/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230411.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, April 11, 2023, Vol. 27, No. 100 Headlines 300 BROADWAY: Starts Subchapter V Bankruptcy Case 620 FIRST URBAN RENEWAL: Files for Chapter 11 Without Counsel 9TH & 10TH STREET: Seeks to Hire Kirby Aisner as Legal Counsel ABRAXAS PETROLEUM: Delays Filing of 2022 Annual Report AERKOMM INC: Delays Filing of 2022 Annual Report AINOS INC: Incurs $14 Million Net Loss in 2022 ALL AMERICAN: Seeks to Hire John Forest as Bankruptcy Attorney ALLERGY & ASTHMA: Taps Law Offices of Michael Jay Berger as Counsel AMERICAN VIRTUAL: Unsecureds to Recover 90% to 95% in Plan ANABELL'S BRAZILIAN: Gets OK to Hire T&F Associates as Accountant ASTRA ACQUISITION: $500M Bank Debt Trades at 18% Discount ASURION LLC: $1.64B Bank Debt Trades at 16% Discount ASURION LLC: $2.68B Bank Debt Trades at 16% Discount ATHENA MEDICAL: Gets OK to Hire Mark J. Giunta as Legal Counsel ATKINS NUTRITIONALS: Moody's Rates New $350MM 1st Lien Loan 'Ba3' AUDACY CAPITAL: $770M Bank Debt Trades at 38% Discount BED BATH & BEYOND: Launches $300M At-the-Market Offering Program BIG VILLAGE: Committee Hires Pachulski Stang as Legal Counsel BIG VILLAGE: Committee Taps Dundon Advisers as Financial Advisor BOY SCOUTS: Insurers Want Plan Stayed Pending 3rd Circuit Appeal CALIFORNIA PALMS: N.D. Ohio Affirms Order of Chapter 7 Conversion CARESTREAM HEALTH: $540.8M Bank Debt Trades at 35% Discount CASTLE US: $1.20B Bank Debt Trades at 30% Discount CASTLE US: $295M Bank Debt Trades at 29% Discount CBAK ENERGY: Delays Filing of 2022 Annual Report CELSIUS NETWORK: Court Dismissed the Appeal On Earn Decision CELSIUS NETWORK: Seeks to Hire Stout Risius as Valuation Advisor CHASE CUSTOM: Committee Taps Marcus Clegg as Legal Counsel CINEWORLD GROUP: Exclusivity Period Extended to June 5 COMPASS POINTE: Amends Administrative Claims; Plan Hearing May 10 CONSULTING DIRECT: Seeks to Hire Kasen & Kasen as Legal Counsel COOPER'S HAWK: S&P Downgrades ICR to 'CCC+', Outlook Negative COSMOS HEALTH: Delays Filing of 2022 Annual Report CROWN FINANCE: $3.33B Bank Debt Trades at 82% Discount CUENTAS INC: Incurs $14.5 Million Net Loss in 2022 DETROIT, MI: Moody's Raises Issuer & GOULT Ratings to Ba1 DFW GRANITE & GLASS: Commences Subchapter V Bankruptcy Proceeding DIAMOND SCAFFOLD: 3 Cajuns Says Disclosures Insufficient DIAMOND SCAFFOLD: Contractors Access Says Disclosure Deficient DIAMOND SCAFFOLD: Creditors' Committee Says Plan Unconfirmable DON CHENTE INC: Seeks Chapter 11 Bankruptcy Protection EXCL LOGISTICS: Hearing Today on Continued Cash Collateral Use FARR LABORATORIES: Hires Ciardi Ciardi & Astin as Legal Counsel GARDNER AGENCY: Seeks to Hire West & West Attorneys as Counsel GENESIS GLOBAL: Auction of Equity or Assets Set for June 27 GENESIS GLOBAL: Committee Taps Berkeley as Financial Advisor GENESIS GLOBAL: Committee Taps Houlihan as Investment Banker GENESIS GLOBAL: Committee Taps Kroll as Information Agent GENESIS GLOBAL: Committee Taps White & Case as Bankruptcy Counsel GMP BORROWER: $69.2M Bank Debt Trades at 9% Discount GORDON BROTHERS: Blackrock Capital Marks $37.6M Loan at 60% Off GRANDOTE INVESTMENTS: Seeks to Hire Dunham Hildebrand as Counsel GREEN POINT: Files for Chapter 11 to Stop Foreclosure GREEN ROADS: Hires ATB Capital Markets as Investment Banker HAMILTON PROJECTS: Moody's Rates $904MM Secured Loans 'B1' HAMON HOLDINGS: Deltak Unsecureds Will Get 44.7% of Claims HARRIS ENERGY: Taps Steinhilber Swanson as Bankruptcy Counsel HINTONS5 LLC: Amends Middletown City & Dlugatz Secured Claims Pay HINTONS5 LLC: U.S. Trustee Says Disclosure Statement Inadequate IDERA INC: Blackrock Capital Marks $2.8M Loan at 18% Off INH BUYER: Blackrock Capital Marks $2.7M Loan at 22% Off JAJE ONE: Exclusivity Period Extended to May 31 JIMMIE LEE PETERSON: $1.15M Sale of Fulton Property to Martin OK'd JOHN STACY DAVIDSON: FHS LLC Buying Flowood Property for $99K KOHL'S CORP: S&P Downgrades ICR to 'BB', Outlook Negative LINCOLN POWER: Wants Storm Penalty Payments Paused M & S TRUCKING: Taps Bond Law Office as Bankruptcy Counsel MADERA COMMUNITY: U.S. Trustee Appoints Creditors' Committee MAGENTA BUYER: Blackrock Capital Marks $7M Loan at 22% Off MANHATTAN SCIENTIFICS: Delays Filing of 2022 Annual Report MARY A II: Auction of Substantially All Assets Set for July 31 MCCLAIN INVESTMENTS: Sale of Nashville Property to Livingstons OK'd MONITRONICS INTERNATIONAL: $822.5M Bank Debt Trades at 49% Discount NAT'L ASSOC. OF TELEVISION: Taps Peter Law Group as Special Counsel NEOVASC INC: Incurs $41.2 Million Net Loss in 2022 NEP II: Blackrock Capital Marks $3.1M Loan at 27% Off NEW CONSTELLIS: Loan Maturity Extension No Impact on Moody's CFR NICK'S CREATIVE: Settles DOR's $2M Claim for $472K OPTIV INC: S&P Rates New $725MM First-Lien Term Loan 'B-' OUR ALCHEMY: Court Narrows Emigrant's Breach of Contract Claims PETROLIA ENERGY: Delays Filing of 2022 Annual Report POLYMER EXTRUSION: Seeks to Tap David A. Ray as Bankruptcy Counsel PURDUE PHARMA: Opioid Victims Wait for 2nd Circuit for Settlement RADIATE HOLDCO: $3.42B Bank Debt Trades at 15% Discount RADNET MANAGEMENT: Moody's Alters Outlook on 'B2' CFR to Stable REMARK HOLDINGS: Delays Filing of 2022 Annual Report RENNOVA HEALTH: Delays Filing of 2022 Annual Report REQUIN CONSTRUCTION: Taps Sternberg Naccari as Legal Counsel RESEARCH NOW: $250M Bank Debt Trades at 42% Discount RFS INVESTMENT: Hits Chapter 11 Bankruptcy Protection RICE ENTERPRISES: Seeks to Hire Bernstein-Burkley as Legal Counsel RIDER UNIVERSITY: Moody's Cuts Issuer & Revenue Bond Ratings to B2 ROCK RIDGE: Hires Whitetail Properties as Real Estate Broker ROYALE ENERGY: Board Appoints Horne LLP as Auditor RV DOCTOR: Gets OK to Hire Johnston Law as Bankruptcy Counsel SABBATICAL INC: Plan Administrator to Receive $110K Disgorged Fees SIGYN THERAPEUTICS: Incurs $2.9 Million Net Loss in 2022 SKILLZ INC: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR SORRENTO THERAPEUTICS: Brokerages Ordered to Give Scilex Stock Info SORRENTO THERAPEUTICS: Committee Hires Milbank LLP as Counsel SORRENTO THERAPEUTICS: Committee Taps Berkeley as Financial Advisor SORRENTO THERAPEUTICS: Committee Taps Norton Rose as Texas Counsel SOUTHFIELD VENTURES: Files Chapter 11 Bankruptcy Protection SPARKLES BEAUTY: Seeks to Hire Ballstaedt Law Firm as Counsel SUITED CONNECTOR: Blackrock Capital Marks $1.3M Loan at 20% Off SUITED CONNECTOR: Blackrock Capital Marks $227,273 Loan at 20% Off SUN PACIFIC: Delays Filing of 2022 Annual Report SYNAMEDIA AMERICAS: $305M Bank Debt Trades at 14% Discount SYNDIGO LLC: Blackrock Capital Marks $4.6M Loan at 23% Off TELESAT CANADA: Moody's Cuts CFR to Caa1 & Sr. Secured Debt to B3 TELESAT LLC: $1.91B Bank Debt Trades at 42% Discount THOMAS HOSPITAL: Dismissal of Dr. Katrib's Suit Affirmed on Appeal TRANSCENDIA HOLDINGS: $295M Bank Debt Trades at 24% Discount TREES CORP: Delays Filing of 2022 Annual Report TSS ACQUISITION: Proposes $50K Sale of Assets to Steven Douglas UFC HOLDINGS: Moody's Puts 'B2' CFR Under Review for Upgrade UNCLE DAN'S: Seeks to Hire US Tax Services as Accountant UNITED PF HOLDINGS: $116M Bank Debt Trades at 26% Discount VERITAS FARMS: Delays Filing of 2022 Annual Report VOYAGER DIGITAL: Urges 2nd Circ. to Lift $1-Bil. Binance Sale Stay WESTPORT HOLDINGS: Trustee Taps Appleby Law as Special Counsel [^] Large Companies with Insolvent Balance Sheet ********* 300 BROADWAY: Starts Subchapter V Bankruptcy Case ------------------------------------------------- 300 Broadway Healthcare Center LLC filed for chapter 11 protection in the District of New Jersey without stating a reason. The Debtor elected on its voluntary petition to proceed under Subchapter V of chapter 11 of the Bankruptcy Code. According to court filings, 300 Broadway Healthcare Center has $784,374 in total debt owed to 1 to 49 creditors. The bare-bones petition states that funds will be available to unsecured creditors. About 300 Broadway Healthcare Center 300 Broadway Healthcare Center LLC, doing business as New Vista Nursing and Rehabilitation, provides healthcare services in New Jersey. 300 Broadway Healthcare Center LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-12643) on March 31, 2023. In the petition filed by David Goldwasser, as member of Manager, the Debtor reported total assets of $2,953,429 and total liabilities of $784,374. Honorable Bankruptcy Judge Vincent F. Papalia handles the case. Brian W. Hofmeister has been appointed as Subchapter V trustee. The Debtor is represented by: Eric Horn, Esq. A.Y Strauss LLC 2 University Plaza, Suite 600 Hackensack, NJ 07601 Tel: 973-287-5006 Fax: 973-226-4104 Email: ehorn@aystrauss.com 620 FIRST URBAN RENEWAL: Files for Chapter 11 Without Counsel ------------------------------------------------------------- 620 First Urban Renewal LP filed for Chapter 11 protection in the District of New Jersey. The Debtor elected on its voluntary petition to proceed under Subchapter V of chapter 11 of the Bankruptcy Code. The Honorable John K. Sherwood has entered an order to show cause why the case should not be dismissed for lack of an attorney for the corporate debtor. A hearing is scheduled for April 25, 2023 at 10:00 a.m. According to court filings, 620 First Urban Renewal estimates between $1 million and $10 million in debt owed to 1 to 49 creditors. The petition states that funds will be available to unsecured creditors. About 620 First Urban Renewal 620 First Urban Renewal LP belongs to the building and construction industry. 620 First Urban Renewal LP filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-12631) on March 30, 2023. In the petition filed by Luis F. Rodriguez, as general partner, the Debtor reported assets and liabilities between $1 million and $10 million. 9TH & 10TH STREET: Seeks to Hire Kirby Aisner as Legal Counsel -------------------------------------------------------------- 9th & 10th Street LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Kirby Aisner & Curley LLP as its attorneys. The firm's services include: a. advising the Debtor with respect to its powers and duties and the continued management of its property and affairs; b. negotiating with creditors of the Debtor and working out a plan of reorganization, and taking the necessary legal steps in order to effectuate such a plan; c. preparing legal papers; d. appearing before the bankruptcy court; e. attending meetings and negotiating with representatives of creditors and other parties in interest; f. advising the Debtor in connection with any potential refinancing of secured debt; g. representing the Debtor in connection with obtaining post-petition financing, if necessary; h. taking any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; i. other necessary legal services. The firm will be paid at these rates: Partners $295 to $550 per hour Paraprofessionals $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer payment in the amount of $5,000. Erica Aisner, Esq., an attorney at Kirby Aisner & Curley, disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erica R. Aisner, Esq. Kirby Aisner & Curley, LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Tel: (914) 401-9500 Email: Dkirby@kacllp.com About 9th & 10th Street 9th & 10th Street LLC is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). 9th & 10th Street LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10423) on March 21, 2023. In the petition filed by Gregg Singer, president of Sing Fina Corp., Manager of the Debtor, the Debtor reported assets and liabilities between $100 million and $500 million. The Debtor is represented by Erica Feynman Aisner, Esq. at Kirby Aisner & Curley LLP. ABRAXAS PETROLEUM: Delays Filing of 2022 Annual Report ------------------------------------------------------ Abraxas Petroleum Corporation filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. Abraxas Petroleum was unable to timely file its Form 10-K as a result of an unanticipated delay in receiving information necessary to permit the Company's auditors to finalize their audit of the Company's financial statements. The delay could not be eliminated by the Registrant without undue expense and unreasonable effort. About Abraxas San Antonio, TX-based Abraxas Petroleum Corporation -- www.abraxaspetroleum.com -- is an independent energy company primarily engaged in the acquisition, exploration, development and production of oil and gas. Abraxas Petroleum reported a net loss of $44.57 million for the year ended Dec. 31, 2021, a net loss of $184.52 million for the year ended Dec. 31, 2020, and a net loss of $65 million for the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $88.15 million in total assets, $15.03 million in total liabilities, and $73.12 million in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Abraxas Petroleum until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. AERKOMM INC: Delays Filing of 2022 Annual Report ------------------------------------------------ Aerkomm Inc. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. The Company has not finalized its financial statements for the year ended Dec. 31, 2022. As a result, the Company is unable to file its Form 10-K for the fiscal year ended Dec. 31, 2022 within the prescribed time period without unreasonable effort or expense. The Company anticipates that it will file the Form 10-K within the fifteen-day grace period provided by Exchange Act Rule 12b-25. About Aerkomm Headquartered in Nevada, USA, Aerkomm Inc. -- http://www.aerkomm.com-- is a full-service development stage provider of in-flight entertainment and connectivity (IFEC) solutions, intended to provide airline passengers with a broadband in-flight experience that encompasses a wide range of service options. Those options include Wi-Fi, cellular, movies, gaming, live TV, and music. The Company plans to offer these core services, which it is currently still developing, through both built-in in-flight entertainment systems, such as a seat-back display, as well as on passengers' own personal devices. Aerkomm reported a net loss of $9.38 million for the year ended Dec. 31, 2021, compared to a net loss of $9.11 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $63.81 million in total assets, $35.13 million in total liabilities, and $28.68 million in total stockholders' equity. Aerkomm Inc.'s working capital deficit was US$11.9 million at September 30, 2022. The deficit was US$4.9 million at December 31, 2021, according to the Company's Quarterly Report for the period ended September 30, 2022. AINOS INC: Incurs $14 Million Net Loss in 2022 ---------------------------------------------- Ainos, Inc. has filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $14.01 million on $3.52 million of revenues for the year ended Dec. 31, 2022, compared to a net loss of $3.89 million on $594,563 of revenues for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $37.11 million in total assets, $2.48 million in total liabilities, and $34.63 million in total stockholders' equity. Houston, Texas-based PWR CPA, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises 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/1014763/000165495423004157/aimd_10k.htm About Ainos Ainos, Inc. (www.ainos.com), formerly known as Amarillo Biosciences, Inc., is a diversified healthcare company engaged in the research and development and sales and marketing of pharmaceutical and biotech products. The Company is engaged in developing medical technologies for point-of-care testing and safe and novel medical treatment for a broad range of disease indications. The Company is a Texas corporation incorporated in 1984. ALL AMERICAN: Seeks to Hire John Forest as Bankruptcy Attorney -------------------------------------------------------------- All American Black Car Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ John Forest, II, Esq., a practicing attorney in Fairfax, Va., to handle its Chapter 11 case. The legal services required by the Debtor include giving legal advice with respect to its powers and duties under the Bankruptcy Code and performing all other legal services for the Debtor which may be necessary to advance this case to a conclusion. Mr. Forest will bill $400 per hour for his services. Mr. Forest that he holds no interest adverse to the Estate of the Debtor or any other party in interest, including the Office of the U. S. Trustee or individuals he employs. Mr. Forest can be reached at: John P. Forest, II, Esq. 11350 Random Hills Rd, Ste 700 Fairfax, VA 22030-6044 Phone: (703) 691-4940 About All American Black Car Service All American Black Car Service, Inc. designs, builds, and installs custom closet packages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-10468) on March 23, 2023. In the petition signed by Sohail Cheema, president, the Debtor disclosed up to $500,000 in both assets and liabilities. John P. Forest, II, Esq., at Law Office of John P. Forest, II, represents the Debtor as legal counsel. ALLERGY & ASTHMA: Taps Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------------- Allergy & Asthma Center of S.W. Washington, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as bankruptcy counsel. The firm's services include: a. communicating with creditors of the Debtor; b. reviewing the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; c. advising the Debtor of its legal rights and obligations in a bankruptcy proceeding; d. working to bring the Debtor into full compliance with reporting requirements of the Office of the U.S. Trustee; e. preparing status reports as required by the court; and f. responding to any motions filed in the Debtor's bankruptcy proceeding. The hourly rates of the firm's attorneys and staff are as follows: Michael Jay Berger, Esq. $595 SofyaDavtyan, Partner $545 Carolyn M. Afari, Mid-level Associate Attorney $435 Gary Baddin, Bankruptcy Analyst/Field Agent $275 Senior Paralegals and Law Clerks $250 Bankruptcy Paralegals $200 The retainer fee is $20,000. Michael Jay Berger, Esq., a partner at the Law Offices of Michael Jay Berger, 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: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: michael.berger@bankruptcypower.com Sofya.davtyan@bankruptcypower.com About Allergy & Asthma Center of S.W. Washington Allergy & Asthma Center of S.W. Washington, LLC is a Los Angeles-based provider of personalized care for allergies and asthma. Allergy & Asthma Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11270) on March 6, 2023. In the petition signed by its chief executive officer, Sanjeev Jain, MD, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Vincent P. Zurzolo oversees the case. The Law Offices of Michael Jay Berger is the Debtor's legal counsel. AMERICAN VIRTUAL: Unsecureds to Recover 90% to 95% in Plan ---------------------------------------------------------- American Virtual Cloud Technologies, Inc., and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated April 6, 2023. The debtor holding company, AVCT (formerly, Pensare Acquisition Corp. "Pensare"), was incorporated in Delaware on April 7, 2016, as a blank-check acquisition company. On April 7, 2020, Pensare consummated a business combination transaction ("Computex Business Combination") in which Pensare acquired Stratos Management Systems, Inc. ("Compute"), a private operating company that does business as Computex Technology Solutions. In connection with the closing of the Computex Business Combination, the Debtors, together with certain non-Debtor operating affiliates (collectively, the "Company") changed its name to American Virtual Cloud Technologies, Inc. The Kandy platform is the primary source of the Debtors' income. The Company derives its revenue from subscriptions to the Company's cloud-based technology platform as well as revenue from the Company's on-premise software. In addition, the Company receives a portion of revenue for professional and managed services, which includes services provided to the Company's customers to assist them with the integration of the Company's products to their network. The value of the Debtors' business is keyed to its intellectual property of the software, the knowhow of the employees and the integrated approach of the software combined with the Company's proprietary processes. Following the Petition Date, the Debtors have continued the business as a going concern while undertaking further marketing efforts which has been essential to be able to realize the full value of the business. The Chapter 11 Cases offered the Debtors the best opportunity to increase creditors' recoveries and preserve jobs under the circumstances. After considering the foregoing facts and circumstances, the Debtors made the determination that an expedited, in-court process was the best available alternative to preserve and maximize the value of their business Following the filing of the Chapter 11 Cases, Northland and the Debtors continued to market the Assets and investigate the potential for a Sale. Northland and the Debtors, with the assistance of SOLIC, ran a robust sale process and considered all appropriate Bids for the Assets, which could have included both of the Business Units or the sale of each Business Unit separately, in accordance with the Bid Procedures and Bid Procedures Order. Northland and the Debtors ran an open process that was intended to protect the best interests of the Debtors' estates and preserve the Debtors' ability to exercise their fiduciary duties throughout the process (the "Sale Process"). The Debtor ultimately identified three qualified bidders who participated in the Auction. On March 7, 2023, the Debtor held the Auction and, following the Auction, filed the Notice of Successful Bidder and Auction Results identifying Skyvera, LLC as the successful bidder with a purchase price of $6,780,062.00. Class 3 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, compromise, settlement, and release, and in exchange for such Allowed General Secured Claim, its Pro Rata Share of the Net Distributable Proceeds (which shall be paid pari passu with the AVCT Canada Employee Obligations). The Plan Administrator shall make the Initial GUC Distribution Amount on the Initial GUC Distribution Date. The remaining Distribution(s) shall be made shall be made as soon as reasonably practicable after the Initial GUC Distribution Date. Class 3 is impaired by the Combined Disclosure Statement and Plan. Holders of General Unsecured Claims are entitled to vote to accept or reject the Combined Disclosure Statement and Plan. The allowed unsecured claims total $6,100,000. This Class will receive a distribution of 90% - 95% of their allowed claims. Class 5 consists of the AVCT Equity Interests. Holders of AVCT Equity Interests in the Debtors will receive no Distribution under the Combined Disclosure Statement and Plan, and all AVCT Equity Interests will be cancelled; provided, however, that, upon the Effective Date, the Plan Administrator shall be deemed to hold one common share of stock in Post-Effective Date Debtor AVCT solely for the benefit of Holders of Allowed Claims; provided, further, that the Plan Administrator shall not be entitled to receive any Distribution on account of such AVCT Equity Interest. Class 6 consists of the Intercompany Equity Interests. On the Effective Date, all Intercompany Equity Interests shall be Reinstated so as to maintain the organizational structure of the Debtors as such structure exists on the Effective Date, unless the Plan Administrator requires otherwise. The Combined Disclosure Statement and Plan provides for the limited substantive consolidation of the Debtors' Estates, but solely for the purposes of this Combined Disclosure Statement and Plan, including voting on this Combined Disclosure Statement and Plan by the Holders of Claims and making any Distributions to Holders of Allowed Claims. Specifically, on the Effective Date, (i) all assets and liabilities of the Debtors will, solely for voting and Distribution purposes, be treated as if they were merged, (ii) each Claim against the Debtors will be deemed a single Claim against and a single obligation of the Debtors, (iii) any Claims Filed or to be filed in the Chapter 11 Cases will be deemed single Claims against all of the Debtors, (iv) all guarantees of any Debtor of the payment, performance, or collection of obligations of any other Debtor shall be eliminated and canceled, (v) all transfers, disbursements and Distributions on account of Claims made by or on behalf of any of the Debtors' Estates hereunder will be deemed to be made by or on behalf of all of the Debtors' Estates, and (vi) any obligation of the Debtors as to Claims will be deemed to be one obligation of all of the Debtors. The Confirmation Hearing has been scheduled for May 24, 2023 at 10:00 a.m. at the Bankruptcy Court, 824 North Market Street, 5th Floor, Courtroom 5, Wilmington, Delaware 19801 to consider (i) final approval of the Combined Disclosure Statement and Plan and (ii) confirmation of the Combined Disclosure Statement and Plan. Counsel to the Debtor: Patrick J. Reilley, Esq. Jack M. Dougherty, Esq. Michael E. Fitzpatrick, Esq. Cole Schotz P.C. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 Email: preilley@coleschotz.com jdougherty@coleschotz.com mfitzpatrick@coleschotz.com - and - Michael D. Sirota, Esq. David M. Bass, Esq. Court Plaza North 25 Main Street Hackensack, NJ 07601 Telephone: 201-489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com About American Virtual Cloud Technologies American Virtual Cloud Technologies, Inc., and its affiliates offer cloud-based business communication services to customers looking to transition business-critical services, phone services and other business applications to the cloud. Its "Kandy" product is one of the largest pure-play providers of unified communications as a service (UCaaS), communications platform as a service (CPaaS), and Microsoft Teams Direct Routing as a Service (DRaaS) for blue-chip enterprise customers such as AT&T, IBM/Kyndryl, and Etisalat. American Virtual Cloud Technologies and affiliates AVCtechnologies USA, Inc. and Kandy Communications, LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-10020) on Jan. 11, 2023. The Debtors disclosed $31,122,000 in total assets and $13,641,000 in total debt as of Sept. 30, 2022. Judge Mary F. Walrath oversees the cases. The Debtors tapped Cole Schotz P.C. as legal counsel; SOLIC Capital Advisors, LLC and SOLIC Capital, LLC as financial advisors; and Northland Securities as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' cases. Saul Ewing, LLP and Dundon Advisers, LLC serve as the committee's legal counsel and financial advisor, respectively. ANABELL'S BRAZILIAN: Gets OK to Hire T&F Associates as Accountant ----------------------------------------------------------------- Anabell's Brazilian Wax, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ T&F Associates as its accountant. The Debtor requires an accountant to prepare its monthly operating reports and provide other accounting and financial consulting services during the course of its Chapter 11 case. The firm will be paid a monthly flat fee of $475 for payroll, bookkeeping, sales tax reporting and monthly operating reports; and an annual fee of $650 for tax preparation. Thaymy Almeida, a partner at T&F Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thaymy Almeida T&F Associates 8737 Dunwoody Place St 2 Sandy Springs, GA 30350 Anabell's Brazilian Wax Anabell's Brazilian Wax, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Texas Case No. 23-40064) on Jan. 10, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Brenda T. Rhoades oversees the case. Spector & Cox, PLLC and T&F Associates are the Debtor's legal counsel and accountant, respectively. ASTRA ACQUISITION: $500M Bank Debt Trades at 18% Discount --------------------------------------------------------- Participations in a syndicated loan under which Astra Acquisition Corp is a borrower were trading in the secondary market around 82.5 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $500 million facility is a Term loan that is scheduled to mature on October 25, 2029. The amount is fully drawn and outstanding. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ASURION LLC: $1.64B Bank Debt Trades at 16% Discount ---------------------------------------------------- Participations in a syndicated loan under which Asurion LLC is a borrower were trading in the secondary market around 84.4 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.64 billion facility is a Term loan that is scheduled to mature on February 3, 2028. The amount is fully drawn and outstanding. Asurion, LLC is a privately held company based in Nashville, Tennessee, that provides insurance for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry. ASURION LLC: $2.68B Bank Debt Trades at 16% Discount ---------------------------------------------------- Participations in a syndicated loan under which Asurion LLC is a borrower were trading in the secondary market around 83.6 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $2.68 billion facility is a Term loan that is scheduled to mature on January 20, 2029. The amount is fully drawn and outstanding. Asurion, LLC provides wireless handset insurance services. The Company offers replacement of lost, stolen, damaged, and malfunctioning devices, as well as roadside assistance programs, technical support, mobile security devices, and electronics protection. ATHENA MEDICAL: Gets OK to Hire Mark J. Giunta as Legal Counsel --------------------------------------------------------------- Athena Medical Group, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to employ the Law Office of Mark J. Giunta to handle its Chapter 11 case. The firm will be paid at these rates: Mark J. Giunta $525 per hour Senior Associate $350 per hour Associate $275 per hour Legal Assistant 125 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. The firm received the sum of $5,000 from the Debtor as initial retainer on Jan. 11. Thereafter, there were draw downs on the retainer as well as retainer replenishments or payments. The firm currently maintains a retainer in the amount of $45,189.50. Mark Giunta, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark J. Giunta, Esq. Liz Nguyen, Esq. Law Office of Mark J. Giunta 531 East Thomas Road, Suite 200 Phoenix, AZ 85012 Tel: (602) 307-0837 Fax: (602) 307-0838 Email: markgiunta@giuntalaw.com liz@giuntalaw.com About Athena Medical Group Athena Medical Group, LLC -- https://athenamedgroup.com/ -- provides primary care, transitional care, chronic care management, remote patient monitoring, and telehealth services. The company is based in Phoenix, Ariz. Athena Medical Group filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-01635) on March 16, 2023, with $3,843,022 in assets and $12,707,798 in liabilities. James E. Cross has been appointed as Subchapter V trustee. Judge Brenda K. Martin oversees the case. The Debtor is represented by the Law Office of Mark J. Giunta. ATKINS NUTRITIONALS: Moody's Rates New $350MM 1st Lien Loan 'Ba3' ----------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Atkins Nutritionals Holdings, Inc.'s proposed $350 million first lien term loan. All other ratings including Atkins' Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, SGL-1 liquidity rating and Ba3 senior secured facility ratings (revolver and term loan) remain unchanged. The outlook is stable. Atkins is a subsidiary of its publicly-traded parent company, The Simply Good Foods Company ("SMPL"). Atkins launched an amend and extend transaction that will extend the maturity of the senior secured first lien term loan by two and a half years to March 2027 from July 2024. The proposed transaction, if successful, is credit positive because it will improve liquidity by addressing the approaching maturity of the company's $660 million first lien term loan (currently $365 million outstanding) without materially affecting free cash flow. The term loan extension will also address the potential springing maturity of the $75 million senior secured revolving credit facility, which expiration will spring from December 2026 to three months ahead of the term loan maturity (March 2024) if the term loan's maturity is not extended by that date. The Ba3 CFR and stable outlook are not affected because Moody's believes there is event risk relating to potential leveraging acquisitions as the company continues to opportunistically pursue transactions that further improve scale and product diversity. In the interim, credit metrics are strong for the rating category. Moody's forecasts that the company's operating cash flow will be sufficient to accommodate increased interest costs resulting from the amend and extend transaction. While there is some continuing pressure on earnings in the first half of 2023 related to higher raw material costs flowing through EBITDA, Moody's projects the company will generate good free cash flow of at least $100 million annually. Voluntary debt repayment and careful cost management should lead Atkins to maintain retained cash flow-to-net debt in the range of 40% to 45% and debt-to-EBITDA below 2x over the next 12 months on a Moody's adjusted basis. Moody's took the following rating actions: Assignments: Issuer: Atkins Nutritionals Holdings, Inc. Senior Secured 1st Lien Term Loan B, Assigned Ba3 (LGD4) RATINGS RATIONALE Atkins' Ba3 CFR reflects strong credit metrics and moderate scale relative to other consumer goods companies, as well as its relatively concentrated distribution channel with Walmart representing approximately 30% of sales. The company is navigating the challenges of supply chain constraints and high inflation successfully, balancing pricing efforts between suppliers and customers, supportive of its asset-light operating model, which enables good free cash flow generation and interest coverage. Current economic headwinds are likely to soften growth rates and continue to pressure gross profit margins in the first half of 2023. However, Atkins has a good track record of recovery from previous downturns and has some positive factors in 2023 such as new distribution gains and new product innovation. The company's efforts to return to pre-pandemic gross profit margins of approximately 40% should gain traction as the benefits of lower commodity costs start to materialize around the end of the fiscal year ending August 2023. The ratings also reflect the potential for additional debt funded acquisitions to increase product and customer diversity and enhance growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable rating outlook reflects Moody's expectation that Atkins will continue to generate modest revenue growth and at least $100 million of annual free cash flow, with a financial strategy that ensures maintenance of moderate leverage and good interest coverage. Moody's also anticipate in the stable outlook that Atkins will maintain very good liquidity and pursue debt financed acquisitions that periodically increase leverage. Ratings could be upgraded if debt/EBITDA is sustained around 2x or lower, EBITA/interest is sustained around 8x or higher, and the company maintains steady operating performance as evidenced by stable market share, organic revenue growth, and a stable to higher EBITA margin. The company would also need to generate strong free cash flow. An additional factor would be maintaining financial strategies consistent with these credit metrics, with meaningful levels of predictability. Ratings could be downgraded if operating performance weakens due to market share erosion, loss of shelf space at key distribution partners, or cost increases. Debt-financed acquisitions or shareholder distributions, or a deterioration in liquidity could also lead to a downgrade. Debt/EBITDA above 3x, EBITA/interest below 6x, or free cash flow-to- debt below 12.5% could result in a downgrade. The Simply Good Foods Company is the ultimate parent of Atkins Nutritionals Holdings, Inc. and is headquartered in Denver, CO. It sells a variety of nutrition bars and shakes in the United States and internationally through mass merchandisers, club stores, grocery stores, and drug retailers, with Walmart a key customer. Following conversion of warrants, Conyers Park owns roughly 13% of the company's common stock. For the twelve months ended February 25, 2023 the company generated approximately $1.18 billion in revenues. The principal methodology used in this rating was Consumer Packaged Goods published in June 2022. AUDACY CAPITAL: $770M Bank Debt Trades at 38% Discount ------------------------------------------------------ Participations in a syndicated loan under which Audacy Capital Corp is a borrower were trading in the secondary market around 62.1 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $770 million facility is a Term loan that is scheduled to mature on November 17, 2024. About $630.5 million of the loan is withdrawn and outstanding. Audacy Capital Corp. owns and operates radio stations. The Company focuses on sports, news, and music and entertainment. Audacy Capital produces, co-produces, and co-promotes events across markets, including concerts, multi-day musical festivals, speaker series, trade shows, and sports-related events. BED BATH & BEYOND: Launches $300M At-the-Market Offering Program ---------------------------------------------------------------- Bed Bath & Beyond Inc. announced that it filed a prospectus supplement with the U.S. Securities and Exchange Commission under which it may offer and sell up to $300 million of shares of its common stock from time to time through an "at-the-market" offering program with a maximum aggregate offering amount of up to $300 million. The timing and amount of any sales will be determined by a variety of factors considered by the Company. Common Stock will be offered through B. Riley Securities Inc., which is serving as the sales agent. B. Riley may sell Common Stock by any lawful method deemed to be an "at-the-market offering" defined by Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation, sales on any existing trading market. Sales may be made at market prices prevailing at the time of a sale or at prices related to prevailing market prices. As a result, sales prices may vary. The Company's prospectus supplement filed March 30, 2023, supplements information contained in the accompanying prospectus contained in the shelf registration statement on Form S-3 (File No. 333-267173) for the offering of Common Stock. Potential investors should review the prospectus, the prospectus supplement and all other related documents that the Company has filed with the SEC for complete corporate information, including information pertaining to the ATM Program and the risks associated with investing in the Company. Investors can obtain copies of the prospectus supplement and the accompanying prospectus by visiting the SEC's website at www.sec.gov. Alternatively, potential investors may contact B. Riley, who will arrange to provide them these documents, by telephone at (703)-312-9580 or by email at prospectuses@brileyfin.com. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operate under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. The Company reported a net loss of $559.62 million for the fiscal year ended Feb. 26, 2022, a net loss of $150.77 million for the year ended Feb. 27, 2021, and a net loss of $613.82 million for the year ended Feb. 29, 2020. As of Nov. 26, 2022, the Company had $4.40 billion in total assets, $5.20 billion in total liabilities, and a total shareholders' deficit of $798.64 million. * * * As reported by the TCR on March 8, 2023, S&P Global Ratings raised its issuer credit rating on U.S.-based specialty retailer Bed Bath & Beyond Inc. (BBBY) to 'CCC-' from 'D'. S&P said, "BBBY's capital structure remains unsustainable, in our view, due to its heavy debt load, wide operating losses, and sustained cash flow deficits." As reported by the TCR on Nov. 28, 2022, Moody's Investors Service retained Bed Bath's corporate family rating at Ca and the outlook remains stable. According to Moody's, Bed Bath & Beyond's Ca corporate family rating reflects the very high likelihood of further defaults over the next 12 months. BIG VILLAGE: Committee Hires Pachulski Stang as Legal Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Big Village Holding LLC, and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Ziehl & Jones LLP as its legal counsel. The firm's services include: a. assisting, advising, and representing the Committee in its consultations with the Debtor regarding the administration of these Cases; b. assisting, advising, and representing the Committee with respect to the Debtor' s retention of professionals and advisors with respect to the Debtor' business and these Cases; c. assisting, advising, and representing the Committee in analyzing the Debtor' s assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; d. assisting, advising, and representing the Committee in any manner relevant to reviewing and determining the Debtor' s rights and obligations under leases and other executory contracts; e. assisting, advising, and representing the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor, the Debtor' operations, and the desirability of the continuance of any portion of those operations, and any other matters relevant to the Case or to the formulation of a plan; f. assisting, advising, and representing the Committee in connection with any sale of the Debtor' s assets; g. assisting, advising, and representing the Committee in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; h. assisting, advising, and representing the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; i. assisting, advising, and representing the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and j. providing such other services to the Committee as may be necessary in these cases. The firm's standard hourly rates are as follows: Partners $875 - $1,995 Associates $725 - $895 Paraprofessionals $495 - $545 In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Pachulski provided the following in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The firm anticipates filing a budget at the time it files its interim fee applications. In accordance with the 2013 UST Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments Jeffrey Pomerantz, Esq., a partner at Pachulski, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey N. Pomerantz, Esq. Pachulski Stang Ziehl & Jones, LLP 780 Third Avenue, 34th Floor New York, NY 10017 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com About Big Village Holding Big Village Holding LLC and its affiliates are a global advertising, technology, and data company with operations in the United States, European Union, and Australia. They deliver their advertising and digital content across multiple media channels and online platforms, and facilitate the implementation of targeted, data-driven advertising strategies which encompass all of the technology and intelligence necessary to execute global advertising campaigns. Big Village Holding LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10174) on February 8, 2023. In the petition signed by Kasha Cacy, global chief executive officer, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal counsel; Portage Point Partners, LLC as restructuring advisor; and Stephens, Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. BNP Paribas, as administrative agent under the Debtors' prepetition credit agreement, is represented by Mayer Brown LLP's attorneys, Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's attorney, L. Katherine Good. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represneted by Steven Golden, Esq. BIG VILLAGE: Committee Taps Dundon Advisers as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Big Village Holding LLC, and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon Advisers LLC as its financial advisor. The firm will render these services: -- assist in the analysis, review, and monitoring of the restructuring and/or liquidation process, including, but not limited to, an assessment of the unsecured claims pool and potential recoveries for unsecured creditors; -- develop a complete understanding of the Debtors' businesses and their valuations; -- determine whether there are viable alternative paths for the disposition of the Debtors' assets from any currently or in the future proposed by any Debtor; -- monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions which would support unsecured creditor recovery; -- assist the Committee in identifying, valuing and pursuing estate causes of action, including, but not limited to, relating to prepetition transactions, control person liability and lender liability; -- assist the Committee to analyze, classify and address claims against the Debtors and to participate effectively in any effort in this Chapter 11 Case to estimate (in any formal or informal sense) contingent, unliquidated and disputed claims; -- assist the Committee to identify, preserve, value and monetize tax assets of the Debtors, if any; -- advise the Committee in negotiations with the Debtors, certain of the Debtors' lenders and third parties; -- assist the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, cash budgets and monthly operating reports; -- assist the Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; -- review and provide analysis of the present and any subsequent proposed debtor-in-possession financing or use of cash collateral; -- assist the Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; -- review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Committee in developing an alternative chapter 11 plan; -- attend meetings and assist in discussions with the Committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; -- present at meetings of the Committee, as well as meetings with other key stakeholders and parties; -- perform such other advisory services for the Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and -- provide testimony on behalf of the Committee as and when may be deemed appropriate. The firm will be paid at these hourly rates: Matthew Dundon $850 Peter Hurwitz $850 Lee Rooney $625 Michael Whalen $375 Peter Hurwitz, a principal at Dundon Advisers, 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: Peter Hurwitz Dundon Advisers LLC Ten Bank Street, Suite 1100 White Plains, NY 10606 Telephone: (917) 838-1930 Email: ph@dundon.com About Big Village Holding Big Village Holding LLC and its affiliates are a global advertising, technology, and data company with operations in the United States, European Union, and Australia. They deliver their advertising and digital content across multiple media channels and online platforms, and facilitate the implementation of targeted, data-driven advertising strategies which encompass all of the technology and intelligence necessary to execute global advertising campaigns. Big Village Holding LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10174) on February 8, 2023. In the petition signed by Kasha Cacy, global chief executive officer, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal counsel; Portage Point Partners, LLC as restructuring advisor; and Stephens, Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. BNP Paribas, as administrative agent under the Debtors' prepetition credit agreement, is represented by Mayer Brown LLP's attorneys, Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's attorney, L. Katherine Good. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Steven Golden, Esq. BOY SCOUTS: Insurers Want Plan Stayed Pending 3rd Circuit Appeal ---------------------------------------------------------------- Emily Lever of Law360 reports that the insurers that contested the Chapter 11 plan of the Boy Scouts of America have filed a motion to stay the implementation of the plan, which calls for the creation of a $2. 5 billion settlement fund for 82,000 victims of childhood sexual abuse, saying they should have a chance to appeal to the Third Circuit before the plan goes into effect. As reported in the TCR, a Delaware federal judge on March 28, 2023, issued a 150-page opinion affirming a bankruptcy court's approval of the Boy Scouts' Chapter 11 plan, which will establish the largest sex abuse settlement in US history. The judge rejected arguments from several insurance companies, as well as two individual groups of abuse survivors, that have opposed features of the deal. The settlement was supported by a large majority of the roughly 82,000 abuse claimants. Earlier, Ted Boutros, an attorney representing non-settling insurers, said the reorganization plan was not proposed in good faith and improperly strips non-settling insurers of their rights to challenge the claims. "We're just asking for fairness," Boutros told U.S. District Court Judge Richard Andrews, who began hearing two days of arguments in appeals by certain insurers and sexual abuse claimants. In September 2022, U.S. Bankruptcy Judge Laurie Selber Silverstein approved a $2.46 billion reorganization plan that would allow the Irving, Texas-based Boy Scouts of America to continue operating while compensating tens of thousands of men who say they were sexually abused as children while involved in Scouting. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. CALIFORNIA PALMS: N.D. Ohio Affirms Order of Chapter 7 Conversion ----------------------------------------------------------------- In the appealed case captioned as CALIFORNIA PALMS ADDICTION, RECOVERY CAMPUS, INC., et al., Appellants, v. ANDREW R. VARA, UNITED STATES TRUSTEE, Appellee, Case No. 4:22-CV-0812, (N.D. Ohio), Judge Benita Y. Pearson of the U.S. District Court for the Northern District of Ohio affirms the Bankruptcy Court's ruling converting the matter to a Chapter 7 proceeding and denies Appellants' Motion to Stay Pending Appeal as moot. Appellants California Palms Addiction Recovery Campus, Inc. and Sebastian Rucci filed a Subchapter V, Chapter 11 bankruptcy petition the day before CPARC was scheduled to be evicted by its creditor, Pender Capital Asset Based Lending Fund, L.P. Subsequently, the U.S. Trustee filed a Motion to Convert Appellants' bankruptcy case from a Chapter 11 to a Chapter 7 case. The Bankruptcy Court held a Final Conversion Hearing, during which it granted the UST's Motion to Convert the case from Chapter 11 to Chapter 7. Following the Bankruptcy Court's conversion order, Pender Capital filed proof of claim for $1.106 million. The Appellants appeal the Bankruptcy Court's order converting their Chapter 11 case to a Chapter 7 case, arguing that the Bankruptcy Court erred and abused its discretion in doing so. The Appellants assert four main arguments on appeal: (1) that the Bankruptcy Court lacked cause to convert the Chapter 11 case to a Chapter 7 case; (2) the Bankruptcy Court violated Appellants' due process rights; (3) even if the Bankruptcy Court had cause, it abused its discretion by not considering dismissal of the case instead of conversion; and (4) the conversion violated Subchapter V of Chapter 11 protections. Judge Pearson finds that the Bankruptcy Court did not abuse its discretion by finding that "the Appellants' failure to comply with the U.S. Trustee's request and the Bankruptcy Court's order was cause to convert Appellants' Chapter 11 case to a Chapter 7 case." Judge Pearson further finds that "the Bankruptcy Court did not abuse its discretion in finding cause to convert Appellants' Chapter 11 case due to the absence of a reasonable ability to rehabilitate. . . CPARC's non-operating status, its lack of income since its license was revoked, and its lack of employees, all of which are indications of continuing loss." Moreover, Judge Pearson finds that "the Bankruptcy Court. . . did not abuse its discretion by finding gross mismanagement as cause to convert Appellants' Chapter 11 case. . . the record supports this concern. . . the Bankruptcy Court articulated. . . the concerns. . . during the Final Conversion Hearing, including the untimely opening of a DIP account and inappropriate intermingling of funds, sufficiently establishes grounds for cause to convert, notwithstanding Appellants' excuses." Finally, Judge Pearson concludes that "the Bankruptcy Court did not abuse its discretion by deciding to convert Appellants' Chapter 11 case to a Chapter 7 case rather than dismiss it. . . the Bankruptcy Court stated on the record during the Initial Conversion Hearing that it had considered dismissal but did not think that doing so would be "in anyone's best interest at this point" given the circumstances. . . During the Final Conversion Hearing, the Bankruptcy Court noted that conversion of the case would be beneficial to the creditors while recognizing that such a decision would also be detrimental to the Chapter 7 Trustee recovering any monies. . . considered together. . . the Bankruptcy Court gave proper consideration to weighing conversion against dismissal before making its ultimate decision." Moreover, Judge Pearson reasons that the Subchapter V protections do not prevent the Bankruptcy Court from converting Appellants' case for cause. A full-text copy of the Memorandum of Opinion and Order dated March 27, 2023, is available https://tinyurl.com/23w958ze from Leagle.com. About California Palms California Palms Addiction Recovery Campus, Inc. is a residential drug, alcohol, and substance abuse treatment facility located in Youngstown, Ohio. It provides inpatient or residential and outpatient evidence-based treatment. California Palms filed a petition for Chapter 11 protection (Bankr. N.D. Ohio Case No. 22-40065) on Jan. 30, 2022, listing up to $10 million in both assets and liabilities. Sebastian Rucci, chief executive officer and president, signed the petition. Judge Tiiara NA Patton oversees the case. The Debtor tapped the Law Office of James Vitullo as legal counsel. CARESTREAM HEALTH: $540.8M Bank Debt Trades at 35% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Carestream Health Inc is a borrower were trading in the secondary market around 65.2 cents-on-the-dollar during the week ended Friday, April 7, 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 asupplier of imaging and IT systems to the medical and dental communities and to other markets. CASTLE US: $1.20B Bank Debt Trades at 30% Discount -------------------------------------------------- Participations in a syndicated loan under which Castle US Holding Corp is a borrower were trading in the secondary market around 70.5 cents-on-the-dollar during the week ended Friday, April 7, 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. CASTLE US: $295M Bank Debt Trades at 29% Discount ------------------------------------------------- Participations in a syndicated loan under which Castle US Holding Corp is a borrower were trading in the secondary market around 70.6 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $295 million 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. CBAK ENERGY: Delays Filing of 2022 Annual Report ------------------------------------------------ CBAK Energy Technology, Inc. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. The Company has not finalized its financial statements for the fiscal year ended Dec. 31, 2022. As a result, the Company is unable to file its Annual Report on Form 10-K within the prescribed time period without unreasonable effort or expense. The Company anticipates that it will file the Form 10-K within the fifteen-day grace period provided by Exchange Act Rule 12b-25. About CBAK Energy Liaoning Province, People's Republic of China-based CBAK Energy -- www.cbak.com.cn -- is a manufacturer of new energy high power lithium batteries that are mainly used in light electric vehicles, electric vehicles, electric tools, energy storage including but not limited to uninterruptible power supply (UPS) application, and other high-power applications. Its primary product offering consists of new energy high power lithium batteries, but it is also seeking to expand into the production and sale of light electric vehicles. In its Quarterly Report for the three months ended Sept. 30, 2022, CBAK said, "The Company has accumulated deficit from recurring net losses incurred for the prior years and significant short-term debt obligations maturing in less than one year as of September 30, 2022. These conditions raise substantial doubt about the Company ability to continue as a going concern. The Company's plan for continuing as a going concern included improving its profitability, and obtaining additional debt financing, loans from existing directors and shareholders for additional funding to meet its operating needs. There can be no assurance that the Company will be successful in its plans or in attracting equity or alternative financing on acceptable terms, or if at all." CELSIUS NETWORK: Court Dismissed the Appeal On Earn Decision ------------------------------------------------------------ Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York denies Kulpreet Khanuja's motion for leave to file an interlocutory appeal and dismisses the appealed case captioned as IN RE: CELSIUS NETWORK LLC, et al., Debtors, Case No. 23-CV-523 (JPO), [S.D.N.Y.]. On Jan. 4, 2023, the Bankruptcy Court issued an opinion and order concluding that cryptocurrency assets deposited into certain accounts became property of Celsius when deposited and that therefore, when Celsius filed for bankruptcy, those assets became property of the Debtors' estates. Pending before the Court are three related bankruptcy appeals: 23-cv-523; 23-cv-1302; and 23-cv-1243. In each case, pro se Appellants argue that the Earn Decision is a final order immediately appealable pursuant to Federal Rule of Bankruptcy Procedure 8003. In the alternative, they seek leave to file an interlocutory appeal of the Earn Decision pursuant to FRBP 8004. Appellant Kulpreet Khanuja contends that a different result is merited in his appeal, docketed at 23-cv-1243. According to him, the Bankruptcy Court and the Debtors treated his motion seeking a ruling that his Earn Assets were not property of the bankruptcy estates as an "informal lift-stay motion," based on the context of the proceedings. In particular, Appellants argue that because the Debtors referred to a previous motion by a different individual as a lift-stay motion, they developed an informal understanding that Khanuja's subsequent and substantially similar motion would be construed in the same way. Judge Oetken finds and concludes that "The Earn Decision is not a final order. . . Nor does the Earn Decision merit an interlocutory appeal. . . The Earn Decision does not 'finally dispose' of the issue of ownership of the assets in the Earn Accounts. While the Earn Decision concluded that Celsius's Terms of Use formed a valid, enforceable contract between the Debtors and the Account Holders, and that the Terms unambiguously transferred title and ownership of the Earn Assets from the Account Holders to the Debtors, the Bankruptcy Court reserved the issue of the Account Holders' defenses to contract formation for a later stage in the proceedings." A full-text copy of the Order dated March 27, 2023, is available https://tinyurl.com/yc7zat5y from Leagle.com. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC serve as the examiner's legal counsel and financial advisor, respectively. CELSIUS NETWORK: Seeks to Hire Stout Risius as Valuation Advisor ---------------------------------------------------------------- Celsius Network, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Stout Risius Ross, LLC as their valuation advisor. Stout will perform independent valuation services with respect to the Debtors' Fair Value upon emergence from these chapter 11 cases, and prepare a preliminary valuation as of a current date, which will be updated as of the emergence date. The firm will be paid at these hourly rates: Managing Director $650 - 850 Director $450 - 575 Senior Manager/Senior Vice President $450 - 500 Manager/Vice President $425 Associate $350 Analyst $225 - 250 Paraprofessional $150 - 175 Joel Cohen, managing director at Stout Risius, disclosed in court filings that the firm is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. Stout Risius can be reached through: Joel Cohen Stout Risius Ross, LLC 120 West 45th Street, Suite 2900 New York, NY 10036 Phone: 646-810-4407 Email: jcohen@stout.com About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC serve as the examiner's legal counsel and financial advisor, respectively. CHASE CUSTOM: Committee Taps Marcus Clegg as Legal Counsel ---------------------------------------------------------- The official committee of unsecured creditors of Chase Custom Homes & Finance, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Marcus Clegg as its legal counsel. The firm's services include: (a) advising the committee on motions, borrowing, proposed sales, Chapter 11 plans, and other matters filed in the Debtor's Chapter 11 case and any related adversary proceedings; (b) representing the committee at all hearings in the case; (c) negotiating with the Debtor and its lenders and other constituencies; (d) serving as legal counsel and secretary pro tem at all committee meetings. The firm will be paid at these rates: David C. Johnson, Esq. $365 per hour Trey R. Milam, Esq. $225 per hour George J. Marcus, Esq. $400 per hour Jennie L. Clegg, Esq $400 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. David Johnson, Esq., a partner at Marcus Clegg, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David C. Johnson, Esq. Marcus Clegg 16 Middle Street, 5th Floor Portland, ME 04101 Tel: (207) 828-8000 Email: bankruptcy@marcusclegg.com About Chase Custom Homes & Finance Chase Custom Homes & Finance, Inc. -- https://cchfi.com -- specializes in new home construction, home renovations and remodeling in Portland, Maine. Chase Custom Homes & Finance filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 23-20032) on Feb. 16, 2023. In the petition filed by Terina Chase as authorized party, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Michael A. Fagone oversees the case. The Debtor tapped Bernstein Shur Sawyer & Nelson as legal counsel; Purdy, Powers & Company, P.A. as accountant; and Windsor Associates, LLC as financial advisor. The U.S. Trustee for Region 1 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Marcus Clegg. CINEWORLD GROUP: Exclusivity Period Extended to June 5 ------------------------------------------------------ Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas extended Cineworld Group PLC's exclusivity periods to file a Chapter 11 Plan and to solicit acceptances thereof to June 5, 2023 and August 4, 2023, respectively. The judge found that the extension is in the best interests of the Debtors' estates, their creditors, and other parties in interest. About Cineworld Group London-based Cineworld Group PLC was founded in 1995 and is the world's second-largest cinema chain. Cineworld operates 751 sites with 9,000 screens in 10 countries, including the Cineworld and Picturehouse screens in the UK and Ireland, Yes Planet in Israel, and Regal Cinemas in the United States. According to The Guardian, the Griedinger family, including Mooky's brother and deputy chief executive, Israel, have struggled to maintain control of the ailing business but have been forced to reduce their stake from 28% in recent years. Cineworld's top five investors include the Chinese Jangho Group at 13.8%, Polaris Capital Management (7.82%), Aberdeen Standard Investments (4.98%) and Aviva Investors (4.88%). The London-listed Cineworld, which has run up debt of more than $4.8 billion after losses soared during the pandemic, is pinning its hopes on a meatier slate of movies in 2022 to bounce back from a two-year lull. Cineworld Group plc and 104 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022, estimating more than $1 billion in assets and debt. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as bankruptcy counsels; PJT Partners, LP as investment banker; AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP as tax services provider. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23, 2022. The committee tapped Weil, Gotshal & Manges, LLP and Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI Consulting, Inc., as financial advisor; and Perella Weinberg Partners, LP as investment banker. COMPASS POINTE: Amends Administrative Claims; Plan Hearing May 10 ----------------------------------------------------------------- Compass Pointe Off Campus Partnership B, LLC, submitted a Second Amended Disclosure Statement describing Second Amended Plan. General unsecured creditors are classified in Class 13 and will receive a distribution of 100% of their allowed claims, to be distributed in equal monthly installments, with any interest. Professional Fees, as approved by the Court shall be $80,000. Paid in full according to court order if such fees have not been approved by the Court on the effective date of the Plan. Like in the prior iteration of the Plan, Debtor estimates that the total amount of Class 3 general unsecured claims to be approximately $00.00. If there be any, the Debtor shall repay 100% of Allowed Unsecured Claims in equal monthly installments over 5 years from the Effective Date of the Plan. Interest on Allowed Unsecured Claims shall accrue at the rate of 4.25% per annum. On the first day of the month following the month in which the Effective Date of the Plan occurs, Debtor shall begin monthly payments, consisting of principal and interest. Debtor's shareholders shall retain their interests in the Debtor. The Plan will be funded by DIP financing paid pursuant to a DIP order. The Debtor shall be responsible for post-confirmation management. The Debtor shall be the disbursing agent for all Distributions under the Plan. The Disbursing Agent shall serve without bond and shall receive no compensation for distribution of services rendered and expenses incurred pursuant to the Plan. The Plan Proponent 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. The hearing at which the Court will determine whether to confirm the Plan will take place on May 10, 2023, at 09:30 a.m., in Courtroom 11, Department A, at the United States Bankruptcy Court for the Eastern District of California, 2500 Tulare Street, Fresno, California. A full-text copy of the Second Amended Disclosure Statement dated April 6, 2023 is available at https://bit.ly/3nU43CF from PacerMonitor.com at no charge. Attorney for Debtor: Noel Knight, Esq. The Knight Law Group 800 J. St., Ste. 441 Sacramento, CA 95814 Telephone: (510) 435-9210 Facsimile: (510) 281-6889 Email: lawknight@theknightlawgroup.com About Compass Pointe Compass Pointe Off Campus Partnership B, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101 (51B)). Compass Pointe filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 22-10778) on May 8, 2022, disclosing $1 million to $10 million in assets. David Sowels, manager, signed the petition. Judge Jennifer E. Niemann presides over the case. Noel Knight, Esq., at The Knight Law Group serves as the Debtor's counsel. CONSULTING DIRECT: Seeks to Hire Kasen & Kasen as Legal Counsel --------------------------------------------------------------- Consulting Direct, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kasen & Kasen, P.C. as its counsel. The Debtor requires legal counsel to: (a) give advice with respect to the powers and duties of the Debtor under the Bankruptcy Code; (b) negotiate with creditors, prepare a plan of reorganization and take the necessary legal steps to consummate the plan; (c) prepare documents regarding debt restructuring, bankruptcy and asset dispositions; (d) prepare other legal documents; (e) appear before the court; and (f) perform all other necessary legal services. The hourly rates of the firm's attorneys are as follows: Michael J. Kasen, Esq. $450 David A. Kasen, Esq. $500 Francine S. Kasen, Esq. $350 Jenny R. Kasen, Esq. $400 The firm received a retainer of $16,000. Jenny Kasen, Esq., an attorney at Kasen & Kasen, 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 firm can be reached through: Jenny R. Kasen, Esq. David A. Kasen, Esq. Michael J. Kasen, Esq. Kasen & Kasen, P.C. 1213 N. King Street, Suite 2 Wilmington, DE 19801 Telephone: (302) 652-3300 Facsimile: (856) 424-7565 Email: jkasen@kasenlaw.com dkasen@kasenlaw.com mkasen@kasenlaw.com About Consulting Direct, Inc. Consulting Direct, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case Np. 23-10357) on March 27, 2023. At the time of filing, the Debtor estimated $500,001 to $1 million in both assets and liabilities. Judge Craig T Goldblatt presides over the case. Jenny Kasen, Esq. at Kasen & Kasen represents the Debtor as counsel. COOPER'S HAWK: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based restaurant company Cooper's Hawk Intermediate Holding LLC to 'CCC+' from 'B-' and lowered its issue-level rating on the company's first-lien debt to 'CCC+' from 'B-'. The recovery rating remains '3'. The negative outlook reflects the potential for a lower rating if greater than expected cash burn causes liquidity to tighten more than we currently forecast. The downgrade reflects Cooper's Hawk's high leverage, sustained negative free operating cash flow (FOCF) and increasing liquidity risk. Cooper's Hawk faced significant margin pressure last year as it contended with a challenging inflationary environment, resulting in higher food costs, employee wages and operating expenses. While the company experienced positive same-restaurant sales through the first three quarters of fiscal 2022, S&P Global Ratings-adjusted EBITDA margin compressed more than 300 basis points (bps), resulting in a cash flow deficit and causing adjusted leverage to spike to 14x. In addition, Cooper's Hawk's aggressive growth strategy has led to elevated capital spending that it is funding in part with its revolving credit facility. In S&P's view, the company's high leverage and rising interest expense, along with its projections for negative FOCF and limited revolver availability this year limit its financial flexibility and leave little room for unanticipated operational challenges. Cooper's Hawk's aggressive growth strategy is pressuring FOCF generation and straining liquidity. S&P said, "As a result of EBITDA pressure, higher cash interest costs, and ongoing heavy growth capital expenditures (capex) to support its restaurant expansion, we estimate Cooper's Hawk generated negative FOCF of roughly $60 million in fiscal 2022. Cooper's Hawk has expanded its restaurant base to 55 locations as of the end of 2022, representing 15% year-over-year growth and we expect it will target double-digit percentage expansion this year. The company carries minimal cash levels on its balance sheet and we expect it will need to draw fully on its $35 million revolver this year to fund its capex needs. The company's revolving credit facility becomes current in October 2023 (maturing October 2024), heightening its refinancing risk in our view. Under our base-case scenario, we project a FOCF deficit of approximately $30 million in 2023. We forecast headroom under Cooper's Hawk's covenant to be roughly 20% but believe the potential impact of a recessionary environment could lead to a substantial decline in EBITDA, reducing covenant headroom and leading to further ratings pressure." S&P said, "We forecast S&P Global Ratings-adjusted leverage of around 10x and EBITDA interest coverage in the low-1x area for the next 12 months. Our base case assumes revenue growth in the high-teens percentage area this year, driven by contributions from new restaurant openings and positive same restaurant sales. Cooper's Hawk's unique wine club membership supports recurring restaurant traffic and a stable source of revenue. However, increasingly tougher economic conditions, including persistent inflation that is eroding discretionary income, may cause consumers to pull back on restaurant spending. While we currently expect easing inflationary pressures to support the company's ability to recover EBITDA margins in 2023, we expect credit protection metrics will remain weak. We project adjusted leverage will remain high in 2023 at around 10x, incorporating a fully drawn revolver and incremental operating lease liabilities from new restaurant openings. We also anticipate higher cash interest expense from higher rates and revolver usage will result in low coverage ratios." The negative outlook reflects the risk that a challenging macroeconomic environment and Cooper's aggressive expansion strategy may pressure results and strain liquidity more than S&P currently forecast. S&P could lower its rating if: -- S&P envisions a specific default scenario within the next 12 months, including the possibility of a near-term liquidity crisis or violation of its financial covenant; or -- Operating performance deteriorates, causing credit protection metrics and liquidity to weaken such that S&P believes a distressed exchange is likely. S&P could revise the outlook to stable or raise its rating if: -- S&P Global Ratings-adjusted EBITDA margins strengthen, supporting a significant improvement in operating cash flow generation; and -- S&P expects the company will generate positive FOCF while maintaining adequate liquidity, including successfully addressing its 2024 revolver maturity. ESG credit indicators: E-2, S-2, G-3 Governance is a moderately negative consideration, as is the case for most rated entities owned by private-equity sponsors. Cooper's Hawk's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects the generally finite holding periods and a focus on maximizing shareholder returns. COSMOS HEALTH: Delays Filing of 2022 Annual Report -------------------------------------------------- Cosmos Health Inc. disclosed via Form 12b-25 filed with the Securities and Exchange Commission it could not complete the filing of its Annual Report on Form 10-K for the period ended Dec. 31, 2022 due to delays in obtaining and compiling information to be included in its Form 10-K, including, but not limited to, its XBRL filing, which delay could not be eliminated by the Company without unreasonable effort and expense. About Cosmos Health Inc. Cosmos Health Inc. (Nasdaq: COSM), formerly known as Cosmos Holdings, is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products "Sky Premium Life" and "Mediterranation." Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprietary complex generics and innovative OTC products. Cosmos has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Health has offices and distribution centers in Thessaloniki and Athens, Greece and Harlow, UK. More information is available at www.cosmoshealthinc.com and www.skypremiumlife.com. Cosmos Holdings reported a net loss of $7.96 million for the year ended Dec. 31, 2021, compared to net income of $820,786 for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $45.62 million in total assets, $40.46 million in total liabilities, $1.71 million in preferred stock, and $3.44 million in total stockholders' equity. San Francisco, California-based Armanino LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses and cash used in operations that raises substantial doubt about its ability to continue as a going concern. CROWN FINANCE: $3.33B Bank Debt Trades at 82% Discount ------------------------------------------------------ Participations in a syndicated loan under which Crown Finance US Inc is a borrower were trading in the secondary market around 18.3 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $3.33 billion facility is a Term loan that is scheduled to mature on February 28, 2025. About $2.63 billion of the loan is withdrawn and outstanding. Crown Finance US, Inc. operates as a movie theater. CUENTAS INC: Incurs $14.5 Million Net Loss in 2022 -------------------------------------------------- Cuentas, Inc. has filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss attributable to the company of $14.53 million on $2.99 million of revenue for the year ended Dec. 31, 2022, compared to a net loss attributable to the company of $10.73 million on $593,000 of revenue for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $1.50 million in total assets, $2.22 million in total liabilities, and a total stockholders' deficit of $724,000. Cuentas said, "To date, we have principally financed our operations through the sale of our Common Stock. Nevertheless, management anticipates that our current cash and cash equivalents position and generating revenue from the sales of our digital products and General-Purpose Reloadable Cards will provide us limited financial resources for the near future to continue implementing our business strategy of further developing our digital products and General Purpose Reloadable Card, enhance our digital products offering and increase our sales and marketing. Management has taken important steps to reduce the financial burn rate and has curtailed some ineffective marketing programs, concentrating on those programs that have been proven to produce good results. Reduction of some top-level personnel has brought savings to the company as current executives took over the vacant positions at no additional cost to the Company but offset by the bonuses. Management plans to secure additional financing sources, including but not limited to the sale of our Common Stock in future financings. There can be no assurance, however, that the company will be successful in raising additional capital or that the company will have net income from operations to fund the business plan of the company for the near future or long term. As of December 31, 2022, the Company had approximately $466 thousand in cash and cash equivalents, approximately $1,445 thousand in negative working capital and an accumulated deficit of approximately $52,750 thousand. These conditions raise substantial doubt about the Company's ability to continue as a going concern as of December 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/1424657/000121390023025603/f10k2022_cuentasinc.htm About Cuentas Headquartered in Miami, Florida, Cuentas, Inc. -- http://www.cuentas.com-- currently focuses on the business of using proprietary fintech technology to provide e-banking and e-commerce services for delivering mobile banking, prepaid debit and digital content services to the unbanked, underbanked and underserved Latino, Hispanic and immigrant communities. The Company's proprietary software platform enables Cuentas to offer comprehensive financial services and robust functionality that is absent from other Mobile Apps through the use of its Prepaid Debit Mastercard/General-Purpose Reloadable cards. DETROIT, MI: Moody's Raises Issuer & GOULT Ratings to Ba1 --------------------------------------------------------- Moody's Investors Service has upgraded the City of Detroit, MI's issuer and general obligation unlimited tax (GOULT) ratings to Ba1 from Ba2. The outlook is positive. The city had roughly $2.9 billion in total debt outstanding at the end of fiscal 2022 (year-end June 30). RATINGS RATIONALE The issuer rating was upgraded to Ba1 because the city is well positioned to manage its rising pension contributions for at least the next few years. The city's solid budget management and robust revenue growth have enabled it to accumulate resources in an irrevocable trust and increase its available fund balance to levels that are strong compared to peers. The city received a tremendous amount of federal money through ARPA, which it will spend to improve infrastructure and services and remediate blight. Still, the city's local economy and tax base are heavily exposed to economic downturns, in part because of its high poverty, very low resident income and full value per capita ratios, heavy reliance on the domestic auto manufacturing sector and a revenue structure that can be volatile. While the city's pension ramp is currently manageable, costs will spike if assets materially underperform, and the city must also contend with other rising cost pressures related to wages and inflation. The city's leverage and fixed-costs ratios are in line with other big cities. The Ba1 rating on the city's GOULT bonds is placed at the same level as issuer rating because they are backed by the city's full faith and credit and pledge to levy property taxes without limitation as to rate or amount as authorized by voters. RATING OUTLOOK The outlook is positive because of ongoing strengthening of the city's financial operations including robust revenue growth and increasing reserves. The city's rating is likely to move upward if the economy is resilient if there is an economic slowdown and the city is able to continue to make progress in absorbing pension contributions and inflationary cost growth into its budget without adversely impacting its financial operations. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Prudent deployment of the city's retiree protection fund and sustained absorption of pension contributions into the recurring revenue budget. -- Continued revenue growth that enables the city to manage its growing expenditure needs -- Strengthening of full value per capita, median household income and population trends FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Material growth in leverage, fixed costs or capital needs -- Substantial draws on operating reserves or failure to sustain progress towards absorbing pension contributions into recurring revenue budget -- Negative changes in the city's economic profile, such as a material decline in full value, weakening of the labor market or an acceleration of depopulation trends LEGAL SECURITY Outstanding GOULT bonds are full faith and credit general obligations backed by the city's pledge to levy property taxes without limitation as to rate or amount as authorized by voters. PROFILE The City of Detroit is the county seat of Wayne County, located in the southeastern region of Michigan's Lower Peninsula. The city is situated on the Detroit River, directly across from the city of Windsor, Ontario, Canada. According to the 2020 census, the city has a population of just under 640,000, making it one of the 30 largest cities in the US and the largest city in Michigan (Aa1 stable). The city emerged from bankruptcy in 2014. METHODOLOGY The principal methodology used in these ratings was US Cities and Counties Methodology published in November 2022. DFW GRANITE & GLASS: Commences Subchapter V Bankruptcy Proceeding ----------------------------------------------------------------- DFW Granite & Glass Installation LLC filed for chapter 11 protection in the Northern District of Texas. The Debtor elected on its voluntary petition to proceed under Subchapter V of chapter 11 of the Bankruptcy Code. According to court filings, DFW Granite & Glass Installation estimates between $1 million and $10 million in debt owed to 1 to 49 creditors. The petition states that funds will be available to unsecured creditors. About DFW Granite & Glass Installation DFW Granite & Glass Installation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-30604) on March 31, 2023. In the petition signed by Michael Thompson, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. The case is overseen by Honorable Bankruptcy Judge Jud Stacey G Jernigan. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor. DIAMOND SCAFFOLD: 3 Cajuns Says Disclosures Insufficient -------------------------------------------------------- Creditor 3 Cajuns LLC objects to the Disclosure Statement accompanying Plan of Reorganization of Diamond Scaffold Services, LLC. Creditor, 3 Cajuns, is a secured and perfected creditor of Debtor with secured claim of Eighty Thousand and 00/100 Dollars in and to Debtor's Accounts Receivable and all other personal property, including scaffolding. 3 Cajuns claims that the Disclosure Statement is deficient in the description of the plan's treatment of 3 Cajuns' secured claim. Creditor's claim is secured by Debtors' accounts receivable. The Disclosure Statement does not address accounts receivable in detail sufficient to exercise a rationale choice to vote on the proposed plan. 3 Cajuns asserts that the plan as proposed does not set a market price for the equity interests. The Disclosure Statement does not indicate how the equity interests being purchased by an insider were valued nor whether the value is a sufficient contribution to warrant a non-debtor release. Creditor adopts and restates herein the objections and arguments raised by the Creditor Committee in its objection. A full-text copy of 3 Cajuns' objection dated April 4, 2023 is available at https://bit.ly/3MAeBRT from PacerMonitor.com at no charge. Attorney for Creditor: Tristan Russell Armer, Esq. Heidelberg, Steinberger, Burrow & Armer, P.A. 711 Delmas Avenue Pascagoula, Mississippi 39567 Telephone: (228) 762-8021 Email: tarmer@hs-lawfirm.com About Diamond Scaffold Services Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/ -- is an authorized distributor of Ring-lock, Cup-lock, Shoring, and Frame Scaffold. Diamond Scaffold Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21, 2022, with between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Jewell Wayne Sumrall, president of Diamond Scaffold Services, signed the petition. Judge Jerry C. Oldshue oversees the case. The Debtor tapped Alexandra K. Garrett, Esq., at Silver, Voit & Garrett as bankruptcy counsel; Jason R. Watkins, Esq., as special counsel; and SC&H Group, Inc. as investment banker. DIAMOND SCAFFOLD: Contractors Access Says Disclosure Deficient -------------------------------------------------------------- Contractors Access Equipment, Inc. objects to the s Disclosure Statement accompanying Plan of Reorganization of Diamond Scaffold Services, LLC. In the pleading before this Court, the Disclosure Statement is woefully inadequate and fails to comply with the requirements of the Bankruptcy Code. A partial list of deficiencies is as follows: * The Disclosure Statement identifies either a sale or a plan. Both paths are problematic. The sales path fails to give adequate information. -- The proposed sale ended in an auction. The action was conducted after a month-long marketing process by a highly reputable broker. Moreover, at the auction Contractors Access was the highest bidder for substantially all of the assets, less available cash of approximately $500,000 and litigation claims, for a purchase price of $8.5 million. -- This bid would have paid all administrative claims, all secured and priority claims, and resulting a substantial distribution to unsecured creditors. Moreover, depending upon the results of litigation, unsecured creditors had a material opportunity for even a higher recovery. -- At the conclusion of the auction, the Debtor rejected the bid as being insufficient and gave no further guidance as to any errors in the auction process. -- These facts must be disclosed to creditors in order for an informed decision to be made regarding alternative approvals. * The path set forth in the Disclosure Statement in having a reorganized debtor has even more apparent problems. A partial list of these problems are as follows: -- The plan gives no guidance as to the treatment or ultimate resolution of secured creditors' claims. For example, a purported settlement has apparently been reach with one secured party, but the record is void regarding any such settlement terms. -- The Disclosure Statement fails to provide further guidance on the repayment of administrative and priority claims. Substantial professional administrative claims have accrued and the Disclosure Statement fails to identify any source to pay such claims. Moreover, the scheme proposes to pay priority claims over time, while simultaneously paying unsecured claims. There is not information in the record to support the notation that the priority claims, especially to taxing authorities, will agree to such treatment. -- This proposed plan further provides no historical financial support for the projections that seem to be pulled from thin air. -- Moreover, the proposed release/injunction identified in the Disclosure Statement is woefully inadequate. Nowhere is there language which supports the proposed treatment meeting the seven-part test set forth by the Eleventh Circuit for nonconsensual third-party releases. -- Last but not least in this partial list of inadequacies is the failure to articulate how the proposed plan provides for retained equity which is the abrogation of the absolute priority rule. A full-text copy of the Contractors Access' objection dated April 4, 2023 is available at https://bit.ly/3KqWkUj from PacerMonitor.com at no charge. Counsel for Contractors Access: R. Scott Williams, Esq. RUMBERGER, KIRK & CALDWELL, PC 2001 Park Place North, Suite 1300 Birmingham, Alabama 35203 Telephone: 205.327.5550 Facsimile: 205.326.6786 Email: swilliams@rumberger.com About Diamond Scaffold Services Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/ -- is an authorized distributor of Ring-lock, Cup-lock, Shoring, and Frame Scaffold. Diamond Scaffold Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21, 2022, with between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Jewell Wayne Sumrall, president of Diamond Scaffold Services, signed the petition. Judge Jerry C. Oldshue oversees the case. The Debtor tapped Alexandra K. Garrett, Esq., at Silver, Voit & Garrett as bankruptcy counsel; Jason R. Watkins, Esq., as special counsel; and SC&H Group, Inc. as investment banker. DIAMOND SCAFFOLD: Creditors' Committee Says Plan Unconfirmable -------------------------------------------------------------- The Official Committee of Unsecured Creditors (the "Committee") objects to the Disclosure Statement in connection with its Plan of Reorganization of Diamond Scaffold Services, LLC. The Committee claims that the Plan is not confirmable on its face. Without limitation, it proposes far sweeping injunctions in favor of insiders, ignores potential avoidance actions against insiders, fails the best interest of creditors test, was filed in bad faith, and violates the absolute priority rule. The Committee points out that the Disclosure Statement is inadequate because there is basically no discussion of claims of the estate under Section 547 of the Bankruptcy Code. Indeed, the schedules and statement of financial affairs reveal that, prior to the Petition Date, millions of dollars were paid prepetition to related entities, Jewell Sumrall, and Stephanie Flood, Mr. Sumrall's girlfriend. The Debtor's Statement of Financial Affairs ("SOFA") reflects that Jewell Sumrall, owner and President of the Debtor, received payments totaling $114,826.30 in distributions and payments to and on behalf of Jewell Sumrall within the 1 year prior to the petition date. These payments were purportedly in addition to Mr. Sumrall's $115,384.80 salary during that time period. The Committee believes these payments are recoverable as preferential transfers under Section 547 of the Bankruptcy Code and potentially as fraudulent transfers under Section 548 of the Bankruptcy Code and applicable state law. The Committee states that the Debtor has a fiduciary duty to pursue colorable claims to maximize recoveries for the estate and, in turn, unsecured creditors. There is no discussion of such transfers in the Disclosure Statement even though the Plan provides that the Debtor will continue to control such causes of action. Therefore, the Disclosure Statement fails to provide adequate information. Further, on March 31, 2023, the Committee sent a letter to Debtor's counsel requesting that the Debtor investigate and pursue the causes of action against insiders or otherwise agree that the Committee can have derivative authority to pursue them. The Disclosure Statement should reflect that such a demand was made and the Debtor's response thereto. Moreover, the Disclosure Statement has scant information on the Debtor's prepetition and post-petition financial performance. Such information is necessary so that the creditors can evaluate whether the Plan is feasible. In addition, it is axiomatic that a court should not approve a disclosure statement for a Plan that is patently unconfirmable. Dakota Rail, 104 B.R. at 142-43. The Plan is not confirmable on its face because, inter alia, it is filed in bad faith, fails to meet the best interests test, is not feasible, and violates the absolute priority rule. The Committee asserts that the unsecured creditor with the largest claim is Arnold McElroy, who asserts a claim of approximately $4.2 million based on a personal injury claim. It is the Committee's understanding that Mr. McElroy will not support the Plan as filed. Without such a vote, the Debtor will likely not be able to obtain the vote of the unsecured class. A full-text copy of the Committee's objection dated April 4, 2023 is available at https://bit.ly/3ZXlO1f from PacerMonitor.com at no charge. Attorney for the Committee: Edward J. Peterson, Esq. Jodi Daniel Dubose, Esq. Stichter Riedel Blain & Postler, P.A. 110 E. Madison Street, Suite 200 Tampa, FL 33602 Tel: (850) 637-1836 Email: epeterson@srbp.com jdubose@srbp.com About Diamond Scaffold Services Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/ -- is an authorized distributor of Ring-lock, Cup-lock, Shoring, and Frame Scaffold. Diamond Scaffold Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June 21, 2022, with between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Jewell Wayne Sumrall, president of Diamond Scaffold Services, signed the petition. Judge Jerry C. Oldshue oversees the case. The Debtor tapped Alexandra K. Garrett, Esq., at Silver, Voit & Garrett as bankruptcy counsel; Jason R. Watkins, Esq., as special counsel; and SC&H Group, Inc. as investment banker. DON CHENTE INC: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------------ Don Chente Inc. filed for chapter 11 protection. Don Chente Inc., doing business as Don Chente Bar & Grill, is a Mexican-themed restaurant at 2144 E. Florence Ave. Huntington Park, CA 90255. Don Chente Inc. disclosed $300,176 in total assets against $2,126,503 in total debt in its schedules. The petition states that funds will be available to unsecured creditors. The business had gross revenue of $1,708,827 in 2021, $2,040,612 in 2022, and $572,505 from Jan. 1, 2023, to date. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for April 27, 2023 at 9:00 a.m. in Room Telephonically on telephone conference line: 1-866-816-0394 (participant passcode: 5282999). About Don Chente Inc. Don Chente Inc. owns and operates Don Chente Bar & Grill, a Mexican-themed restaurant at 2144 E. Florence Ave. Huntington Park, CA 90255. Don Chente Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11817) on March 27, 2023. In the petition filed by Vicente Ortiz, as president, the Debtor reported assets and liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Ernest M. Robles handles the case. The Debtor is represented by: Lazaro E Fernandez, Esq. Hatty K Yip 9376 Raviller Dr. Downey, CA 90240 EXCL LOGISTICS: Hearing Today on Continued Cash Collateral Use -------------------------------------------------------------- The Honorable Christopher M. Alston will hold a hearing today, April 11, to consider Excl Logistics, LLC's request for authority to use cash collateral. Ahead of the hearing, the Debtor entered into separate stipulations with: -- TBS Factoring Service, LLC; -- Kautilya Capital LLC Defined Benefit Plan; -- Commercial Credit Group, Inc., over the grant of replacement liens in exchange for the Debtor's use of cash collateral. Meanwhile, Geana M. Van Dessel, Esq., at Kutak Rock LLP, filed a Limited Objection and Reservation of Rights on behalf of BMO Harris Bank N.A. The U.S. Bankruptcy Court for the Western District of Washington previously held a hearing on March 21, 2023, on the Debtor's request for temporary authorization to use cash collateral. After hearing argument on the matter, the Court granted the Debtor's motion on a limited basis, giving the Debtor authority to use cash collateral for certain articulated expenses. The Debtor requires the immediate use of cash proceeds from working capital, collection of customer contracts and accounts receivable to fund ordinary and necessary operating expenses. During the first few years of operation, the Company grew rapidly and expanded beyond its ability to effectively manage its operation. To fund the rapid expansion, the Company incurred debt which it was not able to service due to lack of experience in managing its income and expenses effectively. Going into the pandemic timeframe, the company's operation grew exponentially, and the Debtor was able to secure several contracts with shippers and receivers as well as 3PL companies. At its peak, the Debtor operated over 200 tractors with a like number of drivers. As the Debtor's operation grew, the Debtor signed various contracts and leases for equipment, yard, and office space. During this time the Debtor employed over 40 internal administrative employees. Towards the end of 2020 and going into 2021, the Debtor began to experience a decline in revenues due to performance issues which the Debtor now believes was primarily due a lack of proper organizational management structure. The reduction of revenue also inhibited the Debtor's ability to remain current on debt and lease payments. To downsize during the period of revenue decline, it was determined that the Debtor would purchase its tractors and equipment rather than lease to save overall expenses and create asset value in the company. Unfortunately, the Debtor was not in a position at that time to purchase new equipment and much of the used equipment the Debtor purchased required repairs to make it DOT-compliant which resulted in unanticipated expenses. To mitigate the repair expenses, the Debtor assembled a mechanical team located close to the Debtor to work exclusively for the Debtor to make the needed repairs. The Debtor continues to perform needed repairs to its truck fleet with a goal toward placing all trucks in services in a short a time as possible. Towards the end of 2022, to further cut costs and provide more competitive support and service to existing and future customers, founder Anil Bhambi traveled to India to establish a back-end team to support the U.S. structure of the Debtor, which substantially reduced operating costs and allowed the Debtor the opportunity to compete in the changing marketplace. Towards the end of the Debtor's trip in late February 2023, several of the Debtor's trucks were repossessed. The repossessed trucks constituted a substantial portion of the Debtor's operating fleet without which the Debtor's ability to operated would have been substantially impaired. In order to stop further repossession and recover the repossessed trucks, the Debtor filed an emergency Chapter 11 proceeding. The creditors that assert an interest in the Debtor's cash collateral are TBS Factoring Service, LLC, Kautilya Capital, LLC, Commercial Credit Group, Inc., and BMO Harris Bank. CCG asserts a first priority lien in revenue derived from its truck collateral. In addition to its asserted interest in cash collateral, CCG also asserts a first priority title lien in all trucks which are necessary for the continued operation of the Debtor. The parties have agreed that in exchange for the continued use of cash collateral the Debtor will provide: i) a replacement lien and ii) monthly adequate protection payments in the amount of $18,000 on or before April 15, 2023, $23,000 on or before May 15, 2023, $28,000 on or before June 15, 2023 and $37,000 thereafter on the 15th day of each month and continuing until further order of the Court or Confirmation of Debtor's Plan whichever is sooner. In its limited objection, BMO Harris Bank N.A. asserts first-priority security interests in the Debtor's equipment. Although Excl does not list BHB as one of the involved secured creditors in the Cash Collateral Motion, Excl and BHB have commenced discussions regarding adequate protection payments that Excl will provide BHB for Excl’s continued use of BHB's collateral, the Equipment, during the Chapter 11 case. Upon Excl and BHB's agreement to terms for Excl's continued use of the Equipment and adequate protection payments to BHB, these parties will file an appropriate stipulation with the Court. Further, BHB submits this Reservation of Rights out of an abundance of caution and to ensure that no adequate protection granted in connection with the Cash Collateral Motion in any way primes or dilutes the first-priority security interests granted to BHB in connection with the Loan Agreements and Equipment. Accordingly, BHB requests that any final order approving the Cash Collateral Motion makes clear that any replacement lien granted to any other creditor(s) be of the same validity and priority as the security interests and liens that may have been granted to it(them) before the Petition Date so as not to prime or dilute the security interests or liens of any other creditor(s). Moreover, BHB reserves all rights to dispute the claims and the validity, extent, and relative priority of the purported security interests and liens of a creditor(s), if any, in the Equipment. BHB also reserves all other rights and remedies with respect to its claims, security interests, and liens, including, without limitation, its rights to (i) seek adequate protection for Excl's continued use of its collateral, or, alternatively, (ii) pursue relief from the automatic stay to pursue state-law remedies with respect to its collateral. Attorneys for BMO Harris Bank N.A.: Geana M. Van Dessel, Esq. KUTAK ROCK LLP 510 W. Riverside Ave., Suite 800 Spokane, WA 99201 Telephone: (509) 747-4040 Facsimile: (509) 747-4545 E-mail: Geana.Vandessel@kutakrock.com SpokaneLitigationFilings@kutakrock.com A copy of the Debtor's motion is available at https://bit.ly/3ZuCfBZ from PacerMonitor.com. About Excl Logistics, LLC Excl Logistics, LLC operates a trucking operation providing freight carrying and logistic services to its customers from its headquarters located in Snohomish, Washington. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10364) on February 27, 2023. In the petition signed by Anil Bhambi, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Christopher M. Alston oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as legal counsel. FARR LABORATORIES: Hires Ciardi Ciardi & Astin as Legal Counsel --------------------------------------------------------------- Farr Laboratories, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ciardi Ciardi & Astin as its legal counsel. The firm will render these services: (a) advise the Debtors as to their rights and powers as debtor in possession, and with respect to the administration of this chapter 11 case; (b) prepare motions, objections, notices, orders, reports and other papers as may be appropriate; (c) attend meetings and negotiate with creditors and their representatives and other parties in interest; (d) appear before this Court to represent the interests of the Debtor and its estate; (e) assist the Debtor in reviewing, estimating and resolving claims asserted against it or its estate; (f) take any necessary action on behalf of the Debtor to negotiate and confirm a chapter 11 plan; and (g) perform all other necessary legal services for the Debtors in connection with the administration of this case, including soliciting and tabulating votes on a chapter 11 plan. The firm will charge these hourly fees: Partners $575 per hour Associates $375 to $450 per hour Paralegals $150 per hour Albert Ciardi, III, Esq., a partner at Ciardi Ciardi & Astin, 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: Albert A. Ciardi, III, Esq. Ciardi Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Telephone: (215) 557-3550 Email: aciardi@ciardilaw.com About Farr Laboratories, LLC Farr Laboratories, LLC is in the vitamin/supplement business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10347) on March 23, 2023. In the petition signed by Frederick Reinstein, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Karen B. Owens oversees the case. Daniel K. Astin, Esq., at Ciardi Ciardi & Astin, represents the Debtor as legal counsel. GARDNER AGENCY: Seeks to Hire West & West Attorneys as Counsel -------------------------------------------------------------- Gardner Agency of Texas, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ West & West Attorneys at Law, P.C. as its legal counsel. The firm's services include: (a) advising the Debtor as to its powers and duties in the continued operation of its business and management of its properties during bankruptcy; (b) taking actions to preserve and protect the Debtor's assets, including, if required by the facts and circumstances, the prosecution of adversary proceedings and other actions on the Debtor's behalf, the defense of actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, objection to the allowance of any objectionable claims filed against the Debtor's estate and estimation of claims against the estate where appropriate; (c) preparing legal documents; (d) assisting the Debtor in the development, negotiation and confirmation of a plan of reorganization and the preparation of a disclosure statement; and (e) other necessary legal services. The firm's attorney and paralegals will be paid at these rates: Dean W. Greer, Esq. $330 per hour Paralegals $100 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The Debtor has agreed to pay West & West a retainer in the sum of $20,000. Of this amount, $7,000 has been paid to the firm as advance retainer. Dean Greer, Esq., a partner at West & West, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Dean W. Greer, Esq. West & West Attorneys at Law, P.C. 2929 Mossrock, Ste. 204 San Antonio, TX 78230 Tel: (210) 342-7100 Fax: (210) 342-3633 Email: dean@dwgreerlaw.com About Gardner Agency of Texas Gardner Agency of Texas, LLC, an insurance agency in Woodlands, Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-30883) on March 13, 2023. In the petition signed by its managing member, Steven C. Gardner, the Debtor disclosed $10,643 in assets and $1,909,966 in liabilities. Judge Jeffrey P. Norman oversees the case. Dean W. Greer, Esq., at West & West Attorneys at Law, P.C., represents the Debtor as legal counsel. GENESIS GLOBAL: Auction of Equity or Assets Set for June 27 ----------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York authorized the bidding procedures proposed by Genesis Global Holdco, LLC, and its affiliates in connection with the auction sale of equity in, or assets of, the Debtors and certain of their affiliates, including Genesis Global Trading, Inc. ("GGT"). The Debtors are authorized to take any and all actions necessary to implement the Bidding Procedures. Notwithstanding anything to the contrary in the Bidding Procedures Order or the Bidding Procedures, each of DCG’s consultation and consent rights reflected in the Bidding Procedures or in the Bidding Procedures Order will terminate in the event the Debtors determine that Digital Currency Group, Inc. ("DCG") or any of its insiders or controlled affiliates will submit a Bid or whether any newly created entity wholly-owned or directly or indirectly controlled by DCG's insiders or controlled affiliates (other than by virtue of its existing equity ownership in the Debtors) intends to submit a Bid; provided, however, DCG will have the right to consent to the ultimate Sale of GGT. The Debtors are authorized to select one or more bidders to act as a Stalking Horse Bidder for some or all of the Assets, and enter into a Stalking Horse Agreement with such Stalking Horse Bidder. For purposes of this Bidding Procedures Order and the Bidding Procedures, the Bid Protections will consist of: (a) the Breakup Fee in an amount not to exceed 3% of the cash portion of the proposed Purchase Price; and (b) the Expense Reimbursement. Subject to approval by the Court following the Notice Period as provided in the preceding paragraph, the Debtors are authorized, but not directed, to incur and pay such Bid Protections to any or no Stalking Horse Bidder, in an exercise of their business judgment, in consultation with the Consultation Parties, without further action or order by the Court; provided that the Bid Protections will only be payable upon consummation of an alternative transaction. To the extent a Stalking Horse Bidder is selected with respect to sale of GGT, any portion of the Breakup Fee payable to any such Stalking Horse Bidder on account of GGT will be deducted from the value ascribed to GGT pursuant to the Plan. In the event GGT is sold outside of the Plan, portions of proceeds proportionate to the allocation of value ascribed to GGT will be used to reimburse the Debtors for the Breakup Fee paid to any Stalking Horse Bidder on account of the sale of GGT. To the extent the parties are not able to agree upon the portion of the Breakup Fee payable to any such Stalking Horse Bidder on account of GGT, an independent accounting firm to be selected by agreement among such parties will determine the appropriate amount of such portion of the Breakup Fee. The Sale Notice is approved. In the event the Sale Hearing and Confirmation Hearing are held separately and the Assets (including GGT) are sold prior to the Confirmation Hearing, the proceeds of the sale of GGT will be agreed upon among the Debtors the Committee, the Ad Hoc Group of Genesis Lenders, and DCG or, in the event no agreement is reached, as determined by an independent accounting firm to be selected by agreement among such parties. The proceeds of the sale of GGT will thereafter be distributed in accordance with the Plan or, to the extent a plan of reorganization is not confirmed within 60 days following the sale of GGT, to DCG or as otherwise provided in a plan support agreement to be entered into by the parties. The Debtors and the Committee reserve the right to file a motion with the Court to extend the 60-day period, and DCG reserves its right to file a motion with the Court to shorten the 60-day period. The salient terms of the Bidding Procedures are: a. Bid Deadline: June 19, 2023 b. Initial Bid: In the event a Stalking Horse Bidder is selected, the Initial Bid will include the amount provided for in the Stalking Horse Bid, plus the amount of the bid protections (if any), plus either $1 million or such other amount as determined by the Debtors in consultation with the Consultation Parties and DCG, as it relates to GGT. c. Deposit: Equal to the greater of (a) 10% of the aggregate Purchase Price of the Bid and (b) $10 million d. Auction: The Auction, if one is needed, will be held on June 27, 2023, at the offices of Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, 38th Floor, New York, NY 10006 and/or via Zoom. e. Bid Increments: To be determined by the Debtors f. Sale Hearing: July 14, 2023 g. Sale Objection Deadline: July 7, 2023 A copy of the Bidding Procedures is available at https://tinyurl.com/2tjrbkm2 from PacerMonitor.com free of charge. About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration is the claims agent. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. GENESIS GLOBAL: Committee Taps Berkeley as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of Genesis Global Holdco, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Berkeley Research Group, LLC as its financial advisor. The committee requires a financial advisor to: a) develop periodic monitoring reports to enable the committee to evaluate effectively the Debtors' financial performance relative to projections and any relevant operational issues, including assessments of liability coverage on a by-coin basis, going forward; b) monitor liquidity and cash flows throughout the Debtors' Chapter 11 cases and scrutinizing cash disbursements and capital requirements, including, but not limited to, the amount of intercompany disbursements made to non-debtors and other payments permitted pursuant to first day motions; c) analyze relief requested by the Debtors in connection with their cash management system, including proper controls related to and financial transparency into intercompany transactions and claims between the Debtors and non-debtor affiliates; d) analyze both historical and ongoing intercompany and related party transactions and material unusual transactions of the Debtors and international non-debtor affiliates; e) advise the committee in its analysis of the Debtors' and non-debtor affiliates' historical, current and projected financial affairs; f) assist in the review of financial-related disclosures, including the Debtors' schedules of assets and liabilities, statements of financial affairs and monthly operating reports; g) as appropriate and in concert with the committee's other professionals, analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; h) analyze the Debtors' business plan, operational restructuring and monitoring the implementation of any strategic initiatives and preparing reports related thereto; i) advise and assist the committee in its assessment of the Debtors' employee needs and related costs, including any proposed employee bonuses such as the proposed key employee incentive plan for the Debtors' insiders, and providing expert testimony related thereto; j) assist in the development and review of a cost/benefit analysis with respect to the assumption or rejection of executory contracts and leases; k) provide support for the committee's legal counsel as necessary to address restructuring issues, including, but not limited to, plan of reorganization, valuation and liquidity issues; l) advise and assist the committee and its legal counsel in reviewing and evaluating any court motions, applications, or other forms of relief, filed or to be filed by the Debtors or any other parties in interest, as necessary and appropriate; m) analyze the Debtors' and non-debtor affiliates' assets (tangible and intangible) and possible recoveries to creditor constituencies under various scenarios and develop strategies to maximize recoveries; n) identify and develop strategies related to the Debtors' intellectual property; o) assess the Debtors' international operations and analyzing the impact of any insolvency proceedings in foreign countries; p) advise the committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders or third parties; q) provide support to the committee and its counsel regarding potential litigation strategies and the value of any releases provided as part of a plan of reorganization; r) monitor the Debtors' claims management process, including analyzing all classes of claims and guarantees and summarizing claims by entity; s) prepare a waterfall of expected recoveries to creditor classes under various settlement scenarios; t) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors including, if applicable, the development and analysis of any bankruptcy plans proposed by the committee to assess their achievability; u) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured to minimize tax liabilities to the estate as well as assisting with the review of any tax issues associated with, for example, claims/stock trading, preservation of net operating losses, and refunds from any plan of reorganization or asset sales; v) conduct asset tracing activities to verify that current digital asset holdings tie to the Debtors' books and records, in addition to tracing past transactions to inform any investigations into causes of action against other parties; w) negotiate with parties in interest; x) attend committee meetings and court hearings as may be required; and y) perform other necessary financial advisory services. The firm will be paid at these rates: Managing Directors $1,050 to $1,250 per hour Associate Directors/Directors $810 to $990 per hour Professional Staffs $395 to $795 per hour Support Staffs $175 to $350 per hour Evan Hengel, managing director at Berkeley, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Evan Hengel Berkeley Research Group, LLC 2029 Century Park E. Suite 1250 Los Angeles, CA 90067 Tel: (310) 499-4750 Fax: (310) 557-8982 Email: ehengel@thinkbrg.com About Genesis Global Holdco Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GENESIS GLOBAL: Committee Taps Houlihan as Investment Banker ------------------------------------------------------------ The official committee of unsecured creditors of Genesis Global Holdco, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Houlihan Lokey Capital, Inc. as investment banker. The firm's services include: a. analyzing business plans and forecasts of the Debtors; b. evaluating the assets and liabilities of the Debtors; c. assessing the financial issues and options concerning (i) the sale of the Debtors, either in whole or in part, and (ii) the Debtors' Chapter 11 plan of reorganization or liquidation or any other bankruptcy plan; d. analyzing and reviewing the financial and operating statements of the Debtors; e. providing such financial analyses as the committee may require in connection with the Debtors' Chapter 11 cases; f. analyzing the capital structure of the Debtors; g. assisting in the review of the Debtors' employee benefit programs, including key employee retention, incentive, pension and other post-retirement benefit plans; h. analyzing strategic alternatives available to the Debtors; i. evaluating the debt capacity of the Debtors in light of their projected cash flows; j. assisting in the review of claims and the reconciliation, estimation, settlement, and litigation with respect thereto; k. representing the committee in negotiations with the Debtors and third parties; m. providing testimony in court, if necessary; and n. providing other necessary investment banking services. The firm will be compensated as follows: a. Houlihan shall be paid in advance a non-refundable monthly cash fee of $150,000. The first payment shall be made upon the approval by the bankruptcy court. Thereafter, payment of the monthly fee shall be made on every monthly anniversary of the effective date during the term of the engagement agreement. b. The Debtors shall pay Houlihan a fee to be paid in cash of $5.5 million. The deferred fee shall be earned and payable upon the consummation of a transaction and in accordance with the terms specified in the engagement agreement. Saul Burian, managing director at Houlihan, 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: Saul E. Burian Houlihan Lokey Capital, Inc. 245 Park Avenue, 20th Floor New York, NY 10167 Tel: (212) 497-4100 Fax: )212) 661-3070 About Genesis Global Holdco Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GENESIS GLOBAL: Committee Taps Kroll as Information Agent --------------------------------------------------------- The official committee of unsecured creditors of Genesis Global Holdco, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kroll Restructuring Administration, LLC. The committee requires an information agent to: a) host and maintain certain Information Platforms including, but not limited to, a website which will, among other things, provide access to committee press releases, key dates and deadlines in the Debtors' Chapter 11 cases, and links to other websites (e.g., the Debtors' claims and noticing agent's website, the website for the United States Trustee, the court's website, and the committee's Twitter account); b) provide notice to the committee and its members of certain court filings or notices filed on the docket; c) prepare and serve required notices and pleadings on behalf of the committee in accordance with the Bankruptcy Code and Bankruptcy Rules in the form and manner directed by the committee and the court; d) respond, through chats and email correspondence, but not calls, to inquiries from creditors in connection with the Chapter 11 cases; and e) take direction from the committee or its representatives with respect to further services. The firm will be paid at these rates: Director of Solicitation $245 per hour Solicitation Consultant $220 per hour Director $175 - $245 per hour Consultant/Senior Consultant $65 - $195 per hour Technology Consultant $35 - $110 per hour Analyst $30 - $60 per hour Benjamin Steele, a managing director at Kroll, 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: Benjamin J. Steele Kroll Restructuring Administration, LLC 55 East 52nd Street, 17th Floor New York, NY 10055 Phone: +1 212 593 1000 About Genesis Global Holdco Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GENESIS GLOBAL: Committee Taps White & Case as Bankruptcy Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Genesis Global Holdco, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ White & Case, LLP. The committee requires legal counsel to: (a) give advice regarding the rights, powers and duties of the committee under the Bankruptcy Code and in connection with the Debtors' Chapter 11 cases; (b) assist the committee in its consultations and negotiations with the Debtors concerning the administration of the cases; (c) assist the committee in its examination, investigation and analysis of the acts, conduct, assets, liabilities, and financial condition of the Debtors, including without limitation, reviewing and investigating pre-bankruptcy transactions, the operation of the Debtors' business, and the desirability of the continuance of such business; (d) assist the committee in the formulation, review, analysis and negotiation of any proposed Chapter 11 plan; (e) take all necessary action to protect and preserve the interests of the committee and creditors holding general unsecured claims against the Debtors' estates, including the investigation and possible prosecution of actions enhancing the estates, and the review and analysis of claims filed against the estates; (f) review and analyze legal documents, statements of operations and schedules filed with the court and advise the committee as to their propriety; (g) prepare legal papers; (h) represent the committee at all court hearings, statutory meetings of creditors and other proceedings before the bankruptcy court; (i) assist the committee in the review, analysis and negotiation of any financing agreements; (j) advise the committee as to its communications with its constituents regarding significant matters in the cases; and (k) perform other necessary legal services. The firm will be paid at these rates: Partners $1,370 to $2,100 per hour Counsel $1,310 per hour Associates $1,270 Paraprofessionals $215 to $640 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Gregory Pesce, Esq., a partner at White & Case, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, White & Case disclosed the following: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The committee has approved a framework for the firm's staffing for the initial stage of the Debtors' Chapter 11 cases. The firm can be reached at: Gregory F. Pesce, Esq. White & Case, LLP 111 South Wacker Drive, Suite 5100 Chicago, IL 60606 Tel: (312) 881-5400 Fax: (312) 881-5450 Email: gregory.pesce@whitecase.com About Genesis Global Holdco Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GMP BORROWER: $69.2M Bank Debt Trades at 9% Discount ---------------------------------------------------- Participations in a syndicated loan under which GMP Borrower LLC is a borrower were trading in the secondary market around 91.5 cents-on-the-dollar during the week ended Friday, April 7, 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 $68.3 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. GORDON BROTHERS: Blackrock Capital Marks $37.6M Loan at 60% Off --------------------------------------------------------------- Blackrock Capital Investment Corporation has marked its $37,686,148 loan extended to Gordon Brothers Finance Company to market at $15,228,000 or 40% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in an Unsecured Debt to Gordon Brothers Finance Company. The loan accrues interest at a rate of 17.38% (LIBOR(S)+11%, 1% Floor) per annum. The loan was scheduled to mature on October 31, 2021. The debt is on non-accrual status as of December 31, 2022, and therefore non-income producing. Total coupon includes default interest of 2.00%. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Gordon Brothers Finance Company provides financial solutions. The Company offers asset valuation, disposition, liquidation, investments, financing, and appraisal services. Gordon Brothers Finance serves clients in the United States. GRANDOTE INVESTMENTS: Seeks to Hire Dunham Hildebrand as Counsel ---------------------------------------------------------------- Grandote Investments TN LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand, PLLC as its counsel. The firm's services include: (a) rendering legal advice with respect to the rights, powers and duties of the Debtor in the management of its property; (b) investigating and, if necessary, instituting legal action to collect and recover assets of the estate of the Debtor; (c) preparing legal papers; (d) assisting the Debtor in the preparation, presentation and confirmation of its disclosure statement and plan of reorganization; (e) representing the Debtor as may be necessary to protect its interests; and (f) performing other legal services that may be necessary in the general administration of the Debtor's estate. The firm's hourly rates are as follows: Attorneys $350 to $425 per hour Paralegals $150 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. R. Alex Payne, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: R. Alex Payne, Esq. Dunham Hildebrand, PLLC 2416 21st Avenue South, Suite 303 Nashville, TN 37212 Tel: 615-933-5851 Fax: 615-777-3765 Email: alex@dhnashville.com About Grandote Investments TN LLC Grandote Investments TN LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-01052) on March 23, 2023. The petition was signed by Brian Layton as member. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Randal S. Mashburn presides over the case. R. Alex Payne, Esq. at DUNHAM HILDEBRAND, PLLC represents the Debtor as counsel. GREEN POINT: Files for Chapter 11 to Stop Foreclosure ----------------------------------------------------- Green Point Management Systems LLC filed for chapter 11 protection in the Eastern District of New York. Green Point is a company that has been engaged in project management and dispute resolution matters. In addition, it is the owner of the condominium that is unit 106 in 231 Norman Avenue, Brooklyn, NY 11222. The Debtor purportedly defaulted on a loan with Columbia Capital Co. This resulted in Columbia scheduling an auction for March 30, 2023, with an undivided 0.33% interest in the common elements. In doing so, Columbia is attempting to exercise control of the Debtor. So by the Chapter 11 case, the Debtor aims to preserve the real estate and reorganize using its other assets. Another reason for the filing is that the Debtor has significant accounts receivable that are as of yet unrealized due to multiple clients' breach of their agreements with the Debtor. According to court filings, Green Point Management Systems estimates between $500,000 and $1 million in total debt owed to 1 to 49 creditors. The petition states that funds will be available to unsecured creditors. About Green Point Management Systems Green Point Management Systems LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-71078) on March 29, 2023. In the petition filed by Adam Rosen, as managing member, the Debtor reported assets between $10 million and $50 million and liabilities between $500,000 and $1 million. The Honorable Bankruptcy Judge Nancy Hershey Lord oversees the case. The Debtor is represented by: Ilevu Yakubov, Esq. Jacobs PC 293 Bayport Avenue Bayport, NY 11705 Tel: (718) 772-8704 Email: leo@jacobspc.com GREEN ROADS: Hires ATB Capital Markets as Investment Banker ----------------------------------------------------------- Green Roads, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ ATB Capital Markets Inc. as its investment banker. The firm will render these services: (a) familiarize itself with the financial position and operations of the Debtor; (b) assist with respect to value analyses; (c) be available to meet with senior personnel of the Debtor from time to time to discuss the Transaction; (d) advise and assist the Debtor as to the Transaction; (e) participate in discussions and negotiations with representatives of third parties, and their financial advisors, who may be interested in participating in the Transaction; (f) assist in drafting documentation required to effect the Transaction; (g) assist the Debtor in identifying possible counterparties for a potential Transaction as well as review and analysis of any proposals received for a Transaction; (h) assist the Debtor in its assessment of the financial aspects of a Transaction and, if the Debtor determines to pursue a Transaction, in the development of a plan to consummate a Transaction; (i) advise and assist the Debtor in the development and implementation of a sale process intended to generate bidders for a sale pursuant to section 363 of the Bankruptcy Code, including providing testimony as necessary; (j) develop and distribute marketing materials, subject to approval by the Debtor; (k) maintain a digital data room and facilitate provision of information about the Debtor and the Transaction to third-parties, subject to any direction of the Debtor; and (l) such other ancillary financial advisory and investment banking services as the Debtor and ATB agree are appropriate in the circumstances. The firm will be paid as follows: -- Fees. In connection with our services, the Debtor shall pay to ATB the following: If, during the Term, a Transaction is completed for any price below $3 million (USD), then, in consideration of the services to be performed by ATB pursuant to this Agreement, the Debtor shall pay ATB a completion fee equal to $275,000 (USD), and if a Transaction is completed at a sale price of $3 million (USD) or greater, then the Debtor shall pay ATB a completion fee of $375,000 (USD), subject to approval of the Court. The Transaction Fee shall be payable in cash when authorized by the Court. -- Expenses: The Debtor shall be responsible for all reasonable expenses incurred by ATB in connection with this engagement. ATB is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code and utilized in section 327(a) of the Bankruptcy Code, as disclosed in the court filings. The firm can be reached through: Adam Carlson ATB Capital Markets Inc. Suite 555, 100 Fillmore Street Denver, CO 80203 Phone: 720-683-6700 About Green Roads Green Roads Inc. is a privately-owned CBD company that supplies natural CBD infused products. Green Roads Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11738) on March 6, 2023. In the petition filed by Julie Pilch, interim chief executive officer, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Scott M. Grossman oversees the case. Dentons Bingham Greenebaum LLP and Dentons US LLP serve as the Debtor's counsel. HAMILTON PROJECTS: Moody's Rates $904MM Secured Loans 'B1' ---------------------------------------------------------- Moody's Investors Service affirmed Hamilton Projects Acquiror, LLC's (HPA) B1 rating on its senior secured credit facilities comprising of a $789 million senior secured term loan and $115 million senior secured working capital facility and separately assigned a B1 rating to an incremental $161 million senior secured term loan. The outlook has been revised to stable from positive. On April 3, 2023, HPA announced an upsizing of its term loan due 2027 to $950 million from around $789 million outstanding at the end of year 2022. Proceeds from the incremental term loan upsizing and significant on balance sheet cash at HPA will be used to fund a $285 million equity distribution, pay transaction fees, and provide for retained on balance sheet cash. As part of this transaction, HPA's documents will be amended to effectuate this one-time transaction, revise the target debt balance in future periods to account for HPA's higher debt amount, and transition to SOFR based funding. Moody's understanding is that other terms of HPA's senior secured credit facilities such as debt maturity, legal security, and debt covenants will remain the same. Assignments: Issuer: Hamilton Projects Acquiror, LLC Senior Secured First Lien Term Loan B, Assigned B1 Affirmations: Issuer: Hamilton Projects Acquiror, LLC Senior Secured First Lien Bank Credit Facility, Affirmed B1 Outlook Actions: Issuer: Hamilton Projects Acquiror, LLC Outlook, Changed To Stable From Positive RATINGS RATIONALE The change in outlook to stable from positive considers the term loan increasing by more than 20% to $950 million, HPA's plans to use the proceeds of the incremental debt to pay a substantial dividend, and the fact that a large amount of cash at the borrower originally meant for debt reduction would instead be distributed to equity. Collectively, Moody's views this transaction as a credit negative. Post dividend recapitalization, HPA's prospective cash flow metrics are materially lower than previously expected and are generally at the higher end of the 'B' category under sensitivity cases considered by Moody's. On average, Moody's expect Project CFO to Debt and debt service coverage ratio of around 8.6% and 1.9x, respectively, which is substantially lower than the 20-30% Project CFO to Debt and 3-4x DSCR previously expected when HPA's rating was revised to positive. The lower expected financial metrics incorporate both higher debt at the project including the lack of anticipated debt reduction and recent forward implied margins that have fallen sharply since summer 2022. Further weighing on HPA's credit quality is increased refinancing risk following the increase in debt with around 65% of the original par issuance in June 2020 remaining outstanding at maturity under the Moody's Case. The affirmation of the B1 rating takes into account the strong competitive position of the two combined cycle plants in PJM, known capacity prices through May 2024, and typical project finance 'B' loan protections. High efficiency, strong operations, attractively priced fuel from the Marcellus shale, and low fuel transportation costs support the projects' competitive position. HPA's improved operational performance was highlighted during the December 2022 winter event when it performed well and the project expects to receive capacity performance bonus payments in 2023. Further supporting the project's credit quality are long term service agreements (LTSAs) with a subsidiary of Siemens Aktiengesellchaft (Siemens: A1 stable), some diversification as a two asset portfolio, and the involvement of Carlyle and Cogentrix as the sponsor and operator, respectively. On the latter, both Carlyle and Cogentrix are highly experienced in the power sector and have delivered on operational and commercial improvements. The rating also recognizes project's full exposure to energy price risk and uncertain capacity prices post-May 2024. Merchant market risk for both power and capacity represent the greatest risk drivers for the issuer with declining capacity prices through May 2024 then flat through May 2025 while high natural gas prices in 2022 led to energy margins representing a growing majority of total gross margin after variable costs. The inherent high volatility of the energy margins was more recently demonstrated by a substantial downward shift to natural gas and power prices since the beginning of 2023 leading to considerably lower forward implied margins for 2023 and 2024. Further adding to merchant market risk is the uncertainty around Pennsylvania's participation in the regional greenhouse gas market (RGGI) which currently remains under litigation. Additionally, negative power price differential between the plant's node and the regional power pricing hubs leads to basis risk in hedges as well as lower realized power prices relative to the regional hub pricing ultimately contributing to greater market risk. HPA's hedging program, which includes hedging basis risk through firm transmission rights (FTRs), should partially reduce the risk through 2024 and potentially past 2024 if the hedging program continues to roll forward and FTRs are properly executed. RATING OUTLOOK The stable rating outlook reflects Moody's expectations that the project will achieve CFO to Debt and debt service coverage ratio averaging around 8.6% and 1.9x, respectively, and that HPA will continue to demonstrate strong operational performance. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade HPA's rating could be upgraded if it is able to pay down debt greater than expected leading to DSCR well above 2.5x and Project CFO to debt well above 12% on a sustained basis. Factors that could lead to a downgrade The project's rating can be downgraded if it incurs a major unexpected outage which negatively impacts future financial performance, DSCR drops below 1.50x, or Project CFO to debt drops below 5%. Corporate Profile Hamilton Projects Acquiror, LLC owns two combined cycle gas fired plants located in Pennsylvania consisting of the 848 MW Liberty Energy Center (Liberty) and 857 MW Patriot Energy Center (Patriot) plants. Both projects reached commercial operations in 2016 and utilize Siemens SGT6 8000H turbines. HPA sells power into PJM on a merchant basis and capacity into PJM's MAAC region. Carlyle Power Partners II, L.P., a fund managed by The Carlyle Group (Carlyle) owns the borrower. The principal methodology used in these ratings was Power Generation Projects Methodology published in January 2022. HAMON HOLDINGS: Deltak Unsecureds Will Get 44.7% of Claims ---------------------------------------------------------- Hamon Holdings Corporation, et al., and the Official Committee of Unsecured Creditors submitted a Joint Chapter 11 Combined Plan and Disclosure Statement. The Hamon Group's US operations began in the late 1990s through a series of acquisitions relating to the Debtors' legacy operations. From that time, the Debtors, based in Somerville, New Jersey, rose to industry-leading status in the fields of cooling, air pollution control, and design and construction of industrial chimneys. Pursuant to the bid procedures approved July 13, 2022, the Debtors solicited and obtained bids from nine different entities for their assets. The Debtors, in consultation with the Committee, segregated the auction for the Debtors' assets into three discrete auctions in order to maximize value: first, an auction for assets of Custodis and RCC; second, an auction for the assets of HRC; and third, an auction for the assets of Deltak. The auctions, which were run sequentially, commenced on July 28, 2022 and concluded on July 29, 2022. After multiple rounds of competitive bidding, the Debtors, in consultation with the Committee, determined that (i) the bid of Global Dominion Access USA Corp. ("Global Dominion") was the highest and best bid for the assets of Custodis and RCC; (ii) the bid of Babcock & Wilcox Enterprises, Inc. ("BWEI") was the highest and best bid for the assets of HRC; and (iii) the combined bids of ICT Deltak Holding, Inc. and SNT Energy Co. Ltd. ("ICT/SNT") together were the highest and best bid for the assets of Deltak. The Bankruptcy Court approved the sales of the Debtors' assets to the various successful bidders at the sale hearing held on August 3, 2022 and entered the Sale Orders the same day. The sale closed to Global Dominion closed on September 26, 2022. The sale to BWEI closed on August 22, 2022. The sale to ICT/SNT closed on August 23, 2022. The Combined Plan and Disclosure Statement constitutes a liquidating Chapter 11 plan for the Debtors and provides for Distribution of the Debtors' assets already liquidated or to be liquidated over time to Holders of Allowed Claims in accordance with the terms of the Combined Plan and Disclosure Statement and the priority provisions of the Bankruptcy Code. The Combined Plan and Disclosure Statement contemplates the appointment of a Liquidating Trustee, inter alia, to implement the terms of the Combined Plan and Disclosure Statement and make distributions in accordance therewith. Except as otherwise provided by Order of the Bankruptcy Court, Distributions will likely occur at various intervals after the Effective Date. Class 3A consists of General Unsecured Claims against the Consolidated Debtors. Each such Holder shall receive, in full and final satisfaction of such Claim, after full satisfaction of Allowed Administrative Expense Claims, Allowed Professional Fee Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Secured Claims, in each case against the Consolidated Debtors, its Pro Rata Distribution of Available Cash constituting Consolidated Debtors Liquidating Trust Assets. Class 3A Distributions are subject to all statutory, equitable and contractual subordination claims, rights, defenses, objections, recoupments and offsets available to the Consolidated Debtors and their Estates. Creditors will recover 29.3% of their claims. Class 3A is impaired. Class 3B consists of General Unsecured Claims against Deltak. Each such Holder shall receive, in full and final satisfaction of such Claim, after full satisfaction of (or the establishment of an appropriate reserve for) Allowed Administrative Expense Claims, Allowed Professional Fee Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Secured Claims, in each case against Deltak, its Pro Rata Distribution of Available Cash constituting Deltak Liquidating Trust Assets. Creditors will recover 44.7% of their claims. Class 3B is impaired. Classes 7A and 7B consist of Equity Interests in the Consolidated Debtors and Deltak, respectively. On the Effective Date, Equity Interests shall be deemed cancelled. The Holders of Equity Interests will receive no Distribution or other recovery on account of such Equity Interests. Classes 7A and 7B are Impaired. The Plan shall be funded by (i) Available Cash on the Effective Date and (ii) funds available after the Effective Date from, among other things, the liquidation of any non-Cash Liquidating Trust Assets, including without limitation Causes of Action and the Real Property. A copy of the Disclosure Statement dated April 6, 2023, is available at https://bit.ly/3KNgskX from Creditorinfo, the claims agent. Counsel to the Debtors: Christopher M. Winter, Esq. James C. Carignan, Esq. DUANE MORRIS LLP 1201 North Market St., Suite 501 Wilmington, DE 19801 Counsel to the Official Committee of Unsecured Creditors: Francis J. Lawall, Esq. TROUTMAN PEPPER HAMILTON SANDERS LLP 3000 Two Logan Square, Eighteenth and Arch Streets Philadelphia, PA 19103 - and - Marcy J. McLaughlin Smith, Esq. TROUTMAN PEPPER HAMILTON SANDERS LLP Hercules Plaza, Suite 5100, 1313 Market Street Wilmington, DE 19899-1709 - and - Deborah Kovsky-Apap, Esq. TROUTMAN PEPPER HAMILTON SANDERS LLP 875 Third Avenue New York, NY 10022 About Hamon Holdings Corporation Hamon Holdings Corp., a Delaware-based engineering and contracting company, and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10375) on April 24, 2022. In the petition filed by Joseph DeMartino, vice-president, Hamon Holdings listed up to $50,000 in assets and up to $50,000 in liabilities. Judge John T. Dorsey oversees the cases. The Debtors tapped Jarret P. Hitchings, Esq., at Duane Morris, LLP as bankruptcy counsel; Gellert Scali Busenkell & Brown, LLC as conflicts counsel; PHJ Consulting Services Ltd. as consultant; and B. Riley Securities, Inc. as investment banker. BMC Group, Inc. is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on May 10, 2022. The committee is represented by Troutman Pepper Hamilton Sanders, LLP. HARRIS ENERGY: Taps Steinhilber Swanson as Bankruptcy Counsel ------------------------------------------------------------- Harris Energy Group, Inc. and its affiliates received approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Steinhilber Swanson, LLP as their bankruptcy counsel. The firm's services include: (a) advising the Debtors with respect to their powers and duties and the continued management and operation of their businesses and properties; (b) assisting the Debtors with the commencement of DIP operations, including the initial debtor interview, Section 341 meeting of creditors and monthly reporting requirements; (c) advising the Debtors and taking all necessary action to protect and preserve their estates, including prosecuting actions on behalf of the Debtors, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; (d) preparing bankruptcy schedules, statements of financial affairs, and all related documents; (e) assisting in the preparation of a disclosure statement and Chapter 11 plan of reorganization and the related negotiations and hearings; (f) preparing pleadings; (g) analyzing executory contracts and unexpired leases, and the potential assumption, assignment or rejection of such contracts and leases; (h) advising the Debtors in connection with any potential sale of their assets; (i) appearing at and being involved in various proceedings before the court; and (j) analyzing claims and prosecuting any meritorious claim objections. The firm will be paid at these rates: Paul G. Swanson, Partner $675 per hour Peter T. Nowak, Associate $325 per hour Heather Saladin, Paralegal $195 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Last month, Steinhilber received from the Debtors a retainer of $175,000. Prior to the commencement of the Debtors' Chapter 11 cases, the firm applied the security retainer to its invoice for services performed and costs incurred through the petition date. As of the petition date, the firm continues to hold in trust $86,135.70, which will constitute a general retainer as security for post-petition services and expenses incurred on behalf of all the Debtors. Paul Swanson, Esq., a member of Steinhilber, 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: Paul G. Swanson, Esq. Steinhilber Swanson LLP 107 Church Avenue Oshkosh, WI 54901 Telephone: (920) 235-6690 Facsimile: (920) 426-5530 Email: pswanson@steinhilberswanson.com About Harris Energy Group Harris Energy Group, Inc. and affiliates own, operate, and develop hydroelectric power plants in Wisconsin, Michigan, Iowa, and Illinois, generating power for sale to public utilities, governmental agencies, and private power producers. The plants generate power when water from rivers or lakes flows through the blades of a turbine. The turbines are connected to a generator that makes electricity, which is then sold to either the Midcontinent Independent System Operation or other public entities or private companies through power purchase agreements. Harris Energy and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Lead Case No. 23-21117) on March 16, 2023. In the petition signed by its chairman, William D. Harris, Harris Energy disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Katherine Maloney Perhach oversees the cases. Paul G. Swanson, Esq., at Steinhilber Swanson, LLP serves as the Debtors' legal counsel. HINTONS5 LLC: Amends Middletown City & Dlugatz Secured Claims Pay ----------------------------------------------------------------- Hintons5, LLC submitted an Amended Disclosure Statement in connection with the Plan of Liquidation dated April 6, 2023. The debtor's Plan of Liquidation is based on the debtor's belief that the cash flow of the debtor cannot sustain a Chapter 11 plan of reorganization. On December 7, 2022, this Court entered an Order Authorizing the debtor's sale, pursuant to Section 363 of the Bankruptcy Code, of its real property, and sole asset, located at 40-50 Dolson Avenue, Middletown, New York (the "Property"), free and clear of liens, claims and encumbrances to Marcus Neuah for the sum of $325,000.00. On February 9, 2023, the closing on the sale of the Property occurred. With credits to the debtor, the gross proceeds of sale were $341,917.78. The total distributions made at closing were $237,118.33. After closing, the City of Middletown issued a refund of $2,495.37. The Plan Disbursing Agent is holding the sum of $107,294.82 in escrow to be distributed in accordance with the debtor’s Liquidating Plan and the Notice of Distribution of Proceeds. Class 1 consists of Administrative Claims. Costs and expenses of administration, as defined by the Bankruptcy Code, including, but not necessarily limited to, debtor's counsel and special counsel fees, post-petition accounts payable, and post-petition taxes, shall be in full by the Plan Disbursing Agent from the proceeds of the sale of the debtor's Real Property, in the amount of the Allowed Claim. At the present time, it is estimated that administrative expenses will total approximately $63,512.37 and consists of the following: * Genova, Malin & Trier, LLP – attorneys' fees, expenses and disbursements to counsel for the debtor in the amount of $36,298.50 less the pre-petition retainer received by the firm of $14,717; * McCabe & Mack, LLP– attorneys' fees, expenses and disbursements to special counsel for the debtor in the approximate total amount of $18,500.00; * Law Office of Alan Joseph – attorneys' fees to special counsel for the debtor (Plan Disbursing Agent and representation at closing of sale of debtor's Property) in the total amount of $2,000.00; * Re/Max Benchmark Realty Group - real estate broker's commission in the total amount of $19,500.00; * United States Trustee quarterly fees in an approximate amount of $2,930.87 and further fees shall continue to be paid, pursuant to 28 U.S.C. §1930, until such time as the Chapter 11 case is closed. Class 2 consists of Secured Claims: * The secured property tax claim (which includes relevied water and sewer charges) of the City of Middletown as secured by the debtor's real property located at 40-50 Dolson Avenue, Middletown, New York (the "Property"). As of February, 2023, the approximate balance due to Middletown was $218,886.87. Middletown's claim was paid in full the closing of the sale of the debtor's Property on February 9, 2023. * The secured claim of Dlugatz Clams, LLC as secured by the debtor's Property. As of the date of the filing of the petition, the total of the obligation due to Dlugatz was approximately $615,000.00. In accordance with an agreement between the parties, Dlugatz shall receive the following as and for full payment on its obligation: the sum of $113,631.66 currently held by Dlugatz's corporate counsel and the balance of the proceeds from the sale of the debtor's Property, after payment to Middletown, closing costs, administrative claims of the debtor, including debtor's bankruptcy counsel and special counsel, Luzon Oil Co., Inc., and a dividend to the unsecured creditor class. It is estimated that Dlugatz will receive the total sum of approximately $40,000.00 as payment on its secured claim. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors: * Allowed claims of all other creditors of the Debtor, including pre-petition unsecured creditors, subject to an allowance of their claims by the Court, will be paid 10% of its claim2 from the proceeds remaining from the sale of the debtor's Property, after distributions to the debtor's Administrative Claims herein. The disbursement shall be made by the Plan Disbursing Agent, after confirmation of the debtor's Plan. The claim in this class totals approximately $5,000.00. The disbursement to be made pursuant to the Plan shall be in the total amount of $500.00. The source of funds to achieve Consummation and to carry out the Plan shall be the proceeds of the sale of the debtor’s Property (closing took place on February 9, 2023) in accordance with this Court's Order dated December 7, 2022. The remaining proceeds in escrow with the Plan Disbursing Agent total $107,294.82. A full-text copy of the Amended Disclosure Statement dated April 6, 2023 is available at https://bit.ly/40QgzBI from PacerMonitor.com at no charge. Attorneys for the Debtor: Andrea B. Malin, Esq. Michelle L. Trier, Esq. GENOVA, MALIN & TRIER, LLP Hampton Business Center, 1136 Route 9 Wappingers Falls, NY 12590 Tel: (845) 298-1600 About Hintons5 LLC Hintons5 LLC, a Middletown, N.Y.-based single asset real estate corporation, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-35871) on Aug. 20, 2020. At the time of the filing, the Debtor disclosed between $500,001 and $1 million in both assets and liabilities. The Debtor tapped Genova & Malin as bankruptcy counsel and McCabe & Mack LLP as special counsel. HINTONS5 LLC: U.S. Trustee Says Disclosure Statement Inadequate --------------------------------------------------------------- William K. Harrington, United States Trustee for Region 2, objects to the Disclosure Statement of Hintons5, LLC. The Debtor owns real property located at 40 Dolson Avenue, Middletown, New York (the "Property"). The Debtor found a buyer and the sale of the Property apparently closed in February 2023. Under the Plan, the Debtor intends to pay creditors from the proceeds of the sale of the Property. The United States Trustee claims that the Disclosure Statement does not contain adequate information as required under Section 1125 of the Bankruptcy Code. Some of the facts set forth in the Disclosure Statement are no longer true. For example, in Articles IV and VI of the Plan, the Debtor represented that the sale of the Property had not closed. Disclosure Statement, at 9. To the contrary, the Debtor's Motion to Approve Distribution of Sale Proceeds, filed on March 9, 2023 (the "Distribution Motion"), includes a copy of the Closing Statement for the sale and an accounting of the disbursements made at closing in February 2023. The United States Trustee asserts that the Disclosure Statement has no information whatsoever regarding the proceeds of the sale, disbursements made at closing, and the balance remaining, nor does it provide an accounting of how the remaining funds will be disbursed. The Disclosure Statement should include an accounting and discussion of the receipt of the sale proceeds, disbursements made at closing of the sale, and the balance of funds remaining. The United States Trustee further asserts that the Disclosure Statement should also include an accounting and discussion of receipts and disbursements under the Plan and a representation that the Disbursing Agent will have sufficient funds on the Effective Date to pay administrative claims. Without this data, reasonable creditors will not be able to make an informed decision regarding the Plan. In addition, the Disclosure Statement is silent regarding tax implications for the Debtor. The Debtor should amend the Disclosure Statement to disclose the tax attributes of the sale and Plan and whether any tax matters would pose a threat to the success of the Plan. The United States Trustee points out that the Disclosure Statement states only that United States Trustee fees, if any, shall be paid on the Effective Date of the Plan regarding the obligation of chapter 11 debtors to pay quarterly fees. The sale closed in February 2023 and the Operating Report for that month should have reflected receipt of the sale proceeds, but the Debtor failed to file a Report. However, the Debtor will owe significantly more for the quarter in which the sale closed, the amount of which cannot be determined without an Operating Report for the appropriate month. The Debtor should come current on Operating Reports well before confirmation. full-text copy of the United States Trustee's objection dated April 4, 2023 is available at https://bit.ly/43kkok9 from PacerMonitor.com at no charge. About Hintons5 LLC Hintons5 LLC, a Middletown, N.Y.-based single asset real estate corporation, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-35871) on Aug. 20, 2020. At the time of the filing, the Debtor disclosed between $500,001 and $1 million in both assets and liabilities. The Debtor tapped Genova & Malin as bankruptcy counsel and McCabe & Mack LLP as special counsel. IDERA INC: Blackrock Capital Marks $2.8M Loan at 18% Off -------------------------------------------------------- Blackrock Capital Investment Corporation has marked its $2,867,296 loan extended to Suited Connector, LLC to market at $2,351,183 or 82% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a First Lien Revolver to Suited Connector, LLC. The loan accrues interest at a rate of 10.5% (LIBOR(Q)+6%, 1% Floor) per annum. The loan matures on February 4, 2029. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Idera Inc is the parent company of a portfolio of brands that offer B2B software including database tools, application development tools, test management tools, and DevOps tools. It is headquartered in Houston, Texas and has offices in Australia, Austria, and the United Kingdom. INH BUYER: Blackrock Capital Marks $2.7M Loan at 22% Off -------------------------------------------------------- Blackrock Capital Investment Corporation has marked its $2,703,036 loan extended to INH Buyer, Inc. (IMS Health) to market at $2,121,343 or 78% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a First Lien Term Loan (1.5% Exit Fee) to INH Buyer, Inc. (IMS Health). The loan accrues interest at a rate of 11.68% (SOFR (Q)+1% Floor) per annum. The loan matures on June 28, 2028. Interest may be paid in cash or payment-in-kind or a combination thereof which is generally at the option of the borrower. PIK earned is included in the cost basis of the security. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Danbury, CT-based IMS Health, Inc. provides critical sales and other market intelligence primarily to pharmaceutical and biotech companies. JAJE ONE: Exclusivity Period Extended to May 31 ----------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida extended Jaje One, LLC's exclusive period to negotiate with creditors and file a plan and disclosure statement to May 31, 2023, and its exclusive period to solicit acceptances to July 31, 2023. About Jaje One Jaje One, LLC, a company in Miami Beach, Fla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-16629) on Aug. 28, 2022, with up to $10 million in assets and up to $1 million in liabilities. Judge Robert A. Mark oversees the case. The Debtor is represented by Joel M. Aresty, Esq., at Joel M. Aresty, P.A. JIMMIE LEE PETERSON: $1.15M Sale of Fulton Property to Martin OK'd ------------------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas authorized Jimmie Lee Peterson's sale of the real property located in the City of Fulton, Aransas County, Texas, at 1371 N. Fulton Beach Road, to Gregory Martin for $1.15 million, free and clear of all liens, claims, encumbrances, and interests. The Rockport Property consists of a recently remodeled 2-bedroom, 2.5 bath, 2,375sq ft house on 2.936 waterfront acre. Arleen Shumate Peterson, a/k/a Arleen S. Peterson, wife of the Debtor, has consented to the sale and will cooperate in closing, as indicated by hers and her counsel's signatures to the Order. Ad valorem tax liens on the Rockport Property securing payment of the 2023 ad valorem property taxes to be assessed during the 2023 calendar year are expressly retained until said taxes are paid in full. The Seller share of sale expenses and all currently due ad valorem taxes (including an estimated amount of the pro rata share of Seller 2023 ad valorem taxes), the cost of the title policy, and the brokers' 6% commission, will be paid from sales proceeds at closing. In addition, the following lien will be paid from sale proceeds at closing in the full amount of all principal, reasonable attorney's fees, and any interest due as of the closing date: Deed of Trust, Security Agreement, & Financing Statement in favor of Charter Bank, recorded at file No. 322365, Aransas County, Texas, on March 28, 2012, and as extended by Extension of Lien recorded at file No. 0000377224, Aransas County, Texas, on Sept. 23, 2020. All remaining sales proceeds will be deposited in the IOLTA trust account of the Debtor’s attorney, Nathaniel Peter Holzer, and the asserted liens, claims, encumbrances, and interests of any and all other persons, including but not limited to the following persons, will attach to such remaining proceeds in the same order and priority as they currently exist in the Rockport Property: (i) Charter Bank Deed of Trust, Security Agreement, & Financing Statement recorded at file No. 324824, Aransas County, Texas, on Aug. 21, 2012, and extended by Extension of Lien recorded at file No. 0000377225, Aransas County, Texas, on Sept. 23, 2020; (ii) Crossfirst Bank; (iii) Richard Dias Construction Co.; (iv) Nathaniel Peter Holzer; (v) Arleen Shumate Peterson; and (vi) Jimmie Lee Peterson. Nothing in the Order, or in any document related to the sale, will affect the Debtor's assertion that the Rockport Property is his separate property, or Arlene Peterson's assertion that the Rockport Property is community property. Pursuant to Rule 6004(h) of the Federal Rules of Bankruptcy Procedure, the Order will be effective immediately upon entry and the 14-day stays under such rule is waived. Jimmie Lee Peterson sought Chapter 11 protection (Bankr. S.D. Tex. Case No. 22-60034) on June 21, 2022. The Debtor tapped Nathaniel Holzer, Esq., as counsel. JOHN STACY DAVIDSON: FHS LLC Buying Flowood Property for $99K ------------------------------------------------------------- Judge Jamie A. Wilson of the U.S. Bankruptcy Court for the Southern District of Mississippi enters an Agreed Order resolving the sale proposed by John Stacy Davidson and Laurie Lofton Davidson of their real property described as +/- 2.4 acres fronting Luckney Road in Flowood, Rankin County, Mississippi, to FHS, LLC, for $99,000. The sale is free and clear of all liens. The Debtors will provide to Cadence Bank a survey outlining the legal description of the property to be released. The sale proceeds will be deposited into a DIP account and not distributed without further order of the Court. Any new DIP account will be subject to the UST's Chapter 11 Operating Guidelines and Reporting Requirements. The Debtors will file with the Court a Report of Sale with a copy of the settlement statement within seven days after the sale closes. They will be responsible for the cost of the partial release of the liens of the property to be released. The Parties have agreed to, generally, the breakdown of the proceeds of the sale as outlined in the attached proposed closing and settlement statement, which includes payments to professionals and to Cadence Bank for post-petition payments due with any excess proceeds being applied to the remaining balance on the property liens. All professionals that the Debtors propose to pay in the course of the sale will petition the Court for an order to employ them under 11 U.S.C. Section 327, as well as seek approval for any payment for their services prior to such payment. All proposed compensation to be paid to all professionals listed in the attached closing and settlement statement, including but not limited to the Debtors' attorney, will be subject to a fee application filed under 11 U.S.C. Section 330, and after notice and a hearing. John Stacy Davidson and Laurie Lofton Davidson sought Chapter 11 protection (Bankr. S.D. Miss. Case No. 22-01352) on July 13, 2022. The Debtors tapped James McGee, Esq., as counsel. KOHL'S CORP: S&P Downgrades ICR to 'BB', Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered its ratings by one notch, including the issuer credit rating on Wisconsin-based department store chain Kohl's Corp. to 'BB' from 'BB+'. S&P said, "We also lowered our rating on Kohl's secured unsecured debt to 'BB' from 'BB+', and we kept a capped '3' recovery rating, which indicates our expectations for meaningful (50%-70%; 65% rounded estimate) recovery in the event of default. The negative outlook reflects the risk that a challenging macroeconomic environment and execution risks associated with Kohl's operating initiatives will pressure results. This limits our view of the business's long-term prospects, with leverage expected to remain elevated at close to 4x this year. "The downgrade reflects the significant deterioration of Kohl's free operating cash flow and leverage. Kohl's free operating cash flow (FOCF) saw a steep swing to negative $639 million in fiscal 2022 from positive $591 million in fiscal 2021. Its S&P Global Ratings' lease-adjusted leverage increased to 5.5x as of year-end 2021 from 1.9x in the prior year. Kohl's operating performance was particularly weak in the fourth quarter, with revenue declining 7% year over year." The company employed heavy markdowns to clear inventory, with reported operating margins for the year down more than 700 basis points (bps) compared with our expectations for a 400 bps decline. Its thin operating margin of less than 2% in 2022 reflects promotion, inflation, and freight pressure. S&P said, "We expect better metrics in 2023 as the company improves merchandising execution, freight costs ease, and it continues the rollout of Sephora shops at its stores. Still, we believe operating margins will remain below historic levels and stay at about 4%. We also note macroeconomic risks as the economy slows, which could impair consumer spending and pressure sales more than the low-single-digit percent decline we anticipate in our base case for fiscal 2023. "We believe inventory levels at the end of 2022 appeared appropriate following clearance activity, up roughly 4% compared with the prior year. However, given the mixed recent track record, we see risks of markdowns that could continue to pressure profitability over the coming year. We assume initiatives will gradually improve profitability over the next several years, with revenue declining in 2023 and slowly building back from that point. As a result, S&P lease adjusted leverage remains above 3x through 2024. Due to the company's anticipated weaker credit measures and volatile operating results, we revised our financial risk profile assessment to significant from intermediate. "We believe Kohl's will benefit from its partnerships and reduced capital spending in the next 12 months. Kohl's is building its partnership with Sephora and had outsized capital expenditure (capex) in 2022 of more than $800 million, largely associated with establishing 400 Sephora shops in 2022. We expect capex to decrease about $200 million in fiscal 2023 as the company continues the buildout but with only 300 additions this year, 50 of which will be small format shops. We believe this initiative has good prospects given the favorable market trends in beauty products and Sephora's strong market position. "The new management team will need to build a track record of favorable execution. We remain cautious on the company's several management changes over the past 12 months, including the appointment of its new CEO. Considering this turnover and the weaker recent operational execution relative to some apparel peers, we have an incrementally less favorable view of the company's strategic planning process and its management depth and breadth. As a result, we are revising our management and governance score to fair from satisfactory. "We believe department stores continue to face mounting competitive pressures and ongoing execution risk to maintain market share. Declining physical store traffic, shifting category preferences, and online price transparency are persistent longer-term risks for Kohl's business, in our view. "We believe Kohl's efforts to leverage partnerships, such as rolling out Sephora to all its stores, could successfully offset some of these pressures. "Nevertheless, we believe the company still needs to adapt the legacy store footprint with large square footage stores, and we believe there are ongoing execution risks with the evolution of these stores. We view Kohl's largely off-mall locations (about 95% of its total stores) as a benefit as they contribute to the company's lower cost structure and provide better accessibility and convenience for customers. "Kohl's targets a long-term leverage of 2.5x but will not likely achieve it in the near-term. We project S&P Global Rating-adjusted leverage (including our adjustment for capital and operating lease liabilities) will improve to about 4x in 2023 and to the mid-3x area in 2024. In addition, we expect FOCF in 2023 of about $620 million as profitability improves, working capital normalizes, and the company reduces its capital spending. While we don't project leverage to approach the company's 2.5x target (which includes debt addition of 8x reported rent expense) soon, we expect Kohl's to navigate the continued macroeconomic uncertainty with expense discipline while suspending its share repurchase activity to drive down leverage. "The negative outlook reflects the risk of a downgrade if the company does not meaningfully improve its operating performance and cash flow generation in 2023 toward our base case. "We could lower our rating on Kohl's over the next 12 months if the company cannot maintain leverage of about 3.5x or better in 2024. We could also lower the rating if operational missteps or a worsening macroeconomic environment weaken its performance compared with our base case, resulting in the company being unable to sustain its market position in the department store sector. Under this scenario, we could view the business risk profile as incrementally deteriorating. "We could revise the outlook to stable if the company reduces leverage to below 3.5x in 2024 and successfully executes its initiatives, leading to sustainable profitability improvements. We would also expect it to sustain operating margins in the mid-single-digit percent area." Environmental, Social, And Governance ESG credit indicators: E-2, S-2, G-2 ESG factors are an overall neutral consideration in our credit rating analysis of Kohl's. S&P believes new management could help bolster more stable operating performance in the coming year. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Other governance factors LINCOLN POWER: Wants Storm Penalty Payments Paused -------------------------------------------------- Rick Archer of Law360 reports that Chicago-area power plant operator Lincoln Power told a Delaware bankruptcy judge Monday, March 3, 2023, that it is in the process of negotiating a standstill agreement with regional electric grid managers over enforcement of the $39 million in penalties that drove it into Chapter 11. About Lincoln Power LLC Lincoln Power LLC -- https://www.cogentrix.com/ -- is an industry-leading power generation organization delivering expert management and superior performance to clients. Lincoln Power LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10382) on March 31, 2023. In the petition filed by Justin D. Pugh, as chief restructuring officer, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by: George A Davis, Esq. Latham & Watkins LLP 13860 Ballantyne Corporate Place, Suite 300 Charlotte, NC 28277 M & S TRUCKING: Taps Bond Law Office as Bankruptcy Counsel ---------------------------------------------------------- M & S Trucking of Lockesburg, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Arkansas to employ Bond Law Office to handle its bankruptcy case. The firm will be paid at the rate of $350 per hour for attorneys and $100 per hour for paraprofessionals. The firm received a retainer of $10,263, and $1,738 for the filing fee. Stanley Bond, Esq., an attorney at Bond Law Office, 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: Stanley V. Bond, Esq. Bond Law Office P.O. Box 1893 Fayetteville, AR 72702-1893 Telephone: (479) 444-0255 Facsimile: (479) 235-2827 Email: attybond@me.com About M & S Trucking of Lockesburg M & S Trucking of Lockesburg, LLC is in the freight car loading and unloading business. The company is based in Lockesburg, Ark. M & S Trucking of Lockesburg filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 23-70348) on March 17, 2023, with $1,196,698 in assets and $1,722,521 in liabilities. Shari Sherman has been appointed as Subchapter V trustee. Judge Richard D. Taylor oversees the case. The Debtor is represented by Stanley V. Bond, Esq., at Bond Law Office. MADERA COMMUNITY: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Madera Community Hospital. The committee members are: 1. SnapMed Tech, Inc. DBA SnapNurse Representative: Gary Chamberlain, Sr. Manager 1200 Peachtree St NF Building 400, Suite 1800 Atlanta, GA 30361 Phone: 831-332-6593 Email: gary.chamberlain@snapnurse.com 2. Citizens Business Bank Representative: Bruce D. Adams, Senior VP 701 N. Haven Ave., Suite 210 Ontario, CA 91764 Phone: 909-483-7152 Email: badams@cbbank.com 3. Lourdes Ortega 3001 Hampton Dr. Madera, CA 93637 Phone: 559-598-3109 Email: lourdesortega43@gmail.com 4. Arya Medical Group Representative: Dr. Ali Rashidian, President 1660 E Herendon Ave., Suite 101 Fresno, CA 93720 Phone: 559-431-9753 Email: aryamedicalgroup@gmail.com 5. Cardinal Health 110, LLC Representative: Tyronza Walton, Credit Manager 7000 Cardinal Place Dublin, OH 43017 Phone: 614-553-3154 Email: tyronza.walton@cardinalhealth.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 Madera Community Hospital Madera Community Hospital operates a general medical and surgical hospital in Madera, Calif. Madera Community Hospital sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10457) on March 10, 2023. In the petition signed by its chief executive officer, Karen Paolinelli, the Debtor disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge Rene Lastreto II oversees the case. The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Helsley, as bankruptcy counsel and McCormick Barstow LLP and Ward Legal, Inc. as special counsel. MAGENTA BUYER: Blackrock Capital Marks $7M Loan at 22% Off ---------------------------------------------------------- Blackrock Capital Investment Corporation has marked its $7,000,000 loan extended to Magenta Buyer, LLC to market at $5,483,310 or 78% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a Second Lien Term Loan to Magenta Buyer, LLC. The loan accrues interest at a rate of 12.67% (LIBOR(Q)+8.3%,0.75% Floor) per annum. The loan matures on July 27, 2029. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Magenta Buyer LLC is a provider of cybersecurity software that derives revenue from the sale of security products, subscriptions, SaaS, support and maintenance, and professional services. MANHATTAN SCIENTIFICS: Delays Filing of 2022 Annual Report ---------------------------------------------------------- Manhattan Scientifics, Inc. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. The Company's Annual Report cannot be filed within the prescribed time period because the Company requires additional time for compilation and review to ensure adequate disclosure of certain information required to be included in the Form 10-K. The Company's Annual Report on Form 10-K will be filed on or before the 15th calendar day following the prescribed due date. About Manhattan Scientifics Headquartered in New York, Manhattan Scientifics, Inc., was established on July 31, 1992 and has one operating wholly-owned subsidiary: Metallicum, Inc. The Company also holds a 5%, noncontrolling interest in Imagion Biosystems, Inc. (f/k/a Senior Scientific LLC). Manhattan Scientifics is focused on technology transfer and commercialization of these transformative technologies. Manhattan Scientifics reported a net loss of $3.64 million for the year ended Dec. 31, 2021, compared to net income of $4.31 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $1.36 million in total assets, $1.60 million in total liabilities, $1.06 million in Class D convertible preferred mandatory redeemable shares, and total stockholders' deficit of $1.30 million. Draper, UT-based-Sadler, Gibb & Associates, LLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 5, 2022, citing that the Company has an accumulated deficit, negative cash flows from operations, and negative working capital, which raise substantial doubt about its ability to continue as a going concern. MARY A II: Auction of Substantially All Assets Set for July 31 -------------------------------------------------------------- Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida approved The Mary A II, LLC's bidding procedures in connection with the sale of substantially all assets to Ranch Lending, LLC, for $1.86 million, subject to overbid. As represented in the Motion, the Debtor owns 2,068 acres of real property in Brevard County Florida and permitted as The Mary A Ranch Mitigation Bank and all rights appurtenant to the Mitigation Bank including credits and ancillary rights ("Property"), together with certain personal property contained thereon (collectively, the "Assets"). The Property was acquired in 2004 and was placed in a conservation easement. The Property became a wetlands mitigation bank which sells credits to developers or other similar entities or businesses. The Property is subject to various permits issued by the Army Corps of Engineers and the St. Johns River Water Management District ("SJWMD"). In addition, the District requires the owner of the Property to fund an escrow account for its benefit. Ranch Lending has been selected as a stalking horse bidder with an initial bid of $817,783. Its bid also provides for the funding of the Escrow Account in the amount of $1,042,217 which would result in total consideration of $1.86 million to be paid at closing. The Stalking Horse Bidder will execute an asset purchase agreement which will provide for the sale and purchase of the Debtor’s Assets. The Stalking Horse Bidder will tender a deposit to the Debtor of $372,000. The Stalking Horse APA will be fully executed no later than 10 days after entry of the Order. The salient terms of the Bidding Procedures are: a. Bid Deadline: July 24, 2023 b. Initial Bid: An initial increase of at least $65,000 over the Purchase Price, which will of at least $25,000 above the Purchase Price offered by the Stalking Horse and $40,000 for the Stalking Horse Protection Fees c. Deposit: 20% of the Purchase Price made payable to Johnson Pope Bokor Ruppel & Burns, LLP d. Auction: An Auction of the Assets will be held at the offices of Johnson Pope Bokor Ruppel & Burns, LLP, 401 East Jackson Street, Ste. 3100, Tampa, Florida 33602 on July 31, 2023 at 1:30 p.m. or such later date as agreed by the Debtor and the Committee or as may be scheduled by the Court. e. Bid Increments: $25,000 f. Sale Hearing: Aug. 3, 2023 at 10:00 a.m. g. Sale Objection Deadline: 14 days prior to the Sale Hearing h. Closing: No later than 15 days after entry of the Sale Order i. Stalking Horse Protection Fees: $40,000 A copy of the Marketing Timeline is available at https://tinyurl.com/y8xm9xvu from PacerMonitor.com free of charge. 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. MCCLAIN INVESTMENTS: Sale of Nashville Property to Livingstons OK'd ------------------------------------------------------------------- Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee issued an Agreed Order authorizing McClain Investments TN, LLC's sale of the residential real property located at 1513 Ashwood Avenue, in Nashville, Tennessee 37212, to Patrick and Rebecca Livingston. The Sale is free and clear of liens, claims, and encumbrances. Bell Rock Income Fund 1, LLC (not Bell Rock Income Fund 2, LLC as reflected in the preliminary ALTA settlement statement prepared March 28, 2023) will receive direct from escrow the sum of at least $1,034,736.22 at the closing of the sale of the Property to be conducted no later than April 14, 2023 in full and final satisfaction of its lien on the Property. If the sale does not complete by the required date, the Debtor will need to timely request an updated payoff, as interest, escrow expenditures and attorney fees and costs will continue to accrue. Any party claiming a lien or interest in the Property will execute such release as is necessary to allow the transfer of the Property as authorized. About McClain Investments TN Tennessee-based McClain Investments TN, LLC is in the business of owning and contracting for the development of residential real estate in Nashville and the immediate surrounding area. McClain Investments TN filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 3:22-bk-03142) on Sept. 29, 2022, with $1 million to $10 million in both assets and liabilities. Courtney Hunter Gilmer has been appointed as Subchapter V trustee. Judge Randal S. Mashburn oversees the case. The Debtor is represented by R. Alex Payne of Dunham Hildebrand, PLLC. MONITRONICS INTERNATIONAL: $822.5M Bank Debt Trades at 49% Discount ------------------------------------------------------------------- Participations in a syndicated loan under which Monitronics International Inc is a borrower were trading in the secondary market around 51.4 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $822.5 million facility is a Term loan that is scheduled to mature on March 29, 2024. About $793.7 million of the loan is withdrawn and outstanding. Monitronics International, Inc. (doing business as Brinks Home) is an American company that offers home security systems. NAT'L ASSOC. OF TELEVISION: Taps Peter Law Group as Special Counsel ------------------------------------------------------------------- National Association of Television Program Executives, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Peter Law Group as special counsel. The firm's services include: (a) assisting and advising the Debtor's management in the negotiation of the Asset Purchase Agreement with the stalking horse bidder, Brunico Communications Ltd.; (b) assisting and advising the Debtor's management in responding to inquiries from employees; (c) coordinating with the Debtor's management regarding the termination of independent contractors; (d) assisting in addressing and responding to objection to confirmation of the Debtor's Chapter 11 plan by Fontainebleau Florida Hotel, LLC; (e) drafting, responding to, and participating in hearing on the Debtor's application in the JAMS Arbitration in the State of Florida (Case No. 5460000066) to enforce the confidentiality order violated by Fontainebleau; and (f) providing various general counsel functions, as requested from time-to-time. The firm will be paid as follows: (a) 25% of gross recovery if a settlement is reached without the filing of a lawsuit or other formal legal proceeding regardless of when the funds are received; (b) 30% of the gross recovery if a settlement or other final disposition of the case is reached more than 90 days before trial or other formal proceeding regardless of when the funds are received; (c) 35% of the gross recovery if a settlement or other final disposition of the case is reached within less than 90 days before trial or other formal legal proceeding regardless of when the funds are received; (d) 100% of costs. For general counsel services, including without limitation involvement in potential sale negotiations and transaction completion, the firm will charge $250 to $350 per hour for attorneys and $100 per hour for paralegals. Arnold Peter, Esq., a partner at Peter Law Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Arnold P. Peter, Esq. Peter Law Group 270 Coral Circle El Segundo, CA 90245 Tel: (310) 277-0010 Fax: (310) 432-0599 Email: apeter@peterlawgroup.com About National Association of Television Program Executives The National Association of Television Program Executives (NATPE) is a professional association of television and emerging media executives established in 1963. NATPE sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11181) on Oct. 11, 2022, with up to $50,000 in assets and up to $1 million in liabilities. Judge Martin R. Barash oversees the case. Leslie A Cohen, Esq., at Leslie Cohen Law, PC and Peter Law Group serve as the Debtor's bankruptcy counsel and special counsel, respectively. NEOVASC INC: Incurs $41.2 Million Net Loss in 2022 -------------------------------------------------- Neovasc Inc. reported a net loss of $41.20 million on $3.80 million of revenue for the year ended Dec. 31, 2022, compared to a net loss of $24.89 million on $2.55 million of revenue for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $38.73 million in total assets, $22.89 million in total liabilities, and $15.84 million in total equity. Bellevue, Washington-based Grant Thornton LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company incurred net loss of $41,204,418 and negative cash flow from operations of $24,931,017 during the year ended Dec. 31, 2022. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2022. A full-text copy of the Form 6-K is available for free at: https://www.sec.gov/Archives/edgar/data/1399708/000110465923040217/tm2231583d3_ex99-2.htm About Neovasc Inc. Neovasc -- www.neovasc.com -- is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. The Company develops minimally invasive transcatheter mitral valve replacement technologies, and minimally invasive devices for the treatment of refractory angina. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently commercially available in the United States (2 U.S. patients have been treated under Compassionate Use) and has been commercially available in Europe since 2015, and Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada, Israel and Europe. NEP II: Blackrock Capital Marks $3.1M Loan at 27% Off ----------------------------------------------------- Blackrock Capital Investment Corporation has marked its $3,131,760 loan extended to NEP II, Inc. to market at $2,274,441or 73%of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a Second Lien Term Loan to NEP II, Inc. The loan accrues interest at a rate of 11.38% (LIBOR(M)+7%) per annum. The loan matures on October 19, 2026. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. NEP II Inc. is in the Media industry. NEW CONSTELLIS: Loan Maturity Extension No Impact on Moody's CFR ---------------------------------------------------------------- Moody's Investors Service stated that the recent maturity extension of New Constellis Borrower, LLC's first lien and second lien term loans is a distressed exchange. A distressed exchange is considered by Moody's to be an event of default. Moody's changed Constellis' Probability of Default Rating to Caa2-PD/LD from Caa2-PD to reflect the limited default. Moody's expects that the limited default designation ("/LD") will be removed and the PDR will revert to Caa2-PD after three business days. The transaction does not affect Constellis' Caa2 Corporate Family Rating, Caa2 senior secured first lien rating, Ca senior secured second lien rating and the negative outlook. On March 29, 2023, Constellis announced completion of an amendment to extend the maturity of its term loans. The $110 million first lien senior secured term loan maturity was extended to September 2025 from March 2024. The $149.1 million second lien senior secured term loan maturity was extended to March 2026 from March 2025. While the amendments converted or exchanged all of the first-lien loans to the new maturity date, a stub of under 1% of the second-lien was not extended. No change was made to the $150 million asset backed revolving credit facility (unrated) that expires in September 2025. Moody's views the extension as a distressed exchange (DE) because of Constellis' fragile liquidity and weak operating performance to-date. Further, the company was challenged to meet its original cash debt service obligation as outlined in its original debt agreement. In addition, the springing minimum fixed charge coverage ratio covenant waiver was extended through June 30, 2025 from June 30, 2023 because of its inability to comply. Liquidity remains weak with recurring operating losses and cash burn. The company maintains about $15 million of cash on hand and $70 million of availability under the asset backed revolving credit facility. The extension of the loans was critical for Constellis to continue its normal operations by providing near term liquidity relief. Extending the term loan maturities gives the company additional time to improve operating performance and free cash flow. Headquartered in Herndon, Virginia, New Constellis Borrower LLC (dba Constellis) is a provider of essential risk management services, such as security, training, and global support services to government and commercial clients throughout the world. Revenues for the twelve months ended September 30, 2022 were about $1.3 billion. NICK'S CREATIVE: Settles DOR's $2M Claim for $472K -------------------------------------------------- Nick's Creative Marine, Inc., submitted an Amended Disclosure Statement for the Amended Plan of Reorganization dated April 6, 2023. The Debtor believes that the Plan of Reorganization provides the best value for the creditors' claims and is in their best interest. The Department of Revenue filed a claim in the amount of $2,456,081.49 (Claim #1). The Debtor and the DOR have been in active negotiations since the filing of this case and, to that end, the parties have agreed to an allowed priority claim in the amount of $472,466.99. There are two components to this claim, liability and collectability. Since the filing of the Objection, the Debtor and the DOR have been in active negotiations relative to this claim. The Debtor and the DOR have made progress concerning liability, but completion of the negotiations have been stalled as it relates to collectability. The Debtor has made an offer to the DOR, but the parties have yet to come to an agreement on this issue. A judicial settlement conference occurred on March 23, 2023 and the parties came to a resolution of the claim. The terms of the settlement are incorporate in the Amended Plan of Reorganization and a separate Agreed Joint Motion to Approve Settlement was filed. Class One consists of the claim of the State of Florida – Department of Revenue. State of Florida Department of Revenue ("DOR") agrees to accept the sum of $472,446.99 in full and complete payment of all pre-petition sales tax liability of the Debtor identified in Claim #1 filed by the DOR, as amended by the Order of this Court (the "Settled Claim"). Payments shall be made by the Debtor over 60 months at 0% interest in equal monthly payments of $7,874.16. There shall be no prepayment penalty should the Debtor make the payments earlier than proposed under this Plan. Further, the DOR shall not take collection activity against Nicholas Scafidi. Jr. or any party assertedly responsible for the Settled Claim during the term of this Plan. Effective upon completion of payments under this Plan, the DOR shall release and forever discharge the Debtor, Nicholas Scafidi. Jr. and any other party allegedly responsible for any sales taxes, interest and/or penalties, from any and all liabilities associated with the Settled Claim and any and all known claims that were brought or could have been brought relative to the Settled Claim. The terms set forth herein relate to the Settled Claim only and do not extend to any of the Debtor's post-petition sales tax obligations. The claim is impaired. Like in the prior iteration of the Plan, general unsecured claims prior to the filing of any objections total the amount of $490,213.20, which will be paid over the 5-year term of the Plan at the rate of $300.00 per month on a pro-rata basis. There shall be no distribution to the equity holders of the Debtor's under the confirmed Plan and no dividends to this class of claimants. The equity member shall retain his currently held equity interest in the Debtor. This claim is impaired. The Debtor shall continue to be operated and managed by Nicholas Scafidi, Jr. who is the 100% owner of the Debtor. A full-text copy of the Amended Disclosure Statement dated April 6, 2023 is available at https://bit.ly/4033Ydq from PacerMonitor.com at no charge. Attorneys for the Debtor: Craig I. Kelley, Esq. KELLEY, FULTON, KAPLAN & ELLER, P.L. 1665 Palm Beach Lakes Blvd. The Forum - Suite 1000 West Palm Beach, FL 33401 Telephone: (561) 491-1200 Facsimile: (561) 684-3773 E-mail: bankruptcy@kelleylawoffice.com About Nick's Creative Marine Nick's Creative Marine, Inc., owns a marine supply store in Riviera Beach, Florida. Nick's Creative Marine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-17170) on Sept. 16, 2022. In the petition signed by Nicholas Scafidi, vice-president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, Esq., at Kelly, Fulton & Kaplan, P.L., is the Debtor's counsel. OPTIV INC: S&P Rates New $725MM First-Lien Term Loan 'B-' --------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Optiv Inc.'s proposed $725 million first-lien term loan due in August 2026. S&P's '3' recovery rating reflects its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a default. S&P also assigned its 'CCC' issue-level rating and '6' recovery rating to the company's proposed $185 million second-lien term loan. S&P's '6' recovery rating reflects its expectation of negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of a default. Optiv intends to use the proceeds from the new debt, combined with balance sheet cash and borrowings under its upsized $300 million ABL revolver (unrated) to repay its existing first- and second-lien term loans, fund an acquisition, and pay fees and expenses related to the transactions. S&P said, "Our issuer credit rating on the company remains 'B-', and the outlook remains stable. The transaction is leverage-neutral, and we forecast S&P Global Ratings-adjusted leverage will remain in the high-6x area in 2023, improving to the low- to mid-6x area in 2024. Our rating reflects the company's high leverage and relatively weak pro forma EBITDA interest coverage between 1.6x and 1.8x over the next two years, mainly driven by the higher interest margin on the proposed debt (likely 200-300 basis points (bps) higher than its existing debt). Still, the outlook is stable because we expect the company will successfully refinance on satisfactory terms and we forecast free cash flow to debt in the 2%-5% range even with the higher interest expense. We forecast strong industry demand for cybersecurity solutions will result in a continuation of the company's recent track record of EBITDA growth and de-leveraging. Furthermore, the trading prices and spreads on Optiv's existing debt indicate to us that lenders have a favorable view of its credit quality compared with many other companies that have similar ratings or near-term refinancing needs." ISSUE RATINGS—RECOVERY ANALYSIS Key analytical factors Optiv's proposed capital structure comprises: -- A $300 million senior secured asset-based lending (ABL) revolving credit facility due in May 2026; -- A $725 million senior secured first-lien term loan due in August 2026; -- A $185 million senior secured second-lien term loan due in August 2027. S&P said, "Our simulated default scenario contemplates a default occurring in 2025, primarily due to competitive and pricing pressures from the boutique and large security solution providers. We value the company on a going-concern basis using a 6x multiple of our projected emergence-level EBITDA. The 6x EBITDA multiple is consistent with the multiples we use for similar value-added resellers that we rate. Moreover, we treat Optiv's ABL facility as a priority claim ahead of the proposed first-lien credit facilities." Simulated default assumptions -- Simulated year of default: 2025 -- ABL is 60% drawn at default. -- EBITDA at emergence: $111 million -- EBITDA multiple: 6x -- Gross enterprise value: $667 million Simplified waterfall -- Net enterprise evaluation (after 5% administrative costs): $634 million -- Valuation split (obligors/nonobligors): 95%/5% -- Priority claims: $184 million -- Total first-lien debt outstanding: $740 million -- Value available to first-lien lenders (including collateral value and pari passu deficiency claims): $446 million --Recovery expectations: 50%-70% (rounded estimate: 60%) -- Secured second-lien debt: $197 million --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. OUR ALCHEMY: Court Narrows Emigrant's Breach of Contract Claims --------------------------------------------------------------- Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York denies in part the motion to dismiss filed by SunTrust Bank and Truist Bank in the case captioned as EMIGRANT BANK, and PACIFIC MERCANTILE BANK, Plaintiffs, v. SUNTRUST BANK, TRUIST BANK, and DOES 1 THROUGH 10, Defendants, Case No. 20 Civ. 2391 (PGG), (S.D.N.Y.) Emigrant Bank and Pacific Mercantile Bank brought this action against SunTrust Bank and Truist Bank asserting breach of contract and breach of the implied covenant of good faith and fair dealing. SunTrust has moved to dismiss for failure to state a claim, pursuant to Federal Rule of Civil Procedure 12(b)(6). On Sept. 4, 2014, Pacific, SunTrust, and Preferred Bank entered into a Revolving Credit and Term Loan Agreement with Our Alchemy, LLC. In the Credit Agreement, the Lenders established a $59.5 million revolving credit and term loan facility for Alchemy. SunTrust is the Administrative Agent under the Credit Agreement on behalf of the Lenders, with responsibilities and duties that include enforcing the Loan Documents. The Credit Agreement also grants Emigrant and Pacific certain rights as the Lenders with a majority stake, such as the right to demand that SunTrust -- as the Administrative Agent -- exercise all Lender remedies provided in the Loan Documents. According to the Plaintiffs, SunTrust has breached its obligations under the Credit Agreement by refusing to pursue a lawsuit against Virgo Investment Group, LLC for breach of the Guaranty. As a result, the Plaintiffs claim that SunTrust has caused the Plaintiffs to suffer damages amounting to $26 million. On the other hand, SunTrust argue that Section 8.1 of the Credit Agreement does not authorize the Plaintiffs to compel SunTrust to file a lawsuit against an entity such as Virgo, which is not a party to the Credit Agreement and the remaining Loan Documents. Judge Gardephe finds that "SunTrust has not demonstrated that its reading of the Credit Agreement is correct as a matter of law. . . While SunTrust is obligated to provide notice to Alchemy of its actions related to Alchemy's default, SunTrust's duties under Section 8.1 are not limited to merely providing notice to Alchemy. . . Section 7.4 of the Guaranty also addresses SunTrust's duties and responsibilities when an event of default has occurred." To the extent that SunTrust's motion to dismiss is predicated on the argument that its duties under Section 8.1 of the Credit Agreement are limited to providing notice to Alchemy, Judge Gardephe denies the motion. Next, the Plaintiffs contend that SunTrust breached the Credit Agreement by misappropriating certain funds provided by the Alchemy bankruptcy trustee -- funds that SunTrust received on behalf of Lenders. SunTrust argues that it did not misappropriate the funds it received from the Alchemy bankruptcy on behalf of the Lenders because -- under the Credit Agreement -- "SunTrust is entitled to indemnification for its expenses, including attorney's fees. . . in this action." For purposes of the Credit Agreement's indemnification provisions, Judge Gardephe finds and concludes that "SunTrust's expenses in the instant lawsuit arise out of its performance under the Credit Agreement. . . However, given that the Credit Agreement's indemnification provisions do not clearly provide that the Lenders must indemnify the Administrative Agent where the Lenders have sued the Administrative Agent, the presumption against an indemnification obligation is not overcome. . . SunTrust has not demonstrated as a matter of law that it is entitled to indemnification, pursuant to Section 10.3(b) of the Credit Agreement, for the costs associated with the instant lawsuit." SunTrust argues that the Plaintiffs' claims for breach of the implied covenant of good faith and fair dealing must be dismissed because (1) in Section 9.2 of the Credit Agreement, the Plaintiffs expressly waive any implied-covenant claim; and (2) the Plaintiffs' implied covenant claims are duplicative of their breach of contract claims. Section 9.2 of the Credit Agreement provides that SunTrust "shall not have any duties or obligations except those expressly set forth in the Credit Agreement [or] the other Loan Documents." Section 9.2(a) further provides that "the Administrative Agent shall not be subject to any fiduciary or other implied duties." Judge Gardephe concludes that -- in these provisions – the Plaintiffs "expressly disclaim" any implied covenant of good faith and fair dealing and thereby expressly waived any implied covenant claim. . . Accordingly, Plaintiffs' implied covenant claims will be dismissed." A full-text copy of the Memorandum Opinion & Order dated March 27, 2023, is available https://tinyurl.com/3kxcmrnf from Leagle.com. About Alchemy Our Alchemy, LLC, and Anderson Digital LLC were distributors of DVD and other home viewing products to major retailers throughout the United States. Our Alchemy and Anderson Digital filed a Chapter 7 bankruptcy petition (Bankr. D. Del. Case Nos. 16-11596 and 16-11597) on July 1, 2016. The Debtor is represented by the law firms Cozen O'Connor, Bielli & Klauder, LLC and Kaufman, Coren & Ress, P.C. George L. Miller is the Chapter 7 trustee. PETROLIA ENERGY: Delays Filing of 2022 Annual Report ---------------------------------------------------- Petrolia Energy Corp. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the period ended Dec. 31, 2022. The Company said it has experienced delays in completing its Annual Report on Form 10-K within the prescribed time period, without unreasonable effort or expense, due to delays caused by filing the Form 10-Q for the nine months ended Sept. 30, 2022 only recently. The Company does not plan to file its Annual Report on Form 10-K for the year ended Dec. 31, 2022, on or before the fifteenth day following the prescribed due date but plans to file as soon as possible. About Petrolia Petrolia Energy Corporation is engaged in the exploration and development of oil and gas properties. Since 2015, the Company has established a strategy to acquire, enhance and redevelop high-quality, resource in place assets. As of 2018, the Company has included strategic acquisitions in western Canada while actively pursuing the strategy to execute low-cost operational solutions, and affordable technology. Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Dec. 9, 2022, citing that the company has an accumulated deficit at Dec. 31, 2021 and 2020 and has a working capital deficit at Dec. 31, 2021, which raises substantial doubt about its ability to continue as a going concern. POLYMER EXTRUSION: Seeks to Tap David A. Ray as Bankruptcy Counsel ------------------------------------------------------------------ Polymer Extrusion Technology Incorporated seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire David A. Ray, P.A. as its counsel. The firm's services include: (a) advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Guidelines and Reporting Requirements and with the rules of the bankruptcy court; (b) preparing legal papers; (c) protecting the interests of the Debtor in all matters pending before the court; and (d) representing the Debtor in negotiations with its creditors and in the preparation and confirmation of a Chapter 11 plan. The firm received a retainer in the amount of $20,000. David Ray, Esq., the firm's owner and the primary attorney in this engagement, will be billed at his hourly rate of $450. In addition, the firm will seek reimbursement for expenses incurred. Mr. Ray 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: David A. Ray, Esq. David A. Ray, PA 303 Southwest 6th Street Fort Lauderdale, FL 33315 Telephone: (954) 399-0105 Email: dray@draypa.com About Polymer Extrusion Technology Incorporated Polymer Extrusion Technology Incorporated d/b/a Glasslam is engaged in plastic products manufacturing. Polymer Extrusion Technology Incorporated filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12348) on March 27, 2023. The petition was signed by Violet Howes as director. At the time of filing, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Scott M. Grossman presides over the case. David A. Ray, Esq. at DAVID A. RAY, P.A. represents the Debtor as counsel. PURDUE PHARMA: Opioid Victims Wait for 2nd Circuit for Settlement ----------------------------------------------------------------- Evan Ochsner of Bloomberg Law reports that opioid victims, their family members, and some bankruptcy experts have grown anxious as the wait for a powerful appeals court to rule on Purdue Pharma LP's bankruptcy settlement reaches the one-year mark. According to the report, there's a lot riding on the highly anticipated decision out of the US Court of Appeals for the Second Circuit, especially for those in line to receive settlement funds, which won't be distributed until after the court rules and the agreement clears bankruptcy court. That includes victims' families who have spent their life savings on treatments for loved ones and government programs aimed at abating a crisis. About Purdue Pharma Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. RADIATE HOLDCO: $3.42B Bank Debt Trades at 15% Discount ------------------------------------------------------- Participations in a syndicated loan under which Radiate Holdco LLC is a borrower were trading in the secondary market around 84.9 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $3.42 billion facility is a Term loan that is scheduled to mature on September 25, 2026. About $3.37 billion of the loan is withdrawn and outstanding. Radiate Holdco LLC, also known as Astound Broadband, and backed by Stonepeak, is a broadband communications services provider and cable operator doing business via regional providers RCN, Grande Communications, Wave Broadband and enTouch Systems. RADNET MANAGEMENT: Moody's Alters Outlook on 'B2' CFR to Stable --------------------------------------------------------------- Moody's Investors Service revised RadNet Management, Inc.'s outlook to stable from positive. At the same time, Moody's affirmed RadNet's B2 Corporate Family Rating, B2-PD Probability of Default Rating, and the B1 rating on the first lien senior secured credit facility. The outlook revision to stable from positive reflects the increase in leverage over the last twelve months due to the impact of labor shortages, wage inflation and losses from the Artificial Intelligence (AI) business. Moody's estimates debt/EBITDA was 4.9x at December 31, 2022 pro forma for acquisitions. Moody's expects leverage to gradually decline, but remain above 4.5x over the next 12-18 months as some of the headwinds that the company faced in 2022 subside. The affirmation of the B2 CFR reflects Moody's expectations that RadNet's procedure volumes will continue to grow, liquidity will remain very good (SGL-1) and leverage will remain below 5.5x over the next 12-18 months. Affirmations: Issuer: RadNet Management, Inc. Corporate Family Rating, Affirmed B2 Probability of Default Rating, Affirmed B2-PD Senior Secured 1st Lien Term Loan, Affirmed B1 (LGD3) Senior Secured 1st Lien Revolving Credit Facility, Affirmed B1 (LGD3) Outlook Actions: Issuer: RadNet Management, Inc. Outlook, Changed To Stable From Positive RATINGS RATIONALE RadNet's B2 CFR is constrained by its geographic concentration in seven states with most of its facilities located in California, New York and Maryland. Moody's estimates that the company's financial leverage was approximately 4.9x at the end of December 2022 on a Moody's adjusted basis. The rating is also constrained by the company's high fixed costs, including significant capital expenditures and sizeable interest expenses after adjusting for operating lease expense. The company's ratings benefit from its strong competitive position in its primary markets. The ratings also benefit from the long-term trend of imaging volumes migrating away from hospitals to lower cost settings as well as the diversification of revenues through the multi-modality capabilities (including X-rays, CT scans, MRI, ultrasound and mammography) of RadNet's sites. The company's payor diversity is good with 55% of revenues sourced from commercial payors that offer higher reimbursement rates than government payors. The stable outlook reflects Moody's expectation that the company's debt/EBITDA will remain between 4.5x and 5.5x over the next 12-18 months. Moody's expects RadNet's liquidity to remain very good (SGL-1), supported by Moody's expectation of $60-70 million in annual free cash flow, $128 million in cash (including the cash of New Jersey Imaging Network) and approximately $187 million available to draw under the company's $195 million revolver as of December 31, 2022. The company has modest mandatory annual amortization of its loans ($15 million) although its capital expenditure requirements are material given the need to maintain expensive diagnostic equipment. The B1 rating on Radnet's senior secured revolving credit facility and term loan is one notch higher than the company's B2 CFR. The senior secured credit facilities benefit from the cushion provided by the existence of a significant amount of unsecured trade payables and lease rejection claims. The revolver and the term loan are secured by a first lien on substantially all of RadNet's assets. ESG CONSIDERATIONS ESG considerations have a highly negative impact on RadNet's rating (CIS-4) reflecting a highly negative credit risk exposure to social (S-4) and governance (G-4) considerations. As a healthcare service provider, the company is expected to perform in compliance with industry regulations. From a governance perspective, the company is opportunistic with its M&A strategy, occasionally taking higher risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The company's ratings could be upgraded if it increases the scale and geographic diversification. Additionally, Moody's would consider an upgrade if the company's adjusted debt/EBITDA is sustained below 4.5 times. Furthermore, a disciplined growth strategy and a stable reimbursement environment are needed for an upgrade. The ratings could be downgraded if the company's operating performance and/or liquidity position weaken. Quantitatively, Moody's could downgrade the rating if debt/EBITDA is sustained above 5.5 times. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. REMARK HOLDINGS: Delays Filing of 2022 Annual Report ---------------------------------------------------- Remark Holdings, Inc. was unable to file its Annual Report on Form 10-K for the year ended Dec. 31, 2022 without unreasonable effort or expense due to delays in obtaining and compiling information for inclusion in the Report. The Company expects to be able to file the Report on or before the fifteenth calendar day following its original prescribed due date. Remark expects revenue for the year ended Dec. 31, 2022 to be significantly less than the revenue for the year ended Dec. 31, 2021. Such significant decrease in revenue primarily results from a decrease in the Company's U.S. revenue because an artificial-intelligence-based data intelligence service and advertising contract the Company completed in 2021 did not repeat in 2022. The Company also expects to report decreased revenue from China, primarily as a result of ongoing COVID-19-related restrictions in China. The Company also expects significant changes in the components of its total cost and expense, primarily due to changes in marketing-related activities, provision for bad debt, use of consultants and interest expense. The Company said, "We are not able to quantify such changes at this time as the audit of our consolidated financial statements is still in process. We further anticipate a loss of approximately $26.4 million on our investment in the common stock of an unrelated entity as compared to a gain of approximately $43.6 million on the same investment during the year ended December 31, 2021, resulting from a significant decline in the stock price of such unrelated entity." About Remark Holdings Remark Holdings, Inc. (NASDAQ: MARK) -- http://www.remarkholdings.com-- delivers an integrated suite of AI solutions that help organizations monitor, understand, and act on threats in real-time. Remark consists of an international team of sector-experienced professionals that have created video analytics. The Company's GDPR-compliant and CCPA-compliant solutions focus on market sectors including retail, federal and state governmental entities, public safety, hospitality, and transportation. Remark maintains its headquarters in Las Vegas, Nevada, with an additional North American office in New York and New York and international offices in London, England, and Chengdu, China. As of Sept. 30, 2022, the Company had $16.69 million in total assets, $31.38 million in total liabilities, and a total stockholders' deficit of $14.69 million. Remark Holdings' working capital deficit was US$16.5 million at September 30, 2022. The working capital was US$30.1 million as of December 31, 2021, the Company disclosed in its Quarterly Report for the period ended September 30, 2022. The Company further said, "Our history of recurring operating losses, working capital deficiencies and negative cash flows from operating activities give rise to substantial doubt regarding our ability to continue as a going concern." RENNOVA HEALTH: Delays Filing of 2022 Annual Report --------------------------------------------------- Rennova Health, Inc. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. Rennova Health was unable to file, without unreasonable effort and expense, its Annual Report within the prescribed time period because the Company is still compiling information for the Form 10-K and its auditors have not completed their audit of the financial statements for the year then ended. The Company expects to file its Form 10-K on or prior to the fifteenth calendar day following the prescribed due date. About Rennova Health Rennova Health, Inc. -- http://www.rennovahealth.com-- is a provider of health care services. The Company owns one operating hospital in Oneida, Tennessee known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, a physician's practice in Jamestown, Tennessee that it plans to reopen and a rural clinic in Kentucky. Net loss available to common stockholders for the year ended Dec. 31, 2021, was $500.87 million while the net loss available to common stockholders for the year ended Dec. 31, 2020, was $281.59 million. As of March 31, 2022, the Company had $19.01 million in total assets, $47.58 million in total liabilities, and a total stockholders' deficit of $28.57 million. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has recognized recurring losses and negative cash flows from operations, and currently has minimal revenue producing activities. This raises substantial doubt about the Company's ability to continue as a going concern. REQUIN CONSTRUCTION: Taps Sternberg Naccari as Legal Counsel ------------------------------------------------------------ Requin Construction LLC seeks approval from the U.S. Bankruptcy Court for Middle District of Louisiana to hire Sternberg, Naccari & White, LLC as its counsel. Sternberg will provide the Debtor legal advice with respect to its powers and duties as a debtor-in-possession and perform all legal services for the Debtor which may be necessary. The firm received in trust a retainer in the aggregate amount of $11,738. Sternberg Naccari will also be reimbursed for reasonable out-of-pocket expenses incurred. Ryan Richmond, partner of Sternberg Naccari & White, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Sternberg Naccari can be reached at: STERNBERG, NACCARI & WHITE, LLC Ryan J. Richmond, Esq. 17732 Highland Road, Suite G-228 Baton Rouge, LA 70810 Tel: (225) 412-3667 Fax: (225) 286-3046 E-mail: ryan@snw.law About Requin Construction Requin Construction LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No. 23-10181) on March 24, 2023. The petition was signed by Amy Trepagnier, manager. Judge Michael A Crawford oversees the case. Ryan J. Richmond, Esq. at Sternberg, Naccari & White, LLC represents the Debtor as counsel. RESEARCH NOW: $250M Bank Debt Trades at 42% Discount ---------------------------------------------------- Participations in a syndicated loan under which Research Now Group LLC is a borrower were trading in the secondary market around 58.4 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $250 million facility is a Term loan that is scheduled to mature on December 20, 2025. The amount is fully drawn 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. RFS INVESTMENT: Hits Chapter 11 Bankruptcy Protection ----------------------------------------------------- RFS Investment Co. LLC filed for chapter 11 protection without stating a reason. The Debtor's managing member, Ramin Javahery, said the LLC needs to take advantage of the benefits of Chapter 11 of the Bankruptcy Code to reorganize the debt structure of the LLC. According to court filings, RFS Investment Co. estimates up to $50,000 in total debt owed to 1 to 49 creditors. The bare-bones petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for May 1, 2023 at 8:30 a.m. in Room Telephonically on telephone conference line: 1-866-816-0394 (participant passcode: 5282999). About RFS Investment Co. LLC RFS Investment Co. LLC owns, manages, and operates and employs workers in various fast food restaurants, primarily Carl's Jr. franchise restaurants in California.[BN] RFS Investment Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11882) on March 29, 2023. In the petition filed by Ramin Javahery, as member, the Debtor reported assets between $1 million and $10 million and liabilities up to $50,0000. Honorable Bankruptcy Judge Sandra R Klein handles the case. The Debtor is represented by: Matthew D. Resnik, Esq. RHM Law LLP 5526 S. Soto Street Vernon, CA 90058 RICE ENTERPRISES: Seeks to Hire Bernstein-Burkley as Legal Counsel ------------------------------------------------------------------ Rice Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Bernstein-Burkley, P.C. as its legal counsel. The firm's services include: (a) providing the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) preparing legal papers; and (c) performing all other legal services for the Debtor, which may be necessary. The firm's hourly rates are as follows: Attorneys $235 - $900 Paralegals $150 - $195 Kirk Burkley, Esq., at Bernstein-Burkley, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kirk B. Burkley, Esq. Bernstein-Burkley, P.C. 707 Grant Street, 2200 Gulf Tower Pittsburgh, PA 15219 Tel.: (412) 456-8102 Fax: (412) 456-8135 Email: kburkley@bernsteinlaw.com About Rice Enterprises Rice Enterprises, LLC operates in the restaurants industry. Rice Enterprises, LLC, filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 2:23-bk-20556) on March 15, 2023. In the petition signed by Michele Rice, sole member, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Kirk B. Burkley, Esq., at Bernstein-Burkley, PC, represents the Debtor as legal counsel. RIDER UNIVERSITY: Moody's Cuts Issuer & Revenue Bond Ratings to B2 ------------------------------------------------------------------ Moody's Investors Service has downgraded Rider University, NJ's issuer rating to B2 from Ba3 and revenue bond rating to B2 from Ba2. The university had $111 million of outstanding debt as of fiscal year end 2022. The ratings have been placed under review for possible downgrade. RATINGS RATIONALE The downgrade of Rider University's issuer rating to B2 from Ba3 is driven by the university's ongoing multi-year deep deficit of operations and rapidly deteriorating unrestricted liquidity, at just 22 monthly days cash on hand for fiscal 2022. Based on current projections, material negative cash flow from operations will continue through at least fiscal 2025, further depleting liquidity. Starting in fiscal 2024, the university's main source of liquidity is expected to be a $15 million line of credit; access to $10 million of the total $15 million line is at the bank's discretion after it reviews the proposed use of funds, adding additional liquidity concern. Furthermore, the line expires on June 15, 2023, with the renewal process underway currently but not assured. Returning to financial stability in the near term will prove difficult given the magnitude of projected deficits, the inflationary environment and projected flat enrollment in fall 2023. Enrollment has declined 16% from fall 2018 to fall 2022, impacted by weak regional demographics, heightened competition from an array of public and private colleges in the area, and the impact of the coronavirus pandemic. These demographic and societal trends are a social consideration under Moody's ESG framework and are also a driver of this rating action. With a high proportion of unionized faculty and staff that limits Rider's ability to control expenses, human capital risk is an additional social consideration. Governance considerations are also a key driver of this rating action, including financial strategies and risk management, and management credibility and track record, given Rider's continued inability to balance operations, enrollment strategies that have not yielded at least stabilized enrollment, and ongoing litigation involving the proposed sale of the Westminster Choir College campus in Princeton. The B2 issuer rating remains supported by Rider's moderate scope of operations with a regional market brand and good program diversity. Financial leadership will continue to focus on right- sizing expenses and enhancing revenue over the next three fiscal years. However, a highly competitive market and limited ability to grow net tuition per student will weigh on the university's ability to grow revenue and substantially improve operating results. Debt structure risks include a financial covenant associated with maintaining minimum days cash on hand, with almost no headroom under this covenant, the need to make a $34 million balloon payment Series 2021B bonds in 2031, and upcoming expiration of the line of credit. The downgrade of the debt rating to B2 incorporates deteriorating credit quality reflected in the issuer rating given the general obligation nature of the pledge, with a secured interest in gross receipts as well as heightened risk of monetizing all or part of the campus in the event of default. While outstanding bonds are further secured by non-overlapping mortgage pledges on Rider's main campus in Lawrenceville, with a total appraised value of over $230 million, potential sale of all or part of the campus presents increased challenges in an environment of increasing litigation and difficulty obtaining needed external approvals for sale of university land and buildings. The ratings have been placed under review for potential downgrade. The review will focus on the university's ability to extend and access the $15 million line of credit, expiring on June 15, 2023, updates to fall enrollment projections and resulting impact on liquidity and operating forecasts. Inability to renew the line of credit, deeper declines in unrestricted liquidity than expected or weaker than budgeted fall enrollment expectations could result in further credit action. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material strengthening of operating performance with significant increase in liquidity -- Significant improvement in strategic position, reflected in enrollment and net tuition revenue growth -- Growth in balance sheet reserves that outpaces peers FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Operating deficits deeper than those currently projected through 2025 -- Inability to develop and implement a plan to stabilize and improve liquidity LEGAL SECURITY The bonds are a general obligation of the university and are secured by a Mortgage and Security Agreement under which certain real and personal property are pledged along with a pledge of tuition and fees. Series 2017 bonds are secured by a mortgage pledge on the Lawrenceville campus' student center and fine arts building; Series 2021 bonds have a mortgage pledge on the remainder of the Lawrenceville campus, excluding these facilities and certain undeveloped parcels. The line of credit has a priority mortgage pledge on certain undeveloped parcels on the Lawrenceville campus and a second priority mortgage pledge on the Princeton campus. The outstanding Series 2021A and B bonds have a financial covenant that requires minimum days cash on hand of 30 days in fiscal 2023 and 2024 and 45 days thereafter. Per covenant calculations, Rider reported coverage of 79 days cash on hand in fiscal 2022, which includes undrawn line of credit balance and projects 50 days for fiscal 2023, including the fully undrawn line of credit. PROFILE Rider University is a moderately sized private, non-profit university located in Lawrence Township (Mercer County), NJ. In fall 2022, Rider enrolled 3,724 full-time equivalent (FTE) students and in fiscal 2022 recorded operating revenue of $135 million. METHODOLOGY The principal methodology used in these ratings was Higher Education Methodology published in August 2021. ROCK RIDGE: Hires Whitetail Properties as Real Estate Broker ------------------------------------------------------------ Rock Ridge Farms Partnership seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Whitetail Properties Real Estate, LLC as its real estate broker. The broker will facilitate, list for sale and market multiple real property parcels in Wilson County, North Carolina, owned by the Debtor. Whitetail has agreed to act as agent in consideration of a commission in the amount of 6 percent of the gross sales price of the property. As disclosed in the court filings, Whitetail does not hold or represent interests adverse to the estate and is disinterested within the meaning of Section 327(a) of the Bankruptcy Code. The broker can be reached through: Scott Hicks Whitetail Properties Real Estate, LLC 121 South Madison Street Pittsfield, IL 62363 Cell: 919-610-4796 Phone: 217-285-9000 Email: scott.hicks@whitetailproperties.com About Rock Ridge Farms Partnership Rock Ridge Farms Partnership is in the business of farming sweet potatoes, soybeans, corn, and peanuts in and around Wilson County, N.C. Rock Ridge Farms sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00291) on Feb. 2, 2023, with up to $10 million in both assets and liabilities. Robert C. Boyette, partner at Rock Ridge Farms, signed the petition. Judge Joseph N. Callaway oversees the case. David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor as legal counsel. ROYALE ENERGY: Board Appoints Horne LLP as Auditor -------------------------------------------------- The Audit Committee of the Board of Directors of Royale Energy, Inc. appointed Horne LLP as the Company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2022. During the fiscal years ended Dec. 31, 2021 and Dec. 31, 2020, respectively, neither the Company nor anyone acting on its behalf has consulted with Horne on any of the matters or reportable events set forth in Item 304(a)(2)(i) or 304(a)(2)(ii) of Regulation S-K. In addition, Horne did not provide any services to the Company prior to the Engagement Date. About Royale El Cajon, CA-based Royale Energy, Inc. -- http://www.royl.com-- is an independent oil and natural gas producer incorporated under the laws of Delaware. Royale's principal lines of business are the production and sale of oil and natural gas, acquisition of oil and gas lease interests and proved reserves, drilling of both exploratory and development wells, and sales of fractional working interests in wells to be drilled by Royale. Royale was incorporated in Delaware in 2017 and is the successor by merger to Royale Energy Funds, Inc., a California corporation formed in 1983. Royale Energy reported a net loss of $3.60 million for the year ended Dec. 31, 2021, compared to a net loss of $8.15 million for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had $11.36 million in total assets, $21.30 million in total liabilities, $23.20 million in convertible preferred stock, and a total stockholders' deficit of $33.15 million. Dallas, Texas-based Weaver and Tidwell, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2022, 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. RV DOCTOR: Gets OK to Hire Johnston Law as Bankruptcy Counsel ------------------------------------------------------------- RV Doctor, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Johnston Law, PLLC as its legal counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its rights, duties and powers in its Chapter 11 case; b. preparing legal papers; c. advising the Debtor and participating in the formulation of a Chapter 11 plan of reorganization; d. consulting with the Office of the U.S. Trustee or Subchapter V trustee concerning the administration of the Debtor's estate; e. representing the Debtor in hearings and other judicial proceedings; and f. other necessary legal services. Johnston Law will be paid based upon its normal and usual hourly billing rates and will be reimbursed for out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $6,000. Richard Johnston, Jr., Esq., a partner at Johnston Law, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard Johnston, Jr., Esq. Johnston Law, PLLC 7370 College Parkway, Suite 207 Fort Myers, FL 33907 Tel: (239) 600-6200 Email: richard@richardjohnstonlaw.com About RV Doctor RV Doctor, Inc., a company in Fort Myers, Fla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00256) on March 8, 2023, with up to $50,000 in assets and up to $10 million in liabilities. Janice M. Akard, president of RV Doctor, signed the petition. Judge Caryl E. Delano oversees the case. Richard Johnston, Jr., Esq., at Johnston Law, PLLC and McGuire Law & Title, PA serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. SABBATICAL INC: Plan Administrator to Receive $110K Disgorged Fees ------------------------------------------------------------------ Bankruptcy Judge B. McKay Mignault for the Southern District of West Virginia grants the Motion to Disgorge filed by the Plan Administrator. In the Motion to Disgorge, the Plan Administrator asserts that disgorgement is appropriate because Offutt Nor Offutt Nord Burchett, PLLC d (1) failed disclose the compensation it received as required by 11 U.S.C. Section 329 and Rule 2016(b) of the Federal Rules of Civil Procedure; (2) failed to comply with 11 U.S.C. Section 327's requirement that the Bankruptcy Court approve a professional's employment prior to being compensated for services; and (3) failed to disclose its adverse interests to the estate, which would have precluded it from being retained as an estate professional pursuant to 11 U.S.C. Section 327 and Rule 2014 of the Federal Rules of Bankruptcy Procedure. Accordingly, the Plan Administrator requests that the Court enter an order determining that (1) the compensation Offutt Nord received was unreasonable because Southern Marine Terminal, LLC received less than equivalent value for services purportedly rendered by Offutt Nord; (2) any services rendered by Offutt Nord to the Related Debtors were unreasonable and not performed by a disinterested counsel; (3) $162,157 of the $200,000 must be disgorged from Offutt Nord; and (4) any pending fee arrangement between Offutt Nord and the Debtors must be cancelled. Judge Mignault finds that "Offutt Nord never filed retention applications in the Involuntary Cases although. . . it did file only sought approval to provide services as local bankruptcy counsel. . . the Retention Applications incorrectly claimed that Offutt Nord was disinterested and failed to disclose both its prepetition and its ongoing, postpetition representation of Dennis Johnson. . . Offutt Nord's Invoices all named Dennis Johnson as the client, not any of the other Debtors. . . Offutt Nord never disclosed these connections to the Court. . . Had this materially adverse interest been disclosed, the Court could not and would not have approved Offutt Nord's employment even in its narrow role as local bankruptcy counsel." In addition, Judge Mignault finds that "Offutt Nord. . . failed to disclose the details of the Retainer and compensation received from the Related Debtors. . . Offutt Nord applied its Invoices against the Retainer without this Court's approval, or even disclosure to the Court. . . Offutt Nord never filed a statement of compensation or a fee application. . . By never filing a fee application with this Bankruptcy Court, Offutt Nord concealed from the Bankruptcy Court the fact that it had been paid for legal services that exceeded the narrow scope of its retention as local bankruptcy counsel and, in many cases, were performed for Debtors that Offutt Nord was never approved to serve." Moreover, the record before the Court does not show a clear source of value provided to any debtor's estate from Offutt Nord's services, let alone a value provided to SMT. Rather, Offutt Nord's legal services appear to have been provided solely for the benefit of its client, Dennis Johnson. Judge Mignault concludes that "the facts demonstrate that Offutt Nord has engaged in a pattern of callous and reckless disregard for its professional obligations throughout these bankruptcy proceedings. The only appropriate remedy for Offutt Nord's misconduct is disgorgement of all fees received, as well as cancellation of any and all pending fee agreements it may have with the Debtors. The total fees to be disgorged from Offutt Nord and paid to the Plan Administrator is $109,852." A full-text copy of the Memorandum Opinion and Order dated March 27, 2023, is available https://tinyurl.com/2ath38s6 from Leagle.com. About Sabbatical Sabbatical, Inc., sought protection under Chapter 11 of the Bankruptcy Code in the Southern District of West Virginia (Huntington) (Case No. 16-30247) on May 18, 2016. The petition was signed by Dennis Johnson, president. The case is assigned to Judge Frank W. Volk. The Debtor was estimated to have both assets and liabilities in the range of $1 million to $10 million. Sabbatical, Inc.'s Chapter 11 case is jointly administered with the other Dennis Johnson cases, with the lead case captioned at 3:16-bk-30227. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case. SIGYN THERAPEUTICS: Incurs $2.9 Million Net Loss in 2022 -------------------------------------------------------- Sigyn Therapeutics, Inc. has filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $2.93 million on $0 of net revenues for the year ended Dec. 31, 2022, compared to a net loss of $3 million on $0 of net revenues for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $332,879 in total assets, $2.24 million in total liabilities, and a total stockholders' deficit of $1.90 million. New York, NY-based Kreit & Chiu CPA LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has suffered recurring losses from operations, has a net capital deficiency, and negative cash flows from operating activities, therefore, the Company has stated that substantial doubt exists 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/1642159/000149315223009883/form10-k.htm About Sigyn Sigyn Therapeutics, Inc. is a development-stage therapeutic technology company headquartered in San Diego, California USA. Its business focus is the clinical advancement of Sigyn Therapy, a multi-function blood purification technology designed to overcome the limitations of previous drugs and devices to treat life-threatening inflammatory disorders, including sepsis, the leading cause of hospital deaths worldwide. SKILLZ INC: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on San Francisco-based mobile gaming platform operator Skillz Inc. to negative from stable and affirmed its issuer credit rating of 'CCC+'. S&P lowered its issue-level rating on Skillz's senior secured notes to 'CCC' from 'CCC+' and revised its recovery rating on this debt to '5' from '4'. The negative outlook reflects uncertainty around the company's ability to turn its substantially negative cash flow positive over the next three years given ongoing challenges in right-sizing its operations and its unproven business model. S&P said, "2022 revenues dramatically underperformed, and we have lowered our operating performance expectations for the next two years. Skillz's 2022 full-year revenue came in at $270 million, which is dramatically lower than the company's initial guidance and our previous expectations. The lower guidance was partially due to the company's inability to profitably attract consumers to the games on its platforms, and also reflected the company's decision to pull back on engagement marketing and user acquisition spending to manage its costs base considering this reality. The company has suspended guidance for 2023 as it assesses its path forward. We estimate revenue to decline by roughly 0%-10% in 2023 before improving in 2024 in the 0%-20% range, although we believe the company's revenue performance is highly uncertain due to strategy changes and the unproven nature of its platform. "We expect cash burn to continue over the next few years due to negative profitability and high interest costs. Even with the company's updated strategy to pull back on inefficient engagement marketing and user acquisition costs, we believe that its EBITDA will remain negative for the next two or three years. Specifically, we believe that to reach sufficient scale to manage its debt burden longer term the company will need to increase its revenue growth and reach positive EBITDA and positive cash flow well before the maturity of its secured notes due in 2026. In our view, this will require ongoing marketing and technology spending as well as the addition of newer games to its platform. This will necessitate further investment, which we believe will result in negative EBITDA over the next two to three years and even worse cash flow after considering the company's $30 million in annual cash interest costs, marginal cash taxes, and roughly $3 million in annual capital expenditures." Therefore, the company is wholly dependent on its available cash balance, including short-term marketable securities, of roughly $490 million as of Dec. 31, 2022. There is substantial execution risk for the company to reach sufficient scale. Skillz operates a niche strategy as a skills-based competition business model. This approach provides an alternative to advertising and in-app purchase monetization models for small developers in the casual gaming market. Its unique platform allows small game developers to compete with larger ones like Activision, Electronic Arts (EA), Playtika, and Zygna, which all have greater capacity to spend on user acquisition marketing compared to Skillz. Further, Skillz's approach is unique because it performs user acquisition marketing on behalf of the developer in exchange for a higher share of the game's profits. This profit share can change over time as some developers perform their own user acquisition marketing. Ultimately, Skillz is aiming to build a virtuous cycle in which both the platform and the developer can expand the user base and increase user retention. S&P said, "In our view, the company's reassessment of its engagement marketing and user acquisition spending could jeopardize its ability to reach sufficient scale to enable this virtuous cycle. It is also possible that its lackluster operating performance could limit how attractive its platform is to certain game developers. Further, we believe that the company's operating performance and its position among developers and industry partners may be hurt by the substantial turnover of its executive team and its lack of sufficient internal controls that forced the company to recently restate its financial disclosures." The negative outlook reflects uncertainty around the company's ability to turn its substantially negative cash flow positive over the next three years given ongoing challenges in right-sizing its operations and its unproven business model. S&P said, "We could lower the rating if we envision a specific default scenario over the next 12 months. A conventional default is currently unlikely due to the company's substantial cash balance, but we could lower the rating if: "User acquisition costs remain elevated, and users churn faster than expected due to changes in the company's engagement marketing strategy, such that the company continues to burn cash at a high annual rate, and we believe a conventional default is likely. This scenario assumes the company cannot raise additional capital; or The company seeks to restructure its debt obligations." While unlikely over the next 12 months, S&P could raise its ratings if: -- Revenues grow substantially above the high-double-digit percentage area; -- The company demonstrates consistent profitability with a track record of meeting its annual guidance; and -- Cash generation turns positive. ESG credit indicators: E-2, S-3, G-3 SORRENTO THERAPEUTICS: Brokerages Ordered to Give Scilex Stock Info ------------------------------------------------------------------- Sorrento Therapeutics, Inc., a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, on April 4 disclosed that the U.S. Bankruptcy Court for the Southern District of Texas entered an order requiring the top 25 brokers, dealers, banks, and other nominees that act as agents for Sorrento shareholders (the "Brokerages") to provide Sorrento with information related to the common stock of Scilex Holding Company (NASDAQ: SCLX, "Scilex"), in connection with Sorrento's chapter 11 case that was filed on February 13, 2023. As previously disclosed, on December 30, 2022, Sorrento announced a dividend to its shareholders of 76 million shares of common stock of Scilex, a substantial amount of which was distributed to the Brokerages, who hold the distributed shares in custody as agents for Sorrento shareholders. The Brokerages, however, have failed to report the ownership of such shares to Broadridge Financial Solutions, Inc., the entity designated to collect, verify, and tabulate shareholder votes for Scilex's annual shareholder meeting on April 6, 2023. The Bankruptcy Court's order requires the Brokerages to provide Sorrento certain information regarding the ownership and trading of Scilex common stock. As previously disclosed, due to the possibility of certain actions by a litigation creditor, Sorrento and its wholly-owned, non-operating subsidiary Scintilla Pharmaceuticals, Inc. sought chapter 11 relief to safeguard its business and ensure the continuation of business operations, while protecting and maximizing value for stakeholders. Scilex is not a debtor in the chapter 11 case. About Sorrento Therapeutics Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento") -- http://www.sorrentotherapeutics.com/-- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones oversees the case. Jackson Walker LLP and Latham & Watkins LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor. Stretto Inc. is the claims agent. SORRENTO THERAPEUTICS: Committee Hires Milbank LLP as Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Sorrento Therapeutics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Milbank LLP as the its counsel. Milbank will render these services: (a) advise the committee regarding its rights, powers, and duties in these Chapter 11 cases; (b) participate in in-person and telephonic meetings of the committee and subcommittees formed thereby, if any; (c) assist and advise the committee in its meetings and negotiations with the Debtors and other parties in interest regarding these cases; (d) assist the committee in analyzing claims asserted against, and interests in, the Debtors, and in negotiating with the holders of such claims and interests and bringing, or participating in, objections or estimation proceedings with respect to such claims and interests; (e) assist the committee in analyzing the Debtors' assets and liabilities; (f) assist the committee in its investigation of the acts, conduct, assets, liabilities, management and financial condition of the Debtors, historic and ongoing operations of their businesses, and the desirability of the continuation of any portion of those operations, and any other matters relevant to these cases or to the formation of a plan; (g) assist the committee in its analysis of, and negotiations with the Debtors or any third party related to, financing, asset disposition transactions, and compromises of controversies, reviewing and determining the Debtors' rights and obligations under leases and executory contracts; (h) assist the committee in its analysis of, and negotiations with the Debtors or any third party related to, the formulation, confirmation, and implementation of a Chapter 11 plan(s) and all documentation related thereto (including the disclosure statement); (i) assist, advise, and represent the committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the committee; (j) assist and advise the committee with respect to communications with the general creditor body regarding significant matters in these cases; (k) respond to inquiries from individual creditors as to the status of, and developments in, these cases; (l) represent the committee at hearings and other proceedings before the court and other courts or tribunals, as appropriate; (m) review and analyze complaints, motions, applications, orders, and other pleadings filed with the court, and advise the committee with respect to formulating positions with respect, and filing responses, thereto; (n) assist the committee in its review and analysis of, and negotiations with the Debtors and their non-Debtor affiliates related to, intercompany claims and transactions; (o) review and analyze third party analyses and reports prepared in connection with the Debtors' potential claims and causes of action, advise the committee with respect to formulating positions thereon, and perform such other diligence and independent analysis as may be requested by the committee; (p) advise the committee with respect to applicable federal and state regulatory issues, as such issues may arise in these cases; (q) assist the committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters, and administrative proceedings as may be necessary or appropriate in furtherance of the committee's duties; (r) take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates; and (s) perform such other legal services as may be necessary or as may be requested by the committee in accordance with the committee's powers and duties as set forth in the Bankruptcy Code. The hourly rates of Milbank's counsel and staff are as follows: Partners $1,495 to $2,045 For Counsel $1,425 to $1,625 Associates and Senior Attorneys $575 to $1,300 Paralegals $450 In addition, the firm will seek reimbursement for expenses incurred. Milbank also provided the following information in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Milbank did not represent the committee prior to the commencement of these Chapter 11 cases. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Milbank is in the process of developing a prospective budget and staffing plan for the committee's review and approval. The firm expects that the committee, the Debtors, and the U.S. Trustee, will maintain active oversight of its billing practices. Mark Shinderman, Esq., a partner at Milbank, 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: Mark Shinderman, Esq. Milbank LLP 55 Hudson Yards New York, NY 10001-2163 Telephone: 424-386-4411 Facsimile: 213-629-5063 Email: mshinderman@milbank.com About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones oversees the cases. Jackson Walker LLP and Latham & Watkins LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor. Stretto Inc. is the claims agent. On Feb. 28, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firms of Norton Rose Fulbright US, LLP and Milbank, LLP. SORRENTO THERAPEUTICS: Committee Taps Berkeley as Financial Advisor ------------------------------------------------------------------- The official committee of unsecured creditors of Sorrento Therapeutics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Berkeley Research Group, LLC as its financial advisor. The firm will render these services: a) develop strategies to maximize recoveries from the Debtors' assets and advise and assist the Committee with such strategies, including development of recovery models for use by the unsecured creditors; b) monitor liquidity and cash flows throughout the Cases and scrutinizing cash disbursements and capital requirements, including, but not limited to, critical vendor payments and other payments permitted pursuant to first day motions; c) develop and issue periodic monitoring reports to enable the Committee to evaluate effectively the Debtors' performance relative to projections and any relevant operational issues, including liquidity, any 363-sale processes, any sales of equity or debt securities / capital raise and subsequent wind-down activities on an ongoing basis; d) advise and assist the Committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors, including, schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; e) advise and assist the Committee with respect to any debtor-in-possession financing arrangements and/or use of cash collateral including evaluation of asserted liens thereon; f) analyze both historical and ongoing intercompany and/or related party transactions and or material unusual transactions of the Debtors and non-Debtor affiliates. Such analysis to include developing an oversight protocol with the Debtors' advisors to closely monitor such transactions to prevent value leakage; g) advise and assist the Committee in its assessment of the Debtors' employee needs and related costs, including any recent (including prepetition) employee bonuses or retention payments and any proposed employee bonuses such as any proposed Key Employee Incentive Plan or Key Employee Retention Plan for the Debtors' insiders and employees, and providing expert testimony related thereto; h) evaluate the Debtors' and non-Debtors' business plan/operational restructuring and pharmaceutical product forecasts, including the impact of industry trends, customer programs, and their impact to actual and forecasted financial results as well as monitoring the implementation of related strategic initiatives; i) prepare valuations of the Debtors' assets, including the value of equity of any consolidated and/or publicly traded subsidiary; j) identify and develop strategies related to the Debtors' intellectual property; k) advise and assist the Committee in reviewing and evaluating any court motions (including any assumption or rejection motions or objections thereto), applications, or other forms of relief filed or to be filed by the Debtors, or any other parties-in-interest; i) advise and assist the Committee and Counsel in their review of any potential prepetition liens of secured parties; m) advise the Committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties and assist with any investigations related to such matters as required; n) identify and asses the value of unencumbered assets; o) as appropriate and in concert with the Committee's other professionals, analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; p) assist with the development and review of a cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; q) monitor the Debtors' claims management process, including analyzing guarantees and claims by entity, including preparing related summaries; r) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors including, if applicable, the development and analysis of any bankruptcy plans proposed by the Committee to assess their achievability; s) attend Committee meetings, court hearings, and auctions as may be required; t) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured to minimize tax liabilities to the estate as well as assist with the review of any tax issues associated with, for example, claims/stock trading, preservation of net operating losses, and refunds from any plan of reorganization and/or asset sales; u) work with the Debtor's CRO / financial advisor and investment banker on matters outlined above, as necessary; v) provide other services as may be requested from time to time by the Committee and its counsel, consistent with the role of a financial advisor including rendering expert testimony, issuing expert reports and/or preparing for litigation, valuation and/or forensic analyses that have not yet been identified but as may be requested from time to time by the Committee and its Counsel. Berkeley's standard hourly rates are: Managing Directors $1,050 - $1,250 Associate Directors & Directors $810 - 990 Professional Staff $395 - $795 Support Staff $175 - $350 Berkeley is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Christopher J. Kearns Berkeley Research Group, LLC 810 Seventh Avenue, Suite 4100 New York, NY 10019 Phone: 646-205-9320 Fax: 646-454-1174 Email: ckearns@thinkbrg.com About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones oversees the cases. Jackson Walker LLP and Latham & Watkins LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor. Stretto Inc. is the claims agent. On Feb. 28, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firms of Norton Rose Fulbright US, LLP and Milbank, LLP. SORRENTO THERAPEUTICS: Committee Taps Norton Rose as Texas Counsel ------------------------------------------------------------------ The official committee of unsecured creditors of Sorrento Therapeutics, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Norton Rose Fulbright US LLP as its Texas counsel. The firm will render these services: a. provide legal advice and services regarding local rules, practices, and procedures, including Fifth Circuit law; b. advise the Committee with respect to its rights, duties and powers in the Debtors' Chapter 11 Cases; c. assist and advise the Committee in its consultations and negotiations with the Debtors relative to the administration of the Debtors' Chapter 11 Cases; d. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; e. assist the Committee in its investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and their insiders and of the operation of the Debtors' businesses; f. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing of other transactions and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; g. assist and advise the Committee as to its communications to the general creditor body regarding significant matters in the Debtors' Chapter 11 Cases; h. represent the Committee at all hearings and other proceedings before this Court; i. review and analyze applications, orders, statements of operations and schedules filed with the Court and advise the Committee as to their propriety and, to the extent deemed appropriate by the Committee, support, join or object thereto; j. advise and assist the Committee with respect to any legislative, regulatory or governmental activities; k. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; l. assist the Committee in its review and analysis of all of the Debtors' various agreements; m. prepare, on behalf of the Committee, any pleadings, including, without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any matter related to the Debtors or the Debtors' Chapter 11 Cases; n. investigate and analyze any claims that are property of the Debtors' estates; o. handle matters that are not handled by Milbank because of actual and potential conflicts of interest issues; or for efficiency, including addressing local practice and procedures; and p. perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm will be paid at these hourly rates: Partners $715 to $1,700 Senior Counsel $585 to $1,350 Senior Associates $550 to $1,050 Associates $485 to $995 Paraprofessionals $165 to $510 Ryan E. Manns, Partner/Restructuring $990 Julie Goodrich Harrison, Senior Associate $790 Maria Mokrzycka, Associate/Restructuring $625 Norton Rose also provided the following information in response to the request for additional information set forth in Paragraph D.1. of the U.S. Trustee Guidelines: a. Norton Rose did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; b. No rate for any of the professionals included in this engagement varies based on the geographic location of the bankruptcy case; c. Norton Rose did not represent the Committee prior to the commencement of these Chapter 11 Cases; and d. The Committee has approved Norton Rose's proposed hourly billing rates. The Norton Rose attorneys and paraprofessionals staffed on the Debtors' Chapter 11 Cases, subject to modification depending upon further development. Ryan Manns, Esq., a partner at Norton Rose, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ryan E. Manns, Esq. Norton Rose Fulbright US, LLP 1301 Avenue of the Americas New York, NY 10019-6022 Telephone (212) 318-3000 Facsimile (212) 318-3400 Email: ryan.manns@nortonrosefulbright.com About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones oversees the cases. Jackson Walker LLP and Latham & Watkins LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor. Stretto Inc. is the claims agent. On Feb. 28, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firms of Norton Rose Fulbright US, LLP and Milbank, LLP. SOUTHFIELD VENTURES: Files Chapter 11 Bankruptcy Protection ----------------------------------------------------------- Southfield Ventures LLC filed for chapter 11 protection without stating a reason. According to court filings, Southfield Ventures estimates $1 million to $10 million in debt to 1 to 49 creditors. The bare-bones petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is slated for May 1, 2023 at 11:00 a.m. i About Southfield Ventures LLC Southfield Ventures LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Southfield Ventures LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-42948) on March 31, 2023. In the petition filed by Ernest Charles Barreca, as principal, the Debtor reported assets and liabilities between $1 million and $10 million each. The case is overseen by Honorable Bankruptcy Judge Thomas J Tucker. The Debtor is represented by: Robert N. Bassel, Esq. P.O. Box T 28100 Franklin Road Southfield, MI 48034 SPARKLES BEAUTY: Seeks to Hire Ballstaedt Law Firm as Counsel ------------------------------------------------------------- Sparkles Beauty Bar LLC filed a renewed application seeking approval from the U.S. Bankruptcy Court for the District of Nevada to hire the Ballstaedt Law Firm as its legal counsel. The firm will render these legal services: (a) institute, prosecute, or defend any contested matters arising out of the Debtor's Chapter 11 proceeding; (b) assist in the recovery, liquidation and protection of estate assets; (c) determine the priorities and statuses of claims and file objections thereto when necessary; (d) prepare a disclosure statement and Chapter 11 Subchapter V plan of reorganization; and (e) perform all other legal services for the Debtor. Ballstaedt will charge $300 per hour for attorneys and $150 per hour for paralegals. In addition, the firm will seek reimbursement for expenses incurred. Seth Ballstaedt, Esq., an attorney at Ball Bankruptcy, 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: Seth D. Ballstaedt, Esq. Ballstaedt Law Firm dba Ball Bankruptcy 8751 W. Charleston Blvd., Suite 220 Las Vegas, NV 89117 Telephone: (702) 715-0000 Facsimile: (702) 666-8215 Email: help@bkvegas.com About Sparkles Beauty Bar Sparkles Beauty Bar LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bakr. D. Nev. Case No. 22-13453) on Sept. 26, 2022. In the petition signed by its managing member, Stacey Bledsoe, the Debtor disclosed up to $500,000 in both assets and liabilities. Seth D Ballstaedt, Esq., at Fair Fee Legal Services, is the Debtor's legal counsel. SUITED CONNECTOR: Blackrock Capital Marks $1.3M Loan at 20% Off --------------------------------------------------------------- Blackrock Capital Investment Corporation has marked its $1,396,023 loan extended to Suited Connector, LLC to market at $1,119,610 or 80% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a First Lien Term Loan to Suited Connector, LLC. The loan accrues interest at a rate of 10.92%(LIBOR(S)+6%, 1% Floor) per annum. The loan matures on December 12, 2027. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Suited Connector, LLC, doing business as MORTGAGE.INFO, is a mortgage lender matching company. The true names and capacities of the Doe Defendants are currently unknown to the Plaintiff.[BN] SUITED CONNECTOR: Blackrock Capital Marks $227,273 Loan at 20% Off ------------------------------------------------------------------ Blackrock Capital Investment Corporation has marked its $227,273 loan extended to Suited Connector, LLC to market at $182,273 or 80%of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a First Lien Revolver to Suited Connector, LLC. The loan accrues interest at a rate of 10.98%( LIBOR(S)+6%, 1% Floor) per annum. The loan matures on December 01, 2027. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Suited Connector, LLC, doing business as MORTGAGE.INFO, is a mortgage lender matching company. The true names and capacities of the Doe Defendants are currently unknown to the Plaintiff.[BN] SUN PACIFIC: Delays Filing of 2022 Annual Report ------------------------------------------------ Sun Pacific Holding Corp. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. The Company was unable to complete its audit and preparation of its Form 10-K for the period ended Dec. 31, 2021 in a timely manner because of unanticipated delays. About Sun Pacific Headquartered in Manalapan NJ, Sun Pacific Holding Corp. -- http://www.sunpacificholding.com-- offers "Next Generation" solar panel and lighting products by working closely with design, engineering, integration and installation firms in order to deliver turnkey solar and other energy efficient solutions. It provides solar bus stops, solar trashcans and "street kiosks" that utilize advertising offerings that provide State and local municipalities with costs efficient solutions. The Company provides general, electrical, and plumbing contracting services to a range of both public and commercials customers in support of its goals of expanding its green energy market reach. Sun Pacific reported net income of $2.97 million for the year ended Dec. 31, 2021, compared to a net loss of $1.87 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $303,455 in total assets, $3.26 million in total liabilities, and a total stockholders' deficit of $2.95 million. For the nine months ended September 30, 2022 and 2021, the Company reported losses from continuing operations of $109,249 and $69,287, respectively. The Company had a working capital deficit of $2,941,894 as of September 30, 2022. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. SYNAMEDIA AMERICAS: $305M Bank Debt Trades at 14% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Synamedia Americas Holdings Inc is a borrower were trading in the secondary market around 86.4 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $305 million facility is a Term loan that is scheduled to mature on October 29, 2024. The amount is fully drawn and outstanding. Synamedia Americas Holdings, Inc. specializes in the developing of video software and solutions for the Pay TV industry. SYNDIGO LLC: Blackrock Capital Marks $4.6M Loan at 23% Off ---------------------------------------------------------- Blackrock Capital Investment Corporation has marked its $4,673,472 loan extended to Syndigo, LLC to market at $3,598,574 or 77%of the outstanding amount, as of December 31, 2022, according to a disclosure contained in the Blackrock Capital's Form 10-K for the fiscal year ended December 31, 2022, recently filed with the Securities and Exchange Commission. Blackrock Capital is a participant in a Second Lien Term Loan to Syndigo, LLC. The loan accrues interest at a rate of 13.21% (LIBOR(S)+8%, 0.75% Floor) per annum. The loan matures on December 14, 2028. BlackRock Capital Investment was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940. In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Syndigo LLC operates as a marketing agency. The Company provides brands and retailers with an integrated platform that enables the efficient transfer of core and product attributes between brands and their customers. TELESAT CANADA: Moody's Cuts CFR to Caa1 & Sr. Secured Debt to B3 ----------------------------------------------------------------- Moody's Investors Service downgraded Telesat Canada's corporate family rating to Caa1 from B3, probability of default rating to Caa2-PD from B3-PD, senior secured credit facilities and senior secured notes ratings to B3 from B2, and senior unsecured notes rating to Caa3 from Caa2. The company's speculative grade liquidity rating (SGL) was raised to SGL-1 from SGL-2 and the outlook remains negative. At the same time, Moody's assigned a Caa1 CFR, Caa2-PD PDR, SGL-1 rating and a negative outlook to Telesat Canada's parent, Telesat Corporation and Moody's will withdraw the CFR, PDR and SGL rating at Telesat Canada. Telesat Canada is the main operating company but does not file financial statements so Moody's analyzes the company using Telesat Corporation's financial statements. Hence the reassignment of the CFR, PDR and SGL rating to Telesat Corporation. "The one notch downgrade of the CFR reflects the company's rising financial leverage while the two-notch downgrade of the PDR reflects heightened probability of a debt restructuring", said Peter Adu, Moody's Vice President and Senior Credit Officer. "The liquidity rating improved because the company is building cash with the significant delay in the LEO project", Adu added. Downgrades: Issuer: Telesat Canada Corporate Family Rating, Downgraded to Caa1 from B3; to be withdrawn Probability of Default Rating, Downgraded to Caa2-PD from B3-PD; to be withdrawn Senior Secured Bank Credit Facility, Downgraded to B3 (LGD2) from B2 (LGD3) Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD2) from B2 (LGD3) Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD5) from Caa2 (LGD6) Upgrades: Issuer: Telesat Canada Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2; to be withdrawn Assignments: Issuer: Telesat Corporation Corporate Family Rating, Assigned Caa1 Probability of Default Rating, Assigned Caa2-PD Speculative Grade Liquidity Rating, Assigned SGL-1 Outlook Actions: Issuer: Telesat Canada Outlook, Remains Negative Issuer: Telesat Corporation Outlook, Assigned Negative RATINGS RATIONALE Telesat's Caa1 CFR is constrained by: (1) high business risk from ongoing revenue and EBITDA declines in its geosynchronous (GEO) satellite business; (2) rising financial leverage (Debt/EBITDA expected to be sustained above 8x) and high likelihood of a debt restructuring; (3) funding delays with its planned low earth orbit (LEO) satellite constellation dampens future prospects; (4) high customer concentration, which pressures contract renewals; and (5) small scale relative to fixed satellite services (FSS) peers. The rating benefits from: (1) very good liquidity, including positive free cash flow; (2) good market position in the global FSS market; (3) strong margins relative to satellite industry peers; and (4) long track record of expertise with satellite and related technologies and support from the Canadian government on its LEO project. Telesat Canada has two classes of debt: (1) senior secured facilities consisting of a $200 million revolver that expires in December 2024 and $1.9 billion (face value) term loan B due in December 2026 ($1.55 billion outstanding), $500 million secured notes due in December 2026, and $400 million secured notes due in June 2027 - all rated B3; and (2) Caa3-rated $550 million (face value) senior unsecured notes due in October 2027 ($390 million outstanding). The B3 rating on the secured credit facilities and notes benefits from preferential access to realization proceeds as well as loss absorption capacity provided by the junior ranking unsecured notes. In turn, the unsecured notes are rated two notches below the CFR at Caa3 due to the substantial amount of secured debt ranking above them in the capital structure. Telesat's ESG credit impact score has been changed to CIS-5, very highly negative from CIS-4, highly negative. The CIS-5 reflect very high governance risk as a result of its rising financial leverage, which elevates refinancing risk while there is potential for debt to be repurchased at less than par, which would constitute a distressed exchange under Moody's definition of default. Telesat has very good liquidity (SGL-1) through 2023, with sources approximating C$2.1 billion while it has no debt maturities in this time frame because it has already made mandatory quarterly term loan repayments to maturity. The company's liquidity is supported by cash of C$1.68 billion at December 31, 2022, full availability under its $200 million (C$270 million) revolving credit facility that expires in December 2024 and Moody's expected free cash flow of about C$125 million in 2023, excluding LEO capital expenditures. Moody's considers a portion of the company's large cash balance as a funding source for the LEO project. Telesat is subject to a net leverage covenant if the revolver is drawn by more than 35%. Moody's does not expect the covenant to be applicable in the next four quarters. Telesat can sell non-core assets including excess transponder capacity to augment liquidity. The negative outlook reflects expectations for continued EBITDA decline in the GEO business, which could drive financial leverage higher and lead to an unsustainable capital structure. The negative outlook also captures the funding uncertainty with its planned LEO constellation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company generates sustainable positive organic revenue and EBITDA growth while sustaining Debt/EBITDA below 7x (7.4x for 2022) and FCF/Debt above 0% (5% for 2022). The ratings could be downgraded if the company restructures its debt, if liquidity becomes weak or if (EBITDA-Capex)/Interest is sustained below 1x (2.2x for 2022). The principal methodology used in these ratings was Communications Infrastructure published in February 2022. Telesat, headquartered in Ottawa, Canada, is a fixed satellite services company. TELESAT LLC: $1.91B Bank Debt Trades at 42% Discount ---------------------------------------------------- Participations in a syndicated loan under which Telesat LLC is a borrower were trading in the secondary market around 57.8 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.91 billion facility is a Term loan that is scheduled to mature on December 6, 2026. About $1.54 billion of the loan is withdrawn and outstanding. Telesat LLC operates as a satellite operator. The Company offers satellite delivered communications solutions to broadcast, telecom, corporate, and government customers, as well as provides technical consultancy services. Telesat serves clients worldwide. THOMAS HOSPITAL: Dismissal of Dr. Katrib's Suit Affirmed on Appeal ------------------------------------------------------------------ In the appealed case captioned as A. KARIM KATRIB, M.D., Petitioner, v. HERBERT J. THOMAS MEMORIAL HOSPITAL ASSOCIATION and THOMAS HEALTH SYSTEM, INC., Respondents, Case No. 21-0843, (W. Va.), the West Virginia Supreme Court of Appeals affirms the circuit court's dismissal of the Karim Katrib's complaint. Dr. A. Karim Katrib is a self-employed physician who practices in South Charleston, West Virginia. He held clinical privileges and medical staff membership with Thomas Hospital for approximately 34 years until they were suspended in 2019. In May 2021, Dr. Katrib filed this action against Herbert J. Thomas Memorial Hospital Association and Thomas Health System, Inc. related to the 2019 suspension. The circuit court dismissed the complaint under Rules 12(b)(1) and 12(b)(6) of the West Virginia Rules of Civil Procedure because Dr. Katrib's claims related to the 2019 suspension of his hospital clinical privileges and medical staff membership, which occurred before Thomas Hospital's Chapter 11 bankruptcy confirmation order and reorganization plan. The circuit court held that it lacked jurisdiction because the claims were discharged in bankruptcy and so the complaint failed to state a claim upon which relief can be granted. In this appeal, the Court is asked to determine whether the circuit court erred by concluding that Dr. Katrib's claims were subject to the discharge, release, and injunction provisions of Thomas Hospital's Chapter 11 bankruptcy confirmation order and reorganization plan. The parties agree that there was a dispute over the 2019 suspension of Dr. Katrib's hospital privileges resulting from a standard-of-care issue with a patient he treated. The Court rules that "knowledge of this dispute concerning clinical privileges cannot equate to knowledge that Dr. Katrib would bring various claims against Thomas Hospital for torts and statutory violations -- these claims were entirely speculative and would not be identified through reasonably diligent efforts. For these reasons, the circuit court did not err in concluding that Dr. Katrib was an unknown creditor. So, notice by publication was constitutionally sufficient." Dr. Katrib also argues that the circuit court erred in finding that his complaint did not seek relief for actionable nondischargeable conduct that Thomas Hospital committed or continued after the bankruptcy discharge. Contrary to his assertion, the Court finds that "Dr. Katrib does not allege any post-confirmation acts by Thomas Hospital that give rise to his claim for violation of hospital bylaws, separate and distinct from its failure to hold a hearing in 2019. . . Dr. Katrib recognizes that the violation-of-bylaws claim "already existed" when Thomas Hospital filed for bankruptcy protection because he "suffered an actual injury in 2019 when his privileges were suspended." So, when the bankruptcy court discharged the claim, the discharge operated as an injunction which barred the commencement of a state court action to collect the discharged claim." A full-text copy of the Opinion dated March 27, 2023, is available https://tinyurl.com/yybk8wz7 from Leagle.com. About Thomas Health System Thomas Health System, Inc., is a non-stock, non-profit corporation incorporated under the laws of the State of West Virginia. Formed in 2006, Thomas Health System is the consolidated parent entity and holding company whose primary function is to serve as the controlling body of the affiliated debtors. Thomas Health System and its affiliated debtors collectively form a 391-bed hospital system that employs nearly 1,700 individuals and an estimated 250 clinicians. Thomas Health System sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Lead Case No. 20-20007) on Jan. 10, 2020. At the time of the filing, Thomas Health System had estimated assets of between $1 million and $10 million and liabilities of between $100 million and $500 million. Judge Frank W. Volk oversees the case. The Debtors tapped Whiteford, Taylor & Preston, LLP, as bankruptcy counsel; Frost Brown Todd LLC as local counsel; Force Ten Partners, LLC, as financial advisor; Splic Capital Advisors, LLC and Solic Capital, LLC as investment banker; and Omni Management Group as claims, notice and solicitation agent. TRANSCENDIA HOLDINGS: $295M Bank Debt Trades at 24% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Transcendia Holdings Inc is a borrower were trading in the secondary market around 75.8 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $295 million facility is a Term loan that is scheduled to mature on May 30, 2024. The amount is fully drawn and outstanding. Transcendia Holdings, Inc. is a provider of engineered specialty films materials across a range of end-markets. The company manufactures specialty films by extrusion of resin or converting film for specific customer applications. TREES CORP: Delays Filing of 2022 Annual Report ----------------------------------------------- TREES Corporation filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended Dec. 31, 2022. The Company has experienced a significantly increased workload in fiscal year 2023 as a result of recent acquisitions, and accordingly, will not be able to timely complete the Form 10-K absent unreasonable effort or expense. Results of operations for fiscal year 2021 reflected a net loss of approximately $8.9 million. Results of operations for fiscal year 2022 are expected to reflect a net loss of approximately $9.5 million. The principal reason for the increased net loss from fiscal year 2021 to fiscal year 2022 is higher SG&A costs relating to integration of recent acquisitions. About Trees Corp Headquartered in Denver, Colorado, Trees Corporation (formerly known as General Cannabis Corp) -- provides services and products to the regulated cannabis industry. The Company is a trusted partner to the cultivation, production and retail sides of the cannabis business. Trees Corporation reported a net loss of $8.87 million for the year ended Dec. 31, 2021, compared to a net loss of $7.68 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $27.79 million in total assets, $19.45 million in total liabilities, and $8.34 million in total stockholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2022, Trees Corporation said, "We have incurred recurring losses and negative cash flows from operations since inception and have primarily funded our operations with proceeds from the issuance of convertible debt. We expect our operating losses to continue into the foreseeable future as we continue to execute our acquisition and growth strategy. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern." TSS ACQUISITION: Proposes $50K Sale of Assets to Steven Douglas --------------------------------------------------------------- TSS Acquisition Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to sell the Assets as defined and identified in Section 1 of the Asset Purchase Agreement to Steven Douglas Corp., dba SDC Automation, for $50,000. Objections, if any, must be filed within 21 days after the date of Notice issuance. The proposed sale of the Assets was negotiated directly with the Buyer, without the assistance of a broker and, as such, no commissions are due on the sale. Prior to the Petition Date, the Debtor and the Buyer largely negotiated the proposed sale and signed a letter of intent on Nov. 27, 2022, the terms of which are now documented in the APA. In addition to the Purchase Price, the APA provides for an Earnout Amount based upon revenue collected by the Buyer for years ending Dec. 31, 2023; Dec. 31, 2024; and Dec. 31, 2025. The Earnout Amount provides a benefit to the Buyer to structure payments for the Business over a period of time based on the Business' future revenue and provides a benefit to the Seller by way of receiving future revenue in the Business and remaining engaged in the Business for a limited period. The Debtor requests that the Court authorizes the sale of the Assets free and clear of all Liens. The Assets are subject to security interests granted to and perfected by The Resilience Fund IV, L.P., The Resilience Fund IV-A, L.P. and CKC Engineering, LLC ("Secured Creditors"). While there are other UCC financing statements filed of record, no such perfected positions apply as to the Assets and no other claim to any interest in the Assets is known to the Debtor. There is one other filed UCC Financing Statement, which was filed by Fanuc America Corp., but such lien filing relates to assets purchased by the Debtor from Fanuc America Corp. and no such assets are included in the Assets. Further, the position of Warfighter Focused Logistics, Inc., which has been an issue in relation to other sales, is not at issue in this contemplated sale as the position of Warfighter related only to the assets of the Debtor in the West Chester operation for its machine shop operations (not its automation operations). The Debtor is asking to transfer its Interest in the Assets in a private sale without the need to conduct an auction process. A copy of the APA is available at https://tinyurl.com/5bc39k5h from PacerMonitor.com free of charge. About TSS Acquisition Company TSS Acquisition Company is a manufacturing company with locations in West Chester, Ohio, and in Carlsbad and Oakland, Calif. TSS Acquisition sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-12154) on Dec. 19, 2022. In the petition signed by its chief restructuring officer, Sumner M. Saeks, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Beth A. Buchanan oversees the case. Patricia J. Friesinger, Esq., at Coolidge Wall Co., L.P.A., is the Debtor's legal counsel. UFC HOLDINGS: Moody's Puts 'B2' CFR Under Review for Upgrade ------------------------------------------------------------ Moody's Investors Service placed UFC Holdings, LLC's ratings under review for upgrade, including the B2 corporate family rating, B2-PD probability of default rating and B2 senior secured rating. The outlook was changed to rating under review from stable. The review follows the April 3, 2023 announcement that Endeavor (the parent of UFC) entered into a definitive agreement with the World Wrestling Entertainment, Inc. (WWE) to combine UFC with WWE into a new publicly listed company. Upon close of the transaction, Endeavor will hold a 51% controlling interest in the new company and the existing WWE shareholders will hold a 49% interest in the new company. On Review for Upgrade: Issuer: UFC Holdings, LLC Corporate Family Rating, Placed on Review for Upgrade, currently B2 Probability of Default Rating, Placed on Review for Upgrade, currently B2-PD Senior Secured Bank Credit Facility, Placed on Review for Upgrade, currently B2 (LGD4) Outlook Actions: Issuer: UFC Holdings, LLC Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS "The enhanced scale arising from the combination should result in higher operating leverage and greater business diversity from a broad portfolio of live sports and entertainment programming," said Emile El Nems, Moody's Vice President and Senior Credit Officer. "The combination of WWE and UFC will create an entity with a larger devoted fan base providing Endeavor the ability to maximize the value of its media rights and sponsorships." With upcoming contracts set to expire over the next two years with media companies like Fox, NBCUniversal and The Walt Disney Company, the combination offers additional leverage and better position the new company to monetize its content across multiple platforms. Live sports and entertainment continue to draw big interest from large tech companies and cable TV as they deliver steady and predictable ratings. The review will focus on the final post-transaction capital structure and Moody's assessment of execution risks, macroeconomic conditions, cash generation and deleveraging capacity as well as governance considerations, including trajectory of the company's financial policies and M&A strategy. Although management has not articulated a leverage target or financial policy, it stated that net pro forma leverage at the new company (at December 31, 2022) would have been around 2.5x (excluding Moody's adjustments). Moody's expects some deleveraging from Endeavor's standalone leverage of around 4.0x. Management expects to close the transaction within twelve months, subject to regulatory approval and customary closing conditions. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. UFC Holdings, LLC is the world's leading promoter of mixed martial arts (MMA) sports competition events. MMA is an individual combat sport with international appeal, which combines techniques from various combat sports and martial arts, including boxing, karate, judo, jiu-jitsu, kickboxing, and wrestling and is governed by the "Unified Rules of MMA". Endeavor Group Holdings, Inc. acquired the 49.9% of shares of UFC that it did not already own and completed an initial public offering in April 2021. UNCLE DAN'S: Seeks to Hire US Tax Services as Accountant -------------------------------------------------------- Uncle Dan's Tire World, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ US Tax Services, LLC as accountant. The Debtor requires an accountant to prepare tax returns and provide bookkeeping services and other accounting services. The firm will be paid $200 per hour for tax preparation, $65 per hour for bookkeeping services, $65 per hour for additional work, and $180 per month, plus $2 for each additional employee over four. Shawn Bargouti, a partner at US Tax Services, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shawn Bargouti US Tax Services, LLC 10300 SW Greenburg Rd. Suite 385 Tigard, OR 97223 Tel: (503) 620-2221 Email: payroll@USTax-services.com About Uncle Dan's Tire World Uncle Dan's Tire World, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 23-30137) on Jan. 23, 2023, with up to $100,000 in assets and up to $500,000 in liabilities. Daniel Svihla, president of Uncle Dan's Tire World, signed the petition. Judge Teresa H. Pearson oversees the case. The Debtor tapped Ted A. Troutman, Esq., at Troutman Law Firm, PC and US Tax Services, LLC as legal counsel and accountant, respectively. UNITED PF HOLDINGS: $116M Bank Debt Trades at 26% Discount ---------------------------------------------------------- Participations in a syndicated loan under which United PF Holdings LLC is a borrower were trading in the secondary market around 73.9 cents-on-the-dollar during the week ended Friday, April 7, 2023, according to Bloomberg's Evaluated Pricing service data. The $116 million facility is a Term loan that is scheduled to mature on December 30, 2028. The amount is fully drawn and outstanding. United PF Holdings, LLC operates fitness and recreation centers. VERITAS FARMS: Delays Filing of 2022 Annual Report -------------------------------------------------- Veritas Farms, Inc. filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the year ended Dec. 31, 2022. The Company was unable to file its Annual Report for the year ended Dec. 31, 2022 within the prescribed time period without unreasonable effort or expense as the Company needs additional time to provide information to its independent registered public accounting firm necessary to complete the audit of the financial statements for the year ended Dec. 31, 2022. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, the Company anticipates that it will file its Annual Report on Form 10-K for the year ended Dec. 31, 2022 within the applicable fifteen calendar-day period. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- www.TheVeritasFarms.com -- is a vertically-integrated agribusiness focused on growing, producing, marketing, and distributing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140 acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Veritas Farms reported a net loss of $7.07 million for the year ended Dec. 31, 2021, compared to a net loss of $7.59 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $8.35 million in total assets, $6.58 million in total liabilities, and $1.76 million in total shareholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2022, Veritas Farms, Inc. said, "The Company has sustained substantial losses from operations since its inception. As of and for the period ended September 30, 2022, the Company had an accumulated deficit of $37,098,203 and a net loss attributable to common shareholders of $3,167,489. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern." VOYAGER DIGITAL: Urges 2nd Circ. to Lift $1-Bil. Binance Sale Stay ------------------------------------------------------------------ Jessica Corso of Law360 reports that bankrupt crypto platform Voyager Digital Holdings Inc. asked the Second Circuit on Monday, April 3, 2023, to weigh in on a dispute with the U.S. government that has thrown a wrench into the planned $1 billion transfer of customer accounts to fellow crypto firm Binance US. As previously reported in the TCR, US District Judge Jennifer Rearden on Monday, March 27, 2023, granted the US government's request for a stay pending appeal of Voyager's recently approved bankruptcy plan, court papers show. The stay is a blow to Voyager, which has been trying to exit bankruptcy and repay its customers since filing for Chapter 11 protection last 2022. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- runs a cryptocurrency platform. Voyager claims to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc. as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. WESTPORT HOLDINGS: Trustee Taps Appleby Law as Special Counsel -------------------------------------------------------------- Jeffrey Warren, the liquidating trustee for Westport Holdings Tampa and Westport Holdings Tampa II received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Appleby Law, P.A. as special counsel. The trustee needs the firm's legal assistance in connection with claims asserted against Valley National Bank (Adversary Proceeding 20-ap-00007). Appleby Law will be paid at the rate of $450 per hour. As disclosed in court filings, Appleby Law is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Keith T. Appleby, Esq. Appleby Law, P.A. 4916 W Melrose Ave S. Tampa, FL 33629 Tel: (813) 435-0396 Email: keithappleby@icloud.com About Westport Holdings Tampa Westport Holdings Tampa, doing business as University Village, is a care retirement community in Tampa, Fla. It offers residents villas, apartments, an assisted living facility and a skilled nursing care center for their end-of-life needs. Westport Holdings Tampa, Limited Partnership and Westport Holdings Tampa II, Limited Partnership filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 16-08167) on Sept. 22, 2016. Judge Caryl E. Delano oversees the cases. Stichter Riedel Blain & Postler, P.A. is the Debtors' bankruptcy counsel while Broad and Cassel is the special counsel for healthcare and related litigation matters. The U.S. Trustee for Region 21 appointed an official committee of resident creditors on Dec. 29, 2016. The resident committee is represented by Jennis Law Firm. On May 10, 2018, the court confirmed the Debtors' joint Chapter 11 plan of liquidation. Jeffrey W. Warren is the liquidating trustee appointed in the Debtors' cases. The trustee tapped Bush Ross, P.A. as bankruptcy counsel and Mercer Law, LLC and Appleby Law, P.A. as special counsels. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 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 65.0 (22.3) (10.5) 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 DUL SW 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 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 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 EB 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 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 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 BIOTE CORP-A BTMD US 111.6 (58.3) 82.4 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 BKJ TH 2,519.6 (267.5) (336.3) BROOKFIELD INF-A BIPC CN 10,178.0 (361.0) (3,066.0) BROOKFIELD INF-A BIPC US 10,178.0 (361.0) (3,066.0) CALUMET SPECIALT CLMT US 2,741.8 (287.7) (531.7) 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) 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 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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 LUMINAR TECHNOLO LAZR US 687.3 (26.4) 477.0 LUMINAR TECHNOLO LAZR* MM 687.3 (26.4) 477.0 LUMINAR TECHNOLO LAZR-RM RM 687.3 (26.4) 477.0 LUMINAR TECHNOLO 9FS GR 687.3 (26.4) 477.0 LUMINAR TECHNOLO LAZREUR EU 687.3 (26.4) 477.0 LUMINAR TECHNOLO 9FS TH 687.3 (26.4) 477.0 LUMINAR TECHNOLO 9FS GZ 687.3 (26.4) 477.0 LUMINAR TECHNOLO 9FS QT 687.3 (26.4) 477.0 LUMINAR TECHNOLO L2AZ34 BZ 687.3 (26.4) 477.0 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 442.5 (298.4) (106.3) 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 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 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 OSISKO GREEN A-A GOGR CN 263.5 (0.7) (3.9) 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) 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 QUANTUM ENERGY I QREE US 21.5 (204.7) (221.3) 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 2,489.8 (2,662.7) (48.5) 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) 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 SONDER HOLDINGS SOND* MM 1,573.6 (19.9) 62.3 SPIRIT AEROSYS-A S9Q GR 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A SPR US 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A S9Q TH 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A SPREUR EU 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A S9Q QT 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A 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) 835.0 SPLUNK INC S0U GR 6,343.9 (110.5) 835.0 SPLUNK INC S0U TH 6,343.9 (110.5) 835.0 SPLUNK INC S0U QT 6,343.9 (110.5) 835.0 SPLUNK INC SPLK SW 6,343.9 (110.5) 835.0 SPLUNK INC SPLKEUR EU 6,343.9 (110.5) 835.0 SPLUNK INC SPLK* MM 6,343.9 (110.5) 835.0 SPLUNK INC SPLKEUR EZ 6,343.9 (110.5) 835.0 SPLUNK INC S0U GZ 6,343.9 (110.5) 835.0 SPLUNK INC SPLK-RM RM 6,343.9 (110.5) 835.0 SPLUNK INC - BDR S1PL34 BZ 6,343.9 (110.5) 835.0 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 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 1SBUX IM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXEUR EZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP 0QZH LI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX-RM RM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXCL CI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX_KZ KZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRBD BQ 28,256.1 (8,665.9) (2,311.3) STARBUCKS 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 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 TORRID HOLDINGS CURV US 527.3 (230.2) (51.2) 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 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) - UROGEN PHARMA LT URGN US 135.6 (89.4) 105.0 UROGEN PHARMA LT UR8 GR 135.6 (89.4) 105.0 UROGEN PHARMA LT URGNEUR EU 135.6 (89.4) 105.0 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) WAVE LIFE SCIENC WVE US 146.4 (37.2) 27.0 WAVE LIFE SCIENC WVEEUR EU 146.4 (37.2) 27.0 WAVE LIFE SCIENC 1U5 GR 146.4 (37.2) 27.0 WAVE LIFE SCIENC 1U5 TH 146.4 (37.2) 27.0 WAVE LIFE SCIENC 1U5 GZ 146.4 (37.2) 27.0 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***