors with preparing the
local country transfer pricing documentation reports, update
memoranda, and financial loan memoranda for FY 2022.
b. EY LLP will perform benchmarking searches for FY 2022
for certain comparable sets.
c. EY LLP will rely on the Comparable Uncontrolled
Transaction ("CUT") license search performed in FY 2019 without
financial updates for FY 2022 to benchmark the license of
intangible property.
d. EY LLP will also perform 13 yield curve searches for
interest rate prices amongst third party lenders and borrowers for
FY 2022.
e. EY LLP will prepare local country transfer pricing
documentation reports and update memoranda for FY 2022, covering
certain intercompany transactions.
f. EY LLP will prepare local country transfer pricing
documentation reports for certain Avaya affiliates.
g. EY LLP will prepare update memoranda for certain Avaya
affiliates.
h. EY LLP will prepare synthetic credit rating analysis
for certain operating subsidiaries.
i. EY LLP will prepare financial loan memoranda for each
of the 24 financial loans to be analyzed.
German IP Phase II
a. EY LLP will provide support with strategy/method to
identify potentially relevant transactions in addition to those
identified and quantified in Phase 1.
b. EY LLP will provide support with determination of next
steps for additional transactions identified, if any (e.g., case by
case analysis vs. grouping etc.).
c. EY LLP will provide tax and transfer pricing support
with preparation and filing of compliance and disclosure reporting
for the Phase 1 Transactions and Group A Phase 2 Transactions.
d. EY LLP will prepare refund applications relating to
treaty protected royalty income and certificate of exemption going
forward. This includes: (a) draft of explanatory letter to the tax
authorities (in German); (b) draft of application form; and (c)
detailed filing instructions including list of attachments to be
filed with the application.
Routine On-Call Advisory
a. EY LLP will provide to the Debtors routine tax
advisory services and assistance concerning issues as requested by
the Debtors when such projects are not covered by a separate SOW
and do not involve any significant tax planning or projects
("On-Call Tax Advisory Services").
b. Upon Debtors' written request, EY LLP also will
provide one-off tax compliance services ("On-Call Tax Compliance
Services").
2023 Tax Loan Staff
a. EY LLP will provide professional personnel (one tax
senior resource) to assist Debtors with certain elements related to
Debtors' 6/30/2023 income tax provision.
Bankruptcy Tax Services
a. At the Debtors' request, EY LLP will support with
analyzing the tax implications of ordinary course transactions,
activities, and operational and business activities.
b. At the Debtors' request, EY LLP will support with
analyzing the tax implications of chapter 11 and associated
transactions.
D. Investigative Services
a. EY LLP will provide investigative services related to
a privileged investigation performed by Avaya's outside counsel,
Kirkland, at the direction of the Audit Committee.
The firm will be compensated as follows:
With respect to valuation and accounting advisory services the
Debtors will pay EY LLP based on the actual time that EY LLP's
professionals spend performing such services, billed at the
following rates per hour, not including taxes:
Partner/Principal/Managing Director $787
Senior Manager $642
Manager $513
Senior $386
Staff $250
Tax compliance and reporting, transfer pricing, and German IP Phase
II services (the “Fixed Fee Services”) will be paid by the
Debtors on a fixed fee basis of $95,000, $289,000, and $32,000,
respectively.
With respect to Routine On-Call Tax Advisory, Tax Loan Staff, tax
audit support, fresh start tax accounting, and out-of-scope hours
incurred for tax compliance and reporting, transfer pricing, and
German IP Phase II services, the Debtors will pay EY LLP based on
the actual time that EY LLP's professionals spend performing such
services, billed at the following rates per hour, not including
taxes:
Partner/Principal $850
Managing Director $825
Senior Manager $700
Manager $550
Senior $395
Staff $275
For tax services related to bankruptcy, the Debtors will pay EY LLP
based on the actual time that EY LLP's professionals spend
performing such services, billed at the following rates per hour,
not including taxes:
Partner/Principal $1,250
Managing Director $1,150
Senior Manager $950
Manager $850
Senior $600
Staff $400
With respect to investigation services, the Debtors will pay EY LLP
based on the actual time that EY LLP's professionals spend
performing such services, billed at the following rates per hour,
not including taxes:
Partner/Principal/Executive Director $725
Senior Manager $625
Manager $525
Senior $450
Staff $350
During the 90 days before the petition date, the Debtors paid
approximately $400,000 to EY LLP, of which approximately $350,000
constituted the retainer.
Govind Gupta, a partner at Ernst & Young, 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:
Govind D. Gupta
303 Almaden Boulevard
San Jose, CA 95110
Direct: +1 408 947 5500
Fax: +1 408 918 5987
About Avaya
Morristown, New Jersey-based Avaya offers digital communications
products, solutions and services for businesses of all sizes.
Avaya delivers its technology predominantly through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.
Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Lead Case No. 23-90088) on February 14, 2023. The Hon. David R.
Jones oversees the cases.
Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017. The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares. Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.
The 2023 petitions were signed by Eric Koza as chief restructuring
officer. The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.
Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.
In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent. Meanwhile,
Ernst & Young, LLP provides valuation, financial accounting
advisory, investigative, and tax services to the Debtors.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors o Jan. 31, 2017. Morrison & Foerster, LLP,
Jefferies, LLC and Alvarez & Marsal North America, LLC serve as the
committee's legal counsel, investment banker and financial advisor,
respectively.
AVAYA INC: Seeks to Hire Jackson Walker as Co-Counsel
-----------------------------------------------------
Avaya, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Jackson
Walker, LLP as conflicts counsel and as co-counsel with Kirkland &
Ellis.
The firm's services include:
a. providing legal advice and services regarding local rules,
practices and procedures, including Fifth Circuit law;
b. providing certain services in connection with the
administration of the Debtors' Chapter 11 cases, including, without
limitation, preparing agendas, hearing notices, and witness and
exhibit lists, and coordinating with chambers;
c. reviewing' and commenting on proposed drafts of pleadings
to be filed with the court;
d. at the request of the Debtors, appearing in court and at
any meeting with the U.S. Trustee or creditors;
e. performing all other services assigned by the Debtors to
the firm as conflicts and bankruptcy co-counsel; and
f. providing legal advice and services on any matter on which
Kirkland & Ellis may have a conflict or as needed based on
specialization.
The firm's hourly rates are as follows:
Partners $750 to $1,045
Associates $535 to $750
Paraprofessionals $230 to $250
Jackson Walker received a retainer in the amount of $411,498.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Jackson
Walker disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm represented the Debtors during the weeks
immediately before the petition date using the foregoing hourly
rates; and
-- the firm has not prepared a budget and staffing plan.
Matthew Cavenaugh, Esq., a partner at Jackson Walker, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew D. Cavenaugh
Jackson Walker LLC
1401 McKinney Street, Suite 1900
Houston, TX 77010
Phone: (713) 752-4284
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
About Avaya
Morristown, New Jersey-based Avaya offers digital communications
products, solutions and services for businesses of all sizes.
Avaya delivers its technology predominantly through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.
Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Lead Case No. 23-90088) on February 14, 2023. The Hon. David R.
Jones oversees the cases.
Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017. The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares. Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.
The 2023 petitions were signed by Eric Koza as chief restructuring
officer. The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.
Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.
In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent. Meanwhile,
Ernst & Young, LLP provides valuation, financial accounting
advisory, investigative, and tax services to the Debtors.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors o Jan. 31, 2017. Morrison & Foerster, LLP,
Jefferies, LLC and Alvarez & Marsal North America, LLC serve as the
committee's legal counsel, investment banker and financial advisor,
respectively.
AVINGER INC: Posts $27.2 Million Net Loss in 2022
-------------------------------------------------
Avinger, Inc. has filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss applicable to
common stockholders of $27.24 million on $8.27 million of revenues
for the year ended Dec. 31, 2022, compared to a net loss applicable
to common stockholders of $21.29 million on $10.13 million of
revenues for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $24.19 million in total
assets, $20.05 million in total liabilities, and $4.15 million in
total stockholders' equity.
San Francisco, California-based Moss Adams LLP, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated March 15, 2023, citing that the Company's recurring
losses from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.
Fourth Quarter 2022 Financial Results
Total revenue was $2.0 million for the fourth quarter of 2022,
compared with $2.4 million in the fourth quarter of 2021 and $2.3
million in the third quarter of 2022. The revenue decrease
compared to the prior periods was primarily driven by reduced sales
headcount during the quarter. The Company is currently recruiting
additional clinical specialists to expand case coverage capability
in key markets.
Gross margin for the fourth quarter of 2022 was 34%, compared with
30% in the fourth quarter of 2021 and 35% in the third quarter of
2022. Operating expenses for the fourth quarter of 2022 were $4.5
million, decreasing 15% from $5.3 million in the fourth quarter of
2021 and stable with $4.5 million in the third quarter of 2022.
Net loss and comprehensive loss for the fourth quarter of 2022 was
$4.2 million, compared with $5.0 million in the fourth quarter of
2021 and $4.1 million in the third quarter of 2022.
Adjusted EBITDA, as defined under non-GAAP financial measures in
this press release, was a loss of $3.8 million, compared to a loss
of $4.3 million in the fourth quarter of 2021 and a loss of $3.6
million in the third quarter of 2022.
Cash and cash equivalents totaled $14.6 million as of Dec. 31,
2022.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001506928/000143774923006751/avgr20221231_10k.htm
About Avinger
Headquartered in Redwood City, California, Avinger, Inc. --
http://www.avinger.com-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).
BEAM & COMPANY: Seeks to Hire Fear Waddell as Legal Counsel
-----------------------------------------------------------
Beam & Company, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of California to hire Fear Waddell, P.C.
as its legal counsel.
The firm's services include:
a. consulting with the Debtor concerning its present financial
situation;
b. advising the Debtor concerning its duties in a Chapter 11
Subchapter V case;
c. identifying, prosecuting, and defending claims and causes
of actions assertable by or against the estate;
d. preparing legal papers including the preparation of a
Chapter 11 Subchapter V plan and prosecuting legal proceedings to
seek confirmation of the plan;
e. if necessary, preparing and prosecuting such pleadings as
complaints to avoid preferential transfers or transfers deemed
fraudulent as to creditors, and motions for authority to borrow
money, sell property or compromise claims and objections to
claims;
f. taking all necessary action to protect and preserve the
estate and all other legal services requested.
The firm received pre-bankruptcy retainers in the total amount of
$25,000.
As disclosed in court filings, Fear Waddell is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Peter L. Fear, Esq.
Gabriel J. Waddell, Esq.
Peter A. Sauer, Esq.
Fear Waddell, P.C.
7650 North Palm Avenue, Suite 101
Fresno, CA 93711
Telephone: (559) 436-6575
Facsimile: (559) 436-6580
Email: pfear@fearlaw.com
gwaddell@fearlaw.com
psauer@fearlaw.com
About Beam & Company
Beam & Company, Inc. is a full-service general contractor focusing
on commercial real estate remodels. The company is based in Fresno,
Calif.
Beam & Company filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10244) on Feb.
10, 2023, with up to $500,000 in assets and up to $10 million in
liabilities. Walter R. Dahl has been appointed as Subchapter V
trustee.
Judge Rene Lastreto II oversees the case.
Fear Waddell, PC represents the Debtor as legal counsel.
BEATO AUTO SALES: Seeks to Hire Tamposi Law Group as Counsel
------------------------------------------------------------
Beato Auto Sales, Inc. seeks approval the U.S. Bankruptcy Court for
the District of New Hampshire to hire The Tamposi Law Group, P.C.,
as its counsel.
The firm's services include:
a. attending the Debtor's initial interviews and meeting of
creditors;
b. drafting and filing the Debtor's motion to use cash
collateral, motion for post-petition borrowing, and Subchapter V
plan of reorganization; and
c. other necessary legal services.
The firm holds a retainer of $22,500 in escrow.
As disclosed in court filings, Tamposi Law Group is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter N. Tamposi, Esq.
The Tamposi Law Group, P.C.
159 Main Street
Nashua, NH 03060
Tel: (603) 204-5513
Email: Peter@thetamposilawgroup.com
About Beato Auto Sales
Beato Auto Sales, Inc. is a Derry, N.H.-based company engaged in
the retail sale of used cars.
Beato Auto Sales sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 23-10064) on Feb. 13, 2023,
with up to $50,000 in assets and up to $10 million in liabilities.
Rafael Beato, president of Beato Auto Sales, signed the petition.
Judge Bruce A. Harwood oversees the case.
Peter N. Tamposi, Esq., at the Tamposi Law Group, P.C. is the
Debtor's bankruptcy counsel.
BERNARD L. MADOFF: Dexia Defendants' Motion to Dismiss Denied
-------------------------------------------------------------
Bankruptcy Judge Cecelia G. Morris for the Southern District of New
York denies the motion to dismiss the Trustee's complaint filed by
the Defendants Banque Internationale à Luxembourg S.A. (f/k/a
Dexia Banque Internationale à Luxembourg S.A.), and Banque
International à Luxembourg (Suisse) S.A. (f/k/a Dexia Private Bank
(Switzerland) Ltd.).
In his complaint, Irving Picard, the trustee for the liquidation of
Bernard L. Madoff Investment Securities LLC ("BLMIS"), seeks to
recover subsequent transfers allegedly consisting of BLMIS customer
property. The Dexia Defendants object to the Trustee's assertion of
personal jurisdiction.
In his Amended Complaint, the Trustee argues that the Dexia
Defendants purposefully availed themselves of the laws of the
United States. The Trustee alleges that the Dexia Defendants
"knowingly directed funds to be invested with, and then redeemed
from, New York-based BLMIS via. . . Fairfield Sentry, [and]
Fairfield Sigma. . . each of which was managed and operated out of
New York." The Trustee has alleged that Fairfield Sentry invested a
large majority of its assets in BLMIS -- under Fairfield Sentry's
offering memorandum, the fund's investment manager was required to
invest no less than 95% of the fund's assets through BLMIS." The
Court finds this allegation alone is sufficient to establish a
prima facie showing of jurisdiction over the Dexia Defendants in
the pre-discovery stage of litigation.
The Court finds that the Trustee has also alleged that
representatives of Dexia Banque engaged in "numerous
communications" and even met with Fairfield Greenwich Group and
other feeder fund executives in New York regarding the Dexia
Banque's investments. Additionally, the Trustee alleges that the
Dexia Defendants used accounts at Citibank and HSBC Bank USA in New
York to receive redemptions from the Fairfield Funds and that
subscription payments were ultimately deposited into BLMIS's
account at JPMorgan Chase Bank in New York. As such, the Court
concludes that the Trustee has made a prima facie showing of
personal jurisdiction with respect to all of the Fairfield
subsequent transfers at issue in this Complaint.
Moreover, the Court holds that "the exercise of jurisdiction is
reasonable. The Dexia Defendants are not burdened by this
litigation. The Dexia Defendants have actively participated in this
Court's litigation for over ten years. They are represented by U.S.
counsel and held bank accounts in New York. The Dexia Defendants
submitted to the jurisdiction of New York courts' when they signed
subscription agreements with the Fairfield Sentry. The forum and
the Trustee both have a strong interest in litigating BLMIS
adversary proceedings in this Court."
In the adversary case is SECURITIES INVESTOR PROTECTION
CORPORATION, Plaintiff-Applicant, v. BERNARD L. MADOFF INVESTMENT
SECURITIES LLC, Defendant. In re: BERNARD L. MADOFF, Debtor. IRVING
H. PICARD, Trustee for the Substantively Consolidated SIPA
Liquidation of Bernard L. Madoff Investment Securities LLC and the
Chapter 7 Estate of Bernard L. Madoff, Plaintiff, v. BANQUE
INTERNATIONALE À LUXEMBOURG S.A. (f/k/a Dexia Banque
Internationale à Luxembourg S.A.); RBC INVESTOR SERVICES BANK S.A.
(f/k/a RBC Dexia Investor Services Bank S.A.); RBC INVESTOR
SERVICES TRUST (f/k/a RBC Dexia Investor Services Trust); BANCO
INVERSIS, S.A., as successor-in-interest to RBC Dexia Investor
Services España S.A.; and BANQUE INTERNATIONALE À LUXEMBOURG
(SUISSE) S.A. (f/k/a Dexia Private Bank (Switzerland) Ltd.),
Defendants, (Bankr. S.D.N.Y.).
A full-text copy of the Memorandum Decision dated March 14, 2023 is
available at https://tinyurl.com/ykcf79c2 from Leagle.com.
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of New
York granted the application of the Securities Investor Protection
Corporation for a decree adjudicating that the customers of BLMIS
are in need of the protection afforded by the Securities Investor
Protection Act of 1970. The District Court's Protective Order (i)
appointed Irving H. Picard, Esq., as trustee for the liquidation of
BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and
(iii) removed the SIPA Liquidation proceeding to the Bankruptcy
Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr.
Picard has retained AlixPartners LLP as claims agent.
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport Charitable
Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven
Morganstern -- assert US$64 million in claims against Mr. Madoff
based on the balances contained in the last statements they got
from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later
transferred to Manhattan. In June 2009, Judge Lifland approved the
consolidation of the Madoff SIPA proceedings and the bankruptcy
case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009,sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).
From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims. As of Jan. 31,
2021, and since his appointment in December 2008, the SIPA Trustee
has amassed more than $14.413 billion as a result of recoveries and
settlement agreements. These recoveries exceed similar efforts
related to prior Ponzi scheme recoveries, in terms of dollar value
and percentage of stolen funds recovered. Eligible BLMIS customers
have now received almost 70% of their allowed claims, and the SIPA
Trustee is optimistic that this figure will rise as the Trustee
secure more recoveries and distributions in the future.
BERNARD L. MADOFF: RBC Defendants' Move to Dismiss Case Denied
--------------------------------------------------------------
Bankruptcy Judge Cecelia G. Morris for the Southern District of New
York denies the motion to dismiss the Trustee's complaint filed by
the Defendants RBC Investor Services Bank S.A., RBC Investor
Services Trust, and Banco Inversis S.A. (as successor-in-interest
to RBC Dexia Investor Services España S.A.).
In his complaint, Irving Picard, the trustee for the liquidation of
Bernard L. Madoff Investment Securities LLC ("BLMIS"), seeks to
recover subsequent transfers allegedly consisting of BLMIS customer
property. The RBC Defendants seek dismissal for lack of personal
jurisdiction and improper adoption by reference.
To survive a motion to dismiss for lack of personal jurisdiction,
the Trustee "must make a prima facie showing that jurisdiction
exists." In this case, the Trustee has alleged legally sufficient
allegations of jurisdiction simply by stating that RBC Defendants
"knowingly directed funds to be invested with, and then redeemed
from, New York-based BLMIS via one or more of Fairfield Sentry,
Fairfield Sigma, and Rye Portfolio Limited, each of which was
managed and operated out of New York. . . that Fairfield Sentry
invested a large majority its assets in BLMIS. . . Fairfield RBC
Transferees used accounts at Citibank and JPMorgan Chase Bank in
New York to receive redemptions from the Fairfield Funds and that
subscription payments were ultimately deposited into BLMIS's
account at JPMorgan Chase Bank in New York."
The Court finds and concludes that "by alleging that RBC Defendants
intentionally invested in BLMIS, the Trustee has met his burden of
alleging jurisdiction as to each subsequent transfer that
originated with BLMIS. And by alleging that RBC Defendants used New
York bank accounts, the Trustee has met his burden of alleging
jurisdiction over each transfer received through those New York
bank accounts. The Trustee has made a prima facie showing of
personal jurisdiction with respect to all of the Fairfield Funds
and Rye Portfolio Limited subsequent transfers at issue in this
Complaint."
The RBC Defendants contend that "the adoption of the Fairfield
Complaint would expand the scope of this adversary proceeding to
all claims against all defendants in the Fairfield Complaint. . .
in order to contest "actual knowledge" in raising the safe harbor
defense at a later stage of this litigation, RBC Defendants would
be required to address claims to which they are not a party or
decipher which allegations are relevant to them."
The Court notes that in the case of SIPC v. BLMIS (In re
Consolidated Proceedings on 11 U.S.C. section 550(a)), 501 B.R. 26,
36 (S.D.N.Y. 2013), the district court has already found that
adoption by reference of the Fairfield Complaint is proper: "The
Trustee's complaint against Standard Chartered Financial Services
incorporates by reference the complaints against Kingate and
Fairfield, including the allegations concerning the avoidability of
the initial transfers, and further alleges the avoidability of
these transfers outright. Thus, the avoidability of the transfers
from Madoff Securities to Kingate and Fairfield is sufficiently
pleaded for purposes of section 550(a)." As such, the Court will
follow the district court's instruction in SIPC v. BLMIS (In re
Consolidated Proceedings on 11 U.S.C. Section 550(a)).
In addition, the Court holds that "allowing the Trustee to
incorporate the Fairfield and Tremont Complaints by reference does
not prejudice the RBC Defendants. If the Court were to dismiss this
Amended Complaint and permit the Trustee to further amend his
Complaint to include all of the allegations that are already
contained in the Tremont Complaint, all parties would be prejudiced
by delay in these already, overly-prolonged proceedings."
In the adversary case is SECURITIES INVESTOR PROTECTION
CORPORATION, Plaintiff-Applicant, v. BERNARD L. MADOFF INVESTMENT
SECURITIES LLC, Defendant. In re: BERNARD L. MADOFF, Debtor. IRVING
H. PICARD, Trustee for the Substantively Consolidated SIPA
Liquidation of Bernard L. Madoff Investment Securities LLC and the
Chapter 7 Estate of Bernard L. Madoff, Plaintiff, v. BANQUE
INTERNATIONALE À LUXEMBOURG S.A. (f/k/a Dexia Banque
Internationale à Luxembourg S.A.); RBC INVESTOR SERVICES BANK S.A.
(f/k/a RBC Dexia Investor Services Bank S.A.); RBC INVESTOR
SERVICES TRUST (f/k/a RBC Dexia Investor Services Trust); BANCO
INVERSIS, S.A., as successor-in-interest to RBC Dexia Investor
Services España S.A.; and BANQUE INTERNATIONALE À LUXEMBOURG
(SUISSE) S.A. (f/k/a Dexia Private Bank (Switzerland) Ltd.),
Defendants, Case No. 08-01789 (CGM), (Substantively Consolidated),
Adv. Pro. No. 12-01698 (CGM), (Bankr. S.D.N.Y.).
A full-text copy of the Memorandum Decision dated March 14, 2023 is
available at https://tinyurl.com/26z75j9k from Leagle.com.
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of New
York granted the application of the Securities Investor Protection
Corporation for a decree adjudicating that the customers of BLMIS
are in need of the protection afforded by the Securities Investor
Protection Act of 1970. The District Court's Protective Order (i)
appointed Irving H. Picard, Esq., as trustee for the liquidation of
BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and
(iii) removed the SIPA Liquidation proceeding to the Bankruptcy
Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr.
Picard has retained AlixPartners LLP as claims agent.
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport Charitable
Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven
Morganstern -- assert US$64 million in claims against Mr. Madoff
based on the balances contained in the last statements they got
from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later
transferred to Manhattan. In June 2009, Judge Lifland approved the
consolidation of the Madoff SIPA proceedings and the bankruptcy
case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).
From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims. As of Jan. 31,
2021, and since his appointment in December 2008, the SIPA Trustee
has amassed more than $14.413 billion as a result of recoveries and
settlement agreements. These recoveries exceed similar efforts
related to prior Ponzi scheme recoveries, in terms of dollar value
and percentage of stolen funds recovered. Eligible BLMIS customers
have now received almost 70% of their allowed claims, and the SIPA
Trustee is optimistic that this figure will rise as the Trustee
secure more recoveries and distributions in the future.
BKLYN3 LLC: Seeks to Hire Rountree Leitman Klein & Geer as Counsel
------------------------------------------------------------------
BKLYN3, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Georgia to employ the law firm of Rountree,
Leitman, Klein & Geer, LLC as its counsel.
The firm will render these legal services:
(a) give the Debtor legal advice with respect to its powers
and duties in the management of its property;
(b) prepare legal papers;
(c) assist in examination of the claims of creditors;
(d) assist with formulation and preparation of the disclosure
statement and plan of reorganization and with the confirmation and
consummation thereof; and
(e) perform all other legal services for the Debtor as may be
necessary herein.
The hourly rates of the firm's attorneys and staff are as follows:
William A. Rountree, Attorney $595
Will B. Geer, Attorney $595
Michael Bargar, Attorney $595
Hal Leitman, Attorney $425
David S. Klein, Attorney $495
Alexandra Dishun, Attorney $425
Ceci Christy, Attorney $425
Elizabeth A. Childers, Attorney $395
Caitlyn Powers, Attorney $325
Elizabeth Miller, Paralegal $250
Sharon M. Wenger, Paralegal $225
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
The firm received a pre-petition retainer of $20,000 from the
Debtor.
William Rountree, Esq., a partner at Rountree Leitman Klein & Geer,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
William A. Rountree, Esq.
Rountree Leitman Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Facsimile: (404) 704-0246
Email: wrountree@rlkglaw.com
About BKLYN3 LLC
BKLYN3, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-52132) on March 6,
2023, with as much as $1 million in both assets and liabilities.
William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC
serves as the Debtor's counsel.
BLACK KNIGHT: $1.15B Bank Debt Trades at 25% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Black Knight
InfoServ LLC is a borrower were trading in the secondary market
around 74.9 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.15 billion facility is a Term loan that is scheduled to
mature on March 10, 2026. About $1.12 billion of the loan is
withdrawn and outstanding.
Black Knight InfoServ, LLC provides data and analytics solutions.
The Company offers integrated technology, software, and data
solutions that facilitate and automate many of the business
processes across the entire loan lifecycle. Black Knight InfoServ
serves customers in the United States.
BOARDRIDERS INC: $450M Bank Debt Trades at 36% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Boardriders Inc is
a borrower were trading in the secondary market around 64
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on April 6, 2024. The amount is fully drawn and
outstanding.
Boardriders, Inc. operates as an action sports and lifestyle
company. The Company designs, produces, and distributes apparel,
footwear, and accessories for outdoor action sports.
BRIDGER STEEL: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Bridger Steel, Inc. asks the U.S. Bankruptcy Court for the District
of Montana for authority to, among other things, use cash
collateral.
Bridger Steel seeks authority to immediately sell certain items of
personal property subject to liens and to use the sale proceeds to
pay on-going operating costs, specifically including but not
limited to the payment of payroll and associated costs. Without
the relief requested, Bridger Steel says it will be forced to
furlough its employees commencing March 18, 2023. In addition,
Bridger Steel seeks the use of the proceeds of pre- and
post-petition sales of products, which are also cash collateral.
The Debtor says it is facing a liquidity crisis which impairs its
ability to purchase steel with which it fabricates into roofing and
siding for sale to the public. As a consequence of its illiquidity,
Bridger Steel has a number of cancelled purchase contracts and was
unable to refund the 75% initially paid.
The Debtor's blanket lien holders are PSB Credit Services, LCF
Group Inc., and Seamless Capital Group, LLC. Both LCF and Seamless
loan agreements are commonly known as "merchant loans" and are
structured as purchases of future income. Bridger Steel entered
into a third merchant loan with Capytal.com. Capytal does not
assert a lien on equipment but does assert a lien on accounts and
general intangibles.
The Debtor entered into these pre-bankruptcy loan agreements:
1234567890123456789012345678901234567890123456789012345678901234
a. PSB:
i. Assignment of Bank of America loan #XXXXX5877
dated August 21, 2017 with the maximum principal
of $3 million;
ii. Promissory note dated November 18, 2020 in the
principal amount of $1.369 million;
iii. Promissory Note dated March 18, 2022 in the
principal amount of $1.7 million;
iv. Promissory Note dated June 10, 2022 in the
principal amount of $2.5 million; and
v. Promissory Note dated September 8, 2022 in the
principal amount of $1.9 million.
vi. As of the commencement of the case, the total
owed to PSB was $8.013 million.
vii. PSB is secured by all Bridger Steel' personal
property pursuant to security agreements with
Wells Fargo Bank, assigned to Bank of America,
and further assigned to PSB starting in 2015
and perfected through a UCC-1 filings with
the Montana Secretary of State on February 4,
2015 through July 7, 2022.
viii. PSB is also secured by mortgages on real
property owned by a guarantor, Dennis Johnson
or his affiliates.
b. LCF entered and funded a cash advance agreement dated
December 19, 2022 in the amount of $521,500 purchasing
future income; LCF filed a UCC-1 asserting a lien on
all assets, with the Montana Secretary of State on
December 21, 2022.
c. Seamless entered and funded a cash advance agreement
dated January 3, 2023 in the mount of $74,950 of
future accounts income; Seamless filed a UCC-1
asserting a lien on all assets with the Montana
Secretary of State on January 31, 2023.
d. Capytal entered and funded a cash advance agreement
dated January 18, 2023 in the amount of $166,100;
Capytal filed a UCC-1 with the Montana Secretary of
State on January 19, 2023.
e. Machinery Finance Resources, LLC, as lessor,
entered into a lease with Bridger Steel for the
acquisition of a SWI 5 Ton Powered Decoiler with
Coil Car through a lease dated July 18, 2018. The
MFR Lease is a finance lease as evidenced by the
$1 Purchase Option on the front page of the MFR
Lease. The total amount owed to MFR owed on the
lease is $156,238. The MFR debt secured by the
MFR Equipment will be paid from the sale proceeds.
MFR filed UCC-1's with the Montana Secretary of
State on May 3, 2018, June 5, 2018, July 30, 2018,
September 28, 2018, March 27, 2019, September 11,
2019, September 17, 2019, March 19, 2020, December
4, 2020, December 7, 2020, December 11, 2020,
March 25, 2021.
f. Midland Equipment Finance, as lessor, entered into
a lease with Bridger Steel for the acquisition of
an RAS XXLCenter Metal Folder. The Midland Lease is
a finance. The Midland debt secured by the Midland
Lease will be paid from the sale proceeds. Midland
filed a UCC-1 with the Montana Secretary of State
on September 11, 2019.
The total value of Bridger Steel's property potentially subject to
the PSB, LCF, and Seamless debt is $10.351 million; the value of
the guarantor of the PSB debt real property mortgaged to PSB is
$4.2 million; the total value of property securing Bridger Steel's
secured debt is $14.551 million. The total secured debt of Bridger
Steel is $7.362 million. There is a 50% equity cushion for PSB,
LCF, Seamless, and Capytal. Without consideration of the real
property pledge by the guarantor, the Debtor says the secured
creditors enjoy a 29% equity cushion in its property.
The Debtor believes the PSB has adequate protection by virtue of
its pre-petition, perfected security interest in Bridger Steel's
equipment, inventory, accounts, instruments, chattel paper, and
general intangibles combined with the value of the guarantor's real
property pledged to PSB. The equity cushion is approximately 50%.
This percentage surpasses 20%, and as such, demonstrates that PSB
is adequately protected from diminution in the value of its
interest in the cash collateral. The disputed claims of LCF,
Seamless, and Capytal also hold adequate protection from their
claimed liens.
A copy of the motion is available at https://bit.ly/3LuWTyk from
PacerMonitor.com.
About Bridger Steel
Bridger Steel Inc. -- https://www.bridgersteel.com/ -- is a
manufacturer of metal panel systems for roofing, siding & wall,
interior, and fencing applications.
Bridger Steel Inc. filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mont. Case No. 23-20019) on February
25, 2023. In the petition filed by Dennis L. Johnson, as president,
the Debtor reported assets between $1 million and $10 million and
liabilities between $10 million and $50 million.
The Honorable Bankruptcy Judge Benjamin P. Hursh oversees the
case.
The Debtor is represented by James A. Patten, Esq., at PATTEN
PETERMAN BEKKEDAHL & GREEN.
BROSE CONSTRUCTION: Unsecureds to Split $5K in Consensual Plan
--------------------------------------------------------------
Brose Construction, Inc., filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization dated March
14, 2023.
The Debtor is a full-service commercial/residential subcontractor,
headquartered in Orlando, Florida. The Debtor's principal place of
business is located at 8172 Saint Albans Drive, Orlando, Florida
32835, which is owned by Paul Snyder, the Debtor’s President,
Director, and Sole Shareholder.
Class 1 consists of the Allowed Unsecured Claims against the
Debtor. This Class is Impaired.
* Consensual Plan Treatment: The liquidation value or amount
that unsecured creditors would receive in a hypothetical chapter 7
case is approximately $0.00. Accordingly, the Debtor proposes to
pay unsecured creditors a pro rata portion of $5,040.00. Payments
will be made in equal quarterly payments of $420.00. Payments shall
commence on the fifteenth day of the month, on the first month that
begins more than ninety days after the Effective Date and shall
continue quarterly for eleven additional quarters. Pursuant to
§1191, the value to be distributed to unsecured creditors is
greater than the Debtor's projected disposable income to be
received in the 3-year period beginning on the date that the first
payment is due under the plan. Holders of class 4 claims shall be
paid directly by the Debtor.
* Nonconsensual Plan Treatment: The liquidation value or
amount that unsecured creditors would receive in a hypothetical
chapter 7 case is approximately $0.00. Accordingly, the Debtor
proposes to pay unsecured creditors a pro rata portion of its
Disposable Income. If the Debtor remains in possession, plan
payments shall include the Subchapter V Trustee's administrative
fee which will be billed hourly at the Subchapter V Trustee's then
current allowable blended rate. Plan Payments shall commence on the
fifteenth day of the month, on the first month that is ninety days
after the Effective Date and shall continue quarterly for eleven
additional quarters. The initial estimated quarterly payment shall
be $0.00; however, the Debtor may have disposable income during the
life of the Plan depending on future work. During the 3-year period
individual officer/insider compensation shall be limited to
$100,000 per year. Holders of class 1 claims shall be paid directly
by the Debtor.
Class 2 consists of any and all equity interests and warrants
currently issued or authorized in the Debtor. This Class is
Unimpaired. Holders of a Class 2 interests shall retain their full
equity interest in the same amounts, percentages, manner and
structure as existed on the Petition Date.
The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business.
Except as explicitly set forth in this Plan, all cash in excess of
operating expenses generated from operation until the Effective
Date will be used for Plan Payments or Plan implementation, cash on
hand as of Confirmation shall be available for Administrative
Expenses.
In the event of any revenue shortfall, Paul Snyder agrees to cover
any payments required under this Plan of Reorganization, if the
Plan of Reorganization is confirmed pursuant to 11 U.S.C. section
1191(a).
A full-text copy of the Plan of Reorganization dated March 14, 2023
is available at https://bit.ly/3YXFGkb from PacerMonitor.com at no
charge.
Counsel for Debtor:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
About Brose Construction
Brose Construction, Inc. is a full-service commercial/residential
subcontractor, headquartered in Orlando, Florida. The Debtor sought
protection for relief under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 22-04528) on Dec. 23, 2022, listing
under $1 million in both assets and liabilities. Jeffrey S.
Ainsworth, Esq. at BransonLaw, PLLC represents the Debtor as
counsel.
CARESTREAM HEALTH: $540M Bank Debt Trades at 40% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Carestream Health
Inc is a borrower were trading in the secondary market around 59.9
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $540.8 million facility is a Term loan that is scheduled to
mature on September 30, 2027. The amount is fully drawn and
outstanding.
Carestream Health, Inc., headquartered in Rochester, New York, is a
supplier of imaging and IT systems to the medical and dental
communities and to other markets.
CARIBBEAN BANANA: April 14 Plan & Disclosure Statement Hearing Set
------------------------------------------------------------------
On March 13, 2023, Caribbean Banana, Inc., filed with the U.S.
Bankruptcy for the District of Puerto Rico a Disclosure Statement
describing Small Business Plan of Reorganization.
On March 14, 2023, Judge Maria De Los Angeles Gonzalez
conditionally approved the Disclosure Statement and ordered that:
* April 14, 2023 at 9:30 AM is the hearing for the
consideration of the final approval of the Disclosure Statement and
the confirmation of the Plan.
* That acceptances or rejections of the Plan may be filed in
writing by the holders of all claims on/or before 14 days prior to
the date of the hearing on confirmation of the Plan.
* That any objection to the final approval of the Disclosure
Statement and/or the confirmation of the Plan shall be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.
* That the debtor shall file with the Court a statement
setting forth compliance with each requirement in section 1129, the
list of acceptances and rejections and the computation of the same,
within 7 working days before the hearing on confirmation.
A copy of the order dated March 14, 2023 is available at
https://bit.ly/3LBmLZr from PacerMonitor.com at no charge.
Debtor's attorneys:
Enrique M. Almeida, Esq.
Zelma B. Davila, Esq.
Almeida & Davila, P.S.C.
268 Ponce de Leon Avenue Suite 900
San Juan, PR 00918
P.O. Box 191757
San Juan, PR 00919-1757
Tel. (787) 722-2500
Fax No. (787) 777-1376
Email: enrique.almeida@almeidadavila.com
zelma.davila@almeidadavila.com
About Caribbean Banana
Caribbean Banana, Inc., is a privately owned corporation
incorporated under the Laws of the Commonwealth of Puerto Rico in
August 2012. Its line of business includes the planting,
harvesting and sale of bananas and other small fruits.
Caribbean Banana sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 22-01302) on May 6,
2022, listing as much as $500,000 in both assets and liabilities.
The Honorable Bankruptcy Judge Maria De Los Angeles Gonzalez
oversees the case.
Enrique Almeida Bernal, Esq., and Zelma B. Davila, Esq., at Almeida
& Davila, P.S.C., are the Debtor's bankruptcy attorneys.
CASH CLOUD: Committee Taps Seward & Kissel as Bankruptcy Counsel
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Cash Cloud, Inc., doing business as Coin Cloud,
seeks approval from the U.S. Bankruptcy Court for the District of
Nevada to employ Seward & Kissel LLP as bankruptcy counsel.
The firm will render these services:
(a) advise and assist the committee and consult with the
Debtor relative to the administration of the case;
(b) represent the committee at hearings held before the court
and communicate with the committee regarding the issues raised, as
well as the decisions of the court;
(c) assist and advise the committee in its examination and
analysis of the conduct of the Debtor's affairs and the reason for
its Chapter 11 filing;
(d) review and analyze all applications, motions, orders,
statements of operations and schedules filed with the court by the
Debtor or third parties, advise the committee as to their
propriety, and, after consultation with the committee, take
appropriate action;
(e) assist the committee in preparing applications, motions
and orders in support of positions taken by the committee, as well
as prepare witnesses and review documents in this regard;
(f) apprise the court of the committee's analysis of the
Debtor's operations;
(g) confer with the financial advisors and any other
professionals retained by the committee, if any are selected and
approved;
(h) assist the committee in its negotiations with the Debtor
and other parties-in-interest concerning the terms of any proposed
plan or reorganization;
(i) assist the committee in its consideration of any plan of
reorganization proposed by the Debtor's or other
parties-in-interest as to whether it is in the best interest of
creditors and is feasible;
(j) assist the committee with such other services as may
contribute to the confirmation of a plan of reorganization;
(k) advise and assist the committee in evaluating and
prosecuting any claims that the Debtor may have against third
parties;
(l) assist the committee in the determination of whether to,
and if so, how to, sell assets of the Debtor for the highest and
best price; and
(m) assist the committee in performing such other services as
may be in the interest of creditors.
The hourly rates of the firm's counsel and staff are as follows:
John R. Ashmead, Partner $1,625
Robert J. Gayda, Partner $1,300
Catherine V. LoTempio, Associate $975
Andrew Matott, Associate $925
Laura Miller, Associate $975
Marian Wasserman, Paralegal $360
In addition, the firm will seek reimbursement for expenses
incurred.
John Ashmead, Esq., a partner at Seward & Kissel, 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:
John R. Ashmead, Esq.
Robert J. Gayda, Esq.
Catherine V. LoTempio, Esq.
Andrew J. Matott, Esq.
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
Telephone: (212) 574-1200
Email: ashmead@sewkis.com
gayda@sewkis.com
lotempio@sewkis.com
matott@sewkis.com
About Cash Cloud
Cash Cloud Inc., doing business as Coin Cloud, operates automated
teller machines for buying and selling Bitcoin, Ethereum, Dogecoin,
and more than 40 other digital currencies with cash, card and
more.
Cash Cloud Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 23-10423) on Feb. 7, 2023,
with $50 million to $100 million in assets and 100 million to $500
million in liabilities. Chris McAlary, president of Cash Cloud,
signed the petition.
Judge Mike K. Nakagawa oversees the case.
The Debtor tapped Fox Rothschild, LLP as legal counsel and
Province, LLC as financial advisor. Stretto is the claims agent.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's case. The committee
is represented by McDonald Carano, LLP and Seward & Kissel, LLP.
CASTLE US: $1.20B Bank Debt Trades at 34% Discount
--------------------------------------------------
Participations in a syndicated loan under which Castle US Holding
Corp is a borrower were trading in the secondary market around 65.9
cents-on-the-dollar during the week ended Friday, March 17, 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.
CCC CONSULTING: Unsecureds Will Get 10 Cents on Dollar in Plan
--------------------------------------------------------------
CCC Consulting Corporation filed with the U.S. Bankruptcy Court for
the Central District of California a Plan of Reorganization for
Small Business under Subchapter V dated March 16, 2023.
The Debtor, a California corporation, is in the business of
developing and operating fast casual restaurants in California and
the West, with its principal business offices located in Paramount
and West Covina in Los Angeles County.
Most recently, the Debtor had two "Patxi's Pizza" restaurant
locations, one in San Carlos, California, and the other in Denver,
Colorado. Unfortunately, the Denver location had to cease
operations and close its doors several months prior to filing for
bankruptcy relief as the result of its continuing poor performance,
originating from the Covid-19 shutdowns, and followed by related
and continuing business and supply chain disruptions, as well as
inflationary pressures.
Notwithstanding the issues, which continue to plague many small
businesses nationwide, the San Carlos location has managed to
remain open and profitable. The Debtor believes it can successfully
reorganize under subchapter V, thereby preserving approximately 40
jobs, and with the hope of expanding its presence again in the not
too distant future.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of approximately $678,080.00.
The final Plan payment is expected to be paid on the date that is 5
years from the Effective Date.
This Plan of Reorganization proposes to pay creditors of the Debtor
from its cash, and future income.
Non-priority unsecured creditors holding Allowed Claims will
receive distributions, which the proponent of this Plan has valued
at approximately 10 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 6 consists of Non-priority General Unsecured Claims. Each
holder of an Allowed Class 6 Claim will be paid its pro-rata share
of the Debtor's net disposable income in bi-annual installments,
due on each 6-month anniversary of the Effective Date of the Plan
and ending on the last such date that is no more than 5 years after
the Effective Date. Debtor shall have the right to pay the balance
of any Allowed Claim in full at any time on or after the Effective
Date without premium or penalty of any kind.
Class 7 consists of Interest Holders (Reorganized Debtor). This
Class is Unimpaired. The equity interest holder shall retain his
interest in the Debtor.
On the Effective Date, title to all assets, claims, causes of
action, properties, and business operations of Debtor and of the
Estate shall revest in Reorganized Debtor, and thereafter, the
Reorganized Debtor shall own and retain such assets free and clear
of all liens and Claims, except as expressly provided in the Plan.
From and after the Effective Date, except as otherwise described in
the Plan, the Reorganized Debtor shall own and operate such assets
without further supervision by or jurisdiction of the Court. From
and after the Effective Date, in accordance with the terms of the
Plan and the Confirmation Order, Reorganized Debtor shall perform
all obligations under all executory contracts and unexpired leases
assumed in accordance with the Plan.
Debtor's interest in Cash and future income are its most
significant assets that will be major sources of funding under the
Plan. The Plan will be funded by the Debtor's post-petition
disposable income over a 5-year period after the Effective Date.
Only creditors holding Allowed Claims will receive distributions
and a reserve will be set up for filed or scheduled claims that are
disputed and will be subject to a claim objection. Any claimant
whose claim was listed as disputed, contingent, or unliquidated who
did not file a claim by the claims bar date shall not receive any
distributions under the Plan.
A full-text copy of the Subchapter V Plan dated March 16, 2023 is
available at https://bit.ly/3yOMaHN from PacerMonitor.com at no
charge.
Attorney for the Plan Proponent:
James E. Till, Esq.
LimNexus, LLP
707 Wilshire Boulevard, 46th Floor
Los Angeles, CA 90017
Telephone: (213) 955-9500
Facsimile: (213) 955-9511
Email: james.till@limnexus.com
About CCC Consulting Corporation
CCC Consulting Corporation, a company in West Covina, Calif, filed
its voluntary petition for Chapter 11 protection (Bankr. C.D.
Calif. Case No. 22-16853) on Dec. 16, 2022, with up to $50,000 in
assets and $1 million to $10 million in liabilities. Edmund
Cutting, chief executive officer and chief financial officer,
signed the petition.
Judge Ernest M. Robles oversees the case.
James E. Till, Esq., at LimNexus, LLP serves as the Debtor's legal
counsel.
CITY BREWING: $850M Bank Debt Trades at 57% Discount
----------------------------------------------------
Participations in a syndicated loan under which City Brewing Co LLC
is a borrower were trading in the secondary market around 42.7
cents-on-the-dollar during the week ended Friday, March 17, 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.
CITY OF CHESTER: Eligible for Relief Under Chapter 9, Court Says
----------------------------------------------------------------
Bankruptcy Judge Ashely M. Chan for the Eastern District of
Pennsylvania, on March 14, 2023, has issued an Opinion concluding
that the City of Chester has met its burden and established that it
is eligible for relief under Chapter 9 of the Bankruptcy Code.
By way of background, the City of Chester is the oldest city in
Pennsylvania, incorporated as a borough in 1701 and as a city in
1866, and is a city of the Third Class under Pennsylvania law.
Since the mid-1950s, the City has experienced significant economic
challenges, including, inter alia, a decline in population,
declining revenues, and high expenditures. Over time, these trends
have substantially eroded the City's tax base, taking a toll on the
City's ability to generate revenue, provide services to the City's
residents, and maintain infrastructure that benefits the City's
residents. Id. In 1995, faced with multi-million dollar deficits
and past due obligations, the City was designated a distressed city
under Act 47.
From 2013 to 2019, the City ran general fund deficits between $2.2
million and $8.7 million each year, except in 2017. Moreover, from
2014 through 2020, the City did not make its full annual legally
required pension payments, otherwise known as its minimum municipal
obligation, to its pension funds established for the City's
employees -- the Police Pension Plan, Paid Firemen's Pension Plan,
and Officers and Employees Pension Plan. By the beginning of 2017,
the City had accumulated $28 million of unpaid obligations and
defaulted on its 2016 Tax Revenue Anticipation Note.
On April 13, 2020, Pennsylvania Governor Tom Wolf issued a
Declaration of Fiscal Emergency as to the City. Subsequently,
Michael Doweary was nominated pursuant to Act 47 to serve as
Receiver for the City.
The mayor of the City and certain City Council members dispute that
the Debtor is eligible for relief because the Elected Officials
have not expressed a desire to effect a plan to adjust the City's
debts.
One of the holders of certain bonds issued by the Debtor, PHCC LLC
d/b/a Preston Hollow Community Capital, also disputes that the
Debtor is eligible for relief based on its allegation that the
Debtor failed to engage in good faith negotiations with Preston
Hollow prior to filing and that negotiations were not
impracticable.
Ultimately, the Court finds that the City is eligible for relief
under Chapter 9 of the Bankruptcy Code because it is a municipality
and it has established that: (a) specifically authorized by
Pennsylvania's Secretary for Community and Economic Development to
have its Receiver commence a Chapter 9 proceeding as required under
Act 47; (b) it is insolvent as evidenced in large part by its past
and current inability to fund its substantial pension obligations,
which are presently due and enforceable, to its retirees and
current City employees; (c) it desires to effect a plan to adjust
its debts through the extensive pre and post-petition efforts of
the appointed Receiver to balance the City's budget and negotiate
with creditors; (d) it negotiated in good faith with its major
creditor constituencies, including its three unions, Delaware
County Bondholders, and Preston Hollow, and that negotiating with
the City's retirees with no representative in advance of the
bankruptcy filing would have been impracticable; and (e) it filed
this Voluntary Petition in good faith.
The Court concludes that "the financial problems that the City has
faced since the mid-1950s are the types of financial problems
contemplated by, and meant to be addressed in, a Chapter 9 filing.
. . the City's decision to file this Voluntary Petition and pursuit
of a plan of recovery in the face of its "crippling liabilities"
and insufficient revenue to meet its current and future liabilities
is entirely consistent with Chapter 9's objective of providing
protection to a financially distressed municipality from creditors
while it develops a plan to adjust its debts. . . despite the
City's prepetition negotiations with its creditors to avoid a
bankruptcy filing, such efforts have not been fruitful and, at this
point, Chapter 9 relief appears to be the only viable option to
bring all relevant parties to the table in order to reach a
resolution and a plan of adjustment. . . that provides a permanent
solution for the City of Chester and its residents."
A full-text copy of the Opinion dated March 14, 2023 is available
at https://tinyurl.com/5fucsp4b from Leagle.com.
About City of Chester
City of Chester, a Municipality in Pennsylvania, filed a petition
for relief under Chapter 9 of the Bankruptcy Code (Bankr. E.D. Pa.
Case No. 22-13032) on Nov. 11, 2022. In the petition signed by
Michael Doweary, receiver for City of Chester, the Debtor reported
assets between $10 million to $50 million and liabilities between
$100 million to $500 million.
Judge Ashely M. Chan oversees the case.
The Debtor is represented by Ballard Spahr LLP.
COLOUROZ INVESTMENT 2: $205M Bank Debt Trades at 50% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
2 LLC is a borrower were trading in the secondary market around
49.9 cents-on-the-dollar during the week ended Friday, March 17,
2023, according to Bloomberg's Evaluated Pricing service data.
The $205 million facility is a Payment in kind Term loan that is
scheduled to mature on September 21, 2024. The amount is fully
drawn and outstanding.
ColourOZ Investment 2 LLC provides industrial paint products.
CONFLUENT HEALTH: $465M Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Confluent Health
LLC is a borrower were trading in the secondary market around 81.8
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $465 million facility is a Term loan that is scheduled to
mature on November 30, 2028. The amount is fully drawn and
outstanding.
Confluent Health, LLC provides health care services. The Company
offers outpatient physical, employee screening, and occupational
therapy services. Confluent Health serves patients, employers,
payors, students, and providers in the United States.
CONSOLIDATED ELEVATOR: Wins Cash Collateral Access Thru March 22
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Consolidated Elevator Company,
Inc. to use cash collateral on an interim basis in accordance with
the budget, with a 10% variance, through March 22, 2023.
The Court said the Debtor is permitted to pay the salary of David
J. Sandoval, Thomas C. Wallis, and Thomas G. Wallis from January 25
through March 8, 2023.
The Debtor is not authorized to pay the Insiders commissions or the
$1,000 per month for 24/7 on-call services and to retroactively pay
the Insiders' salary earned but not paid pursuant to 11 U.S.C.
section 503(b)(1)(A)(i).
As adequate protection to the secured creditors, the Debtor will:
a. pay the U.S. Small Business Administration $2,437 per
month;
b. grant the Secured creditors replacement liens on the
Debtor's postpetition cash collateral with the same validity,
extent and priority as their prepetition liens and as they would
have under nonbankruptcy law, to the extent that their cash
collateral is actually used; and
c. segregate and hold in its cash collateral DIP bank account
all revenue exceeding the funds needed to pay the expenses set
forth on the Budget.
A continued hearing on the matter is set for March 22 at 9 a.m.
A copy of the order is available at https://bit.ly/3LyAekT from
PacerMonitor.com.
About Consolidated Elevator Company, Inc.
Consolidated Elevator Company, Inc. provides elevator repairs
services. Its employees consist of mechanics, salespeople, and
support staff. It sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-15611) on October 14,
2022. In the petition signed by David J. Sandoval, CFO, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Sandra R. Klein oversees the case.
Matthew D. Resnik, Esq., at RHM Law, LLP, is the Debtor's counsel.
CONSOLIDATED: $999.9M Bank Debt Trades at 21% Discount
------------------------------------------------------
Participations in a syndicated loan under which Consolidated
Communications Inc is a borrower were trading in the secondary
market around 78.9 cents-on-the-dollar during the week ended
Friday, March 17, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $999.9 million facility is a Term loan that is scheduled to
mature on October 2, 2027. The amount is fully drawn and
outstanding.
Consolidated Communications, Inc. is a broadband and business
communications provider offering a wide range of communications
solutions to consumer, commercial and carrier customers across a
23-state service area and an advanced fiber network spanning more
than 45,000 fiber route miles. The company maintains headquarters
in Mattoon, Ill.
CONVERGEONE HOLDINGS: $275M Bank Debt Trades at 63% Discount
------------------------------------------------------------
Participations in a syndicated loan under which ConvergeOne
Holdings Inc is a borrower were trading in the secondary market
around 37.5 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on January 4, 2027. The amount is fully drawn 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.
CPC ACQUISITION: $1.03B Bank Debt Trades at 17% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Cpc Acquisition
Corp is a borrower were trading in the secondary market around 83.2
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.03 billion facility is a Term loan that is scheduled to
mature on December 29, 2027. The amount is fully drawn and
outstanding.
CPC Acquisition Corp is in the chemicals industry.
CREEPY COMPANY: Unsecureds to Get Share of Income for 5 Years
-------------------------------------------------------------
Creepy Company, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Illinois a First Amended Plan of
Reorganization dated March 14, 2023.
The Debtor is a Chicago-based designer and seller, both through e
commerce and wholesale, of horror and Halloween based collectibles.
The Debtor has been operating under its current name since June 28,
2016.
After taking on additional debt in 2021 to invest in company
infrastructure, the Debtor experienced a downturn in sales starting
in the fourth quarter of 2021 that disrupted its debt repayment
plan and eventually rendered the Debtor unable to remit its high
debt service payments. The Debtor required relief under the
Bankruptcy Code in order to unfreeze bank accounts and receivables
and to reorganize its secured and unsecured debt. Since the filing
of the Debtor's Chapter 11 case, the Debtor has been operating as
usual and paying its debts as they come due.
The First Amended Plan provides for distribution to creditors with
Allowed Claims from funds realized from the continued operation of
the Debtor's business by the Debtor.
Since the Petition Date, the Debtor has worked jointly with the
Trustee in preparing and proposing both the original Plan and this
First Amended Plan in order to render the First Amended Plan
consensual. The First Amended Plan provides for a payment of all of
the Debtor's disposable income to all general unsecured and
undersecured secured claims over 5 years, from funds realized from
the continued operation of the Debtor's business by the Debtor.
Payments to the unsecured creditors will be made on a yearly
basis.
Class 5 consists of Undersecured Claims of Purported Secured
Creditors (Merchant Cash Advances, and Other Purported Secured
Creditors). Class 5 Claimants assert a purported secured interest
in the same collateral as the Class 1 and 2 Secured Claimants, but
because the Class 1 and 2 Secured Claimants are in first position
with respect to the Debtor's collateral, and the amount of the
Debtor's collateral does not support a secured position beyond the
Class 1 and 2 Claimants, Class 5 Claimants are unsecured and
impaired, and therefore entitled to vote on the First Amended
Plan.
Class 5 Claimants shall be paid their pro-rata share of the
Debtor's disposable income, identical to that paid to general
unsecured creditors in Class 6, over a 5-year period, with
distributions to be made on a yearly basis based on disposable
income each year. It is anticipated, depending on the Debtor's cash
flow, that payments will increase annually during the life of the
First Amended Plan except there is a decrease in payments from 2023
to 2024 to reflect expected downturn in revenue for that period.
Class 6 consists of General Unsecured Claims. Twenty-one Class 6
Claimants were scheduled by the Debtor, with total claims in the
approximate amount of $391,000. Class 6 Claims are impaired under
the First Amended Plan, and Plan 6 claimants are entitled to vote
on the First Amended Plan. Class 6 Claimants shall be paid their
pro-rata share of the Debtor's disposable income, identical to that
paid to general unsecured creditors in Class 5, over a 5 year
period, with distributions to be made on a yearly basis based on
disposable income each year.
Class 7 consists of Shareholder Interests. The Debtor is a closely
held corporation, and Susanne Goethals is the sole shareholder of
the Debtor, and the holder of the Allowed Class 7 Interest. Under
the First Amended Plan, Susanne Goethals will retain her 100%
interest. Class 7 is not impaired under the First Amended Plan, and
not entitled to vote.
Upon Confirmation, the Debtor shall be re-vested with its assets,
subject only to the terms and conditions of this First Amended
Plan. The Debtor shall be entitled to continue to operate and
manage its business and financial affairs in the ordinary course
without further Order of this Court.
Distributions under the First Amended Plan shall be made from
proceeds realized from the continued operation of the Debtor's
business by the Debtor. The Debtor does not intend to borrow funds
but reserves the right to borrow funds to make the First Amended
Plan payments.
A full-text copy of the First Amended Plan dated March 14, 2023 is
available at https://bit.ly/3FYMasL from PacerMonitor.com at no
charge.
Debtor's Counsel:
Scott R. Clar, Esq.
Crane, Simon, Clar & Goodman
135 S. LaSalle Street, # 3950
Chicago, IL 60603
Phone: 312-641-6777
Email: sclar@cranesimon.com
About Creepy Company
Creepy Company LLC sells horror-themed blankets, rugs, lapel pins,
apparel and other products.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-08660) on August 1,
2022. In the petition signed by Susanne C. Goethals, owner and
manager, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Carol A. Doyle oversees the case.
Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, is the
Debtor's counsel.
DIEBOLD NIXDORF: Widens Net Loss to $585.6 Million in 2022
----------------------------------------------------------
Diebold Nixdorf, Incorporated has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $585.6 million on $3.46 billion of net sales for the year
ended Dec. 31, 2022, compared to a net loss of $78.1 million on
$3.9 billion of net sales for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $3.06 billion in total assets,
$1.60 billion in total current liabilities, $2.58 billion in
long-term debt, $40.6 million in pensions, post-retirement and
other benefits, $76.7 million in long-term operating lease
liabilities, $96.6 million in deferred income taxes, $31.5 million
in other liabilities, and $(1.37) billion in total equity.
On Dec. 29, 2022, the Company completed the Refinancing
Transactions, which were a series of transactions with certain key
financial stakeholders to refinance certain debt with near-term
maturities and provide the Company with new capital. As planned,
at the closing of the Refinancing Transactions, the Company drew
down the ABL Facility and made payments to suppliers and vendors to
work towards improved supplier relationships. As of Dec. 31, 2022,
therefore, the Company had zero availability under the ABL Facility
and $344 of cash, cash equivalents, restricted cash and short-term
investments. As designed, the ABL Facility availability resets
each month. Initially, the Company believed that the Refinancing
Transactions, along with cash from operations, would be sufficient
to meet the Company's near-term and long-term liquidity needs for
at least the next 12 months. Over the course of the first quarter
of 2023, based on the Company's revenue cycle and the composition
of the borrowing base under the ABL Facility, the availability
under the ABL Facility as of March 2023 has been substantially
limited. In addition, slower-than-expected conversion of inventory
into revenue has further suppressed liquidity. Accordingly,
without modifications to the ABL Facility and access to additional
capital, the Company currently projects that it will not generate
sufficient cash from operations or have access to other sources of
liquidity to sustain its operating needs or to meet its obligations
as they become due over the twelve-month period subsequent to the
filing of this annual report on Form 10-K.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/28823/000002882323000078/dbd-20221231.htm
About Diebold Nixdorf
Diebold Nixdorf, Incorporated -- www.DieboldNixdorf.com --
automates, digitizes and transforms the way people bank and shop.
As a partner to the majority of the world's top 100 financial
institutions and top 25 global retailers, the Company's integrated
solutions connect digital and physical channels conveniently,
securely and efficiently for millions of consumers each day. The
Company has a presence in more than 100 countries with
approximately 22,000 employees worldwide.
Diebold Nixdorf reported a net loss of $267.8 million for the year
ended Dec. 31, 2020, and a net loss of $344.6 million for the year
ended Dec. 31, 2019. As of Dec. 31, 2022, the Company had $3.06
billion in total assets, $1.60 billion in total current
liabilities, $2.58 billion in long-term debt, $245.4 million in
long-term liabilities, and a total deficit of $1.37 billion.
* * *
As reported by the TCR on Jan. 11, 2023, S&P Global Ratings raised
its issuer credit rating on U.S.-based ATM and point-of-sale
provider Diebold Nixdorf Inc. to 'CCC+' from 'SD'. S&P said, "The
positive outlook reflects our expectation that the company's
increased backlog, price increases and cost-cutting efforts coupled
with supply chain efficiencies will materially improve EBITDA
margins and reduce leverage toward the mid-8x area by the end of
2023. We also expect this will improve prospects for growing free
cash flow generation to support FOCF to debt in the
low-single-digit percent area over the next 12 months."
Early this month, Moody's Investors Service affirmed Diebold
Nixdorf, Inc.'s corporate family rating of Caa2 following the
closing of the Company's debt capital restructuring.
DIGITAL AEROLUS: Seeks to Hire Olsen Law Firm as Bankruptcy Counsel
-------------------------------------------------------------------
Digital Aerolus, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Kansas to hire The Olsen Law Firm, LLC as its
bankruptcy counsel.
The firm's services include:
(a) advising the Debtor regarding the administration of its
Chapter 11 case, compliance with local rules, procedures, forms,
and other matters;
(b) advising and representing the Debtor with respect to
retention of bankruptcy professionals and advisors;
(c) advising and representing the Debtor in analyzing its
assets and liabilities, investigating the extent and validity of
liens and participating in and reviewing any proposed asset sales,
asset dispositions, financing arrangements and other proceedings;
(d) representing the Debtor in any manner relevant to
reviewing and determining its rights and obligations under leases
and other contracts;
(e) representing the Debtor in investigating the acts,
conduct, assets, liabilities and financial condition of the Debtor,
the Debtor's operations and the desirability of the continuance of
any portion of those operations, and any other matters relevant to
the bankruptcy case or to the formulation of a Chapter 11 plan;
(f) advising and representing the Debtor regarding a sale of
its assets;
(g) assisting the Debtor in its participation in the
negotiation, formulation, or objection to any plan of liquidation
or reorganization;
(h) advising the Debtor on issues concerning the appointment
of a trustee or examiner under Section 1104 of the Bankruptcy
Code;
(i) advising the Debtor regarding its powers and its duties
under the Bankruptcy Code and the Bankruptcy Rules;
(j) assisting the Debtor in the evaluation of claims and any
litigation matters, including avoidance actions; and
(k) other necessary legal services.
Olsen Law will be paid at these rates:
Jill D. Olsen, Esq. $300 per hour
Paralegals $75 per hour
The firm received a retainer in the amount of $3,000.
The firm can be reached through:
Jill D. Olsen, Esq.
The Olsen Law Firm, LLC
118 N. Conistor Ln., Suite B #290
Liberty, MO 64068
Phone: (816) 521-8811
Fax: (816) 278-9493
Email: jill@olsenlawkc.com
About Digital Aerolus
Digital Aerolus, Inc., a company in Overland Park, Kan., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Kan. Case No. 23-20226) on March 10, 2023, with
$407,497 in assets and $3,790,513 in liabilities. Sanford Peterson,
secretary, signed the petition.
Jill D. Olsen, Esq., at The Olsen Law Firm, LLC represents the
Debtor as counsel.
DOYLESTOWN HOSPITAL: Moody's Confirms B3 Rating on $210MM Bonds
---------------------------------------------------------------
Moody's Investors Service has confirmed Doylestown Hospital, PA's
B3 revenue bond rating. The outlook has been revised to negative
from ratings under review. There is approximately $210 million of
debt outstanding.
RATINGS RATIONALE
Confirmation of the B3 rating reflects an expectation that while
operating margins will remain very weak, operating losses will
continue to improve which should allow for some stabilization of
cash reserves. Management has implemented several performance
improvement initiatives and engaged consultants which will continue
to drive better results. Additionally, Doylestown has initiated the
process to sell its long-term care facility which if successful
could help bolster operating results and cash balances.
Confirmation of the rating also acknowledges management's continued
efforts to reduce acceleration risk given successful execution of
an amendment to the bank covenants that allowed for the hospital to
avoid a covenant miss at December 31, 2022 as well as ongoing
active discussions with lenders regarding future measurement dates.
That said, the B3 rating incorporates material credit risks
including a reasonable likelihood that financial bank covenants
will be breached as soon as March 31 and/or June 30 and the
possibility for immediate acceleration of all of the hospital's
outstanding debt at the discretion of the bank, trustee or
bondholders. Doylestown has limited cash reserves to support
operations or the repayment of all outstanding debt, with roughly
65 days cash on hand as of December 31, 2022. Positively, the
deterioration of cash balances has slowed following better
operating results. Moody's continue to view the hospital's leading
market position, including collaboration with other community and
academic health systems, in a favorable service area of Bucks
County as a credit strength. Doylestown also benefits from low
exposure to Medicaid, which reduces its reliance on governmental
payors. That said, competition is increasing with larger providers
in the surrounding areas.
RATING OUTLOOK
The negative outlook reflects the risk of bond acceleration and the
potential for materially less than 100% recovery on the bonds. The
outlook also considers near-term challenges in realizing rapid
operational improvements given limited traction of recent
initiatives, and the pending nature around the sale of the
hospital's long-term care facilities. A stable outlook would be
considered if the hospital is able to materially reduce debt
acceleration risks while maintaining stable cash balances and
operating results.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
Given severity of current circumstances, an upgrade is not
likely in the near term. Over the longer term, an upgrade could
result from consistent and sustainable improvement in cash flow and
financial metrics.
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
Acceleration of debt
Inability to maintain better operating results and sustain
current levels of cash
Filing for bankruptcy protection and/or liquidation
LEGAL SECURITY
The bonds are secured by a lien and security interest in Doylestown
Hospital's Pledged Revenues, a mortgage on the Hospital's acute
care facility, and as it relates to the Series 2013A, Series 2016A
Bonds, Series A 2019 and Series B 2019 Bonds revenues of the
Foundation pursuant to the guaranty agreement. However, in the case
of the Series 2013B Bonds, the Foundation has been joined as a
co-obligor along with Doylestown Hospital. Regardless, all
outstanding debt is secured on parity.
Doylestown is subject to restrictive financial covenants measured
to Doylestown Hospital and the Foundation. The most restrictive of
which are under the bond purchase and bank covenants agreement
related to the Series 2013B bonds (not rated) and include lender
required maintenance of a minimum 100 days cash on hand (measured
semi-annually on a trailing four quarter basis), minimum 1.35 times
annual debt service coverage (measured quarterly on a trailing four
quarter basis) and maximum 65% debt to capitalization (measured
semi-annually). Covenants under the loan agreement and bond
indenture include maintenance of a minimum 1.1 times annual debt
service coverage measured annually.
Failure to meet financial covenants could trigger an event of
default (EOD) and potential immediate acceleration if the lender
directs the Trustee to accelerate the bonds. In which case, the
Trustee would have the option, due to the EOD under the Trust
Agreement, to accelerate Doylestown's publicly issued Bonds, and
would be forced to accelerate if at least 25% of public bondholders
requested it. There is no cure period under the bank documents.
Under the loan agreement, which governs Doylestown's rated debt, a
violation of a financial covenant would constitute an EOD if the
EOD cannot be corrected within a 30-day period following notice to
the Hospital and if it's not corrected during the 30-day cure
period, the hospital fails to institute corrective action until the
EOD is corrected. However, if an EOD did occur, the Trustee would
have the option to accelerate Doylestown's debt, and would be
forced to accelerate if at least 25% of public bondholders
requested it.
Currently, the system does not have sufficient cash to cover
outstanding debt in the event of an acceleration of all bonds.
PROFILE
With total annual revenue of approximately $430 million (for the
entire system) as of FYE 2022, Doylestown Hospital operates
community focused healthcare facilities serving patients in the
northern suburban communities of Philadelphia, including Bucks and
Montgomery counties in Pennsylvania and the town of Lambertville in
New Jersey.
METHODOLOGY
The principal methodology used in these ratings was Not-For-Profit
Healthcare published in December 2018.
EAGLE BEAR: Gets OK to Hire Holmes & Turner as Accountant
---------------------------------------------------------
Eagle Bear, Inc. received approval from the U.S. Bankruptcy Court
for the District of Montana to employ Holmes & Turner as its
accountant.
The Debtor requires an accountant to prepare income tax returns and
provide income tax consulting and audit services during the
pendency of its Chapter 11 case.
The firm will charge these hourly fees:
Danielle Weber, CPA $170
Matt Cope, CPA $170
Casey Brunt $105
Ashlyn Brush $90
Kim Biladeau $90
Chandra Inman $85
As disclosed in court filings, Holmes & Turner is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Danielle Weber, CPA
Holmes & Turner
1283 N 14th Ave Suite 201
Bozeman, MT 59715
Phone: +1 406-587-4265
Email: info@holmesandturner.com
About Eagle Bear
Eagle Bear, Inc. operates RV (Recreational Vehicle) Parks and
recreational camping ground resort.
Eagle Bear filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Mont. Case No. 22-40035) on May
23, 2022, with up to $10 million in both assets and liabilities.
Susan Brooke, president of Eagle Bear, signed the petition.
Judge Benjamin P. Hursh oversees the case.
The Debtor tapped Patten, Peterman, Bekkedahl and Green, PLLC as
legal counsel and Holmes & Turner as accountant.
EAST WILLIAMSBURG: Taps Law Offices of Avrum J. Rosen as Counsel
----------------------------------------------------------------
East Williamsburg Affordable Housing Initiative, LLC seeks approval
from the U.S. Bankruptcy Court for the Eastern District of New York
to hire the Law Offices of Avrum J. Rosen, PLLC as its bankruptcy
counsel.
The firm's services include:
(a) advising the Debtor of its rights and duties;
(b) overseeing the preparation of necessary reports to the
court or creditors;
(c) conducting all appropriate investigation or litigation;
and
(d) other necessary services in aid of the administration of
the Debtor's estate.
The Law Offices of Avrum J. Rosen will be paid at these rates:
Partners $670 per hour
Associates $570 per hour
Paraprofessional $200 per hour
The firm received a post-petition retainer in the amount of
$20,000.
As disclosed in court filings, The Law Offices of Avrum J. Rosen is
disinterested within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Avrum J. Rosen, Esq.
The Law Offices of Avrum J. Rosen, PLLC
38 New Street
Huntington, NY 11743
Telephone: (631) 423-8527
Email: arosen@ajrlawny.com
About East Williamsburg Affordable
Housing Initiative
Brooklyn-based East Williamsburg Affordable Housing Initiative is
engaged in activities related to real estate.
East Williamsburg filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
22-41991) on Aug. 18, 2022, with $1 million to $10 million in both
assets and liabilities. Jonathan Marcus, managing member of East
Williamsburg, signed the petition.
Judge Nancy Hershey Lord presides over the case.
Avrum J. Rosen, Esq., at The Law Offices of Avrum J. Rosen, PLLC
represents the Debtor as counsel.
ENVIVA INC: Fitch Affirms LongTerm IDR at 'BB-' , Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Enviva Inc.'s (EVA) Long-Term Issuer
Default Rating (IDR) at 'BB-' and senior unsecured rating at
'BB-'/'RR4'. The Rating Outlook is Stable.
EVA's ratings reflect the stable and predictable nature of
contracted cashflows generated by its growing portfolio of wood
pellet production plants, and also reflect its growing customer
base, increasing scale of operations and regulatory support for
biomass. EVA's revenues are largely derived from long-term
take-or-pay contracts with creditworthy counterparties, including
major power generators and, to a lesser extent, utilities and large
industrial customers. Enviva continues to accelerate their growth
plans and increase production capacity as they scale the business
to meet rising demand.
KEY RATING DRIVERS
New Plant Increases Scale: Enviva is moving forward with the
construction of its new 1.1 million MTPY pellet production plant in
Bond, Mississippi to meet growing customer demand in Europe, the
Caribbean and Asia. The Bond plant is the third of four planned
pellet production facilities at company's growing Pascagoula
cluster of assets which includes a deep-water shipping terminal.
This will be the second production plant that will be under
construction at the Pascagoula terminal after the company broke
ground on its plant in Epes, Alabama last year.
The Epes plant has an expected in-service date in 2024 and the Bond
plant in 2025. Due to strong demand, the EVA expects to build four
new plants over the next four years through an EPC contractor with
each plant expected to cost $375 million on average.
Increased Plant Costs: While final plant construction costs have
increased from projections of $250 million in early 2022 primarily
due to inflation, optimization and reliability enhancements, and
projected EPC costs, EBITDA projections have also increased to $75
million-$90 million of EBITDA per annum from $65 million during the
same period due to higher sales prices. New plants coming online
represent an EBITDA investment multiple of approximately 5.0x.
Gross Margin Deferral Impact Temporary: Fitch expects the negative
impact of the deferral of $89 million of gross margin during the
fourth quarter from one of its major customers to be temporary and
considers it to be largely an issue of timing. Under GAAP
accounting, $89 million of gross margin generated from the sale of
wood pellets during 4Q 2022 to a major customer will not be
recognized until 2024-2025, when the customers purchase of wood
pellet volumes under its long-term contracts with EVA exceeds
1.8MTPY -- the amount of wood pellet purchases by EVA from the same
customer as a result of a purchase agreement signed in 4Q 2022 with
deliveries scheduled in 2023-2025.
Volume Growth Under Long-Term Contracts: EVA maintains a robust
pipeline of projects and contracts under negotiation that provide a
pathway for significant growth over the next few years. EVA has a
weighted average remaining term of approximately 13.7 years and
contracted revenue backlog of approximately $23.5 billion for its
overall contract portfolio. In addition, EVA has a robust backlog
of contracts under negotiation that, if finalized, will allow for
accelerated intermediate-term growth.
EVA's counterparty contracts are primarily take-or-pay contracts
with a fixed price for the entire term of the contract subject to
annual inflation-based adjustment and price escalation.
Creditworthy Counterparties: Enviva's contracts are primarily with
large creditworthy counterparties, and Fitch expects a significant
increase in the diversification of EVA's customer base over the
next few years as Enviva continues to sign additional contracts and
expands its operations in the U.K., Europe (mainly Germany) and,
increasingly, Japan. Enviva continues to grow its customer base and
recently announced three new contracts with European customers in
Q1 2023 following the signing of nine new contracts in 2022.
In 2022, nearly all (84%) of EVA's revenue was generated from six
major customers. Contracts with Drax Power Limited (a subsidiary of
Drax Group Holdings Limited [BB+/Stable]), Lynemouth Power Limited,
MGT Power, Orsted A/S (BBB+/Stable), Sumitomo Corp. and Mitsubishi
Corp. represent substantially all of EVA's expected product sales
in 2023.
Limited Size Constrains Ratings: EVA is growing rapidly, but at
this time its limited size constrains its ratings as the company
has faced headwinds in 2022 including pandemic-related labor,
production, and logistics challenges, a six-month delay of the
in-service date of their Lucedale production plant in Q1 2022 and
higher costs for purchased wood pellets. These headwinds are
largely expected to be temporary and are mitigated by higher sales
prices with management targeting an increase of adjusted EBITDA to
$305 million-$335 million in 2023, consistent with prior
expectations.
Leverage Pressured; Deleveraging Expected: Fitch expects leverage
metrics to remain elevated over the next two years as Enviva
focuses on building two new wood pellet production plants (Epes and
Bond) to support its growing contract backlog. Fitch expects that
EBITDA leverage metrics will average 5.0x through 2023-2024 as
capex peaks and strengthen thereafter and average approximately 4x
in 2025-2026 as capital spending subsides. Leverage was pressured
due to the Lucedale plant (750K MTPY) entering service in Q1 2022,
six months later than expected, with full production capacity
reached toward the end of 2022; leverage will strengthen following
a full year of the plant's contribution of earnings.
Conservative Financial Strategy: Fitch expects that that FCFs will
be fully contracted with creditworthy counterparties, and that they
will be financed by a balanced 50/50 mix of equity and debt. Fitch
believes EVA's publicly stated financial policy supports the
current ratings. This includes achieving a 3.5x-4.0x leverage
ratio, maintaining a forward-looking annual dividend coverage of
1.5x, and targeting a balanced 50/50 capital structure of equity
and debt.
Regulatory Environment Should Remain Supportive: Fitch is concerned
about nascent proposals in the European Union to legislate biomass
as a carbon emitting fuel but believes the regulatory environment
in jurisdictions that EVA serves should remain favorable in the
near term. Favorably for EVA, the latest legislative proposals as
part of the EU's Renewable Energy Directive continue to treat
biomass as a renewable resource.
Negotiations between the EU Parliament, Commission and Council are
ongoing and a final decision is expected in the first half of 2023.
While a change in the classification of biomass to a carbon
emitting fuel would be a credit negative, Fitch believes a trend of
rising energy prices in Europe could forestall any changes to
regulating biomass in the near term.
DERIVATION SUMMARY
EVA is the world's leading supplier of utility-grade wood pellets
to major power generators across the globe. The company's cash flow
is supported by long-term take-or-pay contracts with utilities and
power generators that are currently subsidized by their local
government to produce electricity using renewable energy sources,
such as biomass. There are limited publicly traded comparable
companies for EVA given the size of the biomass sector as well as
the competitive landscape.
EVA is growing rapidly, but exhibits a much smaller scale of
operations than peers with expected annual EBITDA of more than $300
million in the near term. While EVA's credit profile is currently
hindered by its small scale of operations, its ratings are
reflective of long-term take-or-pay contract profile and a
supportive regulatory environment for the biomass industry.
Atlantica Sustainable Infrastructure Plc (AY; BB+/Stable) is a
comparable for EVA in the renewable energy space.
AY is a dividend, growth-oriented company that owns and manages a
diversified portfolio of contracted assets underpinned by long-term
contracts with credit-worthy counterparties in the power and energy
markets. Like EVA, AY generates cash flow under contract prices
with counterparties that benefit from supportive government
policies. However, AY is roughly 3.0x larger than EVA by size and
cash flow.
Fitch projects EVA's FFO leverage will strengthen to and average
approximately 4x in 2025-2026 as the company realizes a full year
of earnings following plants placed in service, which is higher
compared with AY's gross leverage ratio (HoldCo debt/CAFD) in the
mid- to high-3x range, but is positioned well with respect to the
higher rated YieldCo's negative sensitivity threshold of 4.0x.
Sunoco LP (BB+/Stable) is a comparable within the midstream space,
given that Sunoco also operates in a highly fragmented, competitive
wholesale motor fuel sector. Similar to EVA, Sunoco also has
12-year, take-or-pay fuel supply agreement with a 7-Eleven
subsidiary, under which Sunoco will supply approximately 2.2
billion gallons of fuel annually.
While EVA's projected leverage is similar to Sunoco's, with YE 2022
FFO leverage at 4.2x and a long-term target of 4.0x, EVA is
one-third the size of Sunoco. Additionally, Fitch also does not
expect Sunoco to have major funding needs in the near term
KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer
- Revenue and EBITDA growth driven by increasing wood pellet
export
volumes as well as annual inflation and price adjustment under
existing and new contracts;
- Accretive cash flow from construction of new pellet production
plants;
- Future construction of production plants averaging one per year
are assumed in forecast periods financed with 50/50 mix of
equity and debt;
- Capex averages $338 million per annum in 2022-2025 with peak
spending in 2023 and declines thereafter;
- Regulatory environment remains supportive for the biomass
industry in the jurisdictions that EVA's customers operate in.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Continued increase in size and scale of operations with
EBITDA greater than $300 million;
- Total debt with equity credit to EBITDA below 4.3x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Significant credit event with counterparties, including
multi-notch downgrade at EVA's major counterparties,
which will impair future cash flow into EVA;
- Unfavorable changes in regulatory environment with regard to
treatment and subsidies supporting biomass power generation
as renewable generation;
- Capex spending or unfavorable dividend policy that
significantly reduces liquidity or increases leverage;
- Total debt with equity credit to EBITDA above 5.0x.
LIQUIDITY AND DEBT STRUCTURE
Enhanced Liquidity: Since late 2021, EVA has increased its
financial flexibility by amending and extending its secured
revolving credit facility. The credit facility was upsized to $570
million from $525 million, borrowing costs remain the same, and the
maturity was extended by approximately one year to June 2027.
As of Dec. 31, 2022, EVA had approximately $384 million of
liquidity available under its $570 million revolving credit
facility including $251 million of cash and cash equivalents. Fitch
expects the company to have adequate liquidity to finance plant
expansions and construction, fund its working capital needs and
dividend distributions in the near term.
To alleviate financing needs in the short term, management has
issued approximately $250 million of equity in March. This was
consistent with prior expectations. Fitch expects management to
maintain a disciplined approach in executing and funding its large
capex program.
ISSUER PROFILE
Enviva Inc. is the world's largest supplier of utility-grade wood
pellets to major power generators by production capacity. The
company procures wood fiber and processes it into utility-grade
wood pellets, which are then transported to their customers
overseas through vessels.
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.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Enviva Inc. LT IDR BB- Affirmed BB-
senior
unsecured LT BB- Affirmed RR4 BB-
EVERNEST HOLDINGS: Amends HSBC & PMIT Secured Claims Pay Details
----------------------------------------------------------------
Evernest Holdings LLC, submitted a Second Amended Plan of
Reorganization under Subchapter V.
This Plan is an operating plan. It provides for continuing
operation of the Debtor's business to fund an orderly repayment of
claims within the constraints of the cash flow generated by the
Debtor's business.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income sufficient to make all
payments under the plan.
This Plan of Reorganization proposes to pay creditors of Evernest
Holdings LLC., from future rental income, as well as sales and or
refinance proceeds resultant from the owning and managing of the
Evernest Properties.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 41 cents on the dollar. This Plan also provides
for the payment in full of administrative claims during Year 1 of
the Plan.
Class 2 consists of the Secured Claim of HSBC evidenced by a
Recorded First Position Mortgage Encumbering the 15661 Property.
The Class 2 First position mortgage of HSBC in the total amount of
approximately $1,402,857, of which $544,370.56 is secured. On the
Effective Date of the Plan Eddrian Burciaga shall through a new
value contribution, make a principal reduction payment of $5,000 to
the Class 2 Creditor. The Class 2 claim holder shall retain the
first mortgage lien it held as same existed immediately prior to
the Petition Date with an adjusted balance of $544,370.56.
Commencing on the 15th of the month following the Effective Date,
the Class 2 allowed Secured Claim shall be paid in monthly
installments calculated at 6% fixed interest amortized over 30
years with a balloon payment due at the end of the 60th month in an
amount equal to the unpaid principal balance of the loan.
On the 12th month following the effective date and on each
successive 12-month period thereafter, Eddrian Burciaga shall make
an additional $10,000 new value contribution to be applied as a
principal reduction payment to the Class 1 Creditor. The unsecured
balance of the Class 2 Claimants Claim in the amount of
approximately $878,459.00 ($1,402,857 - $519,398 - $5,000 new value
Contribution = $878,459) shall be treated as an unsecured claim
pursuant to Class 6.
Class 3 consists of the Secured Claim of PMIT evidenced by a
Recorded First Position Mortgage Encumbering the 10240 Property.
The Class 3 First position mortgage of PMIT in the total amount of
approximately $1,066,238.55. The Class 2 Claimant is fully secured
under the Plan. On the Effective Date of the Plan Eddrian Burciaga
shall through a new value contribution, make a principal reduction
payment of $5,000 to the Class 3 Creditor. The Class 3 claim holder
shall retain the first mortgage lien it held as same existed
immediately prior to the Petition Date. The interest bearing
principal balance shall be the February 2023 principal balance of
$490,000. The non-interest bearing principal balance shall be
$571,239.00 ($1,066,238.55 - $490,000 - $5,000.00 New Value
contribution = $571,239).
The Class 3 Claim shall be paid in principal and interest monthly
installments of $2,062.45 which are the payments designated for
July 2021 through June 2055 under the 2015 loan modification, with
a balloon payment due at the end of the 60th month in an amount
equal to the unpaid principal balance of the loan. On the 12th
month following the effective date and on each successive 12-month
period thereafter, Eddrian Burciaga shall make an additional
$10,000 new value contribution to be applied as a principal
reduction payment to the Class 3 non-interest bearing principal
balance.
The Distributions under the Plan will be made from revenues
resultant from the rental of the Evernest Properties.
The Plan will be funded by the Debtor's post-petition disposable
income over a 5 year period after the Effective Date. Only
creditors holding Allowed Claims will receive distributions and a
reserve will be set up for filed or scheduled claims that are
disputed and will be subject to the claims objection.
A full-text copy of the Second Amended Plan dated March 16, 2023 is
available at https://bit.ly/402c5HI from PacerMonitor.com at no
charge.
Attorney for the Debtor:
Richard Siegmeister
Richard Siegmeister, PA
3850 Bird Rd, Floor 10
Miami, FL 33146-1501
Tel: (305) 859-7376
Email: rspa111@att.net
About Evernest Holdings
Evernest Holdings, LLC owns real properties located in Miami-Dade
County, Fla.
Evernest Holdings sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18951) on Nov. 21,
2022. In the petition signed by its manager, Eddrian Burciaga, the
Debtor disclosed up to $50,000 in assets and up to $1 million in
liabilities.
Judge Robert A. Mark oversees the case.
Richard Siegmeister, Esq., at Richard Siegmeister, PA, is the
Debtor's legal counsel.
EXELA INTERMEDIATE: $403M Bank Debt Trades at 75% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Exela Intermediate
LLC is a borrower were trading in the secondary market around 24.6
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $403.4 million facility is a Term loan that is scheduled to
mature on July 12, 2023. About $72.7 million of the loan is
withdrawn and outstanding.
Exela Intermediate LLC / Exela Finance Inc operates as a dual
issuer and special purpose entity. The Company was formed for the
purpose of issuing debt securities to repay existing credit
facilities, refinance indebtedness, and for acquisition purposes.
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 41% Discount
----------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 59.3 cents-on-the-dollar during the week
ended Friday, March 17, 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.
FinThrive is a provider of revenue cycle management software
solutions to the healthcare sector.
FIRST REPUBLIC BANK: S&P Lowers LT ICR to 'B+', On Watch Negative
-----------------------------------------------------------------
On March 19, 2023, S&P Global Ratings lowered its long-term issuer
credit rating on First Republic Bank to 'B+' from 'BB+'. S&P also
lowered its senior unsecured issue rating to 'B+', its subordinated
issue rating to 'B-', and its preferred stock issue rating to
'CCC'. The ratings remain on CreditWatch with negative
implications.
The deposit infusion from 11 U.S. banks, the company's disclosure
that borrowings from the Fed range from $20 billion to $109 billion
and borrowings from the Federal Home Loan Bank (FHLB) increased by
$10 billion, and the suspension of its common stock dividend
collectively lead S&P to the view that the bank was likely under
high liquidity stress with substantial deposit outflows over the
past week. As of March 15, First Republic reported a cash position
of $34 billion, not including the $30 billion it will receive in
deposits from the 11 banks.
Environmental, Social, And Governance
ESG credit indicators: To E-2, S-2, G-4; From E-2, S-2, G-3
S&P said, "We see governance factors as a negative consideration,
affecting more than one analytical component, in our analysis of
First Republic. The high deposit volatility in the wake of recent
bank failures has significantly intensified vulnerabilities within
First Republic's operating model. Nonetheless, we view the deposit
infusion as an action to stem liquidity pressures."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Risk management, culture, and oversight
FORTE II LLC: Seeks to Hire Marjorie Guymon as Bankruptcy Counsel
-----------------------------------------------------------------
Forte II, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Nevada to employ Marjorie Guymon, Esq., an attorney
practicing in Las Vegas, to handle its Chapter 11 case.
Ms. Guymon will render these services:
(a) institute, prosecute or defend any lawsuits, adversary
proceedings and/or contested matters arising out of this bankruptcy
proceeding;
(b) assist in recovery and obtain necessary court approval for
recovery and liquidation of estate assets, and assist in protecting
and preserving the same where necessary;
(c) assist in determining the priorities and status of claims
and in filing objections thereto where necessary;
(d) assist in preparation of a disclosure statement and plan;
and
(e) advise the Debtor and perform all other legal services for
the Debtor.
Ms. Guymon will be paid up to $500 per hour, plus expenses.
The Debtor paid the attorney a retainer of $20,000.
Ms. Guymon disclosed in a court filing that she is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Marjorie Guymon, Esq.
Goldsmith & Guymon, PC
2055 Village Center Circle
Las Vegas, NV 89102
Telephone: (702) 873-9500
Email: mguymon@goldguylaw.com
About Forte II LLC
Forte II, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 23-10868) on March 9,
2023. In the petition signed by Nina Manchev, managing member, the
Debtor disclosed up to $50,000 in both assets and liabilities.
Marjorie Guymon, Esq., at Goldsmith & Guymon, PC serves as the
Debtor's legal counsel.
FRANKIE'S COMICS: Court OKs Interim Cash Collateral Access
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina in Raleigh authorized Frankie's Comics LLC to use cash
collateral on an interim basis in accordance with the budget.
The Debtor requires the use of cash collateral to pay ordinary
operating expenses.
Frankie's Comics started doing business as an online retailer of
comic books in 2015. In 2021, Frankie's Comics opened a
brick-and-mortar store in Apex, North Carolina. Sales declined as
the pandemic wore on in the end of 2021. Frankie's Comics took out
several high-interest loans, which burdened its ability to operate.
The Debtor closed the brick-and-mortar store, but plans to re-open
the store in 2023. Frankie's Comics continues to run its online
comic sales business.
A review of the North Carolina Secretary of State's UCC filings
reveals the following financing statements which might perfect a
lien on cash collateral:
a. File # 20200061763J recorded May 26, 2020, in favor of U.S.
Small Business Administration, 2 North Street, Suite 320,
Birmingham, AL 35203;
b. File # 20220080891C recorded June 8, 2022, in favor of CHTD
Company, P.O. Box 2576, Springfield, IL 62708;
c. File # 20220097680H recorded June 14, 2022, in favor of
First Corporate Solutions, as representative, 914 S. Street,
Sacramento, CA 95811;
d. File # 20220122362C recorded September 6, 2022, in favor of
Corporation Service Company as representative, P.O. Box 2576.
Springfield, IL 62708;
e. File # 20220145062F recorded October 26, 2022, in favor of
CT Corporation System, as representative, 330 N. Brand Blvd., Suite
700: ATTN: SPRS, Glendale, CA 90210; and
f. File # 20220153194M recorded on November 15, 2022, in favor
of Corporation Service Company as representative, P.O. Box 2576.
Springfield, IL 62708.
As adequate protection, and to the extent that cash collateral is
used, the Potential Secured Creditors will receive a post-petition
lien on the Debtor's cash and inventory to the extent of the use
and to the extent that the pre-petition lien in the same type of
collateral was valid, perfected, enforceable, and non-avoidable as
of the petition date.
The Debtor's use of cash collateral will expire or terminate on the
earlier of: (i) the Debtor ceasing operations of its business; or
(ii) the non-compliance or default of the Debtor with any terms and
provisions of the Order.
A further hearing on the matter is set for April 18, 2023 at 11
a.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3Lu3ut7 from PacerMonitor.com.
The Debtor projects $90,400 in total income and $81,772 in total
expenses for the period from March 15 to April 15, 2023.
About Frankie's Comics, LLC
Frankie's Comics, LLC is a comic book store in Apex, North
Carolina. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02892) on December 14,
2022. In the petition signed by Kevin Fields, owner/manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Joseph N. Callaway oversees the case.
William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC,
represents the Debtor as legal counsel.
FTAI AVIATION: Fitch Assigns 'B' Rating on $65MM Preferred Shares
-----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B' to FTAI Aviation Ltd's
(FTAI) $65 million, 9.5% fixed-rate reset perpetual Series D
preference share issuance (ISIN: KYG3730V1471). In line with
FTAI's Long-Term Issuer Default Rating (IDR) of 'BB-'/Rating Watch
Negative (RWN), the preferred share debt rating is also on RWN.
The preferred share rating is aligned with the expected rating
Fitch assigned to FTAI's Series D preference share issuance on
March 8, 2023 (see "Fitch Puts FTAI on Rating Watch Negative;
Assigns Expected Rating to Preferred Issuance").
KEY RATING DRIVERS
Preferred Shares
The ratings of FTAI's preferred shares are two notches below the
company's Long-Term IDR, reflecting the subordination and
heightened risk of non-performance of the instrument relative to
other obligations.
IDR
The RWN on FTAI's Long-Term IDR reflects the lower-than-expected
tangible equity balance following the infrastructure spin-off. This
resulted in higher leverage and uncertainty around the pace of
deleveraging towards Fitch's previously articulated leverage
sensitivity (calculated as gross debt to adjusted tangible equity)
of 6x by 1Q24. Adjusting equity for 50% equity credit on its
outstanding preference shares and excluding goodwill, FTAI's
adjusted tangible equity position as at YE22 was negative $170
million.
Shareholder equity amounted to $19 million at YE22, as capital
reserves were eroded by a $561 million net equity adjustment on
infrastructure assets and higher-than-anticipated one-off
adjustments for spin-off charges. Internal capital accumulation
remained constrained by high debt servicing costs as well as
sustained high dividend pay-outs (ordinary dividends of $128.5
million in 2022).
Upon inclusion of the Series D preference share issuance proceeds
of $65 million, gross debt/total equity (unadjusted for preference
shares and goodwill) equates to around 26x at YE22 (YE21: 2.2x
pre-spin-off). While the receipt of insurance proceeds related to
claims filed for assets held in Russia and Ukraine could support
near-term deleveraging, the timing and quantum of these flows
remains uncertain and, therefore, Fitch has excluded these proceeds
from analytical projections.
As a result, deleveraging hinges on more conservative capital
management, the disposal of select non-core assets as well as
strong execution on the core leasing and aerospace service
offerings (focused on the manufacturing, repair and sale of
aftermarket aircraft engine components). Management expects the
latter to be a strategic growth driver going forward. Failure to
make meaningful progress in reducing high leverage toward Fitch's
leverage threshold of 6x within six months could result in a rating
downgrade.
FTAI's ratings continue to reflect its market position as a niche
aviation lessor (focused on leasing aged aircraft and engines),
good portfolio diversification, limited exposure to residual value
risk, limited refinance risk over the short term and a
predominantly unsecured funding profile. This is balanced against
high balance sheet leverage, as the firm's sizeable debt burden
weighs on a shallow capital base which is notably eroded post
spin-off. In addition, the profitability track record for core
aviation activities is relatively short and re-lease risk is
elevated due to FTAI's focus on shorter-term leases.
RATING SENSITIVITIES
Preferred Shares
The preferred share ratings are primarily sensitive to changes in
FTAI's Long-Term IDR and are expected to move in tandem. However,
the preferred share rating could be downgraded by an additional
notch to reflect further structural subordination should the firm
consider other hybrid instruments.
IDR
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Failure to meaningfully reduce balance sheet leverage over the next
six months, with an aim to sustain gross debt/tangible (adjusted
for 50% equity credit on preference shares) at 6x-or-below,
resulting from weak operational performance, a material decline in
asset sale proceeds or failure to execute on other strategic
capital building initiatives would result in a one-notch downgrade.
Additionally, the recognition of sizable aircraft and/or engine
impairments, higher repossession activity, difficulty re-leasing
aircraft at economical rates, and/or a reduction in available
liquidity could also adversely impact ratings.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Demonstrated progress in deleveraging over the near term could
result in the removal of the Rating Watch and assignment of a
Negative Outlook.
Beyond that, the Outlook could return to Stable should leverage be
reduced and sustained at 6x-or-below. A sustained improvement in
profitability, maintenance of a predominantly unsecured funding
profile, the maintenance of operating cash flow in excess of
dividend distributions, would also support a revision of the
Outlook to Stable. Strong risk management and solid credit
performance through a full credit cycle would also be viewed
favorably in the longer-term.
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.
Entity/Debt Rating Prior
----------- ------ -----
FTAI Aviation Ltd.
preferred LT B New Rating B(EXP)
GMP BORROWER: $69.2M Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which GMP Borrower LLC is
a borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $69.2 million facility is a Term loan that is scheduled to
mature on October 28, 2027. About $68.5 million of the loan is
withdrawn and outstanding.
GMP Borrower LLC is the owner of a pipeline system (Glass Mountain
Pipeline) transporting crude oil from the Mississippi Lime, Granite
Wash and STACK oilfields to Cushing, Okla., where it has storage
capacity and interconnects to major pipeline systems, as well as to
other destinations.
GORDIAN MEDICAL: $280M Bank Debt Trades at 20% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Gordian Medical Inc
is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $280 million facility is a Term loan that is scheduled to
mature on April 1, 2027. The amount is fully drawn and
outstanding.
Gordian Medical, Inc., doing business as American Medical
Technologies, provides healthcare services. The Company offers
medical expertise, protocol development, education, healing, and
preserving programs. American Medical Technologies serves patients
and healthcare professionals in the United States.
GRAND CANYON: Seeks to Tap Symphony Business Services as Accountant
-------------------------------------------------------------------
Grand Canyon Destinations, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to hire Symphony
Business Services, LLC as its accountant.
Symphony will perform general bookkeeping services for the Debtor
at a monthly flat rate of $2,000 and will prepare the Debtor's 2022
tax filings for $1,750.
As disclosed in court filings, Symphony is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Tracy Janssen, EA
Symphony Business Services, LLC
2580 N Buffalo Dr Ste 100
Las Vegas, NV 89128
Phone: +1 702-655-5535
About Grand Canyon Destinations
Grand Canyon Destinations, LLC is a bus and small tour company
offering well-planned and affordable day trips, primarily from Las
Vegas to the Grand Canyon.
Grand Canyon Destinations filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 23-10399) on Feb. 3, 2023, with $1 million to $10 million
in both assets and liabilities. Nathan F. Smith, Esq., has been
appointed as Subchapter V trustee.
Judge Natalie M. Cox oversees the case.
The Debtor tapped Candace C. Carlyon, Esq., at Carlyon Cica, Chtd.
as legal counsel and Symphony Business Services, LLC as accountant.
GREENWAY HEALTH: $526M Bank Debt Trades at 24% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Greenway Health LLC
is a borrower were trading in the secondary market around 75.9
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $526 million facility is a Term loan that is scheduled to
mature on February 16, 2024. About $502.3 million of the loan is
withdrawn and outstanding.
Greenway provides ambulatory solutions and services for electronic
health records, practice management, electronic data interchange,
practice analytics, population health, and revenue cycle
management.
HALLMARK MFG: Seeks to Hire Coan Payton & Payne as Legal Counsel
----------------------------------------------------------------
Hallmark Mfg., Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to hire Coan, Payton & Payne, LLC as
its legal counsel.
The Debtor requires legal counsel to:
a. give advice with respect to the powers and duties of the
Debtor under the Bankruptcy Code and otherwise;
b. assist the Debtor in the development of a plan of
reorganization under Subchapter V;
c. file schedules, pleadings, reports and actions, which may
be required in the continued administration of the Debtor's
property; and
d. perform other necessary legal services.
The firm will charge $395 per hour for attorneys and $100 to $195
per hour for paralegals.
Coan, Payton & Payne received a retainer in the amount of $10,000,
inclusive of the $1,738 filing fee.
As disclosed in court filings, Coan, Payton & Payne is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Steven T. Mulligan, Esq.
Coan, Payton & Payne, LLC
999 18th Street, Suite S 3100
Denver, CO 80202
Telephone: 303-861-8888
Email: smulligan@cp2law.com
About Hallmark Mfg.
Hallmark Mfg., Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-10868) on March
9, 2023, with up to $50,000 in both assets and liabilities. Mark
David Dennis has been appointed as Subchapter V trustee.
Judge Michael E. Romero presides over the case.
Steven T. Mulligan, Esq., at Coan, Payton & Payne, LLC represents
the Debtor as legal counsel.
HENRRY DELIVERY: Unsecureds Will Get 100% via Quarterly Payments
----------------------------------------------------------------
Henrry Delivery Services, Inc., filed with the U.S. Bankruptcy
Court for the Middle District of Florida a Plan of Reorganization
dated March 14, 2023.
The Debtor is a Florida corporation which was incorporated on July
16, 2016. The Debtor is a delivery company which subcontracts to do
deliveries for big-box stores.
As of Petition Date, the Debtor operates from 6627 Winding Oak
Drive, Tampa, Florida 33625 which is the home of its principal,
Henrry Campos Pena.
The Debtor's Plan will be funded by the current and future income
earned by the Debtor. The Debtor proposes a reasonable Plan which
is proposed in good faith and not by any means forbidden by law.
The Plan proposes to pay creditors of the Debtor from the Debtor's
current and future earnings.
This Plan provides for 1 class of priority claims; 4 classes of
secured claims; 1 class of general unsecured claims; and 1 class of
equity security holders. Unsecured creditors holding allowed claims
will receive one hundred percent of their allowed claim payable
over five years. This Plan also provides for the payment of
administrative and priority claims under the terms to the extent
permitted by the Code or by agreement between the Debtor and the
claimant.
Class 6 consists of General Unsecured Creditors. The Debtor will
pay claimants in this class 100% of their allowed claims (presently
estimated a ($82,019.32) with interest at 5.75%, in thirty
quarterly payments with payments of $4,728.45 commencing on the
start of the calendar quarter immediately following the Effective
Date of Confirmation and continuing for a total of forty
consecutive quarters. In the event that this quarter starts less
than 30 days after the entry of the Confirmation Order, payment
shall not commence until the following quarter. This Class is
impaired.
Promissory notes will be issued to each creditor in this class with
allowed claims to evidence payments, which promissory notes shall
be enforceable in any Court of Competent Jurisdiction. The amount
of the distribution will be considered final thirty-one days the
entry of the Confirmation Order, unless there is an objection
pending at that time
Class 7 consists of Equity Security Holders of the Debtor. Equity
will retain ownership in the Debtor post-confirmation. No
distributions will be made to equity until such time as all
payments in Class 6 have been made.
Current equity will continue to manage the Debtor post
confirmation. The Plan will be funded by the continued operations
of the Debtor.
A full-text copy of the Plan of Reorganization dated March 14, 2023
is available at https://bit.ly/3TpWv6o from PacerMonitor.com at no
charge.
Attorney for Debtor:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
Buddy D. Ford, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
Email: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About Henrry Delivery Services
Henrry Delivery Services, Inc., is a delivery company which
subcontracts to do deliveries for big-box stores. Henrry Delivery
Services sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 22-04921) on Dec. 14, 2022. In the
petition signed by Henrry Campos Pena, president, the Debtor
disclosed up to $500,000 in assets and up to $100,000 in
liabilities.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A., is the Debtor's legal
counsel.
HERTZ CORPORATION: Court Grants Bid for Summary Judgment
--------------------------------------------------------
In the case captioned as Julio Fernandez Gonzalez, Plaintiff, v.
Katherin Valdes-Garcia, et al. Defendants, Case No.
2:20-cv-01775-RFB-NJK, (D. Nev.), District Judge Richard F.
Boulware, II has issued an order granting ESIS, Inc.'s and Hertz
Corporation's motion for summary judgment and denying Katherin
Valdes-Garcia's motion for summary judgment and Julio Fernandez
Gonzalez' counter-motion for summary judgment.
This case arises out of a car accident that happened on November
13, 2018, when Plaintiff Julio Fernandez Gonzalez was driving a car
with two passengers, including Intervenor Plaintiff Hernandez
Roque. The Defendant Katherin Valdes-Garcia was driving a car she
rented from Hertz Corporation and her car contacted the rear end of
Gonzalez' vehicle. Gonzalez and passengers were injured.
Valdes-Garcia filed a Motion for Sanctions under Rule 37(c) against
Roque for untimely disclosure. The Court denies Valdes-Garcia's
Motion for Sanctions. Valdes-Garcia's Motion for Summary Judgment
is premised on similar facts and arguments as her Motion for
Sanctions, which also concerns Roque's failure to timely serve both
his initial and expert disclosures on Valdes-Garcia.
The Court finds Roque timely served his expert disclosures,
although he did not timely serve his initial disclosures.
Accordingly, the questions are now whether Roque's failure to
timely serve his initial disclosures and whether his supplemental
expert discovery both warrant prohibiting him from using the
information or witnesses provided by those disclosures to prove his
negligence claim against Valdes-Garcia. The Court concludes that
they do not.
As the Magistrate Judge concluded, "Valdes-Garcia does not dispute
that she already had access to the information that was untimely
disclosed. . . even if the supplemental expert discovery was
insufficient to supplement the initial Feb. 28, 2022 disclosures,
Valdes-Garcia does not explain what made them insufficient. . .
nothing in the record suggests that she attempted to communicate
with Intervenor Plaintiff, before or after the October 2021
deadline, including any time before filing her instant Motion for
Summary Judgment, regarding his initial disclosures. . . after this
motion was filed, the discovery deadline was extended to Sept. 30,
2022. Therefore, Valdes-Garcia was given more time to engage in
discovery." Accordingly, the Court denies Valdes-Garcia's Motion
for Summary Judgment against Roque's claims.
Plaintiff Julio Fernandez Gonzalez' first amended complaint
alleges, as the Third Cause of Action, one breach of contract claim
against ESIS, Inc. and Hertz -- specifically, ESIS and Hertz
materially breached their obligations under the Settlement
Agreement by refusing to pay the $640,000 settlement amount they
agreed to pay under the agreement.
ESIS and Hertz argue that the claims against them have been
discharged pursuant to the Bankruptcy Code and Confirmation Order.
Further, the Confirmation Order enjoin the Plaintiff and Intervenor
Plaintiff from litigating claims against ESIS and Hertz in this
Court. Furthermore, the bankruptcy court retained jurisdiction to
construe and enforce the injunction contained in the Plan and
Confirmation Order. Thus, any challenge to the Plan must instead be
raised in the bankruptcy proceeding.
The Court finds that the bankruptcy court has "related to"
jurisdiction in the first instance over the underlying facts
regarding the breach of contract claim, as the claim depends upon
the interpretation of the bankruptcy court's order on the confirmed
Plan. Therefore, the Court dismisses Gonzalez's Third Cause of
Action against ESIS and Hertz without prejudice and grants Gonzalez
leave to refile this claim if the bankruptcy court concludes that
this Court has jurisdiction to decide this claim.
A full-text copy of the Order dated March 14, 2023 is available at
https://tinyurl.com/yc66h6ha from Leagle.com.
About Hertz Corp.
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. They also operate a
vehicle leasing and fleet management solutions business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).
Judge Mary F. Walrath oversees the cases.
The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor. The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan. Prime Clerk LLC is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases. The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.
* * *
Hertz Global and its subsidiaries emerged from Chapter 11
bankruptcy at the end of June 2021. Hertz won approval of a Plan
of Reorganization that unimpaired all classes of creditors (who are
legally deemed to have accepted it) and was approved by more than
97% of voting shareholders. The Plan provided for the existing
shareholders to receive more than $1 billion of value.
Recovery by shareholders of close to $8 a share was made possible
after a fierce competition among bidders for control in the
company. Initial offers from potential bidders for Hertz in its
bankruptcy offered nothing for equity. Hertz in May 2021 selected
investment firms Knighthead Capital Management LLC and Certares
Management LLC, joined by other investors including Apollo Global
Management Inc. and a group of existing shareholders, as the
winning bidders for control of the bankrupt company. A rival group
that included Centerbridge Partners LP, Warburg Pincus LLC and
Dundon Capital Partners LLC was outbid at auction.
Hertz's Plan eliminated over $5 billion of debt, including all of
Hertz Europe's corporate debt, and will provide more than $2.2
billion of global liquidity to the reorganized Company. Hertz also
emerged with (i) a new $2.8 billion exit credit facility consisting
of at least $1.3 billion of term loans and a revolving loan
facility, and (ii) an $7 billion of asset-backed vehicle financing
facility, each on favorable terms.
HOLLEY INC: $600M Bank Debt Trades at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which Holley Inc is a
borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $600 million facility is a Term loan that is scheduled to
mature on November 18, 2028. About $594 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.
HOMER CITY: $145M Bank Debt Trades at 15% Discount
--------------------------------------------------
Participations in a syndicated loan under which Homer City
Generation LP is a borrower were trading in the secondary market
around 85.4 cents-on-the-dollar during the week ended Friday, March
17, 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.
INDIAN CANYON: Reaches Agreement with Fiore; Plan Hearing May 16
----------------------------------------------------------------
Indian Canyon & 18th Property Owners Association submitted a Second
Amended Plan of Reorganization for Small Business dated March 14,
2023.
The Debtor is a property owners association. The Debtor's function
is to manage the common area of the development commonly known as
the Coachillin Industrial and Business Park Development
("Coachillin Development").
The Debtor has been negotiating with Fiore, Racobs & Powers, APLC
to commence collection and foreclosure proceedings against parcel
owners who are delinquent in their assessments and dues. The Debtor
and Fiore have reached a tentative agreement on the terms of
employment which will have to be approved by the Bankruptcy Court.
A motion for post-petition financing is pending, which will provide
operating capital for the Debtor and provide resources to
compensate Fiore.
The focus of Coachillin Development changed when permitted uses
were expanded to include cannabis related enterprises. Fore
marketing purposes, while the world already knew of the many other
approved light industrial uses permitted by the zoning plan, the
addition of cannabis use became a focus of the marketing material.
On a going forward basis, however, the development and focus will
revert to all permitted uses; indee4d, marketing to cannabis use
will be restricted, and the focus will be to sell the remaining
lots without emphasis on or expectation of cannabis uses.
The Plan will be funded through a loan by, which is the subject of
the pending motion for Debtor in Possession Financing and/or
order.
The Debtor shall continue to be engaged in the collection of parcel
owner dues and the payment of common area expenses. It is the
Debtor's intent that EcoMaster Corporation ("EMC") will continue to
assist in managing the Debtor by providing property management and
accounting services for Debtor by way of assisting in the
collection of monthly dues and paying common area expense. Debtor
and EMC estimate that EMC's bi-weekly fees will average between
$4,661.00 and $5,576.00. EMC will invoice the Debtor bi-weekly, and
the Debtor will pay EMC from funds on hand in the Debtor in
Possession accounts. The Motion to approve the agreement is set for
hearing February 16, 2023. As of this date, no opposition to the
EMC Motion has been filed or received.
Assuming the Plan has been confirmed, General unsecured claims
shall be paid annually commencing on December 31, 2023 in the
amount set forth herein through the last payment on either December
31, 2025 or December 31, 2027.
The Plan term shall be determined based upon whether the Plan is
consensually confirmed under 11 U.S.C. section 1191(a) or
non-consensually confirmed under 11 U.S.C. section 1101 (b). If the
Plan is consensually confirmed under 11 U.S.C. section 1191(a), the
Plan term shall be five years with unsecured creditors receiving
100% of their claims over the Plan term. If the Plan is
non-consensually confirmed under 11 U.S.C. section 1191(b), the
Plan shall be three years with unsecured creditors receiving 100%
of their claims over the Plan term.
If the Plan is consensual, Debtor will forgive 40% of the account
receivables related to POA dues and the POA will install a
butterfly security system.
The Debtor believes that the Debtor will have enough cash on hand
on the effective date of the Plan to pay all the Claims and
expenses that are entitled to be paid on that date. On the
effective date, the Debtor will have an infusion of up to $1,500,00
from DFG which will be used to fund the Plan.
The Debtor's financial projections show that the Debtor will have
an aggregate annual average cash flow, after paying operating
expenses and post-confirmation taxes of $61,666-$101-694. The final
Plan payment is expected to be paid on the 36th month of the 60th
month after the effective date, depending upon whether the Plan is
consensual.
A hearing on the confirmation of the Plan is scheduled for May 16,
2023, at 9:30 A.M. in Courtroom No. 302 at the U.S. Bankruptcy
Court, Central District of California, Riverside Division, 3420
Twelfth Street, Riverside, CA 92501.
A full-text copy of the Second Amended Plan dated March 14, 2023 is
available at https://bit.ly/3LB3hEp from PacerMonitor.com at no
charge.
Attorney for the Plan Proponent:
Douglas A. Plazak, Esq.
Reid & Hellyer APC
3685 Main Street, Suite 300
Riverside, CA 92501
Telephone: (951) 682-1771
Facsimile: (951) 686-2415
Email: dplazak@rhlaw.com
About Indian Canyon & 18th Property
Owners Association
Indian Canyon & 18th Property Owners Association filed a petition
for relief under Subchapter V of Chapter 11 of the Bankruptcy Code
(C.D. Cal. Case No. 22-13378) on Sept. 6, 2022, with between $1
million and $10 million in assets and between $500,000 and $1
million in liabilities. Arturo Cisneros has been appointed as
Subchapter V trustee.
Judge Scott H. Yun oversees the case.
The Debtor tapped Douglas A. Plazak, Esq., at Reid & Hellyer as
bankruptcy counsel and Dinsmore & Shohl, LLP as litigation counsel.
INNOVATE CORP: Incurs $42 Million Net Loss in 2022
--------------------------------------------------
Innovate Corp. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$42 million on $1.63 billion of revenue for the year ended Dec. 31,
2022, compared to a net loss of $236.2 million on $1.20 billion of
revenue for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $1.15 billion in total assets,
$1.18 billion in total liabilities, $61 million in total temporary
equity, and a total stockholders' deficit of $90.6 million.
"We have financed our growth and operations to date, and expect to
finance our future growth and operations, through public offerings
and private placements of debt and equity securities, credit
facilities, vendor financing, capital lease financing and other
financing arrangements, as well as cash generated from the
operations of our subsidiaries. In the future, we may also choose
to sell assets or certain investments to generate cash," Innovate
said.
"At this time, we believe that we will be able to continue to meet
our liquidity requirements and fund our fixed obligations (such as
debt service and lease commitments) and other cash needs for our
operations for at least the next twelve months from the issuance of
the Consolidated Financial Statements through a combination of
available cash and distributions from our subsidiaries. The
ability of INNOVATE's subsidiaries to make distributions to
INNOVATE is subject to numerous factors, including restrictions
contained in each subsidiary's financing agreements, availability
of sufficient funds at each subsidiary and the approval of such
payment by each subsidiary's board of directors, which must
consider various factors, including general economic and business
conditions, tax considerations, strategic plans, financial results
and condition, expansion plans, any contractual, legal or
regulatory restrictions on the payment of dividends, and such other
factors each subsidiary's board of directors considers relevant.
Although the Company believes, to the extent needed, that it will
be able to raise additional debt or equity capital, refinance
indebtedness or preferred stock, enter into other financing
arrangements or engage in asset sales and sales of certain
investments sufficient to fund any cash needs that we are not able
to satisfy with the funds on hand or expected to be provided by our
subsidiaries, there can be no assurance that it will be able to do
so on terms satisfactory to the Company, if at all. Such financing
options, if pursued, may also ultimately have the effect of
negatively impacting our liquidity profile and prospects over the
long-term and dilute the holders of common stock. Our ability to
sell assets and certain of our investments to meet our existing
financing needs may also be limited by our existing financing
instruments. In addition, the sale of assets or the Company's
investments may also make the Company less attractive to potential
investors or future financing partners," Innovate further said.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1006837/000100683723000018/vate-20221231.htm
About Innovate
New York-based Innovate -- www.innovatecorp.com -- is a diversified
holding company that has a portfolio of subsidiaries in a variety
of operating segments. The Company seeks to grow these businesses
so that they can generate long-term sustainable free cash flow and
attractive returns in order to maximize value for all stakeholders.
As of Dec. 31, 2021, the Company's three operating platforms or
reportable segments, based on management's organization of the
enterprise, are Infrastructure, Life Sciences and Spectrum, plus
its other segment, which includes businesses that do not meet the
separately reportable segment thresholds.
* * *
This concludes the Troubled Company Reporter's coverage of Innovate
until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.
INSTANT BRANDS: $450M Bank Debt Trades at 59% Discount
------------------------------------------------------
Participations in a syndicated loan under which Instant Brands
Holdings Inc is a borrower were trading in the secondary market
around 40.8 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on April 12, 2028. About $399.5 million of the loan is
withdrawn and outstanding.
Instant Brands Holdings Inc. designs, manufactures and markets
kitchen products. The Company offers bakeware, dinnerware, kitchen,
and household tools for storage and cutlery.
INTEGRATED COOLING: Seeks to Hire Bruner Wright as Legal Counsel
----------------------------------------------------------------
Integrated Cooling Experts, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to employ
Bruner Wright, PA to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Robert C. Bruner $450
Byron Wright III $375
Samantha A. Kelley $350
Paralegal $150
The firm received a retainer of $6,738 from the Debtor's owner,
Daniel Cotton.
Byron Wright III, member of Bruner Wright, disclosed in a court
filing that his firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Byron Wright III, Esq.
Bruner Wright, PA
2810 Remington Green Circle
Tallahassee, FL 32308
Telephone: (850) 385-0342
Facsimile: (850) 270-2441
Email: twright@brunerwright.com
About Integrated Cooling Experts
Integrated Cooling Experts, Inc. operates an HVAC and equipment
repair and installation business in Gulf Breeze, Florida.
Integrated Cooling Experts sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30159) on
March 13, 2023. In the petition signed by Daniel Cotton, president,
the Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Byron W. Wright III, Esq., at Bruner Wright, P.A., represents the
Debtor as legal counsel.
ITT HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'B+' long-term issuer credit rating on ITT Holdings
LLC (IMTT), its 'BB' issue-level rating on the senior secured debt
and its 'B' issue-level rating on the senior unsecured debt.
The '1' and '5' recovery ratings on the senior secured debt and
senior unsecured debt, respectively, are unchanged.
IMTT remains highly leveraged in the near term due to its elevated
debt balance and large growth capital expenditures in 2023.
Since the acquisition by its financial sponsor Riverstone Holdings
LLC, IMTT's debt has remained elevated with debt to EBITDA of about
8.3x in 2021 and an estimated 7.7x-7.9x in 2022. S&P expects S&P
Global Ratings' adjusted debt to EBITDA will reach 8.3x-8.7x in
2023, due to the expected dip in EBITDA after the sale of IMTT's
Gretna facility in Louisiana in December 2022. Although the Gretna
sale has generated $182.5 million cash proceeds for IMTT, S&P does
not take this cash amount into consideration for the calculation of
our debt-to-EBITDA ratio.
IMTT's business fundamentals have improved on the back of stronger
demand, but S&P believes leverage will likely remain high absent
any debt reduction.
IMTT's average utilization rate has improved to about 92% in
January and February 2023 from 85% in the first half of 2022, due
to more favorable supply-demand dynamics and the sale of
lower-utilized assets such as the Savannah Ga., facility. At the
same time, IMTT's market position remains strong in both New York
Harbor and the Lower Mississippi River.
S&P expects utilization will remain high as new capacity comes
online, as most of the capacity is contracted with investment-grade
counterparties. In addition, lease rates should remain well
supported with 80% of total revenue being contracted, 75% of which
escalates at the Consumer Price Index.
S&P said, "However, the increased capacity does not result in
sufficient cash flow to repay debt absent a reduction in capital
expenditure (capex) or sponsor distributions. In 2023, we expect
IMTT will use almost all operating cash flow to fund capex, which
we forecast at about $200 million. After almost all of the new
capacity comes online in 2024, we forecast debt to EBITDA will
still be in the 7.5x-8.0x range, all else being equal.
"However, IMTT has cash on hand that it might deploy for debt
reduction. As of December 2022, we estimate the company has about
$180 million of cash on hand. In addition, although we forecast $50
million of dividend payments per year in 2023 and 2024 in our
base-case scenario, IMTT has the flexibility to cut back dividend
payments to support debt reduction.
"The negative outlook reflects our view that consolidated debt to
EBITDA will be above the 7.5x downgrade threshold in 2023 and 2024.
Debt to EBITDA would be 8.3x-8.7x due to a dip in EBITDA following
the Gretna sale. Although EBITDA should increase after new
contracted capacity comes online in 2023 and 2024, we expect
leverage will remain above 7.5x barring any significant debt
reduction."
S&P could lower the rating if adjusted consolidated leverage
remained above 7.5x for an extended period. This could occur if:
-- The company's debt balance remained elevated;
-- Utilization or market rates fell materially;
-- Demand for the company's services deteriorated such that it
could not renew contracts; or
-- The sponsor increased leverage to pay for distributions or
growth capital without an offsetting increase in operating cash
flows.
S&P said, "We could revise the outlook to stable if adjusted
consolidated leverage remained below 7.5x. This would likely occur
if the company generated free cash flow and the financial sponsor
prioritized debt repayment before equity distributions and growth
spending. Any upgrade would be dependent on our view that the
sponsor won't releverage the company and cash flow stability won't
materially change."
ESG credit indicators: E-3, S-2, G-3
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of IMTT. The company's
terminals store various traditional carbon-intensive products such
as heavy and residual fuels and gasoline in the U.S. and Canada.
These terminals face volumetric risks due to the energy transition,
which we think will increasingly affect the company as short- and
medium-term contracts mature. The company plans to increase its
exposure to cleaner fuels over time, mitigating these environmental
risks to some extent. Governance is a moderately negative
consideration, as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. We think
financial sponsors are more likely to hold these companies for
shorter time frames and focus on maximizing shareholder returns."
IVANTI SOFTWARE: $465M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 82.6
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $465 million facility is a Term loan that is scheduled to
mature on December 1, 2027. About $457.2 million of the loan is
withdrawn and outstanding.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
J CREW PROPERTY: Seeks to Tap Honey Law Firm as Bankruptcy Counsel
------------------------------------------------------------------
J Crew Property Management, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Arkansas to employ
Honey Law Firm, PA as its counsel.
The firm will render these legal services:
(a) advise and consult with the Debtor concerning questions
arising in the conduct of the administration of the estate and
concerning its rights and remedies with regard to the estate's
assets and claims of secured, priority and unsecured creditors and
other parties in interest;
(b) appear for; prosecute, defend, and represent the Debtor's
interest in adversary proceedings and/or contested matters arising
in or related to this case;
(c) investigate and prosecute preference and other actions
arising under the Debtor's avoiding powers;
(d) assist in the preparation of such pleadings, motions,
notices, and orders as are required for the orderly administration
of this estate and to consult with and advise the Debtor in
connection with the operation of or termination of the operation of
its business;
(e) assist in the preparation of a plan of reorganization and
to present said plan of reorganization to this court for approval
and confirmation; and
(f) undertake all other necessary and appropriate legal
representation of the Debtor in this proceeding.
The hourly rates of the firm's counsel and staff are as follows:
Marc Honey $350
Jennifer Wyse $225
Alexandra Honey $175
Paralegal $125
Prior to the petition date, the Debtor paid the sum of $45,000.
Marc Honey, Esq., an attorney at Honey Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Marc Honey, Esq.
Honey Law Firm, PA
P.O. Box 1254
Hot Springs, AR 71902
Telephone: (501) 321-1007
Facsimile: (501) 321-1255
Email: mhoney@honeylawfirm.com
About J Crew Property Management
J Crew Property Management LLC provides commercial landscaping
services in Hot Springs, AR. The Company's services include basic
turf maintenance which can include mowing, weed control,
overseeding and pest control. It also offers specialty services
such as irrigation system design, installation, maintenance and
repair, landscape improvement and enhancements services, seasonal
flower management and ornamental tree and shrub care.
J Crew Property Management, LLC filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark.
Case No. 23-70143) on Feb. 3, 2023. In the petition filed by Jason
Blankenship, incorporator and managing member, the Debtor reported
assets up to $50,000 and liabilities between $1 million and $10
million.
Judge Bianca M. Rucker oversees the case.
Marc Honey, Esq., at Honey Law Firm, PA serves as the Debtor's
counsel.
JERK TACO: Taps Eric O'Neal January & Co. as Accountant
-------------------------------------------------------
Jerk Taco Man Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Eric O'Neal
January & Company as its accountant.
The Debtor needs an accountant to assist with the preparation of
operating reports, tax returns and other financial documentation;
assist in the administration of this case; and assist in the
preparation of a feasible plan of reorganization.
Eric January, CPA, will be paid at his hourly rate of $200.
Mr. January disclosed in a court filing that the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Eric O'Neal January, CPA
Eric O'Neal January & Company
3649 West 183rd Street, Suite 123
Hazel Crest, IL 60429
About Jerk Taco Man Holdings
Jerk Taco Man Holdings, LLC, a Chicago-based company, filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case
No. 23-00901) on Jan. 24, 2023, with $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Julius B.
Thomas, manager and member, signed the petition.
Judge Deborah L. Thorne oversees the case.
The Debtor tapped William E. Jamison & Associates as legal counsel
and Eric O'Neal January & Company as accountant.
JOURNEY PERSONAL: $650M Bank Debt Trades at 22% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Journey Personal
Care Corp is a borrower were trading in the secondary market around
78.4 cents-on-the-dollar during the week ended Friday, March 17,
2023, according to Bloomberg's Evaluated Pricing service data.
The $650 million facility is a Term loan that is scheduled to
mature on March 1, 2028. The amount is fully drawn and
outstanding.
Journey Personal Care Corp. is a manufacturer and distributor of
personal care products.
KNIGHT HEALTH: $450M Bank Debt Trades at 48% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Knight Health
Holdings LLC is a borrower were trading in the secondary market
around 51.8 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on December 23, 2028. The amount is fully drawn and
outstanding.
Knight Health Holdings LLC is a provider of a community-based acute
and post-acute care, with 18 short-term acute care hospitals and 61
long-term acute care facilities across 25 states.
KOPIN CORP: Incurs $19.3 Million Net Loss in 2022
-------------------------------------------------
Kopin Corporation has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$19.33 million on $47.40 million of total revenues for the year
ended Dec. 31, 2022, compared to a net loss of $13.47 million on
$45.67 million of total revenues for the year ended Dec. 25, 2021.
As of Dec. 31, 2022, the Company had $43.75 million in total
assets, $19.76 million in total liabilities, and $23.99 million in
total stockholders' equity.
Kopin stated, "Our net cash outflows from operations was partially
a result of funding our ongoing investments in research and
development which we believe will continue. We have in the past
sold equity securities through an at the market offering and in the
traditional fashion of significant equity offerings. We estimate
we will have sufficient liquidity to fund operations at least
through the first quarter of 2024. Nonetheless, we monitor the
capital markets on an ongoing basis and may consider raising
capital if favorable market conditions develop. If our actual
results are less than projected or we need to raise capital for
additional liquidity, we may be required to do additional equity
financings, reduce expenses or enter into a strategic transaction.
However, we can make no assurance that we will be able to raise
additional capital, reduce expenses sufficiently, or enter into a
strategic transaction on terms acceptable to us, or at all."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/771266/000149315223007614/form10-k.htm
About Kopin
Kopin Corporation -- http://www.kopin.com-- is a developer and
provider of high-resolution microdisplays, microdisplay
subassemblies and related components for defense, enterprise,
industrial, and consumer products. Its products are used for
soldier, avionic, armored vehicle and training & simulation defense
applications; industrial, public safety and medical headsets; 3D
optical inspection systems; and consumer augmented reality and
virtual reality wearable headsets systems.
Kopin reported a net loss of $4.53 million for the year ended Dec.
26, 2020, and a net loss of $29.37 million for the year ended Dec.
28, 2019.
KROLLMOTION TECHNOLOGIES: Court OKs Cash Access Thru April 18
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, authorized Krollmotion Technologies, Inc., dba
Anytime Fitness, to use cash collateral on an interim basis through
April 18, 2023.
As previously reported by the Troubled Company Reporter, on March
6, 2020, the Debtor issued to Live Oak a $675,000 note to be paid
at 7.65% with a 10-year maturity date.
Concurrently, the Debtor signed a security agreement securing the
Note with certain of its property, including property meeting the
definition of "Cash Collateral" under 11 U.S.C. section 363(a).
Live Oak perfected its security interest with the March 9, 2020
filing of a UCC Financing Statement with the California Secretary
of State as instrument number 20-7766924962.
A continued hearing on the matter is set for April 18.
A copy of the order is available at https://bit.ly/3mT5DnI from
PacerMonitor.com.
About Krollmotion Technologies
Krollmotion Technologies operates a 24-hour fitness center
featuring exercise machines and free weights, and offers monthly
memberships in addition to personal training, small group workout
classes, and dietary consultation. Members can use the facilities
at any time, any day of the year.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10113) on February
16, 2023. In the petition signed by George P. Kroll, chief
executive officer, the Debtor disclosed up to $100,000 in assets
and up to $1 million in liabilities.
Judge Ronald A. Clifford III oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michal Jay Berger,
represents the Debtor as legal counsel.
LATCO CONSTRUCTION: Grant of Writ of Scire Facias Affirmed
----------------------------------------------------------
In the appealed case Matthew Mabe, Laura Mabe, and Harvest
Construction General Contracting, Inc, Appellants, v. Latco
Construction, Inc., Appellee, Case No. CV-22-97, (Ark. Ct. App.),
Judge Rita W. Gruber of the Arkansas Court of Appeals affirms the
order of the Washington County Circuit Court granting a writ of
scire facias to revive a judgment in favor of the Appellee Latco
Construction, Inc.
On July 22, 2021, the Appellee Latco Construction, Inc. filed a
petition to revive a judgment that was entered on Aug. 23, 2011.
The judgment was against the Appellants Matthew Mabe, Laura Mabe,
and Harvest Construction General Contracting, Inc., jointly and
severally in the amount of $84,712, with post judgment interest at
10% per annum. The Appellee asserted that the total balance now due
was $150,793. The circuit court entered a writ of scire facias the
same day the petition was filed, which was served on the Appellants
along with the petition.
On appeal, the Appellants assert that the circuit court erred in
granting the writ by finding that "the filing of Latco, Inc.'s
Chapter 11 reorganization is not relevant to the issues at bar" and
that the Appellee was separate from Latco, Inc., for purposes of
its bankruptcy. Further, they argue that the Appellee is judicially
estopped from seeking to enforce the judgment. The Appellants
lastly contend that if the Appellee wants to revive and collect on
the judgment, it should be required to reopen the bankruptcy case
and explain to the bankruptcy court its failure to provide full
disclosure of the administration of its assets thereunder.
The Court explains that "a writ of scire facias is a writ issued
requiring a person against whom it is brought to show cause why a
judgment should not be revived. Scire facias is not the institution
of a new suit but is a continuation of the old one, and its object
is not to procure a new judgment for the debt but to execute the
judgment that has already been obtained. If upon service of the
scire facias, the defendant or any other interested person does not
appear and show cause why such judgment shall not be revived, the
judgment shall be revived and the lien continued for another period
of ten years."
The Court notes that the Appellants raised collateral estoppel in
their initial motion to dismiss, argued it at the hearing, and
obtained a ruling on collateral estoppel. The Court finds that the
Appellants do not challenge the validity of the judgment or the
circuit court's ruling on collateral estoppel.
As for judicial estoppel, the Appellants raised it intermittently
-- it was addressed in the brief in support of the motion to
dismiss filed two months after the motion to dismiss and just
before the hearing. However, judicial estoppel was not even
mentioned at the hearing. Appellants did discuss it in their
posttrial brief, but the order on appeal is silent on judicial
estoppel. Here lies the problem: The circuit court never
specifically ruled on judicial estoppel. As a result, the Court
will not address whether the circuit court erred in making these
findings.
A full-text copy of the Opinion dated March 15, 2023 is available
at https://tinyurl.com/57ntbrbu from Leagle.com.
About Latco Inc
Latco, Inc. aka Latco Construction, Inc., Latco Poultry Supply,
Latco of Missouri, Inc., Latco of North Carolina, LLC, Latco of
Mississippi, Inc., Latco Structural Components, Lincoln Arkansas
Trucking, Inc.
Latco, Inc. sought Chapter 11 for protection (Bankr. W.D. Ark. Case
No. 13-73160) on Sept. 18, 2013. In the petition was signed by
Kimberly K. Pergeson, president, the Debtor disclosed up to $10
million in both assets and debt. Judge Ben T. Barry oversees the
case.
The Debtor tapped Jill R. Jacoway, Esq. at JACOWAY LAW FIRM, as
legal counsel.
LIGADO NETWORKS: $117.6M Bank Debt Trades at 65% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ligado Networks LLC
is a borrower were trading in the secondary market around 34.9
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $117.6 million facility is a Term loan that is scheduled to
mature on May 27, 2023. The amount is fully drawn and
outstanding.
Ligado Networks LLC operates as a special purpose entity. The
Company provides mobile satellite coverage, as well as develops
innovative solutions that will accelerate 5G and IoT network
deployments.
LIQUIDMETAL TECHNOLOGIES: Incurs $2.4 Million Net Loss in 2022
--------------------------------------------------------------
Liquidmetal Technologies, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $2.39 million on $383,000 of total revenue for the year
ended Dec. 31, 2022, compared to a net loss of $3.38 million on
$811,000 of total revenue for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $33.33 million in total
assets, $1.30 million in total liabilities, and $32.04 million in
total shareholders' equity.
Liquidmetal said, "We have experienced significant cumulative
operating losses since our inception. Our operating loss for the
fiscal years ended December 31, 2022 and 2021 were $3.1 million and
$4.1 million, respectively. We had an accumulated deficit of
approximately $274.7 million at December 31, 2022, and
approximately $272.3 million at December 31, 2021. We anticipate
that we may continue to incur operating losses for the foreseeable
future. Consequently, it is possible that we may never achieve
positive earnings and, if we do achieve positive earnings, we may
not be able to achieve them on a sustainable basis."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1141240/000143774923006473/lqmt20221231_10k.htm
About Liquidmetal Technologies
Lake Forest, California-based Liquidmetal Technologies, Inc. --
http://www.liquidmetal.com-- is a materials technology company
that develops and commercializes products made from amorphous
alloys. The Company's family of alloys consists of a variety of
bulk alloys and composites that utilize the advantages offered by
amorphous alloys technology. The Company designs, develops and
sells products and custom parts from bulk amorphous alloys to
customers in a wide range of industries. The Company also partners
with third-party manufacturers and licensees to develop and
commercialize Liquidmetal alloy products.
Liquidmetal reported a net loss of $2.64 million for the year ended
Dec. 31, 2020, and a net loss of $7.43 million for the year ended
Dec. 31, 2019.
LOGIX HOLDING: $250M Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Logix Holding Co
LLC is a borrower were trading in the secondary market around 82.2
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Term loan that is scheduled to
mature on December 22, 2024. The amount is fully drawn and
outstanding.
Logix Holding Company, LLC operates as a holding company. The
Company, through its subsidiaries, provides wireline telecom
services. Logix Holding serves customers in the United States.
LTI FLEXIBLE PRODUCTS: $142M Bank Debt Trades at 17% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which LTI Flexible
Products Inc is a borrower were trading in the secondary market
around 82.5 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $142 million facility is a Term loan that is scheduled to
mature on April 17, 2023. The amount is fully drawn and
outstanding.
LTI Flexible Products, Inc., doing business as Boyd Corporation,
provides metal and chemical products. The Company offers acoustic,
seals, molded rubber, gaskets, thermal insulation, cushioning,
shock absorption, bonding systems, and fabricated metal products.
MANZELLA PROPERTIES: Trustee Taps Hahn Fife & Co. as Accountant
---------------------------------------------------------------
Karen Sue Naylor, the trustee appointed in the Chapter 11 case of
Manzella Properties, LLC, seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Hahn Fife &
Company, LLP as her accountant.
Hahn Fife will render these services:
(a) prepare and file necessary state and federal estate income
tax returns;
(b) review and analyze financial documents;
(c) review and analyze financial projections and prepare
projections as deemed necessary; and
(d) prepare capital gains analysis; and
(e) perform other reasonable duties assigned by the trustee.
Donald Fife, CPA, a partner at Hahn Fife & Company, will be paid at
his hourly rate of $490.
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Fife disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Donald T. Fife, CPA
Hahn Fife & Company, LLP
790 E. Colorado Bl., 9th Floor
Pasadena, CA 91101
Telephone: (626) 792-0855
Facsimile: (626) 270-5701
Email: dfife@hahnfife.com
About Manzella Properties
Manzella Properties, LLC, a company in Brea, Calif., filed its
voluntary petition for Chapter 11 protection (Bankr. C.D. Calif.
Case No. 22-11915) on Nov. 9, 2022, with $10 million to $50 million
in assets and $1 million to $10 million in liabilities. Joseph
Manzella signed the petition as the authorized person.
Judge Scott C. Clarkson oversees the case.
Fennemore Wendel and Sonoran Capital Advisors serve as the Debtor's
legal counsel and financial advisor, respectively.
On Jan. 20, 2023, Karen Sue Naylor was appointed as trustee in the
Debtor's Chapter 11 case. Ringstad & Sanders, LLP and Malcolm
Cisneros, A Law Corporation serve as her bankruptcy counsel and
special counsel, respectively. Hahn Fife & Company, LLP is the
trustee's accountant.
MARY A II: Taps Florida Land Advisors-Jacksonville as Broker
------------------------------------------------------------
The Mary A II, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Florida Land
Advisors-Jacksonville, LLC, doing business as Land Advisors
Organization, as broker.
The Debtor needs a broker to market its property situated in
Brevard County, Fla.; maintain records of offering packages
delivered to prospective purchasers; and report to the Debtor on
the progress of the marketing effort every 30 days.
The broker will receive a commission of 5 percent of the property's
purchase price.
The Debtor also requests the court to approve a marketing expense
fee in the amount of up to $12,000, to be paid to the broker at
closing and applied toward for actual, out-of-pocket, third-party
marketing expenses.
Logan Holz, a real estate broker at Florida Land
Advisors-Jacksonville, disclosed in a court filing that the firm is
a "disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Logan Holz
Florida Land Advisors-Jacksonville, LLC
111 Solano Road, Suite B
Ponte Vedra Beach, FL 32082
Telephone: (904) 344-5700
About The Mary A II
The Mary A II, LLC, a company based in Tampa, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Fla. Case No. 22-01177) on March 25, 2022, with as
much as $10 million in both assets and liabilities. Ruediger
Mueller serves as Subchapter V trustee.
Judge Caryl E. Delano oversees the case.
Alberto F. Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns,
LLP is the Debtor's legal counsel while William Long, Jr., at Jonah
Consulting Group, LLC serves as its chief restructuring officer.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case on Nov. 22,
2022. The committee is represented by Trenam, Kemker, Scharf,
Barkin, Frye, O'Neill & Mullis, P.A.
MATHIS & MATHIS: Unsecureds Will Get 12.5 Cents on Dollar in Plan
-----------------------------------------------------------------
Mathis & Mathis, Inc., filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia an Amended Plan of Reorganization
dated March 14, 2023.
The Debtor is a corporation. Since 2013, the Debtor has been in the
business of providing legal services to social security disability
claimants.
This Plan of Reorganization proposes to pay creditors of the Debtor
from the present and future cash flow generated by its business.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan estimates
at a minimum of $42,540.00. Total unsecured nonpriority claims as
listed on Schedule F are $176,675.31. The claims filed in the case
plus those listed as uncontested on the schedules total
$335,772.99, thus the plan provides a payout of approximately 12.5
cents on the dollar to unsecured creditors.
This does not take into account that the claim of BDC King Street,
LLC is disputed and could be reduced significantly either due to
mitigation of damages by the Landlord or application of the cap on
damages for rent from rejection of a nonresidential lease, which
would result in a higher payout to the remaining unsecured
creditors. This Plan provides for the payment of administrative
claims in full.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $119,883.00. The final
Plan payment is expected to be paid on March 1, 2028. The Debtor
anticipates an improvement in revenues from its 2021 and 2022
yearly revenue that was impacted by the pandemic and shifts in the
treatment and allowance of disability claims by the social security
administration.
In addition, Debtor is rejecting its lease with BDC King Street,
LLC under this Plan which cost approximately $10,000.00 per month.
Debtor has obtained a smaller office space costing $1,200.00 per
month. Thus, in spite of not expecting a full return to historical
earnings, Debtor's changes to its cost overhead will result in
significant savings that will allow the business to generate the
disposable income. Debtor has continued, however, to bring in
clients and file disability claims, and the social security
administration has returned to conducting in person hearings, which
Debtor anticipates will positively impact revenues in the middle of
2023 and thereafter.
Class 3 unsecured creditors shall be paid pro rata the remaining
net cash flow of the Debtor after payment of all ordinary and
necessary expenses of the Debtor's business and after payment of
the administrative expense claims, priority tax claims and
quarterly and Court fees contained in Article III, but in no case
shall the Debtor pay less than $6,000.00 into the Plan per quarter
or more than $10,000.00 per quarter. The ordinary expenses of
Debtor shall include, among other items, the salaries of insiders,
Andrew Mathis and Peter Mathis.
Debtor shall be authorized to maintain capital reserves of
$20,000.00 in its bank account(s) with any excess amounts to be
contributed into the Plan. The net cash flow for the purposes of
determining Debtor's quarterly payment shall be calculated by
taking the amount of funds in Debtor's bank account(s) that exceed
$20,000.00 on the last date of the preceding calendar quarter. If
this amount is less than $6,000.00, the Debtor will still be
required to pay $6,000.00. If it is greater than $6,000.00, Debtor
shall be required to contribute the entire net cash flow up to a
maximum of $10,000.00.
Administrative claimants are projected to be paid in full
approximately 39 months into the Plan. For the remainder of the
Plan once payment of administrative claims is completed, the
minimum quarterly payment of $6,000.00 shall be made to unsecured
creditors pro rata, and after deducting this payment, to the extent
the balance in Debtor's bank account(s) exceeds $20,000.00, these
funds shall be paid to the nonpriority unsecured claimants in
addition to the $6,000.00 minimum quarterly payment, but in no case
shall more than $4,000.00 be added. This class of claims is
impaired.
Andrew G. Mathis will retain his 100% equity interest in the
corporation. This class of claims is unimpaired.
The Debtor shall continue to operate its business and generate the
necessary funds to make the proposed payments in this Chapter 11
Plan from its monthly disposable income over the plan term. Andrew
G. Mathis shall continue to serve as President of the Debtor and be
responsible as its sole owner for operation of the Debtor.
A full-text copy of the Amended Plan dated March 14, 2023 is
available at https://bit.ly/3Fx3Ye4 from PacerMonitor.com at no
charge.
Counsel for Mathis & Mathi:
Jonathan B. Vivona, Esq.
Vivona Pandurangi, PLC
601 King Street, Suite 400
Alexandria, Va 22314
Tel: (703) 739-1353
Fax: (703) 337-0490
Email: jvivona@vpbklaw.com
About Mathis & Mathis
Mathis & Mathis, Inc., has been in the business of providing legal
services to social security disability claimants.
Mathis & Mathis sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11022) on August 3,
2022. The Debtor disclosed under $50,000 in assets and $100,001 to
$500,000 in liabilities. The Debtor is represented by Jonathan
Baird Vivona, Esq., at Vivona Pandurangi, PLC.
MAVERICK GAMING: $310M Bank Debt Trades at 29% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Maverick Gaming LLC
is a borrower were trading in the secondary market around 70.6
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $310 million facility is a Term loan that is scheduled to
mature on September 3, 2026. The amount is fully drawn and
outstanding.
Maverick Gaming LLC provides gaming, hospitality, and entertainment
services. The Company offers slot machines, table games, and hotel
rooms. Maverick Gaming serves customers in the United States.
MEDICAL ACQUISITION: Taps Steinbrecher & Span as Litigation Counsel
-------------------------------------------------------------------
Medical Acquisition Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Steinbrecher & Span, LLP as special litigation counsel.
The Debtor needs a special counsel to provide legal representation
in a suit that it filed against Southwest Legal Group on June 23,
2015.
The hourly rates of Steinbrecher & Span's counsel and staff are as
follows:
Alan K. Steinbrecher $650
Other Partners $650
Other attorneys $450
Paralegals $150
The Debtor also seeks approval to pay a retainer to Steinbrecher &
Span in the amount of $50,000.
Alan Steinbrecher, Esq., an attorney at Steinbrecher & Span,
disclosed in a court filing that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The professional can be reached at:
Alan K. Steinbrecher, Esq.
Steinbrecher & Span, LLP
445 S. Figueroa Street, Suite 2350
Los Angeles, CA 90071
Telephone: (213) 891-1400
Facsimile: (213) 891-1470
About Medical Acquisition Company
Medical Acquisition Company, Inc., a provider of lien-based medical
financial services in Carlsbad, Calif., filed a petition for
Chapter 11 protection (Bankr. S.D. Calif. Case No. 22-00058) on
Jan. 13, 2022, with up to $50,000 in assets and up to $10 million
in liabilities. Charles Perez, chief executive officer and chief
operations officer, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Joshi Law Group as bankruptcy counsel; David A.
Kay, Attorney at Law as appellate counsel; Sullivan, Workman & Dee,
LLP, Robberson Schroedter, LLP, and Steinbrecher & Span, LLP as
special counsels; Julie Stencil as bookkeeper; and Julie Cardin,
Esq., CPA of Cardin & Company, APC as accountant.
MEGA-PHILADELPHIA LLC: Taps Citrin Cooperman Advisors as Accountant
-------------------------------------------------------------------
Mega-Philadelphia LLC and M.S. Acquisitions & Holdings, LLC seek
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to employ Citrin Cooperman Advisors, LLC as their
accountant.
The Debtors require an accountant to:
(a) prepare 2021 federal, state and local business income tax
returns;
(b) review and analyze financial information provided by the
Debtors in furtherance of the preparation of tax returns; and
(c) render other accounting services.
The estimated fee for the 2021 tax services is $5,000.
As disclosed in court filings, Citrin is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brett Dubin, CPA
Citrin Cooperman Advisors, LLC
1800 JFK Boulevard
Philadelphia, PA 19103
Tel: 215-545-4800
Fax: 215-545-4810
About Mega-Philadelphia and
M.S. Acquisitions
Mega-Philadelphia, LLC is a music and radio station business that
provides radio broadcasting services in Philadelphia, South New
Jersey, and Atlantic City, N.J. Based in Naples, Fla.,
Mega-Philadelphia generates advertisement revenue through broadcast
radio and live promotional events. M.S. Acquisitions & Holdings,
LLC is the 100% owner and sole member of Mega-Philadelphia.
Mega-Philadelphia and M.S. Acquisitions filed petitions under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla.
Lead Case No. 22-00340) on Mar. 25, 2022. Amy Denton Harris serves
as Subchapter V trustee.
In the petitions signed by Michael Sciore, chief executive officer,
Mega-Philadelphia listed $346,574 in assets and $2,285,961 in
liabilities while M.S. Acquisitions listed $196,427 in assets and
$5,526,926 in liabilities.
Judge Caryl E. Delano oversees the Debtors' cases.
Brett Lieberman, Esq., at Edelboim Lieberman Revah PLLC,
KapilaMukamal LLP, and Radiotvlaw Associates LLC serve as the
Debtors' legal counsel, financial advisor and special counsel,
respectively.
MERIDIAN INVENTORY: Seeks to Hire Daryle W. Yergler as Accountant
-----------------------------------------------------------------
Meridian Inventory Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Daryle W. Yergler CPA, LLC as its accountant.
The firm will render these legal services:
(a) assist the Debtor in preparing and filing its tax
returns;
(b) analyze financial data and prepare financial reports as
necessary to comply with orders of the court and requests from the
U.S. Trustee and other parties-in-interest;
(c) audit all monthly operating reports filed by the Debtor to
date in this case and assist the Debtor in the amendment of the
reports, if any, to ensure accuracy of the Debtor's financial
condition; and
(d) other essential accounting duties necessary to ensure the
accuracy of information presented to the court and parties in
interest in this case.
For businesses, the firm charges a monthly flat fee of $250 for its
bookkeeping services. The fee for the filing of tax returns is
$1,250. For any services beyond its regular bookkeeping and tax
return services, the firm charges an average hourly rate of $100.
Daryle Yergler, CPA, the principal at Daryle W. Yergler CPA,
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:
Daryle W. Yergler, CPA
Daryle W. Yergler CPA, LLC
1395 S. Marietta Parkway
Building 100, Suite 112
Marietta, GA 30067
Telephone: (770) 422-6000
Facsimile: (770) 971-7939
Email: dyergler@dwycpa.com
About Meridian Inventory Services
Meridian Inventory Services, Inc. is a provider of medical and
pharmaceutical inventory services in Kennesaw, Ga.
Meridian Inventory Services filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-51682) on Feb. 21, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Christopher E. Green,
chief executive officer and chief financial officer, signed the
petition.
Judge Lisa Ritchey Craig oversees the case.
The Debtor tapped Will B. Geer, Esq., at Rountree Leitman Klein &
Geer, LLC as counsel and Daryle W. Yergler CPA, LLC as accountant.
MERLIN BUYER: $85M Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which Merlin Buyer Inc is
a borrower were trading in the secondary market around 81.5
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $85 million facility is a Term loan that is scheduled to mature
on December 14, 2029. The amount is fully drawn and outstanding.
The Company's country of domicile is the United States.
MOUNTAIN MOVING: Unsecureds Will Get 29% of Claims in 60 Months
---------------------------------------------------------------
Mountain Moving, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Virginia a Chapter 11 Plan of Reorganization
dated March 16, 2023.
The Debtor is a Virginia limited liability company, whose sole
member is Thomas Powell. The Debtor provides freight transport
services on a regional basis, with 4 employee-drivers that haul
freight to various delivery locations.
The Debtor's prepetition financial problems were the result of the
Debtor’s failed efforts to provide residential moving services.
The majority of this debt was in the form of merchant cash
advances. The financial problems lead to the Debtor filing its
petition in this case for relief under chapter 11 of the Bankruptcy
Code on December 16, 2022 and electing to proceed under subchapter
V of chapter 11. The Debtor expects a strong turnaround
post-petition.
In recent months, its operations have become more profitable due to
a reduction in employees, streamlined operations focused solely on
hauling freight for a reliable dispatcher, a reduction in costs due
to moving certain repair work in-house, and other cost saving
measures relating to various vendors. Nonetheless, prior to the
Petition Date, the Debtor struggled to achieve profitability due to
its debt payments to various merchant cash advance lenders.
In a liquidation of Mountain Moving in a chapter 7 case,
non-priority unsecured creditors would receive approximately
$47,579.62, totaling 17% of their allowed unsecured claims. Holders
of allowed unsecured claims are projected to receive more from this
Plan than they would receive in a chapter 7 liquidation of the
Debtor's assets. The Debtor estimates that $80,000.00 will be
distributed to allowed unsecured claimants, totaling 29% of their
allowed unsecured claims over the Plan Period.
The Debtor believes that the restructuring of its obligations
pursuant to this Plan will enable it to continue to operate its
business with a positive cash flow that will enable the Debtor to
reorganize and survive.
This Plan under chapter 11 of the Bankruptcy Code proposes to pay
creditors of the Debtor from the projected disposable income of the
Debtor.
The Plan Period is 60 months or until at least $80,000.00 has been
distributed to the allowed general unsecured claims in Class 3,
whichever shall first occur. The length of the Plan Period may be
calculated with precision upon the allowance of the administrative
expense and professional fee claims and Priority Tax Claims. As of
the date of the filing of this Plan, the administrative expense and
professional fee claims of the Subchapter V Trustee, the Debtor's
counsel, and the Debtor's accountant are estimated to be
$36,500.00. The estimated Priority Tax Claims are based upon the
claims filed as of the filing of this Plan. The Government Claims
Bar date is June 14, 2023.
Class 3 consists of general unsecured creditors and fully
undersecured creditors, that is, specifically those creditors
holding security interests in property of the Debtor of no value or
that is fully encumbered by senior security interests, leaving such
undersecured creditors with zero interest in the collateral
(collectively, the "Unsecured Creditors"). Unsecured Creditors
include LG Funding LLC ($83,213.34); and Funding Metrics LLC
($15,021.92).
Distributions from Plan Payments shall only be made in Class 3 to
allowed claims. The Debtor estimates that $80,000.00 in total shall
be distributed from Plan Payments, pro rata, among the allowed
claims of Class 3. Payments shall be made quarterly and will begin
the first quarter following payment in full of all Administrative
Claims. Such distribution, to be shared among the entire class of
holders of allowed unsecured claims, will be, in fact, an amount in
excess of the amount that such holders would so receive or retain
if the Debtor were liquidated under a chapter 7 bankruptcy. Class 3
is impaired by the Plan.
Class 4 consists of Equity Interest in Mountain Moving. The holder
of the equity interest shall retain his interest in Mountain
Moving, but he shall not be entitled, and shall not receive, any
distributions from the Plan Payments during the term of the Plan.
Class 4 is impaired by the Plan.
The Debtor will operate its business prior to and following
confirmation of this Plan to fund the distributions. The Debtor's
disposable income shall be utilized to complete the Plan Payments.
A full-text copy of the Plan of Reorganization dated March 16, 2023
is available at https://bit.ly/42uh3yS from PacerMonitor.com at no
charge.
Counsel for Debtor:
Hannah W. Hutman, Esq.
C. Andrew Bolt, Esq.
Hoover Penrod, PLC
342 South Main Street
Harrisonburg, VA 22801
Tel: 540/433-2444
Fax: 540/433-3916
Email: hhutman@hooverpenrod.com
abolt@hooverpenrod.com
About Mountain Moving LLC
Mountain Moving LLC, a Virginia limited liability company, provides
freight transport services on a regional basis. Its sole member is
Thomas Powell.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Va. Case No. 22-50561) on Dec. 16,
2022. The Debtor disclosed up to $100,000 in assets and up to $1
million in liabilities.
Judge Rebecca B. Connelly oversees the case.
Hannah W. Hutman, Esq., at Hoover Penrod, PLC, is the Debtor's
legal counsel.
MOUNTAINEER MERGER: $200M Bank Debt Trades at 23% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Mountaineer Merger
Corp is a borrower were trading in the secondary market around 77.4
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $200 million facility is a Term loan that is scheduled to
mature on October 22, 2028.
Mountaineer Merger Corporation owns and operates departmental
stores.
MTPC LLC: Gets OK to Hire Holland & Knight as Bankruptcy Counsel
----------------------------------------------------------------
MTPC, LLC and its affiliates received approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Holland & Knight LLP to handle their Chapter 11 cases.
Waller Lansden Dortch & Davis, LLP acted as the Debtors' counsel
until March 1, 2023.
Effective March 1, 2023, Waller combined with Holland & Knight. The
attorneys employed by Waller at the time of the merger are now
employed by Holland & Knight. The Debtors and Holland & Knight have
agreed that Holland & Knight will represent the Debtors in these
Chapter 11 Cases on the same terms and at the same rates upon which
Waller represented the Debtors.
David Lemke, Esq., a partner at Holland & Knight, 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:
David E. Lemke, Esq.
Tyler N. Layne, Esq.
Holland & Knight LLP
511 Union Street, Suite 2700
Nashville, TN 37219
Telephone: (615) 244-6380
Facsimile: (615) 244-6804
Email: David.Lemke@hklaw.com
Tyler.Layne@hklaw.com
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 Waller Lansden Dortch & Davis LLP and McDermott
Will & Emery LLP as bankruptcy counsels; 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, PC and Manier & Herod, PC.
NATIONAL CINEMEDIA: S&P Cuts ICR to 'D' on Late Interest Payment
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on National
CineMedia Inc. (NCM) to 'D' from 'CCC-'. At the same time, S&P
lowered its issue-level rating on NCM's unsecured notes to 'D' from
'C'.
NCM missed the interest payment due Feb. 15, 2023, on its 5.75%
unsecured notes due 2026. While the company has extended its grace
period to 47 days, it failed to pay this interest obligation within
30 calendar days. S&P said, "Therefore, we view this as an event of
default. NCM is using the extended grace period to negotiate with
its lenders. No cross-default provisions are currently active under
its credit agreements. However, we expect it will likely engage in
an in- or out-of-court restructuring."
NATIONAL MENTOR: $165M Bank Debt Trades at 23% Discount
-------------------------------------------------------
Participations in a syndicated loan under which National Mentor
Holdings Inc is a borrower were trading in the secondary market
around 77.4 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $165 million facility is a Delay-Draw Term loan that is
scheduled to mature on March 2, 2028.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NATIONAL MENTOR: $50M Bank Debt Trades at 23% Discount
------------------------------------------------------
Participations in a syndicated loan under which National Mentor
Holdings Inc is a borrower were trading in the secondary market
around 77.4 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $50 million facility is a Term loan that is scheduled to mature
on March 2, 2028. The amount is fully drawn and outstanding.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NBG ACQUISITION: $260M Bank Debt Trades at 97% Discount
-------------------------------------------------------
Participations in a syndicated loan under which NBG Acquisition Inc
is a borrower were trading in the secondary market around 3
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $260 million facility is a Term loan that is scheduled to
mature on April 26, 2024. The amount is fully drawn and
outstanding.
NBG Acquisition Inc. was formed by private equity firm Sycamore
Partners to facilitate its acquisition of NB Holdings Corporation,
the indirect parent of NBG Home.
NEW BEGINNING: Seeks to Hire Peter Spindel as Bankruptcy Counsel
----------------------------------------------------------------
New Beginning Missionary Baptist Church, Inc. seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Peter Spindel, Esq., PA as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management of its business operations;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements;
(c) prepare legal papers;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
The Debtor has requested to retain the firm on a general retainer.
Peter Spindel, Esq., disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Peter Spindel, Esq.
Peter Spindel, Esq., PA
5775 Blue Lagoon Dr., Ste. 300
Miami, FL 33126
Telephone: (786) 355-4631
Email: peterspindel@gmail.com
About New Beginning Missionary Baptist Church
New Beginning Missionary Baptist Church, Inc., a religious
organization in Miami Gardens, Fla., sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-11933) on March 13, 2023. In the petition signed by its chief
executive officer, Eric Readon, the Debtor disclosed up to $10
million in assets and up to $1 million in liabilities.
Judge Robert A. Mark oversees the case.
Peter Spindel, Esq., at Peter Spindel, Esq., PA serves as the
Debtor's counsel.
NEW CONSTELLIS: $150M Bank Debt Trades at 42% Discount
------------------------------------------------------
Participations in a syndicated loan under which New Constellis
Borrower LLC is a borrower were trading in the secondary market
around 58.2 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $150 million facility is a PIK Term loan that is scheduled to
mature on March 27, 2025. The amount is fully drawn and
outstanding.
New Constellis Borrower LLC is a provider of essential risk
management services, such as security, training, and global support
services to government and commercial clients throughout the world.
NEW SK HOLDCO: $802.9M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which New SK Holdco Sub
LLC is a borrower were trading in the secondary market around 83.5
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $802.9 million facility is a PIK Term loan that is scheduled to
mature on June 30, 2027. The amount is fully drawn and
outstanding.
New SK Holdco Sub, LLC is a provider of vehicle body repair
services with annual revenue of over $1 billion. The company
operates under the Service King brand name and has 336 locations in
24 states. The company is majority-owned and controlled by
affiliates of Clearlake Capital Group, L.P., a private equity firm.
After the close of the Service King restructuring in July 2022,
Clearlake invested in Crash Champions, a multi-shop operator, and
through a shared services agreement between Service King and Crash
Champions, Clearlake assigned Crash Champions' management team to
operate Service King going forward.
NIELSEN & BAINBRIDGE: Seeks to Hire Jackson Walker as Co-Counsel
----------------------------------------------------------------
Nielsen & Bainbridge, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Jackson Walker, LLP as conflicts counsel and co-counsel with
Kirkland and Ellis.
The firm's services include:
a. providing legal advice and services regarding local rules,
practices and procedures, including Fifth Circuit law;
b. providing certain services in connection with the
administration of the Debtors' Chapter 11 cases, including, without
limitation, preparing agendas, hearing notices and witness and
exhibit lists, and coordinating with chambers;
c. review and comment on proposed drafts of pleadings to be
filed with the court;
d. at the request of the Debtors, appear in court and at any
meeting with the U.S. Trustee or creditors;
e. perform all other services assigned by the Debtors to the
firm as conflicts and bankruptcy co-counsel; and
f. provide legal advice on any matter in which Kirkland and
Ellis may have a conflict or as needed based on specialization.
The firm's hourly rates are as follows:
Partners $750 to $1,045
Associates $535 to $750
Paraprofessionals $230 to $250
Jackson Walker received a retainer in the amount of $411,498.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Jackson
Walker disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm represented the Debtors during the weeks
immediately before the petition date using the foregoing hourly
rates; and
-- the firm has not prepared a budget and staffing plan.
Matthew Cavenaugh, Esq., a partner at Jackson Walker, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew D. Cavenaugh
Jackson Walker LLC
1401 McKinney Street, Suite 1900
Houston, TX 77010
Phone: (713) 752-4284
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
About Nielsen & Bainbridge
Nielsen & Bainbridge, LLC, 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.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90071) on
Feb. 8, 2023.
In the petition signed by Hope Margala, as authorized signatory,
the Debtors disclosed up to $500 million in assets and up to $1
billion in liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Jackson Walker LLP as local bankruptcy counsel,
Kirkland and Ellis LP and Kirkland and Ellis International LLP as
general bankruptcy counsel, Alvarez and Marsal North America, LLC
as financial advisor, Guggenheim Securities, LLC as investment
banker, Hilco Real Estate, LLC as exclusive sales agent, and Omni
Agent Solutions as claims, noticing, solicitation agent and
administrative advisor.
KKR Loan Administration Services, LLC, serves as administrative
agent and collateral agent under the DIP Facility. Counsel to the
DIP Lenders are Dennis F. Dunne, Esq. and Matthew L. Brod, Esq. at
Milbank LLP.
Wells Fargo Bank, National Association is the administrative agent
and collateral agent under the Prepetition ABL Facility. Attorneys
for Wells Fargo Bank are Julia Frost-Davies, Esq., and Christopher
L. Carter, Esq., at Morgan, Lewis & Bockius, LLP.
NORTH AMERICAN ACCEPTANCE: Unsecureds to be Paid in Full in Plan
----------------------------------------------------------------
North American Acceptance Financial LLC filed with the U.S.
Bankruptcy Court for the Eastern District of Louisiana a First
Subchapter V Plan of Reorganization dated March 13, 2023.
The Debtor is a subprime indirect auto lender. The Debtor started
business in 2009. At that time, an entity by the name of National
Auto LLC originated automobile loans from vehicle sales.
The Debtor's financial projections show that it will have projected
disposable income of at least $17,929 which will be used to fund
the Plan.
This case was commenced under Subchapter V of Chapter 11 of the
Bankruptcy Code. This Subchapter enables small business debtors
such as the Debtor to more effectively reorganize in Chapter 11.
Class 1 relates to the Claim of First Horizon which has a security
interest in all of the Debtor's accounts and accounts receivable.
As of the filing of the bankruptcy petition, the outstanding amount
due to First Horizon on the loan was according to the proof of
claim was $2,225,592.29, which includes default interest at the
rate of 21%. First Horizon has agreed to amend its proof of claim
to back out the default rate interest, which reduced the secured
claim to $2,207,290.34. This amount shall be treated as fully
secured by the Debtor's account receivables.
The secured claim of $2,207,290.34, plus annual interest of 7.5%,
over a 20-year amortization, in 36 monthly installments of
$17,781.79, followed by a final balloon payment due in month 37.
However, if in month 36 the Debtor makes an additional principal
payment of $50,000.00, First Horizon will agree to give the Debtor
an additional 12 months to finance the loan. In this case, the
Debtor will continue making its monthly payments of $17,781.79
beginning in month 37 and continuing for the subsequent 12 months,
with a final balloon payment due on month 49.
Class 2 relates to the claims of the Debtor's general unsecured
creditors. Debtor estimates that this class consists of claims
totaling approximately $42,423.83. The General Unsecured Creditor
Class shall be paid in full from the Debtor's cash on hand upon the
Plan Effective Date. As this Class is paid in full on the Plan
Effective Date, this Class is not deemed impaired and not entitled
to vote on this Plan.
Class 3 consists of Equity Interests. Mr. Verges and Mr. Wallis
shall retain their membership interests in the Debtor both before
and after Confirmation. The holders of equity interests are not
entitled to vote on this Plan.
The Debtor will fund its monthly plan payments from its monthly
income earned from the Debtor's operations. Based upon the
feasibility report, the Debtor is more than capable of making the
proposed plan payments.
A full-text copy of the Subchapter V Plan dated March 13, 2023 is
available at https://bit.ly/3ZUZVk0 from PacerMonitor.com at no
charge.
Counsel for the Debtor:
Robin De Leo, Esq.
The De Leo Law Firm, LLC
800 Ramon Street
Mandeville, LA 70448
Telephone: (985) 727-1664
Email: elaine@northshoreattorney.com
About North American Acceptance
North American Acceptance Financial, LLC, is a subprime indirect
automobile finance lender. Acceptance Financial was organized in
2009 to both originate and service auto loans.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 22-11537) on Dec. 12,
2022. In the petition signed by Larry Verges, managing member, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Meredith S. Grabill oversees the case.
Robin R. De Leo, Esq., at The De Leo Law Firm, LLC, serves as the
Debtor's counsel.
NORTHEAST TOMATO: Seeks to Hire Cunningham as Legal Counsel
-----------------------------------------------------------
Northeast Tomato Distributors, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Pennsylvania to hire
Cunningham, Chernicoff & Warshawsky, P.C. to handle its Chapter 11
case.
The firm will charge these hourly fees:
Robert E. Chernicoff $450
Partners $400 to $450
Associate Attorneys $225 to $350
Paralegals $100 to $150
The firm received a retainer in the amount of $5,224, plus the
Chapter 11 filing fee of $1,738.
Robert Chernicoff, Esq., a partner at Cunningham, 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.
Cunningham can be reached at:
Robert E. Chernicoff, Esq.
Cunningham, Chernicoff & Warshawsky, P.C.
P.O. Box 60457
Harrisburg, PA 17106-0457
Tel: (717) 238-6570
Fax: 717-238-4809
About Northeast Tomato Distributors
Northeast Tomato Distributors, Inc. is a corporation engaged in
the business of produce distribution and trucking services. It is
based in Hanover Township, Pa.
Northeast Tomato Distributors sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00432) on
Feb. 28, 2023, with up to $10 million in both assets and
liabilities. Patrick Good, president of Northeast Tomato
Distributors, signed the petition.
Judge Mark J. Conway oversees the case.
Robert E. Chernicoff, Esq., at Cunningham, Chernicoff and
Warshawsky, PC, represents the Debtor as legal counsel.
NORTHEAST TOMATO: Wins Cash Collateral Access Thru April 24
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
authorized Northeast Tomato Distributors Inc. to use cash
collateral on an interim basis in accordance with the budget,
through April 24, 2023.
The Debtor requires the use of cash collateral to pay its expenses
and continue its operations.
As previously reported by the Troubled Company Reporter, PNC Bank
is believed to hold a first priority security interest in most of
the personal property of the Debtor, including accounts, accounts
receivable and cash. The Debtor is indebted to the Lender in the
approximate amount of $300,000.
The United States Small Business Association may hold a second
priority security interest in some of the personal property of the
Debtor, including accounts, and accounts receivable. The Debtor is
indebted to the SBA for an EIDL loan that may not be secured. The
amount owed on the loan is approximately $500,000.
The Debtor will on a regular monthly basis pay to PNC Bank interest
on the two loans granted by PNC to the Debtor. Each loan interest
payment will occur on or before the regular due date on each such
loan, except that any payments that came due prior to the date of
the Order that remain outstanding shall be made within five days
from entry of the Order. In lieu of budget variance reports, the
Debtor will timely file its monthly operating reports.
In order to provide adequate protection, the Lenders are granted
replacement liens in post-Petition Cash Collateral, and all other
assets in which the Lenders have a pre-Petition security interest
and lien, only to the extent that the Lenders are secured in
pre-Petition Cash Collateral. The replacement lien will only be
effective to the extent there is a diminution in the amount of cash
collateral post petition. In the event that post-Petition Cash
Collateral is insufficient to provide an amount equal to such
diminution, then the Lenders will have super priority status and
have an administrative claim(s) having priority over all other
administrative claims.
A hearing on the continued use of cash collateral is set for April
18 at 11 a.m.
A copy of the order is available at https://bit.ly/3FC6U9h from
PacerMonitor.com.
About Northeast Tomato Distributors, Inc.
Northeast Tomato Distributors, Inc. is a corporation engaged in
business of produce distribution and trucking services. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Pa. Case No. 23-00432) on February 28, 2023. In the
petition signed by Patrick Good, president, the Debtor disclosed up
to $10 million in both assets and liabilities.
Judge Mark J. Conway oversees the case.
Robert E. Chernicoff, Esq., at Cunningham, Chernicoff and
Warshawsky PC, represents the Debtor as legal counsel.
NUCSAFE INC: Farber and Maisel's Summary Judgment Affirmed
----------------------------------------------------------
In the appealed case entitled Stephen Farber, et al., v. Nucsafe,
Inc., et al., Case No. E2022-00428-COA-R3-CV, (Tenn. Ct. App.), the
Tennessee Court of Appeals affirms the order of the Chancery Court
for Anderson County granting the Plaintiffs Stephen Farber and John
Maisel's Motion for Summary Judgment.
This is a breach of contract action between a lender, borrower, and
guarantor on a promissory note. In October 2015, the Defendants
Nucsafe, Inc. and Breton Equity Company Corp. executed a Modified
and Amended Promissory Note in favor of Richard Seymour in the
principal amount of $1.75 million. Nucsafe was primarily obligated
to make payments toward the debt, and Breton Equity was the
guarantor.
Nucsafe made its scheduled monthly payments pursuant to the terms
of the Note and all subsequent modifications until July 1, 2020, at
which time Nucsafe ceased making any monthly payments. As a result,
Mr. Seymour sent a demand letter and notice of default demanding
payment of the outstanding balance in August of 2020. When
Defendants did not cure the default, Mr. Seymour filed the present
action for breach of the Note. After extensive discovery, Mr.
Seymour passed away, and the personal representatives of Mr.
Seymour's estate -- Stephen Farber and John Maisel -- were
substituted as the party plaintiffs.
Relying on the discovery responses, the Plaintiffs filed a motion
for summary judgment based on two grounds. The first ground was
that in their discovery responses, the Defendants admitted that
they failed to remit payments as required by the promissory note.
Second, the defendants' discovery responses denied that the
defendants had any facts or evidence upon which to support the
affirmative defenses that the lender violated the doctrine of good
faith and fair dealing and/or that the note was unenforceable.
In their response, the Defendants argued that material facts were
in dispute such that summary judgment was not appropriate. To
support this contention, Defendants filed an affidavit by Ted
Doukas, the President of Nucsafe and Breton Equity. In his
affidavit, Mr. Doukas stated that his review of Nucsafe's business
records revealed that Mr. Seymour had never loaned any money to
Nucsafe. To that end, the Defendants then also argued fraud in the
inducement.
The trial court ruled that "the bulk of the affidavit was
inadmissible on three grounds: First, it found the officer's
testimony regarding conversations with the deceased lender
inadmissible under the Dead Man's Statute. Second, it found certain
statements were directly contradictory to previous discovery
responses, so the court accordingly rejected the evidence under the
Cancellation Rule. Third, it found the business records the affiant
referenced in his affidavit but did not produce failed to satisfy
the best evidence rule." After considering the statement of
undisputed facts, discovery responses, and the Defendants'
admissions, the trial court concluded that the material facts were
undisputed and that the estate was entitled to judgment as a matter
of law. Accordingly, the trial court granted the estate's motion
and awarded a judgment for the outstanding principal and interest
totaling $260,710 and $12,445 in attorneys' fees and expenses.
The Defendants appealed.
The Court finds that "the Dead Man's Statute does not render the
entirety of Mr. Doukas' affidavit inadmissible. . . evidence Mr.
Doukas obtained from Nucsafe's business records, independent of any
transaction or conversation with Mr. Seymour, would not violate the
Dead Man's Statute." Accordingly, the Court concludes that "the
decision to exclude all of Mr. Doukas's testimony based on the Dead
Man's Statute was error. Nevertheless. . . the error was harmless
because. . . the trial court acted within its discretion to exclude
the bulk of Mr. Doukas's testimony based on the cancellation rule
and the best evidence rule."
A full-text copy of the Opinion dated March 15, 2023 is available
at https://tinyurl.com/ywk7xyvz from Leagle.com.
OAK PARENT: Moody's Lowers CFR to 'Caa1', Outlook Stable
--------------------------------------------------------
Moody's Investors Service downgraded Oak Parent, Inc.'s (Augusta
Sportswear) corporate family rating to Caa1 from B3, probability of
default rating to Caa1-PD from B3-PD, and senior secured credit
facilities ratings to Caa1 from B3. The outlook remains stable.
The downgrade reflects Moody's view that Augusta's revolver
borrowings are likely to remain high in the near term given the
less certain consumer environment and supply chain volatility. In
October 2022, the company drew a substantial amount on its revolver
to pay for fees and expenses for its credit facility extension.
While Moody's initially expected revolver borrowings to be quickly
paid down leading to adequate liquidity, current conditions are
likely to require greater liquidity to support working capital. As
a result, Moody's now projects weak liquidity over the next 12-18
months, reflecting limited excess revolver availability in peak
seasonal borrowing periods. Nevertheless, Moody's expects modestly
positive full-year 2023 cash flow, benefiting from gradual
inventory reduction during the year and assuming the receipt of
insurance claim proceeds for the 2022 Mexico facility fire. The
company should have adequate cushion under the springing total
leverage covenant, which Moody's expects to be tested, and has no
debt maturities until April 2025.
Moody's took the following rating actions for Oak Parent, Inc.:
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
Senior Secured Term Loan, Downgraded to Caa1 (LGD3) from B3
(LGD3)
Senior Secured Revolving Credit Facility, Downgraded to
Caa1 (LGD3) from B3 (LGD3)
Outlook, Remains Stable
RATINGS RATIONALE
Augusta's Caa1 CFR is constrained by Moody's projections for weak
liquidity over the next 12-18 months. The rating also reflects
Augusta's narrow business focus and limited revenue scale. The
company competes in a highly fragmented category with both retail
brands and other sports uniform distributors. The ratings also
incorporate governance risks, including private equity ownership
and financial and M&A strategies that led to high leverage prior to
the coronavirus pandemic, and a decision to leave the business with
limited excess revolver capacity following the 2022 amendment
despite economic uncertainty. While revenue and earnings
year-to-date October 1, 2022 grew over the prior year and exceeded
2019 levels, leverage is still high, at 5.9x Moody's-adjusted
debt/EBITDA, pro-forma for the transaction. Pro-forma interest
coverage was 1.4x Moody's-adjusted EBITA/interest expense. Moody's
expects modest earnings improvement and gradual revolver paydown in
2023 to result in leverage trending to 5x at year-end 2023 and
EBITA/interest expense of 1.7x. As an apparel company, Augusta
Sportswear is also subject to social and environmental factors,
including product and supply chain sustainability.
The rating is supported by the company's defensible market position
as a moderate price point player in the wholesale team uniform,
school-related sportswear and dancewear markets, which tend to
benefit from resilient end consumer demand through economic cycles.
The ratings also consider the limited level of fashion risk in the
company's products and its diversified customer base.
The stable outlook reflects Moody's expectations for gradual
liquidity improvement over the course of 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company improves its liquidity
profile, including good revolver availability at all times and
positive free cash flow. An upgrade would require stable operating
performance and EBITA/interest to be maintained above 1.25x.
The ratings could be downgraded if the company's earnings or
liquidity were to deteriorate for any reason, or if the likelihood
of default were to increase or Moody's recovery estimates decline.
The principal methodology used in these ratings was Apparel
published in June 2021.
Headquartered in Augusta, Georgia, Oak Parent, Inc. (Augusta
Sportswear), through its subsidiaries, manufactures and distributes
youth team sports uniforms, dance apparel and related products
serving customers in the United States. The company has been
majority owned by Kelso & Company, a private equity firm, since
2012, and does not publicly disclose financial information. Revenue
for the twelve months ended October 1, 2022 was less than $350
million.
OBRA CAPITAL: $275M Bank Debt Trades at 25% Discount
----------------------------------------------------
Participations in a syndicated loan under which Obra Capital Inc is
a borrower were trading in the secondary market around 75.4
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on October 1, 2026. The amount is fully drawn and
outstanding.
Obra Capital, Inc. is an investment firm specializing in insurance
special situations, structured credit, asset-based finance, and
longevity.
OUTPUT SERVICES: $180M Bank Debt Trades at 42% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Output Services
Group Inc is a borrower were trading in the secondary market around
58.4 cents-on-the-dollar during the week ended Friday, March 17,
2023, according to Bloomberg's Evaluated Pricing service data.
The $180.3 million facility is a Term loan that is scheduled to
mature on June 27, 2026. The amount is fully drawn and
outstanding.
Output Services Group, Inc. offers printing services.
PARAMOUNT AIR: Unsecureds to Recover 4.9% over 36 Months
--------------------------------------------------------
Paramount Air Solutions, LLC filed with the U.S. Bankruptcy Court
for the Middle District of North Carolina a Plan of Reorganization
for Small Business under Subchapter V dated March 16, 2023.
The Debtor was established in 2018 and offers residential and light
commercial HVAC maintenance, emergency service, repairs and system
change outs. The sole member-manager is Jeramy Goodman.
Post-petition an auction was conducted of the equipment and
vehicles that the Debtor no longer needed to operate. Three
vehicles sold were unencumbered. A majority of the other assets
sold were subject to liens of Truliant and/or Pinnacle Bank.
Several titled vehicles were sold that were subject to Truliant's
lien only. Per the terms of the Sale Order entered on February 9,
2023, liens of secured creditors were transferred to the proceeds
of the sale of the equipment and vehicles, except the proceeds from
the sale of the three unencumbered vehicles.
In addition, Truliant and Pinnacle agreed to a $2,500.00 carve out
of the auction proceeds for the benefit of the estate. The
distribution of the net auction proceeds shall be controlled by
this Plan. The auction sale resulted in total gross proceeds of
$83,085.75. The unencumbered vehicles brought $9,950.00. After pro
rating the advertising fee between the Debtor and Truliant and
assessing the carve out for the benefit of the estate, the lien of
Truliant transferred to $69,315.75 of the auction proceeds, while
$12,270.00 is unencumbered.
This Plan reflects the Debtor's attempt to achieve a consensual
plan of reorganization. The Debtor projects that the Plan will
achieve no less than a 4.9% dividend to general unsecured creditors
based on filed claims, anticipated objections and resolutions to
said objections, and undisputed non-insider scheduled claims.
This Plan of Reorganization proposes to pay creditors of the Debtor
from a new value contribution and cash flow from operations.
Class 11 consists of General Unsecured Claims. The Debtor
anticipates that the Allowed Claims of Class 11 General Unsecured
Claims will total approximately $872,791.66, which includes the
general unsecured claims of Truliant and Pinnacle. Based on the
liquidation value of the estate, the Debtor proposes to pay
$43,200.00 (or approximately 4.9% of the Allowed Claims) to the
Class 11 General Unsecured Claims.
The Allowed Claims shall be paid on a pro rata basis over 36
months, in equal monthly installments of $1,200.00. The first
monthly installment shall be due on the 15th day of the first full
month following the effective date and on the 15th day of the month
thereafter, for a period of 36 months. Debtor is required to pay to
general unsecured claimants its Disposable Income for no less than
3 years from the date that the first distribution is due under the
Plan.
Class 12 Equity security holders of the Debtor shall retain
interests.
The Debtor will fund payments under the Plan from continued
business operations and auction proceeds.
A full-text copy of the Plan of Reorganization dated March 16, 2023
is available at https://bit.ly/3Tqqtap from PacerMonitor.com at no
charge.
Attorney for the Plan Proponent:
Samantha K. Brumbaugh, Esq.
Ivey, McClellan, Gatton & Siegmund, LLP
100 South Elm Street, Suite 500
Greensboro, NC 27401
Telephone: (336) 274-4658
Facsimile: (336) 274-4540
Email: skb@iveymcclellan.com
About Paramount Air Solutions
Paramount Air Solutions, LLC offers residential and light
commercial HVAC maintenance, emergency service, repairs and system
change outs. It currently has 215 service plan customers who hold
maintenance agreements with the company, with Paramount performing
routine HVAC maintenance biannually. The company services customers
from South Charlotte, Gastonia, Waxhaw, the Lake Norman area and
the Piedmont Triad.
Paramount sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D.N.C. Case No. 22-10635) on Dec. 16, 2022. In the
petition signed by member-manager, Jeramy Lee Goodman, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Lena M. James oversees the case.
Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund,
Brumbaugh & McDonough, LLP is the Debtor's legal counsel.
PETIQ INC: S&P Raises Issuer Credit Rating to 'B', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'B' from 'B-'
on U.S.-based PetIQ Inc. S&P also raised its issue-level rating on
the company's senior secured first-lien term loan to 'B' from 'B-'.
The recovery rating is '3', indicating its expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of payment default.
The stable outlook reflects S&P's expectation for low-single-digit
organic revenue growth in the products business, about 10% growth
in services, and generally stable margins relative to 2022,
resulting in S&P Global Ratings-adjusted leverage around 5.5x in
2023.
PetIQ managed its business well in 2022 and generated profits above
our expectations.
Operating performance in fiscal 2022 was satisfactory despite the
inflationary environment and tough macroeconomic conditions that
weakened consumer purchasing power. PetIQ's products business
remained in demand in an environment where pet owners focused
spending on pet necessities like food and medicine. Despite the
fact that the pet adoption surge from COVID-19 has largely
subsided, S&P believes the pet population is still growing, albeit
at a slower rate. Moreover, PetIQ's portfolio of affordable
products and services benefitted from the trend of consumer trade
down last year. Unlike other branded nondurables companies that
have largely raised prices to offset significant raw material
inflation, PetIQ stood pat to drive market share gains at the
expense of rivals. This, along with positive mix shift to the
company's higher-margin manufactured products allowed for gross
margin expansion of about 280 basis points (bps) with minimal price
increases; in some cases, PetIQ even worked with its retail
customers to lower prices to drive consumption on-shelf.
During the fourth quarter of 2022, PetIQ generated sale growth in
five of its seven categories, resulting in comparable sales growth
of 14%. Specifically, pet supplements grew 8%, dog treats 43%,
dental treats 38%, cat treats 32%, and dewormers 17%. The overall
products business was down 3% organically for the full year,
primarily driven by the loss of lower margin distribution for
certain products in the amount of about $36 million. Excluding this
impact, product sales increased about 1.5% in 2022, driven by the
successful new product launch of NEXSTAR (flea and tick), volume
share growth across the portfolio, and continued success in the
growing e-commerce channel.
S&P said, "Looking forward to 2023, we expect continued successful
execution to drive modest market share gains and low-single-digit
organic growth in the products business. Furthermore, we believe
the company will attempt to maintain a rate of wellness center
expansion similar to 2022. We view the slower rate of expansion and
subsequent capital conservation as prudent, albeit at the expense
of further business diversification, given the unfavorable labor
dynamics and significant competition for qualified veterinarians.
We believe these factors will lead to about 30 bps of consolidated
gross margin expansion. In turn, we expect about a half-turn of
deleveraging by the end of fiscal 2023, with S&P Global
Ratings-adjusted debt to EBITDA of about 5.5x.
"Our ratings continue to reflect PetIQ's narrow focus in the pet
health and wellness industry, which benefits from favorable
industry fundamentals but is intensely competitive.
"We expect the heightened consumer focus on pet health and
wellness, combined with the significant increase in pet ownership
during the pandemic, will support sustained expansion in this
category over the next few years. However, we view switching costs
for pet wellness products and services as relatively low and note
that the company's products compete against those of large
multinational companies, such as Bayer AG, Mars Inc., and Nestle
S.A., which have much greater resources and financial wherewithal."
Increased investment by these larger players into the categories
that PetIQ competes in could stall or reverse recent market share
gains.
The acquisition of Rocco & Roxie (R&R) is overall positive for
credit quality.
The opportunistic tuck-in of R&R will add about $30 million in
sales and be accretive to EBITDA by the fourth quarter of 2023.
R&R's flagship product for pet stains and odor protection is one of
the bestselling direct-to-consumer brands on the market right now.
S&P said, "We believe management will leverage its retailer
customer relationships to expand distribution beyond just
e-commerce and into brick and mortar and pet specialty stores. We
expect these distribution gains will allow PetIQ to successfully
scale the R&R business over time. Moreover, we recognize that the
company financed this deal with its strong cash flow generation
from 2022, rather than adding debt to its capital structure, which
is a credit positive."
S&P views the current pace of expansion for the company's services
business to be sustainable.
Given the recent veterinarian labor headwinds, PetIQ has
significantly slowed the pace of build out and investment for its
services business. During 2022, the company added 24 new centers
for a total of 248. Management seeks to reach 1,000 wellness
centers to provide noninvasive veterinarian procedures to a market
they deem to be underserved. S&P said, "We view this target as long
tailed and potentially a more than decade-long endeavor, provided
the company is able to profitably scale the business, which in our
opinion it has yet to do. Next year we expect about 20-30 new
centers to be built, assuming the supply of veterinarian labor
available can accommodate this growth. PetIQ has said it has
shifted the expansion strategy to hire then build, rather than
build then hire."
PetIQ's board has authorized a $30 million share repurchase program
that could be a use of cash in 2023.
The company generated the most cash in its history last year with
$48 million in cash flow from operations (CFO) and $36 million in
free operating cash flow (FOCF). S&P said, "We recognize that the
company's capital allocation priority is to reinvest in the
business, but we believe the company may begin to accelerate the
frequency and magnitude of share repurchases depending on stock
price fluctuations. Last year, the company repurchased $4.7 million
and have board authorization to repurchase as much as $30 million
in 2023, though we view the potential for the company to utilize
the full authorization as unlikely." The potential for higher share
repurchases could be an incremental use of cash next year.
The stable outlook reflects S&P's expectation that the company will
steadily grow revenues with consistent EBITDA generation such that
S&P Global Ratings-adjusted leverage is around 5.5x in 2023.
S&P could lower its ratings if the company's profits and cash flows
deteriorate, or the company transacts debt-financed mergers and
acquisitions (M&A), and S&P Global Ratings-adjusted leverage is
sustained above 6.5x, or FOCF approaches $10 million. This could
occur if:
-- Operational missteps occur while managing its services business
expansion, including building too many unprofitable wellness
centers too quickly or excessive wellness center closures are
sustained due to labor headwinds;
-- Competition for pet medication and wellness products increases,
leading to market share losses and volume pressure;
-- The company loses key customers or shelf space; or
-- Financial policy becomes more aggressive, and the company
prioritizes debt-financed M&A or shareholder distributions over
debt paydown.
While unlikely over the next 12 months, S&P could raise its ratings
if the company outperforms its expectations and S&P Global
Ratings-adjusted leverage is sustained below 5x. This could occur
if:
-- The company continues to invest in innovation and brand support
to profitably grow its products business;
-- Veterinarian labor challenges subside, and the company is able
to profitably grow its services business; and
-- The company uses excess cash flow to complete tuck-in
acquisitions to bolster its product portfolio.
POINDEXTER PROPERTIES: $10.9M Bank Debt Trades at 17% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Poindexter
Properties LLC is a borrower were trading in the secondary market
around 83.5 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $10.9 million facility is a Asset-Based Term loan that is
scheduled to mature on March 18, 2030. The amount is fully drawn
and outstanding.
Poindexter Properties LLC is based in Houston, Texas.
POSEIDON INVESTMENT: S&P Cuts ICR to 'CCC+' on Underperformance
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Poseidon
Investment Intermediate L.P. (dba Pretium Packaging LLC) to 'CCC+'
from 'B-'.
At the same time, S&P lowered its rating on its first-lien term
loan to 'CCC+' from 'B-'. S&P also lowered its rating on its
second-lien term loan to 'CCC-' from 'CCC'. The recovery ratings
are unchanged.
The negative outlook on Poseidon reflects the company's recent
underperformance, negative cash generation, increased cash interest
expense, and diminished liquidity. It also reflects the risk that
greater-than-expected cash shortfalls could lead to weaker
liquidity. This could occur if the company is unable to achieve its
identified synergies and improve earnings, offsetting the negative
effect of higher interest rates.
Volumes sharply declined in the last two fiscal quarters driven by
the combination of continued destocking given high levels of
customer inventory and reduced consumer demand due to inflationary
pressures. The company's volumes decreased in the double-digit
percentage area in the last two fiscal quarters compared with the
same prior-year quarters. The largest declines came from Poseidon's
higher-margin personal care and nutrition and wellness segments.
The negative impact of excess inventories across market segments
and sales channels accelerated in the last two quarters, and when
coupled with continued customer supply chain shortages and labor
issues and softening consumer demand amid high inflation, led to a
steep decline in shipments. The greater-than-expected volume
decline resulted in weaker earnings due to unfavorable product mix
and fixed cost absorption. In addition, one-time costs to integrate
Alpha Packaging and Grupo Edid and achieve its projected synergies
dampened EBITDA in the quarter. S&P expects demand headwinds to
continue into the second half of the fiscal year, specifically
across its higher-margin market segments, and have therefore
lowered our forecast for revenue and earnings for fiscal 2023.
The downgrade reflects Poseidon's reduced liquidity and risk of
sustained negative free operating cash flow (FOCF). Its
weaker-than-expected EBITDA, higher cash interest costs, and
ongoing growth capital expenditure (capex) resulted in a meaningful
cash flow deficit in the fiscal first quarter. With only $6.3
million of cash at the beginning of the fiscal year, the company
mainly funded the shortfall in the fiscal first quarter with $19
million of borrowings under its $100 million asset-based lending
(ABL) facility and $11 million of proceeds from an equipment sale
leaseback transaction. Although lower net working capital was a
modest cash source in the quarter, it also resulted in a lower
borrowing base on the company's ABL facility. The borrowing base
declined to $83 million, reducing Poseidon's availability under
this facility to about $61 million at the end of the quarter. S&P
said, "We expect cash flow to remain negative through the fiscal
second quarter, before improving in the second half of the fiscal
year. However, if the cash flow deficit is greater-than-expected or
continues through the second half, we believe the company could
face heightened liquidity risk and difficulty meeting its
substantial debt service costs."
S&P believes Poseidon's debt maturity profile somewhat alleviates
its refinancing risk. The company refinanced its entire capital
structure in connection with the fiscal 2022 acquisitions of Alpha
Packaging and Grupo Edid. As such, it has no debt maturities until
its ABL facility is due in October 2026. Its first-lien term loan
is due October 2028, and its second-lien term loan is due October
2029. Although S&P expect its liquidity to remain pressured through
the fiscal second quarter, it believes its capital structure allows
the company time to integrate recent acquisitions and achieve its
cost synergies related to procurement savings, automation
investments, headcount reductions, and facility consolidation.
The negative outlook on Poseidon reflects the company's recent
underperformance, negative cash generation, increased cash interest
expense, and diminished liquidity. It also reflects the risk that
greater-than-expected cash shortfalls could lead to weaker
liquidity. This could occur if the company is unable to achieve its
identified synergies and improve earnings, offsetting the negative
effect of higher interest rates.
S&P could lower its rating on Poseidon if:
-- Its operating performance continues to deteriorate and negative
FOCF further diminishes liquidity such that S&P believes a payment
default or distressed restructuring is likely within the next 12
months.
S&P could raise its rating on Poseidon if:
-- The company improves its earnings and generates sufficient free
cash flow to fund its operations and capex; and
-- It improves its liquidity position by either reducing
borrowings under its ABL facility, increasing its borrowing base,
or increasing its cash.
PRETIUM PKG: $1.25B Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 80.6 cents-on-the-dollar during the week ended Friday, March
17, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on October 1, 2028. 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.
PRETIUM PKG: $350M Bank Debt Trades at 35% Discount
---------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 64.6 cents-on-the-dollar during the week ended Friday, March
17, 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.
QUEST SOFTWARE: $2.8B Bank Debt Trades at 18% Discount
------------------------------------------------------
Participations in a syndicated loan under which Quest Software Inc
is a borrower were trading in the secondary market around 81.6
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.81 billion facility is a Term loan that is scheduled to
mature on February 1, 2029. About $2.80 billion of the loan is
withdrawn and outstanding.
Quest Software Inc. provides software solutions. The Company offers
enterprise software that identities, users and data, streamlines IT
operations, and hardens cybersecurity from the inside out. Quest
Software serves customers in the United States.
QURATE RETAIL: S&P Downgraded ICR to 'CCC+' on Turnaround Risks
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
video commerce and online retailer Qurate Retail Inc. to 'CCC+'
from 'B-'.
S&P said, "We also lowered our issue-level rating on subsidiary QVC
Inc.'s secured debt two notches to 'B-' from 'B+'. We revised the
recovery ratings to '2' from '1'reflecting our expectation for
substantial (70%-90%; rounded estimate: 70%) recovery in the event
of a payment default."
The negative outlook reflects the risk of a downgrade if the
company cannot stabilize performance and improve cash flow in light
of upcoming maturities.
Declining customer counts and cost control challenges continue to
weigh on Qurate's earnings and cash flow. In fiscal 2022, S&P
Global Ratings-adjusted leverage rose sharply to 7.4x from 3.8x in
2021 due to both higher debt and lower EBITDA. Reported free
operating cash flow was negative $119 million versus positive $794
million by S&P's calculations in fiscal 2021. QxH segment customer
count declined 14% to 8.9 million largely because of the continued
impact of cord-cutting and shipping and product availability, which
was slowed by a fire at a fulfillment center. In the fourth quarter
ended Dec. 31, 2022, S&P Global Ratings-adjusted EBITDA margin
dipped 840 basis points to 5.7% from 14.1% in the year-ago period.
Higher fixed expenses, continued supply chain inefficiencies, and a
10% sales decline all contributed. While its inventory position
improved sequentially during the last quarter, S&P expects
continued margin pressure through at least the first half of 2023
as easing supply chain costs are partially offset by investments in
turnaround initiatives and a weak demand environment.
S&P said, "We view the company's capital structure as potentially
unsustainable in a rising interest rate environment.We expect
Qurate's adjusted leverage to remain high, above the 6x area in
2023. The company is burdened by more than $7 billion of funded
debt. Among its staggered debt maturities, $600 million are due in
March 2024 with about $1 billion outstanding as of year-end under
its revolving credit facility due in 2026. To the extent the
company will need to refinance debt, we expect a much higher
interest burden. Our calculation of Qurate's leverage reflects its
debt excluding cash on hand and our adjustments including operating
lease liabilities, outstanding principal of debt, and nearly $1.3
billion of preferred stock issued in 2020 that we treat as debt.
The company has a publicly stated financial policy of maintaining
leverage of less than 2.5x at QVC by its calculations. That figure
was 2.8x for the fourth quarter of Qurate's 2022 calculations. Our
assessment of financial risk considers the debt at QVC and Qurate
as well.
"We continue to assess the company's liquidity as adequate, given
the cash balances and availability under its $3.25 billion
revolver. The QVC revolving credit agreement requires QVC (together
with Zulily, Cornerstone, and their restricted subsidiaries) to
maintain consolidated total net leverage of no more than 4.5x. The
notes do not have any significant maintenance financial covenants.
To preserve profit, Qurate is focusing on managing costs and
stabilizing revenue over the next two years, including through cost
savings in fulfillment and other margin initiatives. Further, it
recently announced the elimination of over 400 positions in 2023,
primarily at QVC U.S. and HSN. This reduced corporate headcount
12%. In our view, Qurate has had limited ability to effectively
adjust its merchandising strategy as part of its wide-reaching
turnaround.
"Qurate generates a significant portion of revenue from TV
viewership, which is in secular decline because of cord-cutting and
other factors. Amid this and continued weak execution, we have an
incrementally worse view of the company's ability to track, adjust,
and control execution of strategy. As a result, we revised our ESG
indicators to E-2, S-2, G-4 from E-2, S-2, G-3.
"The negative outlook reflects our expectation that Qurate's
operating performance will remain pressured despite cost-cutting
efforts, as weak cash flow will make it difficult to comfortably
service and refinance the high debt burden across the group.
"We could lower our rating on Qurate if we envision a default
scenario in the subsequent 12 months. This could occur if the
company cannot achieve significant progress with its transformation
plan, demand significantly weakens, or cash flow profile worsens.
"We could take a positive rating action on Qurate if it makes
material progress on its turnaround plans, driving profit growth.
Under this scenario, we would expect the company to demonstrate a
significant and sustained improvement in its operating performance
and cash flows. This would provide more certainty that it can
refinance its debt maturities at par."
Environmental, Social, And Governance
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Qurate. We note management's inability to
sustainably deliver positive cash flow and stable credit metrics,
relying on cost-cutting and sale leaseback proceeds to help return
the company to profitability. We also note that ownership remains
concentrated among key executives, and most directors and officers
have overlapping roles with Liberty Media Corp. (LMC). Gregory B.
Maffei, chairman of the board of Qurate and president and CEO of
LMC, beneficially owns approximately 20% of the voting rights in
Qurate, and John C. Malone, chairman of the board of LMC and a
director of Qurate, beneficially owns approximately 6.7% of the
voting rights in Qurate.
"We note that in 2020, the company paid nearly $1.3 billion in
special cash dividends to its shareholders and issued approximately
$1.3 billion of preferred stock, which we include in our
calculation of adjusted debt based on the terms of the instrument.
We believe this large payout to owners a few years ago has
contributed to Qurate's vulnerable financial position."
ESG credit indicators: E-2, S-2, G-4 from E-2, S-2, G-3
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Other governance factors
RACKSPACE TECHNOLOGY: $2.30B Bank Debt Trades at 39% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Rackspace
Technology Global Inc is a borrower were trading in the secondary
market around 60.7 cents-on-the-dollar during the week ended
Friday, March 17, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $2.30 billion facility is a Term loan that is scheduled to
mature on February 9, 2028. About $2.25 billion of the loan is
withdrawn and outstanding.
Rackspace Technology Global, Inc., supports and manages cloud
platforms, as well as offers managed hosting, colocation, security,
data processing, and enterprise application development.
RADIOLOGY PARTNERS: $1.64B Bank Debt Trades at 17% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Radiology Partners
Inc is a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.64 billion facility is a Term loan that is scheduled to
mature on July 9, 2025. The amount is fully drawn and
outstanding.
Radiology Partners, Inc. operates as a health care testing center.
The Company offers diagnostic and interventional radiology services
by local radiologists. Radiology Partners serves customers in the
United States.
RED PLANET: $1.40B Bank Debt Trades at 29% Discount
---------------------------------------------------
Participations in a syndicated loan under which Red Planet Borrower
LLC is a borrower were trading in the secondary market around 70.6
cents-on-the-dollar during the week ended Friday, March 17, 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.
REDSTONE HOLDCO: $450M Bank Debt Trades at 44% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 55.9
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on August 6, 2029. The amount is fully drawn and
outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
RESEARCH NOW: $975M Bank Debt Trades at 22% Discount
----------------------------------------------------
Participations in a syndicated loan under which Research Now Group
LLC is a borrower were trading in the secondary market around 78.3
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $975 million facility is a Term loan that is scheduled to
mature on December 20, 2024. About $930.7 million of the loan is
withdrawn and outstanding.
Headquartered in Plano, Texas, Research Now Group, LLC (formerly
Research Now Group, Inc.) and its subsidiary Dynata, LLC (formerly
Survey Sampling International, LLC), provides data collection
services through online, mobile and offline surveys used by market
research firms, consulting firms and corporate customers.
RTW CONSTRUCTION: Cash Collateral Access, $1MM DIP Loan OK'd
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
RTW Construction, Inc. on an interim basis, to use cash collateral
and obtain post-petition financing from Change Capital Holdings I,
LLC.
As previously reported by the Troubled Company Reporter, the DIP
Loan is a revolver that will allow the Debtor to obtain funds,
repay, and obtain more funds up to the maximum principal amount of
$1 million with a maximum outstanding amount during the initial
13-week period of not more than $250,000.
The Debtor acknowledges that separate and apart from its
negotiations with the DIP Lender, the Debtor has assured First
Indemnity of America Insurance Company that proceeds of each of the
Debtor's contracts for which FIA issued a surety bond will be
deposited into a segregated bank account and used first to pay:
(a) beneficiaries of the New Jersey Trust Fund Act (NJ Rev.
Stat section 2A:44-148) associated with a particular Bonded
Contract who are unpaid at the time of the Debtor's receipt of the
funds; or
(b) FIA directly to the extent FIA pays the claims (e.g.,
claims to subcontractors and material suppliers for a particular
Bonded Contract).
The Court ruled that the security interest and lien granted
post-petition by the Debtor to the DIP Lender pursuant to the DIP
Loan Documents is approved and granted on a first priority basis on
all of the Debtor's assets, subject to (i) valid and properly
perfected pre-petition liens and (ii) the Trust Fund Act.
As adequate protection for the Debtor's continued use of the DIP
Lender's cash collateral, to the extent of any diminution in the
value of its collateral, the DIP Lender continues to be granted a
replacement lien in all of the Debtor's presently owned or
hereafter acquired property and assets.
The DIP Lender is also granted, to the extent of any diminution in
the value of its collateral, an allowed super priority
administrative claim as provided in section 507(b) of the
Bankruptcy Code against the Debtor's estate which will have
priority in payment over any other indebtedness and/or obligations
now in existence or incurred hereafter by the Debtor and over all
administrative expenses or charges against property arising in the
Debtor's Chapter 11 case or any superseding Chapter 7 case.
The Debtor's authorization to use cash collateral and obtain DIP
Financing pursuant to the Order will be in effect commencing on the
bankruptcy filing date through and including the earlier of the
entry of a Final Order or March 27, 2023. The Debtor and the DIP
Lender may amend or provide for new Budgets and extend the
Expiration Date, without the need for further Court approval
provided that any amended Budget and notice of any extension of the
Expiration Date is filed with the Court.
A hearing to consider the DIP Financing and entry of a Final Order
is scheduled for March 27, 2023 at 2 p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3mQjIST from PacerMonitor.com.
The budget provides for total operating expenses, on a weekly
basis, as follows:
$55,600 for the week ending March 17, 2023;
$22,500 for the week ending March 24, 2023; and
$44,579 for the week ending March 31, 2023.
About RTW Construction, Inc.
RTW Construction, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 21-18595) on November
4, 2021. In the petition signed by Randy Worrell, chief executive
officer, the Debtor disclosed $1,376,365 in assets and $3,032,627
in liabilities.
Judge Christine M. Gravelle oversees the case.
Vincent Roldan, Esq., at Mandelbaum and Salsburg PC is the Debtor's
counsel.
Change Capital Holdings I, LLC, the DIP lender, is represented by
Henry G. Swergold, Esq., at Platzer, Swergold, Goldberg, Katz &
Jaslow, LLP.
SCHARN INDUSTRIES: Seeks to Hire Robert S. Widell as Accountant
---------------------------------------------------------------
Scharn Industries, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Robert Widell, an
accountant practicing in Auburn, Maine.
Mr. Widell will render these services:
(a) assist the Debtor in the preparation of the Monthly
Operating Reports required by the Office of the United States
Trustee;
(b) prepare all necessary tax returns which may become due
during the course of the case; and
(c) prepare projections for the Plan of Reorganization which
will be filed in this case.
Mr. Widell will perform the services required by the Debtor at an
hourly rate of $100.
The accountant 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 accountant can be reached at:
Robert S. Widell
29 Elmwood Road
Auburn, ME 04210
About Scharn Industries
Scharn Industries, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-10298) on Feb.
28, 2023. In the petition signed by Scott Scharn, manager, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.
Judge Janet E. Bostwick oversees the case.
The Debtor tapped Gary W. Cruickshank, Esq., at Cruickshank Law as
legal counsel and Robert S. Widell as accountant.
SENSEONICS HOLDINGS: Swings to $142.1 Million Net Income in 2022
----------------------------------------------------------------
Senseonics Holdings, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing net
income of $142.12 million on $16.39 million of total revenue for
the year ended Dec. 31, 2022, compared to a net loss of $302.47
million on $13.67 million of total revenue for the year ended Dec.
31, 2021.
As of Dec. 31, 2022, the Company had $177.67 million in total
assets, $142.59 million in total liabilities, and $37.65 million in
total temporary equity, and a total stockholders' deficit of $2.57
million.
Since its inception, the Company has incurred significant net
losses and expects to incur additional losses in the near future.
The Company's positive income in the current year is substantially
the result of fair value gains due to embedded derivatives in its
convertible notes. As of Dec. 31, 2022, the Company had an
accumulated deficit of $808.9 million. To date, the Company has
financed its operations primarily through sales of its equity
securities and debt financings. As of Dec. 31, 2022, the Company
had cash, cash equivalents and marketable securities of $156.3
million.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001616543/000155837023003952/sens-20221231x10k.htm
About Senseonics
Headquartered in Germantown, MD, Senseonics Holdings, Inc. --
www.senseonics.com -- is a medical technology company focused on
the development and manufacturing of glucose monitoring products
designed to transform lives in the global diabetes community with
differentiated, long-term implantable glucose management
technology. Senseonics' CGM systems, Eversense, Eversense XL and
Eversense E3 include a small sensor inserted completely under the
skin that communicates with a smart transmitter worn over the
sensor. The glucose data are automatically sent every 5 minutes
to
a mobile app on the user's smartphone.
* * *
This concludes the Troubled Company Reporter's coverage of
Senseonics Holdings until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
SP PF BUYER: $744M Bank Debt Trades at 38% Discount
---------------------------------------------------
Participations in a syndicated loan under which SP PF Buyer LLC is
a borrower were trading in the secondary market around 61.7
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $744.4 million facility is a Term loan that is scheduled to
mature on December 21, 2025. About $744.4 million of the loan is
withdrawn and outstanding.
SP PF Buyer LLC does business as Pure Fishing, a Columbia, South
Carolina-based company that primarily designs, manufactures and
sells fishing equipment, including rods, reels, lures, artificial
bait, and related fishing tackle, across the globe. Since December
2018, the company is owned by private equity sponsor Sycamore
Partners.
STARKCORP INC: Seeks to Hire Paul Reece Marr as Bankruptcy Counsel
------------------------------------------------------------------
Starkcorp, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to employ Paul Reece Marr, PC as
counsel.
The firm will render these services:
(a) advise the Debtor regarding its powers and duties in the
continued operation and management of its affairs;
(b) prepare legal papers; and
(c) perform all other legal services in the Chapter 11
bankruptcy proceeding for the Debtor which may be reasonably
necessary.
The firm received a retainer of $10,000 from Stark Holdings, LLC,
the sole shareholder in and to the Debtor.
The firm will charge hourly rates of $425 and $225 for Paul Reece
Marr, Esq., and paralegal, respectively.
Paul Reece Marr, Esq., 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:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
1640 Powers Ferry Road
6075 Barfield Road, Suite 213
Sandy Springs, GA 30328
Telephone: (770) 984-2255
Email: paul.marr@marrlegal.com
About Starkcorp Inc.
Starkcorp, Inc. provides support activities for forestry. Starkcorp
is organized into three business groups: Fire Protection Services,
Private Security, and Emergency Medical Services.
Starkcorp sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 23-52263) on March 7, 2023, with up
to $500,000 in assets and up to $10 million in liabilities. Kent
Stark, president of Starkcorp, signed the petition.
Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor
as legal counsel.
TAMPA HYDE: Seeks to Hire W. Bart Meacham as Bankruptcy Counsel
---------------------------------------------------------------
Tampa Hyde Park Cafe Properties, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire W. Bart
Meacham, Esq., a practicing attorney in Tampa, Fla., to handle its
Chapter 11 case.
Mr. Meacham's services include:
(a) taking all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions on its
behalf, the defense of any actions commenced against the Debtor,
negotiations concerning any litigation in which the Debtor may be
involved, and objections to claims filed against the estate;
(b) preparing or amending and filing bankruptcy schedules;
(c) preparing legal papers;
(d) advising the Debtor regarding its rights and obligations;
(e) preparing and filing a Chapter 11 plan and corresponding
disclosure statement; and
(f) other necessary legal services.
Mr. Meacham will be paid on a contingency fee basis.
In a court filing, Mr. Meacham disclosed that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
Mr. Meacham holds office at:
W. Bart Meacham, Esq.
308 E. Plymouth St.
Tampa FL 33603
Tel: (813) 223-6334
Fax: (813) 425-6969
Email: wbartmeacham@yahoo.com
About Tampa Hyde Park Cafe Properties
Tampa Hyde Park Cafe Properties, LLC, a company in Tampa Fla.,
filed a petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00448) on Feb. 7,
2023, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Ruediger Mueller has been appointed as
Subchapter V trustee.
Judge Caryl E. Delano oversees the case.
The Debtor is represented by W. Bart Meacham, Esq., a practicing
attorney in Tampa, Fla.
TKEES INC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: TKEES, Inc.
96 Spadina Avenue, Suite 205
Toronto, Canada
ON M5R 2J6
Business Description: The Debtor is a manufacturer and seller of
sandals and flip flops for women.
Chapter 11 Petition Date: March 20, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 23-12126
Judge: Hon. Scott M. Grossman
Debtor's Counsel: Bradley S. Shraiberg, Esq.
SHAIBERG PAGE PA
2385 NW Executive Center Dr
Suite 300
Boca Raton, FL 33431
Tel: 561-443-0800
Email: bss@slp.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jesse Burnett 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/NHMUQVI/TKEES_Inc__flsbke-23-12126__0001.0.pdf?mcid=tGE4TAMA
TOKEN BUYER: S&P Downgrades ICR to 'CCC+', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Mansfield,
Ohio-based Token Buyer (doing business as Sensience, formerly
Therm-O-Disc) to 'CCC+' from 'B-'. S&P also lowered its issue-level
rating on the company's first-lien term loan to 'CCC+' from 'B-'
and its issue-level rating on its second-lien term loan to 'CCC'
from 'CCC+'.
The negative outlook reflects S&P's expectation that it could lower
its ratings within the next year given our forecast for Sensience's
operating performance to remain pressured amid difficult operating
conditions and the higher interest rate environment, leading to
free operating cash flow (FOCF) deficits, elevated leverage
metrics, and EBITDA interest coverage below 1x.
Recent revenue headwinds and incremental restructuring costs may
persist at least through the near term, further pressuring
Sensience's already weakened credit metrics. S&P said, "Over the
past two quarters, Sensience's revenue has been down in the
mid-teens percent area, on average, year over year, and was below
our previous expectations because its appliance and heating,
ventilation, and air conditioning (HVAC) original equipment
manufacturer (OEM) customers have been destocking--in part due to
correcting inventory balances that may have been abnormally high
because of supply chain issues and in part because of softness in
the consumer appliance and residential HVAC markets. This has led
to reduced demand for the company's bimetal snap controls and
thermal cutoff fuses (about 60% of total revenue). In addition,
sales in China (about 25% of total revenue) have been affected by
COVID-19 disruptions. While we believe that the impact from
customer destocking may largely be over, and we expect that typical
seasonality patterns will support revenue improvement in the second
half of fiscal 2023 (ending Sept. 30, 2023), we anticipate that,
given the weaker macroeconomic backdrop, softness in the
consumer-exposed HVAC, appliance, and water heater end markets
(about 83% of total sales) may persist. Therefore, we forecast full
year 2023 revenue to be down in the mid- to high-single-digit
percent area."
S&P said, "We expect this revenue decline to drive a significant
decline in S&P Global Ratings-adjusted EBITDA in 2023 and an
increase in S&P Global Ratings-adjusted leverage toward 10x. The
most recent quarters were negatively affected by material cost
increases, higher-run-rate costs associated with the transition to
a stand-alone company following the separation from Emerson, and
general decremental margins associated with lower volumes. The
company has actively been addressing the cost base through cost-out
initiatives, and our forecast for adjusted EBITDA incorporates our
expectation that in the latter half of fiscal 2023, Sensience will
realize benefits of recent headcount reductions and footprint moves
to lower-cost manufacturing facilities. Nevertheless, we anticipate
that there will be restructuring costs associated with these
actions and that incremental costs associated with the transition
to a stand-alone company will continue over the near term.
Ultimately, our forecast for 2023 EBITDA is not sufficient to fund
our expectation for Sensience's full year cash funding needs.
"We anticipate Sensience's liquidity will remain adequate through
2023, but risks remain around the company's ability to maintain
adequate liquidity absent meaningful EBITDA growth. Under our
forecast, we expect Senscience will maintain adequate liquidity in
2023 through excess cash and revolver availability and that these
liquidity sources will be sufficient to fund our expectation for
negative FOCF generation. Although transaction costs associated
with the 2022 separation from Emerson won't recur in 2023, FOCF
will be negatively affected by heightened interest expense, given
increases in benchmark rates and the company's capital structure,
which consists solely of variable-rate debt. We anticipate that
benchmark rates will remain elevated at least for the next several
quarters and result in minimal to negative free cash flow
conversion, even in a scenario of modest EBITDA growth. While we
forecast a gradual improvement in revenue and EBITDA as end-market
demand recovers, we believe that if a recovery is shallower or
takes longer to occur than our base case expectations, the company
could deplete its sources of liquidity, resulting in a need for
additional external liquidity support. This risk would be
heightened in a scenario in which working capital, capital
expenditure investment requirements, or interest payments are
higher than we anticipate.
"The negative outlook reflects our expectation that we could lower
our ratings within the next year given our forecast for Sensience's
operating performance to remain pressured amid difficult operating
conditions and the higher interest rate environment, leading to
FOCF deficits, elevated leverage metrics, and EBITDA interest
coverage below 1x."
S&P could lower its rating on Sensience if S&P envisioned a default
scenario in the next 12 months. This could occur if:
-- Demand trends or margins did not improve over the course of the
year, translating to a deteriorating liquidity profile and the
potential for a near-term liquidity crisis;
-- S&P believed there were an increased likelihood that, in order
to reduce its debt burden, the company would pursue a distressed
exchange or restructuring resulting in lenders not receiving
payment according to the original promise of the credit agreement;
or
-- The company could not comply with its financial covenants.
S&P could raise its ratings on Sensience if:
-- S&P expected its operating performance and credit metrics would
improve such that we viewed the capital structure as sustainable,
including generating consistently positive FOCF and driving EBITDA
interest coverage above 1x on a sustained basis;
-- Its liquidity remained adequate, and
-- It remained in compliance with its covenants.
ESG credit indicators: E-2, S-2, G-3
TRANSIT PHYSICAL: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Transit Physical Therapy PC
d/b/a Transit Physical Therapy
275 West Hospitality Lane, Suite 103
San Bernardino, CA 92408
Business Description: The Debtor offers personal rehabilitation
services including physical therapy,
occupational therapy, and speech and
language pathology.
Chapter 11 Petition Date: March 20, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-11057
Judge: Scott H. Yun
Debtor's Counsel: Todd Turoci, Esq.
THE TUROCI FIRM
3845 Tenth Street
Riverside, CA 92501
Tel: (888) 332-8362
Fax: (866) 762-0618
Email: mail@theturocifirm.com
Total Assets: $2,700,328
Total Liabilities: $4,147,237
The petition was signed by Mitree Michael Piromgraipakd 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/3RM5RUI/Transit_Physical_Therapy_PC__cacbke-23-11057__0001.0.pdf?mcid=tGE4TAMA
TRANSMONTAIGNE PARTNERS: Fitch Lowers IDR to 'B', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded TransMontaigne Partners LLC's
(Partners) Long-Term Issuer Default Rating (IDR) to 'B' from 'B+'
and the senior unsecured notes to 'CCC+'/'RR6' from 'B-'/'RR6'.
Fitch has also downgraded the IDR of TransMontaigne Operating
Company L.P. (Opco) to 'B' from 'B+' and the ratings of the senior
secured term loan and revolver to 'BB-'/'RR2' from 'BB'/'RR2'. The
Rating Outlook for both entities is Stable.
The downgrade is driven by higher than expected EBITDA leverage of
7.1x in 2022 which Fitch expects to increase to approximately 7.5x
2023 before declining closer to 6.5x by 2025. Higher leverage is
driven by lower than expected EBITDA generated in 2022 due in part
to weaker than expected utilization rates that are expected to
continue in 2023.
Additionally, in early 2023 the outsized dividend paid to TLP
Finance Holdings LLC (Holdings; NR), funded from Opco revolver
borrowings, increases debt at Partners further stressing leverage
in 2023. The Stable Outlook is supported by TLP's fixed-fee
contracted business, with approximately 75% of revenues supported
by firm contracts, utilization rates around 90%, and a diversified
geographic footprint and customer base.
KEY RATING DRIVERS
Lower EBITDA Drives Rising Leverage: EBITDA was weaker than its
prior forecast in 2022 and is expected to remain at lower than
previously anticipated levels over the medium-term. Utilization
rates dropped to approximately 90% at Partners' which Fitch expects
to remain over the forecast causing a variance to its prior
forecast. A sizable driver of the underperformance is 2022 was in
the Southeast terminals region where utilization fell to around
80%.
The open capacity is now exposed to recontracting risk, which we
anticipate may take over a year to recontract and be contracted at
lower rates than the former agreements. In addition to lower
utilization, EBITDA was lower due to the Diamondback pipeline
recommissioning project missing Fitch's anticipated in-service date
due to permitting issues on the customers end.
Fitch forecasts Partners' EBITDA leverage to rise to 7.5x in 2023
before declining closer to 6.5x by 2025. Including the term loan at
Holding, consolidated leverage is forecast to be almost 9.0x in
2023 but decline to approximately 7.7x in 2025. EBITDA is
anticipated to face headwinds particularly relating to recontractng
open capacity at the Southeast terminals. Fitch also takes a
conservative view of further delays to the in-service date of
Diamondback pipeline slowing the pace of EBITDA improvement. Future
growth initiatives are expected to be made towards renewables
projects which may not have immediate incremental EBITDA growth
contributions.
Outsized Dividends Increases Debt at Partners: In February 2023,
$75 million was borrowed on the on the senior secured revolver at
Opco to make a distribution to Holdings for debt service payment.
This payment is incremental to the regular dividends paid by
Partners to service interest expense and amortization. Utilizing
the revolver borrowings to prepay a portion of the of the Holdings
term loan affords a lower variable rate margin costs reducing
overall interest expense in the higher interest rate environment.
While neutral to debt on a consolidated basis, this payment
increases debt at Partners. Fitch expects these revolver borrowings
to remain outstanding over the near-to-medium term.
Diversified Geographic Footprint with Firm Commitments:
Approximately 75% Partner's revenues were underpinned by firm
commitment contracts as of YE 2022. These contracts are similar in
nature to take-or-pay contracts providing stable and predictable
cash flows. Partners weighted average contract life is
approximately 4.23 years. While this is relatively short for an
average midstream company contract, Fitch views positively that
from inception to today, the weighted (by revenue) average customer
life for contracts of one year in duration or less is roughly 4.76
years.
In addition to strong contracts, Partners benefits from having a
diversified asset footprint with 50 terminals across 20 states.
Partners has also proved to have a good mix of counterparties with
limited customer concentration. This is evidenced as the top three
customers in 2022 accounted for approximately 26% of EBITDA.
Rating Linkages: There is a parent-subsidiary relationship between
Holdings and Partners. Fitch considers Partners to have stronger
standalone credit profile (SCP) than Holdings, both of which are
considered on the respective consolidated credit metrics. Fitch
believes Holdings' SCP is in line with a 'b-'. As such Fitch
follows the stronger subsidiary/weaker parent path. Legal-ring
fencing is assessed as open demonstrated by the ability to move
cash between the entities.
Access & control is assessed as porous considering the combination
of 100% ownership, as well as common management/board of directors,
and Fitch's assessment that Partners will separately manage its
cash and funding needs over the long-term. Due to the
aforementioned linkage considerations, Fitch will limit the
difference between Holdings and Partners to one notch.
In addition to the assessment to the relationship above, Fitch
assess a parent-subsidiary relationship between Partners and Opco.
Fitch considers Opco to have a stronger SCP than Partners as Opco
is closer to the operating assets. As such Fitch follows the
stronger subsidiary/weaker parent path. Legal ring-fencing is
assessed as open stemming from the existence of cross-guarantees
between the entities. Access & control is assessed as open
considering the 100% ownership and common management/board of
directors, and because cash can move freely between the entities.
Due to the aforementioned linkage considerations, Fitch views
Partners and Opco on a consolidated basis.
DERIVATION SUMMARY
Fitch views Partner's financial profile as meaningfully weakened by
the proposed transaction. Leverage is now forecast to rise to
approximately 7.5x 2023 before declining closer to 6.5x in 2025,
compared to the 6.0x-6.5x range previously forecasted. This
positions Partners better in line with the 'B' rating category. The
company operates diversified petroleum liquids storage assets with
approximately 42.4 million barrels of total capacity across about
20 U.S. states, including assets that distribute product to
northern Mexico. In terms of size, Partners is not expected to
generate more than $300 million in terms of EBITDA over the
forecast period, an important threshold between the 'B' and 'BB'
rating categories.
Buckeye Partners LP, rated 'BB', is significantly larger than
Partners in terms of both size/scale and diversity of operations.
Buckeye is a large liquid petroleum products pipeline operator with
more than 117 liquid petroleum products terminals and aggregate
tank capacity of over 125 million barrels. Buckeye also has a
presence in the Caribbean. Similar to Partners, Buckeye is owned by
a private equity sponsor; however, While Buckeye's leverage is
expected to range above its negative sensitivity of 6x in the near
term until distributions from FLIQ2 (NR) resume Fitch anticipates
leverage will normalize in the 5.0x-6.0x range thereafter. These
factors justify the three-notch difference between the IDRs of
Partners and Buckeye.
Rockpoint Gas Storage Partners LP (ROCGAS), rated at 'B-', is
somewhat unique in Fitch's rated midstream universe in that it is
the only pure play natural gas storage business. ROCGAS is smaller
in size (as measured by EBITDA), compared to Partners. The
company's activities are in the volatile midstream subsegment of
natural gas storage (including the use of matched-booked
proprietary storage positions) with a geographical concentration in
the province of Alberta.
Partners in comparison has lower business risk with essentially all
revenue coming from fee-based sources, and a longer termed contract
portfolio. Leverage at ROCGAS is forecast to be below 5.0x over the
forecast period, which compares favorably to Partners.
KEY ASSUMPTIONS
- Oil and refined product production consistent with the Fitch
price deck for West Texas Intermediate (WTI) of $81/bbl in
2023, $65/bbl in 2024, and $53/bbl in 2025 and long-term;
- Base interest rate applicable to the revolver and term loan
at Opco and term loan at Holdings reflects the Fitch Global
Economic Outlook, e.g., 5.5% for 2023 and 4.0% for 2024;
- Growth capex projects with fully contracted customer
commitments are completed and placed into service through
2025. Future capex expected to average approximately
$50-$60 million over the forecast period. Benefits from
not currently contract growth capex are not expected to
meaningfully contribute to EBITDA;
- Both base fees and opex increase with inflation but opex
increases at a faster pace;
- Recomissioned Diamondback pipeline to resume service by
2H24;
- Contracts of one year in duration or less continue to
be renewed at market rates though the forecast period;
- Holdings does not make other investments outside of
its current equity interest in Partners;
- The recovery analysis assumes that Partners and Opco would
are reorganized as a going-concern rather than liquidated.
Fitch has assumed a 10% administrative claim (standard).
The going-concern EBITDA of $165 million represents a
mid-cycle estimate of sustainable EBITDA for the partnership
considering a full year run rate post-bankruptcy emergence
and reflecting a repricing of its contracts and loss of
some customers. Fitch used a 6x EBITDA multiple to arrive
at the going-concern enterprise value. The multiple is in
line with recent reorganization multiples in the energy sector.
- Fitch used a 6x multiple to arrive at going-concern enterprise
value. The multiple is in line with recent reorganization
multiples in the energy sector. There have been a limited
number of bankruptcies and reorganizations within the
midstream space but in the limited sample such as bankruptcies
of Azure Midstream and Southcross Holdco, the reorganization
multiples were between 5x and 7x by Fitch's best estimates.
In Fitch's recent bankruptcy case study report "Energy, Power
and Commodities Bankruptcies Enterprise Value and Creditor
Recoveries," published in September 2021, the median
enterprise valuation exit multiplies for 51 energy cases
for which this was available was 5.3x, with a wide range of
multiples observed.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- A positive rating action could occur if leverage at Partners,
defined as total Partners EBITDA Leverage, is expected to be
sustained below 6.5x, while consolidated leverage, defined as
the ratio of Holdings consolidated debt to Holdings
consolidated EBITDA Leverage is expected to be sustained
below approximately 7.5x, given that Fitch is unlikely to
rate Partners more than one notch above the consolidated
credit profile.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Partners EBTIDA leverage greater than 7.5x for a sustained
period of time or consolidated EBITDA leverage, expected to
be sustained above 8.5x, given that Fitch is unlikely to
rate Partners more than two notches above the consolidated
credit profile;
- A significant reduction in the percent of revenues from
take-or-pay contract terms, or the adoption of a strategy
to sign new contracts that are two years or less;
- Partners' EBITDA interest coverage sustained below 1.8x;
- Impairments to liquidity.
LIQUIDITY AND DEBT STRUCTURE
Liquidity Sufficient but Tightening: Following the draw of $75
million on the senior secured revolving credit facility Opco in
February 2022 and used to repay a portion of the term loan at TLP
Finance Holdings, LLC, (Holdings), thereby halving the availability
of the $150 million senior secured revolver. Pro forma this
transaction the liquidity at Partner compares less favorably. At
Dec. 31, 2022 Partners had approximately $163 million of available
liquidity with no outstanding borrowings on its $150 million senior
secured revolving credit facility, and $0.4 million in letters of
credit outstanding along with cash on the balance sheet was
approximately $13 million.
As of Dec. 31, 2022 Partners was incompliance with all financial
covenants per the credit agreement including but not limited to a
debt service coverage ratio (DSCR) of greater than or equal to
1.1x, and a senior secured net leverage ratio less than or equal to
6.75x.
The nearest maturity in the TransMontaigne capital structure is the
revolver will become due in the event Partners' senior unsecured
notes are not refinanced prior to November 2025. The senior
unsecured notes at Partners and the term loan at Holdings have
maturity dates of February 2026.
ISSUER PROFILE
TransMontaigne owns and operates diversified petroleum liquids
products storage, terminaling, and transportation assets across
several regions of the United States. TransMontaigne is wholly
owned by ArcLight Energy Partners Fund VI, L.P.
SUMMARY OF FINANCIAL ADJUSTMENTS
Fitch typically calculates EBITDA by removing equity earnings from
unconsolidated affiliates and adding back the distributions from
unconsolidated affiliates. Fitch measures leverage in a variety of
ways for monitoring purposes. This press release features two of
them, which are Partners Consolidated Leverage and Holdings
Consolidated Leverage.
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.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
TransMontaigne
Operating
Company L.P. LT IDR B Downgrade B+
senior secured LT BB- Downgrade RR2 BB
TransMontaigne
Partners LLC LT IDR B Downgrade B+
senior
unsecured LT CCC+ Downgrade RR6 B-
TRISEPTEM DEVELOPERS: Taps Donna Dillard as Real Estate Agent
-------------------------------------------------------------
TriSeptem Developers, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Donna Dillard,
a real estate agent at Village Premier Collection.
Ms. Dillard will render these services:
(a) advise and represent the Debtor with respect to all real
estate matter and proceedings in this Chapter 11 case; and
(b) assist the Debtor in the evaluation of its real estate,
list it for sale, show it to prospective buyers, negotiate a
contract with court and creditor's approval.
Ms. Dillard requests a commission of 2 percent of the sale price.
Ms. Dillard disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The real estate agent can be reached at:
Donna Dillard
Village Premier Collection
12425 Veterans Memorial
Douglasville, GA 30134
Telephone: (404) 965-4080
Email: donna@redribbonhomes.com
About TriSeptem Developers
TriSeptem Developers, Inc., a general contractor in Decatur, Ga.,
filed a petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 22-59930) on Dec. 6, 2022. In the
petition filed by Mark Allen as manager, the Debtor reported up to
$10 million in assets and up to $1 million in liabilities.
Judge Sage M. Sigler oversees the case.
The Debtor is represented by Robert A. Chambers, Esq., at the Law
Office of Robert A. Chambers.
TS EMPLOYMENT: Trustee's Motion for Summary Judgment Granted
------------------------------------------------------------
In the case captioned as In re TS Employment, Inc., Debtor. James
S. Feltman, not individually but solely as chapter 11 trustee for
TS Employment, Inc., Plaintiff, v. Tri-State Employment Service,
Inc., et al., Defendants, and Jofaz Transportation, Inc. et al.,
Third-Party Respondents, Case No. 22-CV-7624 (JMF), (S.D.N.Y.),
District Judge Jesse M. Furman for the Southern District of New
York grants summary judgment to James S. Feltman, not individually
but solely as chapter 11 trustee for TS Employment, Inc.
The Trustee obtained a large default judgment in an adversary
proceeding brought against Tri-State Employment Service, Inc. in
the Bankruptcy Court. Thereafter, the Trustee sought to collect on
that judgment from Third-Party Respondents Jofaz Transportation,
Inc., Y&M Transit Corp. and Third Avenue Transit, Inc., alleging
that the Respondents owed money to Tri-State for unpaid invoices.
On July 8, 2022, Bankruptcy Judge Martin Glenn issued his proposed
findings of fact and conclusions of law. He began by rejecting
Respondents' arguments with respect to subject-matter jurisdiction.
Turning to the merits, Judge Glenn first concluded that the Trustee
stated a valid claim under CPLR 5227. Next, he found "that there is
no dispute that (i) Tri-State provided. . . services to the
Respondents, (ii) the Respondents produced the Business Records
related to Tri-State's. . . services rendered from Nov. 30, 2015
through Dec. 27, 2015, and (iii) the Respondents maintained the
QuickBooks Records that they produced to the Trustee." Judge Glenn
found that the "Business Records and QuickBooks Records showed that
the Respondents had made a partial payment to Tri-State in the
amount of $763,464" and that the Respondents had "identified"
offsets totaling $568,637, leaving "an undisputed amount" in unpaid
invoices of $1.4 million. He reasoned that because the Trustee had
"met his initial burden of showing no genuine dispute as to this
amount, the Respondents had the burden to resist partial summary
judgment by citing to specific materials in the record." But the
Respondents failed to cite to any specific materials in the record
to resist summary judgment.
For these reasons, Judge Glenn recommended that the Trustee's
partial summary judgment motion be granted and that judgment be
entered against the Respondents in the amount of $1.4 million
(specifically, against Jofaz in the amount of $1.1million; against
Y&M in the amount of $197,192; and against Third Avenue in the
amount of $89,912). Additionally, Judge Glenn concluded that the
Trustee was entitled to 9% pre-judgement interest under N.Y. CPLR
5001(a), (b), and 5004.
The Respondents timely filed six objections to the Bankruptcy
Court's proposed findings of fact and conclusions of law. First,
the Respondents argue that the Bankruptcy Court "should not have
authorized, heard, or decided the Trustee's Motion for Summary
Judgment without addressing the Respondents' Objection and
Opposition to the Turnover Motion." Second, they contend that the
Bankruptcy Court "should not have considered the Trustee's Motion
for Summary Judgment, which was untimely under the Bankruptcy
Court's Case Management and Scheduling Order." Third, the
Respondents "object to the Bankruptcy Court's Proposed Finding that
'Respondents' debt owed to Tri-State satisfies the requirements of
NY CPLR 5201, and the Turnover Motion states a valid claim under NY
CPLR 5227.'" Fourth, they "object to the Bankruptcy Court's
Proposed Finding that the Bankruptcy Court has jurisdiction over
this matter as 'arising in or related to a case under title 11.'"
Fifth, Respondents object to the Bankruptcy Court's finding that
there is no genuine dispute as to any material fact through a
variety of disputes over evidence. And finally, the Respondents
"object to the Bankruptcy Court's award of pre-judgment interest."
The Court has considered all of Respondents' arguments and finds
them to be without merit. Accordingly, the Respondents' objections
are overruled. Thus, the Court adopts the Bankruptcy Court's
proposed findings of fact and conclusions of law in their entirety
and grants summary judgment to the Trustee.
Accordingly, judgment is entered in the Trustee's favor consistent
with the Opinion and Order (and the Bankruptcy Court's July 8, 2022
proposed findings of fact and conclusions of law) -- that is,
against Jofaz in the amount of $1.1 million, plus 9% prejudgment
interest from Jan. 25, 2016, in the amount of $709,430; against Y&M
in the amount of $197,192, plus 9% prejudgment interest from Jan.
25, 2016, in the amount of $126,662; and against Third Avenue in
the amount of $89,912, plus 9% prejudgment interest from Jan. 25,
2016, in the amount of $57,753.
A full-text copy of the Opinion and Order dated March 14, 2023 is
available at https://tinyurl.com/3dzj8csy from Leagle.com.
About TS Employment Inc.
Based in New York, TS Employment Inc. is a professional employer
organization that provides payroll-related services. Its only
customer is publicly held Corporate Resource Services, Inc., a
diversified technology, staffing, recruiting, and consulting
services firm. TS processes payroll of up to 30,000 employees.
TS Employment sought Chapter 11 for protection (Bankr. S.D.N.Y.
Case No. 15-10243) in Manhattan on Feb. 2, 2015. The Debtor
disclosed up to $100 million in both assets and debt. Judge Martin
Glenn oversees the case.
The Debtor tapped Scott S. Markowitz, Esq., at Tarter Krinsky &
Drogin LLP, in New York, as legal counsel. Realization Services
Inc. serves as the Debtor's consultant.
James S. Feltman is the Chapter 11 trustee appointed in the
Debtor's case. The trustee tapped Togut, Segal & Segal LLP as
bankruptcy counsel and Jenner & Block LLP as special litigation
counsel. Plotzker & Agarwal, CPAS, LLC is the trustee's
accountant.
UNITED FURNITURE: Trustee Taps King & Spencer as Special Counsel
----------------------------------------------------------------
Derek Henderson, the trustee appointed in the Chapter 11 cases of
United Furniture Industries, Inc. and its affiliates, seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Mississippi to employ King & Spencer, PLLC as special counsel.
The Debtor needs representation for services related to utility
service claims, transition of trailers and leased equipment.
Olivia Spencer, Esq., an attorney at King & Spencer, will be paid
at the rate of $225 per hour plus actual out of pocket expenses.
Ms. Spencer 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:
Olivia Spencer, Esq.
King & Spencer, PLLC
P.O. Box 123
Jackson, MS 39205
Telephone: (601) 948-1547
Email: spencer@kingandspencer.net
About United Furniture Industries
United Furniture Industries, Inc. manufactures and sells
upholstery. It offers bonded leather and upholstery fabric
recliners, reclining sofas and loveseats, sectionals, and sofa
sleepers, as well as stationary sofas, loveseats, chairs, and
ottomans.
United Furniture Industries was subject to an involuntary Chapter 7
bankruptcy petition (Bankr. N.D. Miss. Case No. 22-13422) filed on
Dec. 30, 2022. The petition was signed by alleged creditors Wells
Fargo Bank, National Association, Security Associates of
Mississippi Alabama LLC, and V & B International, Inc. On Jan. 18,
2023, the court entered the order for relief, thereby, converting
the case to one under Chapter 11.
On Jan. 31, 2023, eight affiliates of United Furniture Industries
filed for Chapter 11 protection in the U.S. Bankruptcy Court for
the Northern District of Mississippi. The affiliates are LS
Logistics, LLC, Furniture Wood, Inc., UFI Transportation, LLC,
United Wood Products, Inc., Associated Bunk Bed Company, FW
Acquisition, LLC, UFI Royal Development, LLC, and UFI Exporter,
Inc. Their Chapter 11 cases are jointly administered under Case No.
22-13422.
Judge Selene D. Maddox oversees the cases.
Wells Fargo is represented by R. Spencer Clift, III, Esq., while
Security Associates is represented by Andrew C. Allen, Esq., at The
Law Offices of Andrew C. Allen.
Derek Henderson is the trustee appointed in the Chapter 11 cases of
United Furniture Industries, Inc. and its affiliates. McCraney,
Montagnet, Quin, Noble PLLC and King & Spencer, PLLC serve as the
trustee's bankruptcy counsel and special counsel, respectively.
UPSTREAM NEWCO: $883M Bank Debt Trades at 21% Discount
------------------------------------------------------
Participations in a syndicated loan under which Upstream Newco Inc
is a borrower were trading in the secondary market around 79.3
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $883 million facility is a Term loan that is scheduled to
mature on November 20, 2026. The amount is fully drawn and
outstanding.
Upstream Newco, Inc., headquartered in Birmingham, Alabama, is a
provider of outpatient rehabilitation services -- primarily
physical therapy. Through its subsidiaries, Upstream operates about
1,150 clinics in 28 states, with a strong presence in the
Southeast.
VALCOUR PACKAGING: $420M Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Valcour Packaging
LLC is a borrower were trading in the secondary market around 82.6
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $420 million facility is a Term loan that is scheduled to
mature on September 30, 2028. The amount is fully drawn and
outstanding.
Valcour Packaging LLC, doing business as Mold-Rite Plastics,
provides high-quality plastic packaging components.
VERICAST CORP: New Debt Exchange No Impact on Moody's 'Caa3' CFR
----------------------------------------------------------------
Moody's Investors Service says that Vericast Corp.'s (Vericast,
Caa3 negative) proposed exchange would address 2023 debt maturities
and enable the company to avoid the ABL springing in August 2023.
Nevertheless, the transaction would not reduce the very high debt
burden, would increase interest expense and there is still
refinancing risk of the ABL maturing in April 2024. As a result,
the transaction does not impact Vericast's ratings, including its
Caa3 corporate family rating and negative outlook.
On March 14, Vericast announced an amendment under its credit
agreement to exchange the remaining first lien term loan due
November 2023 (roughly $38 million) outstanding for the 13% second
lien senior secured notes due 2027. To the extent certain first
lien lenders decline to subordinate, Vericast has a commitment from
an existing majority lender of the stub to purchase the first lien
loans at par and subordinate into the second lien notes. Vericast
expects that the entire term loan stub will be refinanced with the
second lien notes at close.
The proposed amendment and exchange would alleviate the company's
liquidity by pushing out the $38 million term loan stub maturity
from November 2023 to May 2027 without reducing its cash on hand or
borrowing capacity on the ABL revolver. Based on the company's Q3
2022 cash balance ($44 million) and ABL availability ($94 million),
Vericast had sufficient liquidity on hand to repay the stub, but it
would have strained already weak liquidity.
The amount of the stub is small relative to the total debt of about
$2.8 billion. However, it is critical for Vericast to address the
remaining loan balance before its maturity in November because it
enables the company to avoid the August 2023 springing ABL revolver
maturity. The company's ABL provides for borrowings of up to $250
million subject to a borrowing base and matures in April 2024,
unless the first lien stub is outstanding. Vericast relies on the
ABL borrowing to meet its working capital needs. The company had
$75 million outstanding balance on the ABL at the end of Q3 2022,
excluding $9 million letters of credit.
While extending debt maturities, the transaction would lead to
higher interest costs. The second lien notes have a fixed 13%
coupon while the first lien stub has a variable interest rate,
which the company reported at 8.4% at the end of Q3 2022. The
company's near-term refinancing risk is reduced by the transaction
but not eliminated because the company still faces its ABL revolver
maturity in April 2024 (turns current in just over a month).
Following the transaction, Moody's continue to believe that the
risk of default remains high unless Vericast, in addition to having
extended the near-term debt maturities, demonstrates significant
progress turning around the business and improving earnings and
free cash flow over the next 12-18 months. Over the past three
years, Vericast used debt exchanges or proceeds from business sale
to meet most of its maturing debt obligations.
Headquartered in San Antonio, TX, Vericast is a provider of check
and check related products, direct marketing services and
customized business and home office products. The company's LTM Q3
2022 revenue was $2.35 billion. Vericast is owned by MacAndrews &
Forbes Holdings, Inc., a wholly owned entity controlled by Ronald
O. Perelman.
VERISTAR LLC: Taps Crosslin to Provide Forensic Accounting Services
-------------------------------------------------------------------
Veristar, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Crosslin, PLLC to provide professional forensic accounting and
consulting services.
Crosslin will render these services:
(a) perform a forensic accounting analysis of the Veristar
entities;
(b) evaluate and analyze Veristar's underlying asset values
for purposes of a hypothetical forced Chapter 7 liquidation; and
(c) review and analyze Veristar's forward operating budget for
purposes of the bankruptcy matter for reasonableness.
The firm's current standard hourly rates for professionals range
from $115 to $450.
Rhonda Sides is the firm's accountant who will be leading the
engagement. Her current hourly rate is $450.
Debtor Veristar shall provide Crosslin a retainer of $10,000.
Ms. Sides 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:
Rhonda Sides
Crosslin, PLLC
3803 Bedford Avenue, Suite 201
Nashville, TN 37215
Telephone: (615) 320-5500
About Veristar LLC
Veristar, LLC provides legal services for a range of practice areas
and industries. It offers discovery, specialized legal staffing and
veralocity services.
Veristar and its affiliates filed their voluntary petitions for
relief under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Tenn. Lead Case No. 23-00413) on Feb. 5, 2023. Michel
Geoffrey Abelow has been appointed as Subchapter V trustee.
In the petition signed by its chief financial officer, Ben Gardner,
Veristar listed $1,477,959 in total assets and $3,806,865 in total
liabilities.
Judge Marian F. Harrison oversees the cases.
The Debtors tapped EmergeLaw, PLLC as bankruptcy counsel; Sims
Funk, PLC as special counsel; and Crosslin, PLLC to provide
professional forensic accounting and consulting services.
VISION SOLUTIONS: $60M Bank Debt Trades at 22% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Vision Solutions
Inc is a borrower were trading in the secondary market around 77.9
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $60 million facility is a Term loan that is scheduled to mature
on April 23, 2029. The amount is fully drawn and outstanding.
Vision Solutions, Inc. designs and develops data recovery software.
The Company offers high availability, disaster recovery, security,
migration, database replication, and cloud solutions. Vision
Solutions serves customers worldwide.
WAHOO FITNESS: $225M Bank Debt Trades at 48% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Wahoo Fitness LLC
is a borrower were trading in the secondary market around 52.5
cents-on-the-dollar during the week ended Friday, March 17, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $225 million facility is a Term loan that is scheduled to
mature on August 12, 2028. About $218 million of the loan is
withdrawn and outstanding.
Wahoo Fitness is a fitness technology company based in Atlanta,
Georgia.
WINC INC: Frederic Chaudiere Steps Down as Committee Member
-----------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that
Frederic Chaudiere Famille Chaudiere (SARL) resigned from the
official committee of unsecured creditors in the Chapter 11 cases
of Winc, Inc. and its affiliates.
The remaining members of the committee are:
(1) Ranch Canada de los Pinos
Attn: Douglas Circle
17772 E. 17th St., Suite 107
Tustin, CA 92780
Phone: 714-630-0299
Fax: 714-630-2399
Email: doug@circlevision.com
(2) Vin-Global, LLC
Attn: Douglas Jones
4501 Manatee Ave West, Suite 314
Bradenton, FL 34209
Phone: 845-629-4567
Email: djones@vin-global.net
About Winc Inc.
Winc, Inc. develops, produces and sells alcoholic beverages through
wholesale and direct to consumer business channels in conjunction
with winemakers, vineyards, distillers, and manufacturers, both
domestically and internationally. Its products are available at
retailers and restaurants throughout the United States.
Winc and its affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del Lead Case No. 22-11238) on Nov.
30, 2022. In the petition signed by its interim chief executive
officer and president, Brian Smith, Winc disclosed up to
$50,318,000 in assets and up to $36,751,000 in liabilities.
Laurie Selber Silverstein oversees the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
restructuring and bankruptcy counsel; RPA Advisors, LLC as
financial advisor; and Canaccord Genuity Group Inc. as investment
banker. Epiq Corporate Restructuring, LLC is the Debtors' notice,
claims, solicitation and balloting agent, and administrative
advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped the law firms of A.M. Saccullo Legal, LLC and
ArentFox Schiff, LLP as legal counsels; CohnReznick, LLP as
financial advisor; and CohnReznick Capital Markets Securities, LLC
as investment banker.
YIELD10 BIOSCIENCE: Incurs $13.6 Million Net Loss in 2022
---------------------------------------------------------
Yield10 Bioscience, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$13.57 million on $450,000 of total revenue for the year ended Dec.
31, 2022, compared to a net loss of $11.03 million on $614,000 of
total revenue for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $8.08 million in total assets,
$3.68 million in total liabilities, and $4.40 million in total
stockholders' equity.
Boston, Massachusetts-based RSM US LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 14, 2023, citing that the Company has suffered recurring
losses from operations and does not have sufficient liquidity to
meet forecasted costs. This raises substantial doubt about the
Company's ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1121702/000112170223000012/yten-20221231.htm
About Yield10
Yield10 Bioscience, Inc. -- http://www.yield10bio.com-- is an
agricultural bioscience company that uses its "Trait Factory" and
the Camelina oilseed "Fast Field Testing" system to develop high
value seed traits for the agriculture and food industries. Yield10
is headquartered in Woburn, MA and has an Oilseeds Center of
Excellence in Saskatoon, Canada.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE OU1 GR 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE ABST CN 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE ABT2EUR EU 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE OU1 GZ 533.6 (8.8) (62.8)
ACCELERATE DIAGN AXDX* MM 75.8 (9.8) 56.7
AIR CANADA AC CN 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 GR 29,507.0 (1,555.0) 312.0
AIR CANADA ACEUR EU 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 TH 29,507.0 (1,555.0) 312.0
AIR CANADA ACDVF US 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 QT 29,507.0 (1,555.0) 312.0
AIR CANADA ACEUR EZ 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 GZ 29,507.0 (1,555.0) 312.0
ALNYLAM PHAR-BDR A1LN34 BZ 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNY US 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL GR 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL QT 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNYEUR EU 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL TH 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNY* MM 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL GZ 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNYEUR EZ 3,546.4 (158.2) 1,924.3
ALPHA ENERGY INC APHE US 2.2 (1.1) (1.3)
ALPHATEC HOLDING L1Z1 GR 513.4 (13.1) 116.8
ALPHATEC HOLDING ATEC US 513.4 (13.1) 116.8
ALPHATEC HOLDING ATECEUR EU 513.4 (13.1) 116.8
ALPHATEC HOLDING L1Z1 GZ 513.4 (13.1) 116.8
ALTICE USA INC-A ATUS US 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A 15PA GR 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A 15PA TH 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A ATUSEUR EU 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A 15PA GZ 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A ATUS* MM 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A ATUS-RM RM 33,665.0 (503.9) (1,471.3)
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 INC PHM7D IX 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7D I2 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 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 GR 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMC4EUR EU 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 TH 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 QT 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMC* MM 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 GZ 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 SW 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMC-RM RM 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN A2MC34 BZ 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN APE* MM 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 BU 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMCE AV 9,135.6 (2,624.5) (788.2)
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 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ GR 459.5 (4.6) (40.6)
AMPLIFY ENERGY C MPO2EUR EU 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ TH 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ GZ 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ QT 459.5 (4.6) (40.6)
AMYRIS INC AMRS* MM 824.9 (467.7) (80.8)
AMYRIS INC A2MR34 BZ 824.9 (467.7) (80.8)
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
ARBOR METALS COR ABR CN 0.2 (0.5) (0.0)
ATLAS TECHNICAL ATCX US 487.4 (126.4) 102.2
AUTOZONE INC AZO US 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 TH 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 GR 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZOEUR EU 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 QT 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO AV 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 TE 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO* MM 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZOEUR EZ 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 GZ 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO-RM RM 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC-BDR AZOI34 BZ 15,545.1 (4,184.2) (1,819.8)
AVALON ACQUISI-A AVAC US 212.6 (8.7) (0.1)
AVALON ACQUISI-A 6YL GR 212.6 (8.7) (0.1)
AVALON ACQUISI-A AVACEUR EU 212.6 (8.7) (0.1)
AVALON ACQUISITI AVACU US 212.6 (8.7) (0.1)
AVID TECHNOLOGY AVID US 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD GR 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD TH 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD GZ 287.5 (118.8) (11.6)
AVIS BUD-CEDEAR CAR AR 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA GR 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR US 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA QT 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR2EUR EU 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR* MM 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR2EUR EZ 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA TH 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA GZ 25,927.0 (700.0) (688.0)
BABCOCK & WILCOX BW US 942.7 (2.1) 185.6
BABCOCK & WILCOX UBW1 GR 942.7 (2.1) 185.6
BABCOCK & WILCOX BWEUR EU 942.7 (2.1) 185.6
BABYLON HOLDIN-A 7UK0 QT 246.1 (255.9) 57.7
BABYLON HOLDIN-A BBLNEUR EZ 246.1 (255.9) 57.7
BATH & BODY WORK LTD0 GR 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LTD0 TH 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI US 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LBEUR EU 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI* MM 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LTD0 QT 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI AV 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LBEUR EZ 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LTD0 GZ 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI-RM RM 5,494.0 (2,205.0) 887.0
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 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 GR 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 GZ 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYNDEUR EU 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 TH 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 QT 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYND AV 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 SW 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0A20 LI 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYNDEUR EZ 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 TE 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYND* MM 1,062.2 (203.5) 530.6
BEYOND MEAT INC B2YN34 BZ 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYND-RM RM 1,062.2 (203.5) 530.6
BIOCRYST PHARM BO1 TH 550.0 (294.6) 411.0
BIOCRYST PHARM BCRX US 550.0 (294.6) 411.0
BIOCRYST PHARM BO1 GR 550.0 (294.6) 411.0
BIOCRYST PHARM BO1 QT 550.0 (294.6) 411.0
BIOCRYST PHARM BCRXEUR EU 550.0 (294.6) 411.0
BIOCRYST PHARM BCRX* MM 550.0 (294.6) 411.0
BIOCRYST PHARM BCRXEUR EZ 550.0 (294.6) 411.0
BIOLIFE SOLUTION BJX1 GR 450.2 (246.9) 93.9
BIOLIFE SOLUTION BLFS US 450.2 (246.9) 93.9
BIOLIFE SOLUTION BLFSEUR EU 450.2 (246.9) 93.9
BIOLIFE SOLUTION BJX1 TH 450.2 (246.9) 93.9
BIOLIFE SOLUTION BJX1 QT 450.2 (246.9) 93.9
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 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
BOEING CO/THE BCOD EB 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCOD IX 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCOD I2 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 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX GR 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX TH 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX QT 1,207.2 (33.9) 90.9
BOX INC- CLASS A BOXEUR EU 1,207.2 (33.9) 90.9
BOX INC- CLASS A BOXEUR EZ 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX GZ 1,207.2 (33.9) 90.9
BOX INC- CLASS A BOX-RM RM 1,207.2 (33.9) 90.9
BRIDGEBIO PHARMA BBIO US 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA 2CL GR 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA 2CL GZ 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA BBIOEUR EU 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA 2CL TH 623.0 (1,244.9) 427.4
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
CARVANA CO CVNA US 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 TH 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 QT 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNAEUR EU 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 GR 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 GZ 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNAEUR EZ 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 SW 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNA* MM 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNA-RM RM 8,698.0 (1,053.0) 2,002.0
CEDAR FAIR LP FUN US 2,235.9 (591.6) (153.2)
CENGAGE LEARNING CNGO US 2,600.8 (298.1) (64.5)
CENTRUS ENERGY-A LEU US 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU TH 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU GR 705.5 (74.1) 137.9
CENTRUS ENERGY-A LEUEUR EU 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU GZ 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU QT 705.5 (74.1) 137.9
CHENIERE ENERGY LNG US 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 GR 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CQP US 19,633.0 (2,131.0) 199.0
CHENIERE ENERGY CHQ1 TH 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 QT 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY LNG2EUR EU 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY LNG* MM 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 SW 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY LNG2EUR EZ 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 GZ 41,266.0 (171.0) (1,187.0)
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 1,010.2 (518.6) 245.6
COGENT COMMUNICA OGM1 GR 1,010.2 (518.6) 245.6
COGENT COMMUNICA CCOIEUR EU 1,010.2 (518.6) 245.6
COGENT COMMUNICA CCOI* MM 1,010.2 (518.6) 245.6
COHERUS BIOSCIEN CHRS US 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 GR 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 TH 480.8 (137.4) 242.5
COHERUS BIOSCIEN CHRSEUR EU 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 QT 480.8 (137.4) 242.5
COHERUS BIOSCIEN CHRSEUR EZ 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 GZ 480.8 (137.4) 242.5
COMMSCOPE HOLDIN COMM US 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN CM9 GR 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN COMMEUR EU 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN CM9 TH 11,685.4 (445.7) 1,618.7
COMMUNITY HEALTH CYH US 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 GR 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 TH 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 QT 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CYH1EUR EU 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 GZ 14,669.0 (734.0) 896.0
COMPOSECURE INC CMPO US 162.9 (292.0) 52.1
CONSENSUS CLOUD CCSI US 636.7 (254.8) 65.5
CONSILIUM ACQUIS CSLMU US 193.9 186.7 186.7
CONSILIUM ACQUIS CSLM US 193.9 186.7 186.7
CONTANGO ORE INC CTGO US 23.3 (0.8) 8.4
CPI CARD GROUP I PMTS US 296.7 (82.1) 99.6
CPI CARD GROUP I CPB1 GR 296.7 (82.1) 99.6
CPI CARD GROUP I PMTSEUR EU 296.7 (82.1) 99.6
CTI BIOPHARMA CO CEPS QT 125.9 (17.6) 77.6
CTI BIOPHARMA CO CTIC US 125.9 (17.6) 77.6
CTI BIOPHARMA CO CEPS GR 125.9 (17.6) 77.6
CTI BIOPHARMA CO CTIC1EUR EZ 125.9 (17.6) 77.6
CTI BIOPHARMA CO CTIC1EUR EU 125.9 (17.6) 77.6
CTI BIOPHARMA CO CEPS TH 125.9 (17.6) 77.6
CUTERA INC TJ9 GR 521.0 (15.2) 345.4
CUTERA INC CUTR US 521.0 (15.2) 345.4
CUTERA INC TJ9 TH 521.0 (15.2) 345.4
CUTERA INC CUTREUR EU 521.0 (15.2) 345.4
CUTERA INC TJ9 QT 521.0 (15.2) 345.4
CUTERA INC CUTREUR EZ 521.0 (15.2) 345.4
CYTOKINETICS INC CYTK US 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A GR 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A QT 1,014.8 (107.9) 710.6
CYTOKINETICS INC CYTKEUR EU 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A TH 1,014.8 (107.9) 710.6
CYTOKINETICS INC CYTKEUR EZ 1,014.8 (107.9) 710.6
DEFENCE THERAPEU DTC CN 0.4 (2.1) (0.5)
DEFENCE THERAPEU DTCFF US 0.4 (2.1) (0.5)
DELEK LOGISTICS DKL US 1,679.3 (110.7) (41.0)
DELL TECHN-C DELL US 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA TH 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA GR 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA GZ 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL1EUR EU 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELLC* MM 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA QT 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL AV 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL1EUR EZ 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL-RM RM 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C-BDR D1EL34 BZ 89,611.0 (3,025.0) (9,303.0)
DENNY'S CORP DE8 GR 498.3 (37.1) (43.3)
DENNY'S CORP DENN US 498.3 (37.1) (43.3)
DENNY'S CORP DENNEUR EU 498.3 (37.1) (43.3)
DENNY'S CORP DE8 TH 498.3 (37.1) (43.3)
DENNY'S CORP DE8 GZ 498.3 (37.1) (43.3)
DICE THERAPEUTI DICE US 594.0 (187.6) 256.2
DIEBOLD NIXDORF DBD SW 3,065.0 (1,371.1) 166.0
DINE BRANDS GLOB DIN US 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP GR 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP TH 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP GZ 1,881.5 (301.1) 9.0
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 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV TH 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV GR 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ US 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV QT 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZEUR EU 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ AV 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ* MM 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV GZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZEUR EZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ-RM RM 1,602.2 (4,189.1) 254.0
DOMO INC- CL B DOMO US 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON GR 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON GZ 242.1 (146.4) (79.8)
DOMO INC- CL B DOMOEUR EU 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON TH 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON QT 242.1 (146.4) (79.8)
DROPBOX INC-A DBX US 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 GR 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 SW 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 TH 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 QT 3,110.1 (309.4) 293.3
DROPBOX INC-A DBXEUR EU 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX AV 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX* MM 3,110.1 (309.4) 293.3
DROPBOX INC-A DBXEUR EZ 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 GZ 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX-RM RM 3,110.1 (309.4) 293.3
EMBECTA CORP EMBC US 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC* MM 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 GR 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 QT 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC1EUR EZ 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC1EUR EU 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 GZ 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 TH 1,196.9 (836.1) 391.4
ESPERION THERAPE ESPREUR EZ 247.9 (323.8) 154.4
ETSY INC ETSY US 2,635.0 (547.3) 882.0
ETSY INC 3E2 GR 2,635.0 (547.3) 882.0
ETSY INC 3E2 TH 2,635.0 (547.3) 882.0
ETSY INC 3E2 QT 2,635.0 (547.3) 882.0
ETSY INC 2E2 GZ 2,635.0 (547.3) 882.0
ETSY INC ETSY AV 2,635.0 (547.3) 882.0
ETSY INC ETSYEUR EZ 2,635.0 (547.3) 882.0
ETSY INC ETSY* MM 2,635.0 (547.3) 882.0
ETSY INC ETSY-RM RM 2,635.0 (547.3) 882.0
ETSY INC - BDR E2TS34 BZ 2,635.0 (547.3) 882.0
ETSY INC - CEDEA ETSY AR 2,635.0 (547.3) 882.0
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 1,641.0 (221.8) 201.1
FERRELLGAS-LP FGPR US 1,641.0 (221.8) 201.1
FIBROGEN INC FGEN US 610.1 (1.5) 219.3
FIBROGEN INC 1FG GR 610.1 (1.5) 219.3
FIBROGEN INC FGEN* MM 610.1 (1.5) 219.3
FIBROGEN INC 1FG TH 610.1 (1.5) 219.3
FIBROGEN INC 1FG QT 610.1 (1.5) 219.3
FIBROGEN INC FGENEUR EU 610.1 (1.5) 219.3
FIBROGEN INC FGENEUR EZ 610.1 (1.5) 219.3
FIBROGEN INC FGEN-RM RM 610.1 (1.5) 219.3
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
GCM GROSVENOR-A GCMG US 549.1 (47.0) 158.0
GENELUX CORP GNLX US 10.2 (36.5) (21.3)
GODADDY INC -BDR G2DD34 BZ 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDY US 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D GR 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D QT 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDY* MM 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDYEUR EZ 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D TH 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D GZ 6,973.5 (329.3) (877.2)
GOGO INC GOGO US 759.5 (101.9) 239.8
GOGO INC G0G GR 759.5 (101.9) 239.8
GOGO INC G0G QT 759.5 (101.9) 239.8
GOGO INC GOGOEUR EU 759.5 (101.9) 239.8
GOGO INC G0G TH 759.5 (101.9) 239.8
GOGO INC G0G GZ 759.5 (101.9) 239.8
GOOSEHEAD INSU-A GSHD US 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX GR 321.4 (33.6) 17.0
GOOSEHEAD INSU-A GSHDEUR EU 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX TH 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX QT 321.4 (33.6) 17.0
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 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLF US 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLFEUR EU 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO QT 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO GZ 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLFEUR EZ 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO TH 2,732.0 (1,265.9) 379.5
HEWLETT-CEDEAR HPQD AR 36,148.0 (3,730.0) (7,748.0)
HEWLETT-CEDEAR HPQC AR 36,148.0 (3,730.0) (7,748.0)
HEWLETT-CEDEAR HPQ AR 36,148.0 (3,730.0) (7,748.0)
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 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ* MM 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ US 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP TH 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP GR 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ TE 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ CI 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ SW 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP QT 36,148.0 (3,730.0) (7,748.0)
HP INC HPQUSD SW 36,148.0 (3,730.0) (7,748.0)
HP INC HPQEUR EU 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP GZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ AV 36,148.0 (3,730.0) (7,748.0)
HP INC HPQEUR EZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ-RM RM 36,148.0 (3,730.0) (7,748.0)
HP INC HPQCL CI 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD EB 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD IX 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD I2 36,148.0 (3,730.0) (7,748.0)
INNOVATE CORP VATE US 1,151.7 (29.6) 119.2
INNOVATE CORP PST TH 1,151.7 (29.6) 119.2
INSEEGO CORP INSG-RM RM 159.0 (70.1) 21.4
INSPIRATO INC ISPO* MM 430.4 (75.0) (161.2)
INSPIRED ENTERTA INSE US 309.4 (57.7) 53.9
INSPIRED ENTERTA 4U8 GR 309.4 (57.7) 53.9
INSPIRED ENTERTA INSEEUR EU 309.4 (57.7) 53.9
J. JILL INC JILL US 466.4 (0.2) 33.8
J. JILL INC 1MJ1 GR 466.4 (0.2) 33.8
J. JILL INC JILLEUR EU 466.4 (0.2) 33.8
J. JILL INC 1MJ1 GZ 466.4 (0.2) 33.8
JACK IN THE BOX JBX GR 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK US 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK1EUR EU 2,907.0 (703.1) (197.0)
JACK IN THE BOX JBX GZ 2,907.0 (703.1) (197.0)
JACK IN THE BOX JBX QT 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK1EUR EZ 2,907.0 (703.1) (197.0)
KARYOPHARM THERA KPTI US 358.2 (16.7) 284.3
KARYOPHARM THERA 25K GR 358.2 (16.7) 284.3
KARYOPHARM THERA KPTIEUR EU 358.2 (16.7) 284.3
KARYOPHARM THERA 25K TH 358.2 (16.7) 284.3
KARYOPHARM THERA 25K GZ 358.2 (16.7) 284.3
KARYOPHARM THERA 25K QT 358.2 (16.7) 284.3
KLX ENERGY SERVI KLXE US 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A GR 465.9 (15.8) 100.3
KLX ENERGY SERVI KLXEEUR EU 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A TH 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A GZ 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A QT 465.9 (15.8) 100.3
L BRANDS INC-BDR B1BW34 BZ 5,494.0 (2,205.0) 887.0
LATAMGROWTH SPAC LATGU US 134.9 127.1 1.2
LATAMGROWTH SPAC LATG US 134.9 127.1 1.2
LENNOX INTL INC LXI GR 2,567.6 (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 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 GR 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LINDEUR EU 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 TH 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 QT 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 GZ 788.0 (85.6) (157.8)
LIQUIDIA CORP LQDA US 93.3 (350.6) 95.6
LIQUIDIA CORP LT4 TH 93.3 (350.6) 95.6
LIQUIDIA CORP LT4 GR 93.3 (350.6) 95.6
LIQUIDIA CORP LT4 GZ 93.3 (350.6) 95.6
LIQUIDIA CORP LQDA1EUR EU 93.3 (350.6) 95.6
LOWE'S COS INC LWE GR 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW US 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE TH 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW SW 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE QT 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWEUR EU 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE GZ 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW* MM 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE TE 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWE AV 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWEUR EZ 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW-RM RM 43,708.0 (14,254.0) 1,931.0
LOWE'S COS-BDR LOWC34 BZ 43,708.0 (14,254.0) 1,931.0
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 295.3 (250.5) 167.6
MANNKIND CORP MNKD US 295.3 (250.5) 167.6
MANNKIND CORP NNFN TH 295.3 (250.5) 167.6
MANNKIND CORP NNFN QT 295.3 (250.5) 167.6
MANNKIND CORP MNKDEUR EU 295.3 (250.5) 167.6
MANNKIND CORP NNFN GZ 295.3 (250.5) 167.6
MARKETWISE INC MKTW* MM 435.2 (328.0) (119.1)
MASCO CORP MAS US 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ GR 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ TH 5,187.0 (242.0) 1,057.0
MASCO CORP MAS* MM 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ QT 5,187.0 (242.0) 1,057.0
MASCO CORP MAS1EUR EU 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ GZ 5,187.0 (242.0) 1,057.0
MASCO CORP MAS1EUR EZ 5,187.0 (242.0) 1,057.0
MASCO CORP MAS-RM RM 5,187.0 (242.0) 1,057.0
MASCO CORP-BDR M1AS34 BZ 5,187.0 (242.0) 1,057.0
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 3,375.0 (876.0) -
MBIA INC MBJ GR 3,375.0 (876.0) -
MBIA INC MBJ TH 3,375.0 (876.0) -
MBIA INC MBJ QT 3,375.0 (876.0) -
MBIA INC MBI1EUR EU 3,375.0 (876.0) -
MBIA INC MBJ GZ 3,375.0 (876.0) -
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
MCDONALD'S CORP MDOD EB 50,435.6 (6,003.4) 1,622.1
MCDONALD'S CORP MDOD IX 50,435.6 (6,003.4) 1,622.1
MCDONALD'S CORP MDOD I2 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 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 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 170.1 (86.1) 3.5
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 4,505.2 (145.8) 12.4
MONEYGRAM INTERN 9M1N GR 4,505.2 (145.8) 12.4
MONEYGRAM INTERN 9M1N QT 4,505.2 (145.8) 12.4
MONEYGRAM INTERN 9M1N TH 4,505.2 (145.8) 12.4
MONEYGRAM INTERN MGIEUR EU 4,505.2 (145.8) 12.4
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 391.8 (59.9) -
NINE ENERGY SERV NINE US 426.8 (23.5) 115.7
NINE ENERGY SERV NEJ GR 426.8 (23.5) 115.7
NINE ENERGY SERV NINE1EUR EU 426.8 (23.5) 115.7
NINE ENERGY SERV NINE1EUR EZ 426.8 (23.5) 115.7
NINE ENERGY SERV NEJ GZ 426.8 (23.5) 115.7
NINE ENERGY SERV NEJ TH 426.8 (23.5) 115.7
NINE ENERGY SERV NEJ QT 426.8 (23.5) 115.7
NOVAVAX INC NVV1 GR 2,258.7 (634.1) (756.6)
NOVAVAX INC NVAX US 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 TH 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 QT 2,258.7 (634.1) (756.6)
NOVAVAX INC NVAXEUR EU 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 GZ 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 SW 2,258.7 (634.1) (756.6)
NOVAVAX INC NVAX* MM 2,258.7 (634.1) (756.6)
NOVAVAX INC 0A3S LI 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 BU 2,258.7 (634.1) (756.6)
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 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 GZ 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 GR 2,054.7 (267.3) 395.5
OAK STREET HEALT OSH3EUR EU 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 TH 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 QT 2,054.7 (267.3) 395.5
OAK STREET HEALT OSH* MM 2,054.7 (267.3) 395.5
ORACLE BDR ORCL34 BZ 131,620.0 (1,912.0) (4,184.0)
ORACLE CO-CEDEAR ORCLC AR 131,620.0 (1,912.0) (4,184.0)
ORACLE CO-CEDEAR ORCL AR 131,620.0 (1,912.0) (4,184.0)
ORACLE CO-CEDEAR ORCLD AR 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL US 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC GR 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL* MM 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL TE 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC TH 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL CI 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL SW 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLEUR EU 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC QT 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLUSD SW 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC GZ 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP 0R1Z LN 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL AV 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLEUR EZ 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLCL CI 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL-RM RM 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCD EB 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCD I2 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCD IX 131,620.0 (1,912.0) (4,184.0)
ORGANON & CO OGN US 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP TH 10,955.0 (892.0) 1,419.0
ORGANON & CO OGN-WEUR EU 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP GR 10,955.0 (892.0) 1,419.0
ORGANON & CO OGN* MM 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP GZ 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP QT 10,955.0 (892.0) 1,419.0
ORGANON & CO OGN-RM RM 10,955.0 (892.0) 1,419.0
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 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 GR 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PZZAEUR EU 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 GZ 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 TH 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 QT 864.2 (269.4) (14.1)
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
PETRO USA INC PBAJ US - (0.1) (0.1)
PHATHOM PHARMACE PHAT US 164.8 (74.8) 134.3
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 2,854.6 (211.6) 311.0
PLANET FITNESS-A PLNT US 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL TH 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL GR 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL QT 2,854.6 (211.6) 311.0
PLANET FITNESS-A PLNT1EUR EU 2,854.6 (211.6) 311.0
PLANET FITNESS-A PLNT1EUR EZ 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL GZ 2,854.6 (211.6) 311.0
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 1,705.6 (347.1) 287.5
PTC THERAPEUTICS BH3 GR 1,705.6 (347.1) 287.5
PTC THERAPEUTICS P91 TH 1,705.6 (347.1) 287.5
PTC THERAPEUTICS P91 QT 1,705.6 (347.1) 287.5
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)
REATA PHARMACE-A RETA US 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 GR 514.5 (65.7) 338.8
REATA PHARMACE-A RETAEUR EU 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 GZ 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 TH 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 QT 514.5 (65.7) 338.8
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 391.0 (77.2) (71.3)
RIMINI STREET IN 0QH GR 391.0 (77.2) (71.3)
RIMINI STREET IN RMNIEUR EU 391.0 (77.2) (71.3)
RIMINI STREET IN 0QH QT 391.0 (77.2) (71.3)
RINGCENTRAL IN-A RNG US 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA GR 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A RNGEUR EU 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA TH 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA QT 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A RNGEUR EZ 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A RNG* MM 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA GZ 2,073.7 (283.3) 143.5
RINGCENTRAL-BDR R2NG34 BZ 2,073.7 (283.3) 143.5
SABRE CORP SABR US 4,962.9 (872.8) 545.9
SABRE CORP 19S GR 4,962.9 (872.8) 545.9
SABRE CORP 19S TH 4,962.9 (872.8) 545.9
SABRE CORP 19S QT 4,962.9 (872.8) 545.9
SABRE CORP SABREUR EU 4,962.9 (872.8) 545.9
SABRE CORP SABREUR EZ 4,962.9 (872.8) 545.9
SABRE CORP 19S GZ 4,962.9 (872.8) 545.9
SBA COMM CORP 4SB GR 10,585.0 (5,244.6) (214.0)
SBA COMM CORP SBAC US 10,585.0 (5,244.6) (214.0)
SBA COMM CORP 4SB TH 10,585.0 (5,244.6) (214.0)
SBA COMM CORP 4SB QT 10,585.0 (5,244.6) (214.0)
SBA COMM CORP SBACEUR EU 10,585.0 (5,244.6) (214.0)
SBA COMM CORP 4SB GZ 10,585.0 (5,244.6) (214.0)
SBA COMM CORP SBAC* MM 10,585.0 (5,244.6) (214.0)
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 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L GR 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L TH 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA SEASEUR EU 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L QT 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L GZ 2,325.8 (437.7) (175.5)
SILVER SPIKE-A SPKC/U CN 6.2 (6.5) (6.5)
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 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT 6FE GR 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT SIXEUR EU 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT 6FE TH 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT 6FE QT 2,665.8 (429.2) (193.5)
SKYX PLATFORMS C SKYX US 47.8 12.5 15.0
SLEEP NUMBER COR SNBR US 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 GR 953.9 (438.2) (732.1)
SLEEP NUMBER COR SNBREUR EU 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 TH 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 QT 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 GZ 953.9 (438.2) (732.1)
SMILEDIRECTCLUB SDC* MM 597.1 (385.2) 180.6
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 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 6,343.9 (110.5) 863.0
SPLUNK INC S0U GR 6,343.9 (110.5) 863.0
SPLUNK INC S0U TH 6,343.9 (110.5) 863.0
SPLUNK INC S0U QT 6,343.9 (110.5) 863.0
SPLUNK INC SPLK SW 6,343.9 (110.5) 863.0
SPLUNK INC SPLKEUR EU 6,343.9 (110.5) 863.0
SPLUNK INC SPLK* MM 6,343.9 (110.5) 863.0
SPLUNK INC SPLKEUR EZ 6,343.9 (110.5) 863.0
SPLUNK INC S0U GZ 6,343.9 (110.5) 863.0
SPLUNK INC SPLK-RM RM 6,343.9 (110.5) 863.0
SPLUNK INC - BDR S1PL34 BZ 6,343.9 (110.5) 863.0
SPRING VALLEY AC SVIIU US 0.7 (0.0) (0.7)
SPRING VALLEY AC SVII US 0.7 (0.0) (0.7)
SQUARESPACE IN-A SQSP US 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT GR 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT GZ 730.5 (303.0) (110.3)
SQUARESPACE IN-A SQSPEUR EU 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT TH 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT QT 730.5 (303.0) (110.3)
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 EB 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRBD IX 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRBD I2 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)
SYNDAX PHARMACEU SNDX US 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 GR 497.2 (225.6) 460.7
SYNDAX PHARMACEU SNDXEUR EU 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 TH 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 QT 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 GZ 497.2 (225.6) 460.7
TABULA RASA HEAL 43T TH 384.1 (57.0) 68.2
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
TEMPUR SEALY INT TPX1* MM 4,359.8 (12.3) 214.0
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 6,757.0 (904.0) 903.0
TRAVEL + LEISURE TNL US 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WD5A TH 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WD5A QT 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WYNEUR EU 6,757.0 (904.0) 903.0
TRAVEL + LEISURE 0M1K LI 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WD5A GZ 6,757.0 (904.0) 903.0
TRAVEL + LEISURE TNL* MM 6,757.0 (904.0) 903.0
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
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
UNITI GROUP INC UNIT US 4,851.2 (2,271.2) -
UNITI GROUP INC 8XC GR 4,851.2 (2,271.2) -
UNITI GROUP INC 8XC TH 4,851.2 (2,271.2) -
UNITI GROUP INC 8XC GZ 4,851.2 (2,271.2) -
UROGEN PHARMA LT URGN US 136.2 (88.7) (125.0)
UROGEN PHARMA LT UR8 GR 136.2 (88.7) (125.0)
UROGEN PHARMA LT URGNEUR EU 136.2 (88.7) (125.0)
VECTOR GROUP LTD VGR GR 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR US 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR QT 908.6 (807.9) 316.7
VECTOR GROUP LTD VGREUR EU 908.6 (807.9) 316.7
VECTOR GROUP LTD VGREUR EZ 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR TH 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR GZ 908.6 (807.9) 316.7
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 2,878.5 (1,702.3) (492.7)
WAYFAIR INC- A W US 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF GR 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF TH 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A WEUR EU 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF QT 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A WEUR EZ 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF GZ 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A W* MM 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- BDR W2YF34 BZ 3,580.0 (2,550.0) (139.0)
WEWORK INC-CL A WE* MM 17,863.0 (3,455.0) (1,541.0)
WINGSTOP INC WING US 424.2 (390.9) 164.3
WINGSTOP INC EWG GR 424.2 (390.9) 164.3
WINGSTOP INC WING1EUR EU 424.2 (390.9) 164.3
WINGSTOP INC EWG GZ 424.2 (390.9) 164.3
WINMARK CORP WINA US 30.5 (61.6) 7.5
WINMARK CORP GBZ GR 30.5 (61.6) 7.5
WW INTERNATIONAL WW US 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 GR 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 TH 1,028.4 (683.8) 84.8
WW INTERNATIONAL WTWEUR EU 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 QT 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 GZ 1,028.4 (683.8) 84.8
WW INTERNATIONAL WTW AV 1,028.4 (683.8) 84.8
WW INTERNATIONAL WTWEUR EZ 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW-RM RM 1,028.4 (683.8) 84.8
WYNN RESORTS LTD WYR GR 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN* MM 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN US 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYR TH 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN SW 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYR QT 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNNEUR EU 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYR GZ 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNNEUR EZ 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN-RM RM 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS-BDR W1YN34 BZ 13,415.1 (1,640.4) 2,218.2
YOTTA ACQUISITIO YOTAU US 116.2 111.9 0.3
YOTTA ACQUISITIO YOTA US 116.2 111.9 0.3
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)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***