/raid1/www/Hosts/bankrupt/TCR_Public/230606.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, June 6, 2023, Vol. 27, No. 156
Headlines
227 FAIRVIEW: June 29 Disclosure Statement Hearing Set
476 GATES REALTY: Seeks to Extend Plan Exclusivity to Sept. 29
5200 SAMPLE: Court OKs Interim Cash Collateral Access
5703 9TH LLC: Seeks to Hire Whiteford, Taylor & Preston as Counsel
AA HOSPITALITY: Selling Proctor Property to Patel for $3 Million
AERKOMM INC: Delays Filing of March 31 Form 10-Q
AGWAY FARM: Seeks to Extend Plan Exclusivity to July 7
AKORN OPERATING: $370M Bank Debt Trades at 72% Discount
ALL DAY ACQUISITIONCO: $200M Bank Debt Trades at 88% Discount
AMSTERDAM HOUSE: Committee Taps Cooley LLP as Bankruptcy Counsel
AMSTERDAM HOUSE: Committee Taps GlassRatner as Financial Advisor
AMSTERDAM HOUSE: Seeks to Hire Ankura, Appoint CRO
AMSTERDAM HOUSE: Seeks to Hire DLA Piper as Legal Counsel
AMSTERDAM HOUSE: Seeks to Hire Grandbridge as Real Estate Broker
ART OF MEDICINE: Files Emergency Bid to Use Cash Collateral
ARUZE GAMING: Exclusivity Period Extended to August 30
ASLM GAS: Court OKs Cash Collateral Access Thru July 15
ASLM INVESTMENTS: Court OKs Cash Collateral Access Thru July 15
ASP LS ACQUISITION: $455M Bank Debt Trades at 40% Discount
ASPIRA WOMEN'S: All Six Proposals Passed at Annual Meeting
AUBSP OWNERCO 8: Exclusivity Period Extended to June 9
BIG VILLAGE: Seeks to Extend Plan Exclusivity to September 6
BIO365 LLC: Seeks Cash Collateral Access
BISHOP OF OAKLAND: Taps Alvarez & Marsal as Restructuring Advisor
BISHOP OF OAKLAND: Taps Foley & Lardner as Bankruptcy Counsel
BISHOP OF OAKLAND: Taps Kurtzman as Administrative Advisor
BOUQUET RESTAURANT: Court OKs Cash Collateral Access Thru Aug 10
BRAND MARINADE: Wins Cash Collateral Access Thru Aug 31
BRAZORIA-FORT BEND MUD 3: Moody's Rates 2023 Tax Utility Bonds Ba1
BRIAN SMITH LAW OFFICES: Court OKs Cash Collateral Access
BURRELL FARMS: Unsecureds Will Get 100% of Claims over 5 Years
CA TECHIES: Court OKs Cash Collateral Access Thru July 15
CALUMET PAINT: Gets Cash Collateral Access Thru Aug 31
CEDIPROF INC: Gets OK to Hire Bielli & Klauder as Special Counsel
CHASE CUSTOM: Exclusivity Period Extended to September 13
CHICK LUMBER: Seeks Continued Cash Collateral Access
CIRTRAN CORP: Incurs $480K Net Loss in First Quarter
COMPASS POINTE: Court Approves Amended Disclosure Statement
COSMOS GROUP: Incurs $2.6 Million Net Loss in First Quarter
COVANTA HOLDING: Moody's Cuts CFR to B1 & Alters Outlook to Stable
COVANTA HOLDING: S&P Rates Term Loans B & C 'BB', Outlook Stable
COVENANT SURGICAL: $250M Bank Debt Trades at 22% Discount
CROWN FINANCE: $3.33B Bank Debt Trades at 81% Discount
CYTODYN INC: President Takes Medical Leave
DELPHI BEHAVIORAL: Seeks Another $1.5MM DIP Loan from Brightwood
DESOLATION HOLDINGS: Taps Omni Agent as Administrative Advisor
DIAMOND SPORTS: Ordered to Pay 4 MLB Teams in Full
DIEBOLD NIXDORF: $626M Bank Debt Trades at 81% Discount
DIEBOLD NIXDORF: Chapter 11 Cases, Dutch Scheme Filed
DIEBOLD NIXDORF: Delays Filing of March 31 Form 10-Q
DIEBOLD NIXDORF: S&P Lowers ICR to 'D' on Bankruptcy Filing
DIEBOLD NIXDORF: Unsecureds Unimpaired in Prepackaged Plan
DIOCESE OF SANTA ROSA: Jan. 5 Plan Exclusivity Extension Sought
DOMUS BWW: Seeks to Extend Plan Exclusivity to November 4
DONALD BRANDT: $400K Sale of Lima Property to Simpson Approved
EAGLE MECHANICAL: Exclusivity Period Extended to August 25
EAGLE PROPERTIES: Court OKs Cash Collateral Access Thru Aug 4
ECSEM CORPORATION: Court Approves Disclosure and Confirms Plan
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 98% Discount
ESOURCE RESOURCES: Court OKs Interim Cash Collateral Access
EXCL LOGISTICS: Unsecured Creditors to Split $108K for 54 Months
EXTRUSION GROUP: Unsecured Creditors to Split $1M over 12 Months
FOX SUBACUTE: Disclosure Statement Hearing Continued to July 18
GLENWOOD ROAD ESTATE: Taps Rachel S. Blumenfeld as Legal Counsel
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 35% Discount
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 35% Discount
GOLDEN KEY: Committee Wants Plan Exclusivity Terminated
GREENIDGE GENERATION: Posts $8.2 Million Net Loss in First Quarter
GREENIDGE GENERATION: Terminates General Counsel
HUSCH & HUSCH: MSI Sells Wapato Property to Gasseling for $330K
I&A DEVELOPMENT: Seeks to Extend Plan Exclusivity to November 27
IEH AUTO PARTS: Exclusivity Period Extended to September 28
INDUS ARCHITECTS: Seeks Cash Collateral Access Thru June 10
INITALY LLC: Seeks Cash Collateral Access
INNERLINE ENGINEERING: Subchapter V Trustee Okays Hearing Extension
JAMES E. DOPSON: Elshihabi Buys Tucker Property for $1.2 Million
KINGS 828 TRUCKING: Unsecureds to Get Share of Income for 60 Months
KJ TRADE: Taps Law Office of Bruce S. Harvey as Special Counsel
LAKESIDE GRILL: Taps Professional Services of Alabama as Accountant
MAGENTA BUYER: $750M Bank Debt Trades at 35% Discount
MAKENA TRADING: Proposed Sale of Trailers, Free of Liens, Approved
MCCLAIN INVESTMENTS: $983K Sale of Nashville Property Approved
MEDICAL ACQUISITION: Taps Robberson as Substitute Counsel
MEDICAL PROPERTIES: Moody's Alters Outlook on Ba1 CFR to Negative
MERCYHURST UNIVERSITY: S&P Affirms 'BB' Rating on 2016 Bonds
MERIDIEN ENERGY: Taps David Graham & Stubbs as Appellate Counsel
MICROGEM US: Seeks to Hire Whiteford, Taylor & Preston as Counsel
MICROGEM US: Taps Heather Williams of CR3 Partners as CRO
MILLIES PANCAKE: Court OKs Cash Collateral Access Thru June 30
NATIONAL MENTOR: $180M Bank Debt Trades at 48% Discount
NEW HOME: Proposed Debt Exchange No Impact on Moody's 'B3' CFR
NEW TROJAN: $110M Bank Debt Trades at 42% Discount
NEW TROJAN: $605M Bank Debt Trades at 37% Discount
NEWTON CONSTRUCTION: Court Approves $35K Sale of Laguna CNC Router
NUTEX HEALTH: Falls Short of Nasdaq Minimum Bid Price Requirement
OAKWOOD DREAMS: Unsecureds Will be Paid in Full Plus Interest
OFFSHORE SPARS: Seeks to Hire Stevenson & Bullock as Legal Counsel
ORBCOMM INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
OUTPUT SERVICES: $369M Bank Debt Trades at 63% Discount
OZ NATURALS: Court OKs Final Cash Collateral Access
PARADOX RESOURCES: Files Bare-Bones Chapter 11 Petition
PARADOX RESOURCES: Taps Donlin Recano as Claims and Noticing Agent
PAVERS INC: Court Approves Sale of Salina Events Center for $580K
PAXE LATITUDE: Wants Plan Disclosures Deemed Timely Filed
PETES AUTO: May Use $85,000 of Cash Collateral Thru June 30
PLOURDE SAND: Court OKs Access to $490,500 of Cash Collateral
PORTER'S PENINSULA: Taps Warner Norcross + Judd as Legal Counsel
PRODUCE DEPOT: Unsecureds Owed $996K to Get 4% Dividend
PROPERTY HOLDERS: $109K Sale of Cedar Rapids Property Approved
PURRY & SON: Unsecured Creditors to Split $87K over 5 Years
QUALTEK SERVICES: To Seek Plan Confirmation on June 30
R&W CLARK CONSTRUCTION: Court OKs Cash Collateral Access Thru June
RAW INDULGENCE: Seeks Cash Collateral Access
RENEWABLE ENERGY: Selling Business Assets to Matter for $4.6-Mil.
ROCK RIDGE: Creditors to Get Proceeds From Liquidation
ROCK SPLITTERS: Bid to Use Cash Collateral Denied as Moot
ROYALE ENERGY: Delays Filing of March 31 Form 10-Q
SABRE GLBL: $675M Bank Debt Trades at 25% Discount
SALE LLC: Wins Interim Cash Collateral Access
SAMUEL E. SCOTT: Hearing on Hazelhurst Property Sale on June 6
SAMUEL E. SCOTT: Russells Buying Hazelhurst Property for $240K
SANOTECH 360: Sale of Ford F-250 Pickup & Isuzu NPR Box Trucks OK'd
SAVESOLAR CORP: Exclusivity Period Extended to September 30
SB STARLIGHT: U.S. Trustee Unable to Appoint Committee
SCHILLER KNAPP: Files Emergency Bid to Use Cash Collateral
SEMILEDS CORP: All Proposals Passed at Annual Meeting
SHEHAN TANTULA: Alpha Investment Buying Las Vegas Asset for $175K
SHILO INN: Seeks July 3 Extension of Plan Filing Deadline
SHOPS@BIRD & 89: U.S. Trustee Unable to Appoint Committee
SMI ACQUISITION: $235M Bank Debt Trades at 26% Discount
SONAVATION INC: Plan & Disclosures Due 120 Days
SOUND INPATIENT: $215M Bank Debt Trades at 45% Discount
SOUND INPATIENT: $610M Bank Debt Trades at 35% Discount
SOUTH AMERICAN BEEF: Prairie Buys 2015 Mercedes Benz E400 for $24K
SOUTH AMERICAN BEEF: Proposes BAT Auction of Porsche and Ferrari
SOUTH BAY PROPERTY: Seeks to Extend Plan Exclusivity to Nov. 27
ST. CHARLES MEMORY: Unsecureds Will Get 10% of Claims in 60 Months
SUPERIOR PLUS: Moody's Confirms Ba2 CFR & Alters Outlook to Stable
SYMBIONT.IO: Wins Cash Collateral Access Thru June 9
TAAT INT'L: $11.6K Sale of Mercedes-Benz Passenger Van Approved
TAAT INT'L: $7.5K Sale of Caterpillar Forklift to Discount Approved
TELESAT LLC: $1.91B Bank Debt Trades at 44% Discount
THEODORE FIORE, SR: $1.85MM Sale of Toms River Property Approved
THREE NICKELS: Seeks to Hire Pick & Zabicki as Bankruptcy Counsel
TOP LINE GRANITE: Trustee to Submit Order on $2.5-Mil. Assets Sale
TOP LINE GRANITE: Trustee's Sale of Assets to FGC for $2.5MM OK'd
TRANSCENDIA HOLDINGS: S&P Lowers ICR to 'CCC-' on Liquidity Risk
TRANSIT PHYSICAL: Court OKs Cash Collateral Access Thru July 30
VANGUARD WINES: Unsecured Creditors to Get 6.4% in Plan
VASU CONVENIENCE: Unsecureds Will Get 40.44% Dividend in Plan
VENUE CHURCH: Unsecureds Owed $415K to be Paid in Full
VINTAGE FOOD: July 12 Plan Confirmation Hearing Set
VIRGIN ORBIT: SEC Balks at Plan's Third Party Releases
VIVOS REAL ESTATE: Responses to Rockville Property Sale Due June 6
WEWORK INC: Chief Financial Officer Resigns
WISHING WELL: Court Approves Sale of Las Vegas Property for $350K
XPLORNET COMMUNICATIONS: $995M Bank Debt Trades at 22% Discount
[^] Large Companies with Insolvent Balance Sheet
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227 FAIRVIEW: June 29 Disclosure Statement Hearing Set
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Judge Vincent F. Papalia has entered an order within which June 29,
2023 at 11:00am, at Courtroom 3B, U.S. Bankruptcy Court, 50 Walnut
Street, Newark, NJ 07102 is the hearing on the adequacy of the
Disclosure Statement of 227 Fairview LLC.
Judge Papalia further ordered that written objections to the
adequacy of the Disclosure Statement shall be filed no later than
14 days prior to the hearing before this Court.
A copy of the order dated May 30, 2023 is available at
https://urlcurt.com/u?l=xHtlw0 from PacerMonitor.com at no charge.
Attorneys for 227 Fairview, LLC:
Stephen McNally, Esq.
93 Main Street
Newton, NJ 07860
Tel: (973) 300-4260
E-mail: steve@mcnallylawllc.com
About 227 Fairview
227 Fairview LLC owns a two-family, residential property located at
227 7th Street, Fairview (Bergen County), New Jersey 07022 and
having a value of $550,000.
The Debtor suffered from financial difficulty because the Debtor's
rental income declined due to extensive repairs required to be
undertaken at the Property.
In November 2015, Debtor's primary creditor Specialized Loan
Servicing, LLC (as agent for Wilmington Savings) commenced a
foreclosure action in the Bergen County Superior Court. SLS
obtained final judgment in the amount of $403,122 on July 5, 2022
and a sheriff sale was scheduled.
To stop foreclosure, 227 Fairview LLC sought Chapter 11 protection
(Bankr. D.N.J. Case No. 22-19722) on Dec. 9, 2022.
Stephen B. McNally, at McNALLYLAW, LLC, is the Debtor's counsel.
476 GATES REALTY: Seeks to Extend Plan Exclusivity to Sept. 29
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476 Gates Reality asks the U.S. Bankruptcy Court for the Eastern
District of New York to further extend their exclusive period to
file a Chapter 11 plan of reorganization and exclusive period to
solicit acceptances thereof to September 29 and November 28, 2023,
respectively.
The Debtor has filed a liquidating plan, but continues explore
other exit strategies such as recapitalization or refinancing as
part of a global resolution of Normandy Capital Trust's mortgage
claim.
The Debtor owns an eight-unit apartment building in Brooklyn valued
at $4.1 million. The Property is encumbered by a $3.82 million
first mortgage held by Normandy. The Property is also encumbered by
a disputed $950,000 collateral second mortgage held by Sachem
Capital Corp. The second mortgage was placed on the Property as
additional collateral to secure a loan on another property owned by
the Debtor's principal. There is also a disputed $600,000
mechanic's lien filed against the Property which the Debtor
disputes. The Debtor estimates about $32,000 of non-insider
general unsecured debt.
Since the Debtor believes the Property value is less than the
secured debt encumbering the Property, the Debtor filed for Chapter
11 to either restructure the debt or sell the Property on an
arm's-length basis to maximize the return to creditors.
At the time the petition was filed, a receiver was operating the
Property. Theodore Feldheim, the Debtor's sole member was
hospitalized. He has been in and out of the hospital since then and
has not been able to resume business as usual. Recognizing that he
could not properly handle this case in his current condition, Mr.
Feldheim has arranged for the retention of Ephraim Diamond as Chief
Restructuring Officer. The CRO has retained a management company
to operate the Property. The Receiver has since turned over the
funds he has been holding and, upon information and belief, he is
preparing a final accounting.
A hearing to consider the Debtor's extension request will be held
on July 12, 2023 at 10:30 a.m. before the Hon. Jill Maizer Marino.
About 476 Gates Realty
476 Gates Realty, LLC, is the fee simple owner of an eight-unit
apartment building at 476 Gates Avenue, Brooklyn, New York 11216,
valued at $4.1 million.
476 Gates Realty filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40351) on Feb. 1,
2023, with $1 million and $10 million in both assets and
liabilities. Theordore Feldheim, member, signed the petition.
Judge Jil Mazer-Marino oversees the case.
476 Gates Reality is represented by:
Mark Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
488 Madison Avenue Fl 23
New York, NY 10022
Telephone: (212) 593-1100
5200 SAMPLE: Court OKs Interim Cash Collateral Access
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The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, authorized 5200 Sample Road, LLC to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance.
The Debtor requires the use of cash collateral to pay its regular
business operating expenses and administrative expenses and other
ordinary expenses as they become due.
The Debtor is a party to a UCC-1 with ODK Capital, LLC in which ODK
may purport to have a security interest in the secured assets
including any and all assets of the Debtor whether now owned or
hereafter acquired or arising. In support of the agreement and as
perfection of the purported lien thereunder, the Court finds that a
UCC-1 Financing Statement was filed on July 9, 2022, in which ODK
claims a security interest in the collateral.
The Debtor is a party to a UCC-1 with IOU Funding, LLC in which IOU
may purport to have a security interest in the secured assets
including any and all assets of the debtor whether now owned or
hereafter acquired or arising.
The Debtor is a party to a UCC-1 with Fundamental Capital, LLC in
which Fundamental may purport to have a security interest in
accounts and accounts receivable of the Debtor. In support of the
agreement and as perfection of the purported lien thereunder, the
Court finds that a UCC-1 Financing Statement was filed on October
26, 2022, in which Fundamental claims a security interest in the
collateral.
The Debtor is a party to a UCC-1 with the U.S. Small Business
Administration in which the SBA may purport to have a security
interest secured assets including accounts, receivables, and
deposit accounts of Debtor. In support of the foregoing agreement
and as perfection of the purported lien thereunder, the Court finds
that a UCC-1 Financing Statement was filed on August 20, 2020, in
which the SBA claims a security interest in the collateral.
During the pendency of the bankruptcy and until further Court
Order, all pre-petition and post-petition income shall be turned
over and paid to the Debtor for deposit into the Debtor in
Possession bank accounts.
As adequate protection for and to the extent of the Debtor's use of
"cash collateral" pursuant to the Order, ODK, IOU, Fundamental and
SBA, are granted, as of the Petition Date, a replacement lien to
the same extent as any pre-petition lien, pursuant to 11 U.S.C.
section 361(2) on the property set forth in its security
agreements, on an interim basis, without any prejudice to any
rights of the Debtor to seek to void the lien as to the extent,
validity, or priority of said liens.
The post-petition liens granted in connection with the use of cash
collateral will at all times be subject and junior to the fees of
the Office of the United States Trustee pursuant to 28 U.S.C.
section 1930, Court costs and any administrative fees and costs
awarded by the Court in the proceeding.
A further interim hearing on the matter is set for June 27, 2023 at
1:30 p.m.
A copy of the order is available at https://urlcurt.com/u?l=wApbQm
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=pDQoCC
from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$44,136 for June 2023;
$44,136 for July 2023; and
$44,136 for August 2023.
About 5200 Sample Road, LLC
5200 Sample Road, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-13723) on May
12, 2023.
In the petition signed by Mark Alsentzer, manager, the Debtor
disclosed up to $100,000 in assets and up to $50,000 in
liabilities.
Judge Mindy A. Mora oversees the case.
Craig I. Kelley, Esq., at Kelley, Fulton & Kaplan, P.L., represents
the Debtor as legal counsel.
5703 9TH LLC: Seeks to Hire Whiteford, Taylor & Preston as Counsel
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5703 9th, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to hire Whiteford Taylor & Preston, LLP as its
legal 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) taking all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, defense of any actions commenced against the estate, and
negotiations concerning all litigation in which the Debtor may be
involved, and any objections to claims filed against the estate;
(c) attending meetings and negotiating with representatives of
creditors and other parties involved in the Debtor's Chapter 11
case, and advising and consulting on the conduct of the case,
including all of the legal and administrative requirements of
operating in Chapter 11;
(d) preparing legal papers;
(e) appearing before the bankruptcy court, appellate courts
and any other courts;
(f) preparing and negotiating a plan of reorganization,
disclosure statement, sale of assets and all related documents, and
taking any necessary action on behalf of the Debtor to obtain
confirmation of the plan; and
(g) other necessary legal services.
Whiteford will charge these hourly fees:
Brent C. Strickland (Partner) $755
Partners and Of Counsel $490 - $910
Associates $310 - $485
Legal Assistants/Paralegals $195 - $480
The firm received a retainer in the amount of $2,500.
As disclosed in court filings, Whiteford is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brent C. Strickland, Esq.
Whiteford, Taylor & Preston, LLP
111 Rockville Pike, Suite 800
Rockville, MD 20850
Phone: (410) 347-9402
Facsimile: (410) 223-4302
Email: bstrickland@wtplaw.com
About 5703 9th LLC
5703 9th, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 23-00131) on May
16, 2023. At the time of filing, the Debtor estimated $500,001 to
$1 million in assets and $100,001 to $500,000 in liabilities.
Brent C. Strickland, Esq. at Whiteford Taylor & Preston represents
the Debtor as counsel.
AA HOSPITALITY: Selling Proctor Property to Patel for $3 Million
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AA Hospitality Northshore LLC files a notice with the U.S.
Bankruptcy Court District of Minnesota that a hearing will be held
on June 8, 2023, at 10:00 a.m., to consider the sale of the real
property located at 9315 Westgate Blvd., in Proctor, Minnesota
55810, to Kamleshkumar Patel and/or a designated entity for $3
million.
The hearing will be conducted telephonically. Dial
1‐888‐684‐8852 to call in for the hearing. When prompted,
the access code is 5988550 and the security code is 0428. Any
person wanting to appear in person must contact Judge William J.
Fisher's Courtroom Deputy at (651) 848‐1061 at least 48 hours
prior to the hearing. The Objection Deadline was June 2, 2023.
AA Hospitality leases the Real Property to Jadskam Minnesota
Management LLC pursuant to a certain Lease Agreement dated Jan. 1,
2018. The Hotel Operator uses the Real Property to operate a hotel
- Americas Best Value Inn Duluth Spirit Mountain Inn - which is
included in the Red Lion Hotels Family of Hotels.
The franchise agreement with Red Lion terminated prior to the
Filing Date, but Red Lion has permitted the hotel to continue to
operate under the "Americas Best Value Inn Duluth Spirit Mountain
Inn" name on a month-to-month basis. It is unclear to what extent
AA Hospitality owns an interest in the an unofficial arrangement
that allows the parties to proceed on a month-to-month basis with
Red Lion and AA Hospitality does not believe it owes any amounts to
Red Lion.
Prior to the Filing Date, on April 28, 2023, AA Hospitality entered
into the Purchase and Sale Agreement with the Buyer. The Sale
Agreement provides for the sale of the Real Property to the Buyer.
It further provides for the sale of the following property to the
Buyer:
a. All furniture, fixtures and equipment located at the Real
Property and used in conjunction with the operation of the business
thereon. This includes personal property that is attached to or
used in connection with or in the operation of the premises as a
hotel/motel which included but is not limited to: furnaces,
boilers, piping, plumbing, bathroom fixtures, refrigeration,
air-conditioning, sprinkler systems, washtubs, sinks, gas and
electric fixtures, stoves, ranges, awnings, screens, window shades,
elevators, motors, cabinets, silverware, linen, china, glassware,
all food, in good, wholesome condition and all furniture contained
within the rooms along with all other articles of personal property
owned by AA Hospitality on the premises and used in connection with
the operation of the hotel.
b. All of AA Hospitality's operating supplies, inventory and
boxed goods used in the operation of the business on the Real
Property.
c. All licenses, permits and approvals to the extent
assignable by AA Hospitality and/or assumable by the Buyer.
d. All contracts, leases, agreements in the name of AA
Hospitality for the benefit of the Real Property that are to be
assumed by Buyer at closing.
e. All intangible goods that run with the improvements on the
Property such at websites, phone numbers, and goodwill.
The Sale Agreement requires the Buyer to make an earnest money
deposit of $50,000 to an escrow account established with First
American Title upon execution of the Sale Agreement. Prior to the
Filing Date, the Buyer subsequently made the earnest money deposit
and First American Title continues to hold the $50,000.
The Sale Agreement provides the Buyer with a 30-day due diligence
period from the effective date of the agreement. Under its terms,
the closing of the sale will occur on or before the 45th day after
the effective date of the agreement, which means the sale of the
Property must close no later than June 12, 2023.
AA Hospitality has determined, in the exercise of its sound
business judgment, that assuming the Sale Agreement and selling the
Assets is in the best interest of the bankruptcy estate.
The Debtor's pre-petition secured lenders are:
1. Zions Bancorporation, N.A.: AA Hospitality was originally
indebted to Zions under a loan for $1,479,494. It remains obligated
to repay Zions on the Zions Loan under the terms of the following
documents: Business Loan Agreement dated March 5, 2007; Promissory
Note dated March 5, 2007, in the original amount of $1,479,494;
Commercial Security Agreement dated March 5, 2007; Mortgage dated
March 5, 2007, encumbering the Property; Assignment of Rents dated
March 5, 2007; Assignment of Mortgage & Assignment of Assignment of
Rents dated Oct. 30, 2007; Commercial Guaranties dated March 5,
2007; and Forbearance Agreement dated August 2022. As of the Filing
Date, the outstanding amount of AA Hospitality's obligations to
Zions under the Loan Documents allegedly totaled approximately
$803,373.60.
2. United States Small Business Administration: AA Hospitality
acquired a 504 loan from the Central Minnesota Development
Company, which was funded by the United States Small Business
Administration in the original principal amount of $1.06 million.
Upon information and belief, the SBA disputes that its interest in
the Property and the other Pre-Petition Collateral is junior to the
interest of Zion. As of the Filing Date, the outstanding amount of
the SBA Loan allegedly totaled approximately $376,621.19.
3. Additional Entities Asserting an Interest in the Property:
A. Carlson Duluth Co. asserts a lien against the Property
in the amount of approximately $89,518.37;
B. St. Louis County Auditor and the City of Proctor both
assert tax liens against the Property in the amount of
approximately $88,578.66 for the St. Louis County Auditor and
approximately $35,784.96 for the City of Proctor.
After closing, AA Hospitality seeks authority to immediately
satisfy the Zions Pre-Petition Indebtedness, the SBA Pre-Petition
Indebtedness, the Carlson Pre-Petition Indebtedness, and the
Pre-Petition Tax Indebtedness. Consequently, after the sale is
complete, all of AA Hospitality's secured lenders will be paid in
full. Additionally, AA Hospitality intends to use the remaining
sale proceeds to pay any allowed unsecured claims5 and any allowed
administrative expenses incurred in connection with the case, as
permitted by the Court.
AA Hospitality, in an exercise of its business judgment, believes
the assumption of the Sale Agreement and the subsequent sale of the
Assets is in the best interest of the bankruptcy estate because it
properly monetizes the Assets and allows it to pay all Secured
Pre-Petition Indebtedness in full and pay any allowed unsecured
claims and administrative expense claims in full. Therefore, it
requests approval of the assumption of the Sale Agreement and
approval of the proposed sale of the Assets.
AA Hospitality requests that any order approving the relief
requested be effective immediately by providing that the 14-day
stay is inapplicable. The Sale Agreement provides that the
transaction will close on June 12, 2023, which is less than 14 days
after the hearing on the Motion. There is no just reason for
delaying the effectiveness of the order.
A copy of the Agreement is available at
https://tinyurl.com/mtzrr7wm from PacerMonitor.com free of charge.
About AA Hospitality Northshore LLC
AA Hospitality Northshore LLC is a Single Asset Real Estate located
at 9315 Westgate Blvd Proctor, MN 55810.
AA Hospitality Northshore sought Chapter 11 protection (Bankr. D.
Minn. Case No. 23-50219) on May 8, 2023. Judge William J. Fisher
oversees the case.
The Debtor estimated assets and liabilities in the range of $1
million to $10 million.
The Debtor tapped Ryan T. Murphy, Esq., at Fredrikson & Byron, P.A.
as counsel.
The petition was signed by Aruna Patel as managing member.
AERKOMM INC: Delays Filing of March 31 Form 10-Q
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Aerkomm Inc. filed a Form 12b-25 with the Securities and Exchange
Commission with respect to its Quarterly Report on Form 10-Q for
the period ended March 31, 2023.
The Company has not finalized its financial statements for the
quarter ended March 31, 2023. As a result, the Company was unable
to file its Form 10-Q within the prescribed time period without
unreasonable effort or expense. The Company anticipates that it
will file the Form 10-Q within the five-day grace period provided
by Exchange Act Rule 12b-25.
About Aerkomm
Headquartered in Nevada, USA, Aerkomm Inc. --
http://www.aerkomm.com-- is a full-service development stage
provider of in-flight entertainment and connectivity (IFEC)
solutions, intended to provide airline passengers with a broadband
in-flight experience that encompasses a wide range of service
options. Those options include Wi-Fi, cellular, movies, gaming,
live TV, and music. The Company plans to offer these core
services, which it is currently still developing, through both
built-in in-flight entertainment systems, such as a seat-back
display, as well as on passengers' own personal devices.
Aerkomm reported a net loss of $9.38 million in 2021, a net loss of
$9.11 million in 2020, a net loss of $7.98 million in 2019, and a
net loss of $8.15 million in 2018.
AGWAY FARM: Seeks to Extend Plan Exclusivity to July 7
------------------------------------------------------
Agway Farm & Home Supply, LLC asks the U.S. Bankruptcy Court for
the District of Delaware to further extend the exclusive periods
during which it may file a Chapter 11 plan and solicit acceptances
thereof to July 7, 2023 and September 1, 2023, respectively.
Agway Farm tells the Court the Debtor and the official committee of
unsecured creditors are working collectively on a joint consensual
liquidating plan and also on the procedures for solicitation and
balloting. The Committee drafted the joint plan and the Debtor
provided its comments thereto. The Debtor and the Committee are
making final revisions to all necessary documents and expect to
file the joint plan and motion to set solicitation procedures
shortly. The Debtor fully expects this will be its last request to
extend the Exclusive Periods.
This is the Debtor's sixth request for an extension of the
exclusive periods. The Debtor's prior requests were granted without
prejudice to the Debtor's ability to request additional extensions.
The Committee has advised that it has no objection to the further
requested extension.
The Debtor's current exclusive filing period under Section 1121(b)
of the U.S. Bankruptcy Code was slated to expire on June 2, 2023.
The exclusive solicitation period is slated to expire on July 30,
2023.
The Debtor added that it has made significant progress in its
Chapter 11 case, having resolved many of the outstanding issues,
including but not limited to the sale of all of its assets,
including an auction of the remnant inventory.
The Debtor is represented by:
Jeffrey R. Waxman, Esq.
Brya M. Keilson, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Telephone: (302) 888-6800
Email: jwaxman@morrisjames.com
bkeilson@morrisjames.com
- and -
Alan J. Friedman, Esq.
Melissa Davis Lowe, Esq.
Max Casal, Esq.
SHULMAN BASTIAN FRIEDMAN & BUI LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Telephone: (949) 340-3400
Email: afriedman@shulmanbastian.com
mlowe@shulmanbastian.com
mcasal@shulmanbastian.com
About Agway Farm & Home Supply
Agway Farm & Home Supply LLC -- https://www.agway.com/ -- is a
one-stop shop for lawn, garden, bird, pet and farm products. It is
based in Richmond, Va.
Agway Farm & Home Supply sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10602) on July 6,
2022, listing $10 million to $50 million in both assets and
liabilities. Jay Quickel, president and chief executive officer of
Agway Farm & Home Supply, signed the petition.
Judge J. Kate Stickles oversees the case.
The Debtor tapped Shulman Bastian Friedman & Bui, LLP as lead
bankruptcy counsel; Morris James, LLP as local Delaware counsel;
Wilson Elser Moskowitz Edelman & Dicker LLP as special litigation
counsel; and Focus Management Group USA, Inc. as financial advisor.
Stretto, Inc. is the claims and noticing agent and administrative
advisor.
The official committee of unsecured creditors appointed in the case
selected Pachulski Stang Ziehl & Jones as legal counsel; FTI
Consulting, Inc. as financial advisor; and Hilco IP Services, LLC
as intellectual property marketing agent.
AKORN OPERATING: $370M Bank Debt Trades at 72% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Akorn Operating Co
LLC is a borrower were trading in the secondary market around 28.1
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $370 million facility is a Pik Term loan that is scheduled to
mature on October 1, 2025. The amount is fully drawn and
outstanding.
Akorn Operating Company LLC operates as a pharmaceutical company.
The Company develops and manufactures generic and prescription
drugs, sterile and non-sterile dosage forms, injectable, oral
liquids, inhalants, and nasal sprays, as well as consumer and
animal health products. Akorn Operating serves patients and
healthcare professionals in the United States.
ALL DAY ACQUISITIONCO: $200M Bank Debt Trades at 88% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which All Day
AcquisitionCo LLC is a borrower were trading in the secondary
market around 12.5 cents-on-the-dollar during the week ended
Friday, June 2, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $200 million facility is a Term loan that is scheduled to
mature on December 29, 2025. The amount is fully drawn and
outstanding.
All Day AcquisitionCo LLC does business as Reorganized 24 Hour
Fitness Worldwide Inc., an operator of fitness centers in the US.
AMSTERDAM HOUSE: Committee Taps Cooley LLP as Bankruptcy Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Amsterdam House
Continuing Care Retirement Community, Inc. seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to hire
Cooley, LLP as its counsel.
The firm will render these services:
(a) attend the meetings of the committee;
(b) review financial and operational information furnished by
the Debtor to the committee;
(c) analyze and negotiate the budget and the terms and use of
the Debtor's debtor-in-possession financing;
(d) assist the committee in negotiations with the Debtor and
other parties in interest on the Debtor's proposed chapter 11 plan
and/or exit strategy for this case;
(e) confer with the Debtor's management, counsel, and
financial advisor and any other retained professional;
(f) confer with the principals, counsel, and advisors of the
Debtor's bond trustee, bondholders, and member;
(g) review the Debtor's schedules, statements of financial
affairs, and business plan;
(h) advise the committee as to the ramifications regarding all
of the Debtor's activities and motions before this court;
(i) review and analyze the Debtor's financial advisors' and
investment bankers' work product and report to the committee;
(j) investigate and analyze certain of the Debtor's
prepetition conduct, transactions, and transfers;
(k) provide the committee with legal advice in relation to
this chapter 11 case;
(l) prepare various pleadings to be submitted to the Court for
consideration;
(m) represent the committee in all Court proceedings; and
(n) perform such other legal services for the committee as may
be necessary or proper in these proceedings.
The firm's current hourly rates are:
Eric E. Walker, Partner $1,285
Paul J. Springer, Associate $1,235
Samuel R. Rabuck, Associate $995
Denise Cahir, Paralegal $380
Cooley has agreed to a 15 percent discount off its customary hourly
rates for this engagement.
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: Yes. Cooley is providing a 15 percent discount on its
monthly fees.
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: Cooley has not represented the Committee in the 12
months preceding the Petition Date.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Yes. The client has approved Cooley's prospective
budget and staffing plan through July 29, 2023.
Eric Walker, Esq., a partner at Cooley, assured the court that his
firm does not hold any interest adverse to the Debtor's estate; and
is a "disinterested person" as that term is defined in section
101(14) of the Bankruptcy Code, as modified by section 1107(b) of
the Bankruptcy Code.
The firm can be reached through:
Eric E. Walker, Esq.
Samuel R. Rabuck, Esq.
COOLEY LLP
110 N. Wacker Drive, Suite 4200
Chicago, IL 60606
Telephone: (312) 881-6500
Facsimile: (312) 881-6598
Email: ewalker@cooley.com
srabuck@cooley.com
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
AMSTERDAM HOUSE: Committee Taps GlassRatner as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors of Amsterdam House
Continuing Care Retirement Community, Inc. seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to hire
GlassRatner Advisory & Capital Group, LLC, doing business as B.
Riley Advisory Services, as its financial advisor.
The firm will render these services:
(a) attend the meetings of the Committee;
(b) review financial and operational information furnished by
the Debtor to the Committee;
(c) analyze and negotiate the budget and the terms and use of
the Debtor's debtor-in-possession financing;
(d) assist the Committee in negotiations with the Debtor and
other parties in interest on the Debtor's proposed chapter 11 plan
and/or exit strategy for this case;
(e) confer with the Debtor's management, counsel, and
financial advisor and any other retained professional;
(f) confer with the principals, counsel, and advisors of the
Debtor's lenders and equity holders;
(g) review the Debtor's schedules, statements of financial
affairs, and business plan;
(h) advise the Committee as to the ramifications regarding all
of the Debtor's activities and motions before this Court;
(i) review and analyze the work product of the Debtor's
financial advisors and report to the Committee thereon;
(j) investigate and analyze certain of the Debtor's
prepetition conduct, transactions, and transfers; and
(k) perform such other advisory services for the Committee as
may be necessary or proper in these proceedings.
The current customary hourly rates of B. Riley are:
Thomas Buck, Senior Managing Director $750
Mark Shapiro, Senior Managing Director $650
Jasdev Singh, Associate Director $425
B. Riley has agreed to a 5 percent discount off its customary
hourly rates for this engagement.
Thomas Buck, senior managing director at B. Riley Financial,
assured the court 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:
Thomas W Buck, CIRA, MBA
GlassRatner Advisory & Capital Group, LLC
DBA B. Riley Advisory Services
299 Park Ave Fl 21
New York, NY 10171-0010
Tel: (212) 457-3322
Email: tbuck@brileyfin.com
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
AMSTERDAM HOUSE: Seeks to Hire Ankura, Appoint CRO
--------------------------------------------------
Amsterdam House Continuing Care Retirement Community, Inc. seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to hire Ankura Consulting Group, LLC and designate Michael
Morton as its chief restructuring officer.
The Debtor requires a restructuring advisor to:
a. advise and assist the Debtor and its legal counsel with
development of a filing strategy and reorganization exit plan;
b. assist the Debtor and its other retained professionals in
preparing for a filing under Chapter 11 of the United States
Bankruptcy Code, including all support necessary related to a
petition, first day motions and other required filings;
c. ensure the availability of the CRO to serve as the Debtor's
representative for purposes of the filing and court hearings;
d. assist the Debtor and its other retained professionals in
securing financing necessary to administer the case, including
supporting the Debtor's development of a budget satisfactory to a
debtor-in-possession (DIP) lender and negotiation of a DIP credit
facility, interim and final DIP orders and/or cash collateral
orders;
e. assist in the formulation, development, negotiation and
approval of any Disclosure Statement and Plan of Reorganization
filed in the Chapter 11 case;
f. assist the Debtor with respect to bankruptcy-related claims
estimation, management and reconciliation processes;
g. review and provide feedback regarding the Debtor's
reporting required during the Chapter 11 case including, but not
limited to, monthly operating reports, creditor matrices, statement
of financial affairs, and schedules of assets and liabilities; and
h. perform other professional services.
The firm will be paid at these rates:
Senior Managing Directors/Managing Director $950 - $1,285
per hour
Senior Director & Director $650 - $900 per
hour
Senior Associate and Associate $450 - $600 per
hour
Paraprofessionals $350 - $405 per
hour
The Debtor provided Ankura with an initial retainer of $60,000.
Michael Morton, senior managing director at Ankura, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael W. Morton
Ankura Consulting Group, LLC
2021 McKinney Avenue, Suite 340
Dallas, TX 75201
Tel: +1 214-200-3680
Mobile: +1 714-931-9982
Email: michael.morton@ankura.com
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
AMSTERDAM HOUSE: Seeks to Hire DLA Piper as Legal Counsel
---------------------------------------------------------
Amsterdam House Continuing Care Retirement Community, Inc. seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to hire DLA Piper LLP (US) as its counsel.
The firm's services include:
(a) advising the Debtor of its rights, powers, and duties in
the operation and management of its business under Chapter 11 of
the Bankruptcy Code;
(b) preparing legal documents and reviewing financial reports
to be filed in the Debtor's Chapter 11 case;
(c) advising the Debtor concerning, and preparing responses
to, applications, motions, other pleadings, notices and other
papers, that may be filed by other parties involved in the case;
(d) advising the Debtor with respect to, and assisting in the
negotiation and documentation of, vendor contracts, asset purchase
agreements, financing agreements and related transactions;
(e) advising the Debtor regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;
(f) advising and assisting the Debtor in connection with any
potential property dispositions;
(g) advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments and rejections;
(h) advising the Debtor in connection with the formulation,
negotiation and promulgation of a plan or plans of reorganization
or liquidation, and related transactional documents;
(i) assisting the Debtor in reviewing, estimating and
resolving claims asserted against its estate;
(j) assisting the Debtor in complying with applicable laws and
governmental regulations;
(k) commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate, or otherwise further the goal of
completing the Debtor’s successful Chapter 11 case; and
(l) providing non-bankruptcy services to the extent requested
by the Debtor.
DLA Piper intends to charge for its legal services on an hourly
basis in accordance with its ordinary and customary hourly rates in
effect on the date the services are rendered, and seek
reimbursement of actual and necessary out-of-pocket expenses.
The firm is holding an aggregate retainer of $207,301.22
Rachel Nanes, Esq., a partner at DLA Piper, disclosed in court
filings that the firm is "disinterested" within the meaning of
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, Ms.
Nanes disclosed that the firm has not agreed to a variation of its
standard or customary billing arrangements for its employment with
the Debtor, and that no professional at the firm has varied his
rate based on the geographic location of the Debtor's bankruptcy
case.
The attorney also disclosed that DLA Piper represented the Debtor
in its restructuring efforts prior to the petition date, and that
the firm provided a discount on its standard hourly rates. The firm
does not intend to change its billing rates or other material
financial terms postpetition.
Ms. Nanes further disclosed that the Debtor has provided an
estimated budget, recognizing that during a large Chapter 11 case,
unforeseeable issues resulting in unanticipated fees and expenses
may arise that will need to be addressed by the Debtor and DLA
Piper.
DLA Piper can be reached through:
Rachel Nanes, Esq.
DLA Piper LLP (US)
200 South Biscayne Boulevard, Suite 2500
Miami, FL 33131-5341
Tel: +1 305 423 8563
Email: rachel.nanes@dlapiper.com
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
AMSTERDAM HOUSE: Seeks to Hire Grandbridge as Real Estate Broker
----------------------------------------------------------------
Amsterdam House Continuing Care Retirement Community, Inc. seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to hire Grandbridge Real Estate Capital, LLC as its real
estate broker.
Grandbridge's services will include:
a. preparation of marketing materials including a standard
marketing flyer and virtual data room, subject to the Debtor’s
review and approval;
b. distribution of the marketing flyer to potential
purchasers;
c. distribution of the offering memorandum and virtual data
room access to all potential purchasers who execute a
non-disclosure agreement;
d. assistance in selection of a purchaser and negotiating the
business terms of a purchase and sale agreement; and
e. assistance in coordination of due diligence materials to
the purchaser and serving as advisor to the Debtor through the
closing of a transaction.
The broker will be paid as follows:
(a) Commission: The commission to Grandbridge shall be the
greater of 1.50 percent of the Total Sale Price or $400,000. The
Minimum Commission shall be due in full upon closing.
(b) Alternative Transaction: If a proposed transaction covered
by the Engagement Agreement turns into any other transaction
including, but not limited to, an affiliation, debt restructuring,
bond sale or bond assumption, exchange, option to purchase, right
of first refusal, ground lease or lease, then Grandbridge will
automatically, without the necessity of any further acts by the
Debtor or Grandbridge or an amendment to the Engagement Agreement,
be the Debtor’s sole and exclusive agent for such transaction and
will be entitled to a commission on such transaction under the
terms of the Engagement Agreement.
Specifically, in the event an Alternative Transaction includes a
debt restructuring or affiliation, Grandbridge's commission shall
be the following:
i. If there is a new contribution of cash by a plan
sponsor or other funder not affiliated with the Debtor, then the
sum of (a) 1.125 percent of the par amount of any current-pay bonds
issued or assumed, plus (b) 0.05 percent of the par amount of any
deferred-pay and/or subordinate bonds issued or assumed (and if the
sum of subsections (a) and (b) is less than the Minimum Commission,
then the Success Fee shall be the Minimum Commission), or
ii. If there is no new contribution of cash by a plan
sponsor or other funder not affiliated with the Owner, the Minimum
Commission. The foregoing calculations will not include any
Entrance Fee refund liabilities assumed in a debt restructuring.
(c) Timing of Payment: The commission shall be paid at closing
or transfer of title of property, except in the case of an
installment purchase contract, in which case the commission shall
be paid at the time of full execution and delivery of the
installment purchase contract between the Debtor and purchaser.
(d) Expense Reimbursement: The Debtor shall reimburse
Grandbridge for reasonable, out of pocket, third-party marketing
expenses, up to $15,000. The expense reimbursement is due and
payable upon closing of a sale transaction or at expiration of the
Engagement Agreement. Grandbridge will provide documentation of
expenses as the Debtor requires.
David Kliewer, vice president of Grandbridge, disclosed in a court
filing that his firm does not hold an interest adverse to the
Debtors' estates.
The firm can be reached through:
David Kliewer
Grandbridge Real Estate Capital LLC
401 East Jackson Street, 19th Floor
Tampa, FL 33602
Tel: 727-641-6655
Email: David.Kliewer@Grandbridge.com
About Amsterdam House Continuing Care
Amsterdam House Continuing Care Retirement Community, Inc., doing
business as The Amsterdam at Harborside, operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.
Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the
petition signed by Brooke Navarre, president and chief executive
officer, the Debtor disclosed $100 million to $500 million in both
assets and liabilities.
Judge Alan S. Trust oversees the cases.
The Debtor tapped Gregory M. Juell, Esq., at DLA Piper LLP (US) as
bankruptcy counsel; and Ankura Consulting Group, LLC as
restructuring advisor. Michael W. Morton of Ankura Consulting Group
is the Debtor's chief restructuring officer.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Cooley LLP and GlassRatner Advisory & Capital Group, LLC, doing
business as B. Riley Advisory Services, serve as the committee's
legal counsel and financial advisor, respectively.
ART OF MEDICINE: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
Art of Medicine, P.A. asks the U.S. Bankruptcy Court for the Middle
District of Florida, Jacksonville Division, for authority to use
cash collateral on an emergency basis.
The Debtor requires the use of cash collateral to continue is
operations.
The amount of cash collateral that will be used in the next 15 days
is difficult to determine as the Debtor's expenses in providing
on-demand services to its patients often require immediate action
to avoid interruptions in services.
The Debtor has an Economic Injury Disaster Loan with the U.S. Small
Business Administration with an approximate balance of $92,000,
said EIDL being secured by that certain State of Florida Uniform
Commercial Code Financing Statement Form with UCC No.:
2020001911953 in relation to the Debtor's cash collateral.
As adequate protection to the SBA, the Debtor proposes remaining
current on its monthly obligation to the SBA on the EIDL by
continuing its regular payments of $488 per month post-petition.
A copy of the motion is available at https://urlcurt.com/u?l=ssmiqJ
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=pk3tOA
from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$31,681 for June 2023;
$31,645 for July 2023;
$30,346 for August 2023;
$41,171 for September 2023; and
$33,831 for October 2023.
About Art of Medicine, P.A.
Art of Medicine, P.A. is a Jacksonville, Florida based primary care
/ internal medicine health care provider currently serving
approximately 2,500 patients under the care of the Debtor's founder
and owner, Dr. Eduardo Balbona.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:23-bk-01270) on June
1. 2023. In the petition signed by Eduardo Jose Balbona, director,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
William B. McDaniel, Esq., at Lansing Roy PA, represents the Debtor
as legal counsel.
ARUZE GAMING: Exclusivity Period Extended to August 30
------------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada extended Aruze Gaming America, Inc.'s exclusive
periods to file a Chapter 11 plan and to solicit acceptances
thereof to August 30 and September 29, 2023, respectively.
As reported by the Troubled Company Reporter, the Debtor stated
that an extension of its exclusive periods is justified by progress
in the resolution of issues facing a debtor's creditors. The
Debtor cited the key components of its progress since the petition
date include, inter alia:
a. preparing schedules and statements of financial affairs;
b. beginning to document and negotiate a potential sale of
the Debtor's assets;
c. pursuing and obtaining consensual cash collateral orders
to operate under a budget, maintain utilities, and bank
accounts;
d. preparing and filing Monthly Operating Reports;
e. providing financial documents and operating data to key
constituencies;
f. retaining financial advisors; and
h. developing an overall reorganization strategy
The extensions are without prejudice to the Debtor's seeking
additional extensions of the applicable periods as may be necessary
and appropriate, and upon a further motion and Court order for good
cause shown.
Aruze Gaming America, Inc. is represented by:
Zachariah Larson, Esq.
Matthew C. Zirzow, Esq.
LARSON & ZIRZOW, LLC
850 E. Bonneville Ave.
Las Vegas, NV 89101
Telephone: (702) 382-1170
Facsimile: (702) 382-1169
E-mail: zlarson@lzlawnv.com
mzirzow@lzlawnv.com
About Aruze Gaming America
Las Vegas-based Aruze Gaming America, Inc. designs, develops and
manufactures gaming machines.
Aruze Gaming America sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 23-10356) on Feb. 1, 2023.
In the petition signed by its chief executive officer, Yugo
Kinoshita, the Debtor disclosed up to $10 million in assets
and up to $50 million in liabilities.
The bankruptcy filing is a part of Aruze's efforts to seek
financial restructuring in the wake of a recent garnishment
judgment against Aruze resulting from a separate judgment against
Aruze's shareholder.
Judge August B. Landis oversees the case.
The Debtor tapped Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC
as legal counsel and Withum Smith+Brown, PC as tax accountant.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Schwartz Law, PLLC and Sheppard, Mullin, Richter &
Hampton LLP as legal counsels, and Province, LLC as financial
advisor.
ASLM GAS: Court OKs Cash Collateral Access Thru July 15
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized ASLM Gas Inc. to use cash
collateral on an interim basis in accordance with the budget,
through July 15, 2023.
The Debtor is directed to file an updated motion for continued use
of cash collateral on regular notice.
As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral to pay the reasonable expenses
it incurs during the ordinary course of its business.
The Debtor has three related entities, also in Subchapter V
bankruptcy before the Court: (1) ASLM Investments, Inc.; (2) CA
Techies, Inc.; and (3) Highland Cargo Inc. ASLM Investments is the
landlord of the Debtor, and to the extent there was any prepetition
rent owed the Debtor (Tenant) to ASLM Investments (Landlord), ASLM
Investments has waived any prepetition rent. The Debtor, ASLM
Investments, CA Techies, and Highland have several mutual
creditors, most notably Diamond Stone Capital.
The Debtor estimates the value of its assets to be $365,400. The
Debtor estimates the value of its liabilities to be $4.117 million
in secured claims and $560,000 in unsecured claims.
The Debtor's secured creditor is Open Bank, who holds a $4.117
million claim secured by a UCC Financing Statement dated December
27, 2021. Based on the estimated value of the Debtor's assets of
$420,700, Open Bank's claim is secured up to the value of the
assets. The related entity and landlord of the Debtor, ASLM
Investments, is the owner of the underlying real property, collects
rent from the Debtor, and is also an obligor on the Open Bank
claim. ASLM Investments will be making the mortgage payments to
Open Bank, so the Debtor is not proposing adequate protection
payments on Open Bank's claim.
The interests of the Secured Creditor is safeguarded by the value
of the Debtor's assets, and by the monthly adequate protection
payments proposed by the Debtor's related entity and landlord ASLM
Investments to Open Bank. The Debtor has no reason to believe its
cash, equipment, and other tangible property are declining in
value.
A copy of the order is available at https://urlcurt.com/u?l=noocX1
from PacerMonitor.com.
About ASLM Gas Inc.
ASLM Gas, Inc. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11779) on March
24, 2023, with up to $10 million in both assets and liabilities.
Gregory Kent Jones has been appointed as Subchapter V trustee.
Judge Julia W. Brand oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
ASLM INVESTMENTS: Court OKs Cash Collateral Access Thru July 15
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized ASLM Investments Inc. to use cash
collateral on an interim basis in accordance with the budget,
through July 15, 2023.
The Debtor is directed to provide acceptable proof of insurance to
Open Bank by May 26, 2023, and file an updated motion for continued
use of cash collateral on regular notice.
As previously reported by the Troubled Company Reporter, the
Debtor's first emergency motion for authority to use cash
collateral was denied without prejudice. The second motion resolved
the objections filed by Open Rank and KD Consulting/Investments,
Mukesh Desai, and Enstone Investments, Inc., and proposed monthly
adequate protection payments to Open Bank, and gave additional
clarity and disclosures to the Court and creditors. The Debtor
proposed adequate protection payments to KD Consulting/Investments,
Mukesh Desai, and Enstone Investments will be paid through related
Debtor ASLM Gas, Inc.
The Debtor requires the use of cash collateral to pay reasonable
expenses during the ordinary course of its business in accordance
with the budget, with a 15% variance.
The Debtor has three related entities, also in Subchapter V
bankruptcy before the Court: (I) ASLM Gas, Inc.; (2) CA Techies,
Inc.; and (3) Highland Cargo Inc. The Debtor, ASLM Gas, CA Techies,
and Highland have several mutual creditors, most notably Diamond
Stone Capital.
The City of Imperial has a tax lien on the Debtor's real property
in the amount of $50,000, for property taxes accrued in 2022. The
Debtor will pay the secured property taxes to the City of Imperial
through the Plan of Reorganization. No adequate protection payments
are currently being proposed to the City of Imperial.
In first position, the Debtor has a loan with Open Bank. The Open
Bank 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 December 2021. Pursuant to the terms of the loan
with Open Bank, the Debtor owes approximately $4.117 million. The
Open Bank loan is cross-collateralized with related debtor ASLM
Gas, Inc.
The Debtor's tenant, ASLM Gas Inc.'s pays rent in the amount to
$32,000 to the Debtor. The Debtor proposes to pay monthly APO
payments to Open Bank in the amount of $36,567 per month, which
amount was obtained from Open Bank's counsel. The first payment due
to Open Bank will be made within five business days from entry of
the order approving the motion and all subsequent payments will be
made by the of each month thereafter.
The following loans are cross-collateralized with related debtor
ASLM Gas, Inc. and adequate protection payments will be made by
related debtor ASLM Gas, Inc. as follows:
-- In second position, the Debtor has a loan with KD
Investments, Inc. KD-1 is secured by the Debtor's assets by virtue
of having filed a UCC Financing Statement with California Secretary
of State on or about February 17, 2022, owing approximately
$100,000. The Debtor's tenant, ASLM Gas Inc.'s proposed to make
adequate protection payments to KD-1 in that case in the amount of
$1,334 per month, which is the regular contractual payment pursuant
to the loan agreement.
-- In third position, the Debtor has a loan with Mukesh Desai,
which is secured by the Debtor's assets by virtue of having filed a
UCC Financing Statement with California Secretary of State on or
about February 24, 2022, owing approximately $550,000. The Debtor's
tenant, ASLM Gas Inc.'s proposed to make adequate protection
payments to Desai in the amount of $4,583per month in that case,
which is the regular contractual payment pursuant to the loan
agreement.
-- In fourth position, the Debtor has a second loan with KD
Investments, Inc. KD-2's second loan is secured by Debtor's assets
by virtue of having filed a UCC Financing Statement with California
Secretary of State on or about February 24, 2022, owing
approximately $100,000. The Debtor's tenant, ASLM Gas Inc.'s
proposed to make adequate protection payments to KD-2 in that case
in the amount of $1,334 per month, which is the regular contractual
payment pursuant to the loan agreement.
-- In fifth position, the Debtor has a loan with Enstone
Investments, Inc. Enstone's loan is secured by Debtor's assets by
virtue of having filed a UCC Financing Statement with California
Secretary of State on or about February 24, 2022, owing
approximately $300,000. Debtor's tenant, ASLM Gas Inc.'s proposed
to make adequate protection payments to Enstone-1 in the amount of
$3,500 in that case, which is the regular contractual payment
pursuant to the loan agreement.
-- In sixth position, the Debtor has a second loan with
Enstone Investments, Inc. Enstone's loan is secured by the Debtor's
assets by virtue of having filed a UCC Financing Statement with
California Secretary of State on March 2, 2022, owing approximately
$150,000. The Debtor's tenant, ASLM Gas Inc.'s proposed to make
adequate protection payments to Enstone-2 in the amount of $3,500
in that case, which is the regular contractual payment pursuant to
the loan agreement.
-- In seventh position, the Debtor has a loan with Bridge
Funding Cap LLC. Bridge Funding Cap LLC's loan is secured by
Debtor's assets by virtue of having filed a UCC Financing Statement
with California Secretary of State on or about January 25,2023
which is within the 90 day preference period and is an avoidable
lien. Since Bridge Funding Cap LLC is in seventh position, and
based on the valuation of Debtor's assets, Bridge Funding Cap LLC
is fully undersecured. Debtor did not proposing any adequate
protection payments to Bridge Funding Cap LLC in the Motion.
As adequate protection for the use of cash collateral, the
SecuredCreditors: (1) Open Bank; (2) KD Consulting/Investments; (3)
Mukesh Desai; (4) KD Consulting/Investments; (5) Enstone
Investments, Inc.; (6) Enstone Investments, Inc.; (7) Bridge
Funding Cap LLC; and (8) City of Imperial will have: (i) 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.
A copy of the order is available at https://urlcurt.com/u?l=69fjbV
from PacerMonitor.com.
About ASLM Investments Inc.
ASLM Investments, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-11778) on March 24, 2023, with up to $10 million in both assets
and liabilities. Gregory Kent Jones has been appointed as
Subchapter V trustee.
Judge Vincent P. Zurzolo oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
ASP LS ACQUISITION: $455M Bank Debt Trades at 40% Discount
----------------------------------------------------------
Participations in a syndicated loan under which ASP LS Acquisition
Corp is a borrower were trading in the secondary market around 60.5
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $455 million facility is a Term loan that is scheduled to
mature on May 7, 2029. 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
ASPIRA WOMEN'S: All Six Proposals Passed at Annual Meeting
----------------------------------------------------------
Aspira Women's Health Inc. held its 2023 annual meeting of
stockholders at which the stockholders:
(1) elected Stefanie Cavanaugh, Celeste R. Fralick, Ph.D.,
Jannie Herchuk, Veronica G.H. Jordan, Ph.D., Lynn O'Connor Vos, and
Nicole Sandford as directors for a one-year term expiring at the
Company's 2024 annual meeting of stockholders and until their
successors are elected and qualified;
(2) approved, on an advisory basis, the compensation of the
Company's named executive officers as disclosed in the Company's
definitive proxy statement filed with the Securities and Exchange
Commission on March 30, 2023;
(3) advised that they were in favor of holding future advisory
votes on the compensation of the Company's named executive officers
every year;
(4) approved an amendment to the Company's 2019 Stock Incentive
Plan to increase the number of shares of common stock authorized to
be granted under the 2019 Plan by 5,000,000 shares and increase the
maximum number of awards that may be granted as incentive stock
options under the 2019 Plan to a total of 30,492,283 shares;
(5) approved a proposed amendment to the Company's Certificate
of Incorporation to effect a reverse stock split of the Company's
issued and outstanding shares of common stock, par value $0.001 per
share, at a ratio of between one-for-ten and one-for-twenty, which
such ratio will be selected at the sole discretion of the Company's
Board of Directors at any whole number in the above range; and
(6) ratified the selection of BDO USA, LLP as the Company's
independent registered public accounting firm for the year ending
Dec. 31, 2023.
Based on the voting results on Proposal 3 and its consideration of
the appropriate voting frequency for the Company at this time, the
Company's Board of Directors determined that the Company shall hold
an advisory vote on the compensation of the Company's named
executive officers every year, until the next advisory vote on the
frequency of stockholder votes on executive compensation.
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is transforming women's health with the
discovery, development and commercialization of innovative testing
options and bio-analytical solutions that help physicians assess
risk, optimize patient management and improve gynecologic health
outcomes for women. OVA1 plus combines its FDA-cleared products
OVA1 and OVERA to detect risk of ovarian malignancy in women with
adnexal masses. ASPiRA GenetiXSM testing offers both targeted and
comprehensive genetic testing options with a gynecologic focus.
With over 10 years of expertise in ovarian cancer risk assessment
ASPIRA has expertise in cutting-edge research to inform its next
generation of products. Its focus is on delivering products that
allow healthcare providers to stratify risk, facilitate early
detection and optimize treatment plans.
Aspira Women's reported a net loss of $27.17 million for the year
ended Dec. 31, 2022, compared to a net loss of $31.66 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$17.37 million in total assets, $10.64 million in total
liabilities, and $6.73 million in total stockholders' equity.
Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 30, 2023, citing that the Company has suffered
recurring losses from operations and expects to continue to incur
substantial losses in the future, which raise substantial doubt
about its ability to continue as a going concern.
AUBSP OWNERCO 8: Exclusivity Period Extended to June 9
------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the District
of Florida extended AUBSP Ownerco 8, LLC and AUBSP Ownerco 9, LLC's
exclusivity period to file a Chapter 11 exit plan to June 9, 2023.
All corresponding plan and solicitation deadlines are extended
consistent with the extension of exclusivity through and including
August 8, 2023.
This is the Debtors' third motion to extend exclusivity.
As reported by the Troubled Company Reporter, AUBSP Ownerco 8, LLC,
and AUBSP Ownerco 9, LLC asked the Court to extend their
exclusivity periods to July 2, 2023. The Debtors stated that
"Since the Court held a hearing on the last extension of
exclusivity, on April 11, 2023, Debtors have faced a need to
address several pleadings from the Katz Parties, including a motion
to reconsider the order denying dismissal, a motion to disregard a
recently removed lawsuit, a motion to abstain in that same lawsuit,
and the impact of a stay violation by the Katz Parties filing of a
new lawsuit to recover assets of this estate."
The Debtors explained that these pending matters, the Court's
recent ruling on the motion to dismiss that suggests some type of
abatement is appropriate, and the Court's recent comments at a
hearing on April 18, 2023, demonstrate that the filing of a plan by
the current deadline would be imprudent and premature.
AUBSP Ownerco 8, LLC and AUBSP Ownerco 9, LLC are represented by:
Thomas M. Messana, Esq.
Scott A. Underwood, Esq.
Megan W. Murray, Esq.
Adam Gilbert, Esq.
UNDERWOOD MURRAY, P.A.
100 N. Tampa St., Suite 2325
Tampa, FL 33602
Tel: (813) 540-8401
Email: tmessana@underwoodmurray.com
sunderwood@underwoodmurray.com
mmurray@underwoodmurray.com
agilbert@underwoodmurray.com
About AUBSP Ownerco
AUBSP Ownerco 8, LLC, formerly known as RA2 Boise-Fairview, LLC,
and AUBSP Ownerco 9, LLC, formerly known as RA2 Boise-Overland,
LLC, filed petitions for Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 22-18613) on Nov. 4, 2022. In the petitions signed by
Richard Sabella, authorized agent, the Debtors disclosed up to $10
million in both assets and liabilities.
The Debtors tapped Thomas M. Messana, Esq., at Underwood Murray,
P.A. as bankruptcy counsel; and Stoel Rives, LLP and Cross & Simon,
LLC as special counsel.
BIG VILLAGE: Seeks to Extend Plan Exclusivity to September 6
------------------------------------------------------------
Big Village Holding LLC and its affiliates seek the U.S. Bankruptcy
Court for the District of Delaware to extend their exclusivity
periods to file a Chapter 11 plan and to solicit acceptances
thereof to September 6, 2023 and November 6, 2023, respectively.
Big Village Holding relates that since the commencement of the
Chapter 11 cases, the Debtors have worked diligently to ensure a
smooth transition into Chapter 11, and to preserve and maximize the
value of the Debtors' estates for the benefit of all stakeholders.
To that end, the Debtors have, among other things:
(i) completed robust marketing and sale processes to sell
substantially all of their assets pursuant to the Court-approved
bidding procedures and obtained Court approval of and closed four
separate sales;
(ii) filed their schedules of assets and liabilities and
statements of financial affairs;
(iii) established claims bar dates for pre-petition claims and
claims pursuant to section 503(b)(9) of the Bankruptcy Code;
(iv) obtained entry of interim and final orders approving the
Debtors' post-petition consensual use of cash collateral;
(v) retained professionals;
(vi) worked with the U.S. Trustee and the Committee to resolve
a number of their comments with respect to the Bidding Procedures
Order and Cash Collateral Orders;
(vii) responded to various creditor inquiries and demands; and
(viii) handled various other tasks related to the administration
of the Debtors' estates and the Chapter 11 cases.
The Debtors tell the Court extensive resources have been required
of the Debtors and their professionals to achieve the measures
reached in the Chapter 11 Case to date. In light of these
circumstances, the Debtors contend the requested extensions are
both appropriate and necessary to afford the Debtors with
sufficient time to adequately prepare a viable chapter 11 plan and
related disclosure statement.
The initial Exclusive Filing Period in these chapter 11 cases
extends through and including June 8, 2023, while the initial
Exclusive Solicitation Period extends through and including August
7, 2023.
About Big Village Holding
Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia. They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.
Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel; Portage Point Partners, LLC as restructuring advisor; and
Stephens, Inc. as investment banker. Kroll Restructuring
Administration, LLC is the claims and noticing agent and
administrative advisor.
BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's attorneys,
Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's
attorney, L. Katherine Good.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Steven Golden, Esq.
BIO365 LLC: Seeks Cash Collateral Access
----------------------------------------
Bio365 LLC asks the U.S. Bankruptcy Court for the Northern District
of California, Santa Rosa Division, for authority to use cash
collateral and provide adequate protection, through July 31, 2023.
The Debtor requires the use of cash collateral to continue its
operations.
The Debtor currently manufactures nine unique, trademarked, and
patented living soil products that are custom formulated for
indoor, light deprivation, and outdoor cultivators. However, prior
to formulating these first-to-market products, the four co-founders
of the Debtor set a mutual goal in 2015 to ensure that children and
future generations will have access to abundant, healthy food, and
high-quality medicine. To do so, they needed to find solutions to
the intermingled threat of dwindling topsoil, poor crop quality,
and the instability of climate change.
These founders determined that "Controlled Environment Agriculture"
-- or CEA -- can be an important mechanism to help solve the
growing threats to agriculture and the climate.
The Debtor's CEA breakthroughs made an immediate impact on the
marketplace.
The Debtor's operations and manufacturing began in bio365's
facility in Redding, California and, by 2019, included Green Tree's
facility in Ithaca, New York. Upon outgrowing the single line
manufacturing facility in Ithaca, the Debtor relocated to Cortland,
New York. The Cortland Facility continues to manufacture the
majority of the Debtor's products. Critically, the Cortland
Facility is the Debtor's only manufacturing facility capable of
producing the Debtor's patented "secret sauce" for its living soil
products.
To ease servicing clients in the Western U.S., bio365 closed its
smaller Redding, California facility and, in 2021, undertook
efforts to greatly expand operations in California, including
leasing a 111,000-square foot warehousing and manufacturing
facility in Stockton, California with a principal place of business
in Santa Rosa, California. The Stockton Facility was intended to
complement the Cortland Facility by doubling the Debtor's
production of soil and reducing transportation costs of reaching
bio365's west coast-based growers. The Stockton Facility is leased
to the Debtor pursuant to a Standard Industrial/Commercial
Multi-Tenant Lease, with more than 120 months remaining on its term
with lease payments escalating to nearly $90,000 per month.
The Stockton Facility, on its face, could have reached the Debtor's
goals of doubling its production and reducing transcontinental
transportation costs. However, the COVID-19 pandemic and its
ensuing macroeconomic effects created insurmountable headwinds to
reaching the Debtor's previously achievable and projected growth.
The global economic shutdown caused obvious repercussions. The
effects of the full-throttle restart of the economy were not
expected. The cost to ship raw materials across the country to
California in 2019 was approximately $3,000 per container.
Moreover, the cost to complete the Stockton Facility increased to
more than $1,000,000 and the pandemic's supply chain issues caused
extended lead times for bio365 to obtain the required equipment. In
other words, the Debtor was forced to carry the costs of the
non-operational Stockton Facility for 6-8 months longer than
expected.
All of the macroeconomic effects created a nearly debilitating
liquidity crisis for the Debtor.
The Debtor's equity holders invested more than $21.5 million in
capital to build the company and keep it running prior to and
throughout the turmoil. Yet, the constant influx of capital could
not counterbalance the cash needed to continue to operate the
cross-country operations of the Debtor. On May 2, 2022, to obtain
access to additional capital, the Debtor refinanced its previously
unencumbered equipment in Stockton with Farnam Street Financial,
Inc. Yet, the refinance created further financial strain instead of
ease. Then, starting in the Fall of 2022, the Debtor turned to
merchant cash advance loans to fulfill its constant need for
liquidity and continue the dual facilities operations.
Unfortunately, from October 2022 through February 2023, the Debtor
took out more than $2,000,000 in MCA Loans that further drained its
liquidity with the weekly automatic withdraws that strained the
Debtor's bank accounts beyond recovery.
The MCA Loans, inability to complete the Stockton Facility, and
transportation costs have weighed down the entire operations. In
the Fall of 2022, the Debtor undertook efforts to renegotiate the
terms of its contracts and outstanding liabilities with creditors.
While some progress was made, not enough liquidity was created to
sustain long-term stability for the Debtor.
Prior to the outbreak of COVID-19 and its aftermath, the Debtor was
able to operate solely on the equity contributions of its members,
namely Chief Executive Officer Michael Klein, who invested the
majority of the $21.5 million in the Debtor. Starting with the U.S.
Government's pandemic aid in 2020, the Debtor entered into a series
of loan agreements to fund operations.
The Debtor's valid prepetition loan obligations are:
A. SBA Loan
On May 14, 2020, the Debtor entered into a Promissory Note
with lender Greater Nevada Credit Union for a Paycheck Protection
Program loan. The PPP Loan was in the principal amount of $324,800.
The PPP Loan is unsecured and paid in a monthly amount of $703.
On June 11, 2020, the Debtor entered into a Loan
Authorization and Agreement with the U.S. Small Business
Administration for an Economic Injury Disaster Loan in the
principal amount of $100,700. The EIDL Loan was secured by a UCC
Financing Statement filed with the New York Secretary of State on
June 28, 2020. On February 25, 2021, the SBA agreed to release the
SBA UCC "as necessary for ongoing operations for [the Debtor’s]
business." The EIDL Loan is an unsecured loan with a remaining
principal balance of $100,700.
B. Northview Capital
Prior to entering into the MCA Loans, on March 4, 2021, the
Debtor entered into, inter alia, (i) a Term Promissory Note with
Northview Capital LLC in the principal amount of $425,200; and (ii)
Security Agreement granting Northview a security interest in the
Debtor's property. The Northview Security Interests were
perfected, to the extent permitted by law, by a UCC Financing
Statement filed with the California Secretary of State on January
25, 2021. The Northview UCC was subsequently amended to revise the
"Secured Party Name" and to release certain collateral located at
the Stockton Facility.
The Northview Note called for monthly payment of principal plus
interest equal to the prime rate plus 7%, which at the time of the
Northview Note was a total of 10.25% per annum. The Northview Note
had an original maturity date of February 1, 2023, with a balloon
payment of $230,414 due upon maturity. On February 27, 2023, the
Debtor entered into a Second Amended and Restated Term Promissory
Note with Northview to extend the maturity date to May 1, 2023. The
interest rate remained prime rate plus 7% with a balloon payment
again due upon maturity. As of the Petition Date, Northview was
owed $218,387. The Northview Collateral was valued in the aggregate
amount of at least $2,495,879.
Northview has an equity cushion of at least $2.2 million --
1,142.87%. Northview also maintains a perfected security interest
on the Debtor's equipment located in Stockton, California, which
the Debtor is liquidating through an auction commencing on May 30,
2023.
Northview consents to the use of cash collateral pursuant to the
terms of the Order and is adequately protected in three ways, which
provides a basis for the immediate and ongoing authorization for
the Debtor to use cash collateral. First, Northview will be
adequately protected by a large equity cushion well over 20%.
As additional adequate protection, the Debtor proposes that the
Court authorize the Debtor to grant and provide Northview with
replacement adequate protection liens on, and security interests
in, the assets of the Debtor's estate.
Third, in addition to the foregoing two forms of adequate
protection, Northview will also be further adequately protected by
the Debtor's sale of the Stockton Equipment and payment of the
proceeds to Northview. The Stockton Equipment is not included in
Debtor's calculation of Northview's adequate protection. As such,
the payment of the Stockton Equipment proceeds to Northview will
materially decrease any amounts owed to Northview while maintaining
Northview’s significant equity cushion. The payment of the
Stockton Equipment proceeds, expected to exceed $25,000, will
provide significant protect to Northview while not decreasing its
equity cushion.
The Debtor proposes to remit all proceeds net of the auctioneer's
allowed fees and costs from the sale of the Stockton Equipment to
Northview on or before June 15, 2023. In the event the Stockton
Equipment does not return more than $12,000 to Northview, the
Debtor will remit $3,000 on June 15, 2023 and starting on July 1,
2023, will make monthly adequate protection payments of $3,000 on
the first of each month thereafter until such time as the earlier
of: (i) the Lender receives a total of $12,000 in adequate
protection payments, including sale proceeds from the Stockton
Equipment; (ii) the Debtor's plan of reorganization is confirmed;
(iii) the case is dismissed; or (iv) the case is converted to
Chapter 7 of the Bankruptcy Code.
A copy of the motion is available at https://urlcurt.com/u?l=Hs1ztr
from PacerMonitor.com.
A hearing on the matter is set for July 11, 2023 at 9:30 a.m.
About Bio365 LLC
Bio365, LLC produces biologically activated and nutrient dense
biochar soils for professional cultivation. The company is based in
Santa Rosa, Calif.
Bio365 filed a petition for relief under Subchapter V of Chapter 11
of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-10180) on
April 12, 2023, with $1 million to $10 million in both assets and
liabilities. Christopher Hayes has been appointed as Subchapter V
trustee.
Judge William J. Lafferty oversees the case.
The Debtor tapped Kevin Harvey Morse, Esq., at Clark Hill, PLC as
legal counsel and Kander, LLC as financial advisor. Robert Marcus,
managing director at Kander, LLC, serves as the Debtor's chief
restructuring officer.
BISHOP OF OAKLAND: Taps Alvarez & Marsal as Restructuring Advisor
-----------------------------------------------------------------
The Roman Catholic Bishop of Oakland seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Alvarez & Marsal North America, LLC as its restructuring advisor.
The firm's services include:
(a) assisting in the identification and evaluation of the
Debtor's assets and potential values of those assets utilizing
assumptions provided by counsel;
(b) assisting in the evaluation of the Debtor's current
business plan, the preparation of a revised operating plan and cash
flow forecast, and the presentation of such plan and forecast to
the Debtor;
(c) assisting in the development and management of a 13-week
cash flow forecast and in identifying and implementing improvements
in the Debtor's treasury management function;
(d) assisting in litigation support activities related to
claims brought against the Debtor;
(e) assisting in the preparation of the Debtor's schedules of
assets and liabilities and statement of financial affairs as well
as other reporting required by the Bankruptcy Code or requested by
the Debtor;
(f) assisting in the development of a Chapter 11 plan of
reorganization and disclosure statement; and
(g) other services approved by the Debtor and agreed to by the
firm.
The firm will bill these hourly fees:
Managing Directors $1,025 - $1,375
Directors $775 - $975
Analysts/Associates $425 - $775
Charles Moore, managing director at Alvarez & Marsal, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles Moore
Alvarez & Marsal Holdings, LLC
755 W. Big Beaver Rd, Suite 650
Troy, MI 48084
Phone: +1 248 936 0814
Fax: +1 248 936 0801
Email: cmoore@alvarezandmarsal.com
About The Roman Catholic Bishop of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
BISHOP OF OAKLAND: Taps Foley & Lardner as Bankruptcy Counsel
-------------------------------------------------------------
The Roman Catholic Bishop of Oakland seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Foley & Lardner, LLP as its bankruptcy counsel.
The firm's services include:
a. preparing and filing legal documents and reviewing
financial reports to be filed in the Debtor's Chapter 11 case;
b. advising the Debtor regarding financial and legal issues;
c. advising the Debtor regarding claims filed against it and
regarding insurance matters related to such claims;
d. assisting the Debtor with respect to any sales of assets
under Section 363 of the Bankruptcy Code;
e. advising the Debtor with respect to legal issues concerning
asset valuations;
f. advising the Debtor concerning its powers and duties in its
continued operations and management of its property;
g. advising the Debtor concerning, and assisting in the
negotiation and documentation of, financing agreements, debt
restructurings, cash collateral arrangements and related
transactions, if necessary;
h. advising the Debtor with regard to its relationships with
creditors and other stakeholders, negotiating with those creditors
and stakeholders, and taking such legal actions as may be necessary
or advisable in the best interests of the Debtor;
i. reviewing the nature and validity of any liens asserted
against the property of the Debtor and advising the Debtor
concerning the enforceability of such liens;
j. negotiating and assisting in the drafting and preparation
of contracts;
k. representing the Debtor at court hearings and at the
meeting of creditors under Section 341 of the Bankruptcy Code;
l. advising the Debtor concerning the actions that it might
take to collect and to recover property for the benefit of the
Debtor's estate;
m. advising the Debtor with respect to the claims process;
n. assisting and counseling the Debtor in connection with any
plan of reorganization;
o. preparing, on behalf of the Debtor, a disclosure statement
and assisting the Debtor in soliciting acceptances of the plan;
p. advising the Debtor concerning, and preparing responses to,
legal papers that other parties involved in the Debtor's Chapter 11
case may file;
q. representing the Debtor in adversary proceedings and other
contested matters, including state court litigation matters as
needed; and
r. performing all other legal services.
The hourly rates of the firm's attorneys and staff are as follows:
Attorneys $470 - $1,200 per hour
Paraprofessional $275 - $375 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Foley & Lardner was paid, on account of its work for the Debtor,
the total sum of $3,869,084.51 in fees and $80,581.68 in reimbursed
expenses in the 90 days prior to the filing of the case. From the
retainer payment, $152,431.77 remains held by the firm as
unallocated funds and will be applied to payment of future
invoices.
Ann Marie Uetz, Esq., a partner at Foley & Lardner, disclosed in a
court filing that her firm is a "disinterested person" pursuant to
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, Ms.
Uetz also disclosed the following:
-- Foley & Lardner agreed to utilize its lower, discounted
rates for this engagement.
-- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case.
-- Foley & Lardner billed the Debtor at reduced hourly rates,
which are below the standard rates charged by its attorneys and
paraprofessionals, during the pre-bankruptcy period, subject to
annual rate increases on Feb. 1 of each year upon the commencement
of Foley & Lardner's new fiscal year.
-- The Debtors approved Foley & Lardner's budget and staffing
plan for the first 12 months of the Chapter 11 case.
The firm can be reached through:
Jeffrey R. Blease, Esq.
Ann Marie Uetz, Esq.
Foley & Lardner, LLP
555 California Street, Suite 1700
San Francisco, CA 94104-1520
Tel: (617) 226-3155
Tel: (312) 832-5156
Email: jblease@foley.com
Email: auetz@foley.com
About The Roman Catholic Bishop of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
BISHOP OF OAKLAND: Taps Kurtzman as Administrative Advisor
----------------------------------------------------------
The Roman Catholic Bishop of Oakland seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Kurtzman Carson Consultants, LLC as its administrative advisor.
The firm's services include:
a) assisting with, among other things, solicitation,
balloting, tabulation and calculation of votes, as well as
preparing any appropriate reports required in furtherance of
confirmation of any Chapter 11 plan;
b) generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;
c) assisting with claims objections, exhibits, claims
reconciliation and related matters; and
d) providing other claims processing, noticing, solicitation,
balloting and administrative services.
The Debtors paid Kurtzman a retainer in the amount of $25,000.
As disclosed in court filings, Kurtzman is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert Jordan
Kurtzman Carson Consultants, LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Tel: (310) 823-9000
Fax: (310) 823-9133
Email: rjordan@kccllc.com
About The Roman Catholic Bishop of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
BOUQUET RESTAURANT: Court OKs Cash Collateral Access Thru Aug 10
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky,
Covington Division, authorized Bouquet Restaurant, LLC, to use cash
collateral on an interim basis in accordance with its agreement
with Newtek Small Business Finance, LLC, through August 10, 2023.
The adequate protection payment to Newtek is currently listed as
$3,648 per month, per the terms of the Note. Said payment is based
on a variable interest rate of Prime plus 2.75%, as provided in the
Note executed by Debtor in favor of Newtek. Accordingly, Debtor
acknowledges and agrees, and the Court therefore finds, that the
amount of said monthly adequate protection payment may increase if
there is change in Prime Rate during the period authorized by the
Order. Therefore, in addition to all other relief granted to Newtek
to date, the Debtor is further permitted and authorized to make an
additional monthly payment to Newtek, in excess of $3,648, should
the Prime Rate increase after June 1, 2023.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=4tCwvA from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$32,316 for the week ending June 21, 2023;
$28,750 for the week ending June 28, 2023;
$28,750 for the week ending July 5, 2023; and
$28,750 for the week ending July 12, 2023.
About Bouquet Restaurant, LLC
Bouquet Restaurant, LLC operates a restaurant in Covington, Ky.,
offering charcuterie, small plates, entrees, and desserts.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ky. Case No. 23-20279) on April 19,
2023. In the petition signed by Stephen A. Williams, its member,
the Debtor disclosed $115,825 in assets and $1,613,837 in
liabilities.
Judge Tracey N. Wise oversees the case.
Michael B. Baker, Esq., at Baker Firm, PLLC, represents the Debtor
as legal counsel.
BRAND MARINADE: Wins Cash Collateral Access Thru Aug 31
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, authorized Brand Marinade, LLC, to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance, through August 31, 2023.
The Debtor is permitted to increase cost of goods and labor
spending to the extent necessary to fulfill orders not reasonably
foreseeable at the time of preparation of the budget, if the
increased expense results in a corresponding increase in revenue.
In addition to the amounts authorized for payment of insurance in
the approved budgets, the Debtor is authorized to make a one-time
payment to Traveler's Insurance of up to $934 to pay a pre-petition
reinstatement fee.
The Debtor is further authorized to deviate from the approved
budgets to pay its general liability insurance premium in full, in
an amount not to exceed $4,600, if an installment plan is not
available. Debtor is required to seek court approval of any
proposed premium finance agreement.
As adequate protection, the secured creditors are granted
post-petition replacement liens, in the same priority and extent as
any creditor held a valid, perfected lien prior to the filing of
the Chapter 11 case.
The Debtor will maintain all required insurance for the business
and collateral.
CDC Small Business Finance Corp. consents to the use of cash
collateral contingent upon the Debtor's compliance with the terms
of the Order.
Commencing April 20, 2023, the Debtor is to tender monthly adequate
protection payments of $1,560 for Loan ending in XXX7000 and $664
for Loan ending in XXX1919 to CDC Adequate Protection Payments will
continue on the same day of each month thereafter until the earlier
of: (i) termination of the automatic stay; (ii) confirmation of a
Chapter 11 Plan; (iii) the parties stipulate otherwise; (iv) the
court orders otherwise; or (v) dismissal of the case. The Debtor
will send separate payments to CDC for each account.
A continued hearing on the matter is set for August 29, 2023 at
1:30 p.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=x2F5GF from PacerMonitor.com.
The Debtor projects total operating expenses, on a monthly basis,
as follows:
$59,097 for June 2023;
$48,876 for July 2023;
$45,476 for August 2023;
$40,876 for September 2023; and
$40,876 for October 2023;
About Brand Marinade
Brand Marinade, LLC provides printing and related support services.
The company is based in Boca Raton, Fla.
Brand Marinade filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12729) on April
7, 2023, with $597,096 in assets and $1,591,752 in liabilities.
Soneet Kapila has been appointed as Subchapter V trustee.
Judge Mindy A. Mora presides over the case.
Malinda Hayes, Esq., at the Law Offices of Malinda L. Hayes,
represents the Debtor as counsel.
BRAZORIA-FORT BEND MUD 3: Moody's Rates 2023 Tax Utility Bonds Ba1
------------------------------------------------------------------
Moody's Investors Service has assigned an initial Ba1 rating to
Brazoria-Fort Bend Counties Municipal Utility District 3, TX's
Unlimited Tax Utility Bonds, Series 2023 in the expected par amount
of $9.2 million and Unlimited Tax Road Bonds, Series 2023 in the
expected par amount of $6.3 million. At the same time, Moody's has
assigned a stable outlook to the district. Post-sale, the district
will have $28.4 million of general obligation unlimited tax (GOULT)
debt outstanding.
RATINGS RATIONALE
The Ba1 rating reflects the district's nominally small reserves and
high debt burden that is expected to remain elevated as development
continues and the district reimburses the developer for capital
expenditures. The rating also incorporates the district's growing
tax base favorably located in the Greater Houston area and ongoing
robust home sales. Governance is a key driver of this rating. The
absence of active management is a negative consideration for the
district even though this management consideration is common for
municipal utility districts in Texas. The district has no employees
and contracts out for critical services. However, utility debt
issuance must be approved by the Texas Commission on Environmental
Quality. Positively, the district does not have pension or other
post-employment liabilities.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that the debt
burden will remain elevated for the foreseeable future and that the
district's reserve levels will remain low relative to other Texas
MUDs.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
Substantial increase in financial reserves
Tax base growth that outpaces additional debt
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
Material tax base contraction
Reduction in reserves relative to operating revenues
Increase in debt absent corresponding growth in full value and
revenue
LEGAL SECURITY
Principal and interest on the district's GOULT bonds are payable
from the proceeds of an annual ad valorem tax, without legal
limitation as to rate or amount, levied against all taxable
property within the district.
USE OF PROCEEDS
Proceeds from the utility bonds will be used to reimburse the
developer for costs related to the district's wastewater treatment
infrastructure, purchased water capacity, and related engineering
costs.
Proceeds from the road bonds will be used to reimburse the
developer for road construction costs and right of way.
PROFILE
Formed in 2019, Brazoria-Fort Bend Counties Municipal Utility
District 3 encompasses approximately 653 acres in eastern Fort Bend
County and a small parcel of western Brazoria County, approximately
21 miles Southwest of Houston. The district has an estimated
population of 3,077 residents.
METHODOLOGY
The principal methodology used in these ratings was US Special
Purpose District General Obligation Debt Methodology published in
November 2022.
BRIAN SMITH LAW OFFICES: Court OKs Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina
authorized the Law Offices of Brian Smith, LLC to use cash
collateral on an interim basis in accordance with its agreement
with Equal Access Justice Fund LP.
EAJF asserts a claim against the Debtor in the approximate amount
of $1.6 million as of the petition date. The claim is secured by a
Security Agreement encumbering the Debtor's then existing and
after-acquired property together with proceeds thereof.
The Debtor is permitted to use cash collateral to pay ordinary
operating expenses up to the maximum amount of $90,000 per month.
As additional adequate protection, EAJF will have a valid and duly
perfected postpetition lien, pursuant to 11 U.S.C. sections 361,
363, and 552, in all post-petition cash collateral to the same
validity, priority, and extent as EAJF's security interests in
pre-petition property of the Debtor.
A copy of the order is available at https://urlcurt.com/u?l=HQF2Eh
from PacerMonitor.com.
About Law Offices of Brian Smith, LLC
Law Offices of Brian Smith, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 23-00235) on
January 25, 2023. In the petition signed by Brian Smith, owner and
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.
Robert H. Cooper, Esq., at Cooper Law Firm, represents the Debtor
as legal counsel.
Equal Justice Access Fund LP, as lender, is represented by:
Weyman C. Carter, Esq.
BURR & FORMAN LLP
Post Office Box 447
Greenville, SC 29602-0447
Tel: (864) 271-4940
Email: wcarter@burr.com
BURRELL FARMS: Unsecureds Will Get 100% of Claims over 5 Years
--------------------------------------------------------------
Burrell Farms and Gardens, LLC, filed with the U.S. Bankruptcy
Court for the Western District of Tennessee a Small Business
Subchapter V Plan of Reorganization dated May 30, 2023.
The Debtor is a Tennessee Limited Liability Corporation. The Debtor
owns one farm and leases several other to grown and harvest
cannabis.
The Debtor also owns a warehouse located in Brownsville which has
70,00 square feet of space. The company is in the business of
farming cannabis and leasing warehouse space for income. Southwest
Development Company LLC began foreclosure and the Chapter 11 case
was filed to stop the foreclosure by Southwest and lawsuits.
Debtor on Effective Date through lease or sale of real property
will have sufficient cash to make initial payment to Classes 1 and
2 under the plan. Based on the Financial Projection, the Debtor
anticipates that Classes 1 and 2 will be paid in full at end of
five years.
Class 1 consists of Pre-petition Secured Claims of Southwest. The
secured claims of Southwest will be paid in full with market rate
of interest of 5.5% APR on each Note amortized over thirty years
with annual payments of $215,845.00 from 30 days after Effective
Date of Plan with a balloon due in 8 years from first payment under
Plan of unpaid balance at time. Debtor may repay such claim at any
time without any prepayment penalty.
Debtor may elect to sell the collateral of Southwest at any time
during term of plan and pay the claim of Southwest in full or if
not sufficient to pay entire claim apply such proceeds from the
sale of collateral to principal of the claim at the time of
closing. Class 1 is impaired.
Class 2 consists of General Unsecured Claims. The Debtor may object
to any claim to which Debtor has a basis for objection. The Debtor
expects to pay no less than 100% on allowed unsecured claims over a
five year period in annual payments beginning on the Effective Date
of Plan and on the Anniversary date each year thereafter. Class 2
is unimpaired, and its members are deemed to accept the Plan and,
therefore are not entitled to vote to accept or reject the Plan.
Class 3 consists of the Allowed Equity Interests Thomas Burrell and
On the Effective Date, the holders of the Allowed Equity Interest
shall retain 100% of their respective interests in the Reorganized
Debtor. Debtor may create a new minority class who want to invest
in the company by issuing new shares to investors after
Confirmation of the Plan.
Other than retaining their Equity Interests in the Reorganized
Debtor, the holders of the Allowed Equity Interests shall not be
entitled to receive any other Distribution under this Plan on
account of such Equity Interests till all claims paid under Plan.
Class 3 is unimpaired, and its members are deemed to accept the
Plan and, therefore are not entitled to vote to accept or reject
the Plan.
The Debtor shall fund the Plan out of its projected disposable
income generated from (a)funds from lease of warehouse space, sale
of cannabis, sale of real property and (b) the operation of its
business. Thomas Burrell shall remain as managing member of the
Debtor.
A full-text copy of the Subchapter V Plan dated May 30, 2023 is
available at https://urlcurt.com/u?l=B1zCGo from PacerMonitor.com
at no charge.
Attorney for Debtor:
Toni Campbell Parker, Esq.
Law Offices of Toni Campbell Parker
45 North Third Ave, Ste. 201
Memphis, TN 38103
Tel: (901) 683-0099
Email: Tparker002@att.net
About Burrell Farms and Gardens
Burrell Farms and Gardens, LLC owns a property located at 6263
Highway 54 West, Brownsville, Tenn., which is valued at $10
million.
Burrell Farms and Gardens filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tenn. Case No. 23-21037) on March 1, 2023, with $13.11 million in
assets and $3 million in liabilities. James E. Bailey, III has
been appointed as Subchapter V trustee.
Judge M. Ruthie Hagan oversees the case.
The Debtor is represented by the Law Offices of Toni Campbell
Parker.
CA TECHIES: Court OKs Cash Collateral Access Thru July 15
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized CA Techies, Inc. to use cash
collateral on an interim basis in accordance with the budget,
through July 15, 2023.
The Debtor is directed to file an updated motion for continued use
of cash collateral on regular notice.
As previously reported by the Troubled Company Reporter, the
Debtor's secured creditors are R&T Oil, Inc., Anabi Oil
Corporation, and Bridge Funding CAP LLC.
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.
Based on the valuation of the Debtor's assets and secured claims,
which shows the assets valued at approximately $1.616 million, the
Debtor proposed 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 did 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 did not
propose 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.
A copy of the order is available at https://urlcurt.com/u?l=04aZLr
from PacerMonitor.com.
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 Vincent P. Zurzolo oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
CALUMET PAINT: Gets Cash Collateral Access Thru Aug 31
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized Calumet Paint & Wallpaper, Inc. to use
cash collateral on an interim basis and provide related relief, for
the period from March 1 through August 31, 2023, in accordance with
the budget.
In return for the Debtor's continued interim use of cash
collateral, Pratt & Lambert United, Inc. and PPG Architectural
Finishes, Inc. are granted as adequate protection for the
diminution in value of their purported secured interests:
1. The Debtor will permit the Secured Creditors to inspect,
upon reasonable notice, within reasonable hours, the Debtor's books
and records;
2. The Debtor will maintain and pay premiums for insurance to
cover all of its assets from fire, theft and water damage;
3. The Debtors will, upon reasonable request, make available
to the Secured Creditors evidence of that which constitutes their
collateral or proceeds;
4. The Debtor will properly maintain its assets in good repair
and properly manage its business; and
5. The Secured Creditors will be granted valid, perfected,
enforceable security interests in and to the Debtor's post-petition
assets, including all proceeds and products which are now or
hereafter become property of this estate to the extent and priority
of their alleged pre-petition liens, if valid, but only to the
extent of any diminution in the value of such assets during the
period from the commencement of the Debtor's Chapter 11 case
through August 31, 2023.
A further hearing on the Motion is scheduled for August 23 at 10
a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=dJFWs2 from PacerMonitor.com.
The Debtor projects $98,727 in total expenses for June 2023.
About Calumet Paint & Wallpaper, Inc.
Calumet Paint & Wallpaper, Inc. is an Illinois corporation
operating from leased premises at 12120 Western Avenue, Blue
Island, Illinois. Calumet Paint has been in business since 1957 and
is currently an authorized Benjamin Moore retailer specializing in
the sale of interior and exterior paints, stains and related
supplies.
Calumet Paint sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-11709 on October 13,
2021. In the petition signed by Mark R. Lavelle, president, the
Debtor disclosed up to $1 million in both assets and liabilities.
Judge Timothy A. Barnes oversees the case.
David K. Wench, Esq., at Burke, Warren, MacKay and Serritella, PC
is the Debtor's counsel.
CEDIPROF INC: Gets OK to Hire Bielli & Klauder as Special Counsel
-----------------------------------------------------------------
Cediprof, Inc. received approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to hire Bielli & Klauder, LLC as its
special counsel.
The firm will represent Cediprof in the Chapter 11 case filed by
Lannett Company, Inc. before the U.S. Bankruptcy Court for the
District of Delaware (Case No. 23-10559). Cediprof is a creditor of
Lannett Company and holds an unsecured claim of $11.7 million.
David Klauder, Esq., is the firm's attorney who will represent the
Debtor in Lannett Company's bankruptcy case. He will be compensated
at $400 per hour for his services.
Mr. Klauder declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
Bielli & Klauder 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 Cediprof Inc.
Cediprof, Inc. is a company in Caguas, P.R., which develops,
manufactures, supplies and distributes finished dosage forms of
pharmaceutical products.
Cediprof filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-03198) on Nov. 4,
2022, with $10 million to $50 million in both assets and
liabilities.
The Debtor tapped Carmen D. Conde Torres, Esq., at the Law Offices
of C. Conde & Assoc. as bankruptcy counsel; Bielli & Klauder, LLC
as special counsel; and RSM Puerto Rico as accountant.
CHASE CUSTOM: Exclusivity Period Extended to September 13
---------------------------------------------------------
Judge Michael A. Fagone of the U.S. Bankruptcy Court for the
District of Maine extended Chase Custom Homes & Finance, Inc.'s
exclusivity period to file a plan and solicit acceptances thereof
to September 13, 2023 and November 13, 2023, respectively.
In seeking an extension, the Debtor asserted that it has made
significant progress in "settling into" the case as a
debtor-in-possession over the first several months, and the Debtor
is well positioned to propose a plan of reorganization in a timely
and efficient manner, with the support of most, if not all, of the
key constituents in the case.
The Debtor is working closely with its advisors, including Windsor
Associates and William Noone, to analyze, among other things, the
Debtor's financing needs for developing some or all of its
remaining subdivision lots, while the Debtor also continues to
market other individual real estate assets for sale.
The Debtor is actively engaged with potential lenders on providing
exit financing for the Debtor's post-confirmation operations and
development projects, among other ongoing efforts.
The extensions granted by the Court are without prejudice to
further requests that may be made pursuant to Section 1121(d) of
the U.S. Bankruptcy Code by the Debtor or any party in interest,
for cause shown, upon notice and a hearing.
About Chase Custom Homes & Finance
Chase Custom Homes & Finance, Inc. -- https://cchfi.com --
specializes in new home construction, home renovations and
remodeling in Portland, Maine.
Chase Custom Homes & Finance filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No.
23-20032) on Feb. 16, 2023. In the petition filed by Terina Chase
as authorized party, the Debtor reported between $10 million and
$50 million in both assets and liabilities.
Judge Michael A. Fagone oversees the case.
The Debtor tapped Bernstein Shur Sawyer & Nelson as legal counsel;
Purdy, Powers & Company, P.A. as accountant; Windsor Associates,
LLC as financial advisor; William Noone and Getty Real Estate
Services as real estate brokers and consultants; and Libby O'Brien
Kingsley & Champion, LLC as special litigation counsel.
The U.S. Trustee for Region 1 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Marcus Clegg.
CHICK LUMBER: Seeks Continued Cash Collateral Access
----------------------------------------------------
Chick Lumber, Inc. asks the U.S. Bankruptcy Court for the District
of New Hampshire for authority to use up to $2.2 million of cash
collateral to pay post-petition costs and expenses incurred in the
ordinary course of business to the extent provided for in the
budget during the period between July 1 to September 30, 2023.
Based on a UCC Lien Report and the Debtor's books of account and
business records, the Debtor concluded preliminarily that only BFG
Corporation and Amex Bank hold or may hold a lien on or interest in
the cash collateral.
As adequate protection, the Debtor will make these monthly adequate
protection payments on or before the last day of each month during
the Use Term:
$481.70 to Jeldwen, Inc.;
$24.66 to BFG Corporation (H2H NC Paint Tinter);
$37.83 to GreatAmerica Financial Services Corp.;
$0.00 to Citizens One Auto Finance;
$226.60 to Citizens One Auto Finance;
$211.94 to Citizens One Auto Finance;
$39.52 to Wells Fargo Equipment Finance, Inc. - Forklift;
$63.25 to Wells Fargo Equipment Finance, Inc. Moffett
Machine;
$82.22 to Hitachi Capital Financial; and
$1,197.93 to an Escrow account for Citizens Financial Group,
Inc. and American Express Bank, FSB.
The Debtor noted it has satisfied the claim secured by the Record
Lien held by Ford Motor Credit in January 2022.
The Debtor will grant all Record Lienholders with valid, binding,
enforceable and automatically perfected liens on the Debtor's
postpetition property of the same kinds, types and description in,
to and on which a Record Lienholder held valid and enforceable,
perfected liens on the Petition Date, which will have and enjoy the
same priority as such liens had under applicable state law on the
Petition Date.
The Debtor will:
i. pay real and property insurance invoices on insurance
policies on property of the estate as and when shown on the
Budget;
ii. provide to all Record Lienholders certificates of property
and casualty insurance in amounts not less than the lesser of: (a)
the reasonable replacement value of each property and all of them
in aggregate; or (b) the current fair market value of each
property; such certificates of insurance will name the Record
Lienholders as loss payees and will provide that the insurance
company will use its best effort to give a loss payee at least
fourteen days' notice of the cancellation or prospective
cancellation of such a policy to each loss payee; and
iii. timely file its monthly operating reports.
The Proposed Order includes a "winding down" proviso under which
the Court reserves the right to enter further orders as may be
necessary regarding the use of cash collateral to provide for
payment of any administrative claims for wage and trade creditors
who have supplied goods or services to the Debtor during the period
of operation under the order which remain unpaid at the time of
termination of authorized cash collateral usage, and which goods or
services have created additional collateral for the secured
claimant.
A copy of the motion is available at https://urlcurt.com/u?l=l4lxTN
from PacerMonitor.com.
A copy of the budget from July to September 2023 is available at
https://urlcurt.com/u?l=zjlTpk from PacerMonitor.com.
The budget provides for total cash out, on a monthly basis, as
follows:
$706,734 for July 2023;
$729,825 for August 2023; and
$705,401 for September 2023.
About Chick Lumber
Chick Lumber, Inc. -- https://www.chicklumber.com/ -- is a dealer
of lumber, plywood, steel beams, engineered wood, trusses, steel
and asphalt roofing, windows, doors, siding, trim, stair parts, and
finish materials. It also offers drafting and design, installation,
delivery, outside sales, and plan reading and estimating services.
The Debtor sought Chapter 11 protection (Bankr. D.N.H. Case No.
19-11252) on Sept. 9, 2019, in Concord. In the petition signed by
Salvatore Massa, president, the Debtor disclosed between $1 million
and $10 million in both assets and liabilities.
Judge Bruce A. Harwood oversees the case.
William S. Gannon PLLC is the Debtor's legal counsel.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 3, 2019. The Committee is represented by
Goldstein & McClintock, LLLP as its legal counsel.
CIRTRAN CORP: Incurs $480K Net Loss in First Quarter
----------------------------------------------------
CirTran Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $480,345 on $213,409 of net sales for the three months ended
March 31, 2023, compared to a net loss of $296,503 on $691,768 of
net sales for the three months ended March 31, 2022.
As of March 31, 2023, the Company had $1.85 million in total
assets, $44.40 million in total liabilities, and a total
stockholders' deficit of $42.55 million.
CirTran said, "We had a working capital deficiency of $40,178,774
as of March 31, 2023, and a net loss from continuing operations of
$442,504 for the three months ended March 31, 2023. As of March
31, 2023, we had an accumulated deficit of $79,785,896. These
conditions raise substantial doubt about our ability to continue as
a going concern.
"Our ability to continue as a going concern is dependent upon our
ability to successfully accomplish our business plan and eventually
attain profitable operations.
"In the coming year, our foreseeable cash requirements will relate
to development of business operations and associated expenses. We
may experience a cash shortfall and be required to raise additional
capital."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/813716/000149315223018519/form10-q.htm
About Cirtran Corp
West Valley City, Utah-based CirTran Corporation is an established
global company with a diversified expertise in manufacturing,
marketing, distribution and technology in a wide variety of
consumer products, including tobacco products, medical devices and
beverages.
CirTran reported a net loss of $1.50 million for the year ended
Dec. 31, 2022, compared to net income of $126,212 for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $2
million in total assets, $44.06 million in total liabilities, and a
total stockholders' deficit of $42.07 million.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2020, issued a "going concern"
qualification in its report dated April 17, 2023, citing that the
Company has a working capital deficiency, a net loss from
continuing operations, and an accumulated deficit. These factors,
among others, raise substantial doubt about the Company's ability
to continue as a going concern.
COMPASS POINTE: Court Approves Amended Disclosure Statement
-----------------------------------------------------------
Judge Jennifer E. Nieman has entered an order approving Compass
Pointe Off Campus Partnership B, LLC's Second Amended Disclosure
Statement dated May 16, 2023.
A hearing on confirmation of the Second Amended Plan and on such
objections as may be made to confirmation will be held on June 28,
2023 at 9:30 a.m. in the Bankruptcy Court, Department A, United
States Courthouse, 2500 Tulare Street, Fifth Floor, Fresno,
California.
Any objection to confirmation of the May 17 Amended Plan must be
filed with the United States Bankruptcy Court and served on counsel
for the Debtor on or before June 21, 2023.
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.
COSMOS GROUP: Incurs $2.6 Million Net Loss in First Quarter
-----------------------------------------------------------
Cosmos Group Holdings Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.62 million on $2.15 million of net revenue for the three
months ended March 31, 2023, compared to a net loss of $62.40
million on $4.18 million of net revenue for the three months ended
March 31, 2022.
As of March 31, 2023, the Company had $37.12 million in total
assets, $32.91 million in total liabilities, and $4.21 million in
total stockholders' equity.
Cosmos said, "The Company has suffered from an accumulated deficit
of $130,723,542 and working capital of $11,392,082 at March 31,
2023. The continuation of the Company as a going concern in the
next twelve months is dependent upon the continued financial
support from its stockholders. Management believes the Company is
currently pursuing additional financing for its operations.
However, there is no assurance that the Company will be successful
in securing sufficient funds to sustain the operations. These and
other factors raise substantial doubt about the Company's 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/1706509/000121390023041949/f10q0323_cosmos.htm
About Cosmos Group
Headquartered in Singapore, Cosmos Group is a Nevada holding
company with operations conducted through its subsidiaries based
in
Singapore and Hong Kong. The Company, through its subsidiaries, is
engaged in two business segments: (i) the physical arts and
collectibles business, and (ii) the financing/money lending
business. The Company currently does not have any customers that
are from the United States or any U.S. person nor is the Company
specifically targeting customers from the United States. However,
the Company's operation of an online market place for collectibles
and fine art is accessible online by interested parties and may
potentially be accessed by users located in the United States.
Cosmos Group reported a net loss of $104.13 million for the year
ended Dec. 31, 2022, compared to a net loss of $25.15 million for
the year ended Dec. 31, 2021.
COVANTA HOLDING: Moody's Cuts CFR to B1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Covanta Holding
Corporation, including the corporate family rating to B1 from Ba3
and probability of default rating to B1-PD from Ba3-PD. Moody's
also downgraded the ratings on Covanta's senior secured debt to Ba2
from Ba1 and senior unsecured debt to B3 from B2. Moody's also
assigned a Ba2 rating to the company's proposed incremental senior
secured term loan B and term loan C. Concurrently, Moody's changed
the outlook to stable from negative.
The downgrades reflect persistently high leverage, which Moody's
expects will continue due to a high debt balance and recent
headwinds from unplanned downtime at Covanta's waste-to-energy
(WtE) facilities that will take time to improve. Further, Moody's
believes that execution risks around the integration of the May
2023 acquisition of Circon Environmental ("Circon"), which will be
partially debt funded, could further delay expected improvement in
credit metrics. Circon, a provider of various industrial waste
solutions, is the largest acquisition in Covanta's history and the
transaction will be funded partially with proceeds from an
incremental term loan B of $400 million. Moody's estimates adjusted
debt-to-LTM EBITDA was 7x at December 31, 2022, pro forma for
Circon and other recent acquisitions. Leverage is expected to fall
towards a still high 6x over the next year. The transaction is also
occurring in the face of weakening economic conditions and
moderating revenue in Covanta's energy business as underlying
natural gas prices have declined from high 2022 levels, and likely
integration costs. The company is also issuing an incremental term
loan C of $30 million, proceeds of which are expected to go into a
restricted cash account and utilized exclusively to collateralize
letters of credit.
Governance risk was also a key driver in the rating outcome,
considering Covanta's leveraged profile and meaningful increase in
debt to help fund Circon. Further, Moody's believes that Covanta's
exposure to waste and pollution risks has changed with the addition
of handling and disposal of hazardous waste via the Circon
acquisition. As a result, Moody's changed Covanta's environmental
issuer profile score to E-4 from E-3, driven by a change in the
waste & pollution risk category.
Downgrades:
Issuer: Covanta Holding Corporation
Corporate Family Rating, Downgraded to B1 from Ba3
Probability of Default Rating, Downgraded to B1-PD from Ba3-PD
Senior Secured Bank Credit Facility, Downgraded to Ba2 from Ba1
Senior Unsecured Regular Bond/Debentures, Downgraded to B3 from
B2
Issuer: National Finance Authority, NH
Senior Unsecured Revenue Bonds, Downgraded to B3 from B2
Issuer: Niagara Area Development Corporation
Senior Unsecured Revenue Bonds, Downgraded to B3 from B2
Issuer: Pennsylvania Economic Dev. Fin. Auth.
Senior Unsecured Revenue Bonds, Downgraded to B3 from B2
Issuer: Virginia Small Business Financing Authority
Senior Unsecured Revenue Bonds, Downgraded to B3 from B2
Assignments:
Issuer: Covanta Holding Corporation
Senior Secured First Lien Term Loan B, Assigned Ba2
Senior Secured Term Loan C, Assigned Ba2
Outlook Actions:
Issuer: Covanta Holding Corporation
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
Covanta's ratings reflect its high leverage and exposure to
commodity price volatility, including wholesale energy prices and
the related collateral margining requirements on its hedged book,
which can pose liquidity risks. The company has reduced its
exposure to having to post collateral in the form of cash or
letters of credit by converting hedge counterparties to a
lien-based security. However, this would dilute the security for
existing senior secured lenders if Covanta were unable to perform
on its energy supply obligations. Moody's believes cash flow will
rely on higher contract renewal pricing for waste volumes as the
merchant power market is challenging, noting that energy and
recycled metal prices will remain volatile.
The ratings also reflect the company's stable waste volumes, which
account for about 70% of revenue, underpinned by long term
contracts that provide a source of recurring revenue. This helps
offset volatility from Covanta's commodity businesses (energy/power
and recycled metals). However, WtE plant outages have led to
softer earnings from waste processing over the past year. Favorable
waste market fundamentals and pricing should drive steady revenue
growth, aided by ongoing investments to improve plant operating
performance and accretion from recent acquisitions. Circon will
double Covanta's footprint in wastewater treatment and materially
increase its business in waste-derived alternative fuels while also
expanding Covanta's geographic reach and adding capabilities to
handle hazardous waste. But it also exposes Covanta to the
industrial cycle given its predominant focus on industrial
customers. Covanta's waste operations benefit from strategically
located WtE facilities and transfer stations, which make it
well-positioned to benefit from growing demand for services amid
rising landfill disposal costs.
The stable outlook reflects Moody's expectations of steady waste
streams to support moderate top line growth and earnings expansion,
aided by positive pricing conditions and realization of targeted
acquisition synergies, which will drive steady reduction in
leverage over the next 12-18 months. Moody's also expects the
company to maintain adequate liquidity and continue managing the
risks associated with commodity pricing, including energy/power
market prices.
Moody's expectation for Covanta to maintain adequate liquidity over
the next year is based on modest unrestricted cash and ample
availability on the company's $600 million revolving credit
facility balancing significantly higher capital spending planned
for 2023-2024, which will constrain free cash flow. These
investments include pulling forward WtE plant maintenance projects
aimed at preventing unscheduled disruptions as well as adding
materials processing facilities and upgrading in-plant metals
recovery systems. The revolving credit facility had about $320
million available, net of borrowings and letters of credit, at
December 31, 2022. Mandatory term loan amortization payments will
approximate $17 million annually and there are $35 million of tax
exempt bonds maturing in 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded with a meaningful improvement in
operating results such that debt-to-EBITDA is expected to remain
below 5x, EBIT margin above 5% and funds from operations to debt at
or above 10%. Mitigating operational and market risks such that
earnings and cash flow are more consistent and predictable, and/or
if debt is materially reduced could also support a ratings upgrade.
Good liquidity, including improving free cash flow and maintaining
ample availability on the revolving credit facility, would also be
a prerequisite for an upgrade.
The ratings could be downgraded if Covanta's credit metrics
deteriorate or there is no clear demonstration of improvement in
operating performance in the near term, including steady reduction
in debt-to-EBITDA. Weakening liquidity, including negative free
cash flow, could also result in a ratings downgrade. A
deterioration in the waste or power market dynamics, resulting in a
contraction in revenue or margins and/or higher cash flow
volatility could also lead to a downgrade. The ratings could also
be downgraded if the company were to engage in meaningful debt
funded acquisitions or shareholder renumeration.
The principal methodology used in these ratings was Environmental
Services and Waste Management published in May 2023.
Covanta Holding Corporation, headquartered in Morristown, New
Jersey, is a lead developer, owner and operator of waste management
infrastructure with 41 waste-to-energy (WtE) projects. Waste
services represented approximately 70% of consolidated revenues for
the year ended December 31, 2022, while electricity and steam
represented 20% and the remainder came from recycled metals and
other businesses. Covanta reported total revenue of about $2.25
billion for the same period. Pro forma for Circon, revenue was
approximately $2.5 billion.
Covanta is a portfolio company of EQT Investors (EQT), a private
equity firm, following a leveraged buyout in November 2021.
COVANTA HOLDING: S&P Rates Term Loans B & C 'BB', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to Covanta Holding
Corp.'s (Covanta) $400 million term loan B (TLB) and $30 million
term loan C (TLC). At the same time, S&P Global Ratings affirmed
all ratings including its 'B+' issuer credit rating (ICR) on
Covanta.
S&P said, "The '1' recovery rating on the company's senior secured
debt indicates our expectation of very high recovery (90%-100%;
rounded estimate: 95%). The '5' recovery rating on the company's
senior unsecured debt is unchanged and indicates our expectation of
modest (10%-30%; rounded estimate: 15%) recovery.
"The stable outlook reflects our expectation that Covanta will
maintain debt to EBITDA at 5.3x-6.6x and FFO to debt of 9%-11.5%
during our forecast horizon. We continue to expect deleveraging
over our outlook horizon, primarily due to increasing EBITDA. We
expect Covanta's owner, EQT, will refrain from taking a dividend
and instead will use discretionary cash flow to reinvest in the
company or repay debt."
Covanta issued a $400 million term loan B (TLB) to finance part of
its Circon Environmental (Circon) acquisition, with the balance
being equity issued by the parent EQT Infrastructure (EQT). Covanta
also issued a $30 million term loan C (TLC) to supplement its
liquidity.
Debt-financed acquisition is credit neutral.
Covanta will finance part of the Circon acquisition with the $400
million TLB issuance with the balance being funded with equity
issued by Covanta's owner, EQT. The acquisition is immediately
accretive. S&P said, "Covanta will realize incremental EBITDA in
2023 from Circon and full-year EBITDA starting in 2024 when we
forecast credit metrics will begin improving . The TLC will
supplement Covanta's liquidity, with proceeds being used to
backstop letters of credit. Overall, we view this financing as
credit neutral and credit metrics are largely unchanged from our
previous expectations. Although the acquisition was initially
solely equity finance by Covanta's owner EQT in part to enable a
faster close, the TLB issuance results in a leverage-neutral
transaction. As a result, we forecast debt to EBITDA of 6.4x-6.8x
in 2023, declining to 5.8x-6.3x in 2024, and FFO to debt of 9%-11%
in 2023 and 2024. We expect the company will continue deleveraging
on the back of improving EBITDA to 5.3x-5.8x in 2025, while FFO to
debt improves slightly to 9.5%-11.5%."
In addition to the Circon acquisition, the increasing EBITDA is
spurred in large part by organic growth resulting primarily from
capital expenditures (capex) that should improve boiler
availability, increase metal recovery, and expand environmental
solutions facilities. In addition, S&P expects uncontracted tipping
fees will increase as Covanta's waste-to-energy (WtE) facilities
capture tonnage that would otherwise be transported over longer
distances at a greater cost to the shipper.
The acquisition improves Covanta's wastewater treatment and
geographic footprints.
Circon will increase Covanta's footprint in wastewater treatment
and alternative fuels, which were a relatively small segment
pre-acquisition. In addition, Covanta is also modestly adding to
its geographic footprint, by expanding into Texas and increasing
its asset base in regions where it currently operates. S&P said,
"We view the waste solutions offered by Circon as complementary to
Covanta's existing services and believe Covanta will be able to
integrate Circon's assets into its regional structure. Overall, we
view this acquisition as modestly improving Covanta's business risk
profile."
Supporting S&P's view of Covanta's business model is its cash flow
stability that is underpinned by contracts and hedges in place.
Volumes for the company's waste segment are about 70%-75%
contracted through 2025 and its energy segment generation is about
80%-90% contracted or hedged for the same period on an average
basis. However, its metals segment has limited cash flow visibility
through 2025, with a small hedge and contract in 2023, and volumes
are dependent on recovery capabilities post-incineration.
S&P continues to view Covanta's owner EQT as an infrastructure
fund.
EQT injected equity to finance this acquisition, which resulted in
a leverage-neutral transaction. Furthermore, EQT intends to invest
cash flows back into the business, by not taking any distribution
in the medium-to-long term and repaying the revolver. S&P views
this as supportive of its assessment of EQT as an infrastructure
fund and not a financial sponsor. S&P expects EQT will have a
long-term holding period.
S&P said, "The stable outlook reflects our expectation that Covanta
will maintain debt to EBITDA at 5.3x-6.6x and FFO to debt of
9%-11.5% during our forecast period. We continue to expect
deleveraging over our outlook horizon, due to increased EBITDA. We
expect the company's owner, EQT, will refrain from taking a
dividend and instead will use discretionary cash flow to reinvest
in the company or repay debt.
"We would consider a negative rating action due to poor operational
performance, including boiler availability of less than 90%, or
further declines in metals and power prices that lead S&P Global
Ratings-adjusted debt to EBITDA to rise above 7x consistently or
FFO to debt to fall below 8%. In addition, we would consider a
negative rating action if the company's financial policy, which has
become more favorable, in our opinion, becomes more aggressive,
including capital allocations that are disadvantageous to
creditors.
"We could consider a positive rating action if Covanta's operating
results remain solid, its performance from recontracting WtE assets
stays strong, and its financial performance improves such that we
believe S&P Global Ratings-adjusted debt to EBITDA and FFO to debt
will remain below 6x and above 12%, respectively."
ESG credit indicators: E-2, S-2, G-2
Environmental factors have a neutral impact on S&P's credit rating
analysis on Covanta. Covanta's role as a WtE provider positions it
favorably for energy transition as it contracts with local
municipalities to dispose of waste in a somewhat environmental
manner and receives a tipping fee (up to 20% of overall revenues).
COVENANT SURGICAL: $250M Bank Debt Trades at 22% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Covenant Surgical
Partners Inc is a borrower were trading in the secondary market
around 78.4 cents-on-the-dollar during the week ended Friday, June
2, 2023, according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Term loan that is scheduled to
mature on July 1, 2026. The amount is fully drawn and
outstanding.
Covenant Surgical Partners, Inc. is an owner and operator of
freestanding ambulatory surgery centers.
CROWN FINANCE: $3.33B Bank Debt Trades at 81% Discount
------------------------------------------------------
Participations in a syndicated loan under which Crown Finance US
Inc is a borrower were trading in the secondary market around 18.7
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $3.33 billion facility is a Term loan that is scheduled to
mature on February 28, 2025. About $2.63 billion of the loan is
withdrawn and outstanding.
Crown Finance US, Inc. operates as a movie theater.
CYTODYN INC: President Takes Medical Leave
------------------------------------------
CytoDyn Inc. announced that Dr. Cyrus Arman, the Company's
president, has taken a medical leave of absence.
During Dr. Arman's absence, Antonio Migliarese, the Company's chief
financial officer, will assume interim president responsibilities.
Mr. Migliarese will be supported by the Company's recently
appointed Interim Chief Medical Officer, Dr. Melissa Palmer, as
well as Dr. Salah Kivlighn, who recently joined the Company as a
clinical and strategic advisor, in collectively leading the
Company's continued priorities of lifting the clinical hold on the
use of leronlimab in the HIV population, advancing the development
of the NASH phase 2b clinical trial for submission to the FDA, and
exploring potential strategic business opportunities. The Company
plans to host an investment community webcast on a to-be-announced
date in the near future.
Dr. Palmer is an experienced industry executive and internationally
renowned Hepatologist. She has held leadership positions at
various biotech and pharmaceutical companies, including CMO of
Gannex/Ascletis and Head of Liver Disease Clinical Development at
Takeda Pharmaceutical Company. At both Shire plc (acquired by
Takeda in 2019) and Kadmon Corporation (acquired by Sanofi Company
in 2021), Dr. Palmer led the global development of NASH and other
liver disease programs. She was previously a clinical professor at
NYU Langone Medical Center and the director of Hepatology at NYU
Plainview, NY. Earlier in her career, Dr. Palmer maintained a solo
medical practice devoted to treating patients with liver disease
for 20 years. Since 1991, Dr. Palmer has served as a hepatology
consultant to more than 60 biotech and pharmaceutical companies and
has been a primary investigator for numerous clinical trials in
NASH and other liver diseases. Dr. Palmer has authored over 100
publications, abstracts, manuscripts, and book chapters, in
addition to the best-selling book "Dr. Melissa Palmer's Guide to
Hepatitis and Liver Disease." Dr. Palmer, either as the primary
author or co-author with colleagues from the FDA, has published
several guidelines concerning drug-induced liver injury among
patients in clinical trials evaluating potential drugs to treat
NASH and other liver diseases. She trained in Hepatology at Mount
Sinai School of Medicine, where she also received her M.D. degree.
She received her Bachelor of Science degree from Columbia
University in New York City.
Dr. Kivlighn, who is currently president and managing member of The
Kivlighn Group, LLC, a company that provides strategic consulting
services to companies across the biotech and pharmaceutical
industry, brings to the Company more than 30 years of industry
experience. Having held both scientific and commercial leadership
roles, Dr. Kivlighn is a rare blend of science and business acumen.
Recently, Dr. Kivlighn served as CEO of HepaTx Corporation,
providing strategic, financial, and operational leadership. Prior
to HepaTx, Dr. Kivlighn served as the senior vice president of
Global Strategic Marketing and Program Operations for United States
Pharmacopeia ("USP"), the official pharmacopeia for the United
States. At USP, he created a new division with members in China,
India, Europe, Latin America, and APAC, delivering a revitalized
sales and marketing culture that yielded an average compound annual
growth rate of 8.6%. Before his tenure at USP, he served as
Commercial Vice President of Kite Pharma, Inc., now a subsidiary of
Gilead Sciences. As Global Product Development Team Lead at
MedImmune, Inc., a subsidiary of AstraZeneca, Dr. Kivlighn and his
team spearheaded the development of a Leukemia drug, LUMOXITI
(moxetumomab pasudotox) which was acquired by INNATE Pharma, an
independent clinical-stage biotech company. He also serves in
advisory and board member roles for several companies.
Dr. Kivlighn began his career at Merck & Co. where he held
positions of increasing responsibility during his 15-year tenure.
While at Merck, Dr. Kivlighn was the lead scientist for the
discovery and development of Cozaar (losartan), and later helped to
lead the massive growth of Cozaar to $3.5B in worldwide revenue.
As a scientist and marketer, Dr. Kivlighn contributed to the
successful launch of a number of trials. At Merck, he also co-led
the development and commercialization of RotaTeq leading to an
$800M franchise; RotaTeq® was awarded universal recommendation by
the Advisory Committee on Immunization Practices. Among Dr.
Kivlighn's many accolades, his team earned the prestigious Prix
Galien Award for Best Biotechnology Product for RotaTeq. In
addition, he earned the AstraZeneca CEO Award for his leadership
during the development of LUMOXITI (moxetumomab pasudotox). Dr.
Kivlighn is a sought-after global speaker and thought leader and
has authored more than 77 peer-reviewed scientific publications.
He holds a Ph.D. in Pharmacology from Texas Medical Center
(University of Houston, Baylor College of Medicine & University of
Texas Medical School), completing a fellowship in Integrated
Physiology under the esteemed advisors Arthur C. Guyton and Thomas
Lohmeier at the University of Mississippi Medical Center, and a
Bachelor of Science in Distributed Studies from Iowa State
University.
Dr. Palmer said, "I am excited about joining CytoDyn to support the
further development of leronlimab following its impressive phase 2
data in patients with NASH. I am eager to help accelerate the NASH
clinical development program and look forward to working with the
Company's talented team and Dr. Kivlighn, with whom I've had the
pleasure of working in the past." Dr. Kivlighn stated, "I have had
the pleasure of getting to know the Company's Board of Directors
and Tanya, Cyrus and Antonio, in addition to gaining an
understanding of leronlimab, the current status of its development
programs, the potential it has in various indications, and the
current objectives related to the HIV clinical hold and future NASH
clinical trial. I am thrilled to be able to leverage my experience
and knowledge of the Company to support Antonio and the Company's
clinical, regulatory, and strategic efforts during Dr. Arman's
leave of absence." Tanya Urbach, Board Chair, said "Given the
unanticipated circumstances, we are blessed to have had such a
talented CMO as Dr. Palmer recently join the Company. We are
further grateful for Dr. Kivlighn's willingness to step in and
support Antonio and the team at this time. Dr. Palmer and Dr.
Kivlighn each bring significant experience not only in the oncology
and NASH spaces but also in leadership roles with clinical and drug
development companies. I believe these two individuals, coupled
with Antonio's strong management abilities, will allow us to not
miss a beat during Cyrus's absence."
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology
company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processes. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
Cytodyn reported a net loss of $210.82 million for the year ended
May 31, 2022, compared to a net loss of $176.47 million for the
year ended May 31, 2021. As of Nov. 30, 2022, the Company had
$7.07 million in total assets, $123.04 million in total
liabilities, and a total stockholders' deficit of $115.97 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Aug. 15, 2022, citing that the
Company incurred a net loss of approximately $210,820,000 for the
year ended May 31, 2022 and has an accumulated deficit of
approximately $766,131,000 through May 31, 2022, which raises
substantial doubt about its ability to continue as a going concern.
DELPHI BEHAVIORAL: Seeks Another $1.5MM DIP Loan from Brightwood
----------------------------------------------------------------
Delphi Behavioral Health Group, LLC and its debtor-affiliates ask
the U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, for authority to use cash collateral and
obtain postpetition financing.
Delphi Intermediate Healthco, LLC seeks to (a) extend the maturity
date of the DIP Facility by five weeks through and including July
11, 2023, and (b) increase the DIP Facility by $1.5 million, from
its existing maximum principal amount of $13 million up to the
aggregate principal amount of $14.5 million, all upon entry of the
Second Supplemental Final DIP Order, pursuant to and subject to the
terms of the Second DIP Credit Agreement Amendment and the Second
Supplemental Final DIP Order.
Brightwood Loan Services, LLC is the administrative agent under the
DIP Credit Agreement.
The DIP Facility approved by the Interim DIP Order and Final DIP
Order matures 120 days from the Petition Date, which is June 6,
2023.
On May 16, 2023, the Court entered an Order confirming the amended
joint Plan of Liquidation. The closing of the section 363 sale of
assets previously approved by the Court is anticipated to occur on
June 9. The Debtors estimate that the effective date of the Plan
will occur 3 to 4 weeks after the closing of the sale of assets in
order that the transition of the Debtors' operations can be
properly and timely accomplished.
The DIP Lenders have agreed to increase the DIP Facility by $1.5
million upon entry of the Second Supplemental Final DIP Order,
pursuant to the terms of the Final DIP Order, the Second DIP Credit
Agreement Amendment and the Approved Budget.
A copy of the motion is available at https://urlcurt.com/u?l=Cr27gO
from PacerMonitor.com.
About Delphi Behavioral Health Group, LLC
Delphi Behavioral Health Group, LLC and several affiliated entities
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Lead Case No. 23-10945) on February 6, 2023. In
the petition signed by Edward A. Phillips, interim chief executive
officer, the Debtors disclosed up to $10 million in assets and up
to $10 million in liabilities.
Delphi Behavioral Health Group provides a range of inpatient and
outpatient behavioral healthcare services in the substance use
disorder, addiction and mental health treatment space.
Headquartered in Fort Lauderdale, Florida, Delphi and its
affiliates operated 12 clinical facilities and two recovery
residences prior to the Petition Date, throughout California,
Florida, Maryland, Massachusetts and New Jersey. The levels of
care provided at the clinical facilities range from inpatient and
residential to outpatient (partial hospitalization), intensive
outpatient programming and outpatient programming.
Judge Peter D. Russin oversees the case.
The Debtors tapped Berger Singerman LLP as legal counsel, Getzler
Henrich and Associates as restructuring services provider, and Epiq
Corporate Restructuring, LLC as notice and claims agent.
Brightwood Loan Services, LLC, the Administrative Agent for the
Prepetition Lenders and the Administrative Agent for the DIP
Lenders, is represented by Roger Schwartz, Esq., Pete Montori,
Esq., and Robert Nussbaum, Esq. at King & Spalding LLP.
On May 16, 2023, the Court entered an Order confirming the amended
joint Plan of Liquidation for the Debtors.
DESOLATION HOLDINGS: Taps Omni Agent as Administrative Advisor
--------------------------------------------------------------
Desolation Holdings, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Omni
Agent Solutions as its administrative advisor.
The Debtors require an administrative agent to:
a. assist in case administration matters including data entry,
preparation and management of the creditor matrix, claims
management, noticing, and the development and maintenance of an
informational website;
b. assist with any required solicitation, balloting,
tabulation and calculation of votes as well as preparing any
appropriate reports as required in furtherance of confirmation of a
plan of reorganization;
c. generate an official ballot certification and testify, if
necessary, in support of the ballot tabulation results;
d. handle requests for documents;
e. develop and maintain a confidential virtual data room, if
requested; and
f. provide such other services as may be requested by the
Debtors or otherwise required by applicable law, governmental
regulations, and court rules or orders.
The services to be rendered by Omni will be billed at rates ranging
from $40 to $250 per hour. The retainer fee is $15,000.
Paul Deutch, executive vice president of Omni, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Paul H. Deutch
Omni Agent Solutions
5955 De Soto Avenue Suite 100
Woodland Hills, CA 91367
Tel: (818) 906-8300
Fax: 818-783-2737
Email: lacontact@omniagnt.com
About Desolation Holdings
Desolation Holdings LLC and three of its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del., Lead Case No. 23-10597) on May 8, 2023. Desolation
Holdings' affiliates are Bittrex, Inc., Bittrex Malta Holdings Ltd.
and Bittrex Malta Ltd. Bittrex is a regulated digital assets
exchange platform.
At the time of filing, the Debtors estimated consolidated assets of
$500 million to $1 billion in assets and $500 million to $1 billion
in liabilities.
Hon. Brendan Linehan Shannon presides over the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal
counsel; Berkeley Research Group, LLC as restructuring advisor; and
Omni Agent Solutions as claims and noticing and administrative
advisor.
DIAMOND SPORTS: Ordered to Pay 4 MLB Teams in Full
--------------------------------------------------
CNBC reports that Diamond Sports, the owner of regional sports
networks, was ordered by a bankruptcy judge to make full media
rights payments to four Major League Baseball teams.
Diamond, which runs a portfolio of 19 networks under the Bally
Sports brand, filed for bankruptcy in March, seeking to not only
restructure its debt load, but also reset some of its media rights
deals with teams to reflect so-called market rates in the wake of
rampant cord cutting.
The company had been looking to cut down the payments owed to four
MLB teams -- the Arizona Diamondbacks, Cleveland Guardians, Texas
Rangers and Minnesota Twins -- which caused it to go toe-to-toe
with MLB officials in bankruptcy court. Diamond had already paid
the teams up to 75% of the payments owed earlier in its bankruptcy,
court papers show.
If Diamond doesn't make the remainder of the payments owed to the
teams, those teams can walk away from their contracts with the
company, a judge ruled.
The decision comes after MLB earlier this week announced it would
begin producing and distributing San Diego Padres games on pay-TV
bundles and its MLB.TV streaming service after Diamond stopped
making payments to the team. The in-court matter didn't affect the
status of the Padres situation.
"MLB appreciates the ruling from the Federal Bankruptcy Court in
Houston requiring Diamond to pay the full contractual rate to
Clubs," an MLB spokesperson said in a statement Friday. "As
always, we hope Diamond will continue to broadcast games and meet
its contractual obligations to Clubs. As with the Padres, MLB will
stand ready to make games available to fans if Diamond fails to
meet its obligations."
The judge's ruling came after a two-day hearing that included
testimony from MLB Commissioner Rob Manfred and showcased the
tensions between the league and Diamond Sports.
A Diamond spokesperson said in a statement Friday that in keeping
with the bankruptcy judge's orders, "we look forward to engaging
with MLB and our team partners to negotiate a go-forward rights
package that works for all parties and positions Diamond for
long-term success."
In particular, Diamond has been pushing to hold the
direct-to-consumer streaming rights to all MLB teams that air on
its networks. Currently, Diamond has deals with all its NBA and NHL
teams, plus a handful of MLB teams for the streaming rights.
The proliferation of consumers cutting their traditional pay-TV
bundles in favor of streaming services has weighed on the regional
sports network business. Last year, Diamond launched its streaming
response with Bally Sports+.
Diamond pays fees to 42 teams across the MLB, NBA and NHL to
broadcast the bulk of the local games in their markets.
During the hearing, a Diamond executive said Bally Sports+ had
203,00 subscribers, representing 55% of the subscriber goal for the
company, The Athletic reported.
Diamond is also facing a more than $8 billion debt load, stemming
from Sinclair Broadcast Group's $10.6 billion acquisition of
regional sports networks in 2019.
Diamond is now an unconsolidated and independently run subsidiary
of Sinclair.
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 is an
unconsolidated and independently run subsidiary of Sinclair
Broadcast Group.
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. Diamond said it plans to
restructure its balance sheet while continuing to broadcast local
games on its portfolio of 19 networks under the Bally Sports brand
across the U.S.
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.
DIEBOLD NIXDORF: $626M Bank Debt Trades at 81% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Diebold Nixdorf Inc
is a borrower were trading in the secondary market around 19
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $626 million facility is a Term loan that is scheduled to
mature on July 15, 2025. The amount is fully drawn and
outstanding.
Diebold Nixdorf, Incorporated provides automatic teller machines,
financial, and point of sale.
DIEBOLD NIXDORF: Chapter 11 Cases, Dutch Scheme Filed
-----------------------------------------------------
On June 1, 2023, Diebold Nixdorf, Incorporated, and certain of its
subsidiaries commenced Chapter 11 Cases in the U.S. Bankruptcy
Court and filed the prepackaged Chapter 11 Plan with the U.S.
Bankruptcy Court. Additionally, on June 1, 2023, Diebold Nixdorf
Dutch Holding B.V. ("the Dutch Issuer") filed a scheme of
arrangement relating to certain the Dutch Scheme Companies and
commenced the Dutch Scheme Proceedings under Dutch Restructuring
Law in the Dutch Court.
On May 30, 2023, the Debtors and Dutch Scheme Companies commenced a
solicitation to seek acceptance of the Chapter 11 Plan and WHOA
Plan by certain of their creditors. The Debtors and Dutch Scheme
Companies expect the solicitation period to end on or around June
28, 2023.
The Debtors have filed a motion with the U.S. Bankruptcy Court
seeking joint administration of the Chapter 11 Cases under the
caption In re Diebold Holding Company, LLC, et al. The Debtors will
continue to operate their businesses as "debtors-in-possession"
under the jurisdiction of the U.S. Bankruptcy Court and in
accordance with the applicable provisions of the U.S. Bankruptcy
Code and orders of the U.S. Bankruptcy Court. The Chapter 11 Plan,
the WHOA Plan and the requested first day relief anticipate that
trade claimants who continue to work with the Debtors and the Dutch
Scheme Companies on existing terms will be paid in full and in the
ordinary course of business. All existing vendor contracts are
expected to remain in place and be serviced in the ordinary course
of business.
Additional information about the Chapter 11 Cases and the Dutch
Scheme Proceedings may be obtained at
https://cases.ra.kroll.com/dieboldnixdorf
Events of Default
The filing of the Chapter 11 Cases and Dutch Scheme Proceedings (or
in the case of the Superpriority Credit Agreement, First Lien Term
Loan Credit Agreement, 2025 US Senior Notes Indenture, 2025 Euro
Senior Notes Indenture and 2L Notes Indenture, would have otherwise
accelerated if not for the applicable forbearances and waivers
executed by the Consenting Creditors) the Company's obligations
under the following debt instruments (the "Debt Instruments"):
* Asset-Based Revolving Credit and Guaranty Agreement, dated as
of December 29, 2022, among the Company, certain of the other
Company Parties from time to time party thereto, as borrowers and
guarantors, the lenders from time to time party thereto, JPMorgan
Chase Bank, N.A., as administrative agent and collateral agent, and
GLAS Americas LLC, as European collateral agent;
* Superpriority Credit Agreement;
* First Lien Term Loan Credit Agreement;
* Credit Agreement, dated as of November 23, 2015, by and among
the Company, as borrower, certain of the other Company Parties from
time to time party thereto, as subsidiary borrowers, the lenders
from time to time party thereto, and JPMorgan Chase Bank, N.A., as
administrative agent;
* 2025 US Senior Notes Indenture;
* 2025 Euro Senior Notes Indenture;
* 2L Notes Indenture; and
* Indenture, dated as of April 19, 2016, among the Company, the
subsidiary guarantors party thereto and U.S. Bank Trust Company,
National Association, as trustee.
The Debt Instruments provide that, as a result of the Chapter 11
Cases and Dutch Scheme Proceedings, the principal and interest due
thereunder shall be immediately due and payable. Any efforts to
enforce such payment obligations against the Debtors under the Debt
Instruments are automatically stayed as a result of the
commencement of the Chapter 11 Cases, and creditors' rights of
enforcement in respect of the Debt Instruments are subject to the
applicable provisions of the U.S. Bankruptcy Code, Dutch
Restructuring Law, and applicable forbearances and waivers executed
by the Consenting Creditors.
Exchange Offer Terminated
In connection with the filing of the Chapter 11 Cases, on June 1,
2023, the Company terminated, effective immediately, its previously
announced public exchange offer (the "Exchange Offer") with respect
to the Company's outstanding 8.50% Senior Notes due 2024. As a
result of the termination of the Exchange Offer, none of the 2024
Senior Notes that have been tendered in the Exchange Offer will be
accepted and no consideration will be paid or become payable to
holders of the 2024 Senior Notes who have tendered their 2024
Senior Notes in the Exchange Offer. All the 2024 Senior Notes
previously tendered and not withdrawn will be promptly returned or
credited back to their respective holders.
Restructuring Support Agreement
On May 30, 2023, Diebold Nixdorf, Incorporated (the "Company") and
certain of its direct and indirect subsidiaries (collectively, the
"Company Parties") entered into a Restructuring Support Agreement
(the "Restructuring Support Agreement") with certain holders
(collectively, the "Consenting Creditors") of: (i) obligations
under the Credit Agreement, dated as of Dec. 29, 2022 (the
"Superpriority Credit Agreement"), by and among Diebold Nixdorf
Holding Germany GmbH, as borrower (the "German Borrower"), the
Company and certain of the Company Parties, as guarantors, the
lenders party thereto, GLAS USA LLC, as administrative agent (the
"Superpriority Administrative Agent"), and GLAS Americas LLC, as
collateral agent (the "Superpriority Collateral Agent"), (ii)
obligations under the Credit Agreement, dated as of December 29,
2022 (the "First Lien Term Loan Credit Agreement"), by and among
the Company, as borrower, certain of the Company Parties, as
guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A.,
as administrative agent (the "First Lien Administrative Agent"),
and GLAS Americas LLC, as collateral agent (the "First Lien
Collateral Agent"); (iii) the Company's 9.375% senior secured notes
due 2025 (the "2025 US Senior Notes"); (iv) Diebold Nixdorf Dutch
Holding B.V.'s 9.000% senior secured notes due 2025 (the "2025 EUR
Senior Notes" and, together with the 2025 US Senior Notes, the
"2025 Senior Notes"); and (iv) the Company's 8.50%/12.50% senior
secured PIK toggle notes due 2026 (the "2L Notes").
The Restructuring Support Agreement sets forth the agreed-upon
terms among the Company, the other Company Parties and the
Consenting Creditors for the effectuation of a deleveraging
transaction through, among other things, (i) a pre-packaged chapter
11 plan of reorganization to be filed by the Company and certain of
its subsidiaries (collectively, the "Debtors") in connection with
the commencement by the Debtors of voluntary cases under chapter 11
of title 11 of the United States Code in the U.S. Bankruptcy Court
for the Southern District of Texas, (ii) a scheme of arrangement to
be filed by the Dutch Issuer relating to certain of the Company's
subsidiaries (the "Dutch Scheme Companies") in connection with the
commencement by the Dutch Issuer of voluntary proceedings (the
"Dutch Scheme Proceedings") under the Dutch Act on Confirmation of
Extrajudicial Plans (Wet homologatie onderhands akkoord) (the
"Dutch Restructuring Law") in the District Court of Amsterdam (the
"Dutch Court") and (iii) recognition of such Dutch scheme pursuant
to proceedings to be commenced under chapter 15 of the U.S.
Bankruptcy Code by the Dutch Issuer.
Under the Restructuring Support Agreement, the Consenting Creditors
have agreed, subject to certain terms and conditions, to support
transactions (the "Restructuring Transactions") that would result
in a financial restructuring of the existing funded debt and
existing equity interests of the Company Parties pursuant to plans
to be filed in the Chapter 11 Cases (the "Chapter 11 Plan") and
proposed in the Dutch Scheme Proceedings (the "WHOA Plan").
A full-text copy of the SEC filing is available at
https://www.sec.gov/ix?doc=/Archives/edgar/data/28823/000119312523158463/d404278d8k.htm
About Diebold Holding
Diebold Nixdorf, Incorporated automates, digitizes and transforms
the way people bank and shop. As a partner to the majority of the
world's top 100 financial institutions and top 25 global retailers,
its integrated solutions connect digital and physical channels
conveniently, securely and efficiently for millions of consumers
each day.
After reaching terms with lenders on a prepackaged reorganization
plan, Diebold Holding Company, LLC and its affiliates, including
Diebold Nixdorf, Incorporated, sought Chapter 11 protection (Bankr.
S.D. Tex. Lead Case No. 23-90602) on June 1, 2023.
on June 1, 2023, Diebold Nixdorf Dutch Holding B.V. ("the Dutch
Issuer") filed a scheme of arrangement relating to certain the
Dutch Scheme Companies and commenced the Dutch Scheme Proceedings
under Dutch Restructuring Law in the Dutch Court.
In the Chapter 11 petitions signed by Jonathan B. Leiken,
president, the Debtors disclosed $3,090.7 million in assets and
$2,571.7 million in liabilities.
The Debtors tapped JACKSON WALKER LLP and JONES DAY as attorneys;
and FTI CONSULTING, INC, as investment banker. DUCERA PARTNERS LLC
is special counsel. KROLL RESTRUCTURING ADMINISTRATION, LLC, is
the claims agent.
DIEBOLD NIXDORF: Delays Filing of March 31 Form 10-Q
----------------------------------------------------
Diebold Nixdorf, Incorporated filed a Form 12b-25 with the
Securities and Exchange Commission with respect to its Quarterly
Report on Form 10-Q for the period ended March 31, 2023.
According to the filing, "Diebold Nixdorf, Incorporated recently
consummated a number of refinancing transactions that it initially
believed would be sufficient, along with cash from operations, to
fund its near-term and long-term liquidity needs. The Company is
currently in negotiations with its lenders with respect to a
long-term solution to address its short- and long-term liquidity
needs and capital structure. The Company presently expects to
reach an agreement in principle with its lenders in the near term
regarding such solution. An agreement in principle would impact
the Company's disclosure in its Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 2023 (the "Form 10-Q").
Accordingly, the Company is unable to file the Form 10-Q within the
prescribed time period without unreasonable effort or expense. The
Company expects to file the Form 10-Q within the time period
prescribed in Rule 12b-25 promulgated under the Securities Exchange
Act of 1934."
About Diebold Nixdorf
Diebold Nixdorf, Incorporated -- http://www.DieboldNixdorf.com/--
automates, digitizes and transforms the way people bank and shop.
As a partner to the majority of the world's top 100 financial
institutions and top 25 global retailers, the Company's integrated
solutions connect digital and physical channels conveniently,
securely and efficiently for millions of consumers each day. The
Company has a presence in more than 100 countries with
approximately 21,000 employees worldwide.
Diebold Nixdorf reported a net loss of $585.6 million for the year
ended Dec. 31, 2022, a net loss of $78.1 million for the year ended
Dec. 31, 2021, a net loss of $267.8 million for the year ended Dec.
31, 2020, and a net loss of $344.6 million for the year ended Dec.
31, 2019. As of Dec. 31, 2022, the Company had $3.06 billion in
total assets, $1.60 billion in total current liabilities, $2.58
billion in long-term debt, $245.4 million in long-term liabilities,
and a total deficit of $1.37 billion.
Cleveland, Ohio-based KPMG LLP, the Company's auditor since 1965,
issued a "going concern" qualification in its report dated March
16, 2023, citing that the Company projects that it will not
generate sufficient cash from operations to meet its obligations
as they become due over the next twelve months. The Company is
also required to raise equity capital to pay any outstanding
principal amount of 8.50% Senior Notes due 2024 in excess of $20
million. These conditions raise substantial doubt about its
ability to continue as a going concern.
* * *
As reported by the TCR on March 24, 2023, S&P Global Ratings
lowered its issuer credit rating on Diebold Nixdorf Inc. to 'CCC'
from 'CCC+' and placed all of the ratings on CreditWatch with
negative implications. S&P said the negative CreditWatch reflects
the uncertainty around the company's ability to address its
upcoming debt maturities in 2024, the sustainability of its
capital
structure over the longer term, and its belief that a debt
restructuring is likely.
DIEBOLD NIXDORF: S&P Lowers ICR to 'D' on Bankruptcy Filing
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Diebold
Nixdorf Inc. to 'D' from 'CC'. At the same time, S&P lowered its
issue-level ratings on its existing and extended term loans and
secured notes to 'D' from 'CC', its issue-level rating on its
unsecured and second-lien debt to 'D' from 'C', and its issue-level
rating on its super-priority term loan to 'D' from 'CCC'. S&P's
recovery ratings on the debt are unchanged.
On June 1, 2023, Diebold Nixdorf Inc. filed petitions under Chapter
11 of the U.S. Bankruptcy Code to implement its restructuring
support agreement. The company also began proceedings for its Dutch
subsidiary in the District Court of Amsterdam under Dutch
restructuring law.
The downgrade follows Diebold's chapter 11 bankruptcy and
restructuring filings in the U.S. and Netherlands on June 1, 2023.
The filing is part of Diebold's plan to implement a restructuring
support agreement that it expects will reduce its total debt. S&P
also understands the company plans on seeking approval for $1.25
billion of debtor-in-possession financing commitments that will
allow it to continue operating while under bankruptcy protection.
ESG credit indicators: E-2, S-3, G-2
S&P said, "Social factors are a modestly negative consideration in
our credit rating analysis because we expect the role of physical
cash as a means of exchange to decline over time. Access to other
methods of payments, such as wire transfers and mobile-to-mobile
payments, is rising, and we expect the need for ATM hardware will
decline as the use of alternative payments expands."
DIEBOLD NIXDORF: Unsecureds Unimpaired in Prepackaged Plan
----------------------------------------------------------
Diebold Holding Company, LLC, et al., submitted a Comprehensive
Disclosure Statement for the U.S. Joint Prepackaged Plan of
Reorganization and the Netherlands Wet homologatie onderhands
akkoord ("WHOA") Plan of Diebold Nixdorf Dutch Holding B.V. and the
Dutch Scheme Parties dated June 1, 2023.
On May 30, 2023, the Company entered into the RSA with certain
holders of (a) 80.4% in aggregate amount of the Superpriority Term
Loan; (b) 79% in aggregate amount of First Lien Term Loans; (c) 78%
in aggregate amount of First Lien Notes; and (d) 58.3% in aggregate
amount of Second Lien Notes.
The U.S. Plan and the WHOA Plan are the outcome of extensive
arms'-length negotiations among the Company and certain of its key
stakeholders including the Consenting Creditors.
To implement a comprehensive financial restructuring of their
funded debt, the U.S. Debtors will commence chapter 11 cases in the
Bankruptcy Court seeking confirmation of the U.S. Plan, and the
Netherlands Debtor will institute proceedings in the Dutch Court
seeking sanctioning of the WHOA Plan.
As set forth in the U.S. Plan and the WHOA Plan, the Restructuring
Transactions provide for a comprehensive restructuring of Claims
against and Interests in the Company, significant deleveraging of
the Company's capital structure, enhanced operating liquidity in
order to preserve the going-concern value of the Company's
businesses, maximize recoveries available to creditors and an
equitable distribution to stakeholders.
More specifically, the Restructuring Transactions provide, among
other things, that:
* Pursuant to the U.S. Plan, all Allowed Administrative
Claims, Allowed Priority Tax Claims, Allowed Other Priority Claims,
and Allowed Other Secured Claims will be paid in full in cash or
receive such treatment that renders them Unimpaired under the
Bankruptcy Code;
* Pursuant to the U.S. Plan, all Allowed General Unsecured
Claims will be Reinstated and paid in the ordinary course of
business in accordance with the terms and conditions of the
particular transaction or agreement giving rise to such Allowed
General Unsecured Claim;
* DNI will seek approval of a new $1.25 billion debtor-in
possession term loan facility, to be provided by certain of the
Company's existing first lien lenders on the terms set forth in the
DIP Term Sheet and such other terms that are acceptable to the U.S.
Debtors and a requisite number of lenders under the DIP Facility.
The proceeds of the DIP Facility will be used to: (i) repay in full
the term loan obligations, including a make-whole premium, under
the Superpriority Credit Agreement; (ii) repay in full the ABL
Facility and cash collateralize letters of credit thereunder; (iii)
pay costs and reasonable and documented out-of pocket fees and
expenses related to the court-supervised restructuring proceedings;
(iv) make certain adequate protection payments; and (v) fund the
working capital needs and expenditures of the Company Parties and
their non-debtor affiliates during the pendency of the court
supervised restructuring proceedings;
* Holders of Allowed First Lien Claims shall receive their pro
rata share of 98% of the New Common Stock, subject to dilution on
account of the Backstop Premium, the Upfront Premium, the
Additional Premium, the Participation Premium (each as defined in
the DIP Term Sheet) and New Management Incentive Plan;
* Holders of Allowed Second Lien Notes Claims shall receive
their pro rata share of 2% of the New Common Stock, subject to
dilution on account of the Backstop Premium, the Upfront Premium,
the Additional Premium and New Management Incentive Plan;
* Holders of Allowed 2024 Unsecured Notes Claims shall receive
their pro rata share of an amount of cash that would provide a
holder of an Allowed 2024 Unsecured Notes Claim with the same
percentage recovery on its Allowed 2024 Stub Unsecured Notes Claim
that a holder of an Allowed Second Lien Notes Claim is receiving in
respect of its Allowed Second Lien Notes Claim under Article
III.B.6 of the U.S. Plan; and
* Cancellation of DNI's existing equity Interests.
Class 8 consists of any General Unsecured Claims against any U.S.
Debtor. On the Effective Date or as soon as reasonably practicable
thereafter, except to the extent that a Holder of an Allowed
General Unsecured Claim agrees to less favorable treatment of its
Allowed Claim, in full and final satisfaction, settlement, release,
and discharge of, and in exchange for, each Allowed General
Unsecured Claim, each Allowed General Unsecured Claim shall be
Reinstated and paid in the ordinary course of business in
accordance with the terms and conditions of the particular
transaction or agreement giving rise to such Allowed General
Unsecured Claim. Class 8 is Unimpaired under the U.S. Plan.
The U.S. Debtors shall fund distributions under the U.S. Plan with
(a) Cash on hand, (b) the loan proceeds of the Exit Facility, and
(c) the issuance of the New Common Stock. Each distribution and
issuance referred to in Article VI of the U.S. Plan shall be
governed by the terms and conditions set forth in the U.S. Plan
applicable to such distribution or issuance and by the terms and
conditions of the instruments or other documents evidencing or
relating to such distribution or issuance, which terms and
conditions shall bind each Entity receiving such distribution or
issuance.
A full-text copy of the Disclosure Statement dated June 1, 2023 is
available at https://urlcurt.com/u?l=07aP2o from PacerMonitor.com
at no charge.
Proposed Counsel to the U.S. Debtors:
Heather Lennox
T. Daniel Reynolds
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Telephone: (216) 586-3939
Facsimile: (216) 579-0212
Email: hlennox@jonesday.com
tdreynolds@jonesday.com
- and -
Daniel T. Moss
Nicholas J. Morin
JONES DAY
250 Vesey Street
New York, New York 10281
Telephone: (212) 326-3939
Facsimile: (212) 755-7306
Email: dtmoss@jonesday.com
nmorin@jonesday.com
Proposed Counsel to the U.S. Debtors:
Matthew D. Cavenaugh
Kristhy M. Peguero
Victoria Argeroplos
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, Texas 77010
Telephone: (713) 752-4200
Facsimile: (713) 752-4221
Email: mcavenaugh@jw.com
kpeguero@jw.com
vargeroplos@jw.com
Counsel solely with respect to the Netherlands Debtor and the Dutch
Scheme Parties:
Jasper R. Berkenbosch
Sid C. Pepels
JONES DAY
Concertgebouwplein 20
1071 LN Amsterdam
The Netherlands
Telephone: 0031 3054200
Email: jberkenbosch@jonesday.com
spepels@jonesday.com
About Diebold Holding
Diebold Nixdorf, Incorporated automates, digitizes and transforms
the way people bank and shop. As a partner to the majority of the
world's top 100 financial institutions and top 25 global retailers,
its integrated solutions connect digital and physical channels
conveniently, securely and efficiently for millions of consumers
each day.
After reaching terms with lenders on a prepackaged reorganization
plan,
Diebold Holding Company, LLC and its affiliates, including Diebold
Nixdorf, Incorporated, sought Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 23-90602) on June 1, 2023.
In the petitions signed by Jonathan B. Leiken, president, the
Debtors disclosed $3,090.7 million in assets and $2,571.7 million
in liabilities.
The Debtors tapped JACKSON WALKER LLP and JONES DAY as attorneys;
and FTI CONSULTING, INC, as investment banker. DUCERA PARTNERS LLC
is special counsel. KROLL RESTRUCTURING ADMINISTRATION, LLC, is
the claims agent.
DIOCESE OF SANTA ROSA: Jan. 5 Plan Exclusivity Extension Sought
---------------------------------------------------------------
The Roman Catholic Bishop of Santa Rosa asks the U.S. Bankruptcy
Court for the Eastern District of New York to extend its exclusive
period to file a plan of reorganization and obtain acceptances
thereof to January 5 and March 4, 2024, respectively.
On June 2, 2023, the Debtor filed a motion to, among other things,
set an October 20, 2023 deadline for the filing of claims by
survivor claimants (and all claims). The hearing on the Claims Bar
Date Motion is set for June 30, 2023, the same date and time as the
Debtor's request for exclusivity extension. Until the bar date has
passed for the filing of survivor claims, the Debtor says it cannot
reasonably estimate the number and dollar amounts of claims to be
addressed in its anticipated pot plan.
The Debtor relates that, to some extent, it benefits from the
experience of other dioceses who preceded the Debtor into Chapter
11. Of the approximately 32 Chapter 11 diocesan or religious
organization cases filed prior to the Debtor's filing,
approximately 22 of those cases have resulted in consensually
confirmed reorganization plans. In virtually all of those cases,
terms for a consensual reorganization plan were reached following a
mediation process in which the Debtor, Non-Debtor Entities,
Insurers and the creditors' committee representing the interests of
survivors of sexual abuse participated.
The Debtor tells the Court it is working to promote this process to
determine the parties' interests and contributions to fund a plan
to obtain the greatest possible recovery for creditors. Until those
issues are resolved, the Debtor will not be in a position to file a
proposed reorganization plan.
The Debtor's request is without prejudice to its right pursuant to
Section 1121(d) of the Bankruptcy Code to seek a further increase
of the exclusive periods.
The Roman Catholic Bishop of Santa Rosa is represented by:
Paul J. Pascuzzi, Esq.
Jason E. Rios, Esq.
Thomas R. Phinney, Esq.
FELDERSTEIN FITZGERALD WILLOUGHBY
PASCUZZI & RIOS LLP
500 Capitol Mall, Suite 2250
Sacramento, CA 95814
Telephone: (916) 329-7400
Facsimile: (916) 329-7435
E-mail: ppascuzzi@ffwplaw.com
jrios@ffwplaw.com
tphinney@ffwplaw.com
About The Roman Catholic Bishop of Santa Rosa
The Roman Catholic Bishop of Santa Rosa is a diocese, or
ecclesiastical territory, of the Roman Catholic Church in the
northern California region of the United States, named in honor of
St. Rose of Lima.
Abuse victims filed hundreds lawsuits after the state of California
paused for three years its statute of limitation on claims for
child sexual abuse. The pause ended on Dec. 31, 2022.
Facing more than 200 new legal claims over childhood sexual abuse,
the Roman Catholic Bishop of Santa Rosa, also known as the Diocese
of Santa Rosa, filed a Chapter 11 petition (Bankr. N.D. Calif. Case
No. 23-10113) on March 13, 2023. The Debtor estimated $10 million
to $50 million in both assets and liabilities.
The Hon. Charles Novack is the case judge.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP as bankruptcy counsel; GlassRatner Advisory & Capital
Group, LLC as financial advisor; and Donlin, Recano & Company, Inc.
as claims agent. Shapiro Galvin Shapiro & Moran, Weinstein &
Numbers, LLP, and Foley & Lardner, LLP serve as special counsels.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP is the committee's legal counsel.
DOMUS BWW: Seeks to Extend Plan Exclusivity to November 4
---------------------------------------------------------
Domus BWW Funding, LLC and 1801 Admin, LLC ask the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to further extend
their exclusive period to file a Chapter 11 plan of reorganization
and exclusive period to solicit acceptances thereof to November 4,
2023 and January 4, 2024, respectively.
The Debtors' current Exclusive Filing Period will expire on July 31
and their current Exclusive Solicitation Period will expire on
September 29, in accordance with the terms of the Court Order
entered on January 26, 2023. The Debtors point out there are
unresolved contingencies that exist in the Debtors' Chapter 11
cases as they are in the process of adjudicating prepetition
litigation involving 47 East 34th Street (NY), L.P.; and GB-SP
Holdings LLC and Donal Kinsella in the Court of Chancery of the
State of Delaware. It is likely that the 47 East Litigation and
the Delaware Litigation will not be adjudicated during the current
Exclusive Periods and it is therefore appropriate to allow these
matters to proceed to a conclusion in order to formulate a plan or
plans of reorganization.
The Debtors also are currently prosecuting litigation against their
insurers. In September 2022, the Debtors filed a complaint in the
Bankruptcy Court styled 1801 Admin, LLC f/k/a Versa Capital
Management, LLC, and Domus BWW Funding, LLC, v. Arch Insurance
Company, QBE Insurance Corporation, XL Specialty Insurance
Corporation, and Aspen American Insurance Company, commencing
adversary no. 22-00070(AMC), to recover damages for unreasonable
refusal to pay defense costs incurred in the 47 East Litigation
which are covered by Directors and Officers liability insurance
policy sold by the defendants.
The Debtors assert that they are not seeking this extension to
delay administration of their Chapter 11 cases or to exert pressure
on their creditors. To the contrary, the Debtors note that the
request is intended to maintain a framework conducive to an
orderly, efficient and cost-effective reorganization process.
The Debtors are represented by:
Aris J. Karalis, Esq.
Robert W. Seitzer, Esq.
KARALIS PC
1900 Spruce Street
Philadelphia, PA 19103
Telephone: (215) 546-4500
E-mail: akaralis@karalislaw.com
rseitzer@karalislaw.com
About Domus BWW Funding
Domus BWW Funding, LLC and 1801 Admin, LLC filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Pa. Lead Case No. 22-11162) on May 3, 2022, listing up
to $500,000 in assets and up to $50,000 in liabilities.
Judge Eric L. Frank presides over the cases.
The Debtors tapped Aris J. Karlis, Esq., at Karalis PC as
bankruptcy counsel. Dinsmore & Shohl LLP, McGuireWoods LLP, Landis
Rath & Cobb LLP, Perkins Coie LLP, Gateley Plc, Anderson Kill PC,
and Dechert LLP serve as special counsel.
DONALD BRANDT: $400K Sale of Lima Property to Simpson Approved
--------------------------------------------------------------
Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Donald H. Brandt's sale of
the real property located at 1021-1023, 1029-1031, and 1037-1039
Cameron Lane, in Lima, Ohio 45805, to Jeffrey Simpson for
$400,000.
The sale is free and clear of all liens and encumbrances, with the
proceeds to attach to the appropriate lien.
First National Bank of Oneida's judgment lien will be paid from the
net proceeds at closing. The Debtor will provide a copy of the
closing statement to First National Bank of Oneida within 10 days
of closing.
About Donald H. Brandt
Bradenton, Florida-based Donald H. Brandt filed for Chapter 11 on
July 27, 2009 (Bankr. M. D. Fla. Case No. 09-16166). In its
petition, the Debtor listed $10,000,001 to $50,000,000 in assets
and $1,000,001 to $10,000,000 in debts.
EAGLE MECHANICAL: Exclusivity Period Extended to August 25
----------------------------------------------------------
Judge James M. Carr of the U.S. Bankruptcy Court for the Southern
District of Indiana extended Eagle Mechanical Inc.'s exclusive
period to file a Chapter 11 plan to and including August 25, 2023.
The Court granted the Debtor's motion to extend exclusivity period
after having noted that no objection to the motion was timely
filed.
According to Weston E. Overturf, Esq., the Debtor's counsel,
shortly after the bankruptcy filing, the Debtor's operations ceased
and the Debtor has been working with its primary secured creditor
to liquidate its collateral. The Debtor has also made demand for
payment on multiple parties that owe the Debtor money in an effort
to recover funds. The Debtor has also commenced efforts that will
likely result in either Motions to Compromise under Bankruptcy Rule
9019 or avoidance actions being filed.
"When this case was filed Debtor anticipated a plan of
reorganization being filed. However, based on Debtor's operations
having ceased, Debtor now anticipates a plan of liquidation to be
filed and needs additional time to evaluate the terms of such a
plan," said Overturf, a lawyer at Kroger, Gardis & Regas LLP in
Indianapolis.
About Eagle Mechanical Inc.
Eagle Mechanical Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-00291) on
January 27, 2023. In the petition signed by Rogelio Mancilla Jr.,
chief executive officer, the Debtor disclosed $7,751,209 in assets
and $9,136,761 in liabilities.
Judge James M. Carr oversees the case.
Weston E. Overturf, Esq., at Kroger Gardis & Regas, LLP, is the
Debtor's legal counsel.
EAGLE PROPERTIES: Court OKs Cash Collateral Access Thru Aug 4
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia,
Alexandria Division, authorized Eagle Properties and Investments,
LLC to use cash collateral on an interim basis in accordance with
the budget, through August 4, 2023.
Fulton Bank, Bank of Clarke County, Asset Based Lending, MainStreet
Bank, Virginia Partners Bank, Community Bank of the Chesapeake,
Orrstown Bank and Union Bank hold valid first Deeds of Trust and
Assignment of Leases and Rents on certain parcels of the Debtor's
real property and the resulting cash collateral.
Gus Goldsmith holds a Promissory Note that is secured by a Second
Deed of Trust that is cross-collateralized by 449 Lawyers Road, NW
and 1010 Lynn Street, NW, Vienna, Virginia, and does not have an
Assignment of Leases or Rental Income. Goldsmiths' interests are
oversecured.
Gus Goldsmith is adequately protected by the equity in the
properties upon which he holds Deeds of Trusts and does not require
adequate protection payments at this time.
Bala Jain holds a First Deed of Trust on three properties as set
forth in the Motion, only one of which generates income, 71 Lucy
Avenue, Hummelstown, Pennsylvania. Bala Jain has subordinate
positions on additional properties and is undersercured in those
positions.
Bala Jain has a perfected interest in the rental income from Lucy
Street property, however, the property does need to be maintained
and Debtor is proposing adequate protection payments of $500 per
month to Bala Jain to protect its interest.
The Debtor is permitted to use cash collateral to: (1) pay the
expenses set forth on the budget provided the Debtor receives
rental income for that piece of real property or that parcel is
cross-collateralized in favor of the applicable Bank by another
parcel of real property that generates sufficient surplus capital
to service the debt; (2) upkeep, maintain, and appraise the
Properties; and (3) pay approved administrative expenses.
As adequate protection, the Banks are granted a first priority
position security interest and lien in, to, and against all
accounts receivable, inventory and other personal property which
are or have been acquired, generated or received by the Debtor
after the bankruptcy filing.
The Debtor will timely pay all post-petition real property taxes
and maintain and keep current insurance on all Real Property as set
forth on the Budget.
These events constitute an "Event of Default":
1. The Debtor, through and including August 4, 2023, fails to
comply with any term, provision or condition of the Consent Order;
2. The Consent Order, or any portion thereof, is vacated or
reversed; or
3. The Debtor's bankruptcy case is converted to a case under
Chapter 7 of the Bankruptcy Code or a trustee is appointed in the
Debtor's bankruptcy case.
A final hearing on the matter is set for July 13, 2023 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=uNXtk6
from PacerMonitor.com.
About Eagle Properties and Investments
Eagle Properties and Investments, LLC, is a Vienna Va.-based
company engaged in leasing real estate properties. It owns 26
properties valued at $9.37 million.
Eagle Properties and Investments filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va.
Case No. 23-10566) on April 6, 2023, with $9,429,800 in total
assets and $14,716,136 in liabilities. Amit Jain, manager, signed
the petition.
Judge Klinette H. Kindred oversees the case.
The Debtor tapped the Law Offices of Sris, P.C. and N D Greene, PC.
as legal counsels and SC&H Group, Inc. as financial advisor and
accountant.
Bank of Clarke County, as lender, is represented by:
Hannah Hutman, Esq.
Hoover Penrod PLC
342 South Main Street
Harrisonburg, VA 22801
Email: hhutman@hooverpenrod.com
Orrstown Bank, as lender, is represented by:
Stephen Nichols, Esq.
Offit Kurman
7501 Wisconsin Ave, Suite 1000W
Bethesda, MD 20814
Email: snichols@offitkurman.com
Virginia Partners Bank , as lender, is represented by:
James R. Meizanis, Jr., Esq.
Blankingship & Keith, P.C.
4020 University Drive, Suite 300
Fairfax VA 22030
Email: jmeizanis@bklawva.com
Gus Goldsmith, as lender, is represented by:
Justin P. Fasano, Esq.
McNamee Hosea, PA
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Email: jfasano@mhlawyers.com
ECSEM CORPORATION: Court Approves Disclosure and Confirms Plan
--------------------------------------------------------------
Judge Mildred Caban Flores has entered a final order approving
ECSEM Corporation's Disclosure Statement filed on April 14, 2023 as
supplemented.
The Amended Plan filed by the Debtor dated April 14, 2023 is
confirmed as supplemented on May 11, 2023 and May 21, 2023.
Ecsem Corporation is a "for profit" corporation organized under the
laws of the Commonwealth of Puerto Rico, since May 6, 1999, and is
dedicated to the rental of commercial properties. Debtor owns 2
real properties located in Toa Baja and Cidra, Puerto Rico. The
property located at Toa Baja has 5 commercial spaces and the
property in Cidra is a vacant lot composed of 5.28 "cuerdas".
Ecsem submitted a Chapter 11 Small Business Plan and a Disclosure
Statement on April 14, 2023. General unsecured creditors are
classified in Classes 6 and 7. Classes 6 and 7 will receive a
distribution of 5% of their allowed claims over a period of 5
years.
Under the Plan, Class 6 General Unsecured Claims of $5,500 or more
total $87,722. Allowed claims in this class shall receive a
dividend of 5% over the course of 5 years from the Effective Date,
in monthly instalments in full payment of their claims. Class 6 is
impaired.
Class 7 General Unsecured Claims of $5,499 or less total $7,788.
Allowed claims in this class shall receive a dividend of 5% on
Effective Date in full payment of their claims. Class 7 is
impaired.
Payments and distributions under the Plan will be funded by
business income or any other income to which the Debtor may be
eligible.
Counsel for the Debtor:
Mary Ann Gandia Fabian, Esq.
GANDIA FABIAN LAW OFFICE
PO Box 270251
San Juan, PR 00928
Tel: (787) 390-7111
Fax: (787) 729-2203
E-mail: gandialaw@gmail.com
About Ecsem Corporation
Ecsem Corporation is a "for profit" corporation organized under the
laws of the Commonwealth of Puerto Rico, and is dedicated to the
rental of commercial properties. It owns two real properties
located in TOa Baja and Cidra, Puerto Rico. The property located
at Toa Baja has 5 commercial spaces and the property in Cidra is a
vacant lot composed of 5.28 "cuerdas".
Ecsem Corporation filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 22-03006) on Oct. 19, 2022, with up to $500,000 in
both assets and liabilities. Judge Mildred Caban Flores oversees
the case.
The Debtor tapped Mary Ann Gandia-Fabian, Esq., at Gandia-Fabian
Law Office as legal counsel and Jimenez Vazquez & Associates, PSC,
as accountant.
ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 98% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 1.5
cents-on-the-dollar during the week ended Friday, June 2, 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.
ESOURCE RESOURCES: Court OKs Interim Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, for authority to use cash collateral up to
the amount of $30,000 on an interim basis in accordance with the
budget, with a 10% variance.
The Debtor requires the use of cash collateral to continue to
operate its business and attempt a successful reorganization
pursuant to the provisions of Chapter 11 of the Bankruptcy Code.
The Debtor owed Midwest Business Funding, Inc. $800,000, plus
accrued and unpaid interest and other charges as provided in the
Loan Documents.
The Debtor contends the Secured Creditor has valid and enforceable
security interests and liens in all of the Debtor's assets,
including but not limited to, the Debtor's cash collateral.
As adequate protection, the Secured Creditor is granted replacement
liens in the cash collateral and in the post-petition property of
the Debtor of the same nature and to the same extent and in the
same priority held in the cash collateral on the Petition Date.
The Debtor's authorization to use the cash collateral will
immediately terminate on the earlier to occur of:
(a) the date on which any creditor provides, via facsimile,
e-mail or overnight mail, written notice to the Debtor or Debtor's
counsel, of the occurrence of an Event of Default, and the
expiration of a five business-day cure period; or
(b) June 12, 2023, or at a later date as the Court may order.
The Debtor will maintain and manage its business and operations in
the ordinary course under the current circumstances, including
without limitation the maintenance of adequate insurance coverage
with respect to loss of or damage to all its property. The Debtor
will make every reasonable effort to preserve, maintain and protect
all its property and the proceeds thereof.
A final hearing on the matter is set for June 12 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=SWhm3T
from PacerMonitor.com.
About Esource Resources, LLC
Esource Resources, LLC offers advisory services for optimal
project, budget, and resource planning and roadmapping; software
selection assistance; infrastructure refresh planning and
execution; program integration; software build and testing; and
training.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-02263) on May 26,
2023. In the petition signed by Eddie Rivers, Jr., president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge James M. Carr oversees the case.
KC Cohen, Esq., at KC Cohen, Lawyer, PC, represents the Debtor as
legal counsel.
EXCL LOGISTICS: Unsecured Creditors to Split $108K for 54 Months
----------------------------------------------------------------
Excl Logistics, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Washington a Plan of Reorganization dated May
30, 2023.
Since 2016, the Debtor has operated freight hauling operation
providing transport services primarily to commercial accounts and
businesses located in the state of washing and throughout the US
based out of its headquarters located at 2810 144th Place SW,
Lynnwood Washington 98087.
The Company provides services in three main areas of operation
including (1) Local freight; (2) Regional freight; and (3) Over the
road – California. Mr. Anil Bhambi, Managing Member or the
Debtor, launched EXCL Logistics LLC in 2016 with only 2 trucks.
Originally the company was formed to function as a truck owner only
using a 3rd party to manage billing and logistics of the trucks.
Towards the end of 2022, to further cut costs and provide more
competitive support and service to existing and future customers,
Mr. Bhambi traveled to India to establish a back-end support
operation to service the Debtor's US structure. The company
contracts with 11 local independent contractors to provide
planning, dispatching, tracking/ tracing, billing, compliance, and
customer service for the Debtor. Establishing the India operation
allowed the Debtor to reduce logistics support costs from a high of
over $70,000.00 monthly to approximately to $14,650.00 per month
which includes the India office space and related costs.
Towards the end of the debtor's trip in late February 2023, several
of the Debtor's trucks were repossessed because of late loan
payments. The repossessed trucks constituted a substantial portion
of the Debtor's operating fleet which the Debtor's severely
impacted the Debtor's ability to operate. To stop further
repossession and recover the repossessed trucks, the Debtor filed
an emergency Chapter 11 proceeding on February 27, 2023.
Class 10 consists of General Unsecured claims. Each holder of an
allowed general unsecured claim will be paid a pro rata share of
$108,000.00 to be paid in equal monthly installments of $2,000.00
for 54 months beginning August 15, 2023. In addition, Class 10
claims will be paid a pro rata share of all available funds after
payment of secured, priority and unclassified claims. This Class is
impaired.
It is anticipated that with the strategic changes to the Debtor's
business model, the Debtor's fixed expenses will remain relatively
constant moving forward as with variable expenses increasing
proportionate with revenue. The Plan will be funded with revenue
from the Debtor's operation.
During the Plan term, the Debtor continue with the trucking
operation and anticipates that sufficient net income can be
generated from its services to make the payments under this
proposed plan.
A full-text copy of the Plan of Reorganization dated May 30, 2023
is available at https://urlcurt.com/u?l=fYAVsO from
PacerMonitor.com at no charge.
Debtor's Counsel:
NEELEMAN LAW GROUP, P.C.
Thomas D. Neeleman
1403 8th Street
Marysville, WA 98270
Telephone: (425) 212-4800
Facsimile: (425) 212-4802
About Excl Logistics
Excl Logistics, LLC, operates a trucking operation providing
freight carrying and logistic services to its customers from its
headquarters located in Snohomish Washington.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10364) on February
27, 2023. In the petition signed by Anil Bhambi, managing member,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Judge Christopher M. Alston oversees the case.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., is the
Debtor's legal counsel.
EXTRUSION GROUP: Unsecured Creditors to Split $1M over 12 Months
----------------------------------------------------------------
Extrusion Group, LLC and its affiliates filed with the U.S.
Bankruptcy Court for the Northern District of Georgia a Disclosure
Statement for Joint Chapter 11 Plan dated May 30, 2023.
Each of the corporate Debtors is a limited liability company duly
formed in the State of Georgia. Extrusion Group and EG Ventures,
LLC are 100% owned by EG Global, which was in turn formed by Kurtis
Brown, Michael Cook, William Edwin Litton, II, and Micheal
Houston.
The Debtors' principals formerly worked for Kimberly Clark
Corporation, which provides machinery that also produces non-woven
fabric and plastic materials. After learning about the potential
competition, Kimberly-Clark Corporation and Kimberly-Clark Global
Sales, LLC (collectively, "Kimberly Clark") filed a 145-page
complaint against the Debtors and several of their principals in
October 2018 in the Northern District of Georgia, accusing them of
intellectual property infringement among other claims.
Since their last major sale, the Debtors' cash reserves have
dwindled as they have been had to defend against the litigation
with Kimberly Clark. Now, the Debtors have reached a settlement
agreement with Kimberly Clark (the "Settlement Agreement"), which
was approved by the Court on February 3, 2023. Further, the Debtors
are working to close a deal with a prospective purchaser who
intends to purchase a machine from Extrusion Group once the
purchaser has obtained the appropriate financing. The sale of this
machine will provide the funds for distributions to creditors under
the Plan.
Class 1 shall consist of the claim of Kimberly Clark which is the
subject of the litigation. The Debtors shall treat Kimberly Clark's
claim pursuant to the Settlement Agreement, which is incorporated
and implemented herein. The Debtors shall be required to make
yearly payments of royalties to Kimberly Clark equal to 5% of their
collective gross revenue on the amounts of $0.00 to
$100,0000,000.00 and 2% of their collective gross revenue on the
amounts exceeding $100,000,000.00 for the five years following the
effective date of the Settlement Agreement, which is conditioned
upon entry of an order confirming the Plan.
Class 2 consists of all general unsecured claims against the
Debtors. Holders of this Class shall be paid $1,076,108.23 over 12
months, to be paid a pro rata payment as follows: $437,570.00 on
the first day of the quarter following the Effective Date;
$451,008.23 on the first day of the second quarter following the
Effective Date; $125,020 on the first day of the third quarter
following the Effective Date, and $62,510.00 on the first day of
the fourth quarter following the Effective Date. This class is
impaired and entitled to vote.
The allowed unsecured claims total $3,521,848.25.
Class 3 consists of Equity Security Holders of Debtors. The
Reorganized Debtors shall not make any distributions or pay any
dividends related to any Equity Interests unless and until all
distributions related to all Allowed Claims in Class 1 and 2 have
been made in full as set forth herein. Holders of Equity Interests
in the Debtors will retain those interests. Class 3 is Impaired and
entitled to vote on the Plan.
The source of funds for payments pursuant to the Plan will be the
profits of the Reorganized Debtors' business operations. The Plan
provides that Debtors shall act as the Disbursing Agent to make
payments under the Plan unless Debtors appoint some other entity to
do so.
A full-text copy of the Disclosure Statement dated May 30, 2023 is
available at https://urlcurt.com/u?l=gXlpEx from PacerMonitor.com
at no charge.
Attorneys for the Debtors:
William A. Rountree, Esq.
Benjamin R. Keck, Esq.
Taner N. Thurman, Esq.
Rountree Leitman & Klein, LLC
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Email: wrountree@rlklawfirm.com
bkeck@rlklawfirm.com
tthurman@rlklawfirm.com
About Extrusion Group
Alpharetta, Ga.-based Extrusion Group, LLC and its affiliates filed
voluntary petitions for Chapter 11 protection (Bankr. N.D. Ga. Lead
Case No. 21-21053) on Oct. 5, 2021. In the petition signed by its
chief executive officer, Micheal T. Houston, Extrusion Group listed
up to $100,000 in assets and up to $10 million in liabilities.
Judge James R. Sacca oversees the cases.
Rountree Leitman & Klein, LLC and Foley & Lardner, LLP serve as the
Debtors' bankruptcy counsel and special counsel, respectively.
FOX SUBACUTE: Disclosure Statement Hearing Continued to July 18
---------------------------------------------------------------
Judge Henry W. Van Eck entered an order that the hearing on the
Disclosure Statement of Fox Subacute at Mechanicsburg, LLC, Fox
Subacute at Clara Burke, Inc., Fox Subacute at South Philadelphia,
LLC, and Fox Nursing Home Corp. d/b/a Fox Subacute at Warrington is
continued to July 18, 2023 at 9:30 a.m., in Bankruptcy Courtroom 8,
4th Floor, The Sylvia H. Rambo US Courthouse, 1501 North 6th
Street, Harrisburg, Pennsylvania.
Sabra Health's Objection
Sabra Health Care Pennsylvania objects to the Disclosure Statement
in support of Joint Plan of Reorganization filed by Fox Subacute at
Mechanicsburg, LLC, Fox Subacute at Clara Burke, Inc., Fox Subacute
At South Philadelphia, LLC, and Fox Subacute at Warrington.
Sabra is a creditor of both Warrington and Clara Burke (the "Tenant
Debtors") pursuant to the terms of that certain Master Lease dated
effective as of March 30, 2012, the First Amendment to Master Lease
dated effective as of March 30, 2012, Second Amendment to Master
Lease dated as of October 6, 2016, and Third Amendment dated as of
April 20, 2018 (as amended, the "Sabra Lease").
Sabra points out that the Plan provides that the Sabra
Administrative Claim is a Class 2 claim, but that it will be paid
in accordance with Section 5 of the plan governing the Sabra
Prepetition Claim. The Plan provides that the administrative
expense claims of other creditors shall be paid in the ordinary
course of business or as otherwise agreed by the parties.
Sabra claims that the Disclosure Statement fails to inform
creditors that Sabra did not consent to the proposed treatment of
the Sabra Administrative Claim, nor does it inform creditors that
such proposed treatment is contrary to Section 1123(a)(4) which
requires that a plan provide the same treatment for each claim or
interest of a particular class, unless the holder of a particular
claim or interest agrees to a less favorable treatment of such
particular claim or interest.
Furthermore, the source of payment of any portion of the Sabra
Prepetition Claim and the Sabra Administrative Claim is not clear
from the terms of the Plan or the Disclosure Statement.
Sabra contends that the Plan is a plan of liquidation, yet provides
at Section 6.10.3 for the assumption of all agreements for cell
phone use, utilities, licenses and the like. The Disclosure
Statement provides at Section 7.5 that all agreements for cell
phone use, or any other licenses or utility agreements are rejected
as of the Effective Date.
Sabra asserts that both the Plan and the Disclosure Statement
provide that the proceeds of litigation commenced by the Committee
against Fox Subacute Management and Emerald Green Landscaping will
be paid to Class 6 Creditors regardless of whether the Class 1
through 5 claims have been fully satisfied. The Disclosure
Statement fails to inform creditors that such a distribution,
without first satisfying administrative expense and priority
claims, or including the deficiency claims of Sabra or Peoples in
Class 6, is contrary to the priorities established in the
Bankruptcy Code and Section 1129(a) of the Bankruptcy Code.
Sabra further asserts that the Disclosure Statement also fails to
provide adequate information regarding the claims of Syndicate ASC
1414 Lloyd's of London ("Ascot") as described in Ascot's Objection
to Disclosure Statement for Liquidating Debtors.
A full-text copy of Sabra's objection dated April 17, 2023 is
available at https://bit.ly/41QCCsg from PacerMonitor.com at no
charge.
Counsel for Sabra Health:
Wendy D. Brewer, Esq.
FULTZ MADDOX DICKENS, PLC
333 N. Alabama Street, Ste. 350
Indianapolis, IN 46204
Telephone: (317) 215-6220
E-mail: wbrewer@fmdlegal.com
About Fox Subacute at Mechanicsburg
Fox Subacute at Mechanicsburg, LLC, is a skilled nursing facility
in Pennsylvania that specializes in pulmonary, neurological, and
rehabilitative care for patients with degenerative neurological and
neuromuscular disease; and pulmonary care and ventilator
requirements with an emphasis on vent weaning. Its facilities are
located in Plymouth Meeting, Warrington, Mechanicsburg and
Philadelphia, Pa., and are licensed by the PA Department of
Health.
On Nov. 1, 2019, Fox Subacute at Mechanicsburg and its affiliates
sought Chapter 11 protection (Bankr. M.D. Pa. Lead Case No.
19-04714). Fox Subacute at Mechanicsburg was estimated to have $1
million to $10 million in assets and liabilities as of the
bankruptcy filing.
Judge Henry W. Van Eck oversees the cases.
The Debtors tapped Cunningham, Chernicoff & Warshawsky, P.C. as
their legal counsel, Kennedy P.C. as special counsel, Isdaner &
Company, LLC as accountant, and Three Twenty-One Capital Partners,
LLC as investment banker.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Dec. 11, 2019. The committee is represented
by Flaster/Greenberg P.C.
GLENWOOD ROAD ESTATE: Taps Rachel S. Blumenfeld as Legal Counsel
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Glenwood Road Estate, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ The Law Office
of Rachel S. Blumenfeld, PLLC.
The Debtor requires legal counsel to:
a. give advice with respect to the powers and duties of the
Debtor in the continued management of its property and affairs;
b. negotiate with creditors, work out a plan of reorganization
and take the necessary legal steps in order to effectuate such a
plan;
c. prepare legal papers;
d. appear before the bankruptcy court;
e. represent the Debtor, if necessary, in connection with
obtaining post-petition financing;
f. take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and
g. perform all other legal services in connection with the
Debtor's Chapter 11 case.
Rachel Blumenfeld, Esq., a partner at the Law Office of Rachel
Blumenfeld, will charge $225 per hour for her services.
Ms. Blumenfeld disclosed in a court filing that her firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
Rachel Blumenfeld can be reached at:
Rachel Blumenfeld, Esq.
The Law Office of Rachel S. Blumenfeld, PLLC
26 Court Street, Suite 2220
Brooklyn, NY 11242
Tel: (718) 858-9600
About Glenwood Road Estate
Glenwood Road Estate, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40889) on March
16, 2023, with as much as $1 million in both assets and
liabilities. Judge Elizabeth S. Stong oversees the case.
Dahiya Law Offices, LLC and The Law Office of Rachel S. Blumenfeld,
PLLC serve as the Debtor's legal counsels.
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 35% Discount
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Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 65.3 cents-on-the-dollar during the week ended Friday, June
2, 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 35% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 65.3 cents-on-the-dollar during the week ended Friday, June
2, 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.
GOLDEN KEY: Committee Wants Plan Exclusivity Terminated
-------------------------------------------------------
The official committee of unsecured creditors of Golden Key Group,
LLC asks the U.S. Bankruptcy Court for the District of Maryland to
reject the Debtor's motion for order extending the exclusive
periods to file plan of reorganization and obtain acceptances
thereto by 90 days. The Committee contends the Court should
terminate the Debtor's exclusivity.
Pursuant to the Notice of Appointment filed on February 3, 2023,
the Office of the United States Trustee appointed the Committee,
consisting of three members: (i) Communication Technologies, Inc.;
(ii) KAA Federal Solutions, LLC; and (iii) OBAN Corporation.
The Debtor initially told the Committee it would provide a plan
term sheet by March 15, 2023. The Debtor next represented to the
Bankruptcy Court on April 10, 2023, that the Debtor would file a
plan proposing to pay 100% of unsecured claims in the bankruptcy
case. The Committee asserts that neither promise has been
fulfilled. As of June 1, 2023, despite the Committee's multiple
requests, the Committee has not received any term sheet, business
plan or projections, or any plan materials, and the Debtor has
filed no plan. The Debtor makes the extraordinary request to extend
the exclusivity periods without providing a sufficient basis.
The periods in which the Debtor may exclusively file a plan under
Section 1121(b) of the U.S. Bankruptcy Code and may exclusively
solicit acceptances to any filed plan were slated to expire May 22
and July 19, 2023, respectively.
The Committee is represented by:
Brent C. Strickland, Esq.
WHITEFORD, TAYLOR & PRESTON L.L.P.
111 Rockville Pike, Suite 800
Rockville, MD 20850
Telephone: (410) 347-9402
Facsimile: (410) 223-4302
E-mail: bstrickland@whitefordlaw.com
- and -
Christopher A. Jones, Esq.
WHITEFORD, TAYLOR & PRESTON L.L.P.
3190 Fairview Park Drive, Suite 800
Falls Church, VA 22042
Telephone: (703) 280-9263
Facsimile: (703) 280-9139
E-mail: cajones@whitefordlaw.com
About Golden Key Group
Golden Key Group, LLC is a professional services firm dedicated to
helping federal and commercial clients solve today's strategic,
organizational and operational challenges while addressing their
future needs. Founded in 2002, Golden Key Group's solution
offerings include Human Capital Management Support, Human Resources
Operations, Employee Training and Leadership Development,
Professional Consulting Services, Program Management Office,
Acquisition and Category Management, Analytics and Information
Technology, Executive Search Services, and Select Solutions. The
company is based in Landover, Md.
Golden Key Group filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-10414)
on Jan. 20, 2023, with 1 million to $10 million in assets and $10
million to $50 million in liabilities. Gretchen McCracken, Golden
Key Group's chief executive officer and managing member, signed the
petition.
Judge Maria Ellena Chavez-Ruark oversees the case.
The Debtor tapped Paul Sweeney, Esq., at YVS Law, LLC as bankruptcy
counsel; SouthBank Legal and Fox Rothschild, LLP as special
counsels; and Aiken Warner Leonard, PLLC as accounting consultant.
John Fitzgerald, III, Acting U.S. Trustee for Region 4, appointed
an official committee to represent unsecured creditors in the
Debtor's Chapter 11 case. The committee tapped Whiteford Taylor &
Preston, LLP as legal counsel; SC&H Group as financial advisor; and
SC&H Capital as investment banker.
GREENIDGE GENERATION: Posts $8.2 Million Net Loss in First Quarter
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Greenidge Generation Holdings Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
a net loss of $8.17 million on $15.16 million of total revenue for
the three months ended March 31, 2023, compared to a net loss of
$429,000 on $29.15 million of total revenue for the three months
ended March 31, 2022.
As of March 31, 2023, the Company had $94.99 million in total
assets, $140.62 million in total liabilities, and a total
stockholders' deficit of $45.62 million.
Greenidge said, "The Company estimates that its cash resources will
fall below $10 million by the end of the first quarter of 2024,
which would be considered an Event of Default as defined under the
Senior Secured Loan that would require the repayment of the loan
balance if a waiver is not obtained from the lender. The Company's
estimate of cash resources available to the Company through 2023
and through the first quarter of 2024 is dependent on completion of
certain actions, including its ability to sell excess real estate
in South Carolina, as mentioned above, bitcoin prices and
blockchain difficulty levels similar to those existing as of the
filing of this Quarterly Report on Form 10-Q and energy prices
similar to the those experienced in the first quarter of 2023.
While bitcoin prices have begun to recover in the first quarter of
2023, management cannot predict when or if bitcoin prices will
recover to prior levels, or volatility in energy costs. While the
Company continues to work to implement options to improve
liquidity, there can be no assurance that these efforts will be
successful and the Company's liquidity could be negatively impacted
by items outside of its control, in particular, significant
decreases in the price of bitcoin, regulatory changes concerning
cryptocurrency, increases in energy costs or other macroeconomic
conditions and other matters...Given this uncertainty regarding the
Company's financial condition over the next 12 months, the Company
has concluded that there is substantial doubt about its ability to
continue as a going concern for a reasonable period of time."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1844971/000162828023018248/gree-20230331.htm
About Greenidge Generation
Headquartered in Fairfield, CT, Greenidge Generation Holdings Inc.
(NASDAQ: GREE) -- www.greenidge.com -- is a vertically integrated
cryptocurrency datacenter and power generation company.
Greenidge reported a net loss of $271.07 million in 2022, compared
to a net loss of $44.48 million in 2021. As of Dec. 31, 2022, the
Company had $163.77 million in total assets, $210.81 million in
total liabilities, and $47.05 million in total stockholders'
deficit.
Dallas, Texas-based Armanino LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company incurred a loss from operations
and generated negative cash flows from operations during the year
ended Dec. 31, 2022. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
GREENIDGE GENERATION: Terminates General Counsel
------------------------------------------------
Greenidge Generation Holdings Inc. terminated the employment of
Terence Burke, the Company's general counsel, effective as of
May 31, 2023, as disclosed in a Form 8-K filed by the Company with
the Securities and Exchange Commission.
The Company said Mr. Burke's termination of employment is not a
result of a disagreement on any matter relating to the Company's
operations, policies or practices. In connection with Mr. Burke's
termination of employment, and subject to his execution and
non-revocation of a release of claims in favor of the Company and
continued compliance with the restrictive covenants applicable to
Mr. Burke, Mr. Burke will be entitled to receive certain severance
benefits pursuant to the terms of the Executive Employment
Agreement by and between the Company and Mr. Burke, dated Nov. 15,
2021, as disclosed in the Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 31,
2023.
About Greenidge Generation
Headquartered in Fairfield, CT, Greenidge Generation Holdings Inc.
(NASDAQ: GREE) -- www.greenidge.com -- is a vertically integrated
cryptocurrency datacenter and power generation company.
Greenidge reported a net loss of $271.07 million in 2022, compared
to a net loss of $44.48 million in 2021. As of Dec. 31, 2022, the
Company had $163.77 million in total assets, $210.81 million in
total liabilities, and $47.05 million in total stockholders'
deficit.
Dallas, Texas-based Armanino LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company incurred a loss from operations
and generated negative cash flows from operations during the year
ended Dec. 31, 2022. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
HUSCH & HUSCH: MSI Sells Wapato Property to Gasseling for $330K
---------------------------------------------------------------
McCallen & Sons, Inc. ("MSI"), in its capacity as the
Court-appointed liquidating agent of Husch & Husch, Inc., asks the
U.S. Bankruptcy Court for the Eastern District of Washington to
authorize it to sell the real property located at 2720 Jones Road,
in Wapato, Washington 98951, free and clear of liens, to Gasseling
Ranches for $330,000.
The property at issue was owned by L. Kelly Husch. The Plan
defines the Property at Section 1(26), and provides for liquidation
of this property for the benefit of the Debtor's creditors at
Section X. While the Plan originally provided for sale of the Jones
Road Lot only upon the happening of certain contingencies, the
amendment to the Plan provided that if the claims of Heritage Bank
were not paid within 10 days of the Plan's effective date, the
Liquidating Agent was to sell all property immediately. The claims
of Heritage Bank have not been paid in full.
Pursuant to 11 U.S.C. Section 363(f), the Plan and the Appointment
Order, MSI as liquidating agent for the Debtor may sell assets free
and clear of liens subject to court approval. On March 22, 2022,
the Court entered an order approving employment of Berkshire
Hathaway Home Services and McCallen & Sons, Inc. as broker for the
Debtor.
The real estate brokerage arm of McCallen & Sons, Inc., in a joint
marketing agreement with Berkshire Hathaway Home Services, listed
the subject property for sale on April 26, 2022 at a listing price
of $295,000. Following vetting and negotiation, MSI initially
settled onan offer for $325,000.
MSI subsequently entered into a Residential Purchase and Sale
Agreement for the sale of the Real Property conditioned upon court
approval. On May 12, 2022, the Liquidating Agent filed its Motion
to Approve Sale of Property Free and Clear of Liens. At that time,
MSI was aware of a claimed Leasehold interest on the Property
between Tegan K. Husch as Lessor and TLC Orchards, LLC as Lessee.
MSI’s Sale Motion requested a finding by the Court that the Lease
was not binding upon the Estate or the Property.
On June 8, 2022, MSI filed an adversary proceeding against TLC,
seeking a declaratory judgment that the Lease was invalid and not
binding on the Estate or Property. TLC filed a Motion to Dismiss
which the Court granted on Sept. 6, 2022.
Due to the passage of time and objections to the sale, the first
sale fell through, but MSI was able to secure a new buyer for the
Property, for an increased purchase price of $330,000. MSI
subsequently entered into a Residential Purchase and Sale Agreement
with the Buyer for the sale of the Real Property conditioned upon
court approval.
The Liquidating Agent, TLC, and K. Husch entered into a settlement
agreement for resolution of the claims brought in that Adversary
Proceeding, which was approved by the Court pursuant to FRBP 9019.
The Buyer has signed an Addendum to the PSA acknowledging the
Settlement Agreement and reaffirming its desire to purchase the
Property for the sale price of $330,000.
Due to property line issues raised by TLC, the Buyer has required a
survey, which is to be paid by the Liquidating Agent pursuant to
the second addendum to the PSA.
MSI seeks to distribute 80% of the net proceeds after payment of
all closing costs, including, without limitation, recording fees,
escrow fees, title insurance and brokers' commissions, from the
sale to Heritage Bank with the remaining 20% to be held in its bank
account to be distributed to secured creditors as outlined in the
Plan as cash flow allows.
MSI believes that this sale is in the best interests of the
creditors and recommends that the proposed sale be approved and
closed as soon as possible. It requests the entry of an order
authorizing the sale of the Real Property pursuant to the PSA to
the Buyer free and clear of liens. The Order should further grant
MSI the authority to pay brokers' commissions, the survey, costs of
sale, and thereafter distribute 80% of the net proceeds to Heritage
Bank in partial satisfaction of its secured claim. The sale is
authorized by the Plan and is in the best interest of the estate's
creditors.
About Husch & Husch
Husch & Husch, Inc. -- http://www.huschandhusch.com/-- is a
family-owned and operated agricultural chemical and fertilizer
company located in Harrah, Washington. It provides conventional
and organic fertilizers, micro-nutrient technology, and chemicals
to help make lawn, garden, agronomic crops, and fruit trees grow
to their full potential. Husch & Husch was founded in 1937 by
Pete Husch.
Husch & Husch, Inc., based in Harrah, WA, filed a Chapter 11
petition (Bankr. E.D. Wash. Case No. 20-00465) on March 4, 2020.
In the petition signed by CFO Allen Husch, the Debtor disclosed
$12,284,732 in assets and $5,966,019 in liabilities. Dan
O'Rourke, Esq., at Southwell & O'Rourke, P.S., is the Debtor's
bankruptcy counsel.
On Aug. 25, 2021, the court confirmed the Debtor's Fourth Amended
Plan. Pursuant to the Plan, on Oct. 12, 2021, the court appointed
McCallen & Sons, Inc. as the liquidating agent under the Plan.
I&A DEVELOPMENT: Seeks to Extend Plan Exclusivity to November 27
----------------------------------------------------------------
I&A Development LLC asks the U.S. Bankruptcy Court for the Eastern
District of New York to extend its exlusive period to file a plan
of reorganization and obtain acceptances thereof to August 28 and
October 25, 2023, respectively.
The Debtors explain they need additional time to proceed with the
sale of their assets under Section 363 of the Bankruptcy Code.
Additional time is required to approve bidding procedures, secure a
stalking horse offer, and complete a sale under Section 363.
This is the Debtor's second motion to extend exclusivity after the
Court entered an Order on March 27 extending the Debtor's time
period to file a Chapter 11 plan and disclosure statement through
and including June 27 and the Debtor's time to obtain acceptance of
timely filed plan of reorganization through and including August
28.
The Debtor is represented by:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
Facsimile: (347) 342-3156
E-mail: alla@kachanlaw.com
About I&A Development
I&A Development, LLC, a company in Staten Island, N.Y., filed a
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.Y. Case No. 22-42953) on Nov. 29, 2022, with $1 million to
$10 million in both assets and liabilities. Greg Fleyshmakher,
president of I&A Development, signed the petition.
Judge Jil Mazer-Marino oversees the case.
Alla Kachan, Esq., at the Law Offices of Alla Kachan P.C. and
Wisdom Professional Services, Inc. serve as the Debtor's legal
counsel and accountant, respectively.
IEH AUTO PARTS: Exclusivity Period Extended to September 28
-----------------------------------------------------------
Judge Christopher Lopez of the U.S. Bankruptcy Court for the
Southern District of Texas extended IEH Auto Parts Holding LLC and
its affiliates' exclusivity periods to file a Chapter 11 plan and
to solicit acceptances thereof to September 28, 2023 and November
28, 2023, respectively.
As reported by the Troubled Company Reporter, the Debtors explained
that their substantial progress in their Chapter 11 case supports
the extension of the exclusivity periods. The Debtors claimed that
over the last few months they have undertaken a number of
significant steps to ensure the swift confirmation of their Chapter
11 plan, including:
1) On April 19, 2023, the Debtors, along with American
Entertainment Properties Corp., and the official committee
of unsecured creditors in these chapter 11 cases, filed,
and the Court entered, the stipulation and agreed order
appointing Judge David R. Jones as a mediator to negotiate
a consensual resolution of certain issues and disputes
relating to the Plan, the final order approving the DIP
Facility, and sale of the Debtors' assets. With the
guidance of the Judge David R. Jones, the Parties reached a
settlement embodied in the Order Approving the Settlement
Between the IEH Debtors, AEP, PEP Boys, the Committee, and
the Committee Members.
2) On May 2, 2023, the Debtors filed the First Amended
Combined Disclosure Statement and Joint Plan of Liquidation
of IEH Auto Parts Holding LLC and Its Debtor Affiliates
Pursuant to Chapter 11 of the Bankruptcy Code.
3) On May 2, 2023, the Court entered an order conditionally
approving the Disclosure Statement and authorized the
Debtors to solicit votes on the Plan.
4) On May 3, 2023, the Court entered the Final Order (I)
Authorizing Post-Petition Financing Secured by Senior
Liens, (II) Authorizing the Debtors to Use Cash Collateral;
(III) Granting Adequate Protection, and (IV) Granting
Related Relief.
Jonathan Randles of Bloomberg Law reported that the Debtors have
won bankruptcy court approval to sell most of their locations to
Factory Motor Parts Co. after the Debtor disqualified a different
bid under suspicion of impropriety. The previous bid was
disqualified because an Auto Plus employee is suspected of feeding
information to joint bidders Fisher Auto Parts Inc. and Parts
Authority that other firms didn't get, Auto Plus lawyer Genevieve
Graham said during a hearing. That employee is soon to be
terminated, Graham said.
About IEH Auto Parts Holding
IEH Auto Parts Holding LLC -- https://autoplusap.com/ --
distributes automotive products. The Company offers equipment,
tools, accessories, paint, and related products in the automotive
aftermarket. Auto Plus serves customers in the United States.
IEH Auto Parts Holding LLC and its affiliates filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 23-90054) on Feb. 1, 2023. In the petition filed by John
Michael Neyrey, as chief executive officer, the Debtor reported
assets and liabilities between $100 million and $500 million.
The case is overseen by Honorable Bankruptcy Judge Christopher M.
Lopez.
The Debtor is represented by Veronica Ann Polnick, Esq., at Jackson
Walker, LLP.
INDUS ARCHITECTS: Seeks Cash Collateral Access Thru June 10
-----------------------------------------------------------
Indus Architects, PLLC asks the U.S. Bankruptcy Court for the
Eastern District of New York for authority to use cash collateral
and provide adequate protection.
The Debtor requires authority to use approximately $58,000
(including a 10% variance) for the period from June 1 to June 10,
2023.
In the past, the Debtor had a New York City office which it vacated
during the COVID-19 pandemic. The Landlord for the New York City
office, BSD 80 Broad, LLC, sued it for breach of the Lease and
recently obtained summary judgment against the Debtor who was found
to owe $302,486. This was the precipitating cause of the filing.
The Debtor has one secured creditor, TD Bank, which holds a validly
perfected security interest on all the Debtor's assets. TD Bank
provided a line of credit secured by a blanket lien on all of the
Debtor's assets. At the time of the filing, the outstanding balance
owed to TD Bank is $56,429 as of June 2023 and the Debtor has been
current on its monthly payment obligations.
The Debtor proposes as and for adequate protection that it continue
the regular monthly payments of interest in the amount of $406.
The Debtor believes the liquidation value of its assets is
approximately $100,000 and therefore TD Bank is fully secured and
entitled to adequate protection. The Debtor projects monthly
revenue of approximately $110,000 per month, and therefore it
believes it will be able to fund the regular monthly payment. The
Debtor projects that its ongoing operations will be running cash
flow even to positive.
As adequate protection, the Secured Creditor will be granted
replacement liens in all of the Debtor's pre petition and post
petition assets and proceeds.
The Replacement Liens will be subject and subordinate only to:
(a) United States Trustee fees payable under 28 U.S.C. Section
1930 and 31 U.S.C. Section 3717;
(b) professional fees of duly retained professionals in the
Chapter 11 case as may be awarded pursuant to 11 U.S.C. Sections
330 of 331 or pursuant to any monthly fee order entered in the
Debtor's Chapter 11 case;
(e) the fees and expenses of a hypothetical Chapter 7 trustee
to the extent of $10,000; and
(d) the recovery of funds or proceeds from the successful
prosecution of avoidance actions.
A copy of the motion is available at https://urlcurt.com/u?l=cOciEy
from PacerMonitor.com.
About Indus Architects, PLLC
Indus Architects, PLLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 23-71961) on June
1, 2023. In the petition signed by Sharon Lobo, managing member,
the Debtor disclosed up to $1 million in both assets and
liabilities.
Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler &
Goodman, LLP, represents the Debtor as legal counsel.
INITALY LLC: Seeks Cash Collateral Access
-----------------------------------------
Initaly, LLC asks the U.S. Bankruptcy Court for the Southern
District of Indiana, Indianapolis Division, for authority to use
cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to continue paying
for operating expenses, taxes, and other expenses incurred in the
ordinary course of its business operations.
The Debtor has performed a preliminary investigation and analysis
of UCC filings against it. Based upon that investigation, the
Debtor believes -- and without waiving it rights to challenge the
validity, priority, and extent of the liens -- Flagship Enterprise
Center, Inc. d/b/a Bankable, is the only secured creditor that may
have a valid and enforceable lien on cash collateral.
The Debtor is obligated to Bankable pursuant to an SBA-backed
commercial note dated July 30, 2019 which currently has an
outstanding balance of approximately $167,130 and a "micro loan"
dated June 1, 2020, which currently has an outstanding balance of
approximately $36,000. The value of all of the Debtor's assets is
listed at $157,552.
In exchange for using cash collateral, the Debtor proposes
providing Bankable with adequate protection in the form of
replacement liens on cash collateral to the same extent and
priority as Bankable enjoyed prior to the Petition Date and
operating under the weekly budgets.
A copy of the motion and the Debtor's budget is available at
https://urlcurt.com/u?l=7OzfRv from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$18,685 for Week 1 of June 2023;
$6,353 for Week 2 of June 2023;
$18,055 for Week 3 of June 2023; and
$4,592 for Week 4 of June 2023.
About Initaly, LLC
Initaly, LLC is an owner and operator of an Italian restaurant.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-02259) on May 26,
2023. In the petition filed by Catello Avagnale, member, the Debtor
disclosed $157,552 in assets and $1,206,156 in liabilities.
Judge Robyn L. Moberly oversees the case.
Jeffrey Hester, Esq., at Hester Baker Krebs LLC, represents the
Debtor as legal counsel.
INNERLINE ENGINEERING: Subchapter V Trustee Okays Hearing Extension
-------------------------------------------------------------------
Innerline Engineering, Inc., and Caroline R. Djang, the subchapter
v trustee appointed in the Debtor's case, reached a stipulation
extending the Debtor's deadline to file an amended disclosure
statement and plan.
The Court had entered a scheduling order on May 12, 2023 which
states that the amended Disclosure Statement and Plan should be
filed and served at least 36 days prior to July 11, 2023, but that
the Court will grant a stipulation for continuance between the
trustee and the Debtor, if the Debtor needs more time to prepare
the documents.
The Debtor has requested from the Trustee an agreement for more
time to prepare and file the amended DS and Plan, and she agreed.
The parties agreed that:
* The hearing on the adequacy of the information contained in
the Debtor's (to be filed) amended Disclosure Statement and the
Chapter 11 Status Conference are continued from July 11, 2023 at
2:00 p.m. to July 18, 2023 at 2:00 p.m., or such date and time as
is convenient for the Court.
* The amended Disclosure Statement and Plan must be filed and
served at least 36 days prior to July 18, 2023. The Debtor must
file redlined versions of the documents by the same deadline.
* The Debtor and Trustee must file new status reports at least 7
days prior to July 18, 2023.
About Innerline Engineering
Corona, Cal.-based Innerline Engineering, Inc. -
http://www.innerlineengineering.com/-- offers a variety of
services to municipalities, utility owners, industrial facilities
and commercial property owners for the maintenance of their
underground utilities.
Innerline Engineering filed a petition for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 21-14305) on Aug. 9, 2021, listing as
much as $10 million in both assets and liabilities. Thomas J.C.
Yeh, chief financial officer, signed the petition.
Judge Wayne E. Johnson oversees the case.
Resnik Hayes Moradi LLP serves as the Debtor's bankruptcy counsel.
JAMES E. DOPSON: Elshihabi Buys Tucker Property for $1.2 Million
----------------------------------------------------------------
James E. Dopson, MD, asks the U.S. Bankruptcy Court for the
Northern District of Georgia to approve the sale of the real
property and improvements comprising an office building located at
1918 Northlake Parkway, in Tucker, Georgia 30084, to Said
Elshihabi, MD, for $1.2 million.
A hearing on the Motion is set for June 22, 2023, at 10:15 a.m.
There is one mortgage lien on the property, which is held by
Atlanta Home Providers, LLC ("AHP"). AHP filed a proof of claim in
the amount of $353,595.50 [Claim No. 6-1].
The Internal Revenue Service filed a proof of claim containing a
secured portion in the amount of $ $488,873.66 [Claim No. 1-3].
Together, AHP and the IRS will be known as the Secured Creditors.
The Debtor is not aware of any other creditors asserting liens on
the Property.
On Jan. 31, 2023, the Court entered an Order Approving Application
to Employ Lavista Associates, Inc. as Real Estate Broker. The
Property has been actively marketed since that date and has been
shown to potential purchasers a number of times.
The Debtor has accepted an offer to purchase the Property for $1.2
million. Both the Debtor and the real estate broker believe that
this is the highest and best offer that will be received for the
Property.
The Debtor requests entry of an order authorizing him to sell the
Property on the terms set forth in the Purchase Agreement free and
clear of liens, claims, and encumbrances, with all liens or
security interests of the Secured Creditor attaching to the
proceeds of the sale.
The Debtor submits that the proposed purchase price amounts to fair
market value for the Property.
The closing is scheduled for June 26, 2023.
The Debtor has determined that selling the Property pursuant to the
Purchase Agreement is in the best interests of the estate and its
creditors.
Finally, the Debtor requests that the order granting the Motion be
effective immediately by providing that the 14-day stays applicable
under Rule 6004(h) of the Bankruptcy Rules be waived.
About James E Dopson
James E Dopson, MD's is an OBGYN -- he has been practicing since
1981 and has delivered thousands of healthy babies. His practice
was successful for many years, but unfortunately he received bad
advice from an accountant which left him with significant personal
tax liability to the IRS. The IRS recorded tax liens and was
threatening to take the Commercial Property via a tax sale. In
order to preserve the value of the Commercial Property and pay his
creditors in an organized manner, Dopson filed for chapter 11
bankruptcy.
James E Dopson, MD, sought Chapter 11 protection (Bankr. N.D. Ga.
Case No. 21-50032) on Jan. 4, 2021.
The Debtor is represented by ROUNTREE LEITMAN KLEIN & GEER, LLC.
KINGS 828 TRUCKING: Unsecureds to Get Share of Income for 60 Months
-------------------------------------------------------------------
Kings 828 Trucking, LLC, filed with the U.S. Bankruptcy Court for
the Northern District of Texas a Plan of Reorganization dated May
30, 2023.
The Debtor operates a trucking company. At the time of the filing
of this case the Debtor had three trucks and one trailer.
The Debtor has operated a successful trucking business, however in
the past year the Debtor has been unable to attract drivers and the
rate that it was received for work have greatly decreased.
Additionally, the Debtor has been experiencing more than normal
mechanical problems with one of its trucks. The Debtor filed this
case to restructure its debts in line with the current operational
climate.
The Debtor filed this case on April 17, 2023 and has continued to
operate the company. The Debtor is driving for McElroy
Transportation which provides the Debtor with steady income and
maintained insurance on Debtor's property. It is anticipated that
after confirmation, the Debtor will continue in business. Based
upon the projections, the Debtor believes it can service the debt
to the creditors.
Class 6 consists of Allowed Unsecured Claims. All unsecured
creditors shall share pro rata in the unsecured creditors pool. The
Debtor shall make monthly payments commencing 30 days after the
effective date of $500 into the unsecured creditors' pool. The
amount represents the Debtor's disposable income as that terms is
defined in Section 1191(d) of the Bankruptcy Code. The Debtor shall
make distributions to the Class 6 creditors every 90 days
commencing 90 days after the first payment into the unsecured
creditors pool. The Debtor shall make 60 payments into the
unsecured creditors pool. The Class 6 creditors are impaired under
this Plan.
Class 7 consists of the Current Owner. The current owner will
receive no payments under the Plan, however, he will be allowed to
retain his ownership in the Debtor. Class 7 claimants are not
impaired under the Plan.
Debtor anticipates the continued operations of the business to fund
the Plan.
Proposed Attorneys for Debtor:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Kings 828 Trucking
Kings 828 Trucking, LLC operates a trucking company. The Debtor
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Texas Case No.
23-41110) on April 19, 2023, with $100,001 to $500,000 in both
assets and liabilities. Judge Edward L. Morris oversees the case.
The Debtor is represented by Eric A. Liepins, PC.
KJ TRADE: Taps Law Office of Bruce S. Harvey as Special Counsel
---------------------------------------------------------------
KJ Trade Ltd Inc. received approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire The Law Offices of
Bruce S. Harvey as its special counsel.
The firm will represent the Debtor in the action styled United
States of America v. $1,249,980.22 in Funds in Bank of America
Account No. XXXX-9287 held in the name of KJ Trade Inc. (Case No.
1:22-cv-04311-VMC) currently pending in the U.S. District Court for
the Northern District of Georgia, Atlanta Division; and in matters
arising in or related to the case.
The firm will receive a flat fee of $15,000.
As disclosed in court filings, The Law Offices of Bruce S. Harvey
is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Stephen M. Katz, Esq.
The Law Offices of Bruce S. Harvey
146 Nassau St NW
Atlanta, GA 3030
Phone: +1 404-659-4628
Email: contact@bharveylawfirm.com
About KJ Trade Ltd
KJ Trade Ltd Inc. is an affordable, luxury lifestyle women's
swimwear e-commerce brand doing business as Matte Collection.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-51681) on February
21, 2023. In the petition signed by Justinz Wilkerson, chief
executive officer, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Judge Jeffery W. Cavender oversees the case.
The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Waldern, LLC
as bankruptcy counsel; The Law Offices of Bruce S. Harvey as
special counsel; and Accounting & Tax Advisory Group, PC as
accountant.
LAKESIDE GRILL: Taps Professional Services of Alabama as Accountant
-------------------------------------------------------------------
Lakeside Grill Co, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Alabama to hire Professional
Services of Alabama, Inc. as its accountant.
The Debtor requires an accountant to:
(a) provide the bookkeeping of the Debtor's monthly income and
expenses;
(b) consult with the Debtor regarding the preparation of
monthly financial reports required by the court;
(c) assist the Debtor in the preparation and filing of state
and county sales tax returns;
(d) assist the Debtor in the preparation and filing of state
and federal payroll and income tax returns;
(e) assist the Debtor by providing accounting and financial
advice concerning the daily affairs of the Debtor's business
practices; and
(f) all other services, which may be necessary to complete the
Debtor's Chapter 11 case.
The firm will charge these hourly fees:
Manager/Senior $75
Bookkeeping & Clerk $50
As disclosed in court filings, Professional Services of Alabama is
a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Judith G. Redd
Professional Services of Alabama, Inc.
5343 Old Springville Road
Pinson, AL 35126
Phone: 205-815-1607
About Lakeside Grill Co
Lakeside Grill Co, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-40386) on
April 5, 2023. In the petition signed by its managing member,
Nicola Wright, the Debtor reported as much as $50,000 in assets and
$50,001 to $100,000 in liabilities.
Judge James J. Robinson oversees the case.
The Debtor tapped Harold Douglas Redd, Esq., at The Redd Law Firm,
PC as bankruptcy counsel and Professional Services of Alabama, Inc.
as accountant.
MAGENTA BUYER: $750M Bank Debt Trades at 35% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 65.1
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on July 27, 2029. 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.
MAKENA TRADING: Proposed Sale of Trailers, Free of Liens, Approved
------------------------------------------------------------------
Judge Scott M. Grossman of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Makena Trading Corp., doing
business as Makena Express, to sell trailers.
The sale is free and clear of all claims, liens, and encumbrances.
The net sales proceeds from the sales of the Trailers, after the
liens on each of the Trailers are satisfied in full, will be held
in the trust account of the Debtor's counsel pending further order
of the Court because the Debtor requires these funds to pay
administrative expenses.
About Makena Trading Corp.
Makena Trading Corp. filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12637) on
Apr.
3, 2023, with $1 million to $10 million in both assets and
liabilities. Guillermo Gutierrez, president, signed the petition.
Judge Scott M. Grossman oversees the case.
The Law Office of Mark S. Roher, PA serves as the Debtor's
counsel.
MCCLAIN INVESTMENTS: $983K Sale of Nashville Property Approved
--------------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee issued an Agreed Order authorizing
McClain Investments TN, LLC's sale of the residential real property
located at 1515 Ashwood Avenue, in Nashville, Tennessee 37212, to
David and Elizabeth Sulpy and/or their assigns for $983,000.
The Sale is free and clear of liens, claims, and encumbrances.
The Debtor is authorized to satisfy all costs related to closing
that are contemplated by the Purchase Agreement, to include the
payment of commissions, tax prorations, and other incidental
closing costs that are ancillary to the closing process.
Notwithstanding Bankruptcy Rule 6004(h), and as specifically
requested in the Motion, the Order will take effect immediately
upon entry.
About McClain Investments TN
Tennessee-based McClain Investments TN, LLC is in the business of
owning and contracting for the development of residential real
estate in Nashville and the immediate surrounding area.
McClain Investments TN filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Tenn. Case No. 3:22-bk-03142) on Sept. 29, 2022, with $1 million
to $10 million in both assets and liabilities. Courtney Hunter
Gilmer has been appointed as Subchapter V trustee.
Judge Randal S. Mashburn oversees the case.
The Debtor is represented by R. Alex Payne of Dunham Hildebrand,
PLLC.
MEDICAL ACQUISITION: Taps Robberson as Substitute Counsel
---------------------------------------------------------
Medical Acquisition Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Robberson Schroedter, LLP as substitute for Joshi Law Group.
The firm's services include:
a. providing the Debtor with legal advice regarding matters of
bankruptcy law;
b. representing the Debtor in proceedings or hearings in the
bankruptcy court involving matters of bankruptcy law;
c. preparing or assisting the Debtor in the preparation of
reports, accounts, applications and orders;
d. advising the Debtor concerning the requirements of the
Bankruptcy Code and Rules relating to the administration of its
Chapter 11 bankruptcy case; and
e. assisting the Debtor in the negotiation, formulation,
confirmation, and implementation of a Chapter 11 plan of
reorganization.
The firm will be paid at these rates:
Maggie E. Schroedter $500 per hour
Christine M. Fitzgerald $500 per hour
Suzanne R. Pollack $400 per hour
The firm may utilize the services of other attorneys at rates that
range from $400 to $500 per hour; and paralegals at $175 to $275
per hour.
Maggie Schroedter, Esq., a partner at Robberson Schroedter,
disclosed in a court filing that her firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Maggie E. Schroedter, Esq.
Robberson Schroedter, LLP
501 West Broadway, Suite 1250
San Diego, CA 92101
Tel: (619) 353-5691
Email: info@thersfirm.com
About Medical Acquisition Company
Medical Acquisition Company, Inc., a provider of lien-based medical
financial services in Carlsbad, Calif., filed a petition for
Chapter 11 protection (Bankr. S.D. Calif. Case No. 22-00058) on
Jan. 13, 2022, with up to $50,000 in assets and up to $10 million
in liabilities. Charles Perez, chief executive officer and chief
operations officer, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Robberson Schroedter, LLP as bankruptcy counsel;
David A. Kay, Attorney at Law as appellate counsel; Sullivan,
Workman & Dee, LLP, Robberson Schroedter, LLP, and Steinbrecher &
Span, LLP as special counsels; Julie Stencil as bookkeeper; and
Julie Cardin, Esq., CPA of Cardin & Company, APC as accountant.
MEDICAL PROPERTIES: Moody's Alters Outlook on Ba1 CFR to Negative
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family rating
of Medical Properties Trust, Inc. as well as the Ba1 senior
unsecured debt rating of its operating subsidiary, MPT Operating
Partnership, LP. The speculative grade liquidity rating remains
unchanged at SGL-2. The rating affirmation reflects the healthcare
REIT's large size, global diversification and long-term triple-net
lease investments in hospital real estate. The REIT's credit
profile also reflects its fully unencumbered property portfolio,
which provides greater financial flexibility than borrowers with
highly encumbered properties.
The outlook for the ratings was revised to negative from stable
reflecting governance considerations including MPT's high financial
leverage and challenges related to one of the REIT's large tenant
exposures. The negative outlook also reflects MPT's weakened
access to the public capital markets as the REIT has seen a steep
rise in its capital costs that is hindering the REIT's ability to
execute on its strategy of financing hospital real estate
investments. Liquidity is adequate through 2024, but its cost of
refinancing large amounts of debt coming due in 2025 is another
consideration.
Affirmations:
Issuer: Medical Properties Trust, Inc.
Corporate Family Rating, Affirmed Ba1
Issuer: MPT Operating Partnership, LP
Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba1
Outlook Actions:
Issuer: Medical Properties Trust, Inc.
Outlook, Changed To Negative From Stable
Issuer: MPT Operating Partnership, LP
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
MPT benefits from its large scale and geographic diversification,
with 66% of first-quarter 2023 revenues generated in the United
States, 24% from the United Kingdom and 10% from various other
countries. The REIT also maintains some property type diversity
with investments in various types of hospitals and other healthcare
facilities, which each serve different patient populations and have
different reimbursement mechanisms. Fixed charge coverage is also
solid at 3.2x for first-quarter 2023.
Key credit challenges include MPT's high financial leverage, large
tenant concentrations and weak access to the public capital
markets. The REIT's net debt/EBITDA rose to a high of 8.1x for
first-quarter 2023 (on a last quarter annualized, or "LQA" basis).
MPT's leverage will decline with asset sales recently closed and
under contract, including its AUD$1.2 billion Australian portfolio
sale, as well as resumption of partial rent payments from Prospect,
but will remain high for the existing rating category.
MPT has been contending with credit challenges related to Prospect
Medical Holdings, one of its largest tenants, that ultimately led
the operator to stop paying rent in early 2023. MPT recently
announced its plan to restructure its Prospect investments, with
the REIT assuming an equity stake in Prospect's managed care
business in exchange for certain cash obligations owed to MPT.
This restructuring will reduce the amount of rents MPT receives
from Prospect and leave the REIT with elevated leverage metrics
heading into 2024.
Additional considerations include MPT's large tenant exposures,
which pose even greater challenges for the REIT in the current
capital markets that is marked by volatility and higher risk
premiums. Tenant credit challenges with respect to Steward, the
REIT's largest tenant at 20% of adjusted gross assets, and Prospect
have helped drive MPT's capital costs up to levels that are making
it challenging for it to execute its growth strategy.
Positively, asset sales will provide the REIT with sufficient
capital to address its debt maturities through 2024, but it will
need to refinance $1.4 billion of maturities coming due in 2025.
MPT's SGL-2 speculative grade liquidity rating reflects the REIT's
sound liquidity profile as Moody's considers its upcoming funding
needs over the next eighteen months. MPT had $1.1 billion of
liquidity as of first-quarter 2023, including approximately $300
million of cash balances and $770 million available on its credit
revolver that expires in 2025. The REIT's liquidity is enhanced by
significant amounts of contractual asset sales and loan repayments
which, combined with cash balances, will be sufficient to address
debt maturities through 2024. These transactions include the sale
of its Australian portfolio for AUD$1.2 billion, which will
generate sufficient proceeds for MPT to repay its 2024 term loan.
Moody's notes that this portfolio sale was executed at attractive
pricing, with MPT receiving substantially similar proceeds as
compared with what it originally paid for this investment in 2019,
despite the steep rise in capital costs over this time period.
This sale, as well as other recent smaller transactions,
demonstrates the financial flexibility offered by the REIT's fully
unencumbered property portfolio.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if net debt/EBITDA were sustained
above 7.0x or if fixed charge coverage were to fall below 2.5x.
Further tenant credit challenges or weakened liquidity could also
result in a downgrade of the REIT's ratings.
The ratings could be upgraded if MPT were to maintain net
debt/EBITDA below 6.0x, while continuing its growth and
diversification strategy. Reduced tenant concentration with the
top operator contributing less than 10% of revenues, stable tenant
operating performance, and maintenance of fixed charge coverage
above 3.0x could also lead to an upgrade.
Medical Properties Trust Inc., headquartered in Birmingham,
Alabama, is a REIT that invests in acute care hospitals, behavioral
health hospitals, long-term acute care hospitals, inpatient
rehabilitation facilities, and other medical and surgical
facilities. MPT's portfolio spans across four continents. The REIT
conducts its operations through its operating partnership
subsidiary, MPT Operating Partnership, L.P.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.
MERCYHURST UNIVERSITY: S&P Affirms 'BB' Rating on 2016 Bonds
------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB' long-term rating on the Erie Higher Education
Building Authority, Penn.'s series 2016 bonds, issued on behalf of
Mercyhurst University.
"The negative outlook reflects our opinion of the university's
expected operating deficit in fiscal 2023, which could result in a
debt service coverage covenant violation and debt acceleration,"
said S&P Global Ratings credit analyst Ruchika Radhakrishnan. "We
understand that the university is in conversations with the
respective stakeholders to receive waivers for these covenant
violations in 2023, and that most of these coverage calculations
are expected to improve in 2024," Ms. Radhakrishnan added.
The rating reflects S&P's assessment of Mercyhurst's:
-- Continued decline in enrollment during the past five years,
accompanied by a weakening in the matriculation rate;
-- Weak financial resources ratios, especially relative to
operations; and
-- High student revenue dependence as well as a high tuition
discount rate.
Partly offsetting the above weaknesses are the university's:
-- Effective leadership team, as demonstrated by significant steps
taken to improve its financial performance in recent years; and
-- Manageable MADS burden of 4.5% compared to 2022 expenses.
Mercyhurst University, a Pennsylvania not-for-profit corporation,
is a private coeducational institution of higher education located
in Erie. The university is an accredited, four-year, Catholic
liberal arts institution, primarily undergraduate, founded by The
Sisters of Mercy in 1926.
MERIDIEN ENERGY: Taps David Graham & Stubbs as Appellate Counsel
----------------------------------------------------------------
Meridien Energy, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire David Graham & Stubbs,
LLP as its special appellate counsel.
The Debtor was a party to the litigation styled MarkWest Liberty
Midstream & Resources, LLC v. Meridien Energy, LLC (Case No.
2018CV34272) in the District Court for the City and County of
Denver, Colorado related to the parties' duties, rights, and
performance under their Pipeline Construction Contract. On Dec. 7,
2022, the Colorado court entered judgment against the Debtor and in
favor of MarkWest Liberty Midstream & Resources, LLC in the net
amount of $13,283,384.64. On Jan. 25, the Debtor appealed the
judgment to the Colorado Court of Appeals.
David Graham & Stubbs will represent the Debtor in prosecuting the
appeal.
Theresa Wardon Benz, Esq, a partner at David Graham, agreed to
reduce her hourly rate from $650 to $575. Meanwhile, associates and
paralegals will charge $465 per hour and $320 per hour,
respectively.
Ms. Benz disclosed in a court filing that her firm neither holds
nor represents any interest adverse to the Debtor and its estate.
The firm can be reached through:
Theresa Wardon Benz, Esq.
David Graham & Stubbs, LLP
1550 17th Street, Suite 500
Denver, CO 80202
Tel: (303) 892-7388
Email: Theresa.benz@dgslaw.com
About Meridien Energy
Meridien Energy, LLC is a full-service pipeline construction
company headquartered in New York state with division offices in
Pennsylvania, Virginia, and Florida.
Meridien Energy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 23-31377) on April 20,
2023, with up to $10 million in assets and up to $50 million in
liabilities.
Judge Keith L. Phillips oversees the case.
The Debtor tapped Brandy M. Rapp, Esq., at Whiteford, Taylor and
Preston, LLP as bankruptcy counsel; David Graham & Stubbs, LLP as
special appellate counsel; and Compass Advisory Partners, LLC as
restructuring advisor. John W. Teitz of Compass serves as the
Debtor's chief restructuring officer.
MICROGEM US: Seeks to Hire Whiteford, Taylor & Preston as Counsel
-----------------------------------------------------------------
MicroGEM US Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Virginia to hire Whiteford, Taylor &
Preston, LLP as its legal counsel.
The firm's services include:
(a) providing legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and
management of its property;
(b) preparing legal papers;
(c) appearing in court;
(d) representing and advising the Debtor in negotiations with
its lenders, creditors, equity holders and other parties involved
in the Debtor's Chapter 11 case; and
(e) other necessary legal services.
The firm will charge these hourly fees:
Partners $580 to $745
Associates $350 to $440
Paraprofessionals $365 to $415
Christopher A. Jones $595
Brandy M. Rapp $480
Alexandra G. DeSimone $340
As disclosed in court filings, Whiteford is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brandy M. Rapp, Esq.
Whiteford, Taylor & Preston, LLP
10 S. Jefferson Street, Suite 110
Roanoke, VA 24011
Tel: (540) 759-3577
Email: brapp@whitefordlaw.com
About MicroGEM US Inc.
MicroGEM US Inc. offers scientific research and development
services. It is based in Charlottesville, Va.
MicroGEM US filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Va. Case No. 23-60528) on May 8, 2023,
with $1 million to $10 million in assets and $50 million to $100
million in liabilities. Judge William J. Fisher oversees the case.
The Debtor is represented by Brandy M. Rapp, Esq., at Whiteford
Taylor & Preston, LLP.
On May 22, 2023, the Acting U.S. Trustee for Region 4 appointed an
official committee to represent unsecured creditors in the Debtor's
Chapter 11 case.
MICROGEM US: Taps Heather Williams of CR3 Partners as CRO
---------------------------------------------------------
MicroGEM US, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Virginia to hire CR3 Partners, LLC and
designate Heather Williams as chief restructuring officer.
The Debtor requires a restructuring advisor to:
a. provide day-to-day management of the Debtor's operations
including interim communications with the Debtor's board of
directors;
b. work with the Debtor's employees, professionals, secured
lenders, unsecured creditors, vendors, and other key stakeholders;
c. assist the Debtor's legal counsel and provide testimony;
d. establish communication protocol with stakeholders;
e. assist in the preparation of financial projections and cash
flow budgets, including implementing cash conservation strategies
and processes where appropriate and feasible;
f. assist management in any sale of the Debtor's assets and
the closing of such sale;
g. negotiate with creditors and other constituents of the
Debtor concerning restructuring of debt, a plan of reorganization
or a plan of liquidation; and
h. other restructuring advisory services.
The firm will charge these hourly fees:
Heather Williams, Managing Director $555
Suzanne Roski, Partner $715
Various Senior Associate/Manager $340 - $440
Various Industry Specialists $150
As disclosed in court filings, CR3 is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Heather Williams
CR3 Partners, LLC
7229 Forest Avenue, Suite 102
Richmond, VA 23226
Tel: (804) 337-1529
Email: heather.williams@cr3partners.com
About MicroGEM US
MicroGEM US Inc. offers scientific research and development
services. It is based in Charlottesville, Va.
MicroGEM US filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Va. Case No. 23-60528) on May 8, 2023,
with $1 million to $10 million in assets and $50 million to $100
million in liabilities. Mark Allen, manager, signed the petition.
Judge William J. Fisher oversees the case.
The Debtor tapped Brandy M. Rapp, Esq., at Whiteford Taylor &
Preston, LLP as legal counsel and CR3 Partners, LLC as
restructuring advisor. Heather Williams of CR3 Partners is the
Debtor's chief restructuring officer.
MILLIES PANCAKE: Court OKs Cash Collateral Access Thru June 30
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized Millies Pancake Shoppe II, Inc. to use
cash collateral on an interim basis in accordance with the budget,
through June 30, 2023.
The Debtor requires the use of cash collateral to finance its
ongoing post-petition business operations.
The Huntington National Bank has a valid blanket lien upon the
assets of the Debtor as of the date of the filing of the petition,
and the cash proceeds thereof. Prepetition Secured Lender holds a
security interest in all the assets of the Debtor by way of a valid
lien duly filed of which the amount due and owing totals no less
than $447,284.
Other potential lien holders are as follows:
a) Timberland Bank/ARF Financial
b) U.S Small Business Administration
In return for the Debtor's continued interim use of cash
collateral, and for any diminution in value of Prepetition Secured
Lender's interest in the cash collateral from and after the
Petition date, the Prepetition Secured Parties will receive an
administrative expense claim pursuant to 11 U.S.C. Section 507(b).
In further return for the Debtor's continued interim use of cash
collateral, Prepetition Secured Parties are granted a replacement
lien in substantially all of the Debtor's assets, including cash
collateral equivalents and the Debtor's cash and accounts
receivable, among other collateral to the same extent and validity
as held prepetition, without prejudice to the Debtor's right to
object to the extent of any security interest of the Prepetition
Secured Lender or the Additional Lien Holders. The liens granted
will be valid, perfected, and enforceable without any further
action by the Debtor and/or the Prepetition Secured Lender and need
not be separately documented.
A further hearing on the matter is set for June 28, 2023 at 10:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=HJ8QAQ
from PacerMonitor.com.
About Millies Pancake Shoppe II, Inc.
Millies Pancake Shoppe II, Inc. operates a breakfast and lunch
restaurant located in Addison, Illinois. Due to a pending lawsuit
with one of its receivables lenders and guaranties of debt for
related restaurants that are no longer operating, Millies sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Ill. Case No. 23-06836) on May 24, 2023. In the petition
signed by James Duda, president, the Debtor disclosed up to
$100,000 in assets and up to $1 million in liabilities.
Judge David D. Cleary oversees the case.
Joshua D. Greene, Esq., at Joshua D. Greene, represents the Debtor
as legal counsel.
NATIONAL MENTOR: $180M Bank Debt Trades at 48% Discount
-------------------------------------------------------
Participations in a syndicated loan under which National Mentor
Holdings Inc is a borrower were trading in the secondary market
around 52.1 cents-on-the-dollar during the week ended Friday, June
2, 2023, according to Bloomberg's Evaluated Pricing service data.
The $180 million facility is a Term loan that is scheduled to
mature on March 2, 2029. The amount is fully drawn and
outstanding.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NEW HOME: Proposed Debt Exchange No Impact on Moody's 'B3' CFR
--------------------------------------------------------------
Moody's Investors Service says that The New Home Company, Inc.'s B3
corporate family rating, B3-PD probability of default rating and B3
senior unsecured notes rating are unaffected by the proposed debt
exchange of the B3 rated 7.25% senior unsecured notes due October
2025 (currently about $230 million outstanding) for new B3 rated
8.25% senior unsecured notes due October 2027. The outlook remains
stable.
The transaction, which was announced on May 31, 2023, includes a
step up in interest rate on the new notes to 11% on October 15,
2025 and 12.25% on October 15, 2026. Participating holders on the
new notes will receive a two point cash upfront fee. The call
schedule and other terms of the old notes will remain unchanged in
the new notes. The exchange requires a majority consent from the
existing note holders to strip substantially all restrictive
covenants and certain events of default on the indenture governing
the existing notes. Apollo Global Management Inc., New Home's
private equity owner, will also contribute at least $25 million in
equity as part of this transaction.
The proposed transaction is credit negative because of the increase
in interest cost upon settlement of the exchange, as well as the
significant increase in interest rate if the bond is not refinanced
ahead of the first step up date. These risks are partially offset
by the leverage neutral nature of the transaction as well as the
improvement the company's debt maturity profile.
Headquartered in Irvine, California, New Home is a regional
homebuilder focused on the design, construction and sale of
single-family homes in major metropolitan areas within select
growth markets. The company has a presence in California, Arizona
and Colorado and is now moving into Oregon and Washington as well.
NEW TROJAN: $110M Bank Debt Trades at 42% Discount
--------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 58
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $110 million facility is a Term loan that is scheduled to
mature on January 6, 2029. The amount is fully drawn and
outstanding.
New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.
NEW TROJAN: $605M Bank Debt Trades at 37% Discount
--------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 62.6
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $605 million facility is a Term loan that is scheduled to
mature on January 6, 2028. The amount is fully drawn and
outstanding.
New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.
NEWTON CONSTRUCTION: Court Approves $35K Sale of Laguna CNC Router
------------------------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada authorized Newton Construction LLC's sale of
Laguna CNC Router to Red Rock Exhibits for $35,000.
The Equipment Agreement dated March 2, 2023, is approved.
About Newton Construction LLC
Newton Construction LLC is a general contractor in North Las
Vegas,
Nevada.
Newton Construction filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
22-13186) on Sept. 3, 2022. In the petition filed by John Newton,
the Debtor reported assets between $100,000 and $500,000 and
liabilities between $500,000 and $1 million.
Judge August B. Landis oversees the case.
The Law Office of Corey B. Beck P.C. is the Debtor's counsel.
NUTEX HEALTH: Falls Short of Nasdaq Minimum Bid Price Requirement
-----------------------------------------------------------------
Nutex Health Inc. received a letter from The Nasdaq Stock Market
LLC indicating that, for the last 30 consecutive business days, the
bid price for the Company's common stock had closed below the
minimum $1.00 per share requirement for continued listing on The
Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been provided an initial period of 180 calendar days, or until
Nov. 20, 2023, to regain compliance. The letter states that the
Nasdaq staff will provide written notification that the Company has
achieved compliance with Rule 5550(a)(2) if at any time before Nov.
20, 2023, the bid price of the Company's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business
days. The Nasdaq Staff Deficiency Letter has no immediate effect
on the listing or trading of the Company's common stock.
The Company intends to continue actively monitoring the bid price
for its shares of common stock between now and the expiration of
the Compliance Period and will consider all available options to
resolve the deficiency with every intention to regain compliance
with the Minimum Bid Price Requirement.
If the Company does not regain compliance with Rule 5550(a)(2) by
Nov. 20, 2023, the Company may be eligible for an additional 180
calendar day compliance period. To qualify, the Company would be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the bid price
requirement, and would need to provide written notice of its
intention to cure the deficiency during the second compliance
period, for example, by effecting a reverse stock split, if
necessary. However, if it appears to the Nasdaq staff that the
Company will not be able to cure the deficiency, or if the Company
is otherwise not eligible, Nasdaq would notify the Company that its
securities would be subject to delisting. In the event of such a
notification, the Company may appeal the Nasdaq staff's
determination to delist its securities. There can be no assurance
that the Company will be eligible for the additional 180 calendar
day compliance period, if applicable, or that the Nasdaq staff
would grant the Company's request for continued listing subsequent
to any delisting notification.
About Nutex
Headquartered in Houston, Texas and founded in 2011, Nutex Health,
Inc. is a physician-led, healthcare services and operations company
with 19 hospital facilities in eight states (hospital division),
and a primary care-centric, risk-bearing population health
management division. The Company's hospital division implements
and operates innovative health care models, including
micro-hospitals, specialty hospitals and hospital outpatient
departments ("HOPDs"). The population health management division
owns and operates provider networks such as independent physician
associations ("IPAs") and offers a cloud-based proprietary
technology platform to IPAs which aggregates clinical and claims
data across multiple settings, information systems and sources to
create a holistic view of patients and providers.
For the year ended Dec. 31, 2022, the Company reported a a net loss
attributable to the Company of $424.78 million.
OAKWOOD DREAMS: Unsecureds Will be Paid in Full Plus Interest
-------------------------------------------------------------
Oakwood Dreams LLC submitted a Chapter 11 Disclosure Statement.
On October 25, 2017, Debtor purchased the real property located at
21 E. Oakwood Hills Dr., Chandler, AZ 85248 from The Marwah Family
Trust in the amount of $2,400,000.00 and having a fair market value
of $3,563,219 according to the debtor.
Under the Plan, Class 3 consists of the Nonpriority Unsecured
Claims of Creditors total $145,886. Class 3 Creditors will be paid
in full plus interest at 6%. Class 3 is impaired.
The Debtor's plan will be funded by its operations, Excess Cash
Flow, and increase of monthly rent at renewal of the current
lease.
Attorneys for the Debtor:
Chris D. Barski, Esq.
BARSKI LAW PLC
9332 N. 95th Way, Suite 109
Scottsdale, AZ 85258
Tel: (602) 441-4700
E-mail: cbarski@barskilaw.com
A copy of the Disclosure Statement dated May 20, 2023, is available
at bit.ly/45Bza7d from PacerMonitor.com.
About Oakwood Dreams
Oakwood Dreams, LLC, owns a single-family home located at 21 E.
Oakwood Hills Drive, Chandler, Ariz., valued at $3.41 million based
on estimates provided by Zillow.
Oakwood Dreams filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
23-01008) on Feb. 20, 2023. In the petition filed by Dallas
Baldry, trustee of Bella Vita Ventures Trust, the Debtor reported
total assets of $3,914,700 and total liabilities of $2,493,877.
The Debtor is represented by Chris D. Barski, Esq., at Barski Law,
PLC.
OFFSHORE SPARS: Seeks to Hire Stevenson & Bullock as Legal Counsel
------------------------------------------------------------------
Offshore Spars Co. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to hire Stevenson & Bullock,
P.L.C. to handle its Chapter 11 case.
Stevenson received the sum of $25,976.00 for pre-bankruptcy fees
and expenses, of which $3,476 was used to pay the Chapter 11 filing
fee.
Charles Bullock, Esq., a member of Stevenson & Bullock, disclosed
in a court filing that his firm is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles D. Bullock, Esq.
Stevenson & Bullock, P.L.C.
26100 American Drive, Suite 500
Southfield, MI 48034
Phone: (248) 354-7906
Facsimile: (248) 354-7907
Email: cbullock@sbplclaw.com
About Offshore Spars Co.
Offshore Spars Co. was established in 1976 and its primary business
is designing and manufacturing carbon fiber and composite masts and
booms for the global superyacht market. It has additional lines of
business including replacement and service of standing and running
rigging for yachts, e-commerce, and carbon fiber manufacturing for
other industries, including the aerospace and automotive
industries.
Offshore Spars sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-44657) on May 23,
2023, with as much as $50,000 in assets and $1 million to $10
million in liabilities. Offshore Spars President Eric Graczyk
signed the petition.
Judge Thomas J. Tucker oversees the case.
Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C. represents
the Debtor as legal counsel.
ORBCOMM INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service changed ORBCOMM Inc.'s outlook to
negative from stable and affirmed the company's B3 corporate family
rating, B3-PD probability of default rating and B3 ratings on its
senior secured first lien revolving credit facility and senior
secured first lien term loan. At the same time, Moody's assigned a
B3 CFR, B3-PD PDR and a negative outlook to ORBCOMM's parent, GI DI
ORION PARENT LP ("GI DI Orion") (together "the company") and
Moody's will withdraw the CFR and PDR at ORBCOMM. ORBCOMM, the
borrower of the rated debt, is the main operating company but does
not file financial statements so Moody's analyzes the company using
GI DI Orion's financial statements. Hence the reassignment of the
CFR and PDR at GI DI Orion.
"The outlook change reflects the company's weak operating
performance, which has lasted longer than Moody's expected", said
Peter Adu, Moody's Vice President and Senior Credit Officer.
Affirmations:
Issuer: ORBCOMM Inc.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured 1st Lien Bank Credit Facility, Affirmed B3
Assignments:
Issuer: GI DI ORION PARENT LP
Corporate Family Rating, Assigned B3
Probability of Default Rating, Assigned B3-PD
Outlook Actions:
Issuer: GI DI ORION PARENT LP
Outlook, Assigned Negative
Issuer: ORBCOMM Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
ORBCOMM's B3 CFR is constrained by: (1) weak liquidity, high
financial leverage and weak interest coverage due to pressures on
EBITDA brought on by global component shortage and higher shipping
costs; (2) small scale (revenue of $174 million for 2022) as a
provider of industrial Internet of Things solutions that allow
assets to be tracked, monitored, and controlled remotely; and (3)
competitive risks as some larger rated peers add new satellite
capacity in order to pursue opportunities in its target markets.
The rating benefits from: (1) good market positions as its
offerings are embedded in customers' processes and are complimented
with competitive pricing; (2) good backlog, which provides near
term revenue visibility; (3) positive long term organic growth
prospects because there are lots of remote and mobile assets
globally that have not been penetrated with connectivity; (4) good
customer diversification; and (5) a private owner that has been
supportive with liquidity injection.
ORBCOMM has one class of secured debt - $50 million revolving
credit facility that expires in 2026 and $360 million (face value)
term loan due in 2028 - both rated B3. The facilities are rated at
the CFR because they make up most of the debt in the capital
structure.
ORBCOMM has weak liquidity through mid-2024, with sources
approximating $13 million while the company has uses of about $9
million in this time frame. Liquidity is supported by $13 million
of cash at March 31, 2022 while the company has no availability
under its $50 million revolving credit facility expiring in 2026.
Uses of liquidity consist of $4 million of expected consumptive
free cash flow and $5.4 million of term loan amortization. The
revolver is subject to a springing first lien net leverage covenant
when utilization hits a certain threshold and cushion is expected
to exceed 10% over the next 12 months. ORBCOMM has limited
flexibility to generate liquidity from asset sales.
The outlook is negative because of liquidity challenges and
elevated financial leverage, which put downward pressure on the
company's ratings if meaningful EBITDA growth is not recorded in
the second half of 2023 and into 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company profitably enhances
its scale while sustaining Debt/EBITDA below 5x and FCF/Debt above
5%.
The ratings could be downgraded if the company does not address its
weak liquidity situation in a timely manner through positive free
cash flow generation or if it sustains EBITDA-Capex/Interest below
1x and Debt/EBITDA above 6.5x.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ORBCOMM Inc., headquartered in Rochelle Park, New Jersey, is a
global provider of industrial Internet of Things and
Machine-to-Machine communication solutions to transportation, heavy
equipment, maritime, and government customers that allow them to
track, monitor, and control their assets remotely.
OUTPUT SERVICES: $369M Bank Debt Trades at 63% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Output Services
Group Inc is a borrower were trading in the secondary market around
37.5 cents-on-the-dollar during the week ended Friday, June 2,
2023, according to Bloomberg's Evaluated Pricing service data.
The $369.8 million facility is a Term loan that is scheduled to
mature on June 27, 2026. The amount is fully drawn and
outstanding.
Output Services Group, Inc. offers printing services.
OZ NATURALS: Court OKs Final Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, authorized OZ Naturals LLC to use the
cash collateral of the U.S. Small Business Administration on a
final basis in accordance with the budget, with a 10% variance.
The Debtor requires the use of cash collateral for the continued
operation of its business in the ordinary course.
As adequate protection for the use of cash collateral and for any
diminution in value of the Lender's prepetition collateral as
described in the loan documents between the Debtor and the Lender,
the Lender is granted a valid, perfected lien upon, and security
interest in, to the extent and in the order of priority of any
valid lien pre-petition, all cash generated post-petition by the
"Property" and all collateral acquired post-petition.
The postpetition liens and security interests granted to the Lender
will be valid and perfected post-petition, to the extent and
priority of the prepetition lien(s), without the need for execution
or filing of any further documents or instruments otherwise
required to be filed or be executed or filed under non-bankruptcy
law.
These events constitute an "Event of Default":
a. If the Debtor breaches any term or condition of the Order
or any of the Lender's loan documents, other than defaults existing
as of the Petition Date;
b. If the Case is converted to a case under Chapter 7 of the
Bankruptcy Code;
c. If the case is dismissed; or
d. If any violation or breach of any provision of the Order
occurs.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=eDewQc from PacerMonitor.com.
The Debtor projects $576,000 in gross income and $155,116 in total
expenses for one month.
About OZ Naturals, LLC
OZ Naturals, LLC manufactures natural skin care products. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 23-13005) on April 18, 2023. In the
petition signed by CFO Michael D. Small, the Debtor disclosed
$633,123 in assets and $1,482,356 in liabilities.
Judge Mindy A. Mora oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC, represents the Debtor
as legal counsel.
PARADOX RESOURCES: Files Bare-Bones Chapter 11 Petition
-------------------------------------------------------
Paradox Resources LLC filed for chapter 11 protection in the
Southern District of Texas without stating a reason.
According to court filings, Paradox Resources estimates between $50
million and $100 million in debt owed to 1,000 to 5,000
creditors. The petition states that funds will be available to
unsecured creditors.
About Paradox Resources
Paradox Resources, LLC, is an integrated energy company that now
owns multiple producing oil and gas fields.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90558) on May
22, 2023.
In the petition signed by Todd A. Brooks, CEO, the Debtor
disclosed
up to $100 million in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtor tapped Okin Adams Bartlett Curry LLP as legal counsel,
Stout Risius Ross, LLC, as restructuring advisor, and Donlin,
Recano
& Co., Inc. as notice, claims and balloting agent.
PARADOX RESOURCES: Taps Donlin Recano as Claims and Noticing Agent
------------------------------------------------------------------
Paradox Resources, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Donlin, Recano &
Company, Inc. as claims and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Debtor's Chapter 11 case.
The firm will bill these hourly fees:
Executive Management No charge
Senior Bankruptcy Consultant $185 - $225
Case Manager $170 - $185
Consultant/Analyst $140 - $165
Technology/Programming Consultant $95 - $135
Clerical $40 - $50
Nellwyn Voorhies, Donlin executive director, disclosed in a court
filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Nellwyn Voorhies
Donlin, Recano & Company, Inc.
48 Wall Street
New York, NY 10016
Telephone: (619) 346-1628
Email: nvoorhies@donlinrecano.com
About Paradox Resources
Paradox Resources, LLC is a Houston-based integrated energy company
that now owns multiple producing oil and gas fields.
Paradox Resources sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texsa Lead Case No. 23-90558) on May
22, 2023. In the petition signed by its chief executive officer,
Todd A. Brooks, the Debtor disclosed $50 million to $100 million in
both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtor tapped Okin Adams Bartlett Curry, LLP as legal counsel;
Stout Risius Ross, LLC as restructuring advisor; and Donlin, Recano
& Co., Inc. as notice, claims and balloting agent.
PAVERS INC: Court Approves Sale of Salina Events Center for $580K
-----------------------------------------------------------------
Judge Dale L. Somers of the U.S. Bankruptcy Court for the District
of Kansas authorized Pavers Inc. to sell its Events Center commonly
known as 638 Francis St., in Salina, Kansas, and the improvements,
appurtenances, and fixtures thereon to 4th and Walnut, LLC for
$580,000.
The Real Estate Purchase Agreement dated March 14, 2022 is
approved. Pursuant to the Agreement, the Debtor proposed to sell
to DALS, LLC the real property. After completing its due diligence
under the Agreement, DALS assigned the Agreement to the Buyer
through the Assignment of Real Estate Purchase Agreement dated May
22, 2023.
The closing deadline extended to June 15, 2023.
The only party with the lien upon the Property is Plains State
Bank, who has consented to the Assignment.
The legal description of the Property may be modified to conform
more accurately to the depiction of the Property, to the extent
requested by The Mid-Kansas Title Co., Inc. In addition to the
real property, the Property will include certain personal property
consisting of inventory, furnishings, scheduled event reservations
occurring after the Closing date, and all deposits and rental
amounts for such events (which will be transferred to Buyer at
Closing by way of refund of a portion of the Purchase Price).
The following creditors may-hold interests in the Property, which
will be eliminated by the Order upon the closing of the Sale, to
Wit: Saline County, The Plains State Bank, dba Bank IV a division
of The Plains State Bank, Westfield Insurance Co., the U.S. Small
Business Administration, Concrete Supply of Topeka, LLC, dba
Builders Choice Concrete Co., Carter-Waters, LLC, West Bend Mutual
Insurance Company, Fremar Corp., Rusty A. Leister, Perry Fulsom
Construction, GCNA, KanSas Department ofRevenue, and Kansas
Department of Labor.
The Sale proceeds from the Property will be:
a. First applied to all costs of sale attributable to the
Property. Such costs may include transfer or sales taxes arising
from the Sale, title and document fees, recording costs, and any
other customary costs of sale. There are no marketing fees or
broker commissions arising from the Sale.
b. Second applied to retire the secured claim of Saline
County, Kansas, as applicable, on account of real property taxes
then accrued for the Property, including a pro rata portion of such
taxes as have accumulated through the closing of the Sale.
c. Third paid to Debtor in an amount sufficient to leave a
$50,000 balance in the Debtor's DIP account held by PSB and used by
Debtor as detailed in its Budget attached to the Agreed Order
Resolving Objections to Chapter 11 Plan. Such deposit will remain
subject to PSB's lien against the DIP account, the funds therein,
and the original sources of those funds.
All remaining proceeds then be paid to PSB in partial satisfaction
of its claims and subject to all of the terms and conditions set
forth in the Plan and the Plan Confirmation Order.
The Property will be sold free and clear of all liens,
encumbrances, easements, and restrictions of record, except those
highlighted in yellow on the Commitment for Title Insurance, which
will not be eliminated by the Sale. All requirements or exceptions
set forth on the Title Report, Schedules B-1 and B-II, which are
not highlighted in yellow, including all other liens, mortgages,
leases, servitudes, or encumbrances, will be eliminated by the Sale
and the Order.
The Buyer will pay all costs of any lender's policy of title
insurance, surveys performed, or other due diligence related to the
Property. Buyer and Debtor will split the cost of the owner's
policy of title insurance together with all escrow and closing
costs equally. The Debtor will pay the cost of all curative
recording documents or documents related to this bankruptcy
proceeding, with the Buyer to pay the costs of recording of any
deed and mortgage on the Property.
The Debtor will pay all 2022 and prior year real property taxes
associated with the Property as noted out of the proceeds of the
Sale, with the 2023 twice to be divided between the Debtor and the
Buyer on a pro rata basis.
About Pavers Inc.
Pavers Inc. provides design and installation of pavers, retaining
walls, water features and outdoor living areas.
Pavers Inc. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No.
22-40463) on August 8, 2022. In the petition filed by Jeffrey B.
Wilson, as president, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between $1
million and $10 million.
Kent L. Adams has been appointed as Subchapter V trustee.
David T Prelle Eron, of Prelle Eron & Bailey, PA, is the Debtor's
counsel. SMG Unlimited (Cherise Hughes) is the Debtor's bookkeeper
and Pickel & Bruckner, LLC (Thomas E. Pickel) is the accountant.
PAXE LATITUDE: Wants Plan Disclosures Deemed Timely Filed
---------------------------------------------------------
Paxe Latitude LP filed a motion seeking an order deeming the
Debtor's Disclosure Statement and Plan of Reorganization timely
filed.
The deadline to file a Plan and Disclosure Statement in the case
was May 22, 2023.
As set forth in the Horn Declaration, the Debtor was not able to
file its plan and disclosure statement until 3:30 am on the morning
of May 23, 2023 -- approximately three and one-half hours after the
deadline to file.
The Debtor's counsel, Eric H. Horn, began filing both documents at
approximately 10:30 p.m. on May 22, 2023. Mr. Horn was working in
his home office at that time. He made several attempts to file and
each time he was either kicked off Pacer or received a message to
reset cookies.
Mr. Horn kept trying to fix the issue, including going on a
different computer in his house, but to no avail. The Pacer help
desk was closed and Mr. Horn was at a loss to get the document
filed on the docket.
Finally, after many attempts and hours, at around 3:30 am on May
23, 2023, Mr. Horn was able to file both the plan and disclosure
statement.
The Debtor asserts that the Debtor's Plan and Disclosure Statement
Should be Deemed Timely Filed due to Excusable Neglect. The reason
for the approximate three and one-half hours delay in filing stemed
from Debtor's counsel's inability to access Pacer due to technology
failures. Mr. Horn took the steps to immediately notify the Court
and ask for assistance.
Counsel to the Debtor:
Eric H. Horn, Esq.
Heike M. Vogel, Esq.
Maria A.G. Harper, Esq.
A.Y. STRAUSS LLC
101 Eisenhower Parkway, STE 412
Roseland, NJ 07068
Tel: (973) 287-0966
Fax: (973) 226-4104
About Paxe Latitude LP
Paxe Latitude LP is a Single Asset Real Estate as defined in 11
U.S.C. Section 101(51B).
Paxe Latitude LP filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 23-11337) on Feb. 21,
2023. In the petition filed by David Goldwasser, Member of Manager
of General Partner, reported assets and liabilities between $10
million and $50 million.
The Debtor is represented by:
Eric H. Horn, Esq.
A.Y. STRAUSS LLC
101 Eisenhower Parkway, Suite 412
Roseland, NJ 07068
Tel: 973-287-5006
Email: ehorn@aystrauss.com
PETES AUTO: May Use $85,000 of Cash Collateral Thru June 30
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut
authorized Petes Auto Sales and Service LLC to use cash collateral
on an interim basis up to the maximum amount of $85,000, through
June 30, 2023.
The Debtor requires the use of cash collateral to pay ordinary
course of business expenses insurance, payroll, rent utilities,
costs of goods sold and payments to secured creditors.
Prior to the Petition Date, the Debtor was indebted to Shamrock
Finance, LLC pursuant to a note and secured collateral pursuant to
the Shamrock Note, on all the Debtor's property, real and personal.
On the Petition Date, Shamrock Finance asserts the outstanding
principal balance was $30,750.
Prior to the Petition Date, the Debtor was indebted to Lendora
Capital, LLC, and secured collateral pursuant to the Lendora
Agreement, on all the Debtor's property, real and personal. On the
Petition Date, Lendora asserts the outstanding principal balance
was $66,821.
As adequate protection, the Secured Creditors are granted a
continuing post-petition lien and security interest in all
pre-petition property of the Debtor as it existed on the Petition
Date, of the same type against which Secured Creditors held validly
protected liens and security interests as of the Petition Date and
a continuing post-petition lien in all property acquired by the
Debtor after the Petition date. The Replacement Liens will maintain
the same priority, validity and enforceability as Secured
Creditors' liens on the initial Collateral and will be recognized
only to the extent of any diminution in the value of the Collateral
resulting from the use of cash collateral pursuant to the Order.
To the extent the Replacement Liens granted to the Secured
Creditors are insufficient to compensate Secured Creditors for any
diminution in value of the Collateral, the Secured Creditors will
be entitled to a super-priority administrative claim pursuant to 11
U.S.C. section 503(b), and the Secured Creditors will be entitled
to the protections of and the priority set forth in 11 U.S.C.
section 507(b).
A further hearing on the matter is set for June 29, 2023 at 2:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=OmyF0G
from PacerMonitor.com.
The Debtor projects $73,025 in gross profit and $15,057 in total
expenses for one month.
About Petes Auto Sales
Petes Auto Sales & Service, LLC, also known as Pete's Auto Sales &
Service, LLC, filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Conn. Case No. 23-20344) on May 5,
2023. At the time of the filing, the Debtor reported $100,001 to
$500,000 in both assets and liabilities.
Judge James J. Tancredi oversees the case.
The Debtor is represented by Gregory F. Arcaro, Esq., at Grafstein
& Arcaro, LLC.
PLOURDE SAND: Court OKs Access to $490,500 of Cash Collateral
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire
authorized Plourde Sand & Gravel Co., Inc. to use cash collateral
up to $490,500 during the period between June 1, 2023 and August
31, 2023.
The Court said the Debtor may use and expend cash collateral to pay
the costs and expenses incurred by the Debtor in the ordinary
course of business and make adequate protection payments to the
extent provided for in the Budget.
The U.S. Internal Revenue Service and GreenLake Real Estate Fund,
LLC are granted adequate protection for the value of their liens
in, to or on the Debtor's interest in cash collateral.
GreenLake and the IRS are granted continuing, valid, binding,
enforceable and automatically perfected liens on the Debtor's
property acquired post-petition, excluding so-called Chapter 5
Claims, which liens will be supplemental and in addition to liens
on the Petition Date and will attach to the same types of property
and with the same validity, extent and priority as to which their
respective liens existed prior to the Petition Date.
Each Potential Record Lienholder -- other than IRS and Greenlake --
are granted a replacement lien in, to and on the Debtor's
post-petition property of the same kinds and types as the
collateral in, to and on which it held valid and enforceable,
perfected liens on the Petition Date as security for any Diminution
in Value of the collateral held by any Record Lienholder on the
Petition Date which will have and enjoy the same priority as it had
on the Petition Date under applicable state law.
The replacement liens granted will be deemed valid and perfected
notwithstanding any requirements of non-bankruptcy law with respect
to perfection and will be supplemental and in addition to any liens
held on the petition date.
A further hearing on the matter is set for August 16 at 11 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=Jwqjed from PacerMonitor.com.
The Debtor projects total disbursements, on a monthly basis, as
follows:
$173,755 for June 2023;
$160,122 for July 2023; and
$156,623 for August 2023.
About Plourde Sand & Gravel Co., Inc.
Plourde Sand & Gravel Co., Inc. owns eight properties located in
New Hampshire having an aggregate total value of $5.34 million.
Plourde Sand filed for Chapter 11 bankruptcy protection (Bankr.
D.N.H. Case No. 23-10039) on Jan. 30, 2023. In the petition signed
by Daniel O. Plourde, sole shareholder and vice president, the
Debtor disclosed $9,192,623 in assets and $8,072,411 in
liabilities.
Judge Bruce A. Harwood oversees the case.
William S. Gannon PLC, is the Debtor's legal counsel.
PORTER'S PENINSULA: Taps Warner Norcross + Judd as Legal Counsel
----------------------------------------------------------------
Porter's Peninsula Logging, LLC received approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire
Warner Norcross & Judd, LLP as its legal counsel.
The firm's services include:
1. advising the Debtor of its rights, powers and duties;
2. attending meetings and negotiating with creditors and other
parties involved in the Debtor's Chapter 11 case;
3. advising the Debtor regarding the conduct of its case,
including all of the legal and administrative requirements of
operating in Chapter 11;
4. assisting the Debtor in evaluating its unexpired leases and
executory contracts;
5. taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, the defense of actions commenced against the estate,
negotiations concerning litigation in which the Debtor may be
involved, and objections to claims filed against the estate;
6. preparing a plan of reorganization, disclosure statement
and related documents and taking necessary actions to obtain
confirmation of the plan;
7. appearing before the court and the Office of the U.S.
Trustee; and
8. performing other necessary legal services for the Debtor.
Warner received the sum of $6,000 as retainer.
Rozanne Giunta, Esq., a partner at Warner who will be handing the
case, will bill $500 per hour for her services and will seek
reimbursement for work-related expenses.
Ms. Giunta disclosed in a court filing that her firm does not
represent any interest adverse to the Debtor.
The firm can be reached at:
Rozanne M. Giunta, Esq.
Warner Norcross + Judd, LLP
715 E. Main Street, Suite 110
Midland, MI 48640-5382
Tel: 989-698-3759
Fax: 989-486-6159
Email: giunta@wnj.com
About Porter's Peninsula Logging
Porter's Peninsula Logging, LLC is a logging company in Atlanta,
Mich.
Porter's Peninsula Logging sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-20563) on
May 19, 2023, with up to $500,000 in assets and up to $10 million
in liabilities. Todd M. Porter, sole member, signed the petition.
Judge Daniel S. Oppermanbaycity oversees the case.
Rozanne M. Giunta, Esq., at Warner Norcross + Judd, LLP represents
the Debtor as legal counsel.
PRODUCE DEPOT: Unsecureds Owed $996K to Get 4% Dividend
-------------------------------------------------------
Produce Depot USA LLC submitted a Third Amended Small Business
Disclosure Statement.
The PACA Trust Claims of Prometo Produce Corp. and C.H. Robinson
Worldwide, Inc was settled and paid in full pursuant to terms of
the Stipulation, approved by the Court on Sept. 15, 2022, which
terms and conditions are incorporated and part of the Plan. The
Stipulation has been funded by Produce Depot USA LLC, the Debtor,
and by Luis A. Ruelas.
The PACA Trust claim of Natural Flavor Produce LLC was settled and
was paid in full on February 14, 2023, pursuant to the terms of the
Stipulation of Settlement dated August 2022, reached between
Produce Depot USA, LLC and Natural Flavor Produce LLC and approved
by the Bankruptcy Court order dated February 9, 2023.
All remaining administrative fees, priority and non-priority,
undisputed, unsecured creditors and any settlement agreement of any
claim whose objection has not been sustained, will be paid from
funds accumulated in the Debtor's DIP account from the date of the
petition and from the personal contribution of Luis A. Ruelas. As
of date of this Disclosure Statement and Plan, the balance of the
Debtor's DIP account is $64,206.00.
Under the Plan, Class II Unsecured Claims total $995,635. Each
creditor will receive 4% dividend in lump sum payment on the
Effective Date of the Plan.
In the event the Debtor's claim objection with respect to the proof
of claim filed by Green Light Go. Inc. in the amount of $83,748 is
sustained, Green Light Go. Inc. will receive 4% dividend in the
amount of $3,350 to be paid in one lump sum payment on the
Effective Date of the Plan.
In the event the Debtor's claim objection with respect to the proof
of claim filed by Chrome Capital Funding Group in the amount of
$168,883 is sustained, Chrome Capital Funding Group will receive 4%
dividend in the amount of $6,755 to be paid in one lump sum payment
on the Effective Date of the Plan.
Class II is impaired.
Attorney for the Debtor Produce Depot USA LLC:
Alla Kachan, Esq.
2799 Coney Island Ave., Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-315
E-mail: alla@kachanlaw.com
A copy of the Disclosure Statement dated May 24 2023, is available
at bit.ly/3N1CtNS from PacerMonitor.com.
About Produce Depot USA
Produce Depot, LLC, is a merchant wholesaler of grocery and related
products in Brooklyn, N.Y.
Produce Depot sought Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 22-40412) on March 2, 2022, listing $1,660,488 in
liabilities. On June 9, 2022, the case was transferred to the U.S.
Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case
No. 22-14771).
Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C., is the
Debtor's counsel.
PROPERTY HOLDERS: $109K Sale of Cedar Rapids Property Approved
--------------------------------------------------------------
Judge Thad J. Collins of the U.S. Bankruptcy Court for the Northern
District of Iowa approved Property Holders, Ltd.'s proposed sale of
the real property located at 1557 6th AVE SE, in Cedar Rapids,
Iowa, to Larry Wayne Wilhemi for $100,039.37.
The sale is free and clear of the mortgage lien of the Greenstate
Credit Union. The lien of the Greenstate Credit Union will attach
to the net sale proceeds upon a release of the mortgage lien and
judgment liens and satisfaction of the foreclosure decree as
described in the Debtor's motion.
About Property Holders
Property Holders, LTD filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 22-00744) on
Nov. 21, 2022. In the petition filed by Charles A. Davisson, its
president, the Debtor reported $2,771,431 in assets and $2,861,618
in liabilities as of Sept. 30, 2022.
Judge Thad J. Collins oversees the case.
The Debtor tapped Rush M. Shortley, Esq., as bankruptcy counsel
and Tom Riley Law Firm, PLC as general civil counsel.
PURRY & SON: Unsecured Creditors to Split $87K over 5 Years
-----------------------------------------------------------
Purry & Son Trucking Corp. submitted a First Amended Disclosure
Statement in support of First Amended Plan of Reorganization dated
May 30, 2023.
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 $86,954.39 (the "Total Plan Payment") which shall be paid
in installments of $8,695.43 bi-annual (every 6 months) over 5
years with the first payment beginning 30th day of the month
following the effective date of this Plan.
If there is an objection based upon the absolute priority rule and
new value contribution, the Debtor reserves the right to supplement
accordingly.
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 First Amended Disclosure Statement dated
May 30, 2023 is available at https://urlcurt.com/u?l=2qhmer 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.
QUALTEK SERVICES: To Seek Plan Confirmation on June 30
------------------------------------------------------
Judge Christopher Lopez has entered an order that the combined
hearing of Qualtek Services Inc., et al., at which time this Court
will consider, among other things, final approval of the adequacy
of the Disclosure Statement and confirmation of the Plan, shall be
held on June 30, 2023, at 1:00 p.m., prevailing Central Time.
The Disclosure Statement is conditionally approved and its use in
the Debtors' solicitation of acceptances of the Plan is approved.
Any objections to the adequacy of the Disclosure Statement and
confirmation of the Plan must be filed on or before June 23, 2023,
at 4:00 p.m., prevailing Central Time.
The Plan confirmation schedule is approved (subject to modification
as necessary) as follows:
* The Voting Record Date May 24, 2023.
* The Solicitation Commencement Date As of date upon entry of
this Order
* The DIP-to-Exit Participation Deadline will be on June 8 at
4:00 p.m., prevailing Central Time.
* The Voting Deadline will be on June 23, 2023, at 4:00 p.m.,
prevailing Central Time.
* The Opt-Out Deadline will be on June 23, 2023, at 4:00 p.m.,
prevailing Central Time.
Reorganization Plan
Qualtek Services Inc., et al., submitted a Disclosure Statement
relating to the Debtors' Joint Plan of Reorganization.
As of the Petition Date, the Debtors have $625.3 million in funded
debt, consisting of the following:
* an asset-based revolving credit facility with approximately
$75.7 million including accrued and unpaid interest outstanding
(the "ABL Facility");
* three secured term-loan facilities with approximately $418.3
million including accrued and unpaid interest outstanding (the
"Term Loan Facilities"); and
* an unsecured convertible notes issuance with approximately
$131.1 million including accrued and unpaid interest outstanding
(the "Convertible Notes").
In January 2023, the Debtors and its advisors commenced a financing
process to solicit proposals from both existing lenders and
potential third-party financing sources for a "first-in, last-out
loan" or an alternative structure necessary to obtain much-needed
liquidity and bridge to a holistic restructuring transaction.
Although QualTek did not receive any actionable third-party
proposals, an ad hoc group of lenders (the "Ad Hoc Group") under
the Term Loan Facilities sent a proposal for bridge financing to be
provided under the existing term loan documents. Following weeks of
hard-fought, arms'-length negotiations, the Debtors and the Ad Hoc
Group closed on a bridge financing transaction (the "Bridge
Financing") on March 16, 2023. Pursuant to the Bridge Financing,
QualTek incurred up to $75 million in new money incremental term
loan commitments, including $55 million of immediately available
new money term loans, while participating lenders rolled over, at a
rate of 1.334:1, existing Tranche B Term Loans into a new term loan
facility in an aggregate principal amount of approximately $101.4
million (the "Rollover Term Loans"). Importantly, the ability to
participate in the Bridge Financing was offered to all Term Loan
Lenders, with holders of over 80% in principal amount of term loans
ultimately participating.
Immediately following closing of the Bridge Financing, the Debtors
and the Ad Hoc Group engaged in negotiations for a comprehensive
restructuring transaction. The Bridge Financing contained a
milestone to execute a restructuring support agreement by April 14,
2023, which date was ultimately extended to May 15, 2023. Using the
two months of additional runway provided by the Bridge Financing,
the Debtors engaged in hard-fought negotiations with the Ad Hoc
Group, PNC Bank, N.A. ("PNC"), certain holders of the Convertible
Notes, and its equity sponsor. The parties have reached an
agreement in principle and are preparing to execute an RSA
immediately following the Petition Date. The Debtors anticipate
that the Plan will enjoy the overwhelming support of its creditors,
eliminates approximately $312 million of the Company's funded debt,
leaves trade creditors unimpaired, and provides the Company with
$65 million in additional liquidity through viable and adequate DIP
and exit financing commitments.
The RSA sets forth a clear pathway to emergence. QualTek believes
the transactions embodied in the Plan will leave the reorganized
enterprise with a considerably diminished debt load and, when
combined with the Company's new business plan, well-positioned to
compete in the wireless and wireline infrastructure, recovery, and
renewables markets, including by pursuing business transactions
that may become achievable due to QualTek's right-sized balance
sheet. With the support of its lenders, the Debtors seek authority
to move through the chapter 11 process on an expedited basis:
confirmation in approximately thirty-five days and emergence in
approximately sixty-five days or less.
The Plan contemplates the following stakeholder recoveries:
* Holders of Administrative Claims and Other Priority Claims
will receive payment in full in cash;
* Holders of Allowed Priority Term Loan Claims will have its
Priority Term Loan Claim converted on a dollar-for-dollar basis
into a 1L Exit Facility Loan;
* Holders of Allowed Rollover Term Loan Claim will receive its
pro rata share of the 3L Exit Facility Loans;
* Holders of Allowed Tranche B Term Loan Claims will receive its
pro rata share of 40 percent of the New Equity Interests, subject
to dilution by the Warrants and the MIP;
* Holders of Allowed Convertible Notes Claims (i) its pro rata
share of 10 percent of New Equity Interests, subject to dilution by
the Warrants and the MIP, and (ii) its pro rata share of the
Warrant; and
* General Unsecured Claims will be Reinstated or otherwise
receive payment in full in cash.
Given the overwhelming support for the Debtors' restructuring, the
Debtors elected to pursue a prearranged restructuring to maximize
value by minimizing both the costs of restructuring and the impact
on the Debtors' businesses. Allowing all vendors, employees, and
trade partners to recover in full will allow the Debtors to
minimize disruptions to their go-forward operations while
effectuating a value-maximizing transaction through the chapter 11
process. With the support of their lenders, the Debtors seek
authority to move through the chapter 11 process on an expedited
basis: confirmation in forty-five days and emergence in sixty-five
days.
The deleveraging and liquidity-enhancing Restructuring Transactions
set forth in the Plan represent a value-maximizing path forward.
Consummation of the Restructuring Transactions will position the
Debtors to capitalize on their core strengths—including their
communications products, solutions, and services—to achieve
long-term success. The Plan is in the best interests of the
Debtors' estates and represents the best available alternative at
this time.
Under the Plan, Class 5 General Unsecured Claims are unimpaired.
Each Holder of an Allowed General Unsecured Claim shall receive
either: (i) Reinstatement of such Allowed General Unsecured Claim
pursuant to section 1124 of the Bankruptcy Code; or (ii) payment in
full in Cash on (a) the Plan Effective Date, or (b) the date due in
the ordinary course of business in accordance with the terms and
conditions of the particular transaction giving rise to such
Allowed General Unsecured Claim. Creditors will recover 100% of
claims.
The Debtors and the Reorganized Debtors, as applicable, shall fund
distributions under the Plan with: (1) the proceeds from the Exit
Facilities, (2) the proceeds from the DIP-to-Exit Allocation, (3)
the New Equity Interests, (4) the Warrants, and (5) the Cash on
hand.
Proposed Co-Counsel to the Debtors:
Matthew D. Cavenaugh, Esq.
Genevieve M. Graham, Esq.
Emily Meraia, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Telephone: (713) 752-4200
Facsimile: (713) 752-4221
E-mail: ggraham@jw.com
emeraia@jw.com
- and -
Joshua A. Sussberg, Esq.
Christopher T. Greco, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
E-mail: joshua.sussberg@kirkland.com
christopher.greco@kirkland.com
- and –
Jaimie Fedell, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle Street
Chicago, IL 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
E-mail: jaimie.fedell@kirkland.com
A copy of the Order dated May 24, 2023, is available at
bit.ly/3IMoPvt from PacerMonitor.com.
A copy of the Disclosure Statement dated May 24, 2023, is available
at bit.ly/45t77a6 from PacerMonitor.com.
About QualTek
Founded in 2012, QualTek (NASDAQ: QTEK) --
https://www.qualtekservices.com/ -- is a leading technology-driven
provider of infrastructure services to the 5G wireless, telecom,
power grid modernization and renewable energy sectors across North
America. QualTek has a national footprint with more than 65
operation centers across the U.S. and a workforce of over 5,000
people. QualTek has established a nationwide operating network to
enable quick responses to customer demands as well as proprietary
technology infrastructure for advanced reporting and invoicing. The
Company reports within two operating segments: Telecommunications,
and Renewables and Recovery and has already become a leader in
providing disaster recovery logistics and services for electric
utilities.
QualTek Services Inc. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 23-90584) on May 24,
2023.
QualTex disclosed $688,927,000 in assets against $789,647,000 in
total debt as of Dec. 31, 2022.
The Hon. Christopher M. Lopez is the case judge.
Kirkland & Ellis LLP and Jackson Walker LLP are serving as legal
counsel, Jefferies is serving as investment banker, and Alvarez &
Marsal is serving as financial advisor to the Company. The Company
has retained C Street Advisory Group to serve as the strategy and
communications advisor. Epiq is the claims agent.
R&W CLARK CONSTRUCTION: Court OKs Cash Collateral Access Thru June
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized R&W Clark Construction, Inc. to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance, through June 30, 2023.
As previously reported by the Troubled Company Reporter, three
creditors may assert a security interest in and to the Debtor's
assets:
a. The Illinois Department of Employment Security asserts a
security interest in the Collateral based upon the filing of
notices of lien filed for the time period from February 11, 2004
through December 11, 2018. The IDES asserts a secured claim in the
amount of $294,758.
b. The Internal Revenue Service asserts a security interest in
the Collateral based upon the filing of notices of lien filed for
the time period from August 7, 2012 through February 23, 2023. The
IRS asserts a secured claim in the amount of $1,210,075.
c. The U.S. Small Business Administration asserts a security
interest in the Collateral by virtue of a UCC Financing Statement
filed with the Illinois Secretary of State on March 12, 2021
related to two Notes, dated February 26, 2021 and September 7, 2021
in the amounts of $150,000 and $500,000, respectively. The current
balance due the SBA is $650,000. Based upon the IDES' and the IRS'
higher priority lien claims in and to the Collateral, there exists
no equity in the Collateral to support the SBA's secured claim.
As adequate protection, the IDES, the IRS and any other lien
claimants are granted valid and perfected replacement liens in and
to post-petition cash collateral and all post-petition property of
the Debtor of the same type or kind substantially equivalent to the
pre-petition Collateral (excepting avoidance actions of the estate)
to the same extent and with the same priority as held pre
petition.
A further hearing on the matter is set for June 28, 2023 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=Et4m0I
from PacerMonitor.com.
About R&W Clark Construction
R&W Clark Construction, Inc. filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-03279) on March 11, 2023. In the petition filed by Richard
Clark, president and sole shareholder, the Debtor reported up to
$50,000 in assets and up to $10 million in liabilities.
Judge Timothy A. Barnes oversees the case.
The Debtor tapped Gregory K. Stern, PC as counsel and Ziegler &
Associates, Ltd. as accountant.
RAW INDULGENCE: Seeks Cash Collateral Access
--------------------------------------------
Raw Indulgence, Ltd. asks the U.S. Bankruptcy Court for the
Southern District of New York for authority to use cash collateral
and provide adequate protection to KeyBank National Association.
The Debtor requires the use of KeyBank's cash collateral on a
continued basis to pay ordinary operating expenses relating to
their business, including among other things, payroll, taxes and
payments to ordinary course service providers and vendors.
Prior to the Petition Date, the Debtor entered into a U.S. Small
Business Administration Loan dated March 19, 2015, with KeyBank,
whereby KeyBank loaned the principal sum of $890,000 to the Debtor,
which obligation was secured pursuant to, inter alia, a Security
Agreement dated March 19, 2015.
The Security Agreement, among other things, granted KeyBank a
security interest in all of the Debtor's assets, specifically but
not limited to, all personal and fixture property of every kind and
nature.
KeyBank holds a first priority perfected security interest in the
Collateral to secure the Debtor's indebtedness to KeyBank under the
Loan Documents, not subject to any offset, claim or defense by the
Debtor. The Debtor further acknowledges that there may be other
parties that may assert an interest in the Collateral, including
the SBA.
The Debtor acknowledges that on or about January 29, 2022, the
Debtor obtained an EIDL loan in the amount of $2 million from the
SBA, at an interest rate of 3.75% which was memorialized in a
promissory note.
The Debtor owes KeyBank not less than the amount of $228,733.
As adequate protection, the Debtor proposes to grant KeyBank, the
SBA, and the Other Secured Parties a valid, perfected and
enforceable post-petition replacement lien on and sec urity
interest in all assets of the Debtor and the proceeds thereof.
In addition to the Replacement Liens granted to KeyBank and the
SBA, the Debtor further grants replacement liens and security
interests in all assets of the Debtor to any other party, including
the Other Secured Parties, who filed prior to the Petition Date a
UCC-1 financing statement against the Debtor with the Secretary Of
the State of New York, with the Replacement Liens to continue in
the same order and priority that existed as of the Petition Date
without determination as to the nature, extent, priority and
validity of same, and shall not attach or be enforceable against
any avoidance actions.
As additional adequate protection for the Debtor's use of cash
collateral, KeyBank and the SBA will be granted a superpriority
administrative claim in their continuing order of priority that
existed as of the Petition Date, solely to the extent of any
post-Petition Date diminution in value of its Collateral arising
from the Debtor's use of the cash collateral. The Superpriority
Claim will have priority over all other administrative expense
claims and unsecured claims against the Debtor's estate, now
existing or hereafter arising, of any kind or nature whatsoever.
As further adequate protection for the Secured Creditors, the
Debtor will make monthly payments to KeyBank, in accordance with
the Note, not later than the thirtieth day of each month, in the
estimated amount of $10,544 as adequate protection for any
diminution in the value of any collateral securing its lien as a
result of the use of cash collateral.
Additionally, the Debtor will make monthly payments to the SBA for
the duration of the Interim Order, not later than the 30th day of
each month (and the last day of February), in the amount of $5,000
as adequate protection for any diminution in the value of any
collateral securing its lien as a result of the use of cash
collateral, commencing in the month of the date of entry of the
Interim Order.
A copy of the motion is available at https://urlcurt.com/u?l=90yXAe
from PacerMonitor.com.
About Raw Indulgence
Raw Indulgence is a protein bar manufacturer in Elmsford, NY.
Raw Indulgence sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-22350) on May 8, 2023.
In the petition filed by Alice Benedetto, as chief executive
officer, the Debtor reports total assets of $708,412 and total
liabilities of $3,888,567.
The case is overseen by Honorable Bankruptcy Judge Sean H. Lane.
The Debtor is represented by Robert L. Rattet, Esq. at DAVIDOFF
HUTCHER & CITRON LLP.
RENEWABLE ENERGY: Selling Business Assets to Matter for $4.6-Mil.
-----------------------------------------------------------------
Renewable Energy Holdings of Georgia, LLC, Cash Environmental
Resources, LLC, Cash Development, LLC, Cash Environmental Holdings,
LLC, and Green Energy Transport, LLC, ask the U.S. Bankruptcy Court
for the Northern District of Georgia to approve the sale of all
assets and real property, including the Transferred Real Property
and existing Leases associated with the Seller's waste management
and landfill business conducted in the State of Georgia, to Matter
Management Enterprises, LLC, for $4.6 million plus the release of
the Seller's Financial Assurance Fund, which is in an amount of no
less than $900,000.
On Dec. 28, 2021, the Debtors entered into a refinancing
transaction with Comerica Bank, a Texas banking association,
whereby they consolidated all existing debt on real property,
machinery, vehicles and equipment with Comerica pursuant to those
certain Comerica Loan Documents. As of April 30, 2023, Comerica is
owed no less than $10,228,558.55, plus all interest, fees, costs,
attorneys’ fees and other charges, indemnities and payment and
performance obligations outstanding under or evidenced by the
Comerica Loan Documents at any time on April 30, 2023.
Pursuant to the Asset Purchase Agreement dated April 6, 2023, as it
may be amended or supplemented, the Debtor seeks to sell certain
assets referred to in the APA as the "Transferred Assets" to the
Buyer for the amount of $4.6 million plus the release of the
Seller's Financial Assurance Fund, which is in an amount of no less
than $900,000.
Subject to the satisfaction of all conditions precedent, the
Parties agree to consummate the transactions on the thirtieth
Business Day following the date the Approval Order from the Court
is final and non-appealable, or such other date as the Parties may
mutually agree.
On May 19, 2023, the Debtors and Debtor Coastal Landfill Disposal
of Florida, LLC filed (i) Amended Disclosure Statement for Plan of
Reorganization (as amended or modified) and (ii) an Amended Joint
Plan of Reorganization (as amended or modified, with the consent of
Comerica). On May 22, 2023, the Court entered an Order setting the
hearing for confirmation of the Plan for June 22, 2023.
As part of the Plan, the Debtors seek approval of the sale of the
Georgia Operations and payment of the proceeds of the sale of the
Georgia Operations to Comerica. Pursuant to the Plan treatment of
Comerica, the proceeds of the sale are required to be paid to
Comerica on June 30, 2023, under the Plan.
The Debtors are filing the instant Motion to enable the Closing
Date to occur prior to June 30, 2023.
Comerica has consented to the sale of the Transferred Assets
subject to the payment of the proceeds to Comerica at closing.
The Sale will not pay off the entire Comerica Debt. The remainder
of the Comerica Debt will continue to attach to and be secured by
all of the Debtors’ assets that are not Transferred Assets and,
among other assets, those assets of the affiliated Debtor Coastal
Landfill Disposal of Florida, LLC.
The Sale is within the sound business judgment of the Debtor as it
would start to satisfy in part a significant joint liability of the
estates.
About Renewable Energy Holdings of Georgia
Renewable Energy Holdings of Georgia, LLC specializes in hauling,
disposal and recycling of construction demolition waste with its
principal place of business located at 375 Industrial Park Road,
Cartersville, Ga., and its headquarters located at 2859 Paces
Ferry
Road, Suite 1150, Atlanta, Ga.
Renewable Energy Holdings of Georgia sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-41005) on Aug. 26, 2022, with up to $50,000 in assets and up to
$10 million in liabilities. Carson Cash King, authorized
representative, signed the petition.
Judge Barbara Ellis-Monro oversees the case.
The Debtor tapped Cameron M. McCord, Esq., at Jones & Walden, LLC
as bankruptcy counsel; Lawrence M. Merlin, Esq., at Merlin &
Associates, LLC as special counsel; and Windham Brannon, LLC as
accountant.
ROCK RIDGE: Creditors to Get Proceeds From Liquidation
------------------------------------------------------
Rock Ridge Farms Partnership filed with the U.S. Bankruptcy Court
for the Eastern District of North Carolina a Disclosure Statement
describing Chapter 11 Plan dated June 1, 2023.
The Debtor is a North Carolina general partnership engaged in
farming sweet potatoes, peanuts, soybeans and corn in and around
Wilson County, North Carolina. The three partners are brothers:
Robert, Wiley, and Michael Boyette.
Some secured and judgment creditors began to aggressively pursue
collection of amounts due over the last few years. Due to the
current economic climate in farming, the amount of debt, and the
age of the partners, the Debtor decided to file this bankruptcy
case in order to pursue an orderly liquidation of its real and
personal assets to satisfy its debt.
The Debtor's primary assets consist of several parcels of real
property located in Wilson County, North Carolina, farm equipment
and vehicles, sweet potato inventory, and an expectation of federal
farm program payments.
On March 17-18, 2023, with Court approval, the Debtor sold its farm
equipment and other personal property through public auction, with
total sale proceeds of approximately $3,525,565. The sale was
confirmed and the funds disbursed as directed by the Court by Order
dated May 19, 2023.
The Debtor's Plan of Reorganization is based upon the Debtor's
belief that the interests of its creditors will be best served if
it is allowed to orderly liquidate its assets over time rather than
in a forced-sale environment. The liquidation of assets will
generate the greatest source of funds for the benefit of creditors.
Class XI consists of General Unsecured Claims. Holders of Allowed
Claims in this Class will receive a pro rata distribution of the
Liquidation Proceeds in accordance with the Waterfall Schedule
described therein. In the event that a holder of a Claim does not
accept the Plan, the Debtor reserves any and all rights and
remedies available to it to satisfy Section 1129(a)(7)(ii) of the
Bankruptcy Code. This class is impaired.
Class XII consists of Equity Security Holders. The equity security
holders listed above shall retain nothing as a result of their
ownership interests upon confirmation of the Plan unless all
allowed claims are paid in full.
Payments and distributions under the Plan will be funded by the
following:
* Liquidation of the Debtor's real and personal property.
Essentially, the Debtor proposes to liquidate all real and personal
property necessary to satisfy the claims of creditors.
* Proceeds from the sale of sweet potato inventory.
* Rental proceeds from lease of labor camp facility in Wilson
County, NC.
* Payments from the USDA Farm Service Agency in the
anticipated amount of $124,396.
* Proceeds, if any, from the recovery of any claims which the
Debtor may have against third parties including but not limited to
claims under Chapter 5 of the Bankruptcy Code.
A full-text copy of the Disclosure Statement dated June 1, 2023 is
available at https://urlcurt.com/u?l=KZskeO from PacerMonitor.com
at no charge.
Counsel for the Debtor:
David F. Mills, Esq.
Narron Wenzel, P.A.
P.O. Box 1567
102 S. Third Street
Smithfield, NC 27577
Tel: (919) 934-0049
Fax: (919) 938-1058
Email: dmills@narronwenzel.com
About Rock Ridge Farms Partnership
Rock Ridge Farms Partnership is in the business of farming sweet
potatoes, soybeans, corn, and peanuts in and around Wilson County,
N.C.
Rock Ridge Farms sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00291) on Feb. 2,
2023, with up to $10 million in both assets and liabilities. Robert
C. Boyette, partner at Rock Ridge Farms, signed the petition.
Judge Joseph N. Callaway oversees the case.
David F. Mills, Esq., at Narron Wenzel, P.A., is the Debtor's legal
counsel.
ROCK SPLITTERS: Bid to Use Cash Collateral Denied as Moot
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Central Division, denied as moot the motion to use cash collateral
filed by Rock Splitters, Inc. as the case has been dismissed.
As previously reported by the Troubled Company Reporter, the Debtor
owes the Internal Revenue Service approximately $615,000 in
prepetition tax liabilities. Approximately all of this amount is
subject to tax liens.
The Debtor owes the Massachusetts Department of Revenue
approximately $82,000 in prepetition tax liabilities of which
approximately $59,000 is asserted to be secured.
Nearly all of the tax debt purported to be owed is for withholding
taxes. The taxes have been personally assessed against the Debtor's
principal and he is on a payment plan with both the DOR and IRS.
On August 8,2022, a judgment creditor, Huhtala Oil and Templeton
Garage, Inc., seized certain assets of the Debtor including a
truck, a compressor and a drilling machine. Upon the filing of the
case, the assets were released to the Debtor.
About Rock Splitters
Rock Splitters, Inc. is engaged in the business of blasting,
drilling, and splitting rocks in construction.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 22-40584) on Aug. 10,
2022, listing as much as $1 million in both assets and
liabilities.
David Mawhinney serves as Subchapter V trustee.
Judge Elizabeth D. Katz oversees the case.
James O'Connor, Jr., Esq., at Nickless, Phillips and O'Connor,
serves as the Debtor's bankruptcy counsel.
ROYALE ENERGY: Delays Filing of March 31 Form 10-Q
--------------------------------------------------
Royale Energy, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission with respect to its Quarterly Report on Form
10-Q for the period ended March 31, 2023.
Royale said, "As previously announced, the Registrant's prior
independent registered public accounting firm resigned on December
5, 2022. Interviewing and finding a replacement accounting firm
was a lengthy process and, as a result, the Registrant did not
engage Horne LLP as its independent public accounting firm for the
fiscal year ended December 31, 2022 until March 31, 2023.
Accordingly, the Registrant was unable to file its Annual Report on
Form 10-K for the year ended December 31, 2022 prior to the filing
deadline for the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2022, as Horne LLP must still complete its audit
with respect to the year ended December 31, 2022. As the audit
process remains ongoing and the Registrant continues to work on the
Annual Report for the year ended December 31, 2022, the Registrant
will be unable to file its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2023 within the prescribed time period, as
the Registrant Company will not be able to compile the requisite
financial data and other narrative information necessary to enable
it to complete the Company's Quarterly Report on Form 10-Q by the
filing deadline until it has completed its audit process for the
year ended December 31, 2022. The Registrant will file its Form
10-K as soon as practicable, but does not anticipate that it will
be filed until after the fifth day following the prescribed due
date."
About Royale
El Cajon, CA-based Royale Energy, Inc. -- http://www.royl.com-- is
an independent oil and natural gas producer. Royale's principal
lines of business are the production and sale of oil and natural
gas, acquisition of oil and gas lease interests and proved
reserves, drilling of both exploratory and development wells, and
sales of fractional working interests in wells to be drilled by
Royale. Since 1993, Royale has primarily acquired and developed
producing and non-producing natural gas properties in California.
In December 2018, Royale became the operator of a newly acquired
field in Texas. The most significant factors affecting the results
of operations are (i) changes in oil and natural gas prices,
production levels and reserves, (ii) turnkey drilling activities,
and (iii) the increase in future cost associated with abandonment
of wells.
Royale Energy reported a net loss of $145,594 for the year ended
Dec. 31, 2022, compared to a net loss of $3.60 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $11.78
million in total assets, $21.30 million in total liabilities,
$23.61 million in mezzanine equity, and a total stockholders'
deficit of $33.14 million.
Ridgeland, Mississippi-based HORNE LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
May 19, 2023, citing that the Company has suffered recurring losses
from operations and its total liabilities exceed its total assets.
This raises substantial doubt about the Company's ability to
continue as a going concern.
SABRE GLBL: $675M Bank Debt Trades at 25% Discount
--------------------------------------------------
Participations in a syndicated loan under which Sabre GLBL Inc is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $675 million facility is a Term loan that is scheduled to
mature on June 30, 2028. About $671.6 million of the loan is
withdrawn and outstanding.
Sabre GLBL Inc. provides information technology services. The
Company offers technology solutions including data-driven business
intelligence, mobile, distribution, and Software as a Service
(SaaS) solutions. Sabre GLBL serves customers worldwide.
SALE LLC: Wins Interim Cash Collateral Access
---------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
authorized Sale, LLC d/b/a As Good as it Gets Cafe, to use cash
collateral on an interim basis in accordance with the budget.
As adequate protection, parties that assert a secured interest in
the Debtor's assets are granted replacement liens to the same
extent, priority and perfection and only to the extent unavoidable,
that those parties would have had in the absence of the bankruptcy
filing.
On or before the 30th day of each month in which the Order remains
in effect, the Debtor will make an adequate protection payment to
the Massachusetts Department of Revenue in the amount of $5,400, in
addition to its replacement lien.
A further telephonic hearing on the matter is set for July 26, 2023
at 10:30 a.m.
A copy of the order is available at https://urlcurt.com/u?l=HECLpd
from PacerMonitor.com.
About Sale, LLC
Sale, LLC is a family-owned cafe with homestyle breakfasts &
classic lunch eats, such as sandwiches, hamburgers, muffins, and
pancakes. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-10545) on April
10, 2023. In the petition signed by Abderrahim Hmina, manager, the
Debtor disclosed $7,500 in assets and $3.2 million in liabilities.
Judge Christopher J. Panos oversees the case.
Marques C. Lipton, Esq., at Lipton Law Group, LLC, represents the
Debtor as legal counsel.
SAMUEL E. SCOTT: Hearing on Hazelhurst Property Sale on June 6
--------------------------------------------------------------
Judge Jason D. Woodard of the U.S. Bankruptcy Court for the
Northern District of Mississippi will convene a hearing on June 6,
2023, at 1:30 p.m., to consider Samuel E. Scott's the sale of real
property located at 330 S. Extension St., in Hazelhurst, Copiah
County, Mississippi 39083, to Thomas and April Dawn Russell for
$240,000, free and clear of liens, claims, and interests.
All attorneys, parties, and other interested parties should follow
the dial-in instructions:
1. Complete the dial-in instructions at least 5 minutes prior
to the time of the hearing;
2. Dial 877-336-1829, and, when prompted, enter number
5667710#;
3. Once connected to the call, identify oneself by stating
name;
4. Once telephonic presence is acknowledged by the Courtroom
Deputy, mute phone until further notice of the Court;
5. Do not place the call on hold at any time during the call
as this may lead to disturbing noises for the other call
participants.
The counsel for the debtor is directed to serve a copy of the Order
and the Motion on the parties listed in Uniform Local Rule
9013-1(b)(2)(B), by the most expeditious method(s) possible.
Samuel E. Scott sought Chapter 11 protection (Bankr. N.D. Miss.
Case No. 11-12156-JDW) on May 12, 2011.
SAMUEL E. SCOTT: Russells Buying Hazelhurst Property for $240K
--------------------------------------------------------------
Leigh McGregor, the duly authorized representative of the
bankruptcy estate of Samuel E. Scott, asks the U.S. Bankruptcy
Court for the Northern District of Mississippi to approve the sale
of the real property located at 330 S. Extension St., in
Hazelhurst, Copiah County, Mississippi 39083, to Thomas and April
Dawn Russell for $240,000, free and clear of liens, claims, and
interests.
Prior to the filing of the Motion, McGregor (and perhaps others)
entered into the Contract for the Sale and Purchase of Real Estate
for the sale of the real property previously owned by the Debtor to
the Buyers.
The Court previously approved the employment of Betty Cline/Cline
Realty, LLC as the listing brokerage agent for McGregor and the
bankruptcy estate. McGregor (and perhaps others who may be in the
chain of title to the Real Property) have agreed to sell the Real
Property to the Purchasers pursuant to the terms of Contract for
the purchase price of $240,000.
Record title may be in the name of Carol Scott, the Debtor's widow
who has now departed this life as well. Mrs. Scott claims record
title through her purchase of the property for tax sales which
occurred, post-petition, but that occurred without the lifting of
the automatic stay and they were, accordingly, automatic stay
violations. The Court has not entered an order causing title to
revert to the Debtor/McGregor.
McGregor asserts that Mrs. Scott's family/heirs is/are amenable to
the sale, as indicated by the signature of Lynda Butcher, Mrs.
Scott's daughter. A number of parties in this case have advanced
funds for the preservation and maintenance of the Real Property
after Mrs. Scott moved out of the Real Property. Those claims need
to be filed with the Court, scheduled for objection deadlines and
hearings, and then paid in the event the Court sees fit to approve
payment of them from the proceeds of the sale of the Real Property.
That process will take at least several weeks, so that Mrs.
McGregor seeks to sell the Real Property free and clear of liens,
claims and interests except those listed thereinafter.
The sale is free and clear of liens, claims and interests with
liens, claims and interests that are enumerated in the Order to be
paid and satisfied at the closing of the transaction, and with any
other liens, claims or interests attaching to the sales proceeds,
without prejudice to the prosecution or defense of any of those
claims.
Samuel E. Scott sought Chapter 11 protection (Bankr. N.D. Miss.
Case No. 11-12156-JDW) on May 12, 2011.
SANOTECH 360: Sale of Ford F-250 Pickup & Isuzu NPR Box Trucks OK'd
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized SanoTech 360, LLC's sale of the following vehicles:
a. 2020 Ford F-250 pickup truck (VIN #X0375); and
b. 2018 fourteen-foot Isuzu NPR box truck (VIN #X7263).
The Debtor is authorized to sell the Vehicles in a commercially
reasonable manner according to its business judgment, provided that
the buyers are not insiders or affiliates of the Debtor.
The Vehicles will be sold free and clear of liens, claims, and
encumbrances, with any such liens, claims and encumbrances
attaching to the proceeds of the sales.
The Debtor will pay the outstanding 2022 personal property taxes
owed to Tarrant County from the sale proceeds.
It is authorized to execute and deliver all other documents, and to
take all other actions necessary or appropriate, to convey the
Vehicles and to implement the terms of the Order.
The 14-day stay pursuant to Bankruptcy Rule 6004(h) will not apply
to the Order, and the Order will be immediately effective upon
entry.
About SanoTech 360, LLC
SanoTech 360, LLC manufactures high-quality, advanced
electrostatic sprayers designed to apply disinfectant more
efficiently than conventional methods.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-40261) on January
29, 2023. In the petition signed by George R. Robertson, chief
executive officer, the Debtor disclosed up to $50 million in both
assets and liabilities.
J. Robert Forshey, Esq., at Forshey & Prostok, LLP, represents
the Debtor as legal counsel.
SAVESOLAR CORP: Exclusivity Period Extended to September 30
-----------------------------------------------------------
Judge Elizabeth L. Gunn of the U.S. Bankruptcy Court for the
District of Columbia extended SaveSolar Corporation, Inc. and its
affiliates' exclusive periods within which to file a Chapter 11
plan and to solicit acceptances thereof to September 30, 2023 and
November 29, 2023, respectively.
On May 25, 2023, the Court approved, in part, the Debtors' Motion
for (A) Approval of the Sale of Substantially All of Debtors'
Property Free and Clear of Liens, Claims, Interests and
Encumbrances; (B) Approval of Sales Contract; (C) Approval of Bid
Procedures, Including a Break-Up Fee and Expense Reimbursement; (D)
Scheduling Bid Deadline, Auction and Sale Hearing; (E) Approval of
Interim and Final Debtor-in-Possession Financing; (F) Approval of
Form and Manner of Notice; (G) Setting a Bar Date for Filing Cure
Claims with Respect to Executory Contracts and Unexpired Leases;
(H) Waiver of Stays Under Bankruptcy Rules 6004 and 6006; and (I)
Granting of Related Relief, also referred as the Sale Motion.
The Debtors submit that cause exists to extend the Exclusivity
Periods because the outcome of the ongoing sale process will
materially affect the suitability of any proposed plan in these
cases. The sale of all or substantially all of the Debtors' assets,
coupled with the assumption of certain liabilities and/or cure
costs, as contemplated by the Sale Motion, will determine what
assets and liabilities the Debtors must account for in a proposed
plan and will provide other important information needed to
formulate a plan.
SaveSolar Corporation, Inc. and its affiliates are represented by:
Bradford F. Englander, Esq.
Alexandra G. DeSimone, Esq.
WHITEFORD, TAYLOR & PRESTON L.L.P.
3190 Fairview Park Drive, Suite 800
Falls Church, VA 22042-4510
Telephone: (703) 280-9081
E-mail: benglander@whitefordlaw.com
adesimone@whitefordlaw.com
About SaveSolar Corporation
SaveSolar Corporation, Inc. and SaveSolar Alpha Holdco, LLC filed
their voluntary petitions for relief under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D.D.C. Lead Case No. 23-00045) on
Feb. 2, 2023. In the petitions signed by SaveSolar President Karl
Unterlechner, both Debtors disclosed up to $10 million in assets
and up to $50 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
The Debtors tapped Bradford F. Englander, Esq., at Whiteford Taylor
& Preston, LLP as legal counsel; CohnReznick, LLP as financial
advisor; and CohnReznick Capital Markets Securities, LLC as
investment banker.
SB STARLIGHT: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of SB Starlight Property, LLC, according to court dockets.
About SB Starlight Property
SB Starlight Property, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-13435) on April
30, 2023, with $100,001 to $500,000 in both assets and liabilities.
Judge Robert A. Mark oversees the case.
Peter Spindel, Esq., P.A. is the Debtor's legal counsel.
SCHILLER KNAPP: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Schiller, Knapp, Lefkowitz, & Hertzel, LLP asks the U.S. Bankruptcy
Court for the Northern District of New York for authority to use
cash collateral on an emergency basis, through June 16, 2023.
The Debtor needs access to cash to pay employee wages and other
ordinary course operating expenses as well as administrative
expenses incurred in the Chapter 11 Cases.
The Pre-Petition Secured Creditors who have a purported interest in
the cash collateral are M&T Bank and the Small Business
Administration.
As of the Petition Date, the Debtor is indebted to secured
creditors M&T and SBA, pursuant to the following transactions and
documents:
(i) On July 23, 2019, the Debtor executed and delivered a
Revolving Demand Note pursuant to which M&T made available to
Debtor a revolving line of credit in an amount not to exceed $1
million with a current outstanding balance of approximately $1
million;
(ii) On July 23, 2019, the Debtor executed and delivered a Term
Note in the principal amount of $350,000 and a current outstanding
balance of approximately $128,000.
(iii) On June 9, 2020, the Debtor executed and delivered a term
note to SBA in the principal amount of $150,000 and a current
outstanding balance of approximately $149,000.
To adequately protect the interest of the Pre-Petition Secured
Creditors, in the cash collateral, the Debtor proposes to provide
the several forms of adequate protection.
The Debtor proposes eventual payments to M&T constituting adequate
protection payments, to commence in July, 2023.
At the bankruptcy filing date, the Debtor's monthly payments to
M&T, inclusive of interest, were approximately $14,500. Said amount
represents the combined principal/interest payment due by the
Debtor to M&T on a monthly basis for the Demand Note, Term Note,
and Credit Card.
Prior to filing, in May 2023, M&T elected its purported right of
setoff and removed approximately $18,000 from bank accounts held by
the Debtor with M&T.
Including the setoff, as of the bankruptcy filing date, the Debtor
is monetarily current with its M&T loans.
Additionally, the Debtor is owed approximately $80,000 in accounts
receivable by M&T for legal work performed. M&T will not honor the
$80,000 in accounts receivable and will elect to setoff that amount
due to the Debtor against the outstanding debt owed to M&T.
As such, M&T has received nearly $100,000 from the Debtor in the
30-days prior to the Petition Date.
The SBA, as a second position lien holder, has no equity in the
Debtor's cash or cash equivalents at the time of filing and, as
such, will not receive ongoing adequate protection payments for use
of the cash collateral.
The Debtor proposes to grant the Pre-petition Secured Creditors,
effective as of the Petition Date, perfected replacement security
interests in, and valid, binding, enforceable and perfected liens
on all Post-Petition Collateral to the same extent and in
accordance with the relative priority of their respective
Pre-Petition liens, subject only to the Carve-Out.
To the extent the Rollover Liens are inadequate to protect the
Pre-Petition Secured Creditors against any diminution in value of
the Pre-petition Collateral, the Debtor proposes to grant the
claims of the Pre-Petition Secured Creditors administrative
priority pursuant to 11 U.S.C. sections 503(b) and 507(b), in
accordance with the relative priority of their respective
Pre-Petition liens.
A copy of the motion is available at https://urlcurt.com/u?l=L43cNI
from PacerMonitor.com.
About Schiller, Knapp, Lefkowitz, & Hertzel, LLP
Schiller, Knapp, Lefkowitz & Hertzel, LLP calls itself "a
cradle-to-grave" default servicing and creditor's rights law firm
in New York, New Jersey, Pennsylvania and Vermont.
Schiller, Knapp, Lefkowitz, & Hertzel, LLP sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No.
23-10558) on May 31, 2023. In the petition filed by Gary Lefkowitz,
partner, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.
Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as
legal counsel.
SEMILEDS CORP: All Proposals Passed at Annual Meeting
-----------------------------------------------------
SemiLEDs Corporation held its 2023 Annual Meeting of Stockholders
at which the stockholders:
(1) elected Trung T. Doan, Walter Michael Gough, Dr. Edward
Hsieh, Roger Lee, and Scott R. Simplot to serve as directors of the
Company for a one-year term ending with the 2024 Annual Meeting of
Stockholders;
(2) ratified the appointment of KCCW Accountancy Corp. as the
Company's independent registered public accounting firm for the
fiscal year ending Aug. 31, 2023; and
(3) approved the Amended 2010 Equity Incentive Plan.
About SemiLEDs
Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.
SemiLEDs reported a net loss of $2.73 million for the year ended
Aug. 31, 2022, compared to a net loss of $2.86 million for the year
ended Aug. 31, 2021. As of Feb. 28, 2023, the Company had $15.20
million in total assets, $12.52 million in total liabilities, and
$2.68 million in total equity.
Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 7, 2022, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.
SHEHAN TANTULA: Alpha Investment Buying Las Vegas Asset for $175K
-----------------------------------------------------------------
Shehan Tantula asks the U.S. Bankruptcy Court for the Central
District of California to authorize him as the managing member of
Twin
Cousins LLC to cause the LLC to sell the real estate located at
5116 Grey Lane Units E, F and G, in Las Vegas, Nevada 89119, to
Alpha Investment Group Inc. and/or its assignee for $175,000,
subject to overbid.
A hearing on the Motion is set for June 15, 2023, at 10:00 a.m.
The Debtor co-owns the Real Property being sold through this Motion
with Adrian Jayasinha. They own the Real Property through their
joint ownership of the LLC where Jayasinha holds 45% of the LLC
shares and the Debtor holds 55% of the LLC shares. The only
obligation against the Real Property is the Parkway Villas Owners'
Association. The Real Property being sold are 3 units which are
construction shells with walls, having no drive wall or floors.
These are only suitable for a developer and not a purchaser for
their own use.
Parkway is initiating foreclosure proceedings against the Real
Property and should this foreclosure go forward, no money will be
obtained for the Estate. There are no lien holders. If the
foreclosure is completed then there will be no funds paid out to
the Debtor and thus no monies to the Estate.
The Real Property will be sold free and clear of all liens, claims,
encumbrances, and interests.
The salient terms of the overbid procedures are:
a. Initial Bid: $175,000 plus at least $5,000
b. Deposit: 3% of the Initial Overbid Amount
c. Auction: June 15, 2023 at 10:00 a.m. via Zoom, Courtroom
1375, 255 E. Temple Street, Los Angeles CA 90012
d. Bid Increments: $5,000
The closing for the Buyer is within 10 business days after the
entry of the Sale Order, and for any winning overbidder is five
business days after the entry of the Sale Order.
Title costs and closing costs are estimated at $2,500 and
approximately $10,000 of outstanding charges to the HOA.
Outstanding property taxes are estimated at $5,000. After
deducting the costs of sale and providing 45% to the co-owner, the
Estate will receive approximately $83,875.
The Debtor asks the Court to authorized him to pay (a) from the
proceeds of the sale of the Real Property out of escrow on closing:
(i) any accrued pre-closing real property taxes secured by the Real
Property, (ii) homeowners' dues; (iii) any other customary escrow
closing fees and charges allocated to the Debtor, and (iv) 45% to
the co-owner of the balance of the proceeds.
He asks the Court to waive the 14-day stay period set forth in Rule
6004(h) of the Federal Rules of Bankruptcy Procedure to enable the
sale of the Real Property to close as quickly as possible.
Counsel for Debtor:
Stella Havkin, Esq.
David Jacob, Esq.
HAVKIN & SHRAGO ATTORNEYS AT LAW
5950 Canoga Avenue, Suite 400
Woodland Hills, CA 91367
Telephone: (818) 999-1568
Facsimile: (818) 293-2414
E-mail: stella@havkinandshrago.com
The bankruptcy case is Shehan Tantula, Case No. 2:22-bk-13886-WB
(Bankr. C.D. Cal.).
SHILO INN: Seeks July 3 Extension of Plan Filing Deadline
---------------------------------------------------------
Shilo Inn, Portland/205, LLC, filed a motion to extend its time to
file a Plan of Reorganization.
On Jan. 24, 2023, the Debtor filed a stipulation, which evidences,
among other things, an agreement between the Debtor and the
Debtor's secured creditor, PDX Shilo Loan Owner LLC, specifying the
terms and conditions under which the Debtor may use Secured
Creditor's cash collateral during this case.
The Debtor and the Secured Creditor have reached an agreement in
principle on a settlement that, if reached, will resolve the
majority of the outstanding issues in this case on terms mutually
agreeable to the Debtor and the Secured Creditor.
The Debtor and Secured Creditor are in the process of drafting a
settlement agreement of which the Debtor will seek approval from
this Court pursuant to Fed. R. Bankr. P. 9019.
In light of the agreement in principle, the Debtor and the Secured
Creditor have agreed for the Deadline for the Debtor to file a plan
to be extended by an additional 30 days, or through and including
July 3, 2023.
Attorneys for the Debtor:
David B. Golubchik, Esq.
John-Patrick M. Fritz, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
- and –
Bryan T. Glover, Esq.
STOEL RIVES LLP
About Shilo Inn Portland/205
Shilo Inn Portland/205 LLC operates the "Shilo Inn" hotel in
Portland, Ore. The business is owned by Mark S. Hemstreet.
Shilo Inn Portland/205, along with several affiliates, first sought
Chapter 11 protection on March 20, 2022 (Bankr. D. Ore. Lead Case
No. 02-32682). Shilo Inn Portland/205's case was terminated on
March 30, 2004.
Hemstreet's Shilo Inn, Idaho Falls, LLC filed for Chapter 11
bankruptcy (Bankr. W.D. Wash. Case No. 20-42489) on Nov. 2, 2020.
Two more Shilo Inn hotels owned by Hemstreet -- Shilo Inn, Bend,
LLC, and Shilo Inn, Warrenton, LLC -- filed for Chapter 11
bankruptcy on Aug. 13, 2021 (Bankr. W.D. Wash. Case Nos. 21-41340
and 21-41341). The cases are pending and jointly administered under
Case No. 21-41340.
Shilo Inn Portland/205 again filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
22-41459) on Nov. 10, 2022. In the petition filed by Larry Chank,
as authorized representative, Shilo Inn Portland/205 reported
between $10 million and $50 million in both assets and
liabilities.
Judge Brian D. Lynch handles the Debtors' cases.
Levene, Neale, Bender, Yoo & Golubchik, LLP and Stoel Rives, LLP
serve as the Debtors' bankruptcy counsel and local counsel,
respectively.
SHOPS@BIRD & 89: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Shops@Bird & 89, LLC, according to court dockets.
About Shops@Bird & 89
Shops@Bird & 89, LLC, a Miami-based company, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 23 13358) on April 28, 2023, with $10,093,000 in assets
and $5,577,772 in liabilities. Tarek Kiem has been appointed as
Subchapter V trustee.
Judge Robert A. Mark oversees the case.
Robert C. Meyer, Esq., at Robert C. Meyer, P.A. is the Debtor's
legal counsel.
SMI ACQUISITION: $235M Bank Debt Trades at 26% Discount
-------------------------------------------------------
Participations in a syndicated loan under which SMI Acquisition Inc
is a borrower were trading in the secondary market around 73.9
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $235 million facility is a Term loan that is scheduled to
mature on November 1, 2024. The amount is fully drawn and
outstanding.
Strategic Materials, Inc. is an environmental services company
focused on recycling and processing scrap glass (92% of revenues),
known as cullet, as well as processing post-industrial scrap
plastic (8% of revenues). Cullet is a necessary input to the glass
manufacturing process and utilized across multiple end markets and
product categories such as containers, fiberglass, abrasives, flat
glass and a range of other industrial applications.
SONAVATION INC: Plan & Disclosures Due 120 Days
-----------------------------------------------
Judge Erik P. Kimball has entered an order that Sonavation, Inc.
and/or any party in interest may file a request for the Court to
hold a status conference under 11 U.S.C. Sec. 105(d).
The Debtor must file a Plan and Disclosure Statement no later than
120 days after the date of the order for relief under this
chapter.
About Sonavation Inc.
Sonavation Inc. manufactures computer and peripheral equipment.
Sonavation Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-13960) on May 22,
2023. In the petition filed by Lisa Rhoads, as chief executive
officer, the Debtor reports estimated assets and liabilities
between $1 million and $10 million.
The Honorable Bankruptcy Judge Erik P. Kimball handles the case.
The Debtor is represented by:
Paul N. Mascia, Esq.
NARDELLA & NARDELLA, PLLC
135 W. Central Blvd
Suite 300
Orlando, FL 32801
Tel: 407-966-2680
Email: pmascia@nardellalaw.com
SOUND INPATIENT: $215M Bank Debt Trades at 45% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 54.5 cents-on-the-dollar during the week ended
Friday, June 2, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $215 million facility is a Term loan that is scheduled to
mature on June 28, 2026. The amount is fully drawn and
outstanding.
Sound Inpatient Physicians Holdings, LLC, through its subsidiaries,
provides healthcare services.
SOUND INPATIENT: $610M Bank Debt Trades at 35% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 64.7 cents-on-the-dollar during the week ended
Friday, June 2, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $610 million facility is a Term loan that is scheduled to
mature on June 28, 2025. About $593.8 million of the loan is
withdrawn and outstanding.
Sound Inpatient Physicians Holdings, LLC, through its subsidiaries,
provides healthcare services.
SOUTH AMERICAN BEEF: Prairie Buys 2015 Mercedes Benz E400 for $24K
------------------------------------------------------------------
South American Beef, Inc., filed a modified request with the U.S.
Bankruptcy Court for the Southern District of Iowa to sell its 2015
Mercedes Benz E400, VIN WDDHF6HB6FB109, to Prairie Natural LLC for
$23,894.
The Chief Restructuring Officer, Alex Moglia, and Moglia Advisors,
on behalf of the Debtor, propose to sell the automobile asset free
and clear of all liens, claims, and encumbrances, outside the
ordinary course of business.
The vehicle is unencumbered by any purchase-money security
interest. JPMorgan Chase asserts a lien on this vehicle and the
net sale proceeds thereof pursuant to (a) that certain Order
entered by the Court in the above-captioned chapter 11 case on Dec.
16, 2022; and (b) that certain Final Order (I) Authorizing the
Debtor to Use Cash Collateral; and (II) Granting Adequate
Protection entered by thie Court in the Chapter 11 case on Feb. 1,
2023.
The Debtor has received an all-cash offer from the Buyer (which is
owned by Alejandra Vidal-Soler, President and owner of the Debtor),
to buy the vehicle as follows: $23,894.00 for the 2015 Mercedes
Benz E400, and the Debtor agrees to sell the vehicle to the Buyer
for that amount.
The Debtor believes that the sale of the Asset to the Buyer is in
the best interest of its estate and its creditors.
The Debtor is informed, believes, and thereupon alleges that
JPMorgan Chase and the Committee have no objections to the sale of
the vehicle.
The Debtor will hold the net sales proceeds in a separate DIP
savings account at Axos Bank pending confirmation of the Debtor's
plan of liquidation or other order from the Court.
The Debtor is informed the Committee disputes that JPMorgan Chase
has a lien on these vehicles and any net sales proceeds thereof.
Time is of the essence in approving and finalizing the sale of the
Asset and any unnecessary delay in finalizing the sale of the Asset
could result in the collapse of the sales. Accordingly, the Court
should waive the 14-day period staying any order to sell or assign
property of the estate imposed by Bankruptcy Rules 6004(h) and
6006(d).
About South American Beef
South American Beef, Inc. specializes in the purchase, import and
sales of high-quality beef, lamb, goat, mutton, veal, seafood, and
poultry game meats. The company is based in West Des Moines, Iowa.
South American Beef sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-01341) on Dec. 13,
2022, with $23,567,773 in assets and $23,993,243 in liabilities.
Alejandra M. Vidal-Soler, president of South American Beef, signed
the petition.
Judge Anita L. Shodeen oversees the case.
Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave
PC and Moglia Advisors serve as the Debtor's legal counsel and
financial advisor, respectively.
On Feb. 1, 2023, the U.S. Trustee appointed an official committee
of unsecured creditors in this case. The committee tapped
Levenfeld Pearlstein, LLC and Spencer Fane LLP as its legal
counsels and Dundon Advisers, LLC as its financial advisor.
SOUTH AMERICAN BEEF: Proposes BAT Auction of Porsche and Ferrari
----------------------------------------------------------------
South American Beef, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Iowa to authorize the public auction sale of
the following automobiles assets:
a. 2021 Porsche Taycan 4S, a 4 door, all-wheel drive electric
vehicle, approximately 9,040 miles, VIN WP0AB2Y11MSA43699; and
b. 2015 Ferrari California T, a gasoline powered, rear wheel
drive convertible, approximately 46,590 miles, VIN
ZFF77XJA2F0207641.
SAB holds title to the two vehicles which it would like to sell at
public auction. The subject vehicles are subject to valid and
binding liens held by Northwest Bank in the approximate amount owed
as of April 2023 as follows: Porsche - $80,947 and Ferrari -
$53,972.
Based on the Debtor's plans for liquidation of its assets, SAB has
determined that the most commercially reasonable and responsible
course of action in the best interests of the Bankruptcy Estate and
its creditors is to liquidate the referenced two vehicles as soon
as possible to expeditiously satisfy the claims of its creditors.
The proposed public auction sale would be in furtherance and
supportive of the Debtor's plans for liquidation of its assets and
said liquidating plan of reorganization.
The Debtor proposes to sell the subject vehicles by using the
online auto auction platform BringATrailer.com
(https://bringatrailer.com/) ("BAT"). Each successful bidder will
make payment directly to SAB. SAB will apply the gross sale
proceeds to pay Northwest Bank's then outstanding balance owed for
each vehicle directly.
Upon payment to Northwest Bank, they will contemporaneously execute
the requisite title and lien release documents to and for the
benefit of the successful bidder for each vehicle.
The Debtor will hold the net sale proceeds in a separate DIP
savings account at Axos Bank, pending confirmation of the
Debtor’s plan of liquidation, or other order from the Court.
The Debtor will file a Report of Sale with the Court within 14 days
of consummation of the sale of both vehicles. SAB will require
that the buyers arrange and pay for transportation of the vehicles
from SAB’s offices in West Des Moines, Iowa.
The Debtor has received Carfax Vehicle History reports for both
vehicles, including History-Based Valuation estimates. It proposes
to establish a "reserve" price for each vehicle, to ensure there
are sufficient gross sale proceeds to pay the lien amount owed on
each vehicle, and to ensure there are sufficient net sale proceeds
to justify the Debtor selling said vehicle through this method.
The Debtor proposes the subject vehicles be sold free and clear of
all liens, claims and encumbrances, with all liens attaching to the
proceeds.
The Debtor proposes to transfer its interest in said vehicles to
the highest respective bidder for each vehicle, pursuant to Bat’s
usual and customary White Glove online auction platform procedures.
It proposes to schedule the auction of each vehicle as
reasonably and practically as possible once the Court authorizes
the Debtor to proceed with the proposed public auction sale.
JPMorgan Chase asserts a lien subordinate to Northwest Bank on
these vehicles and the net sale proceeds thereof pursuant to (a)
that certain Order entered by the Court in the captioned chapter 11
case on Dec. 16, 2022 at Docket No. 35 and (b) that certain Final
Order (I) Authorizing the Debtor to Use Cash Collateral; and (II)
Granting Adequate Protection entered by the Court in the
above-captioned chapter 11 case on Feb. 1, 2023.
The Debtor is informed the Committee disputes that JPMorgan Chase
has a lien on these vehicles and any net sales proceeds thereof.
It acknowledges JPMorgan Chase's and the Committee's rights are
fully reserved and nothing herein will be deemed to limit JPMorgan
Chase's or the Committee's rights with respect thereto.
About South American Beef
South American Beef, Inc. specializes in the purchase, import and
sales of high-quality beef, lamb, goat, mutton, veal, seafood, and
poultry game meats. The company is based in West Des Moines, Iowa.
South American Beef sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-01341) on Dec. 13,
2022, with $23,567,773 in assets and $23,993,243 in liabilities.
Alejandra M. Vidal-Soler, president of South American Beef, signed
the petition.
Judge Anita L. Shodeen oversees the case.
Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave
PC and Moglia Advisors serve as the Debtor's legal counsel and
financial advisor, respectively.
On Feb. 1, 2023, the U.S. Trustee appointed an official committee
of unsecured creditors in this case. The committee tapped
Levenfeld Pearlstein, LLC and Spencer Fane LLP as its legal
counsels and Dundon Advisers, LLC as its financial advisor.
SOUTH BAY PROPERTY: Seeks to Extend Plan Exclusivity to Nov. 27
---------------------------------------------------------------
South Bay Property Homes, LLC asks the U.S. Bankruptcy Court for
the Central District of California to extend its exclusive period
to file a plan of reorganization and obtain acceptances thereof to
November 27, 2023, and January 26, 2024, respectively.
The Debtor is requesting an extension of exclusivity to allow for
time for the Debtor to complete the rehabilitation of its real
property located at 27009 Sea Vista Drive, Malibu, California.
The requested extension also will facilitate any anticipated claims
analysis, negotiations with creditors and potential
objections/estimation motions that will extend beyond the initial
120-day exclusivity period (given that the claims bar date has not
passed) as well as any discussions with creditors relating
thereto.
About South Bay Property Homes
South Bay Property Homes, LLC is a real estate solutions company in
Los Angeles.
South Bay Property Homes filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10061) on
Jan. 31, 2023, with $1 million to $10 million in both assets and
liabilities. Steve Miller, manager, signed the petition.
Judge Ronald A. Clifford, III oversees the case.
South Bay Property Homes, LLC is represented by:
Leslie A. Cohen, Esq.
J'aime Williams Kerper, Esq.
LESLIE COHEN LAW, PC
1615-A Montana Avenue
Santa Monica, CA 90403
Telephone: (310) 394-5900
Facsimile: (310) 394-9280
E-mail: mailto:leslie@lesliecohenlaw.com
mailto:jaime@lesliecohenlaw.com
ST. CHARLES MEMORY: Unsecureds Will Get 10% of Claims in 60 Months
------------------------------------------------------------------
St. Charles Memory Care, LLC filed with the U.S. Bankruptcy Court
for the Northern District of Texas a Disclosure Statement for Plan
of Reorganization dated May 30, 2023.
The Debtor owns real property located in the City of St. Charles,
Kane County, Illinois, improved by building in which the Debtor
operates s long-term memory care center for senior citizens (the
"Property").
The Plan will be funded by the Debtor through its continued
business operations. Although the Debtor believes it will generate
sufficient funds from operations to make all payments required
under the Plan, J&M Family Management, the manager of the Debtor's
operations, will contribute funds as may be necessary to ensure
that all Plan payments will be made on a timely basis
Class 1 consists of Allowed Secured Claims of Kane County
Treasurer. This Claim shall be paid in full in equal monthly
installments of principal with interest thereon accruing from the
Petition Date at the statutory rate. Payments will commence on the
first day of the first month following the Effective Date and
continue until the expiration of 60 months from the Petition Date.
This Claim is Impaired.
Class 2 consists of Allowed Secured Claims of BMO Harris Bank, N.A.
This Claim shall be paid in full in the amount of $4,250,000, which
the Debtor estimates as the current value of the real property
securing the Bank's Claim (the "Property"). The remainder of the
Bank's Claim will be treated as a Class 3 Unsecured Claim. The
Debtor will pay the Bank's Class 2 Claim in the amount of
$4,250,000.00 as follows:
* Twenty-four monthly installments of interest-only at the
rate of 6% per annum commencing on the first day of the first month
following the Effective Date ($21,250.00 per month).
* Twenty-four monthly installments of principal amortized over
25 years, plus interest at the rate of 6% per annum, commencing on
the first day of the 25th month following the Effective Date
($27,382.81 per month).
* Lump sum payment of the full remaining balance on the first
day of the 49th month following the Effective Date
($$4,094,030.66). This Claim is Impaired, and the holder of this
Claim is entitled to vote to accept or reject the Plan.
Class 3 consists of Allowed Unsecured Claims other than Insider
Claims. These Claims shall be satisfied by the payment of a total
of 10% of the Allowed amount of each Claim over 60 months in equal
monthly installments of principal only. Payments will commence on
the first day of the first month following the Effective Date and
continue until the expiration of 60 months from the Effective Date.
The allowed unsecured claims total $135,527. These Claims are
Impaired, and the holders of these Claims are entitled to vote to
accept or reject the Plan.
Class 4 consists of Allowed Claims of Insiders. These Claims will
be paid in full at the discretion of the Debtor, but only after
full payment of all Administrative, Priority, Class 1, Class 2 and
Class 3 Claims. These Claims are Impaired, and the holders of these
Claim is entitled to vote to accept or reject the Plan.
Class 5 consists of Equity Interests. Equity Interests in the
Debtor shall be retained by their owners, but the Debtor shall make
no distributions on such Interests until all Administrative,
Priority, Class 1, Class 2 and Class 3 Claims have been paid in
full. These Interests are not Impaired and are not entitled to vote
to accept or reject the Plan.
The Debtor will make all payments required under the Plan from
available cash and income from its business operations. Although
the Debtor believes it will generate sufficient funds from
operations to make all payments required under the Plan, J&M Family
Management, LLC, the manager of the Debtor's operations, will
contribute funds as may be necessary to ensure that all Plan
payments will be made on a timely basis.
A full-text copy of the Disclosure Statement dated May 30, 2023 is
available at https://urlcurt.com/u?l=P5kSQ2 from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
Email: joyce@joycelindauer.com
About St. Charles Memory Care, LLC
St. Charles Memory Care, LLC operates a continuing care retirement
community and assisted living facility for the elderly.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-40253) on January 27,
2023. In the petition signed by Tracy Bazzell, agent, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.
Judge Mark X. Mullin oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as legal counsel.
SUPERIOR PLUS: Moody's Confirms Ba2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service confirmed Superior Plus LP's Ba2
corporate family rating, Ba2-PD probability of default rating, and
Ba3 senior unsecured ratings. The speculative grade liquidity (SGL)
rating was changed to SGL-3 from SGL-2. The outlook was changed to
stable from rating under review. This concludes the review
initiated on December 22, 2022 and follows the closure of the
acquisition of Certarus on May 31, 2023.
Confirmations:
Issuer: Superior Plus LP
Corporate Family Rating, Confirmed at Ba2
Probability of Default Rating, Confirmed at Ba2-PD
Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3
Downgrades:
Issuer: Superior Plus LP
Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
SGL-2
Outlook Actions:
Issuer: Superior Plus LP
Outlook, Changed To Stable From Rating Under Review
RATINGS RATIONALE
"The ratings confirmation reflects Moody's expectation that the
company will maintain leverage comfortably below 4.5x in the
near-term, underpinned by slowing M&A activity, recent Certarus
outperformance and Moody's forecast for a moderately lower debt
balance in 2023 compared to when the acquisition was announced,"
said Whitney Leavens, Moody's analyst. "The stable outlook reflects
Moody's expectation for deleveraging toward 4x through 2024
supported by rising EBITDA and steady growth from Certarus."
The change in the SGL rating to SGL-3 from SGL-2 reflects
Superior's dependence on its highly-utilized revolving facilities
and exposure to volatility tied to factors outside of its control,
including weather and fluctuating oil & gas activity levels.
Superior is supported by: 1) a market leading position in the
Canadian propane business; 2) good geographic diversity across
North America; and 3) a track record of successful acquisition
integration. The company's credit profile is challenged by: 1)
ongoing secular decline in demand and high customer attrition in
the propane industry limiting organic EBITDA growth; 2)
weather-related demand driving cash flow volatility and exposure to
shifting patterns amid climate change; 3) exposure to cyclical
drilling and completion activities in the oil and gas industry.
Superior's liquidity is adequate (SGL-3). Pro forma for the
transaction as of Q1-23, Superior will have around C$50 million in
cash and about C$368M available under its revolving credit
facilities totaling C$1.3 billion (C$750 million expiring 2027 and
C$550 million expiring June 2026). Moody's expects flat to modestly
negative free cash flow through fiscal years 2023 and 2024 with
potentially large negative and positive swings in interim periods.
Moody's expects the company to remain in compliance with its two
financial covenants. Assets are largely encumbered by the secured
credit facilities.
Superior's senior unsecured notes are rated Ba3, or one notch below
the Ba2 CFR, reflecting their subordinated claim to the company's
assets relative to the secured revolving credit facilities totaling
$1.3 billion.
The stable outlook reflects Moody's expectation for deleveraging
toward 4x through 2024 supported by rising EBITDA and steady growth
from Certarus.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if debt/EBITDA rises above 4.5x,
the company generates sustained negative free cash flow or
liquidity weakens. More aggressive financial policy, including an
accelerated pace of acquisitions could also lead to a downgrade.
The ratings could be upgraded if debt/EBITDA falls below 3.5x and
the company increases in scale, with EBITDA remaining above C$700
million while maintaining good liquidity.
Superior Plus LP is a wholly-owned subsidiary of Superior Plus
Corp. a publicly traded company located in Toronto, Canada.
Superior Plus LP is an energy distributor segment, buying and
distributing propane and providing mobile compressed natural gas
solutions in the US and Canada.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
SYMBIONT.IO: Wins Cash Collateral Access Thru June 9
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Symbiont.io, LLC, f/k/a Symbiont.io, Inc., to use cash
collateral on an interim basis in accordance with its agreement
with LM Funding America Inc.
On December 1, 2021, the Debtor and LM Funding entered into a
Secured Promissory Note and Security Agreement, whereby LM Funding
agreed to loan the Debtor up to $3 million, with a maturity date of
December 1, 2022.
The Note is secured by a lien on substantially all of the Debtor's
assets.
As of January 10, 2023, the Debtor owes $2.355 million on account
of the Note, including accrued but unpaid interest through January
11, 2023, plus documented legal fees in the amount of $114,078 for
a total of $2.470 million.
The Debtor does not dispute and agrees that LM Funding has a valid,
perfected, first-priority security interest in the Collateral.
The Debtor and LM Funding entered into a stipulation resolving the
Lift Stay Motion to the extent certain milestones were met.
The Lift Stay Stipulation provided that the Debtor would not use LM
Funding's cash collateral without the consent of LM Funding.
The Debtor was unable to meet the milestones in the Lift Stay
Stipulation and LM Funding submitted a proposed order granting the
Motion for Relief on January 26, 2023.
The Debtor has insufficient funds that are not LM Funding's cash
collateral to retain and pay the CRO, and, accordingly, the parties
have agreed the Debtor may use LM Funding's cash collateral to pay
the reasonable fees and costs of the CRO for services rendered in
consummating a Sale -- which the parties agreed must occur on or
before May 31, 2023 -- as well as the Debtor's counsel's fees and
the premium for a director and officer insurance policy.
In exchange for use of the cash collateral, the Debtor agrees to
provide a replacement lien and a superpriority claim to LM Funding,
which the parties agree is fair and reasonable, proposed in good
faith, and reflects the Debtor's exercise of prudent business
judgment.
The parties further agree LM Funding will have a continued right to
credit bid its Prepetition Claim and Adequate Protection Liens
pursuant to section 363(k).
The Debtor's access to cash collateral is limited to paying:
(a) the reasonable fees and costs of the CRO through
consummation of the Sale, subject to Court approval of any fee
application;
(b) up to $30,000 per month for the reasonable fees and costs
of the Debtor's counsel through consummation of the Sale, subject
to Court approval of any fee application;
(c) the D&O Policy premium of $60,175 per year; and
(d) payments necessary to preserve and maintain the
Collateral, subject to LM Funding's approval and not to exceed
$6,000 per month, and
(e) setting aside $20,000 for a chapter 7 trustee in the event
of a conversion.
As adequate protection for the use of its cash collateral, LM
Funding is granted from and after the Petition Date, (a) an allowed
administrative expense claim in an amount not to exceed the
Debtor's actual usage of the cash collateral with priority over any
and all other administrative expenses, adequate protection claims,
and all other claims against the Debtor and (b) replacement liens
and security interests in an amount not to exceed the Cash
Collateral Usage, in the Debtor's personal property of any kind.
The Replacement Liens are subject to a Carve-Out consisting of: (i)
quarterly United States Trustee fees pursuant to 28 U.S.C. section
1930(a), together with any interest, if any; (ii) fees payable to
the Clerk of the Bankruptcy Court and any agent thereof; and (iii)
the fees and expenses of a hypothetical Chapter 7 trustee, in an
amount not to exceed $20,000.
As of the Petition Date, the Adequate Protection Liens will be
valid, perfected, enforceable and effective against the Debtor, its
successors and assigns.
These events constitute an "Event of Default":
(a) Any material failure to comply with the terms of the
Order;
(b) If a Sale is not consummated on or before June 9, 2023;
(c) The Debtor fails to provide any information requested by
the CRO and LM Funding within a reasonable time after such
information is requested;
(d) If a trustee or examiner, with authority to affect the
operation of the business of the Debtor is appointed in the
above-captioned Chapter 11 Case without the consent of LM Funding;
(e) If the Chapter 11 Case is converted to a case under
chapter 7; or
(f) If the Chapter 11 Case is dismissed.
A copy of the order is available at https://urlcurt.com/u?l=FEr4em
from PacerMonitor.com.
About Symbiont.IO LLC
Symbiont.IO LLC is a technology company focused on solving complex
global finance problems using a novel enterprise blockchain
solution.
Symbiont.IO LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bank. S.D.N.Y. Case No. 22-11620) on Dec. 1, 2022.
In the petition filed by Mark Smith, as CEO, the Debtor reported
assets and liabilities between $1 million and $10 million.
The case is overseen by the Hon. Bankruptcy Judge Philip Bentley.
The Debtor is represented by Lawrence Morrison, Esq., at Morrison
Tenenbaum PLLC, as counsel.
TAAT INT'L: $11.6K Sale of Mercedes-Benz Passenger Van Approved
---------------------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada authorized Taat International, LLC's sale of its
2016 Mercedes-Benz Metris-Class Metris Passenger Van to CarMax for
$11,600, subject to a -10% variance of the Purchase Price.
The Debtor is authorized to sell the Property at a price more than
the Purchase Price to any other buyer. It is expressly authorized
to consummate the sale of the Property to Buyer at the Purchase
Price, subject to the -10% variance of the Purchase Price, or any
other buyer at a price more than the Purchase Price and may take
all actions necessary to complete the sale. It may take all such
actions immediately without further order of the Court.
The stay otherwise imposed by Rule 6004(h) is waived. Any and all
actions to consummate the sale may be taken immediately without
further order of the Court.
About Taat International
TAAT International, LLC -- https://trytaat.com/ -- is a Las
Vegas-based company, which develops, manufactures and distributes
alternative products in categories such as tobacco and hemp.
TAAT International filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
23-10592) on Feb. 18, 2023, with $1 million to $10 million in
assets and $10 million to $50 million in liabilities. Edward Burr
has been appointed as Subchapter V trustee.
Judge August B. Landis oversees the case.
The Debtor is represented by Ryan A. Andersen, Esq., at Andersen &
Beede.
TAAT INT'L: $7.5K Sale of Caterpillar Forklift to Discount Approved
-------------------------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada authorized Taat International, LLC's sale of its
Caterpillar Forklift-Model GP25N5 to Discount Forklift Vegas for
$7,500, subject to a -10% variance of the Purchase Price.
The Debtor is authorized to sell the Property at a price more than
the Purchase Price to any other buyer. It is expressly authorized
to consummate the sale of the Property to Buyer at the Purchase
Price, subject to the -10% variance of the Purchase Price, or any
other buyer at a price more than the Purchase Price and may take
all actions necessary to complete the sale. It may take all such
actions immediately without further order of the Court.
The stay otherwise imposed by Rule 6004(h) is waived. Any and all
actions to consummate the sale may be taken immediately without
further order of the Court.
About Taat International
TAAT International, LLC -- https://trytaat.com/ -- is a Las
Vegas-based company, which develops, manufactures and distributes
alternative products in categories such as tobacco and hemp.
TAAT International filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
23-10592) on Feb. 18, 2023, with $1 million to $10 million in
assets and $10 million to $50 million in liabilities. Edward Burr
has been appointed as Subchapter V trustee.
Judge August B. Landis oversees the case.
The Debtor is represented by Ryan A. Andersen, Esq., at Andersen &
Beede.
TELESAT LLC: $1.91B Bank Debt Trades at 44% Discount
----------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 55.6
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.91 billion facility is a Term loan that is scheduled to
mature on December 6, 2026. About $1.54 billion of the loan is
withdrawn and outstanding.
Telesat LLC operates as a satellite operator. The Company offers
satellite delivered communications solutions to broadcast, telecom,
corporate, and government customers, as well as provides technical
consultancy services. Telesat serves clients worldwide.
THEODORE FIORE, SR: $1.85MM Sale of Toms River Property Approved
----------------------------------------------------------------
Theodore Fiore, Sr., asks the U.S. Bankruptcy Court for the
District of New Jersey to authorize the private sale of a real
property to MT Venture Capital LLC, for $1.85 million.
The property to be sold consists of (a) the land and all the
building improvements and fixtures on the land, if any: and (b) all
the Seller's rights relating to the land. The real property to be
sold is approximately 295AC and is commonly known as 2 Cove Point
Road, Toms River, New Jersey, shown on the municipal tax map for
the Township of Toms River, County of Ocean as Lot 22, Block
724.18.
A hearing on the Motion is set for June 8, 2023, at 10:00 a.m. Any
answering papers or objections must be filed and served at least
seven days before the return date of the Motion.
The Buyer will pay the purchase price as follows: (a) initial
deposit within five days of execution of the Agreement - $ 25,000;
and (b) the remainder of due at closing - $1,825,000.
The Buyer represents that the purchase of the Property is subject
to its ability to obtain financing in the amount of 1,665,000. The
Mortgage Commitment must be delivered to the Seller within 21 days
of the date of the Agreement. If a written mortgage approval will
not be obtained by the Buyer and forwarded to the Seller's Attorney
within the time provided for, either the Buyer or the Seller may
terminate the Agreement by providing notice of same in writing to
the other party at any time thereafter at which time the parties
will have no further liability to each other. The Buyer may
terminate the Agreement upon receipt of written rejection of
Buyer's mortgage application citing any reason for the rejection
other than the Buyer's failure to cooperate with the proposed
lender.
All deposit monies will be held in trust by the Seller's attorneys,
White and Co., Attorneys and Counsellors LLC in their
non-interest-bearing escrow account or Title Company's escrow
account.
The parties acknowledge and agree that the Property is being sold
in "as is, where is" condition except as otherwise provided in the
Motion.
The Purchaser:
MT VENTURES CAPITAL LLC
477 Madison Ave Suite 600
New York, NY 1002
Theodore Fiore, Sr. sought Chapter 11 protection (Bankr. D.N.J.
Case No. 22-18679) on Nov. 1, 2022. The Debtor tapped David
Stevens, Esq., as counsel.
THREE NICKELS: Seeks to Hire Pick & Zabicki as Bankruptcy Counsel
-----------------------------------------------------------------
Three Nickels, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire Pick & Zabicki, LLP as
its legal counsel.
The firm's services include:
a. advising the Debtor with respect to its rights and duties;
b. assisting the Debtor in the preparation of its financial
statements, schedules of assets and liabilities, statement of
financial affairs and other reports and documentation required
under the Bankruptcy Code;
c. representing the Debtor at all hearings and other
proceedings relating to its affairs;
d. prosecuting or defending litigated matters that may arise
during the pendency of the Debtor's Chapter 11 bankruptcy case;
e. assisting the Debtor in the formulation and negotiation of
a plan of reorganization or liquidation and all related
transactions;
f. assisting the Debtor in analyzing the claims of creditors
and in negotiating with such creditors;
g. preparing legal papers; and
h. performing other necessary legal services.
The firm's hourly rates are as follows:
Partners $435 to $515
Associates $300
Paraprofessionals $125
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Pick & Zabicki received a retainer of $22,500 from the Debtor.
Douglas Pick, Esq., a partner at Pick & Zabicki, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Douglas J. Pick, Esq.
Pick & Zabicki, LLP
369 Lexington Avenue, 12th Floor
New York, NY 10017
Tel: (212) 695-6000
Email: dpick@picklaw.net
About Three Nickels
Three Nickels, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41456) on April
27, 2023, with as much as $50,000 in both assets and liabilities.
Judge Jil Mazer-Marino oversees the case.
Douglas J. Pick, Esq., at Pick & Zabicki, LLP represents the Debtor
as counsel.
TOP LINE GRANITE: Trustee to Submit Order on $2.5-Mil. Assets Sale
------------------------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts granted the request of Steven Weiss,
Subchapter V trustee for Top Line Granite Design Inc., to confirm
and modify the order dated Nov. 10, 2022, authorizing the sale of
assets to FGC EPC, LLC, for $2.5 million, free and clear of liens,
claims, and encumbrances, and other interests.
The Trustee is directed to submit to edk@mab.uscourts.gov a red
lined and clean proposed order, in Word format, with a copy of all
relevant attachments, consistent with the remarks made during the
hearing held.
About Top Line Granite Design
Top Line Granite Design Inc., a manufacturer of cut stone and
stone
products in Tyngsboro, Mass., filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No.
22-40216) on March 25, 2022, with up to $10 million in assets and
up to $50 million in liabilities.
Judge Elizabeth D. Katz oversees the case.
Alan L. Braunstein, Esq., at Riemer and Braunstein, LLP is the
Debtor's legal counsel.
Steven Weiss, the Subchapter V trustee appointed in the Debtor's
case, is represented by Shatz Schwartz and Fentin, P.C.
TOP LINE GRANITE: Trustee's Sale of Assets to FGC for $2.5MM OK'd
-----------------------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts confirm the sale by Steven Weiss,
Subchapter V trustee for Top Line Granite Design Inc., of assets to
FGC EPC, LLC for $2.5 million free and clear of liens, claims, and
encumbrances, and other interests.
The Purchased Assets are: (i) all trade and other accounts
receivable, (ii) all inventories, (iii) all equipment and
machinery, and (iv) customer and prospect lists and other
intangibles.
The Sale Motion is confirmed as set forth; provided, however, that
the deposit of $50,000 initially provided by the Buyer is forfeited
and will not be applied to the purchase price; and provided
further, that the Buyer will have no claim for reimbursement for
any sums advanced to the Debtor in the case. All objections and
reservation of rights with regard to the relief sought in the Sale
Motion that have not been withdrawn, waived, or settled, are
overruled on the merits.
The Asset Purchase Agreement is approved in its entirety; the
Purchased Assets, including the vehicles as set forth in the
revised Schedule 1.1 of the Asset Purchase Agreement are sold to
the Buyer.
The Assigned Contracts as set forth in the revised Schedule 1.7 of
the Asset Purchase Agreement are assumed by the Debtor and assigned
to the Buyer. To the extent an Assigned Contract is not an
executory contract within the meaning of section 365 of the
Bankruptcy Code, the Debtor's interests in such agreements will
nevertheless be transferred to the Buyer as assets of the Debtor's
estate.
Any remaining financed or leased motor vehicles of the Debtor not
listed in Exhibit B are not assumed and assigned to the Buyer
pursuant to the Order. Disposition of such other assets will be
pursuant to agreement between the Debtor and the non-debtor party,
or further motion to be filed by the Debtor.
After closing, the Buyer agrees to give storage access to the
Debtor for at least 60 days related to any Excluded Assets and
other motor vehicles not assumed and assigned pursuant to the
Order. The Buyer will cooperate with and make available to the
Debtor all books, records and other materials as may be required
for the administration and closure of the bankruptcy case, and as
provided in Section 7.3 of the Asset Purchase Agreement.
After closing, the Debtor will retain or keep copies of all paper
records and computer records for the continued administration and
closure of the bankruptcy case, related to the Excluded Assets, and
for any reasonable business purpose.
The Purchase Price and any cure cost related to the Assigned
Contracts will be paid by the Buyer without offset, deductions, or
recoupments.
The sale proceeds will be held by the Trustee except for
distribution or payment to Avidia Bank and the DIP Lender and any
other secured creditors, pending further order of the Court.
The automatic stay pursuant to Section 362 is lifted with respect
to the Debtor to the extent necessary, without further order of
this Court, to (i) allow the Buyer to deliver any notice provided
for in the Asset Purchase Agreement, and (ii) allow the Buyer to
take any and all actions permitted under the Asset Purchase
Agreement in accordance with the terms and conditions thereof.
The Trustee is authorized to pay the DIP Lender from the sale
proceeds within two business days of the closing date after receipt
of a payoff statement acceptable to the Debtor and the Trustee.
The DIP Lender will file its Fee Statement, if any, within two
business days after receiving notice of entry of the Order.
The Trustee is also authorized to pay Avidia Bank the balance of
the sale proceeds (less the carve-out) set forth in the First Sale
Motion.
Notwithstanding the applicability of Bankruptcy Rules 6004 (h),
6006(d), and 7062, as applicable, the terms and conditions of the
Order will be immediately effective and enforceable upon its entry
by the Court.
About Top Line Granite Design
Top Line Granite Design Inc., a manufacturer of cut stone and
stone
products in Tyngsboro, Mass., filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No.
22-40216) on March 25, 2022, with up to $10 million in assets and
up to $50 million in liabilities.
Judge Elizabeth D. Katz oversees the case.
Alan L. Braunstein, Esq., at Riemer and Braunstein, LLP is the
Debtor's legal counsel.
Steven Weiss, the Subchapter V trustee appointed in the Debtor's
case, is represented by Shatz Schwartz and Fentin, P.C.
TRANSCENDIA HOLDINGS: S&P Lowers ICR to 'CCC-' on Liquidity Risk
----------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Transcendia
Holdings Inc. to 'CCC-' from 'CCC+'. At the same time, S&P lowered
the ratings on the company's first-lien debt to 'CCC-' from 'CCC+',
and on the second-lien debt to 'C' from 'CCC-'. Recovery ratings
remain unchanged.
S&P said, "The negative outlook reflects our belief that the
company could fail to meet its debt obligations due to insufficient
liquidity, or pursue a distressed debt exchange, bankruptcy, or
other type of restructuring that we would view as a default over
the next six months.
"Given diminished liquidity, we believe Transcendia is at risk of
being unable to repay its outstanding debt obligations when the $50
million revolving credit facility is due Nov. 30, 2023, without
positive developments on refinancing. As of March 2023, the company
had approximately $23.5 million outstanding under the revolver. We
believe Transcendia will need to draw additional funds from the
credit facility to remain current on covering interest expenses
expected at about $10 million-$11 million before the revolver
expires.
"The company had around $8.5 million in cash on its balance sheet
as of the March quarter. Under our base-case scenario, we
anticipate Transcendia will not generate enough cash from its
operations to fully repay the outstanding debt when the revolver
matures." This indicates the company may default on its financial
obligations unless it extends the maturity date, secures additional
funding, or makes successful refinancing arrangements. In addition,
it could trigger a cross-default provision, which would result in
the acceleration of prepayments on the term loans.
Transcendia's term loans are due in 12 and 24 months, and the
company's plan for refinancing these obligations remains uncertain.
In addition to the revolver, Transcendia has a first-lien term loan
maturing on May 30, 2024, with approximately $278 million
outstanding, and a second-lien term loan maturing on May 30, 2025,
with approximately $110 million outstanding. S&P believes
Transcendia will need to restructure of its debt obligations to
continue operations. However, the timing and outcome of this
restructuring process are highly uncertain at this point.
S&P said, "We expect the leverage will remain high, with potential
negative free operating cash flow (FOCF).As of March 31, 2023,
Transcendia's S&P Global Ratings'-adjusted leverage was 12.2x. We
expect the leverage to remain higher than 10x, as the company faces
challenges stemming from weakening economic conditions, margin
pressures, and softness in certain end markets." Furthermore, the
anticipated higher interest costs and ongoing investments in growth
initiatives may contribute to estimated negative FOCF over the next
few quarters.
The negative outlook reflects the possibility that the company
could fail to meet its debt obligations due to insufficient
liquidity within the next six months, unless it pursues a
distressed debt exchange, bankruptcy, or any other type of
restructuring, which we would view as a default given the proximity
of debt obligations.
S&P could lower the rating if Transcendia misses its interest
payment or debt maturities, pursues a distressed debt exchange,
bankruptcy, or any other type of restructuring that S&P would view
as a default.
S&P could raise its ratings if Transcendia addresses its upcoming
maturities such that we no longer view them to be at risk of
default. S&P would also assess the company's capital structure upon
a comprehensive refinancing.
ESG credit indicators: E-3; S-2; G3
S&P said, "Environmental factors are a moderately negative
consideration in our rating analysis of Transcendia, a plastic
packaging business. We believe waste and pollution concerns will be
a demand headwind for plastic packaging providers as the U.S. moves
toward a more circular economy. Governance is also a moderately
negative consideration in our analysis, as is the case for most
rated entities owned by private-equity sponsors. We believe the
company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of its
controlling owners (West Street Capital Partners VII, a
private-equity investment fund of Goldman Sachs). This also
reflects private-equity owners' generally finite holding periods
and focus on maximizing shareholder returns."
TRANSIT PHYSICAL: Court OKs Cash Collateral Access Thru July 30
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Riverside Division, authorized Transit Physical Therapy PC, d/b/a
Transit Physical Therapy, to use cash collateral on an interim
basis through July 30, 2023.
The Debtor is permitted to use cash collateral in accordance with
the budget, with a 15% variance.
Each creditor with a security interest in cash collateral is
granted adequate protection in the form of a replacement lien,
dollar for dollar, in the same priority and to the same extent as
the creditor's pre-petition lien and security interest.
As previously reported by the Troubled Company Reporter, six
creditors have a blanket security interest that generally covers
"all of Debtor's assets" or other clearly stated language that
gives that creditor a security interest in the Debtor's cash,
accounts, or accounts receivable:
1. The senior secured creditor is U.S. Small Business
Administration, secured by a UCC-1 Financing Statement filed on
April 7, 2020 as Filing Number 20-7772039118. The balance of the
loan on the Petition Date is approximately $500,000.
2. The second secured creditor is U.S. Small Business
Administration, secured by a UCC-1 Financing Statement filed on
December 6, 2021 as Filing Number U210107885327. The collateral for
the loan is all assets and proceeds therefrom. The balance of the
loan on the Petition Date is approximately $2.066 million.
3. The third secured creditor is Banker's Healthcare Group,
secured by a UCC-1 Financing Statement filed on July 21, 2022 as
Filing Number U220212234829. The collateral for the loan is all
assets and proceeds therefrom. The balance of the loan on the
Petition Date is approximately $99,955.
4. The fourth secured creditor is Itria Ventures LLC, secured
by a UCC-1 Financing Statement filed on November 23, 2022 as Filing
Number U220246326936. The collateral for the loan is all assets and
proceeds therefrom. The balance of the loan on the Petition Date is
approximately $400,000.
5. The fifth secured creditor is Seamless Capital Group, LLC,
secured by a UCC-1 Financing Statement filed on February 21, 2023
as Filing Number U230012279933. The collateral for the loan is all
assets and proceeds therefrom. The balance of the loan on the
Petition Date is approximately $392,088.
6. The sixth secured creditor is Everest Business Funding
secured by a UCC-1 Financing Statement filed on March 15, 2023 as
Filing Number U230017915727. The collateral for the loan is all
assets and proceeds therefrom. The balance of the loan on the
Petition Date is approximately $350,000.
A further hearing on the matter is set for July 27, 2023 at 1:30
p.m.
A copy of the Court's order is available at
https://urlcurt.com/u?l=B5srKR from PacerMonitor.com.
About Transit Physical Therapy PC
Transit Physical Therapy PC offers personal rehabilitation services
including physical therapy, occupational therapy, and speech and
language pathology.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11057) on March 20,
2023. In the petition signed by Mitree Michael Piromgraipakd, its
president, the Debtor disclosed $2,700,328 in assets and $4,147,237
in liabilities.
Judge Scott H. Yun oversees the case.
Todd Turoci, Esq., at the Turoci Firm, represents the Debtor as
legal counsel.
VANGUARD WINES: Unsecured Creditors to Get 6.4% in Plan
-------------------------------------------------------
Vanguard Wines, LLC, submitted a First Amended Plan of
Reorganization.
Vanguard's predominant asset is its inventory stock of wines
maintained at its warehouses and sold through its sales network in
the Ohio, Kentucky and Indiana regions. As of the Petition Date,
Vanguard's wine inventory was valued at approximately $1,148,700.
Vanguard's assets also include a fleet of 7 Ford transit delivery
vehicles having varying mileage and ranging from model years 2016
to 2021. The vehicles are financed through installment sales
agreements and financing lease agreements. Vanguard's remaining
assets consist of warehouse equipment and office furnishings at
each of its leased facilities.
The Debtor's primary source of revenue is from the sale of its
inventory. During the Chapter 11 Case the Debtor has averaged
monthly receipts of $194,700.00 from the sale of its inventory. The
Debtor's monthly operating expenditures (not inclusive of chapter
11 administrative expenses) have averaged $183,300.00. Detail of
the Debtor's receipts and expenditures, on a monthly basis, can be
found in the monthly operating reports filed in the Chapter 11
Case.
The Debtor intends to continue to operate its business, and
represent its brands, subsequent to confirmation of this Plan in a
manner designed to maximize its profitability while at the same
time enhancing its distribution reputation in the Ohio, Indiana and
Kentucky markets.
Under the Plan, Class 3 General Unsecured Claims total $2,800,000.
The claimants also include creditors, other than RBR QL3, LLC, that
may have held a pre-petition secured Claim against the Debtor,
including but not limited to the SBA and Libertas Funding. Holders
of Allowed Claims in Class 3 will receive their pro-rata share of
$180,000 (the "Class 3 Distribution"). The Debtor will make a
monthly deposit of $5,000 (the "Class 3 Monthly Deposit") into a
segregated interest-bearing bank account maintained by the Debtor
(or, if the Trustee is the disbursing agent under the Plan, to the
Trustee) (the "Class 3 Escrow Account"). The Debtor (or the
Trustee) will make 6 semi-annual distributions, each in the amount
of $30,000, commencing 6 months after the Effective Date to holders
of Allowed Claims in Class 3 from the Class 3 Escrow Account and
continuing every 6 months thereafter until the end of the Plan
term. The proposed Class 3 Distribution will be the same regardless
of whether the Plan is confirmed on a consensual or nonconsensual
basis. For the purpose of clarity, a distribution under this class
treatment will be timely made provided that it is mailed by the
last day of each 6-month period within the Plan commitment period.
This treatment will pay a total of $180,000 to unsecured creditors
over the three-year commitment period. The Debtor estimates this
will result in a distribution of approximately 6.4%. No interest
will be paid on Class 3 Claims. Class 3 is impaired.
On a post-confirmation basis, the Debtor will fund its Plan
payments primarily through revenues derived from the sale of its
inventory, augmented by liquidity realized from draws on its
post-petition credit facility which will be, essentially, a
continuation of the DIP Facility previously approved by the Court.
Mr. Stewart will continue to manage the Debtor.
Counsel for the Debtor and Debtor in Possession:
Thomas R. Allen, Esq.
Richard K. Stovall, Esq.
James A. Coutinho, Esq.
ALLEN STOVALL NEUMAN & ASHTON LLP
10 West Broad Street, Suite 2400
Columbus, OH 43215
Tel: (614) 221-8500
Fax: (614) 221-5988
E-mail: allen@asnalaw.com; stovall@asnalaw.com;
coutinho@asnalaw.com
A copy of the Plan of Reorganization dated May 24, 2023, is
available at bit.ly/43yuq0m from PacerMonitor.com.
About Vanguard Wines
Vanguard Wines, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-51200) on October 10,
2022. In the petition signed by Eric Stewart, president, the Debtor
disclosed $1,408,580 in total assets and $5,063,797 in total
liabilities.
Vanguard Wines, LLC is an independently owned importer and
distributor of fine wines and spirits in Ohio, Kentucky and
Indiana. Vanguard operates primarily from its leased warehouse
facility in Columbus, Ohio, as well as smaller facilities in
Indianapolis, Indiana and Louisville, Kentucky. On a company-wide
basis, Vanguard has 26 employees as of the filing of its chapter 11
case.
Judge Alan M. Koschik oversees the case.
Richard K. Stoval, Esq., at Allen Stovall Neuman & Ashton LLP, is
the Debtor's counsel.
VASU CONVENIENCE: Unsecureds Will Get 40.44% Dividend in Plan
-------------------------------------------------------------
Vasu Convenience, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of New York a Disclosure Statement for Small
Business Plan of Reorganization dated May 29, 2023.
The Debtor is a corporation located at 118-14 Queens Blvd, Forest
Hill, NY, 11375. The Debtor is a grocery store, located near the
Queens County Criminal Court.
Due to COVID-19 restrictions and COVID-19 closure of the Queens
County Criminal Court and other companies around, the Debtor was
unable to operate at full capacity. Therefore, the Debtor has
fallen behind in its' rental obligations due to the financial
hardship stemming from its financial difficulties due to the Covid
shutdown.
Class 1 contains general unsecured, impaired claims against the
Debtor:
* Consolidated Edison Company of New York, Inc. with a claim
amount of 390.11 shall receive 40.44% ($157.76) dividend to be paid
on the effective date of the Plan.
* 118 Queens Realty LLC with a claim amount of $123,638.03
shall receive 40.44% (50,000.00) dividend to be paid on the
effective date of the Plan. The Debtor intends to surrender the
premises n the effective date of the Plan.
Equity interest holder Jigar A. Patel retains his interest.
The Plan will be financed by continuing the reorganized business
operations of the Debtor as well as by funds in the Debtor in
Possession bank account.
Jigar A. Patel, as the president and 100% shareholder of the
Debtor, will continue to manage the day-to-day business operations
of the Debtor.
A full-text copy of the Disclosure Statement dated May 29, 2023 is
available at https://urlcurt.com/u?l=ivjGt8 from PacerMonitor.com
at no charge.
Debtor's Counsel:
Alla Kachan, Esq.
Law Offices of Alla Kachan, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Email: alla@kachanlaw.com
About Vasu Convenience
Vasu Convenience, Inc., is a grocery store, located near the Queens
County Criminal Court. The Debtor filed a petition for Chapter 11
protection (Bankr. E.D. N.Y. Case No. 21-43023) on Dec. 3, 2021,
listing up to $100,000 in assets and up to $500,000 in liabilities.
Jigar A. Patel, president, signed the petition.
Judge Nancy Hershey Lord oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, P.C. and Wisdom
Professional Services Inc. as its legal counsel and accountant,
respectively.
VENUE CHURCH: Unsecureds Owed $415K to be Paid in Full
------------------------------------------------------
The Venue Church, Inc., filed a Plan of Reorganization and a
Disclosure Statement.
To best minister to the community, Venue has identified three major
financial goals that it must first achieve:
1. Repay its just debts. Venue believes in paying its debts, its
desire is to repay all who extended credit to it in an arms-length
transaction and terminate any obligation determined to be
over-stated, preferential or as the result of a fraudulent
transfer.
2. Re-extend its outreach and thereby increase donations. Venue
believes its purpose is to serve and minister to as many in the
community that may have a need, either material or spiritual.
3. Reorganize its business practices. To better understand its
ongoing needs and to account for and use the funds it is provided,
Venue's leadership will focus on budgeting, reconciling, and
auditing on a monthly basis.
The cash currently held in trust (after payment of $18,759 to UHC
per Order) by the debtor total $335,507.
Under the Plan, General Unsecured Claims Unsecured creditor claims
total $414,838.07. General unsecured claims are unimpaired and to
be paid in full.
The Plan of Reorganization sets forth means for execution of the
Plan, provides for the retention, enforcement, settlement, or
adjustment of claims belonging to the Debtor or the estate and
certain general provisions, including, but not limited to,
retention of jurisdiction by the Bankruptcy Court for certain
purposes.
Counsel for the Debtor:
W. Thomas Bible, Jr., Esq.
TOM BIBLE LAW
6918 Shallowford Road, Suite 100
Chattanooga, TN 37421
Tel: (423) 424-3116
Fax: (423) 443-4888
E-mail: tom@tombiblelaw.com
A copy of the Disclosure Statement dated May 24, 2023, is available
at bit.ly/3oBlFE8 from PacerMonitor.com.
About Venue Church Inc.
Venue Church Inc., a megachurch in Tennessee, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn.
Case No. 22-11829) on Aug. 23, 2022. In its petition, it listed
assets of less than $5 million and more than $3 million in
mortgage, auto loan, and credit card debt.
The case is overseen by Judge Shelley D. Rucker.
The Debtor is represented by Law Office of W. Thomas Bible, Jr.
VINTAGE FOOD: July 12 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Thomas J. Tucker on May 24, 2023, entered an order that
Vintage Food Services, Inc.'s proposed Chapter 11 Plan is deemed
withdrawn.
The judge ordered that:
* The Debtor may file an amended Chapter 11 Plan, and the Debtor
must do so, if at all, no later than May 31, 2023.
* The deadline to return ballots on the plan, as well as to file
objections to confirmation of the plan, is July 5, 2023.
* No later than July 7, 2023, the Debtor must file a signed
ballot summary indicating the ballot count under 11 U.S.C. Sections
1126(c) and 1126(d).
* The hearing on confirmation of the Amended Plan will be held
on Wednesday, July 12, 2023 at 11:00 a.m.
The Debtor on May 31, 2023, filed on Amended Chapter 11 Plan Small
Business Subchapter V. A copy of the Amended Plan is available at
https://www.pacermonitor.com/view/VAXDJNA/Vintage_Food_Services_Inc__miebke-22-48073__0114.0.pdf?mcid=tGE4TAMA
About Vintage Food Services
Based in Fraser, Mich., Vintage Food Services, doing business as
Vintage House, offers a complete suite of catering services for
weddings, showers, corporate events, fundraisers, reunions, funeral
luncheons, sports banquets, and bar/bat mitzvahz.
Vintage Food Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-48073) on Oct.
16, 2022, with between $500,000 and $1 million in assets and
between $1 million and $10 million in liabilities. Anthony
Jekielek, president of Vintage Food Services, signed the petition.
Judge Thomas J. Tucker oversees the case.
Lynn M. Brimer, Esq., at Strobl Sharp, PLLC, serves as Vintage Food
Services' legal counsel.
Huntington Bank, secured creditor of Vintage Food Services, is
represented by Lisa A. Hall, Esq., at Plunkett Cooney.
VIRGIN ORBIT: SEC Balks at Plan's Third Party Releases
------------------------------------------------------
The U.S. Securities and Exchange Commission objects to approval of
the Disclosure Statement and confirmation of the Chapter 11 Joint
Plan of Virgin Orbit Holdings, Inc. and its debtor affiliates,
filed April 19, 2023.
According to the SEC, as a general matter, non-debtor third party
releases contravene Section 524(e) of the Bankruptcy Code, which
provides that only debts of the debtor are affected by the Chapter
11 discharge provisions. Such releases have special significance
for public investors because they enable non-debtors to benefit
from a debtor's bankruptcy by obtaining their own releases with
respect to past misconduct, including violations of the federal and
state securities laws, which would not be discharged or released
had the non-debtors filed their own bankruptcy cases. See 11 U.S.C.
section 523(a)(19) (denying discharge to an individual Chapter 7 or
Chapter 11 debtor for debts arising from violations of federal and
state securities laws). This concern is implicated here, where the
Debtors are seeking to bar public shareholders and holders of
subordinated claims from asserting claims against the released
parties.
While such releases may be allowed in the Third Circuit in
"extraordinary cases," no extraordinary facts are present here.
Gillman v. Continental Airlines (In re Continental Airlines), 203
F.3d 203, 212 (3d Cir. 2000). In the absence of such extraordinary
circumstances, courts in this Circuit have held that third party
releases of non-debtors may be allowed if they are consensual.
Emerge Energy Servs. LP, No. 19-11563 (KBO), 2019 WL 7634308, at
*18 (Bankr. D. Del. 2019) (Court denied confirmation of the plan
where third party releases were not consensual, because the plan
sought to bind creditors and interest holders who did not return a
ballot or optout form. The Court explained that "if there is
appropriate bankruptcy justification for the release in the absence
of affirmative consent, a debtor may proceed under Continental.");
In re Washington Mutual, Inc., 442 B.R. 314, 352 (Bankr. D. Del.
2011); In re Zenith Electronics Corp., 241 B.R. 92, 111 (Bankr. D.
Del. 1999)).
Although the Debtors may claim that the inclusion of an opt-out
provision renders the releases consensual with respect to public
shareholders and holders of subordinated claims, silence does not
constitute "consent" to third party releases. Here, the
nonconsensual character of the releases is especially troubling
because they apply to public shareholders and holders of
subordinated claims who are not receiving any consideration and are
not entitled to vote on the Plan.
The releases should be deleted from the Plan, or, alternatively,
the Plan should be amended to state that the releases will not bind
shareholders and subordinated claimants who are deemed to reject
the Plan.
About Virgin Orbit
Virgin Orbit Holdings, Inc (OTCMKTS: VORBQ) --
http://www.virginorbit.com/-- operates one of the most flexible
and responsive space launch systems ever built. Founded by Sir
Richard Branson in 2017, the Company began commercial service in
2021, and has already delivered commercial, civil, national
security, and international satellites into orbit. Virgin Orbit's
LauncherOne rockets are designed and manufactured in Long Beach,
California, and are air-launched from a modified 747-400 carrier
aircraft that allows Virgin Orbit Holdings, Inc., to operate from
locations all over the world in order to best serve each customer's
needs.
Virgin Orbit Holdings, Inc., and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10405) on April 4, 2023.
In the petition filed by Daniel M. Hart, as chief executive
officer, Virgin Orbit reported total assets of $242,978,000 and
total debt of $153,491,000 as of Sept. 30, 2022.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, and LATHAM
& WATKINS LLP as counsel; DUCERA PARTNERS LLC as investment banker
and financial advisor; and ALVAREZ & MARSAL NORTH AMERICA LLC as
restructuring advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is
the claims agent.
The Debtors' indirect parent entity, Virgin Investments Limited, in
its role as Lender and Administrative Agent and Collateral Agent,
has retained Davis Polk & Wardwell LLP, FTI Consulting, Inc., and
Morris, Nichols, Arsht & Tunnell LLP as advisors.
VIVOS REAL ESTATE: Responses to Rockville Property Sale Due June 6
------------------------------------------------------------------
Judge Maria Ellena Chavez-Ruark of the U.S. Bankruptcy Court for
the District of Maryland reduced the time for creditors and
parties-in-interest to file responses to Vivos Real Estate
Holdings, LLC's sale of the real property known as 22 Baltimore
Road, in Rockville, Maryland 20850, from 21 days to 12 days, such
that any responses must be filed and received by the Court by June
6, 2023. An expedited hearing on the Motion, if necessary, will be
held on June 8, 2023, at 1:00 p.m.
About Vivos Real Estate Holdings
Vivos Real Estate Holdings, LLC, a company in Rockville, Md.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Md. Case No. 22-14207) on Aug. 2, 2022, listing as much
as $50,000 in assets and $1 million to $10 million in liabilities.
Naveen Doki, manager and president, signed the petition.
Judge Maria Ellena Chavez-Ruark oversees the case.
John D. Burns, Esq., at The Burns LawFirm, LLC is the Debtor's
counsel.
WEWORK INC: Chief Financial Officer Resigns
-------------------------------------------
Andre Fernandez resigned from his position as chief financial
officer and treasurer of WeWork Inc., effective June 1, 2023.
The resignation is not the result of any disagreement with the
Company with respect to any matter relating to financial controls,
financial statements or any other operations, policies or practices
of the Company, as disclosed in a Form 8-K filed with the
Securities and Exchange Commission.
On May 24, 2023, the Company's Board of Directors appointed Kurt
Wehner, the Company's chief accounting officer, as CFO and
treasurer, effective June 1, 2023.
Mr. Wehner has served as the Company's chief accounting officer
since he joined WeWork in October 2020. Before joining the
Company, Mr. Wehner served as chief accounting officer, and in
other roles, at Discovery Inc. from September 2011 to December
2019. Prior to that Mr. Wehner was Audit Partner at KPMG LLP from
2000 through 2011.
About WeWork
New York, NY-based WeWork Inc. (NYSE: WE) -- wework.com -- is a
global flexible workspace provider, serving a membership base of
businesses large and small through its network of 779 Systemwide
Locations, including 622 Consolidated Locations as of December
2022.
WeWork reported a net loss of $2.29 billion for the year ended Dec.
31, 2022, a net loss of $4.63 billion for the year ended Dec. 31,
2021, a net loss of $3.83 billion in 2020, and a net loss of $3.77
billion in 2019. As of Dec. 31, 2022, the Company had $17.86
billion in total assets, $21.31 billion in total liabilities, and a
total deficit of $3.43 billion.
WISHING WELL: Court Approves Sale of Las Vegas Property for $350K
-----------------------------------------------------------------
Judge August B. Landis of the U.S. Bankruptcy Court for the
District of Nevada authorized Wishing Well Property Investments,
LLC, Series 1 to sell the real property located at 6418 Hayden Peak
Lane, in Las Vegas, Nevada 89156, for $350,000.
The sale is free and clear of liens.
The sale proceeds will first be used towards paying off any
existing liens by priority and amount.
The mortgage company, Newrez LLC dba Shellpoint Mortgage Servicing,
will provide a payoff for the property located at 6418
Hayden Peak Lane, Las Vegas, NV 89156 within 14 days of the hearing
date.
A copy of the Notice of Entry of Order will be sent to Shellpoint
and its potential counsel in the matter Daniel I. Singer,
Esq., within 48 hours of the entry of the Order.
About Wishing Well Property Investments
Las Vegas-based Wishing Well Property Investments, LLC Series 1
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 22-10005), disclosing
$2,899,046 in assets and $1,433,401 in liabilities. Russell Roth,
managing member, signed the petition.
Judge August B. Landis oversees the case.
Christopher P. Burke, Esq., at The Law Office of Christopher P.
Burke serves as the Debtor's legal counsel.
XPLORNET COMMUNICATIONS: $995M Bank Debt Trades at 22% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Xplornet
Communications Inc is a borrower were trading in the secondary
market around 78.5 cents-on-the-dollar during the week ended
Friday, June 2, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $995 million facility is a Term loan that is scheduled to
mature on October 1, 2028. The amount is fully drawn and
outstanding.
Xplornet Communications Inc operates as a broadband service
provider. The Company offers voice and data communication services
through wireless and satellite networks. Xplornet Communications
serves customers in Canada.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
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)
AEMETIS INC AMTX US 210.4 (222.4) (82.4)
AEMETIS INC DW51 GR 210.4 (222.4) (82.4)
AEMETIS INC AMTXGEUR EU 210.4 (222.4) (82.4)
AEMETIS INC DW51 GZ 210.4 (222.4) (82.4)
AEMETIS INC DW51 TH 210.4 (222.4) (82.4)
AEMETIS INC DW51 QT 210.4 (222.4) (82.4)
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)
AMYRIS INC A2MR34 BZ 679.7 (648.1) (227.1)
ASHFORD HOSPITAL AHT US 3,829.4 (180.4) -
AUGMEDIX INC AUGX US 33.1 (3.2) 11.6
AULT DISRUPTIVE ADRT US 119.6 (3.3) 0.1
AULT DISRUPTIVE ADRT/U US 119.6 (3.3) 0.1
AUTOZONE INC AZO US 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZ5 TH 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZ5 GR 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZOEUR EU 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZ5 QT 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZO AV 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZ5 TE 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZO* MM 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZOEUR EZ 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZ5 GZ 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC AZO-RM RM 15,597.9 (4,184.2) (1,756.1)
AUTOZONE INC-BDR AZOI34 BZ 15,597.9 (4,184.2) (1,756.1)
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
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) 15,301.0
BOEING CO-CED BA AR 136,347.0 (15,484) 15,301.0
BOEING CO-CED BAD AR 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA EU 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCO GR 136,347.0 (15,484) 15,301.0
BOEING CO/THE BAEUR EU 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA TE 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA* MM 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA SW 136,347.0 (15,484) 15,301.0
BOEING CO/THE BOEI BB 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA US 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCO TH 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA PE 136,347.0 (15,484) 15,301.0
BOEING CO/THE BOE LN 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA CI 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCO QT 136,347.0 (15,484) 15,301.0
BOEING CO/THE BAUSD SW 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCO GZ 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA AV 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA-RM RM 136,347.0 (15,484) 15,301.0
BOEING CO/THE BAEUR EZ 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA EZ 136,347.0 (15,484) 15,301.0
BOEING CO/THE BACL CI 136,347.0 (15,484) 15,301.0
BOEING CO/THE BA_KZ KZ 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCOD EB 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCOD IX 136,347.0 (15,484) 15,301.0
BOEING CO/THE BCOD I2 136,347.0 (15,484) 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 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX GR 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX TH 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX QT 1,108.7 (21.6) 110.5
BOX INC- CLASS A BOXEUR EU 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX GZ 1,108.7 (21.6) 110.5
BOX INC- CLASS A BOX-RM RM 1,108.7 (21.6) 110.5
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
COGENT COMMUNICA OGM1 TH 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 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 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA TH 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA GR 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA GZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EU 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELLC* MM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA QT 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL AV 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL-RM RM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C-BDR D1EL34 BZ 84,094.0 (2,924.0) (9,433.0)
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 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON GR 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON GZ 219.2 (151.2) (83.7)
DOMO INC- CL B DOMOEUR EU 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON TH 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON QT 219.2 (151.2) (83.7)
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
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
FAIR ISAAC CORP FRI TH 1,502.4 (770.8) 148.0
FENNEC PHARMACEU FRX CN 21.8 (7.3) 17.6
FENNEC PHARMACEU FENC US 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 TH 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 GR 21.8 (7.3) 17.6
FENNEC PHARMACEU FRXEUR EU 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 GZ 21.8 (7.3) 17.6
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 G5NA GR 650.6 (24.5) (184.1)
GROUPON INC G5NA TH 650.6 (24.5) (184.1)
GROUPON INC GRPN US 650.6 (24.5) (184.1)
GROUPON INC G5NA QT 650.6 (24.5) (184.1)
GROUPON INC GRPNEUR EU 650.6 (24.5) (184.1)
GROUPON INC G5NA GZ 650.6 (24.5) (184.1)
GROUPON INC GRPN AV 650.6 (24.5) (184.1)
GROUPON INC GRPN* MM 650.6 (24.5) (184.1)
GROUPON INC GRPNEUR EZ 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
HERON THERAPEUTI HRTX-RM RM 220.9 (11.4) 100.3
HEWLETT-CEDEAR HPQD AR 36,366.0 (2,484.0) (7,011.0)
HEWLETT-CEDEAR HPQC AR 36,366.0 (2,484.0) (7,011.0)
HEWLETT-CEDEAR HPQ AR 36,366.0 (2,484.0) (7,011.0)
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 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ* MM 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ US 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP TH 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP GR 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ TE 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ CI 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ SW 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP QT 36,366.0 (2,484.0) (7,011.0)
HP INC HPQUSD SW 36,366.0 (2,484.0) (7,011.0)
HP INC HPQEUR EU 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP GZ 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ AV 36,366.0 (2,484.0) (7,011.0)
HP INC HPQEUR EZ 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ-RM RM 36,366.0 (2,484.0) (7,011.0)
HP INC 7HPD EB 36,366.0 (2,484.0) (7,011.0)
HP INC 7HPD IX 36,366.0 (2,484.0) (7,011.0)
HP INC 7HPD I2 36,366.0 (2,484.0) (7,011.0)
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
INTUITIVE MACHIN LUNR US 99.7 (121.1) (42.5)
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)
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 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LOW US 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LWE TH 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LWE QT 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LOWEUR EU 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LWE GZ 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LOW* MM 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LWE TE 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LOWE AV 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LOWEUR EZ 45,917.0 (14,710) 4,708.0
LOWE'S COS INC LOW-RM RM 45,917.0 (14,710) 4,708.0
LOWE'S COS-BDR LOWC34 BZ 45,917.0 (14,710) 4,708.0
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 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 385.0 (64.9) -
NIOCORP DEVELOPM BR30 TH 33.1 (13.9) 3.5
NIOCORP DEVELOPM NB CN 33.1 (13.9) 3.5
NIOCORP DEVELOPM NB US 33.1 (13.9) 3.5
NIOCORP DEVELOPM NBEUR EU 33.1 (13.9) 3.5
NIOCORP DEVELOPM BR30 GZ 33.1 (13.9) 3.5
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 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU GR 2,396.0 (789.1) 596.1
NUTANIX INC - A NTNXEUR EU 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU TH 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU QT 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU GZ 2,396.0 (789.1) 596.1
NUTANIX INC - A NTNXEUR EZ 2,396.0 (789.1) 596.1
NUTANIX INC - A NTNX-RM RM 2,396.0 (789.1) 596.1
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 (90.2) 125.4
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
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)
RAPID7 INC-BDR R2PD34 BZ 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 HO-BDR SRXM34 BZ 10,023.0 (3,259.0) (1,816.0)
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 5,966.1 (156.0) 900.2
SPLUNK INC S0U GR 5,966.1 (156.0) 900.2
SPLUNK INC S0U TH 5,966.1 (156.0) 900.2
SPLUNK INC S0U QT 5,966.1 (156.0) 900.2
SPLUNK INC SPLK SW 5,966.1 (156.0) 900.2
SPLUNK INC SPLKEUR EU 5,966.1 (156.0) 900.2
SPLUNK INC SPLK* MM 5,966.1 (156.0) 900.2
SPLUNK INC SPLKEUR EZ 5,966.1 (156.0) 900.2
SPLUNK INC S0U GZ 5,966.1 (156.0) 900.2
SPLUNK INC SPLK-RM RM 5,966.1 (156.0) 900.2
SPLUNK INC - BDR S1PL34 BZ 5,966.1 (156.0) 900.2
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
TRANSAT A.T. TRZ CN 2,527.1 (807.1) (82.5)
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 HOMES GRO UHG US 283.8 (363.3) 249.9
UNITED HOMES GRO 6PO GR 283.8 (363.3) 249.9
UNITED HOMES GRO DHHCEUR EU 283.8 (363.3) 249.9
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)
US GOLDMINING IN Q0G GZ 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
WINGSTOP INC EWG TH 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
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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*** End of Transmission ***