/raid1/www/Hosts/bankrupt/TCR_Public/230418.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 18, 2023, Vol. 27, No. 107
Headlines
2202 EAST ANDERSON: Taps Stephen F. Biegenzahn as Legal Counsel
A&E ADVENTURES: Denial of Sunset's Stay Relief Motion Affirmed
AGILE THERAPEUTICS: Effects 1-for-50 Reverse Stock Split
AH DEVELOPMENT: Case Summary & Three Unsecured Creditors
AHIA TAXI: Unsecureds Will Get 100 Cents on Dollar in Plan
AINOS INC: KCCW Accountancy Replaces PWR CPA as Auditor
ALDO ENTERPRISES: Seeks to Hire Eric A. Liepins as Legal Counsel
ANDOVER SENIOR: Amends Plan to Include HRSA Administrative Claim
ART VAN FURNITURE: Trustee's Complaint Dismissed as Time-Barred
ASMARA MLK: Voluntary Chapter 11 Case Summary
BADGER FINANCE: Moody's Lowers CFR to Caa2, Outlook Negative
BANDAR ENTERPRISES: Hires Larson & Zirzow as Bankruptcy Counsel
BANYAN CAY RESORT: Taps Keen-Summit Capital Partners as Broker
BED BATH & BEYOND: Inks 5th Amendment to JPMorgan Credit Agreement
BIOSTAGE INC: Appoints Ron Packard to Board of Directors
BLANK LABEL: Hires Peter A. Furman of HunterPoint LLC as CRO
BRIDGER STEEL: Gets Approval to Hire a Consultant
CAMP DAVID: Taps Matthews Cutrer & Lindsay as Accountant
CANO HEALTH: Barry Sternlicht Holds 9.4% of Class A Shares
CBAC BORROWER: S&P Upgrades ICR to 'B', Outlook Stable
CBAK ENERGY: Swings to $11.3 Million Net Loss in 2022
CLEANSPARK INC: Inks Deal to Buy $144.9M Bitcoin Mining Machines
CUENTAS INC: Says it Has $2.5M Stockholders' Equity as of March 31
CYTODYN INC: Incurs $13.7 Million Net Loss in Third Quarter
DAVID'S BRIDAL: Case Summary & 30 Largest Unsecured Creditors
DIAMOND SPORTS: MLB Wants to Gain Control of Broadcast Rights
DIOCESE OF ALBANY: Taps Tobin and Dempf as Litigation Counsel
DIOCESE OF SANTA ROSA: Taps Donlin as Administrative Advisor
ELANCO ANIMAL: Fitch Alters Outlook on 'BB-' IDR to Stable
ESSY QUALITY: Case Summary & Two Unsecured Creditors
FB DEBT FINANCING: Taps Wilson Sonsini Goodrich as Co-Counsel
FIRST CONNECTICUT: Jessica's Bid to Dismiss Adversary Case Denied
FRANCHISE GROUP: S&P Affirms 'B+' Rating on First-Lien Term Loan
HILCORP ENERGY I: S&P Affirms 'BB+' ICR, Outlook Stable
HO WAN KWOK: HK Parties Must Deliver the Lady May to Trustee
IMMEDIATE PROPERTIES: Hires The Agency as Real Estate Broker
INFOVINE INC: Amends Unsecured Claims Pay Details
KOSMOS ENERGY: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable
KUAKINI HEALTH: S&P Places 'CCC' LT Rev. Bond Rating on Watch Neg.
M & T REAL ESTATE: Taps Giddens, Mitchell & Associates as Counsel
MEG ENERGY: S&P Upgrades Long-Term ICR to 'BB-', Outlook Stable
MEHR GROUP: Voluntary Chapter 11 Case Summary
MICHAELS COMPANIES: Moody's Cuts CFR to B3, Outlook Stable
MONITRONICS INTERNATIONAL: S&P Cuts ICR to 'CCC', Outlook Negative
MUSCLEPHARM CORP: Seeks to Extend Plan Exclusivity to September 30
MYOMO INC: Receives License Fee Payment From Chinese JV Company
NANO MAGIC: Incurs $2.1 Million Net Loss in 2022
NATIONAL CINEMEDIA: S&P Downgrades Secured Debt Rating to 'D'
NATIONAL CINEMEDIA: S&P Lowers Secured Debt Rating to 'D'
NATIONAL REALTY: Seeks to Extend Plan Exclusivity to August 1
NEKTAR THERAPEUTICS: Karin Eastham Won't Stand for Re-election
NEOVASC INC: Fully Acquired by Shockwave Medical
NORTHWEST BANCORPORATION: Unsecureds Unimpaired in Hershenhorn Plan
OKAYSOU CORP: Case Summary & Eight Unsecured Creditors
OMNIQ CORP: Continues to Expand Q Shield Coverage in Georgia
ORS.COM INC: Case Summary & 20 Largest Unsecured Creditors
PANTHEON GASTRONOMY: Taps Glast Phillips & Murray as Legal Counsel
PANTHEON GASTRONOMY: Taps Williams Litigation as Local Counsel
PRESSURE BIOSCIENCES: Incurs $16.1 Million Net Loss in 2022
QUALITY HEATING: Taps Gellert Scali Busenkell & Brown as Counsel
RIVERSTONE RESORT: Hamzah Ali's Claim of Constructive Trust Denied
SEMILEDS CORP: Incurs $545K Net Loss in Second Quarter
SERENITY HOMES: Taps Dunham Hildebrand as Legal Counsel
STRUDEL HOLDINGS: Public Auction Slated for June 27
SUN PACIFIC: Unit Inks $2.95M Alabama Property Purchase Contract
SUNG HO MO: Exclusivity Extension Granted for 60-Day Period
T LOVE TRUCKING: Seeks to Hire Holsinger CPA as Accountant
TITAN CONSTRUCTORS: Voluntary Chapter 11 Case Summary
TRADESMAN BREWING: Unsecureds Will Get 1% of Claims over 48 Months
TRANSDERMAL SPECIALTIES: Taps Morgan Lewis as Special Counsel
VILLAS OF COCOA: Exclusive Solicitation Period Extended to June 30
WANSDOWN PROPERTIES: Beekman's Bid to Impose Sanctions Denied
WHATABRANDS LLC: Moody's Affirms B2 CFR & Alters Outlook to Neg.
WHITETAIL GENERAL: Gets OK to Hire Shimanek Law as Counsel
YUNHONG CTI: Lowers Net Loss to $1.5 Million in 2022
[^] Large Companies with Insolvent Balance Sheet
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2202 EAST ANDERSON: Taps Stephen F. Biegenzahn as Legal Counsel
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2202 East Anderson Street LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire the
Law Offices of Stephen F. Biegenzahn as its general bankruptcy
counsel.
The firm will render these services:
(a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of this case, and the
operation of the Debtor's estate as a debtor-in-possession;
(b) represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
(c) assist in compliance with the requirements of the Office
of the United States trustee;
(d) provide the Debtor legal advice and assistance with
respect to the Debtor's powers and duties in the continued
operation of the Debtor's business and management of property of
the estate;
(e) assist the Debtor in the administration of the estate's
assets and liabilities;
(f) prepare necessary applications, answers, motions, orders,
reports and/or other legal documents on behalf of the Debtor;
(g) assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims against
the Debtor's estate;
(h) provide advice, as counsel, concerning the claims of
secured and unsecured creditors, prosecution and/or defense of all
actions; and
(I) prepare, negotiate, prosecute and attain confirmation of a
plan of reorganization.
Stephen F. Biegenzahn, Esq., the lead counsel for this case, will
charge $360 per hour for his services. Paralegals will bill $100
per hour.
The firm received a retainer in the amount of $40,000.
As disclosed in the court filing, Stephen F. Biegenzahn is a
"disinterested person" within the meaning of 11 U.S.C. Sec.
101(14).
The firm can be reached through:
Stephen F. Biegenzahn, Esq.
LAW OFFICES OF STEPHEN F. BIEGENZAHN
2790 Kevin Ave., Unit 1227
Irvine, CA 92614
Tel: 213-925-7395
Email: steve@sfblaw.com
About 2202 East Anderson Street
2202 East Anderson Street LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
2202 East Anderson Street LLC filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 23-11695) on March 23, 2023. In the petition filed by Zion
Vanounou, as managing member, the Debtor reported assets and
liabilities between $1 million and $10 million.
The Honorable Bankruptcy Judge Neil W Bason oversees the case.
Susan K Seflin has been appointed as Subchapter V trustee.
The Debtor is represented by Stephen F Biegenzahn, Esq. at the Law
Offices of Stephen F. Biegenzahn.
A&E ADVENTURES: Denial of Sunset's Stay Relief Motion Affirmed
--------------------------------------------------------------
In the appealed case captioned as In re A&E ADVENTURES LLC, Debtor.
SUNSET OPPORTUNITIES B2, LLC, Appellant, v. A&E ADVENTURES LLC,
Appellee, Case No. 21-cv-24432-GAYLES, (S.D. Fla.), Judge Darrin P.
Gayles of the U.S. District Court for the Southern District of
Florida affirms the Order of the Bankruptcy Court denying the Stay
Relief Motion.
In December 2013, Appellee A&E Adventures LLC entered into a
commercial lease agreement with Shops at Sunset Mall for a property
in South Miami, Florida. The Appellant Sunset Opportunities B2, LLC
is the current landlord under the Lease.
After A&E defaulted under the Lease for failing to make rent
payments, the Appellant filed a "Complaint for Eviction and
Damages" against A&E in the State Court alleging non-payment of
rent and breach of the Lease. On Sept. 24, 2021, the State Court
Clerk issued a Writ of Possession. That same day, A&E filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code. Thereafter, the Appellant filed its Motion for Relief from
the Automatic Stay in the Bankruptcy Court. The Bankruptcy Court
denied the Stay Relief Motion, finding there was no cause for
relief from the stay because "the Lease was not terminated
prepetition and is an unexpired lease that may be assumed by the
Debtor subject to Section 365 of the Bankruptcy Code."
On appeal, the Appellant argues that the Bankruptcy Court erred
when it denied the Stay Relief Motion and determined that the Lease
was not terminated.
The Court disagrees. The Court points out that "the Judgment of
Eviction and Writ of Possession did not terminate the lease. . . in
the State Court Complaint, Appellant sought possession of the
property and A&E's continued payment of rent, not termination. And,
A&E had not completely lost possession of the property prior to
filing for bankruptcy as the Sheriff did not execute the Writ of
Possession. . . The eviction process, under Florida law, is not
complete until the tenant is physically dispossessed from the
property." Accordingly, the Court finds that the Bankruptcy Court
did not abuse its discretion in finding that (1) the Lease was not
terminated and (2) relief from the stay was not warranted.
The Appellant also argues that A&E acted in bad faith in filing for
bankruptcy and that this constitutes cause for relief from the
stay. The Court finds, however, that the Appellant did not raise
this issue with the Bankruptcy Court. The Court holds that "an
argument raised for the first time on appeal will be reviewed only
in special circumstances." The Court finds no such special
circumstances here and, therefore, does not address Appellant's
argument that A&E acted in bad faith.
A full-text copy of the Order dated March 30, 2023, is available
https://tinyurl.com/3hmw6fh9 from Leagle.com.
About A&E Adventures
A&E Adventures LLC, operating as GameTime, is a family
entertainment destination with fun indoor amusements offering a
full-service dining experience and full liquor sports bar in Miami,
Fort Myers, Daytona, Ocoee, Tampa and Kissimmee where customers can
play over 100 interactive games in the Mega Arcade. Customers can
enjoy a delicious lunch or dinner and watch any game on over 60
HDTVs. GameTime can also host large gatherings with full banquet
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-19272) on Sept. 24,
2021. In the petition signed by Michael Abecassis, managing member,
the Debtor disclosed up to $50 million in both assets and
liabilities.
James C. Moon, Esq., at Meland Budwick, P.A., is the Debtor's
counsel.
Live Oak Banking Company, as secured lender, is represented by
Schiller, Knapp, Lefkowitz & Hertzel, LLP.
AGILE THERAPEUTICS: Effects 1-for-50 Reverse Stock Split
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Agile Therapeutics, Inc. announced that its board of directors
approved a 1-for-50 reverse stock split, which was effective 4:00
p.m. on Monday, April 10, 2023.
The Company's common stock opened for trading on the Nasdaq Capital
Market on Tuesday, April 11, 2023 on a split-adjusted basis under
the current trading symbol "AGRX." The reverse stock split was
approved by Agile's stockholders on March 9, 2023, and is intended
to increase the per share trading price of the Company's common
stock to enable the Company to satisfy the minimum bid price
requirement for continued listing on Nasdaq.
The 1-for-50 reverse stock split will automatically convert 50
current shares of Agile's common stock into one new share of common
stock. No fractional shares will be issued in connection with the
reverse stock split. Stockholders who would otherwise hold a
fractional share of Agile's common stock will receive a cash
payment in lieu thereof, at a price equal to the fraction to which
the stockholder would otherwise be entitled, multiplied by the
closing price of Agile's common stock on Nasdaq on Monday, April
10, 2023. The reverse split will reduce the number of shares of
outstanding common stock from approximately 46,605,053 shares to
approximately 932,101 shares. Proportional adjustments also will
be made to the exercise prices of Agile's outstanding stock options
and warrants, and to the number of shares issued and issuable under
Agile's stock incentive plan.
Broadridge Corporate Issuer Solutions acts as the exchange agent
for the reverse stock split. Stockholders holding their shares
electronically in book-entry form are not required to take any
action to receive post-split shares. Stockholders owning shares
through a bank, broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, subject
to brokers' particular processes, and will not be required to take
any action in connection with the reverse stock split. For those
stockholders holding physical stock certificates, Broadridge will
send instructions for exchanging those certificates for shares held
electronically in book-entry form or for new certificates, in
either case representing the post-split number of shares.
In connection with the reverse stock split, the Company's CUSIP
number changed to 00847L308 as of 4:00 pm on Monday, April 10,
2023.
About Agile Therapeutics Inc.
Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women. The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method. Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.
Agile reported a net loss of $25.41 million for the year ended Dec.
31, 2022, compared to a net loss of $71.07 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $14.24
million in total assets, $19.78 million in total liabilities, and a
total stockholders' deficit of $5.54 million.
Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 22, 2023, citing that the Company has generated losses
since inception, used substantial cash in operations, anticipates
it will continue to incur net losses for the foreseeable future,
requires additional capital to fund its operating needs and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
AH DEVELOPMENT: Case Summary & Three Unsecured Creditors
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Debtor: AH Development Group LLC
293 Clinton Avenue
Albany, NY 12210
Business Description: AH Development owns various real estate
holdings located throughout the City of
Albany Albany, NY 12210, having an aggregate
value of $1,037,000.
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
Northern District of New York
Case No.: 23-10387
Judge: Hon. Robert E. Littlefield Jr.
Debtor's Counsel: Michael L. Boyle, Esq.
BOYLE LEGAL, LLC
64 2nd Street
Troy, NY 12180-3927
Tel: 518-687-1648
Fax: 518-516-5075
Email: mike@boylebankruptcy.com
Total Assets: $1,037,000
Total Liabilities: $944,887
The petition was signed by Ben Gaspard as managing member.
A full-text copy of the petitions containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HREBVAI/AH_Development_Group_LLC__nynbke-23-10387__0001.0.pdf?mcid=tGE4TAMA
AHIA TAXI: Unsecureds Will Get 100 Cents on Dollar in Plan
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Ahia Taxi, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of New York a Subchapter V Chapter 11 Plan dated
April 11, 2023.
The Debtor is a corporation located at 3089 Decatur Avenue, Bronx,
New York 10467.
The Action stems from a dramatic decline in the value of the taxi
medallions, which constituted the collateral of the BGW Holdings,
LLC ("Lender") loan. Furthermore, the COVID-19 Pandemic exacerbated
an already declining market decimating the Yellow Taxi-Cab
industry. The Debtor filed this Sub Chapter V Chapter 11 Bankruptcy
case on July 18, 2022, in order to reach fair and equitable,
feasible terms of settlement, within the context of a Sub Chapter V
Chapter 11 Plan of Reorganization.
This Plan of Reorganization proposes to pay to the creditors of the
Debtor, the value of the medallion, on date to the filing, in the
amount of $135,000.00 and $10,000.00 in costs.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 1 shall consist of secured claim of the creditor, of BGW
Holdings, LLC ("Lender"), the Debtor shall pay to the Lender the
total sum of $145,000.00 (the "Settlement Amount") as follows: (i)
$109,000.00 (the "Initial Payment") upon the entry of the
confirmation order by the Bankruptcy Court (the "Order Date"),
which amount includes $30,000.00 from the Medallion Relief Program,
and (ii) $36,000.00 within 90 days of the confirmation order. The
payments as set forth herein are in full satisfaction of the Class
I claim and in full satisfaction of Debtor's secured obligations
under the claim. The Debtor will be retaining medallion #: 7B50.
Class 2 all non-priority unsecured claims consists of one proof of
claim filed by Capital One Bank (USA) by American InfoSource as
agent, in the amount of $2,434.82 and paid in full upon
confirmation to the Class II claimant in full satisfaction of
Debtor's unsecured obligations under the claim.
Class 3 Interest Holder will retain their interests in the Debtor.
The funds required for confirmation and the payment of claims
required to be paid on the Effective Date, shall be provided by the
Debtor and the Reorganized Debtor from the Debtor's employment as a
taxicab driver and from third parties, commencing on the effective
date of the plan.
A full-text copy of the Subchapter V Plan dated April 11, 2023 is
available at https://bit.ly/3MQWyHf from PacerMonitor.com at no
charge.
Attorney for the Debtor:
Thomas A. Farinella, Esq.
Law Office of Thomas A. Farinella, P.C.
260 Madison Avenue, 8th
New York, New York 10016
Email: tf@lawtaf.com
About Ahia Taxi
Ahia Taxi, LLC, is a corporation, who operates a taxicab, with the
referenced taxi medallion, #7B50 from May 24, 2017 to present. The
Debtor is a corporation located at 3089 Decatur Avenue, Bronx, New
York 10467.
Ahia Taxi, LLC, filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10987) on July 18, 2022.
The Debtor is represented by Thomas A. Farinella, Esq. of the LAW
OFFICE OF THOMAS A. FAIRNELLA, PC.
AINOS INC: KCCW Accountancy Replaces PWR CPA as Auditor
-------------------------------------------------------
Ainos, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that the Audit Committee of the Board of
Directors of the Company recently conducted a competitive selection
process to determine the Company's independent registered public
accounting firm for the fiscal year ending Dec. 31, 2023. The
Committee invited several PCAOB registered public accounting firms
to participate in this process. As a result of this process, the
Committee decided not to renew or extend the Company's engagement
of PWR CPA LLP, as the Company's independent registered public
accounting firm.
PWR's audit reports on the Company's consolidated financial
statements as of and for the fiscal years ended Dec. 31, 2021 and
2022 did not contain an adverse opinion or a disclaimer of opinion
and were not qualified or modified as to uncertainty, audit scope
or accounting principles.
During the fiscal years ended Dec. 31, 2021, and 2022, and the
subsequent interim periods through April 10, 2023, there were (i)
no disagreements (as described in Item 304(a)(1)(iv) of Regulation
S-K and the related instructions) between the Company and PWR on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not
resolved to PWR's satisfaction, would have caused PWR to make
reference thereto in their reports on the financial statements for
such years, and (ii) no "reportable events" within the meaning of
Item 304(a)(1)(v) of Regulation S- K except that PWR advised the
Company of the existence of deficiencies in the design and
implementation of internal reporting controls as of Dec. 31, 2021
which was remediated by the Company as of Dec. 31, 2022.
On March 30, 2023, the Audit Committee of the Board of Directors of
Ainos approved the engagement of KCCW Accountancy Corp. as the
Company's independent registered public accounting firm for the
Company's fiscal year ended Dec. 31, 2023, effective April 10,
2023, and contemporaneously with the dismissal of PWR CPA LLP as
the Company's independent registered public accounting firm.
During the fiscal years ended Dec. 31, 2021, and 2022, and the
subsequent interim periods through April 10, 2023, neither the
Company nor anyone acting on its behalf has consulted with KWWC
regarding (i) the application of accounting principles to a
specific transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Company's financial
statements or the effectiveness of internal control over financial
reporting, and neither a written report or oral advice was provided
to the Company that KWWC concluded was an important factor
considered by the Company in reaching a decision as to any
accounting, auditing, or financial reporting issue, (ii) any matter
that was the subject of a disagreement within the meaning of Item
304(a)(1)(iv) of Regulation S-K, or (iii) any reportable event
within the meaning of Item 304(a)(1)(v) of Regulation S-K.
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.
Ainos reported a net loss of $14.01 million for the year ended Dec.
31, 2022, compared to a net loss of $3.89 million 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.
ALDO ENTERPRISES: Seeks to Hire Eric A. Liepins as Legal Counsel
----------------------------------------------------------------
ALDO Enterprises, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire the law firm of Eric A.
Liepins, P.C. as its counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About ALDO Enterprises
ALDO Enterprises, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-30679) on
April 4, 2023. At the time of filing, the Debtor estimated up to
$50,000 in assets and $500,001 to $1 million in liabilities. Eric
A. Liepins, Esq. at Eric A. Liepins, P.C. represents the Debtor as
counsel.
ANDOVER SENIOR: Amends Plan to Include HRSA Administrative Claim
----------------------------------------------------------------
Andover Senior Care, LLC, submitted a Fourth Amended Chapter 11
Disclosure Statement in connection with its Third Amended Chapter
11 Plan dated April 13, 2023.
The Plan provides for full payment of all allowed administrative
claims, all allowed priority claims, and full payment of the
allowed secured claims of the Department of Housing & Urban
Development (hereinafter "HUD"), Commerce Bank (hereinafter
"Commerce") and Huntington National Bank (hereinafter ("HNB"). The
Plan provides for no payment to claims of general unsecured
creditors.
Class 1 consists of the Secured Claim of HUD by assignment from
Dwight Capital, LLC. After the Filing Date, Dwight assigned its
claims herein to HUD. HUD's claim against Debtor is secured by a
first mortgage lien in Tracts 1 and 2, a perfected security
interest in all of Debtor's personal property except: (a) that
personal property which is the Collateral for the Class 2 claim of
Commerce or the Class 3 claim of HNB; and (b) funds in Debtor's DIP
accounts to the extent said funds exceed the amount of HUD's
replacement lien granted per the Cash Collateral Order.
HUD, through Dwight, filed its election to be treated as a fully
secured non-recourse creditor. The unpaid principal and interest
owed HUD, as of the Filing Date, was $13,922,514 (the "HUD Claim").
The HUD Claim will be paid in full as follows:
* As of the Filing Date, Dwight held in escrow no less than
$1,253,483 of Debtor's funds ("Debtor's Escrow Funds"). After the
Filing Date, Debtor's Escrow Funds were increased by $79,282
through post-filing payments made by Debtor to Dwight. From
Debtor's Escrow Funds, Dwight made post-filing disbursements to the
Butler County Treasurer of $69,345 in payment of the remaining 2021
real estate taxes due on Tracts 1 and 2, reducing Debtor's Escrow
Funds to no less than $1,263,420. Except for $100,000 of the
replacement reserve balance, all of Debtor's Escrow Funds shall be
retained by HUD and credited against the HUD Claim.
* Per Notice of Intended Sale #3 filed herein on March 22,
2023 ("Notice of Sale #3"), Debtor shall sell Tract 1 and the
personal property described in Notice of Sale #3 to buyer NAT
Capital, LLC. It is anticipated the net sale proceeds from the sale
of Tract 1 and personal property will be approximately $1,730,000
(the "Auction Proceeds") which Auction Proceeds shall be paid over
to HUD and credited against the HUD Claim.
* After crediting Debtor's Escrow Funds and the Auction
Proceeds to HUD's claim, Debtor estimates the balance of the HUD
claim will be no more than $10,930,000 (the "Remaining HUD Claim").
The Remaining HUD Claim will be paid without interest and in full
in equal monthly payments of $26,023.81. In addition to these
payments, Debtor shall pay HUD a monthly amount of $500 to pay
HUD's outside loan servicer. Debtor's monthly payments shall begin
30 days from the Effective Date. HUD shall retain its lien in its
Collateral being retained by Debtor (the "Retained Collateral")
until full payment of the HUD Claim.
Class 2 consists of the Secured Claim of Commerce Bank. Commerce
Bank holds a claim in the amount of $25,265.13 secured by a
perfected security interest in Debtor's 2019 Dodge Grand Caravan
automobile. Debtor will retain the 2019 Dodge Grand Caravan, valued
at $26,000, and pay Commerce the amount of its allowed secured
claim of $25,265.13 in equal monthly payments of $483.86 and with
interest at the contract rate of 4.39% per annum. Commerce shall
retain its lien in the 2019 Dodge Grand Caravan until full payment
of its allowed secured claim. The amount of Commerce's claim which
exceeds its Class 2 secured claim shall be treated as a Class 6
general unsecured claim.
Class 3 consists of the Secured Claim of Huntington National Bank.
Huntington National Bank ("HNB"), as assignee of TCF Equipment
Finance, holds a claim in the amount of $11,730.55, plus interest
at the rate of 6.83% per annum, secured by a lien in Debtor's 2016
Dodge Grand Caravan automobile. Debtor will retain the 2016 Dodge
Grand Caravan and pay HNB the amount of its allowed secured claim
of $11,730.55 in equal monthly payments of $924.98 until fully
paid. HNB shall retain its lien in the 2016 Dodge Grand Caravan
until full payment of its allowed secured claim. The amount of
HNB's claim that exceeds its Class 3 secured claim herein shall be
treated as a Class 6 general unsecured claim.
Class 5 consists of the Unsecured Post-Petition Administrative
Claim of HRSA. The United States Department of Health and Human
Services, Health Resources & Services Administration ("HRSA") filed
a $473,153.89 post-petition administrative expense claim herein on
February 22, 2023. The basis for its claim is that HRSA made a
post-petition payment to Debtor of provider relief funds in the
amount of $473,153.89. By September 30, 2023, Debtor is to file a
report with HRSA showing such provider relief funds were exhausted
on allowable expenditures or lost revenues.
To the extent the provider relief funds were not paid to allowable
expenditures or lost revenues, Debtor will owe HRSA a refund of
said amounts. Debtor submits that: (a) it has already used all HRSA
funds for allowable expenditures and/or lost revenues; (b) it will
timely file a report with HRSA showing all HRSA funds were properly
used; and (c) Debtor will owe no refund to HRSA.
Like in the prior iteration of the Plan, the Debtor shall make no
payment on allowed unsecured claims.
Claims under this Plan will be paid from income generated by the
Debtor from ongoing operations.
A full-text copy of the Fourth Amended Disclosure Statement dated
April 13, 2023 is available at https://bit.ly/3L2RzAL from
PacerMonitor.com at no charge.
Attorneys for the Debtor Andover Senior Care, LLC:
Mark J. Lazzo, Esq.
Justin T. Balbierz, Esq.
MARK J. LAZZO, P.A.
Bldg. 300, Ste. B
Wichita, KS 67226
Tel: (316) 263-6895
Fax: (316) 264-4704
E-mail: mark@lazzolaw.com
justin@lazzolaw.com
About Andover Senior Care
Andover Senior Care, LLC, owns and operates an assisted living
facility in Andover, Kansas.
Andover Senior Care filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No.
22-10139) on March 11, 2022, listing $5,351,220 in assets and
$16,334,476 in liabilities. Dennis L. Bush, managing member,
signed the petition.
Judge Mitchell L. Herren oversees the case.
Mark Lazzo, Esq., at Mark J. Lazzo, P.A. and Colangelo & Taber,
P.A., serve as the Debtor's legal counsel and accountant,
respectively.
ART VAN FURNITURE: Trustee's Complaint Dismissed as Time-Barred
---------------------------------------------------------------
Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the
District of Delaware grants the motion to dismiss filed by Art Van
Furniture Franchising, LLC and its debtor affiliates in the
adversary proceeding captioned as Re: Start Man Furniture, LLC., et
al., No. 20-10553; Adv. Proc. Nos. 22-50317, 22-50319, 22-50320,
22-50322, 22-50323, 22-50324, 22-50325, 22-50326, 22-50328,
22-50330, 22-50337, 22-50338, 22-50339, (Bankr. D. Del.).
The Debtors in these bankruptcy cases entered into various
franchise agreements under which the Debtors, among other things,
authorized franchisees to operate furniture stores using debtor Art
Van Furniture's trademark. Prior to the petition date, the
Defendants in these adversary proceedings entered into franchise
agreements with Debtor Art Van Furniture Franchising, LLC. Pursuant
to these agreements, the Defendants were obligated to pay AVF
weekly royalties of 5% on gross sales. Failure to make these
payments would be a material breach, authorizing AVF to terminate
the franchise agreement.
On March 8, 2020, the Debtors filed for chapter 11 bankruptcy
protection. On April 6, 2020, the Court converted this case into
one under chapter 7, upon which Alfred T. Giuliano was appointed as
the chapter 7 trustee. In that capacity, the Trustee initiated
these adversary proceedings, alleging that the Defendants failed to
make various royalty payments and that they have yet to pay for
merchandise purchased from AVF. The Trustee seeks to recover
damages for breach of contract, turnover of estate property in the
amount owed under the franchise agreements, damages for goods sold
and delivered, and declaratory judgment that the Defendants have
waived the rights to setoff or recoupment. The amounts allegedly
owed by each Defendant under the franchise agreements vary, but the
Trustee relies on -- and has attached to each of the complaints --
several invoices evidencing the allegedly unpaid balances. The
invoices attached to the complaints refer to amounts due between
2019-2020.
The Defendants all move to dismiss the complaints on the grounds
that the Trustee is time-barred from pursuing these claims under
the terms of the franchise agreements. The Defendants argue that
Section 16.8 of the Franchise Agreements bars all claims arising
out of the contracts if the party asserting the claim failed to
bring it within one year from the date the party knew or should
have known about the facts giving rise to the claim. According to
the Defendants, that period expired sometime between February and
March 2021 -- these claims were brought in May 2022.
The Court agrees with the Trustee that an assertion that a
complaint is time barred is an affirmative defense and that such
affirmative defenses are usually inappropriate at the motion to
dismiss stage. However, the Court holds that "the Trustee's
complaint alone does not, on its face, create a basis for
dismissal. . . Courts, . . . are not limited to the four corners of
the complaint when considering a motion to dismiss. Rather Federal
Rule of Civil Procedure 10(c) states that a 'copy of a written
instrument that is an exhibit to a pleading is part of the pleading
for all purposes.' In view of this Rule, courts are authorized to
consider 'the allegations contained in the complaint, exhibits
attached to the complaint and matters of public record.' In this
case, the Trustee has attached both the franchise agreement and the
various invoices sent to Defendants as Exhibit A and Exhibit B to
the complaint, respectively."
The Court finds that "the two critical facts necessary to
demonstrate the applicability of the limitations defense are all
apparent from those attachments. First, as shown in Exhibit B, the
Trustee seeks to recover unpaid balances invoiced between February
2019 and March 2020. Second, the Franchise Agreement, which is
attached as Exhibit A, creates the obligation which the Trustee
relies on to show a breach, but it also places a deadline by which
claims must be brought. Section 16.8 of the Franchise Agreement
provides that a party must bring a claim within one year from the
date such party knew or should have known of facts creating the
claim. The invoices provided by the Trustee show that the Debtors
were aware of these unpaid accounts as early as 2019 but did not
file a complaint until May 2022. . . the Debtors filed for
bankruptcy on March 8, 2020, giving the Trustee an outside date of
March 8, 2022 to file this complaint. . . the complaint was filed
in May 2022."
Accordingly, the Court concludes that the Trustee's claims are
untimely -- the Defendants' timeliness defense is properly
considered at this stage and the trustee's claims should be
dismissed as time-barred. The Court will dismiss these complaints
without prejudice.
A full-text copy of the Letter Ruling dated March 30, 2023, is
available https://tinyurl.com/ycxn8bua from Leagle.com.
About Art Van Furniture
Art Van is a brick-and-mortar furniture and mattress retailer
headquartered in Warren, Michigan. The Company operates 169
locations, including 92 furniture and mattress showrooms and 77
freestanding mattress and specialty locations. The Company does
business under brand names, including Art Van Furniture, Pure
Sleep, Scott Shuptrine Interiors, Levin Furniture, Levin Mattress,
and Wolf Furniture.
The Company was founded in 1959 and was owned by its founder, Art
Van Elslander, until it was sold to funds affiliated with Thomas H.
Lee Partners, L.P. in March 2017. As part of this transaction, THL
acquired the operating assets of the Company and certain real
estate investment trusts, who closed the transaction alongside THL,
acquired the owned real estate portfolio of the Company, and
entered into long-term leases with Art Van. The proceeds from the
sale-leaseback transaction were used to fund the purchase price
paid to the selling shareholders.
Art Van Furniture, LLC, and 12 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-10553) on March 8,
2020.
Art Van was estimated to have $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the case judge.
The Debtors tapped Benesch, Friedlander, Coplan & Aronoff LLP as
counsel. Kurtzman Carson Consultants LLC is the claims agent.
ASMARA MLK: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Asmara MLK, LLC
3860 Martin Luther King Jr. Way, Apt 204
Oakland, CA 94609
Business Description: The Debtor is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B).
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
Northern District of California
Case No.: 23-40430
Judge: Hon. William J. Lafferty
Debtor's Counsel: Marc Voisenat, Esq.
LAW OFFICE OF MARC VOISENAT
2329 A Eagle Avenue
Alameda, CA 94501
Tel: 510-263-8755
Fax: 510-272-9158
Email: voisenat@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Asmerom Berhe Ghebrmicael, Sr., as
managing member.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/VGMYIQI/Asmara_MLK_LLC__canbke-23-40430__0001.0.pdf?mcid=tGE4TAMA
BADGER FINANCE: Moody's Lowers CFR to Caa2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Badger Finance,
LLC including the company's Corporate Family Rating to Caa2 from
B3, Probability of Default Rating to Caa2-PD from B3-PD, and
existing senior secured term loan rating to Caa2 from B3. The
capital structure also includes a $55 million ABL revolving credit
facility that is not rated by Moody's. The outlook remains
negative.
The rating downgrades reflect the company's weaker than expected
operating performance that has resulted in elevated debt/EBITDA
leverage of 12.6x (on a Moody's adjusted basis) for the 12- month
period ended September 30, 2022. The downgrades also reflect
Badger's weak liquidity and free cash flow, as well as the
execution risks to quickly improving operating performance in
sufficient time to address the increasing refinancing risk as all
of the company's outstanding debt comes due in 2024.
Badger's revenues for the nine-month period ended September 30,
2022 increased 15% compared to the prior year nine month period,
driven mainly by the smaller Horseshoe segment (17% of 2021
consolidated sales) that generated strong sales growth of 77%
driven by volume and pricing. The Trilliant segment (83% of 2021
consolidated sales) faced more pressure as revenues were up only
3%, with growth driven by pricing as volumes declined. Consolidated
EBITDA (on a Moody's adjusted basis) declined by 45% over the
nine-month period compared to the prior year due to Trilliant
volume declines and higher costs including for raw material inputs,
freight, and labor. Moody's projects the company to finish fiscal
2022 with revenues 13% higher and EBITDA (on a Moody's adjusted
basis) roughly 40% lower than fiscal 2021.
Moody's projects operating performance to improve in fiscal 2023,
with revenues projected to increase by more than 10% and EBITDA (on
a Moody's adjusted basis) projected to increase by more than 50%.
Moody's projection reflects that the inflationary cost environment
is moderating, allowing pricing to catch up to the higher costs.
The projection also reflects the company's initiatives to increase
profitability including reducing less profitable SKUs, passing on
additional pricing to offset higher costs, and driving new customer
wins at both segments to improve capacity utilization. The company
should also benefit from improving demand for private label and
value brands as consumers increasingly search for savings in a
challenging macro environment. Moody's projects debt/EBITDA
leverage to decline towards 7.0x by the end of fiscal 2023 behind
earnings growth. However, there is significant uncertainty and
execution risk around earnings improvement and profitability of
potential customer wins. Moody's also expects free cash flow and
liquidity to remain weak as rising interest rates will increase
cash interest expense meaningfully and revolver utilization will
likely remain elevated.
Badger's weak liquidity reflects limited availability on its $55
million ABL revolving credit facility and significant refinancing
risk on its outstanding debt. As of the quarter ended September 30,
2022, Badger had about $37 million drawn under the ABL revolver ($8
million remaining availability as the borrowing base was lower than
the $55 million commitment) and roughly $2 million of cash on the
balance sheet. Badger's high refinancing risk reflects the
September 2024 term loan maturity as well as the upcoming ABL
maturity, which springs from September 28, 2027 to June 28, 2024 if
the outstanding term loan maturity is not addressed by that date.
Moody's liquidity assessment also reflects its expectation of
negative free cash flow (net of distributions to the parent
company) of roughly $20 million in fiscal 2022 (compared to
negative free cash flow of $26 million in the nine-month period
ended September 30, 2022), and Moody's expectation of negative free
cash flow of roughly $4 million in fiscal 2023. The negative free
cash flow in the nine-month period ended September 30, 2022 was
largely funded with draws on the ABL, resulting in the current high
utilization. Moody's expects further utilization of the ABL
revolver in fiscal 2023 (peaking at $40-$45 million utilization) to
fund the projected negative free cash flow and mandatory annual
debt amortization of 1% on the term loan, which is approximately $3
million per year.
The following ratings/assessments are affected by the action:
Downgrades:
Issuer: Badger Finance, LLC
Corporate Family Rating, Downgraded to Caa2 from B3
Probability of Default Rating, Downgraded to Caa2-PD from B3-PD
Senior Secured Term Loan B, Downgraded to Caa2 (LGD4) from B3
(LGD4)
Outlook Actions:
Issuer: Badger Finance, LLC
Outlook, Remains Negative
RATINGS RATIONALE
Badger's Caa2 CFR reflects the company's high financial leverage
and weak liquidity, which includes limited revolver availability,
weak free cash flow, and refinancing risk related to 2024 debt
maturities. The credit profile also reflects Badger's relatively
small scale and high product and manufacturing concentration. The
company's operating performance has deteriorated since the end of
2020 primarily due to inflationary cost pressures and supply chain
challenges, resulting in elevated debt/EBITDA leverage (on a
Moody's adjusted basis) of 12.6x as of September 30, 2022. These
credit challenges are balanced against the company's fully
integrated manufacturing process-- from green coffee procurement
and roasting to high-speed coffee pod production and packaging --
that enables its low-cost producer strategy. Badger also benefits
from favorable growth prospects in its U.S. single-serve and
ready-to-drink coffee businesses and improving demand for private
label and value products as consumers are increasingly trading down
in a more challenging macro environment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects the execution risk that Badger faces
to improve its liquidity, restore positive free cash flow, and
materially reduce its debt/EBITDA leverage. Moody's expects
debt/EBITDA leverage to decline over the next 12-18 months as
earnings recover, but to a still elevated level and Moody's expects
liquidity to remain tight given the need to address the 2024 term
loan and revolver maturities.
A rating upgrade could occur if Badger is able to improve operating
performance, including generating significant earnings growth, and
improve liquidity, highlighted by increased revolver availability
and consistently positive free cash flow. Badger would need to also
successfully refinance its upcoming maturities at an interest cost
that allows for positive free cash flow, and decrease its
debt/EBITDA leverage meaningfully.
A rating downgrade could occur if Badger's weak liquidity position
deteriorates further, the ability to refinance debt maturities at a
manageable interest cost diminishes, free cash flow remains
negative, or earnings fail to recover. A downgrade could also occur
if debt/EBITDA leverage remains elevated.
ESG CONSIDERATIONS
Moody's changed Badger's financial policy and risk management score
to 5 from 4 and Badger's governance issuer profile score to G-5
from G-4, which in turn results in a change in the company's credit
impact score to CIS-5 (very highly negative credit impact) from
CIS-4 (highly negative credit impact). The changes reflect the
company's aggressive financial policy under private equity
ownership, including a history of distributions to the sponsor
despite weak operating performance and weak liquidity. The CIS
score reflects Moody's expectation for an aggressive financial
policy that leads to a rating that is several notches below the
level that is likely in the absence of ESG risks. The company is
also moderately negatively exposed to environmental and social
risks.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
COMPANY PROFILE
Based in Little Chute, Wisconsin, Badger Finance, LLC is an
intermediate holding company of Trilliant Food and Nutrition, LLC.,
Horseshoe Beverage Company, LLC, and affiliated companies. The
company is a U.S. manufacturer of private label and value branded
beverage products, mainly single serve coffee pods. The company's
branded coffee products are primarily sold under its Victor Allen
brand. Badger also manufactures and sells ready-to-drink (RTD)
coffee beverages through its Horseshoe Beverages subsidiary. Sales
for the twelve months ended September 30, 2022 were approximately
$264 million. Blackstone invested in a preferred interest in the
company in 2017 and Mike Upchurch, founder CEO, continues to hold a
majority interest in the company.
BANDAR ENTERPRISES: Hires Larson & Zirzow as Bankruptcy Counsel
---------------------------------------------------------------
Bandar Enterprises, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to hire Larson & Zirzow, LLC as
its general bankruptcy counsel.
The Debtor requires legal counsel to:
(a) prepare reports and other legal papers in connection with
the administration of the Debtor's bankruptcy estate;
(b) take all actions in connection with a plan of reorganization
and related documents and such further actions as may be required
in connection with the administration of the estate;
(c) take all necessary actions to protect and preserve the
Debtor's estate, including the negotiation of disputes in which the
Debtor is involved, and the preparation of objections to claims
filed against the estate; and
(d) perform all other necessary legal services to prosecute the
Debtor's bankruptcy case.
The hourly rates of the firm's counsel and staff are as follows:
Matthew C. Zirzow, Attorney $650 per hour
Patricia Huelsman, Paralegal $275 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm was paid the amount of $8,406.
The firm currently holds a balance of $26,594 in its trust
account.
Matthew Zirzow, Esq., an attorney at Larson & Zirzow, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew C. Zirzow, Esq.
Zachariah Larson, Esq.
Larson & Zirzow, LLC
850 E. Bonneville Ave.
Las Vegas, NE 89101
Telephone: (702) 382-1170
Facsimile: (702) 382-1169
Email: mzirzow@lzlawnv.com
zlarson@lzlawnv.com
About Bandar Enterprises
Bandar Enterprises is part of the healthcare industry.
Bandar Enterprises, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
23-11160) on March 28, 2023. The petition was signed by Heath Wills
as manager. At the time of filing, the Debtor estimated $500,000 to
$1 million in assets and $1 million to $10 million in liabilities.
Judge August B Landis presides over the case.
Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC represents the
Debtor as counsel.
BANYAN CAY RESORT: Taps Keen-Summit Capital Partners as Broker
--------------------------------------------------------------
Banyan Cay Resort & Golf, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Keen-Summit Capital Partners, LLC.
The Debtors require a marketing agent and broker in connection with
the sale of their real properties in West Palm Beach, Fla.
Keen-Summit will be paid as follows:
a. Engagement Fee. A nonrefundable advisory and consulting fee
of $35,000 which fee shall be subject to set off against
Keen-Summit's "transaction fee."
b. Transaction Fee. As and when the Debtors close a transaction,
whether such transaction is completed individually or as part of a
package, a sale or a plan of reorganization, then Keen-Summit shall
have earned compensation per transaction equal to:
i. With respect to the sale of one or more properties, eighty
basis points (0.80%) of gross proceeds; and
ii. With respect to a DIP, eighty basis points (0.80%) of the
gross proceeds.
c. "Minimum fee" shall mean a minimum cash fee equal to
$250,000. At the conclusion of this engagement, if Keen-Summit has
not earned $250,000 in fees, then the Debtors must pay the
difference. However, in the event the properties do not sell for at
least $5 million in gross proceeds, the minimum fee shall not be
received by or owed to Keen-Summit.
Matthew Bordwin, a managing director at Keen-Summit, 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:
Matthew Bordwin
Keen-Summit Capital Partners LLC
1 Huntington Quadrangle, Suite 2C04
Melville, NY 11747
Telephone: (646) 381-9202
Email: mbordwin@keen-summit.com
About Banyan Cay Resort & Golf
Banyan Cay Resort & Golf, LLC and affiliates operate resorts and
golf clubs.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-12386) on March
29, 2023. In the petition signed by its chief restructuring
officer, Gerard A. McHale, Banyan Cay disclosed $100 million to
$500 million in both assets and liabilities.
The Debtors tapped Joseph A. Pack, Esq., at Pack Law as legal
counsel; Mr. McHale of McHale, P.A. as CRO; and Keen-Summit Capital
Partners, LLC as marketing agent and broker.
BED BATH & BEYOND: Inks 5th Amendment to JPMorgan Credit Agreement
------------------------------------------------------------------
Bed Bath & Beyond Inc., on April 6, 2023, entered into a fifth
amendment to that certain Amended and Restated Credit Agreement,
dated as of Aug. 9, 2021, with certain of the Company's US and
Canadian subsidiaries party thereto, JPMorgan Chase Bank, N.A., as
administrative agent, Sixth Street Specialty Lending, Inc., as FILO
agent, and the lenders party thereto.
The Fifth Amendment permitted the entry into an amendment to the
Consignment Agreement, dated as of April 4, 2023, by and among the
Company, certain of its subsidiaries and Restore Capital (BBB),
LLC. The Fifth Amendment also added an Event of Default under the
Amended Credit Agreement in the event that the Consignment
Agreement is not extended at least fifteen days prior to the
termination date therein. Additionally, from the date that the
Consignment Agreement is terminated until the Company pays the
Buy-Out Price (as defined in the Consignment Agreement), a reserve
equal to the amount of the Buy-Out Price and any outstanding fees
due and payable to the consignor under the Consignment Agreement
will be implemented.
Purchase Agreement Closing
As previously reported, on March 30, 2023, the Company entered into
the Common Stock Purchase Agreement, by and between the Company and
B. Riley Principal Capital II, LLC. From time to time during the
term of the Purchase Agreement, the Company will have the right to
sell to BRPC II, up to the lesser of (i) $1 billion of newly issued
shares of common stock, and (ii) the Exchange Cap (subject to
certain conditions and limitations), following the satisfaction of
certain conditions set forth in the Purchase Agreement, including
(i) that the registration statement on Form S-1 relating to the
resale by BRPC II of shares of common stock issued to it by the
Company under the Purchase Agreement is declared effective by the
Securities and Exchange Commission and (ii) that the Company has
issued shares of common stock to BRPC II in an amount representing
0.25% of the Total Commitment, divided by the volume weighted
average price of the common stock during the five consecutive
trading days (y) immediately following a reverse stock split of the
common stock or (z) if no such reverse stock split occurs,
immediately prior to the commencement date of sales of shares
pursuant to the Purchase Agreement, adjusted for any
reorganization, recapitalization, non-cash dividend, stock split,
reverse stock split or other similar transaction (in each case,
rounded to the nearest whole share), as consideration for BRPC II's
commitment to purchase shares of common stock at the Company's
discretion under the terms of the Purchase Agreement. Sales of
common stock to BRPC II pursuant to the Purchase Agreement, and the
timing of any sales, subject to the satisfaction of certain
conditions, are solely at the option of the Company, and the
Company is under no obligation to sell any securities under the
Purchase Agreement.
On April 10, 2023, the Company delivered to BRPC II all documents
required to be delivered under Section 7.1(iv) of the Purchase
Agreement. Under the applicable Nasdaq Stock Market LLC rules, the
Company cannot issue or sell any shares of common stock pursuant to
the Purchase Agreement, and BRPCII shall not purchase or acquire
any shares of common stock pursuant to the Purchase Agreement, to
the extent that after giving effect thereto, the aggregate number
of shares of common stock that would be issued pursuant to the
Purchase Agreement and the transactions contemplated thereby would
exceed 111,747,196 shares, which number of shares is equal to
19.99% of the total number of shares of the Company's common stock
issued and outstanding immediately prior to the Closing, which
number of shares will be reduced, on a share-for-share basis, by
the number of shares of common stock issued or issuable pursuant to
any transaction or series of transactions that may be aggregated
with the transactions contemplated by the Purchase Agreement under
the applicable rules of Nasdaq, unless the Company obtains
stockholder approval to issue shares in excess of the Exchange Cap
in accordance with applicable Nasdaq rules; provided, however, the
Exchange Cap will not be applicable to the transactions
contemplated hereby, solely to the extent that (and only for so
long as) the average per share purchase price paid by BRPC II
equals or exceeds $0.32.
Equity Proceeds Requirements
As previously disclosed, on March 30, 2023, the Company entered
into a waiver and amendment to the Amended Credit Agreement. The
Fourth Amendment waived certain events of default under the Credit
Agreement related to negative and affirmative covenants. The
Fourth Amendment also revised provisions of the Credit Agreement
relating to the Equity Commitment (as defined in the Credit
Agreement) to reflect the Company's entry into an at-the-market
sales agreement, dated March 30, 2023, by and between the Company
and B. Riley Securities, Inc. and the Purchase Agreement. In
particular, the Fourth Amendment set forth: (i) the requirements to
receive minimum Specified Equity Proceeds (as defined in the Fourth
Amendment) or (ii) to demonstrate the Minimum Cumulative Specified
Equity Proceeds (as defined in the Fourth Amendment). These
testing periods are weekly for the next 8 out of 11 weeks requiring
a minimum raise with a Minimum Cumulative Specified Equity Proceeds
of approximately $232 million by June 27, 2023 and then $12.5
million weekly thereafter subject to exceptions.
In addition, the Fourth Amendment requires that the Company
establishes reserves related to the equity proceeds received.
As of April 11, 2023, the conditions detailed above and contained
in the Fourth Amendment have been met as of the date required. The
Company can provide no assurance that it will be able to meet the
conditions on future dates. The failure to meet these conditions
would likely cause the Company to file for bankruptcy.
Reverse Stock Split
On or about April 5, 2023, the Company first mailed to its
shareholders a notice of special meeting and a definitive proxy
statement reflecting the proposals to be presented to shareholders
at a Special Meeting of Shareholders of the Company. At the
Special Meeting, shareholders will be asked to consider a proposal
to effect a reverse stock split of the Company's common stock at a
ratio in the range of 1-for-10 to 1-for-20, with such ratio to be
determined at the discretion of the Board.
Bed Bath & Beyond said, "Although the Board expects that the
contemplated Reverse Stock Split will result in an initial increase
in the price of our common stock, the sustained effect of the
contemplated reverse stock split on the market price of our common
stock cannot be predicted with certainty. Factors such as our
financial results, market conditions and the market perception of
our business, may adversely affect the market price of our common
stock notwithstanding the approval of the contemplated Reverse
Stock Split, including the Equity Requirements described above.
The Company needs to raise equity capital to have the necessary
cash resources to fund operations and service obligations under our
Credit Agreement. Since March 30, 2023, while the Company has
directed the sales of its common stock pursuant to the ATM
Agreement, the market price of our common stock has decreased from
$0.80 on the day immediately preceding the announcement of the ATM
Agreement to $0.3092 on April 6, 2023. A declining market price of
our common stock will decrease the amount of net cash proceeds the
Company may raise pursuant to the ATM Agreement in light of the
limited amount of shares of common stock available for issuance by
the Company. In addition, the continuous sale of common stock by
the Company pursuant to the Purchase Agreement and the resale of
that common stock into the market may also adversely affect the
market price of our common stock following the contemplated Reverse
Stock Split. The continued downward pressure on the market price
of our common stock may adversely affect the amount of net cash
proceeds raised by the Company under the Purchase Agreement. As a
result, a declining market price of our common stock may raise the
likelihood of the occurrence of an Event of Default pursuant to our
Amended Credit Agreement if we fail to raise sufficient net cash
proceeds to meet the Equity Requirements. Lenders under the Credit
Agreement may exercise remedies against the collateral securing our
obligations thereunder, all of which would have a material adverse
effect on our business, financial condition, results of operations
and liquidity. In such an event, we would likely be required to
file for bankruptcy protection unless we obtain access to
sufficient capital resources to satisfy our payment obligations
under the Company's credit facilities. Holders of our common stock
would not receive any recovery at all in a bankruptcy scenario."
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.
BIOSTAGE INC: Appoints Ron Packard to Board of Directors
--------------------------------------------------------
Biostage, Inc. announced the appointment of Ron Packard as an
independent director to its Board of Directors, adding strength in
the areas of business innovation, strategy and finance.
Ron Packard is the CEO and founder of Pansophic Learning, a global
technology-based education company. Packard is a well-known
educator, entrepreneur and visionary as well as the author of the
highly regarded and reviewed book Education Transformation.
Packard was previously the long time CEO and Founder of K12 Inc.
He oversaw the growth of K12 from just an idea to almost one
billion in revenue, making it one of the largest education
companies in the world. During his tenure, revenue compounded at
nearly 80% and he led the company through its IPO on the NYSE.
Before K12, Packard was the vice president of Knowledge Universe
and CEO of Knowledge Schools, one of the nation's largest early
childhood education companies. He was also instrumental in the
successful investments in Learn Now, Children's School USA,
Leapfrog, TEC, and Children's Discovery Center. Packard also
worked for McKinsey & Company where he specialized in Biotechnology
and Semiconductors. He previously worked for Goldman Sachs in
mergers and acquisitions.
Packard has received the Education Industry Association's James P.
Boyle Entrepreneurial Leadership Award, as well as the Ernest &
Young Entrepreneur of the Year Award in the IT Services & Solutions
category in Greater Washington. The University of Chicago's Booth
School of Business named him a Distinguished Alumni, and he also
received an Outstanding Leadership Award from the United States
Distance Learning Association. He sits on the Digital Learning
Council. Packard previously served on the Department of
Defense’s Education Advisory Committee. He holds a B.A. from the
University of California at Berkeley and an M.B.A. from the
University of Chicago, both with honors. He has also earned the
C.F.A designation.
"We are pleased to welcome Ron Packard to the Biostage Board," said
Jerry He, chairman of Biostage. "Ron's deep business and financial
experience will be instrumental in helping the company to pursue
the mission to serve the potential unmet patient needs. His
appointment will be invaluable to Biostage at a time of significant
opportunity and growth."
Mr. Packard commented, "I am very pleased to be joining the Board
of Directors for Biostage at this exciting stage of its clinical
development. Biostage is developing promising novel cell therapies
with the potential to change the lives of patients with significant
unmet needs. I look forward to helping Biostage reach its
financial and strategic objectives."
In connection with his appointment, the Company will grant Mr.
Packard, on the fifth business day following his appointment, stock
options with a value of $25,000 at the grant date that will vest in
full in equal quarterly increments over a period of one year from
the grant date. In addition, for his service, Mr. Packard will
receive compensation commensurate with that received by the
Company's other non-employee directors, which as may be modified by
the Board from to time, currently includes annual compensation of
cash fees of $20,000 to be paid in quarterly increments, and an
annual grant of stock options, granted on the fifth business day
following the Corporation's annual stockholders meeting, with a
value of $25,000 at the grant date to vest in full in equal
quarterly increments over a period of one year from the grant date.
In addition, all non-employee directors shall be reimbursed for
their expenses incurred in connection with attending Board and
committee meetings.
About Biostage
Holliston, Massachusetts-based Biostage, Inc. -- www.biostage.com
-- is a biotechnology company with a mission to cure patients of
cancers, injuries, and birth defects of the gastro-intestinal tract
and the airways. The Company believes its technology is likely to
be used to treat esophageal cancer, esophageal injuries, and birth
defects in the esophagus. The Company believes additional product
candidates in its pipeline may treat bronchial cancer, intestinal
cancer, and colon cancer. Since inception, the Company has devoted
substantially all of its efforts to business planning, research and
development, recruiting management and technical staff, and
acquiring operating assets.
Biostage reported a net loss of $6.07 million for the year ended
Dec. 31, 2022, compared to a net loss of $7.98 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $2.40
million in total assets, $1.41 million in total liabilities, and
$4.18 million in series E convertible preferred stock, and a total
stockholders' deficit of $3.19 million.
Boston, MA-based Marcum LLP, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated March
30, 2023, citing that the Company has suffered recurring losses
from operations, has an accumulated deficit, uses cash flows in its
operations, and will require additional financing to continue to
fund its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
BLANK LABEL: Hires Peter A. Furman of HunterPoint LLC as CRO
------------------------------------------------------------
Blank Label Group, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
HunterPoint, LLC and designate Peter A. Furman as their chief
restructuring officer.
The CRO's services include:
a. coordinating, overseeing, and managing the Sale, including,
but not limited to, the marketing process of the Assets;
b. analyzing all offer(s) for the purchase of the Assets to
determine: (1) the Baseline Bid; (2) the Successful Bid; and (3)
the Back-Up Bid, and consulting with and making related
recommendations to an independent director appointed by the Debtors
for purposes of the Debtors' pending bankruptcy cases and the Sale
process;
c. providing testimony regarding the Sale, if necessary;
d. implementing the Debtors' restructuring strategy;
e. assisting with minimizing costs associated with that
process, facilitating the Debtors' communication with
parties-in-interest, assisting with creditor negotiations and such
other matters as may be requested by counsel from time to time;
f. overseeing compliance with the bankruptcy process;
g. assisting with the preparation of the Debtors' bankruptcy
schedules, Statement of Financial Affairs, monthly reports, and
other financial reporting and documentation;
h. overseeing the process for the resolution of claims, if
any, asserted against the Debtors;
i. providing testimony on behalf of the Debtors in any other
relevant area of the
Bankruptcy Case;
j. overseeing the conduct of operations, including the
treatment of accounts payable and vendors through the closing of a
transaction(s);
k. assisting with preparation of budgets and reporting against
approved budgets;
l. consulting with all other retained parties, and other
parties-in-interest;
m. attending, as requested by the Debtors, meetings and
conference calls with legal & professional representatives, and
other parties-in-interest, as necessary; and
n. managing the distribution of available funds and the
ultimate winddown of the Debtors, as required.
Mr. Furman will review the previous marketing efforts of the
Debtors, supplement those efforts as reasonable and appropriate,
and facilitate access to due diligence materials and the closing of
any such transaction, including providing all support necessary to
the Debtors' other professionals.
Additionally, Mr. Furman will consult with and make recommendations
to the Independent Director regarding the sale.
HunterPoint has agreed to be paid a flat weekly fee of $8,750 for
the services, plus expenses.
Mr. Furman, partner of HunterPoint, assured the court that his firm
is a "disinterested person" within the meaning of 11 U.S.C.
101(14).
The CRO can be reached at:
Peter A Furman
HunterPoint LLC
641 Lexington Ave, 15th Floor
New York, NY 10022
Direct: (212) 328-9497
Mobile: (917) 796-9843
Email: pfurman@hunterpoint.com
About Blank Label Group
Boston-based Blank Label Group, Inc. and its affiliates filed their
voluntary petitions for Chapter 11 protection (Bankr. D. Del. Lead
Case No. 23-10286) on March 8, 2023. In the petition signed by its
managing chairman, Fan Bi, Blank Label Group reported $500,000 to
$1 million in assets and $1 million to $10 million in liabilities.
Judge John T. Dorsey oversees the case.
Pashman Stein Walder Hayden, P.C. serves as the Debtor's legal
counsel.
BRIDGER STEEL: Gets Approval to Hire a Consultant
-------------------------------------------------
Bridger Steel Inc. received approval from the U.S. Bankruptcy Court
for the District of Montana to hire Satish V Nargundkar, a clinical
professor at Georgia State University, as its consultant.
Professor Nargundkar will prepare forecasts of the Debtor's 2023
and subsequent years' gross sales, and assist in the preparation of
projected cash flow.
Professor Nargundkar will be compensated in the amount of $300 per
hour plus reimbursement of out of pocket costs.
Professor Nargundkar assured the court that he represents no
interest adverse to the Debtor in the matters upon which he is to
be engaged.
Professor Nargundkar can be reached at:
Satish V Nargundkar
Georgia State University
Office 727, Downtown Campus
33 Gilmer Street SE
Atlanta, GA 30303
Phone: 404-413-7010
Email: snargundkar@gsu.edu
About Bridger Steel
Bridger Steel Inc. --
https://www.bridgersteel.com/about/bridger-steel -- is a
manufacturer of metal panel systems for roofing, siding & wall,
interior, and fencing applications.
Bridger Steel Inc. filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mon. Case No. 23-20019) on February
25, 2023. In the petition filed by Dennis L. Johnson, as president,
the Debtor reported assets between $1 million and $10 million and
liabilities between $10 million and $50 million.
The Honorable Bankruptcy Judge Benjamin P. Hursh oversees the
case.
The Debtor is represented by James A. Patten, Esq. at PATTEN
PETERMAN BEKKEDAHL & GREEN.
CAMP DAVID: Taps Matthews Cutrer & Lindsay as Accountant
--------------------------------------------------------
Camp David, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Mississippi to employ Matthews Cutrer &
Lindsay, CPAs as its accountant.
The Debtor requires an accountant to:
a. assist in filing state and federal tax returns;
b. assist in preparing the filing of all required state and
federal payroll tax reports as needed;
c. assist in preparing the filing of all required financial
reports and operating reports, including monthly operating
reports;
d. assist in evaluating the claims of the Debtor;
e. assist in preparing a liquidation analysis for the Debtor's
Chapter 11 plan of reorganization; and
f. provide general accounting services.
The firm will be paid at these rates:
Kenneth Lefoldt, CPA $275 per hour
Staffs $200 per hour
Kenneth Lefoldt, a partner at Matthews Cutrer & Lindsay, CPAs,
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:
Kenneth Lefoldt
Matthews Cutrer & Lindsay, CPAs
1020 Highland Colony Parkway, Suite 500
Ridgeland, MS 39157
Tel: (601) 898-8875
About Camp David
Camp David, LLC, a company in Biloxi, Miss., filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss.
Case No. 23-50402) on March 23, 2023. In the petition filed by its
manager, Mark Parish, the Debtor reported between $1 million and
$10 million in both assets and liabilities.
Judge Jamie A. Wilson oversees the case.
Patrick A. Sheehan, Esq., at Sheehan & Ramsey, PLLC serves as the
Debtor's legal counsel.
CANO HEALTH: Barry Sternlicht Holds 9.4% of Class A Shares
----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Barry S. Sternlicht disclosed that as of March 30,
2023, he beneficially owns 25,480,624 shares of Class A common
stock, $0.0001 par value per share, of Cano Health, Inc.,
representing 9.4 percent of the shares outstanding. The percentage
was calculated based on 264,174,645 shares of Class A Common Stock
issued and outstanding as of March 13, 2023 as reported by the
Issuer in its Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2022, as filed with the SEC, plus shares of Class A Common
Stock underlying the Private Placement Warrants and restricted
stock units held by the Reporting Person or affiliates thereof.
On March 30, 2023, Mr. Sternlicht resigned as a director of the
Company. In connection therewith, the Reporting Person delivered a
letter to the board of directors of the Issuer.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1034657/000089914023000493/s033123a.htm
About Cano Health
Cano Health, Inc. (NYSE: CANO) -- canohealth.com -- is a primary
care-centric, technology-powered healthcare delivery and population
health management platform.
Cano Health reported a net loss of $428.39 million in 2022, a net
loss of $116.74 million in 2021, a net loss of $71.06 million in
2020, and a net loss of $19.78 million in 2019.
CBAC BORROWER: S&P Upgrades ICR to 'B', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on CBAC Borrower
LLC to 'B' from 'B-'. At the same time, S&P also raised its
issue-level rating on CBAC's senior secured credit facility by one
notch, to 'B' from 'B-'. The '3' recovery rating reflects its
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery for lenders in a payment default.
S&P said, "The stable outlook reflects our expectation that, even
though CBAC's leverage will remain above 7x through 2023, its
EBITDA will cover its fixed charges and enable it to maintain
sufficient liquidity through the year. It also incorporates our
expectation that Caesars would provide support to CBAC, if
necessary, because of its strategic importance.
"Our view of the credit strength of CBAC Borrower LLC's parent,
Caesars Entertainment Inc., has improved due to its solid operating
performance over the past three quarters, the significant
moderation in its digital losses, and our expectation that the
ongoing recovery in the Las Vegas market will reduce its leverage
below 7x this year, despite rising macroeconomic risks.
"The upgrade incorporates our improved view of Caesars' credit
strength and our belief CBAC Borrower will benefit from its
parent's majority ownership and potential support.
"We believe CBAC became strategically important to Caesars after
Caesars bought out one of its minority partners in 2021. Given its
increased 76% ownership stake, Caesars effectively controls CBAC.
Caesars' ownership of the company has expanded its regional gaming
portfolio. Caesars manages the Horseshoe Baltimore, which shares a
brand with a number of Caesars' other properties and has full
access to its Caesars Rewards program. The Horseshoe Baltimore's
integration into Caesars' player loyalty program could support
incremental visitation to the company's other properties,
especially its destination properties in Las Vegas. In addition,
the Horseshoe Baltimore provides Caesars with an avenue to continue
executing its long-term strategy, which includes integrating
William Hill and building out its sports betting and online gaming
segment. In our view, these factors reduce the likelihood that the
casino will be sold.
"Caesars also consolidates the Horseshoe Baltimore into its
financial reports. Nevertheless, we believe there may be limits to
the extent of support Caesars would provide CBAC. For example, CBAC
has its own stand-alone financing, which we expect will remain in
place, at least over the short term. Caesars also does not
guarantee CBAC's debt and there are no cross-default provisions
between the companies. Because of these factors, we only
incorporate two notches of uplift to our rating on CBAC to reflect
Caesars' support.
"We expect CBAC Borrower LLC's leverage will remain elevated in the
low- to mid-7x area through 2023 amid increasing macroeconomic
risks.
"The Horseshoe Baltimore's gross gaming revenue was flat year over
year through the first two months of 2023 but remains about 17%
below its results in 2019 (as reported by the Maryland Gaming
Commission), primarily because of a slow recovery in its table game
revenue. Through February 2022, the casino's video lottery terminal
(VLT) revenue increased by 9% (or about $2 million) relative to the
same period in 2021, though this was offset by a 15% (or $2
million) drop in its table game revenue, which remains 38% below
2019 levels. The recovery in the Horseshoe Baltimore's table game
revenue initially lagged the rebound in its VLT revenue because of
the strict COVID-19-related operating restrictions in downtown
Baltimore, which may have led customers to frequent other competing
casinos. We also believe the resumption of normal operations for
alternate entertainment options, the depletion of government
stimulus funds, and inflationary pressures (which have limited
consumers' discretionary spending and depleted their savings) in
2022 further affected the pace of its recovery.
"We forecast CBAC's 2023 revenue and EBITDA will be slightly below
its 2022 results due to increasing macroeconomic headwinds, which
could pressure its revenue, margin, and EBITDA. S&P Global
economists expect the U.S. economy will fall into a shallow
recession in 2023 as extremely high prices and aggressive rate
hikes damage household purchasing power and lead consumers to
reduce their spending. We believe CBAC's leverage of more than 7x
is high and possibly unsustainable for a single casino operator
with a disadvantaged market position. Additionally, the company's
term loan matures in July 2024 and it will likely face higher
borrowing costs because of currently elevated market rates, which
could reduce its cash flow and EBITDA coverage of interest
expense."
CBAC will likely maintain adequate liquidity over the next 12
months even without a further extension of its revolver's
maturity.
S&P said, "Although the company's $10 million undrawn revolving
credit facility matures in July 2023, we believe that it will
generate sufficient cash flow to cover its fixed charges over the
next 12 months without drawing on its revolver. We forecast that
company's $20 million-$25 million of operating cash flow
generation, coupled with excess cash on its balance sheet, will
enable it to maintain adequate liquidity. We also believe that
Caesars would provide some support to CBAC, if needed, because of
its strategic importance.
"The stable outlook reflects our expectation that, even though
CBAC's leverage will remain above 7x through 2023, its EBITDA will
cover its fixed charges and enable it to maintain sufficient
liquidity through the year. It also incorporates our expectation
that Caesars would provide support to CBAC, if necessary, because
of its strategic importance."
S&P could lower its ratings on CBAC if:
-- S&P lowers its ratings on Caesars, potentially due to
weaker-than-forecast operating results or more aggressive financial
policies; or
-- S&P no longer believe Caesars will provide support to CBAC.
S&P could upgrade CBAC if:
-- Caesars' credit quality improves; or
-- S&P believes CBAC's strategic importance to the group has
increased.
This could occur if S&P expects Caesars to sustain leverage of less
than 6x and it refinances CBAC's credit facility at the parent
level or provides a parent guarantee.
ESG credit indicators: E-2, S-3, G-2
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of CBAC. Despite its impaired revenue
and cash flow during the pandemic because of the property's closure
and the stricter operating restrictions in downtown Baltimore
relative to other regional gaming markets, regional gaming
operators' cash flow (including CBAC's) recovered well in the years
following the pandemic. Although the pandemic was a rare and
extreme disruption unlikely to recur at the same magnitude, health
and safety scares are an ongoing risk. CBAC's concentration in
Baltimore renders it vulnerable to regulatory risks, including
potential unfavorable changes to address the perceived social risks
associated with gaming."
CBAK ENERGY: Swings to $11.3 Million Net Loss in 2022
-----------------------------------------------------
CBAK Energy Technology, Inc. reported its unaudited financial
results for the fourth quarter and full year of 2022 ended Dec. 31,
2022.
For the year ended Dec. 31, 2022, the Company reported a net loss
of $11.33 million on $248.73 million of net revenues compared to
net income of $61.56 million on $52.67 million of net revenues for
the year ended Dec. 31, 2021.
As of Dec. 31, 2022, CBAK had $244.03 million in total assets,
$119.65 million in total liabilities, and $124.38 million in total
equity.
Fourth Quarter of 2022 Financial Highlights
* Net revenues were $54.46 million, an increase of 95.9% from
$27.80 million in the same period of 2021.
* Net revenues from batteries used in light electric vehicles
were $4.51 million, up by 1035.5% from $0.40 million in the same
period of 2021.
* Net revenues from batteries used in electric vehicles were
$4.68 million, increased by 3,169.2% from $0.14 million in the same
period of 2021.
* Net revenues from uninterruptible supplies were $18.95
million, up by 101.7% from $9.40 million in the same period of
2021.
* Net revenues from manufacturing and sales of raw materials
were $26.33 million, up by 47.4% from $17.87 million in the same
period of 2021.
* Gross profit was $3.78 million, representing an increase of
$2.74 million, or 263.1%, from gross profit of $1.04 million for
the same period in 2021.
Yunfei Li, chairman and chief executive officer of the Company,
commented: "In 2022, we are pleased to see our revenues grow by
372.2% from the previous year to more than $200 million, despite
the challenges posed by COVID-19 in China. We have secured
partnerships with several key and internationally renowned clients
in the industry, including those that we have chosen to not
identify in public announcements so far to maintain our competitive
edge. As of March 31, 2023, we have in total received orders worth
$180 million to be delivered. With the market's increasing
recognition of our brand, we anticipate that our financial results
will show further growth in 2023."
Mr. Li continued: "In 2022, the price of lithium carbonate, a key
raw material for lithium batteries, skyrocketed by about 300%,
which is an important factor affecting our profitability in 2022.
However, starting from 2023, its price declined quickly, and the
momentum will remain. With that, we are optimistic about our
financial outlook this year."
Xiangyu Pei, interim chief financial officer of the Company, noted:
"Our management team is dedicated to effectively controlling our
expenses. In 2022, despite integrating a newly acquired raw
material business, our sales and marketing expenses reduced by
12.77%, and our general and administrative expenses dropped by
2.89%. As we look ahead, we believe that we can deliver a better
result in 2023."
A full-text copy of the press release is available for free at:
https://www.sec.gov/Archives/edgar/data/1117171/000121390023028695/ea176734ex99-1_cbakenergy.htm
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."
* * *
This concludes the Troubled Company Reporter's coverage of CBAK
Energy until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
CLEANSPARK INC: Inks Deal to Buy $144.9M Bitcoin Mining Machines
----------------------------------------------------------------
CleanSpark Inc. announced a purchase of 45,000 brand-new units of
the Antminer S19 XP bitcoin mining machines for a total price of
$144.9 million.
All units are expected to be ready for delivery by the manufacturer
before September end, adding, once deployed, over 6.3 exahashes per
second (EH/s) of computing power to the Company's current hashrate
of 6.7 EH/s, a 95% increase.
"The Antminer S19 XP is the most power-efficient bitcoin mining
machine available in the market today, and a key component in our
continuing work to build some of the most efficient bitcoin mining
facilities in the country," said Zach Bradford, CEO of CleanSpark.
"As bitcoin's halving draws closer, our focus on operational
efficiency, our technical expertise, and our treasury management
strategy, will all play a crucial role in solidifying CleanSpark's
position among the top bitcoin mining companies in America."
According to the purchase agreement, the manufacturer will prepare
25,000 of the 45,000 units for delivery in August, while the
remaining 20,000 units are expected to be ready for delivery in
September. The Company plans to deploy all of the acquired units
at its bitcoin mining facility in Sandersville, Georgia, which is
currently undergoing a planned 150 megawatts (MW) expansion. The
machines will be deployed in multiple batches as they arrive on
site and new rack-space becomes available, with all machines
expected to be fully operational before year-end.
"This bear market," Bradford continued, "has continued to provide
us with opportunities to maximize ROI including the opportunity to
purchase the industry's best miner at an industry leading price.
We have chosen other units such as the S19 jPro+ over the S19 XP in
the past because we believed the gap would close on the delta
between the ROI of other units and the XP. Our patience has paid
off. Securing these units under contract provides us with
approximately 15.9 EH/s of machines on hand or under contract for
delivery this year. This is an important step toward our target of
16 EH/s by year end. With approximately 99% of the required
servers secured, we have addressed a key variable and can turn our
full attention to the build-out of infrastructure at our
campuses."
This most recent miner purchase is in addition to a 20,000 machine
purchase announced in February. Those machines are fully paid for
and in the process of being delivered to the Company's Washington
facility. They are expected to be energized later this quarter,
adding an additional 2.44 EH/s of machines to CleanSpark's
operational hashrate.
"In addition to securing the majority of ASICs needed to reach our
guidance, this deal demonstrates, yet again, our ability to make
timely purchases based on ROI metrics," said Gary Vecchiarelli,
CleanSpark's CFO. "That ability is premised on a capital strategy
which maintains flexibility as its core tenant and allows us to
capitalize on accretive opportunities, such as this transaction, in
the marketplace. Securing XPs at these prices means we have one
less variable in our capital expenditure equation and puts us well
on our way to achieving our year end guidance of 16 EH/s."
CleanSpark mines bitcoin predominantly with low-carbon energy
sources, which account for over 90% of its energy mix, and
continues to follow a balanced capital management strategy by
selling a portion of its mined bitcoins to reinvest in growth.
This strategy, coupled with the Company's proprietary mining model,
has allowed CleanSpark to achieve one of the highest hashrate
realization rates among its peers since January 2022.
About CleanSpark
Headquartered in Bountiful, Utah, CleanSpark, Inc. --
www.cleanspark.com -- is a bitcoin mining company incorporated in
Nevada, whose common stock is listed on the Nasdaq Capital Market.
The Company, through itself and its wholly owned subsidiaries, has
operated in the bitcoin mining sector since December 2020. The
only cryptocurrency the Company mine is bitcoin. From March 2014
to June 30, 2022, the Company provided advanced energy technology
solutions to commercial and residential customers to solve modern
energy challenges in the alternative energy sector.
CleanSpark reported a net loss of $57.33 million for the year ended
Sept. 30, 2022, a net loss of $21.81 million on $39.29 million for
the year ended Sept. 30, 2021, a net loss of $23.35 million for the
year ended Sept. 30, 2020, and a net loss of $26.12 million for the
year ended Sept. 30, 2019. As of Dec. 31, 2022, the Company had
$486.79 million in total assets, $59.75 million in total
liabilities, and $427.03 million in total stockholders' equity.
CUENTAS INC: Says it Has $2.5M Stockholders' Equity as of March 31
------------------------------------------------------------------
Cuentas, Inc., on Feb. 6, 2023, entered into a Securities Purchase
Agreement with an institutional investor pursuant to which the
Company sold an aggregate of (i) 2,123,478 shares, (ii)
pre-warrants to purchase up to 1,664,401 shares and (iii) private
placement warrants to purchase 3,787,879 shares for a combined
purchase price of $1.32 per share (or pre-funded warrant) and
private placement warrant. The pre-funded warrants were sold in
lieu of shares to the investor to ensure that the investor did not
own in excess of 4.99% of the Company's common stock. The net
proceeds to the Company from the offering, after deducting the fees
and expenses were approximately $4.3 million.
On Feb. 3, 2023, the Company entered into a Membership Interest
Purchase Agreement (MIPA) with Core Development Holdings
Corporation, a Florida corporation that holds approximately 29.3%
of 4280 Lakewood Road Manager, LLC, which in turn owns 86.45% of
the membership interests in 4280 Lakewood Road, LLC, an affordable
multi-family real estate project located in Lake Worth, Florida.
Pursuant to the MIPA, Core agreed to sell 6% of its interest in the
Lakewood Manager (valued at $1,195,195) to the Company for 295,282
of the Company's shares (or 19.9% of the total number of current
issued and outstanding shares of the Company as of the date of the
agreement). The Company closed this transaction on or about March
9, 2023.
As a result of these two transactions and based on the Company's
estimated unaudited and non-reviewed results for the first quarter
of 2023, the Company believes that its stockholders' equity as of
March 31, 2023 was at least $2.5 million.
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.
Cuentas reported a net loss attributable to the company of $14.53
million in 2022, a net loss attributable to the company of $10.73
million in 2021, a net loss attributable to the company of $8.10
million in 2020, a net loss attributable to the company of $1.32
million in 2019, and a net loss of $3.56 million in 2018. 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.
Tel-Aviv, Israel-based Yarel + Partners, Certified Public
Accountants (Isr.), the Company's auditor since 2023, issued a
"going concern" qualification in its report dated March 31, 2023,
citing that the Company has incurred net losses since its
inception, and has not yet generated sufficient revenues to support
its operations. As of Dec. 31, 2022, there is an accumulated
deficit of $52,750,000. These conditions, along with other
matters, raise substantial doubt about the Company's ability to
continue as a going concern.
CYTODYN INC: Incurs $13.7 Million Net Loss in Third Quarter
-----------------------------------------------------------
CytoDyn, Inc. has filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $13.70
million on $0 of revenue for the three months ended Feb. 28, 2023,
compared to a net loss of $41.28 million on $0 of revenue for the
three months ended Feb. 28, 2022.
For the nine months ended Feb. 28, 2023, the Company reported a net
loss of $61.19 million on $0 of revenue compared to a net loss of
$126.70 million on $266,000 of revenue for the nine months ended
Feb. 28, 2022.
As of Feb. 28, 2023, CytoDyn had $14.64 million in total assets,
$121.65 million in total liabilities, and a total stockholders'
deficit of $107.01 million.
As of Feb. 28, 2023, the Company had a total of approximately $5.1
million in cash and $6.0 million in restricted cash and
approximately $121.3 million in short-term liabilities. The
Company expects to continue to incur operating losses and requires
a significant amount of capital in the future as it continues to
develop and seek approval to commercialize leronlimab.
CytoDyn said, "Despite the Company's negative working capital
position, vendor relations remain relatively accommodative, and we
do not currently anticipate significant delays in our business
initiatives schedule due to liquidity constraints. We cannot be
certain, however, that future funding will be available to us when
needed on terms that are acceptable to us, or at all. We sell
securities and incur debt when the terms of such arrangements are
deemed acceptable to both parties under then current circumstances
and as necessary to fund our current and projected cash needs.
"Since inception, the Company has financed its activities
principally from the public and private sale of equity securities
as well as with proceeds from issuance of convertible notes and
related party notes payable. The Company intends to finance its
future operating activities and its working capital needs largely
from the sale of equity and debt securities. The sale of equity
and convertible debt securities to raise additional capital is
likely to result in dilution to stockholders and those securities
may have rights senior to those of common shares. If the Company
raises funds through the issuance of additional preferred stock,
convertible debt securities or other debt or equity financing, the
related transaction documents could contain covenants restricting
its operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1175680/000155837023005695/cydy-20230228x10q.htm
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processes. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
Cytodyn reported a net loss of $210.82 million for the year ended
May 31, 2022, compared to a net loss of $176.47 million for the
year ended May 31, 2021. As of Nov. 30, 2022, the Company had $7.07
million in total assets, $123.04 million in total
liabilities, and a total stockholders' deficit of $115.97 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Aug. 15, 2022, citing that the
Company incurred a net loss of approximately $210,820,000 for the
year ended May 31, 2022 and has an accumulated deficit of
approximately $766,131,000 through May 31, 2022, which raises
substantial doubt about its ability to continue as a going concern.
DAVID'S BRIDAL: Case Summary & 30 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: David's Bridal, LLC
f/k/a David's Bridal, Inc.
1001 Washington Street
Conshohocken, PA 19428
Business Description: The Debtors are international bridal and
special occasion retailers. The Debtors
sell a broad assortment of bridal gowns,
bridesmaid dresses, special occasion dresses
and accessories. As of April 17, 2023, the
Debtors and their non-debtor subsidiaries
operate 294 stores across the United States,
Canada, and United Kingdom and franchise 8
stores in Mexico. The Debtors are
headquartered in Conshohocken, Pennsylvania
and currently employ approximately 10,000
employees.
Chapter 11 Petition Date: April 16, 2023
Court: United States Bankruptcy Court
District of New Jersey
Six affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
David's Bridal, LLC (Lead Case) 23-13131
DBI Midco, Inc. 23-13132
DBI Holdco II, Inc. 23-13133
DBI Investors, Inc. 23-13134
David's Bridal Canada, Inc. 23-13135
Blueprint Registry, LLC 23-13136
Judge: Hon. Christine M. Gravelle
Debtors'
Bankruptcy
Co-Counsel: Joshua A. Sussberg, P.C.
Christopher T. Greco, P.C.
Rachael M. Bentley, Esq.
KIRKLAND & ELLIS LLP
AND KIRKLAND & ELLIS INTERNATIONAL
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: joshua.sussberg@kirkland.com
christopher.greco@kirkland.com
rachael.bentley@kirkland.com
- and -
Alexandra Schwarzman, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle Street
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: alexandra.schwarzman@kirkland.com
Debtors'
Bankruptcy
Co-Counsel: Michael D. Sirota, Esq.
Felice R. Yudkin, Esq.
Rebecca W. Hollander, Esq.
COLE SCHOTZ P.C.
Court Plaza North
25 Main Street
P.O. Box 800
Hackensack, New Jersey 07602-0800
Tel: (201) 489-3000
Fax: (201) 489-1536
Email: msirota@coleschotz.com
fyudkin@coleschotz.com
rhollander@coleschotz.com
Debtors'
Financial
Advisor: BERKELEY RESEARCH GROUP, LLC
Debtors'
Investment
Banker: HOULIHAN LOKEY CAPITAL, INC.
Debtors'
Liquidation
Consultant: GORDON BROTHERS RETAIL PARTNERS, LLC
Debtors'
Claims &
Noticing
Agent: OMNI AGENT SOLUTIONS
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petitionS were signed by James Marcum as chief executive
officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/BVZG6AY/Davids_Bridal_LLC__njbke-23-13131__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. UPS - United Parcel Service Trade Claim $1,299,101
PO Box 7247-0244
Philadelphia, PA
19170-0001
Tel: 215-389-9993
Email: dmcharg@ups.com;
melissaleblanc@ups.com
2. RM Richards Trade Claim $980,820
1400 Broadway
9th Floor
New York, NY 10018
Tel: 646-435-7689
Email: EOuzouner
@rmrich.com; Denisew
@rmrich.com; BPatel@rmrich.com
3. Google Inc. Trade Claim $923,341
Dept 33654
PO Box 39000
San Francisco, CA 94139
Email: gan-collections@google.com;
collections@google.com
4. Microsoft Corporation Trade Claim $797,611
PO Box 844510
Dallas, TX
75284-4510
Tel: 980-776-8084
Email: MSCREDIT@microsoft.com;
eacolcom@microsoft.com
5. CIT Group/ Trade Claim $731,588
Commercial Svcs
PO Box 1036
Charlotte, NC
28201-1036
Tel: 213-613-2400
Email: Laura.Beale@firstcitizens.com;
Kevin.Ritter@firstcitizens.com;
Denise.Byrd@firstcitizens.com;
Kandy.Bowen@firstcitizens.com
6. Unlimited Res & Trade Claim $508,575
Comm Const LLC
828 Crews Rd
Carrolton, GA 30116
Tel: 404-569-9288
Email: jeffersbuild@gmail.com
7. UPS Supply Chain Trade Claim $490,997
Solutions Inc.
28013 Network Place
Chicago, IL
60673-1280
Tel: 866-493-7140
Email: finney@ups.com;
mcohn@ups.com
8. Bliss Designs Inc. Trade Claim $484,788
1435 51st St
Suite 2-2B
North Bergen, NJ 07047
Tel: 201-420-3873
Email: jon@bliss-designs.com;
marie@bliss-designs.com
9. Unique Structures LLC Trade Claim $453,922
315 Ushers Rd
Ballston Lake, NY 12019
Tel: 518-877-0717
Email: tom@usny.biz
10. January Digital LLC Trade Claim $377,474
4833 Overton Woods
Ft. Worth, TX 76109
Email: Kevin@JanuaryDigital.com;
accounting@januarydigital.com
11. Facility Source LLC Trade Claim $338,821
Attn: Accounts Receivable
2020 N Central Ave
Ste 1200
Phoenix, AZ 85004
Tel: 614-318-1700
Email: ken.schwieterman@cbre.com;
Patricia.Green@cbre.com
12. Meta Platforms Inc. Trade Claim $293,077
15161 Collections
Center Drive
Chicago, IL 60693
Tel: 650-543-4800
Email: AR@FB.com
13. Attentive Mobile Inc. Trade Claim $264,242
PO Box 200659
Pittsburgh, PA
15251-0659
Tel: 844-293-7265
Email: AR@attentivemobile.com
14. France Lab Inc. Trade Claim $237,070
264 W 40th St, 17th fl
New York, NY 10018
Tel: 646-3814
Email: rmehta@mcbg-lab.us
15. Loeb Electric Co. Trade Claim $216,273
1800 E 5th Ave
Columbus, OH 43219
Email: david.ellcessor@loeblighting.com
16. TaxMatrix Trade Claim $198,438
Technologies LLC
200 Grandview Ave,
Ste 100
Camp Hill, PA 17011
Tel: 610-232-0137
17. TC Millwork Inc. Trade Claim $192,820
PO Box 826
Bensalem, PA 19020
Tel: 215-245-4210
Email: k.zegarski@tcmillwork.com
18. BirdEye Inc. Trade Claim $171,875
PO Box 8563
Pasadena, CA
91109-8604
Tel: 408-306-3575
19. Bridal Veil Company Inc. Trade Claim $157,674
34 34th St
Brooklyn, NY 11232
Tel: 888-403-5255
Email: marionatbv@hotmail.com
20. American Litho Inc. Trade Claim $157,263
175 Mercedes Dr
Carol Stream, IL 60199
Tel: 630-973-8292
Email: bjohnson@alitho.com
21. Blueberry Trade Claim $154,400
Technologies LLC
419 26th St
Seattle, WA 98144
Email: adam@bilberry.com;
billing@billberry.com
22. Universal Music Trade Claim $150,000
Enterprises
A Div of UMG
Records Inc.
2220 Colarado Ave
Santa Monica, CA 90404
Email: adriana.schroeder@umusic.com
23. Royal Cyber Inc. Trade Claim $146,006
55 Shuman Blvd
Ste 275
Naperville, IL 60563
Tel: 630-355-6252
Email: accounting@royalcyber.com
24. 4545 Kennedy LLC Rent $138,415
PO Box 85
West Palm Beach,
FL 33402
Email: annette@flagler-realty.com
25. Kyndryl Inc. Trade Claim $137,534
PO Box 735919
Dallas, TX
75373-5919
Tel: 212-552-1481
Email: rosas@kyndryl.com;
ARUS@kyndryl.com
26. BCORE Defender Rent $134,952
PA 1M01 LLC
PO Box 200278
Dallas, TX
75320-0278
Tel: 267-705-6210
Email: rpiercy@linklogistics.com
27. Moschini Productions Inc. Trade Claim $134,613
190 Beach 69th St 4D
New York, NY 11692
Tel: 917-673-2101
28. ColFin 2015-3 Rent $131,404
Industrial
PO Box 208383
Austin, TX
75320-8383
Email: pmnortheast@
liprop.com; RPiercy@
linklogistics.com
29. [24]7.ai, Inc. Trade Claim $127,023
2105 S Bascom Ave
Ste 195
Campbell, CA 95008
Tel: 998-694-1252
30. Ring Central Inc. Trade Claim $118,930
20 Davis Dr
Belmont, CA 94002
Tel: 704-621-4340
Email: rich.pennix@ringcentral.com
DIAMOND SPORTS: MLB Wants to Gain Control of Broadcast Rights
-------------------------------------------------------------
Pete Grathoff of The Kansas City Star reports that Major League
Baseball (MLB) is moving aggressively to gain control of broadcast
rights for some teams.
Diamond Sports Group, a subsidiary of Sinclair Broadcast Group
which owns Bally Sports Kansas City filed for Chapter 11 bankruptcy
protection last month. That's led to legal action by Major League
Baseball.
Diamond missed rights fees payments to the Twins and Guardians, the
Athletic reported, and MLB filed an emergency motion that would
make Diamond either pay the teams or terminate the contracts so the
teams could take over the broadcasts.
On Thursday, April 6, 2023, the Arizona Diamondbacks also filed a
motion asking the court to force Diamond to pay money the team is
owed or terminate its contract, the Athletic said.
Should the court rule in MLB's favor, it could have a trickle down
effect to the Royals.
Royals CEO and chairman John Sherman recently said the team was
prepared financially if Bally Sports failed to pay the team for its
broadcast rights. It is not known if a payment to the Royals has
been made or if a due date is approaching.
But MLB commissioner Rob Manfred said in February if one team's
contract with Bally Sports is terminated, then the league can
terminate them all.
"Our first hope remains that Diamond figures out a way to pay the
clubs and broadcast the games like they're contractually committed
to do," Manfred said, per Cronkite News. "If Diamond doesn't pay,
under every single one of the broadcast agreements, that creates a
termination and our clubs will proceed to terminate those
contracts. We would make use of our asset, the MLB Network. We
would go directly to the distributors and make an agreement to have
those games on cable networks."
A court would have to agree to Manfred's assertion that all the
contracts are connected. But If Diamond Sports Group loses the
right to broadcast Royals games on Bally Sports Kansas City,
Sherman thinks MLB will step in and do a great job covering games
using the Royals' current broadcasters.
"MLB has got a network and I think the commissioner has been clear
that if anything happens with Bally's, we're gonna stand up that
network, we're gonna distribute the games via MLB Network and also
direct to the consumer via streaming as well," Sherman said. "But
regardless of whether the management of that is local, or in
central baseball, it's going to be very localized from our
broadcast crew and how we deliver games to our fans."
Centralized coverage
Weeks before the bankruptcy-protection filing by Bally Sports'
parent company, Forbes reported Warner Brothers Discovery announced
it was getting out of the regional sports network (RSN) business.
That affected deals with the Astros, Mariners, Rockies and
Pirates.
Sherman said the RSN model has become outdated. Each MLB team makes
its own deal for local broadcast rights, and 14 have contracts with
Bally Sports.
"I think the long-term vision would be that there'd become a
centralized global MLB media company, I would say maybe even
NFLlike," Sherman said. "It's a difficult business model, but if
you think about the fragmented nature of the RSN business and all
the challenges, that was a great structure and great model while it
worked."
"Long term, and I don't think it's a secret, I think the league
would get to do it the right way. But we'd like to have rights back
and be in control of the distribution of our content long term."
ESPN's Alden Gonzalez reported the league's plan is to one day
broadcast games on a regionalized MLB Network while also streaming
on MLB.TV. That would include inmarket games "since there would no
longer be a competitor in the local market blocking them from doing
so."
'Blackouts have to go away' If — and that's still a big if —
the league takes over broadcast rights for the Royals and other
teams, allowing fans to buy a streaming option for games through
MLB.TV regardless of where they live would be a significant
upgrade.
Cord-cutters in Kansas City and the surrounding area have long
complained that streaming options are either limited or too costly,
so that would be a welcome change.
Meanwhile, fans outside of Kansas City have been frustrated to find
Royals games blacked out, even though they live hundreds of miles
from Kansas City.
Sherman has heard those complaints. "The blackouts have to go
away," Sherman said. "I think that would be a first order of
business when and if this becomes MLB media."
About Diamond Sports Group
Diamond Sports Group, LLC operates as a sports marketing company.
The Company offers seminars, combine, speed and agility
assessments, recruiting tools, and online training sessions for
sports including football, baseball, soccer, and basketball.
Diamond Sports Group and 29 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
N0. 23-90116) on March 14, 2023. In the petition filed by David F.
DeVoe, Jr., as chief financial officer and chief operating officer,
the Debtor listed estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped PORTER HEDGES LLP as general bankruptcy counsel;
WILMER CUTLER PICKERING HALE AND DORR LLP as conflicts counsel;
ALIXPARTNERS, LLP, as financial advisor; and MOELIS & COMPANY LLC
and LIONTREE ADVISORS LLC as investment bankers. KROLL
RESTRUCTURING ADMINISTRATION LLC is the claims agent.
DIOCESE OF ALBANY: Taps Tobin and Dempf as Litigation Counsel
-------------------------------------------------------------
The Roman Catholic Diocese of Albany, New York seeks approval from
the U.S. Bankruptcy Court for the Northern District of New York to
employ Tobin and Dempf, LLP as its special litigation counsel.
The Debtor needs the firm's legal assistance in connection with:
(i) claims arising under the New York Child Victims Act;
(ii) claims arising in litigation commenced by participants in
the St. Clare's pension fund against the Debtor;
(iii) matters concerning actions by the New York State Attorney
General with respect to claims asserted in the St. Clare's pension
fund litigation;
(iv) potential litigation and non-bankruptcy matters;
(v) assisting the Debtor's bankruptcy counsel by providing
support and information concerning the administration of the
Debtor's estate.
The firm will be paid at these rates:
Attorneys $200 per hour
Paralegals $75 per hour
Michael Costello, Esq., a partner at Tobin and Dempf, 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:
Michael L. Costello, Esq.
Tobin and Dempf, LLP
515 Broadway
Albany, NY 12207
Tel: (518) 463-1177
About The Roman Catholic Diocese of Albany
The Roman Catholic Diocese of Albany is a religious organization in
Albany, N.Y. It covers 13 counties in Eastern New York, including a
portion of a 14th county. Its Mother Church is the Cathedral of the
Immaculate Conception in the city of Albany.
New York's Child Victims Act, which took effect in August 2019,
temporarily sets aside the usual statute of limitations for
lawsuits to give victims of childhood sexual abuse a year to pursue
even decades-old claims. Hundreds of new lawsuits have been filed
against churches and other institutions since the law took effect
on Aug. 14, 2019.
Facing the financial weight of new sexual misconduct lawsuits, at
least four of the eight Roman Catholic dioceses in the state, has
already sought Chapter 11 protection. The dioceses that have
declared bankruptcy include the Diocese of Rochester and the
Diocese of Rockville Centre on Long Island.
The Catholic Diocese of Albany sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on
March 15, 2023. In the petition filed by Fr. Robert P. Longobucco,
the Debtor estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.
Judge Robert E. Littlefield, Jr. oversees the case.
The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel;
Tobin and Dempf, LLP as special litigation counsel; and Keegan
Linscott & Associates, PC as financial advisor. Donlin, Recano &
Company, Inc. is the claims and noticing agent.
DIOCESE OF SANTA ROSA: Taps Donlin as Administrative Advisor
------------------------------------------------------------
The Roman Catholic Bishop of Santa Rosa received approval from the
U.S. Bankruptcy Court for the Northern District of California to
employ Donlin, Recano & Company, Inc. as its administrative
advisor.
The firm's services include:
a. assisting with, among other things, any required
solicitation, balloting, tabulation and calculation of votes as
well as preparing any appropriate reports as required in
furtherance of confirmation of a Chapter 11 plan;
b. generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;
c. handling requests for documents in connection with the
balloting services;
d. gathering data in conjunction with the preparation, and
assisting with the preparation, of the Debtor's schedules of assets
and liabilities and statements of financial affairs;
e. providing a confidential data room, if requested;
f. managing and coordinating any distributions pursuant to a
confirmed Chapter 11 plan; and
g. other administrative services.
The firm will be paid at these rates:
Executive Management No charge
Senior Bankruptcy Consultant $158 to $194 per hour
Case Manager $144 to $158 per hour
Consultant/Analyst $117 to $140 per hour
Technology/Programming Consultant $86 to $108 per hour
Clerical $35 to $45 per hour
The retainer is $20,000.
Nellwyn Voorhies, an executive director at Donlin, Recano &
Company, 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:
Nellwyn Voorhies
Donlin, Recano & Company, Inc.
48 Wall Street
New York, NY 10016
Telephone: (619) 346-1628
Email: nvoorhies@donlinrecano.com
About The Roman Catholic Bishop of Santa Rosa
The Roman Catholic Diocese of Santa Rosa in California is a
diocese, or ecclesiastical territory, of the Roman Catholic Church
in the northern California region of the United States, named in
honor of St. Rose of Lima.
Abuse victims filed hundreds lawsuits after the state of California
paused for three years its statute of limitation on claims for
child sexual abuse. The pause ended on Dec. 31, 2022.
Facing more than 200 new legal claims over childhood sexual abuse,
the Roman Catholic Bishop of Santa Rosa, also known as the Diocese
of Santa Rosa, filed a Chapter 11 petition (Bankr. N.D. Calif. Case
No. 23-10113) on March 13, 2023. The Debtor estimated $10 million
to $50 million in both assets and liabilities.
The Hon. Charles Novack is the case judge.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP as bankruptcy counsel; Shapiro Galvin Shapiro & Moran as
special corporate and litigation counsel; Weinstein & Numbers, LLP
as insurance counsel; and GlassRatner Advisory & Capital Group,
LLC, doing business as B. Riley Advisory Services, as financial
advisor. Donlin, Recano & Company, Inc. is the claims agent. Blank
Rome, LLP as special insurance counsel.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP is the committee's legal counsel.
ELANCO ANIMAL: Fitch Alters Outlook on 'BB-' IDR to Stable
----------------------------------------------------------
Fitch Ratings has downgraded Elanco Animal Health Incorporated's
(ELAN) and Elanco US Inc.'s Issuer Default Ratings (IDRs) to 'BB-'
from 'BB' and senior secured debt ratings to 'BB+'/'RR1' from
'BBB-'/'RR1'. Fitch has also downgraded ELAN's senior unsecured
notes to 'BB-'/'RR4' from 'BB'/'RR4'. The Rating Outlook has been
revised to Stable from Negative.
The rating actions reflect the operating headwinds facing the
company, which has stressed the company's ability to return to its
prior Rating Sensitivities including the maintaining of EBITDA
leverage (total debt to operating EBITDA) below 4.5x. However,
Fitch expects the company will continue to generate positive FCF
and gradually deleverage through a combination EBITDA growth and
debt reduction.
KEY RATING DRIVERS
Competitive Position in Animal Health: ELAN is the fourth largest
company in the animal health industry with a global footprint and
portfolio that spans the feed animal and pet health segments. Fitch
expects the animal health category will benefit from long-term
demand growth and the feed animal segment will be supported by
population growth and increasing global protein consumption. Also,
the pet health segment is expected to benefit from growing consumer
expenditures. Further, Fitch expects revenues to be fairly durable
relative to broader corporate industrial companies given that
ELAN's products benefit from some level of differentiation and
patent exclusivity.
ELAN is also expected to benefit from durable revenues relative to
pharmaceutical companies given its more fragmented and notably
private-pay customer base as opposed to public and commercial
third-party payers. Fitch views ELAN's scale and portfolio reach as
a competitive advantage, allowing it to serve a global customer
base with its intellectual property and to buffer against the
consolidation of its end customers.
Operating Environment Headwinds: Supply chain disruptions,
coronavirus-related shutdowns in China, competitive pressure on
Elanco's veterinarian-prescribed parasiticides and pressure in its
retail market present operating challenges for Elanco. As a result,
the company has extended its margin expansion timeline. Fitch
expects the company to realize roughly $400 million of synergies
from the Bayer transaction through cost reduction and improved
operating efficiency, but the costs relating to achieving these
synergies appear to be greater than originally expected. The
combined challenges present more risk to Elan's ability to reduce
EBITDA leverage.
Advancing Pipeline: A combination of Elanco's legacy research and
development efforts and the Bayer and the Kindred acquisitions have
helped to strengthen the company's pipeline. The company has
received three regulatory approvals in 4Q22 through 1Q23 to treat
diabetes, fleas and ticks and initiated the submission for a
broad-spectrum parasiticide in Q422. Fitch also expects Elanco to
submit a biologic to prevent parovirus infections and a
methane-reduction agent.
Acquisitions Improved Business Profile: The acquisitions of Bayer
AG animal health business and Kindred Biosciences have strengthened
the company's competitive profile with greater product
diversification, reduced reliance on antibiotics and scale benefits
such as an improved competitive position relative to Zoetis Inc.,
stronger relative bargaining power with suppliers and customers
(e.g. group purchasing organizations) and more products to sell
through its sales and marketing infrastructure. Also, the
transactions reduce ELAN's reliance on the farm animal segment,
which has been pressured by a variety of headwinds in recent years
(e.g. headwinds to antibiotic volumes).
DERIVATION SUMMARY
ELAN has a competitive position within the global animal health
segment with a large, global footprint and scale that affords it
competitive advantages relating to procurement, manufacturing, R&D,
distribution and to buffer against the effects of customer
consolidation. Compared with pharmaceutical peers that focus on
humans, ELAN's portfolio benefits from no reimbursement risk.
However, its antibiotic segment continues to face material
headwinds from regulatory interventions and end-consumer
preferences. ELAN's closest peer is Zoetis, Inc., which has a
broader portfolio and has already achieved its debt reduction and
margin expansion goals. ELAN's 'BB-' IDR is multiple notches lower
than the 'BBB' category and 'A' category ratings of its
pharmaceutical peers due to significantly higher leverage, limited
scale and weaker cash flow generation.
Parent-Subsidiary Linkage
The approach taken is a weak parent (Elanco Animal Health
Incorporated)/strong subsidiary (Elanco US Inc.). Using its Parent
and Subsidiary Linkage Rating Criteria, Fitch concludes there is
open ring fencing and access & control. As such, Fitch rates the
parent and subsidiary at the consolidated level with no notching
between the two.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer
- Low single-digit revenue decline in 2023 owing to some lingering,
but moderating headwinds, followed by mid-single-digit growth;
- Operating EBITDA margins gradually improve during the forecast
period, as ELAN realizes synergies from recent acquisitions and
focuses on other operating efficiency improvements;
- The company refinances most of its debt maturing in 2023 and
begins reducing debt in 2024 and beyond;
- EBITDA leverage declines to below 5.0x by YE 2024 through EBITDA
expansion and debt reduction;
- The issuer does not initiate a dividend nor engage in material
M&A until it achieves its deleveraging target;
- FCF generation of at least $350 million in 2023 and increasing
meaningfully thereafter.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch's expectation of successful execution of growth and
productivity initiatives manifesting in revenues and margins;
- Fitch's expectation of EBITDA leverage sustaining below 4.5x;
- Fitch's expectation of (cash from operations-capex)/total debt
sustaining above 7.5%;
- Continued improvements in ELAN's scale and relative competitive
position.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch's expectation of EBITDA leverage sustaining above 5.5x due,
in part, to weaker or slower recovery in EBITDA or synergy
realization without additional debt repayment;
- Fitch's expectation of (cash from operations-capex)/total debt
sustaining below 5.0%.
LIQUIDITY AND DEBT STRUCTURE
Principally Secured Capital Structure: ELAN is principally a
secured debt borrower with a $750 million secured revolving credit
facility and $4.6 billion secured term loans. The company also has
roughly $1.1 billion of senior unsecured debt outstanding.
Adequate Liquidity: Fitch expects ELAN will have adequate liquidity
to manage through the current operating headwinds and upcoming debt
maturities. At Dec. 31, 2022, Elanco had $345 million in cash and
cash equivalents and had full availability on its $750 million
senior secured revolving credit facility. Fitch forecasts FCF will
remain positive throughout the forecast period. The company has
$401 million of debt maturing in 2023, $50 million in 2024, $225
million in 2025 and $50 million in 2026.
Debt Notching: Fitch does not employ a waterfall recovery analysis
for issuers rated in the 'BB' category. The further up the
speculative-grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. As
such, Fitch rates the senior secured credit facility 'BB+'/'RR1',
two notches above the IDR. This rating illustrates Fitch's
expectation for superior recovery prospects in the event of default
given there is no structurally senior debt (e.g. an ABL), leverage
is not considered to be excessive and a majority of the EV is not
located outside the U.S.
The notching of ELAN's senior unsecured debt is rated 'BB-'/'RR4'.
The +0 notching from the IDR reflected the potential for being
subordinated to secured debt and, thus, the secured debt issuances
did not further subordinate the unsecured notes, but instead were a
realization of the assumption implicit in the original notching.
ISSUER PROFILE
Elanco is the fourth largest animal health company, and it has one
of the broadest portfolios of pet parasiticides in the companion
animal sector. Elanco controls a diverse portfolio of more than 200
brands that make it a partner to veterinarians and food animal
producers in more than 90 countries.
ESG CONSIDERATIONS
ELAN has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to regulatory interventions
and end-consumer preferences away from the use of antibiotics in
feed for animals, which has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3' - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Elanco Animal
Health
Incorporated LT IDR BB- Downgrade BB
senior secured LT BB+ Downgrade RR1 BBB-
senior
unsecured LT BB- Downgrade RR4 BB
Elanco US Inc. LT IDR BB- Downgrade BB
senior secured LT BB+ Downgrade RR1 BBB-
ESSY QUALITY: Case Summary & Two Unsecured Creditors
----------------------------------------------------
Debtor: ESSY Quality Health Care, LLC
aka ESSY Quality Health Care, Inc.
11103 San Pedro Ave. Ste. 105
San Antonio, TX 78216
Business Description: ESSY is a home health care services
provider.
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-50442
Debtor's Counsel: Michael J. O'Connor, Esq.
MICHAEL O'CONNOR ATTORNEY
The Spectrum Building
613 NW Loop 410, Ste 840
San Antonio TX 78216
Tel: (210) 729-6009
Email: oconnorlaw@gmail.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dozie Zogus Ony as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/CJX2RFY/ESSY_Quality_Health_Care_LLC__txwbke-23-50442__0001.0.pdf?mcid=tGE4TAMA
FB DEBT FINANCING: Taps Wilson Sonsini Goodrich as Co-Counsel
-------------------------------------------------------------
FB Debt Financing Guarantor, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Wilson Sonsini Goodrich & Rosati P.C. as their co-counsel.
The firm's services include:
a. in conjunction with Ropes & Gray, providing legal advice
and services regarding the Local Rules and substantive and
strategic advice to effectuate the Debtors' goals, bearing in mind
that the Court relies on Delaware counsel such as WSGR to be
involved in all aspects of the bankruptcy proceedings;
b. drafting, reviewing, and commenting on drafts of documents
to be filed with the Court to ensure compliance with Local Rules,
practices, and procedures;
c. appearing in Court and at any meetings with the U.S.
Trustee or meeting of creditors on behalf of the Debtors and
assisting and advising the Debtors in its consultation with the
other parties in interest and the U.S. Trustee relative to the
administration of these chapter 11 cases;
d. compiling and coordinating delivery of information to the
Court and the U.S. Trustee as required by the Bankruptcy Code,
Bankruptcy Rules, Local Rules, and any applicable U.S. Trustee
Guidelines;
e. drafting, filing, and serving documents as requested by
Ropes & Gray and the Debtors;
f. monitoring the case docket and coordinating with Ropes &
Gray on matters impacting the Debtors;
g. participating in calls with the Debtors;
h. handling inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these chapter 11 cases and coordinating with Ropes & Gray on any
necessary responses; and
i. performing all other services assigned by the Debtors, in
consultation with Ropes & Gray.
The firm will be paid at these hourly rates:
Partners $1,080 to $2,475
Counsel $690 to $1,895
Associates $615 to $1,315
Staff $225 to $930
WSGR has also agreed to not charge in excess of $995 per hour for
partners billing to this matter and to not charge in excess of $650
per hour for associates billing to this matter.
Erin R. Fay, Esq., a partner at Wilson Sonsini Goodrich, assured
the court that the firm is a "disinterested person" within the
meaning of 11 U.S.C. 101(14).
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Wilson
Sonsini Goodrich disclosed that:
-- WSGR agreed to the rate caps at $995 per hour for partners
and $650 per hour for associates;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm represented Morphe LLC in the twelve-month period
before the Petition Date on matters unrelated to these chapter 11
cases. The rates charged by various professionals were in similar
ranges to those disclosed above. As an accommodation to the Debtors
and the transition to WSGR from Bayard, WSGR agreed to the reduced
rates stated; and
-- The Debtors and WSGR are currently in the process of
formulating a detailed budget and staffing plan.
The firm can be reached through:
Erin R. Fay, Esq.
Wilson Sonsini Goodrich & Rosati P.C.
222 Delaware Avenue, Suite 800
Wilmington, DE 19801-5225
Direct: 302-502-8404
Email: efay@wsgr.com
About FB Debt Financing Guarantor
FB Debt Financing Guarantor, LLC, formerly known as Morphe Debt
Financing Guarantor, LLC, is a builder of beauty brands anchored in
innovative and high-quality products, marketing and operations. Its
multi-branded and multi-category portfolio includes Morphe, Morphe
2, Jaclyn Cosmetics, and Born Dreamer. The company's products are
sold through top beauty retailers worldwide, including Ulta Beauty,
Sephora, Mecca, Douglas, Selfridges, and Target.
FB Debt and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10025) on
Jan 11, 2023.
In the petition signed by their chief restructuring officer,
Stephen Marotta, the Debtors disclosed $500 million to $1 billion
in both assets and liabilities.
The Debtors tapped Ropes & Gray, LLP and Bayard, P.A. as bankruptcy
counsels; Configure Partners, LLC and Configure Partners
Securities, LLC as investment bankers; and Ankura Consulting Group,
LLC as restructuring advisor. Kroll Restructuring Administration,
LLC is the Debtors' claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' cases on Jan. 24,
2023. The committee is represented by Cole Schotz, P.C. and Kelley
Drye & Warren, LLP.
FIRST CONNECTICUT: Jessica's Bid to Dismiss Adversary Case Denied
-----------------------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut denies the Motion to Dismiss filed by
Jessica Licata in the adversary proceeding captioned as IN RE:
FIRST CONNECTICUT CONSULTING GROUP, INC., et al., Chapter 7,
Debtors. RICHARD M. COAN, TRUSTEE, and RONALD I. CHORCHES, TRUSTEE,
Plaintiffs, v. JAMES J. LICATA, et al., Defendants, Case Nos.
02-50852 (JJT), 02-51167 (JJT), (Jointly Administered), Adv. Pro.
Case No. 09-05010 (JJT), (D. Conn.).
This Adversary Proceeding has its origins in the June 2005 sale of
substantially all the Debtors' assets in the jointly administered
bankruptcy cases of James J. Licata and First Connecticut
Consulting Group, Inc. Nearly four years after that sale, Chapter 7
Trustees Ronald I. Chorches and Richard M. Coan commenced this
Adversary Proceeding against James J. Licata, his wife Cynthia
Licata, their children Jessica Licata and Tucker Licata, and a
tangled web of related business entities. The Trustees allege that
the Defendants fraudulently used the sale as a vehicle for
transferring valuable real estate-related rights from one Defendant
to another in service of a complex and long-running scheme to
shield those assets from creditors.
Now, Jessica Licata moves to dismiss Counts Nine, Ten, and Eleven
under Rule 12(b)(6) of the Federal Rules of Civil Procedure. Count
Nine asserts a claim against James Licata, Cynthia Licata, Jessica
Licata, Tucker Licata, and the Company Defendants of intentional
fraudulent transfer for any and all property or monetary assets
purchased by or transferred among the Company Defendants and Tucker
Licata using funds from the Accounts. Count Ten asserts a claim
against the Licatas of constructive fraudulent transfer under CUFTA
related to the lack of reasonably equivalent value received in
exchange for the Disputed Transactions. Count Eleven asserts a
claim against the Licatas for constructive fraudulent transfer
under CUFTA related to James and Cynthia Licata's alleged
insolvency at the time of the Disputed Transactions. Like Counts
Nine and Ten, the Trustees allege that the Licatas are personally
liable to the Trustees under CUFTA and 11 U.S.C. Sections 544(b)
and 550.
The Court finds that the Amended Complaint states a claim for
recovery from Jessica Licata as a subsequent transferee under 11
U.S.C. Section 550(a)(2). As a threshold matter, the Court has
previously found that the Trustees sufficiently stated a claim
against James Licata and Cynthia Licata to avoid post-petition
transfers under 11 U.S.C. Section 549.
Turning to the present Motion, the Court holds that "the Trustees
need not meet the heightened pleading standards for fraud under
Federal Rule of Civil Procedure 9(b), as they seek recovery from
Jessica Licata as a subsequent transferee. The Amended Complaint
sets forth an elaborate asset-shielding artifice constructed by
James Licata and Cynthia Licata and describes two main
post-petition transfers: (1) their manipulation of the Sale in the
Licata Bankruptcy, where James Licata fraudulently transferred his
interest in FCHG IV to Cynthia Licata; and (2) their transfers of
the proceeds from the monetized title insurance dispute related to
real estate held by FCHG IV (i.e., the Portland Funds). The Amended
Complaint clearly traces the path of the Portland Funds to Jessica
Licata by alleging, with sufficient particularity, that Cynthia
Licata transferred some or all of the Portland Funds into the
Jessica Licata Accounts. The Amended Complaint also alleges that
Jessica Licata (at the direction of Cynthia Licata) transferred
some or all of the Portland Funds from the Jessica Licata Accounts
to the Santa Fe Accounts. . . Jessica Licata allegedly retained
control over the Portland Funds once they were deposited into the
Santa Fe Accounts, and the Amended Complaint plausibly leaves open
the possibility that some of the Portland Funds remain to this day
in the Accounts."
The Court further finds that the Amended Complaint states a claim
for recovery against Jessica Licata under Conn. Gen. Stat. Section
52-552i. The record of both the Licata Bankruptcy and the FCCG
Bankruptcy reveal a multitude of creditors whose claims arose prior
to the transfers the Trustees seek to avoid, including transfers of
the Portland Funds -- as such, the Court takes judicial notice of
the proofs of claims filed in both bankruptcy cases. The Trustees
may therefore pursue theories of recovery against the Licatas under
CUFTA.
Even if the Court were to find the Trustee's Amended Complaint
deficient under Federal Rule of Civil Procedure 12(b)(6), Jessica
Licata is nevertheless a necessary party to this Adversary
Proceeding under Federal Rule of Civil Procedure 19(a), thus
precluding her dismissal. The Court holds that it would be improper
and illogical to dismiss a central party in the Licatas' broader
asset-shielding scheme, as it would fundamentally impair the
Court's ability to afford complete and necessary relief to the
bankruptcy estates. As such, Jessica Licata must remain a party to
this Adversary Proceeding.
A full-text copy of the Memorandum of Decision and Order dated
March 30, 2023, is available https://tinyurl.com/3bckett2 from
Leagle.com.
FRANCHISE GROUP: S&P Affirms 'B+' Rating on First-Lien Term Loan
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Franchise Group Inc.
(FRG) to negative from stable and affirmed all of its ratings,
including its 'B+' issue-level rating on its first-lien term loan
and 'B-' issue-level rating on its second-lien term loan.
The negative outlook reflects that S&P could lower its rating on
FRG over the next 12 months if its operating performance faces a
greater-than-forecast level of pressure and it is unable to improve
American Freight's execution.
The outlook revision reflects FRG's weaker-than-expected
deleveraging in 2022 due to headwinds in the home furnishing
segment, which were exacerbated by execution issues at American
Freight. The company's S&P Global Ratings-adjusted EBITDA margin
decreased by 180 basis points (bps) in 2022 and the company
reported negative free operating cash flow of $91 million. This was
due to a deterioration in American Freight's performance, which
stemmed from higher freight costs and inventory missteps amid
ongoing supply chain disruptions. Despite the recent improvement in
supply chain conditions, we continue to expect a challenging
macroeconomic backdrop and low consumer confidence will likely lead
to deferred spending on discretionary home-related categories. To
partially offset this, the company has focused on improving its
inventory management, which includes increasing its turnover.
Therefore, we expect it to unwind its working capital usage in
2023, which will support positive free cash flow generation. In
addition, S&P expects the consistent performance of FRG's other
segments will provide it with a near-term performance cushion.
However, it views persistent inflation as a significant risk that
could further pressure the company's operating margins.
In March 2023, FRG announced it had received an unsolicited
non-binding proposal to acquire all of its outstanding common
stock. S&P is monitoring the situation and would reassess the
company's financial risk profile and other aspects of its ratings
if the transaction occurs.
S&P said, "We expect the home furnishing segment will negatively
affect the company's overall operating margin in 2023. American
Freight's revenue decreased 10.7% in 2022 due to lower demand for
discretionary products. In addition to the weak demand, poor
execution led to a decrease of about 1,570 bps in its reported
operating margins and impairment charges of $70 million.
Management's investment in an expensive and inadequate inventory
mix amid unsettled supply chain conditions led it to offer
discounts and take write-offs. Badcock's comparable sales declined
by the double-digit percent area over the past three quarters
because of similar trends in other discretionary product
categories. Overall, the home furnishing segment accounted for 42%
of FRG's consolidated revenue in 2022, and we expect the
challenging operating conditions will continue in 2023.
"We continue to view execution and integration as key risks for the
business. Since July 2019, the company has rapidly expanded through
acquisitions, including its acquisitions of Sears Outlet and The
Vitamin Shoppe in 2019, American Freight and FFO Home in 2020, Pet
Supplies Plus, Sylvan Learning, and Badcock Home Furniture in 2021,
and Wag N' Wash in 2022. In our view, FRG has yet to establish a
sustained track record for its business strategies and financial
policies. We base this assessment on the company's recent record,
given its rapid expansion.
"We expect FRG's S&P Global Ratings-adjusted leverage to remain in
the mid-4x range in 2023.The company's S&P Global Ratings-adjusted
leverage declined 0.7x to 4.4x in 2022, partially due to the EBITDA
contributions from its newly acquired companies, which helped
offset its high debt burden. However, we had anticipated more
significant deleveraging and believe FRG's current credit metrics
provide it with limited headroom for additional debt, acquisitions,
or performance setbacks. In addition, we now expect the company
will deleverage at a slower pace than we previously assumed due to
operating pressures. In February 2023, the company repaid its
revolver with the proceeds from a $300 million add-on to its term
loan, which improved its liquidity. We believe additional
acquisitions could lead to greater volatility in its earnings and
credit metrics over the near term, including the potential for a
spike in its leverage.
"The negative outlook on FRG reflects the risk that we will lower
our rating over the next 12 months if its operating performance
faces greater-than-anticipated headwinds and it is unable to
improve American Freight's execution, leading to weaker credit
metrics."
S&P could lower its rating if:
-- The company is unable to improve American Freight's execution;
-- Its overall operating performance deteriorates further,
including a continuing decline in consumer demand; or
-- It sustains S&P Global Ratings-adjusted leverage of above 5x or
is unable to generate material free cash flow.
S&P could revise its outlook on FRG to stable if:
- The company improves American Freight's execution and its
overall operating performance; and
-- It sustains S&P Global Ratings-adjusted of less than 5x.
ESG credit indicators: E-2, S-2, G-2
HILCORP ENERGY I: S&P Affirms 'BB+' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on
Hilcorp Energy I, L.P., a U.S.-based privately held oil and gas
exploration and production company.
At the same time, S&P affirmed its 'BB+' issue-level rating on the
company's senior unsecured notes. The '3' recovery rating is
unchanged.
The stable outlook reflects S&P's view that funds from operations
(FFO) to debt will increase to about 50%-55% while debt to EBITDA
remains below 2x over the next two years, driven by supportive
commodity prices and continued debt reduction.
The rating affirmation reflects S&P's view that the company will
continue to be focused on debt reduction following the
consolidation of Hilcorp San Juan (HSJ).
As of Dec. 31, 2022, the company had about $1.3 billion drawn on
its revolving credit facility, which was used to fund the cash
consideration paid in connection with the consolidation of HSJ as
well as to repay outstanding borrowings under the HSJ's senior
secured credit facility (about $706 million). While the company has
repaid a portion of its outstanding borrowings (about $300 million)
in the first quarter in 2023, S&P expects Hilcorp to generate
significant cash flow in 2023, which will enable the company to
accelerate further repayment of its revolver borrowings.
Based on S&P's latest oil and gas price assumptions, it expects
Hilcorp's discretionary cash flow (DCF) (after parent
distributions) will exceed $1.2 billion this year, which S&P
expects the company to use to reduce revolver borrowings and make
contingent earnout payments related to the BP Alaska acquisition.
The company has outstanding seller financing--contingent
earnouts--of up to $1.6 billion, with the payment holiday
anticipated to end in the third quarter of 2023.
The company's size and scale have improved following the HSJ
transaction.
As of Dec. 31, 2022, Hilcorp had approximately 2.9 billion barrels
of oil equivalent (boe) of total proved reserves, 56% of which was
natural gas, 28% oil, and 16% natural gas liquids (NGL). At
year-end 2022, the company's daily production averaged about
361,000 boe per day(boe/d), of which 52% was gas, 37% oil, and 11%
NGL. Hilcorp is now larger and more geographically diversified,
with lower exposure to Alaska (about 37% of total production versus
56% pre-consolidation), partially offset by higher exposure to
natural gas. S&P views the profitability profile for gas-weighted
producers as weaker under our long-term price deck than for
producers with an oil-weighted product mix. Overall, S&P expects
the company's 2023 production to average about 365,000-370,000
boe/d. The consolidation also added approximately 1.6 million net
acres.
S&P said, "We expect the company's credit metrics to be in line
with our expectations for the rating over the next two years.Based
on our current oil and natural gas price deck assumptions, we
expect Hilcorp's FFO to debt to rise to approximately 50%-55%, with
debt to EBITDA remaining below 2x over the next two years.
"We expect the company to demonstrate a track record of committed
and transparent financial policies."
Hilcorp plans to make a $670-million distribution to its parent in
2023, which includes about $225 million in dividends and about $445
million in cash taxes. S&P said, "In addition, considering the
company's appetite for debt-funded acquisitions in the past, we
believe Hilcorp will continue making further acquisitions as the
industry continues to consolidate. However, we expect the company's
leverage to remain below its target of 2x in the current price
environment, including the contingent earnout obligation, which we
consider as a debt-like liability."
The stable outlook reflects S&P's view that FFO to debt will
increase to around 50%-55%, while debt to EBITDA remains below 2.0x
over the next two years, driven by supportive commodity prices and
continued debt reduction.
S&Pcould lower ratings if it expected Hilcorp's FFO to debt to
approach 30% on a sustained basis. This would most likely occur
if:
-- Commodity prices fell below the current market and the company
did not take steps to reduce spending; or
-- The company made a meaningfully larger-than-anticipated
distribution to its parent.
While highly unlikely, S&P could raise the rating should:
-- The company organically improve its scale and diversification
to match that of higher-rated peers while maintaining FFO to debt
comfortably above 60% even at S&P's midcycle price deck assumptions
of $50/bbl West Texas Intermediate crude oil (WTI) and $2.75 per
million Btu (mmBtu) Henry Hub natural gas.
-- At the same time, S&P expects the company to demonstrate a
sustained track record of committed and transparent financial
policies supportive of an investment-grade rating.
ESG credit indicators: E-4, S-2, G-2
S&P said, "Environmental factors are a negative consideration in
our rating analysis on Hilcorp Energy I, L.P. as the exploration
and production industry contends with an accelerating energy
transition and the adoption of renewable energy sources. We believe
falling demand for fossil fuels will lead to declining
profitability and returns for the industry as it fights to retain
and regain investors that seek higher return investments. While the
company has yet to come out with specific targets, its stated
strategic goal is to be the most responsible operator of
late-in-life assets."
HO WAN KWOK: HK Parties Must Deliver the Lady May to Trustee
------------------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut grants the Motion for Partial Summary
Judgment on the First Counterclaim of Luc A. Despins, in his
capacity as Chapter 11 trustee for the estate of Mr. Ho Wan Kwok.
The subject of the instant adversary proceeding is the yacht known
as the Lady May, which had been the subject of contention since
before the Individual Debtor -- Ho Wan Kwok's Chapter 11 case was
filed.
On April 11, 2022 — the day HK USA appeared in the Individual
Debtor's Chapter 11 case, HK International Funds Investments (USA)
Ltd., LLC filed its complaint against Pacific Alliance Asia
Opportunity Fund L.P. and the Individual Debtor, initiating the
instant adversary proceeding. The Complaint seeks a declaratory
judgment that, as of the petition date, the Lady May was property
of HK USA -- not the Individual Debtor -- and, therefore, is not
property of the Estate. The Complaint alleges that HK USA is not
collaterally estopped from arguing that the Lady May is property of
HK USA based on the Final Contempt Decision. HK USA alleged that
the Court had exclusive jurisdiction to determine HK USA's interest
in the Lady May.
The Trustee filed several counterclaims against HK USA and Ms. Mei
Guo -- the Individual Debtor's daughter and the sole member of HK
USA. The Trustee's first counterclaim seeks a declaratory judgment
that the yacht named the Lady May is property of the Estate and an
order requiring HK USA to deliver the Lady May to the Trustee.
The Court determines that in the New York State Court action,
Justice Ostrager made numerous factual findings in support of the
Final Contempt Decision, including, among others: "The testimony. .
. of defendants' witnesses clearly and convincingly demonstrated
that Kwok beneficially owns and controls the Lady May. . . Kwok has
much more than a beneficial interest in the Lady May. Not only does
Kwok control the yacht, but it also appears he provided the funds
to purchase it and he is the person who principally enjoys the use
of the yacht. . . The Individual Debtor holds a beneficial interest
in and controls the Lady May. . . Ms. Guo introduced no evidence
that she exercised dominion and control of the Lady May, and
provided no confirmation that she came into possession of the Lady
May, other than as a ruse to shield the Lady May from being levied
upon by her father's creditors."
The Court agrees with the Trustee's contention that Justice
Ostrager necessarily decided the identical issue in the Final
Contempt Decision. The Trustee relies upon the findings of fact and
conclusions of law in the Final Contempt Decision regarding the
Individual Debtor's beneficial interest in the Lady May, and the
context that the Appellate Decision and the preceding litigation
provide to the Final Contempt Decision. The Appellate Decision
clearly instructed Justice Ostrager to determine this issue.
Having so found, the Court considers the parties' arguments as to
whether the HK Parties had a full and fair opportunity to litigate
this issue in the New York Action. The Trustee admits, as the HK
Parties assert, that HK USA was not a party of record in the New
York Action.
Nevertheless, the Court is not persuaded that appellate review is
impossible in the present case. There is no due process concern in
this case because an appeal could have been taken. In particular,
the Court is not persuaded by the HK Parties' arguments on these
facts and circumstances because HK USA affirmatively opposed the
Stay Relief Motion and filed the Complaint, asserting that the
ownership of the Lady May should be decided in this Court rather
than in the New York Action. The Court concludes that the HK
Parties had a full and fair opportunity in the New York Action to
litigate whether the Individual Debtor beneficially owned and
controlled the Lady May.
Therefore, the Court concludes that, as a matter of law, the HK
Parties are collaterally estopped from contesting the Individual
Debtor's beneficial ownership and control of the Lady May. On this
basis, the Court further concludes that the Trustee is entitled to
summary judgment on the First Counterclaim, namely that: the Lady
May is property of the Estate, which the HK Parties must deliver to
the Trustee.
The adversary proceeding is captioned as In re: HO WAN KWOK, et
al., Chapter 11, Debtors. HK INTERNATIONAL FUNDS INVESTMENTS (USA)
LIMITED, LLC, Plaintiff, v. LUC A. DESPINS, CHAPTER 11 TRUSTEE FOR
THE ESTATE OF HO WAN KWOK, Defendant. LUC A. DESPINS, CHAPTER 11
TRUSTEE FOR THE ESTATE OF HO WAN KWOK, Counter-Plaintiff, v. HK
INTERNATIONAL FUNDS INVESTMENTS; (USA) LIMITED, LLC, and MEI GUO,
Counter-Defendants, Case No. 22-50073 (JAM) (Jointly Administered),
Adv. P. No. 22-05003 (JAM), (D. Conn.).
A full-text copy of the Supplemental Memorandum of Decision dated
March 30, 2023, is available https://tinyurl.com/28shxa8b from
Leagle.com.
About Ho Wan Kwok
Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.
Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges. Guo filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and sued
Guo when he failed to pay off the loan.
An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.
Luc A. Despins was appointed Chapter 11 Trustee in the case.
IMMEDIATE PROPERTIES: Hires The Agency as Real Estate Broker
------------------------------------------------------------
Immediate Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire The Agency as
its real estate broker in connection with sale of its real property
in California.
The property is a residence with 6 bedrooms and 6 bathrooms, 8,334
square feet in size, located at 5077 Schumacher Road, Calabasas,
CA.
The commission shall be 5 percent of the sale price. Holly Hatch, a
broker at The Agency, is authorized to offer MLS brokers 2.5
percent of the purchase price, out of her compensation.
Ms. Hatch disclosed in a court filing that she and her firm do not
hold an interest adverse to the Debtor and its estate.
The firm can be reached through:
Holly Hatch
The Agency
23975 Park Sorrento
Calabases, CA 91302
Phone: (818) 306-7901
Email: holly.hatch@theagencyre.com
About Immediate Properties
Immediate Properties, LLC owns 12 properties in California, having
an aggregate value of $4.26 million.
Immediate Properties filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-10248) on Feb. 28, 2023, with $4,278,395 in assets and
$3,676,696 in liabilities. Xavier Mitchell, chief executive officer
of Immediate Properties, signed the petition.
Judge Martin R. Barash presides over the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
represents the Debtor as counsel.
INFOVINE INC: Amends Unsecured Claims Pay Details
-------------------------------------------------
InfoVine, Inc., submitted a Second Amended Plan of Reorganization
for Small Business under Subchapter V dated April 13, 2023.
This Plan of Reorganization proposes to pay Debtor's creditors from
the cash flow generated in the ordinary course of the Debtor's
business after confirmation.
Class 23 consists of Unsecured Creditors. InfoVine will pay the
projected disposable income for 60 months following the Effective
Date to creditors in this class with allowed claims. InfoVine may
pay such amounts calendar quarterly starting with the first full
calendar quarter after the Effective Date. This Class is impaired.
Payments will be made on the last day of the calendar quarter after
the Effective Date (March 31, June 30, September 30, and December
31). If the plan is confirmed in April of 2023, the first payment
will be on June 30, 2023. The calendar quarterly payments will not
include the month of the payment. The first payment on June 30,
2023, will be for the period from the Effective Date (partial month
will be prorated) until May 31, 2023. The next payment on September
30, 2023, will be for the period of June 1, 2023, to August 31,
2023, and thereafter on the same schedule.
The monthly accrual amounts are set forth on the Projections and
must be paid at the end of each calendar quarter. In month 60,
InfoVine will make a final distribution to the class 23 creditors
of $45,000 or whatever amount remains in the reserve fund at such
time.
For any creditors that are included in this class, including
creditors listed in Schedule D by the Debtor but with no claim
filed, or for any creditor that may have filed a UCC-1 against the
Debtor but did not file a claim and which the Debtor cannot
identify the Debtor shall be authorized to file a notice that any
financing statement filed by this creditor is terminated as of the
Effective Date. Creditors included in this provision include
Academy Bank, NA, Bank of the West, Connext Financial, TCF,
Huntington National Bank and Wells Fargo Equipment Finance.
This plan and the projections in this plan incorporate and include
the submission of all or such portion of the future projected
earnings or other future projected income of the debtor to the
supervision and control of the trustee as is necessary for the
execution of the plan so that no further adjustments will be
necessary.
All property of the bankruptcy estate, including all claims,
rights, defenses, and causes of action, shall vest with the
Reorganized Debtor on the Effective Date of this Plan. If the
Reorganized Debtor defaults in performing under the provisions of
the First Amended Plan and the chapter 11 case is converted to
chapter 7, all property vested in the Reorganized Debtor and all
subsequently acquired property owned as of or after the conversion
date shall revest and constitute property of the estate in the
chapter 7 case.
A full-text copy of the Second Amended Plan dated April 13, 2023 is
available at https://bit.ly/3KEFoK2 from PacerMonitor.com at no
charge.
Attorney for the Debtor:
Reese W. Baker, Esq.
Baker & Associates
950 Echo Lane, Ste. 300
Houston, TX 770024
Telephone: (713) 869-9200
Facsimile: (713) 869-9100
Email: courtdocs@bakerassociates.net
About InfoVine
Founded in 1999, InfoVine provides direct mail operations for both
for-profit and non-profit organizations.
InfoVine filed a petition for relief under Subchapter V of Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-33393) on
Nov. 15, 2022. In the petition filed by Lorena Igesias, as
president and CEO, the Debtor reported assets and liabilities
between $1 million and $10 million.
Judge Jeffrey P. Norman oversees the case.
Brendon D Singh has been appointed as Subchapter V trustee.
The Debtor is represented by Reese W Baker, Esq., at Baker &
Associates.
KOSMOS ENERGY: Fitch Affirms LongTerm IDR at 'B+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Kosmos Energy Ltd.'s Long-Term Issuer
Default Rating (IDR) at 'B+' and its senior unsecured notes at 'B+'
with a Recovery Rating of 'RR4'. The Outlook on the IDR is Stable.
The rating reflects Kosmos's moderate size and scale, with expected
production of around 90,000 barrels of oil-equivalent per day
(boe/d) once phase 1 of the Greater Tortue offshore gas project
comes online in late 2023. It also reflects average unit costs,
declining EBITDA net leverage to 1.0x-1.5x by 2023/24 based on its
current price assumptions, and comfortable liquidity position with
limited near-term maturities.
Fitch expects that Kosmos's production growth and its strong
financial position will be sufficient to offset the high committed
capex associated with the Tortue project and other development
projects through 2024, as well as providing a buffer against event
risks associated with the company's operations in Ghana.
Furthermore, while Kosmos has deleveraged substantially from the
highs seen in 2020 and has publicly emphasised its intent to
maintain a strong balance sheet, Fitch expects shareholder
distributions will resume in 2024 once capex normalises.
KEY RATING DRIVERS
Record Results Drive Deleveraging: Kosmos benefitted from a very
strong oil price environment in 2022 with Fitch-defined EBITDA
reaching USD1.3 billion and EBITDA net leverage declining to 1.6x
from 4.0x in 2021. The record amount of cash flows fully covered
the company's very high capex of USD725 million, while still
allowing for a pay-down of USD375 million on the company's
reserve-based lending (RBL) facility and USD30 million amortisation
of its Gulf of Mexico (GoM) term loan.
Low-Risk Production Growth: Fitch expects Kosmos's production to
grow to around 90,000boe/d on a run-rate basis by 2024, from
mid-60,000boe/d currently. While the growth is substantial, it will
mainly come from low-risk sources such as the Tortue Phase 1
project, which saw its floating production storage and offloading
vessel depart from China in January 2023, and also from infill
drilling in Ghana. Fitch views Kosmos's growth prospects as
achievable, although with potential delays due to supply-chain
issues or other factors.
Peak Capex: Fitch estimates that Kosmos will spend around USD700
million on capex in 2023, which is the final year of development
spending on Tortue Phase 1. While Kosmos also has an extensive
infill drilling programme, Fitch expects capex will decline after
first gas production at Tortue to around USD500 million in 2024 and
USD300 million in 2025-2026. This will support the company's
ability to generate free cash flow (FCF) in 2024-2026 even under
adverse market conditions.
Diversification Offsets Risk in Ghana: Fitch expects over half of
Kosmos's production will be contributed by assets in Ghana over
2023-2026. Although exposure to a higher-risk jurisdiction is
negative, Kosmos has a substantial production base diversified
across the Gulf of Mexico and African nations outside of Ghana. In
addition, Kosmos's operations in Ghana have not seen large-scale
disruption and are governed by robust contractual arrangements,
which limit the likelihood of government intervention in Kosmos's
local operations.
Although the significance of Ghana's risk profile to Kosmos's
rating may increase, Fitch expects it to be mitigated by the
stability afforded by operating assets in other geographies and a
robust financial profile.
Financial Policy Not Yet Defined: Although Kosmos aims to
prioritise internal funding of capex and maintaining
company-defined net debt to EBITDAX below 1.5x over shareholder
distributions, Fitch expects distributions will commence in 2024 on
the back of strong expected cash flows and easing capex. While
Fitch expects distributions will be conservatively sized in
proportion to cash flows, should they become a more substantial
component of Kosmos's capital allocation, Fitch may revises its
evaluation of the company's financial profile.
However, Kosmos is comfortably positioned within its 'B+' rating
and has substantial headroom under its rating sensitivities.
DERIVATION SUMMARY
Fitch rates Kosmos one notch above Ithaca Energy Ltd (B/Stable).
Ithaca benefits from higher production (2022: 71,400boe/d versus
Kosmos's 63,000boe/d), stronger cash flows driven by natural gas
sales in Europe, less exposure to higher-risk jurisdictions, and
lower capital intensity. These strengths are offset by Kosmos's
lower production costs, significantly longer reserve life of around
12 years (1P) versus Ithaca's nine years (2P), and lower risk of
windfall taxes than Ithaca.
Compared with Seplat Energy Plc (B-/Stable), Kosmos has a smaller
reserve base, considering Seplat's pending acquisition of
additional assets in Nigeria; similar reserve life of 24 years on a
2P basis (Seplat: 27 years); similar leverage; and a more
diversified asset base versus Seplat's high exposure to Nigeria.
KEY ASSUMPTIONS
Its Rating Assumptions within the Rating Case for the Issuer:
- Brent crude oil price of USD85/bbl in 2023, USD75/bbl in
2024, USD65/bbl in 2025, and USD53/bbl in 2026
- Henry hub prices of USD3.5/million cubic feet (mcf) in
2023-2024, USD3/mcf in 2025, USD2.75/mcf in 2026
- Production ramping up to around 90,000boe/d in 2024
- Capex of around USD700 million a year in 2023,
gradually slowing to below USD500 million to 2025
- Dividend payments commencing in 2024
Fitch's Key Assumptions for Recovery Analysis:
- Its recovery analysis assumes that Kosmos would be
reorganised as a going-concern (GC) in bankruptcy
rather than liquidated
- Its GC EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon
which Fitch bases the enterprise valuation (EV)
- Kosmos' GC EBITDA reflects its view on EBITDA generation
from the company's GoM assets and newly acquired Ghana
assets, assuming a sustained period of low Brent prices.
This is followed by moderate recovery, yielding a GC
EBITDA of USD224 million. Fitch focus its analysis on
EBITDA attributable to the GoM assets and newly
acquired Ghana assets as the subsidiaries owning these
assets guarantee Kosmos' senior unsecured notes
- A 4.5x multiple is used to calculate a post-reorganisation
EV, reflecting Kosmos' small size, average asset quality,
and good growth prospects
- Kosmos' senior unsecured notes rank pari passu with its
USD250 million RCF, but are subordinated to its USD145
million GoM term loan that is secured against the GoM
assets. The notes are also subordinated to the company's
USD1.25 billion RBL with respect to its legacy Ghanaian
and Equatorial Guinea assets. The notes and RCF benefit
from joint and several senior unsecured guarantees from
restricted subsidiaries owning the assets in GoM and
the newly acquired Ghanaian assets, as well as a
negative pledge. They are guaranteed on a subordinated
unsecured basis by the restricted subsidiaries that
guarantee the RBL.
- After deducting 10% for administrative claims, its
waterfall analysis generated a waterfall-generated
recovery computation (WGRC) in the 'RR4' band,
indicating a 'B+' instrument rating. The WGRC output
percentage on current metrics and assumptions was 43%.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- EBITDA net leverage below 1.5x or funds from
operations (FFO) net leverage below 2x on a sustained
basis
- Increasing production to over 100,000boe/d
- A formal financial policy supporting conservative
capital allocation leading to healthy leverage and
liquidity prospects
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- EBITDA net leverage over 2.5x or FFO net leverage over 3x on a
sustained basis
- Production failing to exceed 80,000boe/d
- Aggressive shareholder distributions or deteriorating liquidity
- EBITDA from outside Ghana failing to cover gross interest
expense
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Kosmos does not have any immediate external
funding needs. Its liquidity is robust, with no debt maturities
until 2025, and strong FCF generation under its rating case.
ISSUER PROFILE
Kosmos is a medium-sized, full-cycle deep-water independent oil and
gas exploration and production company.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Kosmos Energy Ltd. LT IDR B+ Affirmed B+
senior
unsecured LT B+ Affirmed RR4 B+
KUAKINI HEALTH: S&P Places 'CCC' LT Rev. Bond Rating on Watch Neg.
------------------------------------------------------------------
S&P Global Ratings placed its 'CCC' long-term rating on the Hawaii
State Department of Budget & Finance's series 2002A revenue bonds,
issued for the Kuakini Health System, on CreditWatch with negative
implications.
"The CreditWatch placement reflects our view that Kuakini is
vulnerable to a liquidity crisis over the near term given continued
decline in its cash position to just 12 days' cash on hand as of
Dec. 31, 2022, coupled with persistent operating cash-flow
challenges," said S&P Global Ratings credit analyst Patrick Zagar.
"Though we believe the hospital is in a precarious financial
position and its long-term viability is uncertain, we expect
Kuakini to continue making timely debt service payments on the
series 2002A bonds during the CreditWatch period, with payments due
Jan. 1 and July 1 of each year." S&P also anticipates the hospital
will remain in compliance with series 2002A financial covenants in
its fiscal 2023.
M & T REAL ESTATE: Taps Giddens, Mitchell & Associates as Counsel
-----------------------------------------------------------------
M & T Real Estate Group II, Inc. filed an amended application
seeking approval from the U.S. Bankruptcy Court for the Northern
District of Georgia to hire Giddens, Mitchell & Associates, PC to
handle its Chapter 11 case.
The firm will render these services:
(a) advise the Debtor regarding its powers and duties in the
continued management of its property;
(b) prepare legal papers; and
(c) perform all other legal services necessary to administer
the Debtor's Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Kenneth Mitchell, Attorney $350
Bobby Giddens, Attorney $350
Alyceson Sadler, Paralegal $75
Precious Atkinson, Paralegal $75
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm the sum of $2,000 as retainer.
Kenneth Mitchell, Esq., an attorney at Giddens, Mitchell &
Associates, 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:
Kenneth Mitchell, Esq.
Giddens, Mitchell & Associates, PC
3951 Snapfinger Parkway, Suite 555
Decatur, GA 30035
Telephone: (770) 987-7007
Email: Gmapclawl@gmail.com
About M & T Real Estate Group II
M & T Real Estate Group II Inc., doing business as We Work For U Ga
Conference Center, is a single asset real estate (as defined in 11
U.S.C. Sec. 101(51B)).
M & T Real Estate Group II filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-52191) on March 6, 2023, with $1 million to $10 million in both
assets and liabilities. Todd E. Hennings has been appointed as
Subchapter V trustee.
Judge Paul W. Bonapfel oversees the case.
Kenneth Mitchell, Esq., at Giddens, Mitchell & Associates, PC is
the Debtor's legal counsel.
MEG ENERGY: S&P Upgrades Long-Term ICR to 'BB-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on MEG
Energy Corp. to 'BB-' from 'B+', based on the projected resilience
of the company's improved financial risk profile.
S&P also affirmed its 'BB-' issue-level rating on MEG's senior
unsecured debt, and revised its recovery rating on the debt to '3'
from '2', reflecting the recovery rating cap for issuers rated in
the 'BB' category.
The stable outlook reflects S&P's expectation that MEG's long track
record of consistently stable operating performance at its
steam-assisted gravity drainage (SAGD) project should ensure the
company achieves our estimated production and cash flow generation
during the rating outlook and forecast period.
Reduced long-term debt should provide improved cash flow ratio
resilience through the price cycle.
S&P said, "MEG's achieved and projected absolute debt reduction,
and the improved credit ratio resilience we estimate through the
hydrocarbon price cycle, are the key factors underpinning our
revised financial risk profile for MEG and the upgrade. With the
company's long-term net debt expected to remain at US$600 million
beyond our current 2023-2024 base-case scenario forecast period, we
believe MEG should be able to maintain its current significant
financial risk profile and the 'BB-' rating. Following the US$1.0
billion reduction of the company's long-term debt in 2022, which
included the elimination of the remaining senior secured
second-lien debt outstanding and the repurchase of US$620 million
of the 7.125% senior unsecured debt, we project MEG should be able
to reach its publicly stated US$600 million long-term net debt
target in 2024. At this long-term debt level, the previous cash
flow ratio volatility realized during periods of weak West Texas
Intermediate (WTI) price weakness and widening heavy oil price
differentials should be tempered at low points in the price cycle
in the future. Under our current oil and gas price deck, we
estimate MEG's fully adjusted funds from operations (FFO)-to-debt
ratio would remain above 50% at our midcycle price assumptions. Of
importance, if the WTI price fell to or below US$45 per barrel and
the Western Canadian Select (WCS) differential widened above US$17
per barrel, MEG's 2025 fully adjusted FFO-to-debt ratio would
decrease to about 20%. In comparison, the company's 2020 fully
adjusted FFO-to-debt ratio weakened below 2%, when the WTI price
and WCS differential averaged US$39.40 per barrel and US$12.50 per
barrel, respectively, and MEG's reported gross debt was just over
C$2.9 billion at Dec. 31, 2020. MEG's reduced projected long-term
debt will serve to limit the scope of potential credit metric
deterioration typically associated with a heavy oil focused product
mix at midcycle prices. Nevertheless, the company's credit metrics,
particularly at midcycle hydrocarbon prices, will continue to
exhibit heightened volatility due to its single-product heavy oil
production."
MEG's total cash operating costs constrain profitability at all
points of the hydrocarbon price cycle.
S&P Global Ratings' calculation of MEG's cash operating costs
includes unit transportation, storage, and diluent blending costs.
Although the cost of diluent is recouped in the price realized for
the blended barrel (or dilbit) sold, the company's relatively high
unit transportation costs, compared with those of U.S. exploration
and production (E&P) peers, dampen its potential netbacks and
profitability, particularly at mid points and troughs of the
hydrocarbon price cycle. MEG's reported unit transportation and
storage costs in 2022 were C$15.29 per barrel. As these costs will
typically not decrease as crude oil prices fall, MEG's netbacks
will deteriorate at an accelerated pace, relative to those of other
producers with lower required transportation costs, during periods
of weak crude oil prices. Although the company's top-line realized
revenue per barrel benefits from the volumes sold into the U.S.
Gulf Coast market, the absolute incremental revenue realized for
volumes sold into this higher price market will be muted at
midcycle market prices.
MEG's single-product focus limits business risk profile and rating
upside.
MEG's single-product focus, narrow operational scope, and lack of
geographic diversification, and the potential revenue and cash flow
volatility inherent in its operations are the primary factors
underpinning our revised business risk profile for MEG. S&P said,
"Although the downward revision of MEG's business risk profile to
weak reflects our assessment of the limited scope and diversity of
the company's single-asset E&P operations, we believe the
predictability of MEG's production, the limited geological risks
inherent in its high-quality SAGD reservoir, and the multidecade
reserve life index associated with its large reserves base rank
MEG's revised business risk profile at the upper end of its peers
with the same business risk profile assessment. Based on our 2023
forecast daily average production, MEG's reported year-end 2022
proven reserves would support a reserve life index of more than 30
years."
S&P said, "The stable outlook reflects S&P Global Ratings'
expectation that MEG's long track record of consistently stable
operating performance at the SAGD project should ensure the company
achieves its targeted production during the rating outlook and
forecast period. MEG's low balance-sheet debt also tempers cash
flow metric deterioration at S&P Global Ratings' midcycle oil and
gas price assumptions. We estimate the company's fully adjusted
FFO-to-debt ratio should remain above 50% at our midcycle price
assumptions. Furthermore, MEG's materially reduced long-term debt
and fully undrawn credit facility should temper the revenue and
cash flow volatility inherent in its single-product upstream
production during the 12-month rating outlook period."
Assuming MEG's business risk profile remains unchanged, a downgrade
could occur if the company's fully adjusted FFO-to-debt ratio
deteriorated to the lower end of the 20%-30% range while the
company also generated negative discretionary cash flow. S&P
believes the ratio is unlikely to deteriorate to this level during
its current outlook period. At our midcycle price assumptions, S&P
believes MEG's credit metrics could weaken to these levels under
the following circumstances:
-- The company experienced a prolonged production outage at its
SAGD operations, resulting in dramatically reduced revenue and cash
flow generation;
-- MEG pursued aggressive shareholder-friendly initiatives, and
increased debt to fund returns to shareholders; or
-- Gross debt increased above C$2.5 billion, without an offsetting
increase to cash flow generation.
MEG's single-product focus in one producing region limits further
rating upside. In S&P's opinion, the company would need to
meaningfully expand its operations and increase its daily average
production to levels comparable with those of its 'BB' peers to
strengthen its business risk profile and support an upgrade. If MEG
is able to strengthen its business risk profile, S&P would also
expect it to maintain its fully adjusted FFO-to-debt ratio
consistently above 45% throughout the hydrocarbon price cycle to
support a 'BB' rating.
ESG credit indicators: E-4, S-4, G-2
S&P said, "Environmental and social factors are negative
considerations in our credit rating analysis of MEG Energy. With
its upstream operations focused exclusively on in-situ thermal
bitumen production, the environmental risk associated with its
greenhouse gas (GHG) intensive operations is a material factor in
our assessment of the business risk profile. Stakeholder opposition
to efforts to increase Canada's export pipeline capacity has also
contributed to heightened revenue and profitability volatility in
the past. As the industry's ability to increase pipeline takeaway
capacity beyond the upcoming completion of the Trans Mountain
Expansion is highly uncertain, we believe future crude oil
production growth from the Western Canada Sedimentary Basin will be
fairly muted. These ESG factors limit rating upside for MEG. The
credit profile is also exposed to the social risks in the supply
chain that have contributed to delays in completing new pipeline
projects, which have curtailed future production growth. MEG has
committed to an absolute GHG scope 1 and 2 emissions reduction
target of 0.63 million metric tons of carbon dioxide equivalent by
2030, representing a 30% absolute GHG emissions reduction from its
2019 scope 1 and 2 emissions."
MEHR GROUP: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: MEHR Group of Companies Holding Inc.
26021 Horseshoe Circle
Laguna Hills, CA 92653
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-10760
Judge: Hon. Scott C. Clarkson
Debtor's Counsel: Jaenam Coe, Esq.
LAW OFFICES OF JAENAM COE PC
3731 Wilshire Blvd 910
Los Angeles, CA 90010
Tel: (213) 389-1400
Email: coelaw@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by S. Javad K. Mehrvijeh as CEO.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/MFR6NOY/MEHR_GROUP_OF_COMPANIES_HOLDING__cacbke-23-10760__0001.0.pdf?mcid=tGE4TAMA
MICHAELS COMPANIES: Moody's Cuts CFR to B3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of The Michaels
Companies, Inc. including its corporate family rating to B3 from
B2, its probability of default rating to B3-PD from B2-PD, its
senior secured bank credit facility and senior secured notes
ratings to B2 from B1 and its senior unsecured notes rating to Caa2
from Caa1. The ratings outlook is changed to stable from negative.
"The downgrades reflects the continued pressure on credit metrics
given the expectation of higher interest costs associated with its
variable rate debt and continued pressure on consumer demand given
that Michaels' core customer is highly sensitive to ongoing
inflation", stated Christina Boni, a Senior Vice President at
Moody's. "Nonetheless, lower container rates and product costs
will benefit gross margins favorably as new inventories are
purchased and flow through its system," added Boni.
Downgrades:
Issuer: The Michaels Companies, Inc.
Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3)
Senior Secured Regular Bond/Debenture, Downgraded to B2 (LGD3)
from B1 (LGD3)
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)
Outlook Actions:
Issuer: The Michaels Companies, Inc.
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
Michaels' B3 CFR rating reflects the risks of slower consumer
demand and the impact of higher interest rates given its exposure
to variable rate debt increases. Funded debt to EBITDA, Moody's
Debt/EBITDA and interest coverage are expected to improve from 2022
but remain weak at 8.0x, 5.9x and 1.1x, respectively at the end of
2023. Although the benefits of lower ocean freight and product
costs are expected to support better operating margins, the full
flow through of these lower costs will not be realized until 2024
given its slow inventory turns. Although the import container costs
will decline significantly as the vast majority of Michael's
products are imported from Asia, domestic transportation remains
slower to decline as trucking and fuel remain elevated.
Nonetheless, the rating reflects the company's scale and strong
market position (in terms of number of stores) as the established
leader in the highly fragmented arts and craft segment of retail.
Prior to 2020, Michaels had a track record of relatively stable
revenue and margins. Michael's experienced a surge in demand after
reopening following the spring 2020 lock downs which has been
followed by a period of demand normalization and weaker consumer
demand. Michaels' rating also reflects governance considerations
particularly Michaels' private equity ownership by Apollo Global
Management, Inc. and the business risk associated with the highly
seasonal nature of its product sales. The company is also exposed
to categories that are more sensitive to current economic
conditions (such as craft technology, seasonal décor, and custom
framing), and competition from two other arts and craft chains as
well as larger well capitalized big box retailers. Liquidity is
good despite significantly weaker free cash flow generation than
historical levels and will benefit in 2023 from working capital
generation as inventory usage becomes more efficient and costs
decline.
The stable outlook reflects Moody's expectation that the decline in
freight and product costs will support improvement in profitability
despite the uncertain consumer environment. The outlook also
reflects that the company will maintain good liquidity.
The B2 ratings on Michaels' secured term loan and senior secured
notes are one notch higher than the B3 corporate family rating
reflecting their security interest in certain assets of the company
and the significant level of junior capital in Michaels' capital
structure. The secured term loan rating also takes into
consideration the relatively stronger position of the unrated $1
billion asset-based revolver, which has a first lien over the
company's most liquid assets including inventory. The Caa2 rating
for Michaels Stores' senior unsecured notes reflects their junior
ranking in the company's overall capital structure.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if operating performance consistently
improves while maintaining good liquidity. Quantitatively, ratings
would be upgraded should operating performance and financial
policies support EBIT/interest sustained above 1.5x with funded
debt/EBITDA sustained below 6.0x.
Ratings could be downgraded should free cash flow generation become
negative, liquidity deteriorate for any other reason or financial
strategies become more aggressive. Quantitatively, ratings would be
downgraded should EBIT/interest be sustained below 1x.
The Michaels Companies, Inc. is the largest dedicated arts and
crafts specialty retailer in North America based on number of
stores operated. The company operates 1,291 Michaels stores in 49
states and Canada and generated revenue of approximately $5.1
billion for fiscal year ended January 28, 2023. The company
primarily sells general and children's crafts, home décor and
seasonal items, framing and scrapbooking products. The company was
taken private by Apollo Global Management, Inc. in a transaction
valued at approximately $5.5 billion in April 2021.
The principal methodology used in these ratings was Retail
published in November 2021.
MONITRONICS INTERNATIONAL: S&P Cuts ICR to 'CCC', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Farmers
Branch, Texas-based U.S. alarm monitoring company Monitronics
International Inc.'s (d/b/a Brinks Home Security) to 'CCC' from
'CCC+'. At the same time, S&P lowered its issue-level rating on the
company's $822.5 million takeback term loan to 'CCC' from 'CCC+'.
The recovery rating on this debt remains '3'.
The negative outlook reflects that S&P could lower the rating
within the next 12 months if it believes a default is imminent.
The downgrade reflects Brinks Home's nearing term loan maturities,
increasing the risk of a default in the next 12 months.The
company's debt consists of a $145 million super-priority revolving
credit facility due July 2024 (not rated; $95.5 million drawn as of
Dec. 31, 2022), a $150 million super-priority term loan due July
2024 (not rated), and an $822.5 million takeback senior secured
term loan facility maturing in March 2024. The super-priority
facility is subject to a springing maturity of 91 days prior to the
maturity of the takeback senior secured term loan facility if the
debt remains outstanding at that time.
S&P said, "Though we expect the company's trajectory of steadily
improving operating metrics (subscriber acquisition cost
efficiency, attrition rates) in 2022 will continue into 2023, we
forecast Brinks Home will continue to have free operating cash flow
(FOCF) deficits. This could make it challenging for the company to
extend its maturities on satisfactory terms, particularly in a high
interest rate and volatile market climate.
"We now view Brinks Home's liquidity as weak because it does not
have sufficient liquidity to repay its term loans due in the next
12 months. Given the springing maturity feature of the
super-priority facility which puts its maturity inside of 12 months
from now, we no longer consider its revolver as a source of
liquidity in our analysis. The company had a cash balance of $4
million as of Dec. 31, 2022, and a $95.5 million balance on its
$145 million revolving credit facility. While it may be able to
generate additional cash through capex savings (limiting subscriber
acquisitions through the year), it currently does not have
sufficient liquidity to address its debt maturities (approximately
$1,033 million outstanding as of Dec. 31, 2022) within the next
year absent a refinancing or extension. The seasonality of Brinks
Home's business results in peak subscriber acquisitions during the
second and third quarter of the year. We expect near $100 million
of subscriber acquisition costs for 2023 as part of our base-case
forecast. Absent this spend, Brinks Home's top-line would decline
by its recurring monthly revenue (RMR) attrition rate, typically in
the 10%-14% range."
S&P also continues to expect tight financial covenant headroom,
notably its maximum senior secured debt to recurring monthly
revenue (RMR). As of Dec. 31, 2022, Brinks Home had 5% covenant
cushion following the continued step down of the covenant level to
30.75x as of December 2022, from 31.75x as of December 2021. The
total leverage test covenant had 5% cushion from the test level of
4x as of December 2022.
In addition, should the company be able to successfully refinance
its debt, a likely increase in borrowing costs given current market
conditions would strain its already stressed cash flow.
S&P said, "The negative outlook reflects our view that operating
performance won't improve enough over the near term to enable the
company to successfully refinance. As a result, we believe a
distressed exchange or bankruptcy filing over the next 12 months is
likely.
"We could lower the rating if a default, distressed exchange, or
redemption appear to be inevitable within six months.
"We could take a positive rating action if Brinks Home successfully
refinances its credit facilities on satisfactory terms."
This would likely result in:
-- The company having the ability to cover its debt service even
with potentially higher interest expense;
-- Restoration of adequate liquidity; and
-- The company sustaining its improved operating performance and
does not face any negative operating headwinds, such as from a
weakening economy.
ESG credit indicators: E2, S2, G3
MUSCLEPHARM CORP: Seeks to Extend Plan Exclusivity to September 30
------------------------------------------------------------------
MusclePharm Corporation asks the U.S. Bankruptcy Court for the
District of Nevada to extend the period during which it has the
exclusive right to file a Chapter 11 plan of reorganization and
to solicit acceptances thereof to September 30, 2023 and December
15, 2023, respectively.
The Debtor's initial exclusive filing period runs through April
14, 2023.
The Debtor explained that cause exists to extend the exclusive
periods, as follows:
(a) This is the Debtor's first extension request at the outset
of a complex case.
(b) The final DIP Order's entry shows
(i) Debtor's prospects for reorganization and confirming
a Chapter 11 Plan are real,
(ii) Debtor's satisfactory progress in negotiating with
creditors, and
(iii) that Debtor's extension request is not aimed at
unduly pressuring creditors in the Chapter 11 case.
(c) The W & W adversary presents an unresolved contingency
affecting the plan.
MusclePharm Corporation is represented by:
Samuel A. Schwartz, Esq.
Athanasios E. Agelakopoulos, Esq.
SCHWARTZ LAW, PLLC
601 East Bridger Avenue
Las Vegas, NV 89101
Tel: (702) 385-5544
Email: saschwartz@nvfirm.com
aagelakopoulos@nvfirm.com
About MusclePharm Corporation
Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB: MSLP) -- http://www.musclepharm.com/and
http://www.musclepharmcorp.com/-- is a lifestyle company that
develops, manufactures, markets and distributes branded
nutritional supplements. It offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat
snacks that satisfy the needs of enthusiasts and professionals
alike.
MusclePharm filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
22-14422) on Dec. 15, 2022. In the petition filed by its chief
executive officer, Ryan Drexler, the Debtor reported assets and
liabilities between $10 million and $50 million.
The Honorable Natalie M. Cox is the case judge.
The Debtor tapped Samuel A. Schwartz, Esq., at Schwartz Law, PLLC
as legal counsel; Foley & Lardner, LLP as special securities
counsel; and Portage Point Partners, LLC as restructuring
advisor. Jeffrey Gasbarra of Portage Point Partners serves as the
Debtor's chief restructuring officer.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's case. Pachulski
Stang Ziehl & Jones, LLP and Larson & Zirzow, LLC serve as the
committee's bankruptcy counsel and Nevada counsel, respectively.
MYOMO INC: Receives License Fee Payment From Chinese JV Company
---------------------------------------------------------------
Myomo, Inc. announced receipt of the final portion of the initial
license fee under the Technology License Agreement with its joint
venture company in China, Jiangxi Myomo Medical Assistive Appliance
Co. Ltd.
The Company said receipt of the full initial technology license fee
enables the start of technology transfer to the JV Company. Once
completed, the JV Company will begin the process of submitting
existing clinical evidence regarding the safety and efficacy of the
MyoPro to the regulatory authorities in China to enable its
manufacture and sale to rehabilitation hospitals and patients in
China, Hong Kong, Taiwan and Macau. Myomo will account for this
approximately $1.7 million payment as license revenue in the second
quarter of 2023.
"We're pleased that business conditions in China have normalized
following the COVID-19 pandemic, enabling payment of the remaining
initial license fee. Our teams are now working together to
establish local manufacturing and sales operations for the JV
Company to serve patients in the greater China territory," said
Paul R. Gudonis, Myomo's chairman and chief executive officer.
"China represents the world's largest market for the MyoPro," said
David Ren, chief executive officer of Anhui Ryzur Medical Equipment
Manufacturing Co. Ltd., the majority partner in the JV Company.
"Our initial business development efforts have identified hundreds
of rehabilitation hospitals and other facilities interested in
testing the MyoPro on patients suffering from upper extremity
paralysis. We are working to obtain regulatory approval to
manufacture and sell the MyoPro in China as quickly as possible."
Under the Technology License Agreement, Myomo has received an
upfront licensing fee of $2.7 million and the JV Company has
entered into an escalating purchase commitment for a minimum of
$10.75 million in MyoPro Control System Units during the next 10
years, subject to receipt of regulatory approvals necessary to
permit sales of the product. The JV Company will work with Ryzur
Medical and Myomo to develop enhanced technologies and new devices
based on the current Myomo technology for the greater China
territory. Myomo holds a 19.9% ownership interest in the JV
Company.
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company
that
offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $10.72 million for the year ended Dec.
31, 2022, compared to a net loss of $10.37 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $10.16
million in total assets, $3.80 million in total liabilities, and
$6.36 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
13, 2023, citing that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
NANO MAGIC: Incurs $2.1 Million Net Loss in 2022
------------------------------------------------
Nano Magic Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$2.10 million on $2.58 million of net revenues for the year ended
Dec. 31, 2022, compared to a net loss of $1.57 million on $4.31
million of net revenues for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $4.09 million in total assets,
$2.47 million in total liabilities, and $1.62 million in total
stockholders' equity.
Sterling Heights, Michigan-based UHY LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 11, 2023, citing that the Company has recurring losses
from operations, negative cash flow from operations, and an
accumulated deficit. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/891417/000149315223011856/form10-k.htm
About Nano Magic
Headquartered in Madison Heights, Michigan, Nano Magic Inc., now
known as Nano Magic Holdings Inc. -- www.nanomagic.com -- develops,
commercializes and markets consumer and industrial products powered
by nanotechnology that solve everyday problems for customers in the
optical, transportation, military, sports and safety industries.
NATIONAL CINEMEDIA: S&P Downgrades Secured Debt Rating to 'D'
-------------------------------------------------------------
S&P Global Ratings lowered the issue-level ratings on National
CineMedia Inc.'s (NCM) secured debt to 'D' from 'CCC-'. Its 'D'
issuer credit rating and issue-level rating on the unsecured debt
are unaffected.
On April 11, 2023, NCM announced it filed for Chapter 11 bankruptcy
protection. The company intends to use the bankruptcy process to
restructure its debt and manage its operations on a going concern
basis.
NATIONAL CINEMEDIA: S&P Lowers Secured Debt Rating to 'D'
---------------------------------------------------------
S&P Global Ratings lowered the issue-level ratings on National
CineMedia Inc.'s (NCM) secured debt to 'D' from 'CCC-'. Its 'D'
issuer credit rating and issue-level rating on the unsecured debt
are unaffected.
On April 11, 2023, NCM announced it filed for Chapter 11 bankruptcy
protection. The company intends to use the bankruptcy process to
restructure its debt and manage its operations on a going concern
basis.
NATIONAL REALTY: Seeks to Extend Plan Exclusivity to August 1
-------------------------------------------------------------
National Realty Investment Advisors, LLC and its affiliates ask
the U.S. Bankruptcy Court for the District of New Jersey to
extend their exclusive periods to file a Chapter 11 plan and
solicit acceptances thereof to August 1, 2023 and October 1,
2023, respectively.
The Debtors explained that the size and complexity of the chapter
11 cases alone can constitute sufficient cause for extending the
exclusive periods. The cases involve 132 debtors, with thousands
of investors and hundreds of potential creditors, and nearly
every aspect of these chapter 11 cases has involved multi-faceted
negotiations with major stakeholders.
The Debtors also stated that they have filed a Plan and
Disclosure Statement and are working diligently to obtain
approval thereof. The Debtors explained, however, that the
extension of the exclusivity periods is warranted because they
need additional time to confirm the Chapter 11 Plan.
The current exclusive filing period and exclusive solicitation
period are set to expire on May 3, 2023 and July 3, 2023,
respectively.
National Realty Investment Advisors, LLC is represented by:
S. Jason Teele, Esq.
Daniel J. Harris, Esq.
Gregory A. Kopacz, Esq.
SILLS CUMMIS & GROSS P.C.
One Riverfront Plaza
Newark, NJ 07102
Tel: (973) 643-7000
Email: steele@sillscummis.com
dharris@sillscummis.com
gkopacz@sillscummis.com
About National Realty Investment
National Realty Investment Advisors, LLC is a luxury-homes
developer based in Secaucus, N.J.
National Realty Investment Advisors and 102 affiliates, including
NRIA Partners Portfolio Fund I, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case
No.
22-14539) on June 7, 2022.
In the petition filed by its independent manager, Brian Casey,
National Realty Investment Advisors listed up to $50,000 in both
assets and debt. NRI Partners Portfolio listed assets between $50
million and $100 million and liabilities between $500 million and
$1 billion.
Judge John K. Sherwood oversees the cases.
S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the
Debtors'
counsel. Omni Agent Solutions is the claims and noticing agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors on June 30, 2022. The committee
is
represented by Ice Miller, LLP.
NEKTAR THERAPEUTICS: Karin Eastham Won't Stand for Re-election
--------------------------------------------------------------
Karin Eastham informed the Board of Directors of Nektar
Therapeutics that she has elected not to stand for re-election and
will complete her term on the Board at the conclusion of the
Company's 2023 annual meeting of stockholders.
Ms. Eastham's decision not to stand for re-election was not due to
a disagreement with the Company on any matter relating to the
Company's operations, policies, or practices, the Company said in a
Form 8-K filed with the Securities and Exchange Commission. The
Company thanks Ms. Eastham for her approximately five years of
service as a director and wishes her well in her future endeavors.
About Nektar Therapeutics
Nektar Therapeutics -- http://www.nektar.com-- is a
biopharmaceutical company with a robust, wholly owned R&D pipeline
of investigational medicines in oncology and immunology as well as
a portfolio of approved partnered medicines. Nektar is
headquartered in San Francisco, California, with additional
operations in Huntsville, Alabama.
Nektar Therapeutics reported a net loss of $368.20 million for the
year ended Dec. 31, 2022, a net loss of $523.84 million for the
year ended Dec. 31, 2021, a net loss of $444.44 million for the
year ended Dec. 31, 2020, and a net loss of $440.67 million for the
year ended Dec. 31, 2019.
NEOVASC INC: Fully Acquired by Shockwave Medical
------------------------------------------------
Shockwave Medical, Inc. announced the completion of its acquisition
of Neovasc Inc.
The Neovasc Reducer System is a first-of-its-kind technology to
address refractory angina. Refractory angina is a chronic
condition in which a patient suffers chest pain that cannot be
controlled by conventional therapies. It is estimated that each
year, in the United States and the European Union alone, up to
300,000 new patients with obstructive coronary disease who are
ineligible for conventional revascularization experience refractory
angina, despite guideline-directed medical therapy. In addition,
it is estimated that up to another 500,000 new patients present
with angina and non-obstructive coronary artery disease in the U.S.
and the E.U. each year. The Reducer has been granted Breakthrough
Device designation by the Food and Drug Administration, is
CE-marked and is currently enrolling patients in the COSIRA-II
study, a randomized clinical trial being conducted under an
Investigation Device Exemption intended to support FDA approval for
patients with coronary obstructive refractory angina.
Shockwave has acquired all of the outstanding common shares of
Neovasc for US$27.25 per share in cash upfront by way of a
statutory plan of arrangement. Consideration for the purchased
shares has been paid to Computershare Investor Services Inc. as
depositary under the arrangement and will be provided to former
shareholders of Neovasc as soon as reasonably practicable after
April 11, 2023, in accordance with the terms of the arrangement
agreement and subject to the ruling by the Israel Tax Authority
issued in connection with the Arrangement. In addition, the
Shareholders will also receive a potential deferred payment in the
form of a non-tradeable contingent value right entitling the
Shareholders to receive up to an additional US$12.00 per share in
cash if certain regulatory milestones are achieved within specified
timeframes.
As a result of the completion of the Arrangement, Neovasc's Common
Shares will be delisted from the Toronto Stock Exchange. Neovasc
has also requested that the Nasdaq Stock Market LLC file a
delisting application on Form 25 to report the delisting of the
Common Shares of Neovasc from Nasdaq. An application will be made
for Neovasc to cease to be a reporting issuer in the applicable
Canadian jurisdictions as a result of completion of the
Arrangement. Neovasc expects to terminate the registration of its
Common Shares under the U.S. Securities Exchange Act of 1934, as
amended, approximately 10 days after the closing of the
transaction.
Pursuant to the Withholding Tax Ruling, in order to receive the
Consideration free of withholding pursuant to the Israeli Income
Tax Ordinance (New Version), 5721-1961, Shareholders are required
to make the Israeli Tax Certification. Shareholders that hold
Common Shares through a broker and who meet the requirements of the
Israeli Tax Certification will be able to provide such
certification and submit the supporting documents through an online
portal that will be made available by the Depositary; such
Shareholders with questions about the Consideration or this portal
are encouraged to call their brokers with any questions.
Registered Shareholders (that is, Shareholders that, as of the
closing of the Arrangement, hold shares directly in Neovasc, and
not through a broker) will be contacted by the Depositary with
instructions on how to receive the Consideration. In order to
avoid withholding of Israeli tax, Registered Shareholders (as well
as any Shareholder whose consideration exceeds US$500,000) will
need to obtain a withholding exemption certificate issued by the
Israel Tax Authority and such Shareholders are encouraged to seek
guidance from an Israeli tax lawyer or accountant to help with the
process of obtaining such an exemption certificate. Registered
Shareholders with questions may contact the Depositary directly by
calling 888-852-1154 (within North America) or 514-982-7478
(outside North America).
The "Israeli Tax Certification" will require that Shareholders
certify that: (i) they are not (and from the date they purchased
the Common Shares until the closing of the Arrangement, were not) a
"resident of Israel" as defined under Section 1 of the Ordinance;
(ii) the Common Shares held by such Shareholder were acquired on or
after Jan. 1, 2009, and to the extent the Common Shares were
transferred to such Shareholder pursuant to a tax-free transfer
(under Israeli law), which includes transactions such as gifts or
inheritances, the transferor acquired the Common Shares on or after
Jan. 1, 2009; (iii) they did not acquire the Common Shares from a
"relative" (as defined under Section 88 of the Ordinance) and the
Common Shares were not subject to the provision of Part E2 of the
Ordinance or Section 70 of the Israeli Land Taxation Law
(Appreciation and Acquisition), 5723-1963, which relate to tax-free
reorganizations; (iv) the gain from the sale of the Common Shares
is not derived through a permanent establishment they have in
Israel; and (v) such Shareholder is the beneficial owner (directly
or indirectly) of less than 5% of the Common Shares. In support of
the Israeli Tax Certification, Shareholders will be required to
upload to the portal described above: (i) for Shareholders who are
individuals, a copy of such Shareholder's valid non-Israeli
passport or a valid government-issued identification card or IRS
Form W-9; and (ii) for Shareholders who will receive consideration
in excess of US$300,000 but no more than US$500,000 or are Israeli
citizens, a tax residency certificate from the applicable tax
authority in such Shareholder's country of residence or a
withholding exemption certificate issued by the Israel Tax
Authority.
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.
Neovasc Inc. reported a net loss of $41.20 million for the year
ended Dec. 31, 2022, compared to a net loss of $24.89 million 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.
* * *
This concludes the Troubled Company Reporter's coverage of Neovasc
until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.
NORTHWEST BANCORPORATION: Unsecureds Unimpaired in Hershenhorn Plan
-------------------------------------------------------------------
Robert Hershenhorn (the "Plan Proponent"), owner of 100% of the
issued and outstanding equity Interests of Northwest Bancorporation
of Illinois, Inc., submitted a Disclosure Statement in support of
the Full Payment/Reinstatement Chapter 11 Plan of Reorganization
for the Debtor dated April 13, 2023.
The Debtor is a bank holding company incorporated under the laws of
the state of Delaware. First Bank and Trust Company of Illinois is
the Debtor's wholly-owned operating subsidiary, which carries on
the business of operating a commercial bank located in Palatine,
Illinois.
The Plan is a 100% Plan that pays in full or Reinstates all Holders
of Claims and Interests, and all such Classes are Unimpaired under
the Plan Administrative Claims, Professional Fee Claims, U.S.
Trustee Fees, Priority Tax Claims, and Other Priority Claims, and
Allowed Unsecured Claims, if any, will be paid in full on the
Effective Date from the proceeds of the Plan Funding.
The Plan Proponent's ability to fund the Plan is derived from three
independent sources that collectively make up the Plan Funding: (a)
the New Value Contribution of $3.7 million funded by Hershenhorn,
the Plan Proponent and the Debtor's sole Interest Holder, (b)
$6.870 million in Stock Repurchase Proceeds derived from First
Bank's repurchase of 60,875 shares of First Bank's common stock
from the Debtor at a par value of $5.00 and (c) to the extent that
the Plan Proponent determines to utilize such a facility in
connection with the transactions contemplated under the Plan, a
credit facility made available by the Exit Lender to the
Reorganized Debtor on the Effective Date an amount sufficient to
pay the balance of Effective Date Distributions not otherwise paid
by the Stock Repurchase Proceeds and the New Value Contribution.
Currently, the Plan Proponent does not believe that any amount from
an Exit Facility is needed for the Effective Date Distributions,
but reserves its right to change such determination prior to the
Confirmation Hearing based upon his business judgment. The Stock
Repurchase is dependent only upon the approval of the Federal
Reserve Bank of Chicago, the Federal Deposit Insurance Corporation
and the Illinois Department of Financial and Professional
Regulation, Division of Banking (the "Regulators"). The Plan
Proponent has filed applications seeking such approval and the Plan
will not become Effective until all required approvals are
received.
The Plan Proponent expects to receive formal approval of the Stock
Repurchase from the Regulators prior to May 30, 2023. Based upon
the foregoing, the Plan Proponent anticipates that the Effective
Date of the Plan will occur on or about June 30, 2023. In the
interim, every effort is being made to take whatever actions are
required to obtain prompt approval from the Regulators.
The Debtor's only scheduled assets are: (i) its stock in First
Bank, which the Debtor listed on its Schedules as having a book
value of $17,304,816; (ii) its ownership of the trusts which issued
the TruPs, which the Debtor listed on its Schedules as having a
book value of $568,406; and (iii) $73.70 in cash.
The Debtor scheduled unsecured claims in the total amount of
$18,407,554.20, primarily on account of the amounts due to the
Holders of Senior TruPs and the Junior TruPs. The TruPS are a
hybrid form of security that has characteristics of both debt and
equity. Regulatory changes in the late 1990s allowed for banks to
include 25 percent of their outstanding TruPS in their calculation
of Tier 1 capital. To qualify as Tier 1 capital, a TruPS had to
provide for a five-year deferral of interest period which, once
triggered, would temporarily suspend the obligation of the TruPS
issuer to make interest payments due on the TruPS. During the
deferral period, interest on the TruPS accrues and becomes due once
the deferral period ends.
Class 2 consists of all General Unsecured Claims. One Unsecured
Claim was filed in a liquidated amount of $26,371.15. This Claim
has not been Allowed. Except to the extent that a Holder of a Class
2 Claim agrees to less favorable treatment, in full and final
satisfaction, settlement, release, and discharge of and in exchange
for, such Holder's Allowed Claim in Class 2, each such Holder of an
Allowed Class 2 Claim shall receive payment in full in Cash from
the Reorganized Debtor on the Effective Date. Class 2 is Unimpaired
under the Plan.
Class 5 consists of all Interests in the Debtor. On the Effective
Date, all Interests in Class 5 shall be Reinstated and will be
deemed to by the Reorganized Equity Interests in the Reorganized
Debtor. Class 5 is Unimpaired under the Plan.
The Plan Proponent's ability to fund the Plan is derived from three
independent sources that collectively make up the Plan Funding: (a)
the New Value Contribution of $3.7 million funded by Hershenhorn,
the Plan Proponent and the Debtor's sole Interest Holder, (b)
$6.870 million in Stock Repurchase Proceeds derived from First
Bank's repurchase of 60,875 shares of First Bank's common stock
from the Debtor at a par value of $5.00 and (c) to the extent that
the Plan Proponent determines to utilize such a facility in
connection with the transactions contemplated under the Plan, a
credit facility made available by the Exit Lender to the
Reorganized Debtor on the Effective Date an amount sufficient to
pay the balance of Effective Date Distributions not otherwise paid
by the Stock Repurchase Proceeds and the New Value Contribution.
A full-text copy of the Disclosure Statement dated April 13, 2023
is available at https://bit.ly/3AnCCEt from PacerMonitor.com at no
charge.
Counsel to Robert Hershenhorn:
Michael M. Eidelman, Esq.
David L. Kane, Esq.
Michael D. Leifman, Esq.
Vedder Price P.C.
222 N. LaSalle Street, Suite 2600
Chicago, IL 60601
Telephone: (312) 609-7500
Email: meidelman@vedderprice.com
dkane@vedderprice.com
mleifman@vedderprice
-and-
Michael J. Edelman, Esq.
Michael C. Troiano, Esq.
Vedder Price P.C.
1633 Broadway, 31st Floor
New York, New York 10019
Telephone: (212) 407-7700
Email: mjedelman@vedderprice.com
mtroiano@vedderprice.com
About Northwest Bancorporation of Illinois
Northwest Bancorporation of Illinois, Inc., is a bank holding
company incorporated under the laws of the state of Delaware.
Northwest Bancorporation filed its voluntary petition for Chapter
11 protection (Bankr. N.D. Ill. Case No. 21-08123) on July 2, 2021,
listing as much as $50 million in both assets and liabilities.
Judge Carol A. Doyle oversees the case.
The Debtor tapped Taft Stettinius & Hollister, LLP as legal counsel
and Janney Montgomery Scott, LLC, as financial advisor and
investment banker.
The U.S. Trustee for Region 11 appointed an official committee of
unsecured creditors on Aug. 4, 2021. The committee is represented
by Jeffrey D. Sternklar, LLC and SmithAmundsen, LLC.
Catherine Steege is the Chapter 11 trustee appointed in the
Debtor's case. Jenner & Block, LLP, serves as the trustee's legal
counsel.
OKAYSOU CORP: Case Summary & Eight Unsecured Creditors
------------------------------------------------------
Debtor: Okaysou Corporation
603 S. Miliken Ave, Ste G
Ontario, CA 91761
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-11535
Debtor's Counsel: Vahe Khojayan, Esq.
YK LAW, LLP
445 S. Figueroa Street, Ste 2280
Los Angeles, CA 90071
Tel: 213-401-0970
Fax: 213-529-3044
Email: vkhojayan@yklaw.us
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Hao Ma as chief executive officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AHIT43Q/Okaysou_Corporation__cacbke-23-11535__0001.0.pdf?mcid=tGE4TAMA
OMNIQ CORP: Continues to Expand Q Shield Coverage in Georgia
------------------------------------------------------------
OMNIQ Corp. announced that the Company has been selected by the
City of Lumpkin, Georgia to deploy its Q Shield vehicle recognition
systems (VRS) technology and its cloud based citation management
platform. This technology identifies any vehicle driving through
the city which is on a National Crime Information Center (NCIC)
data base or the city's local Bureau of Investigations Database and
cites violators who drive through the city with outstanding traffic
violations, as well as other alerts such as unregistered and
uninsured vehicles.
Shai Lustgarten, CEO commented, "We are proud that our AI based
Safe City product, Q-Shield is continuing to gain momentum as we
announce our newest contract with the city of Lumpkin, GA. With
this addition, our presence in the state of Georgia continues to
grow, as we now have 9 cities contracted. As a direct result of
cities recognizing the quick impact, we have on both the quality of
life and the revenue potential our pipeline continues to grow. We
now have a total of 18 cities in the US contracted and anticipate
continued growth in Georgia, as well as additional other states
across the country. Our revenue model is based on recurring
revenue sharing that will have a significant impact on our
profitability as we add more cities using our unique technology.
With a superior product offering and a robust pipeline, we believe
we are well positioned to make a significant impact on countless
lives as well as developing an expanding revenue stream with higher
profit margins for our clients and our company."
Q Shield, OMNIQ's AI-based machine vision VRS solution uses
patented Neural Network algorithms that imitate human brains for
pattern recognition and decision-making. More than 17,000 OMNIQ AI
based machine vision sensors are installed worldwide, including
approximately 7,000 in the U.S. Based on superior accuracy and
patented features like identification of make and color combined
with superior accuracy based on the sophisticated algorithm and
machine learning that largely depends on accumulated data provided
by thousands of sensors already deployed. The Company's AI based
solution is deployed in sensitive areas in the Middle East for
terror prevention as well as in South America, Florida and the Far
East for crime prevention and public safety. The technology is
used for traffic management, automation of parking and new
verticals, such as retail shops and QSR restaurants as part of the
CRM system.
About omniQ Corp.
Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications. The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
Omniq Corp reported a net loss of $13.61 million for the year ended
Dec. 31, 2022, compared to a net loss of $13.14 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$64.81 million in total assets, $75.34 million in total
liabilities, and a total deficit of $10.53 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 30, 2023, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations. This raises substantial doubt about the Company's
ability to continue as a going concern.
ORS.COM INC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: ORS.COM, Inc.
4808 Eastover Circle
Mesquite TX 75149
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 23-30749
Judge: Hon. Michelle V. Larson
Debtor's Counsel: Howard Marc Spector, Esq.
SPECTOR & COX, PLLC
12770 Coit Road
Suite 850
Dallas TX 75251
Tel: (214) 365-5377
Email: hms7@cornell.edu
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Aaron Brewer as chief executive
officer.
A full-text copy of the petitions containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AYNCLLA/ORSCOM_Inc__txnbke-23-30749__0001.0.pdf?mcid=tGE4TAMA
PANTHEON GASTRONOMY: Taps Glast Phillips & Murray as Legal Counsel
------------------------------------------------------------------
Pantheon Gastronomy, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Georgia to hire Glast Phillips &
Murray, P.C. as its counsel.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties in the continued operation of its business and
the management of its property;
(b) taking all necessary action to protect and preserve the
Debtor's estate;
(c) preparing legal papers;
(d) assisting the Debtor in preparing and filing a plan of
reorganization;
(e) performing other legal services for the Debtor in
connection with its Chapter 11 case; and
(f) performing such legal services as the Debtor may request
with respect to any matter, including, but not limited to,
corporate finance and governance, contracts, antitrust, labor, and
tax.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Brandon Tittle, Esq. $495 per hour
Associate $325 per hour
Paralegals $225 per hour
The firm received a retainer in the amount of $18,019.50.
Brandon Tittle, Esq., a partner at Glast, Phillips & Murray,
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:
Brandon J. Tittle, Esq.
Glast, Phillips & Murray, P.C.
14801 Quorum Drive, Suite 500
Dallas TX 75254-1449
Telephone: (972) 419-7186
Facsimile: (972) 419-8329
Email: btittle@gpm-law.com
About Pantheon Gastronomy
Pantheon Gastronomy, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 23-20137) on
April 4, 2023, listing up to $50,000 in assets and $100,001 to
$500,000 in liabilities. Judge Michele J Kim presides over the
case. Paul A. Schofield, Esq. at The Williams Litigation Group,
P.C. represents the Debtor as counsel.
PANTHEON GASTRONOMY: Taps Williams Litigation as Local Counsel
--------------------------------------------------------------
Pantheon Gastronomy, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Georgia to hire The Williams
Litigation Group, P.C. as its local counsel.
The firm will be advising the Debtor as to its duties as debtor in
possession, preparing all necessary filings and legal documents,
taking all necessary actions to preserve the estate, and performing
all other legal services as may be required during the course of
its case in conjunction with the law firm of Glast, Phillips &
Murray, P.C.
The firm will bill these hourly rates:
Paul A. Schofield, Esq. $300
James Wrix McIlvaine, Esq. $300
Legal Personnel $100
The firm received a retainer in the amount of $11,000.
As disclosed in the court filings, The Williams Litigation Group
has no connection with the Debtor's creditors or any other party in
interest, or with their respective attorneys.
The firm can be reached through:
Paul A. Schofield, Esq.
The Williams Litigation Group, P.C.
1709 Reynolds Street
Brunswick, GA 31520
Phone: 1-866-214-7036
About Pantheon Gastronomy
Pantheon Gastronomy, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 23-20137) on
April 4, 2023, listing up to $50,000 in assets and $100,001 to
$500,000 in liabilities. Judge Michele J Kim presides over the
case. Paul A. Schofield, Esq. at The Williams Litigation Group,
P.C. represents the Debtor as counsel.
PRESSURE BIOSCIENCES: Incurs $16.1 Million Net Loss in 2022
-----------------------------------------------------------
Pressure Biosciences, Inc. has filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $16.08 million on $1.73 million of total revenue for the
year ended Dec. 31, 2022, compared to a net loss of $20.15 million
on $2 million of total revenue for the year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $2.01 million in total assets,
$34.70 million in total liabilities, and a total stockholders'
deficit of $32.68 million.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 12, 2023, citing that the Company has suffered recurring
negative cash flows from operations and has a working capital
deficit that 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/0000830656/000149315223012010/form10-k.htm
About Pressure Biosciences
South Easton, Mass.-based, Pressure Biosciences Inc. --
http://www.pressurebiosciences.com-- develops and sells
innovative, broadly enabling, high pressure-based platform
technologies and related consumables for the worldwide life
sciences, agriculture, food and beverage, and other key industries.
QUALITY HEATING: Taps Gellert Scali Busenkell & Brown as Counsel
----------------------------------------------------------------
Quality Heating & Air Conditioning Company, Inc. seeks approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Gellert Scali Busenkell & Brown, LLC as its legal counsel.
The firm's services include:
(a) providing the Debtor with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy and
asset dispositions;
(b) taking all necessary actions to protect and preserve the
Debtor's estate during the pendency of its Chapter 11 case,
including the prosecution of actions by the Debtor, the defense of
actions commenced against the Debtor, negotiations concerning
litigation in which the Debtor is involved and objecting to claims
filed against the estate;
(c) preparing legal papers;
(d) counseling the Debtor regarding its rights and
obligations;
(e) appearing in court; and
(f) other legal services, which may be necessary and proper in
the Debtor's Chapter 11 proceeding.
The firm will be paid at these rates:
Ronald S. Geller $475 per hour
Associates/Of Counsel $325 per hour
Paraprofessionals $105 to $210 per hour
Gellert received from the Debtor a retainer of $150,000.
Ronald Gellert, Esq., a partner at Gellert, disclosed in a court
filing that his firm neither holds nor represents an interest
adverse to the Debtor's estate.
The firm can be reached through:
Ronald S. Gellert, Esq.
Gellert Scali Busenkell & Brown, LLC
1201 N. Orange Street Suite 300
Wilmington, DE 19801
Tel: (302) 425-5806
Email: rgellert@gsbblaw.com
About Quality Heating & Air Conditioning Company
Quality Heating & Air Conditioning Company, Inc. sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case
No. 23-10354) on March 27, 2023, listing up to $50 million in both
assets and liabilities.
Judge Karen B. Owens oversees the case.
The Debtor tapped Gellert Scali Busenkell & Brown, LLC as legal
counsel and SC&H Group, Inc. as investment banker.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Eric J. Monzo, Esq., and Jason S.
Levin, Esq.
RIVERSTONE RESORT: Hamzah Ali's Claim of Constructive Trust Denied
------------------------------------------------------------------
In the adversary proceeding captioned as IN RE: RIVERSTONE RESORT,
LLC, Chapter 7, Debtor. HAMZAH ALI, Plaintiff, v. RIVERSTONE
RESORT, LLC and AZHAR CHAUDHARY and AZHAR CHAUDHARY LAW FIRM, P.C.,
Defendants, Case No. 21-33531, Adversary No. 22-3154, (S.D. Tex.),
Judge Jeffrey Norman of the U.S. Bankruptcy Court for the Southern
District of Texas denies Hamzah Ali's claim of a constructive trust
as to Riverstone Resort, LLC.
On May 16, 2022, Hamzah Ali brought this adversary proceeding
against the Defendants: Riverstone Resort, LLC, Azhar Chaudhary and
Azhar Chaudhary Law Firm, P.C. -- seeking a declaratory judgment
that Riverstone's single asset -- the Property located at 2041
Hagerson Road, Sugarland Texas 77479 -- is not property of the
estate and seeking to place the Property in a constructive trust
for the benefit of the Plaintiff. Azhar Chaudhary is a lawyer, the
sole member and owner of the Debtor, Riverstone. Hamzah Ali is his
former client. Ali claimed that Chaudhary charged an unconscionable
attorney fee to him and that the funds he paid Chaudhary could be
traced to the purchase of Riverstone's single asset, the Property.
The closing for the purchase of the real estate that was the corpus
of the Single Asset Real Estate Bankruptcy of Riverstone occurred
on June 28, 2017. The purchase price was $2.5 million. It was
funded by a loan of $1.86 million, $21,000 in earnest money and a
$639,502cash payment from Chaudhary. The allegation is that all or
some of this cash payments were the funds provided by Ali to
Chaudhary and his law firm.
Accordingly, the Court holds that, based on tracing and a FIFO
accounting, $383,480 of the purchase price of the Property was paid
by the funds of Ali. Before utilizing the application of the
Statute of Limitations, there was clear and convincing evidence to
find that there was a breach of fiduciary duty or actual fraud
between Chaudhary and Ali, unjust enrichment to Chaudhary and that
the tracing of Ali's funds via Chaudhary, in part, lead to the
partial purchase of the res, that is the only asset of Riverstone
-- its single piece of real estate, which was property of the
estate of the Debtor.
In an effort to recover his money, Ali filed suit against the two
co-defendants in the 458th Judicial District of Fort Bend County,
Texas on March 6, 2018. The same facts give rise to the state court
suit and this litigation, but the causes of action are different.
In the state court suit, Ali pled causes of action for breach of
contract, quantum meruit, breach of fiduciary duty, fraud,
negligence, gross negligence, and asserted actual damages. In the
state court litigation, Ali failed to seek the imposition of a
constructive trust. Ali amended the complaint in the state court
litigation to include an additional cause of action of breach of
settlement agreement, again failing to include a cause of action
seeking imposition of constructive trust. Had the state court
litigation been amended to include the imposition of a constructive
trust as a cause of action, the statute of limitations may have
been tolled. However, this did not occur, and the imposition of a
constructive trust was not raised until after the limitation period
when this adversary was filed.
It is undisputed that an attorney-client relationship existed. The
Court finds inexplicably that Chaudhary breached his duty by
failing to perform and charging an unconscionable fee -- Chaudhary
was unjustly enriched. Finally, it is clear to the Court through
tracing that the funds lead to the partial purchase of the
Property, and the only asset of the Debtor, Riverstone Resort.
In the state of Texas, claims for unjust enrichment have a statute
of limitations of two years, and claims of breach of fiduciary duty
have a statute of limitations of four years. Here, the statute of
limitations began on Oct. 26, 2017, as testified to repeatedly by
Ali -- the termination of representation. The underlying claim of
breach of fiduciary duty began tolling on the date Ali discovered
the breach of fiduciary duty, and expired on October 25, 2021, a
date which predates both the bankruptcy case from which this action
stemmed, and this adversary proceeding. As such, the Court holds
that the imposition of a constructive trust is denied based upon
the Statute of Limitations, which expired on October 25, 2021. The
running of limitations renders the claim against Riverstone as
unenforceable.
A full-text copy of the Memorandum Opinion dated March 30, 2023, is
available https://tinyurl.com/4wbardj3 from Leagle.com.
About Riverstone Resort
Riverstone Resort, LLC is the fee simple owner of a real property
in Sugar Land, Texas, having an appraised value of $9.6 million.
Riverstone Resort filed a petition for Chapter 11 protection
(Bankr. S.D. Texas Case No. 21-33531) on Oct. 29, 2021, disclosing
$9,620,007 in assets and $2,165,951 in liabilities. Judge Jeffrey
P. Norman oversees the case.
David L. Venable, Esq., a practicing attorney in Houston, Texas, is
the Debtor's bankruptcy counsel. Sanjay R. Chadha Law, PLLC and
Munsch Hardt Kopf & Harr, P.C. serve as special counsels.
SEMILEDS CORP: Incurs $545K Net Loss in Second Quarter
------------------------------------------------------
SemiLEDs Corporation has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $545,000 on $1.15 million of net revenues for the three months
ended Feb. 28, 2023, compared to a net loss of $152,000 on $2.17
million of net revenues for the three months ended Feb. 28, 2022.
For the six months ended Feb. 28, 2023, the Company reported a net
loss of $1.05 million on $2.85 million of net revenues compared to
a net loss of $677,000 on $3.64 million of net revenues for the six
months ended Feb. 28, 2022.
As of Feb. 28, 2023, the Company had $15.20 million in total
assets, $12.52 million in total liabilities, and $2.68 million in
total equity.
The Company suffered losses from operations of $3.2 million and
$3.9 million, and net cash used in operating activities of $1.5
million and $1.7 million for the years ended Aug. 31, 2022 and
2021, respectively. The Company said these facts and conditions
raise substantial doubt about the Company's ability to continue as
a going concern, even though gross profit on product sales was $1.4
million for the year ended Aug. 31, 2022 compared to $1.0 million
for the year ended Aug. 31, 2021. Loss from operations for the
three and six months ended Feb. 28, 2023 were $702,000 and $1.4
million, respectively. Net cash used in operating activities for
the six months ended Feb. 28, 2023 was $85,000. Moreover, at Feb.
28, 2023, the Company's cash and cash equivalents had decreased to
$3.9 million. However, management believes that it has developed a
liquidity plan that, if executed successfully, should provide
sufficient liquidity to meet the Company's obligations as they
become due for a reasonable period of time, and allow the
development of its core business.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001333822/000095017023012486/leds-20230228.htm
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.
SemiLEDs reported a net loss of $2.73 million for the year ended
Aug. 31, 2022, compared to a net loss of $2.86 million for the year
ended Aug. 31, 2021. As of Nov. 30, 2022, the Company had $15.57
million in total assets, $12.51 million in total liabilities, and
$3.06 million in total equity.
Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 7, 2022, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
SERENITY HOMES: Taps Dunham Hildebrand as Legal Counsel
-------------------------------------------------------
Serenity Homes of TN, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to employ Dunham
Hildebrand, PLLC as its legal counsel.
The firm's services include:
(a) rendering legal advice with respect to the rights, powers
and duties of the Debtors 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 statements and plans of
reorganization;
(e) representing the Debtor as may be necessary to protect its
interests; and
(f) other legal services that may be necessary in the general
administration of the Debtor's estate.
The firm will be paid at these rates:
Attorneys $325 - $400 per hour
Paralegals $150 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Dunham received from the Debtor the sum of $12,000 as a retainer.
Of this amount, $2,982.50 was earned and paid prior to the petition
date, $1,738 was used to pay the Chapter 11 filing fee, and
$7,279.50 is being held in trust.
Gray Waldron, Esq., a partner at Dunham, 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:
Denis Graham Waldron, Esq.
Dunham Hildebrand, PLLC
2416 21st Avenue South, Suite 303
Nashville, TN 37212
Tel: 615-933-5851
Fax: 615-777-3765
Email: gray@dhnashville.com
About Serenity Homes of TN
Serenity Homes of TN, LLC filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Tenn. Case No. 23-01049) on March 23, 2023, with $1 million to $10
million in assets and $500,000 to $1 million in liabilities.
Michael Geoffrey Abelow has been appointed as Subchapter V
trustee.
Judge Charles M. Walker oversees the case.
The Debtor is represented by Denis Graham Waldron, Esq., at Dunham
Hildebrand, PLLC.
STRUDEL HOLDINGS: Public Auction Slated for June 27
---------------------------------------------------
Pursuant to (a) Section 9-610 of the Uniform Commercial Code
("UCC") as adopted in the State of New York, (b) the pledge
agreement dated as of March 30, 2018 ("2018 pledged agreement"),
among Charif Souki, as Trustee of the Souki Family 2016 Trust
("Trust"), Strudel Holdings LLC ("Strudel"), AVR AH LLC ("AVR"),
and Wilmington Trust NA, as administrative agent, and (c) pledge
agreement dated as of April 27, 2017, among pledgors and
administrative agent, secured parties will offer for sale to the
public all right, title and interest of, in and to the pledged
shares consisting of (i) the capital stock of Ajax Holdings LLC
owned by Strudel and (ii) the capital stock of Ajax Holdings owned
by the Trust, in each case that secured the borrower's obligations
under (a) the loan agreement, dated as of March 30, 2018, among
borrower, the Trust, Strudel, AVR, Ajax, the lenders party thereto
and the administrative agent, and (b) loan agreement dated as of
April 27, 2017, among borrower, the Trust, Strudel, AVR, the
lenders party thereto and the administrative agent.
The auction will be held on June 27, 2023, at 12:00 p.m. EST at the
offices of Orrick, Herrington & Sutcliffe LLP, located at 51 West
52nd Street, New York, New York 10019, with an option to attend the
auction remotely via a designated Zoom link that will be made
available to qualified bidders on request.
Any person making an inquiry or request must: (i) disclose the
person or entity on whose behalf such information is being sought,
(ii) execute the confidentiality agreement, which can be reviewed
at https://tinyurl.com/AHUCCSale, and (iii) maintain the
confidentiality of the information provided.
SUN PACIFIC: Unit Inks $2.95M Alabama Property Purchase Contract
----------------------------------------------------------------
Sun Pacific Holding Corp. announced that its wholly owned
subsidiary, Elba Power Corp has executed its contract to purchase
the property in Elba, AL for its Solar Manufacturing Property for
the sum of $2,950,000. Sun Pacific has also obtained an inducement
resolution from the state as well as 100% tax abatement on property
sales and use tax.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, "We
are happy with our progress and work that we are doing with Elba
Alabama and finding a property that will allow us to expand and
grow our vision to build a 1.2GW solar products manufacturing and
clean power generation plant."
"We have been working diligently in obtaining our insurance wrap to
protect our investment in the project as well as receiving state
approvals and executed agreements to proceed with acquiring the
200k Sq. Ft. property."
Mr. Campanella further added, "The state has approved an inducement
resolution for $50 million dollars and a 100% tax abatement on
sales and use tax which will save us millions of dollars for our
equipment and development. Our insurance wrap allows us to offset
the risk for our key funders."
About Sun Pacific
Headquartered in Manalapan NJ, Sun Pacific Holding Corp. --
http://www.sunpacificholding.com-- is a diversified publicly
traded holding company encompassing the following subsidiaries: Sun
Pacific Power Corp, Street Smart Outdoor Corp, and National
Mechanical Corp. Its focus is protecting the environment by
adapting new green technologies and developing synergy across its
subsidiaries.
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.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated April 15, 2022, citing that the Company has suffered
recurring losses from operations since inception and has a
significant working capital deficiency, both of which raise
substantial doubt about its ability to continue as a going concern.
SUNG HO MO: Exclusivity Extension Granted for 60-Day Period
-----------------------------------------------------------
Judge Vincent F. Papalia of the U.S. Bankruptcy Court for the
District of New Jersey grants the Sung Ho Mo's motion to extend
exclusivity is granted for a period of 60 days from the entry of
the Order and denies the other relief requested by the Debtor as
follows:
(1) in Adv. Pro. No. 22-1186 (Wells Fargo Asset Securities
Corp.), the Court denies the Debtor's motion to reconsider the Dec.
12, 2022 Order;
(2) in Adv. Pro. No. 22-1189 (Kabe Capital, LLC), the Court
denies the Debtor's motion to reconsider the Sept. 26, 2022 Order
for partial dismissal;
(3) in Adv. Pro. No. 22-1189 (Kabe), the Court denies Debtor's
motion to reconsider the Dec. 12, 2022 Order;
(4) in Adv. Pro. No. 22-1190 (TIAA, FSB), the Court denies
Debtor's motion to reconsider the Dec. 12, 2022 Order;
(5) in Adv. Pro. No. 22-1308 (Wells), the Court denies Debtor's
motion to vacate the Dec. 5, 2022 Order for Dismissal and to reopen
the adversary proceeding;
(6) in Adv. Pro. No. 22-1322 (Kabe), the Court denies as moot and
superfluous the Debtor's motion to vacate the Dec. 5, 2022 Order
for Dismissal, which did not apply to this adversary proceeding,
which was never dismissed in any event;
(7) in Adv. Pro. No. 22-1322 (Kabe), the Court dismisses the New
Kabe Action with prejudice, consistent with the Court's denial of
Debtor's motion for reconsideration of the Sept. 26, 2022 Order in
Adv. Pro. No. 22-1189;
(8) in Adv. Pro. No. 22-1324 (TIAA), the Court denies Debtor's
motion to vacate the Dec. 5, 2022 Order for Dismissal and to reopen
the adversary proceeding;
(9) in the Main Case, the Court denies Debtor's motion to compel
Wells Fargo to comply with discovery;
(10) in the Main Case, the Court denies in part and grants in
part the Debtor's motion to compel Kabe to comply with discovery. .
. Kabe will respond in compliance with the rules governing
adversary proceedings, subject to any applicable objections,
including (without limitation) that the discovery sought goes
beyond the limited matters permitted by the Order;
(11) in Adv. Pro. No. 22-1189 (Kabe), within 30 days of the entry
of this Order and Opinion, the Debtor may file and serve, in
compliance with Fed. R. Bankr. P. 7015, D.N.J. LBR 7015-1(a) and
other relevant rules, a properly-supported motion to file an
Amended Complaint that is strictly limited to claims challenging
the validity, priority and assignment of the Kabe Mortgage and
includes a version of the Amended Complaint marked to show changes
from the original Complaint in the Old Kabe Action. The proposed
Amended Complaint may not assert any claims that are based on the
alleged invalidity of the Kabe Note; Kabe's Final Judgment on the
Note; or the amount due to Kabe;
(12) in the Main Case, the Court denies the Debtor's motion to
compel TIAA to comply with discovery;
(13) in the Main Case, the Court denies the Debtor's motion to
stay (i) the case; (ii) Debtor's obligation to file a Plan; and
(iii) essentially all other proceedings in this case and the
Adversary Proceedings, pending disposition of the 14 pending
appeals filed by the Debtor;
(14) in the Main Case, the Court denies the Debtor's motion to
stay (i) the case; (ii) the Plan; and (iii) Wells Fargo's stay
relief motion;
(15) in the Main Case, the Court denies the Debtor's motion to
stay (i) the case; (ii) Wells Fargo's stay relief motion; and (iii)
Wells Fargo's State Court Action;
(16) in the Main Case, the Court grants the motion of Wells Fargo
for stay relief;
(17) in the Main Case, the Court grants the motion of TIAA for
stay relief;
(18) in the Main Case, the Court grants the Cross-motion of Wells
Fargo to declare the Debtor a vexatious litigant. This application
was also filed and is being granted in Adv. Pro. No. 22-1186 and
Adv. Pro. No. 22-1308. The Debtor will file no more pleadings,
motions, motions for reconsideration or other applications that
directly or indirectly seek the same or similar relief that has
previously been denied by this Court, without first:
(i) sending a letter to this Court, with copies to all parties
in interest, requesting permission to file such a motion or other
pleading that sets forth the new and/or different grounds or which
such a motion or pleading is based, which letter may include a
summary or copy of any such motion or pleading;
(ii) including a Certification:
(A) confirming that the Debtor has not previously sought,
directly or indirectly, the same or similar relief from this Court;
and
(B) setting forth the asserted new and/or different grounds
under which the Court should consider such filings and that any new
or different information on which such filing is based was not
previously available to the Debtor.
The Adversary case is captioned as In Re: SUNG HO MO, Debtor. SUNG
HO MO, Plaintiff, v. HSBC BANK USA, N.A., AS TRUSTEE FOR WELLS
FARGO ASSETS SECURITIES CORP., MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2007-11 and WELLS FARGO BANK, N.A., Defendants. SUNG HO MO,
Plaintiff, v. KABE CAPITAL, LLC, Defendant. SUNG HO MO, Plaintiff,
v. ADJUSTABLE RATE MORTGAGE TRUST 2005-10, ADJUSTABLE RATE
MORTGAGE-BACKED PASS THROUGH CERTIFICATES, SERIES 2005-10, U.S
BANK, N.A., AS TRUSTEE, Defendants. SUNG HO MO, Plaintiff, v. HSBC
BANK USA, N.A., AS TRUSTEE FOR WELLS FARGO ASSETS SECURITIES CORP.,
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-11; WELLS FARGO
BANK, N.A.; MICHAEL ROBERTS; CHARLES W. SCHARF; CAROLINE K.
COURTNEY; and ELIZABETH JOAN TAYLOR, Defendants. SUNG HO MO,
Plaintiff, v. KABE CAPITAL, LLC; PNC BANK, N.A. and WILLIAM S.
DEMCHAK, Defendants. SUNG HO MO, Plaintiff, v. ADJUSTABLE RATE
MORTGAGE TRUST 2005-10; ADJUSTABLE RATE MORTGAGE-BACKED PASS
THROUGH CERTIFICATES, SERIES 2005-10, U.S BANK, N.A., AS TRUSTEE;
U.S. BANK, N.A. AS TRUSTEE, TIAA, FSB; WELLS FARGO BANK, N.A.;
ANDREW CECERE; CHARLES W. SCHARF; STEVE FISHER and ROBIN MURDOCK,
Defendants, Adv. Pro. Nos. 22-1186 (VFP), 22-1189 (VFP), 22-1190
(VFP), 22-1308 (VFP), 22-1322 (VFP), 22-1324 (VFP), (D.N.J.).
A full-text copy of the Opinion dated March 31, 2023, is available
https://tinyurl.com/5n939e5e from Leagle.com.
Sung Ho Mo sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Case No. 22-14796) on June 13, 2022.
T LOVE TRUCKING: Seeks to Hire Holsinger CPA as Accountant
----------------------------------------------------------
T Love Trucking LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to hire Holsinger CPA as
its accountant.
The firm will prepare tax statements and returns of the Debtor.
The firm's estimated tax compliance fees are:
1040 Tax Preparation
Annual federal and state returns $ 500
Monthly Accounting Fees:
Monthly fee $100
QuickBooks Cloud Hosting $60
Tutoring $75/hour
Start-up $200
As disclosed in the court filing, Holsinger CPA is a "disinterested
person" within the meaning of 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Andrew J. Bianco, CPA
Holsinger CPA
117 VIP Drive, Suite #220
Wexford, PA 15090
Office: (724) 719-3210
Cell: (724) 743-5820
Email: ajbianco@strategicad.com
About T Love Trucking
T Love Trucking LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-20348) on Feb.
17, 2023, listing under $1 million in both assets and liabilities.
Shawn N. Wright, Esq. at the LAW OFFICE OF SHAWN N. WRIGHT
represents the Debtor as counsel.
TITAN CONSTRUCTORS: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Titan Constructors, Incorporated
P.O. Box 151195
Ely NV 89315
Chapter 11 Petition Date: April 17, 2023
Court: United States Bankruptcy Court
District of Nevada
Case No.: 23-50241
Judge: Hon. Natalie M. Cox
Debtor's Counsel: J. Craig Demetras, Esq.
DEMETRAS LAW
230 E Liberty Street
Reno NV 89501
Tel: 775-348-4600
Email: jcd@demetraslaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Shane Cooper as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/EKWIEMI/TITAN_CONSTRUCTORS_INCORPORATED__nvbke-23-50241__0001.0.pdf?mcid=tGE4TAMA
TRADESMAN BREWING: Unsecureds Will Get 1% of Claims over 48 Months
------------------------------------------------------------------
Tradesman Brewing Co., Inc., filed with the U.S. Bankruptcy Court
for the District of South Carolina a Plan of Reorganization for
Small Business dated April 13, 2023.
The Debtor was organized on July 2013 as Tradesman Brewing Co.,
LLC, a South Carolina limited liability company. On May 1, 2015,
its charter was amended to Tradesman Brewing Co., Inc.
The Plan filed by the debtor contemplates that its secured
creditors shall be paid in full with unsecured claims to be paid no
less than the liquidation yield and at least the projected
disposable income over 60 months.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $72,000 annually for a
60-month total of $360,000 projected disposable income available
for plan payments. The final Plan payment is expected to be paid in
July 2028.
This Plan of Reorganization proposes to pay creditors of the Debtor
from future earnings. The Debtor does not anticipate that sales of
assets or loan proceeds will be necessary for continued operation.
Debtor has continued to pursue the infusion of additional capital
but does not envision that a liquidation is likely even if the
additional capital is not forthcoming.
Non-priority unsecured creditors holding allowed claims will
receive distributions representing no less than the liquidation
yield which Debtor believes to be 1%. The Plan provides for the
payment of administrative, priority, secured and unsecured claims.
Class 3 consists of all non-priority unsecured claims, including
the unsecured portion of the secured creditors. The Debtor shall
pay a yield of 1% to the Class 3 Creditors, without interest on a
pro rata basis, commencing after the administrative claims have
been paid and continuing for a period of 48 months. The allowed
unsecured claims total $803,603. This class is impaired.
Class 5 consists of equity security holders of the Debtor. Debtor
proposes that each equity interest retain their interest in the
Debtor.
The Debtor shall fund the plan from earnings.
A full-text copy of the Plan of Reorganization dated April 13, 2023
is available at https://bit.ly/40f4NQf from PacerMonitor.com at no
charge.
Attorney for Debtor:
Richard A Steadman, Jr., Esq..
Steadman Law Firm, PA
Post Office Box 60367
North Charleston, SC 29419
Telephone: (843) 529-1100
Facsimile: (843) 529-0027
Email: rsteadman@steadmanlawfirm.com
About Tradesman Brewing Co.
Tradesman Brewing Co., Inc. filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 23 00147)
on Jan. 13, 2023, with up to $50,000 in assets and up to $1 million
in liabilities.
Judge Elisabetta G. M. Gasparini oversees the case.
Steadman Law Firm, PA serves as the Debtor's bankruptcy counsel.
TRANSDERMAL SPECIALTIES: Taps Morgan Lewis as Special Counsel
-------------------------------------------------------------
Transdermal Specialties Global, Inc. ("TSG"), BKR IP Holdco, LLC
("BKR IP Holdco"), and Transdermal Specialties, Inc. ("TSI") seek
approval from the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania to hire Morgan, Lewis & Bockius LLP as their special
counsel.
The firm will represent the Debtors in various matters involving
securities law and the issuance of new stock.
The firm will be paid at these rates:
Steven M. Cohen $1,250 per hour
Evan McGillin $800 per hour
Andres Paciuc $500 per hour
Steven Cohen, Esq., at Morgan, Lewis & Bockius, 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:
Steven M. Cohen, Esq.
Morgan, Lewis & Bockius LLP
502 Carnegie Center
Princeton, NJ 08540-6241
Phone: +1 609-919-6600
Fax: +1 609-919-6701
Email: steven.cohen@morganlewis.com
About Transdermal Specialties Global
Transdermal Specialties Global, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
21-11425) on May 19, 2021. At the time of the filing, the Debtor
had $1 million to $10 million in both assets and liabilities. Judge
Magdeline D. Coleman oversees the case. Ciardi Ciardi & Astin
serves as the Debtor's legal counsel.
VILLAS OF COCOA: Exclusive Solicitation Period Extended to June 30
------------------------------------------------------------------
Judge Tiffany P. Geyer of the U.S. Bankruptcy Court for the
Middle District of Florida extended The Villas of Cocoa Village,
LLC's exclusive period to obtain acceptances and confirm its
First Amended Plan of Reorganization to June 30, 2023.
About The Villas of Cocoa Village
The Villas of Cocoa Village, LLC filed a petition for relief
under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Case No. 22-03286) on Sept. 12, 2022. In the petition
filed by Robert D. Harvey, authorized member, the Debtor
disclosed between $500,000 and $1 million in assets and between
$1 million and $10 million in liabilities. Robert Altman has been
appointed as Subchapter V trustee.
Judge Tiffany P. Geyer oversees the case.
Winderweedle, Haines, Ward & Woodman, PA and Davies Houser &
Secrest, CPA, P.A. serve as the Debtor's legal counsel and
accountant, respectively.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case on Nov. 16,
2022. The committee is represented by Shutts & Bowen, LLP.
WANSDOWN PROPERTIES: Beekman's Bid to Impose Sanctions Denied
-------------------------------------------------------------
Judge David S. Jones of the U.S. Bankruptcy Court for the Southern
District of New York denies the joint motion to impose sanctions
filed by 29 Beekman Corp. and Azadeh Nasser Azari in the adversary
proceeding captioned as In re: WANSDOWN PROPERTIES CORPORATION,
N.V., Debtor. WANSDOWN PROPERTIES CORPORATION N.V., Plaintiff, v.
29 BEEKMAN CORP., Defendant. WANSDOWN PROPERTIES CORPORATION N.V.,
Plaintiff, v. AZADEH NASSER AZARI, Defendant, Case No.
19-13223-dsj, Adv. Pro. No. 20-01056 (DSJ)., 19-1450 (DSJ), (Bank.
S.D.N.Y.).
29 Beekman Corp. and Azadeh Nasser Azari filed a motion seeking to
impose sanctions on Wansdown Properties Corporation N.V. and its
counsel, Blank Rome LLP and Lawrence Flick, Esq., pursuant to Rule
9011 of the Federal Rules of Bankruptcy Procedure, Rule 11 of the
Federal Rules of Civil Procedure, 11 U.S.C. Section 328(c) and 28
U.S.C. Section 1927.
Flick submitted a declaration in support of the Retention
Application stating, among other things, that neither the firm nor
its attorneys "presently represent a creditor or equity interest
holder of the Debtor" or "has any other connection with the
Debtor." This sworn statement was concededly false, and Flick made
it despite having, just four days before, received at least one
email from Pelmadulla concerning Wansdown and its impending
bankruptcy.
The Court finds that "Flick's misstatement reveals, at best,
serious carelessness, and it goes to the heart of the retention
approval process, which is a vital safeguard of the integrity of
the bankruptcy process. . . But, even crediting Flick's
representation that he believed Blank Rome no longer represented
Pelmadulla, his extensive pre- and post-bankruptcy communications
with Pelmadulla via email that were labeled privileged, as well as
Blank Rome's longstanding representation of Wansdown, Pelmadulla,
and Golsorkhi in state court litigation regarding the Judgment,
surely was a "connection" that could and should have been
disclosed, and his failure to realize this as the declarant is, at
best, hard to understand."
Moreover, the Court finds that "the Sanctions Motion exaggerates
the significance to the litigation of the Pelmadulla emails between
Pelmadulla and Blank Rome. The relevant Pelmadulla emails that
reference the debt Wansdown owed to Pelmadulla seem to begin on
November 4, 2019, and none pre-date September 25, 2019, or fall
approximately at that date. Thus, the so-called "Smoking Gun"
emails that form so much of the basis of the Sanctions Motion do
not alone establish either fraudulent intent or knowledge as of the
date of the Purchase Agreement."
Likewise, the Movants have not shown that Blank Rome or its
attorneys engaged in conduct that rises to this sanctionable level.
Rather, Flick made an inaccurate statement in support of Blank
Rome's Retention Application but not of a clearly disqualifying
fact. And the inaccurate but limited statement in the complaint and
summary judgment papers was discrete, non-dispositive, and, in any
event, corrected prior to argument. The litigation proceeded and
did not turn on the specific representation that has been shown to
be inaccurate.
The Court considers the substantial economic consequences to Blank
Rome of a fee-based sanction to be the most appropriate and
equitable means of dealing with the Retention Application-related
misstatements, and to be most in keeping with the law governing the
retention process. While Movants characterize Flick's statement as
perjurious or fraudulent, the Court cannot conclusively determine
that Flick made his misrepresentations knowing they were false, or
intending to deceive. It is possible that Flick's misstatements
were careless, inadvertent, or based on mistaken analysis --
although any such error would reflect significant carelessness.
Accordingly, the Court denies the Sanctions Motion, without
prejudice to the Movants' already-preserved ability to object to
all or some of any future fee applications filed by Blank Rome in
light of the inaccurate statements in the Blank Rome Retention
Application, and without prejudice to further applications to the
extent warranted in light of facts that may emerge at trial in any
of the adversary proceedings implicated by this motion.
A full-text copy of the Memorandum of Decision and Order dated
March 31, 2023, is available https://tinyurl.com/yajnnk24 from
Leagle.com.
About Wansdown Properties
Wansdown Properties Corporation, N.V.'s primary asset is a
seven-story townhouse located at 29 Beekman Place, New York, New
York. It was incorporated in 1979 under the laws of Curacao, in
accordance with Article 38 of the Commercial Code of the
Netherlands Antilles and continues to exist under the laws of the
Netherland Antilles. Wansdown Properties was formed as a holding
company to own and manage the Property for an affluent individual
who deceased in January 2016.
Wansdown Properties Corporation sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13223) on Oct.
8, 2019. At the time of the filing, the Debtor was estimated to
have assets of between $10 million and $50 million and liabilities
of the same range. The case is assigned to Judge Stuart M.
Bernstein.
WHATABRANDS LLC: Moody's Affirms B2 CFR & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service changed Whatabrands LLC's outlook to
negative from stable. At the same time, Moody's also affirmed
Whatabrands' B2 corporate family rating, B2-PD probability of
default rating and B2 senior secured bank credit facilities
ratings.
The change in outlook to negative reflects Whatabrands' currently
very high leverage, modest interest coverage and weakened earnings
caused by commodity and labor inflation and the risk that signs of
slowing demand for food away from home and ongoing labor inflation
will prevent an improvement in Whatabrands' operating performance,
free cash flow and credit metrics. As of January 3, 2023,
Whatabrands' adjusted debt-to-EBITDA increased to 6.9 times and
EBIT-to-interest was 1.6x while at the same time it generated
negative free cash flow as a result of a high level of growth
capex.
The affirmation of the B2 CFR reflects Whatabrands' overall good
liquidity supported by its $200 million revolving credit faclity.
The affirmation also reflects Moody's expectation that Whatabrands
new unit growth in its core markets, continued positive same store
sales, as well as the benefit from price increases, operating
efficiencies, and moderating commodity costs should ultimately
support earnings growth, modestly positive free cash flow and
credit metric improvement over time.
Affirmations:
Issuer: Whatabrands LLC
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Senior Secured 1st Lien Term Loan B, Affirmed B2 (LGD3)
Senior Secured Revolving Credit Facility, Affirmed B2 (LGD3)
Outlook Actions:
Issuer: Whatabrands LLC
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Whatabrands B2 CFR benefits from its above-average unit volumes
that are indicative of strong brand awareness in its core market of
Texas, a long track record of positive same-store sales,
diversified day-part, and a predominate mix of off-premise sales.
Whatabrands is constrained by its high leverage with debt/EBITDA at
6.9x for the LTM period ending January 3, 2023 (Fiscal 2022), its
modest scale by number of restaurants, and its geographic
concentration in Texas (-75% of units). Other challenges to the
credit profile include stubbornly high wage and commodity inflation
and some softening in demand seen across the industry that could
pressure margin expansion and heighten the risk for negative free
cash flow after high capital spending. Governance risk is also a
credit constraint given Whatabrands financial sponsor ownership as
financial sponsors typically support more aggressive financial
strategies including more aggressive growth strategies resulting in
higher leverage, and extractions of cash flow via dividends such as
its debt-funded repurchase of $1 billion of preferred stock in
2021.
The negative outlook reflects Moody's view that, despite the
expectation for continued positive same-store sales and improving
margins, meaningful risk to the pace of deleveraging could result
in leverage remaining above 6.5x.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade over the next 12-18 months
is unlikely. However, a ratings upgrade would require earnings
growth and the maintenance of good liquidity, a more moderate
financial policy, with a demonstrated willingness and ability to
achieve and maintain improved credit metrics. Quantitative metrics
include debt/EBITDA sustained below 5.75x and EBIT/interest
sustained over 1.75x. A higher rating would also require very good
liquidity.
A downgrade could occur if debt/EBITDA does not improve to below
6.5x or EBIT/interest is not maintained above 1.5x, both on a
sustained basis. A downgrade could also occur if liquidity
deterioriates as a result of further free cash flow deficits or
reduced revolver availability.
Whatabrands LLC, a wholly-owned subsidiary of Sunrise Group
Holdings, LLC (Sunrise), owns the Whataburger fast food brand which
operates and franchises a total of 925 units (785 owned corporate
units and 140 franchised units) in 14 states with the substantial
majority (75%) in Texas. Sunrise is majority owned by funds
affiliated with BDT Capital Partners and its founding owners.
Annual revenue is about $3 billion.
The principal methodology used in these ratings was Restaurants
published in August 2021.
WHITETAIL GENERAL: Gets OK to Hire Shimanek Law as Counsel
----------------------------------------------------------
Whitetail General Constructors, LLC received approval from the U.S.
Bankruptcy Court for the District of Montana to employ Shimanek
Law, PLLC to handle its Chapter 11 case.
The firm will be paid at these rates:
Attorneys $300 per hour
Paralegals $100 per hour
In addition, the firm will receive reimbursement for its
out-of-pocket expenses.
The firm holds $760.25 in trust on behalf of the Debtor.
Matt Shimanek, Esq., a partner at Shimanek Law, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
Shimanek Law can be reached at:
Matt Shimanek, Esq.
Shimanek Law, PLLC
317 East Spruce St.
Missoula, MT 59802
Tel: (406) 544-8049
Email: matt@shimaneklaw.com
About Whitetail General Constructors
Whitetail General Constructors, LLC provides ground-up construction
and remodel or renovation services for both commercial and
residential customers. The company is based in Belgrade, Mont.
Whitetail General Constructors filed its voluntary petition for
Chapter 11 protection (Bankr. D. Mont. Case No. 23-20031) on March
16, 2023, with $1 million to $10 million in assets and $100,000 to
$500,000 in liabilities. James Jones, president of Whitetail
General Constructors, signed the petition.
Judge Benjamin P. Hursh oversees the case.
Shimanek Law, PLLC serves as the Debtor's bankruptcy counsel.
YUNHONG CTI: Lowers Net Loss to $1.5 Million in 2022
----------------------------------------------------
Yunhong CTI Ltd. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$1.47 million on $18.05 million of net sales for the 12 months
ended Dec. 31, 2022, compared to a net loss of $7.55 million on
$24.09 million of net sales for the 12 months ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $15.28 million in total
assets, $12.54 million in total liabilities, and $2.75 million in
total stockholders' equity.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
April 12, 2023, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001042187/000149315223011960/form10-k.htm
About Yunhong CTI
Lake Barrington, Illinois-based Yunhong CTI Ltd. --
www.ctiindustries.com -- develops, produces, distributes and sells
a number of consumer products throughout the United States and in
over 30 other countries, and it produces film products for
commercial and industrial uses in the United States. Many of the
Company's products utilize flexible films and, for a number of
years, it has been a leading developer of innovative products which
employ flexible films including novelty balloons, pouches and films
for commercial packaging applications.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 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 EZ 32,704.0 (429.0) 417.0
AON PLC-CLASS A AON1EUR EU 32,704.0 (429.0) 417.0
AON PLC-CLASS A AONN MM 32,704.0 (429.0) 417.0
AON PLC-CLASS A 4VK GZ 32,704.0 (429.0) 417.0
ARBOR METALS COR ABR CN 0.2 (0.5) (0.0)
ATLAS TECHNICAL ATCX US 487.4 (126.4) 102.2
AUTOZONE INC AZO US 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 TH 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 GR 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZOEUR EU 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 QT 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO AV 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 TE 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO* MM 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZOEUR EZ 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 GZ 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO-RM RM 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC-BDR AZOI34 BZ 15,545.1 (4,184.2) (1,819.8)
AVALON ACQUISI-A AVAC US 212.6 (8.7) (0.1)
AVALON ACQUISI-A 6YL GR 212.6 (8.7) (0.1)
AVALON ACQUISI-A AVACEUR EU 212.6 (8.7) (0.1)
AVALON ACQUISITI AVACU US 212.6 (8.7) (0.1)
AVID TECHNOLOGY AVID US 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD GR 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD TH 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD GZ 287.5 (118.8) (11.6)
AVIS BUD-CEDEAR CAR AR 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA GR 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR US 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA QT 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR2EUR EU 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR* MM 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR2EUR EZ 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA TH 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA GZ 25,927.0 (700.0) (688.0)
BABCOCK & WILCOX BW US 942.7 (2.1) 185.6
BABCOCK & WILCOX UBW1 GR 942.7 (2.1) 185.6
BABCOCK & WILCOX BWEUR EU 942.7 (2.1) 185.6
BABYLON HOLDIN-A BBLN US 246.1 (255.9) 57.7
BABYLON HOLDIN-A 7UK0 QT 246.1 (255.9) 57.7
BABYLON HOLDIN-A 7UK0 GR 246.1 (255.9) 57.7
BABYLON HOLDIN-A BBLNEUR EU 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
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
BIGBEAR.AI HOLDI BBAI US 195.3 (37.9) 18.6
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 4RB TH 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB QT 351.6 (9.2) (26.4)
BOEING CO-BDR BOEI34 BZ 137,100.0 (15,848.0) 19,471.0
BOEING CO-CED BA AR 137,100.0 (15,848.0) 19,471.0
BOEING CO-CED BAD AR 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA EU 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO GR 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BAEUR EU 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA TE 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA* MM 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA SW 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BOEI BB 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA US 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO TH 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA PE 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BOE LN 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA CI 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO QT 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BAUSD SW 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO GZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA AV 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA-RM RM 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BAEUR EZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA EZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BACL CI 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA_KZ KZ 137,100.0 (15,848.0) 19,471.0
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
COHERUS BIOSCIEN 8C5 QT 480.8 (137.4) 242.5
COHERUS BIOSCIEN CHRSEUR EZ 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 GZ 480.8 (137.4) 242.5
COMMSCOPE HOLDIN COMM US 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN CM9 GR 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN COMMEUR EU 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN CM9 TH 11,685.4 (445.7) 1,618.7
COMMUNITY HEALTH CYH US 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 GR 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 TH 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 QT 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CYH1EUR EU 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 GZ 14,669.0 (734.0) 896.0
COMPOSECURE INC CMPO US 162.9 (292.0) 52.1
CONSENSUS CLOUD CCSI US 633.9 (255.3) 65.2
CONTANGO ORE INC CTGO US 23.3 (0.8) 8.4
CPI CARD GROUP I PMTS US 296.7 (82.1) 99.6
CPI CARD GROUP I CPB1 GR 296.7 (82.1) 99.6
CPI CARD GROUP I PMTSEUR EU 296.7 (82.1) 99.6
CTI BIOPHARMA CO CEPS QT 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC US 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS GR 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EZ 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EU 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS TH 123.5 (16.8) 77.6
CUTERA INC TJ9 GR 521.0 (15.2) 345.4
CUTERA INC CUTR US 521.0 (15.2) 345.4
CUTERA INC TJ9 TH 521.0 (15.2) 345.4
CUTERA INC CUTREUR EU 521.0 (15.2) 345.4
CUTERA INC TJ9 QT 521.0 (15.2) 345.4
CUTERA INC CUTREUR EZ 521.0 (15.2) 345.4
CYTOKINETICS INC CYTK US 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A GR 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A QT 1,014.8 (107.9) 710.6
CYTOKINETICS INC CYTKEUR EU 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A TH 1,014.8 (107.9) 710.6
CYTOKINETICS INC CYTKEUR EZ 1,014.8 (107.9) 710.6
DEFENCE THERAPEU DTC CN 0.4 (2.1) (0.5)
DELEK LOGISTICS DKL US 1,679.3 (110.7) (41.0)
DELL TECHN-C DELL US 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA TH 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA GR 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA GZ 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL1EUR EU 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELLC* MM 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA QT 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL AV 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL1EUR EZ 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL-RM RM 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C-BDR D1EL34 BZ 89,611.0 (3,025.0) (9,303.0)
DENNY'S CORP DE8 GR 498.3 (37.1) (43.3)
DENNY'S CORP DENN US 498.3 (37.1) (43.3)
DENNY'S CORP DENNEUR EU 498.3 (37.1) (43.3)
DENNY'S CORP DE8 TH 498.3 (37.1) (43.3)
DENNY'S CORP DE8 GZ 498.3 (37.1) (43.3)
DIEBOLD NIXDORF DBD SW 3,065.0 (1,371.1) 166.0
DINE BRANDS GLOB DIN US 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP GR 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP TH 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP GZ 1,881.5 (301.1) 9.0
DIVERSIFIED ENER DEC LN - - -
DIVERSIFIED ENER DGOCGBX EU - - -
DIVERSIFIED ENER DECL PO - - -
DIVERSIFIED ENER DECL L3 - - -
DIVERSIFIED ENER DECL B3 - - -
DIVERSIFIED ENER DECL TQ - - -
DIVERSIFIED ENER DGOCGBX EP - - -
DIVERSIFIED ENER DGOCGBX EZ - - -
DIVERSIFIED ENER DECL IX - - -
DIVERSIFIED ENER DECL EB - - -
DIVERSIFIED ENER DECL QX - - -
DIVERSIFIED ENER DECL BQ - - -
DIVERSIFIED ENER DECL S1 - - -
DOMINO'S P - BDR D2PZ34 BZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV TH 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV GR 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ US 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV QT 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZEUR EU 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ AV 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ* MM 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV GZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZEUR EZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ-RM RM 1,602.2 (4,189.1) 254.0
DOMO INC- CL B DOMO US 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON GR 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON GZ 242.1 (146.4) (79.8)
DOMO INC- CL B DOMOEUR EU 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON TH 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON QT 242.1 (146.4) (79.8)
DROPBOX INC-A DBX US 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 GR 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 SW 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 TH 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 QT 3,110.1 (309.4) 293.3
DROPBOX INC-A DBXEUR EU 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX AV 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX* MM 3,110.1 (309.4) 293.3
DROPBOX INC-A DBXEUR EZ 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 GZ 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX-RM RM 3,110.1 (309.4) 293.3
EMBECTA CORP EMBC US 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC* MM 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 GR 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 QT 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC1EUR EZ 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC1EUR EU 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 GZ 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 TH 1,196.9 (836.1) 391.4
ESPERION THERAPE ESPREUR EZ 247.9 (323.8) 154.4
ETSY INC ETSY US 2,635.0 (547.3) 882.0
ETSY INC 3E2 GR 2,635.0 (547.3) 882.0
ETSY INC 3E2 TH 2,635.0 (547.3) 882.0
ETSY INC 3E2 QT 2,635.0 (547.3) 882.0
ETSY INC 2E2 GZ 2,635.0 (547.3) 882.0
ETSY INC ETSY AV 2,635.0 (547.3) 882.0
ETSY INC ETSYEUR EZ 2,635.0 (547.3) 882.0
ETSY INC ETSY* MM 2,635.0 (547.3) 882.0
ETSY INC ETSY-RM RM 2,635.0 (547.3) 882.0
ETSY INC - BDR E2TS34 BZ 2,635.0 (547.3) 882.0
ETSY INC - CEDEA ETSY AR 2,635.0 (547.3) 882.0
FAIR ISAAC - BDR F2IC34 BZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GR 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO US 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EU 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI QT 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO1* MM 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GZ 1,458.7 (802.1) 128.8
FENNEC PHARMACEU FRX CN 26.9 (2.6) 22.1
FENNEC PHARMACEU FENC US 26.9 (2.6) 22.1
FENNEC PHARMACEU RV41 TH 26.9 (2.6) 22.1
FENNEC PHARMACEU RV41 GR 26.9 (2.6) 22.1
FENNEC PHARMACEU FRXEUR EU 26.9 (2.6) 22.1
FENNEC PHARMACEU RV41 GZ 26.9 (2.6) 22.1
FERRELLGAS PAR-B FGPRB US 1,641.0 (221.8) 201.1
FERRELLGAS-LP FGPR US 1,641.0 (221.8) 201.1
FIBROGEN INC FGEN US 610.1 (1.5) 219.3
FIBROGEN INC 1FG GR 610.1 (1.5) 219.3
FIBROGEN INC FGEN* MM 610.1 (1.5) 219.3
FIBROGEN INC 1FG TH 610.1 (1.5) 219.3
FIBROGEN INC 1FG QT 610.1 (1.5) 219.3
FIBROGEN INC FGENEUR EU 610.1 (1.5) 219.3
FIBROGEN INC FGENEUR EZ 610.1 (1.5) 219.3
FIBROGEN INC FGEN-RM RM 610.1 (1.5) 219.3
FORTINET INC FTNT US 6,228.0 (281.6) 732.0
FORTINET INC FO8 TH 6,228.0 (281.6) 732.0
FORTINET INC FO8 GR 6,228.0 (281.6) 732.0
FORTINET INC FTNTEUR EU 6,228.0 (281.6) 732.0
FORTINET INC FO8 QT 6,228.0 (281.6) 732.0
FORTINET INC FO8 SW 6,228.0 (281.6) 732.0
FORTINET INC FTNT* MM 6,228.0 (281.6) 732.0
FORTINET INC FTNTEUR EZ 6,228.0 (281.6) 732.0
FORTINET INC FO8 GZ 6,228.0 (281.6) 732.0
FORTINET INC FTNT-RM RM 6,228.0 (281.6) 732.0
FORTINET INC FTNT_KZ KZ 6,228.0 (281.6) 732.0
FORTINET INC-BDR F1TN34 BZ 6,228.0 (281.6) 732.0
GCM GROSVENOR-A GCMG US 488.9 (94.0) 133.5
GENELUX CORP GNLX US 10.2 (36.5) (21.3)
GODADDY INC -BDR G2DD34 BZ 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDY US 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D GR 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D QT 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDY* MM 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D TH 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D GZ 6,973.5 (329.3) (877.2)
GOGO INC GOGO US 759.5 (101.9) 239.8
GOGO INC G0G GR 759.5 (101.9) 239.8
GOGO INC G0G QT 759.5 (101.9) 239.8
GOGO INC GOGOEUR EU 759.5 (101.9) 239.8
GOGO INC G0G TH 759.5 (101.9) 239.8
GOGO INC G0G GZ 759.5 (101.9) 239.8
GOOSEHEAD INSU-A GSHD US 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX GR 321.4 (33.6) 17.0
GOOSEHEAD INSU-A GSHDEUR EU 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX TH 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX QT 321.4 (33.6) 17.0
H&R BLOCK - BDR H1RB34 BZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB US 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB GR 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB TH 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB QT 2,593.2 (643.5) 130.0
H&R BLOCK INC HRBEUR EU 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB GZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB-RM RM 2,593.2 (643.5) 130.0
HCA HEALTHC-BDR H1CA34 BZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH GR 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA US 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH TH 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH QT 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCAEUR EU 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA* MM 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH TE 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCAEUR EZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I 2BH GZ 52,438.0 (73.0) 3,741.0
HCA HEALTHCARE I HCA-RM RM 52,438.0 (73.0) 3,741.0
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HERBALIFE NUTRIT HOO GR 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLF US 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLFEUR EU 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO QT 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO GZ 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLFEUR EZ 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO TH 2,732.0 (1,265.9) 379.5
HEWLETT-CEDEAR HPQD AR 36,148.0 (3,730.0) (7,748.0)
HEWLETT-CEDEAR HPQC AR 36,148.0 (3,730.0) (7,748.0)
HEWLETT-CEDEAR HPQ AR 36,148.0 (3,730.0) (7,748.0)
HILTON WORLD-BDR H1LT34 BZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT US 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 TH 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 GR 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 QT 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTEUR EU 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT* MM 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 TE 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTEUR EZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTW AV 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 GZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT-RM RM 15,512.0 (1,098.0) (502.0)
HORIZON ACQUIS-A HZON US 528.3 (20.7) (4.5)
HORIZON ACQUISIT HZON/U US 528.3 (20.7) (4.5)
HP COMPANY-BDR HPQB34 BZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ* MM 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ US 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP TH 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP GR 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ TE 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ CI 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ SW 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP QT 36,148.0 (3,730.0) (7,748.0)
HP INC HPQUSD SW 36,148.0 (3,730.0) (7,748.0)
HP INC HPQEUR EU 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP GZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ AV 36,148.0 (3,730.0) (7,748.0)
HP INC HPQEUR EZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ-RM RM 36,148.0 (3,730.0) (7,748.0)
HP INC HPQCL CI 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD EB 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD IX 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD I2 36,148.0 (3,730.0) (7,748.0)
INSEEGO CORP INSG-RM RM 159.0 (70.1) 21.4
INSPIRATO INC ISPO* MM 430.4 (75.0) (161.2)
INSPIRED ENTERTA INSE US 309.4 (57.7) 53.9
INSPIRED ENTERTA 4U8 GR 309.4 (57.7) 53.9
INSPIRED ENTERTA INSEEUR EU 309.4 (57.7) 53.9
J. JILL INC JILL US 466.4 (0.2) 33.8
J. JILL INC 1MJ1 GR 466.4 (0.2) 33.8
J. JILL INC JILLEUR EU 466.4 (0.2) 33.8
J. JILL INC 1MJ1 GZ 466.4 (0.2) 33.8
JACK IN THE BOX JBX GR 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK US 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK1EUR EU 2,907.0 (703.1) (197.0)
JACK IN THE BOX JBX GZ 2,907.0 (703.1) (197.0)
JACK IN THE BOX JBX QT 2,907.0 (703.1) (197.0)
KARYOPHARM THERA KPTI US 358.2 (16.7) 284.3
KARYOPHARM THERA 25K GR 358.2 (16.7) 284.3
KARYOPHARM THERA KPTIEUR EU 358.2 (16.7) 284.3
KARYOPHARM THERA 25K TH 358.2 (16.7) 284.3
KARYOPHARM THERA 25K GZ 358.2 (16.7) 284.3
KARYOPHARM THERA 25K QT 358.2 (16.7) 284.3
KLX ENERGY SERVI KLXE US 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A GR 465.9 (15.8) 100.3
KLX ENERGY SERVI KLXEEUR EU 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A TH 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A GZ 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A QT 465.9 (15.8) 100.3
L BRANDS INC-BDR B1BW34 BZ 5,494.0 (2,205.0) 887.0
LAMF GLOBAL VENT LGVCU US 265.5 (10.2) (0.4)
LAMF GLOBAL VENT LGVC US 265.5 (10.2) (0.4)
LATAMGROWTH SPAC LATGU US 134.9 127.1 1.2
LATAMGROWTH SPAC LATG US 134.9 127.1 1.2
LENNOX INTL INC LXI GR 2,567.6 (203.1) (99.2)
LENNOX INTL INC LII US 2,567.6 (203.1) (99.2)
LENNOX INTL INC LII1EUR EU 2,567.6 (203.1) (99.2)
LENNOX INTL INC LXI TH 2,567.6 (203.1) (99.2)
LENNOX INTL INC LII* MM 2,567.6 (203.1) (99.2)
LESLIE'S INC LESL US 1,076.8 (225.6) 253.9
LESLIE'S INC LE3 GR 1,076.8 (225.6) 253.9
LESLIE'S INC LESLEUR EU 1,076.8 (225.6) 253.9
LESLIE'S INC LE3 QT 1,076.8 (225.6) 253.9
LINDBLAD EXPEDIT LIND US 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 GR 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LINDEUR EU 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 TH 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 QT 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 GZ 788.0 (85.6) (157.8)
LOWE'S COS INC LWE GR 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW US 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE TH 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE QT 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWEUR EU 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE GZ 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW* MM 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE TE 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWE AV 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWEUR EZ 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW-RM RM 43,708.0 (14,254.0) 1,931.0
LOWE'S COS-BDR LOWC34 BZ 43,708.0 (14,254.0) 1,931.0
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 MNKDEUR EZ 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 3HM SW 4,997.5 (1,007.9) 497.4
MSCI INC MSCI* MM 4,997.5 (1,007.9) 497.4
MSCI INC MSCIEUR EZ 4,997.5 (1,007.9) 497.4
MSCI INC 3HM GZ 4,997.5 (1,007.9) 497.4
MSCI INC 3HM TH 4,997.5 (1,007.9) 497.4
MSCI INC MSCI AV 4,997.5 (1,007.9) 497.4
MSCI INC MSCI-RM RM 4,997.5 (1,007.9) 497.4
MSCI INC-BDR M1SC34 BZ 4,997.5 (1,007.9) 497.4
NATHANS FAMOUS NATH US 81.8 (46.0) 58.4
NATHANS FAMOUS NFA GR 81.8 (46.0) 58.4
NATHANS FAMOUS NATHEUR EU 81.8 (46.0) 58.4
NEW ENG RLTY-LP NEN US 391.8 (59.9) -
NINE ENERGY SERV NINE US 426.8 (23.5) 115.7
NINE ENERGY SERV NEJ GR 426.8 (23.5) 115.7
NINE ENERGY SERV NINE1EUR EU 426.8 (23.5) 115.7
NINE ENERGY SERV 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
PULSE BIOSCIENCE PLSE US 77.9 (2.2) 56.2
PULSE BIOSCIENCE 6L8 GZ 77.9 (2.2) 56.2
RAPID7 INC RPD US 1,359.0 (120.1) (21.0)
RAPID7 INC R7D GR 1,359.0 (120.1) (21.0)
RAPID7 INC RPDEUR EU 1,359.0 (120.1) (21.0)
RAPID7 INC R7D TH 1,359.0 (120.1) (21.0)
RAPID7 INC RPD* MM 1,359.0 (120.1) (21.0)
RAPID7 INC R7D GZ 1,359.0 (120.1) (21.0)
RAPID7 INC R7D QT 1,359.0 (120.1) (21.0)
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
RENT THE RUNWA-A RENT US 336.2 (35.3) 112.1
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 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 3UB GR 1,268.7 (248.0) 530.1
UBIQUITI INC UI US 1,268.7 (248.0) 530.1
UBIQUITI INC UBNTEUR EU 1,268.7 (248.0) 530.1
UBIQUITI INC 3UB TH 1,268.7 (248.0) 530.1
UNITI GROUP INC UNIT US 4,851.2 (2,271.2) -
UNITI GROUP INC 8XC TH 4,851.2 (2,271.2) -
UNITI GROUP INC 8XC GZ 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.
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*** End of Transmission ***