/raid1/www/Hosts/bankrupt/TCR_Public/230620.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 20, 2023, Vol. 27, No. 170
Headlines
1716 R STREET: Claims Will be Paid from Property Sale/Refinance
4312 KENNEDY BLVD: Unsecureds to Get $7,500 per Year for 3 Years
A & T ASSETS: Seeks to Hire Weinberg Gross & Pergament as Counsel
A.B. WON PAT: S&P Affirms 'BB' Rating on Senior-Lien Revenue Bonds
AMERICAN LAND: Seeks Approval to Hire FocusCFO as Accountant
ASTRA ACQUISITION: $1.30B Bank Debt Trades at 30% Discount
ASTRA ACQUISITION: $500M Bank Debt Trades at 48% Discount
ASTRO ONE: $155M Bank Debt Trades at 48% Discount
ATLAS CUSTOM: Taps Susan Thornton of Biggs Freeman as Broker
ATLAS HEAVY: Unsecureds to Split $50K in Consensual Plan
AV RESIDENCE: Voluntary Chapter 11 Case Summary
BADGER FINANCE: $268M Bank Debt Trades at 24% Discount
BANQ INC: New Secured Loan & Litigation Proceeds to Fund Plan
BASS MANAGEMENT: Unsecureds Will Get 100% of Claims in Plan
BLUE DIAMOND: Taps Matthews, Cutrer & Lindsay as Accountant
BOLTA US LTD: Unsecureds to Recover 0% to 25% in Liquidating Plan
C & L DINERS: Taps Advanced Restaurant Sales as Expert Witness
CAMECO TECHNOLOGIES: Unsecureds Will Get 25% of Claims in 4 Years
CASUALTY UNDERWRITERS: A.M. Best Lowers Fin. Strength Rating to C++
CLOVIS ONCOLOGY: Equity Panel Taps Riveron RTS as Financial Advisor
COCOMOES LLC: Unsecureds to Get 3 Cents on Dollar in Plan
COLUMBIAN FINANCIAL: A.M. Best Cuts FS Rating to C++(Marginal)
CPV MARYLAND: S&P Affirms 'BB-' Rating on $350MM Term Loan B
CROWN FINANCE: $650M Bank Debt Trades at 84% Discount
CYXTERA DC HOLDINGS: $100M Bank Debt Trades at 49% Discount
CYXTERA DC HOLDINGS: $815M Bank Debt Trades at 49% Discount
DIVE PLACE II: Class 7 Unsecureds to Get $10K per Year for 3 Years
DRY MORE: Amends Veritex Community Secured Claims Pay Details
EAST BROADWAY: Assigns Broadway as Approved New Tenant; Amends Plan
EKSO BIONICS: All Four Proposals Passed at Annual Meeting
EMPEREON MARKETING: Excess Income to Fund Plan
EYECARE PARTNERS: $250M Bank Debt Trades at 27% Discount
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 40% Discount
FRANCO'S PAVING: Claims to be Paid From Ongoing Operations
FREEMANVILLE LIFEHOPE: Unsecureds to be Paid in Full in 12 Months
GALLERIA WEST: Updates Unsecured Claims Details
GAUCHO CROUP: To Hold Annual Meeting on Aug. 24
GENESIS GLOBAL: Negotiations w/ Committee & Ad Hoc Group Ongoing
GENESISCARE USA: EUR500M Bank Debt Trades at 80% Discount
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 40% Discount
GOLDMAKER INC: Miller to Contribute $20K; Updates Unsecured Claims
GORDIAN MEDICAL: $280M Bank Debt Trades at 29% Discount
HELIX GEN: S&P Affirms 'BB-' Debt Rating on Maturity Extension
HERITAGE POWER: $520M Bank Debt Trades at 75% Discount
HERITAGE POWER: $61.1M Bank Debt Trades at 75% Discount
HOLY REDEEMER: Fitch Alters Outlook on 'BB+' Rating to Negative
INITALY LLC: Seeks to Hire Hester Baker Krebs as Counsel
INSTANT BRANDS: $450M Bank Debt Trades at 79% Discount
INTEGRATED MARKETING: Unsecured Claims Under $25K to Split $3,600
IQOR US: $300M Bank Debt Trades at 34% Discount
KIDDE-FENWAL INC: Hires Guggenheim Securities as Investment Banker
KIDDE-FENWAL INC: Seeks Approval to Hire AP Services
KIDDE-FENWAL INC: Seeks to Hire Stretto as Administrative Advisor
KIDDE-FENWAL INC: Seeks to Hire Sullivan & Cromwell as Counsel
KIDDE-FENWAL INC: Taps Schulte as Special Committee Counsel
KNIGHT HEALTH: $450M Bank Debt Trades at 57% Discount
LAS PROPERTY: Seeks Approval to Hire Behan as Accountant
LAS PROPERTY: Seeks to Hire Lacy Katzen as Bankruptcy Counsel
LAURA'S ORIGINAL: Unsecureds to Get 75 Cents on Dollar in Plan
LEXARIA BIOSCIENCE: Terminates Chief Financial Officer
LOS ANGELES HOSTEL: Case Summary & Four Unsecured Creditors
MASTERS III: Case Summary & 20 Largest Unsecured Creditors
MERCURY PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
MESA TERRACE: Unsecured Creditors to Split $55K over 5 Years
MISSISSIPPI CENTER: Disposable Income to Fund Plan Payments
MOMENTUM BREWERY: Seeks to Hire McIntyre as Legal Counsel
MONITRONICS INTERNATIONAL: Taps KPMG as Tax Consultant
MY TRUE MILES: Gets Interim OK to Hire Breuer Law as Counsel
NEW CONSTELLIS: $200,000 Bank Debt Trades at 47% Discount
OVERLOOK ROAD: August 3 Plan Confirmation Hearing Set
PACIFIC BEND: Taps Law Office of Jeffrey A Cohen as Special Counsel
PERFORMANCE POWERSPORTS: Files Amended Plan; Plan Hearing July 24
PHARMASTRATEGIES: Taps Susan Hayes as Forensic Accounting Expert
PRETIUM PKG: $350M Bank Debt Trades at 46% Discount
RANDOLPH TOWN CENTER: Case Summary & Eight Unsecured Creditors
RESCOM LTD: Seeks Approval to Hire FocusCFO as Accountant
ROCKPORT CO: Commences Voluntary Chapter 11 Bankruptcy Proceedings
RODAN & FIELDS: $600M Bank Debt Trades at 78% Discount
RODGERS COMPANIES: Seeks to Hire Eric A. Liepins as Legal Counsel
SABRE GLBL: $625M Bank Debt Trades at 25% Discount
SALE LLC: Seeks Approval to Hire Paul E. Saperstein as Appraiser
SC BEACH PARTNERSHIP: Seeks to Hire Ten-X LLC as Auctioneer
SCCW INDUSTRIAL: Mark Weisbart Named Subchapter V Trustee
SINCLAIR TELEVISION: $750M Bank Debt Trades at 24% Discount
SORRENTO THERAPEUTICS: Court Suspends Short-Sales of Scilex Stocks
SOURCEWATER INC: Income & Litigation Proceeds to Fund Plan
SOUTHEAST SUPPLY: S&P Downgrades ICR to 'CCC+', Outlook Negative
SUPERIOR EMERGENCY: Seeks to Hire Stephens & Company as Accountant
SURGALIGN HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
SVB FINANCIAL: SVB Securities Signs Definitive Agreement for Buyout
US RENAL: $1.60B Bank Debt Trades at 51% Discount
VIRGIN ORBIT: Amends Unsecured Claims Pay Details
VIRGINIA TRUE: Unsecureds Will Get 41.71% of Claims in Plan
WAVECREST ENTERPRISES: Unsecureds to be Paid in Full over 60 Months
WHOLE EARTH: $375M Bank Debt Trades at 25% Discount
WINDSOR HOLDINGS III: Fitch Rates New $1.4BB ABL Revolver 'BB+'
WOUAFF WOUAFF: Gets OK to Hire Reissman Law Group as Counsel
XPLORNET COMMUNICATIONS: $200M Bank Debt Trades at 47% Discount
[^] Large Companies with Insolvent Balance Sheet
*********
1716 R STREET: Claims Will be Paid from Property Sale/Refinance
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The Lerae Towers, LLC, and Lerae Towers II, LLC, affiliates of 1716
R Street Flats LLC, filed with the U.S. Bankruptcy Court for the
District of Columbia an Amended Disclosure Statement with respect
to Amended Joint Plan of Reorganization dated June 13, 2023.
The Lerae Towers, LLC and Lerae Towers II, LLC are single asset
real estate limited liability companies organized under the laws of
the District of Columbia with a principal place of business located
in the District of Columbia.
The sole significant tangible asset of each Debtor is Debtor's real
property located at:
* For The Lerae Towers, LLC, the 537 Property: that that
certain real property located at 537 Peabody Street, NW Washington,
DC 20011, Lot 0100, Square 3201, and all improvements thereon.
* For Lerae Towers II, LLC 1241 Property: that certain real
property located at 1241 Raum Street, NE, Washington DC 20002, Lot
0214, Square 4055 and all improvements thereon.
The 1241 Property is pledged to WCP Fund I LLC in its Capacity as
Servicer for SF NU, LLC its Capacity as Servicer for SF NU, LLC
("WCP Fund") in the asserted amount of $1,274,197.01 plus
attorneys' fees as of May 2, 2023, plus a second lien of
approximately $700,266.69 (the "WCP Second Lien").
The 537 Property is pledged toMain Street Bank, which has an
asserted balance owed as of the Petition Date of $1,325,053.91. WCP
also asserts the WCP Second Lien against the 537 Property.
The events precipitating the Chapter 11 filing are the foreclosure
filings scheduled by WCP on the Debtors' properties.
The Plan proposes the reduction of WCP's lien on the 537 Property
to $325,000.00, with an unsecured claim in the amount of $3
million, which is subject to a $2.5 million discount if paid within
three years.
The Plan proposes to sell the 1241 Property to WCP in exchange for
a $5,250.00 reserve, plus $250 in U.S. Trustee fees (the "1241 WCP
Reserve").
Class 1C consists of the Unsecured Claims against The LeRae Towers,
LLC. On the Distribution Date, The LeRae Towers, LLC shall pay any
amounts left over from the LeRae Reserve after payment of
Administrative and Priority Tax Claims, to holders of General
Unsecured Claims in full and complete satisfaction of General
Unsecured Claims. Class 1C Claims are impaired. Holders of Allowed
Class 1C Claims are entitled to vote to accept or reject the Plan.
Class 2C consists of the Unsecured Claims against LeRae Towers II,
LLC. On the Distribution Date, LeRae Towers II, LLC shall pay any
amounts left over from the LeRae II Reserve after payment of
Administrative and Priority Tax Claims, to holders of General
Unsecured Claims in full and complete satisfaction of General
Unsecured Claims. The Class 2C Claim is impaired. Holders of
Allowed Class 2C Claims are entitled to vote to accept or reject
the Plan.
Holders of Class 3 Interests shall retain their interests under the
Plan. Holders of Class 3 Interests will not receive any payments
unless and until all Holders of Allowed Class 1 and Class 2 Claims
are paid in full. Class 3 Interests are unimpaired under the Plan.
The Holders of Class 3 Interests are not entitled to vote to accept
or reject the Plan.
To generate sufficient funds to assist in consummating this Plan,
the LeRae Towers, LLC will refinance its secured debt to Main
Street Bank and WCP Fund I LLC as Servicer for SF NU, LLC within 1
year of entry of the Confirmation Order (the "LeRae Refinance").
The proceeds shall first be used to pay off Main Street Bank, and
then to pay closing costs and US Trustee fees.
In full and complete satisfaction of the Allowed Secured Claim of
the WCP Entities against LeRae Towers II, LLC, at a time of WCP
Fund I LLC's choosing, after seven days notice, LeRae Towers II,
LLC shall convey the 1241 Property to WCP Fund I LLC or any other
entity to which WCP Fund I directs that LeRae Towers II, LLC makes
such transfer. WCP Fund I LLC shall be responsible for all costs of
effectuating such transfer, including payment of all required
taxes, provided such transfer shall be regarded as one made
pursuant to a confirmed plan of reorganization and the Debtors
shall undertake all best efforts to ensure such transfer be
regarded as exempt from tax pursuant to the allowances of the
Bankruptcy Code.
A full-text copy of the Amended Disclosure Statement dated June 13,
2023 is available at https://urlcurt.com/u?l=BKmrQc from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
About 1716 R Street Flats
1716 R Street Flats, LLC and affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Lead Case No.
23-00017) on Jan. 16, 2023. In the petition signed by Richard
Cunningham, managing member, 1716 R Street Flats disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
McNamee Hosea, PA, represents the Debtor as legal counsel.
4312 KENNEDY BLVD: Unsecureds to Get $7,500 per Year for 3 Years
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4312 Kennedy Blvd LLC filed with the U.S. Bankruptcy Court for the
District of New Jersey a Plan of Reorganization dated June 13,
2023.
The Debtor owns three multi-unit commercial and residential real
estate buildings located in Union City, New Jersey. The three
buildings are located at 4312 Kennedy Blvd., 4314 Kennedy Blvd.,
and 4316 Kennedy Blvd.
The Debtor's financial affairs were stable until a series of short
term mortgage refinancing transactions arranged by the then manager
of the Debtor, James Davis, the son of the owners Leonor Davis and
her now deceased husband Phillip Davis. After finally learning of
James Davis' conduct, the principal of the Debtor, Leonor Davis,
terminated James Davis' capacity as manager of the Debtor and
appointed her daughter, Betty Davis, as manager.
In order to stop the Debtor's mortgagee's foreclosure action which
would result in the loss of the title ownership of the Debtor's
properties, the within Chapter 11 bankruptcy case was filed.
The Debtor is seeking to reorganize in an effort to substantially
improve its balance sheet and achieve financial stability.
The Plan provides for payments to creditors from the Debtor's
ongoing business operations, and from infusions to the extent
necessary, by Donna Davis, the sister of the manager of the Debtor
and the daughter of the Debtor's sole member, of up to $10,000 per
year.
AI Capital, LLC shall have its Claim treated in accordance with
Section 506(a)(1) of the Bankruptcy Code, meaning AI shall have an
Allowed Secured Claim equal to the value of its collateral, and an
Allowed General Unsecured Claim equal to the difference between its
Allowed Secured Claim and its total Allowed Claim. AI's Allowed
Secured Claim shall be satisfied in equal monthly payments of
principal and interest at 7% percent per annum based on a 25-year
amortization schedule with a balloon payment of the then
outstanding principal amount due in 10 years.
AI's Allowed General Unsecured Claim shall receive its pro rata
share of the aggregate dividend being paid to General Unsecured
Creditors. The Debtor asserts AI's collateral is worth no more than
$1,200,000, and will seek to have the Bankruptcy Court determine
AI's Allowed Secured Claim to be in such amount.
General Unsecured Creditors shall receive their pro rata share of
three annual aggregate dividends of $7,500 each, payable on
September 30, 2023, September 30, 2024, and September 30, 2025.
Class 3 consists of General Unsecured Claims. Three consecutive
annual payments of $7,500 in the aggregate commencing on the later
of Confirmation or September 30, 2023, and continuing on September
30, 2024, and September 30, 2025.
Equity interest holder Leonor Davis shall retain equity interests
in the Debtor.
The Plan will be funded by the Debtor's cash on hand as of
Confirmation, the cash generated by the Debtor's continuing
operations, infusions as may be required from time to time by
Leonor Davis or her daughters, and the sale or refinance of its
properties prior to the deadline for the balloon payment to AI.
Donna Davis, Leonor Davis' daughter, has committed to fund up to
$30,000 towards the Plan to the extent required, over the initial
three years post-confirmation.
Betty Davis will continue to manage the Debtor's daily operations.
Betty Davis receives no compensation from the Debtor associated
with her management activities.
A full-text copy of the Plan of Reorganization dated June 13, 2023
is available at https://urlcurt.com/u?l=nMAXQ9 from
PacerMonitor.com at no charge.
Debtor's Counsel: Jay L. Lubetkin, Esq.
RABINOWITZ, LUBETKIN & TULLY, LLC
293 Eisenhower Parkway
Suite 100
Livingston, NJ 07039
Tel: 973-597-9100
Fax: 973-597-9119
About 4312 Kennedy
4312 Kennedy Blvd LLC owns three multi-unit commercial and
residential real estate buildings located in Union City, New
Jersey. The Debtor filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 23-15007) on June 8, 2023. In the petition signed by Betty
Davis, manager, the Debtor disclosed $1 million to $10 million.
Jay L. Lubetkin, Esq. of RABINOWITZ, LUBETKIN & TULLY, LLC, is the
Debtor's counsel.
A & T ASSETS: Seeks to Hire Weinberg Gross & Pergament as Counsel
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A & T Assets, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Weinberg, Gross &
Pergament, LLP as its legal counsel.
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 business and property;
(b) represent the Debtor before the bankruptcy court and at
all hearings on matters pertaining to its affairs;
(c) assist the Debtor in the preparation and negotiation of a
Chapter 11 plan of reorganization with its creditors; and
(d) prepare legal papers.
The firm will be paid at these rates:
Partners $595 - $625 per hour
Associates $450 per hour
Paralegals $120 per hour
Weinberg, Gross & Pergament is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Marc A. Pergament, Esq.
Weinberg, Gross & Pergament, LLP
400 Garden City Plaza, Suite 403
Garden City, NY 11530
Telephone: (516) 877-2424
Facsimile: (516) 877-2460
Email: mpergament@wgplaw.com
About A & T Assets
A & T Assets, LLC is engaged in activities related to real estate.
It is the fee simple owner of a real property located at 23-33 31st
St., Astoria, N.Y., valued at $3 million.
A & T Assets filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41827) on
May 24, 2023, with $3,000,000 in assets and $7,550,824 in
liabilities. Evangelos Gerasimou, manager, signed the petition.
Judge Nancy Hershey Lord presides over the case.
Marc A. Pergament, Esq., at Weinberg, Gross & Pergament, LLP
represents the Debtor as counsel.
A.B. WON PAT: S&P Affirms 'BB' Rating on Senior-Lien Revenue Bonds
------------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'BB' long-term rating and underlying rating (SPUR) on
the A.B. Won Pat International Airport Authority (also known as the
Guam International Airport Authority, GIAA, or the airport), Guam's
senior-lien general revenue bonds.
"The outlook revision reflects our view that GIAA's financial
metrics and airport activity levels for fiscal 2023 and possibly
subsequent years could be constrained and below the airport's prior
low-range forecast as a result of the physical risks resulting from
Typhoon Mawar, which made landfall on Guam on May 24, 2023, as a
Category 4 storm," said S&P Global Ratings credit analyst Paul
Dyson.
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Physical risk
AMERICAN LAND: Seeks Approval to Hire FocusCFO as Accountant
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American Land Investments, LTD. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ
FocusCFO as its accountant.
The Debtor requires an accountant to prepare the liquidation
analysis and projections for its Chapter 11 plan of reorganization
and provide other accounting services.
Mark Clower of FocusCFO will handle the majority of the services
for Debtor. His hourly rate is $175.
The retainer fee is $2,500.
As disclosed in court filings, FocusCFO is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark Clower
FocusCFO
1010 Jackson Hole Dr Ste 202
Blacklick, OH 43004
Phone: +1 855-236-0600
About American Land Investments
American Land Investments, LTD. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-30539) on
April 7, 2023, with as much as $1 million in both assets and
liabilities. Duaine Liette, sole member, signed the petition.
Judge Guy R. Humphrey oversees the case.
The Debtor tapped Paul H. Shaneyfelt, Esq., at Shaneyfelt &
Associates, LLC as legal counsel and FocusCFO as accountant.
ASTRA ACQUISITION: $1.30B Bank Debt Trades at 30% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 70.1
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.30 billion facility is a Term loan that is scheduled to
mature on October 25, 2028. The amount is fully drawn and
outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: $500M Bank Debt Trades at 48% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 52.5
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $500 million facility is a Term loan that is scheduled to
mature on October 25, 2029. The amount is fully drawn and
outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRO ONE: $155M Bank Debt Trades at 48% Discount
-------------------------------------------------
Participations in a syndicated loan under which Astro One
Acquisition Corp is a borrower were trading in the secondary market
around 52.5 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The $155 million facility is a Term loan that is scheduled to
mature on October 25, 2029. The amount is fully drawn and
outstanding.
Founded in 2021 and based in the US, Astro One Acquisition
Corporation is a merged entity of Petmate and Brody. Both companies
engage in the production and distribution of pet products such as
cat waste management products, toys, kennels, shelters, chews, and
feeding and watering products.
ATLAS CUSTOM: Taps Susan Thornton of Biggs Freeman as Broker
------------------------------------------------------------
Atlas Custom Homes, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Susan Thornton, a
real estate broker associate at Briggs Freeman.
The Debtor requires a real estate broker to market and sell its
properties in the Fort Worth area.
Ms. Thornton will get a commission of 6 percent of the gross sales
price of any consummated sale.
In court filings, Ms. Thornton disclosed that her firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Susan Thornton
Briggs Freeman
4828 Camp Bowie Blvd
Fort Worth, TX 76107
Cell: 817-929-9015
Email: sthornton@briggsfreeman.com
About Atlas Custom Homes
Atlas Custom Homes, Inc., a company in Fort Worth, Texas, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Texas Case No. 23-40023) on Jan. 3, 2023, with up
to $50,000 in assets and $1 million to $10 million in liabilities.
Douglas Haley, president of Atlas Custom Homes, signed the
petition.
Judge Mark X Mullin oversees the case.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as counsel.
ATLAS HEAVY: Unsecureds to Split $50K in Consensual Plan
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Atlas Heavy Engine Co. d/b/a Worldwide Diesel, filed with the U.S.
Bankruptcy Court for the Western District of Michigan a Subchapter
V Plan of Reorganization dated June 12, 2023.
Debtor is engaged in the refurbishing and sale of used and
remanufactured diesl engines and parts. Its headquarters and 45,000
square foot warehouse are located at 1515 N. Old US Hwy 31 N.,
Niles, Michigan, 49120 ("Atlas's Headquarters").
Under Debtor's proposed Plan, Debtor's post-bankruptcy debt service
obligations will be approximately $15,885.00 per month. Debtor's
pre-bankruptcy payment for HNB's secured claim alone was
approximately $35,000.00 per month. Reducing Debtor's total debt
service obligation by approximately $19,000.00 per month below its
pre-bankruptcy payment on its secured claim to HNB will provide
Debtor with the ability to satisfy all ordinary operating costs and
pay the debt service obligations required under this Plan.
Under Debtor's Projected Budget, Debtor proposes to pay:
* HNB, as the first priority lien holder against all of
Atlas's real and personal property, a reduced crammed down secured
claim to retain collateral that is necessary for the effective
reorganization of its business;
* QTP $9,200.00 for QTP's engines sold by Debtor;
* all priority and administrative claims in full; and
* $50,000.00 to unsecured non-priority claims, including HNB's
and QTP's deficiency balance from the cram down of their secured
claims.
Class 5 consists of Unsecured, Non-Priority Claims. The Debtor
estimates that the unsecured non-priority claims in this estate
will be approximately $3,205,833.00. If Debtor's plan is confirmed
as consensual, then these unsecured claims shall be paid a pro rata
share of $50,000.00. Pro rata payments of $6,000.00 will be
distributed every six months until paid in full. The semi-annual
distributions will be made on January 1 and July 1, beginning with
the payment due on January 1, 2024.
If Debtor's Plan is confirmed as non-consensual, then these claims
will be paid a pro rata share of $37,296.00. Pro rata payments of
$6,000.00 will be distributed every six months until paid in
full. The semi-annual distributions will be made on January 1 and
July 1, beginning with the payment due on January 1, 2024.
Class 6 consists of Campbell's equity interest in Debtor.
Campbell's equity security interest in Debtor shall be retained.
Class 6 interests are unimpaired.
Payments required under the Plan will be made from Debtor's budget
and net profit as projected in Debtor's Projected Budget.
A full-text copy of the Subchapter V Plan dated June 12, 2023 is
available at https://urlcurt.com/u?l=yzcqCR from PacerMonitor.com
at no charge.
Debtor's Counsel:
Steven M. Bylenga, Esq.
CBH Attorneys & Counselors, PLLC
25 Division Ave. S. Suite 500
Grand Rapids, MY 49508
Phone: (616) 608-3061
Fax: (616) 719-3782
Email: nikki@chasebylenga.com
About Atlas Heavy Engine Co.
Atlas Heavy Engine Co. provides diesel engines and diesel engine
parts. The company is based in Niles, Mich.
Atlas Heavy Engine sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mich. Case No. 23-00530) on March 14,
2023, with $1,107,418 in assets and $4,253,558 in liabilities.
Richard J. Campbell, president and member of Atlas Heavy Engine,
signed the petition.
Judge Scott W. Dales oversees the case.
Steven M. Bylenga, Esq., at CBH Attorneys & Counselors, PLLC, is
the Debtor's legal counsel.
AV RESIDENCE: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: AV Residence, LLC
2741 Vallejo Street
San Francisco, CA 94123
Case No.: 23-30392
Business Description: The Debtor owns real estate located at 2741
Vallejo Street, San Francisco, California
valued at $12 million.
Chapter 11 Petition Date: June 19, 2023
Court: United States Bankruptcy Court
Northern District of California
Judge: Hon. Hannah L Blumenstiel
Debtor's Counsel: Brent D. Meyer, Esq.
MEYER LAW GROUP LLP
268 Bush Street #3639
San Francisco, CA 94104
Tel: (415) 765-1588
Fax: (415) 762-5277
Email: brent@meyerllp.com
Total Assets: $12,004,605
Total Liabilities: $10,159,017
The petition was signed by Hitesh Patel as managing member.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/XJAPQAA/AV_Residence_LLC__canbke-23-30392__0001.0.pdf?mcid=tGE4TAMA
BADGER FINANCE: $268M Bank Debt Trades at 24% Discount
------------------------------------------------------
Participations in a syndicated loan under which Badger Finance LLC
is a borrower were trading in the secondary market around 75.7
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $268.7 million facility is a Term loan that is scheduled to
mature on September 28, 2024. About $255.9 million of the loan is
withdrawn and outstanding.
Based in Little Chute, Wisconsin, Badger Finance, LLC is an
intermediate holding company of Trilliant Food and Nutrition, LLC,
Horseshoe Beverage Company, LLC, and affiliated companies. The
company is a U.S. manufacturer of private label and value branded
beverage products, mainly single serve coffee pods. The company’s
branded coffee products are primarily sold under its Victor Allen
brand. Badger also recently expanded into ready-to-drink (RTD)
coffee beverages through its Horseshoe Beverages subsidiary. Badger
is sponsored by private equity firm Blackstone Group, which
acquired the company in 2017 and holds a majority equity interest
in the company.
BANQ INC: New Secured Loan & Litigation Proceeds to Fund Plan
-------------------------------------------------------------
Banq Inc. filed with the U.S. Bankruptcy Court for the District of
Nevada a Plan of Reorganization under Subchapter V dated June 13,
2023.
The Debtor is a Nevada-based technology company established in
2019. The Debtor was formed for the purpose of developing a
payments application and platform with cryptocurrency capabilities
for consumers.
Prior to July 2022, the Debtor's principal place of business was
located at 10845 Griffith Peak Drive, Suite 200, Las Vegas, Nevada.
The Debtor does not maintain a physical office at this time. The
Debtor's current mailing address is 7575 W. Washington Ave., Suite
127-118, Las Vegas, Nevada 89128.
On May 16, 2022, the Debtor filed a complaint (the "Nevada Action")
in the United States District Court for the District of Nevada
against Scott Purcell, Lehtiniitty, Georgiades, Fortress, and
Planet NFT, Inc. ("Planet NFT" and together with Purcell, Kevin
Lehtiniitty, George Georgiades, and Fortress, the "Purcell
Defendants"). The Debtor's complaint asserted claims for (1)
violations of the Defend Trade Secrets Act, (2) violations of the
Nevada Uniform Trade Secrets Act, (3) violations of the Computer
Fraud and Abuse Act, (4) violations of Nev. Rev. Stat. § 205.4765,
(5) conversion, (6) fraud, (7) interference with prospective
economic advantage, (8) breach of fiduciary duty, (9) aiding and
abetting breaches of fiduciary duties, (10) negligence for
spoliation, and (11) unjust enrichment.
As a result of the Purcell Defendants' misappropriation of the
Debtor's assets and the expenses associated with defending against
the claims of N9 Advisors in the Florida Action, the Debtor was
left with insufficient resources to resume its business operations,
to pay its creditors, to adjudicate arbitrability under the alleged
employment agreement or, to pursue its claims against the
Defendants through arbitration following the dismissal of the
Nevada Action.
Accordingly, the Debtor filed this Chapter 11 Case to reorganize
its financial affairs as set forth in this Plan. The Debtor
believes that the reorganization of its financial affairs under
this Plan will allow it to pursue its claims against the Defendants
to a favorable conclusion and to resume ordinary business
operations.
The Secured Lender has agreed, consistent with the terms and
conditions set forth in the New Secured Loan Documents and
contingent upon the entry by the Bankruptcy Court of a final order
confirming this Plan in a form reasonably acceptable to Secured
Lender, to advance up to $350,000 in new secured financing to the
Reorganized Debtor through the New Secured Loan, which shall be
secured by a first-priority perfected security interest in all of
the personal property of the Reorganized Debtor, including the
Purcell Litigation Claims and all other Causes of Action.
The Reorganized Debtor will use the New Secured Loan (i) to pay
Administrative Claims and Priority Claims, (ii) to fund its
business operations during the term of the Plan, including
reimbursement of out-of-pocket expenses incurred by Litigation
Counsel, and (iii) to create a reserve to provide for payment of
the Guaranteed Distribution at the conclusion of the three-year
term of the Plan. The Secured Lender may agree (but is not
required) to advance additional funds to the Reorganized Debtor in
connection with the New Secured Loan on terms that are mutually
agreeable to the Secured Lender and the Reorganized Debtor
following confirmation of the Plan.
Class 2 consists of the Unsecured Claim held by the N9 Advisors,
LLC, which is estimated to be approximately $3,600,000. Each Holder
of an Allowed Class 2 Claim, if any, shall, along with each Holder
of an Allowed Class 3 Claim, receive on or before the Distribution
Date, or as soon thereafter as reasonably practicable, (i) its Pro
Rata share of the Litigation Proceeds Distribution or (ii) its Pro
Rata Share of the Guaranteed Distribution, whichever may apply, up
to an amount that shall not exceed the Allowed amount of each such
Class 2 Claim exclusive of all interest, fees, penalties, and other
charges that may accrue after the Petition Date. Class 2 is an
Impaired Class.
Class 3 consists of all General Unsecured Claims against the Debtor
that are not included in Class 2. The total amount of such claims
is presently unknown but is estimated to be approximately
$1,700,000. Each Holder of an Allowed Class 3 Claim, if any, shall
along with each Holder of an Allowed Class 2 Claim, receive on or
before the Distribution Date, or as soon thereafter as reasonably
practicable, (i) its Pro Rata share of the Litigation Proceeds
Distribution or (ii) its Pro Rata Share of the Guaranteed
Distribution, whichever may apply , up to an amount that shall not
exceed the Allowed amount of each such Class 3 Claim exclusive of
all interest, fees, penalties, and other charges that may accrue
after the Petition Date. Class 3 is an Impaired Class.
Class 4 consists of the Holders of all Equity Interests in the
Debtor. Except to the extent that a Holder of an Allowed Class 4
Equity Interest agrees to a less favorable treatment, each Holder
of an Allowed Class 4 Equity Interest shall receive on the
Effective Date, or as soon thereafter as reasonably practicable,
New Equity Interests consisting of shares of stock in the
Reorganized Debtor in the same amount and same class of shares that
each Holder of an Allowed Class 4 Equity Interest held in the
Debtor as of the Petition Date.
The funds necessary to satisfy the Reorganized Debtor's obligations
and to ensure the Reorganized Debtor's continuing performance under
the Plan after the Effective Date will be obtained from: (i) cash
on hand, if any; (ii) the New Secured Loan; (iii) the net proceeds,
if any, recovered by the Reorganized Debtor on account of the
Purcell Litigation Claims or other Causes of Action; (iv) with the
consent of the Secured Lender, which shall not be unreasonably
withheld, any reserves established by the Debtor; and (v) other
equity contributions or financing, if any, that the Debtor may
obtain on or after the Effective Date.
A full-text copy of the Plan of Reorganization dated June 13, 2023
is available at https://urlcurt.com/u?l=oZGDjN from
PacerMonitor.com at no charge.
About Banq Inc.
Banq Inc. is a developer of digital payment, banking and crypto
systems. The Debtor filed a Chapter 11 petition (Bankr. D. Nev.
Case No. 23-12378) on June 13, 2023. In the petition signed by
Joshua Sroge, CEO, the Debtor disclosed $17,725,914 in assets and
$5,451,447 in liabilities. Bart Larsen, Esq. of SHEA LARSEN PC is
the Debtor's counsel.
BASS MANAGEMENT: Unsecureds Will Get 100% of Claims in Plan
-----------------------------------------------------------
Bass Management Group, LLC, filed with the U.S. Bankruptcy Court
for the Middle District of Florida a Disclosure Statement
describing Plan of Reorganization dated June 13, 2023.
The Debtor was incorporated on October 3, 2018. The Debtor is a
Holiday Inn Express located at the corner of Gulf to Bay Boulevard
and U.S. 19 in Clearwater, Florida.
Pre-petition, RSS UBSCM2018-C14-FLBMG, LLC ("RSS") called a
non-monetary default on the Debtor's obligations to RSS. As a
result, RSS was authorized to appoint a receiver to manage the
Debtor. The Debtor filed for protection under the bankruptcy code
to enable it to prepare a reasonable, feasible plan to deal with
its obligation to RSS either through refinancing the loan or
selling its real estate holding.
During the pendency of the case, the Debtor reached an agreement
with RSS which provides the Debtor with the sole right to finance
or sell its real estate until August 30, 2023. This agreement is
incorporated into the Plan.
This Plan provides for one class of priority claims, two classes of
secured claims, one class of contract claims, one class of
unsecured claims, and one class of equity security claims.
Unsecured creditors holding allowed claims will receive 100% of
their allowed claims. This Plan also provides for the payment of
administrative and priority claims under the terms to the extent
permitted by the Code or by agreement between the Debtor and the
claimant.
Class 5 consists of General Unsecured Claims. Claimants in this
class will receive 100% of their allowed claim paid in equal
quarterly installments, with payments commencing on the start of
the calendar quarter immediately following the Effective Date of
Confirmation and continuing for a total of twenty consecutive
quarters. In the event that this quarter starts less than 30 days
after the Effective Date of Confirmation, payment shall not
commence until the following calendar quarter. This Class is
impaired.
Current equity security holders will retain their interests post
confirmation.
The Debtor will fund the Plan through: (1) the funds generated from
refinancing its loan with RSS UBSCM2018-C14-FL BMG, LLC, (2) the
sale of its real estate holdings and personal assets, and/or (3)
the funds generated from operation of the Debtor as a hotel.
Janus Hotel Management Services, LLC will manage the Debtor's hotel
operations postconfirmation until such time as the claim of RSS
UBSCM2018-C14-FL BMG, LLC is paid in full or the real property
located at 2580 Gulf to Bay Boulevard has been sold. Shantia
Singh-Chhabria shall manage all of the Debtor's other operations
post-confirmation, and shall take over management of the hotel
operations, if applicable, once the claim of RSS UBSCM2018-C14-FL
BMG, LLC has been paid in full.
A full-text copy of the Disclosure Statement dated June 13, 2023 is
available at https://urlcurt.com/u?l=8MrsmL from PacerMonitor.com
at no charge.
About Bass Management Group
Bass Management Group, LLC, a company in Clearwater, Fla., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 23-01866) on May 8, 2023, with $30,840,000 in
total assets and $11,225,558 in total liabilities. Judge Catherine
Peek McEwen oversees the case.
Buddy D. Ford, PA, serves as the Debtor's bankruptcy counsel.
BLUE DIAMOND: Taps Matthews, Cutrer & Lindsay as Accountant
-----------------------------------------------------------
Blue Diamond Energy, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Mississippi to
hire Matthews, Cutrer & Lindsay, P.A. as accountant.
The Debtors require an accountant to:
a. assist in filing state and federal tax returns;
b. assist in preparing state and federal payroll tax reports;
c. assist in preparing financial reports and operating
reports, including monthly operating reports;
d. assist in evaluating claims of the Debtors;
e. assist in preparing a liquidation analysis for a Chapter 11
plan of reorganization; and
f. provide general accounting services.
The firm will be paid at these rates:
Kenneth Lefoldt, CPA $375 per hour
Associates $275 per hour
Staff $200 per hour
As disclosed in court filings, Matthews, Cutrer & Lindsay neither
holds nor represents any interest adverse to the Debtors' estate.
The firm can be reached through:
Kenneth Lefoldt, CPA
Matthews, Cutrer & Lindsay, P.A.
1020 Highland Colony Parkway, Suite 500
Ridgeland, MS 39157
Phone: (601) 898-8875
Email: klefoldt@mclcpa.net
About Blue Diamond Energy
Blue Diamond Energy, Inc. and affiliates, Escambia Operating Co.,
LLC and Escambia Asset Company, LLC, filed petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Lead
Case No. 23-50490) on April 3, 2023. In its petition, Blue Diamond
reported $10 million to $50 million in both assets and liabilities.
Thomas Swarek, president of Blue Diamond, signed the petition.
Judge Jamie A. Wilson oversees the case.
The Debtors tapped Steve Wright Mullins, Sr., Esq. at Mullins Law
Firm as bankruptcy counsel and Matthews, Cutrer & Lindsay, P.A. as
accountant.
BOLTA US LTD: Unsecureds to Recover 0% to 25% in Liquidating Plan
-----------------------------------------------------------------
Bolta US, Ltd. and the Official Committee of Unsecured Creditors
submitted a Second Amended Disclosure Statement with respect to the
Plan of Liquidation dated June 12, 2023.
The Debtor was a Tier 1 and Tier 2 automotive parts supplier
providing injection molding, chrome plating, and assembling of
components for automotive original equipment manufacturers and
various Tier 1 suppliers.
The Plan Proponents project that the Debtor will have the following
assets as of the Effective Date of the Plan:
* Cash in the amount of approximately $1,500,000;
* $13,679,799.88 of Sale Proceeds Segregated Funds, which were
placed into a segregated account at the closing of the sale of
substantially all of the Debtor's assets (to the extent the
Bankruptcy Court has not issued any orders authorizing the
disbursement of such funds to any party authorized to receive
payment from such funds);
* Accounts receivable with a projected book value of $110,000,
some of which may not ultimately be collected;
* The right to receive proceeds of Employee Retention Tax
Credits estimated to be in an amount of up to approximately
$6,300,000; and
* The right to bring Causes of Action (which are estimated to
be worth greater than $1,000,000).
The Plan Proponents project that such funds will be sufficient to
satisfy all Allowed Administrative Claims, Allowed Priority Tax
Claims (if any), Allowed Class 1 Other Priority Claims (if any),
and Allowed Class 2 Other Secured Claims (which will be paid in
full from the Sale Proceeds Segregated Funds to the extent such
Claims have not already been paid prior to the Effective Date of
the Plan).
Based on the estimates, the Plan Proponents also project that there
be sufficient Cash to pay the Allowed DIP Lenders Claims in full,
but some of the Cash needed to pay the Allowed DIP Lenders Claims
in full may not be available until after the Effective Date of the
Plan. As such, the Plan Proponents anticipate ultimately having
sufficient Cash to make pro rata distributions to Holders of
Allowed Class 3 General Unsecured Claims.
The Debtor entered the Chapter 11 Case with a plan to sell
substantially all of its assets as a going concern. On March 24,
2023, the Debtor executed an asset purchase agreement with SMP and
declared it the Stalking Horse under the Bidding Procedures Order.
On April 7, 2023, the Bankruptcy Court entered the Order (I)
Authorizing the Sale of Substantially All of Debtor's Assets Free
and Clear of Liens, Claims, Encumbrances and Interests, (II)
Approving the Assumption and Assignment of Certain Executory
Contracts and Unexpired Leases, and (III) Granting Related Relief
(the "Sale Order"), which authorized the sale of substantially all
of the Debtor’s assets to SMP (the "Sale"). The Sale closed on
April 17, 2023.
At the closing, $13,680,900.48 in net proceeds from the Sale, after
payment of cure claims and prorations, was placed into a segregated
account subject to the liens and interests of ICICI, Deutsche
Leasing, and the DIP Lenders pursuant to the Sale Order (the "Sale
Proceeds Segregated Funds") to be distributed upon the agreement of
the parties or an Order of the Bankruptcy Court. Also, pursuant to
the Sale Order, the Debtor placed a sum equal to €121,000 (which
is approximately $132,000) into another segregated account (the
"Wurth Segregated Funds") for certain adequate protection claims
asserted by Wurth, which claim is the subject to the Wurth
Adversary Proceeding and is disputed by the Debtor and SMP.
On June 9, 2023, the Court entered the Agreed Order to Distribute
Proceeds, which authorized, among other things, the payment of
$12,463,424.96 to ICICI and $911,607.82 to Deutsche Leasing from
the Sale Proceeds Segregated Funds. The payment of these funds
resolved and satisfied the claims of ICICI and Deutsche Leasing.
Class 3 consists of General Unsecured Claims. On one or more
Distribution Dates, each Holder of an Allowed General Unsecured
Claim shall receive a Pro Rata share in Cash of the available
Liquidating Trust Assets after the payment or reserve for the
Liquidating Trust Expenses, all Allowed Professional Fee Claims,
Allowed Administrative Claims (to the extent not previously paid,
if any), Allowed Priority Tax Claims, Allowed Other Priority
Claims, Allowed Other Secured Claims, and all Allowed DIP Lenders
Claims. This Class is impaired. The allowed unsecured claims total
$59,750,000. This Class will receive a distribution of 0% - 25% of
their allowed claims.
On the Effective Date, all Interests shall be deemed cancelled,
null, and void. Holders of Interests shall receive no distribution
under the Plan.
Under the Plan, certain Cash generated during the Chapter 11 Case
from the Sale of substantially all of Debtor's assets, the
collection of its accounts receivable and the proceeds of assets
excluded from the Sale, as well as through the liquidation of any
remaining assets and recoveries on Causes of Action will be
distributed to creditors in accordance with the priority scheme of
the Bankruptcy Code (subject to the potential disallowance or
subordination of certain Claims of Insiders) by the Liquidating
Trustee (appointed pursuant to the Plan).
A full-text copy of the Second Amended Disclosure Statement dated
June 12, 2023 is available at https://urlcurt.com/u?l=qSsKwm from
Epiq Corporate Restructuring, LLC, claims agent.
Co-Counsel to Debtor:
Kristofor D. Sodergren, Esq.
Jillian L. Guth White, Esq.
ROSEN HARWOOD, P.A.
2200 Jack Warner Parkway, Suite 200
Post Office Box 2727
Tuscaloosa, AL 35403
Telephone: (205) 344-5000
E-mail: ksodergren@rosenharwood.com
jwhite@rosenharwood.com
- and -
Stephen M. Gross, Esq.
MCDONALD HOPKINS LLC
39533 Woodward Ave., Suite 318
Bloomfield Hills, MI 48304
Telephone: (248) 646-2388
E-mail: sgross@mcdonaldhopkins.com
- and -
Michael J. Kaczka, Esq.
Maria G. Carr, Esq.
600 Superior Avenue, E., Suite 2100
Cleveland, OH 44114
Telephone: (216) 348-5400
E-mail: mkaczka@mcdonaldhopkins.com
mcarr@mcdonaldhopkins.com
Counsel to the Official Committee of Unsecured Creditors:
Stuart M. Maples, Esq.
MAPLES LAW FIRM, PC
200 Clinton Avenue West, Suite 1000
Huntsville, AL 35801
Telephone: (256) 489-9779
E-mail: smaples@mapleslawfirmpc.com
About Bolta US Ltd.
Bolta US Ltd., an auto parts manufacturer in Tuscaloosa, Ala.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ala. Case No. 23-70042) on Jan. 13, 2023. In the
petition signed by its chief restructuring officer, Jeffrey Truitt,
the Debtor disclosed up to $50 million in assets and up to $100
million in liabilities.
Judge Jennifer H. Henderson oversees the case.
The Debtor tapped Stephen Gross, Esq., at McDonald Hopkins, LLC as
bankruptcy counsel; Rosen Harwood, P.C. as local bankruptcy
counsel; Winter McFarland, LLC as special counsel; and Donnelly
Penman & Partners as investment banker.
The U.S. Bankruptcy Administrator for the Northern District of
Alabama appointed an official committee to represent unsecured
creditors in the Debtor's case. The committee is represented by
Maples Law Firm, PC.
C & L DINERS: Taps Advanced Restaurant Sales as Expert Witness
--------------------------------------------------------------
C & L Diners, LLC and affiliates received approval from the U.S.
Bankruptcy Court for the District of Connecticut to hire Robert
Hunziker of Advanced Restaurant Sales.
The Debtors require the services of an expert witness relating to
their proposed Chapter 11 plans of reorganization. These services
include the preparation of a report to address the Debtors'
requirements to confirm a plan under Section 1129(a) of the
Bankruptcy Code.
Advanced Restaurant Sales will charge a flat fee of $15,000 for its
services.
Mr. Hunziker, principal at Advanced Restaurant Sales, 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:
Robert Hunziker
Advanced Restaurant Sales
16524 Berwick Terrace
Lakewood Ranch, FL 34202
Phone: 678.229-2384
Fax: 678.229-2385
Email: rhunziker@arsales.biz
About C & L Diners
C & L Diners, LLC and affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Conn. Lead Case No.
22-50599) on Nov. 8, 2022. In the petition filed by Herman Li,
operating member, the Debtors disclosed up to $10 million in both
assets and liabilities.
Judge Julie A. Manning oversees the cases.
Heller, Draper & Horn, LLC and Locke Lord, LLP serve as the
Debtors' legal counsels.
CAMECO TECHNOLOGIES: Unsecureds Will Get 25% of Claims in 4 Years
-----------------------------------------------------------------
Cameco Technologies LLC filed with the U.S. Bankruptcy Court for
the District of Minnesota a Disclosure Statement describing Plan of
Reorganization dated June 15, 2023.
The Debtor is a Microsoft Registered refurbished distributor of
computer equipment. The Debtor is currently located in St. Paul, MN
and continues to operate its business at 153 Thompson Avenue East,
St. Paul, MN 55118. The Debtor rents the building at its current
location.
At the time of filing, the Debtor was subject to claims of
purported secured creditors in which they were making demands on
Amazon to hold funds payable to the Debtor. This prevented the
Debtor from operating on a day-to-day basis and ultimately forced
the Debtor to file Chapter 11.
The Debtor is pursuing a plan to continue operation of its business
subsequent to approval of its Plan of Reorganization.
During the Chapter 11, the Debtor has operated as normal as
possible however, most of its suppliers have now changed the
Debtor's payment terms to cash in advance making it very difficult
to maintain a steady operation.
The Debtor has consulted with its accountants and does not believe
that it will suffer any adverse tax consequences as a result of the
Court's approval of the Debtor's Plan or Reorganization.
Class 6 consists of Unsecured Claims. The non-insider Unsecured
Creditors of the Debtor, including all Claims in classes 2, 3, 4
and 5, total the sum of approximately $559,236.00. Commencing in
January 2024, the Debtor will pay all unsecured claims 25% of each
creditor's claim. The payments will constitute full and final
settlement and satisfaction of the allowed Claims.
The Debtor will make 48 monthly payments in the amount of $2,913.00
each to achieve the payments due to the Creditors in this Class. No
interest will accrue. The amount payable to the Class 6 creditors
will be paid over a 4-year period commencing in January of 2024 and
concluding in December of 2028.
Class 7 consists of Equity Member Interests of the Debtor. The
Membership interests of the Debtor will be retained by Serge
Ngouambe.
A full-text copy of the Disclosure Statement dated June 15, 2023 is
available at https://urlcurt.com/u?l=1HAaVg from PacerMonitor.com
at no charge.
Debtor's Counsel:
Steven B. Nosek, Esq.
Steven B. Nosek, P.A.
2812 Anthony Lane South Suite 200
St. Anthony, MN 55418
Tel: (612) 335-9171
Email: snosek@noseklawfirm.com
About Cameco Technologies
Cameco Technologies, LLC is a Microsoft Registered refurbished
distributor of computer equipment. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case
No. 22-31938) on November 23, 2022. In the petition signed by Serge
Ngouambe, president, the Debtor disclosed up to $500,000 in assets
and up to $1 million in liabilities.
Judge Katherine A. Constantine oversees the case.
Steven B. Nosek, Esq., at Steven B. Nosek, P.A., is the Debtor's
counsel.
CASUALTY UNDERWRITERS: A.M. Best Lowers Fin. Strength Rating to C++
-------------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C++
(Marginal) from B (Fair) and the Long-Term Issuer Credit Rating to
"b" (Marginal) from "bb+" (Fair) of Casualty Underwriters Insurance
Company (CUIC) (Salt Lake City, UT). The outlook of these Credit
Ratings (ratings) has been revised to negative from stable.
The ratings reflect CUIC's balance sheet strength, which AM Best
assesses as weak, as well as its marginal operating performance,
limited business profile and marginal enterprise risk management
(ERM).
The rating downgrades reflect substantial weakening in the
company's key balance sheet strength metrics through the first
three months of 2023, primarily in the form of surplus erosion,
declining risk-adjusted capitalization levels and increasing
leverage measures. With CUIC's recent expansion into several new
states, top-line growth has been significant and underwriting
volatility has persisted, both of which have impacted the balance
sheet strength. Given the company's elevated common stock leverage
relative to its peers, declines to surplus have also been impacted
by unrealized capital losses, particularly in 2022. Accordingly,
the company's current level of capital and overall balance sheet
strength align better within the weak assessment.
The revised outlooks reflect AM Best's concerns over the company's
operating performance, given the magnitude of growth in a
relatively short time span and CUIC's prolonged inability to
generate positive underwriting results over the last five-year
period. Concurrently, the company continues to endure challenges
due to inflation and supply chain impacts on claims costs in its
non-standard auto lines. While rate is being taken to slow growth
and facilitate improvement in performance, the ultimate
effectiveness of these efforts remains to be seen.
CUIC's business profile is limited, as it solely writes
private-passenger non-standard auto products and a majority of its
business is concentrated in Utah. However, the company has expanded
its footprint more recently into Oklahoma, Idaho, North Dakota and
Kansas. CUIC's business model has changed over the years as it had
been acting previously as a fronting carrier for the auto book of
business, but now retains 50% of that business.
CLOVIS ONCOLOGY: Equity Panel Taps Riveron RTS as Financial Advisor
-------------------------------------------------------------------
The official committee of equity security holders of Clovis
Oncology, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Riveron
RTS, LLC as its financial advisor.
The firm's services include:
a. assistance in the analysis, review and monitoring of the
restructuring process, including, but not limited to an assessment
of potential recoveries for equity holders;
b. assistance in the review of financial information prepared
by the Debtors, including, but not limited to, cash flow
projections and budgets, business plans, cash receipts and
disbursement analysis, asset and liability analysis;
c. assistance in the valuation of the Debtor's assets;
d. assistance in the assessment, valuation and, when
necessary, challenge of claims and claims related stipulations;
e. assistance in the review or preparation of information and
analysis necessary for the proposal and confirmation of a Chapter
11 plan;
f. attendance at meetings and assistance in discussions;
g. assistance in the review of financial-related disclosures
required by the court, including schedules of assets and
liabilities, statement of financial affairs and monthly operating
reports;
h. assistance in the evaluation, analysis and forensic
investigation of avoidance actions;
i. assistance in the prosecution of the equity committee's
responses or objections to the Debtors' motions, including
attendance at depositions and provision of expert reports and
testimony on case issues;
j. assistance and support in the evaluation of restructuring
and liquidation alternatives.
k. other general business consulting services.
The firm will charge these hourly fees:
Senior Managing Directors $840 - $1,450
Managing Directors $675 - $960
Directors and Senior Directors $535 - $940
Senior Associates and Associate Directors $525 - $650
Associates $350 - $450
In addition, the firm will seek reimbursement for expenses
incurred.
Aurelio Garcia-Miro, a senior managing director at Riveron RTS,
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:
Aurelio Garcia-Miro
Riveron RTS, LLC
Two Houston Center
909 Fannin Street, Suite 4000
Houston, TX 77010
Telephone: 786.465.6365
Email: aurelio.garcia-miro@riveron.com
About Clovis Oncology
Clovis Oncology, Inc. is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.
Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Ernst & Young, LLP as tax services provider.
Kroll Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases. The committee tapped
Morrison & Foerster, LLP as lead bankruptcy counsel; Potter
Anderson & Corroon, LLP as Delaware counsel; Alvarez & Marsal North
America, LLC as financial advisor; and Jefferies, LLC as investment
banker.
The U.S. Trustee also appointed an official committee to represent
the Debtors' equity security holders. Baker & McKenzie, LLP and
Chipman Brown Cicero & Cole, LLP serve as the equity committee's
bankruptcy counsel and Delaware counsel, respectively.
COCOMOES LLC: Unsecureds to Get 3 Cents on Dollar in Plan
---------------------------------------------------------
Cocomoes, LLC filed with the U.S. Bankruptcy Court for the District
of Nevada a Small Business Plan of Reorganization dated June 12,
2023.
Debtor is a Nevada limited liability company. Debtor owns and
operates Cocos on Main a comfort food and barbecue restaurant in
Gardnerville, Nevada.
Gardnerville Water turned on water to the building, which caused
pipe damage and a flood resulting in substantial water damage to
the building and Debtor's equipment. The flood delayed the opening
of the restaurant until July, 2022. Later in 2022, a transformer
blew on the Debtor's street causing damage to Debtor's equipment.
Most recently, in 2023, a main sewer line on the property ruptured
again causing the restaurant to close.
To survive the multiple closures of the restaurant, Debtor took on
debt with exorbitant debt service payments, often paid out weekly
or daily. Ultimately, Debtor reached a point where it could no
longer cover required business expenses and make the required
payments on its debt, which resulted in the filing of this case on
March 15, 2023. Even with the challenges faced by Debtor, it has a
popular business and believes it can produce regular and reliable
income to fund a plan of reorganization.
Debtor will fund the Plan by contributing his "Disposable Income"
for a period of 60-months. The Plan Proponent's financial
projections show Debtor will have projected disposable income of
$800 per month. Debtor may also use cash on hand to fund payments.
The final Plan payment is expected to be paid on September 31,
2028.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations of Debtor's businesses.
Non-priority unsecured creditors holding allowed claims in Debtor's
case will receive distributions, which the proponent of this Plan
has valued at 3 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 6 consists of Non-priority General Unsecured Creditors. Each
holder of a Class 6 general unsecured non-priority Allowed Claim
shall receive their pro rata share of Debtor's Disposable Income,
after the payment in full of Administrative, through the end of the
Plan Term (the "Class 6 Plan Dividend"). Any portion of a Class 6
non-priority general unsecured claim in excess of the Class 6 Plan
Dividend shall be discharged in accordance with Article 9 of this
Plan. This Class is impaired.
Class 7 Equity security holders of Debtor shall retain their
interests in the Debtor, but shall receive no disbursement on
account of such equity interest during the Plan Term.
Debtor will use its Disposable Income during the Plan Term, cash on
hand, and profits from the operation of its business to fund the
Plan. Commencing on the Effective Date of this Plan, Debtor's
Disposable Income will be disbursed on a monthly basis and first
used to fund Debtor's required Plan payments to allowed
administrative expense claims and then Class 6 non-priority general
unsecured creditors in the order and manner set forth in Section
7.02 of this Plan.
A full-text copy of the Small Business Plan dated June 12, 2023 is
available at https://urlcurt.com/u?l=2l8TIB from PacerMonitor.com
at no charge.
Attorney for the Plan Proponent:
Kevin A. Darby, Esq.
Darby Law Practice, Ltd.
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Telephone: (775) 322-1237
Email: kevin@darbylawpractice.com
About Cocomoes, LLC
Cocomoes, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 23-50160) on March 15,
2023. In the petition signed by Maurice Larimer, managing member,
the Debtor disclosed up to $50,000 in assets and up to $1 million
in liabilities.
Judge Natalie M. Cox oversees the case.
Kevin A. Darby, Esq., at Darby Law Practice, represents the Debtor
as legal counsel.
COLUMBIAN FINANCIAL: A.M. Best Cuts FS Rating to C++(Marginal)
--------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating to C++
(Marginal) from B- (Fair) and the Long-Term Issuer Credit Ratings
to "b" (Marginal) from "bb-" (Fair) of Columbian Mutual Life
Insurance Company (Columbian) (Binghamton, NY) and Columbian Life
Insurance Company (Chicago, IL), collectively referred to as
Columbian Financial Group (CFG). Concurrently, AM Best has
maintained the under review with negative implications status for
these Credit Ratings (ratings).
The ratings reflect CFG's balance sheet strength, which AM Best
assesses as very weak, as well as its marginal operating
performance, neutral business profile and appropriate enterprise
risk management.
The rating downgrades reflect a decline in CFG's overall balance
sheet strength to an assessed level of very weak from weak,
relating to a significant decline in the group's risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), in the first quarter of 2023. The company continued to
incur operating losses related to declining net premium written and
the continued adverse mortality experience from the effects of the
COVID-19 pandemic on the senior market, although death benefits in
the first quarter of 2023 were lower than the same period in the
prior year. In prior quarters, the group had also revised upward
its reserve estimates related to an unclaimed property review.
The ratings were put under review shortly after the announcement by
CFG on June 29, 2021, that its board of directors had approved a
strategic transaction with Constellation Insurance Holdings, Inc.
(Constellation), that would include the sponsored demutualization
of Columbian to a stock company with the issuance of all newly
issued stock to Constellation. Constellation is an insurance
holding company backed by two large Canadian institutional
investors primarily engaged in the management of pension plans,
Caisse de Depot et Placement du Québec and Ontario Teachers'
Pension Plan Board. The acquisition of CFG by Constellation would
provide CFG needed capital support from a substantially larger
organization while maintaining its brand, management team and
headquarters. Despite an expected positive impact on capital from
the planned transaction with Constellation, the anticipated closing
date has been pushed back several times and not all regulatory
approvals have been obtained. The negative implications status
reflects AM Best's concerns around the potential for continued
losses and the level of capital going forward, especially should
the transaction not occur. The ratings will remain under review
until the transaction comes to a conclusion and AM Best evaluates
the overall impacts.
CPV MARYLAND: S&P Affirms 'BB-' Rating on $350MM Term Loan B
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' project finance issue-level
rating on CPV Maryland LLC's (CPV Maryland) $350 million term loan
B (TLB). The '2' recovery rating on the debt is unchanged,
indicating its expectation for substantial (70%-90%: rounded
estimate: 85%) recovery in a default scenario.
The stable outlook reflects S&P's expectation that the project will
continue to operate in line with its historical performance and
generate debt service coverage ratios (DSCRs) largely in the
1.6x-2.0x range throughout the TLB term (2021-2028). In the
post-refinancing period (2028-20
CPV Maryland owns the St. Charles Energy Center (St. Charles), an
operating 745-MW natural gas-fired combined cycle gas turbine power
plant in Charles County, Md. The facility achieved commercial
operations on Feb. 14, 2017, and is owned equally by four indirect
wholly owned subsidiaries of CPV Power Holdings LP, Toyota Tsusho
Corp., Marubeni Corp., and Osaka Gas Co. Ltd. The power plant
consists of two General Electric Co. (GE) 7F.05 combustion turbines
with associated electric generators, two CMI duct-fired
triple-pressure reheat heat recovery steam generators, and a single
GE D11-A400 steam turbine with associated electric generator. The
facility burns only natural gas fuel.
CPV Maryland benefited from higher power prices in 2022. Power
prices increased substantially in 2022 from 2021. The dynamic
provided efficient merchant generators like St. Charles with the
opportunity to realize outsize energy margins. Comparing 2022 with
the latter half of 2021, CPV Maryland realized a net energy margin
of $28.62/megawatt hour (MWh) versus $17.70/MWh. The realized
average power price per MWh generated compared over the same period
was $89.26/MWh versus $55.33/MWh. However, losses on short-duration
hedges placed before the surge in forward pricing shaved off about
$7.83/MWh (shown relative to MWH generated during the year on a
physical basis) from the net energy margin, for an effective
realized spread of $20.80/MWh in 2022. S&P said, "As a result of
higher operating cash flows, the project swept $23.3 million in
2022 to pay down the TLB balance, more than our expectation of
$18.5 million. Over the life of the project, we expect that power
prices will mean-revert."
The project has sufficient liquidity to withstand the PJM
penalties. CPV Maryland was assigned penalties from PJM due to a
capacity resources event on Dec. 23 and 24, 2022, as PJM declared a
capacity resources event across its entire footprint. S&P views the
project as having more than sufficient liquidity to pay the penalty
amount in 2023 due to its projected cash flows and revolver
availability. Although the penalties will somewhat affect CPV
Maryland's projected sweep in 2023, it anticipates that the pace of
TLB paydown will resume in 2024.
S&P said, "Lower cleared capacity prices drive down our price
assumptions. We lowered capacity price assumptions for future
periods due to recent depressed capacity auction results. While we
view capacity prices as difficult to predict, due to evolving
market rules and changing dynamics, we also forecast MAAC prices to
gradually improve to $95/MW-day by 2027-2028.
"We expect the CPV Maryland's DSCR will remain robust in the
short-to-medium term. We expect the project's DSCRs will remain
largely in the 1.6x-2.0x range through the remaining TLB term
(2023-2028). In the post-TLB refinancing period, we assume that CPV
Maryland will fully repay its debt by 2041, with a forecast minimum
DSCR of 1.38x between 2028 and 2041. At the same time, the
project's forecast financial metrics remain sensitive to our
modelling assumptions, particularly long-term power prices,
capacity prices, and interest rate. We project DSCRs
pre-refinancing will be above 1.5x on a sustained basis. We also
believe CPV Maryland's cash sweep profile could be improved by a
material rebound in capacity price assumptions or a sustained
increase in spark spreads."
St. Charles is constructing a black start project. The project is
building a black start project that will provide diesel-based black
start service to PJM. Most of the costs associated with the
initiative will be financed via a dedicated funding source, with
the remainder being funded by working capital draws under the
existing revolving credit facility (RCF), as well as a small amount
of the initial costs already paid from the project's operating cash
flows. Therefore, S&P anticipates that there will be little-to-no
cash outflows during the construction phase. Once completed, St.
Charles will benefit from a PJM tariff-based rate of return, with
an annual recovery factor (about 12%) applied to capital costs
associated with the black start project over at least a 15-year
recovery period. The black start project is expected to start
operating in 2024.
S&P said, "Our base-case scenario has incorporated the future
incremental earnings from the black start project. We view the
development as credit supportive, given the contracted nature of
the cash flows that will be available to St. Charles after the
project is put into service as well as the additional services it
can provide to PJM.
"The stable outlook reflects our expectation that CPV Maryland will
continue to operate in line with historical performance and would
largely generate DSCRs largely in the 1.6x-2.0x range through the
remaining TLB term (2023-2028). We also expect that the minimum
DSCR will remain above 1.35x during the project's life, which
includes the post-refinancing period (2028-2041). Finally, we
forecast about $250 million outstanding on the term loan at
maturity in mid-2028 and a 1.38x minimum DSCR over the life of the
asset.
"We would lower the rating if the project is unable to maintain a
minimum DSCR of 1.35x on a sustained basis. This could result from
lower-than-expected capacity factors, weaker energy margins,
depressed capacity prices, and operational challenges such as
forced outages and lower plant availability. We could also consider
a negative rating action if the project's cash flow sweeps were
significantly lower than our forecast, which would ultimately lead
to the TLB balance materially exceeding $230 million at maturity,
and consequently a weaker minimum DSCR, absent any other mitigating
factors.
"Although unlikely during the outlook period, we would consider an
upgrade if we believed the project would achieve a minimum DSCR of
at least 1.8x on a sustained basis, which includes the refinancing
period. This outcome would largely be a function of highly
favorable business conditions, which would lead to improved
dispatch, widening spark spreads, or higher-than-expected capacity
pricing."
CROWN FINANCE: $650M Bank Debt Trades at 84% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Crown Finance US
Inc is a borrower were trading in the secondary market around 16.5
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $650 million facility is a Term loan that is scheduled to
mature on September 20, 2026. The amount is fully drawn and
outstanding.
Crown Finance US, Inc. operates as a movie theater.
CYXTERA DC HOLDINGS: $100M Bank Debt Trades at 49% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Cyxtera DC Holdings
Inc is a borrower were trading in the secondary market around 50.8
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $100 million facility is a Term loan that is scheduled to
mature on May 1, 2024. About $97.5 million of the loan is
withdrawn and outstanding.
Cyxtera DC Holdings, Inc. provides data center services.
CYXTERA DC HOLDINGS: $815M Bank Debt Trades at 49% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Cyxtera DC Holdings
Inc is a borrower were trading in the secondary market around 50.9
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $815 million facility is a Term loan that is scheduled to
mature on May 1, 2024. About $768.1 million of the loan is
withdrawn and outstanding.
Cyxtera DC Holdings, Inc. provides data center services.
DIVE PLACE II: Class 7 Unsecureds to Get $10K per Year for 3 Years
------------------------------------------------------------------
The Dive Place II, LLC, and Gumtree Digitial, LLC filed with the
U.S. Bankruptcy Court for the Middle District of Florida a Joint
Plan of Reorganization dated June 12, 2023.
TDP is a Florida limited liability company formed on February 27,
2015, which maintains its principal business address and place of
business at a leased premiseslocated at: 15502 Stoney Brook West
Parkway, Suite 128, Winter Garden, Florida 34787.
Gumtree is Florida limited liability company organized on November
23, 2021 for the purpose of operating as the video production
branch of TDP's operation.
Both during and after the COVID-19 pandemic, TDP experienced a
decline in sales which caused the company, along with Gumtree, to
take out several high-interest short-term loans to support
operations. The short-term loans received by the Debtors called for
daily draws from their bank accounts to pay down the debt
obligations, which draws quickly depleted TDP's operating capital
and made it difficult to develop Gumtree's business.
Shortly before the commencement of the Debtors' chapter 11 cases,
TDP and Gumtree were notified that a hold was placed of their bank
accounts by Zahav Asset Management, LLC, a shortterm lender of the
debtors which commenced litigation in New York in an attempt to
collect a debt. Rather than consume the Debtors' resources
litigating matters in various forums, Mr. Hansen and Mr. Ecton
elected to reorganize the Debtors through the Chapter 11 process.
Class 7 consists of all Allowed General Unsecured Claims against
The Dive Place II, LLC. In full satisfaction of their Allowed Class
7 General Unsecured Claims, Holders of Class 7 Claims shall receive
an annual pro rata distribution of $10,000.00 on August 31st of
each year following entry of the Confirmation Order over a term of
3 years from the Effective Date. The first Distribution to Class 7
Claimholders will occur on August 31, 2024.
In addition to the annual Distributions, Class 7 Claimholders shall
also receive a pro rata share of the net proceeds recovered from
all Causes of Action after payment of professional fees and costs
associated with such collection efforts, and after Administrative
Claims and Priority Claims are paid in full. The maximum
Distribution to Class 7 Claimholders shall be equal to the total
amount of all Allowed Class 7 General Unsecured Claims. Class 7 is
Impaired.
Class 8 consists of all Allowed Unsecured Claims of: (i) Marine
Sports MFG, Inc.; (ii) Guardian Scuba of Florida, LLC; and (iii)
Ocean Reef Group (the "Invoice Trade Creditors"). The Invoice Trade
Creditors provide product inventory and services which are
essential to TDP's continued operation. Specifically, the Invoice
Trade Creditors supply TDP with specialized dive equipment utilized
for its retail and training operations. The Invoices Trade
Creditors also occupy positions in the marketplace such that their
good and services cannot be obtained from alternate suppliers. In
full satisfaction of their respective Class 8 Allowed Unsecured
Claims, the Invoice Trade Creditors shall receive equal monthly
installments such that their respective Allowed Claims are
satisfied within 18 months of the Effective Date. Class 8 is
Impaired.
Class 9 consists of all equity interests in The Dive Place II, LLC.
Class 9 Interest Holders shall retain their respective Interests in
TDP in the same proportions (i.e., 50% Interest to Noel Hansen and
50% to Brad Ecton) as they existed as of the Petition Date. Class 9
is Unimpaired.
The Plan contemplates TDP will continue to manage and operate its
business in the ordinary course, but with restructured debt
obligations. It is anticipated that the revenue from the continued
operation of TDP's business will be sufficient to satisfy all
obligations of TDP under the Plan.
Prior to the Confirmation Hearing, Noel Hansen and Bradley Ecton
intend to provide TDP with a cash distribution of $10,00.00 (the
"Plan Infusion"), which funds will be used by TDP to fund its
obligations under the Plan.
A full-text copy of the Joint Plan dated June 12, 2023 is available
at https://urlcurt.com/u?l=iS9NEk from PacerMonitor.com at no
charge.
Counsel for the Debtors:
Daniel A. Velasquez, Esq.
Latham Luna Eden & Beaudine, LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: jluna@lathamluna.com
About The Dive Place II
The Dive Place II LLC is a Scuba Diving International and Technical
Diving International certified dive center which offers open water,
advanced diver, and technical diver certifications, as well as
specialty certifications including drysuit diver, wreck diver,
search and recovery, and deep diver. In addition to its
certification classes, TDP coordinates and conducts special dive
events at a variety of dive sites around the State of Florida and
sells the full range of dive equipment at its retail store in
Winter Garden, Florida.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00907) on March 13,
2023. In the petition signed by Noel Hansen, managing member, the
Debtor disclosed up $500,000 in assets and up to $1 million in
liabilities.
Daniel A. Velasquez, Esq., at Latham Luna Eden and Beaudine LLP,
represents the Debtor as counsel.
DRY MORE: Amends Veritex Community Secured Claims Pay Details
-------------------------------------------------------------
Dry More Company submitted a Second Amended Plan of Reorganization
for Small Business dated June 13, 2023.
This Plan of Reorganization proposes to pay Debtor's creditors from
the cash flow generated in the ordinary course of the Debtor's
business after confirmation.
Class 3 consists of the claim of Veritex Community Bank. The Class
3 Allowed Veritex Community Bank Secured Claim shall be treated as
an undisputed fully Allowed Secured Claim in Class 3 in the amount
of $150,000.00 as of Date of Filing. Veritex shall also have an
Allowed Unsecured Claim in Class 4 in the amount of $1,224,081.00
and, notwithstanding any provisions of this Plan to the contrary,
Veritex will be paid in Class 3 as follows:
* Veritex Community Bank shall receive 60 monthly Cash
Payments of its Allowed Veritex Community Bank Secured Claim in
Class 3 based on a 60-month amortization with interest bearing on
its Allowed Veritex Community Bank Secured Claim at the rate of
9.50% per annum. Payments shall commence on the first day of the
month immediately following the Effective Date in the amount of
$3,150.28 with each payment being due on the first day of each
consecutive month thereafter.
* During the terms of this Plan and except for the payment
terms and interest rates and notwithstanding any provisions of this
Plan to the contrary, the Veritex Community Bank Secured Claim in
Class 3 shall not be discharged and Veritex Community Bank's liens
and security interests and all other terms conditions and
provisions of the Veritex Community Loan Documents shall remain in
full force and effect including, but not limited to, the obligation
to make timely payments, to insure the Veritex Community Collateral
and to timely pay prior to delinquency all ad valorem taxes
assessed upon the Veritex Community Collateral until the completion
of the payments under this Plan.
* Upon completion of the payments under this Plan the claims
of Veritex in Class 3 and Class 4 shall be deemed paid in full and
satisfied by the Debtor, and Veritex shall provide a release and
discharge of its liens and encumbrances on the Veritex Community
Collateral at such time. Further, Debtor and Jessica M. Lykins
shall, until the Approved Veritex CommunityBank Secured Claim is
paid in full, provide to Veritex Community and its counsel, on or
before the 15th day of each consecutive month true and correct
financial reporting as required by the Veritex Community Bank Loan
Documents, income statements, and balance sheets accurately
reflecting Debtor's financial condition, revenues and expenses for
the prior month.
* Notwithstanding any provisions of this Plan to the contrary,
should the Reorganized Debtor fail to timely make the required plan
payments to Veritex Community Bank or to otherwise timely perform
any of its obligations under the Veritex Community Bank Loan
Documents, the Reorganized Debtor shall be in default under the
Plan as to Veritex Community Bank. Additionally, and
notwithstanding any other provisions of the Plan, Veritex Community
Bank shall provide written notice of default and 10 days right to
cure of any monetary default, failure to timely pay ad valorem
taxes and failure to provided required insurance, provided,
however, in no eventshall Veritex Community Bank be required to
provide more than 1 such notice within any calendar year. Except as
provided herein, Debtor and Reorganized Debtor and Guarantor
Jessica M. Lykins hereby waive notice of default, notice of intent
to accelerate and notice of acceleration of the indebtedness
evidenced by the Veritex Community Loan Documents.
Class 4 consists of Unsecured Creditors. Dry More will pay the
projected disposable income for 60 months following the Effective
Date to creditors in this class with allowed claims. Dry More may
pay such amounts on the last day of the calendar quarter (March 31,
June 30, September 30 and December 31) starting with the first full
calendar quarter after the Effective Date. The first payment will
be for the period from the Effective Date (partial month will be
prorated until the last day of the month prior to the end of the
applicable calendar quarter. The claims in this class total
approximately $1,224,081. The Debtor disputes claims 3 and 5.
This plan and the projections in this plan incorporate and include
the submission of all or such portion of the future projected
earnings or other future projected income of the debtor to the
supervision and control of the trustee as is necessary for the
execution of the plan so that no further adjustments will be
necessary.
A full-text copy of the Second Amended Plan dated June 13, 2023 is
available at https://urlcurt.com/u?l=xR5FKq from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Reese W. Baker, Esq.
Baker & Associates
950 Echo Lane, Ste. 300
Houston, TX 770024
Telephone: (713) 869-9200
Facsimile: (713) 869-9100
Email: courtdocs@bakerassociates.net
About Dry More Company
Dry More Company is a water damage restoration services in Houston,
Texas.
Dry More Company sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 22-33532) on Nov. 30,
2022, with up to $500,000 in assets and up to $10 million in
liabilities. Jessica Lykins, president of Dry More Company, signed
the petition.
Judge Christopher M. Lopez oversees the case.
Reese W. Baker, Esq., at Baker & Associates, is the Debtor's
counsel.
EAST BROADWAY: Assigns Broadway as Approved New Tenant; Amends Plan
-------------------------------------------------------------------
Bank of Hope f/k/a BBCN Bank, secured creditor for the chapter 11
estate of East Broadway Mall, submitted a Third Amended Amended
Disclosure Statement for Third Amended Chapter 11 Plan of
Liquidation for the Debtor dated June 13, 2023.
The Plan provides for the assumption and assignment of the Debtor's
remaining interest in the Lease to the Approved New Tenant in
accordance with the provisions of the Term Sheet and the June 21,
2022 Stipulation and Order.
On December 5, 2022, BOH filed a motion seeking approval of a prior
disclosure statement and other related relief, and would later
submit two additional versions of the disclosure statement. While
that motion was pending, two additional parties expressed interest
in becoming the Approved New Tenant. With the Court's guidance, BOH
and the City determined that the best approach would be to receive
best and final offers from all three parties. Because negotiations
were ongoing, the Court denied the original motion and entered an
order directing any party, including BOH, to file a motion for
approval of a disclosure statement and plan by April 28, 2023.
BOH and the City reached out to the interested parties, as well as
the Debtor, and requested their best and final offers by April 11,
2023. Each interested party timely submitted its best and final
offer by the deadline.2 BOH and the City collectively determined
that Broadway East Group, LLC had submitted the highest and best
offer. The City and BOH will therefore go forward with the
assignment to Broadway East Group, LLC as the Approved New Tenant.
The terms of this agreement. BOH has therefore filed the Plan in
order to effectuate the transaction with Broadway East Group, LLC
as the Approved New Tenant.
Upon the Effective Date, the Debtor's remaining interest in the
Lease shall be assumed and assigned to the Approved New Tenant,
Broadway East Group, LLC, or such other Approved New Tenant as may
be agreed to by BOH and the City as disclosed in the Plan
Supplement before the Confirmation Hearing, except that effective
on the Effective Date the terms of the Lease shall be governed by
the form of New Lease that has been substantially negotiated and
agreed to by the Approved New Tenant and the City and BOH would
receive a portion of the consideration in exchange for releasing
its lien on the Lease.
The Third Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 4B consists of the City Claim and other Unsecured
Claims (including BOH's unsecured deficiency claim). City will
waive its Lease cure claim for the benefit of other Creditors
except as provided in the Plan. Other Creditors will receive their
pro rata distribution of Estate assets on account of Allowed Claims
after claims 1, 2, 3B, 4A and 4C are paid in full.
* Class 4C consists of Convenience Claims. A Creditor may
elect to receive a distribution as part of class 4C on the
Effective Date equal to 10% of its allowed claim capped at $2000.
* Class 5 consists of Interest Holders. Will receive no
distribution.
The proposed agreement between the City, BOH, and the Approved New
Tenant will permit Administrative Claimants and Unsecured Creditors
to receive a Distribution because the City, BOH, and the Approved
New Tenant will be required to pay such claims to the extent
provided under the Plan out of monies that would otherwise be due
to the City and BOH.
The Plan also benefits the Guarantors of BOH's debt because the
Guarantors will receive a dollar for dollar credit against the
judgment that BOH has obtained against the Guarantors to the extent
BOH receives any Distributions under the Plan.
The Plan Administrator shall, in an expeditious but orderly manner
liquidate and convert to cash the assets of Debtor, make timely
Distributions, and not unduly prolong the duration of Debtor. In so
doing, the Plan Administrator shall exercise its reasonable
business judgment in liquidating the assets of Debtor to maximize
recoveries. The liquidation of such assets of Debtor may be
accomplished through the sale of the assets of Debtor (in whole or
in combination, and including the sale of any Causes of Action),
through the prosecution, compromise and settlement, abandonment, or
dismissal of any or all claims or Causes of Action, or otherwise.
A full-text copy of the Third Amended Disclosure Statement dated
June 13, 2023 is available at https://urlcurt.com/u?l=vgw2Na from
PacerMonitor.com at no charge.
Attorneys for Bank of Hope:
James M. Sullivan, Esq.
Robert J. Malatak, Esq.
WINDELS MARX LANE & MITTENDORF, LLP
156 West 56th Street
New York, NY 10019
Telephone: (212) 237-1000
E-mail: jsullivan@windelsmarx.com
rmalatak@windelsmarx.com
About East Broadway Mall
East Broadway Mall, Inc., operates a commercial mall located at 88
East Broadway in the City, County and State of New York. On March
1, 1985, Debtor entered into a 50-year lease commercial lease, with
the City through the New York City Department of General Services
for use of land beneath the Manhattan Bridge. Upon execution of the
Lease in 1985, the Debtor expended more than one million dollars to
construct a mall on the land.
East Broadway Mall, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12280) on July 12,
2019. In the petition signed by its president, Grace Chan, the
Debtor was estimated to have assets and debts of less than $50,000.
The Debtor hired Sferrazza & Keenan, PLLC, as counsel, and The
Carey Group LLC, as special counsel.
EKSO BIONICS: All Four Proposals Passed at Annual Meeting
---------------------------------------------------------
Ekso Bionics Holdings, Inc. held its 2023 Annual Meeting of
Stockholders at which the stockholders:
1. elected Scott G. Davis, Mary Ann Cloyd, Corinna Lathan,
Ph.D., Charles Li, Ph.D., and Rhonda A. Wallen as directors to
serve until the 2024 annual meeting of stockholders and until his
or her successor is duly elected and qualified, subject to earlier
resignation or removal;
2. approved the amendment of the Company's Amended and Restated
2014 Equity Incentive Plan to increase the total number of shares
of common stock authorized for issuance pursuant to awards granted
thereunder from 2,524,286 shares to 3,724,286 shares;
(3) approved, on an advisory basis, the compensation of the
Company's named executive officers; and
(4) ratified the appointment of WithumSmith+Brown, PC as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2023.
About Ekso Bionics
Ekso Bionics Holdings, Inc. -- http://www.eksobionics.com--
designs, develops, and markets exoskeleton products that augment
human strength, endurance and mobility. Its exoskeleton technology
serves multiple markets and can be utilized both by able-bodied
persons and persons with physical disabilities.
Ekso Bionics reported a net loss of $15.08 million in 2022, a net
loss of $9.76 million in 2021, a net loss of $15.83 million in
2020, a net loss of $12.13 million in 2019, and a net loss of
$26.99 million in 2018. As of March 31, 2023, the Company had
$37.10 million in total assets, $15.82 million in total
liabilities, and $21.28 million in total stockholders' equity.
EMPEREON MARKETING: Excess Income to Fund Plan
----------------------------------------------
Empereon Marketing, LLC filed with the U.S. Bankruptcy Court for
the District of Arizona a Plan of Reorganization under Subchapter V
dated June 12, 2023.
The Debtor, an Arizona LLC owned by Bowley Inc. and McRoberts, Inc.
(both Colorado corporations) and run by CEO Travis Bowley, operates
call centers throughout Arizona and Mexico.
The COVID-19 pandemic severely affected this business, like so many
others, and caused the Debtor's liabilities to increase
dramatically on account of vacated leased space in Houston and
Waco, Texas, and Phoenix, Arizona. Because of litigation brought by
the Waco landlord and the potential for large and immediate
aggregated lease claims, Debtor sought Subchapter V protection.
This Plan will be used to restructure unsecured debt (the largest
percentage of which is from the leases) and to generally reorganize
affairs so that the enterprise may return to profitability. Debtor
has a mix of secured, priority, and unsecured debt that will be
addressed in his plan of reorganization. Debtor is hopeful that a
relatively smooth and rapid reorganization takes place.
Debtor's Financial Projections show that Debtor is capable of
generating sufficient excess income per month over a 3-year period
2024-2026 to pay all Class 1, 2 and 3 priority claims in full, and
to pay a significant amount to Class 4 and 5 unsecured claimants.
The Class 4 claims are General, Unsecured Claims. Debtor shall
disburse funds to these claimants quarterly and in the same fashion
as set forth in the preceding paragraph. The Debtor is obligated by
this Plan to continue payments of Excess Income into the Fund until
the earlier of the end of the third year from the date of the first
payment made into the Fund or until all Class 4 and 5 claims have
been satisfied in full. Unless the Confirmation Order directs
otherwise, Debtor shall disburse funds to this Class quarterly and
in the same fashion as to Classes 1, 2, and 3 and only after all
such claims are paid in full.
Claims arising from the rejections of unexpired leases or executory
contracts shall be categorized in Class 5. They shall be subject to
Section 502(b)(6) and any other applicable provision of the
Bankruptcy Code.
Specifically,
* the Kinetic Savers Plaza Lease, Phoenix, AZ claim shall not
exceed $230,447.64;
* the Festival Plaza Lease, Alvin, TX claim shall not exceed
$645,000.00;
* the Quantuck Waco Lease, Waco, TX claim shall not exceed
$1,053,143.30;
* the 3131 South Vaughn Lease, Aurora, CO claim shall not
exceed $165,183.72;
* the Tierpoint Lease (Cequel Data Center), Little Rock, AR
claim shall not exceed $26,097.13.
Debtor shall continue to operate in the ordinary course. From
Excess Income, Debtor shall fund and establish the Normalization
Fund. Thereafter, all Excess Income shall go to the Allowed Claims
Distribution Fund in the custody of the Trustee. In turn the
Trustee as Distribution Agent will pay the Holders of Allowed
Claims as further set forth in this Plan and subject to Section
1194(b) of the Bankruptcy Code.
A full-text copy of the Plan of Reorganization dated June 12, 2023
is available at https://urlcurt.com/u?l=51CU2B from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Gerald L. Shelley, Esq.
Brianna Alford, Esq.
FENNEMORE CRAIG PC
2394 E Camelback Road Suite 600
Phoenix, AZ 85016
Tel: 602-916-5000
Email: gshelley@fclaw.com
About Empereon Marketing
Empereon Marketing LLC -- https://www.empereon/ -- is a business
process outsourcing company providing end-to-end customer
engagement and customer management solutions through two distinct,
but affiliated, privately held entities.
Empereon Marketing LLC filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
23-01592) on March 15, 2023. In the petition filed by Travis
Bowley, as C.E.O., the Debtor reported total assets as of Dec. 31,
2022 amounting to $6,385,218 and total liabilities as of Dec. 31,
2022 of $1,777,954.
The case is overseen by Honorable Bankruptcy Judge Madeleine C
Wanslee.
The Debtor is represented by Gerald L. Shelley, Esq. at FENNEMORE
CRAIG, P.C.
EYECARE PARTNERS: $250M Bank Debt Trades at 27% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 73.3
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Term loan that is scheduled to
mature on November 15, 2028. About $248.8 million of the loan is
withdrawn and outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 40% Discount
----------------------------------------------------------
Participations in a syndicated loan under which FinThrive Software
Intermediate Holdings Inc is a borrower were trading in the
secondary market around 60.4 cents-on-the-dollar during the week
ended Friday, June 16, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $460 million facility is a Term loan that is scheduled to
mature on December 17, 2029. The amount is fully drawn and
outstanding.
FinThrive is a provider of revenue cycle management software
solutions to the healthcare sector.
FRANCO'S PAVING: Claims to be Paid From Ongoing Operations
----------------------------------------------------------
Franco's Paving, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Texas a Subchapter V Plan dated June 15,
2023.
The Debtor is a ready-mix cement production company located in
Corpus Christi, Texas. The Debtor is a Texas limited liability
company incorporated on October 28, 2014 whose sole member is
Isaias Franco and the Debtor employs three contract employees.
The Debtor has been profitable since inception but suffered
significant financial losses in 2020 through 2021 due to COVID-19.
In order to bring additional cash flow to maintain operations, the
Debtor to enter into financing arrangements with Charter Bank
between 2020 and 2021. Charter Bank accelerated its loans in 2022
prompting the Debtor to seek bankruptcy relief.
Class 4 is comprised of Unsecured Priority Claims held by the
Internal Revenue Service. In full satisfaction, the Holder of
Claims in Class 4 shall receive 60 consecutive equal monthly in
Cash of its Claim amortized over 60 month period from the Petition
Date with interest bearing on the Claim at the applicable
bankruptcy and non-bankruptcy rate. Payments shall commence the
first day of the calendar month following the Effective Date. Class
4 is impaired and entitled to vote on the Plan.
Class 5 is comprised of the Deficiency Claims held by the U.S.
Small Business Administration and Charter Bank. On the first
calendar date of the month following the Effective Date, Charter
Bank and the U.S. Small Business Administration shall receive
consecutive monthly payments in Cash of $150.00, representing the
Reorganized Debtor's Disposable Income, for a period of 24 months.
Upon the sale of 5829 Ranch Rd., CR 310, Freer, Texas, 78357 to the
extent there are funds available after payment of the claims
secured by the property, Class 5 shall receive the remainder of the
proceeds.
To the extent, there are funds available after payment to Class 5
and claims secured by the property, such excess shall go to the
Equity Interest Holders of the Debtor; however, if proceeds from
the sale are insufficient to pay of the entire then remaining
Deficiency Claims owed to Charter Bank and the U.S. Small Business
Administration, the Reorganized Debtor shall continue making
consecutive monthly payments of $150.00 for a period of 36 months.
The equity interest holder of this Plan shall retain his respective
equity interests.
The payments contemplated in this Plan shall be funded from ongoing
operations of the Debtor's ready-mix cement production and from the
sale of the Debtor's gravel pit located at 5829 Ranch Rd., CR 310,
Freer, Texas, 78357. The Debtor is currently in the process of
retaining a broker to assist the Debtor with the marketing of the
gravel pit and believes a period of eighteen months will be
sufficient to market and sell the gravel pit.
A full-text copy of the Subchapter V Plan dated June 15, 2023 is
available at https://urlcurt.com/u?l=tnN4gS from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Susan Tran Adams, Esq.
Brendon Singh, Esq.
Tran Singh LLP
2502 La Branch Street
Houston, TX 77004
Tel: (832) 975-7300
Fax: (832) 975-7301
Email: info@ts-llp.com
About Franco's Paving
Franco's Paving LLC provides paving services.
Franco's Paving LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
23-20069) on March 17, 2023. In the petition filed by Isaias
Franco, as president, the Debtor reported assets and liabilities
between $1 million and $10 million.
Sylvia Mayer has been appointed Subchapter V Trustee.
The Debtor is represented by Susan Tran Adams, Esq., at Tran Singh
LLP.
FREEMANVILLE LIFEHOPE: Unsecureds to be Paid in Full in 12 Months
-----------------------------------------------------------------
Freemanville Lifehope House LLC submitted an Amended Disclosure
Statement describing Amended Plan dated June 12, 2023.
As a result of the Debtor not having any income, Debtor's
principal, Scott Honan and his companies have been funding the
project since the bankruptcy. If necessary, Debtor will provide an
equity injection to fulfill the terms of the plan.
The Debtor intends to refinance the loan and finish the
construction project in order to pay all of its creditors.
Class 3 consists of the Secured Claim of Civic Financial Services.
Debtor shall refinance the loan. The full amount of $2,997,137.75
will be paid to Civic Financial at closing. This amount will
satisfy the claim of Civic Financial Services in full. Upon payment
of this amount, the lien recorded at Book 63954 Page 639 in the
real property records of the Superior Court of Fulton County shall
be deemed satisfied and released. The Court has approved DIP
financing to accomplish this refinance. The new creditor will have
a super priority lien and will be paid in accordance with the terms
of the new loan.
Class 4 consists of the Secured Claim of City Wide Insulation of
Madison. The full amount of $42,933.00 plus intrest at the rate of
7% since the date of the filing of the lien, will be paid to City
Wide within 6 months from the effective date. This amount will
satisfy the claim of City Wide in full.
Class 5 consists of the Secured Claim of Builders
FirstSource-Atlanta. The full amount of $51,498.69 plus interest at
the rate of 7% since the date of the filing of the lien will be
paid to Builders within 6 months from the effective date. This
amount will satisfy the claim of Builders in full.
Class 6 consists of the Secured Claim of AD Drywall. The full
amount of $11,500.00 plus interest at the rate of 7% since the date
of the filing of the lien will be paid to AD Drywall within 6
months from the effective date. This amount will satisfy the claim
of AD Drywall in full.
Class 7 consists of the Secured Claim of All Purpose Well Drilling.
The full amount of $12,528.00 plus interest at the rate of 7% since
the dat of the filing of the lien will be paid to All Purpose
within 6 months from the effective date. This amount will satisfy
the claim of All Purpose in full.
Class 8 consists of the Secured Claim of Yancy Bros Co. The full
amount of $48,071.76 plus interest at the rate of 7% since the date
of the filing of the lien will be paid to Yancy Bros Co within 6
months from the effective date. This amount will satisfy the claim
of Yancy Bros in full.
Class 9 consists of General Unsecured Claims. The timely filed,
allowed claims of general, undisputed, liquidated, unsecured,
non-priority creditros will be paid in full within 12 months from
the effective date. The amount paid to holders in this class will
satisfy their claims in full. The allowed unsecured claims total
$75,000.00.
A full-text copy of the Amended Disclosure Statement dated June 12,
2023 is available at https://urlcurt.com/u?l=e5jRgD from
PacerMonitor.com at no charge.
The Debtor is represented by:
Ian M. Falcone, Esq.
Falcone Law Firm, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Email: Imffalconefirm.com
About Freemanville Lifehope House
Freemanville Lifehope House, LLC is primarily engaged in renting
and leasing real estate properties. It is based in Alpharetta, Ga.
Freemanville Lifehope House filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-59875) on Dec. 5, 2022. In the petition filed by its manager,
Mark Allen, the Debtor reported between $1 million and $10 million
in both assets and liabilities.
The Debtor is represented by Ian M. Falcone, Esq., at The Falcone
Law Firm.
GALLERIA WEST: Updates Unsecured Claims Details
-----------------------------------------------
Galleria West Loop Investments LLC submitted a First Amended
Disclosure Statement in support of Chapter 11 Plan dated June 13,
2023.
The Plan provides for the payment to all Claims against the Debtor
and for the Debtor's Equity to be canceled and reissued to a new
equity holder in exchange for a $2.5 million equity contribution.
The funds to be used for the payment of Allowed Claims or other
Distributions to be made under the Plan will come from (a) the
Debtor's current Cash on hand; (b) rent payments; (c) the net
proceeds of any sale, refinancing or other disposition of the
Debtor's Assets; and/or (d) the new equity contributions.
The Debtor files this Plan to reorganize its financial affairs and
will make all payments required by the Plan through the cash flow
generated by the Property plus any available funds or property that
the Reorganized Debtor may otherwise possess on or after the
Effective Date, including, without limitation, any such funds or
property which may be provided through the new equity capital
contributions, and the proceeds of any sale, refinancing, or other
disposition of the Debtor's Assets.
As of the Petition Date, the Debtor's property was encumbered by a
Deed of Trust to Veritex Community Bank (the "Lender"). The
Property is the collateral for the Loan. The Debtor's remaining
debt is generally comprised of (a) claims of taxing authorities;
and (b) a secured claim of Caz Creek Holdings 2 LLC; (c) any
deficiency claim owed to the Lender; and (d) unsecured creditors
providing services with respect to the Property.
On May 3, 2023, the Debtor filed its Plan of Reorganization, which
provided for, inter alia, that the Lender's allowed secured claim
shall be paid in full within five years along with interest at a
rate of 8% per annum, with such interest being paid monthly. The
allowed secured claim of Harris County shall be paid through 60
consecutive monthly payments along with interest at a rate of 12%
per annum. The allowed secured claim of Caz Creek Holdings 2 LLC
shall be paid through 60 consecutive monthly payments along with
interest at a rate of 8% per annum.
Class 5 consists of General Unsecured Claims. The Class 5 Allowed
Claims of Unsecured Claimants will receive no distributions under
the plan. The only known unsecured creditors are Veritex Bank's
estimated deficiency claim and potential unsecured creditor Letsos
Mechanical, with a scheduled claim of $19,036.85. Class 5 Claims
are Impaired under by the Plan and are deemed to reject the Plan.
The Class 6 Allowed Interests of the Equity Interest Holders shall
be cancelled and terminated on the Effective Date. Equity will be
reissued to the new equity holder based on a $2.5 million
contribution of new equity. The equity contribution is being made
by an affiliated investor called 50BH Acquisition, LLC.
The funds used for the repayment of Claims or other Distributions
to be made under the Plan will come from the income generated from
the Property, the new equity contribution plus any other available
funds or property that the Reorganized Debtor may otherwise possess
on or after the Effective Date, including, without limitation, any
such funds or property which may be provided through additional
capital contributions, and the proceeds of any sale, refinancing,
or other disposition of the Debtor's Assets.
A full-text copy of the First Amended Disclosure Statement dated
June 13, 2023 is available at https://urlcurt.com/u?l=Exig7G from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Melissa S. Hayward, Esq.
Ron Satija, Esq.
HAYWARD PLLC
10501 North Central Expy., Suite 106
Dallas, TX 75231
Tel: (972) 755-7100
E-mail: MHayward@HaywardFirm.com
RSatija@HaywardFirm.com
About Galleria West Loop Investments
Galleria West Loop Investments, LLC is primarily engaged in renting
and leasing real estate properties. The company is based in Austin,
Texas.
Galleria West Loop Investments sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Texas Case No. 23-50027) on
Jan. 3, 2023, with $10 million to $50 million in both assets and
liabilities. Judge Craig A. Gargotta oversees the case.
Ron Satija, Esq., at Hayward, PLLC, is the Debtor's legal counsel.
GAUCHO CROUP: To Hold Annual Meeting on Aug. 24
-----------------------------------------------
The Board of Directors of Gaucho Group Holdings, Inc. determined
that the Company's 2023 Annual Meeting of Stockholders will be held
on Aug. 24, 2023. Stockholders of record of the Company's common
stock at the close of business on June 30, 2023 will be entitled to
notice of, and to vote at, the Annual Meeting.
Pursuant to the advance notice provisions set forth in the
Company's Bylaws, a stockholder intending to present a proposal to
be included in the proxy statement for the 2023 Annual Meeting must
give timely notice thereof in proper written form to the secretary
of the Company. To be timely, a stockholder's notice must be
delivered to or mailed and received at our principal executive
offices not later than the close of business on the tenth day
following the date on which public disclosure of the date of the
2023 Annual Meeting is made. Accordingly, the deadline for the
submission of proposals to be included in the proxy statement for
the 2023 Annual Meeting is June 22, 2023.
Stockholder proposals, and the notices thereof, must comply with
the Company's Bylaws and the U.S. Securities and Exchange
Commission's rules regarding the inclusion of stockholder proposals
in proxy materials.
In addition, to comply with the SEC's universal proxy rules,
stockholders who intend to solicit proxies in support of director
nominees other than the Company's nominees must provide notice in
writing to the secretary of the Company at our principal executive
offices that sets forth the information required by Rule 14a-19
under the Exchange Act, no later than July 1, 2023.
Notices of intention to present proposals or nominate directors at
the 2023 Annual Meeting, and all supporting information required by
SEC rules and its Bylaws, as applicable, must be submitted to:
Secretary of Gaucho Group Holdings, Inc., 112 NE 41st Street, Suite
106, Miami, FL 33137.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly
owned subsidiaries, GGH invests in, develops and operates real
estate projects in Argentina. GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort. In 2016, GGH formed a
new subsidiary and in 2018, established an e-commerce platform for
the manufacture and sale of high-end fashion and accessories. The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.
Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company
had $21.01 million in total assets, $8.60 million in total
liabilities, and $12.40 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
GENESIS GLOBAL: Negotiations w/ Committee & Ad Hoc Group Ongoing
----------------------------------------------------------------
Genesis Global Holdco, LLC, et al., submitted a Disclosure
Statement with respect to Amended Joint Plan dated June 13, 2023.
The Amended Plan is the product of extensive and ongoing
negotiation among the Debtors, the Official Committee of Unsecured
Creditors appointed in the Chapter 11 Cases (the "Committee"), and
the Ad Hoc Group, and reflects substantial agreement on certain key
issues.
The Debtors and their advisors engaged in extensive, arm's-length
negotiations with the Committee, the Ad Hoc Group, and each of
their advisors to reach a solution that the parties believe is in
the best interest of the Debtors, their estates, and stakeholders.
However, discussions among such parties remain ongoing. As of the
date hereof, each of the Debtors, the Committee and the Ad Hoc
Group reserve all rights with respect to the Amended Plan.
The Amended Plan provides for the Debtors to continue the ongoing
marketing and sale process to sell any or all of the assets of the
Debtors, the Genesis Platform, or the Genesis Platform along with
GGT, with the goal of achieving the highest recoveries possible for
all stakeholders. If the sale process does not result in a Sale
Transaction with respect to all of the Genesis Platform, the
Amended Plan provides for the option (subject to the consent rights
of the Committee and the Ad Hoc Group as described under the
Amended Plan) to have any unsold portion of the Genesis Platform be
reorganized as a going concern for the benefit of the Holders of
Allowed Claims. In that scenario, Reorganized GGH will retain, for
the benefit of the Holders of Allowed Claims, 100% of the Equity
Securities in Genesis Bermuda Holdco Limited ("GBHL") (or, if GBHL
is sold in the Sale Transaction, in any unsold subsidiaries of
GBHL).
The Amended Plan contemplates that Holders of Allowed General
Unsecured Claims against the Debtors will receive a combination of,
among other things, (i) the Debtors' available Cash and Digital
Assets, which shall include any sales proceeds resulting from the
Debtors' sales process, (ii) recoveries from the DCG Loans and the
DCG Note, (iii) recoveries from preserved Estate claims and Causes
of Action, including Avoidance Actions and any claims and Causes of
Action against DCG, and (iv) equity interests in Reorganized GGH or
Wind-Down GGH, as applicable, to the extent Holders affirmatively
elect to receive them, subject to the conditions set forth in the
Plan.
Additional key components of the Plan include:
* Payment in full of all Allowed Administrative Expense
Claims, Priority Tax Claims, Other Priority Claims, and
Professional Fee Claims;
* The funding of a Litigation Reserve that allocates a fixed
amount to litigation of any Retained Causes of Action, including
Avoidance Actions against the DCG Parties;
* Customary releases of all claims by the Releasing Parties
against the Released Parties related in any way to the Debtors;
provided, that the Amended Plan shall not release any DCG Parties
or any former officers and directors of the Debtors as of the
Effective Date;
* Subject to applicable law and certain conditions set forth
in the Plan, Holders of Allowed Claims denominated in Digital
Assets will receive in-kind distributions in the form of the
Digital Asset in which such respective Claims are denominated;
* For purposes of distributions to be made under the Amended
Plan, Gemini shall be deemed to be the Holder of all Gemini Lender
Claims, and all distributions on account of Allowed Gemini Lender
Claims shall be made to the Gemini Distribution Agent and held in
trust in a segregated account for the benefit of the Holders of
Allowed Gemini Lender Claims.
Class 3 Allowed General Unsecured Claims against GGH. Each Holder
of an Allowed General Unsecured Claim against GGH shall receive its
Pro Rata share of (i) the Effective Date Available Assets of GGH,
(ii) subject to the prior payment of the Capital Reserves Funding,
if applicable, the Post-Effective Date Available Assets allocated
to Reorganized GGH or Wind-Down GGH, as applicable and (iii) the
Post-Effective Date GGH Interests solely to the extent that (A)
such Holder is a Qualified Holder and affirmatively makes the Plan
Election and (B) an Oversubscription Event does not occur.
Class 3 Allowed Other Unsecured Claims against GGC shall receive
its Pro Rata share of (i) the Effective Date Available Assets of
GGC, (ii) subject to the prior payment of the Capital Reserves
Funding, if applicable, the Post-Effective Date Available Assets of
Wind-Down GGC, and (iii) the PostEffective Date GGH Interests
solely to the extent that (A) such Holder is a Qualified Holder and
affirmatively makes the Plan Election and (B) an Oversubscription
Event does not occur.
Class 3 Allowed General Unsecured Claims against GAP shall receive
its Pro Rata share of (i) the Effective Date Available Assets of
GAP, (ii) subject to the prior payment of the Capital Reserves
Funding, if applicable, the Post-Effective Date Available Assets
allocated to Wind-Down GAP, and (iii) the Post-Effective Date GGH
Interests solely to the extent that (A) such Holder is a Qualified
Holder and affirmatively makes the Plan Election and (B) an
Oversubscription Event does not occur.
Distributions under the Plan shall be funded by Effective Date
Available Assets, Post-Effective Date Available Assets, the
proceeds of any Monetization Transactions of the Wind-Down Debtors'
Assets or Reorganized GGH (if applicable) and any applicable
reserves, provided, however, that Allowed Professional Fee Claims
shall be paid from the Professional Fee Escrow Account in the first
instance. Such sources include Cash, proceeds from the DCG Loans,
the DCG Note, the DCG Tax Receivables, and any and all Causes of
Actions or other claims against the DCG Parties, including the
proceeds from any settlements thereof, proceeds from Avoidance
Actions, and, if applicable, Digital Assets available for
distribution, to be determined by the Debtors in consultation with
the Committee after considering legal, financial, tax, and other
factors in good faith.
The Wind-Down Debtors shall be successors to the Debtors' rights,
title, and interests to the Wind-Down Debtors' Assets. The Wind
Down Debtors will not conduct business operations and will be
charged with winding down the Debtors' Estates for the benefit of
the Wind-Down Beneficiaries. Each Wind Down Debtor shall be managed
by the PA Officer and the New Board in accordance with the Plan
Administration Agreement and the applicable New Governance
Documents and shall be subject to the Wind-Down Budget and the
Wind-Down Oversight Committee (if appointed).
A full-text copy of the Disclosure Statement dated June 13, 2023 is
available at https://urlcurt.com/u?l=s5oRpW from Kroll
Restructuring Administration, LLC, claims agent.
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.
At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez
& Marsal Holdings, LLC as financial advisor; and Moelis & Company,
LLC as investment banker. Kroll Restructuring Administration, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped White & Case, LLP as bankruptcy counsel; Houlihan
Lokey Capital, Inc. as investment banker; Berkeley Research Group,
LLC as financial advisor; and Kroll as information agent.
GENESISCARE USA: EUR500M Bank Debt Trades at 80% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Genesiscare USA
Holdings Inc is a borrower were trading in the secondary market
around 20.0 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The EUR500 million facility is a Term loan that is scheduled to
mature on May 17, 2027. The amount is fully drawn and
outstanding.
About GenesisCare
GenesisCare is an integrated cancer care provider in the United
States, Australia, Spain, and the United Kingdom. One of the
world's largest integrated oncology networks, GenesisCare --
http://www.genesiscare.com-- includes 300+ locations in the U.S.,
the UK, Australia, and Spain.
Australia-based Genesis Care Pty Limited and 52 affiliates,
including GenesisCare of Texas, LLC, sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 23-90614) on June 1, 2023.
The Debtors estimated assets and debt of $1 billion to $10 billion
as of the bankruptcy filing.
The Hon. David R. Jones is the case judge.
The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel; JACKSON WALKER LLP as co-bankruptcy counsel; PJT PARTNERS
LP as investment banker; and ALVAREZ & MARSAL NORTH AMERICA, LLC,
as restructuring advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is
the claims agent in the Chapter 11 cases. HERBERT SMITH FREEHILLS
LLP is the foreign legal counsel. TENEO is the communications
advisor.
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 40% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 59.9 cents-on-the-dollar during the week ended Friday, June
16, 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 is a provider of
emergency air medical services.
GOLDMAKER INC: Miller to Contribute $20K; Updates Unsecured Claims
------------------------------------------------------------------
Goldmaker Inc., submitted an Amended Small Business Disclosure
Statement describing Amended Plan of Reorganizaation dated June 13,
2023.
The Plan will be funded from the funds accumulated on the Debtor's
DIP account, from the date of the petition, as well as from
continuing operating income and reorganized business operations of
the Debtor.
Class III shall consist of the general unsecured claim in the total
amount of $255,788.23:
* The unsecured claim of Consolidated Edison Company of New
York Inc., in the amount of $8,586.62 will be paid 6.7% dividend
($575.30) in 60 monthly installment payments in the amount of $9.6,
commencing on the effective date of the plan.
* The unsecured claim of National Grid in the amount of
$1,219.71 will be paid 6.7% dividend ($81.72) in 60 monthly
installment payments in the amount of $1.3, commencing on the
effective date of the Plan.
* The unsecured claim of Ming Chu Chen in the amount of
$75,000.00 will be paid 6.7% dividend ($5,025.00) in 60 monthly
installment payments in the amount of $83.75, commencing on the
effective date of the Plan.
* The unsecured claim of Ykaz Tax Service Inc., in the amount
of $1,760.00 will be paid 6.7% dividend ($117.92) in 60 monthly
installment payments in the amount of $1.9, commencing on the
effective date of the Plan.
* The unsecured claim of Joe Hand Promotion Inc., in the
amount of $7,375.00 will be paid 6.7% dividend ($494.12) in 60
monthly installment payments in the amount of $8.23, commencing on
the effective date of the Plan.
* The unsecured claim of Salem Boudine in the amount of
$169,510.00 will be paid 6.7% dividend ($11,357.17) in 60 monthly
installment payments in the amount of $189.29, commencing on the
effective date of the Plan.
* The unsecured claim of New York State Departmen of Taxation
& Finance, in the amount of $923.52. The claim will be paid 6.7%
dividend ($61.87) in 60 monthly installment payments in the amount
of $1.03, commencing on the effective date of the Plan.
Class IV consists ofequity interest holders. Peter Miller, the sole
equity interest holder, shall retain his interest in the Debtor
following Confirmation, in consideration of a new value
contribution, to be made by him as the equity holder, toward the
payment of general unsecured creditor claims. The Debtor's
principal will contribute funds in installments over the life of
the plan, on as needed basis up to the full amount of $20,000.00,
representing the principal's new value contribution.
Peter Miller, as the Debtor's principal and the sole shareholder,
will continue to be employed by the reorganized debtor, without
monthly compensation.
The Plan will be funded from the funds accumulated on the Debtor's
DIP account, from the date of the petition, as well as from
continuing operating income and reorganized business operations of
the Debtor.
A full-text copy of the Amended Disclosure Statement dated June 13,
2023 is available at https://urlcurt.com/u?l=kl8kQ3 from
PacerMonitor.com at no charge.
Attorney for Debtor:
Alla Kachan, Esq.
The Law Offices of Alla Kachan, PC
415 Brighton Beach Ave
Brooklyn, NY 11235
Phone: (718) 513-3145
Fax: 347-342-3156
Email: alla@kachanlaw.com
About Goldmaker Inc.
Goldmaker Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
21-41309) on May 14, 2021, listing up to $50,000 in assets and up
to $500,000 in liabilities. Judge Jil Mazer-Marino oversees the
case. Alla Kachan, Esq., at the The Law Offices of Alla Kachan, PC,
is serving as the Debtor's legal counsel.
GORDIAN MEDICAL: $280M Bank Debt Trades at 29% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Gordian Medical Inc
is a borrower were trading in the secondary market around 71.3
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $280 million facility is a Term loan that is scheduled to
mature on April 1, 2027. The amount is fully drawn and
outstanding.
Gordian Medical, Inc., doing business as American Medical
Technologies, provides healthcare services. The Company offers
medical expertise, protocol development, education, healing, and
preserving programs. American Medical Technologies serves patients
and healthcare professionals in the United States.
HELIX GEN: S&P Affirms 'BB-' Debt Rating on Maturity Extension
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' rating on Helix Gen Funding
LLC's (Helix) debt. At the same time, S&P Global Ratings revised
the recovery rating on the debt to '1' from '2'.
S&P said, "The stable outlook reflects our forecast for debt
service coverage ratios (DSCRs) above 1.7x during the asset's life.
Helix's current capacity hedges provide good visibility into
capacity revenues out to 2025 and 2026. We expect the project will
have about $350 million outstanding, using S&P Global Ratings'
forecast, on its proposed term loan B (TLB) at maturity in December
2027."
Helix has announced a refinancing transaction that will extend the
maturity of its debt outstanding to December 2027.
The Ravenswood Generating Station is a 1,964-megawatt (MW) combined
power plant in New York City (Zone J of the New York Independent
System operator [NYISO]). The site includes a 248-MW combined-cycle
power plant and 1,716 MW of steam turbine generation. The plant has
dual–fuel capability to run on oil. The project is 100% owned by
funds controlled by Rise Light & Power, is ring-fenced, and
complies with S&P Global Ratings' definition of a project
financing.
Extension lowers the refinancing risk in 2024.
S&P said, "We have assumed Helix will amend and extend most of its
$698 million TLB outstanding, which will significantly reduce
refinancing risk in 2024. At the same time, the project could be
facing some refinancing risk depending on the size of the
non-extended portion. Helix is also decreasing its revolver size
because the project's asset base is now smaller compared with the
original portfolio in 2017. The maturity of the revolver has also
been extended to September 2027 from March 2024.
"We do not believe the proposed land redevelopment on part of the
Ravenswood site will materially affect the project.
"Helix intends to develop approximately 7 acres of an unused
portion of the Ravenswood site for third-party renewable
development projects, which we do not expect will materially affect
its operations. Within the project, Helix will create a new entity
called Vernon Boulevard Holdings LLC that will own all real
property for the Ravenswood site. We expect this entity to parcel
out the land for renewable development projects, such as battery
storage, to Renewable Ravenswood. Virtually all of the land at the
Ravenswood site will remain as collateral for Helix lenders;
however, new assets that are developed on the land will not become
collateral. Although we don't expect the partial land use will
negatively affect the project's credit quality, we will continue to
monitor Rise Light & Power's development plans relating to the
Renewables Ravenswood project to assess if additional projects at
the site affect Helix's current operations."
Hedged capacity and higher-than-expected summer 2023 Zone J
capacity prices support cash flows in the medium term.
Helix has hedged about 80% of available capacity for summer 2023
and about 40%-45% through winter 2026, providing good visibility
into cash flows in the medium term. Capacity prices for summer 2023
in NYISO Zone J cleared at $17.75 per kilowatt-month (kW-mo),
higher than our forecast of $11/kW-mo. May 2023 and June 2023 spot
auction market prices cleared at $18.58/kW-mo; and the July 2023
monthly auction (for July-October delivery) cleared between
$19.40-$19.68/kW-mo. S&P does not see a material improvement in
cash flows and DSCRs for 2023 despite higher cleared capacity
prices compared with its previous expectations because most of the
capacity is locked in through hedges.
The retirement of natural gas- and oil-fired generating units as
prescribed by the New York State Department of Environmental
Conservation peaker rule took effect in May 2023, which is
supportive of power prices in Zone J. Helix has retired its
gas-fired turbines, which were covered under this rule, with a
nameplate capacity of 68.6 MW. The peaker rule does not apply to
large steam boiler units or modern combustion turbines with
emission controls. At this point, units 10, 20, 30, and 40 are not
at risk of retirement under the current peaker rule.
S&P said, "The stable outlook reflects our forecast for DSCRs above
1.7x in each period through the life of the asset. Helix's current
capacity hedges provide good visibility into capacity revenues out
to 2025 and 2026. We expect, using our forecast, the project will
have about $350 million outstanding on its TLB at maturity in
December 2027.
"We could lower the rating if our forecast minimum DSCR fell below
1.3x and remained there. This would likely be caused by operational
outages at Ravenswood or NYISO capacity cleared capacity prices
that fail to meet our forward-looking assumptions, leading to weak
DSCRs.
"We could consider a higher rating if we expected DSCRs to be
higher than 1.8x in all years of our forecast. The most likely
cause would be a faster- or stronger-than-expected recovery in
NYISO capacity prices that allow the project to repay debt."
HERITAGE POWER: $520M Bank Debt Trades at 75% Discount
------------------------------------------------------
Participations in a syndicated loan under which Heritage Power LLC
is a borrower were trading in the secondary market around 25.3
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $520 million facility is a Term loan that is scheduled to
mature on August 2, 2026. The amount is fully drawn and
outstanding.
Heritage Power, LLC and affiliates are a power company with a focus
on power generation activities in Pennsylvania, New Jersey and
Ohio. They own or operate 16 power generation assets with 13 in
Pennsylvania, two in New Jersey and one in Ohio.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90032) on Jan.
24, 2023, with $50 million to $100 million in assets. The Debtors
said prepetition indebtedness was about $518 million. David
Freysinger, president of Heritage Power, signed the petitions.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Haynes and Boone, LLP as bankruptcy counsel;
Munsch Hardt Kopf & Harr, P.C. as special conflicts counsel;
Alvarez and Marsal North America, LLC as restructuring and
financial advisor; and Epiq Corporate Restructuring, LLC as notice,
claims and solicitation agent.
Counsel for the ad hoc group of pre-bankruptcy lenders is Milbank,
LLP. The ad hoc group of pre-bankruptcy lenders also retained
Porter Hedges, LLP, Ross Aronstam & Moritz, LLP and Ducera
Partners, LLC as advisors.
Jefferies Finance, LLC, as administrative agent, is represented by
Latham & Watkins, LLP.
MUFG, collateral agent, is represented by Thompson Hine, LLP.
J. Aron & Company, LLC, counterparty under an ISDA master
agreement, is represented by Cleary Gottlieb Steen & Hamilton,
LLP.
HERITAGE POWER: $61.1M Bank Debt Trades at 75% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Heritage Power LLC
is a borrower were trading in the secondary market around 25.3
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $61.1 million facility is a Term loan that is scheduled to
mature on August 2, 2026. The amount is fully drawn and
outstanding.
Heritage Power, LLC and affiliates are a power company with a focus
on power generation activities in Pennsylvania, New Jersey and
Ohio. They own or operate 16 power generation assets with 13 in
Pennsylvania, two in New Jersey and one in Ohio.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90032) on Jan.
24, 2023, with $50 million to $100 million in assets. The Debtors
said prepetition indebtedness was about $518 million. David
Freysinger, president of Heritage Power, signed the petitions.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Haynes and Boone, LLP as bankruptcy counsel;
Munsch Hardt Kopf & Harr, P.C. as special conflicts counsel;
Alvarez and Marsal North America, LLC as restructuring and
financial advisor; and Epiq Corporate Restructuring, LLC as notice,
claims and solicitation agent.
Counsel for the ad hoc group of pre-bankruptcy lenders is Milbank,
LLP. The ad hoc group of pre-bankruptcy lenders also retained
Porter Hedges, LLP, Ross Aronstam & Moritz, LLP and Ducera
Partners, LLC as advisors.
Jefferies Finance, LLC, as administrative agent, is represented by
Latham & Watkins, LLP.
MUFG, collateral agent, is represented by Thompson Hine, LLP.
J. Aron & Company, LLC, counterparty under an ISDA master
agreement, is represented by Cleary Gottlieb Steen & Hamilton,
LLP.
HOLY REDEEMER: Fitch Alters Outlook on 'BB+' Rating to Negative
---------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook for Holy Redeemer
Health System, PA (RH) to Negative from Stable. Fitch has affirmed
RH's Issuer Default Rating (IDR) at 'BB+ ' rating. Fitch has also
affirmed the revenue bonds issued by Montgomery County Higher
Education & Health Authority on behalf of RH at 'BB+'.
Entity/Debt Rating Prior
----------- ------ -----
Holy Redeemer
Health System (PA) LT IDR BB+ Affirmed BB+
Holy Redeemer
Health System
(PA) /General
Revenues/1 LT LT BB+ Affirmed BB+
The Outlook revision to Negative is driven by RH's persistent
operating losses, which have been exacerbated recently by staffing
shortages, challenges in the senior care division and inflationary
pressures. Prior to the pandemic, RH was already dealing with a
host of operating challenges, including a highly consolidated
market with various sizeable providers in the greater Philadelphia
area, limiting the system's ability to improve cash flow.
The system had historically relied on investment income to cushion
EBITDA margins and cover its debt service, but margins have
remained depressed due to the dislocation in investment markets
over the last couple of years. As a result, the system's
unrestricted liquidity has eroded and has been allocated more
aggressively, making it more vulnerable to market volatility.
Despite the continued pressures, the affirmation of the 'BB+'
rating reflects RH's still adequate balance sheet with 1x
cash-to-adjusted debt. Fitch expects that RH will be able to
partially mitigate current operating challenges with cost
efficiencies, short-term financial benefits from external
government funding (i.e. FEMA), year-end adjustments related to its
captive insurance company and the monetization of land in Bucks
County. The combination of these items should allow for
stabilization in liquidity; however, it is Fitch's expectation that
RH's operations will ultimately remain weak.
RH announced last year that it is seeking a strategic partnership
to help alleviate some pressures related to staff retention and
recruitment and to provide capital support. Management has
indicated that this partnership is not intended to be a merger or
acquisition and will not include its population health services,
long-term care or homecare/hospice divisions. Fitch has not
factored the potential for a partnership into the rating but views
management's decision to seek a partner favorably given RH's weak
operating performance and location in a very competitive service
area. If management is unable to stem operating losses and
liquidity continues to erode, a rating downgrade is likely.
SECURITY
Debt payments are secured by a pledge of the gross receipts of the
obligated group, a mortgage on Holy Redeemer Hospital and Medical
Center (HRHMC) and a debt service reserve fund.
KEY RATING DRIVERS
Revenue Defensibility - 'bb'
Competitive Market; Solid Payor Mix
RH's payor mix has moderate concentration of Medicaid and self-pay,
accounting for just over 21% of gross revenue in fiscal 2022. The
payor mix reflects RH's location in Montgomery County, which has
favorable demographics. RH also benefits somewhat from its
diversified revenue stream, which comprises the entire spectrum of
inpatient and outpatient services, including acute care, long-term
care, residential care/services and home health and hospice care in
Pennsylvania and New Jersey. This offsets some of the revenue
defensibility challenges originating from RH's position as a
smaller, independent provider. Its modest 12.2% market share
(hospital only) has been relatively stable over the past three
years.
The senior care division's occupancy levels have not returned to
pre-pandemic levels across the care continuum. A significant part
of RH's recovery plan includes the stabilization of this division
with new efforts to boost occupancy at Redeemer Health Lafayette,
where it maintains 226 independent living units (ILU), 54 personal
care units and 120 skilled nursing beds (SNF). ILU occupancy was
61% as of March 31,2023. Prior to the pandemic management reports
that occupancy was maintained in the mid-80%.
SNF occupancy across the system has also been a major challenge for
RH over the last three years. RH maintains 543 staffed nursing beds
with an average occupancy of 58% as of March 31, 2023. Management
engaged a consultant in September 2022 to conduct a market and
operational assessment for the senior division. Management is
currently reviewing an action plan aimed towards several
initiatives that should benefit this business line, including
improving the admissions process, ramping up marketing efforts and
reducing overhead.
Operating Risk - 'b'
Ongoing Operating Pressure
Fitch considers RH's operating risk profile assessment 'weak' based
on the system's persistent operating losses and because operating
EBITDA is likely to remain below 5% for the foreseeable future.
Through the nine-month interim period ended March 31, 2023 RH
reported a $37 million operating loss and negative 4.7% operating
EBITDA margin. Similar to the sector, RH is experiencing escalating
pressure on expenses related to staffing shortages, supply chain
issues and inflation. Management expects that losses will only
widen slightly through year-end due to anticipated improvements
from one-time adjustments.
Management does not expect RH to violate its debt service coverage
ratio in 2023; a violation would require a consultant call in.
Fitch expects that RH will continue to face operating pressure
across all business lines, given its limited service area and
scale, which makes it more vulnerable to market downturns, harder
to afford and attract labor, and work with payers. Nevertheless,
Fitch expects some incremental improvement in operations over the
next two years as RH has several strategic initiatives underway
that are expected to stem operating losses.
Deferred capital needs are likely to grow if the system does not
find a partner, as Fitch does not project that RH will have excess
cash flow available for significant strategic investments. Capital
spending is expected to be low in fiscal 2024 due to ongoing cash
preservation measures. However, prior to the pandemic, spending was
in excess of deprecation, averaging 114% over the last five years.
Continued lower levels of capital spending are a concern, as it
could result in a competitive disadvantage for the system.
Financial Profile - 'bb'
Leverage Metrics Affected by Increased Operating Losses
RH's unrestricted reserves totaled $156 million, equal to 124 days'
cash on hand and 100% of cash to adjusted-to-debt as of March 31,
2023, which is down from $188 million at fiscal YE 2022. Management
attributes the lower cash to investment market volatility and
increased operating losses. Adjusted debt includes approximately
$25 million of operating leases.
RH has some exposure to a frozen defined benefit (DB) pension plan.
The DB plan was frozen on Dec. 31, 2017 and was 80% funded at
fiscal YE 2022, relative to a projected benefit obligation of $132
million. Since the pension was funded at 80%, Fitch did not make
any adjustments to RH's debt ratio.
Fitch's forward look stressed scenario assumes an
economic/operational stress (reflected as potential
equity/operational volatility) in year one and two, followed by a
recovery in year three through five. In this scenario RH's net
adjusted debt-to-adjusted EBITDA and cash-to-adjusted debt remain
in line with a 'bb' assessment through the cycle. The scenario
includes a modest cash infusion related to the sale of land in
Bucks County.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Continuation of the current operating trend without any reduction
in operating losses;
- A decline in unrestricted reserves, with cash-to-adjusted debt
declining below 80%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Sustained operating EBITDA margins above 5% that leads to an
improved operating risk assessment;
- A sustained increase in unrestricted cash and investments that
leads to cash-to-adjusted debt being maintained at well above
130%.
PROFILE
RH's obligated group consists of HRHMC, a 260 licensed-bed (167
staffed) acute care hospital in Meadowbrook, PA, approximately 20
miles from downtown Philadelphia; St. Joseph Manor, a 60-unit
assisted living (AL) facility and a 296-bed skilled nursing
facility (SNF); Lafayette Redeemer, a Type C (fee for service)
continuing care retirement community (CCRC), with 226 independent
living units (ILUs), 54 AL beds and 120 SNF beds; hospice and home
care operations in Pennsylvania; and HR Physician Services.
The obligated group represents approximately 79% of total system
revenues and 74% of total system assets, with the acute care
hospital representing 43% the system's revenues (48.5% of revenue
through March 31, 2023). The consolidated system includes a number
of non-obligated entities, including home care agencies and senior
living facilities. In fiscal 2022, the consolidated system had $430
million of total revenues.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
INITALY LLC: Seeks to Hire Hester Baker Krebs as Counsel
--------------------------------------------------------
Initaly, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Indiana to employ Hester Baker Krebs, LLC as
its legal counsel.
The firm's services include:
a. taking necessary or appropriate actions to protect and
preserve the Debtor's estate, including the prosecution of actions
on the Debtor's behalf, the defense of any actions commenced
against the Debtor, the negotiation of disputes in which the Debtor
is involved, and the preparation of objections to claims filed
against the estate;
b. preparing legal papers;
c. providing advice and assisting in the preparation of
necessary documentation and pleadings regarding debt restructuring,
statutory bankruptcy issues, post-petition financing, real estate,
business and commercial litigation, tax, and, as applicable, asset
dispositions;
d. advising the Debtor with regard to its rights, powers and
duties in the continued management and operations of its businesses
and properties;
e. taking actions in connection with a Chapter 11 plan of
reorganization, disclosure statement and all related documents, and
such further actions as may be required in connection with the
administration of the estate; and
f. other necessary legal services in connection with the
Debtor's Chapter 11 case.
Hester will charge these hourly fees:
Jeffrey H.Hester, Member $425
Christopher E. Baker, Member $425
John A. Allman, Member $395
Marsha Hetser, Paralegal $190
Donna Adams, Paralegal $190
Tricia Hignight, Paralegal $190
Jeffrey Hester, Esq., a partner at Hester Baker Krebs, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
Hester Baker Krebs can be reached at:
Jeffrey H. Hester, Esq.
Hester Baker Krebs, LLC
1 Indiana Square, Suite 1600
Indianapolis, IN 46204
Tel: (317) 833-3030
Email: jhester@hbkfirm.com
About Initaly LLC
Initaly, LLC is an owner and operator of an Italian restaurant. The
company is based in Pendleton Ind.
Initaly filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-02259) on May 26,
2023, with $157,552 in assets and $1,206,156 in liabilities. Dennis
Perrey has been appointed as Subchapter V trustee.
Judge Robyn L. Moberly oversees the case.
Jeffrey Hester, Esq., at Hester Baker Krebs, LLC represents the
Debtor as legal counsel.
INSTANT BRANDS: $450M Bank Debt Trades at 79% Discount
------------------------------------------------------
Participations in a syndicated loan under which Instant Brands
Holdings Inc is a borrower were trading in the secondary market
around 21.4 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on April 12, 2028. About $391.1 million of the loan is
withdrawn and outstanding.
Instant Brands Holdings Inc. designs, manufactures and markets
kitchen products. The Company offers bakeware, dinnerware, kitchen,
and household tools for storage and cutlery.
INTEGRATED MARKETING: Unsecured Claims Under $25K to Split $3,600
-----------------------------------------------------------------
Integrated Marketing Technology, Inc., filed with the U.S.
Bankruptcy Court for the Northern Disstrict of California a Plan of
Reorganization for Small Business dated June 13, 2023.
The Debtor is a California corporation formed in 1993. The Debtor
provides marketing data and analytics, marketing department
outsourcing and email marketing services, and database management
for its clients.
As part of their need to lower costs, IMT laid off an IMT insider
(COO) Sandra Dotson in Apr-22. Unfortunately, she filed a complaint
in State Court alleging she is owed over $300,000.00 in back
vacation pay separation payments. IMT disagrees with her basis for
filing the complaint and does not have the ability to pay her
demand.
The Debtor has reached a settlement with Dotson regarding the
amount and treatment of her claim in the Debtor's Plan: The claim
will be allowed in the amount of $130,000.00 and paid as follows:
$40,000.00 will be paid upon confirmation of Debtor's plan;
$40,000.00 will be paid within six months of plan confirmation; and
$50,000.00 will be paid by way of installments over 24 months,
beginning within 30 days of plan confirmation.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $108,000.00 The final Plan
payment is expected to be paid in August, 2025.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations and future income.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately .40 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims. There are
six priority wage and retirement contribution claims, they are
Caren Tache, James Tucker, Serena Mariotti-Rizzo, Therese Lodewick,
Thomas Lodewick, and Sandy Dotson.
Class 3A consists of all non-priority unsecured claims less than
$25,000.00. Claims of class 3A are scheduled in the total amount of
$8,845.00. These claimants shall receive a pro-rata share of a fund
of $3,600.00 Payable in monthly installments of $99.00, beginning
within 30 days of plan confirmation. This Class is impaired.
Class 3B consists of Non-priority unsecured creditor Sandra Dotson.
This claimant shall have an allowed claim in the amount of
$130,000.00 and paid as follows: $40,000.00 will be paid upon
confirmation of Debtor's plan; $40,000.00 will be paid within six
months of plan confirmation; and $50,000.00 will be paid by way of
installments over 24 months, beginning within 30 days of plan
confirmation. This Class is impaired.
All shareholders shall retain their stock in the Debtor.
The Debtor will continue to conduct business in marketing data and
analytics. The many years of operations, its' experience and client
base will enable it to continue to operate and generate income. The
Debtor has cut the salaries by 13% to regular employees and 20% to
the CEO. The Plan will also be funded by the IRS Employee Retention
Fund credit expected from the IRS in the amount of $39,322.00.
Additionally, the Plan will be funded by funds on hand on the
effective date of the Plan and receivables in excess of
$75,000.00.
A full-text copy of the Plan of Reorganization dated June 13, 2023
is available at https://urlcurt.com/u?l=7uDjXu from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Gina Klump, Esq.
Law Office of Gina R. Klump
30 5th Street, Suite 200
Petaluma, CA 94952
Tel: (707) 778-0111
Fax: (707) 778-1086
Email: klumplaw@gmail.com
About Integrated Marketing Technology
Integrated Marketing Technology, Inc., provides marketing data and
analytics, marketing department outsourcing and email marketing
services, and database management for its clients. The Debtor filed
a Chapter 11 bankruptcy petition (Bankr. N.D. Caif. Case No.
22-30537) on Oct. 6, 2022, with as much as $1 million in both
assets and liabilities. Judge Dennis Montali oversees the case.
The Debtor is represented by Gina Klump, Esq., at Law Office of
Gina R. Klump.
IQOR US: $300M Bank Debt Trades at 34% Discount
-----------------------------------------------
Participations in a syndicated loan under which iQor US Inc is a
borrower were trading in the secondary market around 66.0
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $300 million facility is a Payment in Kind Term loan that is
scheduled to mature on November 19, 2025. The amount is fully
drawn and outstanding.
iQor is a global provider of customer engagement and technology
enable business process outsourcing solutions. Solutions include
customer service, third-party collections and accounts receivable
management to world’s largest brands. The company uses integrated
digital capabilities and proprietary technology and analytics to
enhance the customer experience lifecycle.
KIDDE-FENWAL INC: Hires Guggenheim Securities as Investment Banker
------------------------------------------------------------------
Kidde-Fenwal Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Guggenheim Securities, LLC as its
investment banker.
The firm's services include:
a. review and analysis of the business, financial condition
and prospects of the Debtor;
b. evaluation of the liabilities of the Debtor and its debt
capacity, and strategic and financial alternatives;
c. in connection with a potential transaction:
i. evaluation from a financial and capital markets point of
view of alternative structures and strategies for implementing the
transaction;
ii. preparation of offering, marketing or other transaction
materials concerning the Debtor and the transaction for
distribution and presentation to the relevant transaction
counterparties;
iii. development and implementation of a marketing plan with
respect to such transaction;
iv. identification and solicitation of, and the review of
proposals received from, prospective transaction counterparties;
and
v. negotiation of the transaction; and
d. in connection with the pursuit of any transaction in a
bankruptcy case, evaluation, from a financial point of view, of
alternative strategies for implementing any such transaction,
including pursuant to a plan, which may be a plan under Chapter 11
of the Bankruptcy Code confirmed in connection with any bankruptcy
case in the bankruptcy court.
The firm will be compensated as follows:
a. A non-refundable cash fee of $200,000 per month.
b. If a restructuring transaction is consummated, the Debtor
will pay Guggenheim Securities a cash fee of $4.5 million.
c. If any financing transaction is consummated, then, in each
case, the Debtor will pay Guggenheim Securities one or more cash
fees in an amount equal to the sum of:
(i) 200 basis points (2 percent) of the aggregate face
amount of any debt obligations to be issued or raised by the Debtor
in any debt financing that is secured by liens over the Debtor's
assets or that otherwise constitutes debtor-in-possession financing
in connection with a bankruptcy case, plus
(ii) 400 basis points (4 percent) of the aggregate face
amount of any debt obligations to be issued or raised by the Debtor
in any debt financing that is not covered by Section 4(c)(i)(A) of
the Engagement Letter, plus
(iii) 400 basis points (4 percent) of the aggregate
amount of gross proceeds raised by the Debtor in any equity
financing (including the face amount of any related commitments).
d. Sale Transaction Fee
i. If any sale transaction is consummated, then in each
case, the Debtor will pay Guggenheim Securities a cash fee in an
amount equal to 2 percent of the aggregate sale consideration
relating to such sale transaction.
ii. An amount equal to 50 percent of any sale transaction
fee actually paid to Guggenheim Securities under the Engagement
Letter shall be credited against any restructuring transaction fee
that thereafter becomes payable, provided, that, regardless of the
total amount or number of sale transaction fees paid to Guggenheim
Securities, the maximum amount of sale transaction fees shall not
in any event exceed $2.5 million in the aggregate.
Ronen Bojmel, a senior managing director at Guggenheim Securities,
disclosed in a court filing that the firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm holds office at:
Ronen Bojmel
Guggenheim Securities, LLC
330 Madison Avenue
New York, NY 10017
Phone: 212-518-9200
Email: GSinfo@GuggenheimPartners.com
About Kidde-Fenwal
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. It offers products such as fire control
systems, explosion aircraft protection, laser-based smoke detection
devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the
petition filed by its chief transformation officer, James
Mesterharm, the Debtor reported assets between $100 million and
$500 million and estimated liabilities between $1 billion and $10
billion.
The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht
& Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as
investment banker. Stretto, Inc. is the claims and noticing agent
and administrative advisor.
KIDDE-FENWAL INC: Seeks Approval to Hire AP Services
----------------------------------------------------
Kidde-Fenwal Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire AP Services, LLC and designate
James Mesterharm as chief transformation officer and president,
Carrianne J.M. Basler as deputy chief transformation officer and
vice president, and Brian Maloney as treasurer and secretary.
The firm will render these services:
-- assist in the Debtor's contingency planning efforts as
necessary;
-- assist in the preparation of (i) disclosure statement and
plan of reorganization, (ii) liquidation analysis, (iii) statements
of financial affairs and schedules of assets and liabilities, (iv)
potential preferences analysis, (v) claims analyses and (vi)
monthly operating reports and other regular reporting required by
the U.S. bankruptcy court;
-- manage the "working group" professionals who are assisting
the Debtor in the reorganization process or who are working for the
Debtor's various stakeholders to improve coordination of their
effort and individual work product to be consistent with the
Debtor's overall restructuring goals;
-- provide support to the Debtor's finance function, including
oversight of cash receipts and disbursements forecasting (including
13-week cash flow forecasts), variance tracking and reporting, cash
and liquidity management, and compiling information as needed to
present to the Debtor's stakeholders;
-- as needed, assist in the development of the Debtor's
revised business plan and such other related forecasts as may be
required;
-- provide support to the special committee of the Board of
Directors in their investigation;
-- create and communicate diligence materials and manage the
flow of information to potential acquirers in connection with a
potential sale of the Debtor's assets;
-- assist with developing and implementing a transition plan
for certain operating facilities and/or shared services;
-- assess system and infrastructure requirements necessary to
promote continued support for transferred facilities;
-- identify the impact and develop a plan to address the
effects on internal management reporting and other accounting
issues, including intercompany accounts;
-- assist with the coordination of any necessary transfers of
assets, employees, or other related resources;
-- provide testimony, as necessary, with respect to matters on
which AP Services is being engaged hereunder;
-- supervise the Debtor's treasury function, including
oversight of cash receipts and disbursements forecasting (including
13-week cash flow forecasts), variance tracking and reporting, cash
and liquidity management, and compiling information as needed to
present to the Debtor's stakeholders;
-- in coordination with the chief financial officer, supervise
the development of the Debtor's revised business plan, and such
other related forecasts as may be required;
-- review and approve Company disbursements; and
-- assist with such other matters as may be requested that
fall within AP Services' expertise and that are mutually
agreeable.
The firm will charge these hourly fees:
Partner & Managing Director $1,140 - $1,400
Partner $1,115
Director $880 - $1,070
Senior Vice President $735 - $860
Vice President $540 - $725
Consultant $215 - $565
Paraprofessional $360 - $380
The Debtor paid a retainer in the amount of $1 million.
As disclosed in court filings, AP Services is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James A. Mesterharm
Carrianne Basler
Brian C. Maloney
AP Services LLC
300 N. LaSalle Street, Suite 1900
Chicago, IL 60654
Phone: +1 312 551 3265
Email: jmesterharm@alixpartners.com
About Kidde-Fenwal
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. It offers products such as fire control
systems, explosion aircraft protection, laser-based smoke detection
devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the
petition filed by its chief transformation officer, James
Mesterharm, the Debtor reported assets between $100 million and
$500 million and estimated liabilities between $1 billion and $10
billion.
The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht
& Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as
investment banker. Stretto, Inc. is the claims and noticing agent
and administrative advisor.
KIDDE-FENWAL INC: Seeks to Hire Stretto as Administrative Advisor
-----------------------------------------------------------------
Kidde-Fenwal Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Stretto, Inc. as its
administrative advisor.
The Debtor requires an administrative advisor to:
a. assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports in support
of confirmation of a Chapter 11 plan;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's schedules of
assets and liabilities and statements of financial affairs, and
gather data in conjunction therewith;
d. provide a confidential data room; and
e. manage and coordinate any distributions pursuant to a
Chapter 11 plan if designated as distribution agent under such
plan.
Stretto received an advanced payment of $25,000.
Sheryl Betance, senior managing director at Stretto, 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 through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About Kidde-Fenwal
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. It offers products such as fire control
systems, explosion aircraft protection, laser-based smoke detection
devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the
petition filed by its chief transformation officer, James
Mesterharm, the Debtor reported assets between $100 million and
$500 million and estimated liabilities between $1 billion and $10
billion.
The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht
& Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as
investment banker. Stretto, Inc. is the claims and noticing agent
and administrative advisor.
KIDDE-FENWAL INC: Seeks to Hire Sullivan & Cromwell as Counsel
--------------------------------------------------------------
Kidde-Fenwal Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Sullivan & Cromwell, LLP as its
legal counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties,
including the legal and administrative requirements of operating in
Chapter 11;
b. advising the Debtor with respect to the potential sale of
all or part of its business and negotiating and preparing all
agreements related thereto;
c. attending meetings and negotiating with representatives of
creditors and other parties involved in the Debtor's Chapter 11
case;
d. representing the Debtor in connection with all out-bound
litigation;
e. assisting with the preservation of the Debtor's estate,
including the prosecution of actions commenced under the Bankruptcy
Code or otherwise on its behalf;
f. assisting with the review and assessment of all claims by,
or against, the Debtor and prosecuting or resolving all related
claims disputes;
g. preparing legal papers;
h. negotiating and preparing a Chapter 11 plan, disclosure
statement and related documents;
i. advising the Debtor on corporate, financing, tax and
employee benefit matters;
j. appearing before the bankruptcy court and any appellate
courts; and
k. performing all other legal services in connection with the
Debtor's Chapter 11 case.
The firm will be paid at these rates:
Partners $1,575 to $2,165 per hour
Associates $810 to $1,475 per hour
Paralegals $425 to $595 per hour
As of the petition date, Sullivan & Cromwell holds as security for
payment of its fees and expenses a retainer in the amount of
$2,100,094.50.
In accordance with Appendix B-Guidelines for reviewing applications
for compensation and reimbursement of expenses filed by attorneys
in larger Chapter 11 cases, Andrew Dietderich, Esq., at Sullivan &
Cromwell, disclosed that:
-- Sullivan & Cromwell does not ordinarily determine its fees
solely on the basis of hourly rates. In particular, the rates for
the more senior timekeepers for each class of personnel represent a
discount from the rates used by Sullivan & Cromwell when preparing
estimates of fees under its normal billing practices for
non-bankruptcy engagements.
-- None of the professionals included in the engagement varies
his rate based on the geographic location of the bankruptcy cases.
-- Prior to the petition date, Sullivan & Cromwell performed
services for the Debtor and was compensated for its services at
rates that reflect all of the factors prescribed by rule 1.5(a) of
the Delaware Lawyers' Rules of Professional Conduct. Following the
petition date, the firm's billing rates have been determined with
reference to the rates charged by other leading law firms for
similar work during Chapter 11 cases and will range from $1,575 to
$2,165 per hour for partners and special counsel, $810 to $1,475
per hour for
associates and $425 to $595 per hour for paralegals.
-- The Debtor approved the firm's budget and staffing plan
for the period from the petition date to May 31, 2023.
Andrew Dietderich, Esq., a partner at Sullivan & Cromwell,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Sullivan & Cromwell can be reached at:
Andrew G. Dietderich, Esq.
Suzanne S. Bettman, Esq.
Sullivan & Cromwell, LLP
125 Broad Street
New York, NY 10004
Tel: (212) 558-4000
Fax: (212) 558-3588
Email: dietdericha@sullcrom.com
martons@sullcrom.com
About Kidde-Fenwal
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. It offers products such as fire control
systems, explosion aircraft protection, laser-based smoke detection
devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the
petition filed by its chief transformation officer, James
Mesterharm, the Debtor reported assets between $100 million and
$500 million and estimated liabilities between $1 billion and $10
billion.
The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht
& Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as
investment banker. Stretto, Inc. is the claims and noticing agent
and administrative advisor.
KIDDE-FENWAL INC: Taps Schulte as Special Committee Counsel
-----------------------------------------------------------
Kidde-Fenwal Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Schulte Roth & Zabel, LLP as
counsel to the special committee of its Board of Directors.
Schulte's hourly rates for the attorneys who are expected to
provide services to the special committee range from $1,690 to
$2,020 for partners; $750 to $1,435 for special counsel and
associates; and $320 to $695 for legal assistants and practice
support personnel.
The firm received an initial retainer in the amount of $750,000.
Adam Harris, Esq., a partner at Schulte, disclosed that his 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, Mr.
Harris disclosed that:
-- Schulte's hourly rates for services provided to the special
committee in this Chapter 11 case are the same hourly rates used by
the firm under its normal hourly billing practices.
-- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case.
-- Prior to the petition date, the firm performed services for
the Debtor and was compensated for its services at rates that
reflect all of the factors prescribed by rule 1.5(a) of the
Delaware Lawyers' Rules of Professional Conduct. Following the
petition date, Schulte's billing rates have been determined with
reference to the rates charged by other leading law firms for
similar work during Chapter 11 cases and will range from $1,690 to
$2,020 for partners, $750 to $1,435 for special counsel and
associates, and $320 to $695 for legal assistants and practice
support personnel.
-- The special committee approved Schulte's budget and
staffing plan for the period from the petition date to May 31,
2023.
The firm can be reached through:
Adam C. Harris, Esq.
Schulte Roth & Zabel, LLP
919 Third Avenue
New York, NY 10022
Phone: +1 212.756.2253
Email: adam.harris@srz.com
About Kidde-Fenwal
Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures
fire protection systems. It offers products such as fire control
systems, explosion aircraft protection, laser-based smoke detection
devices, electronic gas ignitions, and fire suppressions.
Kidde-Fenwal markets its products to mining, manufacturing,
education, and commercial sectors.
Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the
petition filed by its chief transformation officer, James
Mesterharm, the Debtor reported assets between $100 million and
$500 million and estimated liabilities between $1 billion and $10
billion.
The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht
& Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as
investment banker. Stretto, Inc. is the claims and noticing agent
and administrative advisor.
KNIGHT HEALTH: $450M Bank Debt Trades at 57% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Knight Health
Holdings LLC is a borrower were trading in the secondary market
around 42.8 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The $450 million facility is a Term loan that is scheduled to
mature on December 23, 2028. The amount is fully drawn and
outstanding.
Knight Health Holdings LLC is a provider of a community-based acute
and post-acute care, with 18 short-term acute care hospitals and 61
long-term acute care facilities across 25 states.
LAS PROPERTY: Seeks Approval to Hire Behan as Accountant
--------------------------------------------------------
LAS Property Management, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to hire Behan
Accounting.
The Debtor requires an accountant to prepare state and federal
income tax returns, provide accounting advice and provide
compliance reports, if necessary, in connection with bank or credit
union loan applications and disclosure statement.
As disclosed in court filings, Behan neither holds nor represents
any interest adverse to the Debtor and its estate.
The firm can be reached through:
John Behan
Behan Accounting
19 Harleston Ln
East Rochester, NY, 14445-2045
Phone: (585) 586-7180
About LAS Property Management
LAS Property Management, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No.
23-20241) on May 18, 2023, with $100,001 to $500,000 in both assets
and liabilities. Judge Warren oversees the case.
The Debtor tapped David D. MacKnight, Esq., at Lacy Katzen, LLP as
legal counsel and Behan Accounting as accountant.
LAS PROPERTY: Seeks to Hire Lacy Katzen as Bankruptcy Counsel
-------------------------------------------------------------
LAS Property Management, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to hire Lacy
Katzen, LLP as its bankruptcy counsel.
The firm will provide all legal services required in connection
with the Debtor's reorganization case, including the preparation
and filing of a Chapter 11 plan, legal advice on case
administration, and the retention of bankruptcy professionals.
The firm will be paid at these rates:
David D. McKnight, Esq. $295 per hour
Partners $360 per hour
Senior Associates $295 per hour
As disclosed in court filings, Lacy Katzen neither holds nor
represents any interest adverse to the Debtor and its estate.
The firm can be reached through:
David D. McKnight, Esq.
Lacy Katzen, LLP
The Legacy Tower
600 Bausch & Lomb
Rochester NY 14604
Phone: 585-454-5650
Fax: 585-269-3077
Email: dmacknight@lacykatzen.com
About LAS Property Management
LAS Property Management, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No.
23-20241) on May 18, 2023, with $100,001 to $500,000 in both assets
and liabilities. Judge Warren oversees the case.
The Debtor tapped David D. MacKnight, Esq., at Lacy Katzen, LLP as
legal counsel and Behan Accounting as accountant.
LAURA'S ORIGINAL: Unsecureds to Get 75 Cents on Dollar in Plan
--------------------------------------------------------------
Laura's Original Boston Brownies, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of California a Plan of
Reorganization for Small Business dated June 12, 2023.
Debtor is a California corporation. Since 2013, Debtor has been in
the business of developing and producing high quality, low sugar
snack foods for the consumer market.
Debtor filed this Chapter 11 case on March 13, 2023. It moved
immediately for authority to sell its manufacturing equipment,
which was approved by the Bankruptcy Court on March 30, 2023. The
auction sale was completed on April 5, 2023, and the Court has
approved distribution of sales proceeds to the creditors with liens
on that equipment.
Due to this sale and combined with a drastic reduction in overhead
based upon the termination of it's lease obligations for the
manufacturing facility (and the reduction of all associated labor
costs), Debtor will be able to repay its secured creditor in full
and pay 25% of the amount owing to remaining creditors within five
years of confirmation of this Plan.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $3,806,304. The final Plan
payment is expected to be paid on October 1, 2028.
Debtor's projections show income from operations consistent with
its experience during this Chapter 11 case. This varies from
Debtor's initial Petition Date projections, due to significantly
higher labor costs charged by Debtor's copackers than initially
represented to Debtor, and higher sales allowances than previously
projected by Debtor. Debtor's projected net income from operations
is expected to grow at 2% per year from $307,425 in 2023 to
$339,422 in 2028.
Certain tax refunds in the amount of $1,267,262 have been received;
another $300,000 is expected in late 2023 or 2024. Debtor has
received $740,990 from the sale of its equipment. Accordingly, the
funds needed to make the payments projected under the plan have
either been received or are well within the reasonable range of
Debtor's actual operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 75 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 3a consists of Non-priority unsecured creditors. The holders
of allowed, non-priority, general, unsecured claims in Class 3 will
receive their pro rata share of eleven quarterly payments, after
payment of senior classes, in a total amount of $575,443, beginning
during the 2d quarter of 2026. Certain claims belonging to
non-priority unsecured creditors are disputed. To the extent a
non-priority, unsecured claim is disputed, the claim will only be
paid upon entry of a final non-appealable order allowing the claim.
Class 3b consists of Subordinated Insider Claim. The holder of the
Class 3b claim shall not be paid during the plan on account of its
claim.
The holder of debtor's equity shall retain its equity interest in
the Debtor.
Debtor will contribute all of its projected disposable income and
cash on hand, net of an appropriate operating capital reserve, for
five years following the date that the first payment is due under
the Plan—more than $3,800,000—in 20 quarterly payments. On the
effective date Debtor will (1) pay certain of Debtor's
administrative claims in full; (2) fund an administrative tax
reserve; and (3) make a collateral payment to Debtor's secured
creditor Comerica. Subsequent payments under the plan will be made
on the first day of each fiscal quarter beginning January 1, 2024
and ending October 1, 2028 in the amounts set forth in the
projections.
A full-text copy of the Plan of Reorganization dated June 12, 2023
is available at https://urlcurt.com/u?l=9sh4md from
PacerMonitor.com at no charge.
About Laura's Original Boston Brownies
Laura's Original Boston Brownies, Inc. offers low sugar, high
fiber, and clean label products. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No.
23-00656) on March 13, 2023. In the petition signed by Laura
Katleman, chief executive officer, the Debtor disclosed $6,651,309
in assets and $6,498,970 in liabilities.
Judge Christopher B. Latham oversees the case.
Paul Leeds, Esq., at Franklin Soto Leeds LLP, is the Debtor's legal
counsel.
LEXARIA BIOSCIENCE: Terminates Chief Financial Officer
------------------------------------------------------
Gregory Downey was dismissed as Lexaria Bioscience Corp.'s chief
financial officer effective June 6, 2023.
While the Company is actively seeking his replacement, it is, in
the interim, receiving the services of Mr. Mike Shankman as an
outsourced CFO, via the Company's engagement of NOW CFO, a third
party provider of business financial services.
Mr. Shankman is a Certified Public Accountant holding an MBA,
Finance from California State University who has worked with NOW
CFO since 2020. He has extensive experience and familiarity with
companies in the field of healthcare and biotechnology and does not
have any family relationships with any other person employed or
engaged by the Company nor been a party to any transaction with the
Company exceeding $120,000. The Company's Chief Executive Officer,
Chris Bunka, will assume the role of principal financial officer at
this time. Mr. Bunka will not be receiving any additional
compensation.
About Lexaria
Lexaria Bioscience Corp. -- http://www.lexariabioscience.com-- is
a biotechnology company developing the enhancement of the
bioavailability of a broad range of fat-soluble active molecules
and active pharmaceutical ingredients using its patented
DehydraTECH drug delivery technology. DehydraTECH combines
lipophilic molecules or APIs with specific long-chain fatty acids
and carrier compounds that improve the way they enter the
bloodstream, increasing their effectiveness and allowing for lower
overall dosing while promoting healthier oral ingestion methods.
Lexaria Bioscience reported a net loss and comprehensive loss of
$7.38 million for the year ended Aug. 31, 2022, a net loss and
comprehensive loss of $4.19 million for the year ended Aug. 31,
2021, a net loss and comprehensive loss of $4.08 million for the
year ended Aug. 31, 2020, and a net loss and comprehensive loss of
$4.16 million for the year ended Aug. 31, 2019. As of Feb. 28,
2023, the Company had $4.85 million in total assets, $223,131 in
total liabilities, and $4.63 million in total stockholders' equity.
LOS ANGELES HOSTEL: Case Summary & Four Unsecured Creditors
-----------------------------------------------------------
Debtor: Los Angeles Hostel, LLC
1231 W. 8th Street
Los Angeles CA 90017
Case No.: 23-13800
Business Description: The Debtor owns real estate located at
1231 W. 8th Street, Los Angeles, CA valued
at $2.35 million.
Chapter 11 Petition Date: June 19, 2023
Court: United States Bankruptcy Court
Central District of California
Judge: Hon. Deborah J. Saltzman
Debtor's Counsel: Carolyn A. Dye, Esq.
LAW OFFICE OF CAROLYN A. DYE
15030 Ventura Blvd., Suite 527
Sherman Oaks CA 91403
Tel: (818) 287-7003
Fax: (323) 987-5763
Email: cdye@cadye.com
Total Assets: $2,406,500
Total Liabilities: $2,373,455
The petition was signed by Jamal Yuldashev as manager/member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/IYG36YA/Los_Angeles_Hostel_LLC__cacbke-23-13800__0001.0.pdf?mcid=tGE4TAMA
MASTERS III: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Masters III LLC
342 Pike Rd
Ste 19
West Palm Beach, FL 33411-3820
Case No.: 23-14750
Chapter 11 Petition Date: June 19, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Debtor's Counsel: Julianne Frank, Esq.
JULIANNE FRANK, ATTY AT LAW
4495 Military Trl Ste 107
Jupiter, FL 33458-4818
Email: julianne@jrfesq.com
Total Assets: $118,372
Total Liabilities: $1,072,897
The petition was signed by Stanley Olszewski as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/LUKGCPY/MASTERS_III_LLC__flsbke-23-14750__0001.0.pdf?mcid=tGE4TAMA
MERCURY PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Mercury Parent LLC (d/b/a Matrix Medical Network) and revised the
outlook to negative from stable. S&P also affirmed its 'B-'
issue-level ratings on the company's first-lien secured debt. The
'3' recovery rating is unchanged.
The negative outlook reflects the risk that Matrix will be unable
to sustain its recent improved operating performance, resulting in
continued free operating cash outflows and a decreased likelihood
of refinancing its capital structure before it comes due in 2025.
The company faces looming debt maturities in 2025. The entirety of
the company's capital structure, consisting of around $312 million
of term loans outstanding, mature in February 2025. The company had
a $20 million revolver which expired in February 2023 and currently
has no access to a revolver facility. Given prevailing capital
market conditions, we expect Matrix could have difficulty
refinancing its capital structure at favorable terms. S&P assumes
that even if Matrix refinances later this year, it will be burdened
by an incremental $5 million to $10 million of interest expense in
2024 and beyond due to substantially higher prevailing margins.
After poor performance in 2022, first-quarter 2023 indicates
significant improvement. In 2022, underperformance in the Clinical
Solutions segment, further compounded by inflated infrastructure
costs, increased pressure on the company's EBITDA margin. Due to
its continued underperformance, Matrix divested its Clinical
Solutions business in the fourth quarter. In the first quarter on
2023, Matrix demonstrated a significant turnaround in its
foundational in-home health and care assessment business, driven by
stronger volume of visits and lower direct costs per visit.
However, despite the first-quarter outperformance, we still expect
the company to have negative to break-even free operating cash
flows continuing into 2024 due to higher interest rates on its
floating rate debt.
The acquisition of Signify by CVS Health adds uncertainty. With the
acquisition of Matrix's direct competitor, Signify Health, by CVS
Health, we see significant risk that CVS Health diverts some
portion of its subsidiary Aetna's Healthy Home Visit volume to
Signify. While there does not appear to be any negative impact thus
far, a loss or impairment of a significant customer could
materially weaken S&P's view of the business.
S&P said, "We expect reported free operating cash flow (FOCF) to be
constrained by a modest increase in margins in 2024. Given that the
company's debt is entirely floating rate, we expect higher interest
expense in 2023 resulting in negative to break-even cash flows.
While we expect further operational improvements in 2024, we think
that any refinancing might require higher spreads given current
market conditions. This may be further amplified if the company
experiences a decline in revenue due to any diversion of Aetna
members to Signify.
"The company has a sufficient liquidity position despite revolver
expiry in early first-quarter 2023. Although Matrix's liquidity
position has weakened due to lack of access to a revolver facility,
we expect the company's liquidity position to be adequate over the
next 12 months, reflecting our expectation that the company can
achieve a modest improvement in cash on balance sheet in 2023. We
will likely revise our assessment of the company's liquidity to
weak in the event it is unable to refinance or extend the debt
maturity before it turns current.
"Our negative outlook reflects elevated refinancing risk as Matrix
approaches its significant 2025 maturities and its potential
inability to generate sustainable cash flows and revenue growth."
S&P could lower the rating if:
-- Matrix is unable to sustain its current operational
improvements leading to continued free operating cash outflows; or
-- The company is unable to refinance its debt before it becomes
current in February 2024.
S&P could revise the outlook to stable if:
-- Matrix is able to refinance its debt before it becomes current
in February 2024; and
-- The company is able to generate sustainable cash flow despite a
potential increase in interest costs given higher prevailing
interest rates.
ESG credit indicators: E-2, S-2, G-3
S&P views financial sponsor-owned companies with aggressive or
highly leveraged financial risk profiles as demonstrating corporate
decision-making that prioritizes the interests of the controlling
owners, typically with finite holding periods and a focus on
maximizing shareholder returns.
MESA TERRACE: Unsecured Creditors to Split $55K over 5 Years
------------------------------------------------------------
Mesa Terrace Condominium Association filed with the U.S. Bankruptcy
Court for the District of Arizona an Amended Subchapter V Plan of
Reorganization.
The Debtor is a homeowners' association for a condominium complex
with 86 units, located at 1224 East Evergreen Street, Mesa, Arizona
85203. The Debtor operates through its Board.
Scott Gordon's affiliated entity Canyon Ridge Properties, LLC owns
and rents approximately 40% of the units. The LJ Entities, own and
rent another approximately 40% of the units at Mesa Terrace. The
balance of the community (19 units) is owned by others that own at
most two units and most own only one unit.
At the time of the bankruptcy filing, three pieces of pending
litigation existed. The issues in the lawsuits, and the Debtor's
plans for handling each of them. Efforts to mediate these disputes
have been unsuccessful. Further, the Debtor retains all claims of
the estate that have not yet been pursued against any third
parties.
Debtor's financial projections and Cash Flow for the five-year
period of the Plan show that Debtor is capable of generating
sufficient excess income per month over a 5-year period to pay all
Class Claims in full. During the 5-year Subchapter V period Debtor
will provide a substantial dividend in the estimated amount of
$55,018.49 to unsecured creditors in Class 4.
Provided Class 1 and Class 2 have been paid in full, the Class 4
general Unsecured Claims shall be paid on a Pro Rata basis from
funds paid by the Debtor to the Trustee and placed in the Allowed
Claims Distribution Fund. Debtor shall be obligated to continue
payments of Excess Income into the Fund until the earlier of the
end of the fifth year from the date of the first payment made into
the Fund or until all Class 5 claims have been paid in full.
Trustee shall disburse funds to this Class quarterly. Class 4 is
impaired.
The Credit Facility will be repaid as set forth in the Financing
Motion provided however, that the total amount available to the
Debtor shall be increased from $250,000 to $350,000. For the sake
of clarity, the Credit Facility shall be a credit facility in the
amount of not less than $350,000 and shall bear interest at the
rate of 7% per annum, simple interest. Interest shall not accrue on
financed amount until the first anniversary of the approval of the
Loan by Final Order or the Effective Date, whichever is earlier.
No payments shall be due on the Loan until the first anniversary of
the approval of the Loan by Final Order or the Effective Date,
whichever is earlier. Beginning on the first anniversary, the
Credit Facility will be repaid by equal payments on each
Disbursement Date in an amount determined through a calculation
fully amortizing the outstanding principal balance due under Credit
Facility at the interest rate over a period of 48 months. Debtor
estimates that each quarterly payment on a fully drawn Credit
Facility will be approximately $33,528.00. Class 5 is impaired.
Debtor shall continue to operate in the ordinary course subject to
the oversight of the Trustee in his role as Distribution Agent.
While Debtor will retain day-to-day control of its operations, the
Trustee as Distribution Agent shall continue to have access to all
necessary financial information to ascertain Debtor's compliance
with the provisions of this Plan.
Debtor estimates that over the life of the Plan $415,808.00 will be
paid to all Creditors from all sources. Of those amounts,
$55,418.49 will be returned to Class 4. Creditors in all Classes
will be paid full.
A full-text copy of the Amended Subchapter V Plan dated June 13,
2023 is available at https://urlcurt.com/u?l=cacpWl from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Anthony W. Austin, Esq.
Heather Macre, Esq.
Jason K. Thomas, Esq.
Fennemore Craig, P.C.
2394 E. Camelback Rd., Suite 600
Phoenix, AZ 85016
Tel: (602) 916-5000
Email: aaustin@fennemorelaw.com
About Mesa Terrace Condominium Association
Mesa Terrace Condominium Association filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
22-04590) on July 14, 2022, with up to $1 million in both assets
and liabilities. Michael W. Carmel has been appointed as Subchapter
V trustee.
Judge Brenda Moody Whinery oversees the case.
D. Lamar Hawkins, Esq., at Guidant Law, PLC and Vial Fotheringham,
LLP serve as the Debtor's bankruptcy counsel and special counsel,
respectively.
MISSISSIPPI CENTER: Disposable Income to Fund Plan Payments
-----------------------------------------------------------
Mississippi Center for Advanced Medicine, P.C. filed with the U.S.
Bankruptcy Court for the Southern District of Mississippi a
Subchapter V Plan of Reorganization dated June 12, 2023.
In its infancy, MCAM was a single physician practice that primarily
treated patients with hemophilia and other bleeding disorders.
Over a year after MCAM opened its doors, University of Mississippi
Medical Center ("UMMC") filed a lawsuit on July 14, 2017, in the
Circuit Court of Hinds County, Mississippi, Cause No. 17-410,
against MCAM, Dr. Sullivan and Dr. Nina Washington who was an
employee of MCAM that MCAM recruited from UMMC.
Nearly two years later, UMMC filed a second lawsuit on June 28,
2019, in the United States District Court for the Southern District
of Mississippi, Case No. 3:19-cv-459, against MCAM and Dr.
Sullivan, along with former UMMC employees Linnea McMillan, Sue
Stevens, and Rachel Henderson Harris. Years Later, these lawuits
remain pending and MCAM continues to vigorously defent itself.
The Debtor's primary driving force in electing to reorganized under
Chapter 11 has been its ability and desire to provide the best care
to Mississippi pediatric patients, no matter whether they have full
insurance coverage, insurance coverage that is not readily accepted
by other healthcare providers, government healthcare assistance
and/or patient inability to pay/indigent care.
By restructuring it balance sheet and utilizing some of the
advantages that Chapter 11 can confer upon Subchapter V debtors,
the Debtor is convinced, post-petition, that its pre-petition
decision to file this case was the correct one under the
circumstances.
Class 7 consists of General Unsecured Claims. General, Unsecured
Creditors will receive the Debtor's projected disposable income
over the life of the Plan. Projected disposable income will be
determined by the Debtor's gross income less costs of operating and
managing its business, including salaries of its employees, less
taxes and related overhead. Payments to Unsecured Creditors shall
be made on the first, second, third and fourth anniversary dates of
the effective date of the Plan.
Class 8 consists of Equity Interest. At some point in this case,
Dr. Sullivan's equity security interest in the Debtor will be
eliminated as the Debtor will be converting to a non-profit
organization. The non-profit organization will receive all of the
assets of the Debtor, and incur all of the debts of the Debtor,
that exist at the time of the effective date of the conversion to a
non-profit occurs.
As the Debtor's cash flow indicates, the means for execution and
implementation of the Plan will be derived, primarily, from the
Debtor's income that it receives in exchange for providing medical
services to the public, and especially to pediatric patients.
A full-text copy of the Subchapter V Plan dated June 12, 2023 is
available at https://urlcurt.com/u?l=kqOgJo from PacerMonitor.com
at no charge.
Debtor's Counsel: Craig M. Geno, Esq.
LAW OFFICES OF CRAIG M. GENO, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Tel: 601-427-0048
About Mississippi Center for Advanced Medicine
Mississippi Center for Advanced Medicine, P.C. is a healthcare
organization in Mississippi that integrates subspecialty care,
clinical pharmacy services, and care coordination for patients with
pediatric, congenital, and maternal fetal disorders.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-00962) on April 21,
2023. In the petition signed by Jordan Robinson, vice president and
chief operating officer, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Jamie A. Wilson oversees the case.
Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC,
represents the Debtor as legal counsel.
MOMENTUM BREWERY: Seeks to Hire McIntyre as Legal Counsel
---------------------------------------------------------
Momentum Brewery, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire McIntyre Thanasides
Bringgold Elliott Grimaldi Guito & Matthews, P.A. as its counsel.
The firm's services include:
a. rendering legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and the
management of its property;
b. preparing legal papers;
c. appearing before the court and the United States Trustee;
d. taking all necessary legal steps to confirm a Chapter 11
plan of reorganization;
e. representing the Debtor in all adversary suits, contested
matters and matters involving administration of its Chapter 11
case;
f. representing the Debtor in any negotiations with potential
financing sources and preparing contracts, security instruments, or
other documents necessary to obtain financing;
g. taking any necessary action to recover any voidable
transfers and to avoid any liens against the Debtor's property
obtained within 90 days of the filing of the Chapter 11 petition
and at a time when the Debtor was insolvent;
h. enjoining or staying suits against the Debtor affecting its
ability to continue in business or affecting property in which the
Debtor has equity;
i. other legal services necessary for the proper
administration of the Debtor's Chapter 11 case.
McIntyre received a retainer in the amount of $9,783.
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
James Elliott, Esq., a partner at McIntyre, 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:
James W. Elliott, Esq.
McIntyre Thanasides Bringgold Elliott
Grimaldi Guito & Matthews, P.A.
500 E. Kennedy Blvd., Ste. 200
Tampa, FL 33602
Phone: 813-223-0000
Fax: 813-899-6069
Email: james@mcintyrefirm.com
About Momentum Brewery
Momentum Brewery, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02177) on
May 26, 2023, with $100,001 to $500,000 in assets and $50,001 to
$100,000 in liabilities. Ruediger Mueller has been appointed as
Subchapter V trustee.
Judge Catherine Peek McEwen oversees the case.
The Debtor is represented by James W. Elliott, Esq., at McIntyre
Thanasides Bringgold Elliott Grimaldi Guito & Matthews, P.A.
MONITRONICS INTERNATIONAL: Taps KPMG as Tax Consultant
------------------------------------------------------
Monitronics International, Inc. and its affiliates received
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ KPMG, LLP to provide tax consulting services.
The firm's services include:
a. analysis of Section 382 issues related to potential
restructuring alternatives, including a sensitivity analysis to
reflect the Section 382 impact of the proposed or hypothetical
equity transactions;
b. analysis of "net unrealized built-in gains and losses" and
Notice 2003-65 as applied to the ownership change, if any,
resulting from or in connection with a potential restructuring;
c. analysis of the Debtors' tax attributes including net
operating losses, tax basis in assets, and tax basis in stock of
subsidiaries as relevant to the potential restructuring;
d. analysis of cancellation of debt (COD) income, including
the application of Section 108 and consolidated tax return
regulations relating to the restructuring of non-intercompany debt
and the completed capitalization or settlement of intercompany
debt;
e. analysis of the application of the attribute reduction
rules under Section 108(b) and Treasury Regulation Section
1.502-28, including a benefit analysis of Section 108(b)(5) and
1017(b)(3)(D) election as related to the potential restructuring;
f. filing analysis of any relevant tax elections available and
filing of any necessary election statements;
g. analysis of the tax implications of any internal
reorganizations and proposal of restructuring alternatives;
h. cash tax modeling of the tax benefits or tax costs of
restructuring alternatives;
i. analysis of the tax implications of any dispositions of
assets or subsidiary stock pursuant to the potential
restructuring;
j. analysis of potential bad debt, worthless stock, and
retirement tax losses associated with the potential restructuring;
k. analysis of the tax treatment of restructuring-related
costs; and
l. analysis of any proof of claims from tax authorities in
which:
(i) KPMG will search the proof of claim register for claims
from the taxing authorities at the direction of management;
(ii) KPMG will summarize the identified tax proof of
claims;
(iii) KPMG will review the tax claims and provide the
summarized tax proof of claim summary schedule to the KPMG tax
compliance team for additional commentary and support (e.g., filed
income and non-income tax returns), where applicable; and
(iv) KPMG will provide the tax proof of claim summary
schedule, the tax proof of claims, and supporting documentation
(e.g., filed income and non-income tax returns), where applicable,
to management for their review and assessment.
KPMG will charge these hourly fees:
Partners $1,280 - $,1380
Managing Directors $1,200 - $1,300
Directors $1,020 - $1,200
Managers $920 - $1,100
Senior Associates $760 - $880
Associates $460 - $580
The firm received $721,360.38 from the Debtors which includes a
retainer in the amount of $50,000 for professional services
performed and expenses incurred.
Olayinka Kukoyi, a partner at KPMG, 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 at:
Olayinka Kukoyi, CPA
KPMG LLP
811 Main Street, Suite 4500
Houston, TX 77002
Tel: 713-319-2000
About Monitronics International
Monitronics International, Inc. provides residential and commercial
customers with monitored home and business security systems, as
well as interactive and home automation services.
Monitronics International and its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 23-90332) on May 15, 2023. In the
petitions signed by its chief executive officer, William E. Niles,
Monitronics International disclosed $1 billion to $10 billion in
both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Hunton Andrews Kurth, LLP and Latham & Watkins,
LLP as legal counsels; Alvarez & Marsal North America, LLC as
financial advisor; PJT Partners, LP as investment banker; and KPMG,
LLP as tax consultant. Kroll Restructuring Administration, LLC is
the claims, noticing, and solicitation agent.
MY TRUE MILES: Gets Interim OK to Hire Breuer Law as Counsel
------------------------------------------------------------
My True Miles, LLC received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Breuer Law, PLLC to handle its Chapter 11 case.
The hourly rate for the firm's attorneys is $450 while the hourly
rate for paraprofessionals is $275.
The firm received a $2,500 retainer.
As disclosed in court filings, Breuer Law is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Stephen C. Breuer, Esq.
Breuer Law, PLLC
6501 Congress Ave., Ste. 240
Boca Raton, FL 33487
Telephone: (954) 607-3244
Facsimile: (954) 607-3244
Email: Stephen@breuer.law
About My True Miles
My True Miles, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14354) on June
2, 2023, with as much as $50,000 in assets and $500,001 to $1
million in liabilities. Linda Leali, Esq., at Linda M. Leali, P.A.
has been appointed as Subchapter V trustee.
Judge Erik P. Kimball oversees the case.
The Debtor is represented by Stephen C. Breuer, Esq., at Breuer
Law, PLLC.
NEW CONSTELLIS: $200,000 Bank Debt Trades at 47% Discount
---------------------------------------------------------
Participations in a syndicated loan under which New Constellis
Borrower LLC is a borrower were trading in the secondary market
around 52.9 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The $200,000 facility is a Payment in kind Term loan that is
scheduled to mature on March 27, 2025. The amount is fully drawn
and outstanding.
Headquartered in Herndon, Virginia, New Constellis Borrower LLC is
a provider of essential risk management services, such as security,
training, and global support services to government and commercial
clients throughout the world
OVERLOOK ROAD: August 3 Plan Confirmation Hearing Set
-----------------------------------------------------
On June 9, 2023, The Overlook Road Los Gatos Development, LLC filed
with the U.S. Bankruptcy Court for the Northern District of
California a Fourth Amended Combined Plan and Fourth Amended
Disclosure Statement.
On June 12, 2023, Judge Stephen L. Johnson approved the Disclosure
Statement and ordered that:
* August 3, 2023 at 1:30 p.m. is the hearing on confirmation
of the plan.
* July 27, 2023 is the last day for submitting written ballots
accepting or rejecting the plan.
* July 27, 2023 is the last day for filing and serving written
objections to the disclosure statement and/or to confirmation of
the plan.
* Ballots and ballot tabulation must be filed at least 3 days
prior to the confirmation hearing.
A copy of the order dated June 12, 2023 is available at
https://urlcurt.com/u?l=LIPVEL from PacerMonitor.com at no charge.
About The Overlook Road Los Gatos
The Overlook Road Los Gatos Development LLC is a Single Asset Real
Estate (as defined in 11 U.S.C. Sec. 101(51B)).
The Overlook Road Los Gatos Development sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No.
22-50557) on June 29, 2022, listing up to $50,000 in assets and up
to $10 million in liabilities. Saul Flores, managing member,
signed the petition.
Stanley A. Zlotoff, Esq., at Stanley A. Zlotoff, A Professional
Corporation, is the Debtor's legal counsel.
PACIFIC BEND: Taps Law Office of Jeffrey A Cohen as Special Counsel
-------------------------------------------------------------------
Pacific Bend, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ the Law Office of
Jeffrey A. Cohen as its special litigation counsel.
The Debtor requires a special litigation counsel to represent it in
two separate lawsuits: (i) Pacific Bend, Inc. v. Liberty Mutual
Insurance Company, et al., styled Case Number 5:22-cv-01233-SSS-KK,
which is pending in the U.S. District Court for the Central
District of California; and (ii) Pacific Bend v. Quik Pick Express,
LLC, et al., styled Case Number 22CMCV00282, pending in the
Superior Court of California, Los Angeles County.
The firm will charge $420 per hour for the services of Jeffrey
Cohen, Esq., the firm's attorney who will be handling both
lawsuits.
Mr. Cohen disclosed in court filings that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jeffrey A. Cohen, Esq.
Law Office of Jeffrey A. Cohen
15338 Central Ave
Chino, CA 91710
Telephone: (310) 650-6015
Email: jac@cohen-lawfirm.com
About Pacific Bend
Pacific Bend, Inc. is a manufacturer of pallet racking in Hemet,
Calif.
Pacific Bend sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-10761) on Feb. 28, 2023, with
up to $50 million in both assets and liabilities. Darlene Barios,
president and chief executive officer of Pacific Bend, signed the
petition.
Judge Wayne Johnson oversees the case.
The Debtor tapped Vanessa M. Haberbush, Esq., at Haberbush, LLP as
legal counsel and Wilson Ivanova Certified Public Accountants,
Inc., APAC as accountant.
PERFORMANCE POWERSPORTS: Files Amended Plan; Plan Hearing July 24
-----------------------------------------------------------------
Performance Powersports Group Investor, LLC, and its
debtor-affiliates submitted a Disclosure Statement with respect to
Amended Joint Plan of Liquidation dated June 12, 2023.
The Plan provides for the wind down of the Debtors' affairs,
continued liquidation of the Debtors' remaining assets to Cash, and
the distribution of the net proceeds realized therefrom, in
addition to Cash on hand on the Effective Date of the Plan, to
holders of Allowed Claims and Interests as of the Record Date in
accordance with the relative priorities established in the
Bankruptcy Code.
The Plan does not provide for a distribution to holders of
Intercompany Claims and their votes are not being solicited as each
is deemed to reject the Plan. The Plan contemplates the appointment
of a Litigation Trustee, selected by the Debtors and Kinderhook,
to, among other things, receive the Litigation Trust Assets,
commence, prosecute or settle the Retained Causes of Action,
implement the terms of the Plan delegated to the Litigation Trust,
and make Distributions to holders of Beneficial Trust Interests in
accordance with the Litigation Trust Agreement.
The Plan also contemplates the appointment of a Plan Administrator
to, among other things, establish and maintain such operating,
reserve, and trust accounts as are necessary and appropriate to
carry out the terms of the Plan delegated to Plan Administrator,
and make Distributions to holders of Allowed Claims and Interests
(other than Beneficial Trust Interests) in accordance with the
Plan.
On March 27, 2023, the Court entered the Order (I) Approving Asset
Purchase Agreement, (II) Authorizing and Approving Sale of
Substantially All Assets of the Debtors Pursuant to Section 363 of
the Bankruptcy Code Free and Clear of All Liens, Claims, Interests,
and Encumbrances, (III) Authorizing the Assumption and Assignment
of Certain Executory Contracts and Unexpired Leases Pursuant to
Section 365 of the Bankruptcy Code, (IV) Authorizing the Debtors to
Consummate the Transactions Related to the Above; and (V) Granting
Related Relief, thereby approving entry into the Asset Purchase
Agreement with the Purchaser and consummation of all transaction
contemplated thereunder. The sale closed on March 31, 2023 (the
"Closing Date").
The consideration under the Asset Purchase Agreement was as
follows:
* a credit bid of the outstanding obligations under the DIP
Credit Agreement pursuant to section 363(k) of the Bankruptcy Code
in the amount of $10,000,000;
* the payment of an amount in cash equal to $500,000;
* the assumption by the Buyer of the outstanding obligations
under the Prepetition First Lien Credit Agreement (as defined in
the Financing Orders);
* the assumption by Buyer of the Assumed Liabilities
(including all Determined Cure Costs with respect to any Assumed
Contract);
* the Wind-Down Amoun of $6000,000; and
* upon establishment of the Litigation Trust the funding of
the Litigation Trust Note.
Despite not filing any objection to the Sale Motion, presenting any
evidence in opposition to the Sale Motion, or seeking a stay of the
effectiveness of the Sale Order, Chongqing Huansong Industries
(Group) Co., Ltd., Chongqing Huansong Science and Technology
Industrial Co., Ltd. and Vietnam New Century Industrial Company
Limited (who is a member of the Creditors Committee) filed a notice
of appeal of the Sale Order on April 10, 2023 (the "Appeal").
The Debtors, Kinderhook and Chongqing Huansong Industries (Group)
Co., Ltd., Chongqing Huansong Science and Technology Industrial
Co., Ltd. and Vietnam New Century Industrial Company Limited have
resolved various issues and the Appeal has been or will shortly be
dismissed as reflected in the Stipulation Regarding Settlement Term
Sheet.
Like in the prior iteration of the Plan, each holder of such
Allowed General Unsecured Claim shall receive its pro rata share of
the Beneficial Trust Interests, which Beneficial Trust Interests
shall entitle the holders thereof to receive their pro rata share
of the Litigation Trust Assets. For the avoidance of doubt, the
Kinderhook General Unsecured Claim shall be allowed as a General
Unsecured Claim in the amount of $1,000,000.00.
Distributions under the Plan on account of the Beneficial Trust
Interests will be funded by the Litigation Trust Assets. All other
distributions under the Plan, other than distributions on account
of Beneficial Trust Interests, has already been paid by, or will be
paid by the Purchaser (to the extent distributions are on account
of unpaid Allowed Claims under the Asset Purchase Agreement) or
otherwise will be funded by the Other Claims Reserve or the
Professional Fee Claims Reserve, as applicable. On the Effective
Date, the Debtors shall fund the Other Claims Reserve and
Professional Fee Claims Reserve in full in Cash.
The Bankruptcy Court has set July 24, 2023 at 2:00 p.m. for the
Confirmation Hearing. The Bankruptcy Court has set July 17, 2023 at
4:00 p.m. Eastern Time, as the deadline for filing and serving upon
Debtors' counsel and the United States Trustee's Office objections
to Confirmation of the Plan.
A full-text copy of the Disclosure Statement dated June 12, 2023 is
available at https://urlcurt.com/u?l=7sfmi6 from Omni Agent
Solutions, claims agent.
Counsel for the Debtors:
Domenic E. Pacitti, Esq.
Michael W. Yurkewicz, Esq.
Sally E. Veghte, Esq.
Klehr Harrison Harvey Branzburg LLP
919 North Market Street, Suite 1000
Wilmington, DE 19801
Telephone: (302) 426-1189
Facsimile: (302) 426-9193
Email: dpacitti@klehr.com
myurkewicz@klehr.com
sveghte@klehr.com
About Performance Powersports Group
Performance Powersports Group Investor, LLC and affiliates are in
the business of adventure, selling dirt bikes, go-karts, ATVs, golf
carts, and the like to retailers throughout the US.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10047) on Jan. 16,
2023. In the petition signed by Ken Vanden Berg, chief financial
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.
Judge Laurie Selber Silverstein oversees the case.
Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg LLP,
represents the Debtor.
Tankas Funding VI, LLC, as DIP lender, is represented by Kirkland &
Ellis LLP.
PHARMASTRATEGIES: Taps Susan Hayes as Forensic Accounting Expert
----------------------------------------------------------------
Pharmastrategies, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to employ Dr. Susan Hayes, founder of
Pharmacy Outcomes Specialists.
The Debtor requires the services of a forensic accounting and
industry expert in connection with the complaint (Adv. Proc. No.
23-01041) it filed against WellDyneRx, LLC. The complaint stemmed
from a contract between the Debtor and WellDyne for pharmacy
discount card services.
Dr. Hayes will provide, among other things, expert testimony
regarding the audit of WellDyne's profit from its breaches, and
certain industry practices and terms of art.
Dr. Hayes has agreed to charge the Debtor's estate at the hourly
rate of $500 for all services provided except for deposition and
trial and hearing testimony for which she will charge $550 per
hour.
As disclosed in court filings, Dr. Hayes is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Dr. Hayes can be reached at:
Dr. Susan Hayes
Pharmacy Outcomes Specialists
Lake Zurich Professional Building
41 E Main St Ste 200
Lake Zurich, IL 60047
Phone: +1 847-540-9590
Email: Susan.Hayes@pharmout.com
About Pharmastrategies LLC
PharmaStrategies, LLC, a company in Black Hawk, Colo., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Colo. Case No. 22-14405) on Nov. 10, 2022. In the petition signed
by its manager, Larry Krug, the Debtor disclosed as much as $50,000
in assets and $1 million to $10 million in liabilities.
Judge Michael E. Romero oversees the case.
The Debtor tapped David V. Wadsworth, Esq., at Wadsworth Garber
Warner Conrardy, PC as bankruptcy counsel; and Benezra & Culver, PC
and Hutchinson Black and Cook, LLC as special counsels.
PRETIUM PKG: $350M Bank Debt Trades at 46% Discount
---------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 54.2 cents-on-the-dollar during the week ended Friday, June
16, 2023, according to Bloomberg's Evaluated Pricing service data.
The $350 million facility is a Term loan that is scheduled to
mature on October 1, 2029. The amount is fully drawn and
outstanding.
Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic
containers for variety of end markets, including food and beverage,
chemicals, healthcare, wellness and personal care. Pretium PKG
Holdings, Inc. is a portfolio company of Clearlake since January
2020.
RANDOLPH TOWN CENTER: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------------
Debtor: Randolph Town Center Associates, L.P.
237 South Street
Morristown, NJ 07960
Case No.: 23-15274
Business Description: The Debtor owns four properties located in
Morris County, New Jersey having a total
value of $935,365.
Chapter 11 Petition Date: June 19, 2023
Court: United States Bankruptcy Court
District of New Jersey
Debtor's Counsel: Morris Bauer, Esq.
DUANE MORRIS LLP
One Riverfront Plaza
1037 Raymond Boulevard, Suite 1800
New Ark, NJ 92101
Tel: 973-424-2000
Email: msbauer@duanemorris.com
Total Assets: $935,365
Total Liabilities: $2,232,241
The petition was signed by Lawrence S. Berger as president and
general partner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/DSNZOHA/Randolph_Town_Center_Associates__njbke-23-15274__0001.0.pdf?mcid=tGE4TAMA
RESCOM LTD: Seeks Approval to Hire FocusCFO as Accountant
---------------------------------------------------------
Rescom, Ltd. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Ohio to employ FocusCFO as its accountant.
The Debtor requires an accountant to prepare the liquidation
analysis and projections for its Chapter 11 plan of reorganization
and provide other accounting services.
Mark Clower of FocusCFO will handle the majority of the services
for Debtor. His hourly rate is $175.
As disclosed in court filings, FocusCFO is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark Clower
FocusCFO
1010 Jackson Hole Dr Ste 202
Blacklick, OH 43004
Phone: +1 855-236-0600
About Rescom Ltd.
Rescom, Ltd. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-30540) on April 7,
2023, with up to $1 million in both assets and liabilities. Duaine
Liette, sole member of Rescom, signed the petition.
Judge Guy R. Humphrey oversees the case.
The Debtor tapped Paul H. Shaneyfelt, Esq., at Shaneyfelt &
Associates, LLC as legal counsel and FocusCFO as accountant.
ROCKPORT CO: Commences Voluntary Chapter 11 Bankruptcy Proceedings
------------------------------------------------------------------
The Rockport Company, LLC, a leading global footwear brand known
for its superior comfort, on June 15 disclosed that it, CB Marathon
Midco, LLC, Rockport IP Holdings, LLC, Rockport UK Holdings Ltd.
and CB Footwear Services, LLC have commenced voluntary proceedings
under Chapter 11 of the United States Bankruptcy Code in the
District of Delaware in order to review and restructure its assets
for the benefit of all stakeholders and to better position the
brand for future growth opportunities. As part of the case,
Rockport also intends to file a motion seeking authorization to
pursue an auction and sale process under Section 363 of the U.S.
Bankruptcy Code. The proposed bidding procedures, if approved by
the court, would require interested parties to submit binding
offers to acquire Rockport's assets.
Joseph Marchese of PKF Clear Thinking has been appointed Chief
Restructuring Officer of Rockport. He brings deep experience in
managing complex financial and operational restructurings,
including providing interim management services to preserve and
maximize value. Gregg Ribatt has resigned from his role as Chief
Executive Officer of the Company and will be available to assist in
an orderly transition. Many employees of Rockport are expected to
continue with the Company and assist Mr. Marchese and independent
advisors and professionals in Rockport's operations during the
Chapter 11 proceedings.
"The immediate relief of Chapter 11 is appropriate to provide the
Company the opportunity to assess the situation and develop a
process to maximize value recoveries for all stakeholders," said
Mr. Marchese. "Rockport has valuable assets that can be effectively
administered in an organized joint process. I want to assure every
employee, customer, creditor, contract party, investor and other
stakeholders that we are going to conduct this effort with
diligence, thoroughness and transparency."
The Company currently anticipates operating "business as usual"
during the Chapter 11 process and customers should see no
disruption in service or product quality. Subject to court
approval, Rockport will operate utilizing debtor-in-possession
("DIP") financing, which will provide Rockport with sufficient
liquidity to continue its operations during the Chapter 11 case and
related sale process. In anticipation of the Chapter 11 sales
process, Rockport has entered into negotiations with a potential
purchaser, who has significant experience in the industry, to serve
as a stalking horse bidder.
Potter Anderson & Corroon LLP is serving as legal advisors to the
Company in connection with the Chapter 11 proceedings. Stifel,
Nicolaus & Co., Inc. and its affiliate Miller Buckfire & Co., LLC
are serving as Rockport's investment banker and PKF Clear Thinking
as its restructuring advisor.
Court filings and other information related to the Court-supervised
proceedings are available at a website administered by the
Company's claims agent, Epiq, at https://dm.epiq11.com/Rockport or
via phone at Toll Free: 888-565-0258 and for Non US, International:
503-660-4989.
About The Rockport Company
The Rockport Company, LLC, and its subsidiaries are global
designers, distributors, and retailers of comfort footwear in more
than 50 markets worldwide.
The Rockport Company, et al., sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 18-11145) on May 14, 2018,
estimating under $100 million to $500 million in assets and
liabilities.
The Chapter 11 petitions were signed by Paul Kosturos, the Debtors'
interim chief financial officer.
Debtor Rockport Canada ULC is the operating entity for the Debtors'
business in Canada. Rockport Canada is a wholly-owned subsidiary
of Rockport, and all material decisions regarding Rockport Canada
and its operations are made by Rockport personnel in the United
States. Accordingly, the center of main interests for Rockport
Canada is located in the United States. On May 16, 2018, the
Debtors commenced an ancillary proceeding under Part IV of the
Companies' Creditors Arrangement Act (Canada) in Toronto, Ontario,
Canada before the Ontario Superior Court of Justice (Commercial
List).
The Debtor's counsel are Mark D. Collins, Esq., Michael J.
Merchant, Esq., Amanda R. Steele, Esq., Brendan J. Schlauch, Esq.,
and Megan E. Kenney, Esq., at Richards, Layton & Finger, P.A. The
Debtors' Canadian bankruptcy counsel is Borden Ladner Gervais LLP;
their investment banker is Houlihan Lokey Capital, Inc.; and their
restructuring and interim management advisor is Alvarez & Marsal
North America LLC. Prime Clerk serves as the Debtors' claims,
noticing agent and administrative advisor. Deloitte Tax LLP, as tax
service provider.
Counsel to the Prepetition Noteholders and DIP Note Purchasers are
My Chi To, Esq., and Daniel E. Stroik, Esq., at Debevoise &
Plimpton LLP; Bradford J. Sandler, Esq., and James E. O'Neill,
Esq., at Pachulski Stang Ziehl & Jones LLP.
Counsel to the Collateral Agent and DIP Notes Agent are Joshua
Spencer, Esq., at Holland & Knight LLP; and Bradford J. Sandler,
Esq., and James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones
LLP.
Counsel to the ABL Administrative Agent and DIP ABL Agent are
Donald E. Rothman, Esq., Lon M. Singer, Esq., Jaime Rachel Koff,
Esq., and Jeremy Levesque, Esq., at Riemer Braunstein LLP; and
Gregory A. Taylor, Esq., at Ashby & Geddes, P.A.
Counsel to CB Marathon Opco, LLC, an affiliate of Charlesbank
Equity Fund IX, Limited Partnership, the Stalking Horse Bidder, are
Jon Herzog, Esq., Joseph F. Bernardi, Jr., Esq., and William
Weintraub, Esq., at Goodwin Procter LLP; and David Fournier, Esq.,
and Evelyn Meltzer, Esq., at Pepper Hamilton LLP.
The U.S. Trustee for Region 3 on May 23, 2018, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of The Rockport Company LLC. The Committee
taps Jay R. Indyke, Esq., Robert Winning, Esq., Sarah A. Carnes,
Esq., and Lauren A. Reichardt, Esq., at Cooley LLP, in New York;
and Christopher M. Samis, Esq., L. Katherine Good, Esq., and Aaron
H. Stulman, Esq., at Whiteford, Taylor & Preston LLC, in
Wilmington, Delaware.
RODAN & FIELDS: $600M Bank Debt Trades at 78% Discount
------------------------------------------------------
Participations in a syndicated loan under which Rodan & Fields LLC
is a borrower were trading in the secondary market around 22.5
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $600 million facility is a Term loan that is scheduled to
mature on June 15, 2025. About $571.5 million of the loan is
withdrawn and outstanding.
Rodan & Fields, LLC, known as Rodan + Fields or R+F, is an American
multi-level marketing company specializing in skincare products.
RODGERS COMPANIES: Seeks to Hire Eric A. Liepins as Legal Counsel
-----------------------------------------------------------------
Rodgers Companies, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Eric A. Liepins,
PC as its bankruptcy counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Rodgers Companies
Rodgers Companies, LLC, a company in Ennis, Texas, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Texas Case No. 23-31124) on June 2, 2023, with
$1,600,000 in assets and $1,551,079 in liabilities. Tim Rodgers,
authorized representative of the Debtor, signed the petition.
Eric A. Liepins, Esq., at Eric A. Liepins, PC represents the Debtor
as counsel.
SABRE GLBL: $625M 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 75.1
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $625 million facility is a Term loan that is scheduled to
mature on June 30, 2028. About $618.8 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: Seeks Approval to Hire Paul E. Saperstein as Appraiser
----------------------------------------------------------------
Sale, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to hire Paul E. Saperstein Co., Inc. to
appraise its personal property and vehicles.
The firm will receive a flat fee of $2,200 to be paid in full upon
completion of the appraisal services and submission of the
appraisal report.
As disclosed in court filings, Paul E. Saperstein Co. and its
employees neither hold nor represent any interest adverse to the
Debtor.
The firm can be reached through:
Michael Saperstein
Paul E. Saperstein Co. Inc.
144 Centre Street
Holbrook, MA 02343-1011
Phone: 617-227-6553
Fax: 781-767-9686
Email: Pesco@pesco.com
About Sale LLC
Sale, LLC is a family-owned cafe with homestyle breakfasts and
classic lunch eats such as sandwiches, hamburgers, muffins and
pancakes. The company is based in Burlington, Mass.
Sale, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 23-10545) on April 10,
2023, with $7,500 in assets and $3.2 million in liabilities. David
B. Madoff, Esq., a partner at Madoff & Khoury, LLP, has been
appointed as Subchapter V trustee.
Judge Christopher J. Panos oversees the case.
Marques C. Lipton, Esq., at Lipton Law Group, LLC, represents the
Debtor as legal counsel.
SC BEACH PARTNERSHIP: Seeks to Hire Ten-X LLC as Auctioneer
-----------------------------------------------------------
SC Beach Partnership, LLC seeks approval from the U.S. Bankruptcy
Court for the District of South Carolina to hire Ten-X, LLC.
The Debtor requires the services of an auctioneer in connection
with the sale of 159 condominium units in which it owns tenant in
common interests.
Ten-X will be paid on a commission basis as follows:
Offer Price Fee
Less Than $1M 5 percent ($10,000 minimum)
$1M to
SCCW INDUSTRIAL: Mark Weisbart Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 6 appointed Mark Weisbart, Esq., at
Hayward PLLC, as Subchapter V Trustee for SCCW Industrial Services,
LLC.
Mr. Weisbart will be paid an hourly fee of $515 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Weisbart declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark A. Weisbart, Esq.
Hayward PLLC
10501 C. Central Expy., Ste. 106
Dallas, Texas 75231
Main/Fax: (972) 755-7100
Direct: (972) 755-7103
Email: mweisbart@haywardfirm.com
About SCCW Industrial Services
SCCW Industrial Services, LLC has interests in three properties in
Beaumont, Texas, valued at $763,551.
SCCW Industrial Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No.
23-10209) on June 5, 2023, with $768,751 in assets and $2,226,840
in liabilities. Clint T. West, president, signed the petition.
Frank J. Maida, Esq., at Maida Clark Law Firm, P.C. is the Debtor's
counsel.
SINCLAIR TELEVISION: $750M Bank Debt Trades at 24% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
76.3 cents-on-the-dollar during the week ended Friday, June 16,
2023, according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on April 21, 2029. About $744.0 million of the loan is
withdrawn and outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SORRENTO THERAPEUTICS: Court Suspends Short-Sales of Scilex Stocks
------------------------------------------------------------------
Sorrento Therapeutics, Inc., a biopharmaceutical company dedicated
to the development of life-saving therapeutics to treat cancer,
intractable pain, and infectious disease, on June 15 disclosed
that, in connection with its ongoing chapter 11 case, the U.S.
Bankruptcy Court for the Southern District of Texas (the
"Bankruptcy Court") has entered a temporary restraining order
suspending short-sales of common stock of Scilex Holding Company
(Nasdaq: SCLX, "Scilex") that Sorrento distributed to its
stockholders on or around January 19, 2023 (the "Dividended Scilex
Stock").
In addition, the Bankruptcy Court ordered certain brokerage firms
to provide an accounting of all profits received from naked
short-selling of Dividended Scilex Stock and Scilex common stock,
including all interest charged to short-sellers, no later than five
business days after entry of the order.
The Bankruptcy Court's temporary restraining order grants a request
by the Official Committee of Equity Security Holders in Sorrento's
chapter 11 case, who had asked for the relief. The Official
Committee of Equity Security Holders was appointed in the case to
act as a fiduciary for, and represent the interests of, all
Sorrento stockholders.
The Bankruptcy Court will conduct a hearing to consider the
committee's related request for a preliminary injunction on such
issues on June 27, 2023 at 9:30 a.m. (prevailing Central Time) in
Courtroom 400, 515 Rusk Street, Houston, Texas.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento") --
http://www.sorrentotherapeutics.com/-- is a clinical and
commercial stage biopharmaceutical company developing new therapies
to treat cancer, pain (non-opioid treatments), autoimmune disease
and COVID-19. Sorrento's multimodal, multipronged approach to
fighting cancer is made possible by its extensive immuno-oncology
platforms, including key assets such as next-generation tyrosine
kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM)
library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug
conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)").
Sorrento is also developing potential antiviral therapies and
vaccines against coronaviruses, including STI-1558, COVISHIELD(TM)
and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions,
including COVIMARK(TM).
Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.
Judge David R. Jones oversees the cases.
The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.
Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'
Chapter 11 cases.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.
SOURCEWATER INC: Income & Litigation Proceeds to Fund Plan
----------------------------------------------------------
Sourcewater, Inc. d/b/a Sourcenergy, filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Plan of Reorganization
under Subchapter V dated June 15, 2023.
The Debtor gathers, analyzes and visualizes surface and subsurface
energy and water activity. Debtor primarily services the oil and
gas industry. Debtor was formed in 2014 and is a Delaware
corporation registered as a foreign entity in Texas.
The Debtor was forced to file bankruptcy due to reduced revenues
flowing from infringement on its intellectual property in
conjunction with collection efforts by one of its creditors that,
if continued, would have prejudiced other creditors compared to
their treatment under this Plan. The Debtor intends to pay its
Creditors through a combination of Projected Disposable Income and
Disposable Income from Litigation Recoveries. The Debtor continues
to manage and operate its business as a debtor-in-possession
pursuant to Section 1184 of the Bankruptcy Code.
The Debtor's Plan of Reorganization provides for the continued
operations of the Debtor in order to make payments to its creditors
as set forth in this Plan. The Debtor seeks to confirm a consensual
plan or reorganization so that all payments to creditors required
under the Plan will be made directly by the Reorganized Debtor to
its creditors.
The Plan provides for the payment of Allowed Administrative Claims
and other unclassified Claims from available cash or the Exit
Facility either on the Effective Date or within a short period
after such Claims become Allowed Claims. The Plan provides for
payments on Allowed Secured Claims from Disposable Income resulting
from Litigation Recoveries in accordance with the priority of such
Secured Claims with respect to any such Litigation Recovery.
Finally, the Plan also provides for periodic payments of the
Debtor's Projected Disposable Income from operations on account of
Allowed General Unsecured Claims. Allowed General Unsecured Claims
may also receive payments from Disposable Income resulting from
Litigation Recoveries if Allowed Secured Claims have been paid in
full.
In accordance with Section 1191(c) of the Bankruptcy Code, this
Plan provides that all distributions will be funded with the
Debtor's Projected Disposable Income and Disposable Income from
Litigation Recoveries, if any, over the three-year Commitment
Period.
The Plan and the Projections demonstrate that the Reorganized
Debtor will have sufficient earnings to provide distributions of
Projected Disposable Income as provided by the Plan over the
Commitment Period. The Reorganized Debtor will have the funds
needed to pay all remaining unpaid Administrative Claims in this
Case through either the receipt of payment of receivables due in
July of 2023 or through exit financing ("Exit Financing") provided
by Joshua Adler, the founder, majority shareholder, and Chief
Executive Officer of the Debtor, as an extension of the debtor
in-possession line of credit ("DIP Loan") this Court approved by
order on May 10, 2023.
Class 4 consists of all General Unsecured Claims. Except to the
extent that a Holder of an Allowed General Unsecured Claim and the
Debtor or the Reorganized Debtor, as applicable, agree to less
favorable treatment of such Holder's Allowed General Unsecured
Claim, each Holder of an Allowed General Unsecured Claim shall
receive:
* The Holder's pro rata share of the Reorganized Debtor's
projected Disposable Income, other than Disposable Income from any
Litigation Recovery, during the Commitment Period, payable as
follows:
-- Year 1 – From Effective Date to July 31, 2024: $0;
-- Year 2 – From August 1, 2024 to July 31, 2025:
$22,792.00, which payment is to be made no later than August 15,
2025; and
-- Year 3 – From August 1, 2025 to July 31, 2026:
$20,060.00, which payment is to be made no later than August 15,
2026.
* In the event the Debtor obtains a Litigation Recovery and the
Class 1 SBA Claim, Class 2 EDH Claim, and the Class 3 Adler Secured
Claim are all paid in full, any remaining amounts of such
Litigation Recovery constituting Disposable Income will be applied
to payment of Allowed Class 4 General Unsecured Claims in full as
provided herein before the Litigation Recovery will be used to make
any payments on account of pay any other Class of Claims or
Interests.
No Holder of a Class 4 General Unsecured Claim will be entitled to
any post-petition or post-Effective Date interest on account of
such Claim. The allowed unsecured claims total $7,108,583.43.
Under the Plan, the Debtor's current Equity Owners will retain
their Equity Ownership. The Equity Owners will receive no payments
under the Plan unless the Debtor obtains a Litigation Recovery and
the Class 1 SBA Claim, Class 2 EDH Claim, the Class 3 Adler Secured
Claim, and Allowed Class 4 General Unsecured Claims are all paid in
full, in which case any remaining amounts of such Litigation
Recovery constituting Disposable Income will be distributed to the
Equity Owners pro rata, based on their respective Equity Interest
holdings.
A full-text copy of the Plan of Reorganization dated June 15, 2023
is available at https://urlcurt.com/u?l=SKbV7Y from
PacerMonitor.com at no charge.
Counsel for Debtor:
Jarrod B. Martin, Esq.
Chamberlain, Hrdlicka, White, Williams & Aughtry, PC
1200 Smith Street, Suite 1400
Houston, TX 77002
Telephone: (713) 356-1280
Facsimile: (713) 658-2553
Email: jarrod.martin@chamberlainlaw.com
About Sourcewater, Inc.
Sourcewater, Inc. gathers, analyzes and visualizes surface and
subsurface energy and water activity. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case
No. 23-30960) on March 17, 2023. In the petition signed by Joshua
A. Adler, as chief executive officer, the Debtor disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Jeffrey P. Norman oversees the case.
Jarrod B. Martin, Esq., at Chamberlain, Hrdlicka, White, Williams,
& Aughtry, P.C., is serving as the Debtor's legal counsel.
SOUTHEAST SUPPLY: S&P Downgrades ICR to 'CCC+', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Southeast Supply Header LLC (SESH) to 'CCC+' from 'B-'. At the same
time, S&P Global Ratings lowered its issue-level rating on the
company's senior unsecured debt to 'CCC+' from 'B-'. The '3'
recovery rating on the debt is unchanged, indicating its
expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery.
The negative outlook reflects S&P's view that, over the next 12
months, SESH faces a sizable maturity with tight liquidity
cushion.
Southeast Supply Header $400 million senior unsecured notes are due
within the next 12 months. S&P believes the company is dependent on
favorable market conditions or sponsor support to meet the
commitment.
S&P Said, "The downgrade and negative outlook reflect our
assessment of heightened refinancing risk on SESH's senior
unsecured notes. SESH's capital structure is composed of $400
million in senior unsecured notes that mature June 15, 2024. To
date, the pipeline continues to operate in the absence of a
concrete refinancing plan. In the current interest rate
environment, we believe refinancing the notes would be challenging.
Although SESH's sponsors, Enbridge Inc. and Energy Transfer LP, are
capable of supporting this refinancing, we have not factored in any
equity injection due to the lack of explicit commitments from
either party." Therefore, the company would have to rely on
favorable market conditions to refinance its notes, absent any
equity injection from its sponsors.
Despite an improving contracting profile, SESH's operating cash
flow is insufficient to fully repay the upcoming debt maturity.
SESH's contract profile has recently improved on the back of higher
demand, with more than 90% of the company's capacity contracted as
of May 2023. However, weighted-average contract length has improved
only slightly, to 4.2 years from 3.5 years in September 2022, with
more than 30% of contracted capacity up for renewal in 2023 and
2024. Therefore, S&P believes there is still uncertainty around the
company's cash flow profile. In addition, despite EBITDA improving
to $70 million in 2022, from the previous $40 million-$50 million
range, SESH's operating cash flow alone could not support a full
redemption of the notes at maturity.
The negative outlook reflects the company's upcoming debt maturity
and the associated refinancing risk. In S&P's view, the company
would need to rely on favorable market conditions, an equity
injection from sponsors, or a combination of both to refinance or
repay the June 2024 senior unsecured notes.
S&P could lower the rating if SESH's time to debt maturity falls
below six months with no concrete refinancing plan or explicit
sponsor support in place.
S&P could take a positive rating action on the company if it is
able to refinance its maturing debt or receive sponsor support to
repay its debt in the coming months.
ESG credit indicators: E-3, S-2, G-2
Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of SESH. The company is a single-asset
natural gas transportation pipeline that supplies gas to the
Florida market. The pipeline is susceptible to increasing
environmental risks posed by climate change and greenhouse gas
emissions, factors that make future recontracting under favorable
terms and conditions challenging.
SUPERIOR EMERGENCY: Seeks to Hire Stephens & Company as Accountant
------------------------------------------------------------------
Superior Emergency Physicians Harris, PLLC seeks approval from the
U.S. Bankruptcy Court for the District of Nevada to employ Stephens
& Company, PLLC as its accountant.
The firm's services include:
-- review of financial-related disclosures required by the court,
including schedules of assets and liabilities, statement of
financial affairs and monthly operating reports;
-- preparation of analyses required to assess any proposed
debtor-in-possession financing or use of cash collateral;
-- assessment and monitoring of the Debtor's short-term cash
flow, liquidity, and operating results;
-- review of the Debtor's proposed employee compensation and
benefits programs, if any;
-- review of the Debtor's potential disposition or liquidation of
both core and non-core assets and related paths for such
dispositions (e.g. restructuring and sale);
-- review of the Debtor's cost/benefit analysis with respect to
the affirmation or rejection of various executory contracts and
leases;
-- review of the Debtors' identification of potential cost
savings, including overhead and operating expense reductions and
efficiency improvements;
-- review of any tax issues, filings, preservation of net
operating losses, and refunds due to the Debtor;
-- review of the claims reconciliation and estimation process;
-- review of other financial information prepared by the Debtor,
including, but not limited to, cash flow projections and budgets,
business plans, cash receipts and disbursement analysis, asset and
liability analysis, and the economic analysis of proposed
transactions for which court approval is sought;
-- attendance at meetings and assistance in discussions;
-- review or preparation of information and analysis necessary
for the confirmation of a Chapter 11 plan and related disclosure
statement; and
-- other general business consulting services.
Stephens & Company will be compensated as follows:
-- One-time analysis, implementation, and conversion to accrual
basis fee of $3,000.
-- Monthly fee of $2,025, to be paid on or about the fifteenth
business day of the month via automatic bank draft.
-- Annual fee of $2,200 for the preparation of partnership income
tax return.
-- For services outside the flat fee scope, the firm will charge
these hourly fees:
Administrative Staff $100 - $150
Accounting Specialists $100 - $250
Professional Staff $150 - $300
Managers/Partners $285 - $500
Jeffrey Olsen, CPA, a partner at Stephens & Company, 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:
Jeffrey H. Olsen, CPA
Stephens & Company PLLC
612 N. Beaver Street
Flagstaff, AZ 86001
Tel: (928) 774-7181
About Superior Emergency Physicians Harris
Superior Emergency Physicians Harris, PLLC provides medical
emergency assistance and handles pre-hospital care for patients who
experience an accident, fall, cardiac arrest or an intense allergic
reaction to prevent permanent injury or death. It is based in
Henderson, Nev.
Superior Emergency Physicians Harris filed its voluntary petition
for Chapter 11 protection (Bankr. D. Nev. Case No. 23-11189) on
March 30, 2023, with $297,347 in assets and $2,030,669 in
liabilities. Richard Harris, managing member, signed the petition.
Judge August B. Landis oversees the case.
The Debtor tapped Ryan J. Works, Esq., at McDonald Carano, LLP as
legal counsel and Stephens & Company, PLLC as accountant.
SURGALIGN HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Eight affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
Surgalign Holdings, Inc. (Lead Case) 23-90731
520 Lake Cook Road
Suite 315
Deerfield IL 60015
Spinal Transition and Professional Services LLC 23-90730
HoloSurgical Technology Inc. 23-90732
Andi's Belmarall, LCC 23-90733
Pioneer Surgical Technology NewCo Inc. 23-90734
Fourth Dimension Spine, LLC 23-90735
Holo Surgical Inc. 23-90736
Surgalign Spine Technologies, Inc. 23-90737
Business Description: Surgalign Holdings is a global medical
technology company focused on elevating the
standard of care by driving the evolution of
digital health. The Company has developed
an artificial intelligence and augmented
reality technology platform called HOLO AI,
which the Company views as a powerful suite
of AI software technology which connects the
continuum of care from the pre-op and
clinical stage through post-op care, and is
designed to achieve better surgical
outcomes, reduce complications, and improve
patient satisfaction.
Chapter 11 Petition Date: June 19, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. Christopher M. Lopez
Debtors'
Local
Bankruptcy
Counsel: Veronica A. Polnick, Esq.
J. Machir Stull, Esq.
Matthew D. Cavenaugh, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
Email: vpolnick@jw.com
mstull@jw.com
mcavenaugh@jw.com
Debtors'
General
Bankruptcy
Counsel: Gregory F. Pesce, Esq.
Laura E. Baccash, Esq.
WHITE & CASE LLP
111 South Wacker Drive, Suite 5100
Chicago, IL 60606
Tel: 312.881-5400
Fax: 312.881-5450
Email: gpesce@whitecase.com
laura.baccash@whitecase.com
- and -
Charles Koster, Esq.
WHITE & CASE LLP
609 Main Street, Suite 2900
Houston, TX 77002
Phone: 713.496.9700
Email: ckoster@whitecase.com
- and -
Barrett Lingle, Esq.
White & Case LLP
1221 Avenue of the Americas
New York, NY 10020
Phone: 212.819.8200
Email: barrett.lingle@whitecase.com
Debtors'
Investment
Banker &
Restructuring &
Financial
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
- and -
ALVAREZ & MARSAL SECURITIES, LLC
Debtors'
Notice &
Claims
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
Estimated Assets
(on a consolidated basis): $50 million to $100 million
Estimated Liabilities
(on a consolidated basis): $50 million to $100 million
The petitions were signed by Christopher Thunader as chief
accounting officer.
Full-text copies of two of the Debtors' petitions are available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/DHGZ6AI/Surgalign_Holdings_Inc__txsbke-23-90731__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/CYMQNMI/Spinal_Transition_and_Professional__txsbke-23-90730__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Dearborn Capital Management LLC Note Payable $5,306,000
Attn: Krzysztof Siemionow
296 Woodward Blvd.
Tulsa, OK 74114
Attn: Krzysztof Siemionow
E‐mail: siemiok@gmail.com
2. Neva, LLC Note Payable $5,306,000
Attn: Pawel Lewicki
296 Woodward Blvd.
Tulsa, OK 74114
E‐mail: ppl@myfastmail.com
3. Aziyo Biologoics Inc Trade $500,468
Attn: Jon Stipanovich,
Director of National Accounts
12510 Prosperity Drive, Suite 370
Silver Spring, MD 20904
Tel: 240‐247‐1170
Fax: 510‐307‐9896
E‐mail: jstipanovich@aziyo.com
4. Resolve Surgical Technologies Trade $389,242
dba Resolve Surgical Technologies
Attn: Bradford Aquino,
Chief Financial Officer
375 River Park Circle
Marquette, MI 49855
Tel: 906‐226‐9909
Fax: 906‐225‐5868
E‐mail: baquino@resolvesurg.com
5. Medical Strategic Management Trade $274,704
Attn: President or General Counsel
21 Panteli Katelari Street
Nicosia, 1097
Cypus
6. RTI Surgical, Inc. Trade $262,120
Attn: Lana Wilson, Senior Counsel
11621 Research Circle
Alachua, FL 32615
E‐mail: lwilson@rtix.com
7. Engineered Medical Systems (EMS) Trade $234,806
Attn: Matt Lewis, President
3325 Appling Road
Bartlett, TN 38133
Tel: 713‐693‐1144; 901‐380‐5552
Fax: 901‐380‐5553
8. SAP America, Inc. Software $232,647
Attn: Lloyd Adams, President
3999 West Chester Pike
Newtown Square, PA 19073
Tel: 866‐857‐2621
9. Arch (JPMC) Philadelphia Trade $226,794
Attn: Eli Crotzer, CEO
3063‐B Philmont Ave
Huntingdon Valley, PA 19006
Phone: 901‐921‐3281
E‐mail: ecrotzer@archglobalprecision.com
10. Arcamed LLC Trade $183,468
Attn: Jon Desalvo, CEO
5101 Decatur Blvd. Ste. A
Indianapolis, IN 46241
Phone: 877‐545‐6622
E‐mail: sales@arcamed.co
11. Culver Tool Trade $138,249
Attn: David Winrotte, President
2121 Walter Glaub Dr.
Plymouth, IN 46563
Phone: 574‐935‐9611
Email: david.winrotte@culvertool.com
12. Arch‐Memphis Trade
$126,051
Attn: Colby Kenyon, President
7580 Bartlett Corporate Drive
Memphis, TN 38133
Tel: 901‐672‐6333
Fax: 901‐672‐6334
13. Abel Solutions, LLC Trade $114,916
Attn: David Hammond, President
3820 Mansell Rd Ste 260
Alpharetta, GA 30022
Phone: 678‐393‐1704
14. Polsinelli PC Professional $105,021
Attn: Gregory M. Kratofil, Jr. & Services
Mary Jane Judy,
Managing Partners
900 W. 48th Place. Suite #900
Kansas City, MO 64112
Tel: 816‐753‐1000
Fax: 816‐753‐1536
E‐mail: gkratofil@polsinelli.com;
mjudy@polsinelli.com
15. Bass, Berry & Sims PLC Professional $67,010
Attn: Todd J. Rolapp, Managing Partner Services
150 3rd Ave S, Ste 2800
Nashville, TN 37201‐2017
Tel: 615‐742‐6200
Fax: 615‐742‐6293
E‐mail: trolapp@bassberry.com
16. Spartronics Watertown LLC Trade $61,532
Attn: Jeffrey Schlarbaum, CEO
2920 Kelly Ave
Watertown, SD 57201
Tel: 605‐886‐2519
Fax: 605‐886‐5123
Email: info@spartronics.com
17. Fitch, Even, Tabin & Professional $55,368
Flannery LLP Services
Attn: Timothy P. Maloney
120 South LaSalle Street, Suite 2100
Chicago, Illinois 60603
Tel: 312‐577‐7000
Fax: 312‐577‐7007
E‐mail: tim@fitcheven.com
18. Serbia Stewart Professional $44,000
Consulting Group Services
Attn: Jason Stewart
8861 Villa La Jolla Drive #13272
La Jolla, CA 92037
Phone: 619‐778‐3349
Email: info@ssconsultinggroup.com
19. TOMZ Trade $43,855
Attn: Tom Matulaniec, CEO
47 Episcopal Rd
Berlin, CT 06037
Tel: 619‐894‐6162; 860‐829‐0670
Fax: 860‐828‐7403
20. Trilogy Surgical Inc Trade $42,986
Attn: Sean Monahan, President
5138 Sw 103Rd Way
Gainesville, FL 32608
Phone: 352‐331‐9398
21. Marvel Consultants, Inc. Professional $35,000
Attn: John Sowers, President Services
28601 Chagrin Blvd. Suite 515
Cleveland, OH 44122
Tel: 216‐455‐1437; 216‐292‐2855
Fax: 216‐292‐7207
E‐mail: jsowers@marvelconsultants.com
22. Cooley LLP Professional $34,472
Attn: Patrick Gunn, Services
Managing Partner
101 California 5th floor
San Francisco, CA 94111
Tel: 415‐693‐2000
Fax: 415‐693‐2222
E‐mail: pgunn@cooley.com
23. Name and Address on File Severance $31,666
24. Allosource Trade $30,813
Attn: Dean Elliott, President and CEO
6278 S Troy Cir
Centennial, CO 80111
Tel: 720‐873‐0213
Fax: 720‐873‐0212
25. TGR Partners Professional $30,448
Attn: Matt Lewry Services
228 S Cedros Ave, Ste D
Solana Beach, CA 92075‐1950
Phone: 404‐345‐2605; 858‐356‐2391
Email: mlewry@tgrpartners.com
26. Global Experience Professional $26,059
Specialists Inc Services
Attn: Kris Truscott ‐
Vice President/General Manager
7000 Lindell Rd
Las Vegas, NV 89118
Phone: 702‐515‐5500
Email: ktruscott@ges.com
27. Lifenet Health Litigation Unliquidated
Attn: President or General Counsel
1864 Concert Drive
Virginia Beach, VA 23453
Phone: 800‐847‐7831
28. National Union Fire Litigation Unliquidated
Insurance Company of
Pittsburg, PA
Attn: President or General Counsel
1271 Ave of the Americas FL 37
New York, NY 10020‐1304
Phone: 212‐770‐7000
29. Pacific Building Group Litigation Unliquidated
Attn: Kevin R. Carlin, Esq.
c/o Carlin Law Group, APC
4452 Park Blvd Suite 310
San Diego, CA 92116
Tel: 619‐615‐5325
Fax: 619‐615‐5326
E‐mail: kcarlin@carlinlawgroup.com
30. SNH Medical Office Litigation Unliquidated
Properties Trust
Attn: Bobbie Purcell,
Senior Property Manager
c/o The RMR Group LLC
8631 West Third Street, Suite 301E
Los Angeles, CA 90048
SVB FINANCIAL: SVB Securities Signs Definitive Agreement for Buyout
-------------------------------------------------------------------
The SVB Securities management team bidder group led by CEO Jeff
Leerink, and backed by The Baupost Group, on June 18 disclosed they
have entered into a definitive agreement with SVB Financial Group
(Pink Sheets: SIVBQ) to purchase SVB Securities following a
competitive bidding process. Upon closing of the transaction and
completion of its rebranding, Leerink Partners will continue as a
leading healthcare-focused investment bank.
"The management team and I are excited to return to our heritage of
owning and leading the premier healthcare investment bank and
relaunching the business under the trusted Leerink Partners brand,"
stated Jeff Leerink, Chairman and Chief Executive Officer. "Our
firm has been a strategic advisor to our corporate and investor
clients for almost three decades and this transaction allows us to
continue to provide our healthcare clients with the highest quality
advice and execution services they have come to expect for their
M&A, capital raising, and investment needs."
Leerink continued, "I would like to thank our entire team for its
incredible efforts over many years and particularly over the last
few months. I also want to thank our valued clients for their
continued loyalty and support."
The investment bank has raised more than $230 billion of capital
and advised on nearly $80 billion of M&A transactions for
healthcare clients. With the strong financial backing from The
Baupost Group, the firm is extremely well positioned to continue to
build on its leadership position in healthcare investment banking.
"Baupost has been a client of the firm for many years, and we know
firsthand that when it comes to advisory, trading, or research in
the healthcare and biopharma industry, no one is better than Jeff
and his extraordinary team," said Josh Greenhill, Partner, The
Baupost Group. "When we got the chance to back them, we jumped at
it."
"The rapid evolution of the healthcare and life sciences industry
presents a tremendous growth opportunity that is being driven by
next generation drug discovery and development technologies, a
growing emphasis on improving patient outcomes and experiences, the
challenges of managing the health issues of an aging population,
and the uptick in consolidation across the industry", stated Dr.
Daniel Dubin, Vice Chairman and Global Co-head of Healthcare
Investment Banking, "I look forward to partnering with my fellow
Global Co-Head of Investment Banking, Barry Blake, to leverage the
sophisticated knowledge of our team to uniquely advise clients on
how to capitalize on the growing complexity in our industry."
The management-led buyout is subject to final confirmation from the
United States Bankruptcy Court and regulatory approval as well as
other customary closing conditions.
About SVB Securities
SVB Securities is a leading investment bank providing a complete
suite of financial solutions comprising of M&A advisory, equity,
debt, and derivative capital markets, equity research, and sales
and trading capabilities. The firm's strategic focus on the
healthcare industry empowers it to provide unique advice and
insights to its clients. The firm is a broker-dealer registered
with the United States Securities and Exchange Commission and a
member of the Financial Industry Regulatory Authority.
About The Baupost Group
The Baupost Group is a Boston-based investment manager with a
long-term, value-oriented approach. Since 1982, the firm has been
thoughtfully stewarding and compounding capital on behalf of
families, foundations and endowments, as well as employees who
collectively are the firm's largest client. Baupost manages roughly
$26 billion with a broad and flexible charter, investing in a wide
range of asset classes, including significant holdings in publicly
traded debt and equity securities, private debt, real estate, and
private equity. CEO and Portfolio Manager Seth Klarman has overseen
Baupost's investments from the company's inception.
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
US RENAL: $1.60B Bank Debt Trades at 51% Discount
-------------------------------------------------
Participations in a syndicated loan under which US Renal Care Inc
is a borrower were trading in the secondary market around 49.4
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.60 billion facility is a Term loan that is scheduled to
mature on July 26, 2026. About $1.54 billion of the loan is
withdrawn and outstanding.
U.S. Renal Care is a dialysis provider available for people living
with chronic and acute renal disease.
VIRGIN ORBIT: Amends Unsecured Claims Pay Details
-------------------------------------------------
Virgin Orbit Holdings, Inc., et al. submitted a Disclosure
Statement for Second Amended Joint Chapter 11 Plan dated June 12,
2023.
The Debtors are proposing the Plan following extensive arm's
length, good-faith discussions with certain of their key
stakeholders. While the Debtors continue negotiations with the
Committee and other creditors to settle claims and build further
support for the Plan prior to the confirmation hearing on the Plan,
the Debtors believe the Plan represents the best available option
for all creditors and parties in interest at this juncture.
In order to maximize value for all stakeholders, the Debtors
conducted the Sale Process, which culminated in an auction held on
May 22, 2023, pursuant to which substantially all of the Debtors'
assets were sold to various purchasers, with the exception of
certain assets. The Debtors shall fund distributions under the Plan
with Cash on hand, monetization of the Debtors' remaining assets,
and, if necessary, contributions from Virgin Investments Limited
("VIL").
To the extent of any shortfall and if all conditions precedent to
the Effective Date of the Plan are satisfied, VIL shall provide the
Debtors or the Plan Administrator, as applicable, Cash in an amount
sufficient to fund (a) the Administrative Claims (other than DIP
Facility Claims), Priority Tax Claims, Other Priority Claims, and
Other Secured Claims in accordance with the Plan, in each case to
the extent Allowed against the Debtors; (b) the Professional Fee
Escrow Account; (c) the Wind-Down Amount; and (d) the GUC Cash-Out
Pool (if Class 4 votes to accept the Plan).
The proceeds from the Sale Process will not be of sufficiently
large value to pay the DIP Facility Claims in full.
Class 4 consists of General Unsecured Claims. On the Effective
Date, except to the extent that a Holder of an Allowed General
Unsecured Claim agrees to less favorable treatment and subject to
such Holder's ability to elect Convenience Claim treatment on
account of the Allowed General Unsecured Claim (in lieu of the GUC
Recovery):
* If Class 4 votes to accept the Plan, each Holder of an
Allowed General Unsecured Claim shall receive, in full and final
satisfaction of its Allowed General Unsecured Claim, its Pro Rata
Share of the GUC Recovery:
* If Class 4 votes to reject the Plan, each General Unsecured
Claim Holder shall receive no distribution on account of its
General Unsecured Claim and the Debtors may seek approval of the
Dismissal Motion or conversion of these Chapter 11 Cases to Chapter
7 of the Bankruptcy Code.
Class 4 is Impaired and Holders of Class 4 General Unsecured Claims
are entitled to vote to accept or reject the Plan. The allowed
unsecured claims total $85,000,000 to $115,000,000. This Class will
receive a distribution of 0.35% - 0.47% to 3.42% to 4.63% of their
allowed claims.
Holders of Equity Interests shall receive no distribution on
account of their Equity Interests. On the Effective Date, all
Equity Interests will be canceled and extinguished and will be of
no further force or effect.
The Debtors shall fund distributions under the Plan with Cash on
hand, monetization of the Debtors' remaining assets and, if
necessary, contributions from VIL. To the extent of any shortfall,
VIL shall provide the Debtors or the Plan Administrator, as
applicable, Cash in an amount sufficient to fund (a) the
Administrative Claims (other than DIP Facility Claims), Priority
Tax Claims, Other Priority Claims, and Other Secured Claims in
accordance with the Plan, in each case to the extent Allowed
against the Debtors; (b) the Professional Fee Escrow Account; (c)
the WindDown Amount; and (d) the GUC Cash-Out Pool (if Class 4
votes to accept the Plan).
A copy of the Disclosure Statement dated June 12, 2023, is
available at https://urlcurt.com/u?l=FyfrL5 from
cases.ra.kroll.com, the claims agent.
Proposed Counsel for the Debtors:
Robert S. Brady, Esq.
Michael R. Nestor, Esq.
Kara Hammond Coyle, Esq.
Allison S. Mielke, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square, 1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
E-mail: rbrady@ycst.com
mnestor@ycst.com
kcoyle@ycst.com
amielke@ycst.com
- and -
Jeffrey E. Bjork, Esq.
LATHAM & WATKINS LLP
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Telephone: (213) 485-1234
Facsimile: (213) 891-8763
Email: jeff.bjork@lw.com
- and -
George Klidonas, Esq.
Anupama Yerramalli, Esq.
Liza L. Burton, Esq.
1271 Avenue of the Americas
New York, NY 10020
Telephone: (212) 906-1200
Facsimile: (212) 751-4864
E-mail: george.klidonas@lw.com
anu.yerramalli@lw.com
liza.burton@lw.com
About Virgin Orbit
Virgin Orbit Holdings, Inc (Nasdaq: VORB) --
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, the
Debtor reported total assets amounting to $242,978,000 and total
debtamounting to $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.
VIRGINIA TRUE: Unsecureds Will Get 41.71% of Claims in Plan
-----------------------------------------------------------
Virginia True Corporation, Diatomite Corporation of America and
Anthony Cipollone and Domenick Cipollone submitted a Second Amended
Joint Disclosure Statement describing Amended Joint Chapter 11 Plan
of Liquidation dated June 15, 2023.
The Debtor is a Virginia corporation formed on March 30, 2017 for
the purpose of acquiring and developing the Property.
The Property consists of approximately 964.11 acres of undeveloped
land, in 3 separate, adjacent parcels (identified in the Richmond
County tax records as tax parcels 4-1, 4-2 and 5-30), commonly
known as "Fones Cliffs". At the time of its incorporation, the sole
shareholders of the Debtor were Benito R. Fernandez holding 34%,
Howard Kleinhendler holding 34%, and Anthony Cipollone and
plaintiff Domenick Cipollone jointly holding 32% of the Debtor's
stock. In consideration of the shares of Virginia True's stock
collectively issued to them, the Cipollones made a capital
contribution to Virginia True in the sum of $5,000,000.
The Debtor and the Stalking Horse Bidder entered into a Contract of
Sale pursuant to which, among other things, the Stalking Horse
Bidder has agreed to purchase the Property for $4,200,000, subject
to any higher or better offers made at the Auction, and to satisfy
certain sale-related obligations if it is the Successful Bidder for
the Property. The Stalking Horse Bidder's offer served as a
stalking horse bid for the Property at the Auction. Included as
minority members of the Stalking Horse Bidder are Howard
Kleinhendler and Benito Fernandez.
At the Auction Sale there was spirited bidding between the Stalking
Horse and the Successful Bidder which resulted in the Property
being sold for $8,100,000.00. The sale closed on December 8, 2022.
The Auctioneer was been paid $417,971.00 in fees and expenses. The
DEQ was paid $200,000.00 at closing in connection with the
settlement of its Claims.
All remaining issues in the case, after more litigation and
extensive negotiations, have been resolved.
Class 2 consists of General Unsecured Claims. Each holder of an
Allowed General Unsecured Claim will receive on account of such
claim its Pro Rata share, in Cash, of the sum of $3,137,411.00 as
set forth in the chart of unsecured claims below to be paid 41.71%
pro rata rounded to the nearest dollar. The allowed unsecured
claims total $7,521239.83.
Class 3 consists of all Interests in the Debtor, all of which are
held by Howard Kleinhendler and Benito R. Fernandez. The Interests
of Howard Kleinhendler and Benito R. Fernandez shall be
extinguished as of the Effective Date.
The primary source of funding for such distributions and other
payments will be the Net Sale Proceeds. Those funds shall be
supplemented by approximately $22,865 in the Debtor's Debtor-In
Possession bank account which were required to be transferred by
the Debtor to its counsel to be held in escrow pending confirmation
of this Plan within 10 days of the execution of the Term Sheet.
Distributions or other payments from such Estate funds shall be
made to Creditors and Interests Holders only as set forth in this
Plan or as may be authorized or directed by Final Order. In the
event additional funds shall come into the Estate either pre- or
post-confirmation, the Court shall retain jurisdiction to disburse
those funds and all parties' rights are reserved in that regard.
A full-text copy of the Second Amended Disclosure Statement dated
June 15, 2023 is available at https://urlcurt.com/u?l=Ne3qFe from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Douglas J. Pick, Esq.
Pick & Zabicki LLP
369 Lexington Avenue, 12th Floor
New York, NY 10017
Tel: (212) 695-6000
Fax: (212) 695-6007
Email: dpick@picklaw.net
Counsel for Diatomite Corporation:
PACK LAW
51 Northeast 24th Street, Suite 108
Miami, Florida 33137
Joseph A. Pack, Esq.
212-949-9300
Co-Counsel to Anthony Cipollone and Domenick Cipollone:
LAW OFFICES OF AVRUM J. ROSEN, PLLC
38 New Street
Huntington, New York 11743
Avrum J. Rosen, Esq.
Nico G. Pizzo, Esq.
631-423-8527
About Virginia True Corporation
Virginia True Corporation, a New York-based golf resort owner and
developer, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 19-42769) on May 3, 2019. At the
time of the filing, the Debtor disclosed between $10 million and
$50 million in both assets and liabilities.
Judge Nancy Hershey Lord oversees the case.
Pick & Zabicki, LLP and Spence Law Office, P.C., serve as the
Debtor's bankruptcy counsel and special counsel, respectively.
WAVECREST ENTERPRISES: Unsecureds to be Paid in Full over 60 Months
-------------------------------------------------------------------
Wavecrest Enterprises, LLC, filed with the U.S. Bankruptcy Court
for the Central District of California a Disclosure Statement
describing Plan of Reorganization dated June 12, 2023.
Debtor is the owner of a 10-unit apartment building located at 19
Wavecrest Avenue, Venice, CA 90291 ("Property"). The property was
recently appraised for $6,250,000.00. The managing member and 100%
owner of Debtor is Raul Hinojosa.
Debtor became delinquent with each of its secured lenders due
primarily to multiple tenants failing to pay rent and debtor's
inability to evict the tenants due to various state and local
eviction moratoriums. Each of the secured lenders had initiated
non-judicial foreclosure proceedings prior to the petition date.
Debtor intends to evict all remaining delinquent tenants and fill
all vacancy. Debtor may seek post-petition financing and use the
funds to upgrade the apartment building.
Debtor anticipates to generate sufficient rental income to fund the
proposed plan.
This is a plan of reorganization. In other words, the Proponent
seeks to make payments under the Plan to holders of allowed claims.
The timing of payments to particular creditor groups will depend
upon their classification under the Plan. The Effective Date of the
Plan is 14 calendar days following the date of entry of the order
confirming the Plan unless a stay of confirmation order is in
effect.
Class 3 consists of General Unsecured Claims. In the present case,
the Debtor estimates that Class 3 general unsecured debt totals
$2,520.00. Class 3 will be paid in full over 60 monthly with an
estimated monthly payment of $42.00. This Class is impaired.
The only interest holder in Debtor is Raul Hinojosa, the sole
managing member of Debtor. Mr. Hinojosa is retaining his equity
interest in the Debtor and is contributing $10,000.00 in new value
on account of his interest.
The Plan will be funded from Debtor's rental income. Debtor
anticipates that it will have approximately $40,000.00 cash on hand
on the effective date. In addition, Raul Hinojosa as an interest
holder of the Debtor shall contribute new value by providing a cash
infusion of $10,000.00 upon the effective date of the plan.
A full-text copy of the Disclosure Statement dated June 12, 2023 is
available at https://urlcurt.com/u?l=l7DgjA from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Ure Law Firm
8280 Florence Avenue, Suite 200
Downey, California 90240
TEL.: (213) 202-6070
FAX.: (213) 202-6075
Thomas B. Ure
Email: tom@urelawfirm.com
About Wavecrest Enterprises LLC
Wavecrest Enterprises LLC is primarily engaged in renting and
leasing real estate properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11438) on March 14,
2023. In the petition signed by Raul Hinojosa, manager, the Debtor
disclosed $6,505,000 in assets and $4,921,659 in liabilities.
Judge Julia W. Brand oversees the case.
Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as
legal counsel.
WHOLE EARTH: $375M Bank Debt Trades at 25% Discount
---------------------------------------------------
Participations in a syndicated loan under which Whole Earth Brands
Inc is a borrower were trading in the secondary market around 74.6
cents-on-the-dollar during the week ended Friday, June 16, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $375 million facility is a Term loan that is scheduled to
mature on February 5, 2028. About $367.5 million of the loan is
withdrawn and outstanding.
Whole Earth Brands, Inc. (NASDAQ: FREE) based in Chicago, Illinois,
is a publicly traded global platform of branded products and
ingredients focused on the consumer transition towards healthier
lifestyles, such as free from sugar, natural solutions, plant-based
and clean label.
WINDSOR HOLDINGS III: Fitch Rates New $1.4BB ABL Revolver 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issue Rating of 'BB+'/'RR2'
to Windsor Holdings III, LLC's (d/b/a Univar Solutions) proposed
senior secured notes. Fitch has also assigned an issue rating of
'BB+'/'RR1' to the company's new $1.4 billion senior secured ABL
revolver. The Long-Term Issuer Default Rating for Windsor Holdings
III, LLC is 'BB-', and the Rating Outlook is Stable.
Proceeds from the transaction will be used to fund the company's
USD8.1 billion acquisition by funds managed by affiliates of Apollo
Global Management, L.P., with the remainder of the consideration to
be paid in equity contributions.
The ratings reflect the moderate leverage profile of the pro forma
capital structure, Univar Solutions' leading market positions in
chemicals and ingredients distribution, resilient profit margins
and considerable FCF generation. The rating also considers the
higher potential for future debt-funded M&A under private
ownership.
Fitch's currently outstanding ratings on Univar Solutions, Inc.
(BB+/Watch Negative) will be withdrawn when the full funding
structure is in place and its acquisition has closed. At that time,
all material debt will sit with Windsor Holdings III, LLC.
KEY RATING DRIVERS
Apollo Acquisition: Per a definitive agreement, affiliates of
Apollo Global Management, L.P. (Apollo) will acquire Univar
Solutions at an approximately USD8.1 billion (8.0x Fitch 2022
EBITDA of approximately USD1.0 billion) enterprise value. The
transaction also includes a minority investment from a wholly owned
subsidiary of the Abu Dhabi Investment Authority (ADIA) and is
currently anticipated to close by year-end. The current management
team will continue to lead the company.
The transaction will be financed through a combination of USD3.8
billion in committed equity contributions and committed credit
facilities consisting of a USD1.75 billion seven-year senior
secured Term Loan B, a EUR500 million seven-year senior secured
Term Loan B, $1.8 billion of seven-year senior secured notes, and a
$1.4 billion five-year ABL facility (with $500 million expected to
be drawn at closing).
Durable Increase in Leverage: The 'BB-' rating reflects the new
company's capital structure exhibiting higher pro forma EBITDA
leverage of around 4.5x compared with the pre-transaction capital
structure. Fitch also notes the higher potential for leverage to
increase further with future debt-funded acquisitions under the new
ownership. Fitch's forecast points to EBITDA Leverage peaking at
around 5.3x at YE 2023 driven by weak global demand and normalizing
margins, before trending toward 5.0x thereafter as operating
conditions improve.
Growth-Focused Capital Allocation: Fitch anticipates Univar
Solutions' capital allocation policies to shift toward a focus on
organic and inorganic investments to accelerate growth of the
business. Specifically, a potential increase in future debt-funded
acquisitions or special dividends may further pressure credit
metrics if not balanced with equity contributions. While Fitch
would view increased penetration into stable end-markets as
favorable toward Univar Solutions' business profile, the agency
expects that any leveraging transaction would be immediately
followed up with debt repayment coupled with a clear plan to bring
EBITDA leverage back to the 4.5x-5.5x range within 24 months.
Fitch recognizes the company should still retain substantial
financial flexibility to pursue its strategic priorities through
the ratings horizon. This is supported by expectations for the
company to generate strong FCF, and an ability to reduce capex
spending to preserve liquidity.
Normalizing Performance, Stable FCF: While Fitch expects a period
of normalization in chemicals pricing over the medium term, Univar
Solutions is still positioned to generate solid earnings over the
period. Additionally, the issuer is expected to benefit from a
counter-cyclical working capital release as volumes and pricing
decline, which should support the issuer's financial flexibility as
operating conditions deteriorate.
Univar Solutions effectively navigated the period of elevated
transportation and logistics costs stemming from global supply
chain constraints seen in 2022, with revenues and EBITDA increasing
by 20% and 45%, yoy respectively, and meaningful market share
gains. The company owning its own transportation fleet provided a
unique advantage over competitors in meeting the needs of customers
and producers, which are increasingly focusing on security of
supply. This, along with increased value-added service penetration,
an optimized digital marketing and e-commerce platform, and a
difficult-to-replicate global supplier network provide further
competitive advantages for Univar Solutions going forward.
Resilient, Market-Leading Margins: The company has successfully
sought to improve EBITDA margins in recent years by pruning or
divesting some of its lower margin or non-core products, investing
in logistics, productivity, revamping its U.S. salesforce and
building out its solutions centers in order to understand and solve
customer needs with more complex solutions. The 2019 Nexeo
acquisition also strengthened Univar Solutions' product portfolio
and provided the opportunity for additional product capture from
existing customers in its more resilient, higher margin, higher
growth markets, including adhesives and sealants, food ingredients,
personal care and pharmaceutical ingredients.
Of note, Univar Solutions reports that its Ingredients & Specialty
business is approximately 40% of gross profit. The company aims to
focus on growing this business through further market share gains
and new partnerships, which should support stronger margins going
forward. Fitch forecasts Univar Solutions to maintain EBITDA
margins around 7%-8% through the forecast horizon.
Fragmented Market Provides Opportunity: Univar Solutions is better
positioned to navigate logistical challenges and counterparty risk
than smaller competitors given its size, operational scale and
diversification. The global chemical distribution market is highly
fragmented, with an estimated market size of roughly USD200 billion
and the top two distributors accounting for about 10% of the
market. The company maintains the largest chemicals and ingredients
sales force in North America, the broadest product offering and an
increasingly efficient supply chain network, allowing Univar
Solutions to continue to grow by leveraging its footprint to cover
more products, customers and regions.
DERIVATION SUMMARY
Univar Solutions is the second largest global chemical distributor
behind Brenntag and is the largest North American chemical
distributor in a fragmented industry. Fitch compares Univar
Solutions with chemical distributors Brenntag and Blue Tree
Holdings (BB-/Stable), IT distributor Arrow Electronics, Inc.
(BBB-/Stable) and metals distributor Reliance Steel and Aluminum
Co. (BBB+/Stable).
Each of these distributors benefits from significant size, scale
and diversification compared with peers within their markets. Fitch
believes the fragmented nature of, and potential for, continued
outsourcing within chemicals distribution provides Univar Solutions
a unique opportunity to increase market share and capture potential
market expansion. Supported by an unmatched value-added service
offering, Univar Solutions generates stronger EBITDA margins than
Blue Tree and Arrow Electronics.
Fitch views cash flow risk within the distribution industry as
relatively low compared with chemicals producers given the limited
commodity price risk, diversification of customers and end markets,
low annual capex requirements of 1%-2% of revenue and working
capital benefits amid the current down cycle. While technology and
metals distribution market risks differ, the overall operating
performances and cashflow resiliency are similar, with FCF margins
for these distribution peers averaging in the low- to mid-single
digits over the past five years.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within The Rating Case for the Issuer:
- Organic sales decline by around 5% in 2023 driven by lowering
chemicals pricing and weaker global demand, followed by
growth exceeding GDP thereafter;
- EBITDA margin normalizes to the 7% range in 2023 due to
lower pricing coupled with persistent cost inflation,
followed by a trend toward 8% thereafter;
- Strong working capital management leads to a working
capital release in 2023, supporting FCF;
- Capex remains close to 2022 levels, with various growth
projects planned;
- Excess FCF is applied to bolt-on acquisitions.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Gross debt reduction leading to EBITDA Leverage sustained
below 4.5x;
- Balanced allocation of FCF that maintains balance sheet
flexibility along with a commitment to lower leverage.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA Leverage sustained above 5.5x;
- A sustained reduction in EBITDA margins below historical
levels of 6%-7% or ineffective working capital management
leading to weaker FCF generation and financial flexibility;
- A large transformational debt-funded acquisition or dividend
recapitalization where there is no clear path to deleveraging
within 24 months.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Pro Forma Liquidity: Univar Solutions is expected to
maintain sufficient liquidity pro forma for the contemplated
transactions, supported by the issuer's stable FCF profile, high
availability under the new $1.4 billion ABL revolver maturing in
2028, and an adequate cash balance. The company also benefits from
no material debt maturities through the forecast horizon, other
than around USD23 million in annual term loan amortization
payments.
With around 60% of the issuer's pro forma capitalization being
floating rate, the issuer is materially exposed to the perceived
elevated interest rate environment over the medium term.
ISSUER PROFILE
Windsor Holdings III, LLC (d/b/a Univar Solutions) is an issuing
holding company that wholly owns Univar Solutions, Inc. Univar
Solutions is a leading global chemical and ingredients distribution
company and provider of value-added services, working with leading
suppliers worldwide.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery
----------- ------ --------
Windsor Holdings III, LLC
senior secured LT BB+ New Rating RR1
senior secured LT BB+ New Rating RR2
WOUAFF WOUAFF: Gets OK to Hire Reissman Law Group as Counsel
------------------------------------------------------------
Wouaff Wouaff, LLC received approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire The Reissman Law Group,
P.A. to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties in the continued operation of its business and
management of its property;
(b) preparing legal papers and appearing at hearings; and
(c) performing all other necessary legal services for the
Debtor.
The firm's hourly rates are as follows:
Marshall G. Reissman, Esq. $350 per hour
Gabriel K. Silveria, Esq. $250 per hour
Paralegal $160 per hour
The retainer fee is $10,000.
Marshall Reissman, Esq., the firm's attorney who will be providing
the services, disclosed in a court filing that he is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Marshall G. Reissman, Esq.
The Reissman Law Group, P.A.
1700 66th Street North, Suite 405
St. Petersburg, FL 33710
Tel: 727-322-1999
Email: marshall@reissmanlaw.com
About Wouaff Wouaff
Wouaff Wouaff, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01595) on
April 21, 2022, with up to $50,000 in assets and up to $500,000 in
liabilities. Ruediger Mueller serves as Subchapter V trustee.
Judge Michael G. Williamson oversees the case.
Marshall G. Reissman, Esq., at The Reissman Law Group represents
the Debtor as legal counsel.
XPLORNET COMMUNICATIONS: $200M Bank Debt Trades at 47% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Xplornet
Communications Inc is a borrower were trading in the secondary
market around 53.4 cents-on-the-dollar during the week ended
Friday, June 16, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $200 million facility is a Term loan that is scheduled to
mature on October 1, 2029. The amount is fully drawn and
outstanding.
Xplornet Communications Inc operates as a broadband service
provider. The Company offers voice and data communication services
through wireless and satellite networks. Xplornet Communications
serves customers in Canada.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 EZ 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 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)
ARBOR METALS COR ABR CN 0.3 (0.6) (0.2)
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 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 TH 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 GR 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZOEUR EU 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 QT 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZO AV 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 TE 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZO* MM 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZOEUR EZ 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 GZ 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZO-RM RM 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC-BDR AZOI34 BZ 15,597.9 (4,301.6) (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 B2YN34 BZ 986.6 (253.1) 487.1
BEYOND MEAT INC BYND-RM RM 986.6 (253.1) 487.1
BIOCRYST PHARM BO1 TH 509.7 (328.3) 405.7
BIOCRYST PHARM BCRX US 509.7 (328.3) 405.7
BIOCRYST PHARM BO1 GR 509.7 (328.3) 405.7
BIOCRYST PHARM BO1 QT 509.7 (328.3) 405.7
BIOCRYST PHARM BCRXEUR EU 509.7 (328.3) 405.7
BIOCRYST PHARM BCRX* MM 509.7 (328.3) 405.7
BIOCRYST PHARM BCRXEUR EZ 509.7 (328.3) 405.7
BIOTE CORP-A BTMD US 119.1 (83.8) 87.6
BLUE BIRD CORP BLBD US 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB GR 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB GZ 364.3 (1.1) (26.3)
BLUE BIRD CORP BLBDEUR EU 364.3 (1.1) (26.3)
BLUE BIRD CORP BLBDEUR EZ 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB TH 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB QT 364.3 (1.1) (26.3)
BOEING CO-BDR BOEI34 BZ 136,347.0 (15,484.0) 15,301.0
BOEING CO-CED BA AR 136,347.0 (15,484.0) 15,301.0
BOEING CO-CED BAD AR 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA EU 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO GR 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAEUR EU 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA TE 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA* MM 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA SW 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BOEI BB 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA US 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO TH 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA PE 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BOE LN 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA CI 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO QT 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAUSD SW 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO GZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA AV 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA-RM RM 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAEUR EZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA EZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BACL CI 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA_KZ KZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD EB 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD IX 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD I2 136,347.0 (15,484.0) 15,301.0
BOMBARDIER INC-A BBD/A CN 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BDRAF US 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD GR 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD/AEUR EU 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD GZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/B CN 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC GR 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BDRBF US 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC TH 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDBN MM 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/BEUR EU 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC GZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/BEUR EZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC QT 12,441.0 (2,448.0) (196.0)
BOX INC- CLASS A BOX US 1,108.7 (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 BOXEUR EZ 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 TH 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 QT 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CYH1EUR EU 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CYH1EUR EZ 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 GZ 14,623.0 (791.0) 982.0
COMPOSECURE INC CMPO US 185.8 (291.2) 58.1
CONSENSUS CLOUD CCSI US 663.3 (240.7) 70.1
CONTANGO ORE INC CTGO US 17.5 (5.7) 3.5
COOPER-STANDARD CPS US 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 GR 1,943.1 (26.8) 207.5
COOPER-STANDARD CPSEUR EU 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 GZ 1,943.1 (26.8) 207.5
CPI CARD GROUP I PMTS US 298.2 (70.7) 110.9
CPI CARD GROUP I CPB1 GR 298.2 (70.7) 110.9
CPI CARD GROUP I PMTSEUR EU 298.2 (70.7) 110.9
CTI BIOPHARMA CO CEPS QT 112.3 (25.3) 18.2
CTI BIOPHARMA CO CTIC US 112.3 (25.3) 18.2
CTI BIOPHARMA CO CEPS GR 112.3 (25.3) 18.2
CTI BIOPHARMA CO CTIC1EUR EZ 112.3 (25.3) 18.2
CTI BIOPHARMA CO CTIC1EUR EU 112.3 (25.3) 18.2
CTI BIOPHARMA CO CEPS TH 112.3 (25.3) 18.2
CUTERA INC TJ9 GR 499.8 (39.0) 309.7
CUTERA INC CUTR US 499.8 (39.0) 309.7
CUTERA INC TJ9 TH 499.8 (39.0) 309.7
CUTERA INC CUTREUR EU 499.8 (39.0) 309.7
CUTERA INC TJ9 QT 499.8 (39.0) 309.7
CUTERA INC CUTREUR EZ 499.8 (39.0) 309.7
CYTOKINETICS INC CYTK US 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A GR 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A QT 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EU 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A TH 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A SW 889.8 (229.0) 605.4
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
EOS ENERGY ENTER EOSE US 99.7 (175.6) (15.7)
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 1,555.4 (210.8) 203.4
FERRELLGAS-LP FGPR US 1,555.4 (210.8) 203.4
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 GOGOEUR EZ 759.2 (88.1) 262.1
GOGO INC G0G GZ 759.2 (88.1) 262.1
GOOSEHEAD INSU-A GSHD US 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX GR 321.6 (26.0) 18.6
GOOSEHEAD INSU-A GSHDEUR EU 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX TH 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX QT 321.6 (26.0) 18.6
GREEN PLAINS PAR GPP US 137.8 (0.1) 6.2
GROUPON INC GRPN US 650.6 (24.5) (184.1)
GROUPON INC GRPN* MM 650.6 (24.5) (184.1)
GUARDANT HEALTH GH US 1,511.6 (44.6) 900.3
GUARDANT HEALTH GH* MM 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH TH 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GR 1,511.6 (44.6) 900.3
GUARDANT HEALTH GHGBPEUR EU 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GZ 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH QT 1,511.6 (44.6) 900.3
H&R BLOCK - BDR H1RB34 BZ 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB US 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB GR 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB TH 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB QT 3,157.9 (36.4) 187.2
H&R BLOCK INC HRBEUR EU 3,157.9 (36.4) 187.2
H&R BLOCK INC HRBCHF SW 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
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
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
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)
JACK IN THE BOX JACK1EUR EZ 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
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 (14,710.0) 4,708.0
LOWE'S COS INC LOW US 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE TH 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE QT 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOWEUR EU 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE GZ 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOW* MM 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE TE 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOWE AV 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOWEUR EZ 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOW-RM RM 45,917.0 (14,710.0) 4,708.0
LOWE'S COS-BDR LOWC34 BZ 45,917.0 (14,710.0) 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
LUMINE GROUP INC LMN CN 1,579.7 (2,264.4) (2,905.1)
LUMINE GROUP INC LMGIF US 1,579.7 (2,264.4) (2,905.1)
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
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 58.6 (44.6) 30.7
NATHANS FAMOUS NFA GR 58.6 (44.6) 30.7
NATHANS FAMOUS NATHEUR EU 58.6 (44.6) 30.7
NEW ENG RLTY-LP NEN US 385.0 (64.9) -
NIOCORP DEVELOPM NB CN 33.1 (13.9) 3.5
NIOCORP DEVELOPM NB US 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)
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)
PANAMERA HOLDING PHCI US 0.0 (0.1) (0.1)
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 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)
SBA COMMUN - BDR S1BA34 BZ 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
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)
SOUNDHOUND AI-A SOUN US 72.8 2.4 11.7
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
TABULA RASA HEAL TRHC US 355.6 (70.9) 56.6
TABULA RASA HEAL 43T GR 355.6 (70.9) 56.6
TABULA RASA HEAL TRHCEUR EU 355.6 (70.9) 56.6
TABULA RASA HEAL 43T TH 355.6 (70.9) 56.6
TABULA RASA HEAL 43T GZ 355.6 (70.9) 56.6
TRANSAT A.T. TRZ CN 2,509.3 (834.0) (100.3)
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
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 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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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***