/raid1/www/Hosts/bankrupt/TCR_Public/230523.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, May 23, 2023, Vol. 27, No. 142
Headlines
ABC INFANT: Christopher Hayes Named Subchapter V Trustee
ACER THERAPEUTICS: Incurs $16.3 Million Net Loss in First Quarter
AMERICANAS SA: Hires Citi to Sell Natural da Terra
ANCHOR GLASS: $67M Bank Debt Trades at 59% Discount
ASP LS ACQUISITION: $1.38B Bank Debt Trades at 17% Discount
AVEANNA HEALTHCARE: $200M Bank Debt Trades at 16% Discount
AVEANNA HEALTHCARE: $860M Bank Debt Trades at 16% Discount
BIGHORN RESTAURANTS: Hires BMC Group Inc. as Noticing Agent
BIGHORN RESTAURANTS: Hires Brookwood as Investment Banker
BIGHORN RESTAURANTS: Hires Markus Williams as Legal Counsel
BIGHORN RESTAURANTS: Hires MorrisAnderson as Financial Advisor
BLOCKFI INC: Creditors Awaits Recovery of Funds
BORREGO COMMUNITY: No Patient Care Concern, 4th PCO Report Says
BOXED INC: Committee Taps Fox Rothschild as Legal Counsel
BOXED INC: Taps Hilco as Assets Disposition Consultant
CA TECHIES: Seeks Cash Collateral Access
CAMBER ENERGY: Incurs $2.4 Million Net Loss in First Quarter
CHRISHULSERSELLSHOMES: Kevin Heard Named Subchapter V Trustee
CHRISTMAS TREE SHOPS: U.S. Trustee Appoints Creditors' Committee
CINCINNATI BELL: S&P Downgrades ICR to 'B-', Outlook Stable
CMG MEDIA: $2.15B Bank Debt Trades at 17% Discount
COMPASS POINTE: Amends Unsecured Claims Pay; Plan Hearing June 28
COX OPERATING: Files for Chapter 11 to Pursue Sale or Plan
CPC ACQUISITION: $1.03B Bank Debt Trades at 23% Discount
CROSSROADS CHARTER: S&P Lowers 2007/2012 Bonds Rating to 'B'
CTI BIOPHARMA: Incurs $13.4 Million Net Loss in First Quarter
CUMULUS MEDIA: $525M Bank Debt Trades at 19% Discount
DAWN ACQUISITIONS: $550M Bank Debt Trades at 44% Discount
DIAMOND SPORTS: $635M Bank Debt Trades at 18% Discount
DIAMOND SPORTS: Court OKs Cash Collateral Access on Final Basis
DIGITAL MEDIA: Incurs $20.7 Million Net Loss in First Quarter
DODGE DATA: $455M Bank Debt Trades at 20% Discount
E.W. SCRIPPS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
ELECTRO RENT: S&P Places 'B-' ICR on CreditWatch Negative
ENERGY PLUS: John-Patrick M. Fritz Named Subchapter V Trustee
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 83% Discount
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 90% Discount
EQUISEK INC: Amends Administrative Expense Claims Details
FINTHRIVE SOFTWARE: $1.44B Bank Debt Trades at 15% Discount
FKB LLC: Richard Furtek Named Subchapter V Trustee
FORREST CONCRETE: Seeks to Hire Penn Law Firm as Counsel
FRANKLIN SOUTHERN: Hires Taxconnex LLC as Tax Specialist
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 31% Discount
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 31% Discount
H-FOOD HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Remains Negative
HIGHPOINT ASSOCIATES: Queens Property Up for Sale on June 7
IHEARTCOMMUNICATIONS: $2.10B Bank Debt Trades at 20% Discount
IHEARTCOMMUNICATIONS: $402M Bank Debt Trades at 19% Discount
IMPRIVATA INC: $300M Bank Debt Trades at 15% Discount
JAGUAR HEALTH: Incurs $12.4 Million Net Loss in First Quarter
KALERA INC: Taps Baker & Hostetler as Legal Counsel
KALERA INC: Taps Mark Shapiro of GlassRatner as CRO
KIDDE-FENWAL: Seeks Chapter 11 Bankruptcy to Deal With Lawsuits
KMS SHUTTLE: James Overcash Named Subchapter V Trustee
LEGACY CARES: Hires Slania Law PLLC as Special Counsel
LENDINGTREE LLC: $250M Bank Debt Trades at 21% Discount
LIFESCAN GLOBAL: $275M Bank Debt Trades at 38% Discount
LINCOLN POWER: Class 4B Unsecureds to Get Share of GUC Pool in Plan
LTL MANAGEMENT: Unsecureds Will Get 100% of Claims in Plan
MAGENTA BUYER: $3.18B Bank Debt Trades at 28% Discount
MATTRESS FIRM: Tempur Sealy to Buy Firm for About $4 Billion
MAVENIR SYSTEMS: $145M Bank Debt Trades at 17% Discount
MAVENIR SYSTEMS: $585M Bank Debt Trades at 17% Discount
MED PARENTCO: $360M Bank Debt Trades at 18% Discount
MEDICAL PROPERTIES: Tenants Tap Advisers for Refinancing
MEG ENERGY: Moody's Upgrades CFR to Ba3 & Alters Outlook to Stable
MEHR GROUP: U.S. Trustee Unable to Appoint Committee
MILLENNIUM URBAN: Mark Hall Named Subchapter V Trustee
MOBIQUITY TECHNOLOGIES: Incurs $1.7M Net Loss in First Quarter
MOUNTAINEER MERGER: S&P Downgrades ICR to 'B-', Outlook Negative
NEW CONSTELLIS: $200,000 Bank Debt Trades at 42% Discount
NOVO HEALTH: Taps Steinhilber Swanson as Bankruptcy Counsel
NOVUSON SURGICAL: Hires Cairncross & Hempelmann as Counsel
NS FOA: Unsecured Creditors to Split $21K in 3 Years
O'CONNOR CONSTRUCTION: New Value & Litigation Proceeds to Fund Plan
OAKLAWN HOSPITAL: Moody's Lowers Rating on Revenue Bonds to Ba2
PHOTO HOLDINGS: S&P Lowers ICR to 'CC' on Announced Debt Exchange
PLUTO ACQUISITION: $873.4M Bank Debt Trades at 21% Discount
PRESSURE BIOSCIENCES: Incurs $6.86M Net Loss in First Quarter
PROFESSIONAL DIVERSITY: Incurs $1.1M Net Loss in First Quarter
PUG LLC: EUR452M Bank Debt Trades at 18% Discount
PURRY & SON: Unsecured Creditors to Split $65K in 5 Years
PURRY & SON: Unsecureds Will Get 14% of Claims in 5 Years
REGIONAL HEALTH: Incurs $2 Million Net Loss in First Quarter
SERTA SIMMONS: Defends 2020 Transactions During Plan Trial
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 53% Discount
SIGNAL PARENT: $550M Bank Debt Trades at 27% Discount
SINCLAIR TELEVISION: $740M Bank Debt Trades at 17% Discount
SMART AND SASSY: Unsecureds to Split $296K in Subchapter V Plan
SOUTHERN CLEARING: Taps BransonLaw as Bankruptcy Counsel
SUNSET DEBT: $1.63B Bank Debt Trades at 16% Discount
SURGICARE SURGICAL: Sam Della Fera Named Subchapter V Trustee
SVB FINANCIAL: Committee Taps Akin Gump Strauss Hauer as Counsel
SVB FINANCIAL: Committee Taps Berkeley as Financial Advisor
SVB FINANCIAL: Committee Taps Cole Schotz as Conflict Counsel
SVB FINANCIAL: Committee Taps Lazard Freres as Investment Banker
SYNTHESIS INDUSTRIAL: Taps Steven Yarmy as Bankruptcy Attorney
TEAM HEALTH: $2.75B Bank Debt Trades at 19% Discount
TEXAS CORE: Unsecureds Will Get 1.5% of Claims in 36 Months
TPT GLOBAL: Posts $61.5 Million Net Loss in 2022
TRANS-LUX CORP: Incurs $858K Net Loss in First Quarter
TRITEK INTERNATIONAL: Hires Donlin as Administrative Advisor
TRITEK INTERNATIONAL: Hires Intrepid as Investment Banker
TRITEK INTERNATIONAL: Hires Katten Muchin as Counsel
TRITEK INTERNATIONAL: Hires Potter Anderson as Co-Counsel
TRITEK INTERNATIONAL: Seeks to Hire PwC as Financial Advisor
TROIKA MEDIA: Incurs $7.9 Million Net Loss in First Quarter
TYCOON PRODUCTIONS: Unsecureds Will Get 100% in Subchapter V Plan
VBI VACCINES: Incurs $27.8 Million Net Loss in First Quarter
VC GB HOLDINGS I: $295M Bank Debt Trades at 16% Discount
VECTRA CO: $425M Bank Debt Trades at 17% Discount
VERICAST CORP: RR Donnelley Wants to Buy Co. for $3 Billion
VFH PARENT: Moody's Affirms 'Ba2' CFR, Outlook Stable
VICE MEDIA: Enters Chapter 11 as Ad Business Suffers
VIRGIN PULSE: $185M Bank Debt Trades at 22% Discount
VYERA PHARMACEUTICALS: David Klauder Named Subchapter V Trustee
WESTERN DIGITAL: S&P Alters Outlook to Negative, Affirms 'BB' ICR
WHOLE EARTH: $375M Bank Debt Trades at 20% Discount
XTREME PARTY: Cameron McCord Named Subchapter V Trustee
YUNHONG CTI: Posts $396K Net Income in First Quarter
ZEUUS INC: Incurs $170K Net Loss in Second Quarter
[^] Large Companies with Insolvent Balance Sheet
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ABC INFANT: Christopher Hayes Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 17 appointed Christopher Hayes as
Subchapter V trustee for ABC Infant Milk, Inc.
Mr. Hayes will be paid an hourly fee of $440 for his services as
Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Mr. Hayes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher Hayes
23 Railroad Avenue, #1238
Danville, CA 94526
Phone: (925) 725-4323
Email: chayestrustee@gmail.com
About ABC Infant
ABC Infant Milk, Inc., a company in Byron, Calif., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.
Calif. Case No. 23-40528) on May 8, 2023. In the petition signed by
its chief executive officer and shareholder, Peter Choy, the Debtor
disclosed $1 million to $10 million in assets and $500,000 to $1
million in liabilities.
Judge William J. Lafferty oversees the case.
E. Vincent Wood, Esq., at The Law Offices of E. Vincent Wood is the
Debtor's counsel.
ACER THERAPEUTICS: Incurs $16.3 Million Net Loss in First Quarter
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Acer Therapeutics Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $16.28 million for the three months ended March 31, 2023,
compared to a net loss of $9.18 million for the three months ended
March 31, 2022.
As of March 31, 2023, the Company had $15.67 million in total
assets, $41.78 million in total liabilities, and a total
stockholders' deficit of $26.11 million.
Acer said, "The Company will need to raise additional capital to
fund continued operations beyond late in the second quarter of
2023. The Company may not be successful in its efforts to raise
additional funds or achieve profitable operations. The Company
continues to explore potential opportunities and alternatives to
obtain the additional resources that will be necessary to support
its ongoing operations beyond late in the second quarter of 2023,
including raising additional capital through either private or
public equity or debt financing, or additional program
collaborations or non-dilutive funding, as well as using its ATM
facility which had $29.4 million available as of March 31, 2023.
Due to the SEC's "baby shelf rules," which prohibit companies with
a public float of less than $75 million from issuing securities
under a shelf registration statement in excess of one-third of such
company's public float in a 12-month period, the Company is only
able to issue a limited number of shares under its ATM facility.
From May 19, 2020 through March 31, 2023, the Company has raised
gross proceeds of $20.6 million from the ATM facility and gross
proceeds of $4.0 million from the agreement with Lincoln Park,
which equity line facility was completed on December 30, 2022 and
is now terminated.
"If the Company is unable to obtain additional funding to support
its current or proposed activities and operations, it may not be
able to continue its operations as currently anticipated, which may
require it to suspend or terminate any ongoing development
activities, modify its business plan, curtail various aspects of
its operations, cease operations, or seek relief under applicable
bankruptcy laws. In such event, the Company's stockholders may
lose a substantial portion or even all of their investment.
"These factors individually and collectively raise substantial
doubt about the Company's ability to continue as a going concern
for at least 12 months from the date these financial statements are
available, or May 15, 2024."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1069308/000095017023022296/acer-20230331.htm
About Acer Therapeutics
Acer Therapeutics Inc. -- http://www.acertx.com-- is a
pharmaceutical company focused on the acquisition, development and
commercialization of therapies for serious rare and
life-threatening diseases with significant unmet medical needs. In
the U.S., OLPRUVA (sodium phenylbutyrate) is approved for the
treatment of urea cycle disorders (UCDs) involving deficiencies of
carbamylphosphate synthetase (CPS), ornithine transcarbamylase
(OTC), or argininosuccinic acid synthetase (AS). Acer is also
advancing a pipeline of investigational product candidates for rare
and life-threatening diseases, including: OLPRUVA (sodium
phenylbutyrate) for treatment of various other inborn errors of
metabolism, including Maple Syrup Urine Disease (MSUD); ACER-801
(osanetant) for treatment of induced Vasomotor Symptoms (iVMS) and
Post-traumatic Stress Disorder (PTSD); EDSIVO (celiprolol) for
treatment of vascular Ehlers-Danlos syndrome (vEDS) in patients
with a confirmed type III collagen (COL3A1) mutation; and ACER-2820
(emetine), a host-directed therapy against a variety of viruses,
including cytomegalovirus, Zika, dengue, Ebola and COVID-19.
Acer Therapeutics reported a net loss of $26.24 million for the
year ended Dec. 31, 2022, compared to a net loss of $15.37 million
for the year ended Dec. 31, 2021.
Boston, Massachusetts-based BDO USA, LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 27, 2023, citing that the Company has suffered
recurring losses from operations, negative cash flows from
operations, has a net working capital deficiency, has a net capital
deficiency, and has minimum unencumbered liquid assets balance
requirements under their existing SWK Credit Agreement, that raises
substantial doubt about its ability to continue as a going
concern.
AMERICANAS SA: Hires Citi to Sell Natural da Terra
--------------------------------------------------
Reuters reports that Americana S.A. has hired Citigroup to begin
prospecting for parties interested in the acquisition of Hortifruti
Natural da Terra, the retailer said Thursday.
The sale of the company was anticipated in the company’s judicial
recovery plan filed in March. The retailer has been in crisis since
it disclosed in January an accounting deficit of about 20 billion
riyals.
In addition to Natural da Terra, Americanas is also looking for
those interested in buying the company’s stake in Uni.Co Group,
owner of the Puket and Imaginarium brands, it announced Monday.
Citi also advises the company in this area.
Americanas also said Thursday that the operations of Ame, its
financial technology subsidiary, had been the target of unsolicited
approaches by potential interested parties, and that it had decided
to begin the process of evaluating strategic alternatives for the
unit.
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in Rio
de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023. White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
ANCHOR GLASS: $67M Bank Debt Trades at 59% Discount
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Participations in a syndicated loan under which Anchor Glass
Container Corp is a borrower were trading in the secondary market
around 41 cents-on-the-dollar during the week ended Friday, May 19,
2023, according to Bloomberg's Evaluated Pricing service data.
The $67 million facility is a Term loan that is scheduled to mature
on December 7, 2024. The amount is fully drawn and outstanding.
Anchor Glass Container Corporation manufactures containers. The
Company produces glass containers for the food, beverage, beer,
liquor, and consumer product industries.
ASP LS ACQUISITION: $1.38B Bank Debt Trades at 17% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which ASP LS Acquisition
Corp is a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.38 billion facility is a Term loan that is scheduled to
mature on May 7, 2028. The amount is fully drawn and outstanding.
ASP LS Acquisition Corp. was formed to effectuate the acquisition
of Laser Ship, Inc. by the private equity firm American Securities
LLC.
AVEANNA HEALTHCARE: $200M Bank Debt Trades at 16% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Aveanna Healthcare
LLC is a borrower were trading in the secondary market around 84.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $200 million facility is a Delay-Draw Term loan that is
scheduled to mature on July 15, 2028. About $59.7 million of the
loan is withdrawn and outstanding.
Aveanna Healthcare LLC provides health care services. The Company
offers pediatric skilled nursing, therapy, autism, enteral
nutrition, and adult services.
AVEANNA HEALTHCARE: $860M Bank Debt Trades at 16% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Aveanna Healthcare
LLC is a borrower were trading in the secondary market around 84.2
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $860 million facility is a Term loan that is scheduled to
mature on July 15, 2028. About $849.3 million of the loan is
withdrawn and outstanding.
Aveanna Healthcare LLC provides health care services. The Company
offers pediatric skilled nursing, therapy, autism, enteral
nutrition, and adult services.
BIGHORN RESTAURANTS: Hires BMC Group Inc. as Noticing Agent
-----------------------------------------------------------
Bighorn Restaurants, LLC and its affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Colorado to employ BMC
Group, Inc. as noticing agent.
The firm's services include:
(i) legal noticing and compilation, administration, evaluation
and production of documents and information necessary to support a
restructuring effort;
(ii) receive and manage creditor, claimant and other interested
parties' information for the purpose of performing the
dissemination of notices required in the bankruptcy cases;
(iii) maintain an up-to-date mailing list and informational
database for all entities who have been scheduled as creditors,
filed proofs of claim and/or requests for notices in the bankruptcy
cases;
(iv) assist the Debtors with the administrative management of
claims and notice data;
(v) if requested, print, mail and tabulate ballots for purposes
of plan voting;
(vi) create and maintain a case-specific information website;
(vii) assist with the production of reports, exhibits and
schedules of information or use by the Debtors or to be delivered
the Court, the Clerk's Office, the U.S. Trustee or third parties;
(viii) provide other technical and document management services
of a similar nature requested by the Debtors or the Clerk's office;
and
(ix) any other services agreed upon by the parties and such
other expertise, consultation and assistance to the Debtors as is
necessary to assist the Debtors in carrying out their obligations
under the Bankruptcy Code as debtor-in-possession.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received from the Debtors a retainer of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
TinamarieFeil, co-founder of BMC Group, disclosed in a court filing
that she is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
TinamarieFeil
BMC Group, Inc.
3732 W. 120th Street
Tel: 206-499-2169
Email: tfeil@bmcgroup.com
About Bighorn Restaurants
Bighorn Restaurants, LLC and affiliates constitute one of the
largest current franchisees of Hardee's restaurants. Bighorn and
its affiliates formerly operated over 145 Hardee's restaurants,
recently closed 39 restaurants, and currently operate 108
restaurants. The Restaurants span the states of Alabama, Florida,
Georgia, South Carolina, Kansas, Missouri, Wyoming, and Montana.
The Restaurants are operated by Empire, Heartland, Bighorn, and
Atlantic Star.
Bighorn Restaurants and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
23-11919) on May 4, 2023. In the petition signed by Dewey R. Brown,
CEO, the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Michael E. Romero oversees the case.
The Debtors tapped Markus Williams Young and Hunsicker as legal
counsel, Brookwood Associates, LL as investment banker,
MorrisAnderson and Associates, Ltd. as financial advisor, and BMC
Group, Inc. as noticing agent.
Cadence Bank, as lender, is represented by Morris, Manning &
Martin, LLP.
BIGHORN RESTAURANTS: Hires Brookwood as Investment Banker
---------------------------------------------------------
Bighorn Restaurants, LLC and its affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Colorado to employ
Brookwood Associates, LLC as their investment banker.
The firm will provide these services:
(a) prepare confidential informational memoranda and marketing
materials regarding the Debtors' historical performance and
projected growth and earnings capacity, the management structure,
and such other information as may be appropriate for distribution
to potential lenders, investors, or purchasers;
(b) assist the Debtors in developing and managing a due
diligence process, including compiling a data room of necessary and
appropriate documentation and information related to a potential
sale;
(c) assist the Debtors in identifying and screening potential
buyers;
(d) coordinate discussions with an arranging and participating
in meetings with potential buyers, including site visits and
management presentations;
(e) assist in soliciting and evaluating offers from potential
buyers;
(f) assist in negotiating a contract with any final potential
buyer, including the form, structure, terms and pricing of any
transaction;
(g) advise and assist the Debtors with a sale and negotiation of
transaction agreements and assist the Debtors and their
professionals, as necessary, through a closing of a sale; and
(h) being available for conferences with the Debtors and their
professionals to advise and assist the Debtors on all matters
relating to a potential sale, and for court appearances and
providing testimony in furtherance and support of a sale of the
Debtors.
The firm will be paid as follows:
a) An initial fee of $100,000 upon execution of the Engagement
Agreement (the "Initial Fee");
b) Monthly fees of $25,000 per month beginning June 15, 2023,
and each month thereafter during the term of the engagement;
c) A fee, contingent upon consummation of a sale of the Debtors,
equal to the greater of (a) $500,000 or (b) 2 per cent of the
aggregate consideration received for a Sale Transaction(s); and
d) Brookwood will also be entitled to reimbursement for
reasonable out-of-pocket expenses incurred in connection with its
services under the Engagement Agreement.
During 90 days prior to the Petition Date, Brookwood received total
monies from the Debtors of $100,000, representing the Initial Fee
agreed to under the Engagement Agreement for Brookwood's
pre-petition services and expenses.
Amy Forrestal, a partner at Brookwood Associates, LLC, 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:
Amy Forrestal
Brookwood Associates, LLC
3575 Piedmont Road
15 Piedmont Center, Suite 820
Atlanta, GA 30305
Tel: (404) 874-7433
About Bighorn Restaurants
Bighorn Restaurants, LLC and affiliates constitute one of the
largest current franchisees of Hardee's restaurants. Bighorn and
its affiliates formerly operated over 145 Hardee's restaurants,
recently closed 39 restaurants, and currently operate 108
restaurants. The Restaurants span the states of Alabama, Florida,
Georgia, South Carolina, Kansas, Missouri, Wyoming, and Montana.
The Restaurants are operated by Empire, Heartland, Bighorn, and
Atlantic Star.
Bighorn Restaurants and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
23-11919) on May 4, 2023. In the petition signed by Dewey R. Brown,
CEO, the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Michael E. Romero oversees the case.
The Debtors tapped Markus Williams Young and Hunsicker as legal
counsel, Brookwood Associates, LL as investment banker,
MorrisAnderson and Associates, Ltd. as financial advisor, and BMC
Group, Inc. as noticing agent.
Cadence Bank, as lender, is represented by Morris, Manning &
Martin, LLP.
BIGHORN RESTAURANTS: Hires Markus Williams as Legal Counsel
-----------------------------------------------------------
Bighorn Restaurants, LLC and its affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Colorado to employ Markus
Williams Young &Hunsicker LLC as their counsel.
The firm will provide these services:
a. assist in the production of the Debtors' schedules and
statement of financial affairs;
b. assist in the preparation of the Debtors' plan of
reorganization and disclosure statement;
c. prepare legal papers;
d. represent the Debtors in adversary proceedings and contested
matters related to the bankruptcy cases;
e. provide legal advice with respect to the Debtors' rights,
powers, obligations and duties in the continuing operation of their
business and the administration of the estate;
f. investigate the assets, liabilities, and financial affairs of
the estate, including those of various entities which are owned and
controlled by or affiliated with the Debtors;
g. assist the Debtors in analyzing and pursuing any proposed
dispositions of assets of their bankruptcy estates;
h. pursue claims and causes of action of the Debtors' bankruptcy
estates, including but not limited to, claims and causes of action
arising under Chapter 5 of the Bankruptcy Code;
i. defend one or more of the Debtors and their estate in any
litigation matters, which may be asserted, including the defense of
motions seeking relief from the automatic stay; and
j. provide other legal services for the Debtors.
The firm will be paid at these rates:
James T. Markus $595 per hour
John F. Young $580 per hour
Bradley T. Hunsicker $425 per hour
Matthew T. Faga $460 per hour
William G. Cross $395 per hour
Lacey S. Bryan $395 per hour
Daniel J.Sequeria, Law Clerk $200 per hour
Serina Schaefer, Paralegal $175 per hour
The firm received payments from the Debtors in the amount of
$158,754 as well as asecurity retainer totaling $250,000.
As disclosed in court filings, Markus Williams Young &Hunsicker isa
"disinterested person" within the meaning of Section 101(14) ofthe
Bankruptcy Code.
James T. Markus, Esq.
John F. Young, Esq.
Matthew T. Faga, Esq.
William G. Cross, Esq.
Lacey S. Bryan, Esq.
1775 Sherman Street, Suite 1950
Denver, CO 80203-4505
Tel: (303) 830-0800
Fax: (303) 830-0809
Email: jmarkus@markuswilliams.com
jyoung@markuswilliams.com
mfaga@markuswilliams.com
wcross@markuswilliams.com
lbryan@markuswilliams.com
About Bighorn Restaurants
Bighorn Restaurants, LLC and affiliates constitute one of the
largest current franchisees of Hardee's restaurants. Bighorn and
its affiliates formerly operated over 145 Hardee's restaurants,
recently closed 39 restaurants, and currently operate 108
restaurants. The Restaurants span the states of Alabama, Florida,
Georgia, South Carolina, Kansas, Missouri, Wyoming, and Montana.
The Restaurants are operated by Empire, Heartland, Bighorn, and
Atlantic Star.
Bighorn Restaurants and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
23-11919) on May 4, 2023. In the petition signed by Dewey R. Brown,
CEO, the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Michael E. Romero oversees the case.
The Debtors tapped Markus Williams Young and Hunsicker as legal
counsel, Brookwood Associates, LL as investment banker,
MorrisAnderson and Associates, Ltd. as financial advisor, and BMC
Group, Inc. as noticing agent.
Cadence Bank, as lender, is represented by Morris, Manning &
Martin, LLP.
BIGHORN RESTAURANTS: Hires MorrisAnderson as Financial Advisor
--------------------------------------------------------------
Bighorn Restaurants, LLC and its affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Colorado to employ
MorrisAnderson & Associates, Ltd. as their financial advisor.
The firm's services include:
(i) negotiating with creditors, equity holders, and other
stakeholders;
(ii) assisting in the preparation and execution of filings
necessary to satisfy the Debtors' responsibilities under the
Bankruptcy Code, such as their schedules and statement of financial
affairs;
(iii) advising the Debtors with respect to the proposed sale of
substantially all of the Debtors' assets; and
(iv) assisting the Debtors and their counsel with negotiation
and consummation of a chapter 11 plan of reorganization.
The firm will be paid at these rates:
Associate Directors $310to $350 per hour
Directors $365 to $435 per hour
Managing Directors $450 to $495 per hour
Principals $595 to $745 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtors provided MorrisAnderson with a security retainer of
$185,000 to be held in trust as security for the Debtors'
obligations to compensate MorrisAnderson for services provided.
Prior to filing of the chapter 11 petitions herein, a portion of
the total retainer, $35,000, was applied to the amount owed for
pre-petition services and expenses. MorrisAnderson is holding the
balance of the retainer from the Debtors, in the amount of
$150,000.
Daniel F. Dooley, a principal and the chief executive officer of
Morris Anderson, assured the court that the firm is a
"disinterested person" as that phrase is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Daniel F. Dooley
Morris Anderson & Associates, Ltd
55 West Monroe Street Suite 2350,
Chicago, IL 60603
Tel: (312) 254-0880
Fax: (312) 727-0180
About Bighorn Restaurants
Bighorn Restaurants, LLC and affiliates constitute one of the
largest current franchisees of Hardee's restaurants. Bighorn and
its affiliates formerly operated over 145 Hardee's restaurants,
recently closed 39 restaurants, and currently operate 108
restaurants. The Restaurants span the states of Alabama, Florida,
Georgia, South Carolina, Kansas, Missouri, Wyoming, and Montana.
The Restaurants are operated by Empire, Heartland, Bighorn, and
Atlantic Star.
Bighorn Restaurants and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No.
23-11919) on May 4, 2023. In the petition signed by Dewey R. Brown,
CEO, the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Michael E. Romero oversees the case.
The Debtors tapped Markus Williams Young and Hunsicker as legal
counsel, Brookwood Associates, LL as investment banker,
MorrisAnderson and Associates, Ltd. as financial advisor, and BMC
Group, Inc. as noticing agent.
Cadence Bank, as lender, is represented by Morris, Manning &
Martin, LLP.
BLOCKFI INC: Creditors Awaits Recovery of Funds
-----------------------------------------------
James Morales in Be In Crypto reports that customers of the
bankrupt crypto lender BlockFi are one step closer to recovering at
least some of their assets.
In a tweet, the firm announced that it has filed a disclosure
statement with the New Jersey court overseeing its insolvency
proceedings.
BlockFi first filed for Chapter 11 bankruptcy protection back in
November. In its initial filing, the company blamed a liquidity
crisis created by its exposure to FTX.
Through loans to Alameda Research, BlockFi became one of the most
high-profile victims of the FTX-Alameda scandal. It also held
cryptocurrencies on FTX's platform that it has been unable to
recover.
In a series of tweets on Saturday, May, 13, 2023, BlockFi explained
that what it can recover for clients is largely dependent on its
efforts to claw back money from FTX and Alameda.
The Bankrupt company will now present its disclosure statement to
the Court on June 20, 2023.
After that date, the solicitation process will commence. That means
the disclosure statement will be sent to BlockFi's various
creditors. They will then be able to vote on whether or not to
accept the plan.
A Chain of Debt
Of course, BlockFi isn't the only company that took a serious hit
from the collapse of FTX.
Many crypto businesses held assets on the platform. And various
crypto funds and individual investors were also caught up in the
storm.
To complicate matters further, FTX is in its own battle to claim
nearly $4 billion from the embattled crypto platform Genesis.
In that case, FTX lawyers want loan repayments the firm made to
Genesis 90 days before it went bust. Overall, Genesis lent billions
of dollars to Alameda Research but much of this was repaid by the
time the FTX companies collapsed.
As the case unfolds, to counter FTX's claim, Genesis must disprove
allegations that the repayments diverged from normal debt
collection practices.
IRS Jumps Line Ahead of FTX Creditors
Another factor may further frustrate FTX creditors' attempts to
recuperate their lost funds. A recent filing made by the Internal
Revenue Service (IRS) reveals that the tax authority is claiming
priority over creditors in the FTX bankruptcy case.
The agency is claiming $44 billion in tax claims from the defunct
exchange.
About BlockFi Inc.
BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.
BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.
BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.
BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.
BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.
BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.
BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.
BORREGO COMMUNITY: No Patient Care Concern, 4th PCO Report Says
---------------------------------------------------------------
Jacob Nathan Rubin, the court-appointed patient care ombudsman for
Borrego Community Health Foundation, filed with the U.S. Bankruptcy
Court for the Southern District of California his fourth report
regarding the quality of patient care provided at Borrego's health
care facilities.
During the period covered by this fourth report, the PCO continued
to monitor the Debtor and the transition to Desert AIDS Project
d/b/a DAP Health. The PCO met with representatives of the Debtor
and DAP on several occasions during this report cycle. In summary,
the transition to DAP is moving smoothly and the standard of care
is being met by the Debtor.
The PCO's review of the facilities found no issues to report.
Facktor Health Group, the consultant to improve systems, is
improving customer service and patient through put. The Debtor
reports that morale and employee retention has dramatically
improved since the publication of the terms of the sale to DAP. The
Debtor's ability to recruit and retain employees has improved.
In the early stages of the PCO'S review of the Debtor, and in
collaboration with the Debtor's administrative team, the PCO
emphasized concerns with quality of care data collection and
reporting. The process was not optimal. However, the Debtor has
recently established a robust Quality Assurance department led by
qualified personnel. The PCO observed that the current data more
accurately represents the true quality metrics of the Debtor's
operations.
The PCO noted that the Debtor is meeting the Standard of Care. The
Debtor is attracting and hiring more staff and providers. DAP and
the Debtor are working cooperatively with the assistance of Facktor
Health. The sale is slated to close by June 30, 2023.
A copy of the fourth ombudsman report is available for free at
https://bit.ly/3Mt436m from PacerMonitor.com.
Attorneys for Jacob Nathan Rubin:
David B. Golubchik, Esq.
Krikor J. Meshefejian, Esq.
Levene, Neale, Bender, Yoo & Golubchik L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Tel: (310) 229-1234
Fax: (310) 229-1244
Email: dbg@lnbyg.com; kjm@lnbyg.com
About Borrego Community Health Foundation
Borrego Community Health Foundation offers, among other services,
comprehensive primary care, pediatric care, urgent care, behavioral
health services, dental services, specialty care, transgender
health, women's health, prenatal care, veteran's health, and
chiropractic services. Borrego Community is a non-profit public
charity, tax-exempt under section 501(c)(3) of the Internal Revenue
Code. The Foundation, as of Sept. 12, 2022, had 24 brick and mortar
sites including administrative sites, two pharmacies and six mobile
units covering a service area consisting of a 250-mile corridor on
the eastern side of San Diego and Riverside Counties, Calif.
Borrego Community Health Foundation sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No.
22-02384) on Sept. 12, 2022, with between $50 million and $100
million in both assets and liabilities. Isaac Lee, chief
restructuring officer, signed the petition.
Judge Laura S. Taylor oversees the case.
The Debtor tapped Tania M. Moyron, Esq., at Dentons US, LLP as
bankruptcy counsel and Hooper Lundy & Bookman, P.C. as special
counsel. Kurtzman Carson Consultants, LLC is the Debtor's claims
and noticing agent.
Jacob Nathan Rubin, the patient care ombudsman appointed in the
Debtor's case, tapped Levene Neale Bender Yoo & Golubchik, LLP as
bankruptcy counsel and Dr. Tim Stacy DNP, ACNP-BC as consultant.
On Sept. 26, 2022, the U.S. Trustee appointed an official unsecured
creditors' committee in this Chapter 11 case. Pachulski Stang Ziehl
& Jones, LLP serves as the committee's counsel.
BOXED INC: Committee Taps Fox Rothschild as Legal Counsel
---------------------------------------------------------
The official committee of unsecured creditors of Boxed, Inc. and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Fox Rothschild, LLP as counsel.
The firm's services include:
(a) advising the committee with respect to its rights, duties,
and powers in these Chapter 11 Cases;
(b) assisting and advising the committee in its consultations
with the Debtors relative to the administration of these Chapter 11
cases;
(c) assisting the committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;
(d) assisting the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(e) assisting the committee in analyzing (i) the Debtors'
pre-petition financing, and (ii) proposed use of cash collateral,
the terms and conditions of the proposed use of cash collateral and
the adequacy of the budget;
(f) assisting the committee in its investigation of the liens
and claims of the holders of the Debtors' pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(g) assisting the committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters related to,
among other things, the assumption or rejection of certain leases
of nonresidential real property and executory contracts, asset
dispositions, sale of assets, financing of other transactions and
the terms of one or more plans of reorganization for the Debtors
and accompanying disclosure statements and related plan documents;
(h) assisting and advising the committee as to its
communications to unsecured creditors regarding significant matters
in these Chapter 11 Cases;
(i) representing the committee at hearings and other
proceedings;
(j) reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
committee as to their propriety;
(k) assisting the committee in preparing pleadings and
applications as may be necessary in furtherance of the committee's
interests and objectives in these Chapter 11 Cases, including
without limitation, the preparation of retention papers and fee
applications for the committee's professionals, including the
firm;
(l) preparing, on behalf of the committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
(m) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the committee in
accordance with the committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
The firm will be paid at these rates:
Attorneys $355 to $995 per hour
Associates $355 to $580 per hour
Paraprofessionals $130 to $435 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Howard Cohen, Esq., a partner at Fox Rothschild, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, X
disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Not applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The firm expects to develop a budget and staffing
plan to reasonably comply with the U.S. Trustee's request for
information and additional disclosures, as to which Fox reserves
all rights. The committee has approved Fox's proposed hourly
billing rates.
The firm can be reached at:
Howard A. Cohen, Esq.
Stephanie J. Slater, Esq.
Fox Rothschild, LLP
919 North Market Street, Suite 300
Wilmington, DE 19899-2323
Tel: (302) 654-7444
Fax: (302) 656-8920
Email: hcohen@foxrothschild.com
sslater@foxrothschild.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront,
marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOXED INC: Taps Hilco as Assets Disposition Consultant
------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Hilco IP
Services, LLC as assets disposition consultant.
The firm will assist the Debtors with the disposition and
monetization of the Debtors' (i) intangible assets including, but
not limited to, brands, trademarks, domain names, customer data,
copyrights, IP addresses, and the like, and (ii) related tangible
assets.
The firm will be paid a commission equal to (i) 10 percent of
aggregate gross proceeds up to and including $1 million; plus (ii)
15 percent of the amount of the aggregate gross proceeds between $1
million and $2 million; plus (iii) 20 percent of the amount of
aggregate gross proceeds equal to or greater than $2 million,
generated from the sale, assignment, license, or other disposition
of the assets.
As disclosed in court filings, Hilco is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Peress
Hilco IP Services, LLC
d/b/a Hilco Streambank
1500 Broadway Suite 810
New York, NY 10036
Tel: (617) 642-1909
Email: dperess@hilcoglobal.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront,
marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
CA TECHIES: Seeks Cash Collateral Access
----------------------------------------
CA Techies Inc. asks the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, for authority to use
cash collateral and provide adequate protection.
The Debtor's secured creditors are R&T Oil, Inc., Anabi Oil
Corporation, and Bridge Funding CAP LLC.
The Debtor's first Emergency Motion for Order Authorizing Use of
Cash Collateral, filed on April 21, 2023, was denied without
prejudice. The second Motion resolves the objections filed by
Anabi Oil and R&T Oil, and gives additional clarity to the Court,
whereby:
(1) The Debtor proposes monthly adequate protection payments
in the amount of $10,000 per month to R&T Oil through direct
payments to be applied towards the R&T Oil loan;
(2) The Debtor proposes adequate protection payments to Anabi
Oil pursuant to the agreement between the Debtor and Anabi Oil
whereby Anabi Oil is the exclusive wholesaler seller of gas to the
Debtor and Anabi Oil charges $0.68 per gallon of gasoline sold at
the Debtor's gas station; and
(3) The Debor proposes replacement liens to the same validity,
priority and extent as the Secured Creditors' valid liens existed
as of the petition date, to the extent cash collateral is used
post-petition.
The Debtor seeks to reopen the gas station in order to generate
funds and reorganize through the Chapter 11 case. To effectively
reorganize, the Debtor must be able to use the cash collateral of
its Secured Creditors to pay the reasonable expenses it incurs in
the ordinary course of its business. The Debtor's gas station
business operations will generate revenue to fund a bankruptcy-exit
plan where the Debtor will propose to pay the creditors the value
of its assets.
The Debtor has three related entities, also in Subchapter V
bankruptcy before the Court: (1) ASLM Investments, Inc. (case no.
23-11778); (2) ASLM Gas, Inc. (case no. 23-11779); and (3) Highland
Cargo Inc. (case no. 23-11773).
The Debtor's assets include bank accounts, the value of the gas
station business and mini market, inventory, equipment and
licenses, the total scheduled value of which is approximately
$1.616 million. The Debtor's liabilities include approximately
$846,902 in secured claims, and approximately $415,000 in scheduled
priority and general unsecured claims.
The COVID-19 pandemic, and subsequent inflation and rising gasoline
prices, had a significant negative impact on the Debtor's business.
In an effort to keep its doors open, the Debtor took out several
loans. Due to the accumulating debts from weekly payments owed to
lenders, the Debtor's operational expenses, and debts owed to the
secured creditors. The Debtor was unable to meet its debt service
obligations.
After purchasing R&T Oil's interest, the Debtor entered into a new
fuel supply agreement with Anabi Oil whereby Anabi Oil agreed to
"sell and deliver" to the Debtor and the Debtor agreed to
exclusively purchase and accept from Anabi Oil fuel products
(including gasoline) under the "76" brand, subject to approval from
the fuel refiner/manufacturer Phillips 66. In essence, Anabi Oil is
the wholesale seller of "76" branded motor fuel that the Debtor has
agreed to purchase exclusively from Anabi Oil.
The Debtor agreed to terminate the existing Chevron brand at the
subject gas station, and instead convert it to a "76" brand with
Anabi Oil as the exclusive supplier of 76-branded fuel, based on
certain incentives that Anabi promised to Debtor as part of the
transaction. These incentives included Anabi's agreement "loan and
perform certain improvements" at the gas station and an estimated
$150,000 "Branding Package" investment by Anabi Oil for
construction, conversion, and branding of [Debtor's gas station] to
P66's [Phillips 66] Crest Image.
Additionally, as part of its "Incentive," Anabi Oil agreed to loan
$1.075 million to the Debtor. Under the terms of their agreement,
repayment of this loan would first be through the Debtor's "actual
purchases from Anabi Oil of 76-branded gasoline and diesel
delivered to, for sale at" the gas station. However, to date, Anabi
Oil has only paid the Debtor approximately $435,000 of the agreed
loan amount. Pursuant to the agreement between Anabi Oil and the
Debtor, half of the $1.075 million incentive amount was to be paid
within 10 days of signing and approval from 76 and all additional
security documents recorded and the remainder to be paid upon
completion of a Work Plan and Image approval from 76.
Nevertheless, repayment of the Anabi Oil loan would be through a
"True-Up" process, wherein the loan would be reduced by $0.68 cents
per gallon for each gallon of fuel that the Debtor purchased from
Anabi Oil on a monthly basis. If the Debtor failed to buy at least
150,000 gallons in one month, the Debtor would only owe Anabi Oil
$0.03 cents per gallon on the shortfall.
In response to the Debtor's first Cash Collateral Motion, Anabi Oil
opposed the Debtor's use of cash collateral in its entirety
claiming that Anabi Oil was not given adequate protection payments.
Anabi Oil is not a good faith actor in this instance, as it has its
own agenda to force the Debtor to give up its business to Anabi
Oil's own benefit. If Anabi Oil succeeds in forcing the Debtor out
of business and economically evicts the Debtor from the gas station
premises, then Anabi Oil will stand to acquire the gas station
business for itself.
On the one hand, Anabi Oil contends it is owed the principal loan
amount of $1.075 million, plus liquidated damages of approximately
$300,000, even though the Debtor has only actually received
approximately $435,000 of the loan. On the other hand, the Debtor
may re-pay the loan by receiving a $0.68 cents per gallon credit
for each gallon of fuel purchased, thus constituting adequate
protection to Anabi Oil pursuant to their agreement. The Debtor
says its ability to re-pay in such a manner is frustrated by Anabi
Oil's own actions of objecting to the Debtor's ability to use its
revenue to purchase that very fuel from Anabi Oil. This places the
Debtor in a vicious cycle that cannot be broken, unless the Debtor
is given the ability to use its funds to buy products for sale to
retail customers.
Based on the valuation of the Debtor's assets and secured claims,
which shows the assets valued at approximately $1.616 million, the
Debtor proposes the following adequate protection payments to the
Secured Creditors whose claims are secured up to the value of the
collateral:
-- The Debtor's loan with R&T Oil is in first position. The
R&T Oil Loan is secured by the Debtor's assets by virtue of having
filed a UCC Financing Statement with the California Secretary of
State on or about October 2021. R&T Oil was the seller of the gas
station business to the Debtor and R&T Oil holds a secured loan
which is a carry back loan for the sale of the business. The R&T
Oil Note has already matured. Prepetition, the Debtor and R&T
agreed that the Debtor would pay $10,000per month which would apply
towards the total balance owed on the R&T Oil Note. The Debtor
seeks to continue the same payment arrangement with R&T Oil and
proposes to pay R&T Oil $10,000per month as adequate protection
payments, which will be applied to the Note. The first payment due
to R&T Oil will be made within 5 business days from entry of the
order approving the Motion and all subsequent payments to be made
by the lst of each month thereafter.
-- The Debtor's loan with Anabi is in second position. The
Debtor does not propose any further adequate protection payment
other than performance under their agreement.
-- The Debtor's loan with Bridge Funding Cap LLC is in third
position. Bridge Funding's loan is secured by the Debtor's assets
by virtue of having filed a UCC Financing Statement with California
Secretary of State on January 25, 2023, which is within the 90-day
preference period and is an avoidable lien. Since Bridge Funding is
in third position, and based on the valuation of the Debtor's
assets, Bridge Funding is fully unsecured. The Debtor is not
proposing any adequate protection payments to Bridge Funding in the
motion.
As adequate protection for the use of cash collateral, the Secured
Creditors will have a replacement lien to the same validity,
priority, and extent as their valid liens existed as of the
petition date, to the extent cash collateral is used
post-petition.
About CA Techies Inc.
CA Techies Inc., a company in Santa Fe Springs, Calif., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Calif. Case No. 23-11776) on March 24, 2023, with up to $1
million in assets and up to $10 million in liabilities. Mandeep
Singh, president of CA Techies, signed the petition.
Judge Sandra R. Klein oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
CAMBER ENERGY: Incurs $2.4 Million Net Loss in First Quarter
------------------------------------------------------------
Camber Energy, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.35 million on $93,471 of revenue for the three months ended
March 31, 2023, compared to a net loss of $68.15 million on
$136,407 of revenue for the three months ended March 31, 2022.
As of March 31, 2023, the Company had $32.84 million in total
assets, $52.31 million in total liabilities, and a total
stockholders' deficit of $19.47 million.
As of March 31, 2023, the Company has a working capital deficiency
of approximately $16.6 million. The largest components of current
liabilities creating this working capital deficiency are a
derivative liability of $9.8 million and a warrant liability of
$2.4 million.
Camber said, "Management believes it will be able to continue to
leverage the expertise and relationships of its operational and
technical teams to enhance existing assets and identify new
development and acquisition opportunities in order to improve the
Company's financial position. The Company may have the ability, if
it can raise additional capital, to acquire new assets in a
separate division from existing subsidiaries.
"Nonetheless, recent oil and gas price volatility as a result of
geopolitical conditions and the global COVID-19 pandemic have
already had and may continue to have a negative impact on the
Company's financial position and results of operations. Negative
impacts could include but are not limited to: The Company's ability
to sell our oil and gas production, reduction in the selling price
of the Company's oil and gas, failure of a counterparty to make
required hedge payments, possible disruption of production as a
result of worker illness or mandated production shutdowns, the
Company's ability to maintain compliance with loan covenants and/or
refinance existing indebtedness, and access to new capital and
financing.
"These conditions raise substantial doubt regarding the Company's
ability to continue as a going concern. The Company's ability to
continue as a going concern is dependent upon its ability to
utilize the resources in place to generate future profitable
operations, to develop additional acquisition opportunities, and to
obtain the necessary financing to meet its obligations and repay
its liabilities arising from business operations when they come
due. Management believes the Company will be able to continue to
develop new opportunities and will be able to obtain additional
funds through debt and/or equity financings to facilitate its
development strategy; however, there is no assurance of additional
funding being available."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1309082/000147793223003359/cei_10q.htm
About Camber Energy
Based in Houston, Texas, Camber Energy, Inc. --
http://www.camber.energy-- is a growth-oriented diversified energy
company. Through its majority-owned subsidiary, Camber provides
custom energy & power solutions to commercial and industrial
clients in North America and owns interests in oil and natural gas
assets in the United States. The company's majority-owned
subsidiary also holds an exclusive license in Canada to a patented
carbon-capture system, and has a majority interest in: (i) an
entity with intellectual property rights to a fully developed,
patent pending, ready-for-market proprietary Medical & Bio-Hazard
Waste Treatment system using Ozone Technology; and (ii) entities
with the intellectual property rights to fully developed, patent
pending, ready-for-market proprietary Electric Transmission and
Distribution Open Conductor Detection Systems.
Camber Energy reported a net loss attributable to the company of
$107.74 million for the year ended Dec. 31, 2022, a net loss
attributable to the company of $169.68 million for the year ended
Dec. 31, 2021, compared to a net loss attributable to the company
of $52.01 million for the nine months ended Dec. 31, 2020.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 17, 2023, citing that the Company has suffered
recurring losses from operations, has a stockholder deficit and has
a net capital deficiency that raises substantial doubt about its
ability to continue as a going concern.
CHRISHULSERSELLSHOMES: Kevin Heard Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Northern District of
Alabama appointed Kevin Heard, managing member of Heard, Ary &
Dauro, LLC, as Subchapter V trustee for ChrisHulserSellsHomes,
Inc.
The Subchapter V trustee can be reached at:
Kevin Heard
Heard, Ary & Dauro, LLC
303 Williams Avenue SW
Park Plaza Suite 921
Huntsville, AL 35801
Telephone No. (256) 535-0817
Fax No. (256) 535-0818
Email: kheard@heardlaw.com
About ChrisHulserSellsHomes Inc.
ChrisHulserSellsHomes, Inc. is an Alabama corporation with its
principal place of business at 1896 Slaughter Road, Suite F,
Madison, Ala. It provides real estate brokerage services in the
North Alabama area.
ChrisHulserSellsHomes sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-80858) on May
10, 2023, with up to $50,000 in assets and up to $1 million in
liabilities. Christopher W. Hulser, president and owner, signed the
petition.
Judge Clifton R. Jessup, Jr. oversees the case.
Stuart M. Maples, Esq., is the Debtor's bankruptcy attorney.
CHRISTMAS TREE SHOPS: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Christmas Tree Shops, LLC and its affiliates.
The committee members are:
1. Everstar Merchandise Co., Ltd.
Attn: Joe Lincoln
Unit 12-13, 11/F Harbour Center
Hok Cheung Street, Hung Hom
Hong Kong
Phone: (720) 936-4981
Email: joelincoln@everstar.biz
2. Workday Inc.
Attn: Rob Smith
6110 Stoneridge Mall Rd.
Pleasanton, CA 94588
Phone: (815) 993-8281
Email: rob.smith@workday.com
3. Plus Mark LLC
Attn: Gregg Manternach
One American Blvd.
Cleveland, OH 44145
Phone: (216) 350-2345
Fax: (216) 350-2345
Email: gregg.manternach@amgreetings.com
4. Mainstream International Corp.
Attn: David Bennett
115 Newfield Ave.
Edison, NJ 08837
Phone: (732) 331-6774
Email: dbennett@mainstreamintl.com
5. Imperial Distributors, Inc.
Attn: Joy Keller
150 Blackstone River Road
Worcester, MA 01607
Phone: (508) 713-6233
Email: jkeller@imperialdistributors.com
6. REO Fundit 1 Asset LLC
19790 West Dixie Highway, Suite 902
Miami, FL 33180
Phone: (561) 510-0296
Email: annac@cre-pro.com
7. BSREP II Cypress MT LLC
Attn: Julie Minnick Bowden
350 N. Orleans St., Suite 300
Chicago, IL 60654-1607
Phone: (312) 213-9545
Email: julie.bowden@bpretail.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Christmas Tree Shops
Christmas Tree Shops is a home-decor retailer that was spun off
from Bed Bath & Beyond in 2020. CTS operates a chain of
brick-and-mortar home goods retail stores that specializes in
year-round seasonal goods at value pricing. CTS stores offer a
variety of products including home decor, bed and bath products,
kitchen and dining products, furniture, food and seasonal
products.
Christmas Tree Shops LLC and four of its affiliates sought Chapter
11 bankruptcy protection (Bankr. D. Del., Lead Case No. 23-10576)
on May 5, 2023. The petitions were signed by Marc Salkovitz as
executive chairman. The Hon. Thomas M. Horan presides over the
Debtors' cases.
Christmas Tree listed $50 million to $100 million in assets and
$100 million to $500 million in liabilities.
Troutman Pepper Hamilton Sanders LLP and Murphy & King, P.C. serves
as bankruptcy counsel to the Debtors. Kurtzman Carson Consultants,
LLC serves as claims and noticing agent to the Debtors.
CINCINNATI BELL: S&P Downgrades ICR to 'B-', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on U.S.-based
telecommunications provider Cincinnati Bell Inc. to 'B-' from 'B'.
S&P said, "In addition, we lowered the issue-level rating on
Cincinnati Bell's debt two notches to 'B-' from 'B+' and revised
the recovery rating on the debt to '3' from '2' due to the recent
$200 million incremental term loan issuance. The '3' recovery
rating indicates our expectation for meaningful (50%-70%) recovery
in the event of payment default.
"The stable outlook reflects our expectation that equity infusions
from the company's owner Macquarie Infrastructure Partners will
enable it to maintain adjusted leverage in the low-6x area over the
next year despite lower EBITDA and free operating cash flow (FOCF)
deficits.
"The downgrade reflects our expectation for lower EBITDA and higher
capital expenditures (capex), which will result in higher leverage
in 2023. Cincinnati Bell's earnings during the first quarter of
2023 were lower than our expectations, with EBITDA declining about
13% year over year as modest single-digit percent growth in IT
Services and Network were offset by higher employee expenses and
higher costs associated with the expansion of its fiber build. We
now expect a 5% decline in EBITDA compared with growth of about 4%
in our previous forecast. That said, we believe that earnings
should improve in 2024 because of increased operating leverage,
particularly in Dayton, where the company started building out last
year. Still, there is a greater risk that margin improvement could
be delayed because of high labor costs over the next couple of
years.
"Our base case forecast assumes that FOCF deficits widen to about
$415 million-$435 million in 2023 from about $162 million in 2022
due to a 25% increase in capex and lower earnings because of costs
associated the company's build-out in Dayton, lower regional
subsidy revenue in Cincinnati, and expenses incurred as part of its
CBTS separation plan. We expect capex to increase to about $600
million in 2023 from about $480 million in 2022 as the company
targets 160,000 fiber passings in 2023. In 2024, despite our
expectation for solid 10%-12% EBITDA growth, we expect capex will
remain elevated, resulting in negative FOCF. This will likely cause
the company to draw on the $400 million revolving credit facility
that matures in 2026.
"We expect Macquarie will provide ongoing capital contributions.
Despite our expectation for substantial FOCF deficits, we believe
Cincinnati Bell's parent will likely support its FTTH builds with
capital infusions, such that leverage remains in the low-6x area.
Longer term, we believe the company potentially can generate
healthy levels of FOCF due to improved operating leverage and as
capex winds down, which should result in leverage reduction.
"The stable outlook reflects our expectation that equity infusions
from the company's owner will enable it to maintain adjusted
leverage in the low-6x area over the next year despite lower EBITDA
and free operating cash flow (FOCF) deficits.
"We could lower the rating if aggressive competition or execution
missteps hurt Cincinnati Bell's ability to increase broadband
penetration such that EBITDA declined and leverage remained
elevated, leading us to assess the capital structure as
unsustainable. We could also lower the rating if the company's
liquidity position eroded because of cash flow deficits, and it
appeared unlikely that it could obtain additional financing.
"We could raise our rating on Cincinnati Bell if FOCF to debt
approached the mid-single-digit percent area, which would likely be
driven by lower levels of capital spending and mid-to-high
single-digit percent earnings growth."
ESG credit indicators: E-2, S-2, G-2
CMG MEDIA: $2.15B Bank Debt Trades at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which CMG Media Corp is a
borrower were trading in the secondary market around 82.6
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.15 billion facility is a Term loan that is scheduled to
mature on December 17, 2026. About $2.10 billion of the loan is
withdrawn and outstanding.
CMG Media Corp, also known as Cox Media Group, provides direct
marketing services. Cox Media serves customers in the United
States.
COMPASS POINTE: Amends Unsecured Claims Pay; Plan Hearing June 28
-----------------------------------------------------------------
Compass Pointe Off Campus Partnership B, LLC, submitted a Second
Amended Disclosure Statement describing Second Amended Plan.
General unsecured creditors, to the extent there are any, will be
paid in full on the Effective Date of the Plan.
Class 2 consists of the Secured Claim of Merced DIP Lender, LLC
(DIP Lender). The Class 2 Secured Claim of Merced DIP Lender, LLC
in the amount of $24,375,000. Such amount shall be paid in full
after a 13-month period either by Sale of the property by the
Debtor or; FANNIE MAE refinance by the Debtor via Walker Dunlop;
Both methods having been approved by Legalist, Inc., the Lender.
On or about December 7, 2022, the potential purchaser of the
Property dropped itself from the project. In response, Debtor and
DIP Lender have been working together to secure a buyer for the
Property via a broker and updates on potential sale will be
provided as available to this Court and all interested parties.
Class 3 consists of General Unsecured Claims, if any. Debtor
estimates that the total amount of Class 3 general unsecured claims
to be approximately $00.00. If there be any, the Debtor shall pay
all Allowed Unsecured Claims in full on the Effective Date of the
Plan.
The Plan will be funded by DIP financing paid pursuant to a DIP
order. The Debtor shall be responsible for post-confirmation
management. The Debtor shall be the disbursing agent for all
Distributions under the Plan. The Disbursing Agent shall serve
without bond and shall receive no compensation for distribution of
services rendered and expenses incurred pursuant to the Plan.
The hearing at which the Court will determine whether to confirm
the Plan will take place on June 28, 2023, at 09:30 a.m., in
Courtroom 11, Department A, at the United States Bankruptcy Court
for the Eastern District of California, 2500 Tulare Street, Fresno,
California.
A full-text copy of the Second Amended Disclosure Statement dated
May 16, 2023 is available at https://bit.ly/3BJgDZ1 from
PacerMonitor.com at no charge.
Attorney for Debtor:
Noel Knight, Esq.
The Knight Law Group
800 J. St., Ste. 441
Sacramento, CA 95814
Telephone: (510) 435-9210
Facsimile: (510) 281-6889
Email: lawknight@theknightlawgroup.com
About Compass Pointe
Compass Pointe Off Campus Partnership B, LLC is a single asset real
estate debtor (as defined in 11 U.S.C. Section 101 (51B)).
Compass Pointe filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Cal. Case No. 22-10778) on May 8, 2022,
disclosing $1 million to $10 million in assets. David Sowels,
manager, signed the petition.
Judge Jennifer E. Niemann presides over the case.
Noel Knight, Esq., at The Knight Law Group, serves as the Debtor's
counsel.
COX OPERATING: Files for Chapter 11 to Pursue Sale or Plan
----------------------------------------------------------
Cox Operating LLC, the closely held oil producer founded by
fourth-generation oilman Brad Cox, filed for Chapter 11 proceedings
along with its affiliates.
The Debtors are one of the most significant oil and gas exploration
and production companies in the Gulf of Mexico. Their portfolio of
properties spans approximately 750,000 net acres, with a focus on
shallow-water properties. The Debtors engaged in multiple
synergistic acquisitions of proven assets over the last seven
years, with the most significant being the 2018 acquisition of
Energy XXI's GOM shelf assets.
Today, the Debtors have interests in approximately 750 producing
wells, of which approximately 350 are shut-in or suspended, and a
majority of which are operated by Debtor Cox Operating, L.L.C.
across more than 60 fields. As of the Petition Date, the Debtors
employed approximately 430 people (excluding independent
contractors and temporary staff) at offshore locations and in their
offices in Houston, Dallas, and New Orleans.
Road to Chapter 11
Despite the Debtors' strategic growth plan and low risk inventory,
they recently have suffered certain operational and financial
challenges that have adversely affected their liquidity profile.
After experiencing recurring operational downtime throughout 2020
and 2021 as a result of adverse events outside of the Debtors'
control, the business continued to face ongoing headwinds beginning
in 2022.
In October 2022, the Debtors retained Alvarez & Marsal North
America, LLC, as financial advisor to examine possible solutions to
their liquidity issues.
However, around December 22, 2022, freezing temperatures descended
on the shallow Gulf of Mexico region and caused temporary shut-ins
at several properties, effectively taking approximately 45% of the
Company's daily net production temporarily offline. Since that
time, production has never fully recovered to prior comparable
levels. This weather event exacerbated the Debtor's worsening
liquidity position.
The Debtors then retained Moelis & Company LLC as their investment
banker in December 2022 in order to explore possible refinancing or
other transactions to raise capital. Following several weeks of
evaluation of possible out-of-court transactions, in mid-January
2023, the Debtors retained Latham & Watkins LLP to advise on
possible corporate and finance transactions.
Before concluding that a chapter 11 filing was the best path
forward, the Debtors, led by Moelis, explored the possibility of a
capital raise. Moelis contacted 102 prospective financing sources:
77 were focused on potentially providing debt financing
("Prospective Debt Funds") and 25 were focused on potentially
providing financing backed by certain unencumbered litigation
assets held by the Debtors ("Prospective Litigation Finance
Funds"). At the conclusion of the process, the Debtors did not
receive a proposal from any of the Prospective Debt Funds. The
Debtors received preliminary term sheets from six Prospective
Litigation Finance Fundsbut the proposals would not provide the
Debtors with funding in an amount sufficient to resolve the
liquidity issues then facing the Debtors.
Concurrently with these financing efforts, the Debtors and the
Advisors approached BP Energy Company ("bpec"), the Debtors'
largest secured creditor. The Debtors and bpec were party to a
swap agreement that was materially out-of-the-money to the Debtors
and secured by substantially all assets of the Debtors. The
parties could not reach a deal for an out-of-court financial but
bpec indicated it was willing to provide additional financing in a
chapter 11 context.
Left with no viable alternatives for out-of-court financing, the
Debtors, with the assistance of the Advisors, focused on obtaining
debtor-in-possession financing on the best terms available to
facilitate a smooth landing in chapter 11. These efforts were
successful, and the proposed debtor-in-possession financing
contemplates an asset sale process or other transaction, with the
Debtors retaining the flexibility to pivot to a chapter 11
reorganization if the proposed transactions do not adequately
maximize the value of the Debtors' assets.
$75M of DIP Financing
The Debtors, through their investment banker, Moelis, solicited
offers for debtor-in-possession financing from sixteen third-party
prospective lenders, plus the Debtors' prepetition lender,
Amarillo, under the Prepetition First Lien Credit Agreement, and
bpec, as holder of the Swap Obligations. Amarillo and bpec were
the only parties to make a financing proposal.
To fund the Chapter 11 Cases, the Debtors are seeking the
Bankruptcy Court's approval for a first lien senior secured
super-priority term loan facility in the aggregate new money
principal amount not to exceed $75 million (the "DIP Facility").
The proposed lenders under the DIP Facility are bpec and Amarillo
(in such capacity, the "DIP Lenders"). The Debtors seek authority
to draw under the DIP Facility up to $20 million on an initial
interim basis and up to $50 million on a second interim basis. The
remainder of the DIP Facility would be available upon entry of a
final order. The DIP Facility would mature by no later than six
months after the Petition Date and includes certain milestones.
Finally, in connection with the final order, the DIP Facility
includes a cashless refinancing of the aggregate outstanding
Prepetition First Lien Obligations and Swap Obligations of
approximately $220 million.
The Debtors believe that, to be successful, these Chapter 11 Cases
must proceed in the most expeditious manner permitted by the
Bankruptcy Code. The Debtors have agreed to certain milestones
contained in the DIP Facility regarding, among other things, entry
of an order by the Court approving either an Approved Sale (with
the Sale Order to be entered within 95 days after the Petition
Date) or Approved Plan of Reorganization (with the Confirmation
Order to be entered within 140 days after the Petition Date), as
set forth in the following timeline
for the Chapter 11 cases (subject to the Court's calendar):
* Seven days after the Petition Date: The Debtors shall have
filed a motion, in form and substance reasonably acceptable to the
DIP Lenders, seeking final approval of procedures governing the
sale and marketing process for substantially all of the Debtors'
assets.
* 30 days after the Petition Date: An order granting the Bidding
Procedures Motion, in form and substance reasonably acceptable to
the DIP Lenders, shall have been entered by the Court.
* 75 days after the Petition Date: The bid deadline set forth in
the Bidding Procedures Order shall have passed.
* 80 days after the Petition Date: The Debtors shall have made a
determination, in consultation with and subject to the written
consent of the DIP Lenders, as to whether to proceed with the
Auction or pursue an Approved Plan of Reorganization.
* 85 days after the Petition Date: If the Debtors have determined
not to pursue an Approved Plan of Reorganization, the auction, if
any, on the terms set forth in Bidding Procedures Order shall have
occurred.
* 90 days after the Petition Date: Either (a) if the Debtors have
determined that the highest and best bid received through the Sale
Process is not an Approved Sale, or (b) if the Auction did not
occur, then the Debtors shall have filed with the Court an Approved
Plan of Reorganization and a disclosure statement with respect to
the Approved Plan of Reorganization.
* 95 days after the Petition Date: If the Debtors have determined
that the highest and best bid received through the Sale Process is
an Approved Sale, an order approving the Sale, in form and
substance reasonably acceptable to the Required DIP Lenders, shall
have been entered by the Court.
* 15 days after the entry of the Sale Order: If the Debtors have
determined that the highest and best bid received through the Sale
Process is an Approved Sale, no later than the date that is 15 days
after the entry of the Sale Order, the Sale shall have been
consummated; provided, that, if such failure is due solely to
additional time required to obtain pending regulatory approvals,
such date shall be extended solely for the additional time as
necessary to complete such regulatory approvals.
* 105 days after the Petition Date:: If the Debtors did not hold
an Auction, an order conditionally approving the disclosure
statement in respect of an Approved Plan of Reorganization, in form
and substance reasonably satisfactory to the DIP Lenders, shall
have been entered by the Court.
* 140 days after the Petition Date: If the Debtors did not hold
an Auction, an order confirming the Approved Plan of
Reorganization, in form and substance reasonably satisfactory to
the DIP Lenders, shall have been entered by the Court.
* 155 days after the Petition Date: If the Debtors did not hold
an Auction, the effective date of an Approved Plan of
Reorganization shall have occurred in accordance with its terms.
The terms of the DIP Facility are the result of arm's-length,
good-faith negotiations conducted by the Debtors and their Advisors
with the DIP Lenders. These discussions spanned several weeks and
lasted until shortly before the Petition Date.
About Cox Operating
Cox Operating LLC provides offshore drilling services. The Company
extracts oil from wells from offshore Florida to Texas.
On May 12, 2023, certain trade creditors filed an involuntary
petition under chapter 7 of the Bankruptcy Code against debtor Cox
Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning
creditors -- Keystone Chemical, LLC, et al. -- are represented by
the Slyvester Law Firm.
Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas,
LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and
Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14,
2023. The Debtors have sought joint administration of the cases
under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324).
The cases are overseen by Honorable Bankruptcy Judge Christopher M.
Lopez.
In its petition, Cox Operating estimated assets and liabilities
between $100 million and $500 million each.
The Debtors tapped the law firms of Latham & Watkins LLP and
Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC,
as financial advisor; and Moelis & Company LLC, as investment
banker.
CPC ACQUISITION: $1.03B Bank Debt Trades at 23% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Cpc Acquisition
Corp is a borrower were trading in the secondary market around 77.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.03 billion facility is a Term loan that is scheduled to
mature on December 29, 2027. The amount is fully drawn and
outstanding.
CPC Acquisition Corp is in the chemicals industry.
CROSSROADS CHARTER: S&P Lowers 2007/2012 Bonds Rating to 'B'
------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Crossroads
Charter Academy, Mich.'s series 2007 and 2012 bonds to 'B' from
'B+'. The outlook is negative, reflecting S&P's view of Crossroads'
deteriorating demand profile, which, if not addressed, will
continue to place pressure on operations.
"The downgrade reflects our view of Crossroads' continued trend of
sharp annual enrollment decreases through fall 2022, which now
represents the ninth drop in enrollment over the past 10 school
years and has led to a considerably limited enrollment base of just
over 300 students," said S&P Global Ratings credit analyst
Alexander Enriquez.
S&P said, "The negative outlook reflects our view that there is at
least a one-in-three chance that Crossroads could continue to
experience enrollment decreases that further pressure operations.
With enrollment at just over 300, we view the school's operating
flexibility as extremely limited in the near term.
"We could consider a negative rating action over the one-year
outlook period if enrollment or demand metrics continue to weaken,
or if liquidity or financial performance deteriorate more than
anticipated. In addition, we would negatively view a perceived rise
in risk associated with enterprise factors, such as continued
management turnover or compliance with charter terms, though these
issues are not currently expected, given the recent charter renewal
and our expectation of continuity with management and governance.
"We could consider a positive rating action over time if management
were to meet and sustain its budgeted enrollment goals such that it
maintains operations at least at a break-even level for several
years, while sustaining its current cash position."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Social capital
CTI BIOPHARMA: Incurs $13.4 Million Net Loss in First Quarter
-------------------------------------------------------------
CTI Biopharma Corp. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $13.42 million on $24.12 million of net product sales for the
three months ended March 31, 2023, compared to a net loss of $37.17
million on $2.29 million of net product sales for the three months
ended March 31, 2022.
As of March 31, 2023, the Company had $112.27 million in total
assets, $137.62 million in total liabilities, and a total
stockholders' deficit of $25.35 million.
CTI Biopharma said, "...[W]e believe that, as of the date of the
filing of this Quarterly Report on Form 10-Q, our present financial
resources, together with expected cash receipts from net product
sales of VONJO, will be sufficient to meet our obligations as they
come due and to fund our operations into the first quarter of 2024.
This raises substantial doubt about our ability to continue as a
going concern and we will need to raise substantial additional
capital in the near term in order to fund our operations through
and beyond the first quarter of 2024 and to continue as a going
concern thereafter. Further, we have incurred net losses since
inception and expect to generate losses for the foreseeable future.
We have historically funded our operations through product sales,
equity financings, borrowings, sale of certain future royalties and
funds obtained under product collaborations, any or all of which
may not be available to us in the future. As of March 31, 2023,
our available cash, cash equivalents and short-term investments
totaled $59.0 million, and we had an outstanding principal balance
of $50.0 million under our Credit Agreement with DRI."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/891293/000089129323000015/ctic-20230331.htm
About CTI BioPharma
Headquartered in Seattle, Washington, CTI BioPharma Corp. is a
commercial biopharmaceutical company focused on the acquisition,
development and commercialization of novel targeted therapies for
blood-related cancers that offer a unique benefit to patients and
their healthcare providers. CTI has one commercially approved
product, VONJO (pacritinib), which has received accelerated
approval in the United States by the U.S. Food and Drug
Administration for the treatment of adult patients with
intermediate or high-risk primary or secondary (post-polycythemia
vera or post-essential thrombocythemia) myelofibrosis with a
platelet count below 50 x 10 9/L.
CTI Biopharma reported a net loss of $93 million for the year ended
Dec. 31, 2022, compared to a net loss of $97.91 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$125.92 million in total assets, $143.50 million in total
liabilities, and a total stockholders' deficit of $17.58 million.
Seattle, Washington-based Ernst & Young LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 6, 2023, citing that the Company has suffered recurring
losses from operations and has stated that substantial doubt exists
about the Company's ability to continue as a going concern.
CUMULUS MEDIA: $525M Bank Debt Trades at 19% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Cumulus Media New
Holdings Inc is a borrower were trading in the secondary market
around 81.4 cents-on-the-dollar during the week ended Friday, May
19, 2023, according to Bloomberg's Evaluated Pricing service data.
The $525 million facility is a Term loan that is scheduled to
mature on March 31, 2026. About $334.7 million of the loan is
withdrawn and outstanding.
Headquartered in Atlanta, GA, Cumulus Media New Holdings Inc. is
the third largest radio broadcaster in the U.S. with 405 stations
in 86 markets, a nationwide network serving more than 9,500
broadcast affiliates, and numerous digital channels. In addition,
Cumulus has several digital businesses (including podcasting,
streaming, and marketing services), and live events. Cumulus
emerged from Chapter 11 bankruptcy protection in June 2018.
DAWN ACQUISITIONS: $550M Bank Debt Trades at 44% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Dawn Acquisitions
LLC is a borrower were trading in the secondary market around 55.7
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on December 31, 2025. The amount is fully drawn and
outstanding.
Dawn Acquisitions LLC, doing business as Evoque Data Center
Solutions, provides digital infrastructure and data center
solutions. The Company offers multi-generational infrastructure,
colocation, connectivity, build-to-suit, and cloud engineering
solutions.
DIAMOND SPORTS: $635M Bank Debt Trades at 18% Discount
------------------------------------------------------
Participations in a syndicated loan under which Diamond Sports
Group LLC is a borrower were trading in the secondary market around
81.9 cents-on-the-dollar during the week ended Friday, May 19,
2023, according to Bloomberg's Evaluated Pricing service data.
The $635 million facility is a Term loan that is scheduled to
mature on May 25, 2026. About $630.2 million of the loan is
withdrawn and outstanding.
Diamond Sports Group, LLC operates as a sports marketing company.
The Company offers seminars, combine, speed and agility
assessments, recruiting tools, and online training sessions for
sports including football, baseball, soccer, and basketball.
DIAMOND SPORTS: Court OKs Cash Collateral Access on Final Basis
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Diamond Sports Group, LLC and its
debtor-affiliates to use cash collateral on a final basis in
accordance with the budget.
The Debtors require the use of cash collateral to, among other
things, (A) permit the orderly continuation of their businesses,
(B) pay adequate protection payments, and (C) pay the costs of
administration of their estates and satisfy other working capital
and general corporate purposes of the Debtors.
Under the First Lien Credit Agreement, dated as of March 1, 2022,
among Diamond Sports Intermediate Holdings LLC, Diamond Sports
Group, LLC, Wilmington Savings Fund Society, FSB, solely in its
capacities as Administrative Agent and Collateral Agent, and the
lenders from time to time party thereto, the Borrower was provided
with a first-lien secured term loan facility. As of the Petition
Date, the Prepetition First Lien Loan Parties were indebted to the
Prepetition First Lien Secured Parties in the aggregate principal
amount of not less than $630.237 million on account of Prepetition
First Lien Loans.
Under the Second Lien Credit Agreement, dated as of March 1, 2022,
among Holdings, the Borrower, Wilmington Savings Fund Society, FSB,
solely in its capacities as Term Facility Agent and Collateral
Agent, JPMorgan Chase Bank, N.A., as Revolving Credit Facility
Agent, and the lenders from time to time party thereto, the
Borrower was provided with (i) a second-lien secured term loan
facility and (i) a second-lien secured revolving loan facility. As
of the Petition Date, the Prepetition Second Lien Loan Parties were
indebted to the Prepetition Second Lien Loan Secured Parties in the
aggregate principal amount of not less than $227.5 million on
account of outstanding Prepetition Second Lien Revolving Loans, (y)
in the aggregate principal amount of not less than $3.189 billion
on account of Prepetition Second Lien Term Loans, plus (z) in the
case of each of the preceding clauses (x) and (y), accrued and
unpaid interest with respect thereto and any additional fees,
costs, premiums, expenses.
The Debtors are also parties to the Indenture, dated as of March 1,
2022, by and among the Borrower and Diamond Sports Finance Company,
Holdings, the other Guarantors party thereto, and U.S. Bank Trust
Company, National Association, as Trustee and Notes Collateral
Agent, with respect to the 5.375% Senior Secured Second Lien Notes
due 2026. As of the Petition Date, the Prepetition Second Lien
Note Parties were indebted to the Prepetition Second Lien Notes
Secured Parties pursuant to the Second Lien Notes Documents in the
aggregate principal amount of not less than $3.040 billion on
account of the Second Lien Notes, plus accrued and unpaid
interest.
The Borrower and Diamond Sports Finance Company, Holdings, the
other Guarantors party thereto, and U.S. Bank, as Trustee and Notes
Collateral Agent, are also parties to the Indenture, dated as of
August 2, 2019 for the 5.375% Senior Secured Notes due 2026. As of
the Petition Date, the Prepetition Third Lien Note Parties were
indebted to the Prepetition Third Lien Notes Secured Parties
pursuant to the Third Lien Notes Documents, in the aggregate
principal amount of not less than $10 billion on account of the
Third Lien Notes, plus accrued and unpaid interest.
The Debtors' right to use the cash collateral will automatically
cease without further court proceedings on the Termination Date.
The events that constitute a Termination Event include:
(a) The violation of any material term of the Final Order or
the material violation of the Final Order by the Debtors that is
not cured within five business days of receipt by the Debtors of
written notices from the Majority 1L Lenders of such default,
violation, or breach;
(b) Entry of any order modifying, reversing, revoking,
staying, rescinding, vacating, or amending the Final Order without
the express written consent of the Majority 1L Lenders that is not
cured within five business days of receipt by the Debtors of
written notice from the Majority 1L Lenders of the occurrence of
such event;
(c) Any of the Cases is dismissed or converted to a case under
chapter 7 of the Bankruptcy Code, or without the express written
consent of the Majority 1L Lenders, a trustee under chapter 11 of
the Bankruptcy Code, an examiner with expanded powers or a
responsible officer or similar person is appointed in any of the
Cases, or any Debtor files any motion, pleading, or proceeding
seeking or consenting to the granting of, or an order is entered
granting, any of the foregoing; and
(d) Any (i) Debtor files any motion, pleading, or proceeding
(or solicits, supports, or encourages any other party to file any
motion, pleading, or proceeding) seeking or consenting to the
granting of, or an order is entered granting, any lien or other
interest pari passu with or senior to any of the Prepetition Liens
or any Adequate Protection Liens or Adequate Protection
Superpriority Claims granted to the Prepetition 1L/2L Secured
Parties under the Final Order, but solely to the limited extent
that such DIP Financing terms expressly provide for the repayment
in full in cash of the Prepetition First Lien Indebtedness
contemporaneously with the consummation of, and upon the Debtors'
receipt of the initial proceeds of, such DIP Financing), or (ii)
order of the Court is entered reversing, staying for a period in
excess of five business days, vacating, or otherwise amending,
supplementing, or modifying the Final Order in a manner adverse to
the Prepetition 1L/2L Secured Parties, in each case without the
written consent of the Majority 1L Lenders.
As adequate protection, the Prepetition Secured Parties are granted
replacement security interests in and liens on the Prepetition
Collateral and of the Debtors' real and personal property, assets
and rights.
As further adequate protection, the Prepetition Secured Parties are
allowed superpriority administrative expense claims.
A copy of the order is available at https://bit.ly/3MnNDMQ from
Kroll Restructuring Administration, LLC, the claims agent.
About Diamond Sports Group
Diamond Sports Group, LLC operates as a sports marketing company.
It 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. Texas Lead Case
No. 23-90116) on March 14, 2023. In the petition filed by David F.
DeVoe, Jr., as chief financial officer and chief operating officer,
Diamond Sports Group listed $1 billion to $10 billion in both
assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as bankruptcy counsels; Wilmer Cutler
Pickering Hale and Dorr, LLP as special corporate and litigation
counsel; AlixPartners, LLP as financial advisor; Moelis & Company,
LLC and LionTree Advisors, LLC as investment bankers; Deloitte Tax,
LLP as tax advisor; Deloitte Financial Advisory Services, LLP as
accountant; and Deloitte Consulting, LLP as consultant. Kroll
Restructuring Administration, LLC is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Akin Gump Strauss Hauer & Feld LLP as counsel; FTI
Consulting, Inc. as financial advisor; and Houlihan Lokey Capital,
Inc. as investment banker.
DIGITAL MEDIA: Incurs $20.7 Million Net Loss in First Quarter
-------------------------------------------------------------
Digital Media Solutions, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
a net loss of $20.70 million on $90.31 million of net revenue for
the three months ended March 31, 2023, compared to a net loss of
$5.36 million on $109.11 million of net revenue for the three
months ended March 31, 2022.
As of March 31, 2023, the Company had $238.81 million in total
assets, $337.08 million in total liabilities, $4.99 million in
preferred stock, and a total deficit of $103.27 million.
"In the face of an evolving operating landscape, we believe our Q1
2023 results are modestly positive," said Joe Marinucci, CEO of
DMS. "Although in Q2 we are facing some headwinds, particularly in
our insurance business, we maintain a positive long-term outlook.
A concentrated, in-depth focus on key solutions defines our
strategic approach to long-term growth. Our robust and flexible
business model is evident in the diversity of our customer base and
the broad range of markets we cater to, and we are encouraged by Q1
growth in our Ecommerce and Consumer Finance verticals. Going
forward, our focus is to refine our vertical-agnostic, data-driven
solutions further, in the US as well as internationally, allowing
us to deliver innovative solutions that offer mutual benefit to
both consumers and advertisers."
"Our recent strategic reorganization takes us deeper versus wider,
enabling us to excel in competitive markets and concentrate on the
key solutions that are poised to drive our long-term growth. The
associated reduction in our workforce is resulting in a significant
decrease in our operating costs. We remain steadfast in our
commitment to managing these expenses, recognizing them as a
crucial financial performance lever under our complete control,"
Vanessa Guzman-Clark, Interim CFO, added.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001725134/000162828023018259/dms-20230331.htm
About Digital Media
Headquartered in Clearwater, Florida, Digital Media Solutions, Inc.
(NYSE: DMS) -- https://digitalmediasolutions.com -- is a provider
of data-driven, technology-enabled digital performance advertising
solutions connecting consumers and advertisers within the auto,
home, health, and life insurance, plus a long list of top consumer
verticals. The DMS first-party data asset, proprietary advertising
technology, significant proprietary media distribution, and
data-driven processes help digital advertising clients de-risk
their advertising spend while scaling their customer bases.
Digital Media reported a net loss of $52.50 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2022, the Company had $227.28
million in total assets, $311.23 million in total liabilities, and
a total stockholders' deficit of $83.95 million.
* * *
As reported by the TCR on Dec. 16, 2022, S&P Global Ratings lowered
its issuer credit rating on Digital Media Solutions Inc. (DMS) to
'CCC+' from 'B-'. S&P said, "We view DMS' capital structure as
unsustainable absent sustainable increases in its EBITDA and FOCF.
We do not expect that the company will significantly improve its
credit metrics until 2024. DMS is dependent on improvements in
macroeconomic conditions and insurance carrier profitability to
support increased ad spending on its platform and additional sales
through its independent insurance agents."
DODGE DATA: $455M Bank Debt Trades at 20% Discount
--------------------------------------------------
Participations in a syndicated loan under which Dodge Data &
Analytics LLC is a borrower were trading in the secondary market
around 80.4 cents-on-the-dollar during the week ended Friday, May
19, 2023, according to Bloomberg's Evaluated Pricing service data.
The $455 million facility is a Term loan that is scheduled to
mature on February 22, 2029. The amount is fully drawn and
outstanding.
Dodge Data & Analytics LLC provides software solutions. The Company
offers analytics and software-based workflow integration solutions
for the construction industry.
E.W. SCRIPPS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on The E.W. Scripps Co. to
negative from stable and affirmed its 'B+' issuer credit rating.
The negative outlook indicates that S&P could lower its ratings if
Scripps is unable to deleverage toward 5.5x by the end of 2024.
S&P said, "We expect the company's leverage will remain elevated
above our 5.5x downside threshold until the end of 2024. S&P Global
Ratings-adjusted net leverage is expected to increase to about 8x
in 2023 from 6x in 2022. EBITDA and leverage are calculated using
average trailing eight quarters (to balance the financial benefit
of political advertising revenue in election years) for the Local
Media Segment and a trailing-12-months basis for the Networks and
Other segments, and includes restructuring costs. The increase in
leverage is due to a 2%-4% decrease in Scripps' local and 6%-8%
decrease in network advertising revenue amid a challenging
macroeconomic environment, lower two-year average political
advertising rconditions, the company realizes benefits from its
cost savings initiatives, and we expect it to generate about $285
million of political revenue (largely in the second-half of 2024).
Therefore, we expect Scripps' reported free cash flow generation
will be about $340 million in 2024, which we anticipate it will use
a significant amount of to voluntarily reduce its debt at the end
of the year. However, sustained macroeconoevenue (because 2020 pro
forma political revenue was higher than in 2022), and elevated
expenditures due to planned restructuring initiatives and higher
programming costs to support new content on ION. However, we expect
significant deleveraging in 2024, as advertising revenue recovers
due to improving economic mic weakness, combined with increased
costs to support its investments and new programming, could cause
the company's EBITDA and--subsequently--its free cash flow to
underperform our expectations in 2023 and 2024, leading it to
sustain net leverage of above 5.5x.
"We expect Scripps Networks' EBITDA will decline about 25% in 2023.
This is due to our expectation that its revenue will decline 7%
while its expenses increase 5%. The company's advertising revenue
(excluding political) is highly correlated to GDP growth because
expectations for consumer spending drive advertising budgets. We
expect national advertising will remain weak in 2023, as it did in
2022, because larger advertisers continue to hold back their
spending amid the challenging market conditions. Additionally, ION
has exposure to direct response advertising, which continues to
remain pressured. The company's Networks segment is more exposed to
cyclicality than its Local Media segment because ION's FCC
must-carry status precludes it from collecting more stable
retransmission revenue. Additionally, we expect the segment's
expenses will rise 5% in 2023 due to higher distribution and
content costs, including start-up costs related to the company's
recently announced partnership with the WNBA to televise games on
Friday nights on its ION network. We anticipate it could take
several years for the Networks segment to return to its 2022 EBITDA
level of $310 million, given the expected drop in its profit in
2023. That said, the company's ongoing costs-savings initiatives,
as well as the potential for incremental advertising revenue from
additional sports content on ION, could expedite the recovery in
its EBITDA.
"Increasing retransmission revenue will help offset advertising
declines over the next 12 months. We expect Scripps' gross
retransmission revenue (the fees its local TV stations receive from
pay-TV distributors giving them the right to retransmit the
station's broadcast content) will increase by 15%-17% in 2023 to
about $760 million as it renews 75% of its subscriber base in 2023.
We also expect the company's net retransmission revenue (gross
retransmission revenue less reverse retransmission fees) will rise
about 30% in 2023 due to a moderation in the price increases for
its affiliated networks. We expect the pace of the expansion in the
company's retransmission revenue will slow to the low-single digit
percent area in 2024.
"We expect Scripps' investments in sports will provide it with
incremental cash flow. Its recently announced partnerships include
its agreement to air WNBA games on its ION network and its
multi-year agreement with the Las Vegas Golden Nights to provide
all locally broadcast games for free to residents of Nevada and
surrounding states on its independent KMCC-TV station. In
particular, adding sports content to ION could improve the
network's ratings, which have historically been substantially
weaker than those of the big-four broadcast networks. At the same
time, offering sports on Scripps' local TV stations could help
support its ratings as broadcast networks prioritize putting
content on their streaming platforms and make their content less
exclusive to network television. Notably, management has said that
its recently signed deals will be immediately accretive and it will
only engage in further deals if they makes financial sense and are
immediately accretive to the enterprise.
"The negative outlook indicates that we could lower our ratings if
Scripps is unable to deleverage toward 5.5x by the end of 2024."
S&P could lower its rating on Scripps over the next 12 months if we
expect its leverage will remain above 5.5x on a sustained basis.
This could occur if:
-- A severe or prolonged recession causes steep declines in its
core and network advertising; or
-- Its subscriber declines accelerate and lead to a drop in its
net retransmission revenue; or
-- The company's content strategy for its Networks segment results
in elevated programming and compensation costs that result in
substantially lower EBITDA margins on a sustained basis.
S&P could revise its outlook on Scripps to stable over the next 12
months if:
-- The company deleverages toward 5.5x; and
-- Performance in Scripps Networks improves such that segment
EBITDA margins materially improve back toward pre-recession
levels.
ESG credit indicators: E-2, S-2, G-2
ELECTRO RENT: S&P Places 'B-' ICR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings placed all its ratings, including its 'B-'
issuer credit rating on testing and measurement (T&M) equipment
rental provider Electro Rent Corp. (ERC), on CreditWatch with
negative implications.
S&P said, "We anticipate only moderate FOCF in 2023 will lead to
higher revolver borrowings at the time the revolver is current. We
forecast limited FOCF this year given increased interest expense
(driven by the higher interest rates) and our forecast for a modest
decline in EBITDA due to a mix-shift from higher margin rentals
towards lower margin new equipment sales. While we note that ERC
has flexibility in some of its capital expenditures (capex) related
to the timing of buying and selling fleet equipment, which can
preserve liquidity, we forecast that 2023 FOCF will not be
sufficient to cover the company's upcoming $14 million first-lien
term loan maturity in January 2024, which we expect ERC will fund
with revolver availability. While we expect ERC will maintain good
availability under its revolver through this year, refinancing risk
is heightened given our anticipation for incremental drawings.
"Our forecast for FOCF in 2023 incorporates our expectation that
demand for ERC's new and rental equipment will drive flat- to
modestly higher revenues in 2023, following about 3% growth in
2022. Nevertheless, we forecast EBITDA to contract modestly driven
by a mix-shift to lower-margin new equipment sales as telecom
rentals remain soft due to the maturation of the 4G network and a
slower-than-expected rollout of 5G projects, as well as lower
technology product rentals driven by difficult comps following
strong COVID-related demand.
"We believe current credit market conditions and prospects for a
weaker macroeconomic environment heighten refinancing risks. We
believe the current state of speculative-grade credit markets and
the potential for a weaker macroeconomic climate to lead to
operating underperformance increases the company's refinancing
risk. Given ERC's current utilization of the RCF and our forecast
for limited FOCF generation and incremental revolver draws, we
believe there is heightened risk associated with the company's
upcoming revolver maturity, which could lead to liquidity pressure
and impact its ability to refinance its term loans.
"The CreditWatch listing signals the potential for at least a
one-notch downgrade if we do not believe Electro Rent can
successfully refinance its upcoming maturities, in line with its
original promise, within the next few months. Downward pressure on
the rating could also occur if we anticipate the company will be
unable to consistently generate positive FOCF while continuing to
support a maintenance level of fleet-related capex, particularly
given our view that pricing may be higher on future debt.
"In resolving the CreditWatch listing, we will monitor Electro
Rent's progress toward refinancing its capital structure, and we
will aim to resolve the CreditWatch listing within the next few
months."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance is a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
We believe ERC's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects the generally finite holding
period and a focus on maximizing shareholder returns."
ENERGY PLUS: John-Patrick M. Fritz Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 16 appointed John-Patrick Fritz as
Subchapter V trustee for Energy Plus Solar, Inc.
Mr. Fritz will be paid an hourly fee of $295 for his services as
Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Mr. Fritz declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
John-Patrick M. Fritz
2818 La Cienega Blvd.
Los Angeles, CA 90034
Tel: (310) 229-1234
Fax: (310) 229-1244
Email: jpf@LNBYB.com
Energy Plus
Energy Plus Solar Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-12863) on May 9, 2023, with as much as $50,000 in assets and
$100,001 to $500,000 in liabilities. Judge Neil W. Bason oversees
the case.
The Debtor is represented by Michael Jay Berger, Esq.
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 83% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 17.1
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.20 billion facility is a Term loan that is scheduled to
mature on March 31, 2027. The amount is fully drawn and
outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 90% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 10.3
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $5.45 billion facility is a Term loan that is scheduled to
mature on October 10, 2025. About $3.72 billion of the loan is
withdrawn and outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
EQUISEK INC: Amends Administrative Expense Claims Details
---------------------------------------------------------
Equisek, Inc., submitted an Amended Subchapter V Plan of
Reorganization dated May 15, 2023.
The Debtor shall submit its future income and earnings to satisfy
this proposed Plan.
On March 27, 2023, the Debtor, Tirro and Rampersad entered into a
further Stipulation of Settlement that resolved all remaining
issues between the parties (the "Second Stipulation").
Pursuant to the terms of Second Stipulation: (i) in full and final
satisfaction of all claims Rampersad held against Tirro
individually, Tirro shall pay Rampersad the sum of $13,500.00 (the
"Tirro Settlement Amount"); (ii) in full and final satisfaction of
all claims Rampersad held against the Debtor, the Debtor shall
transfer certain equipment to Rampersad that has, as of the date of
the transfer, a liquidation value of no more than $100,000.00 (the
"Transferred Equipment"); and (iii) Rampersad shall transfer all of
his outstanding stock in the Debtor (the "Rampersad Stock") to
Tirro, such that Tirro will once again became the 100% shareholder
of the Debtor.
On May 8, 2023, the Bankruptcy Court entered an Order approving the
Second Stipulation.
The Plan is intended to allow the Debtor to remain in business and
return to positive cash flow. The Plan contemplates: (i) the full
satisfaction of all Allowed Administrative and Priority Claims;
(ii) the full satisfaction of the Allowed Secured Claims of UniBank
for Savings, the U.S. Small Business Administration and Citizens
Bank, N.A.; and (iii) that the Debtor's net disposable income to be
received in the 36-month period following Effective Date of the
Plan will be submitted to payment of a 100% dividend to Allowed
General Unsecured Claimants.
The Debtor has done an analysis of potential preferential transfers
made to non-insiders within 90 days prior to the Petition Date, and
to insiders within one-year prior to the Petition Date. The Debtor
does not believe that there are any recoverable transfers because:
(a) with respect to non-insiders the transfers were regular monthly
payments; and (b) with respect to insiders the transfers were on
account of wages and health insurance.
Any party seeking an Administrative Claim for expenses incurred
during the Debtor's reorganization, other than expenses incurred on
account of the employment of Professional Persons, shall file an
application for allowance of administrative expenses (an
"Administrative Expense Application") with the Court within 14 days
of the Effective Date of the Plan (the "Administrative Expense
Application Bar Date"), provided however that any party seeking to
have interim expenses allowed at the Confirmation Hearing must file
an interim application (an "Interim Application") on or before (the
"Interim Application Bar Date").
Like in the prior iteration of the Plan, each holder of an Allowed
Class 4 Claim shall receive its pro rata share of all of the
Debtor's projected net disposable income over the three-year period
following the Effective Date. The Debtor projects that the total
distribution to Class 4 Claimants will be 100% of such Allowed
Class 4 Claims.
As of the Petition Date, Ralph Tirro and Shiva Rampersad were the
only equity interest holders of the Debtor. Under the terms of the
Second Stipulation, which has been approved by the Bankruptcy Court
Ralph Tirro has become the sole equity interest holder of the
Debtor.
The Plan will be funded from the Debtor's future disposable income.
Upon the Effective Date, the Debtor is authorized to take all
action permitted by law, including, without limitation, to use its
cash and other assets for all purposes provided for in the Plan and
in its business operations, and to borrow funds and to transfer
funds for any legitimate purpose.
A full-text copy of the Amended Subchapter V Plan dated May 15,
2023 is available at https://bit.ly/3odMpKN from PacerMonitor.com
at no charge.
Debtor's Counsel:
David B. Madoff, Esq.
Steffani M. Pelton, Esq.
Madoff & Khoury, LLP
124 Washington Street
Foxboro, MA 02035
Phone: 508-543-0040
Email: madoff@mandkllp.com
About Equisek Inc.
Equisek, Inc. specializes in daily, weekly and monthly rentals of
computer and audio visual technology. The company is based in
Marlborough, Mass.
Equisek filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 23-40048) on Jan. 20,
2023, with $432,840 in assets and $1,066,463 in liabilities. Ralph
Tirro, president of Equisek, signed the petition.
David B. Madoff, Esq., at Madoff & Khoury, LLP, is serving as the
Debtor's legal counsel.
FINTHRIVE SOFTWARE: $1.44B Bank Debt Trades at 15% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 84.6 cents-on-the-dollar during the week
ended Friday, May 19, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $1.44 billion facility is a Term loan that is scheduled to
mature on December 17, 2028. About $1.37 billion of the loan is
withdrawn and outstanding.
FinThrive is a provider of revenue cycle management software
solutions to the healthcare sector.
FKB LLC: Richard Furtek Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of
Furtek & Associates as Subchapter V trustee for FKB LLC.
Mr. Furtek will be paid an hourly fee of $295 for his services as
Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Mr. Furtek declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Richard E. Furtek
Furtek & Associates
101 Lindenwood Drive, Suite 225
Malvern, Pennsylvania 19355
(215) 768-8030
Email: rfurtek@furtekassociates.com
About FKB LLC
FKB LLC is a full-service fabrication studio that creates
emotionally transformative experiences for brands, agencies,
communities and developers. It is based in Philadelphia, Pa.
FKB filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Pa. Case No. 23-11371) on May 10,
2023, with $1 million to $10 million in both assets and
liabilities. James Barlow, manager, signed the petition.
Judge Patricia M. Mayer oversees the case.
Douglas G. Leney, Esq., at Archer & Greiner, P.C. is the Debtor's
counsel.
FORREST CONCRETE: Seeks to Hire Penn Law Firm as Counsel
--------------------------------------------------------
Forrest Concrete, LLC seeks approval from the U.S. Bankruptcy Court
for the District of South Carolina to employ Penn Law Firm as
counsel.
The firm's services include:
a. advising Debtor of its rights, powers and duties;
b. attending meetings with Debtor and hearings before the
Court;
c. assisting other professionals retained by Debtor in the
investigation of the acts, conduct, assets, liabilities and
financial condition of the Debtor, and any other matters relevant
to the case or to the formulation of a plan of reorganization or
liquidation;
d. investigating the validity, extent, and priority of secured
claims against the Debtor's estate, and investigating the acts and
conduct of such secured creditors and other parties to determine
whether any causes of action may exist;
e. advising Debtor with regard to the preparation and filing of
all necessary and appropriate applications, motions, pleadings,
draft orders, notices, schedules, and other documents, and
reviewing all financial and other reports to be filed in these
matters;
f. advising the Debtor with regard to the preparation and filing
of responses to applications, motions, pleadings, notices and other
papers that may be filed and served in these chapter 11 cases by
other parties; and
g. performing other necessary legal services for and on behalf
of the Debtor that may be necessary or appropriate in the
administration of these chapter 11 cases.
The firm will be paid at these rates:
Attorneys $250 to $425 per hour
Paralegals $100 to $125 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Pre-petition, the firm received a retainer of $20,000 from the
Debtor for services related to debt counseling and strategic advice
as well as the contemplation of, research related to, preparation
for, and filing of the bankruptcy cases and related negotiations
and meetings.
W. Harrison Penn, Esq., a partner at Penn Law Firm, 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:
W. Harrison Penn, Esq.
Penn Law Firm
P. O. Box 11332
Columbia, SC 29211-1332
Tel: (803) 771-8836
Email: hpenn@mccarthy-lawfirm.com
About Forrest Concrete
Forrest Concrete, LLC is a concrete contractor specializing in
residential and commercial polished concrete, pervious concrete,
and stamped concrete. The Debtor sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 3-01171) on
April 24, 2023. In the petition signed by Michael P. Forrest, its
managing member, the Debtor disclosed $724,975 in assets and
$2,987,912 in liabilities.
Judge Elisabetta G. Gasparini oversees the case.
W. Harrison Penn, Esq., at McCarthy, Reynolds, Penn, LLC,
represents the Debtor as legal counsel.
FRANKLIN SOUTHERN: Hires Taxconnex LLC as Tax Specialist
--------------------------------------------------------
Franklin Southern Manufacturing, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Taxconnex, LLC as tax specialist.
The firm will assist the Debtor with various State and local entity
sales tax issues related to the Debtor's sale of steel product in
each State and locality.
The firm will be paid as follows:
a. Voluntary Disclosure Agreement (VDA) preparation and filing
in a tax entity where a significant exposure for sales taxes
existed in excess of $4,000. Compensation is to be a payment of
$4,000 to the consultant for each VDA or $3,000 per VDA where in
excess of 5 VDAs will be prepared simultaneously; and
b. Hourly rate of $400.00 per hour to assist in preparing and
filing all non-VDA returns in each State and Locality where sales
tax exposure may be minimal.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffrey W. Meigs, a partner at Taxconnex, LLC, 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:
Jeffrey W. Meigs
Taxconnex, LLC
3600 Mansell Road, Suite 125
Alpharetta, GA 30022
Tel: (678) 397-1533
Email: Jeff.meigs@taxconnex.com
About Franklin Southern Manufacturing
Franklin Southern Manufacturing, LLC, a company in Jacksonville,
Fla., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 23-00938) on April 27, 2023, with
$473,665 in assets and $6,325,214 in liabilities. Billy Sermons,
president and chief executive officer of Franklin Southern
Manufacturing, signed the petition.
Judge Jacob A. Brown oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler and Mickler,
LLP, represents the Debtor as legal counsel.
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 31% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 69.3 cents-on-the-dollar during the week ended Friday, May
19, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.94 billion facility is a Term loan that is scheduled to
mature on March 14, 2025. About $1.85 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp are a provider of
emergency air medical services.
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 31% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 69.3 cents-on-the-dollar during the week ended Friday, May
19, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.98 billion facility is a Term loan that is scheduled to
mature on October 2, 2025. About $1.95 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp are a provider of
emergency air medical services.
H-FOOD HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Remains Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded H-Food Holdings, LLC
("Hearthside") Corporate Family Rating to Caa1 from B3 and
Probability of Default Rating to Caa1-PD from B3-PD. Moody's also
downgraded the ratings on the company's senior secured first lien
revolving credit and senior secured first lien term loans to B3
from B2. Additionally, Moody's downgraded the ratings on the
company's senior unsecured global notes to Caa3 from Caa2. The
outlook remains negative.
The downgrade reflects Hearthside's weak operating performance in
fiscal 2022 and that a slight improvement in the next 12 to 18
months will not be sufficient to materially reduce leverage and
restore positive free cash flow. With Moody's adjusted debt to
EBITDA projected to be high at approximately 9x in 2023 and weak
free cash flow generation, Hearthside could face challenges in
addressing its November 2024 revolving credit facility and May 2025
first lien term loan maturities.
During fiscal 2022, Hearthside experienced inflationary headwinds
as well as labor and supply chain issues. Management has been able
to partially address the inflation headwinds through price
increases for its customers. Hearthside's labor issues have
improved as management implemented wage increases that helped
reduce employee turnover. The company's bakery operations
experienced the biggest impact from labor, as employees in this
segment require a longer timeframe for training, and as such,
Hearthside did not have enough experienced bakers to operate its
bakeries at an efficient capacity. Lastly, supply chain issues have
begun to normalize which should help improve the EBITDA margin and
reduce the free cash flow deficit, as the company no longer needs
to hold excess inventory to address supply chain challenges.
In the fourth quarter of fiscal 2022, Hearthside reported a 180
basis point improvement in the EBITDA margin as the abatement of
these headwinds started to improve the company's operating
performance. As of December 31, 2022, Hearthside's Moody's adjusted
debt to EBITDA stood at 11x. Moody's is forecasting the company's
debt to EBITDA to decline to around 9x within the next 12 to 18
months, which is meaningfully higher than Moody's expects for the
B3 credit rating. While Moody's is forecasting free cash flow to be
break even to up to $10 million positive in the next 12 to 18
months, this is due to working capital being a source of cash as
inventory is reduced. The high interest burden is likely to lead to
negative free cash flow in 2024.
Downgrades:
Issuer: H-Food Holdings, LLC
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
Senior Secured 1st Lien Bank Credit Facility, Downgraded to B3
from B2
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 from
Caa2
Outlook Actions:
Issuer: H-Food Holdings, LLC
Outlook, Remains Negative
RATINGS RATIONALE
Hearthside's Caa1 CFR reflects its high financial leverage with
Moody's adjusted debt to EBITDA of 11x as of December 31, 2022 and
earnings and cash flow pressure from operating amid high cost
inflation. Hearthside's free cash flow has been consistently
negative since the 2018 leverage buyout including negative $154
million in 2022. A reduction in working capital could lead to
temporarily positive free cash flow in some 2023 quarters. The
rising interest burden will nevertheless keep free cash flow at
weak or negative levels in 2024 and this creates a challenge to
addressing 2024-2026 maturities, leading to elevated default risk.
Moody's expects debt-to-EBITDA leverage to fall to approximately 9x
within the 12-18 months as the company continues to takes steps to
counteract recent earnings headwinds and drive EBITDA growth
including continued price increases, improving labor fill rates at
the company's plants, and improved plant utilization. Although
Hearthside's legacy business had approximately 90% of its raw
material costs contractually passed through to its customers, there
was a lag in timing of the pass through. As of 4Q22, Hearthside
has begun to see an improvement in its EBITDA, which Moody's is
forecasting to exhibit further improvement through fiscal 2023.
Hearthside's Caa1 CFR also reflects event risk, such as additional
leveraged acquisitions and aggressive shareholder distributions,
given the company's financial sponsor ownership. High customer
concentration also creates risk of volume losses. At the same time,
the credit profile favorably reflects the company's sizable scale
and good position as a contract manufacturer and packager of food
products. The company has long-standing relationships with leading
US food companies and manages the bulk of its commodity exposure
with pass-through cost arrangements.
Moody's expects Hearthside to operate with adequate liquidity based
on $125 million of cash as December 31, 2022, full availability
under the $202.5 million first lien revolver, and no meaningful
maturities through 2023 aside from approximately $20 million of
required annual term loan amortization. The revolver expires in
November 2024.
ESG considerations have a negative credit impact (CIS-4) on
Hearthside driven mainly by the company's governance risk, which
reflects its aggressive financial policies under private equity
ownership. Hearthside is also exposed to environmental risk that
reflects the company's natural capital and waste and pollution
risks as it relies on raw materials for the production of food
products for customers. Social risks for the company stem from
customer relations risk and human capital risk. As a
co-manufacturer for private label and branded food providers,
product quality is a key attribute that retail and foodservice
partners look for when choosing a supplier. As a result, product
quality and reputational risk are important for Hearthside to
sustain its customer base and revenue. Human capital risk is
evidenced by the company's current Department of Labor
investigation regarding alleged employees working at its plants
under the age of 18. Although this investigation is ongoing, it
illustrates the human capital risk that the company faces.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects Moody's expectation that although
Hearthside's operating performance is likely to improve in the next
12 to 18 months, it will not be meaningful enough for the company
to significantly reduce leverage and sustain positive free cash
flow once the lift from reducing elevated inventory is worked
through. An inability to execute a meaningful operational
turnaround and reduce leverage will make it challenging to
refinance approaching maturities (revolver in November 2024 and
first lien term loan in May 2025) and would increase default risk.
Ratings could be upgraded if the company significantly improves its
operating performance, generates meaningful positive free cash flow
on an annual basis, and reduces leverage such that debt-to-EBITDA
is sustained below 6.5x. The company would also need to improve
liquidity including addressing its maturities at a cash interest
cost that allows for investment flexibility and can support
positive free cash flow.
Ratings could be downgraded if operating performance does not
improve, financial policy turns more aggressive, liquidity
deteriorates, or the company does not generate positive free cash
flow.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
Hearthside is a contract manufacturer and packager of packaged food
products in North America and to a lesser extent Europe. Primary
product categories include refrigerated and frozen foods, bars and
components, baked goods and packaging. Revenue is approximately
$4.2 billion. Hearthside is owned by an investment group led by
Charlesbank Capital Partners and Partners Group following an April
2018 leveraged buyout.
HIGHPOINT ASSOCIATES: Queens Property Up for Sale on June 7
-----------------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in New York, by virtue of certain events of default
under that certain ownership interest pledge and security agreement
dated as of Dec, 23, 2014 ("pledge agreement"), executed and
delivered by Daniel Shalom and Highpoint Associates IV LLC
("pledgor"), and in accordance with its rights as holder of the
security, MPLC Lender LLC ("secured party"), by virtue of
possession of that certain share certificate held in accordance
with Article 8 of the Uniform Commercial Code of the State of New
York, and by virtue of those certain UCC-1 Filing Statement made
favor of secured party, all in accordance with Article 9 of the
Code, Secured Party will offer for sale at public auction, (i) all
of pledgor's right, title and interest in and to the following:
Highpoint Associates IV LLC ("pledged entity"), and (ii) certain
related rights and property relating thereto.
Secured Party's understanding is that the principal asset of the
pledged entity is a fee interest in the premise located at (i) 8453
Dana Court, Queens, New York, (ii) 63-28 Woodhaven Boulevard,
Queens, New York, (iii) 63-30 Woodhaven Boulevard, Queens, New
York, (iv) 63-32 Woodhaven Boulevard, Queens, New York, (v) 63-34
Woodhaven Boulevard, Queens, New York, (vi) 63-36 Woodhaven
Boulevard, Queens, New York ("Property").
Mannion Auctions LLC, under the direction of Matthew D. Mannion,
will conduct a public sale consisting of the collateral via online
bidding on June 7, 2023, at 3:30 p.m. in satisfaction of an
indebtedness in the approximate amount of $1,235,143.14 including
principal, interest on principal, and reasonable fees and costs,
plus default interest through June 7, 2023, subject to open charges
and all additional costs, fees, and disbursements permitted by law.
The secured party reserves the right to credit bid.
Online bidding will be made available via zoom meeting:
Meeting link: https://bit.ly/HPointUCC
Meeting ID: 849 5519 3107
Passcode: 658730
One Tap Mobile: +16469313860,,84955193107#,,,,*658730* US
+16465588656,,84955194107#,,,,*658730# US (New York) Dial by your
located: +1 646 931 3860 US; +1 646 558 8656 US (New York)
Interested parties who intend to bid on the collateral must contact
Greg Corbin at Rosewood Realty Group, 152 West 57th Street, 5th
Floor, New York, New York 10019, (212) 359-9904,
greg@rosewoodrg.com, to receive the terms and conditions of sale
and bidding instructions by June 5, 2023, by 4:00 p.m.
Schedule A:
Pledged Interest: Pledgor: Daniel Shalom
Issuer: Highpoint Associates VI LLC
Interest Pledged: 2% membership interest.
The UCC1 was filed on March 20, 2023, with the California Secretary
of State under the filing No. #U230018949941.
Pledgor: Highpoint Associates IV LLC
Issuer: Highpoint Associates VI LLC
Interest Pledged: 98% membership interest
The UCC1 was filed on March 15, 2023, with the New York Department
of State under the filing No. #202303150090020
Attorney for the secured party:
Jerold C. Feuerstein, Esq.
Kriss & Feuerstein LLP
360 Lexington Avenue, Suite 1200
New York New York 10017
Tel: (212) 661-2900
IHEARTCOMMUNICATIONS: $2.10B Bank Debt Trades at 20% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which
iHeartCommunications Inc is a borrower were trading in the
secondary market around 80.2 cents-on-the-dollar during the week
ended Friday, May 19, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $2.10 billion facility is a Term loan that is scheduled to
mature on May 1, 2026. About $1.86 billion of the loan is
withdrawn and outstanding.
iHeartCommunications, Inc. operates as a media company. The Company
offers radio and television stations, outdoor advertising displays,
and live entertainment venues such as music, news, talk, sports,
and other stations.
IHEARTCOMMUNICATIONS: $402M Bank Debt Trades at 19% Discount
------------------------------------------------------------
Participations in a syndicated loan under which
iHeartCommunications Inc is a borrower were trading in the
secondary market around 81.3 cents-on-the-dollar during the week
ended Friday, May 19, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $402 million facility is a Term loan that is scheduled to
mature on May 1, 2026. About $401.2 million of the loan is
withdrawn and outstanding.
iHeartCommunications, Inc. (iHeart) with its headquarters in San
Antonio, Texas, is a terrestrial radio operator and podcasting
service provider in the US. In addition, iHeart operates its
iHeartRadio digital platform, data analytics services, live events,
syndicated networks, and the Katz Media Group.
IMPRIVATA INC: $300M Bank Debt Trades at 15% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Imprivata Inc is a
borrower were trading in the secondary market around 84.6
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $300 million facility is a Term loan that is scheduled to
mature on April 8, 2030. The amount is fully drawn and
outstanding.
Imprivata is a provider of digital identity solutions to the
healthcare industry, enabling providers to securely access multiple
healthcare applications through a secure single sign on
application. Imprivata provides access management, mobile
provisioning, authentication, identity governance and patient
identification solutions.
JAGUAR HEALTH: Incurs $12.4 Million Net Loss in First Quarter
-------------------------------------------------------------
Jaguar Health, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $12.40 million on $1.97 million of product revenue for the three
months ended March 31, 2023, compared to a net loss of $18.16
million on $2.62 million of product revenue for the three months
ended March 31, 2022.
As of March 31, 2023, the Company had $56.93 million in total
assets, $49.27 million in total liabilities, and $7.66 million in
total stockholders' equity.
Jaguar said, "Although the Company plans to finance its operations
and cash flow needs through equity or debt financing, collaboration
arrangements with other entities, license royalty agreements, as
well as revenue from future product sales, the Company does not
believe its current cash balances are sufficient to fund its
operating plan through one year from the issuance of these
unaudited condensed consolidated financial statements. The Company
has an immediate need to raise cash. There can be no assurance that
additional funding will be available to the Company on acceptable
terms, or on a timely basis, if at all, or that the Company will
generate sufficient cash from operations to adequately fund
operating needs. If the Company is unable to obtain an adequate
level of financing needed for the long-term development and
commercialization of our products, the Company will need to curtail
planned activities and reduce costs. Doing so will likely have an
adverse effect on our ability to execute our business plan;
accordingly, there is substantial doubt about the ability of the
Company to continue in existence as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1585608/000155837023009695/jagx-20230331x10q.htm
About Jaguar Health
Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc.,
focuses on developing and commercializing proprietary human
gastrointestinal pharmaceuticals for the global marketplace from
plants used traditionally in rainforest areas. Its Mytesi
(crofelemer) product is approved by the U.S. FDA for the
symptomatic relief of noninfectious diarrhea in adults with
HIV/AIDS on antiretroviral therapy.
Jaguar Health reported a net loss of $48.39 million for the year
ended Dec. 31, 2022, compared to a net loss of $52.60 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$47.45 million in total assets, $48.81 million in total
liabilities, and a total stockholders' deficit of $1.35 million.
Larkspur, California-based RBSM, LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
March 24, 2023, citing that the Company has an accumulated deficit,
recurring losses, and expects continuing future losses. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
KALERA INC: Taps Baker & Hostetler as Legal Counsel
---------------------------------------------------
Kalera, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Baker & Hostetler LLP as
counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties in
the continued management and operation of its business;
(b) advising and consulting on the conduct of its Chapter 11
case, including all of the legal and administrative requirements of
operating in Chapter 11;
(c) attending meetings and negotiating with representatives of
creditors and other parties involed in the case;
(d) taking necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending actions commenced against the Debtor, and
representing the Debtor's interests in negotiations concerning
litigation in which the Debtor is involved, including objections to
claims filed against the estate;
(e) preparing legal papers;
(f) advising the Debtor in connection with the sale of its
assets;
(g) consulting with the Debtor regarding tax matters;
(h) appearing before the bankruptcy court and any appellate
courts to represent the interests of the Debtor's estate before
those courts; and
(i) otherwise necessary legal services.
The firm will be paid at these rates:
Partners $845 to $1,030 per hour
Associates $345 to $560 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
In the 90 days prior to the petition date, the Debtor paid the firm
the sum of $150,000 for pre-bankruptcy restructuring corporate,
regulatory and related services.
Elizabeth Green, Esq., a partner at Baker & Hostetler, disclosed in
a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Elizabeth A. Green, Esq.
Baker & Hostetler, LLP
200 S. Orange Avenue Suite 2300
Orlando, FL 32801
Tel: (407) 649-4000
Email: egreen@bakerlaw.com
About Kalera Inc.
Kalera Inc. is a vertical farming company in Aurora, Colo. It
utilizes proprietary technology and plant and seed science to
sustainably grow local, delicious, nutrient-rich, pesticide-free,
non-GMO leafy greens year-round.
Kalera sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Case No. 23-90290) on April 4, 2023. In the
petition filed by its chief restructuring officer, Mark Shapiro,
the Debtor estimated assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
Judge David R. Jones oversees the case.
The Debtor tapped Baker & Hostetler, LLP as bankruptcy counsel and
GlassRatner Advisory & Capital Group, LLC as restructuring advisor.
Mark Shapiro of GlassRatner serves as the Debtor's chief
restructuring officer. BMC Group, Inc. is the Debtor's claims
agent.
KALERA INC: Taps Mark Shapiro of GlassRatner as CRO
---------------------------------------------------
Kalera, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ GlassRatner Advisory & Capital
Group, LLC and designate Mark Shapiro as chief restructuring
officer.
The Debtor requires a restructuring advisor to:
(a) attend hearings, provide information and analyses for
inclusion in bankruptcy court filings and testimony related
thereto;
(b) provide in-court testimony, as required;
(c) support negotiations with the creditors and other
constituents in the bankruptcy case;
(d) negotiate terms of debtor-in-possession financing;
(e) supervise the preparation of monthly financial reports and
other financial reporting required by the Office of the United
States Trustee;
(f) assist the Debtor with the preparation of schedules,
statements and debtor-in-possession financing budgets;
(g) help the Debtor prepare, maintain and monitor 13-week cash
flow projections and weekly variance analyses;
(h) work with the Debtor and its professionals to maximize the
value of the Debtor's estate;
(i) develop a plan to sell the assets of or to reorganize the
Debtor;
(j) provide financial advice and assistance to the Debtor in
connection with a sale transaction and conduct a Section 363
auction to sell the assets of the Debtor; and
(k) pursue litigation and claims the bankruptcy estate may have
and act as the "responsible party" for all corporate decisions.
GlassRatner will be paid at these rates:
Mark Shapiro, CRO $650 per hour
Michael Thatcher $495 per hour
Tess Wolff $395 per hour
Senior Managing Directors $495 to $695 per hour
Managing Directors $395 to $525 per hour
Other $275 to $375 per hour
The Debtor paid the firm a retainer of $50,000.
Mr. Shapiro 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:
Mark Shapiro
GlassRatner Advisory & Capital Group, LLC
dba B. Riley Advisory Services
4400 Post Oak Parkway, Suite 1400
Houston, TX 77027
Tel: (713) 226-4700
Email: mshapiro@brileyfin.com
About Kalera Inc.
Kalera Inc. is a vertical farming company in Aurora, Colo. It
utilizes proprietary technology and plant and seed science to
sustainably grow local, delicious, nutrient-rich, pesticide-free,
non-GMO leafy greens year-round.
Kalera sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Case No. 23-90290) on April 4, 2023. In the
petition filed by its chief restructuring officer, Mark Shapiro,
the Debtor estimated assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
Judge David R. Jones oversees the case.
The Debtor tapped Baker & Hostetler, LLP as bankruptcy counsel and
GlassRatner Advisory & Capital Group, LLC as restructuring advisor.
Mark Shapiro of GlassRatner serves as the Debtor's chief
restructuring officer. BMC Group, Inc. is the Debtor's claims
agent.
KIDDE-FENWAL: Seeks Chapter 11 Bankruptcy to Deal With Lawsuits
---------------------------------------------------------------
Kidde-Fenwal Inc., an industrial fire-detection and -suppression
business owned by Carrier Global Corp., has filed for bankruptcy to
deal with more than 4,000 lawsuits.
Kidde-Fenwal filed chapter 11 on Sunday, May 14, 2023, after being
embroiled in mass litigation stemming from the past sale and
distribution of firefighting foam that allegedly contained man-made
substances commonly known as PFOA and PFOS.
KFI is a U.S.-based manufacturing company located in Ashland,
Massachusetts. Formed as a Delaware corporation in 1987, it has
since that time continuously owned and operated numerous lines of
business related to industrial fire detection and suppression, as
well as temperature control products and products to light and
control gas burners. Today, KFI is a market leader in the
highly-regulated fire detection and suppression industry and offers
the broadest array of products of any of its competitors.
The core of KFI's operations are housed within two leased buildings
-- totaling approximately 218,000 square feet -- in Ashland, where
KFI manufactures its products and maintains its corporate
headquarters. KFI also subleases a small industrial building in
Holliston, Massachusetts, which it uses as a testing facility.
KFI employs approximately 250 employees, all of whom are based in
the United States. Some employees who support KFI are also based in
Canada, Dubai, Latin America and Asia, among other places.
KFI is primarily comprised of two business lines: Kidde Fire
Systems ("KFS") and Fenwal Controls. In 2022, KFI had approximately
$200 million in sales revenues, with approximately $145 million
coming from KFS and approximately $55 million coming from Fenwal
Controls.
In April 2020, United Technologies Corporation spun off KFI and
certain other businesses to Carrier Global Corporation. Today, the
stock of KFI is indirectly wholly owned by Carrier, other than
certain de minimise employee shares. A subsidiary of Carrier,
Carrier Fire & Security America Corp., Inc. (f/k/a UTC Fire &
Security Americas Corporation) is the indirect parent of KFI
AFFF Litigation
46. KFI and various of its affiliates have been named as defendants
in more than 4,400 lawsuits filed by governmental entities,
corporate entities and individuals alleging that the historic use
of AFFF caused the contamination of drinking water and soil,
personal injuries and/or property damage (collectively, the "AFFF
Litigation"). KFI faces claims for its ownership and operation of
the National Foam business from 2007-2013 as well as for AFFF
produced and distributed by that business prior to 2007.
In 2018, AFFF-related litigations were consolidated into
multi-district litigation (the "MDL") in Charleston, South
Carolina, with Judge Richard Gergel presiding. A handful of
AFFF-based cases are proceeding outside of the MDL in state
courts.
The MDL encompasses claims against not only KFI and its affiliates,
but also against numerous other companies not affiliated with KFI
that designed, manufactured, distributed, and sold various AFFF
products and/or other components used in the manufacture of AFFF,
including fluorosurfactants. In each particular case within the
MDL, factual questions exist surrounding the presence of PFAS at
contamination sites and whether and to what extent various
defendants' AFFF products or components thereof allegedly
contributed to PFAS contamination at those sites.
The first AFFF Litigation was commenced in late 2016, more than
three years after the sale of the National Foam business by KFI.
KFI has not sold or manufactured AFFF-related products since that
sale.
The MDL is comprised of four primary types of litigation involving
KFI: (a) water provider cases, (b) personal injury cases, (c) state
attorney general actions and (d) putative class actions. The MDL
includes approximately 315 water provider cases, 4,000 personal
injury cases, 30 state attorney general cases and 28 putative class
actions. New AFFF cases continue to be filed and added to the MDL
on a regular basis.
In connection with their review of strategic alternatives, the KFI
Board directed its advisors to begin contingency planning for a
potential chapter 11 filing in order to effectuate a sale of KFI
free and clear of the AFFF liabilities or consummate an
alternative
restructuring transaction.
On May 13, 2023, the KFI Board met and considered the effect of the
AFFF overhang on its business prospects and all available strategic
options. After consultation with investment banker Guggenheim
Securities, LLC, and its other advisors, the KFI Board determined
to authorize the filing of the Chapter 11 case.
The KFI Board formed a Special Committee, comprised only of the two
independent directors, in order to investigate any potential claims
against Carrier, Raytheon or their affiliates. To support this
investigation, the Special Committee retained Schulte Roth & Zabel
LLP as counsel.
Assets and Liabilities
The Debtor had approximately $318 million in total assets as of
Dec. 31, 2022, the majority of which related to intercompany
receivables due from Carrier totaling approximately $232 million in
the aggregate and which stemmed primarily from the Debtor's
participation in Carrier's cash pool.
The Debtor's primary liabilities are contingent and disputed
liabilities related to the AFFF Litigation. Other liabilities of
the Debtor include trade accounts payable and accrued expenses,
which collectively totaled approximately $29 million as of December
31, 2022.
About Kidde-Fenwal
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. The Company offers products such as fire
control systems, explosion aircraft protection, laser-based smoke
detection devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023.
In the petition filed by James Mesterharm, as chief transformation
officer, the Debtor reported assets between $100 million and $500
million and estimated liabilities between $1 billion and $10
billion.
SULLIVAN & CROMWELL LLP and MORRIS NICHOLS ARSHT & TUNNELL LLP are
the Debtor's counsel. STRETTO is the claims agent.
KMS SHUTTLE: James Overcash Named Subchapter V Trustee
------------------------------------------------------
Daniel Casamatta, Acting U.S. Trustee for Region 13, appointed
James Overcash, Esq., as Subchapter V trustee for KMS Shuttle
Service, LLC.
Mr. Overcash, a partner at Woods Aitken, LLP, will be paid an
hourly fee of $350 for his services as Subchapter V trustee and
will be reimbursed for work related expenses incurred.
Mr. Overcash declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
James A. Overcash, Esq.
Woods Aitken, LLP
301 South 13th Street, Suite 500
Lincoln, NE 68508
Phone: 402-437-8519
Email: jovercash@woodsaitken.com
About KMS Shuttle
KMS Shuttle Service, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Neb. Case No.
23-40439) on May 10, 2023, with $500,001 to $1 million in both
assets and liabilities. Judge Thomas L. Saladino oversees the case.
The Debtor is represented by John A. Lentz, Esq., at Lentz Law, PC,
LLO.
LEGACY CARES: Hires Slania Law PLLC as Special Counsel
------------------------------------------------------
Legacy Cares, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to employ Slania Law PLLC as special
counsel.
The firm's services includes providing advice regarding bond
matters and preparing and negotiating transactional documents for
the Debtor.
The firm will be paid at these rates:
Michael A. Slania, Attorney $400 per hour
Paralegals $200 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As 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:
Michael A. Slania, Esq.
Slania Law PLLC
2980 N. Swan Rd. Ste 222
Tucson, AZ 85712
About Legacy Cares
Legacy Cares, Inc. is a 501c3 non-profit organization dedicated to
providing athletes and non-athletes of all ages, economic
backgrounds and levels of athletic proficiency, the opportunity to
participate in sports and e-sports while fostering the enjoyment
and camaraderie of teamwork and perseverance, key components in
athletic competition and lifetime success.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02832) on May 1, 2023.
In the petition signed by Douglas Moss, president, the Debtor
disclosed $242,329,104 in assets and $366,719,676 in liabilities.
Judge Daniel P. Collins oversees the case.
Henk Taylor, Esq., at Warner Angle Hallam Jackson Formanek PLC,
represents the Debtor as legal counsel.
LENDINGTREE LLC: $250M Bank Debt Trades at 21% Discount
-------------------------------------------------------
Participations in a syndicated loan under which LendingTree LLC is
a borrower were trading in the secondary market around 78.9
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Delay-Draw Term loan that is
scheduled to mature on September 15, 2028. About $248.1 million of
the loan is withdrawn and outstanding.
LendingTree, LLC provides online tools to aid consumers in their
financial decisions. The Company offers services including auto
insurance, credit cards, mortgage, refinance, home equity, credit
scores, mortgage rates, and various calculations tools.
LIFESCAN GLOBAL: $275M Bank Debt Trades at 38% Discount
-------------------------------------------------------
Participations in a syndicated loan under which LifeScan Global
Corp is a borrower were trading in the secondary market around 62.5
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on October 1, 2025. The amount is fully drawn and
outstanding.
Lifescan Global Corporation is a provider of blood glucose
monitoring systems for home and hospital use.
LINCOLN POWER: Class 4B Unsecureds to Get Share of GUC Pool in Plan
-------------------------------------------------------------------
Lincoln Power, LLC and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Disclosure
Statement for the Joint Plan of Reorganization dated May 16, 2023.
The Debtors and certain of their non-Debtor Affiliates
(collectively, the "Company" or "Lincoln Power"), operate two
natural gas-fired power-generation facilities in Illinois.
Lincoln Power's primary business is to generate electricity at its
natural gas facilities in Elgin (the "Elgin Plant") and East
Dundee, Illinois (the "Rocky Road Plant" and, together with the
Elgin Plant, the "Lincoln Power Plants") and to sell such
electricity into a wholesale power market operated by PJM
Interconnection, L.L.C. and PJM Settlement, Inc. (collectively,
"PJM").
On March 30, 2023, following extensive, good-faith negotiations,
the Company, the Consenting Lenders, and the Consenting Sponsor
entered into the Restructuring Support Agreement. The Restructuring
Support Agreement is supported by the Consenting Lenders holding
more than 90% in principal amount of the Credit Agreement Claims.
The Restructuring Transactions (including the Sale Transaction)
contemplated by the Restructuring Support Agreement, which will be
implemented through the Plan, include an expeditious sale of the
Debtors' assets while minimizing the time and expense associated
with the Chapter 11 Cases.
Under the Restructuring Support Agreement, each Consenting Lender
severally, and not jointly and severally, has agreed to, among
other things, and so long as the Restructuring Support Agreement
has not been terminated:
* negotiate in good faith and use commercially reasonable
efforts to execute, deliver and implement Definitive Documents to
which it is required to be a party and any other required
agreements to effectuate and consummate the Restructuring
Transactions, including the Sale Transaction, if applicable;
* support and cooperate with the Debtors to take all
commercially reasonable actions necessary to consummate the
Restructuring Transactions, including the Sale Transaction, if
applicable, in accordance with the Plan and the terms and
conditions of the Restructuring Support Agreement, and vote to
exercise any powers or rights available to it (including in any
board, shareholders', or creditors' meeting or in any process
requiring voting or approval to which they are legally entitled to
participate) in each case, in favor of any matter requiring
approval to the extent necessary to implement the Restructuring
Transactions, including the Sale Transaction, if applicable;
* support the Restructuring Transactions (including the Sale
Transaction) within the timeframes outlined in the Restructuring
Support Agreement and in the Definitive Documents and vote in favor
of the Plan all Claims now or hereafter beneficially owned by such
Consenting Lender or for which it now or hereafter serves as
investment manager or advisor for beneficial holders of Claims (and
not withdraw or revoke its vote with respect to the Plan except in
accordance with the Restructuring Support Agreement); and
* not object to, delay, impede, or take any other action that
is reasonably likely to interfere with the acceptance,
implementation, or consummation of the Restructuring Transactions,
including the Sale Transaction, if applicable.
Under the Restructuring Support Agreement, the Debtors have agreed
to, among other things:
* negotiate in good faith and use commercially reasonable
efforts to execute, deliver, and implement Definitive Documents and
any other required agreements to effectuate and consummate the
Restructuring Transactions, including the Sale Transaction, if
applicable;
* obtain any and all required governmental, regulatory,
licensing, Bankruptcy Court, or other approvals (including any
necessary third-party consents) necessary to implement and/or
consummate the Restructuring Transactions; and
* support and take all commercially reasonable actions
necessary to consummate the Restructuring Transactions (including
the Sale Transaction) in accordance with the Restructuring Support
Agreement, including meeting the following milestones, which are
set forth in the Cash Collateral Orders.
Having agreed with their key creditor constituency on the principal
terms of the Restructuring, which enjoys broad-based support among
creditors representing the Debtors' fulcrum debt, as reflected in
the Restructuring Support Agreement, and having reached a
comprehensive settlement agreement with PJM, the Debtors are
pursuing a competitive sale process for their assets as permitted
by the Restructuring Support Agreement. To that end, on May 1,
2023, the Debtors filed a motion with the Bankruptcy Court, seeking
approval of procedures by which the Debtors will conduct a
competitive and robust sale process.
Class 4A consists of General Unsecured Claims against the
Non-Obligor Debtor. In full and final satisfaction of their Claims,
on the Effective Date, Holders of Allowed General Unsecured Claims
against the Non-Obligor Debtor shall receive payment in full in
Cash from the CLH Cash of their Allowed General Unsecured Claims
against the Non-Obligor Debtor.
Class 4B consists of General Unsecured Claims against the Obligor
Debtors. In full and final satisfaction of their Claims, on the
Effective Date, Holders of Allowed General Unsecured Claims against
the Obligor Debtors shall receive their Pro Rata share of the
Obligor Debtors GUC Cash Pool.
On the Effective Date, all Intercompany Interests shall be
cancelled or otherwise eliminated and receive no distribution under
the Plan, unless otherwise agreed to by the Debtors and the
Purchaser.
On the Effective Date, all Existing CLH Interests shall be
cancelled, released, discharged, and extinguished and shall be of
no further force or effect, and Holders of Existing CLH Interests
shall not receive any distribution on account of such Existing CLH
Interests.
The Debtors shall fund distributions under the Plan with: (i) Cash
on hand, including Cash from operations; (ii) the Sale Transaction
Proceeds, if any; (iii) the Newco Common Equity, if applicable;
(iv) the Takeback Debt, if applicable; (v) payments made directly
by the Purchaser on account of any Assumed Liabilities under the
Sale Transaction Documentation; and (vi) payments of Cure Claims
made by the Purchaser; provided that to the extent the foregoing
relate to the Non-Obligor Debtor, they shall be used solely to fund
distributions on account of Claims against the Non-Obligor Debtor,
and to the extent the foregoing relate to the Obligor Debtors, they
shall be used solely to fund distributions on account of Claims
against the Obligor Debtors.
A full-text copy of the Disclosure Statement dated May 16, 2023 is
available at https://bit.ly/43l8shx from PacerMonitor.com at no
charge.
Proposed Counsel for Debtors:
Michael R. Nestor, Esq.
Kara Hammond Coyle, Esq.
Heather P. Smillie, Esq.
Kristin L. McElroy, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mnestor@ycst.com
kcoyle@ycst.com
hsmillie@ycst.com
kmcelroy@ycst.com
- and -
George A. Davis, Esq.
Andrew D. Sorkin, Esq.
Brett M. Neve, Esq.
Randall Carl Weber-Levine, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, NY 10020
Tel: (212) 906-1200
Fax: (212) 751-4864
Email: george.davis@lw.com
andrew.sorkin@lw.com
brett.neve@lw.com
randall.weber-levine@lw.com
- and -
Caroline Reckler, Esq.
330 North Wabash Avenue, Suite 2800
Chicago, Illinois 60611
Tel: (312) 876-7700
Fax: (312) 993-9767
Email: caroline.reckler@lw.com
About Lincoln Power
Headquartered in Charlotte, N.C., Lincoln Power, L.L.C. is a power
company that owns two gas-fired power-generation facilities – one
of which is located in Elgin, Illinois, and the other of which is
located in East Dundee, Illinois.
Lincoln Power, LLC and seven affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
23-10382) on March 31, 2023. In the petition signed by Justin D.
Pugh, chief restructuring officer, the Debtor disclosed up to $500
million in both assets and liabilities.
The Hon. Laurie Selber Silverstein oversees the cases.
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
represents the Debtor.
Lawyers at Latham & Watkins LLP and Young Conaway Stargatt &
Taylor, LLP serve as the Debtors' bankruptcy counsel. Guggenheim
Securities, LLC, is the Debtors' financial advisor and investment
banker. Omni Agent Solutions serves as the Debtors' claims and
noticing agent.
LTL MANAGEMENT: Unsecureds Will Get 100% of Claims in Plan
----------------------------------------------------------
LTL Management LLC filed with the U.S. Bankruptcy Court for the
District of New Jersey a Disclosure Statement for Plan of
Reorganization dated May 15, 2023.
The Debtor traces its roots back to Johnson & Johnson Baby Products
Company ("J&J Baby Products"), a New Jersey company incorporated in
1970 as a wholly owned subsidiary of J&J, a New Jersey company
incorporated in 1887.
The Debtor commenced a chapter 11 case (the "2021 Chapter 11 Case")
on October 14, 2021, to resolve permanently all claims relating to
its liability for cosmetic talc products in an efficient and
equitable manner through implementation of a chapter 11 plan of
reorganization that would establish a trust to efficiently process
and pay such claims.
The Debtor's stated goal in the current Chapter 11 Case is to
finalize, obtain confirmation of, and ultimately consummate a plan
of reorganization containing the terms agreed to in the Plan
Support Agreements. To that end, the Plan, among other things, (a)
establishes a trust and provides it with funding of $8.9 billion on
a net present value basis to resolve and pay all current and future
talc-related claims, including all ovarian cancer claims and all
mesothelioma claims, and (b) provides for the issuance of an
injunction that will permanently protect the Debtor, its
affiliates, and certain other parties from further talc-related
claims arising from products manufactured and/or sold by Old JJCI,
or for which Old JJCI may otherwise have had legal responsibility,
pursuant to sections 524(g) and/or 105(a) of the Bankruptcy Code.
The Debtor believes that, as a result of the Cash Contributions,
talc-related claims will be paid in full.
Pursuant to the Plan, a Talc Personal Injury Trust that complies in
all respects with the requirements of section 524(g)(2)(B) of the
Bankruptcy Code will be established and assume all Talc Personal
Injury Claims. The Talc Personal Injury Trust will manage its
assets, and use such assets to pay compensable Talc Personal Injury
Claims, in accordance with the Talc Personal Injury Trust
Documents. The Talc Personal Injury Trust Documents include the
Talc Personal Injury Trust Agreement, the Trust Distribution
Procedures, the Cooperation Agreement, and all other agreements,
instruments, and documents governing the establishment,
administration, and operation of the Talc Personal Injury Trust.
Pursuant to the Plan, the Reorganized Debtor will deliver Cash
Contributions to the Talc Personal Injury Trust as follows:
* on the Effective Date, total Cash Contributions of $3.0
billion, with (i) $400 million thereof to be delivered to the Talc
Personal Injury Governmental Action Sub-Trust and (ii) $2.6 billion
thereof to be delivered to the Talc Personal Injury Tort Claims
Sub-Trust. The $2.6 billion to be delivered to the sub trust for
talc-related claims other than governmental unit claims on the
effective date of the Plan is subject to adjustment as follows: (a)
commencing on the first business day after the confirmation date,
interest will accrue on such amount at the rate of 4% per annum and
(b) such amount will be reduced by the amount of expenses of the
talc trust that are paid by the reorganized Debtor in advance of
the effective date of the Plan;
* on the 1st anniversary of the Effective Date, total Cash
Contributions of $2.5 billion, with the entirety thereof to be
delivered to the Talc Personal Injury Tort Claims Sub-Trust;
* on each of the 2nd, 7th, 12th, 17th, and 22nd anniversary of
the Effective Date, total Cash Contributions of $1.0 billion, with
the entirety thereof to be delivered to the Talc Personal Injury
Tort Claims Sub-Trust; and
* on the 25th anniversary of the Effective Date, total Cash
Contributions of $1.18 billion, with the entirety thereof to be
delivered to the Talc Personal Injury Tort Claims Sub-Trust.
Pursuant to the Plan, on the Effective Date, the Reorganized Debtor
will deliver the Talc PI Note to the Talc Personal Injury Tort
Claims Sub-Trust. The Talc PI Note will be in the principal amount
of $400 million, will bear no interest, will mature on the first
anniversary of the Effective Date, will be secured by the Talc PI
Pledge, and will provide for payment in full of the principal
amount on or before maturity date.
Class 3 consists of Unsecured Claims. Each holder of an Allowed
Unsecured Claim against the Debtor will be paid the Allowed Amount
of its Unsecured Claim. Such payment will be (i) in full, in Cash,
plus Postpetition interest, or (ii) upon such other less favorable
terms as may be mutually agreed upon between the holder of such
Unsecured Claim and the Debtor or Reorganized Debtor. This Class
will receive a distribution of 100% of their allowed claims.
Class 4 consists of Talc Personal Injury Claims. On the Effective
Date, liability for all Talc Personal Injury Claims will be
channeled to and assumed by the Talc Personal Injury Trust without
further act or deed and shall be resolved in accordance with the
Trust Distribution Procedures. Pursuant to the Plan and the Trust
Distribution Procedures, each holder of a Talc Personal Injury
Claim will have its Claim permanently channeled to the Talc
Personal Injury Trust, and such Claim will thereafter be resolved
in accordance with the Talc Personal Injury Trust Documents. This
Class will receive a distribution of 100% of their allowed claims.
Class 6 consists of Equity Interests of the Debtor. On the
Effective Date, Equity Interests of the Debtor will be Reinstated,
and the holder of such Interests will retain such interests,
subject to the Talc PI Pledge.
All Cash for the payment of Cash Contributions, Distributions, and
other Cash payments to be made by the Reorganized Debtor pursuant
to the Plan and the Talc Personal Injury Trust Documents shall be
funded by the Reorganized Debtor. All Cash necessary for the
Reorganized Debtor to fund the payment of such Cash Contributions,
Distributions, and other Cash payments pursuant to the Plan and the
Talc Personal Injury Trust Documents shall be obtained through (a)
the Reorganized Debtor's Cash balances or, (b) the Funding
Agreement and, if such funding is not provided to the Reorganized
Debtor under the Funding Agreement as required pursuant thereto,
the Support Agreement, or (c) such other means of financing or
funding as determined by the board of managers of the Reorganized
Debtor.
A full-text copy of the Disclosure Statement dated May 15, 2023 is
available at https://bit.ly/42UPizb from Epiq Corporate
Restructuring, LLC, claims agent.
Proposed Attorneys for Debtor:
Gregory M. Gordon, Esq.
Brad B. Erens, Esq.
Dan B. Prieto, Esq.
Amanda Rush, Esq.
JONES DAY
2727 N. Harwood Street
Dallas, Texas 75201
Tel: (214) 220-3939
Fax: (214) 969-5100
Email: gmgordon@jonesday.com
bberens@jonesday.com
dbprieto@jonesday.com
asrush@jonesday.com
Paul R. DeFilippo, Esq.
Joseph F. Pacelli, Esq.
WOLLMUTH MAHER & DEUTSCH LLP
500 Fifth Avenue
New York, New York 10110
Tel: (212) 382-3300
Fax: (212) 382-0050
Email: pdefilippo@wmd-law.com
jpacelli@wmd-law.com
- and -
James N. Lawlor, Esq.
WOLLMUTH MAHER & DEUTSCH LLP
90 Washington Valley Road
Bedminster, NJ 07921
Tel: (973) 733-9200
Email: jlawlor@wmd-law.com
About LTL Management
LTL Management, LLC is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an
order denying LTL's stay motion on March 31, 2023, and, on the dame
day, issued its mandate directing the Bankruptcy Court to dismiss
the 2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
MAGENTA BUYER: $3.18B Bank Debt Trades at 28% Discount
------------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 72.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $3.18 billion facility is a Term loan that is scheduled to
mature on July 27, 2028. The amount is fully drawn and
outstanding.
Magenta Buyer LLC is a provider of cyber security software that
derives revenue from the sale of security products, subscriptions,
SaaS, support and maintenance, and professional services.
MATTRESS FIRM: Tempur Sealy to Buy Firm for About $4 Billion
------------------------------------------------------------
Wyatte Grantham-Philips of the Associated Press reports that
bedding provider Tempur Sealy has agreed to acquire Mattress Firm
in a cash-and stock-transaction valued at about $4 billion, the
companies said Tuesday, May 9, 2023.
Mattress Firm, currently part-owned by Steinhoff International
Holdings NV, operates more than 2,300 brick-and-mortar retail
locations and an e-commerce platfom. After the Tempur Sealy
acquistion is complete, the two companies will have a total of some
3,000 retail stores, 30 e-commerce platforms, 71 manufacturing
facilities and four research and development facilities worldwide.
"This combination will accelerate our growth trajectory and enhance
operating cash flow," Tempur Sealy Chairman and CEO Scott Thompson
said in a statement. "Mattress Firm has been a valued retail
partner for more than 35 years, and we look forward to welcoming
their talented workforce of more than 8,100 employees to the Tempur
Sealy family."
Mattress Firm CEO John Eck added that the transaction will increase
the companies' ability "to better address consumers' needs and
drive growth."
Tempur Sealy will pay about $2.7 billion in cash and $1.3 billion
in stock to Mattress Firm, which is privately held. That reflects
the issuance of 34.2 million common shares, based on Monday's, May
8, 2023, closing share price of $37.62.
After the transaction is complete, Mattress Firm shareholders will
own about 16.6% of the combined company and Tempur Sealy
shareholders will own the rest.
While Mattress Firm and Tempur Sealy have a long history as retail
partners, the two have had a rocky relationship in recent years.
The companies temporarily ended their partnership in January 2017
— in a move that notably removed popular Tempur-Pedic beds from
Mattress Firm stores.
The following year, in August 2018, Tempur-Pedic sued Mattress Firm
for allegedly "selling confusingly similar products under the
'Therapedic' name, and copying the look and feel of the entire
Tempur-Pedic brand and consumer experience." Tempur-Pedic also
accused Mattress Firm of continuing to sell Tempur-Pedic mattresses
beyond the 2017 end of their partnership.
In October 2018, Mattress Firm filed for Chapter 11 bankruptcy
protection and closed hundreds of stores. At the time, the
Houston-based company pointed to years of overexpansion that
resulted in "cannibalization" of sales. Mattress Firm's then-CEO
Steve Stagner later resigned in April 2019.
Months after Stagner's resignation, Tempur Sealy and Mattress Firm
reconciled with a new, long-term supply agreement.
The companies expect to complete the newly-announced transaction in
the second half of 2024. After the acquistion is complete, Mattress
Firm is set to operate as a separate business unit within Tempur
Sealy.
Tempur Sealy added that the company received a request frm the
Federal Trade Commission for additional information and documents
related to the transaction. The company plans to "work
cooperatively" with the FTC to complete the acquistion.
In addition to announcing plans to acquire Mattress Firm on
Tuesday, Tempur Sealy reported a first-quarter profit of $85.3
million on revenue of $1.21 billion.
On a per-share basis, the Kentucky-based mattress maker said it had
a profit of 48 cents. Earnings, adjusted for one-time gains and
costs, were 53 cents per share.
A year earlier, Tempur Sealy earned $130.7 million, or 69 cents per
share, on revenue of $1.24 billion.
About Mattress Firm
Founded in 1986, Mattress Firm -- https://www.mattressfirm.com/ --
is a specialty mattress retailer with more than 2,300 neighborhood
stores. Its selection of mattresses and bedding accessories
include leading brands such as Beautyrest, Nectar, Sealy, Serta,
Simmons, Sleepy's, Stearns & Foster, Tempur-Pedic, Tuft & Needle,
tulo, and Purple. It offers customers Sleep.com as a go-to
resource for learning how to sleep better and feel better.
Steinhoff International Holdings acquired Mattress Firm in 2016
for
$3.8 billion.
Mattress Firm sought Chapter 11 protection (Bankr. D. Del. Lead
Case No. 18-12241) on Oct. 5, 2018, and emerged from bankruptcy
mid-November 2018. The company received approval of a prepackaged
plan that cut the company's store footprint from 3,200 stores to
2,600.
In the 2018 chapter 11 case, Sidley Austin LLP, led by Bojan
Guzina, Matthew E. Linder, and Blair M. Warner, served as the
Debtors' legal counsel. Young Conaway Stargatt & Taylor, LLP was
the Delaware counsel. AlixPartners, LLP, was the Debtors'
financial advisor; and Guggenheim Securities, LLC was the Debtors'
investment banker.
MAVENIR SYSTEMS: $145M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $145 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $144.1 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MAVENIR SYSTEMS: $585M Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $585 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $576.2 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MED PARENTCO: $360M Bank Debt Trades at 18% Discount
----------------------------------------------------
Participations in a syndicated loan under which MED ParentCo LP is
a borrower were trading in the secondary market around 82.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $360 million facility is a Term loan that is scheduled to
mature on August 30, 2027. The amount is fully drawn and
outstanding.
MED ParentCo LP. (MyEyeDr) provides management services to
MyEyeDr.O.D. optometrists and their practices. MyEyeDr practices
offer vision care services, prescription eyeglasses and sunglasses,
and contact lenses. MyEyeDr has been controlled by affiliates of
Goldman Sachs Merchant Banking Division since August 2019.
MEDICAL PROPERTIES: Tenants Tap Advisers for Refinancing
--------------------------------------------------------
Soma Biswas, Laura Cooper and Jodi Xu Klein of The Wall Street
Journal report that hospital systems Steward Health Care and
Prospect Medical Holdings, among the largest tenants of healthcare
real estate owner Medical Properties Trust, have brought on
financial advisers to help refinance credit lines after some recent
financial struggles, according to people familiar with the matter.
Steward has hired Guggenheim Securities to refinance asset-based
loans due at the end of this year, according to people familiar
with the matter. Prospect Medical is being advised by Houlihan
Lokey on a refinancing effort, other people familiar said.
About Medical Properties Trust
Medical Properties Trust, Inc., is a self-advised real estate
investment trust formed in 2003 to acquire and develop net-leased
hospital facilities. From its inception in Birmingham, Alabama,
the Company has grown to become one of the world's largest owners
of hospital real estate with 444 facilities and approximately
45,000 licensed beds in ten countries and across four continents.
On the Web: http://www.medicalpropertiestrust.com/
MEG ENERGY: Moody's Upgrades CFR to Ba3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service upgraded MEG Energy Corp.'s corporate
family rating to Ba3 from B1, probability of default rating to
Ba3-PD from B1-PD and senior unsecured (foreign) notes rating to B1
from B2. The outlook was changed to stable from positive. The
speculative grade liquidity rating remains SGL-1.
"The upgrade reflects strong cash flow generation supporting debt
reduction and solid credit metrics through 2024 at mid cycle
prices," said Whitney Leavens Moody's analyst. "MEG also benefits
from low production costs, a long lived reserve base and very good
liquidity."
Upgrades:
Issuer: MEG Energy Corp.
Corporate Family Rating, Upgraded to Ba3 from B1
Probability of Default Rating, Upgraded to Ba3-PD from B1-PD
Senior Unsecured Global Notes, Upgraded to B1 from B2
Outlook Actions:
Issuer: MEG Energy Corp.
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
MEG's rating is supported by: (1) expected bitumen production of
over 95,000 bbls/d (net of royalties), with substantial reserves in
key productive areas of the Athabasca oil sands region; (2) a
long-lived reserve base with low capital costs to maintain
production; (3) an ability to transport about two thirds of blend
volumes to the higher-priced Gulf Coast market; and (4) debt
reduction that will improve retained cash flow to debt to around
60% in 2024 under Moody's medium term oil prices. The rating is
constrained by: (1) its exposure to one commodity – bitumen –
some of which is benchmarked to the historically volatile Western
Canadian heavy oil price; and (2) concentration in one asset - the
Christina Lake oil sands project.
MEG's senior unsecured notes are rated B1, one notch below the CFR,
due to the priority ranking of the first lien revolver and EDC
letter of credit facility.
MEG's liquidity is very good (SGL-1). As of March 31, 2023, MEG had
C$85 million of cash and full availability under its C$600 million
revolving credit facility expiring October 2026. Moody's expects
around C$690 million in free cash flow over the next twelve months
through mid-2024. MEG will be in compliance with its sole financial
maintenance covenant under the revolving credit facility through
this period, with the covenant only being tested at or above C$300
million of utilization. MEG's next nearest debt maturity is the
senior unsecured notes in 2027.
The stable outlook reflects Moody's expectation that 2024 financial
leverage metrics will improve through debt reduction, with some
production growth also contributing to higher cash flow.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company increases production,
continues reducing debt and if conditions favor significantly less
volatility around heavy oil differentials. Retained cash flow to
debt should also remain above 50%, and debt to average daily
production less than US$12,000 while maintaining positive free cash
flow.
The rating could be downgraded if retained cash flow to debt falls
below 30%, debt to average daily production exceeds US$18,000, or
financial policy becomes aggressive.
MEG is a publicly-listed Calgary, Alberta-based
steam-assisted-gravity-drainage (SAGD) oil sands developer and
operator. MEG produces over 95,000 bbls/day (net of royalties) of
bitumen at the Christina Lake project in the Athabasca Oil Sands
region in Northern Alberta.
The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.
MEHR GROUP: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Region 15 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of MEHR Group of Companies Holding, Inc.
About MEHR Group of Companies Holding
MEHR Group of Companies Holding, Inc., a company in Laguna Hills,
Calif., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-10760) on April 17, 2023. In
the petition signed by its chief executive officer, S. Javad K.
Mehrvijeh, the Debtor disclosed up to $10 million in assets and up
to $500,000 in liabilities.
Judge Scott C. Clarkson oversees the cases.
The Law Offices of Jaenam Coe PC serves as the Debtor's counsel.
MILLENNIUM URBAN: Mark Hall Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Hall, Esq., at
Fox Rothschild, LLP, as Subchapter V trustee for Millennium Urban
Renewal, LP.
Mr. Hall will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hall declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark E. Hall, Esq.
Fox Rothschild, LLP
49 Market Street
Morristown, NJ 07960
(973) 548-3314
Email: mhall@foxrothschild.com
About Millennium Urban
Millennium Urban Renewal, LP filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No.
23-13900) on May 5, 2023, with $1 million to $10 million in both
assets and liabilities. Luis F. Rodriguez, general partner, signed
the petition.
Anthony Sodono, III, Esq., at McManimon, Scotland & Bauman, LLC is
the Debtor's counsel.
MOBIQUITY TECHNOLOGIES: Incurs $1.7M Net Loss in First Quarter
--------------------------------------------------------------
Mobiquity Technologies, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $1.72 million on $132,224 of revenues for the three
months ended March 31, 2023, compared to a net loss of $2.44
million on $542,169 of revenues for the three months ended March
31, 2022.
As of March 31, 2023, the Company had $4.72 million in total
assets, $2.51 million in total liabilities, and $2.20 million in
total stockholders' equity.
Mobiquity said, "The Company has incurred significant losses since
its inception in 1998 and has not demonstrated an ability to
generate sufficient revenues from the sales of its products and
services to achieve profitable operations. There can be no
assurance that profitable operations will ever be achieved, or if
achieved, could be sustained on a continuing basis. In making this
assessment we performed a comprehensive analysis of our current
circumstances including: our financial position, our cash flows and
cash usage forecasts for the three months ended March 31, 2023, and
our current capital structure including equity-based instruments
and our obligations and debts.
"Without sufficient revenues from operations, if the Company does
not obtain additional capital, the Company will be required to
reduce the scope of its business development activities or cease
operations. The Company may explore obtaining additional capital
financing and the Company is closely monitoring its cash balances,
cash needs, and expense levels.
"These factors create substantial doubt about the Company's ability
to continue as a going concern within the twelve-month period
subsequent to the date that these condensed consolidated financial
statements are issued."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1084267/000168316823003385/mobiquity_i10q-033123.htm
About Mobiquity Technologies Inc.
Headquartered in Shoreham, NY, Mobiquity Technologies, Inc.,
together with its operating subsidiaries, is a next generation
location data intelligence company. The Company provides precise
unique, at-scale location data and insights on consumer's
real-world behavior and trends for use in marketing and research.
Mobiquity reported a net loss of $8.06 million in 2022, compared to
a net loss of $18.33 million in 2021. As of Dec. 31, 2022, the
Company had $2.63 million in total assets, $2.65 million in total
liabilities, and a total stockholders' deficit of $10,830.
Palm Beach Gardens, FL-based D. Brooks & Associates, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated March 31, 2023, citing that the Company has incurred
operating losses, has incurred negative cash flows from operations
and has an accumulated deficit. These and other factors raise
substantial doubt about the Company's ability to continue as a
going concern.
MOUNTAINEER MERGER: S&P Downgrades ICR to 'B-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
off-price retailer Mountaineer Merger Corp. (doing business as
Gabe's), to 'B-' from 'B'.
S&P said, "We also lowered our rating on Gabe's senior secured debt
to 'B-' from 'B'. While the '3' recovery rating is unchanged, we
revised our rounded estimate for recovery to 50% from 60% to
reflect the incremental priority borrowings associated with the
upsizing of the asset-based lending (ABL) facility.
"The negative outlook reflects the risk that we could lower our
rating on Gabe's over the next 12 months if operating performance
trends remained weak, pressuring the company's ability to generate
meaningfully positive FOCF and restore credit metrics.
"The company's recent operating performance has been weaker than we
anticipated, and the timing of a recovery is uncertain due to
ongoing cost pressures and softness in consumer spending. Although
Gabe's reported sequential improvement in comparable store sales
through the fourth quarter of fiscal 2022 (ended Jan. 28, 2023),
the company's performance was materially below our expectations.
Fiscal 2022 revenue declined 8.5% and S&P Global Ratings-adjusted
EBITDA margins declined more than 200 basis points. This, along
with higher-than-expected revolver borrowings, caused adjusted
leverage to spike to 6.5x compared with our expectation for the
high-4x area. We attribute the poor operating trends to diminished
consumer discretionary spending amid inflationary pressures and
higher interest rates. Given its small operating scale, we think
the company remains vulnerable to ongoing cost pressures amid
weakening macroeconomic conditions.
"We forecast adjusted leverage above 5x with higher sustained
revolving borrowings and limited FOCF over the next 12 months. We
expect continued negative FOCF in 2023 will lead to higher
sustained revolver borrowings. Nonetheless, we anticipate S&P
Global Ratings-adjusted EBITDA margins will improve to the
low-teens percent area as certain cost pressures abate and the
company realizes benefits from new consumers trading down to the
brand. This is supported by the company's position as an extreme
discounter with products priced 20%-70% below department stores and
mass retailers. As a result, we forecast leverage in the low-5x
area in 2023, an improvement from 2022, but still higher than our
previous forecast.
"We continue to view the company's liquidity position as sufficient
to withstand near-term cash burn. As of Jan. 28, 2022, the company
had $25 million of cash on hand and about $13 million of
availability under its ABL facility. Gabe's upsized its ABL to $150
million from $95 million in connection with its acquisition of Old
Time Pottery (OTP) in April 2023. We believe this incremental
availability will support the integration of new units into the
Gabe's banner. Moreover, we do not foresee any immediate liquidity
issues given the company's lack of near-term maturities and
sufficient covenant headroom. We note that the inclusion of OTP's
adjusted EBITDA in its covenant calculation provides the company
with additional headroom."
The acquisition of Old Time Pottery introduces additional execution
risk as the company contends with difficult operating conditions.
Gabe's announced its all-equity acquisition of OTP, a value home
decor retailer across the Southeast and Midwest, in April 2023. S&P
said, "We believe the complementary business models of the two
brands, which overlap on target customers and store footprint,
provide Gabe's the opportunity to accelerate new store growth in
attractive markets. Nonetheless, the integration of approximately
40 units into the Gabe's system presents significant execution
risks. To the extent that the company falters on its strategy,
performance could be materially below our current forecast."
S&P said, "The negative outlook reflects the possibility of a
downgrade within the next 12 months if difficult operating
conditions due to elevated costs or muted demand persisted longer
than we currently anticipate, or the company failed to execute its
operational initiatives and the integration of OTP. This would
challenge its ability to restore credit metrics and return to
positive free cash flow generation."
S&P could lower its rating if:
-- Gabe's were unable to stabilize performance through the
successful execution of operating initiatives, including restoring
profitability to historical levels and returning to positive FOCF
generation; or
-- It were unable to successfully integrate the new OTP units into
the Gabe's banner, leading to further profitability pressures and
sustained cash flow deficits.
S&P could revise the outlook to stable if the company successfully
executed its operating initiatives and integrated the OTP units
without material missteps. This would likely translate into
adjusted EBITDA margins in the low-teens percent area, positive
FOCF, and adjusted leverage approaching or below 5x.
ESG credit indicators: E-2, S-2, G-3
NEW CONSTELLIS: $200,000 Bank Debt Trades at 42% Discount
---------------------------------------------------------
Participations in a syndicated loan under which New Constellis
Borrower LLC is a borrower were trading in the secondary market
around 58 cents-on-the-dollar during the week ended Friday, May 19,
2023, according to Bloomberg's Evaluated Pricing service data.
The $200,000 facility is a Payment-In-Kind Term loan that is
scheduled to mature on March 27, 2025. The amount is fully drawn
and outstanding.
Headquartered in Herndon, Virginia, New Constellis Borrower LLC is
a provider of essential risk management services, such as security,
training, and global support services to government and commercial
clients throughout the world
NOVO HEALTH: Taps Steinhilber Swanson as Bankruptcy Counsel
-----------------------------------------------------------
Novo Health Technology Group seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
Steinhilber Swanson, LLP as its bankruptcy counsel.
The firm's services include:
a. preparing bankruptcy schedules and statements;
b. assisting in preparing the disclosure statement and plan of
reorganization and attendant negotiations and hearings;
c. preparing and reviewing pleadings, motions and
correspondence;
d. negotiating with creditors and contract counter-parties and
litigating contested issues as necessary;
e. appearing at and being involved in various proceedings before
this Court;
f. handling case administration tasks and dealing with
procedural issues;
g. assisting the Debtor-in-Possession with the commencement of
DIP operations, including the 341 Meeting and monthly reporting
requirements; and
h. analyzing claims and prosecuting claim objections.
Steinhilber will be paid at the rate of $180 to $675 per hour and
will be reimbursed for out-of-pocket expenses incurred.
The firm received from the Debtor a retainer of $50,000.
Paul Swanson, Esq., a member of Steinhilber, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Paul G. Swanson, Esq.
Steinhilber Swanson, LLP
107 Church Avenue
Oshkosh, WI 54901
Telephone: (920) 235-6690
Facsimile: (920) 426-5530
Email: pswanson@steinhilberswanson.com
About Novo Health Technology Group
Focus Solutions, LLC and two other creditors filed a Chapter 11
involuntary petition (Bankr. E.D. Wis. Case No. 23-21460) against
NOVO Health Technology Group, LLC on April 4, 2023. The creditors
are represented by James P. O'Neil, Esq.
Judge Beth E. Hanan oversees the case.
Steinhilber Swanson, LLP serves as the Debtor's legal counsel.
NOVUSON SURGICAL: Hires Cairncross & Hempelmann as Counsel
----------------------------------------------------------
Novuson Surgical, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Cairncross &
Hempelmann, P.S., as counsel.
The firm's services include:
a. advising with respect to its powers and duties as a
debtor-in-possession in the continued management and operation of
its business;
b. attending meetings and negotiating with representatives of
creditors and other interested parties;
c. taking all necessary actions to protect and preserve
Novuson's estate, including the prosecution of actions on its
behalf, the defense of any action commenced against it in this
Court, negotiations concerning litigation in which it is involved,
and objections and resolutions of claims filed against the estate;
d. preparing on behalf of Novuson all motions, applications,
answers, orders, reports, and papers necessary for the
administration of the estate;
e. negotiating and preparing on behalf of Novuson a plan of
reorganization, disclosure statement, and all related agreements
and/or documents, and taking any necessary action on behalf of
Novuson to obtain confirmation of such plan;
f. representing Novuson in connection with obtaining
authorization to use cash collateral, if required;
g. advising Novuson in connection with any potential sale of
assets, if required;
h. appearing before this Court and the United States Trustee,
and protecting the interests of Novuson's estate before same; and
i. performing all other necessary or appropriate legal services
and providing all other necessary or appropriate legal advice to
Novuson in connection with this case.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received from the Debtor a retainer of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Aditi Paranjpye, Esq., a partner at Cairncross & Hempelmann, P.S.,
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:
Aditi Paranjpye, Esq.
Cairncross&Hempelmann, P.S.
524 2nd Ave, Suite 500
Seattle, WA 98104
Tel: (206) 587-0700
Fax: (206) 587-2308
About Novuson Surgical
Novuson Surgical, Inc., a company in Bothell, Wash., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. W.D. Wash. Case No. 23-10728) on April 21, 2023, with
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities. Stuart B. Mitchell, president of Novuson Surgical,
signed the petition.
Judge Timothy W. Dore oversees the case.
Aditi Paranjpye, Esq., at Cairncross & Hempelmann, P.S., is the
Debtor's counsel.
NS FOA: Unsecured Creditors to Split $21K in 3 Years
----------------------------------------------------
NS FOA, LLC filed with the U.S. Bankruptcy Court for the Southern
District of Florida a Plan of Reorganization under Subchapter V
dated May 15, 2023.
Debtor is an organic shrimp farm with its business premises located
at 15369 County Road 512, Fellsmere, Florida 32948. Debtor harvests
and sells organic shrimp to several area bait shops.
Debtor leases the commercial, non-residential real property
(Agricultural Packinghouse), including tract 2416, an adjacent
10-acre parcel (tract 2417), and approximately 90.28-acres of
multiple tracts [identified as tracts: 2418, 2419, 2420, 2421,
2422, 2423, 2470, 2471, 2472, 2473] all located near 15369 County
Road 512, Fellsmere, Florida.
Debtor filed the instant chapter 11 case to restructure its debts,
streamline its financial structure, and attempt to resolve ongoing
litigation as to two cases captioned: NS FOA, LLC and Congwei Xu v.
Yanping Ming a/k/a Helen Ming for Motion for Temporary Injunction
filed in the Circuit Court of the Nineteenth Judicial Circuit in
and for Indian River County, Florida (Case No. 31-2019 000008); and
Fellsmere Joint Venture LLC v. NS FOA, LLC d/b/a Florida Shrimp
Company for Eviction filed in the Circuit Court of the Nineteenth
Judicial Circuit in and for Indian River County, Florida (Case No.
2022 CA 000733).
The approximate value of Debtor's assets totals $1,180,942.52,
which includes its cash, accounts receivable, farming and fishing
related assets, office furniture, fixtures, machinery, and
equipment.
As estimated on Debtor's Schedules and proofs of claims filed,
Debtor estimates secured claims in the amount not more than
$252,007.80, priority unsecured claims in the amount not more than
$2,810.48, and nonpriority unsecured claims in the amount of
$752,243.18 (which includes the disputed and unliquidated alleged
claim of Helen Ming in the amount of $674,546.84) plus Mr. Xu's
insider claim in the amount of $3,165,949.06.
This Plan under chapter 11 of the Code proposes to pay creditors of
Debtor from Cash on hand and operating income, unless otherwise
stated.
Non-priority unsecured creditors holding Allowed claims will
receive distributions in yearly payments. This Plan also provides
for the payment of Administrative and Priority Claims.
Class 6 consists of all the Allowed General Unsecured Claims of
Debtor. Debtor estimates the aggregate amount of Allowed Class 6
Claims is approximately $3.9M. The Debtor estimates that if this
case were converted to a Chapter 7 case, the holders of Class 6
Claims would not receive any distributions. If Debtor's Plan is
confirmed, holders of Allowed general unsecured claims against
Debtor shall share in a total amount of $21,000 to be paid annually
over 3 years at $7,000 per year.
The payments shall be distributed pro rata on an annual basis,
commencing on the first of the month after the Effective Date.
These payments shall be in full satisfaction, settlement, release,
and extinguishment of their respective Allowed Claims. Debtor may
prepay any or all of the distributions described herein with no
prepayment penalty. This class is impaired.
Class 7 consists of the Debtor's Equity Interests in assets of the
estate. On the Effective Date of the Plan, all Equity Interests
remain as determined on the Petition Date; i.e., with Allan Xu
holding 64.4% equity and Helen Ming holding 35.6% equity.
Therefore, Allan Xu and Helen Ming will hold 64.4% and 35.6% equity
in the Reorganized Debtor, respectively. Class 7 is unimpaired.
All payments as provided for in the Plan shall be funded by
Debtor's Cash on hand, and operating income, unless otherwise
stated.
A full-text copy of the Plan of Reorganization dated May 15, 2023
is available at https://bit.ly/45iwdsg from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Aaron A. Wernick, Esq.
Wernick Law, PLLC
2255 Glades Road, Suite 324A
Boca Raton, FL 33431.
Tel: 901-525-1322
Fax: 901-525-2389
Email: awernick@wernicklaw.com
About NS FOA
NS FOA LLC owns the largest covered shrimp farm in the United
States, supplying fresh-frozen shrimp year round. The Company
distributes products, including fresh-frozen ballyhoo (rigged and
unrigged), bonita strips and more.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11183) on February
14, 2023. In the petition signed by Congwei "Allan" Xu as managing
member, the Debtor disclosed $1,180,942 in assets and $931,850 in
liabilities.
Judge Mindy A. Mora oversees the case.
The Debtor tapped Aaron A. Wernick, Esq., at Wernick Law, PLLC, as
legal counsel and Helen Yin, CPA, as accountant.
O'CONNOR CONSTRUCTION: New Value & Litigation Proceeds to Fund Plan
-------------------------------------------------------------------
O'Connor Construction Group, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of Texas a First Amended Disclosure
Statement to accompany First Amended Plan of Reorganization dated
May 16, 2023.
The Debtor has over thirty years of experience as a
commercial/industrial contractor specializing in food
storage/processing facilities and provides turnkey design,
construction and construction management services for projects
nationwide, but focusing primarily in the South/Southwest.
Debtor's primary office is located on a 212.451-acre tract located
in Wise County, Texas (the "Real Property") commonly known as 173
County Road 3850, Poolville, Texas 76487. Debtor began operations
in 2009 and organized as a limited liability company in 2010.
On September 30, 2022, the Debtor's bank was served with a pre
judgment writ of garnishment issued on behalf of Lineage Logistics,
LLC. The garnishment initially trapped approximately $1.35 million
of Debtor's funds, with an additional $262,000 of accounts
receivable deposited to the account. Ultimately, the Debtor's bank,
First Financial Bank, offset approximately $290,000 of the Debtor's
funds to satisfy the Debtor's revolving operating note and tendered
the balance of the funds on hand, being $1,286,334.67, to the
court. The Debtor's operations were crippled by the loss of cash
flow and limped along for several more months before management
made the decision to commence the instant bankruptcy case
The Plan provides for the internal reorganization of the Debtor's
obligations. Operations of the Debtor shall continue in the core
business segments in which the Debtor has historically operated;
however, the Debtor will act primarily as a prime subcontractor and
a stationary re-manufacturing company. Debtor intends to enter into
a long-term commercial lease of a portion of the Real Property in
order to further supplement income.
Class 12 consists of all Allowed General Unsecured Claims against
the Debtor. It is believed the total of Allowed Class 12 Claims is
in the range of $11.5 million to $13.5 million. Holders of Allowed
Class 12 Claims shall receive their pro rata share of the Unsecured
Creditor Fund in one or more distributions made by the Plan Agent.
The first distribution from the Unsecured Creditor Fund will occur
on the Initial Distribution Date and subsequent distributions will
occur as and when sufficient funds, at the sole discretion of the
Distribution Agent, are available for distribution.
Class 13 consists of all holders of Equity Interests in the Debtor.
On the Effective Date of the Plan, the Equity Interests of Amy
O'Connor, Alex Baumgartner and Daniel Milligan shall be canceled
and, for and in consideration of the sum of $3 million (the "New
Value Contribution") paid into the Creditor Fund on or before the
Effective Date of the Plan, Paul O'Connor shall (i) retain his
Equity Interests thereby becoming the 100% owner of Equity
Interests in the Reorganized Debtor; and (ii) together with Amy
O'Connor, Alex Baumgartner and Daniel Milligan, be released of and
from any claims and causes of action, known or unknown, including
without limitation Chapter 5 of the Bankruptcy Code causes of
action which existed as of the Petition Date.
The New Value Contribution shall be deposited into escrow with
counsel for the Debtor prior to the Confirmation Hearing and shall
be released to the Plan Agent upon Confirmation of this Plan, as
may be amended or modified, or failing Confirmation, returned to
Paul O'Connor from whom the escrow deposit was received.
The Plan provides for the (i) New Value Contribution and (ii) net
proceeds of any recovery from post-confirmation litigation pursued
by the Reorganized Debtor (the "Litigation Proceeds") to be
transferred to the Plan Agent for the purpose of satisfaction of
certain Allowed Claims against the Debtor. The Creditor Fund shall
be comprised of the New Value Contribution together with the
Litigation Proceeds and shall be administered by the Plan Agent who
shall be appointed by this Court pursuant to the Confirmation
Order.
The Creditor Fund shall be the sole source of payment and/or
recovery to those Allowed Claims and Classes of Claims not assumed
by the Reorganized Debtor. Claims and Classes of Claims to be
satisfied from the Creditor Fund shall be paid, to the extent
sufficient funds are available, in the following order of priority:
First, the Administrative Claims of the Plan Agent and the Plan
Agent's professionals; Second, the Allowed Administrative Claims of
the Debtor's professionals; Third, the Crystal Administrative
Claim; Fourth, the Allowed Priority Tax Claims; and Fifth, Allowed
Claims of holders of Class 12 General Unsecured Claims.
A full-text copy of the First Amended Disclosure Statement dated
May 16, 2023 is available at https://bit.ly/3WrR9Js from
PacerMonitor.com at no charge.
Counsel for Debtor:
Joseph F. Postnikoff, Esq.
Rochelle McCullough, LLP
300 Throckmorton Street, Suite 520
Fort Worth, TX 76102
Tel: (817)291-9822
Email: jpostnkoff@romclaw.com
About O'Connor Construction Group
Based in Poolville, Texas, O'Connor Construction Group, LLC has
over 30 years of experience as a commercial/industrial contractor
specializing in food storage and processing facilities and provides
turnkey design, construction and construction management services
for projects nationwide, but focusing primarily in the
South/Southwest.
O'Connor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 22-40187-11) on January 28, 2022.
In the petition signed by Paul O'Connor, member and manager, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.
Union Funding Source, Inc., as secured creditor, is represented by
Shanna M. Kaminski, Esq., at Kaminski Law, PLLC.
OAKLAWN HOSPITAL: Moody's Lowers Rating on Revenue Bonds to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded Oaklawn Hospital's (MI)
revenue bonds to Ba2 from Ba1. The outlook has been revised to
stable from ratings under review. This action concludes Moody's
rating review for possible downgrade that was initiated on March
15, 2023. The organization has approximately $73 million of debt
outstanding.
RATINGS RATIONALE
The downgrade to Ba2 reflects Moody's expectation that Oaklawn
Hospital's margins will remain weak and well below historical
levels in fiscal 2024 and that unrestricted liquidity will decrease
further. Factors which contributed to weaker performance include
regulatory changes, labor pressure and an unfavorable malpractice
settlement, all of which are social factors under Moody's ESG
framework; consequently, the ESG credit impact score was revised to
CIS-4. Management has taken recent actions to close unprofitable
services, make other expense reductions and pursue growth
opportunities in its secondary service area, which should gradually
improve operating performance, which supports the stable outlook at
the lower rating level. Nevertheless, debt service coverage in
fiscal 2024 will remain thin and close to the covenant. The
organization's days cash position is likely to deteriorate as
operating cash flow will be insufficient to cover capital needs and
maintain pace with a growing expense base. Oaklawn expects to meet
its debt service coverage test in fiscal 2023 (FYE March 31, 2023)
by realizing more than $5 million in investment gains, resulting in
1.14x coverage; results are unaudited and the final test could
change. The Ba2 further reflects challenges posed by Oaklawn's
small size and scope of operations and its status as a single-site
hospital with sizeable competitors in its secondary service area.
Offsetting factors include a proactive management response to the
current challenges and absence of material balance sheet risks.
RATING OUTLOOK
Revision of the outlook to stable reflects expectations that
Oaklawn will stabilize financial performance and begin rebuilding
margins and cash flow albeit at lower than historical levels.
Moody's expect unrestricted cash will decline over the next year,
but days cash should remain above 100 and cash to debt over 75%.
Debt service coverage is expected to be very thin again in 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING
Meaningful, sustained improvement in operating cash flow
Strengthening of leverage and financial covenant metrics
Improvement in days cash and cash to debt metrics
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING
Inability to reverse performance trends and further decline in
operating metrics
Erosion of liquidity beyond expected levels and weaker cash
flow
Meaningful increase in debt
LEGAL SECURITY
The bonds are secured by a gross revenue pledge of the obligated
group bolstered by an account control agreement, as well as a
mortgage on the Oaklawn Hospital site in Marshall, MI. Covenants
include a rate covenant of 1.1x and 60 days cash on hand. Coverage
under 1.0x is an event of default and bonds may be accelerated with
25% bondholder approval; coverage between 1.0x and 1.1x requires a
consultant call in.
PROFILE
Ella E.M. Brown Charitable Circle, d/b/a Oaklawn Hospital is a
single-hospital system with 94 licensed beds, 15 miles southeast of
Battle Creek, in Marshall, MI, the county seat of Calhoun County.
Oaklawn, a Level III trauma designated hospital, is the leading
healthcare provider in its primary service area covering two thirds
of Calhoun County and parts of Eaton, Jackson, and Branch
counties.
METHODOLOGY
The principal methodology used in this rating was Not-For-Profit
Healthcare published in December 2018.
PHOTO HOLDINGS: S&P Lowers ICR to 'CC' on Announced Debt Exchange
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
online personalized products manufacturer Photo Holdings LLC (d/b/a
Shutterfly Inc.) to 'CC' from 'CCC'. In addition S&P lowered its
ratings on the company's secured debt to 'CC' from 'CCC'.
S&P also placed the ratings on CreditWatch with negative
implications to reflect that once the transaction closes, it would
expect to lower the issuer credit rating to 'SD' and the
issue-level rating on the existing senior secured debt to 'D'.
S&P said, "The downgrade follows Shutterfly's announcement of its
intent to engage in a debt exchange offer, which we view as
distressed. On May 15, 2023, Shutterfly announced the launch of a
debt exchange offer and consent solicitation for eligible
noteholders and lenders. We view the proposed transaction as
distressed and tantamount to selective default because lenders
would receive less than the original promise."
More specifically:
-- The exchange price represents 90 cents on the dollar for the
secured debt
-- Existing first-lien debt would shift to a second-lien position
-- The interest rate shifts from cash to payment in kind (PIK;50%
PIK in the secured debt and 100% PIK on unsecured)
The proposed transaction would create a new subsidiary that does
not guarantee the company's existing term loan or senior secured
notes. The company will transfer trademarks and customer data
across certain brands to the new subsidiary as collateral to
support the new debt. This would effectively subordinate
nonparticipating lenders with respect to the assets held at the new
subsidiary, encouraging participation in S&P's view.
The proposed transaction would include $200 million of new money in
the form of a new first lien term loan and senior secured notes.
Existing lenders who participate in their pro rata portion of the
new debt issuance can then exchange the existing term loan and
notes into new, second-lien debt held at the new subsidiary.
Similarly, the transaction would also exchange the existing
revolving credit facility into a new second-lien facility held by
the new subsidiary. The exchange would be at a rate of 90 cents on
the dollar for participating lenders. Nonparticipating lenders
would not have a claim against assets held at the new subsidiary
and would have substantially all their restrictive covenants
removed. Existing unsecured debt will be exchanged at par to new
unsecured debt held at the new subsidiary.
S&P said, "The proposed transaction will likely improve the
company's liquidity position, which would be reflected in our
rating following recognition of a selective default. The company
will free up $141 million of revolver availability and will
maintain $55 million cash on hand at the close of the deal.
Additionally, the company reduces annual cash interest expense by
more than $100 million due to the PIK feature on the new
second-lien and unsecured debt. The new revolving facility will
have a springing 7.3x secured net leverage ratio covenant that
would be tested when at least 35% of total capacity is being
utilized. We expect the company to have at least 15% headroom on
this covenant at the close of the transaction."
CreditWatch Negative
S&P said, "Once the transaction closes, we would expect to lower
the issuer-credit rating to 'SD' and the issue-level rating on the
existing senior secured debt to 'D'. We will then reassess our
issuer credit rating to reflect the improved liquidity position,
which is likely to result in an issuer credit rating of 'CCC+'
assuming completion of the transaction as proposed."
ESG credit indicators: E-2, S-3, G-3
PLUTO ACQUISITION: $873.4M Bank Debt Trades at 21% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Pluto Acquisition I
Inc is a borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $873.4 million facility is a Term loan that is scheduled to
mature on June 20, 2026. About $855.8 million of the loan is
withdrawn and outstanding.
Pluto Acquisition I, Inc. provides health care services. The
Company operates in the United States.
PRESSURE BIOSCIENCES: Incurs $6.86M Net Loss in First Quarter
-------------------------------------------------------------
Pressure Biosciences, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $6.86 million on $740,600 of total revenue for the
three months ended March 31, 2023, compared to a net loss of $4.24
million on $480,000 of total revenue for the three months ended
March 31, 2022.
As of March 31, 2023, the Company had $2.21 million in total
assets, $34.66 million in total liabilities, and a total
stockholders' deficit of $32.45 million.
Pressure Biosciences said, "The accompanying financial statements
have been prepared assuming that the Company will continue as a
going concern, which contemplates the realization of assets and the
liquidation of liabilities in the normal course of business.
However, we have experienced losses from operations and negative
cash flows from operations with respect to our pressure cycling
technology business since our inception. As of March 31, 2023, we
do not have adequate working capital resources to satisfy our
current liabilities and as a result, there is substantial doubt
regarding our ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/830656/000149315223017552/form10-q.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.
Pressure Biosciences reported a net loss of $16.08 million for the
year ended Dec. 31, 2022, compared to a net loss of $20.15 million
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.
PROFESSIONAL DIVERSITY: Incurs $1.1M Net Loss in First Quarter
--------------------------------------------------------------
Professional Diversity Network, Inc. has filed with the Securities
and Exchange Commission its Quarterly Report on Form 10-Q
disclosing a net loss attributable to the Company of $1.07 million
on $1.95 million of total revenues for the three months ended March
31, 2023, compared to a net loss attributable to the Company of
$703,265 on $2.05 million of total revenues for the three months
ended March 31, 2022.
As of March 31, 2023, the Company had $6.83 million in total
assets, $4.70 million in total liabilities, and $2.12 million in
total stockholders' equity.
The Company had an accumulated deficit of $(99,451,467) at March
31, 2023. During the three months ended March 31, 2023, the
Company generated a loss from continuing operations, net of tax, of
$(1,109,323). During the three months ended March 31, 2023, the
Company used cash in continuing operations of $394,158. At March
31, 2023, the Company had a cash balance of $964,306. The Company
had a working capital deficit from continuing operations of
approximately $1,068,000 and $187,000 at March 31, 2023 and Dec.
31, 2022. The Company said these conditions raise substantial
doubt about its ability to continue as a going concern. The
ability of the Company to continue as a going concern is dependent
on the Company's ability to further implement its business plan,
raise capital, and generate revenues.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1546296/000149315223017545/form10-q.htm
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse individuals. Through the Company's online platforms and
partnerships, the Company provides hiring employers a means to
identify and acquire diverse talent and assist them with DEI
efforts.
Professional Diversity reported a net loss attributable to the
company of $2.60 million for the year ended Dec. 31, 2022, compared
to a net loss attributable to the company of $2.75 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$6.84 million in total assets, $4.53 million in total liabilities,
and $2.31 million in total stockholders' equity.
Oak Brook, Illinois-based Sasetti LLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 31, 2023, citing that the Company has incurred recurring
operating losses, has a significant accumulated deficit, and will
need to raise additional funds to meet its obligations and the
costs of its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
PUG LLC: EUR452M Bank Debt Trades at 18% Discount
-------------------------------------------------
Participations in a syndicated loan under which Pug LLC is a
borrower were trading in the secondary market around 81.9
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR452 million facility is a Term loan that is scheduled to
mature on February 13, 2027. The amount is fully drawn and
outstanding.
PUG LLC provides an online marketplace for secondary tickets along
with payment support, logistics, and customer service. It acquired
the StubHub business of eBay Inc.
PURRY & SON: Unsecured Creditors to Split $65K in 5 Years
---------------------------------------------------------
Purry & Son Trucking Corp. filed with the U.S. Bankruptcy Court for
the Southern District of Florida a Disclosure Statement in support
of Plan of Reorganization dated May 16, 2023.
Debtor is in the construction materials transportation business and
as debts exceeded gross receipts Debtor became delinquent in its
secured and unsecured debt obligations.
Debtor sought relief under the Bankruptcy Code to, among other
things, seek confirmation of a plan which modified its secured
obligations and dedicated anticipated profits towards the repayment
of creditors.
Class 1 consists of the Allowed Secured Claims of the U.S. Small
Business Administration ("SBA"). This Claim is secured pursuant to
Claimant's UCC recorded on May 27, 2020 regarding UCC assets for a
sum total of $57,818.07. This Claim is reduced to a secured claim
of $57,818.07 at the fixed contractual rate of 3.75% over 72
months. Sais payments having commenced as of the effective date of
the Plan and continuing on the 30th day of each month thereafter.
Class 2 consists of all allowed unsecured general claims. The
allowed unsecured claims total $322,342.95. The Class 2 creditors
shall share pro rata in a total distribution in the approximate
amount of $64,583.39 (the "Total Plan Payment") which shall be paid
in installments of $6,558.33 bi-annual over 5 years, with the first
payment beginning the 30th day of the month following the effective
date of this Plan.
Class 3 consists of the Debtor's interest in property of the
estate, which is retained under this Plan. The Debtor has committed
the value of 60 months of its profit toward funding the Plan, and
has otherwise met all of the requirements under the Bankruptcy
Code. Class 3 is presumed to accept this Plan and is not entitled
to vote.
The means necessary for the execution of this Plan include the
Debtor's income from its business operations. The Debtor shall, and
believes it can, generate and receive sufficient income to the
amount necessary to enable it to make all payments due under the
Plan. The Debtor shall be the disbursing agent.
A full-text copy of the Disclosure Statement dated May 16, 2023 is
available at https://bit.ly/45xFltl from PacerMonitor.com at no
charge.
Attorney for Debtor:
Ariel Sagre, Esq.
Sagre Law Firm, P.A.
5201 Blue Lagoon Drive, Suite 892
Miami, FL 33126
Tel: (305) 266-5999
Fax: (305) 265-6223
Email: law@sagrelawfirm.com
About Purry & Son Trucking Corp.
Purry & Son Trucking Corp. filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 22-19096) on Nov. 29, 2022, with as much
as $1 million in both assets and liabilities. Judge Robert A. Mark
oversees the case.
The Debtor tapped Ariel Sagre, Esq., at Sagre Law Firm, P.A., as
legal counsel and Zamora & Hernandez, PLLC, as accountant.
PURRY & SON: Unsecureds Will Get 14% of Claims in 5 Years
---------------------------------------------------------
Purry & Son Trucking Corp. filed with the U.S. Bankruptcy Court for
the Southern District of Florida a Plan of Reorganization dated May
15, 2023.
Class 1 consists of the Allowed Secured Claims of the U.S. Small
Business Administration ("SBA"). This Claim is secured pursuant to
Claimant's UCC recorded on May 27, 2020 regarding UCC assets for a
sum total of $57,818. This Claim is reduced to a secured claim of
$57,818.07 at the fixed contractual rate of 3.75% over 72 months.
Said payments having commenced as of the effective date of the Plan
and continuing on the 30th day of each month thereafter.
Class 2 consists of all allowed unsecured general claims. The
allowed unsecured claims total $322,343. The Class 2 creditors
shall share pro rata in a total distribution in the approximate
amount of $64,583 (the "Total Plan Payment") which shall be paid in
installments of $6,558 bi-annual over 5 years, with the first
payment beginning the 30th day of the month following the effective
date of this Plan.
Thirty days after the entry of a final and non-appealable
Confirmation Order and Final Decree, the Reorganized Debtor shall
provide payments in the amount of 14% of the Allowed Unsecured
Claims.
Class 3 consists of the Debtor's interest in property of the
estate, which is retained under this Plan. The Debtor has committed
the value of 60 months of its profit toward funding the Plan, and
has otherwise met all of the requirements under the Bankruptcy
Code. Class 3 is presumed to accept this Plan and is not entitled
to vote.
The Plan shall be funded from the following sources: (a) the net
proceeds from the operation of business sales of Assets (b) new
value on confirmation date from the Debtor's Principal.
On or prior to the confirmation date, the Debtor shall (i) continue
to operate any remaining business and make purchases and collect
payments in the ordinary course of its business, (ii) commence
prosecution of all Estate Causes of Action, (iii) file and resolve
by a final adjudication any objections to Claims except with
respect to any objection to Claims that is scheduled for a trial or
evidentiary hearing after the confirmation hearing, and (iv)
continue to comply with the various other Orders entered by the
Bankruptcy Court during the course of its case.
A full-text copy of the Plan of Reorganization dated May 15, 2023
is available at https://bit.ly/43cbULc from PacerMonitor.com at no
charge.
Attorney for Debtor:
Ariel Sagre, Esq.
Sagre Law Firm, P.A.
5201 Blue Lagoon Drive, Suite 892
Miami, FL 33126
Tel: (305) 266-5999
Fax: (305) 265-6223
Email: law@sagrelawfirm.com
About Purry & Son Trucking Corp.
Purry & Son Trucking Corp. filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 22-19096) on Nov. 29, 2022, with as much
as $1 million in both assets and liabilities. Judge Robert A. Mark
oversees the case.
The Debtor tapped Ariel Sagre, Esq., at Sagre Law Firm, P.A. as
legal counsel and Zamora & Hernandez, PLLC as accountant.
REGIONAL HEALTH: Incurs $2 Million Net Loss in First Quarter
------------------------------------------------------------
Regional Health Properties, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $1.99 million on $3.91 million of total revenues for
the three months ended March 31, 2023, compared to a net loss of
$2.93 million on $6.65 million of total revenues for the three
months ended March 31, 2022.
As of March 31, 2023, the Company had $65.95 million in total
assets, $64.15 million in total liabilities, and $1.80 million in
total stockholders' equity.
The Company intends to pursue measures to grow its operations,
streamline its cost infrastructure and otherwise increase
liquidity, including: (i) refinancing or repaying debt to reduce
interest costs and mandatory principal repayments, with such
repayment to be funded through potentially expanding borrowing
arrangements with certain lenders; (ii) increasing future lease
revenue through acquisitions and investments in existing
properties; (iii) modifying the terms of existing leases; (iv)
replacing certain tenants who default on their lease payment terms;
and (v) reducing other and general and administrative expenses.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1004724/000095017023021971/rhe-20230331.htm
About Regional Health Properties
Regional Health Properties, Inc. (NYSE American: RHE) (NYSE
American: RHEpA) -- http://www.regionalhealthproperties.com-- is a
self-managed healthcare real estate investment company that invests
primarily in real estate purposed for senior living and long-term
healthcare through facility lease and sub-lease transactions.
Regional Health reported a net loss of $6.87 million in 2022, a net
loss of $1.18 million in 2021, and a net loss of $688,000 in 2020.
As of Dec. 31, 2022, the Company had $68.58 million in total
assets, $64.86 million in total liabilities, and $3.72 million in
total stockholders' equity.
SERTA SIMMONS: Defends 2020 Transactions During Plan Trial
----------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt mattress maker Serta
Simmons Bedding LLC opened its Chapter 11 plan confirmation trial
Monday, May 15, 2023, by defending a 2020 refinancing transaction
that has become the focus of opposition to the plan by lenders who
were barred from participating in those new loans.
In June 2020, Serta Simmons Bedding announced it had entered into a
transaction support agreement to recapitalize the Company. In
connection with this transaction, (i) certain parties to the
transaction support agreement, including certain of the Debtors'
then-existing first lien and second lien lenders, made available to
the borrowers a new "first lien first out" term loan in the
aggregate principal amount of $200 million (the "FLFO Term Loans"),
and (ii) second, certain of the Debtors' then-existing first lien
and second lien lenders sold to Serta Simmons Bedding and the other
borrowers approximately $1 billion of outstanding term loans under
the Non-PTL Term Loan Facility and $300 million outstanding under
the Debtors' second lien term loan facility in exchange for "first
lien second out" term loans under the PTL Credit Agreement (the
"FLSO Term Loans", and together with the FLFO Term Loans, the "PTL
Facility").
Certain of the Company's existing lenders that were not party to
the 2020 transaction have sued the Company and certain of the PTL
Lenders. In one action, pending in the United States District Court
for the Southern District of New York, plaintiffs seek damages for
alleged breaches of the Non-PTL Term Loan Agreement and the implied
covenant of good faith and fair dealing, among other causes of
action. In the second, pending in New York State Supreme Court,
plaintiffs likewise seek damages for alleged breach of the Non-PTL
Term Loan Agreement and the implied covenant of good faith and fair
dealing, and additionally seeks to unwind the 2020 Transaction
entirely.
The Debtors have commenced chapter 11 cases to implement a
prearranged restructuring supported by (a) holders representing
approximately (i) 81 percent of the aggregate outstanding principal
amount of Class 3 (FLFO Claims) under its prepetition PTL Facility,
and (ii) 77 percent of the aggregate outstanding principal amount
of Class 4 (FLSO Claims) under its prepetition PTL Facility, and
(b) Dawn Holdings, Inc., as the sole member, and holder of
interests in, Dawn Intermediate, and funds managed by Advent
International Corporation, as holder of interests in Dawn Holdings,
Inc.
Pursuant to the terms of a Restructuring Support Agreement dated as
of Jan. 23, 2023, Serta Simmons filed a proposed debt-for-equity
plan that it says will leave the Company's businesses intact and
substantially deleverage the Debtors' capital structure. The
Company's balance sheet liabilities will be reduced from greater
than $1.9 billion in total debt to approximately $315 million
(including original issue discount, if any) in total debt upon
emergence and result in the resolution of certain pending claims
against the Debtors brought by certain of Non-PTL term loan
lenders.
Each holder of an Allowed FLFO Claim under the PTL Facility has
agreed to exchange its claims for its pro rata share of $195
million in aggregate principal amount of New Term Loans. Holders
of allowed FLSO claims will receive most of the new common
interests in the reorganized company. Holders of non-PTL term loan
claims will receive 4 percent of the shares if the class votes in
favor of the Plan, but just 1 percent if the class rejects the
Plan. Go-forward general unsecured creditors will recover 100
cents on the dollar. Holders of other general unsecured claims
will receive up to 3.3 percent.
About Serta Simmons Bedding
Serta Simmons Bedding, together with its non-debtor affiliates,
are
manufacturers and marketers of bedding products in North America,
operating various bedding manufacturing facilities across the
United States and Canada.
Serta Simmons Bedding, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead
Case
No. 23-90020) on Jan. 23, 2023. The petitions were signed by John
Linker, chief financial officer, treasurer and assistant
secretary.
At the time of filing, the Debtors estimated $1 billion to $10
billion in both assets and liabilities.
Serta Simmons tapped Weil, Gotshal & Manges as counsel, Evercore
Group, LLC, as its investment banker, and FTI Consulting, Inc., as
its financial advisor. Epiq Corporate Restructuring, LLC, is the
claims and noticing agent. Pricewaterhousecoopers LLP is the tax
services advisor.
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 53% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Shutterfly LLC is a
borrower were trading in the secondary market around 47.5
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion facility is a Term loan that is scheduled to
mature on September 25, 2026. About $1.09 billion of the loan is
withdrawn and outstanding.
Shutterfly, LLC is an American photography, photography products,
and image sharing company, headquartered in Redwood City,
California.
SIGNAL PARENT: $550M Bank Debt Trades at 27% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Signal Parent Inc
is a borrower were trading in the secondary market around 73.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on April 1, 2028. About $540.4 million of the loan is
withdrawn and outstanding.
Signal Parent, Inc. provides interior design services.
SINCLAIR TELEVISION: $740M Bank Debt Trades at 17% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
83.1 cents-on-the-dollar during the week ended Friday, May 19,
2023, according to Bloomberg's Evaluated Pricing service data.
The $740 million facility is a Term loan that is scheduled to
mature on April 1, 2028. About $727.3 million of the loan is
withdrawn and outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SMART AND SASSY: Unsecureds to Split $296K in Subchapter V Plan
---------------------------------------------------------------
Smart and Sassy, LLC, submitted a Second Amended Plan of
Reorganization for Small Business under Subchapter V dated May 15,
2023.
This Plan of Reorganization proposes to pay creditors of Debtor
from the net income of Debtor in operation of its business as a
subscription-based gift-box service.
The financial projections show that Debtor will have projected
disposable income of $1,209,971.10 over a four-year period, which
is sufficient to pay amounts required to general unsecured
creditors.
Class 1 consists of Five Star Bank Claim. This class shall be paid
before all other classes. This creditor shall be paid directly in
full over a 25-month period, at 9.5% interest commencing June 1,
2023 and ending June 1, 2025. Total paid under this plan shall be
$541,555.53. This creditor is oversecured and shall be allowed to
add reasonable attorney fees and costs to its claim, which shall be
paid within 30 days from the date of confirmation of this plan. The
attorney fees and costs is estimated to be approximately
$20,000.00.
Class 2 consists of Consignment /Bailment Claims: OUIBY, Inc. &
Procuremint, LLC. These Creditors have filed claims secured in
consignment/bailment inventory which Debtor is surrendering through
this plan. If, after surrender of all collateral/consignment
inventory secured by these creditors, these creditors' claims are
still unsatisfied, creditors in this class shall be given 12 months
from confirmation of this plan to file an amended claim for the
general unsecured deficiency.
Class 3 consists of NewCo Capital Claim. This creditor shall be
paid in full over an 8-month period commencing July 1, 2025and
ending February 1, 2026 at 9.5% interest. Monthly payments of the
following amounts shall be made to this creditor directly for 8
months. This creditor shall retain all security in assets it held
on date of petition and Debtor shall protect and insure any/all
collateral. Upon completion of all payments contemplated herein to
this Creditor, Creditor shall release all security in collateral.
Class 4 consists of General Unsecured Creditors and general
unsecured portion of any other claim, including the claim of
Forward Financing which was unperfected on date of petition. Debtor
shall pay to the Chapter 11 Trustee, as disbursing agent, the sum
of $29,604.62 monthly from March 01, 2026 to December 01, 2026 for
a total of $296,046.16.
The Chapter 11 Trustee shall disburse these funds to general
unsecured creditors prorata, based on allowed general unsecured
claims and general unsecured portions of any secured claim
deficiencies.
Debtor shall retain equity, after payment of ordinary expenses and
payments pursuant to this plan for the benefit of equity holders.
Debtor shall continue operation of its business and will also
expand marketing efforts to solicit more business in order to fund
this plan and continue its history of positive cash flow.
A full-text copy of the Second Amended Plan dated May 15, 2023 is
available at https://bit.ly/3ojnEg2 from PacerMonitor.com at no
charge.
Attorney for Debtor:
John A. Lentz, Esq.
Lentz Law, PC, LLO
650 J St Ste 215B
Lincoln, NE 68508
Phone: (402) 421-9676
Email: john@johnlentz.com
About Smart and Sassy
Smart and Sassy LLC, doing business as Smartass and Sass, filed a
petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. D. Neb. Case No. 22-40874) on October 6,
2022, with between $1 million and $10 million in both assets and
liabilities. James A. Overcash has been appointed as Subchapter V
trustee.
Judge Thomas L. Saladino oversees the case.
The Debtor tapped John A. Lentz, Esq., at Lentz Law, PC, LLO as
counsel and Andrew Berg, CPA, at Berg Advisors as accountant.
SOUTHERN CLEARING: Taps BransonLaw as Bankruptcy Counsel
--------------------------------------------------------
Southern Clearing & Grinding, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
BransonLaw, PLLC as bankruptcy counsel.
The firm will provide these services:
a. prosecute and defend any causes of action on behalf of the
Debtor and prepare legal papers;
b. assist in the formulation of a Chapter 11 plan of
reorganization; and
c. provide all other services of a legal nature.
The firm will be paid $625 per hour for attorneys, and $200 per
hour for paralegals.
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Prior to the petition date, the Debtor paid the firm an advance fee
of $16,416 for post-petition services and expenses, and the filing
fee of $1,738.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, PLLC, 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:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
About Southern Clearing & Grinding
Southern Clearing & Grinding, Inc. is a turnkey vegetation removal
contractor in Saint Petersburg, Fla.
Southern Clearing & Grinding filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-01586) on April 21, 2023, with $4,205,593 in assets and
$4,212,083 in liabilities. Shane Dinkins, president of Southern
Clearing & Grinding, signed the petition.
Judge Catherine Peek McEwen oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's
legal counsel.
SUNSET DEBT: $1.63B Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which Sunset Debt Merger
Sub Inc is a borrower were trading in the secondary market around
84.3 cents-on-the-dollar during the week ended Friday, May 19,
2023, according to Bloomberg's Evaluated Pricing service data.
The $1.63 billion facility is a Term loan that is scheduled to
mature on October 6, 2028. The amount is fully drawn and
outstanding.
SIWF Holdings Inc. (Sunset Debt Merger Sub Inc.) was formed by AEA
Investors LP and British Columbia Investment Management Corporation
to facilitate their acquisition of Springs Window Fashions LLC from
Golden Gate Capital. Springs Window Fashions supplies retailers and
distributors with a line of blinds, shades, specialty treatments
and window hardware.
SURGICARE SURGICAL: Sam Della Fera Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Sam Della Fera, Jr.,
Esq., at Chiesa, Shahinian & Giantomasi, PC, as Subchapter V
trustee for Surgicare Surgical Associates of Mahwah, LLC.
Mr. Della Fera, Jr., will be paid an hourly fee of $450 for his
services as Subchapter V trustee and will be reimbursed for work
related expenses incurred.
Mr. Della Fera, Jr., declared that he is a disinterested person
according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Sam Della Fera, Jr., Esq.
Chiesa, Shahinian & Giantomasi, PC
One Boland Drive
West Orange, NJ 07052
973-530-2076
Email: sdellafera@csglaw.com
About Surgicare Surgical
Surgicare Surgical Associates of Mahwah, LLC is a surgical center
in Mahwah, N.J.
Surgicare filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.N.J. Case No. 23-13624) on April 27,
2023. In the petition signed by its managing member, Dr. Jeffrey
Horowitz, the Debtor disclosed as much as $50,000 in assets and $1
million to $10 million in liabilities.
Judge John K. Sherwood oversees the case.
Douglas J. McGill, Esq., at Weber McGill, LLC is the Debtor's
counsel.
SVB FINANCIAL: Committee Taps Akin Gump Strauss Hauer as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of SVB Financial
Group seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Akin Gump Strauss Hauer &
Feld LLP as counsel.
The firm's services include:
(a) advising the committee with respect to its rights, duties
and powers in this Chapter 11 case;
(b) assisting and advising the committee in its consultations
and negotiations with the Debtor and other parties relative to the
administration of this Chapter 11 case;
(c) assisting the committee in analyzing the claims of the
Debtor's creditors and the Debtor's capital structure and in
negotiating with holders of claims and equity interests;
(d) assisting the committee in its investigation of the acts,
conduct, assets, liabilities and financial condition of the Debtor
and its insiders and of the operation of the Debtor's business;
(e) assisting the committee in its analysis of, and negotiations
with, the Debtor or any third party concerning matters related to,
among other things, the assumption or rejection of certain leases
of non-residential real property and executory contracts, asset
dispositions, going concern sale transactions, financing
transactions, and the terms of one or more plans of reorganization
and liquidation for the Debtor;
(f) assisting and advising the committee as to its
communications to the general creditor body regarding significant
matters in this Chapter 11 case;
(g) representing the committee at all hearings and other
proceedings before this court;
(h) reviewing and analyzing applications, orders, statements of
operations and schedules filed with the court, and advising the
committee as to their propriety and, to the extent deemed
appropriate by the committee, supporting, joining or objecting
thereto;
(i) advising and assisting the committee with respect to any
legislative, regulatory or governmental activities related to the
Debtor and this Chapter 11 case;
(j) assisting the committee in preparing pleadings and
applications as may be necessary in furtherance of the committee's
interests and objectives;
(k) assisting the committee in its review and analysis of the
Debtor's various agreements;
(l) preparing pleadings;
(m) investigating and analyzing any claims belonging to the
Debtor's estate; and
(n) other legal services.
The firm will be paid at these rates:
Partners $1,300 to $2,145 per hour
Senior Counsels $940 to $1,550 per hour
Counsels $1,120 to $1,500 per hour
Associates $735 to $1,175 per hour
Paraprofessionals $215 to $510 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
James Savin, Esq., a partner at Akin, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Akin
disclosed the following:
(a) Akin did not agree to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement. The rates proposed by Akin are consistent with (i)
market rates for comparable services and (ii) the rates that Akin
charges and will charge other comparable Chapter 11 clients,
regardless of the location of the chapter 11 case.
(b) No rate for any of the professionals included in this
engagement varies based on the geographic location of the
bankruptcy case.
(c) Akin did not represent the committee in this Chapter 11 case
prior to its retention by the committee.
(d) Akin expects to develop a prospective budget and staffing
plan to reasonably comply with the U.S. Trustee's request for
information and additional disclosures, as to which the firm
reserves all rights.
(e) The committee approved Akin's proposed hourly billing rates
for the year 2023.
The firm can be reached at:
James R. Savin, Esq.
Akin Gump Strauss Hauer & Feld, LLP
One Bryant Park
New York, NY 10036-6745
Tel: (212) 872-1000
Fax: (212) 872-1002
Email: idizengoff@akingump.com
bkahn@akingump.com
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
SVB FINANCIAL: Committee Taps Berkeley as Financial Advisor
-----------------------------------------------------------
The official committee of unsecured creditors of SVB Financial
Group seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Berkeley Research Group,
LLC as financial advisor.
The committee requires a financial advisor to:
a) develop a periodic monitoring report to enable the committee
to evaluate effectively the Debtor's financial performance relative
to projections and any relevant operational issues, including
extension of liquidity beyond contemplated milestones, on an
ongoing basis;
b) monitor liquidity and cash flows throughout the case and
scrutinize cash disbursements and capital requirements, including,
but not limited to payments permitted pursuant to first-day
motions;
c) analyze relief requested by the Debtor in connection with its
cash management system, including proper controls related to and
financial transparency into intercompany transactions and claims
between the Debtor and non-debtor affiliates;
d) evaluate any proposed restructuring support agreement or
debtor in possession financing terms;
e) analyze both historical and ongoing related party
transactions;
f) evaluate all claims and transactions between the Debtor and
Silicon Valley Bridge Bank, National Association and/or First
Citizens Bank, including the takeover of Silicon Valley Bank by the
Federal Deposit Insurance Corporation;
g) advise the committee in its analysis of the Debtor and
non-debtor affiliates' historical, current and projected financial
affairs;
h) assist in the review of financial related disclosures,
including the Debtor's schedules of assets and liabilities,
statements of financial affairs and monthly operating reports;
i) analyze the Debtor's business plan/operational restructuring and
monitor the implementation of any strategic initiatives and prepare
reports related thereto;
j) advise and assist the committee in its assessment of the
Debtor's employee needs and related costs, including any proposed
employee bonuses such as a key employee incentive plan for the
Debtor's insiders, and provide expert testimony related thereto;
k) assist in the development and review of a cost/benefit
analysis with respect to the assumption or rejection of executory
contracts and leases;
l) provide support for committee counsel as necessary to address
restructuring issues, including, but not limited to, plan of
reorganization and liquidity issues;
m) advise and assist the committee and its counsel in reviewing
and evaluating any motions, applications, or other forms of relief,
filed or to be filed by the Debtor or any other parties in
interest, as necessary and appropriate;
n) analyze the Debtor's assets (tangible and intangible) and
possible recoveries to creditor constituencies under various
scenarios and develop strategies to maximize recoveries;
o) prepare a waterfall of expected recoveries to creditor
classes under various settlement scenarios;
p) assess the Debtor's international operations and analyze the
impact of any insolvency proceedings in foreign countries;
q) advise the committee with respect to any potential preference
payments, fraudulent conveyances, and other potential causes of
action that the Debtor may hold against insiders and/or third
parties;
r) provide support to the committee and its counsel regarding
potential litigation strategies;
s) monitor the Debtor's claims management process, including
analyzing all classes of claims and guarantees and summarizing
claims by entity;
t) evaluate feasibility of any proposed chapter 11 plan and/or
business plan;
u) work with the Debtor's tax advisors to ensure that any
restructuring or sale transaction is structured in a tax efficient
manner;
v) negotiate with the Debtor's financial advisor as requested by
committee and its counsel;
w) attend committee meetings and court hearings as may be
required;
x) prepare solvency analyses and related testimony related
thereto; and
y) perform other services including expert testimony, forensic
analyses and issuance of expert reports.
The firm will be paid at these rates:
Managing Directors $1,050 to $1,250 per hour
Associate Directors & Directors $810 to 990 per hour
Professional Staff $395 to $795 per hour
Support Staff $175 to $350 per hour
David Galfus, managing director at Berkeley Research Group,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
David Galfus
Berkeley Research Group, LLC
250 Pehle Avenue, Suite 301
Saddle Brook, NJ 07663
Tel: (201) 587-7100
Fax: (201) 587-7102
Email: dgalfus@thinkbrg.com
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
SVB FINANCIAL: Committee Taps Cole Schotz as Conflict Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of SVB Financial
Group seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Cole Schotz P.C. as
conflict counsel.
The firm will provide these services:
(a) assist Akin Gump Strauss Hauer& Feld LLP, Berkeley Research
Group, LLC, and the committee in investigating and analyzing the
claims by the Debtor's creditors and reviewing all documents in
relation to those claims;
(b) assist Akin and the committee in its investigation of the
acts, conduct, assets, liabilities, and financial condition of the
Debtor and its insiders and of the operation of the Debtor's
business;
(c) in conjunction with Akin, investigate and analyze any claims
against the Debtor's non-debtor affiliates;
(d) in conjunction with Akin, review and analyze applications,
orders, statements of operations and schedules filed with the Court
and advise the committee as to their propriety and, to the extent
deemed appropriate by the committee, support, join, or object
thereto;
(e) together with Akin and to the extent necessary, appear in
Court and at any meetings of creditors on behalf of the committee;
(f) draft, revise and comment on documents as requested by Akin
and the committee;
(g) monitor the case docket and coordinate with Akin on matters
impacting the committee;
(h) participate in calls with the committee; and
(i) provide additional support to Akin, Berkeley, Lazard and the
committee, as requested.
The firm will be paid at these rates:
Members $485 to $1,200 per hour
Special Counsels $575 to $730 per hour
Associates $325 to $685 per hour
Paralegals $245 to $410 per hour
Litigation Support Specialists $380 to $475 per hour
Seth Van Aalten, Esq., a partner at Cole Schotz, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Cole
Schotz disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Not applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Cole Schotz is in the process of formulating the
budget and staffing plan, which has not yet been approved by the
committee. The firm will provide a copy to the committee and seek
approval of the budget and staffing plan from the committee soon.
The firm can be reached at:
Seth Van Aalten, Esq.
Cole Schotz P.C.
1325 Avenue of the Americas, 19th Floor
New York, NY 10019
Tel: (212) 752-8000
Fax: (212) 752-8393
Email: svanaalten@coleschotz.com
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
SVB FINANCIAL: Committee Taps Lazard Freres as Investment Banker
----------------------------------------------------------------
The official committee of unsecured creditors of SVB Financial
Group seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Lazard Freres & Co. LLC as
investment banker.
The committee requires an investment banker to:
(a) review and analyze the business, operations, liquidity,
assets and liabilities, financial condition and prospects of the
Debtor;
(b) review, analyze, monitor and advise the committee with
respect to a sale process of all or a portion of the Debtor's
assets or securities;
(c) review and analyze the Debtor's business plan, financial
projections and forecasts;
(d) evaluate the Debtor's debt capacity in light of its
projected cash flows;
(e) review and provide an analysis of any proposed capital
structure for the Debtor;
(f) review and provide an analysis of any valuation of the
Debtor or its assets;
(g) advise and attend meetings of the committee as well as
meetings with the Debtor or other third parties as appropriate in
connection with the matters set forth herein;
(h) advise and assist the committee in evaluating the financial
aspects of any potential financing by the Debtor, including any
potential debtor in possession loans;
(i) review, analyze and advise the committee with respect to the
existing debt structures of the Debtor, and potential refinancing
alternatives for existing debt;
(j) advise and assist the committee in analyzing strategic
alternatives potentially available to the Debtor;
(k) review and provide an analysis of any restructuring plan (as
the same may be modified from time to time, a "Plan") proposed by
any party;
(l) review and provide an analysis of any new securities, other
consideration or other inducements to be offered and issued under a
Plan or otherwise;
(m) advise the committee on tactics and strategies and/or
participate in negotiations with the Debtor and other
stakeholders;
(n) provide testimony and expert reports, as necessary, with
respect to matters on which Lazard has been engaged to advise the
committee in any proceeding before the Bankruptcy Court;
(o) review and evaluate any bids or offers for the purchase of
all or a portion of the Debtor's assets or securities;
(p) advise and assist the committee in analyzing the potential
financial impact of any legislative and/or regulatory proposals on
the Debtor's operations; and
(q) provide the committee with other financial restructuring
services related to the Debtor as the committee may from time to
time reasonably request.
The firm will be paid as follows:
(a) Monthly Fee: The Debtor shall pay Lazard a monthly fee of
$175,000 for each month of Lazard's engagement, payable in
accordance with any applicable orders of the Court. The monthly fee
for April 2023 shall be payable pro-rated such that Lazard will not
be paid for the first seven (7) days of the month. Fifty percent
(50%) of all monthly fees paid to Lazard in respect of any month
following the ninth (9th) month of the engagement of Lazard by the
committee shall be credited (without duplication) against the
restructuring fee subsequently payable.
(b) Restructuring Fee: The Debtor shall pay Lazard a fee,
payable upon consummation of any restructuring, of $5 million in
accordance with this court's orders.
(c) Par Recovery Fee: In addition to the monthly fee and the
restructuring fee, the Debtor shall pay a fee, payable upon
consummation of any restructuring, of $2.5 million if that
restructuring is a par recovery restructuring.
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Ari Lefkovits, a partner at Lazard, 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:
Ari Lefkovits
Lazard Freres & Co. LLC
30 Rockefeller Plaza
New York, NY 10020
Tel: (212) 632-6000
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
SYNTHESIS INDUSTRIAL: Taps Steven Yarmy as Bankruptcy Attorney
--------------------------------------------------------------
Synthesis Industrial Holdings 1, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Steven Yarmy,
Esq., a practicing attorney in Las Vegas, to handle its Chapter 11
case.
The Debtor requires a bankruptcy attorney to:
(a) examine the preparation of records and reports as required
by the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and
Local Bankruptcy Rules;
(b) prepare applications and proposed orders to be submitted to
the court;
(c) identify and prosecute claims of action assertable by the
Debtor on behalf of the estate;
(d) examine proofs of claim anticipated to be filed and the
possible prosecution of objections to certain of such claims;
(e) advise the Debtor and prepare documents in connection with
the contemplated ongoing operation of the Debtor's business, if
any;
(f) assist and advise the Debtor in performing other official
functions; and
(g) advise and prepare a plan of reorganization, disclosure
statement and related documents, and seek confirmation of the
plan.
The firm will be paid at these rates:
Steven L. Yarmy, Esq. $350 per hour
Paraprofessional services $225 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received $1,500 from the Debtor.
Mr. Yarmy disclosed in a court filing that he and his firm are
disinterested parties under the Bankruptcy Code.
The attorney can be reached at:
Steven L. Yarmy, Esq.
7464 W Sahara Ave, STE 8
Las Vegas, NV 89117
Phone: (702) 586-3513
Fax: (702) 586-3690
Email: sly@stevenyarmylaw.com
About Synthesis Industrial Holdings 1
Synthesis Industrial Holdings 1, LLC filed a Chapter 11 bankruptcy
petition (Bankr. D. Nev. Case No. 23-11321) on April 4, 2023,
disclosing under $1 million in both assets and liabilities. Judge
Mike K. Nakagawa oversees the case.
The Debtor is represented by Steven L. Yarmy, Esq.
TEAM HEALTH: $2.75B Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which Team Health
Holdings Inc is a borrower were trading in the secondary market
around 81.3 cents-on-the-dollar during the week ended Friday, May
19, 2023, according to Bloomberg's Evaluated Pricing service data.
The $2.75 billion facility is a Term loan that is scheduled to
mature on February 6, 2024. About $1.14 billion of the loan is
withdrawn and outstanding.
Team Health Holdings, Inc. is a provider of physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TEXAS CORE: Unsecureds Will Get 1.5% of Claims in 36 Months
-----------------------------------------------------------
Texas Core Energy, LLC, filed with the U.S. Bankruptcy Court for
the Northern District of Texas a Small Business Subchapter V Plan
of Reorganization dated May 15, 2023.
The Debtor is a Texas limited liability company which consists of
two main business divisions: a tank and vessel fabrication
division, and a sales and supply division.
The tank and vessel division did business as TOCE International and
TOCE Tank & Vessel. The sales and supply division does business as
TOCE Manufacturing. The tank and vessel division operated out of
Kilgore, Texas. The sales and supply division operates out of
Odessa, Texas. The Debtor is owned by Taha Habib, Abraham Carranza,
and Jody Day. The corporate offices for the Debtor are located at
13033 Quaker Avenue, Lubbock, Texas.
The Debtor intends to sell the assets it holds associated with the
Debtor's tank and vessel division. The sale of these assets will be
done through an auction process using KD Capital Auctions, LLC. As
these assets are sold, the secured creditors with liens on the
assets will be paid first.
The Debtor intends to maintain its sales and supply division and to
continue to operate under TOCE Manufacturing. Through the Debtor's
continued operations of the sales and supply division, the Debtor
will fund the Plan. The Debtor seeks to restructure its debts with
Pioneer, the IRS, the Comptroller, and other creditors to improve
its cash flow and ease its ability to make payments under this
Plan.
Debtor's Plan of Reorganization provides for the continued
operations of the Debtor to make payments to its creditors as set
forth in this Plan. Debtor seeks to confirm a consensual plan of
reorganization so that all payments to creditors required under the
Plan will be made directly by the Debtor to its creditors.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 1.5 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims in full.
Class 5 consists of General Unsecured Creditors. Claims of all
other Creditors of the Debtor, including deficiency Claims, as the
same are Allowed and ordered to be paid by the Bankruptcy Court,
including but not limited to the Creditors whose Claims may arise
out of the rejection of executory contracts or unexpired real or
personal property leases, and secured Creditors to the extent that
the Bankruptcy Court finds that such Creditors' Claims are
unsecured in whole or in part, make up Class 5 under the Plan. The
Plan provides for the Debtor to make monthly payments of $2,000
over the next 36 months to Allowed General Unsecured Creditors such
that Allowed General Unsecured Creditors will receive approximately
1.5% of the amount of their Allowed Claim.
Payments shall be distributed by the Debtor directly to the Allowed
General Unsecured Creditors. To the extent the Debtor determines
that the monthly payment to any particular creditor would be
administratively cumbersome to pay on a monthly basis can pay such
creditor on a quarterly basis by holding back sufficient funds from
each month to pay the creditor the amount it would have received
each quarter.
Class 6 consists of Equity Interest Holders. Taha Habib and Abraham
Carranza shall remain the 100% owner of the Debtor. Taha Habib will
continue to serve as the president of the Debtor, and Abraham
Carranza will continue to serve as the vice president of the
Debtor. Both Taha Habib and Abraham Carranza shall be entitled to
compensation for their roles as president and vice president,
respectively, of the Debtor.
The Debtor will liquidate the majority of its assets associated
with its tank and vessel division. The Debtor anticipates that the
sales proceeds will go to pay in full the GCAD Secured Claim and to
pay down the debt owed to Pioneer. The Debtor will continue to
operate its sales and supply division located in Odessa, Texas,
commonly known as TOCE Manufacturing. Through the Debtor's
continued operations, the Debtor will make the Plan payments called
for herein to its creditors.
Additionally, the Debtor will explore any opportunities it may have
to sell off assets and streamline its operations. After
confirmation of the Plan, the Debtor is authorized to sell any of
its assets according to its business judgment without further
motion and order of the Court. The sale of its assets and payment
of any liens against the assets sold will be treated in accordance
with this Plan, state law, or mutual agreement between the Debtor
and lien holder.
A full-text copy of the Subchapter V Plan dated May 15, 2023 is
available at https://bit.ly/3pUVmsJ from PacerMonitor.com at no
charge.
Attorneys for the Debtor:
Brad W. Odell, Esq.
Mullin Hoard & Brown, LLP
P.O. Box 2585
Lubbock, TX 79408
Telephone: (806) 765-7491
Facsimile: (806) 765-0553
Email: bodell@mhba.com
About Texas Core Energy
Texas Core Energy, LLC, is engaged in the design and fabrication of
API Tanks and ASME Vessels.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-50021) on Feb. 14,
2023. In the petition signed by Taha Habib, manager, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.
Judge Robert L. Jones oversees the case.
Brad W. Odell, Esq., at Mullin Hoard & Brown, LLP, is the Debtor's
legal counsel.
TPT GLOBAL: Posts $61.5 Million Net Loss in 2022
------------------------------------------------
TPT Global Tech, Inc. has filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss
attributable to the Company's shareholders of $61.50 million on
$7.84 million of total revenues for the year ended Dec. 31, 2022,
compared to a net loss attributable to the Company's shareholders
of $4.02 million on $10.03 million of total revenues for the year
ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $1.05 million in total assets,
$34.02 million in total liabilities, $58.25 million in mezzanine
equity, and a total stockholders' deficit of $91.21 million.
Draper, UT-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated May 16, 2023, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001661039/000165495423006717/tptw_10k.htm
About TPT Global Tech
TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is
a technology-based company with divisions providing
telecommunications, medical technology and product distribution,
media content for domestic and international syndication as well as
technology solutions. It offers Software as a Service (SaaS),
Technology Platform as a Service (PAAS), Cloud-based Unified
Communication as a Service (UCaaS). TPT Global Tech offers
carrier-grade performance and support for businesses over its
private IP MPLS fiber and wireless network in the United States.
TPT Global Tech's cloud-based UCaaS services allow businesses of
any size to enjoy all the latest voice, data, media and
collaboration features in today's global technology markets. It
also operates as a Master Distributor for Nationwide Mobile Virtual
Network Operators (MVNO) and Independent Sales Organization (ISO)
as a Master Distributor for Pre-Paid Cell phone services, Cell
phone Accessories and Global Roaming Cell phones.
TRANS-LUX CORP: Incurs $858K Net Loss in First Quarter
------------------------------------------------------
Trans-Lux Corporation has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $858,000 on $4.35 million of total revenues for the three months
ended March 31, 2023, compared to net income of $493,000 on $3.66
million of total revenues for the three months ended March 31,
2022.
As of March 31, 2023, the Company had $8.84 million in total
assets, $19.97 million in total liabilities, and a total
stockholders' deficit of $11.14 million.
Trans-Lux said, "There is substantial doubt as to whether we will
have adequate liquidity, including access to the debt and equity
capital markets, to continue as a going concern over the next 12
months from the date of issuance of this Form 10-Q. The Company
continually evaluates the need and availability of long-term
capital in order to meet its cash requirements and fund potential
new opportunities."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/99106/000151316223000096/tnlx-20230331.htm
About Trans-Lux
Headquartered in New York, New York, Trans-Lux Corporation --
http://www.trans-lux.com-- designs and manufactures TL Vision
digital video displays for the financial, sports and entertainment,
gaming, education, government, and commercial markets. With a
comprehensive offering of LED Large Screen Systems, LCD Flat Panel
Displays, Data Walls and scoreboards (marketed under Fair-Play by
Trans-Lux), Trans-Lux delivers comprehensive video display
solutions for any size venue's indoor and outdoor display needs.
As of Dec. 31, 2022, the Company had $9.41 million in total assets,
$19.74 million in total liabilities, and a total stockholders'
deficit of $10.32 million.
New Haven, CT-based Marcum LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated March
31, 2023, citing that Company has a significant working capital
deficiency, 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.
TRITEK INTERNATIONAL: Hires Donlin as Administrative Advisor
------------------------------------------------------------
Tritek International Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Donlin
Recano & Company, Inc. as administrative advisor.
The firm will provide these services:
a. assist with, among other things, any required solicitation,
balloting, and tabulation and calculation of votes, as well as
preparing any appropriate reports, as required in furtherance of
confirmation of plan(s) of reorganization (the "Balloting
Services");
b. generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;
c. in connection with the Balloting Services, handling requests
for documents from parties in interest, including, if applicable,
brokerage firms and bank back offices and institutional holders;
d. gathering data in conjunction with the preparation, and
assisting with the preparation, of Debtors' 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. providing such other claims processing, noticing,
solicitation, balloting, and administrative services described in
the Services Agreement, but not included in the Section 156(c)
Application, as may be requested by Debtors from time to time.
The firm will be paid based upon its normal and usual hourlybilling
rates.The firm will also be reimbursed for reasonableout-of-pocket
expenses incurred.
The retainer is $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
NellwynVoorhies, 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
Tel: (619) 346-1628
Email: nvoorhies@donlinrecano.com
About Tritek International Inc.
Tritek International Inc., HyLife Foods Windom, LLC, Canwin Farms,
LLC are three entities that are part of the HyLife vertically
integrated operation for the raising, production and sale of pork
products. Their operations involve all aspects and stages of the
pork production process, including the farming and sourcing of
hogs, the and packaging of pork at their processing facility, and
the marketing and sale of such products throughout premium domestic
and international end markets, primarily in the United States,
Canada, Japan, Korea, and China.
Tritek International and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 23-10520) on April
27, 2023. The petitions were signed by Grant Lazaruk as chief
executive officer.
The Hon. Thomas M. Horan presides over the Debtors' cases.
Tritek International Inc. listed $0 to $50,000 in both estimated
assets and estimated liabilities.
HyLife Foods Windom listed $0 to $50,000 in both estimated assets
and estimated liabilities.
Canwin Farms listed $1 million to $10 million in both estimated
assets and estimated liabilities.
Katten Muchin Rosenman LLP serves as general bankruptcy counsel to
the Debtors, while Potter Anderson & Corroon LLP serves as general
bankruptcy co-counsel.
The Debtors' financial advisor is PricewaterhouseCoopers LLP;
investment banker is Intrepid Investment Bankers; and claims and
noticing agent is Donlin Recano & Company Inc.
TRITEK INTERNATIONAL: Hires Intrepid as Investment Banker
---------------------------------------------------------
Tritek International Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Intrepid Investment Bankers LLC as investment banker.
The firm's services include:
(a) assisting the Debtors in analyzing their business,
operations, properties, financial conditions and prospects;
(b) assisting the Debtors in their analysis and consideration of
financing alternatives, including debtor-in-possession financing;
(c) preparing and distributing information in connection with a
Transaction;
(d) identifying and soliciting potential acquirers, financing
sources or partners for a Transaction;
(e) assisting in the determination of the form, structure, terms
and pricing of a Transaction;
(f) assisting the Debtors on tactics and strategies for
negotiating with potential counterparties and stakeholders and, if
requested by Debtors, participating in such negotiations;
(g) advising the Debtors in the timing, nature and terms of new
securities, other consideration, or other inducements to be offered
pursuant to a Transaction;
(h) rendering financial advice and participating in meetings or
negotiations with stakeholders and outside agencies or appropriate
parties in connection with a Transaction;
(i) attending meetings of the Debtors' boards of directors or
governors, as applicable, and committees with respect to matters on
which Intrepid has been engaged to advise the Debtors;
(j) providing oral and written testimony, as necessary, with
respect to matters on which Intrepid has been engaged to advise
Debtors; and
(k) providing such other services as may be mutually agreed by
Intrepid and the Debtors.
The firm will be paid as follows:
(a) Initial Restructuring Fee: A non-refundable initial
restructuring fee payable (and which was paid) upon the execution
of the Engagement Agreement in the amount of $100,000 (the "Initial
Restructuring Fee").
(b) Monthly Fee(s): A non-refundable monthly fee (each, a
"Monthly Fee" and collectively, the "Monthly Fees"), payable upon
each monthly anniversary of the Initial Restructuring Fee payment
date, equal to: (i) $75,000 per month until the earlier of (a)
commencement by Debtors of proceedings pursuant to chapter 11 of
the Bankruptcy Code, (b) Debtors raising at least $5,000,000 of
Financing, or (c) the third anniversary of the Initial
Restructuring Fee payment date (collectively, the "Initial Monthly
Fee Period"); and (ii) $100,000 per month after the Initial
Monthly Fee Period.
(c) Financing Fee: A non-refundable financing fee, payable at
each closing of a Financing, equal to the applicable percentage set
forth below of the gross proceeds and/or aggregate principal amount
(if applicable) of any Financing irrevocably committed or funded in
connection with such Financing (whether or not actually drawn):
(i) 2 per cent for bank debt or first lien secured debt or DIP
(collectively, "Senior Debt"), provided that in the event DIP
Financing is provided by Compeer Financial, the applicable
Financing Fee shall be discounted by 30 per cent;
(ii) 3 per cent for debt junior to Senior Debt that is not an
Equity-Linked Security; and
(iii) 5 per cent for equity or equity-linked securities
(including, but not limited to, preferred securities, securities
with warrants, and convertible notes) ("Equity-Linked
Securities").
(d) Restructuring Fee: A restructuring fee equal to $2,000,000
payable upon consummation of a Restructuring (a "Restructuring
Fee"); provided that in the event Intrepid is paid a Restructuring
Fee and a reorganization is not consummated, Intrepid shall return
such fee to Debtors.
(e) Sale Fee: A non-refundable sale fee payable upon the
consummation of any Sale in an amount equal to the greater of (i)
$1,500,000 or (ii) 3 per cent of the Aggregate Consideration up to
$75,000,000 plus 5 per cent of the Aggregate Consideration which
exceeds $75,000,000 (the "Sale Fee").
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lorie Beers, a partner at Intrepid Investment Bankers LLC,
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:
Lorie Beers
Intrepid Investment Bankers LLC
11755 Wilshire Boulevard, 22nd Floor
Los Angeles, CA 90025
Tel: (310) 478-9000
About Tritek International Inc.
Tritek International Inc., HyLife Foods Windom, LLC, Canwin Farms,
LLC are three entities that are part of the HyLife vertically
integrated operation for the raising, production and sale of pork
products. Their operations involve all aspects and stages of the
pork production process, including the farming and sourcing of
hogs, the and packaging of pork at their processing facility, and
the marketing and sale of such products throughout premium domestic
and international end markets, primarily in the United States,
Canada, Japan, Korea, and China.
Tritek International and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 23-10520) on April
27, 2023. The petitions were signed by Grant Lazaruk as chief
executive officer.
The Hon. Thomas M. Horan presides over the Debtors' cases.
Tritek International Inc. listed $0 to $50,000 in both estimated
assets and estimated liabilities.
HyLife Foods Windom listed $0 to $50,000 in both estimated assets
and estimated liabilities.
Canwin Farms listed $1 million to $10 million in both estimated
assets and estimated liabilities.
Katten Muchin Rosenman LLP serves as general bankruptcy counsel to
the Debtors, while Potter Anderson & Corroon LLP serves as general
bankruptcy co-counsel.
The Debtors' financial advisor is PricewaterhouseCoopers LLP;
investment banker is Intrepid Investment Bankers; and claims and
noticing agent is Donlin Recano & Company Inc.
TRITEK INTERNATIONAL: Hires Katten Muchin as Counsel
----------------------------------------------------
Tritek International Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Katten
Muchin Rosenman LLP as their counsel.
The firm's services include:
(a) advising Debtors with respect to their powers and duties as
debtors in possession in the continued management and operation of
their businesses and properties;
(b) advising and consulting on the conduct of these Chapter 11
Cases, including all of the legal and administrative requirements
of operating in chapter 11;\
(c) attending meetings and negotiating with representatives of
creditors and other parties in interest;
(d) taking all necessary actions to protect and preserve
Debtors' estates, including prosecuting actions on Debtors' behalf,
defending any action commenced against Debtors, and representing
Debtors in negotiations concerning litigation in which Debtors are
involved, including objections to claims filed against Debtors'
estates;
(e) preparing pleadings in connection with these Chapter 11
Cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of Debtors' estates;
(f) representing Debtors in connection with obtaining authority
to obtain postpetition financing and use cash collateral;
(g) advising Debtors in connection with any potential sale of
assets;
(h) appearing before the Court and any appellate courts to
represent the interests of Debtors' estates;
(i) advising Debtors regarding tax matters;
(j) taking any necessary action on behalf of Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and
(k) performing all other necessary legal services for Debtors in
connection with the prosecution of these Chapter 11 Cases,
including: (i) analyzing Debtors' leases and contracts and the
assumption and assignment or rejection thereof; (ii) analyzing the
validity of liens against Debtors; and (iii) advising Debtors on
corporate and litigation matters.
The firm will be paid at these rates:
Partners $945 to $1,985 per hour
Senior Counsel $965 to $1,600 per hour
Counsel $510 to $1,550 per hour
Associates $625 to $1,000 per hour
Paraprofessionals $310 to $720 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to the Petition Date, between January 11, 2023 and April 21,
2023, the firm received payments totaling $2,366,999.64 as an
advance payment retainer, in connection with, and in contemplation
of, the Chapter 11 Cases. Following the reduction of those amounts
by various wire fees, the total amount of the advance payment
retainers actually received by the firm totaled $2,366,859.64.
Jerry L. Hall, Esq., a partner at Katten Muchin Rosenman LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Katten was retained by Debtors on December 26,
2022. The billing ratesand material terms of the
prepetition engagement are the same as the rates
and terms described in the Application, except that
Katten has agreed toprovide a ten percent discount
to its rates for its prepetition services onbehalf
of Debtors.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes, for the period from April 28, 2023 through and
including June 30,2023.
The firm can be reached at:
Jerry L. Hall, Esq.
KattenMuchinRosenman LLP
50 Rockefeller Plaza
New York, NY 10020
Tel: (212) 940-8800
About Tritek International Inc.
Tritek International Inc., HyLife Foods Windom, LLC, Canwin Farms,
LLC are three entities that are part of the HyLife vertically
integrated operation for the raising, production and sale of pork
products. Their operations involve all aspects and stages of the
pork production process, including the farming and sourcing of
hogs, the and packaging of pork at their processing facility, and
the marketing and sale of such products throughout premium domestic
and international end markets, primarily in the United States,
Canada, Japan, Korea, and China.
Tritek International and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 23-10520) on April
27, 2023. The petitions were signed by Grant Lazaruk as chief
executive officer.
The Hon. Thomas M. Horan presides over the Debtors' cases.
Tritek International Inc. listed $0 to $50,000 in both estimated
assets and estimated liabilities.
HyLife Foods Windom listed $0 to $50,000 in both estimated assets
and estimated liabilities.
Canwin Farms listed $1 million to $10 million in both estimated
assets and estimated liabilities.
Katten Muchin Rosenman LLP serves as general bankruptcy counsel to
the Debtors, while Potter Anderson & Corroon LLP serves as general
bankruptcy co-counsel.
The Debtors' financial advisor is PricewaterhouseCoopers LLP;
investment banker is Intrepid Investment Bankers; and claims and
noticing agent is Donlin Recano & Company Inc.
TRITEK INTERNATIONAL: Hires Potter Anderson as Co-Counsel
---------------------------------------------------------
Tritek International Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Potter
Anderson &Corroon LLPas co-counsel.
The firm's services include:
a. advising the Debtors of their rights, powers, and duties as
debtors in possession under chapter 11 of the Bankruptcy Code;
b. preparing petitions, motions, applications, answers, orders,
reports, and papers with respect to the Chapter 11 Cases and the
administration of the Debtors' estates;
c. assisting with any disposition of the Debtors' assets by sale
or otherwise;
d. taking action to protect and preserve the Debtors' estates,
including the prosecution of actions on the Debtors' behalf, the
defense of actions commenced against the Debtors in the Chapter 11
Cases, the negotiation of disputes in which the Debtors are
involved, and the preparation of objections to claims filed against
the Debtors;
e. preparing and prosecuting on behalf of the Debtors any
proposed plan of reorganization or liquidation, and any disclosure
statement related thereto, and seeking approval of all transactions
contemplated therein and any amendments thereto;
f. preparing and prosecuting pleadings necessary to solicit
votes on any proposed plan of reorganization;
g. appearing in Court and at any meeting required by the U.S.
Trustee and any meeting of creditors at any given time on behalf of
the Debtors as their counsel to protect the interests of the
Debtors;
h. to the extent Potter Anderson does not have a conflict,
advising the Debtors on matters in which KattenMuchinRosenman LLP
has conflicts;
i. providing additional support to KattenMuchinRosenman LLP, as
requested; and
j. performing all other services assigned by the Debtors to
Potter Anderson as co-counsel to the Debtors and to the extent
Potter Anderson determines that such services fall outside of the
scope of services historically or generally performed by the firm
as co-counsel in a bankruptcy proceeding, Potter Anderson will file
a supplemental declaration pursuant to Bankruptcy Rule 2014 and
give parties in interest an opportunity to object.
The firm will be paid at these rates:
Partner $675 to $1,345 per hour
Counsel $650 to $705 per hour
Associates $440 to $575 per hour
Paraprofessionals $330 to $350 per hour
The firm received a retainer in the amount of $100,000 in
connection with the planning and preparation of documents and its
proposed postpetition representation of the Debtors. On April 21,
2023, the firm received $99,980 to increase the firm's Retainer. As
of May 3, 2023, the balance of the Retainer is $105,257.50.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeremy W. Ryan, Esq., a partner at Potter Anderson &Corroon LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
a. Potter Anderson has not agreed to a variation of its standard or
customary billing arrangement for this engagement;
b. None of Potter Anderson's professionals included in this
engagement have varied their rate based on the geographic location
of these Chapter 11 Cases;
c. Potter Anderson has only represented the Debtors in connection
with this matter. The billing rates and material terms of the
representation prior to the Petition Date are the same as the rates
and terms described in this Application; and
d. The Debtors and Potter Anderson expect to develop a
prospective budget and staffing plan for Potter Anderson's
engagement for the post-petition period as appropriate. In
accordance with the U.S. Trustee Guidelines, the budget may be
amended as necessary to reflect changed or unanticipated
developments.
The firm can be reached at:
Jeremy W. Ryan, Esq.
Potter Anderson &Corroon LLP
1313 N. Market Street
Wilmington, DE 19801
Tel: (302) 984-6114
About Tritek International Inc.
Tritek International Inc., HyLife Foods Windom, LLC, Canwin Farms,
LLC are three entities that are part of the HyLife vertically
integrated operation for the raising, production and sale of pork
products. Their operations involve all aspects and stages of the
pork production process, including the farming and sourcing of
hogs, the and packaging of pork at their processing facility, and
the marketing and sale of such products throughout premium domestic
and international end markets, primarily in the United States,
Canada, Japan, Korea, and China.
Tritek International and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 23-10520) on April
27, 2023. The petitions were signed by Grant Lazaruk as chief
executive officer.
The Hon. Thomas M. Horan presides over the Debtors' cases.
Tritek International Inc. listed $0 to $50,000 in both estimated
assets and estimated liabilities.
HyLife Foods Windom listed $0 to $50,000 in both estimated assets
and estimated liabilities.
Canwin Farms listed $1 million to $10 million in both estimated
assets and estimated liabilities.
Katten Muchin Rosenman LLP serves as general bankruptcy counsel to
the Debtors, while Potter Anderson & Corroon LLP serves as general
bankruptcy co-counsel.
The Debtors' financial advisor is PricewaterhouseCoopers LLP;
investment banker is Intrepid Investment Bankers; and claims and
noticing agent is Donlin Recano & Company Inc.
TRITEK INTERNATIONAL: Seeks to Hire PwC as Financial Advisor
------------------------------------------------------------
Tritek International Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
PricewaterhouseCoopers LLP as financial advisor.
The firm will provide these services:
i. advise and assist Debtors on their planning and preparation
for a potential bankruptcy filing, including: assistance with
preparation of certain bankruptcy court motions and communication
plans, identification of and negotiations with critical vendors and
other key stakeholders, and Debtors' establishment of cut off
procedures as of the filing date to record and classify their pre
and post-petition liabilities;
ii. advise and assist Debtors with their short-term cash flow
forecasting, including advising on procedures and outputs as well
as potential process improvements and control enhancements Debtors
may consider adopting;
iii. advise and assist Debtors in their preparation of a
long-term cash flow forecast, including a 13-week cash flow
forecast and underlying assumptions, in connection with obtaining
bankruptcy court approval of their use of cash collateral or for
securing Debtor-in-Possession ("DIP") financing or other financing
to effectuate Debtors' plan of reorganization;
iv. advise and assist Debtors in their preparation of financial
disclosures and other related reporting requirements of the Court,
including, if requested: first day motions, creditor matrix,
schedule of assets and liabilities; statement of financial affairs,
monthly operating reports, Schedule 2015.3 (non-Debtor entities);
v. advise Debtors on and participate as Debtors' financial
advisor in discussions with various key stakeholders (and their
respective legal and financial advisors) throughout the bankruptcy
process, including, e.g., but not limited to, lenders, key vendors
and other creditor classes as requested by Debtors;
vi. advise and assist Debtors in their evaluation and execution
of a potential debtor in possession loan and other related
financing in connection with a potential plan of reorganization or
other restructuring transaction;
vii. advise and assist Debtors in their analysis related to any
proposed asset sales and other proposed transactions of which
Debtors seek Court approval;
viii. advise and assist Debtors in their analysis of creditor
claims by type, entity, and individual claims, including assistance
with the development of databases, as necessary, to track such
claims and reconcile with Debtors' books and records;
ix. advise and assist Debtors with their identification of
executory contracts and unexpired leases and performance of
cost/benefit evaluations with respect to Debtors' assumption or
rejection of each;
x. advise and assist Debtors in their development and
negotiation of their plan of reorganization or such alternative
restructuring plan, as determined by Debtors;
xi. testify as a "fact witness" in Debtors' bankruptcy
proceedings based on PwC's direct knowledge of the estate arising
from or relating to the Professional Services performed;
xii. assist Debtors in their development of project plans,
including the timing of milestones and milestone
interdependencies, communication frameworks, governance
structure, resource requirements, and the responsibilities of
various project teams/participants;
xiii. assist Debtors in their project management of their
"working group" professionals and other stakeholders assisting
Debtors in the reorganization process;
xiv. as Debtors may request and PwC agrees to perform certain
other general consulting services or such other assistance as
management or counsel may reasonably deem necessary consistent with
the role of a financial advisor; and
xv. if requested by Debtors, PwC will assist Debtors in
connection with their preparation or accumulation of certain
financial or other information.
The firm will be paid at these rates:
Partner/Principal $915 per hour
Managing Director $870 per hour
Director/Senior Manager $785 per hour
Manager $610 per hour
Senior Associate $500 per hour
Associate $420 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prepetition, Debtors paid PwC a retainer of $500,000 of which
$99,980 remains as of Petition Date to be applied against the
allowed post-petition fees and expenses for the Professional
Services.
Steven Fleming, a principal at PwC, disclosed in a court filing
that his firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
PwC can be reached through:
Steven J. Fleming
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Tel: (646) 471-3041
Fax: (917) 929-6199
Email: steven.fleming@pwc.com
About Tritek International Inc.
Tritek International Inc., HyLife Foods Windom, LLC, Canwin Farms,
LLC are three entities that are part of the HyLife vertically
integrated operation for the raising, production and sale of pork
products. Their operations involve all aspects and stages of the
pork production process, including the farming and sourcing of
hogs, the and packaging of pork at their processing facility, and
the marketing and sale of such products throughout premium domestic
and international end markets, primarily in the United States,
Canada, Japan, Korea, and China.
Tritek International and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 23-10520) on April
27, 2023. The petitions were signed by Grant Lazaruk as chief
executive officer.
The Hon. Thomas M. Horan presides over the Debtors' cases.
Tritek International Inc. listed $0 to $50,000 in both estimated
assets and estimated liabilities.
HyLife Foods Windom listed $0 to $50,000 in both estimated assets
and estimated liabilities.
Canwin Farms listed $1 million to $10 million in both estimated
assets and estimated liabilities.
Katten Muchin Rosenman LLP serves as general bankruptcy counsel to
the Debtors, while Potter Anderson & Corroon LLP serves as general
bankruptcy co-counsel.
The Debtors' financial advisor is PricewaterhouseCoopers LLP;
investment banker is Intrepid Investment Bankers; and claims and
noticing agent is Donlin Recano & Company Inc.
TROIKA MEDIA: Incurs $7.9 Million Net Loss in First Quarter
-----------------------------------------------------------
Troika Media Group, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $7.90 million on $59.04 million of revenue for the three months
ended March 31, 2023, compared to a net loss of $14.39 million on
$15.68 million of revenue for the three months ended March 31,
2022.
As of March 31, 2023, the Company had $163.78 million in total
assets, $137.98 million in total liabilities, and $25.80 million in
total stockholders' equity.
Troika said, "We believe we have sufficient liquidity, including
approximately $24.9 million in cash and cash equivalents, as of
March 31, 2023, and anticipated future operating cash flows, to
fund our business operations, and service the credit facility
during the next twelve months and foreseeable future."
Management's Comments
"We have now delivered the fifth consecutive (quarter over quarter)
record revenue quarter and continue to execute on the multi-phase
optimization of our legacy balance sheet. Our quarter ended March
31, 2023, came in line with our expectations despite headwinds in
the broader economy and uncertainty around the strength of the
consumer. The Company's expertise in resilient sectors such as
home services, impactful revenue generating solutions and diverse
revenue streams continues to help us build upon what is an
extremely efficient operating platform. We continue to curate our
business efforts to take advantage of sustainably higher margin
business opportunities to meaningfully enhance strategic and
financial results," said Sid Toama, TMG's chief executive officer.
"We are excited at the prospect of incremental customer acquisition
programs that we are rolling out for prospective new clients across
both managed services and performance solutions revenue streams, as
we get into our strongest operating periods of the year. We see a
great demand for our solutions in the home services and legal
sectors," added Toama.
"The revenue in our quarter ended March 31, 2023, is reflective of
the seasonality in the business which is driven by our sector and
revenue stream mix where we see lower customer acquisition
investments (in relative terms) by our clients in Q1 and Q4. We
are well positioned to take advantage of the work that has been
done over the past year as we enter into our strongest revenue
generating quarters which are the key drivers for our business. We
have made great strides forward in addressing our complicated
legacy capital structure. More specifically, we have negotiated
forbearance with our senior secured debt provider to allow us time
to put alternative financing in place; Series E Preferred
securities and their related liabilities have largely been
extinguished; we have restructured Troika's pre-acquisition legacy
businesses to eliminate operations that were dilutive to
performance; and we are working on accretive strategic
opportunities to contribute greater revenue diversity and margin,"
said Erica Naidrich, TMG'S chief financial officer.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001021096/000162828023018279/trka-20230331.htm
About Troika
Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth. The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.
Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022. Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.
TYCOON PRODUCTIONS: Unsecureds Will Get 100% in Subchapter V Plan
-----------------------------------------------------------------
Tycoon Productions LLC filed with the U.S. Bankruptcy Court for the
District of Maryland a Subchapter V Plan dated May 15, 2023.
The Debtor is a limited liability company with one individual
member. After organizing on April 10, 2018, Tycoon Productions,
LLC, began planning to find a place to operate as a restaurant and
lounge. After opening its doors at the end of 2019, the Debtor's
business began to flourish despite lulls during the Covid-19
shutdown.
In the six months prior to filing, the Debtor averaged $70,000.00
in revenue, with operational monthly costs of approximately
$62,000. THe Debtor fell behind on its lease obligations and faced
an eminent eviction. Consequently, Debtor filed for Chapter 11
bankruptcy on October 13, 2022.
The Debtor entered a consent agreement with landlord Security
Plaza, LLC to vacate the premises located at 1724 Woodlawn Drive,
Suite 18, Baltimore, MD 21207. Debtor is scheduled to vacate by
June 1, 2023. After vacating the premises, Debtor plans to relocate
the business to a location in Baltimore City, Maryland. Debtor
estimates that it will reopen for business by September 15, 2023.
From that point forward, Debtor's income will come from operating
the restaurant and lounge.
During the term of this Plan, the Debtor shall submit the
disposable income (or value of such disposable income) necessary
for the performance of this plan to the Subchapter V Trustee/or
Creditors directly and shall pay the Trustee or Creditors the sums
set forth herein.
The term of this Plan begins on the date of confirmation of this
Plan and ends on the 60th month after that date.
The value of the property to be distributed under the Plan during
the term of the Plan is not less than the Debtor's projected
disposable income for that same period. Unsecured creditors holding
allowed claims will receive distributions, which the Debtor has
valued at approximately 100 cents on the dollar. The Plan also
provides for the payment of secured, administrative, and priority
claims in accordance with the Bankruptcy Code.
Class 6 consists of the Unsecured claim of Security Plaza, LLC.
This claim consists of alleged rental arrears from debtor's lease.
Debtor will begin making payments on this claim in month 7 of the
plan and complete payments to this class until month 13 of the
plan. This claim is not impaired. The amount of claim in this Class
total $54,550.00. This Class will receive a distribution of 100% of
their allowed claims.
Class 7 consists of the Unsecured Claim of Baltimore Gas. This
claim consists of pre-petition utility debt. Debtor anticipates
making payments to this class in month 13 of the plan. This class
is not impaired. The amount of claim in this Class total $410.69.
This Class will receive a distribution of 100% of their allowed
claims.
Debtor is relocating its operations from the location owned by
creditor Security Plaza, LLC. The debtor anticipates selling its
liquor license connected to the district of its prior site. The
liquor license sale date is to occur by December 15, 2023. Debtor
projects that it may have approximately $10,000.00 left over from
closing its Baltimore County location in June 2023.
Debtor will allocate these funds over the next 3 months to cover
incidental monthly expenses and fund its plan. The Debtor
anticipates reopening in its new location by the end of September
2023. From the date of Debtor's reopening, the source of funds will
come from operation of the restaurant in the new Baltimore City
location.
A full-text copy of the Subchapter V Plan dated May 15, 2023 is
available at https://bit.ly/42TxGnh from PacerMonitor.com at no
charge.
Attorney for Debtor:
Damani K. Ingram, Esq
The Ingram Firm, LLC
5457 Twin Knolls Road
Suite 301
Columbia, MD 21045
P: (410) 992-6603
F: (410) 992-6671
E: ingramlawfirm@gmail.com
About Tycoon Productions
Tycoon Productions LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Md. Case No. 22-15669) on October
13, 2022. In the petition signed by Dominique A. Hannah, owner, the
Debtor disclosed up to $500,000 in both assets and liabilities.
Judge David E. Rice oversees the case.
Damani K. Ingram, Esq., at The Ingram Firm, LLC, is the Debtor's
counsel.
VBI VACCINES: Incurs $27.8 Million Net Loss in First Quarter
------------------------------------------------------------
VBI Vaccines Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $27.75 million on $485,000 of net revenues for the three months
ended March 31, 2023, compared to a net loss of $21.25 million on
$126,000 of net revenues for the three months ended March 31,
2022.
As of March 31, 2023, the Company had $128.46 million in total
assets, $29.57 million in total current liabilities, $53.87 million
in total non-current liabilities, and $45.02 million in total
stockholders' equity.
The Company has an accumulated deficit of $517,360,000 and cash of
$40,392,000 as of March 31, 2023. Cash outflows from operating
activities were $21,656,000 for the three months ended March 31,
2023.
VBI Vaccines said, "The Company will require significant additional
funds to conduct clinical and non-clinical trials, achieve and
maintain regulatory approvals, and commercially launch and sell our
approved products. Additional financing may be obtained from the
issuance of equity securities, the issuance of additional debt,
government or non-governmental organization grants or subsidies,
and/or revenues from potential business development transactions,
if any. There is no assurance the Company will manage to obtain
these sources of financing, if required. The above conditions
raise substantial doubt about the Company's ability to continue as
a going concern."
Management Commentary
Jeff Baxter, VBI's president and CEO, commented: "As highlighted
earlier this year, we continue to focus on three core priorities:
(1) making a difference in the fight against hepatitis B including
prevention and treatment, (2) advancing key development programs
that target significant unmet needs with meaningful near-term
milestones, and (3) managing our operational expenses and capital
to fuel sustainable growth and value for key stakeholders –
patients, healthcare providers, and shareholders. We continue to
make good progress across all three endeavors, and I am especially
excited to note the increase in use of PreHevbrio in the U.S. With
an ever-expanding access and distribution network in place, and our
focus on commercial execution, we hope and expect to see this
momentum continue throughout 2023 and beyond. Complementing our
work in prevention, the encouraging clinical data announced earlier
this year from our partnership with Brii Biosciences underscores
the belief that a functional cure with broader efficacy for more
hepatitis B patients is within reach, and that our
immunotherapeutic candidate, VBI-2601, has the potential to be a
meaningful part of that combination regimen."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/764195/000149315223016928/form10-q.htm
About VBI Vaccines
VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease. Through its innovative approach to
virus-like particles ("VLPs"), including a proprietary enveloped
VLP ("eVLP") platform technology, VBI develops vaccine candidates
that mimic the natural presentation of viruses, designed to elicit
the innate power of the human immune system. VBI is committed to
targeting and overcoming significant infectious diseases, including
hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as
aggressive cancers including glioblastoma (GBM). VBI is
headquartered in Cambridge, Massachusetts, with research operations
in Ottawa, Canada, and a research and manufacturing site in
Rehovot, Israel.
VBI Vaccines reported a net loss of $113.30 million for the year
ended Dec. 31, 2022, compared to a net loss of $69.75 million for
the year ended Dec. 31, 2021.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 13, 2023, citing that the Company faces several risks,
including but not limited to, uncertainties regarding the success
of the development and commercialization of its products, demand
and market acceptance of the Company's products, and reliance on
major customers. The Company anticipates that it will continue to
incur significant operating costs and losses in connection with the
development and commercialization of its products. The Company has
an accumulated deficit as of December 31, 2022 and cash outflows
from operating activities for the year-ended December 31, 2022 and,
as such, will require significant additional funds to conduct
clinical and non-clinical trials, commercially launch its products,
and achieve regulatory approvals that raise substantial doubt about
its ability to continue as a going concern.
VC GB HOLDINGS I: $295M Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which VC GB Holdings I
Corp is a borrower were trading in the secondary market around 84.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $295 million facility is a Term loan that is scheduled to
mature on September 30, 2029. The amount is fully drawn and
outstanding.
VC GB Holdings I Corp., formerly known as Illuminate Merger Sub
Corp., is a collection of brands including Visual Comfort premium
decorative lighting collections, Tech Lighting decorative and
functional lighting, generation Lighting and Monte Carlo ceiling
fans.
VECTRA CO: $425M Bank Debt Trades at 17% Discount
-------------------------------------------------
Participations in a syndicated loan under which Vectra Co is a
borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $425 million facility is a Term loan that is scheduled to
mature on March 9, 2025. About $403.8 million of the loan is
withdrawn and outstanding.
Vectra Co. operates as a technology-driven diversified industrial
company serving automotive systems, aerospace, industrial and
renewable energy.
VERICAST CORP: RR Donnelley Wants to Buy Co. for $3 Billion
-----------------------------------------------------------
Erin Hudson and Reshmi Basu of Bloomberg News report that Chatham
Asset Management LLC's RR Donnelley & Sons Co. is offering to
acquire Ronald Perelman's Vericast Corp. for approximately $3
billion, according to people familiar with the matter.
Proceeds from the deal -- a non-binding offer and subject to due
diligence -- would be used to repay all of Vericast's debt, said
the people, who asked not to be named because the matter is
private.
The proposed acquisition would leave Vericast's private equity
owner MacAndrews & Forbes Inc., which is controlled by Perelman,
with at least $175 million in value roughly split between cash
proceeds and forgiveness.
About Vericast Corporation
Headquartered in San Antonio, TX, Vericast Corp. is a provider of
check and check related products, direct marketing services and
customized business and home office products. Its Valassis
division offers clients mass delivered and targeted programs to
reach consumers primarily consisting of shared mail, newspaper and
digital delivery in addition to coupon clearing and other marketing
and analytical services. The company's 2020 annual revenue was
$2.6 billion. Vericast is owned by MacAndrews & Forbes Holdings,
Inc., a wholly owned entity controlled by Ronald O. Perelman.
VFH PARENT: Moody's Affirms 'Ba2' CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and the Ba3 issuer and senior secured bank credit facility
ratings of VFH Parent LLC. VFH Parent is a subsidiary and borrowing
entity of Virtu Financial, Inc., and is the entity that indirectly
controls all of Virtu's major operating subsidiaries. VFH Parent's
outlook is stable.
RATINGS RATIONALE
The affirmation of VFH Parent's ratings reflects Virtu's franchise
as a technology-enabled institutional brokerage firm that makes
markets and provides related execution services to market
participants across asset classes and execution venues globally.
Moody's expects Virtu to maintain a track record of solid earnings
performance, albeit with fluctuation based on shifts in market
volumes and volatility, as well as vigilant risk management.
Through market cycles, Virtu's revenues and cash flows are driven
by the competitive nature of electronic market making, transaction
volumes and volatility and the effectiveness of its risk controls.
Virtu's business model entails substantial operational risk which
it manages primarily through a series of automated, pre-set
guardrails governing various trade, order, and other risk
parameters, which trigger strategy lockdowns when breached.
Virtu has a track record of solid financial results and effective
risk management, offset by its inherent operational risks and
aggressive financial policies, including use of debt to fund
acquisitions and share repurchases, which together with dividends
can exceed earnings. Virtu has also used debt to acquire firms in a
consolidating industry that can experience periods of margin
compression, although following such activity the firm has reduced
leverage. Generally, Virtu's stock buybacks are scaled in
accordance with net trading revenues. Nonetheless, in a cyclical,
high frequency trading operation, Moody's considers the level of
shareholder distribution's aggressive and has incorporated a one
notch downward adjustment for corporate behavior in determining VFH
Parent's Ba2 CFR. Also, under Moody's environmental, social, and
governance (ESG) framework, Moody's lowered Virtu's Credit Impact
Score to CIS-3 (Moderately Negative) from CIS-2 (Neutral-to-Low).
This reflects the firm's aggressive financial policies and the
recent replacement of the Chairman of the Board, who held deep
industry expertise, with a member of the controlling family, which
may erode the overall quality of independent oversight of the
board. Accordingly, Moody's has lowered VFH Parent's Financial
Strategy and Risk management category score to 3 (Moderately
Negative) from 2 (Neutral-to-Low) and has lowered VFH Parent's
Governance Issuer Profile Score to G-3 (Moderately Negative) from
G-2 (Neutral-to-Low).
As a technology-driven wholesale market-maker in liquid
instruments, Virtu's business model results in a granular, rapidly
turning balance sheet. Nonetheless, this trading strategy relies on
wholesale funding. Virtu has a variety of secured and unsecured
funding arrangements, including committed facilities, intended to
ensure reliable financing for its trading activity. Virtu is also
dependent on the reliability, accuracy, and performance of its
trading platform to evaluate and monitor the risks of its
market-making activities and rebalance positions throughout the
trading day. To date, these trading strategies and risk controls
have been effective, and Virtu has been consistently profitable.
VFH Parent's stable outlook reflects Moody's view that Virtu will
be able to preserve and defend its franchises, while maintaining
consistent financial performance and strong risk controls, through
market cycles.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade
-- A substantial sustained increase in tangible equity with a
consequent improvement in balance sheet leverage
-- The rating could also be upgraded should Virtu continue to
diversify and increase the flexibility of its wholesale funding to
increase coverage of peak needs.
-- The effectiveness of operational risk management practices and
its compliance, regulatory and competitive environment would also
be important considerations in considering VFH Parent for upgrade
large trading loss caused by a breakdown in risk management and
controls
-- Another large acquisition resulting in a sizable further
increase in debt obligations without a feasible plan for prompt
deleveraging.
-- Regulatory or competitive changes that adversely affect Virtu's
business practices and weakens profitability
-- A sustained decline in the ratio of trading capital to long
term debt to significantly below 1x
The principal methodology used in these ratings was Securities
Industry Market Makers Methodology published in November 2019.
VICE MEDIA: Enters Chapter 11 as Ad Business Suffers
----------------------------------------------------
VICE.com reports that VICE Media LLC filed for Chapter 11
bankruptcy Monday, May 15, 2023, a process that is likely to result
in the sale of the company to Fortress Investment Group and Soros
Fund Management for $225 million. The news comes a few weeks after
the company shuttered VICE World News and canceled VICE News
Tonight, its flagship news television program, resulting in more
than 100 layoffs across the newsroom. The company will continue to
operate normally during the Chapter 11 process.
Chapter 11 filing documents viewed by Motherboard show that VICE
Media LLC and 31 associated LLCs owe Fortress $474.6 million.
"VICE Media Group today announced that it has agreed to the terms
of an asset purchase agreement with a consortium of its lenders,"
the company said in a press release.
The filing is the latest in a series of blows to the company, which
once took funding at a $5.7 billion valuation. In 2019, the company
raised $250 million in debt from investors including Fortress and
George Soros's Soros Fund Management.
The Chapter 11 filing states that VICE's management "has determined
that it is advisable and in the best interest of the Vice Group
Companies to enter into a stalking horse agreement for the sale of
substantially all assets and related auction procedures." A
"stalking horse" agreement is when a potential buyer is in place in
advance of a bankruptcy filing.
"This accelerated court-supervised sale process will strengthen the
Company and position VICE for long-term growth, thereby
safeguarding the kind of authentic journalism and content creation
that makes VICE such a trusted brand for young people and such a
valued partner to brands, agencies and platforms," Hozefa
Lokhandwala and Bruce Dixon, VICE's CEOs, said in a statement. "We
will have new ownership, a simplified capital structure and the
ability to operate without the legacy liabilities that have been
burdening our business. We look forward to completing the sale
process in the next two to three months and charting a healthy and
successful next chapter at VICE."
VICE has taken on a series of high-profile investments at large
valuations over the years. These investments allowed the company to
expand, but ultimately created a list of companies expecting a
return on their investment. This included private equity firm TPG,
which gave the company $450 million in 2017 to expand its VICE TV
offerings and expand internationally. The company has also taken
high-profile investments from A&E Networks, Disney, and Fox.
These investments led to a highly complex corporate structure and
series of debts that Frank Pometti of the consultancy firm
AlixPartners, who has been appointed Chief Restructuring Officer of
VICE, said ultimately resulted in the company's bankruptcy. In a
filing with the court, Pometti wrote "VICE relied on external
funding, raising both debt and equity capital to fuel its rapid
growth and to fund expenses in certain parts of its businesses.
Although these fund-raising efforts helped to finance VICE’s
growth, they ultimately led to the Company being burdened by a
highly leveraged and unusually complex capital structure."
According to Pometti's filing, these investments left VICE highly
leveraged and unable to pay its debts; this created a cascading
situation where VICE had to continually push back loan repayments
or get more funding to continue operations.
"In 2019 the Company raised additional capital to fund ongoing
operations, non-operating expenses and liabilities and operational
restructurings," Pometti wrote. "This left the Company saddled with
a significant amount of leverage in the form of the Prepetition
Senior Secured Term Loans, Senior Subordinated Notes and Preferred
Stock. Complicating the Company's financial situation was the fact
that it did not generate sufficient free cash flow to pay its debts
and continued to operate at a loss for several years prior to the
Petition Date."
Meanwhile, the company tried to sell itself multiple times but was
never able to close a deal. It also tried to go public via a SPAC
in 2021, but ultimately had to abandon that plan, Pometti wrote.
Two recent events seemed to make bankruptcy inevitable, according
to Pometti's filing: In January 2023, VICE was set to receive a
quarterly $34 million payment from the parent company of Antenna,
the Greek corporation that was a founding partner of VICE World
News. That payment was supposed to fund VWN's operations. That
payment didn't come, and, instead, VICE got a notice that said the
company would terminate its VWN partnership. The VWN deal brought
in $134 million in revenue in 2022, the filing stated.
The funding gap led VICE to seek advances on other loans it had in
order to continue operations.
"The impact of termination of the VWN relationship on the entirety
of VICE’s businesses was substantial," Pometti wrote, noting that
it ultimately led to the end of VWN, VICE News Tonight, and a
fundamental restructuring of the newsroom. VICE repeatedly had to
ask for forbearance on its loans.
Then, earlier this May 2023, an arbitrator determined that VICE
owed an IT company called WiPro $9.9 million. WiPro sought a
restraining order that temporarily froze many of VICE's bank
accounts, according to Pometti: "The freeze on the Vice Media
[bank] Accounts has essentially shut off much of the liquidity of
the Debtors."
The Chapter 11 documents show that VICE owes money to a variety of
creditors. It owes $20 million to the founders of Pulse Films,
which it has worked with for years and acquired in 2022. It owes
nearly $10 million to an IT consulting firm called WiPro, $3.8
million to CNN for third party production services, and at least $6
million to Antenna. It owes money to companies that provide
enterprise software services to the company, including Workday,
Adobe, Ranker, Getty Images, Amazon Web Services, Piano Software,
Salesforce, Wolftech, Asana, and Oracle. It also owes $539,732 to
ConEdison for utilities.
VICE Media was founded in 1994 and grew from a small magazine based
in Montreal to a complex, international youth media conglomerate
with a flagship television channel, multiple film studios
businesses, a variety of digital media brands (including
Motherboard), a news division with shows on HBO and Showtime, an
advertising and creative agency, and, most recently, an
international news division called VICE World News. Last month,
roughly a week after Buzzfeed News shut down, the company announced
it would end the VICE World News brand.
"We are transforming VICE News to better withstand market realities
and more closely align with how and where we see our audiences
engaging with our content most," co-CEOs Bruce Dixon and Hozefa
Lokhandwala said in a note to staff that was reported by The Wall
Street Journal. The bankruptcy filing comes two weeks after those
cuts.
In a filing with the court, VICE said: "From their humble
beginnings as a niche magazine, the Debtors and their non-Debtor
affiliates (collectively, "VICE") have grown into a global media
company that focuses on content centered around news and culture,
serving a largely global youth audience. Today, VICE is a global,
multiplatform media company that has a powerful brand, diversified
financial profile, premium content, and rich engagement with its
youth-targeted audience."
Jared Ellias, a professor at Harvard Law School and corporate
bankruptcy expert, said that, based on publicly available
reporting, VICE Media's bankruptcy process is likely to be
relatively quick because it appears to already have someone willing
to buy it.
"Generally how these things tend to go is the company is going to
file for bankruptcy and it will immediately seek court permission
to hold an auction," Ellias said. "And the buyer that's out there
will be what we call a stalking-horse bidder, which means that the
company has agreed to sell itself to the buyer." Ellias added that
there must still be an auction process, and that during the auction
process, a variety of things could happen.
"My guess is there will be an auction probably within a couple
weeks of the filing. Perhaps another bidder emerges, but at the end
of the auction, VICE will have a new owner, and the sale will be
effectuated pretty quickly," he added. "I'd be surprised if the
whole thing lasted longer than two months."
Previous reporting has suggested at various times that VICE Media
could be sold in parts; the company has for years promoted the fact
that it has a diversified business which includes VICE, VICE News,
VICE TV, VICE Studios, Pulse Films, the fashion magazine i-D, and
Virtue, an advertising and creative agency. VICE also owns the
media brand Refinery29, which the company purchased in 2019 for a
reported $400 million in a deal that was mostly stock.
VICE Media's board, and perhaps the courts, will ultimately decide
which offer to accept: "The debtor owes a fiduciary duty to
maximize the value of the firm for the benefit of all creditors.
The debtor is, I would guess, highly likely to allow people to bid
for the whole thing and then also for bits and pieces," he said.
"But if the debtor's business judgment is that this thing should be
sold all together, it will be very hard to imagine a group of
discrete purchasers picking apart different pieces of it."
At its height, the company operated 35 offices worldwide. It has
shuttered some of these over the last several years as the company
has sought profitability in part through cost cutting and layoffs.
VICE says in the filing that it has assets between $500 million and
$1 billion.
According to the bankruptcy documents, the restructuring will be
managed by Pometti and Mark Del Priore of the consulting firm
AlixPartners. Last month, Del Priore was appointed as interim CFO
of the company.
Earlier this 2023, former CEO Nancy Dubuc left the company after a
five-year run succeeding co-founder Shane Smith. In January 2023,
she told the New York Times, "When I walked in here, it was unclear
whether the company could survive." In her departing email, which
was previously published by Semafor, she wrote "I am proud to leave
a Vice better than the one I joined … today Vice has an
incredible opportunity in the hands of a new management team who
are looking to harness the businesses we built and grew and to lay
the groundwork for the future."
About Vice Media
Vice Media Group LLC -- https://www.vicemediagroup.com/ -- is an
American-Canadian digital media and broadcasting company.
Vice Media Group Holding Inc. and 32 affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case
No.23-10737) on May 15, 2023. In the petition filed by Hozefa
Lokhandwala, as chief strategy officer, Vice Media Group reported
assets and liabilities between $500 million and $1 billion.
The Honorable Bankruptcy Judge John P. Mastando III oversees the
cases.
The Debtors tapped TOGUT, SEGAL & SEGAL LLP as general bankruptcy
counsel; PJT PARTNERS INC. and LIONTREE ADVISORS LLC as financial
advisors; AP SERVICES, LLC as restructuring advisor. STRETTO, INC.
is the claims agent.
VIRGIN PULSE: $185M Bank Debt Trades at 22% Discount
----------------------------------------------------
Participations in a syndicated loan under which Virgin Pulse Inc is
a borrower were trading in the secondary market around 78.2
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $185 million facility is a Term loan that is scheduled to
mature on April 6, 2029. The amount is fully drawn and
outstanding.
Virgin Pulse, Inc. operates as a digital health, well being, and
engagement company. The Company focuses on engaging users every day
in building and sustaining healthy behaviors and driving measurable
outcomes for employees, employers, and health plans.
VYERA PHARMACEUTICALS: David Klauder Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed David Klauder, Esq.,
at Bielli & Klauder, LLC, as Subchapter V trustee for Vyera
Pharmaceuticals, LLC and its affiliates.
Mr. Klauder will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Klauder declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
David M. Klauder, Esq.
Bielli & Klauder, LLC
1204 N. King Street
Wilmington, DE 19801
Phone: (302) 803-4600
Fax: (302) 397-2557
Email: dklauder@bk-legal.com
About Vyera Pharmaceuticals
Vyera Pharmaceuticals, LLC is a New York-based biopharmaceutical
company. It focuses on developing and commercializing innovative
treatments for patients with unmet medical needs.
Vyera and its affiliates filed petitions under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
23-10605) on May 9, 2023. In its petition, Vyera reported between
$10 million and $50 million in assets and between $1 million and
$10 million in liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped DLA Piper, LLP as bankruptcy counsel; Sierra
Constellation Partners, LLC as financial advisor; and Alvarez &
Marsal Securities, LLC as investment banker. Epiq Corporate
Restructuring, LLC is the claims agent.
WESTERN DIGITAL: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB' issuer credit rating on Western Digital Corp.
(WDC), a developer of flash memory and hard disk drives (HDD).
S&P said, "The negative outlook reflects increased risk of a
downgrade over the next 12 months due to leverage remaining well
above our downgrade threshold of 3x in 2024 and uncertainty about
the company's ability to reduce it to 3x in 2025. We previously
forecast leverage to fall below 3x in 2024. Continued inventory
digestion at hyperscale data center customers and soft demand from
smartphone and PC markets have extended recovery past our original
expectations."
The outlook revision reflects an extended downturn and a longer,
more uncertain path to recovery.
S&P said, "Our prior forecast from November 2022, when we lowered
the rating on WDC to 'BB' from 'BB+', called for S&P Global
Ratings-adjusted net leverage to return to 2.6x in fiscal 2024 with
adjusted free operating cash flow (FOCF) of $900 million. In our
updated forecast, a return to similar metrics is delayed one year.
We expect leverage to remain elevated at 8x in 2024, improving from
about 20x in 2023, and FOCF at about break-even from a $2.2 billion
deficit, including a U.S. IRS settlement exceeding $700 million. We
expect the first half of 2024 to be weak but metrics to improve
sequentially through the year. Quarterly annualized leverage should
exit 2024 at 4x then fall to 3x in 2025, with FOCF of $800 million.
In the HDD business, we had expected revenue to approach the low
end of the historical $2 billion-$2.5 billion range in the
September 2023 quarter after three quarters well below that. Now,
we don't forecast a return to that range until the June 2024
quarter. On the flash side, we previously expected non-generally
accepted accounting principles (GAAP) gross margin to bottom in the
high-teens percentage area and return to the normal 25%-35% range
in 2024. Last quarter, gross margin was a negative 5%, and we
forecast it to remain negative for another two quarters. We don't
expect a return to the normal range until 2025. Given that our
prior forecast turned out to be much too optimistic, we have higher
uncertainty in our forecast for 2025, when we foresee metrics
coming into line with the 'BB' rating."
Demand is weak in the data center, smartphone, and PC markets.
S&P said, "Hyperscale data centers will continue working down
excess inventory for a few more quarters than we had expected as
their customers optimize spending in response to enterprise
information technology budget controls. Smartphone demand is weaker
particularly in the low- to mid-range and in China. We had expected
1% smartphone unit growth in 2023 but revised our forecast to a
mid-single-digit percent decline. PCs are also weaker due to
consumers and enterprises tightening their budgets. We had expected
a 10% decline in units, but the market will likely fall a few
percentage points more."
Flash supply and demand are out of balance.
Flash prices are extremely sensitive to changes in supply and
demand. The industry invested in significant capacity expansion in
2022 in response the pandemic-induced demand for electronics and
data, but a weakening macroeconomic environment caused demand to
falter toward the end of the year, and prices have cratered. Flash
gross margins are much more volatile than for other semiconductor
or hardware products; the comparison of the margin downturn of
WDC's own segments is apt. S&P said, "We believe HDD gross margin
will trough in the low-20% area whereas flash gross margin will be
negative for multiple quarters before rebounding. The industry has
responded by idling production and cutting capital expenditure
(capex), but we don't expect these actions to bring margins back to
normal until the second half of calendar 2024."
WDC has implemented corrective actions.
Management cut variable compensation and controlled discretionary
spending such that next quarter operating expenses will fall more
than 20% from fiscal 2022 levels. WDC also cut capital spending 35%
from 2022 and removed 40% of client HDD capacity. Last quarter, it
issued $900 million of preferred equity in anticipation of its $1.1
billion debt maturity in February 2024, a prudent move given that
it requires no cash payments, but it creates releveraging risk as
the company could seek to retire this high-cost capital when it has
more balance sheet capacity. WDC also put a delayed-draw term loan
in place to cover the IRS settlement we expect it will pay next
quarter. Therefore, S&P believes liquidity is adequate. WDC paused
share buybacks in fiscal 2020 and cut its dividend the next year to
allocate cash flow to debt repayment so it could better withstand
industry cycles.
S&P said, "The negative outlook reflects increased risk of a
downgrade as leverage will remain well above our downgrade
threshold of 3x through fiscal 2024 and uncertainty about WDC's
ability to reduce leverage to 3x in 2025. The longer-than-expected
recovery is due to continued inventory digestion at hyperscale data
center customers, and soft demand from smartphone and PC markets.
"We could lower the rating over the next 12 months if WDC is not on
track to exit fiscal 2024 at quarterly annualized leverage of 4x
with prospects for 3x in 2025 and further reduction in 2026." This
would likely be the result of:
-- NAND margins remaining below the 20% area exiting 2024 and
below the mid-cycle range of 25%-35% beyond; and
-- A weak macroeconomic environment keeping cloud enterprise
investment from reaccelerating as we expect and weakens smartphone
and PC markets further.
S&P could revise the outlook to stable over the next 12 months if:
-- WDC performs in line with our forecast; and
-- S&P believes it is on track to achieve leverage of about 2x in
fiscal 2026.
ESG credit indicators: E-2, S-2, G-2
WHOLE EARTH: $375M Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Whole Earth Brands
Inc is a borrower were trading in the secondary market around 79.9
cents-on-the-dollar during the week ended Friday, May 19, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $375 million facility is a Term loan that is scheduled to
mature on February 5, 2028. About $367.5 million of the loan is
withdrawn and outstanding.
Whole Earth Brands, Inc. (NASDAQ: FREE) based in Chicago, Illinois,
is a publicly traded global platform of branded products and
ingredients focused on the consumer transition towards healthier
lifestyles, such as free from sugar, natural solutions, plant-based
and clean label.
XTREME PARTY: Cameron McCord Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at
Jones & Walden, LLC, as Subchapter V trustee for Xtreme Party
Solutions, LLC.
Ms. McCord will be paid an hourly fee of $395 for her services as
Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Ms. McCord declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Cameron McCord, Esq.
Jones & Walden, LLC
699 Piedmont Avenue, NE
Atlanta, GA 30308
Phone: (404) 564-9300
Fax: (404) 564-9301
Email: cmccord@joneswalden.com
About Xtreme Party
Xtreme Party Solutions, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-54417) on May 10, 2023. The Debtor elected to proceed under
Subchapter V of Chapter 11. Tiffany Clifton signed the petition as
president of the Debtor.
YUNHONG CTI: Posts $396K Net Income in First Quarter
----------------------------------------------------
Yunhong CTI Ltd. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $396,000 on $5.05 million of net sales for the three months
ended March 31, 2023, compared to a net loss of $21,000 on $5.80
million of net sales for the three months ended March 31, 2022.
As of March 31, 2023, the Company had $16.56 million in total
assets, $12.53 million in total liabilities, and $4.03 million in
total shareholders' equity.
Yunhong CTI said, "The Company has a cumulative net loss from
inception to March 31, 2023 of approximately $23 million. The
accompanying financial statements for the three months ended March
31, 2023 have been prepared assuming the Company will continue as a
going concern. The Company's cash resources from operations may be
insufficient to meet its anticipated needs during the next twelve
months. If the Company does not execute its plan, it may require
additional financing to fund its future planned operations.
"The ability of the Company to continue as a going concern is
dependent on the Company obtaining adequate capital to fund
operating losses. Management's plans to continue as a going
concern include raising additional capital through sales of equity
securities and borrowing, continuing to focus our Company on the
most profitable elements, and exploring alternative funding sources
on an as needed basis. However, management cannot provide any
assurances that the Company will be successful in accomplishing any
of its plans. The COVID-19 pandemic, supply chain challenges, and
inflationary pressures have impacted the Company's business
operations to some extent and is expected to continue to do so and,
these impacts may include reduced access to capital. The ability
of the Company to continue as a going concern may be dependent upon
its ability to successfully secure other sources of financing and
attain profitable operations. There is substantial doubt about the
ability of the Company to continue as a going concern for one year
from the issuance of the accompanying consolidated financial
statements."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1042187/000149315223017254/form10-q.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.
Yunhong CTI reported a net loss of $1.47 million for the 12 months
ended Dec. 31, 2022, compared to a net loss of $7.55 million 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.
ZEUUS INC: Incurs $170K Net Loss in Second Quarter
--------------------------------------------------
Zeuus, Inc. has filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $169,713
for the three months ended March 31, 2023, compared to a net loss
of $180,879 for the three months ended March 31, 2022.
For the six months ended March 31, 2023, the Company reported a net
loss of $343,485 compared to a net loss of $445,908 for the six
months ended March 31, 2022.
As of March 31, 2023, the Company had $1.08 million in total
assets, $1.72 million in total liabilities, and a total
stockholders' deficit of $631,655.
The Company has an accumulated deficit at March 31, 2023 of
$1,627,041, a net loss of $343,485 and $197,866 of cash used in
operations for the six months ended March 31, 2023. The Company
has not yet established a source of revenue. The Company said
these factors raise substantial doubt about its ability to continue
as a going concern.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001687926/000149315223017743/form10-q.htm
About Zeuus
New York-based Zeuus Inc. is a data centric company with business
activities focused three main areas: ZEUUS Data Centers, ZEUUS
Energy, and ZEUUS Cyber Security. All four divisions work
synergistically with each other in an synergetic ecosystem which
enables growth and business protection.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
Jan. 13, 2023, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
4D MOLECULAR THE FDMT US 244.0 (343.2) 204.8
ABSOLUTE SOFTWRE ABST US 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE OU1 GR 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE ABST CN 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE ABT2EUR EU 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE OU1 GZ 528.1 (11.8) (62.1)
ACCELERATE DIAGN AXDX* MM 51.0 (38.7) (25.3)
AIR CANADA AC CN 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 GR 30,476.0 (1,514.0) (111.0)
AIR CANADA ACEUR EU 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 TH 30,476.0 (1,514.0) (111.0)
AIR CANADA ACDVF US 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 QT 30,476.0 (1,514.0) (111.0)
AIR CANADA ACEUR EZ 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 GZ 30,476.0 (1,514.0) (111.0)
ALNYLAM PHAR-BDR A1LN34 BZ 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNY US 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL GR 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL QT 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNYEUR EU 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL TH 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL SW 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNY* MM 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL GZ 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNYEUR EZ 3,391.9 (259.2) 1,867.6
ALPHATEC HOLDING L1Z1 GR 569.7 (34.8) 156.2
ALPHATEC HOLDING ATEC US 569.7 (34.8) 156.2
ALPHATEC HOLDING ATECEUR EU 569.7 (34.8) 156.2
ALPHATEC HOLDING L1Z1 GZ 569.7 (34.8) 156.2
ALTICE USA INC-A ATUS* MM 31,986.8 (480.7) (1,527.3)
ALTICE USA INC-A ATUS-RM RM 31,986.8 (480.7) (1,527.3)
ALTIRA GP-CEDEAR MOC AR 36,826.0 (3,826.0) (1,994.0)
ALTIRA GP-CEDEAR MOD AR 36,826.0 (3,826.0) (1,994.0)
ALTIRA GP-CEDEAR MO AR 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 GR 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO* MM 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO US 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO SW 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MOEUR EU 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO TE 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 TH 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO CI 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 QT 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MOUSD SW 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 GZ 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC 0R31 LI 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC ALTR AV 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MOEUR EZ 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO-RM RM 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 BU 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7D EB 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7D IX 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7D I2 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP-BDR MOOO34 BZ 36,826.0 (3,826.0) (1,994.0)
AMC ENTERTAINMEN AMC US 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 GR 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMC4EUR EU 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 TH 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 QT 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMC* MM 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 GZ 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 SW 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMC-RM RM 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN A2MC34 BZ 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN APE* MM 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 BU 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMCE AV 8,847.6 (2,590.3) (971.8)
AMERICAN AIR-BDR AALL34 BZ 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL US 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE A1G GR 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL* MM 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE A1G TH 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE A1G QT 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE A1G GZ 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL11EUR EU 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL AV 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL TE 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE A1G SW 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE 0HE6 LI 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL11EUR EZ 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL-RM RM 66,786.0 (5,771.0) (6,938.0)
AMERICAN AIRLINE AAL_KZ KZ 66,786.0 (5,771.0) (6,938.0)
AMYRIS INC AMRS* MM 679.7 (648.1) (227.1)
ARBOR METALS COR ABR CN 0.3 (0.6) (0.2)
ATLAS TECHNICAL ATCX US 487.4 (126.4) 102.2
AUGMEDIX INC AUGX US 33.1 (3.2) 11.6
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 216.6 (9.8) (1.2)
AVALON ACQUISI-A 6YL GR 216.6 (9.8) (1.2)
AVALON ACQUISI-A AVACEUR EU 216.6 (9.8) (1.2)
AVALON ACQUISITI AVACU US 216.6 (9.8) (1.2)
AVID TECHNOLOGY AVID US 273.9 (118.7) (20.7)
AVID TECHNOLOGY AVD GR 273.9 (118.7) (20.7)
AVID TECHNOLOGY AVD TH 273.9 (118.7) (20.7)
AVID TECHNOLOGY AVD GZ 273.9 (118.7) (20.7)
AVIS BUD-CEDEAR CAR AR 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA GR 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR US 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA QT 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR2EUR EU 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR* MM 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR2EUR EZ 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA TH 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA GZ 27,388.0 (441.0) (766.0)
BABCOCK & WILCOX BW US 968.4 (10.2) 175.1
BABCOCK & WILCOX UBW1 GR 968.4 (10.2) 175.1
BABCOCK & WILCOX BWEUR EU 968.4 (10.2) 175.1
BATH & BODY WORK LTD0 GR 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LTD0 TH 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI US 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LBEUR EU 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI* MM 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LTD0 QT 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI AV 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LBEUR EZ 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LTD0 GZ 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI-RM RM 5,363.0 (2,170.0) 803.0
BELLRING BRANDS BRBR US 772.5 (363.1) 340.0
BELLRING BRANDS D51 TH 772.5 (363.1) 340.0
BELLRING BRANDS BRBR2EUR EU 772.5 (363.1) 340.0
BELLRING BRANDS D51 GR 772.5 (363.1) 340.0
BELLRING BRANDS D51 QT 772.5 (363.1) 340.0
BEYOND MEAT INC BYND US 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 GR 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 GZ 986.6 (253.1) 487.1
BEYOND MEAT INC BYNDEUR EU 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 TH 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 QT 986.6 (253.1) 487.1
BEYOND MEAT INC BYND AV 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 SW 986.6 (253.1) 487.1
BEYOND MEAT INC 0A20 LI 986.6 (253.1) 487.1
BEYOND MEAT INC BYNDEUR EZ 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 TE 986.6 (253.1) 487.1
BEYOND MEAT INC BYND* MM 986.6 (253.1) 487.1
BEYOND MEAT INC BYND-RM RM 986.6 (253.1) 487.1
BIOCRYST PHARM BO1 TH 509.7 (328.3) 405.7
BIOCRYST PHARM BCRX US 509.7 (328.3) 405.7
BIOCRYST PHARM BO1 GR 509.7 (328.3) 405.7
BIOCRYST PHARM BO1 QT 509.7 (328.3) 405.7
BIOCRYST PHARM BCRXEUR EU 509.7 (328.3) 405.7
BIOCRYST PHARM BCRX* MM 509.7 (328.3) 405.7
BIOCRYST PHARM BCRXEUR EZ 509.7 (328.3) 405.7
BIOTE CORP-A BTMD US 119.1 (83.8) 87.6
BLUE BIRD CORP BLBD US 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB GR 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB GZ 364.3 (1.1) (26.3)
BLUE BIRD CORP BLBDEUR EU 364.3 (1.1) (26.3)
BLUE BIRD CORP BLBDEUR EZ 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB TH 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB QT 364.3 (1.1) (26.3)
BOEING CO-BDR BOEI34 BZ 136,347.0 (15,484.0) 15,301.0
BOEING CO-CED BA AR 136,347.0 (15,484.0) 15,301.0
BOEING CO-CED BAD AR 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA EU 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO GR 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAEUR EU 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA TE 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA* MM 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA SW 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BOEI BB 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA US 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO TH 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA PE 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BOE LN 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA CI 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO QT 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAUSD SW 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO GZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA AV 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA-RM RM 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAEUR EZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA EZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BACL CI 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA_KZ KZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD EB 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD IX 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD I2 136,347.0 (15,484.0) 15,301.0
BOMBARDIER INC-A BBD/A CN 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BDRAF US 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD GR 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD/AEUR EU 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD GZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/B CN 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC GR 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BDRBF US 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC TH 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDBN MM 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/BEUR EU 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC GZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/BEUR EZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC QT 12,441.0 (2,448.0) (196.0)
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 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA 2CL GR 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA 2CL GZ 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA BBIOEUR EU 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA 2CL TH 625.7 (1,213.6) 456.1
BRIGHTSPHERE INV BSIG US 546.0 (8.3) -
BRIGHTSPHERE INV 2B9 GR 546.0 (8.3) -
BRIGHTSPHERE INV BSIGEUR EU 546.0 (8.3) -
BRIGHTSPHERE INV 2B9 GZ 546.0 (8.3) -
BRINKER INTL EAT US 2,478.1 (210.3) (372.3)
BRINKER INTL BKJ GR 2,478.1 (210.3) (372.3)
BRINKER INTL BKJ QT 2,478.1 (210.3) (372.3)
BRINKER INTL EAT2EUR EU 2,478.1 (210.3) (372.3)
BRINKER INTL BKJ TH 2,478.1 (210.3) (372.3)
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 2,764.5 (276.1) (465.8)
CARDINAL HEA BDR C1AH34 BZ 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAH US 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH GR 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH TH 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH QT 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAHEUR EU 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH GZ 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAH* MM 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAHEUR EZ 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAH-RM RM 43,377.0 (2,218.0) 994.0
CARDINAL-CEDEAR CAH AR 43,377.0 (2,218.0) 994.0
CARDINAL-CEDEAR CAHC AR 43,377.0 (2,218.0) 994.0
CARDINAL-CEDEAR CAHD AR 43,377.0 (2,218.0) 994.0
CARVANA CO CVNA US 8,646.0 (1,322.0) 1,766.0
CARVANA CO CV0 TH 8,646.0 (1,322.0) 1,766.0
CARVANA CO CV0 QT 8,646.0 (1,322.0) 1,766.0
CARVANA CO CVNAEUR EU 8,646.0 (1,322.0) 1,766.0
CARVANA CO CV0 GR 8,646.0 (1,322.0) 1,766.0
CARVANA CO CV0 GZ 8,646.0 (1,322.0) 1,766.0
CARVANA CO CVNAEUR EZ 8,646.0 (1,322.0) 1,766.0
CARVANA CO CVNA* MM 8,646.0 (1,322.0) 1,766.0
CARVANA CO CVNA-RM RM 8,646.0 (1,322.0) 1,766.0
CEDAR FAIR LP FUN US 2,209.7 (793.2) (227.4)
CENTRUS ENERGY-A LEU US 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU TH 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU GR 689.0 (44.5) 192.4
CENTRUS ENERGY-A LEUEUR EU 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU GZ 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU QT 689.0 (44.5) 192.4
CHENIERE ENERGY CQP US 18,817.0 (950.0) 585.0
CINEPLEX INC CGX CN 2,075.5 (239.9) (296.9)
CINEPLEX INC CX0 GR 2,075.5 (239.9) (296.9)
CINEPLEX INC CPXGF US 2,075.5 (239.9) (296.9)
CINEPLEX INC CX0 TH 2,075.5 (239.9) (296.9)
CINEPLEX INC CGXEUR EU 2,075.5 (239.9) (296.9)
CINEPLEX INC CGXN MM 2,075.5 (239.9) (296.9)
CINEPLEX INC CX0 GZ 2,075.5 (239.9) (296.9)
COGENT COMMUNICA CCOI US 998.4 (548.5) 201.4
COGENT COMMUNICA OGM1 GR 998.4 (548.5) 201.4
COGENT COMMUNICA CCOIEUR EU 998.4 (548.5) 201.4
COGENT COMMUNICA CCOI* MM 998.4 (548.5) 201.4
COHERUS BIOSCIEN CHRS US 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 GR 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 TH 402.4 (196.5) 192.5
COHERUS BIOSCIEN CHRSEUR EU 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 QT 402.4 (196.5) 192.5
COHERUS BIOSCIEN CHRSEUR EZ 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 GZ 402.4 (196.5) 192.5
COMMSCOPE HOLDIN COMM US 11,337.0 (415.0) 1,707.5
COMMSCOPE HOLDIN CM9 GR 11,337.0 (415.0) 1,707.5
COMMSCOPE HOLDIN COMMEUR EU 11,337.0 (415.0) 1,707.5
COMMSCOPE HOLDIN CM9 TH 11,337.0 (415.0) 1,707.5
COMMUNITY HEALTH CYH US 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 GR 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 TH 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 QT 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CYH1EUR EU 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CYH1EUR EZ 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 GZ 14,623.0 (791.0) 982.0
COMPOSECURE INC CMPO US 185.8 (291.2) 58.1
CONSENSUS CLOUD CCSI US 663.3 (240.7) 70.1
CONTANGO ORE INC CTGO US 17.5 (5.7) 3.5
COOPER-STANDARD CPS US 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 GR 1,943.1 (26.8) 207.5
COOPER-STANDARD CPSEUR EU 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 GZ 1,943.1 (26.8) 207.5
CPI CARD GROUP I PMTS US 298.2 (70.7) 110.9
CPI CARD GROUP I CPB1 GR 298.2 (70.7) 110.9
CPI CARD GROUP I PMTSEUR EU 298.2 (70.7) 110.9
CTI BIOPHARMA CO CEPS QT 112.3 (25.3) 18.2
CTI BIOPHARMA CO CTIC US 112.3 (25.3) 18.2
CTI BIOPHARMA CO CEPS GR 112.3 (25.3) 18.2
CTI BIOPHARMA CO CTIC1EUR EZ 112.3 (25.3) 18.2
CTI BIOPHARMA CO CTIC1EUR EU 112.3 (25.3) 18.2
CTI BIOPHARMA CO CEPS TH 112.3 (25.3) 18.2
CUTERA INC TJ9 GR 499.8 (39.0) 309.7
CUTERA INC CUTR US 499.8 (39.0) 309.7
CUTERA INC TJ9 TH 499.8 (39.0) 309.7
CUTERA INC CUTREUR EU 499.8 (39.0) 309.7
CUTERA INC TJ9 QT 499.8 (39.0) 309.7
CUTERA INC CUTREUR EZ 499.8 (39.0) 309.7
CYTOKINETICS INC CYTK US 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A GR 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A QT 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EU 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A TH 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A SW 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EZ 889.8 (229.0) 605.4
DELEK LOGISTICS DKL US 1,691.6 (117.4) (1.0)
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 480.4 (45.0) (34.6)
DENNY'S CORP DENN US 480.4 (45.0) (34.6)
DENNY'S CORP DENNEUR EU 480.4 (45.0) (34.6)
DENNY'S CORP DE8 TH 480.4 (45.0) (34.6)
DENNY'S CORP DE8 GZ 480.4 (45.0) (34.6)
DIEBOLD NIXDORF DBD SW 3,090.7 (1,473.6) 66.3
DIGITALOCEAN HOL DOCN US 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU GR 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU TH 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL DOCNEUR EU 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU GZ 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU QT 1,584.4 (217.7) 512.5
DINE BRANDS GLOB DIN US 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP GR 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP TH 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP GZ 1,758.1 (288.7) (56.8)
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 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV TH 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV GR 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ US 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV QT 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZEUR EU 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ AV 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ* MM 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV GZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZEUR EZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ-RM RM 1,641.4 (4,151.8) 271.4
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 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 GR 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 SW 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 TH 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 QT 2,993.7 (365.2) 247.2
DROPBOX INC-A DBXEUR EU 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX AV 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX* MM 2,993.7 (365.2) 247.2
DROPBOX INC-A DBXEUR EZ 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 GZ 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX-RM RM 2,993.7 (365.2) 247.2
EF HUTTON ACQUIS EFHT US 118.0 (3.5) 0.0
EMBECTA CORP EMBC US 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC* MM 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 GR 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 QT 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC1EUR EZ 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC1EUR EU 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 GZ 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 TH 1,210.0 (822.6) 398.6
ETSY INC ETSY US 2,500.5 (540.2) 845.8
ETSY INC 3E2 GR 2,500.5 (540.2) 845.8
ETSY INC 3E2 TH 2,500.5 (540.2) 845.8
ETSY INC 3E2 QT 2,500.5 (540.2) 845.8
ETSY INC 2E2 GZ 2,500.5 (540.2) 845.8
ETSY INC 300 SW 2,500.5 (540.2) 845.8
ETSY INC ETSY AV 2,500.5 (540.2) 845.8
ETSY INC ETSYEUR EZ 2,500.5 (540.2) 845.8
ETSY INC ETSY* MM 2,500.5 (540.2) 845.8
ETSY INC ETSY-RM RM 2,500.5 (540.2) 845.8
ETSY INC - BDR E2TS34 BZ 2,500.5 (540.2) 845.8
ETSY INC - CEDEA ETSY AR 2,500.5 (540.2) 845.8
FAIR ISAAC - BDR F2IC34 BZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI GR 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICO US 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICOEUR EU 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI QT 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICOEUR EZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICO1* MM 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI GZ 1,502.4 (770.8) 148.0
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 538.5 (28.9) 175.8
FIBROGEN INC 1FG GR 538.5 (28.9) 175.8
FIBROGEN INC FGEN* MM 538.5 (28.9) 175.8
FIBROGEN INC 1FG TH 538.5 (28.9) 175.8
FIBROGEN INC 1FG QT 538.5 (28.9) 175.8
FIBROGEN INC FGENEUR EU 538.5 (28.9) 175.8
FIBROGEN INC FGENEUR EZ 538.5 (28.9) 175.8
FIBROGEN INC FGEN-RM RM 538.5 (28.9) 175.8
FOGHORN THERAPEU FHTX US 372.9 (24.6) 264.9
GCM GROSVENOR-A GCMG US 471.9 (108.1) 109.7
GODADDY INC -BDR G2DD34 BZ 7,092.3 (355.5) (869.2)
GODADDY INC-A GDDY US 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D GR 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D QT 7,092.3 (355.5) (869.2)
GODADDY INC-A GDDY* MM 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D TH 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D GZ 7,092.3 (355.5) (869.2)
GOGO INC GOGO US 759.2 (88.1) 262.1
GOGO INC G0G GR 759.2 (88.1) 262.1
GOGO INC G0G QT 759.2 (88.1) 262.1
GOGO INC GOGOEUR EU 759.2 (88.1) 262.1
GOGO INC G0G TH 759.2 (88.1) 262.1
GOGO INC G0G GZ 759.2 (88.1) 262.1
GOOSEHEAD INSU-A GSHD US 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX GR 321.6 (26.0) 18.6
GOOSEHEAD INSU-A GSHDEUR EU 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX TH 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX QT 321.6 (26.0) 18.6
GREEN PLAINS PAR GPP US 137.8 (0.1) 6.2
GROUPON INC GRPN* MM 650.6 (24.5) (184.1)
GUARDANT HEALTH GH US 1,511.6 (44.6) 900.3
GUARDANT HEALTH GH* MM 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH TH 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GR 1,511.6 (44.6) 900.3
GUARDANT HEALTH GHGBPEUR EU 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GZ 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH QT 1,511.6 (44.6) 900.3
H&R BLOCK - BDR H1RB34 BZ 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB US 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB GR 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB TH 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB QT 3,157.9 (36.4) 187.2
H&R BLOCK INC HRBEUR EU 3,157.9 (36.4) 187.2
H&R BLOCK INC HRBEUR EZ 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB GZ 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB-RM RM 3,157.9 (36.4) 187.2
HERBALIFE LTD HOO GR 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HLF US 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HLFEUR EU 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HOO QT 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HOO GZ 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HLFEUR EZ 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HOO TH 2,687.6 (1,222.8) 95.0
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 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLT US 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 TH 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 GR 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 QT 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLTEUR EU 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLT* MM 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 TE 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLTEUR EZ 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLTW AV 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 GZ 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLT-RM RM 15,211.0 (1,413.0) (829.0)
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 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)
IMMUNITYBIO INC NK1EUR EZ 343.4 (531.7) (451.5)
INSEEGO CORP INSG-RM RM 157.7 (72.7) 18.6
INSMED INC INSM US 1,517.7 (44.7) 941.1
INSMED INC IM8N GR 1,517.7 (44.7) 941.1
INSMED INC IM8N TH 1,517.7 (44.7) 941.1
INSMED INC INSMEUR EU 1,517.7 (44.7) 941.1
INSMED INC INSM* MM 1,517.7 (44.7) 941.1
INSPIRATO INC ISPO* MM 406.3 (80.0) (159.2)
INSPIRED ENTERTA INSE US 316.5 (54.4) 55.2
INSPIRED ENTERTA 4U8 GR 316.5 (54.4) 55.2
INSPIRED ENTERTA INSEEUR EU 316.5 (54.4) 55.2
INVITAE CORP NVTA* MM 1,691.7 (36.7) 314.1
INVITAE CORP NVTA-RM RM 1,691.7 (36.7) 314.1
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 2,903.4 (701.4) (248.8)
JACK IN THE BOX JACK US 2,903.4 (701.4) (248.8)
JACK IN THE BOX JACK1EUR EU 2,903.4 (701.4) (248.8)
JACK IN THE BOX JBX GZ 2,903.4 (701.4) (248.8)
JACK IN THE BOX JBX QT 2,903.4 (701.4) (248.8)
JAWS MUSTANG A-A JWSM US 22.7 (0.5) (3.8)
JAWS MUSTANG ACQ JWSM/U US 22.7 (0.5) (3.8)
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
KODIAK SCIENCES KOD US 640.3 (962.8) 433.5
KODIAK SCIENCES KOD* MM 640.3 (962.8) 433.5
KODIAK SCIENCES K27 GR 640.3 (962.8) 433.5
KODIAK SCIENCES K27 GZ 640.3 (962.8) 433.5
KODIAK SCIENCES KODEUR EZ 640.3 (962.8) 433.5
KODIAK SCIENCES KODEUR EU 640.3 (962.8) 433.5
KODIAK SCIENCES K27 TH 640.3 (962.8) 433.5
KODIAK SCIENCES K27 QT 640.3 (962.8) 433.5
L BRANDS INC-BDR B1BW34 BZ 5,363.0 (2,170.0) 803.0
LEGACY VENTUR-B LGYV US 0.0 (0.0) (0.0)
LENNOX INTL INC LXI GR 2,770.4 (125.9) 145.2
LENNOX INTL INC LII US 2,770.4 (125.9) 145.2
LENNOX INTL INC LII1EUR EU 2,770.4 (125.9) 145.2
LENNOX INTL INC LXI TH 2,770.4 (125.9) 145.2
LENNOX INTL INC LII* MM 2,770.4 (125.9) 145.2
LESLIE'S INC LESL US 1,163.2 (255.0) 299.3
LESLIE'S INC LE3 GR 1,163.2 (255.0) 299.3
LESLIE'S INC LESLEUR EU 1,163.2 (255.0) 299.3
LESLIE'S INC LE3 QT 1,163.2 (255.0) 299.3
LINDBLAD EXPEDIT LIND US 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 GR 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LINDEUR EU 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 TH 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 QT 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 GZ 774.3 (82.2) (152.1)
LOOP MEDIA INC LPTV US 18.6 (5.2) (2.4)
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 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR* MM 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR-RM RM 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GR 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZREUR EU 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS TH 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GZ 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS QT 658.4 (82.3) 393.9
LUMINAR TECHNOLO L2AZ34 BZ 658.4 (82.3) 393.9
MADISON SQUARE G MSGS US 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 GR 1,363.3 (333.0) (248.6)
MADISON SQUARE G MSG1EUR EU 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 TH 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 QT 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 GZ 1,363.3 (333.0) (248.6)
MANNKIND CORP NNFN GR 298.1 (255.4) 141.4
MANNKIND CORP MNKD US 298.1 (255.4) 141.4
MANNKIND CORP NNFN TH 298.1 (255.4) 141.4
MANNKIND CORP NNFN QT 298.1 (255.4) 141.4
MANNKIND CORP MNKDEUR EU 298.1 (255.4) 141.4
MANNKIND CORP MNKDEUR EZ 298.1 (255.4) 141.4
MANNKIND CORP NNFN GZ 298.1 (255.4) 141.4
MARKETWISE INC MKTW* MM 431.7 (264.7) (52.7)
MASCO CORP MAS US 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ GR 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ TH 5,430.0 (120.0) 1,130.0
MASCO CORP MAS* MM 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ QT 5,430.0 (120.0) 1,130.0
MASCO CORP MAS1EUR EU 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ GZ 5,430.0 (120.0) 1,130.0
MASCO CORP MAS1EUR EZ 5,430.0 (120.0) 1,130.0
MASCO CORP MAS-RM RM 5,430.0 (120.0) 1,130.0
MASCO CORP-BDR M1AS34 BZ 5,430.0 (120.0) 1,130.0
MATCH GROUP -BDR M1TC34 BZ 4,203.9 (334.5) 398.6
MATCH GROUP INC 0JZ7 LI 4,203.9 (334.5) 398.6
MATCH GROUP INC MTCH US 4,203.9 (334.5) 398.6
MATCH GROUP INC MTCH1* MM 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN TH 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN GR 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN QT 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN SW 4,203.9 (334.5) 398.6
MATCH GROUP INC MTC2 AV 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN GZ 4,203.9 (334.5) 398.6
MATCH GROUP INC MTCH-RM RM 4,203.9 (334.5) 398.6
MBIA INC MBI US 3,317.0 (899.0) -
MBIA INC MBJ GR 3,317.0 (899.0) -
MBIA INC MBJ TH 3,317.0 (899.0) -
MBIA INC MBJ QT 3,317.0 (899.0) -
MBIA INC MBI1EUR EU 3,317.0 (899.0) -
MBIA INC MBJ GZ 3,317.0 (899.0) -
MCDONALD'S - CDR MCDS CN 52,014.4 (5,776.1) 2,174.0
MCDONALD'S - CDR MDO0 GR 52,014.4 (5,776.1) 2,174.0
MCDONALD'S CORP MDOD EB 52,014.4 (5,776.1) 2,174.0
MCDONALD'S CORP MDOD IX 52,014.4 (5,776.1) 2,174.0
MCDONALD'S CORP MDOD I2 52,014.4 (5,776.1) 2,174.0
MCDONALDS - BDR MCDC34 BZ 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO TH 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD TE 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO GR 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD* MM 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD US 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD SW 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD CI 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO QT 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDUSD SW 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDEUR EU 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO GZ 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD AV 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDEUR EZ 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP 0R16 LN 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD-RM RM 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDCL CI 52,014.4 (5,776.1) 2,174.0
MCDONALDS-CEDEAR MCDD AR 52,014.4 (5,776.1) 2,174.0
MCDONALDS-CEDEAR MCDC AR 52,014.4 (5,776.1) 2,174.0
MCDONALDS-CEDEAR MCD AR 52,014.4 (5,776.1) 2,174.0
MCKESSON CORP MCK* MM 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK GR 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK US 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK TH 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK1EUR EU 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK QT 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK GZ 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK1EUR EZ 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK-RM RM 62,320.0 (1,490.0) (3,665.0)
MCKESSON-BDR M1CK34 BZ 62,320.0 (1,490.0) (3,665.0)
MEDIAALPHA INC-A MAX US 153.4 (88.7) 2.1
METTLER-TOLEDO MTD US 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO GR 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO QT 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO GZ 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO TH 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTDEUR EU 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD* MM 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTDEUR EZ 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD AV 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD-RM RM 3,409.9 (24.5) 282.5
MONEYGRAM INTERN MGI US 4,135.5 (143.4) (8.0)
MONEYGRAM INTERN 9M1N GR 4,135.5 (143.4) (8.0)
MONEYGRAM INTERN 9M1N QT 4,135.5 (143.4) (8.0)
MONEYGRAM INTERN 9M1N TH 4,135.5 (143.4) (8.0)
MONEYGRAM INTERN MGIEUR EU 4,135.5 (143.4) (8.0)
MSCI INC 3HM GR 5,058.7 (901.4) 602.0
MSCI INC MSCI US 5,058.7 (901.4) 602.0
MSCI INC 3HM QT 5,058.7 (901.4) 602.0
MSCI INC 3HM SW 5,058.7 (901.4) 602.0
MSCI INC MSCI* MM 5,058.7 (901.4) 602.0
MSCI INC MSCIEUR EZ 5,058.7 (901.4) 602.0
MSCI INC 3HM GZ 5,058.7 (901.4) 602.0
MSCI INC 3HM TH 5,058.7 (901.4) 602.0
MSCI INC MSCI AV 5,058.7 (901.4) 602.0
MSCI INC MSCI-RM RM 5,058.7 (901.4) 602.0
MSCI INC-BDR M1SC34 BZ 5,058.7 (901.4) 602.0
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) -
NORWEGIAN CR-BDR N1CL34 BZ 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLH US 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC GR 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLHN MM 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLHEUR EU 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC TH 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC QT 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLH AV 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC SW 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLHEUR EZ 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC GZ 18,350.7 (99.5) (4,054.9)
NOVAVAX INC NVV1 GR 1,542.7 (895.6) (947.8)
NOVAVAX INC NVAX US 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 TH 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 QT 1,542.7 (895.6) (947.8)
NOVAVAX INC NVAXEUR EU 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 GZ 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 SW 1,542.7 (895.6) (947.8)
NOVAVAX INC NVAX* MM 1,542.7 (895.6) (947.8)
NOVAVAX INC 0A3S LI 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 BU 1,542.7 (895.6) (947.8)
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
O'REILLY AUT-BDR ORLY34 BZ 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 GR 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY US 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 TH 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY SW 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 QT 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY* MM 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLYEUR EU 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 GZ 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY AV 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLYEUR EZ 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY-RM RM 12,972.8 (1,625.0) (2,168.3)
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 EU 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 ORCLUSD 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 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP TH 10,763.0 (737.0) 1,434.0
ORGANON & CO OGN-WEUR EU 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP GR 10,763.0 (737.0) 1,434.0
ORGANON & CO OGN* MM 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP GZ 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP QT 10,763.0 (737.0) 1,434.0
ORGANON & CO OGN-RM RM 10,763.0 (737.0) 1,434.0
OTIS WORLDWI OTIS US 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG GR 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG GZ 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTISEUR EZ 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTISEUR EU 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTIS* MM 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG TH 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG QT 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTIS AV 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTIS-RM RM 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI-BDR O1TI34 BZ 9,845.0 (4,638.0) (670.0)
PAPA JOHN'S INTL PZZA US 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 GR 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PZZAEUR EU 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 GZ 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 TH 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 QT 864.9 (474.1) (26.0)
PELOTON INTERA-A PTON US 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON GR 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON GZ 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTONEUR EZ 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTONEUR EU 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON QT 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON TH 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTON* MM 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 0A46 LI 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTON AV 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON SW 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTON-RM RM 3,016.3 (127.0) 1,004.4
PETRO USA INC PBAJ US - (0.1) (0.1)
PHATHOM PHARMACE PHAT US 144.0 (74.8) 134.3
PHILIP MORRI-BDR PHMO34 BZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1EUR EU 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMI SW 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1 TE 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 TH 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1CHF EU 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 GR 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM US 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMIZ IX 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMIZ EB 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 QT 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 GZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 0M8V LN 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMOR AV 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM* MM 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1CHF EZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1EUR EZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM-RM RM 62,060.0 (7,053.0) (3,414.0)
PLANET FITNESS I P2LN34 BZ 2,905.6 (158.6) 338.5
PLANET FITNESS I PLNT* MM 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT US 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL TH 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL GR 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL QT 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT1EUR EU 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT1EUR EZ 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL GZ 2,905.6 (158.6) 338.5
PREVENTION INS.C PVNC US 0.0 (0.2) (0.2)
PROS HOLDINGS IN PH2 GR 437.6 (48.0) 95.9
PROS HOLDINGS IN PRO US 437.6 (48.0) 95.9
PROS HOLDINGS IN PRO1EUR EU 437.6 (48.0) 95.9
PTC THERAPEUTICS PTCT US 1,608.8 (457.6) 171.8
PTC THERAPEUTICS BH3 GR 1,608.8 (457.6) 171.8
PTC THERAPEUTICS P91 TH 1,608.8 (457.6) 171.8
PTC THERAPEUTICS P91 QT 1,608.8 (457.6) 171.8
PULSE BIOSCIENCE PLSE US 70.2 (10.7) 48.0
PULSE BIOSCIENCE 6L8 GZ 70.2 (10.7) 48.0
RAPID7 INC RPD US 1,329.5 (110.2) (39.1)
RAPID7 INC R7D GR 1,329.5 (110.2) (39.1)
RAPID7 INC RPDEUR EU 1,329.5 (110.2) (39.1)
RAPID7 INC R7D TH 1,329.5 (110.2) (39.1)
RAPID7 INC RPD* MM 1,329.5 (110.2) (39.1)
RAPID7 INC R7D GZ 1,329.5 (110.2) (39.1)
RAPID7 INC R7D QT 1,329.5 (110.2) (39.1)
REATA PHARMACE-A RETA US 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 GR 453.6 (130.7) 277.9
REATA PHARMACE-A RETAEUR EU 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 GZ 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 TH 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 QT 453.6 (130.7) 277.9
REVANCE THERAPEU RVNC US 547.8 (26.7) 245.0
REVANCE THERAPEU RTI GR 547.8 (26.7) 245.0
REVANCE THERAPEU RTI QT 547.8 (26.7) 245.0
REVANCE THERAPEU RVNCEUR EU 547.8 (26.7) 245.0
REVANCE THERAPEU RVNCEUR EZ 547.8 (26.7) 245.0
REVANCE THERAPEU RTI TH 547.8 (26.7) 245.0
REVANCE THERAPEU RTI GZ 547.8 (26.7) 245.0
RIMINI STREET IN RMNI US 368.1 (70.1) (67.8)
RIMINI STREET IN 0QH GR 368.1 (70.1) (67.8)
RIMINI STREET IN RMNIEUR EU 368.1 (70.1) (67.8)
RIMINI STREET IN 0QH QT 368.1 (70.1) (67.8)
RINGCENTRAL IN-A RNG US 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA GR 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNGEUR EU 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA TH 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA QT 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNGEUR EZ 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNG* MM 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA GZ 2,046.4 (272.5) 259.8
RINGCENTRAL-BDR R2NG34 BZ 2,046.4 (272.5) 259.8
SABRE CORP SABR US 5,026.0 (949.0) 578.7
SABRE CORP 19S GR 5,026.0 (949.0) 578.7
SABRE CORP 19S TH 5,026.0 (949.0) 578.7
SABRE CORP 19S QT 5,026.0 (949.0) 578.7
SABRE CORP SABREUR EU 5,026.0 (949.0) 578.7
SABRE CORP SABREUR EZ 5,026.0 (949.0) 578.7
SABRE CORP 19S GZ 5,026.0 (949.0) 578.7
SBA COMM CORP 4SB GR 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBAC US 10,541.5 (5,231.0) (167.2)
SBA COMM CORP 4SB TH 10,541.5 (5,231.0) (167.2)
SBA COMM CORP 4SB QT 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBACEUR EU 10,541.5 (5,231.0) (167.2)
SBA COMM CORP 4SB GZ 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBAC* MM 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBACEUR EZ 10,541.5 (5,231.0) (167.2)
SEAGATE TECHNOLO S1TX34 BZ 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STXN MM 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STX US 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 GR 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 GZ 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STX4EUR EU 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 TH 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STXH AV 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 QT 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STH TE 7,967.0 (1,004.0) (42.0)
SEAWORLD ENTERTA SEAS US 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L GR 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L TH 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA SEASEUR EU 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L QT 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L GZ 2,353.9 (454.7) (239.2)
SERES THERAPEUTI MCRB US 270.2 (47.9) 52.3
SERES THERAPEUTI 1S9 GR 270.2 (47.9) 52.3
SERES THERAPEUTI MCRB1EUR EU 270.2 (47.9) 52.3
SERES THERAPEUTI 1S9 TH 270.2 (47.9) 52.3
SILVER SPIKE-A SPKC/U CN 5.2 (6.8) 0.1
SIRIUS XM HOLDIN SIRI US 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO TH 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO GR 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO QT 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO GZ 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRI AV 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRI* MM 10,023.0 (3,259.0) (1,816.0)
SIX FLAGS ENTERT SIX US 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT 6FE GR 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT SIXEUR EU 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT 6FE TH 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT 6FE QT 2,658.2 (495.3) (278.8)
SLEEP NUMBER COR SNBR US 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 GR 962.8 (425.0) (717.3)
SLEEP NUMBER COR SNBREUR EU 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 TH 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 QT 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 GZ 962.8 (425.0) (717.3)
SMILEDIRECTCLUB SDC* MM 545.6 (441.9) 139.3
SONDER HOLDINGS SOND* MM 1,521.5 (96.8) (8.4)
SPIRIT AEROSYS-A S9Q GR 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPR US 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A S9Q TH 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPREUR EU 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A S9Q QT 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPREUR EZ 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A S9Q GZ 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPR-RM RM 6,574.7 (444.6) 1,192.0
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 -BDR S2QS34 BZ 754.4 (318.3) (132.4)
SQUARESPACE IN-A SQSP US 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT GR 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT GZ 754.4 (318.3) (132.4)
SQUARESPACE IN-A SQSPEUR EU 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT TH 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT QT 754.4 (318.3) (132.4)
STARBUCKS CORP SBUX US 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX* MM 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB TH 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB GR 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX CI 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX SW 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB QT 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX PE 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXUSD SW 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB GZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX AV 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX TE 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXEUR EU 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP 1SBUX IM 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXEUR EZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP 0QZH LI 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX-RM RM 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXCL CI 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX_KZ KZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRBD EB 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRBD IX 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRBD I2 28,609.0 (8,499.4) (2,075.6)
STARBUCKS-BDR SBUB34 BZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS-CEDEAR SBUX AR 28,609.0 (8,499.4) (2,075.6)
STARBUCKS-CEDEAR SBUXD AR 28,609.0 (8,499.4) (2,075.6)
SYNDAX PHARMACEU SNDX US 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 GR 459.8 (298.7) 417.8
SYNDAX PHARMACEU SNDXEUR EU 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 TH 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 QT 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 GZ 459.8 (298.7) 417.8
TABULA RASA HEAL TRHC US 355.6 (70.9) 56.6
TRANSDIGM - BDR T1DG34 BZ 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D GR 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG US 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D QT 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDGEUR EU 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D TH 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG* MM 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDGEUR EZ 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG-RM RM 20,008.0 (2,893.0) 4,934.0
TRAVEL + LEISURE WD5A GR 6,477.0 (975.0) 616.0
TRAVEL + LEISURE TNL US 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A TH 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A QT 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WYNEUR EU 6,477.0 (975.0) 616.0
TRAVEL + LEISURE 0M1K LI 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WYNEUR EZ 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A GZ 6,477.0 (975.0) 616.0
TRAVEL + LEISURE TNL* MM 6,477.0 (975.0) 616.0
TRIUMPH GROUP TG7 GR 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGI US 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGIEUR EU 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 TH 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 GZ 1,714.8 (797.4) 536.6
UBIQUITI INC 3UB GR 1,375.2 (184.5) 790.0
UBIQUITI INC UI US 1,375.2 (184.5) 790.0
UBIQUITI INC UBNTEUR EU 1,375.2 (184.5) 790.0
UBIQUITI INC 3UB TH 1,375.2 (184.5) 790.0
UNITED INSURANCE UIHC US 2,837.5 (182.0) -
UNITED INSURANCE 0UI GR 2,837.5 (182.0) -
UNITED INSURANCE UIHCEUR EU 2,837.5 (182.0) -
UNITI GROUP INC UNIT US 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GR 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC TH 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GZ 4,988.2 (2,324.2) -
UROGEN PHARMA LT URGN US 113.0 (116.6) 70.7
UROGEN PHARMA LT UR8 GR 113.0 (116.6) 70.7
UROGEN PHARMA LT URGNEUR EU 113.0 (116.6) 70.7
US GOLDMINING IN USGO US 0.3 (2.1) (1.9)
US GOLDMINING IN Q0G GR 0.3 (2.1) (1.9)
US GOLDMINING IN USGOEUR EU 0.3 (2.1) (1.9)
US GOLDMINING IN Q0G TH 0.3 (2.1) (1.9)
VECTOR GROUP LTD VGR GR 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR US 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR QT 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EU 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EZ 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR TH 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR GZ 955.9 (805.8) 301.2
VERISIGN INC VRS TH 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS GR 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN US 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS QT 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSNEUR EU 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS GZ 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN* MM 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSNEUR EZ 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN-RM RM 1,757.0 (1,593.8) (98.3)
VERISIGN INC-BDR VRSN34 BZ 1,757.0 (1,593.8) (98.3)
VERISIGN-CEDEAR VRSN AR 1,757.0 (1,593.8) (98.3)
WAVE LIFE SCIENC WVE US 267.3 (26.8) 87.0
WAVE LIFE SCIENC WVEEUR EU 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 GR 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 TH 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 GZ 267.3 (26.8) 87.0
WAYFAIR INC- A W US 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF GR 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF TH 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A WEUR EU 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF QT 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A WEUR EZ 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF GZ 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A W* MM 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- BDR W2YF34 BZ 3,212.0 (2,745.0) (302.0)
WEWORK INC-CL A WE* MM 16,949.0 (3,786.0) (1,437.0)
WINGSTOP INC WING US 451.3 (379.8) 170.1
WINGSTOP INC EWG GR 451.3 (379.8) 170.1
WINGSTOP INC WING1EUR EU 451.3 (379.8) 170.1
WINGSTOP INC EWG GZ 451.3 (379.8) 170.1
WINMARK CORP WINA US 39.7 (54.0) 14.4
WINMARK CORP GBZ GR 39.7 (54.0) 14.4
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WW INTERNATIONAL WW US 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 GR 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 TH 973.7 (802.3) (31.6)
WW INTERNATIONAL WTWEUR EU 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 QT 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 GZ 973.7 (802.3) (31.6)
WW INTERNATIONAL WTW AV 973.7 (802.3) (31.6)
WW INTERNATIONAL WTWEUR EZ 973.7 (802.3) (31.6)
WW INTERNATIONAL WW-RM RM 973.7 (802.3) (31.6)
WYNN RESORTS LTD WYR GR 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN* MM 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN US 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYR TH 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN SW 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYR QT 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNNEUR EU 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYR GZ 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNNEUR EZ 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN-RM RM 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS-BDR W1YN34 BZ 13,724.0 (1,616.4) 2,882.4
YUM! BRANDS -BDR YUMR34 BZ 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM US 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR GR 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR TH 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUMEUR EU 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR QT 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM SW 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUMUSD SW 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR GZ 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM* MM 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM AV 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUMEUR EZ 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM-RM RM 5,749.0 (8,774.0) (9.0)
*********
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
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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 ***