/raid1/www/Hosts/bankrupt/TCR_Public/230627.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 27, 2023, Vol. 27, No. 177
Headlines
3RD MILLENNIUM: FIles for Chapter 11; Landlord Seeks Dismissal
4052 INVESTORS: Files Bare-Bones Chapter 11 Petition
421 KENT: Condominium Units Up for Auction on July 25
451 HANCOCK: Ronald Friedman Named Subchapter V Trustee
ACCESS CIG: Moody's Affirms 'B3' CFR, Outlook Remains Stable
AEARO TECHNOLOGIES: 3M Asks 11th Cir. to Reverse $50M Verdict
AEGIS TOXICOLOGY: Moody's Lowers CFR & First Lien Term Loan to B3
AGS PRO: Taps Miller Law Partners as Special Counsel
AIR METHODS: $1.25B Bank Debt Trades at 62% Discount
ALLIED HEALTHCARE: Taps Forvis LLP as Financial Advisor
AMERICAN TIRE: Fitch Alters Outlook on 'B-' LongTerm IDR to Neg.
AMERICANAS SA: Expected to Ink Deal With Creditors in September
AMERICANAS SA: Still Committed to Constructive Talks With Creditors
AR LANDSCAPING: Christopher Simpson Named Subchapter V Trustee
ARIEL LLC: Case Summary & Five Unsecured Creditors
ASP BLADE: MetWest UBF Marks $518,765 Loan at 16% Off
ATENTO SA: Reaches Agreement with Key Stakeholders on Restructuring
AUGUST LILLY: Seeks to Hire BluePoint Financial as Accountant
AVEANNA HEALTHCARE: MetWest UBF Marks $3.2M Loan at 15% Off
BANQ INC: Brian Shapiro Named Subchapter V Trustee
BANYAN CAY: Unsecureds Wil Get 1% to 20% of Claims in Plan
BARFIELD CONTRACTING: U.S. Trustee Says Plan Not Feasible
BEDFORD HOLDINGS: Gerard Luckman Named Subchapter V Trustee
BESTWALL LLC: 4th Circuit Okays Asbestos Suits vs. Georgia Pacific
BITTREX INC: Wants SEC to Name Price Ending Enforcement Suit
BRAZOS PRESBYTERIAN: Fitch Affirms 'BB+' IDR, Outlook Stable
BUILT ON THE ROCK: Combined Disclosure & Plan Approved by Judge
CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 26% Discount
CE BRANDS: Unit Opts for Voluntary Assignment Into Bankruptcy
CENTER FOR AUTISM: July 19 Combined Hearing on Disclosure & Plan
CINEWORLD FINANCE: MetWest TRB Marks $1.9M Loan at 84% Off
CINEWORLD GROUP: Court Approves Ad Deal With CInemedia
CLARK ATLANTA: Moody's Affirms 'Ba1' Issuer Rating, Outlook Stable
CLEARY PACKAGING: June 27 Hearing on Disclosure Statement
COALESCE MEDIA: Case Summary & Eight Unsecured Creditors
COLOR CRAFT: Case Summary & 20 Largest Unsecured Creditors
CONGREGATION COFFEE: Commences Subchapter V Bankruptcy
CORE SCIENTIFIC: Files Bankruptcy Exit Plan
CROWN FINANCE: EUR607M Bank Debt Trades at 84% Discount
CYSTERA TECHNOLOGIES: Court Okays New Sale Process
DEAL GENIUS: July 12 Public Auction for Assets Set
DECISION POINTE: Gets OK to Hire Ocean Tomo as Appraiser
DIAMANTE ENTERPRISES: Taps Van Horn Law Group as Bankruptcy Counsel
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 80% Discount
ENVISION HEALTHCARE: Says Ch. 11 Blocks Medical Practice Suit
EVERI HOLDINGS: Fitch Affirms 'BB-' IDR, Outlook Stable
FIRE & FLOWER: Commences Sale and Investment Solicitation Process
FIRST EAGLE: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
FITNESS FACTORY: Case Summary & 14 Unsecured Creditors
FTX TRADING: Incurs More Than $120-Mil. Advisor Fees in Chpater 11
FTX TRADING: Releases Second Investigative Report
GENESISCARE USA: EUR500M Bank Debt Trades at 85% Discount
GREELEY LAND: Taps Newmark Valuation & Advisory as Appraiser
HEARTBRAND HOLDINGS: Augsut 9 Plan & Disclosure Hearing Set
HICKORY HILLZ: Judy Wolf Weiker Named Subchapter V Trustee
IEH AUTO PARTS: Plan Confirmed After Committee Settlement
IVY CAPITAL: Lynn Andrews Named Subchapter V Trustee
IYS VENTURES: Hires N & G Services Inc. as Accountant
IYS VENTURES: Taps Gregory K. Stern P.C. as Legal Counsel
JANE STREET: S&P Upgrades ICR to 'BB' on Improved Capital Position
JONATHAN RON: Liquor License Sale Proceeds to Fund Plan
KDC AGRIBUSINESS: Do Good Foods Files for Chapter 11
KDC AGRIBUSINESS: June 27 Deadline Set for Panel Questionnaires
KING INTERPRETING: U.S. Trustee Says Plan Not Feasible
KW INTERNATIONAL: Files for Chapter 11 Bankruptcy
LANNETT COMPANY: Committee Taps Dundon as Financial Advisor
LANNETT COMPANY: Committee Taps Kilpatrick as Co-Counsel
LANNETT COMPANY: Committee Taps Womble Bond Dickinson as Counsel
LERETA LLC: Moody's Affirms 'B2' CFR, Outlook Remains Stable
LINCOLN POWER: Class 4B Unsecureds Will Get 0.10% to 0.12% in Plan
LITIGATION PRACTICE: Trustee Seeks OK to Hire Bicher & Associates
LITIGATION PRACTICE: Trustee Taps Dinsmore as Special Counsel
MATRIX PARENT: $160M Bank Debt Trades at 54% Discount
MATRIX PARENT: $380M Bank Debt Trades at 32% Discount
MAVENIR SYSTEMS: $145M Bank Debt Trades at 25% Discount
MAVENIR SYSTEMS: $585M Bank Debt Trades at 25% Discount
MCLEAN AFFILIATES: Fitch Affirms 'BB+' IDR, Outlook Stable
MEGNA REAL ESTATE: John-Patrick Fritz Named Subchapter V Trustee
MICKEYS SPORTS: Frances Smith Named Subchapter V Trustee
MODERN POTOMAC: Lands in Chapter 11 Bankruptcy
MODERN POTOMAC: Taps Richard Hall as Bankruptcy Attorney
MR. G'S PROPERTIES: Files for Chapter 11 to Stop Foreclosure
MY MORTGAGE: FSRA Initiates Enforcement Action Due to Bankruptcy
NEW JERSEY VISION: Mark Politan Named Subchapter V Trustee
NEW MING: Ming's Supermarket Seeks Chapter 7 Bankruptcy
NEW TROJAN: $605M Bank Debt Trades at 45% Discount
NOVUS STRUCTURES: Taps Gregory K. Stern P.C. as Legal Counsel
ONH 14 53RD: Brooklyn Property Set for August 9 Auction
OXBOW PROPERTIES: Case Summary & Six Unsecured Creditors
P&P CONSTRUCTION: Committee Taps Streusand as Legal Counsel
PEER STREET: Case Summary & 20 Largest Unsecured Creditors
PHOENIX TELECOM: Jerrett McConnell Named Subchapter V Trustee
PLUMBING TECHNOLOGIES: Heidi Sorvino Named Subchapter V Trustee
PRIMAL CRUSHING: Brad Odell Named Subchapter V Trustee
PRIMAL MATERIALS: Brad Odell Named Subchapter V Trustee
RACKSPACE TECHNOLOGY: $2.30B Bank Debt Trades at 54% Discount
RAY'S AUTO: Richard Furtek Named Subchapter V Trustee
RIVER ISLAND COUNTRY CLUB: Closes, Considers Chapter 11 Filing
RIVER SPRINGS CHARTER: Moody's Affirms Ba2 on 2015A/2017A Bonds
RLG HOLDINGS: Moody's Rates $35MM First Lien Term Loan Add-on 'B2'
RODGERS COMPANIES: Areya Holder Aurzada Named Subchapter V Trustee
SABRE GLBL: $404M Bank Debt Trades at 22% Discount
SALEM MEDIA: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
SCHILLER KNAPP: Seeks to Hire Boyle Legal as Counsel
SERTA SIMMONS: Citadel, Lenders Fail to Stay Approved Plan
SINCLAIR TELEVISION: $740M Bank Debt Trades at 20% Discount
SKAGIT VALLEY MALTING: Closes Doors, Filing for Chapter 7
SPIN HOLDCO: $2B Bank Debt Trades at 15% Discount
SPIN HOLDCO: MetWest UBF Marks $3.6M Loan at 16% Off
STARWOOD PROPERTY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
SURGALIGN: Gets NASDAQ Delisting Notice Following Ch.11 Filing
SVB FINANCIAL: To Sell Securities to Management Team
SWARMIO MEDIA: Files for CCAA Protection, Court Okays DIP Loan
SWF HOLDINGS I: Moody's Affirms B3 CFR & Alters Outlook to Negative
T4L INC: Seeks to Hire Martin Law Firm as Counsel
TAHOE LAKE LOVE: David Sousa Named Subchapter V Trustee
TESSEMAE'S LLC: Unsecureds Recovery "TBD" in Liquidating Plan
TITAN INTERNATIONAL: Moody's Ups CFR to B1 & Alters Outlook to Pos.
TRAVEL LEADERS: Moody's Ups CFR to B3 & Alters Outlook to Positive
UNC HEALTH: S&P Lowers Revenue Bonds Long-Term Rating to 'BB'
URS HOLDCO: S&P Downgrades ICR to 'SD' on Distressed Exchange
US RENAL: MetWest UBF Marks $246,250 Loan at 32% Off
VEGASNAP LLC: Edward Burr Named Subchapter V Trustee
VICE GROUP: Court Okays Asset Purchase Agreement with Lenders
VITAL PHARMACEUTICALS: Owns Disputed Social Media Accounts
VYERA PHARMACEUTICALS: Sues to Stop Sale of Shkreli's Shares
WATER MARBLE: Taps Smith Hulsey & Busey as New Counsel
WEX INC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
WINC INC: Amends Disclosure Statement; Plan Hearing August 3
WIRECO WORLDGROUP: S&P Affirms 'B' ICR on Healthy End Markets
WORCESTER COUNTRY: Files Amendment to Disclosure Statement
XPLORNET COMMUNICATIONS: $200M Bank Debt Trades at 49% Discount
XTRADE SALES: Neema Varghese Named Subchapter V Trustee
[*] Burns & Levinson's Scott Moskol Named to 2023 Lawdragon 500
[^] Large Companies with Insolvent Balance Sheet
*********
3RD MILLENNIUM: FIles for Chapter 11; Landlord Seeks Dismissal
--------------------------------------------------------------
3rd Millennium Surgery Center LLC filed for chapter 11 protection
in the District of Puerto Rico.
The Puerto Rico Convention Center District Authority immediately
filed a motion for the dismissal of the case.
According to the Authority, the case is nothing short of a
two-party dispute between the Debtor and the Authority. The
Authority was Debtor's landlord pursuant to a Ground Lease and
Development Agreement dated Nov. 4, 2016. Due to Debtor's blatant
and undisputed non-compliance with the explicit terms and
conditions of the Lease, the Authority proceeded to issue a notice
of default on Nov. 7, 2019, granting Debtor the contractually
agreed cure period of 30 days. Due to Debtor's failure to cure,
including, but not limited to, the Debtor's failure to provide the
Authority with a duly authorized Certificate of Need and
Convenience (Certificado de Necesidad y Convenicencia or "CNC")
duly emitted to Debtor by the Secretaría Auxiliar para
Reglamentacion y Acreditacion de Facilidades de Salud ("SARAFS")
Division of the Puerto Rico Department of Health, as was required
under the Lease, the Lease was terminated, pursuant to its own
terms and conditions.
Notwithstanding the clear and undisputed termination of the Lease,
the Debtor refused to withdraw the inscription of the Lease from
the Puerto Rico Property Register. As such, the Authority was
forced to file a Complaint for Declaratory Judgment in the Superior
Court of San Juan, in order to correct the Property Register.
After a series of filings with the sole purpose of delaying the
inevitable, the Superior Court of San Juan imposed a deadline for
the Debtor to answer both the Complaint and the motion for summary
judgment filed by the Authority. Said deadline was set for June 9,
2023.
Just three days before the deadline, and in another frivolous
attempt to delay its fate, Debtor proceeded to file the bankruptcy
case on June 6, 2023.
"This two-party dispute remains a strenuous and skirmishing fight
that does not belong in this Bankruptcy Court. The captioned case
was filed in bad faith to evade or delay a ruling from the San Juan
Superior Court and interrupt ongoing state court proceedings. As
such, this bad faith filing constitutes cause for dismissal under
Section 1112(b)(1) of the Bankruptcy Code," the Authority said in
court filings.
According to court filings, 3rd Millennium Surgery Center has
$1,600,001 in debt owed to 1 to 49 creditors. The petition states
that funds will be available to unsecured creditors.
About 3rd Millennium Surgery Center
3rd Millennium Surgery Center LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)). It owns leasehold interest
in parcels E1 & E2 of the P.R. Convention Center valued at $30
million.
3rd Millennium Surgery Center LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 23-01737) on June
6, 2023. In the petition filed by Hector Lopez Quinones, as
authorized representative of the Debtor, the Debtor reports total
assets of $30,000,000 and total liabilities of $1,600,001.
The Honorable Bankruptcy Judge Edward A Godoy oversees the case.
The Debtor is represented by:
Rafael A. Gonnzalez Valiente, Esq.
GODREAU & GONZALEZ LAW
2 Vela St.
Esquire Bldg. PH-2
San Juan, PR 00918
Tel: (787) 726-0077
Email: rgv@g-glawpr.com
4052 INVESTORS: Files Bare-Bones Chapter 11 Petition
----------------------------------------------------
4052 Investors LLC filed for chapter 11 protection in the Northern
District of California without stating a reason.
According to court filings, 4052 Investors LLC has $5,674,792 in
debt owed to 1 to 49 creditors. The petition states that funds
will not be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 11, 2023, at 1:00 PM via Tele/Videoconference -
ww.canb.uscourts.gov/calendars.
Proofs of claim are due by Oct. 10, 2023.
About 4052 Investors LLC
4052 Investors LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)). The Debtor owns property located at 150
Brookwood Rd, Woodside, CA valued at $6.85 million.
4052 Investors LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-50601) on June 7,
2023. In the petition filed by Dan Shaw, as manager, the Debtor
reported total assets of $6,849,085 and total liabilities of
$5,674,792.
The Honorable Bankruptcy Judge M Elaine Hammond oversees the case.
The Debtor is represented by:
Lars T. Fuller, Esq.
The Fuller Law Firm
15700 Winchester Blvd
Los Gatos, CA 95030-3305
Tel: (408) 295-5595
Email: admin@fullerlawfirm.net
421 KENT: Condominium Units Up for Auction on July 25
-----------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted and currently in effect in New York, and on account
of a default under a certain pledge and security agreement dated as
of April 4, 2022 ("security agreement") executed and delivered by
421 Kent Development Holdco LLC ("pledgor") and by virtue of that
certain UCC-1 filing statement made in favor of KM 429 Kent Avenue
US Financing LLC ("Secured Party"), Mannion Auctions LLC on behalf
of Secured Party, will offer for sale, at public auction, all
pledgor's right, title, and interest in and to:
i) 100% of the limited liability company membership interest in
421 Kent Development LLC owned by 421 Kent Development Holdco LLC;
and
ii) all other pledged interests.
Secured party's understanding is that the principal asset of the
pledged entity is that certain fee interest in condominium units
designated and described as Unit Nos. TH1, TH5, TH7, TH8, 207, 231,
D315, D327, L32, L52, L61, L62, L63, L65, D720, D725, PH5, 812,
830, 834, and 912 in the building known as Oosten Condominium
located at 421 Kent Avenue, Brooklyn, New York.
Mannion Auctions LLC under the direction of Matthew D. Mannion will
conduct a public sale consisting of the collateral at the offices
of Secured Party's counsel, Herrick, Feinstein LLP, 2 Park Avenue,
New York, New York 10016, on July 25, 2023, at 2:00 p.m. ET., in
satisfaction of an indebtedness in the approximate amount of
$36,211,589.94 including principal, interest on principal, and
reasonable fees and costs, plus default interest through June 5,
2023, subject to open charges and all additional interest, costs,
fees, and disbursements permitted by law. The secured party
reserves the right to (i) credit bid its claim secured by the
collateral; (ii) reject any and all bids found to be made in bad
faith, (ii) cancel the sale in its entirety, and (iv) adjourn the
sale. The collateral will be sold as a block and will not be
divided or sold in any lesser amounts.
Interested parties who would like additional information regarding
the collateral and the terms and conditions of the sale should
contact counsel for secured party, Herrick Feinstein LLP, 2 Park
Avenue, New York, New York 10016, Attn: Avery S. Mehlman, Esq., at
2120592-1400 or by email at amehlman@herrick.com.
451 HANCOCK: Ronald Friedman Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at
SilvermanAcampora, LLP, as Subchapter V trustee for 451 Hancock,
LLC.
Mr. Friedman will be paid an hourly fee of $750 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Friedman declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ronald J. Friedman, Esq.
SilvermanAcampora, LLP
100 Jericho Quadrangle
Ste. 300
Jericho, NY 11753
Email: RFriedman@SilvermanAcampora.com
About 451 Hancock
451 Hancock, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-72066) on June 8,
2023, with $500,001 to $1 million in both assets and liabilities.
The petition was filed pro se.
Judge Robert E. Grossman oversees the case.
ACCESS CIG: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service affirmed all of Access CIG, LLC's
ratings, including the B3 corporate family rating, the B3-PD
probability of default rating, the B2 senior secured first lien
credit facility rating, and the Caa2 senior secured second lien
credit facility rating. The outlook remains stable.
The affirmation of the B3 CFR and stable outlook reflects Moody's
expectation that Access will manage its liquidity prudently over
the next 12-18 months, including by moderating its acquisition
activity until it addresses its upcoming debt maturities. Moody's
anticipates that the company will maintain breakeven free cash flow
over the next 12-15 months. The rating and outlook also reflect the
inherently stable demand for document storage services among the
targeted small business customers, the company's more than 40%
EBITDA margin and a highly recurring revenue model can support very
high debt leverage over the next 12-18 months.
Affirmations:
Issuer: Access CIG, LLC
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured 1st Lien Secured Bank Credit Facility, Affirmed B2
Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa2
Outlook Actions:
Issuer: Access CIG, LLC
Outlook, Remains Stable
RATINGS RATIONALE
Access' B3 CFR reflects its very high debt-to-EBITDA leverage,
estimated at 8.8 times as of March 31, 2023 (Moody's adjusted and
excluding acquisitions and integration expenses), the refinancing
risk associated with the upcoming debt maturities that begins with
the revolver expiring in November 2024, a modest revenue base and
its aggressive growth strategy that relies on frequent debt
issuances, as well as its narrow business focus. The rating also
reflects long-term secular risks related to the shift away from
paper records toward electronic media by its small business
customers. New customer growth has come primarily from small,
debt-funded, tuck-in acquisitions. These transactions result in
substantial acquisition-related and relocation expenses that limit
free cash flow generation. Access' governance risk will continue to
weigh down on the rating given its tolerance for high financial
leverage and its debt-funded acquisition appetite.
The rating benefits from the company's highly recurring records
storage revenue (63% of total revenue) that provides stability
through various cycles, its high EBITDA margin (Moody's adjusted)
above 40% as of March 31, 2023, and Moody's expectation for
low-to-mid-single digit percentage organic revenue expansion in
outsourcing of document storage in the small and medium-sized
enterprises ("SME") market segment, largely driven by pricing
growth. Access' revenues have high geographic and customer
diversity with historically strong client retention rates that
exceed 95%.
Moody's expects Access will maintain an adequate liquidity over the
next 12-15 months. As of March 31, 2023, Access had $111.5 million
of cash and full capacity under its $60 million revolving credit
facility due November 2024. Given the company's high interest
expense burden, Moody's anticipates that free cash flow will remain
breakeven to slightly positive over the next 12-15 months. The
company's current cash sources are sufficient to cover required
annual debt amortization on the first lien term loan of around
$11.8 million, paid quarterly. There are no financial maintenance
covenants applicable to the term loans. The revolver is subject to
a springing 7.0x maximum first lien net leverage ratio when
utilization exceeds 35% of the facility. As of March 31, 2023, the
first lien net leverage ratio was 4.67x. Moody's does not expect
the covenant to be triggered over the next 12-15 months and
believes that there would be adequate cushion within the covenant
level if it were measured.
The affirmation of the B2 rating on the first lien credit facility
(revolver and term loan), one notch above the company's B3 CFR,
reflects the support provided by the second lien term loan, which
has a subordinate lien on the collateral package relative to the
first lien debt. The first lien credit facility benefits from first
priority security interest in substantially all assets of the
issuer and its material domestic subsidiaries (the company has a
modest asset base in Canada, Panama, Costa Rica and Brazil).
The affirmation of the Caa2 rating on the second lien term loan,
two notches below the company's B3 CFR, reflects the significant
amount of first lien debt in the capital structure. The second lien
term loan has a second priority security interest in the same
collateral that secures the first lien term loan.
The stable outlook reflects Moody's view that the company's credit
metrics will slightly improve over the next 12-18 months driven by
organic revenue and earnings growth in a low-to-mid-single digit
percentages range. Moody's also anticipates in the stable outlook
that Access will maintain at least adequate liquidity and begin to
address its upcoming debt maturities in the fall of 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if operational challenges lead to
material top-line and earnings pressure such that EBITA to interest
expense (Moody's adjusted) falls below 1.0 time, or liquidity
deteriorates, including through increased revolver usage or an
inability to restore and sustain positive free cash flow
generation. The ratings could also be pressured if the company does
not begin to address upcoming debt maturities by the end of 2023.
Profitable revenue growth that leads to a material reduction in
leverage, free cash flow in excess of 5% of total debt (Moody's
adjusted) and more balance financial policy is necessary for an
upgrade. The upgrade would also require the company to extend its
debt maturity profile on commercially viable terms.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Boston, MA, Access provides Records and
Information Management services primarily to the SME segment in the
U.S., Canada and Latin America. Access is owned by Berkshire
Partners, GI Partners and management. The company generated annual
GAAP revenue of $513 million for the twelve months ended March 31,
2023.
AEARO TECHNOLOGIES: 3M Asks 11th Cir. to Reverse $50M Verdict
-------------------------------------------------------------
Daniel Wilson of Law360 reports that 3M Co. urged the Eleventh
Circuit on Tuesday, June 13, 2023, to overturn a $50 million
verdict from a bellwether trial over allegedly defective earplugs,
arguing that the trial court made several substantial errors and
that it should be immune as a government contractor.
About Aearo Technologies
Aearo Technologies -- https://earglobal.com/en -- is a 3M company
that designs, manufactures, and sells personal protection
equipment. The Company offers prescription and non-prescription
safety eye wear, face shields, hard hats, and respirators. Aearo
serves customers worldwide.
To address claims related to the Combat Arms Earplugs Version 2,
Aearo Technologies LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 22-02890) on July 26, 2022. In the petition filed by John R.
Castellano, as authorized signatory, Aearo Technologies estimated
assets and liabilities between $1 billion and $10 billion each.
3M is not a debtor in the Chapter 11 cases. 3M has committed $1
billion to fund a trust allocated for Combat Arms claims.
Kirkland & Ellis LLP is serving as legal counsel and AlixPartners
LLP is serving as restructuring advisor to Aearo Technologies. Ice
Miller LLP, is serving as bankruptcy co-counsel to the Debtors.
Kroll is the claims agent.
PJT Partners is serving as financial advisor and White & Case LLP
is serving as legal counsel to 3M.
* * *
U.S. Bankruptcy Judge Jeffrey Graham in Indianapolis in early June
2023, dismissed the bankruptcy case of Aearo Technologies,
rejecting an effort to resolve nearly 260,000 lawsuits alleging
that 3M military earplugs caused hearing loss for veterans and U.S.
service members. Judge Graham ruled that Aearo, as a
well-supported subsidiary of 3M, enjoys a "greater degree of
financial security than warrants bankruptcy protection."
AEGIS TOXICOLOGY: Moody's Lowers CFR & First Lien Term Loan to B3
-----------------------------------------------------------------
Moody's Investors Service downgraded Aegis Toxicology Sciences
Corporation's ratings, including its Corporate Family Rating to B3
from B2, its Probability of Default Rating to B3-PD from B2-PD and
its senior secured first lien rating to B3 from B2. The outlook
remains stable.
The ratings downgrade reflects Moody's expectation for a
significant decline in earnings in 2023 as revenue from COVID-19
testing rapidly contracts which will not be fully offset by the
growth in Aegis' core toxicology business. As a result, Moody's
expects that Aegis' leverage will increase to 5.5x in 2023, up from
1.3x in the twelve months ended March 31, 2023. Furthermore, the
downgrade reflects a deterioration in liquidity as the revolving
credit facility has expired in May 2023 limiting the company's
external liquidity sources. While liquidity is supported by $11
million of cash on hand (as of March 31, 2023), it leaves the
company vulnerable in the event of an unforeseen decline in cash
generation.
Social and governance considerations are material to the rating
action. This reflects a swifter than anticipated contraction in
COVID revenue. Governance considerations include management
decision to let the revolver expire, which will constrain
liquidity.
Downgrades:
Issuer: Aegis Toxicology Sciences Corporation
Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Senior Secured 1st Lien Term Loan, Downgraded to B3 from B2
Outlook Actions:
Issuer: Aegis Toxicology Sciences Corporation
Outlook, Remains Stable
RATINGS RATIONALE
Aegis's B3 CFR is constrained by the company's small size relative
to much larger competitors, and its focus on toxicology testing,
notwithstanding its recent expansion into COVID testing. The
toxicology industry has faced challenges in the past and Moody's
believes it will continue to face longer term pricing pressure and
the potential for meaningful Medicare rate cuts after 2023. Moody's
expects that Aegis's earnings will contract substantially as the
demand for COVID testing has declined and that financial leverage
will increase, but that debt/EBITDA will be sustained below 5.5x.
Moody's expects Aegis to maintain adequate liquidity reflecting the
absence of revolving credit facility that expired in May 2023 and
little free cash flow in 2023. However, liquidity is supported by
$11 million of cash as of March 31, 2023. Aegis also faces growing
refinancing risk as its first lien term loan expires in May 2025.
The stable outlook reflects Moody's view that Aegis will maintain
adequate liquidity and that leverage will increase but will be
sustained below 5.5x over the next 12 to 18 months.
Aegis' CIS-4 indicates that ESG considerations are material to the
rating. This reflects significant exposure to social risk
considerations (S-4). For example, Aegis is exposed to government
reimbursement rates and efforts to curb healthcare spending which
represent headwinds for earnings. Furthermore, social risk
considerations reflect Aegis' handling of confidential patient
data, which puts the company's reputation at risk in the event of a
cyberattack. Reputational harm can also come from fraud and abuse
that has been an issue in the laboratory drug testing industry.
That said, these risks are mitigated to some extent by positive
social considerations include Aegis' testing for synthetic opioids.
Turning to governance (G-4), Aegis's private equity ownership and
aggressive financial policies are factors that weigh on its rating.
Mitigating this risk inherent to private equity-owned companies is
management's use of excess cash during the pandemic to pay down
debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if Aegis' liquidity deteriorates,
or if Aegis fails to generate consistent positive free cash flow.
The ratings could also be downgraded if Aegis fails to grow its
business while maintaining profitability.
The ratings could be upgraded if the company demonstrates a
material expansion in scale and sustains solid growth in earnings
and cash flow. Specifically, debt/EBITDA sustained below 5.0x could
support an upgrade.
Aegis Toxicology Sciences Corporation, headquartered in Nashville,
TN, is a specialty toxicology laboratory providing services to the
healthcare, sports, workplace and biopharma industries. Aegis
Toxicology Sciences Corporation is privately-owned by affiliates of
financial sponsor ABRY Partners II, LLC (ABRY). Aegis Toxicology
Sciences Corporation generated revenue of approximately $360
million in the last twelve months to March 31, 2023.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
AGS PRO: Taps Miller Law Partners as Special Counsel
----------------------------------------------------
AGS PRO, Inc. seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Miller Law Partners, P.C.
as special employment counsel.
The Debtor needs the firm's legal assistance in connection with the
following cases:
-- Baker v. AGS Protect, Inc., LASC Case No. 21SMCV01109;
-- Gasaway v. Andrews Global Security, AAA Case No.
01-23-0000-1122; and
-- Soto Espino, et al. v. AGS Protect, Inc., et al., LASC Case
No. 22STCV15457.
The firm will be paid at these rates:
Lee Miller $575 per hour
Nate Loakes $450 per hour
Lee Miller, Esq., a partner at Miller Law Partners, 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:
Lee A. Miller, Esq.
Miller Law Partners, P.C.
21600 Oxnard Street, Suite 380
Woodland Hills, CA 91367
Tel: (818) 279-6600
Fax: (818) 279-6601
Email: lmiller@millerlawpartners.com
About AGS PRO
AGS Pro, Inc. provides security services throughout the United
States and internationally with strategic alliance partnerships.
Its services include commercial security, estate security and
special events. The Debtor's headquarters is located at 6133
Bristol Parkway, Suites 175 and 280, Culver City, Calif.
AGS Pro sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-12236) on April 13, 2023. In
the petition signed by its chief executive officer, Lee Andrews,
the Debtor disclosed $1 million to $10 million in assets and $10
million to $50 million in liabilities.
Judge Deborah J. Saltzman oversees the case.
The Debtor tapped Aaron E. de Leest, Esq., at Danning, Gill, Israel
& Krasnoff, LLP as bankruptcy counsel; Benedon & Serlin, LLP and
Miller Law Partners, P.C. as special counsels; and Weaver and
Tidwell, LLP as accountant.
AIR METHODS: $1.25B Bank Debt Trades at 62% Discount
----------------------------------------------------
Participations in a syndicated loan under which Air Methods Corp is
a borrower were trading in the secondary market around 37.6
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on April 21, 2024. About $1.18 billion of the loan is
withdrawn and outstanding.
Air Methods Corporation provides ambulance services. The Company
offers emergency medical services by air transport.
ALLIED HEALTHCARE: Taps Forvis LLP as Financial Advisor
-------------------------------------------------------
Allied Healthcare Products, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Missouri to employ
Forvis, LLP as its financial advisor.
The Debtor requires a financial advisor to:
-- review financial forecasts and other financial information
created by the Debtor;
-- assist in populating the data room (SmartRoom) with diligence
items;
-- support in developing non-legal schedules to asset purchase
agreement; and
-- assist in developing responses to common questions from
potential buyers.
The firm will receive a retainer in the amount of $35,000.
Kevin Hamernik, a partner at Forvis, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Kevin Hamernik
Forvis, LLP
201 N. Illinois Street, Suite 700
Indianapolis, IN 46204
Tel: (317) 383-4000
Fax: (317) 383-4200
About Allied Healthcare Products
Allied Healthcare Products Inc. is a manufacturer of AHP300
transport ventilator, carbon dioxide absorbent, suction regulators
and aspirators, ventilators, emergency products, and medical gas
systems. The company is based in Saint Louis, Mo.
Allied Healthcare Products filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No.
23-41607) on May 8, 2023, with $10 million to $50 million in both
assets and liabilities. Akash Amin, president and chief
restructuring officer, signed the petition.
Judge Brian C. Walsh oversees the case.
The Debtor tapped Spencer Fane LLP as bankruptcy counsel;
MorrisAnderson & Associates, Ltd. as restructuring management and
financial advisor; and Ravinia Capital, LLC as broker and
investment banker.
AMERICAN TIRE: Fitch Alters Outlook on 'B-' LongTerm IDR to Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed ATD New Holdings, Inc. and American Tire
Distributors, Inc.'s (collectively ATD) Long-Term Issuer Default
Ratings (IDRs) at 'B-'. Fitch has also affirmed ATD's senior
secured revolving and FILO ABL facilities at 'BB-'/'RR1' and senior
secured term loans at 'B-'/'RR4'. The Rating Outlook has been
revised to Negative from Stable
The Negative Outlook reflects the weakening in credit metrics and
cash flow resulting from a mix of working capital and market
challenges beginning in late 2022. In FY 2023, Fitch forecasts
EBITDAR coverage of 1.2x, EBITDAR leverage above 7.0x and tighter
availability under the revolving ABL facility. Near-term liquidity
is adequate and ATD's improvement plan appears credible but relies
on multifaceted execution. Fitch also considers the resiliency of
replacement tire demand, the competitive distribution market, and
the tail risk of volume loss from Goodyear Tire's acquisition of
supplier, Cooper Tire.
KEY RATING DRIVERS
Outlook Revised to Negative: The Outlook revision to Negative
reflects Fitch's expectation that credit metrics could remain weak
in FY 2023 and potentially longer. Working capital challenges,
supply chain inefficiencies, trade-downs in product mix and
inflationary pressures have driven negative FCF, which was
particularly low in FY 2022. As a result, ATD drew heavily on its
revolving ABL facility leading to EBITDAR coverage trending in the
low-to-mid 1.0x range, EBITDAR leverage in the high 7.0x range and
revolver capacity in the low-20% to low-30% range.
Ongoing challenges in executing against ATD's operating improvement
expectations slated for 2H 23, namely working capital unwind and
growth and profitability improvement, would likely lead to a
downgrade. However, a sustained trajectory of operating improvement
supporting deleveraging and improved financial flexibility could
lead Fitch to stabilize the Outlook.
Weak FCF, Potential Turnaround: Fitch forecasts FCF of about $140
million in FY 2023, a sharp recovery from deeply negative levels in
FY 2022. However, Fitch is cautious given the improvement is
predicated on strong execution in 2H23, on recognizing new business
wins and benefits from cost reduction actions, improvements in
inventory and trade payables providing a large source of funds,
and, to a lesser extent, modest improvement in end market
conditions. Challenges in executing on these expectations would
reduce ATD's capacity to strengthen credit metrics and liquidity.
FCF and financial flexibility will also be sensitive to the
interest rate environment, given the reliance on floating rate
debt. EBITDAR coverage is expected to dip to 1.2x, down from 1.5x
in FY 2022, before potentially recovering to the mid-1.0x in FY
2024. While hedges moderate exposure to higher interest rates,
rates sustained near current levels could leave coverage at the
weak end of the rating thresholds.
Liquidity and Refinancing Concerns Moderated: At 1Q23, ATD had $344
million of liquidity, which Fitch views as adequate in the near
term given the first maturity is scheduled in 2026, allowing time
to improve performance. However, Fitch sees liquidity at risk of a
further reduction in revolver availability due to ATD's fixed
charge coverage incurrence covenant set at 1.0x, which is triggered
when ABL availability tightens to the greater of 10% or $70
million. Actual results in 1Q23 were in the low-1.0x range. Fitch
estimates availability would shrink to the low-20% range on a pro
forma 1Q23 basis if bank-calculated coverage falls below 1.0x.
Near Term Leverage Above 7.0x: EBITDAR leverage is expected to be
about 7.7x in FY 2023, down from 7.9x in FY 2022, but well above
the 5.9x in FY 2021. Fitch expects FCF to be directed to
deleveraging over the next couple of years as ATD focuses on
managing its capital structure. Challenges in recouping
profitability and working capital could lead to an extended period
of high leverage, although a sustained turnaround in operating
performance could lead to EBITDAR leverage in the mid-to-high 5x
range in the medium term.
Demand Resilient Despite Challenges: The consumable nature of
tires, the non-discretionary need to replace worn tires and
correlation of tire shipments to the historically consistent level
of vehicle miles travelled, support the potential stability in
ATD's demand and earnings profile. However, there is sensitivity to
product mix and weaker consumer confidence, which has recently
pushed purchasing trends toward value-oriented products, and can
create a need to shift inventory mix.
Inherent Business Model Risks: As a distributor, ATD is in a
competitive market that limits profitability to relatively lower
levels. The company has a concentrated supplier base that exposes
the business to disruptions or aggressive actions in the product
category that could pressure cash flows. The risk is highlighted by
the 2018 debt restructuring that resulted from large vendors
setting up a competing platform.
This ongoing risk is partially mitigated by ATD's large network
scale, which makes it attractive for national distribution and
solid presence with smaller regional and local customers that are
more difficult to reach. ATD has also invested in developing
logistics and digital services to offer further value to
customers.
Tail Risk from Cooper Acquisition: The acquisition of key supplier,
Cooper Tire, by Goodyear Tire and Rubber introduces the risk that
Goodyear may shift Cooper volumes away from ATD and towards its
in-house distribution platform, TireHub. To date there have not
been any negative announcements, though Goodyear's distribution
strategy for Cooper could still be developing as it integrates the
business. The risk is mitigated by ATD's sturdy relationship with
Cooper's brands and the use of Cooper to manufacture ATD's in-house
brands, Hercules and Ironman.
DERIVATION SUMMARY
Fitch compares ATD to other high yield industrial distributors as
well as larger alternative automotive parts distributor LKQ
Corporation (LKQ; BBB-/Stable). Supply chain conditions have been
challenging recently for many high yield distributors, often due to
import heavy product sourcing driving long lead times, as well as
unusually high inflation that has pressured typical margin
characteristics. Pressures on ATD have been acute and lasted longer
than anticipated. Similar to high yield distribution peers, ATD's
ratings reflect the competitiveness of the distribution market that
limits profitability, although it has a decent degree of customer
and vendor diversification for the rating category.
Fitch expects ATD's EBITDAR coverage to be in the low 1.0x range in
FY 2023, before potentially improving to the mid-1.0x range in FY
2024. Similarly, EBITDAR leverage could potentially improve to the
low-6.0x range in FY 2024 from the high-7.0x range in FY 2022 and
FY 2023. The IG LKQ's ratings reflect its solid and consistently
positive FCF generation, modest EBITDAR leverage expected to be
around the low-3.0x range over the long term, and strong market
position within the automotive aftermarket distribution business.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within The Rating Case for the Issuer:
- Growth of about 2% in 2023 considers a strong pick up in volumes
in 2H23 and positive pricing, which is offset by the NTD
divestiture completed in late 2022. Organic revenue growth is in
the low-to-mid single digits in 2023 and thereafter;
- Fitch calculated EBITDA margin improves to about 3.5% for FY
2023, with a strong improvement in 2H23. Thereafter EBITDA margin
is sustained around 4.5%;
- The high working capital build unwinds in 2H23, supporting FCF of
nearly $150 million. Subsequently FCF is in the $50 million-$90
million range over the next few years;
- ATD prioritizes deleveraging in the near-to-medium term;
- No meaningful loss in volumes as a result of Goodyear's
acquisition of Cooper Tire.
RECOVERY ANALYSIS
The recovery analysis assumes ATD would be considered a going
concern in bankruptcy and would be reorganized rather than
liquidated. Fitch has assumed a 10% administrative claim in the
recovery analysis.
A going concern (GC) EBITDA estimate of approximately $240 million
reflects Fitch's view of a sustainable post-reorganization EBITDA.
Fitch considers a bankruptcy scenario that could be caused by a
combination of one or more the following: heightened competitive
intensity leading to sustained pressures on profitability and cash
flows or a liquidity event potentially driven by working capital
challenges or large corporate actions. The GC EBITDA estimate is
about 13% above Fitch's forecast 2023 level.
An EV multiple of 5.5x is used to calculate the post-reorganization
valuation. The multiple considers a permanent erosion in ATD's
market position as well as other transaction multiples for
industrial distributors, ATD's prior reorganization at around 9.0x,
and prior automotive-related bankruptcies with a median multiple of
5.0x.
Fitch's recovery analysis assumes a 65% draw on ATD's $1.1 billion
revolving ABL facility and $100 million of ABL FILO tranche
borrowings that are already outstanding. Fitch's assumption of a
65% draw reflects the potential that the ABL facility's borrowing
base falls well below the $1.2 billion of total committed in a
period of distress.
The analysis results in a recovery rating 'RR1' for the asset-based
revolving and FILO tranche. The two share the same collateral pool
and while the FILO loan would be "last-out", any shortfall in its
borrowing base during a time of distress would result in lower
borrowing capacity for the revolving ABL. The 1st lien term loan is
rated 'RR4'and considers the collateral package that is weaker than
the assets backing the ABL facilities.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
To Revise the Outlook to Stable:
- Sustainable improvement in EBITDAR coverage to approximately
1.5x;
- Reduction in liquidity risk, including ABL revolver availability
of around 50%.
To Upgrade the IDR to 'B':
- Demonstrated adherence to a capital allocation and financial
policy that supports adjusted debt/ EBITDAR leverage sustained
below 5.5x and EBITDAR/(Interest Paid + Rents) above 2.0x;
- Demonstrated improvement in working capital management and
financial flexibility, including forecasted positive FCF and
greater than 50% ABL revolver availability
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Heightened liquidity risk, as indicated by revolving ABL
availability of less than 25%;
- Continued operating or market challenges that leads to adjusted
debt/EBITDAR sustained above 6.5x and/or EBITDAR/(interest paid +
rents) sustained below 1.25x;
LIQUIDITY AND DEBT STRUCTURE
Adequate Near-Term Liquidity: As of April 1, 2023, ATD had
liquidity of $344 million, consisting of $26 million of cash and
$318 million of availability under its ABL facility, which has a
total borrowing capacity of up to $1.2 billion, including the $100
million FILO loan. ATD's liquidity position is adequate but ,
affected by weak demand and large working capital spend. Fitch
expects liquidity to improve in 2H 2023 with the expectation that
FCF turns positive later in the year. Debt maturities are minimal,
with term loan amortization of $10 million per year, prior to ABL
facility maturities in 2026. The senior secured term loans matures
in 2028.
ISSUER PROFILE
ATD is a leading distributor of passenger vehicle and light truck
replacement tires in the U.S. The company supplies its customers
with eight of the top 10 leading passenger vehicle and light truck
tire brands. ATD also markets tires under its proprietary Hercules
brand.
Sources of Information
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
ATD New Holdings, Inc. LT IDR B- Affirmed B-
American Tire
Distributors, Inc. LT IDR B- Affirmed B-
senior secured LT BB- Affirmed RR1 BB-
senior secured LT B- Affirme RR4 B-
AMERICANAS SA: Expected to Ink Deal With Creditors in September
---------------------------------------------------------------
Leonardo Lara of Bloomberg News reports that fine adjustments still
need to be made for the agreement between Americanas and creditor
banks to be ready to be signed in September 2023, according to
Coluna do Broad, published by O Estado de S. Paulo, without saying
how it got the information.
Expectation was that the closing of the agreement would take place
in June, however an informal settlement is close to happening,
according to the column.
Legal requirements for the approval of the plan and legal minutiae
are what prevent a closer conclusion.
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023. White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
AMERICANAS SA: Still Committed to Constructive Talks With Creditors
-------------------------------------------------------------------
Americanas S.A. said it remains committed to constructive creditors
talks.
In response to an article published June 19, 2023, by Estadao
online and entitled "Due to legal details agreement between
Americanas and banks should only be finalized in September",
Americanas S.A. announced June 20, 2023 that:
* The Company remains engaged with its creditors to build a
consensus on the Judicial Reorganization Plan, presented on March
20, 2023 and still subject to revisions and adjustments. The
Company seeks a plan that reflects shared visions and meets its
stakeholders' needs, and does not yet have an estimated date for
the conclusion of
these negotiations;
* As already disclosed by the Company in the Material Fact of
April 03, 2023, the version of the capital restructuring that is
currently being discussed with creditors foresees, by reference
shareholders: (i) a short-term capital increase, in cash, in the
amount of R$10 billion reais (considering the DIP financing already
contributed), and (ii) two potential additional capital increases,
on future dates to be agreed, of up to R$1 billion each. The two
additional capital increases may be triggered if the Company is, on
future dates to be agreed, above certain maximum leverage limits or
below a minimum liquidity level, both to be detailed in due
course;
* According to the Notice to the Market released by the Company
on June 13, 2023, within the negotiations with creditors it was
requested the inclusion of a lock-up period for the sale of Company
shares by reference shareholders. The scope of this lock-up is
still under discussion as part of the broader agreement;
* Americanas has already withdrawn R$1 billion from the DIP line
of R$2 billion, granted by its reference shareholders, who offered
the best conditions in a competitive process conducted by the
Company, leaving a balance of R$1 billion to supply any eventual
needs for funds by Americanas before the definitive solution of its
capital structure.
The Company said it remains committed to maintain constructive
negotiations with its creditors in search of a solution that allows
the continuity of its activities. As soon as an agreement is
fully
negotiated with the creditors, the Company will disclose to the
market all its content.
About Americanas SA
Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail. It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.
The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.
Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023. White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.
AR LANDSCAPING: Christopher Simpson Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq.,
at Osborn Maledon P.A., as Subchapter V trustee for AR Landscaping,
LLC.
Mr. Simpson will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Simpson declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher C. Simpson
Osborn Maledon P.A.
2929 N. Central Avenue, 21st Fl.
Phoenix, AZ 85012
Phone: (602) 640-9349
Fax: (602) 640-9050
Email: csimpson@omlaw.com
About AR Landscaping
AR Landscaping, LLC, doing business as AR Rentals, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.
Ariz. Case No. 23-03901) on June 12, 2023, with $100,001 to
$500,000 in assets and $500,001 to $1 million in liabilities.
The Debtor is represented by M. Preston Gardner, Esq., at Davis
Miles McGuire Gardner, PLLC.
ARIEL LLC: Case Summary & Five Unsecured Creditors
--------------------------------------------------
Debtor: Ariel LLC
151 Hampshire Street
Lawrence, MA 01840
Case No.: 23-40509
Business Description: Ariel LLC owns family rental and commercial
properties in Massachusetts having
an aggregate value of $2.22 million.
Chapter 11 Petition Date: June 26, 2023
Court: United States Bankruptcy Court
District of Massachusetts
Debtor's Counsel: Louis S. Robin, Esq.
LAW OFFICES OF LOUIS S. ROBIN
1200 Converse Street
Longmeadow, MA 01106-1760
Tel: (413) 567-3131
Fax: (413) 565-3131
Email: louis.robin@prodigy.net
Total Assets: $1,216,000
Total Liabilities: $1,940,000
The petition was signed by Miguel B. Aguilo as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/RDNBAKQ/Ariel_LLC__mabke-23-40509__0001.0.pdf?mcid=tGE4TAMA
ASP BLADE: MetWest UBF Marks $518,765 Loan at 16% Off
-----------------------------------------------------
Metropolitan West Fund's Unconstrained Bond Fund has marked its
$518,765 loan extended to ASP Blade Holdings, Inc to market at
$434,899 or 84% of the outstanding amount, as of March 31, 2023,
according to a disclosure contained in MetWest Fund's Form N-CSR
for the Fiscal year ended March 31, 2023, filed with the Securities
and Exchange Commission.
Unconstrained Bond Fund is a participant in a First Lien Term Loan
B (LIBOR plus 4%) to ASP Blade Holdings, Inc. The loan accrues
interest at a rate of 8.94% per annum. The loan matures on October
16, 2028.
The Metropolitan West Funds is an open-end management investment
company organized as a Delaware statutory trust on December 9, 1996
and registered under the Investment Company Act of 1940, as
amended. Metropolitan West Asset Management, LLC, a federally
registered investment adviser, provides the Funds with investment
management services. The Trust currently consists of 14 separate
portfolios.
ASP Blade Holdings, Inc. operates as Oregon Tool, Inc. and formerly
known as Blount International, Inc. Oregon Tool, Inc.,
headquartered in Portland, Oregon, is a global manufacturer and
distributor of professional-grade, consumable parts and attachments
for use in forestry, agriculture, lawn and garden and other cutting
applications. Platinum Equity, through its affiliates, is the owner
of Oregon Tool.
ATENTO SA: Reaches Agreement with Key Stakeholders on Restructuring
-------------------------------------------------------------------
Atento S.A. (NYSE: ATTO), one of the world's largest customer
relationship management and business process outsourcing (CRM /
BPO) service providers and an industry leader in Latin America,
reports on progress in the previously announced negotiations with
certain key stakeholders for a transaction involving a
recapitalization and deleveraging of Atento's balance sheet.
Atento and certain members of an ad hoc group of holders of
Atento's senior secured notes have agreed a term sheet for a new
interim financing of at least $30 million and a comprehensive
restructuring of its balance sheet that will significantly delever
the group. The term sheet includes $79 million of additional
capital in connection with the comprehensive restructuring. The
parties further intend for the Company's leverage to be
significantly reduced at the culmination of this process.
The new financing represents sufficient capital through to
implementation of a holistic restructuring, and certain of the
parties have agreed on a path to enter into a restructuring support
agreement and definitive documentation on the financing within two
weeks of execution of the term sheet. The Company looks forward to
working with its financial stakeholders in the weeks ahead and is
confident in achieving requisite support for the financial
restructuring. New financing is subject to conditions including
customer due diligence, and the grant of security interests.
This term sheet builds on Atento's prior announcement that the
Company has been negotiating a comprehensive restructuring of
funded and financial debt on its balance sheet to position Atento
to execute on its long-term strategic plan and to continue its
focus on its leading service to clients. Atento will be better
positioned after such a restructuring to serve its +400 blue chip
clients across sixteen countries and support global operations for
the more than 135,000 global Atento employees.
"This term sheet is a milestone for our business and represents our
partners' belief in the underlying strength of Atento's competitive
value proposition," said Dimitrius Oliveira, Chief Executive
Officer of Atento. "As we continue to enhance the capabilities of
our business operations, we also remain focused on continuing to
deliver great customer experiences through the combination of
innovation, advanced technologies and the human touch. We are
immensely grateful to our employees, customers, vendors and key
stakeholders who continue to stand by us throughout this process.
With this new infusion of capital we look forward to accelerating
our transformation and further strengthening our business for the
long term."
Atento is represented in these discussions by Houlihan Lokey and
FTI Consulting as financial advisors and Sidley Austin and Loyens &
Loeff Luxembourg, as lead legal advisors. The ad hoc group of
investors is represented by Rothschild & Co. as financial advisor
and Hogan Lovells as lead legal advisor.
About Atento
Atento -- http://www.atento.com/-- is the largest provider of
customer relationship management and business process outsourcing
("CRM BPO") services in Latin America and one of the leading
providers worldwide. Atento is also one of the leading providers of
nearshoring CRM BPO services for companies operating in the United
States. Since 1999, the Company has developed its business model in
16 countries, employing approximately 135,000 people. Atento has
more than 400 clients, offering a wide range of CRM BPO services
through multiple channels. Atento's clients are mostly leading
multinational companies in telecommunications, banking and
financial services, healthcare, retail and public administration
sectors. Atento shares trade under the symbol ATTO on the New York
Stock Exchange (NYSE). In 2019, Atento was named one of the 25 best
multinational companies in the world and one of the best
multinationals to work for in Latin America by Great Place to
Work(R). In addition, in 2021, Everest named Atento as a "star
performer". Gartner has named the Company two consecutive years a
leader in its Magic Quadrant since 2021.
AUGUST LILLY: Seeks to Hire BluePoint Financial as Accountant
-------------------------------------------------------------
August Lilly, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Florida to employ BluePoint Financial to
prepare tax returns.
The firm will be paid at the rate of $200 per hour.
Luke Smith, a member of BluePoint Financial, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Luke Smith
BluePoint Financial
151 Regions Way, Suite 3D
Destin, FL 32541
Tel: (850) 460-2222
About August Lilly
August Lilly, LLC operates a Smashburger quick service restaurant
in Destin, Fla.
August Lilly sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30314) on May 5,
2023, with up to $50,000 in assets and up to $1 million in
liabilities. Judge Jerry C. Oldshue, Jr. oversees the case.
The Debtor tapped Bruner Wright, PA as legal counsel and
Professional Management Systems, Inc. and BluePoint Financial as
accountants.
AVEANNA HEALTHCARE: MetWest UBF Marks $3.2M Loan at 15% Off
-----------------------------------------------------------
Metropolitan West Fund's Unconstrained Bond Fund has marked its
$3,207,494 loan extended to Aveanna Healthcare LLC to market at
$2,739,959 or 85% of the outstanding amount, as of March 31, 2023,
according to a disclosure contained in MetWest Fund's Form N-CSR
for the Fiscal year ended March 31, 2023, filed with the Securities
and Exchange Commission.
Unconstrained Bond Fund is a participant in a First Lien Term Loan
B (SOFR plus 3.75%) to Aveanna Healthcare LLC. The loan accrues
interest at a rate of 8.70% per annum. The loan matures on July 17,
2028.
The Metropolitan West Funds is an open-end management investment
company organized as a Delaware statutory trust on December 9, 1996
and registered under the Investment Company Act of 1940, as
amended. Metropolitan West Asset Management, LLC, a federally
registered investment adviser, provides the Funds with investment
management services. The Trust currently consists of 14 separate
portfolios.
Aveanna Healthcare LLC provides health care services. The Company
offers pediatric skilled nursing, therapy, autism, enteral
nutrition, and adult services.
BANQ INC: Brian Shapiro Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 17 appointed Brian Shapiro as
Subchapter V trustee for Banq Inc.
Mr. Shapiro will be paid an hourly fee of $595 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Shapiro declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brian Shapiro
510 S. 8th Street
Las Vegas, NV 89101
Phone: (702) 386-8600
Email: brian@trusteeshapiro.com
About Banq Inc.
Banq Inc. is a developer of digital payment, banking and crypto
systems in Las Vegas.
Banq Inc. filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Nev. Case No. 23-12378) on June 13,
2023, with $17,725,914 in assets and $5,451,447 in liabilities.
Joshua Sroge, chief executive officer, signed the petition.
Bart Larsen, Esq., at Shea Larsen, PC, is the Debtor's legal
counsel.
BANYAN CAY: Unsecureds Wil Get 1% to 20% of Claims in Plan
----------------------------------------------------------
Banyan Cay Resort & Golf, LLC, et al., submitted a First Amended
Disclosure Statement for First Amended Joint Plan of Liquidation
dated June 22, 2023.
On April 2, 2023, the Debtors filed that certain motion (the "Bid
Procedures and Sale Motion") seeking, inter alia, approval of
certain bid procedures, setting the date for an auction of the
majority of the property of the Debtors' estates, setting the date
for a hearing to approve of such sale, and approving Westside
Property Investment Company, Inc. as stalking horse bidder (the
"Stalking Horse Bidder") with a Bid of $102,100,000.00.
In addition to the Assets being purchased by the Stalking Horse
Bidder and the Estate Lots to be purchased by BC Estates, the
Debtors own one additional single-family lot ("Lot 21"), which Lot
21 is unencumbered (other than the liens provided to the
Prepetition Secured Lender under the Final DIP Order), and shall
remain an Asset of the Wind-Down Debtor under the Plan. The Plan
Administrator under the Plan will be empowered to sell Lot 21, and
the proceeds thereof will inure to the benefit of creditors.
Pursuant to the Bid Procedures Order, with respect to each of
Bellefrau and ZJC, the Stalking Horse Purchaser has allocated the
greater of (i) $1,600,000 and $1,100,000, respectively, and (ii)
the allowed secured claim thereof. Because the amount of the claims
of Bellefrau and ZJC, are $1,671,750.00 and $1,300,198.08, the
total allocation on account of the property securing such claims is
$2,971,948.08 of the $102,100,000.00 Purchase Price. Thus,
$99,128,051.92 remains to be allocated to the remaining Assets of
the Stalking Horse Agreement (which Assets include all asserted
collateral of the Asserted Construction Liens). Because the Debtors
estimate that the total obligations to the Prepetition Secured
Lender are no less than $99,981,831.71 and the Prepetition Secured
Lender's interest in the Assets is senior to that of any other
claimant, the Asserted Construction Lien claimants are wholly
unsecured.
Class 3-A consists of the Prepetition Secured Loan Claims. Each
Holder of an Allowed Prepetition Secured Loan Claim, as determined
by the Debtors or the Wind Down Debtors, as applicable, shall
receive, at the Plan Administrator's Election: (i) upon the
Closing, payment in Cash from each Debtor in an amount equal to
such Debtor's Apportioned Prepetition Secured Loan Claim Liability;
(ii) such other treatment agreed to by the Holder of such Allowed
Prepetition Secured Loan Claim and the Debtor or the Wind Down
Debtors.
Each Holder of an Allowed Prepetition Secured Loan Claim shall
reserve all of its rights, as the senior secured Claim Holder
against Banyan Cay Resort & Golf, LLC; Banyan Cay Dev. LLC; and
Banyan Cay Villas, LLC, in such Debtors' property, including but
not limited to Lot 21, the Asserted Construction Lien Claim
Reserve, and the GUC Reserve, to the extent Distributions therefrom
(or from the proceeds thereof) are necessary to pay any such unpaid
Allowed Prepetition Secured Loan Claim after the Effective Date,
and with respect to such Distributions, with a full reservation as
to the Apportioned Prepetition Secured Loan Claim Liability.
Class 3-B consists of the Maintenance Secured Loan Claims. Each
Holder of an Allowed Maintenance Secured Loan Claim shall receive
payment in Cash in an amount equal to its Allowed Maintenance
Secured Loan Claim, as asserted in such Holder's Proof of Claim,
less the Debtors' Apportioned Obligations (as defined in Section
5.6(c) of the Purchase Agreement selling such Holder's Collateral)
owed to the Palm Beach County Tax Collector at the time of Closing
and the pro rata portion of U.S. Trustee fees owed by Banyan Cay
Maintenance, LLC for the calendar quarter in which the Closing
takes place that are attributable to the Distribution to such
Holder.
Class 4-A consists of any Settled Asserted Construction Lien Claims
against the Debtors. Each Holder of an Allowed Settled Asserted
Construction Lien Claim shall receive Cash in an amount equal to
its Settled Asserted Construction Lien Settlement Amount from the
Asserted Construction Lien Claim Reserve as set forth in Article
VIII of this Plan, in exchange for the settlement of such Holder's
Claim to a sum-certain, such Holder's agreement to provide releases
to the Debtors, the Prepetition Secured Lender, and Jacob
Industries, LLC, and such Holder's agreement to cooperate with the
Debtors in analyzing all Construction Lien Claims, all as set forth
in the Plan Supplement.
Class 4-B consists of any Unsettled Asserted Construction Lien
Claims against the Debtors. Each Holder of an Allowed Unsettled
Asserted Construction Lien Claim shall receive Cash in an amount
equal to its Pro Rata Share from the Asserted Construction Lien
Claim Reserve as set forth in Article VIII of this Plan, after
administration of and payment to Holder of Class 4-A Allowed
Settled Construction Lien Claims.
Class 5 consists of any General Unsecured Claims against the
Debtors. Each Holder of an Allowed General Unsecured Claim shall
receive Cash in an amount equal to its Pro Rata share of the Cash
held in the GUC Reserve as set forth of this Plan. Class 5 is
Impaired under the Plan. This Class will receive a distribution of
1% - 20% of their allowed claims.
The Debtors estimate that Holders of Allowed General Unsecured
Claims, shall receive distributions in the amount of approximately
1% to 20% of such Allowed Claims or Interests, depending on a
variety of factors including, but not limited to, (i) the
resolution of any allocation disputes as to the Sale Proceeds (ii)
the Debtors' or Wind-Down Debtor's successful objection to any
Claims such that such Claim is deemed Disallowed under the Plan,
and (iii) against which Debtor the Holder of an Allowed General
Unsecured Claim asserts such Claim.
The Debtors shall take all necessary steps, and perform all
necessary acts, to consummate the terms and conditions of the Plan.
The Confirmation Order shall contain appropriate provisions,
consistent with Section 1142 of the Bankruptcy Code, directing
Debtors and any other necessary party to perform any act, including
the satisfaction of any lien, or the avoidance, subordination, or
recharacterization of any Claim or Lien, that is necessary for the
consummation of the Plan.
A full-text copy of the First Amended Disclosure Statement dated
June 22, 2023 is available at https://urlcurt.com/u?l=oeeKaf from
PacerMonitor.com at no charge.
Counsel to the Debtors:
PACK LAW
51 NE 24th Street, Suite 108
Miami, Florida 33137
Telephone: (305) 916-4500
Joseph A. Pack
Email: joe@packlaw.com
Jessey J. Krehl
Email: jessey@packlaw.com
About Banyan Cay Resort & Golf
Banyan Cay Resort & Golf, LLC, and affiliates operate resorts and
golf clubs. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12386) on March
29, 2023. In the petition signed by Gerard A. McHale, McHale,
P.A., proposed chief restructuring officer, the Debtor disclosed up
to $500 million in both assets and liabilities.
Judge Mindy A. Mora oversees the case.
Gerard McHale of McHale, PA, serves as CRO and CEO of the Debtors.
Joseph A. Pack, Esq., at Pack Law, represents the Debtor as legal
counsel. Keen-Summit Capital Partners LLC serves as marketing
agent and broker for the Debtors.
BARFIELD CONTRACTING: U.S. Trustee Says Plan Not Feasible
---------------------------------------------------------
Mary Ida Townson, United States Trustee for Region 21, objects to
confirmation of the Plan of Reorganization filed by Barfield
Contracting & Associates, Inc.
On February 1, 2023, the Debtor commenced this chapter 11
bankruptcy case by filing a voluntary petition. The Debtor is a
for-profit corporation that provides residential and commercial
roofing installation and repair services that generated gross
revenue of $3.1 million in 2021 and $2.75 million in 2022.
The UST objects to the confirmation on the following grounds:
* First, the Plan does not appear to be feasible, as is
required in Sections 1191 and 1129(a) of the Bankruptcy Code or
does not contain adequate information to evaluate feasibility.
* Second, the Plan fails to include the requisite financial
projections as specified in Section 1190(1)(C).
* Third, the monthly operating reports ("MORs") for April 2023
and May 2023 have not been filed. The April report was due to be
filed by May 21, 2023. While the May report is not due until June
21, 2023, it would have provided current data to support
feasibility of the Debtor's Plan. Without current financial
information, interested parties are only aware of the Debtor's last
reported cash balance of $22,947.49 on March 30, 2023 resulting
from monthly net income of $14,999.85 (Doc. No. 34 at 34-37.)
* Fourth, the value to be distributed under the Plan appears
to be less than the Debtor's disposable income – at least based
on the limited financial information available. By way of example,
the March 2023 MOR reflects monthly net income of $14,999.85 (Doc.
No. 75 at 37) but the Consensual Plan Treatment only equates to
$2,500.00 per month paid to unsecured creditors.
* Fifth, if confirmed in a non-consensual context, the Plan
provides that the Debtor (not the Subchapter V Trustee) will make
the payments to Class 5 without providing any basis for this
departure from the trustee oversight envisioned in Section 1194.
(Plan at 14.)
* Sixth, the feasibility test of Section 1129(a)(11) of the
Bankruptcy Code, which is made applicable to Subchapter V cases by
Section 1191(a) of the Bankruptcy Code, requires that "confirmation
of the plan is not likely to be followed by the liquidation, or the
need for further financial reorganization, of the debtor or any
successor to the debtor under the plan, unless such liquidation or
reorganization is proposed in the plan." Here, the Debtor is
predicting that its disposable income will be $0.00. (Plan at 14.)
As a result, feasibility is certainly questionable.
A full-text copy of the United States Trustee's objection dated
June 20, 2023 is available at https://urlcurt.com/u?l=sBj0sa from
PacerMonitor.com at no charge.
About Barfield Contracting & Associates
Barfield Contracting & Associates, Inc., is a 5-Star rated GAF
Master Elite(R) Residential and Commercial Roofing Company Serving
all of Brevard County and Central Florida, headquartered in Cocoa,
Florida.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla.
Case No. 23-00396) on Feb. 1, 2023, with as much as $1 million in
both assets and liabilities. Judge Grace E. Robson oversees the
case.
The Debtor is represented by Jeffrey S. Ainsworth, Esq., at
BransonLaw, PLLC.
BEDFORD HOLDINGS: Gerard Luckman Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at
Forchelli Deegan Terrana, LLP, as Subchapter V trustee for Bedford
Holdings Corp.
Mr. Luckman will be paid an hourly fee of $650 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Luckman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gerard R. Luckman, Esq.
Forchelli Deegan Terrana, LLP
333 Earle Ovington Blvd., Suite 1010
Uniondale, NY 11553
Tel: (516) 812-6291
Email: gluckman@ForchelliLaw.com
About Bedford Holdings
Bedford Holdings Corp. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y Case No.
23-41963) on June 1, 2023. Judge Jil Mazer-Marino oversees the
case.
The Debtor is represented by Pasquale Calcagno, Esq., at Calcagno &
Associate.
BESTWALL LLC: 4th Circuit Okays Asbestos Suits vs. Georgia Pacific
------------------------------------------------------------------
Vince Sullivan of Law360 reports that the Fourth Circuit upheld a
bankruptcy court's injunction in the case of Bestwall LLC that bars
asbestos injury litigation against nondebtor Georgia-Pacific,
saying in a 2-1 decision Tuesday that the bankruptcy court had the
required jurisdiction and applied the correct standard in approving
the injunction.
About Bestwall LLC
Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.
Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.
On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims.
The Debtor estimated assets and debt of $500 million to $1 billion.
It has no funded indebtedness.
The Hon. Laura T. Beyer is the case judge.
The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.
On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
Committee retained Montgomery McCracken Walker & Rhoads LLP as its
legal counsel, Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel, FTI Consulting, Inc., as financial
advisor.
On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in its case. Mr.
Esserman tapped Young Conaway Stargatt & Taylor, LLP as his legal
counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting
Group, LLC as claims evaluation consultant; and FTI Consulting,
Inc., as financial advisor.
BITTREX INC: Wants SEC to Name Price Ending Enforcement Suit
------------------------------------------------------------
Jessica Corso of Law360 reports that crypto exchange Bittrex wants
the U.S. Securities and Exchange Commission to file a claim in
bankruptcy court stating how much it feels the company should pay
to end an enforcement lawsuit, saying that forcing it to go through
a years-long court battle could lead to monetary losses for
customers and other creditors.
About Bittrex Inc.
Bittrex is a regulated digital assets exchange platform.
Desolation Holdings and three of its affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del., Lead Case No. 23-10597) on May 8, 2023.
Desolation Holdings' debtor affiliates are Bittrex, Inc., Bittrex
Malta Holdings Ltd. and Bittrex Malta Ltd.
At the time of filing, the Debtors estimated consolidated assets of
$500 million to $1 billion in assets and $500 million to $1 billion
in liabilities.
The Hon. Brendan Linehan Shannon presides over the cases.
Quinn Emanuel Urquhart & Sullivan, LLP, led by partner Patricia B.
Tomasco, is the Debtors' counsel. Berkeley Research Group, LLC, is
the Debtors' restructuring advisor. Omni Agent Solutions is the
claims agent.
BRAZOS PRESBYTERIAN: Fitch Affirms 'BB+' IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) and the
rating on $190 million outstanding series 2013A&B and series 2016
revenue bonds issued by Harris County Cultural Education Facilities
Finance Corporation on behalf of Brazos Presbyterian Homes (Brazos)
at 'BB+'.
Fitch does not rate Longhorn Village's series 2017 bonds.
The Rating Watch Evolving (RWE) has been removed, and the Rating
Outlook is Stable.
Entity/Debt Rating Prior
----------- ------ -----
Brazos Presbyterian
Homes, Inc. (TX) LT IDR BB+ Affirmed BB+
Brazos Presbyterian
Homes, Inc. (TX)/
General Revenues/1 LT LT BB+ Affirmed BB+
The 'BB+' rating affirmation and the Stable Outlook revision from
RWE reflects the addition of Longhorn Village (LVH) into the Brazos
obligated group and the cessation of expansion planning on the
Hallmark campus. The affirmation also incorporates the ongoing
Ballantyne expansion project on LVH's campus. This project is
funded by bank placements which also refunded a portion of the
Series 2013B bonds.
LHV has presold all of its 48-independent living unit (ILU)
expansion villas (the Ballyantine) and has a waitlist. Average
entrance fees for the expansion are $1.3 million resulting in
sufficient initial entrance fees to retire most of the associated
construction debt.
Adding LVH to the obligated group had a favorable impact on Brazos'
revenue defensibility assessment. Historically LHV has demonstrated
strong demand in a favorable market, counterbalancing the
relatively weaker demand, limited pricing flexibility and more
competitive markets for the Hallmark and Brazos Towers.
Incorporating LHV into the Brazos obligated group did not
immediately impact the operating risk and financial profile
assessments. Fitch expects profitability ratios to remain midrange
over the next several years, and the financial profile remains
weak, reflecting substantial leverage across the obligated group.
SECURITY
The bonds are secured by a gross revenue pledge, mortgage pledge
and debt service reserve fund.
KEY RATING DRIVERS
Revenue Defensibility - 'bbb'
Brazos' three communities operate in separate markets. Although
Brazos Towers and Hallmark are in close proximity, each community
draws from different zip codes within the Houston area. In the
affluent Galleria neighborhood of Houston (where the Hallmark is
located), many home values are in excess of the Hallmark's highest
entrance fees of $850,000. However, the weighted average entrance
fee for both communities of $349,000 is substantially above the
average Houston home value of $267,000. LHV faces less competition
in Austin. Furthermore, the average entrance fee of $578,000 is in
line with average home values in Austin of $567,000.
Occupancy varies among the three campuses with LHV demonstrating
the strongest demand. Generally, ILU occupancy has been near 95% at
LHV with the expansion 100% presold and a robust waitlist. The
Hallmark and Brazos Towers struggle more to fill their ILUs with
more limited prospects for improvement within a competitive
Houston-area market. ILU occupancy has been stronger in the Brazos
Towers than the Hallmark, remaining in the 80% range. The Hallmark
has the weakest occupancy of the three communities, often coming in
below 75%. On a combined basis, ILU occupancy was light at 85% at
the end of March, 2023.
LHV's relative strength was accretive to Brazos' overall revenue
defensibility assessment, supporting a revision to midrange from
weak.
Operating Risk - 'bbb'
LHV and Brazos have a history of adequate cost management, with
operating ratios generally between 100% and 93%. For FY22, Brazos
obligated group's operating ratio was 104.1%, net operating margin
(NOM) was 7.9 and NOM-adjusted was 26.5. The operating ratio was
soft for the midrange assessment, particularly in the context of a
type B contract. However, Fitch expects Brazos' operating ratio to
fall below 100% over the next several years as the Ballyantine
project stabilizes.
Brazos and LHV's capital-related metrics have historically been
consistent within a weak assessment, with debt-to-net available of
9.7x in FY22. Maximum annual debt service (MADS) has generally
exceeded 20% of revenues over the past several years. Revenue-only
MADS coverage was .5x for FY22, which is low for midrange.
Revenue-only coverage below 1x within the context of a type B
contract structure/framework, indicates that Brazos is effectively
reliant on turnover entrance fees for timely payment of debt
service.
Brazos' capital expenditures were 87% of depreciation in FY22 with
expectations for spending to exceed 95% of depreciation over the
next several years. Average age of plant was low at approximately
six years, which is favorable.
Financial Profile - 'bb'
Brazos' financial profile is consistent with a 'bb' assessment, in
the context of the 'bbb' revenue defensibility and 'bbb' operating
risk assessments.
As of YE 2022, Brazos had approximately $190 million of debt,
including the series 2013A&B, 2016 and 2017 LHV bonds. Based on
fiscal 2022 results, Brazos' cash-to-adjusted debt was 44% and MADS
coverage was 1.4x.
Fitch's forward-looking scenario analysis reflects the Ballayntine
project and routine capital expenditures. Liquidity and debt
service coverage metrics remain consistent with the 'BB+' rating
after stabilization. Fitch's baseline scenario is a reasonable
forward look of financial performance over the next five years
given current economic expectations. Fitch's stress scenario
assumes an economic stress (to reflect equity volatility), which is
specific to Brazos' asset allocation. Liquidity, as measured by
days of cash on hand, remains above 200 days throughout Fitch's
scenario analysis, remaining sufficient to avoid consideration as
an asymmetric risk.
Fitch notes that a portion of Brazos' residency contracts is
refundable with a total refundable entrance fee liability of
approximately $219 million at YE 2022. Entrance fee repayment risk
increases as ILU occupancy declines.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Balance sheet erosion or issuance of additional debt that
results in cash-to-adjusted debt sustained at levels below 35%
(post-stabilization);
- Operating ratios consistently above 100%;
- Decrease in operating performance such that MADS coverage falls
to below the covenant requirement of 1.2 times.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Improvement in cash-to-adjusted debt to 70% or greater;
- MADS coverage consistently above 1.7x.
PROFILE
Brazos obligated group includes three life plan communities: LHV,
Brazos Towers at Bayou Manor (Brazos Towers) and the Hallmark,
located in Houston, TX. Brazos has operated Brazos Towers and the
Hallmark since 1963 and 1972, respectively. Brazos Towers currently
has 178 ILUs (84 added since March 2016), 25 assisted living units
(ALUs), eight memory support units, and 37 licensed skilled nursing
facility (SNF) beds. The Hallmark has 125 ILUs, 12 ALUs, 10 memory
support units and a 32-bed SNF. In 2022, LHV (a non-obligated
affiliate in Austin, TX) was added to the obligated group. LHV has
214 ILUs, 16 ALUs, 20 MCUs and 34 SNF beds. The Ballantyne
expansion on the LHV campus will add 48 IL villas. Brazos obligated
group had $57 million in operating revenue in 2022.
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.
BUILT ON THE ROCK: Combined Disclosure & Plan Approved by Judge
---------------------------------------------------------------
Judge Laurel M. Isicoff has entered findings of fact, conclusions
of law and order confirming the First Modification to Combined
Disclosure Statement and Plan of Reorganization filed by Built on
the Rock Properties, Inc.
The Plan was proposed in good faith and not by any means forbidden
by law.
Section IV: Treatment of Claims and Equity Interest; Subparagraph
(D) – Classes of Secured Claims is revised and/or updated as
follows:
* Class 1 CFAI Special Assets, LLC, serviced by FCI Lender
Services, Inc.: The default provision is memorialized as follows:
-- In the event the Debtor fails to make its permanent
modification payments timely and becomes delinquent, and/or the
Debtor is incapable of fulfilling the obligations of the Class 1
treatment set forth herein, Lender will provide written notice of
default to Debtor's counsel, Chad Van Horn, Esq. via email to:
Chapter11@cvhlawgroup.com. Lender will then provide 20 business
days from the date of delivery of the notice via email within which
the Debtor is to cure the default. However, should the Debtor fail
to cure the default within the 20 business days, Lender will
consider that a default and will have Relief from the Automatic
Stay to immediately proceed with its in rem remedies outside of the
bankruptcy and proceeding with a state foreclosure action without
any further notice, hearing, or Order from the Bankruptcy Court.
* Class 2 Lesher Pechin Trust, Inc. (page 13 of 29) is modified
to reflect the provisions contained in the First Modification and
to memorialize the default provision, as follows:
-- Monthly Payment of principal and interest is changed to
$736.26;
-- Interest Rate is changed from 8% to 12%;
-- Except as modified by the Plan, and by the MM Documents,
all terms and conditions of the original Note and Mortgage shall
remain in full force and effect; and
-- In the event the Debtor fails to make its permanent
modification payments timely and becomes delinquent, and/or the
Debtor is incapable of fulfilling the obligations of the Class 2
treatment set forth herein, Lender will provide written notice of
default to Debtor's counsel, Chad Van Horn, Esq. via email to:
chad@cvhlawgroup.com. Lender will then provide 5 days from the date
of delivery of the notice via email within which the Debtor is to
cure the default. However, should the Debtor fail to cure the
default within the 5 days, Lender will consider that a default and
will have Relief from the Automatic Stay to immediately proceed
with its in rem remedies outside of the bankruptcy and proceeding
with a state foreclosure action without any further notice,
hearing, or Order from the Bankruptcy Court."
A full-text copy of the Plan Confirmation Order dated June 20, 2023
is available at https://urlcurt.com/u?l=5hnrWZ from
PacerMonitor.com at no charge.
Counsel for the Plan Proponent:
Chad T. Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
500 N.E. 4th Street, Suite 200
Fort Lauderdale, FL 33301
Telephone: (954) 765-3166
Facsimile: (954) 756-7103
E-mail: Chad@cvhlawgroup.com
About Built on the Rock
Built on the Rock Properties, Inc., filed a petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 22-11565) on Feb. 25, 2022,
listing as much as $500,000 in both assets and liabilities. Anne
Georges, president, signed the petition. Judge Laurel M Isicoff
oversees the case.
The Debtor tapped Van Horn Law Group, P.A., as legal counsel.
CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 26% Discount
---------------------------------------------------------
Participations in a syndicated loan under which CCS-CMGC Holdings
Inc is a borrower were trading in the secondary market around 74.4
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $500 million facility is a Term loan that is scheduled to
mature on October 1, 2025. The amount is fully drawn and
outstanding.
CCS-CMGC Holdings, Inc. operates as a holding company. The Company,
through its subsidiaries, provides health care services.
CE BRANDS: Unit Opts for Voluntary Assignment Into Bankruptcy
-------------------------------------------------------------
CE Brands Inc. (TSXV:CEBI) on June 26 disclosed that, as part of an
internal reorganization, its wholly-owned subsidiary, eBuyNow
eCommerce Ltd. ("eBuyNow"), has made a voluntary assignment into
bankruptcy under the Bankruptcy and Insolvency Act (Canada) (the
"BIA"). Harris & Partners Inc. (the "Trustee") has been appointed
as eBuyNow's trustee in bankruptcy.
CE Brands' board of directors has determined that, due to the
impact of the COVID-19 pandemic and the resulting supply chain
crisis on eBuyNow, bankruptcy is in the best interests of eBuyNow
and its stakeholders. The bankruptcy is not expected to directly
impact CE Brands' relationships with its creditors or other
counterparties. The decision about the voluntary assignment was
made in consultation with, and with the support of, CE Brands'
largest secured creditor.
All past revenues were generated through eBuyNow and there is a
material risk that existing contracts between eBuyNow and certain
licensors, distributors and manufacturers may be terminated as part
of the bankruptcy filing. While some of these contracts may be
assigned to CE Brands by the Trustee there are no guarantees that
such an assignment will occur and that any assigned contracts will
be renewed at expiration. CE Brands remains committed to its core
values of innovation, excellence, and customer satisfaction and
does not believe the termination of any of the current clients
would materially affect the ability of CE Brands to be successful
with its long-term business plans.
As announced on June 6 2023, CE Brands intends to focus on
expanding its product portfolio of smart watches and wearables with
the launch of Vitalist, a connected health ecosystem that aims to
deliver biometric and biomarker insights to consumers through the
development of consumer electronics wearables paired with biomarker
testing subscriptions. The Company anticipates that the initial
line of Vitalist products will be launched by the end of 2023.
CE Brands also announced the resignation of Carolyn Scissons as
Chief Financial Officer. Carolyn joined the Company with a mandate
from Vesta Wealth to bring enhanced financial discipline to the
finance department of CE Brands'. "Carolyn, has made significant
improvements to the financial processes at CE Brands' and has been
invaluable during this reorganization of CE Brands' subsidiaries",
said Kalvie Legat, CE Brands' CEO. "CE Brands and its board of
directors are grateful to Carolyn for her many contributions to the
Company and wish her all the best in her future endeavors.
The Company will make an announcement with respect to a new CFO in
the near future. Ms. Scissons will remain with the Company as a
consultant through August, 2023 and will work closely with
management to support a smooth transition of responsibilities.
About CE Brands
CE Brands Inc. develops products with leading manufacturers and
iconic brand licensors by utilizing proprietary data that
identifies key market opportunities. With sales today in over 70
countries, its innovative, highly repeatable process, which we call
the "CE Method", has created an optimal growth path for CE Brands
to be the premier global licensed brand manufacturer.
CENTER FOR AUTISM: July 19 Combined Hearing on Disclosure & Plan
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas will
hold a hearing on July 19, 2023, at 2:00 p.m. (Prevailing Central
Time) to consider approval of the adequacy of the disclosure
statement filed by Center for Autism and Related Disorders LLC and
its debtor-affiliates explaining their joint Chapter 11 plan, and
confirm the Debtors' Chapter 11 plan.
According to the Troubled Company Reporter on June 19, 2023, the
Debtors filed with the U.S. Bankruptcy Court for the Southern
District of Texas a Disclosure Statement for Joint Chapter 11 Plan
dated June 12, 2023.
CARD primarily provides treatments through center-based services,
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.
On June 9, 2023, the Debtors executed an agreement (the "Stalking
Horse APA") with Pantogran LLC (the "Stalking Horse Bidder"), with
Dr. Doreen Granpeesheh, founder of CARD, and Sangam Pant acting as
guarantors. Execution of the Stalking Horse APA is the result of
arms'-length negotiations between the Debtors, their advisors, and
the Stalking Horse Bidder and its advisors.
As set forth in more detail in the Bidding Procedures Motion, the
Stalking Horse APA provides for a $25 million purchase price for a
going-concern acquisition of substantially all of the Debtors'
assets-setting the floor for bidders in the continued marketing
process postpetition. Notably, the Stalking Horse APA supports a
seamless transition of all patients and each of the approximately
130 treatment centers and preserves the majority, if not all, of
the Debtors' workforce.
With the capital provided by the DIP Facility, the Debtors intend
to utilize the chapter 11 process to bring their robust marketing
process to completion, to consummate one or more asset sales, and
to shed burdensome liabilities, while ensuring their top priority
their patients and workforce—are protected and provided
for.
The key terms of the Debtors' restructuring are as follows:
* Marketing Process. The Debtors will continue their
prepetition marketing process after the Petition Date and conduct
an Auction to solicit bids for one or more Asset Sale(s) in
accordance with the terms and conditions of the Bidding Procedures.
The Debtors will seek to elicit one or more Asset Sale offers
pursuant to the process set forth in the Bidding Procedures.
* DIP Facility. The DIP Facility will provide new money in the
form of an $18 million superpriority senior secured term loan,
including $7.5 million to be made available upon entry of the
interim order approving the DIP Motion, as well as certain roll up
DIP loans, as further described in the DIP Motion. The DIP
facility's new money will provide the Debtors with the necessary
liquidity to continue operations and administer these chapter 11
cases while completing the ongoing sale process to maximize value.
Class 4 consists of General Unsecured Claims. On the Effective
Date, each General Unsecured Claim shall be discharged and
released, and each Holder of General Unsecured Claim shall not
receive or retain any distribution, property, or other value on
account of such General Unsecured Claim. The allowed unsecured
claims total $18,433,130. This Class will receive a distribution of
0% of their allowed claims.
The Debtors will continue their prepetition marketing process after
the Petition Date and conduct an Auction to solicit bids for Asset
Sale(s), in accordance with the terms and conditions of the Bidding
Procedures. The Debtors will seek to elicit Asset Sale offers, if
any, pursuant to the process set forth in the Bidding Procedures.
If the Debtors are able to secure a winning bid in accordance with
the Bidding Procedures, the Holders of certain Claims will receive
the Distributable Asset Sale Proceeds and the Asset Sale(s) will be
consummated in accordance with the terms to be set forth in the
Sale Order, Confirmation Order, and Plan Supplement, as applicable.
At any point, the Debtors may terminate pursuit of the Asset
Sale(s) in accordance with the terms of the Bidding Procedures.
A full-text copy of the Disclosure Statement dated June 12, 2023 is
available at https://urlcurt.com/u?l=aNkQ2l from PacerMonitor.com
at no charge.
About Center for Autism and Related Disorders
Center for Autism and Related Disorders, LLC provides treatment for
individuals diagnosed with autism spectrum disorder (ASD). CARD
primarily provides treatments through "center-based services,"
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.
Center for Autism and Related Disorders LLC and its debtor
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90709) on June
11, 2023. In the petition signed by Jennifer Webster, the Debtors
disclosed up to $100 million in assets and up to $500 million in
liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as bankruptcy counsel, Jackson Walker LLP as
local bankruptcy counsel, Triple P RTS, LLC as restructuring
advisor, Livingstone Partners LLC as financial advisor and
investment banker, and Stretto, Inc. as claims agent.
James Ktsanes, Esq., at Latham & Watkins LLP, and Timothy A. (Tad)
Davidson II, Esq., at Hunton Andrews Kurth LLP, serve as counsel to
the DIP Lender, Ares Capital Corp.
CINEWORLD FINANCE: MetWest TRB Marks $1.9M Loan at 84% Off
----------------------------------------------------------
Metropolitan West Fund's Total Return Bond Fund has marked its
$1,924,096 loan extended to Cineworld Finance U.S., Inc to market
at $303,651 or 16% of the outstanding amount, as of March 31, 2023,
according to a disclosure contained in MetWest Fund's Form N-CSR
for the Fiscal year ended March 31, 2023, filed with the Securities
and Exchange Commission.
Total Return Bond Fund is a participant in a First Lien Term Loan B
(LIBOR plus 1.50%) to Cineworld Finance U.S., Inc. The loan accrues
interest at a rate of 9.50% per annum. The loan matures on February
28, 2025.
The Metropolitan West Funds is an open-end management investment
company organized as a Delaware statutory trust on December 9, 1996
and registered under the Investment Company Act of 1940, as
amended. Metropolitan West Asset Management, LLC, a federally
registered investment adviser, provides the Funds with investment
management services. The Trust currently consists of 14 separate
portfolios.
About Cineworld Group PLC
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the US.
According to The Guardian, the Griedinger family, including
Mooky’s brother and deputy chief executive, Israel, have
struggled to maintain control of the ailing business but have been
forced to reduce their stake from 28% in recent years.
Cineworld’s top five investors include the Chinese Jangho Group
at 13.8%, Polaris Capital Management (7.82%), Aberdeen Standard
Investments (4.98%) and Aviva Investors (4.88%).
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. The
London-listed Cineworld run up debt of more than $4.8 billion after
losses soared during the pandemic.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors. The committee tapped Weil, Gotshal & Manges,
LLP and Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc. as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
CINEWORLD GROUP: Court Approves Ad Deal With CInemedia
------------------------------------------------------
Rick Archer of Law360 reports that a Texas bankruptcy judge
approved a deal Thursday, June 15, 2023, to settle theater chain
Cineworld Group's dispute with its U.S. advertising provider and
denied a request for an official shareholder's committee as the
company moves into the final stretch of its Chapter 11 case.
Judge Marvin Isgur approved the deal after Judge David R. Jones,
who presides over National CineMedia's Chapter 11 case, granted
approval for NCM's long-fought contract with Cineworld Group Plc,
the parent company of Regal Cinemas, bringing NCM a step closer to
exiting bankruptcy.
"This was just an amazing result on behalf of this debtor given
what it was facing," U.S. Bankruptcy Judge David R. Jones said
during a hearing on June 15, 2023, referring to the deal he
approved.
New Long Term Agreement
National CineMedia, LLC ("NCM"), the largest cinema advertising
network in the United States, and Regal Cinemas, Inc., on June 5,
2023, announced their entry into a new long-term Network Affiliate
Transaction Agreement.
"The agreement we announced today strengthens and deepens NCM's
20-year relationship with Regal Cinemas well into the future and
reaffirms our position as the market leader and premier company in
cinema advertising," said Tom Lesinski, CEO of NCM. "With the
largest share of the young, diverse, and sought-after movie
audience, NCM will deliver our impactful advertising solutions to
brands across thousands of Regal Cinema screens in the United
States."
Through the Agreement, NCM acquires the exclusive right to provide
on-screen advertisements at Regal Cinemas' over 6,000 screens and
450 theaters. NCM will run its industry leading Noovie show,
featuring hundreds of national, regional, and local advertisers, as
well as the high impact Platinum ad unit within the trailers, on
Regal Cinemas' screens across the United States.
The new ten-year Agreement will replace the previous Exhibitor
Service Agreement with Regal Cinemas.
This Agreement represents a major milestone in the NCM's
restructuring and culminates its successful mediation with Regal
Cinemas.
About Cineworld Group
London-based Cineworld Group PLC was founded in 1995 and is the
world's second-largest cinema chain. Cineworld operates 751 sites
with 9,000 screens in 10 countries, including the Cineworld and
Picturehouse screens in the UK and Ireland, Yes Planet in Israel,
and Regal Cinemas in the United States.
According to The Guardian, the Griedinger family, including Mooky's
brother and deputy chief executive, Israel, have struggled to
maintain control of the ailing business but have been forced to
reduce their stake from 28% in recent years. Cineworld's top five
investors include the Chinese Jangho Group (13.8%), Polaris Capital
Management (7.82%), Aberdeen Standard Investments (4.98%) and Aviva
Investors (4.88%).
The London-listed Cineworld, which has run up debt of more than
$4.8 billion after losses soared during the pandemic, is pinning
its hopes on a meatier slate of movies in 2022 to bounce back from
a two-year lull.
Cineworld Group plc and 104 affiliates sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022,
estimating more than $1 billion in assets and debt. Judge Marvin
Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsels; PJT Partners, LP as investment banker;
AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP
as tax services provider. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23,
2022. The committee tapped Weil, Gotshal & Manges, LLP and
Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI
Consulting, Inc., as financial advisor; and Perella Weinberg
Partners, LP as investment banker.
CLARK ATLANTA: Moody's Affirms 'Ba1' Issuer Rating, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Clark Atlanta University's
(GA) Ba1 issuer rating. The outlook is stable.
RATINGS RATIONALE
The Ba1 issuer rating incorporates its regionally important role as
a historically black university (HBCU), substantial growth in
financial reserves and a meaningful reduction in debt following the
Consolidations Appropriations Act of 2021. The university has also
benefited from increased student interest over recent years,
despite market headwinds. Total cash and investments, which grew by
63% since fiscal 2018, generates good coverage relative to adjusted
debt and provides a runway to support operations. Robust liquidity
provides added support by generating 217 monthly days cash on hand.
However, reduced federal pandemic related relief aid and
inflationary pressures are expected to result in deficit operations
in fiscal 2023 and 2024. Further, while enrollment management has
improved, the university's market environment remains highly
competitive, and sustaining growth in net tuition revenue will be
challenging given the very price sensitive student market and depth
of competition. Other credit considerations include a rising age of
plant and ongoing exposure to a third-party housing project under
financial distress.
RATING OUTLOOK
The stable outlook incorporates expectations that the university
will not materially diminish its liquidity profile despite expected
deficit operations through fiscal 2024. The outlook also reflects
expectations for modest growth in enrollment to translate to
growing net tuition revenue and the absence of new debt over the
near term.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING
-- Sustained growth in enrollment translating to growth in net
tuition revenue
-- Strengthening EBIDA margins over a multi-year period
-- Financially favorable resolution resulting in reduced
exposure to poorly performing PPP housing project
-- Substantial growth in financial reserves relative to operating
expenses
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING
-- Failure to make meaningful progress toward improved operations
by fiscal 2025
-- Decline in liquidity or flexible reserves relative to expenses
-- Declining enrollment, or inability to sustain growing net
tuition revenue
LEGAL SECURITY
The Ba1 rating is an issuer rating not assigned to any debt.
PROFILE
Clark Atlanta University is a private, urban research university
that was established in 1988 from the consolidation of two
independent historically black institutions, Atlanta University
(1865) and Clark College (1869). In fiscal 2022, CAU generated
operating revenue of $164 million and enrolled 3,766 full-time
equivalent (FTE) students as of fall 2022.
METHODOLOGY
The principal methodology used in this rating was Higher Education
Methodology published in August 2021.
CLEARY PACKAGING: June 27 Hearing on Disclosure Statement
---------------------------------------------------------
Judge Michelle M. Harner will convene a hearing to consider the
approval of the Third Amended Disclosure Statement and the
Disclosure Statement of Cleary Packaging, LLC will be held on June
27, 2023, at 1:00 p.m., in Courtroom 9−C, 101 West Lombard
Street, Baltimore, Maryland 21201.
June 24, 2023, is fixed as the last day for filing and serving
written objections to the Third Amended Disclosure Statement and/or
the Disclosure Statement.
About Cleary Packaging
Cleary Packaging, LLC, is a wholesale distributor of packaging and
janitorial supplies. The company sought protection under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Md.
Case No. 21-10765) on Feb. 7, 2021.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range. The
Debtor tapped Yumkas, Vidmar, Sweeney & Mulrenin as its legal
counsel and George S. Magas CPA, PC as its accountant.
Scott W. Miller has been appointed as Subchapter V Trustee for the
Debtor.
COALESCE MEDIA: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------
Debtor: Coalesce Media, LLC
812 South High Street
Columbia, TN 38401
Case No.: 23-02259
Chapter 11 Petition Date: June 26, 2023
Court: United States Bankruptcy Court
Middle District of Tennessee
Judge: Hon. Randal S. Mashburn
Debtor's Counsel: Griffin S. Dunham, Esq.
DUNHAM HILDEBRAND, PLLC
2416 21st Ave. S. Suite 303
Nashville, TN 37212
Tel: 615-933-5850
Fax: 615 777 3765
Email: griffin@dhnashville.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Blair Garner as president & CEO.
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/7FOHWUI/Coalesce_Media_LLC__tnmbke-23-02259__0001.0.pdf?mcid=tGE4TAMA
COLOR CRAFT: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Color Craft Flexible Packaging, LLC
594 Dr. Martin Luther King, Jr. Avenue
Memphis, TN 38126
Case No.: 23-01421
Chapter 11 Petition Date: June 26, 2023
Court: United States Bankruptcy Court
Middle District of Pennsylvania
Debtor's Counsel: Jeffrey Kurtzman, Esq.
KURTZMAN | STEADY, LLC
555 City Avenue
Suite 480
Bala Cynwyd, PA 19004
Tel: (215) 883-1600
Fax: (609) 482-8011
Email: kurtzman@kurtzmansteady.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James B. Dwyer 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/UTSXVLY/Color_Craft_Flexible_Packaging__pambke-23-01421__0001.0.pdf?mcid=tGE4TAMA
CONGREGATION COFFEE: Commences Subchapter V Bankruptcy
------------------------------------------------------
Congregation Coffee LLC filed for chapter 11 protection in the
Eastern District of Louisiana. The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.
The Debtor has requested that the deadline to file its schedules of
assets and liabilities, statement of financial affairs, and other
initial documents be extended up through and including July 3,
2023. This delay will not prejudice the creditors of the Debtor's
estate and would enable the Debtor to provide more complete and
accurate information in those documents.
According to court filings, Congregation Coffee estimates between
$500,000 and $1 million in debt owed to 1 to 49 creditors. The
petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 12, 2023 at 9:00 a.m. in Room Telephonically on telephone
conference line: 866-790-6904 (participant passcode: 3156784).
About Congregation Coffee
Congregation Coffee LLC -- https://www.congregationcoffee.com/ --
is a small start-up company conceived in the back of a shotgun
house in New Orleans, in April 2015.
Congregation Coffee LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 23-10879)
on June 6, 2023. In the petition filed by Eliot Guthrie, as
manager, the Debtor reports estimated assets between $100,000 and
$500,000 and estimated liabilities between $500,000 and $1
million.
The Subchapter V trustee:
Leo D. Congeni, Esq.
Congeni Law Firm, LLC
650 Poydras Street, Suite 2750
New Orleans, LA 70130
Telephone (504) 522-4848
Facsimile (504) 910-3055
E-mail: leo@congenilawfirm.com
The Debtor is represented by:
Stewart Peck, Esq.
Lugenbuhl Wheaton PEck Rankin & Hubbard
1746 Tchoupitoulas Street
New Orleans, LA 70130
CORE SCIENTIFIC: Files Bankruptcy Exit Plan
-------------------------------------------
AMB Crypto reports that prominent Bitcoin miner Core Scientific has
filed its Chapter 11 bankruptcy plan. The firm filed the plan in
the U.S. Bankruptcy Court for the Southern District of Texas
Houston Division.
Holders of allowed debtor-in-possession (DIP) claims would obtain
complete and final satisfaction of their claims on the bankruptcy
plan's effective date, as per the bankruptcy plan. They will
either receive full payment in cash or alternative treatment as
agreed upon. Any lines granted to secure DIP claims will be
cancelled as well, erasing the secured interest in the company's
assets.
The Bitcoin miner has also negotiated with key stakeholders as part
of the plan. The company is seeking to build as much consensus as
possible about how a new Core Scientific firm would appear after
exiting from bankruptcy procedures, as per the filing.
A Chapter 11 bankruptcy provides for a company to continue
operating until stakeholders reach an agreement on a restructuring
plan, which could include actions like decreasing corporate
activities to decrease debt or liquidating assets to repay
creditors. The formal document outlines how the company expects to
reorganize and repay its creditors.
Bitcoin Miner readying itself for comeback
Core Scientific stated that its liquidity got boosted since filing
for Chapter 11 bankruptcy. The company said that it was focusing
on reworking its business plan to make a successful comeback. It
cited rising Bitcoin prices, increased network hash rate, and lower
energy costs as reasons for the company's improved financial
fortune.
The bankruptcy court granted Core Scientific permission to borrow
up to $70 million from investment bank B. Riley, one of the mining
firm's largest creditors. The loan would be used to repay the
mining group's current debtor-in-possession financing loan, which
was also provided by B. Riley.
Bitcoin miner declared bankruptcy in December 2022, citing
declining revenue and low BTC pricing. The petition occurred just
days after a creditor promised to assist Core Scientific in
avoiding bankruptcy.
About Core Scientific
Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power. Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services. Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.
In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York. With low
Bitcoin prices depressing mining revenue to a record low, Core
Scientific first warned in October 2022 that it may have to file
for bankruptcy if the company can't find more funding to repay its
debt that amounts to over $1 billion. Core Scientific did not make
payments that came due in late October and early November 2022 with
respect to several of its equipment and other financings, including
its two bridge promissory notes.
Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.
Judge David R. Jones oversees the cases.
The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
artners, LP as investment banker; and AlixPartners, LLP as
financial advisor. Stretto is the claims agent.
A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings. Meanwhile, B. Riley
Commercial Capital, LLC, as administrative agent under the
Replacement DIP facility, is represented by Choate, Hall & Stewart,
LLP.
On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Willkie Farr & Gallagher,
LLP as legal counsel and Ducera Partners, LLC as investment
banker.
The U.S. Trustee for Region 7 appointed an official committee of
equity security holders. The equity committee is represented by
Vinson & Elkins, LLP.
CROWN FINANCE: EUR607M 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 15.9
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR607.6 millionfacility is a Term loan that is scheduled to
mature on February 28, 2025. About EUR176.9 million of the loan is
withdrawn and outstanding.
Crown Finance US, Inc. operates as a movie theater.
CYSTERA TECHNOLOGIES: Court Okays New Sale Process
--------------------------------------------------
Mary Zhang of Dgtl Infra reports that Cyxtera Technologies is
seeking court approval for a series of steps to sell or attract
investment for its reorganized assets. The process involves
setting up marketing, auction, and bidding procedures aimed at
identifying the highest or most beneficial offers, with the
ultimate goal of maximizing value for its first lien lenders.
In March 2023, Cyxtera initiated a marketing process, led by
investment banker Guggenheim Securities, with the aim of
identifying third parties interested in a potential sale
transaction. Simultaneously, the company was engaged in
negotiations with first lien lenders to facilitate a comprehensive
restructuring transaction.
On May 4, 2023, Cyxtera and the first lien lenders agreed to a
dual-track process. This plan explored both recapitalizing the
company by equitizing the first lien indebtedness and completing
the marketing process to determine whether higher or better
transactions could be consummated.
Potential Purchasers and Bids
More than 75 potential partners were contacted to gauge their
interest in acquiring either some or all of Cyxtera's assets. Of
these, 37 signed non-disclosure agreements (NDAs), and 6 submitted
non-binding letters of intent (LOIs).
Cyxtera is now seeking to continue this process to attract as many
high-quality bids as possible. In doing so, if an offer superior to
a recapitalization transaction (namely, a debt-for-equity exchange)
is identified, the company can switch to that option.
Bidding Schedule and Procedures
Cyxtera has proposed a schedule to finalize its marketing efforts,
with a focus on minimizing administrative expenses and business
disruption. The deadline for confirming whether to approve a sale
transaction is set for no later than September 22, 2023.
The bidding procedures will create further opportunities to market
the sale of Cyxtera's assets, receive additional bids, and, if
necessary, hold an auction. This strategy aims to garner additional
interest and secure the highest recovery possible for all
stakeholders.
About Cyxtera Technologies
Headquartered in Coral Gables, Fla., Cyxtera Technologies, Inc. --
https://www.cyxtera.com/ -- is a global data center company
providing retail colocation and interconnection services. The
Company provides a suite of connected and automated infrastructure
and interconnection solutions to more than 2,300 enterprises,
service providers and government agencies around the world --
enabling them to scale faster, meet rising consumer expectations
and gain a competitive edge.
Cyxtera and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-14853) on
June 4, 2023. In the petition signed by Eric Koza, chief
restructuring officer, the Debtor disclosed up to $131 million in
assets and up to $2.679 billion in liabilities.
Judge John K. Sherwood oversees the case.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as general bankruptcy counsel, Cole Schotz P.C.
as co-bankruptcy counsel, Guggenheim Securities, LLC, as investment
banker, and AlixPartners LLP as restructuring advisor. Eric Koza,
a partner and managing director of AlixPartners, is the CRO of the
Debtors. Kurtzman Carson Consultants LLC is the noticing and
claims agent.
The ad hoc group of first lien lenders is represented by Gibson,
Dunn & Crutcher LLP as legal counsel and Houlihan Lokey, Inc., as
financial advisor.
DEAL GENIUS: July 12 Public Auction for Assets Set
--------------------------------------------------
Deal Genius LLC has entered an assignment for the benefit of
creditors with Moglia Advisors ("assignee"). The Assignee will
sell the assets at public auction in a single lot consisting of,
but not limited to, clothes, housewares, tools, lawn and garden
goods, toys, trade secrets, trademarks, domains, and copyrightable
information.
Simultaneously and jointly with the Assignee's sale of the assets,
the senior secured creditor of Deal Genius will sell its collateral
to enable the purchaser of the assets to acquire them free and
clear of liens discharged bu such sale under Article 9 of the
Uniform Commercial Code.
The Assignee will provide a form asset purchase agreement to
interested parties who have executed a non-disclosure agreement.
Qualified bids must be received by the Assignee by 5:00 p.m. CDT on
July 10, 2023. The auction will occur at 10:00 a.m. CDT, on July
12, 2023, at 1375 Remington Road, Suite I, Schaumburg, Illinois
60173, or at another suitable location as determined by the
Assignee.
The winning bidder must be prepared to close and fund the purchase
by noon CDT on July 13, 2023.
For more information, please contact:
Moglia Advisor
Attn: Alex Moglia
Nates Jones
Tel: (847) 884-8282
Fax: (847) 884-1188
Email: amoglia@mogliaadvisors.com
njones@mogliaadvisors.com
Deal Genius LLC sells consumer goods and other products.
DECISION POINTE: Gets OK to Hire Ocean Tomo as Appraiser
--------------------------------------------------------
Decision Pointe Solutions, LLC received approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Ocean Tomo,
LLC.
The firm's services include an appraisal of the Debtor's software
and intellectual property assets and assistance in the preparation
of a Chapter 11 plan of reorganization.
The firm will be paid at these rates:
Shirley Webster, Managing Director $595 per hour
Supporting personnel $255 to $370 per hour
Shirley Webster, a partner at Ocean Tomo, disclosed in a court
filing that her firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Shirley Webster
Ocean Tomo, LLC
110 Cypress Station Drive Suite 155
Houston, TX 77090
Tel: (713) 223-7151
Email: Shirley.Webster@jsheld.com
About Decision Pointe Solutions
Decision Pointe Solutions, LLC filed a Chapter 11 bankruptcy
petition (Bankr. D. Colo. Case No. 23-11338) on April 3, 2023, with
as much as $50,000 in assets and $500,001 to $1 million in
liabilities. Judge Thomas B. Mcnamara oversees the case.
The Debtor tapped Allen Vellone Wolf Helfrich & Factor P.C. as
legal counsel and CLIQ Consulting, LLC as accountant.
DIAMANTE ENTERPRISES: Taps Van Horn Law Group as Bankruptcy Counsel
-------------------------------------------------------------------
Diamante Enterprises LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Van Horn Law
Group, P.A.
The Debtor requires legal counsel to:
(a) give advice regarding the powers and duties of the Debtor
in the continued management of its business operations;
(b) advise the Debtor regarding its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal papers;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiations with its creditors in
the preparation of a Chapter 11 plan.
The firm will be paid at hourly rates ranging from $150 to $450. In
addition, the firm will receive reimbursement for expenses
incurred.
The Debtor paid the firm a retainer of $7,738, including the filing
fee of $1,738.
Chad Van Horn, Esq., an attorney at Van Horn Law Group, 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:
Chad T. Van Horn, Esq.
Van Horn Law Group, P.A.
500 N.E. 4th Street, Suite 200
Fort Lauderdale, FL 33301
Tel: (954) 765-3166
Fax: (954) 756-7103
Email: Chad@cvhlawgroup.com
About Diamante Enterprises
Diamante Enterprises, LLC, a company in Weston, Fla., filed its
voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case
No. 23-14383) on June 5, 2023, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities. Danielle Parker,
president, signed the petition.
Judge Scott M. Grossman oversees the case.
Chad T. Van Horn, Esq., at Van Horn Law Group, P.A. serves as the
Debtor's bankruptcy counsel.
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 80% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 20.5
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.20 billion facility is a Term loan that is scheduled to
mature on March 31, 2027. The amount is fully drawn and
outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ENVISION HEALTHCARE: Says Ch. 11 Blocks Medical Practice Suit
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Envision Healthcare Corp.'s
bankruptcy protections should shield the KKR & Co.-owned medical
staffing company from being forced to litigate claims that it
violates California's ban on the corporate practice of medicine, it
argued in a court filing.
Envision's statement came in a Tuesday, June 20, 2023, filing
urging the US Bankruptcy Court for the Southern District of Texas
to reject the American Academy of Emergency Medicine Physician
Group Inc.'s request to pursue the lawsuit. Envision argued that
it's squarely protected in Chapter 11 against such litigation.
AAEMPG provides business and administrative services to physician
groups. On Dec. 20, 2021, AAEMPG filed a complaint in the Superior
Court of California for the County of Contra Costa under Case No.
C21-02633. The case was subsequently removed to the Northern
District of California on Jan. 21, 2022. An amended complaint was
filed on Feb. 18, 2022.
AEMPG alleges that the Debtors' acts induced Placentia Linda
Hospital to forgo renewing its contract with Placentia Linda
Emergency physicians, Inc. ("PLEP"), including through the use of
an illegal kickback scheme in violation of California's ban on the
Corporate Practice of Medicine ("CPOM").
In the Complaint, AAEMPG describes how the Debtors, business
operations in California violate California's ban on the CPOM by
offering unlawful kickbacks in exchange for patient referrals,
employing physicians on the condition they execute illegal
restrictive covenants; and committing unfair business practices
such as false advertising, among other things.
"Movant never identifies any prejudice it would experience if the
California litigation remains paused for four more months. Its
primary contention is that the stay should be lifted to prevent the
Debtors from violating California state law during the pendency of
the bankruptcy. But Movant’s requested action will not lead to
its desired consequence. First, it is far from clear that any
state-law violations are taking place; the Debtors emphatically
deny Movant’s allegations and, when the time comes, will continue
to defend the lawsuit vigorously. Second, even if Movant could
prevail (which it will not), victory is at least a year away, and
nothing about the California litigation will in the interim change
how the Debtors operate. In contrast, the Debtors face immediate
and potentially severe consequences if the stay lifts. They would
need to engage in time-consuming litigation that would distract
from reorganizational efforts, including preparing for and
defending four depositions of Debtor employees (which were
originally noticed to occur by June 26, 2023). Indeed, one of the
depositions is of the Associate General Counsel, Provider and Legal
Operations for Envision Healthcare, who is heavily involved in the
bankruptcy process and would have to take significant time away
from her critical efforts in facilitating these chapter 11 cases to
re-engage in the litigation," the Debtors said in court filings.
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology/ teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of our communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision Healthcare Corporation and 216 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90342).
The cases are pending before the Honorable Christopher M. Lopez.
Envision has estimated assets and liabilities in the range of $1
billion to $10 billion each.
Judge Christopher M. Lopez oversees the cases.
The Debtors' investment banker is PJT Partners LP, its financial
advisor is Alvarez & Marsal LLC, and its legal advisor is Kirkland
& Ellis LLP. Jackson Walker LLP is the local bankruptcy counsel.
KPMG LLC is the tax advisor. Kroll is the claims agent,
maintaining the pages EnvisionHealthFuture.com or
https://restructuring.ra.kroll.com/Envision
The U.S. Trustee for Region 7 has appointed an official committee
to represent unsecured creditors in the Debtors' Chapter 11 cases.
EVERI HOLDINGS: Fitch Affirms 'BB-' IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Everi Holdings Inc.'s Issuer Default
Rating (IDR) at 'BB-'. Fitch has also affirmed Everi's senior
secured credit facility at 'BB+'/'RR1' and unsecured notes at
'BB-'/'RR4'. The Rating Outlook is Stable.
The rating reflects Everi's relatively low leverage metrics,
sufficient liquidity, and lack of near-term maturities. The company
has also exhibited growth in installed leased units and unit sales,
as well as strong momentum in the FinTech segment through organic
and acquisition opportunities. These factors are offset by intense
competition, potential regulatory changes, adaptation risks of new
gaming technologies, and integration risks of newly-acquired
companies.
The Stable Outlook reflects Fitch's expectations that growth from
new technologies and recent acquisitions will negate the impact of
a potential decline in economic activity.
KEY RATING DRIVERS
Relatively Low Leverage: Everi's gross leverage was 2.6x as of
March 31, 2023 and is marginally below Fitch's upgrade threshold at
the 'BB-' level. Gross leverage is expected to remain below 3.0x
during 2023-2024 due to Everi's larger installed base of premium
slots, and growth of the FinTech segment There is little rationale
for further material deleveraging given the lack of near-term
maturities and preference to allocate capital to growth initiatives
and shareholder returns. Fitch expects net leverage to fall within
the company's long-term target range in the 2.5x-3.0x range, with
any deviations being minor and for a short period of time.
Strong FCF Generation: Everi's FCF has grown strongly due to a
combination of growth in its installed base, new product
development and acquisitions, overall growth in the gaming sector,
and debt reduction. Fitch does not expect a material increase over
the forecast horizon in FCF due to higher interest rates, the
potential for increased tax payments, and intense competition that
could lead to more product development costs. FCF should still have
sufficient maneuverability to make tuck-in acquisitions and
allocate cash to shareholder returns.
FinTech Diversification: The FinTech sector contributes
approximately 40% of consolidated EBITDA, with the majority of the
revenues derived from ATM and cash advance service fees, which are
tied to contracts generally with there- and five-year terms with
high renewal rates. The recurring revenue from this business
provides near-term certainty in cash flow, although technology risk
remains an uncertain factor in the longer term.
Management continues to grow this segment through acquisitions and
new product lines. The introduction of the Cash Club Wallet is now
deployed in 22 jurisdictions and could be a source of future
material revenue growth. Other potential, future growth comes from
the recent acquisition of eCash, which provides access to the
Australian market, and Venuetize, which allows for advance guest
engagement and an m-commerce platform for non-gaming entertainment
venues.
Solid EGM Strategy Execution: Everi has been investing heavily in
its electronic gaming machine (EGM) content and hardware with
strong results to date. Everi has been able to grow its
participation in EGM steadily and had 17,841 participation games as
of March 31, 2023 — 49% of which were premium units. Fitch
expects the premium segment to continue to grow, albeit at a
decelerating rate, given the intense competition in this segment
and tough yoy comparisons for Everi. Daily win per unit has
averaged approximately $40 since 1Q21, and Fitch expects this to
approximate this performance in its forecast. The recent installed
base has flattened, but the company has introduced a new cabinet,
the Dynasty Vue, in March 2023, to further extend its existing
product base. About two-thirds of the gaming revenue is generated
on a participation basis, whereby Everi earns fees based on game
performance.
Everi's unit sales has increased to 9%-10% during LTM 2023 compared
with a roughly 6% ship-share supplier during 2018-2020 (according
to Eilers & Krejcik Gaming), partially due to its new Empire Flex
cabinet.
Technology-Related Risks: New, cashless technologies employed by
other participants in the gaming and FinTech industries represent a
long-term risk to disintermediate Everi's cash access services
(roughly one-third of total revenues). However, the company's
diverse FinTech product portfolio, investments made in new
technologies and its own cashless solutions (including maintenance
of money transmitter licenses) reduces this risk and positions
Everi well to defend its market position.
The gaming industry is highly regulated on a state-by-state basis
and has been slow to adopt new technologies on the casino floor,
where cash remains prevalent. The pandemic has increased operators'
interest in cashless technologies, with Nevada and Native American
gaming jurisdictions the most notable early adopters. Greater
adoption of digital wallets in the long term should not materially
disrupt the meaningful fee revenues casino operators and their
supplier partners generate from ATM transactions, as digital wallet
economics tend to be similar.
DERIVATION SUMMARY
Everi's 'BB-' IDR reflects the company's low leverage, good
diversification, strong momentum in growing its class III slots
business, and solid market position in cash access systems and
class II slots. Negative credit considerations include Everi's
niche position within the slots segment, relative to larger
suppliers, despite ship share improving over the last few years.
The long-term disintermediation risk associated with its FinTech
business is also a negative credit consideration, but to a lesser
extent given Everi's own cashless offerings and the industry's
regulators slow adoption of new technology.
Everi's gaming peers include Light & Wonder, Inc. (BB/Stable),
International Game Technology plc (BB+/Stable) and Aristocrat
Leisure Ltd. (BBB-/Stable), which all have slightly stronger credit
profiles due to greater scale; higher ship share; international
diversification; and product diversification, including lottery and
table games. Scientific Games Holdings LP (B/Stable) is a lottery
peer with much higher leverage than Everi, but less cyclical cash
flow that exhibits long-term growth.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
Include:
- Total revenues grow by mid-single digits in 2023 due to recent
acquisitions and growth in the FinTech segment. continued strong
performance in Everi's gaming operations and FinTech segments.
Low-single digit revenue growth is forecasted for the outer years
as new product development and impact from acquisitions is offset
by economic uncertainty and intense competitive pressures;
- EBITDA margins approximate 45%;
- Base interest rates applicable to the company's outstanding
variable rate debt obligations reflects current SOFR forward
curve;
- FCF approximates $150 million in 2023. FCF beyond 2023 is
expected to increase but has greater uncertainty due to potential
higher cash taxes and variable interest rates. Fitch assumes
manageable capex near 15% of revenues. Fitch assumes settlement
receivables and liabilities are cash flow neutral in its forecast;
- Everi utilizes its healthy FCF to grow its product portfolio
through additional tuck-in acquisitions. Fitch assumes shareholder
returns balance out the remainder of available FCF, primarily in
the form of share repurchases. Fitch does not assume incremental
debt paydown, aside from $6 million of annual amortization of the
term loan.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Continued market share gains in the U.S. gaming equipment
industry, in particular with respect to its Class III business;
- Continued diversification away from payment processing;
- EBITDA Leverage sustaining below 3.0x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA Leverage sustaining above 3.5x;
- Significant deterioration and/or loss of market share in the
gaming and FinTech segments;
- Adoption of a more aggressive financial policy, either
toward target leverage or approach to shareholder returns at
the detriment to the credit profile.
LIQUIDITY AND DEBT STRUCTURE
Everi had a net cash position of $107 million ($293 million gross
of net settlement liabilities) and full availability on its $125
million revolver as of March 31, 2023. Everi generated about $165
million in Fitch-defined FCF (cash flow from operations minus capex
and controlling for settlement working-capital swings) for the TTM
period ending March 2023. Amortization of its term loan is minimal
relative to the company's FCF generating ability.
Fitch expects Everi to focus its capital allocation on tuck-in
acquisitions and shareholder returns, with no incremental debt
paydown assumed over the term loan amortization. In May 2023, the
company announced the Board had approved a new $180 million,
18-month share repurchase program that replaced the previous $150
million program. There are no maturities until 2028, when the $587
million term loan matures.
ISSUER PROFILE
Everi Holdings (EVRI) is a provider of slots and cash services to
the casino industry. The company runs operations through two
subsidiaries - Games and FinTech. Everi Games (f/k/a Multimedia
Games) is a slot supplier purchased by Everi in 2014. Everi Games
specializing in class II (58% of total a/o 3/31/23) and class III
(42%) slots. Class II is typically found in tribal casinos, in
which players play against each other. Class III are typically
found in commercial casinos, in which players play against the
house. Everi FinTech (f/k/a Global Cash Access) is a market leading
provider of cash access products and services for the casino
industry.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Everi Holdings Inc. LT IDR BB- Affirmed BB-
senior
unsecured LT BB- Affirmed RR4 BB-
senior secured LT BB+ Affirmed RR1 BB+
FIRE & FLOWER: Commences Sale and Investment Solicitation Process
-----------------------------------------------------------------
Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) and its
subsidiaries, Fire & Flower Inc., 13318184 Canada Inc., 11180703
Canada Inc., 10926671 Canada Ltd., Friendly Stranger Holdings
Corp., Pineapple Express Delivery Inc. and Hifyre Inc.
(collectively, the "Fire & Flower Group") on June 21 disclosed that
they have received approval from the Ontario Superior Court of
Justice (Commercial List) (the "Court") under the Companies'
Creditors Arrangement Act (the "CCAA") for (i) the implementation
of a sale and investment solicitation process to be conducted by
FTI Consulting Canada Inc., as Court-appointed monitor of the Fire
& Flower Group (the "Monitor"), with the assistance of the Company
(the "SISP"); and (ii) a stalking-horse agreement (the "Stalking
Horse Agreement") between the Company and 2707031 Ontario Inc. (the
"Stalking Horse Bidder"), an affiliate of Alimentation Couche-Tard
Inc. ("ACT"), pursuant to which the Stalking Horse Bidder would act
as stalking-horse bidder under the SISP.
The SISP is intended to solicit interest in, and opportunities for:
(i) an investment in, restructuring, recapitalization, refinancing
or other form of reorganization of the Fire & Flower Group or their
business; and/or (ii) one or more sales or partial sales of all,
substantially all, or certain portions of the property or the
business of the Fire & Flower Group. The SISP sets forth the manner
in which interested parties will be provided with an opportunity to
participate in the SISP and submit offers, including receipt of a
process summary describing the opportunity, access to a virtual
data-room on execution of a non-disclosure agreement acceptable to
Fire & Flower and the Monitor, and applicable deadlines for the
submission of offers. Notwithstanding the Stalking Horse Agreement,
all interested parties are encouraged to submit offers based on any
form of opportunity that they may elect to advance pursuant to the
SISP.
The deadline for qualified interested parties to submit non-binding
letters of intent under Phase 1 of the SISP is set for July 13,
2023, at 5:00 p.m. (Toronto Time). Interested parties should refer
to the SISP for information pertaining to other important deadlines
and processes thereunder.
Those who are interested in participating in this SISP can contact
the Monitor to receive additional information at:
FTI Consulting Canada Inc.
Toronto-Dominion Centre, TD South Tower
79 Wellington St W Suite 2010
Toronto, ON M5K 1G8
Attention: Jeffrey Rosenberg
Email: jeffrey.rosenberg@fticonsulting.com
Copies of the SISP and Stalking Horse Agreement may be obtained
from the website of the Monitor at:
http://cfcanada.fticonsulting.com/fireandflower.
Each of ACT and the Stalking Horse Bidder is a "related party" of
the Company and, accordingly, the transactions contemplated by the
Stalking Horse Agreement (the "Stalking Horse Bid") constitutes a
"related party transaction" of the Company under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). Related party transactions
under MI 61-101 typically require a formal valuation and minority
shareholder approval unless exemptions from these requirements are
available. The Company will rely on the exemption from the formal
valuation requirement contained in Section 5.5(f) of MI 61-101
(Bankruptcy, Insolvency, Court Order) and the exemption from the
minority approval requirement contained in Section 5.7(d) of MI
61-101 (Bankruptcy, Insolvency, Court Order) in respect of the
Stalking Horse Bid. The Company did not file a material change
report more than 21 days before the execution of the Stalking Horse
Agreement, as the details of the Stalking Horse Agreement were not
finalized until immediately prior to the execution of the Stalking
Horse Agreement, and the Company wished to execute the Stalking
Horse Agreement as soon as practicable for sound business reasons.
About Fire & Flower
Fire & Flower is a technology-powered, adult-use cannabis retailer.
The Company leverages its wholly-owned technology development
subsidiary, Hifyre, to continually advance its proprietary retail
operations model while also providing additional independent
revenue streams. Fire & Flower guides consumers through the complex
world of cannabis through education-focused, best-in-class
retailing while the Hifyre digital retail and analytics platform
empowers retailers to optimize their connections with consumers.
The Company's leadership team combines extensive experience in the
technology, logistics, cannabis and retail industries.
Fire & Flower is a multi-banner cannabis retail operator that owns
and operates the Fire & Flower, Friendly Stranger and Firebird
Delivery brands. Fire & Flower Holdings Corp. owns all issued and
outstanding shares in Fire & Flower Inc. and Friendly Stranger
Holdings Corp., licensed cannabis retailers that own and operate
cannabis retail stores in the provinces of British Columbia,
Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
Fire & Flower also has strategic licensing agreements for its brand
and Hifyre digital platform in Canada and certain U.S. States.
FIRST EAGLE: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed First Eagle Holdings, Inc's
(FEH) Ba2 Corporate Family Rating, Ba2 senior secured term loan B
and its Ba2 senior secured revolving credit facility rating. The
rating outlook was changed to negative from stable.
RATINGS RATIONALE
The change in outlook to negative is driven by FEH's elevated
leverage (5.4x as of YE 2022) which remains above Moody's leverage
downgrade trigger of 5.0x. The company's leverage rose rapidly in
2022 due to the significant market declines and the partially
debt-funded acquisition of credit manager Napier Park. The Napier
Park acquisition was consistent with the company's strategic plan
to diversify its investment platform by adding more long-duration
AUM and income-oriented strategies. However, the company incurred
$160 million of higher-cost private debt in funding the acquisition
which put further pressure on its financial flexibility. Similar to
the majority of active investment managers, the firm has also
experienced negative outflows historically and the company's
investment in distribution and product diversification has been
weighing on margins.
Despite these negatives, the affirmation of the rating reflects the
company's credit strengths and long history as a leading global
active equity manager with strong long-term investment performance.
Furthermore, the franchise has made gains in product and
distribution diversification and has materially reduced its net
outflows from a low of -$13.7 billion in 2020 to positive +$0.1
billion in 2022. The firm's investment into increasing its
distribution capabilities over the past several years has been
material and has led to gains in the RIA and IBD channels.
Investment performance by the Global Value team has been strong and
current total AUM stands at $129 billion as of Q1 2023. The firm's
investment into increasing its distribution footprint coupled with
stronger investment outperformance, could lead to net flows being
sustained. A key strategic initiative has been the buildout of the
firm's private credit business which, while lowers the margin,
contributes positively to the firm's product diversification and
stability of capital.
During the outlook period, Moody's will monitor the firm's 1)
leverage trend, 2) net flows, and 3) debt composition. While
equity markets remain favorable and investment performance is
strong, Moody's will watch the trend in leverage over the outlook
period. Investment outperformance was strong in 2022 in the Global
Value fund at nearly 1200bps over the MSCI, and Moody's will also
monitor whether FEH is able to translate the strong investment
performance into sustained net inflows, in the firm's two flagship
products, Global Value Fund and Overseas Fund. Finally, as the
firm builds free cash from operations throughout the course of the
year, Moody's will monitor how the company prioritizes the use of
free cash flow (i.e.acquisitions, dividends, debt paydowns,
etc).The rating outlook could return to stable if 1) leverage is
sustained below 4.5x, 2) debt profile becomes more favorable, or 3)
the company maintains momentum in organic net inflows.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Although less likely, FEH's ratings could be upgraded if: 1) Rapid
deleveraging, with debt to EBITDA (including Moody's standard
adjustments) sustained below 3.5x; 2) Strong absolute investment
performance combined with organic AUM growth; 3) Diversification of
asset mix as a result of asset raising in new products.
Conversely, FEH's ratings could be downgraded if: 1) Leverage is
sustained above 5.0x debt to EBITDA (including Moody's standard
adjustments); 3) Decrease in AUM arising from net outflows; 4)
Significant underperformance of the firm's two flagship funds
relative to their benchmarks; 5) Significant staff turnover,
particularly within the Global Value portfolio management team.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
FITNESS FACTORY: Case Summary & 14 Unsecured Creditors
------------------------------------------------------
Debtor: The Fitness Factory, Inc.
1122 E 87th Street
Chicago, IL 60619
Case No.: 23-08357
Business Description: The Debtor owns 100% interest in land trust
of a 35000 square foot roller skating rink
and fitness facility located in Chicago, IL.
The current value of the Debtor's interest
in the Property is $2.1 million.
Chapter 11 Petition Date: June 26, 2023
Court: United States Bankruptcy Court
Northern District of Illinois
Judge: Hon. Janet S. Baer
Debtor's Counsel: David P Leibowitz, Esq.
LAW OFFICES OF DAVID P. LEIBOWITZ, LLC
3478 N Broadway St Unit 234
Chicago IL 60657-6968
Tel: (312) 662-5750
Email: dleibowitz@lakelaw.com
Total Assets: $2,330,159
Total Liabilities: $1,365,056
The petition was signed by Carlos Pouncy as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 14 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/QSGC6VQ/The_Fitness_Factory_Inc__ilnbke-23-08357__0001.0.pdf?mcid=tGE4TAMA
FTX TRADING: Incurs More Than $120-Mil. Advisor Fees in Chpater 11
------------------------------------------------------------------
Yana Khlebnikova of Crypto.News reports that FTX, the bankrupt
crypto exchange, faces significant legal and advisory costs, with
filings revealing that fees and expenses between February 1 and
April 30, 2023 amounted to $121.8 million.
The data, compiled by The Block Research, shows that FTX's lawyers
at Sullivan & Cromwell billed the exchange $37.6 million during
that period, representing 30.9% of the total fees and expenses.
Restructuring consultants at Alvarez and Marsel charged $37
million, while investment banking firm Jefferies billed the lowest
amount at 0.6% of the total fees and expenses. The expenses
include various items such as meals, lodging, and miscellaneous
expenses.
The claims and compensation of the restructuring advisors hold a
"super senior" position, meaning they are prioritized over other
claims, including customer deposits, according to The Block
Research. This mounting cost of FTX's bankruptcy has prompted some
former clients to advocate for a reboot of the exchange under new
leadership to ensure value is returned to customers.
Travis Kling, the chief investment officer at Ikigai Asset
Management, expressed optimism about a potential reboot, referring
to it as "one of the most bullish outcomes possible for creditors."
Ikigai held a majority of its assets on FTX.
Leading the movement for the relaunch is Loomdart, an anonymous
crypto personality who is spearheading the FTX 2.0 coalition.
Loomdart believes that the regulatory challenges faced by Coinbase
and Binance make a relaunch of FTX more feasible.
Concerning the exchange restart, FTI Consulting spent approximately
686.8 hours and billed fees of $761,997.70, as stated in the
filings.
As FTX continues to grapple with the costs of its bankruptcy,
stakeholders are exploring avenues to revitalize the exchange and
ensure a positive outcome for creditors. The situation remains
fluid, and the outcome of FTX's restructuring efforts will have
significant implications for the crypto industry and its
participants.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, showing FTX had
$13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX TRADING: Releases Second Investigative Report
-------------------------------------------------
FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors
(together, the "FTX Debtors"), on June 26 announced the release of
their second report, which details the commingling and misuse of
customer deposits at FTX.com by FTX Group's previous management
team (the "Report"). The Report is based on the FTX Debtors'
ongoing analysis to trace and recover assets and maximize
recoveries for stakeholders. As part of the Report, the FTX Debtors
noted that the FTX.com exchange owed customers approximately $8.7
billion as of the petition date. This work was undertaken by the
FTX Debtors through a team of legal, restructuring, forensic
accounting, asset tracing and recovery, blockchain analytics, and
other experts.
The full text of the Report has been posted on the quick links
section of the FTX Debtors Kroll site at
https://cases.ra.kroll.com/FTX/.
John J. Ray III, Chief Executive Officer and Chief Restructuring
Officer of the FTX Debtors, said: "The release of this report
furthers our stated objective of transparency, both about the facts
uncovered about the operation of FTX.com and the important issues
being navigated as we seek to maximize recoveries. The image that
the FTX Group sought to portray as the customer-focused leader of
the digital age was a mirage. From the inception of the FTX.com
exchange, the FTX Group commingled customer deposits and corporate
funds, and misused them with abandon at the direction and by the
design of previous senior executives. We will continue to report
our analysis and findings as our work progresses, and remain
committed to recovering as much value as possible for creditors."
The FTX Debtors' review is ongoing, and the Report is part of a
series regarding pre-petition events and issues that preceded the
Chapter 11 cases. The FTX Debtors previously released first report
identified and discussed control failures by FTX Group's previous
management team in critical areas, including management and
governance, finance and accounting, digital asset management,
information security and cybersecurity. The FTX Debtors expect to
publish the third report of the series in August 2023.
U.S. Bankruptcy Court filings and other documents related to the
court proceedings, including all reports produced by the FTX
Debtors, are available at https://cases.ra.kroll.com/FTX/.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, showing FTX had
$13.86 billion in liabilities and $14.6 billion in assets. However,
only $900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
GENESISCARE USA: EUR500M Bank Debt Trades at 85% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Genesiscare USA
Holdings Inc is a borrower were trading in the secondary market
around 15 cents-on-the-dollar during the week ended Friday, June
23, 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 and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; and Teneo as
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.
An official committee of unsecured creditors has retained Kramer
Levin as counsel.
GREELEY LAND: Taps Newmark Valuation & Advisory as Appraiser
------------------------------------------------------------
Greeley Land, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to employ Newmark Valuation & Advisory,
LLC.
The Debtor requires an appraisal of its real property located at
1700 6th Ave., Greeley, Colo., commonly known as University Flats
– Phase 2; and 1758 6th Ave., Greeley, Colo., known as University
Flats – Phase 1.
The firm charges a flat fee of $3,500 per property.
Laurel Barsa, executive vice president of Newmark Valuation &
Advisory, disclosed in a court filing that the firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Laurel Barsa
Newmark Valuation & Advisory, LLC
4100 E. Mississippi Ave., Suite 950
Glendale, CO 80246
Telephone: (303) 300-1207
Facsimile: (303) 960-9057
Email: laurel.barsa@nmrk.com
About Greeley Land
Greeley Land, LLC, an apartment building operator, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, with $10
million to $50 million in both assets and liabilities.
Judge Michael E. Romero presides over the case.
Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at
Brownstein Hyatt Farber Schreck, LLP are the Debtor's bankruptcy
attorneys.
HEARTBRAND HOLDINGS: Augsut 9 Plan & Disclosure Hearing Set
-----------------------------------------------------------
Heartbrand Holdings, Inc. ("HBI") and American Akaushi Association,
Inc. ("AAA") filed with the U.S. Bankruptcy Court for the Southern
District of Texas a motion for entry of an order conditionally
approving the Amended Disclosure Statement.
On June 20, 2023, Judge David R. Jones conditionally approved the
Disclosure Statement and ordered that:
* August 9, 2023, at 9:00 a.m. is the Combined Hearing to
consider, among other things, the adequacy of the Disclosure
Statement and Confirmation of the Plan.
* August 2, 2023, at 5:00 p.m. is fixed as the last day to
file any objections to the approval of the Disclosure Statement on
a final basis or Confirmation of the Plan.
* August 2, 2023, at 5:00 p.m. is the deadline by which
Ballots must be received by Omni.
* August 4, 2023, is the deadline by which the Debtors shall
file a declaration of Omni, attesting to the voting on the Plan.
A copy of the order dated June 20, 2023 is available at
https://urlcurt.com/u?l=pSpWI4 from Omni Agent Solutions, the
claims agent.
Attorneys for Debtors:
Vinson & Elkins LLP
Harry A. Perrin, Esq.
Kiran Vakamudi, Esq.
845 Texas Avenue
Suite 4700
Houston, TX 77002
David S. Meyer, Esq.
Zachary A. Paiva, Esq.
1114 Avenue of the Americas
32nd Floor
New York, NY 10036
Jordan W. Leu, Esq.
2001 Ross Avenue
Suite 3900
Dallas, TX 75201
About HeartBrand and American Akaushi Assoc.
HeartBrand Holdings Inc. -- https://www.heartbrandbeef.com -- is a
beef company in Texas. It is a leading producer of Akaushi beef, a
type of red Wagyu Japanese cattle known for its high-quality meat.
HeartBrand Holdings and American Akaushi Association, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Texas Lead Case No. 22-90127) on Aug. 2, 2022. In the petition
filed by Ronald Beeman as chairman of the Board of Directors,
HeartBrand reported assets between $50 million and $100 million and
liabilities between $10 million and $50 million while American
Akaushi Association reported assets between $100,001 and $500,000
and liabilities between $10 million and $50 million.
Judge David R. Jones oversees the cases.
The Debtors tapped Vinson & Elkins as counsel, and ADKF, PC, as tax
and accounting services provider. Omni Agent Solutions is the
claims agent.
HICKORY HILLZ: Judy Wolf Weiker Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 10 appointed Judy Wolf Weiker as
Subchapter V trustee for Hickory Hillz BBQ, LLC.
Ms. Weiker will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Weiker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Judy Wolf Weiker
P.O. Box 40185
Indianapolis, IN 46240
973-768-2735
Email: JWWtrustee@manewitzweiker.com
About Hickory Hillz
Hickory Hillz BBQ, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
23-02554) on June 14, 2023, with $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities. Judge Robyn L. Moberly
oversees the case.
KC Cohen is the Debtor's legal counsel.
IEH AUTO PARTS: Plan Confirmed After Committee Settlement
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
entered an order confirming the Third Amended Combined Disclosure
Statement and Joint Plan of Liquidation of IEH Auto Parts Holding
LLC and its Debtor Affiliates Pursuant to Chapter 11 of the
Bankruptcy Code.
The Official Committee of Unsecured Creditors supported the Plan.
The Court approved the Plan following the hearing on June 16,
2023.
The Debtors, together with their employees and advisors, have made
significant progress towards the sale and wind down of the Debtors'
businesses. In April, the parties announced that one critical
piece has been resolved: disputes between the Debtors, American
Entertainment Properties Corp ("AEP"), The Pep Boys-Manny, Moe &
Jack Holding Corp., the Official Committee of Unsecured Creditors,
and collectively the members of the Committee.
Following an extensive investigation, both by the Committee and by
the Debtors, with the aid of its independent director, Mohsin
Meghji, and negotiations culminating in a judicial mediation
overseen by United States Bankruptcy Judge David R. Jones, the
Debtors reached a comprehensive settlement with AEP and the
Committee (the "Plan Settlement").
The Plan Settlement provides immediate relief to the Debtors'
estates and their constituents via a structure for a consensual
chapter 11 plan of liquidation and a commitment to fund allowed
administrative and priority claims. This settlement resolves a
number of threatened complex (and likely incredibly costly to
litigate) lien priority, fiduciary duty, equitable subordination,
fraudulent conveyance, and recharacterization of debt as equity
disputes, as well as certain other potential causes of action. The
Plan Settlement is in the best interests of the Debtors' estates,
its creditors and all other stakeholders and is supported by the
Committee.
The Plan Settlement, more fully set forth in the Term Sheet,
entails: (a) the funding of $17 million for distribution directly
and solely to allowed general unsecured claims, (b) a commitment by
AEP to fund all allowed administrative and priority claims in full,
(c) resolution of AEP's credit bid rights, and (d) resolution of
Chapter 5 causes of action, and (e) global releases between the
Settlement Parties, Icahn Enterprises Holdings, L.P. and all of its
direct and indirect subsidiaries other than the Debtors (the
"AEP-Related Entities"), and each of their respective related
parties; and (f) funding of $500,000 to complete the general
unsecured claim reconciliation, objections, and distributions. The
Plan Settlement minimizes disputes applicable to the sale proceeds
and makes significant strides toward a consensual plan of
liquidation.
About IEH Auto Parts Holding
IEH Auto Parts Holding LLC -- https://autoplusap.com/ --
distributes automotive products. The Company offers equipment,
tools, accessories, paint, and related products in the automotive
aftermarket. Auto Plus serves customers in the United States.
IEH Auto Parts Holding LLC and its affiliates filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 23-90054) on Feb. 1, 2023. In the petition filed by John
Michael Neyrey, as chief executive officer, the Debtor reported
assets and liabilities between $100 million and $500 million.
The case is overseen by Honorable Bankruptcy Judge Christopher M
Lopez.
The Debtor is represented by:
Veronica Ann Polnick, Esq.
Jackson Walker, LLP
112 Townpark Drive NW, Suite 300
Kennesaw, GA 30144
IVY CAPITAL: Lynn Andrews Named Subchapter V Trustee
----------------------------------------------------
The Bankruptcy Administrator for the Southern District of Alabama
appointed Lynn H. Andrews as Subchapter V trustee for Ivy Capital
Group, LLC.
About Ivy Capital
Ivy Capital Group, LLC filed a Chapter 11 petition (Bankr. S.D.
Ala. Case No. 23-11339) on June 13, 2023, with $500,001 to $1
million in assets and $100,001 to $500,000 in liabilities. Judge
Henry A. Callaway oversees the case.
The Debtor is represented by Alexandra K. Garrett, Esq., at Silver,
Voit & Garrett.
IYS VENTURES: Hires N & G Services Inc. as Accountant
-----------------------------------------------------
IYS Ventures, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Illinois to employ N & G Services, Inc. as
accountant.
The Debtor requires an accountant to:
a) review general ledger and prepare financial statements, as
needed;
b) prepare tax returns, both federal and state;
c) provide federal and state income tax advice to the Debtor and
negotiate with taxing authorities as necessary;
d) assist the Debtor's attorney regarding legal issues;
e) assist the Debtor in inventorying books and records and
advise the Debtor regarding books and records retention;
f) assist the Debtor in preparing budgets and cash flow
projections; and
e) perform other accounting services in furtherance of
reorganizational goals.
The firm will be paid at the rate of $350 per hour.
Raed Najjar, CPA, a partner at N & G Services, 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:
Raed Najjar, CPA
N & G Services, Inc.
12650 S. 76th Ave.
Palos Heights, IL 60463
Tel: (708) 220-7713
About IYS Ventures
IYS Ventures LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06782) on May 23,
2023, with $1 million to $10 million in assets and $10 million to
$50 million in liabilities.
Judge David D. Cleary oversees the case.
The Debtor tapped Gregory K. Stern, P.C. as legal counsel and N & G
Services, Inc. as accountant.
IYS VENTURES: Taps Gregory K. Stern P.C. as Legal Counsel
---------------------------------------------------------
IYS Ventures, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Illinois to employ Gregory K. Stern, P.C.
as its legal counsel.
The firm's legal services include:
(a) reviewing assets, liabilities, loan documentation,
executory contracts and other relevant documentation;
(b) preparing list of creditors, list of 20 largest unsecured
creditors, schedules and statement of financial affairs;
(c) giving the Debtor legal advice with respect to its powers
and duties in the operation and management of its financial
affairs;
(d) assisting the Debtor in the preparation of schedules,
statement of affairs and other necessary documents;
(e) preparing legal papers;
(f) negotiating with creditors and other parties in interest,
attending court hearings, meetings of creditors and meetings with
other parties in interest;
(g) reviewing proofs of claim and solicitation of creditors'
acceptances of plan; and
(h) perform other legal services.
The firm will be paid at these rates:
Gregory K. Stern, Esq. $650 per hour
Dennis E. Quaid, Esq. $550 per hour
Monica C. O'Brien, Esq. $550 per hour
Rachel S. Sandler, Esq. $400 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor an advance payment of $25,000.
As disclosed in court filings, Gregory K. Stern, P.C. is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Gregory K. Stern, Esq.
Dennis E. Quaid, Esq.
Monica C. O'Brien, Esq.
Rachel S. Sandler, Esq.
Gregory K. Stern, P.C.
53 West Jackson Boulevard, Suite 1442
Chicago, IL 60604
Phone: (312) 427-1558
Email: greg@gregstern.com
dquaid3@gmail.com
monica@gregstern.com
rachel@gregstern.com
About IYS Ventures
IYS Ventures LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06782) on May 23,
2023, with $1 million to $10 million in assets and $10 million to
$50 million in liabilities.
Judge David D. Cleary oversees the case.
The Debtor tapped Gregory K. Stern, P.C. as legal counsel and N & G
Services, Inc. as accountant.
JANE STREET: S&P Upgrades ICR to 'BB' on Improved Capital Position
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit and secured debt
ratings on Jane Street Group LLC (Jane Street) to 'BB' from 'BB-'.
The outlook is stable.
S&P said, "The ratings upgrade incorporates our view of Jane
Street's improved capital position and reduced structural
subordination, balanced by its continued reliance on short-term
wholesale funding and a business model that is somewhat more skewed
toward principal medium-frequency strategies that we view as
riskier.
"Notwithstanding balance-sheet growth, Jane Street has sustained
high capitalization levels bolstered by solid earnings generation,
and we expect this trend to continue. The company has operated with
a risk-adjusted capital (RAC) ratio above 14% for the past five
quarters (it was 14.3% at the end of December 2022), and in excess
of 10% for the past eight quarters, thanks to solid earnings and a
moderate payout ratio. Since we assigned the rating in 2017, the
company has multiplied its equity capital base by about 8x to close
to $19 billion at the end of March 2023, and has now the highest
equity capital base across all the electronic trading firms we
rate. This has driven the RAC ratio up substantially despite the
fast growth of the balance sheet up to 2021 (the pace of growth has
decelerated since 2022).
"Given the dominance of revenues from subsidiaries that are less
encumbered by regulatory capital restrictions, in our opinion, the
group holding company (HoldCo) has capacity to service its debt via
available cash flow from subsidiaries. Recent data show that 79% of
the company's capital is held at entities (including the HoldCo)
that are free from regulatory capital restrictions, either because
they aren't regulated or they're regulated but not subject to
minimum regulatory capital requirements. We therefore view the risk
of regulatory interference in upstreaming dividends to the parent
as less prevalent. Likewise, these subsidiaries contributed to 77%
of net trading revenues over the past 12 months, as opposed to
about 60% two years ago. Moreover, about 15% of trading capital is
typically held at the parent as a liquidity buffer, representing
significantly more than total debt at the parent level ($2.4
billion of term loans and $600 million of senior secured bonds).
"We think the HoldCo has greater capacity to service its debt via
available cash flows from subsidiaries and cash at the parent
level. As a result, we reduce the number of notches we apply for
structural subordination from the typical two notches for a
speculative-grade issuer to one notch.
"In our view, Jane Street is successfully diversifying its trading
operations, but still depends more on somewhat riskier trading
strategies versus high-frequency trading firm peers. The firm has
historically focused on exchange-traded fund (ETF) market-making
and arbitrage, where it retains a leading position. That said, Jane
Street is gradually expanding both geographically beyond the U.S.
and into other asset classes and instruments (fixed-income,
commodities, cash equity, and options), where it has gained market
share. It is also expanding its cash equity wholesale market-making
operations (i.e. executing retail orders through payment for order
flows) and its institutional services business (i.e. acting as
principal with clients, largely on a bilateral basis, on direct
portfolio trading or block transactions), which we think could
potentially improve business stability.
"Nevertheless, we believe the contribution of medium-frequency
trading strategies--principal trading strategies that may play out
over a couple of days or longer, as opposed to milliseconds for the
ultra-high frequency strategies in the pure market-making
segment--is relatively higher for Jane Street than for peers. These
strategies tend to be more capital intensive because positions are
generally carried overnight and are riskier, in our view."
Committing to provide liquidity to the markets in any circumstances
brings risk, notably at times of high volatility. Illustrating
higher risk appetite than peers, Jane Street was one of the first
high-frequency trading players to actively trade cryptocurrencies.
This contributed to material gains in 2021, but also to a
crypto-related counterparty risk loss of less than 0.5% of trading
capital last year. The company recently reallocated significant
resources from the crypto desks to other trading desks, which S&P
views favorably.
Jane Street's funding and liquidity position has improved in the
past few years, but still constrains the rating. As of March 31,
2023, the firm was operating with a ratio of margin to net trading
capital of 62% (defined as the sum of common equity and long-term
preferred equity and debt, minus the amount of nontrading assets;
including goodwill), well below the 2021 level, but still slightly
higher than peers. S&P said, "We note the company has recently
added committed liquidity facilities at the parent and at one of
its operating subsidiaries, which we view positively. Nevertheless,
at 61% as of Dec. 31, 2022, the firm's gross stable funding ratio
remained low, indicating a reliance on short-term wholesale
funding."
S&P said, "The stable rating outlook on Jane Street reflects our
expectations of solid, albeit potentially volatile, profitability
and a strong capital position. We also expect the company to
maintain sufficient liquidity, including a margin to net trading
capital ratio consistently below 70%.
"We could raise the ratings in the next 12 months if the firm were
to significantly improve business stability and liquidity, while at
the same time maintaining a strong capital position (RAC ratio in
excess of 13% on a sustained basis).
"We could lower the ratings if we expect the capital position
and/or the liquidity profile to weaken, or if Jane Street were to
suffer significant losses or prolonged weak operating results."
JONATHAN RON: Liquor License Sale Proceeds to Fund Plan
-------------------------------------------------------
Jonathan Ron, Inc., filed with the U.S. Bankruptcy Court for the
District of New Jersey a Small Business Plan of Partial Liquidation
dated June 22, 2023.
The Debtor owns two New Jersey Liquor Licenses, License No. 1308
44-007-004 (the "Brielle Liquor License"), which is a pocket
license, and Liquor License No. 1352-32-007-004 (the "Wall Liquor
License").
The Wall License was utilized in the sale of liquor at a retail
liquor store operated by the Debtor at a leased location. The
Debtor has temporarily halted the operation of the retail liquor
store while it attempts to partially liquidate and reorganize its
debts.
Mr. Dilip M Shah & Mrs. Latta D. Shah, husband and wife, have owned
Jonathan Ron Inc. since its inception. The main location in Wall
New Jersey was leased and operated as a Liquor Store and Retailer
since 1988. Throughout this time both stores operated under dba
Jonathan Ron Liquors, and later in 2018 also added dba JR/s Bev
Co.
Class 8 consists of Unsecured Priority Claim of Selective Insurance
Company of New England. The Debtor is proposing to satisfy the
unsecured priority claim of Selective Insurance Company of New
England from the sale of the Brielle Liquor License, which is the
subject of a Pending Motion to Sell. The amount of claim in this
Class total $1,567.00.
Class 9 consists of the Unsecured Priority Claim of WBSC Partners
LLC. The Debtor is proposing to satisfy the unsecured priority
claim of WBSC Partners, LLC from the sale of the Brielle Liquor
License, which is the subject of a Pending Motion to Sell. The
amount of claim in this Class total $20,761.63.
Class 10 consists of General Unsecured Claims. The Debtor is
proposing to satisfy the allowed General Unsecured Creditors in
full from the sale of the Brielle Liquor License, for which there
is a pending Motion to Sell. In the event that the sale of the
Brielle Liquor License does not satisfy the allowed creditor claims
of the Debtor in full, the Debtor is proposing to pay any remaining
balance of allowed claims from the sale of the Wall Liquor License
within 6 months post-confirmation. The Debtor will be filing
Motions to Expunge or Modify the Disputed or Contested Claims prior
to Confirmation of the Plan. The amount of claim in this Class
total $5,595,330.20.
Class 11 consists of Equity Interest Holders, Dilip and Latta Shah.
Paid to the extent available after payment of all other creditor
claims.
The Debtor is proposing to satisfy its allowed creditor claims in
full from the sale of Liquor License No. 1308-44-007-004 (the
"Brielle Liquor License"), which is the subject of a pending Motion
to Sell Property. In the event that the sale of the Brielle Liquor
License does not satisfy the allowed creditor claims of the Debtor
in full, the Debtor is proposing to pay any remaining balance from
the sale of Liquor License No. 1352-32-007-004 (the "Wall Liquor
License") within 6 months post-confirmation.
On Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor will partially liquidate to satisfy the allowed
claims of the Debtor in order to reorganize and operate
post-confirmation.
The Member(s) of the Debtor immediately prior to the Effective Date
shall serve as the initial Member(s) of the Reorganized Debtor on
and after the Effective Date. Each member of the Member(s) shall
serve in accordance with applicable non-bankruptcy law and the
Debtor's certificate or articles of incorporation and bylaws, as
each of the same may be amended from time to time.
A full-text copy of the Plan of Partial Liquidation dated June 22,
2023 is available at https://urlcurt.com/u?l=GHcjur from
PacerMonitor.com at no charge.
About Jonathan Ron
Jonathan Ron Inc., doing business as Jonathan Ron Liquors or JR's
Bev. Co., is a wine and spirit shop.
Jonathan Ron Inc. filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23 12418)
on March 24, 2023. In the petition filed by Dilip M. Shah, as
president, the Debtor listed total assets of $5,196,587 and total
liabilities of $1,151,045.
Douglas S. Stanger has been appointed as Subchapter V trustee.
The Debtor is represented by:
Eugene D. Roth, Esq.
LAW OFFICE OF EUGENE D. ROTH
2520 Highway 35, Suite 307
Manasquan, NJ 08736
Tel: 732-292-9288
Fax: 732-292-9303
Email: erothesq@gmail.com
KDC AGRIBUSINESS: Do Good Foods Files for Chapter 11
----------------------------------------------------
Mark CerverFood Ingredients First reports that US-based Do Good
Foods, a start-up that focuses on reducing food waste and enhancing
sustainability in the chicken business by turning residues from
grocery stores into feed for chickens, has filed for bankruptcy.
The company received an investment of US$169 million from
investment managing firm Nuveen in 2021 and has a US$170 million
facility in Pennsylvania.
Its chicken is available at retail chains including Safeway, Target
and ShopRite.
In 2022, Do Good Foods launched its first consumer product, Do Good
Chicken, the first ever verified carbon-reduced chicken and the
first verified chicken brand actively combating climate change.
In early March, Do Good Foods was named to Fast Company's
prestigious annual list of the World's Most Innovative Companies
for 2023.
Chapter 11 bankruptcy
The business filed for bankruptcy last Friday, June 19, 2023, in
the US state of Delaware.
Do Good Food Chicken, Do Good Foods Facility Management, Do Good
Foods Fort Wayne, Do Good Foods, Do Good Foods Managed Services and
Do Good Foods Selma will be heading to court to enter Chapter 11
proceedings.
Chapter 11 is frequently called a "reorganization bankruptcy,"
according to the Administrative Office of the US Courts.
In 2022, Do Good Foods launched its first consumer product, Do Good
Chicken, a carbon-reduced chicken and the first verified chicken
brand actively combating climate change.
One year of Do Good Chicken
In April 2023, the company's chicken division celebrated its
launch's first anniversary, announcing it had diverted 27 million
pounds (12.25 million kg) from going to landfill.
The company talked about "aggressive expansion" ahead of the second
year of its chicken business, planning to incorporate two more
processing facilities.
Furthermore, the company added, "Good Chicken has recently expanded
its retail distribution with Inserra Supermarkets under the
Shoprite banners, as well as Morton Williams in NYC and select
Jewel-Osco locations in Chicago."
In September 2022, the company noted that half of US citizens were
more concerned about food waste than one year prior. Company
research revealed that 85% of US consumers would be more likely to
buy from a grocery store working to reduce food waste.
However, lack of resources and not knowing where to begin were
barriers noted by 69% of respondents.
Struggling start-up space
Interest rates are at a 16-year high in the US, as the country's
Federal Reserve raised rates to tame inflation. This has made
borrowing increasingly more difficult.
When the company launched, in 2021, central bank interest rates
were at between 0% to 0.25%, compared to the current 5% to 5.25%.
Other start-ups are also struggling amid a complex macroeconomic
environment.
Beyond Meat sold up to US$200 million worth of new shares last
month to raise funds.
The company had US$259 million of cash on hand in April, compared
to US$455 million in Q2 2022 and US$733 million at the end of
2021.
About Do Good Foods
Do Good Foods is a start-up that focuses on reducing food waste and
enhancing sustainability in the chicken business by turning
residues from grocery stores into feed for chickens.
KDC Agribusiness LLC and its affiliates, including Do Good Foods
LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-10786) on June 16, 2023. In its
petition, KDC Agribusiness reported assets between $100 million and
$500 million.
The Honorable Bankruptcy Judge Craig T Goldblatt oversees the
case.
The Debtors' tapped Richards, Layton & Finger, P.A., as counsel;
AlixPartners, LLP, as restructuring advisor; AlixPartners, LLP, as
financial advisor; and Jefferies LLC as investment banker.
Kurtzman Carson Consultants LLC is the claims agent.
KDC AGRIBUSINESS: June 27 Deadline Set for Panel Questionnaires
---------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of KDC Agribusiness LLC,
et al..
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/b4hd2zza and return by email it to
Timothy Fox - Timothy.Fox@usdoj.gov - at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
June 27, 2023.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About KDC Agribusiness
KDC Agribusiness LLC is a food waste recycler company.
KDC Agribusiness and seven of its affiliates sought protection
under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10786) on June 16,
2023.
In the petition signed by David Buffa as general counsel and
corporate secretary, the Debtor disclosed up to $100 million to
$500 million in consolidated assets and up to $100 million to $500
million in consolidated liabilities.
Richards, Layton & Finger, P.A. represent the Debtor as legal
counsel. Jefferies LLC serves as the Debtors' investment banker.
AlixPartners, LLP serves as the Debtors' Financial Restructuring
Advisor. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent.
KING INTERPRETING: U.S. Trustee Says Plan Not Feasible
------------------------------------------------------
Mary Ida Townson, United States Trustee for Region 21, objects to
confirmation of the Plan of Reorganization filed by King
Interpreting Services, LLC.
Since the Debtor's pre-petition Profit and Loss reflects monthly
net income of $31,502.77 and the only monthly operating report
filed in the case reflects monthly net income of $41,335.71 – the
UST asserts that the proposed the payment to unsecured creditors of
a pro rata portion of $36,000.00 (equating to $1,000.00 per month)
is not fair and equitable.
The UST objects to confirmation of the Plan based on the following
grounds:
* First, the Plan does not contain adequate information to
evaluate feasibility, as is required in Sections 1191 and 1129(a)
of the Bankruptcy Code. While in the Plan the Debtor alleges its
disposable income is projected to be $0.00, it does not provide any
information as why this is such a drastic departure from the
monthly net income reflected earlier this year ranging from
$31,502.77 in January and February 2023 to $41,335.71 in April
2023.
* Second, the Plan fails to include the requisite financial
projections as specified in Section 1190(1)(C) of the Bankruptcy
Code. Exhibit B does not appear to reflect forward-looking
information.
* Third, the monthly operating report ("MOR") for May 2023 has
not been filed. While the report is not due until June 21, 2023, it
would have provided current data to support feasibility of the
Debtor's Plan. Without current financial information, interested
parties are only aware of the Debtor's last reported cash balance
of $56,106.28 on April 30, 2023 resulting from a partial month of
data reflecting monthly net income of $41,335.71.
* Fourth, the Plan states that the Debtor will pay Class 2 –
General unsecured creditors a pro rata portion of $36,000 with
equal quarterly payments of $3,000.00 with no interest. (Plan at
13.) Since the pre-petition Profit and Loss Statement reflects
monthly net income of $31,502.77 and the only monthly operating
report filed in this case for a partial month of April 2023
reflects monthly net income of $41,335.71, it is not known why the
Debtor is proposing to pay less than the disposable income during
the three-year period. Accordingly, the Plan fails to comply with
Section 1191 of the Bankruptcy Code.
* Fifth, if confirmed in a non-consensual context, the Plan
provides that the Debtor (not the Subchapter V Trustee) will make
the payments to Class 2 without providing any basis for this
departure from the trustee oversight envisioned in Section 1194 of
the Bankruptcy Code.
A full-text copy of the United States Trustee's objection dated
June 20, 2023 is available at https://urlcurt.com/u?l=vQh0pK from
PacerMonitor.com at no charge.
About King Interpreting Services
King Interpreting Services LLC is a leading interpreting service
provider for the deaf, blind-deaf /plus, and hard-of hearing
community across the United States.
King Interpreting Services LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01273) on
April 6, 2023. In the petition signed by Janet King, managing
member, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
Judge Grace E. Robson oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC, is the Debtor's
legal counsel.
KW INTERNATIONAL: Files for Chapter 11 Bankruptcy
-------------------------------------------------
KW International LLC filed for chapter 11 protection in the
Southern District of Texas to pursue a going concern sale of the
business.
The Debtor has been in business for more than 60 years and
manufactures a complete line of production and measurement
equipment for oil and gas companies, pipeline operators, and others
in the midstream and upstream segments of the oil and gas industry.
The Debtor's executive offices are located in Houston, Harris
County, Texas. The Debtor's manufacturing facility is located in
Columbus, Texas, near Interstate 10. This facility is located on
about 20 acres, of which approximately 140,000 square feet are
under roof.
Greg Hatfield, the CFO of the Debtor, explains that from 2020 to
early-2022, as a result of the COVID-19 pandemic and related global
supply chain issues, the Debtor encountered financial difficulties.
The Debtor's financial condition also deteriorated in 2020-2021 due
to increased material costs, significant turnover in key management
roles, and poor performance until qualified replacements could be
found. Consequently, in late 2021, the Debtor began working with a
financial advisory services firm in an effort to restructure its
financial obligations outside of a Chapter 11 bankruptcy process.
As a result of the Debtor's prior financial restructuring efforts,
the Debtor obtained financing through three different parties -- a
factoring company for the Debtor's accounts receivable, an
inventory lender for the Debtor's inventory, an equipment
lessor/lender1 for the Debtor's equipment, and a promissory note
secured by real estate owned by the Debtor.
Unfortunately, the Debtor's attempts to restructure outside of the
Chapter 11 process were not sufficient, and the Debtor lacks the
resources to execute its substantial backlog of orders on a timely
and profitable basis. Under the current circumstances, the Debtor
believes that the best and most prudent course of action to
maximize the value of the Debtor's assets and balances is to
conduct on expeditious sale of the Debtor's assets and business as
a going concern through a sale pursuant to section 363 of the
Bankruptcy Code. For this purpose, the Debtor intends to retain
SSG Capital Advisors, LLC to act as investment bankers to conduct a
sale process relating to the Debtor's business and assets.
According to court filings, KW International estimates between $10
million and $50 million in debt owed to 50 to 99 creditors. The
petition states that funds will be available to unsecured
creditors.
About KW International
KW International LLC provides production equipment and measurement
services. It offers oil & gas production equipment, gas processing
& treatment packages, measurement & automation systems, parts &
field service, and startup & troubleshooting.
KW International LLC sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90708) on June 6,
2023. In the petition filed by Jeff Wagner, as president, the
Debtor reported assets and liabilities between $10 million and $50
million.
The Honorable Bankruptcy Judge Christopher M. Lopez oversees the
case.
The Debtor tapped Forshey & Prostok, LLP as attorneys; Harris &
Dickey, LLC as financial advisor; and SSG Advisors, LLC, as
investment banker.
LANNETT COMPANY: Committee Taps Dundon as Financial Advisor
-----------------------------------------------------------
The official committee of unsecured creditors of Lannett Company,
Inc. received approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Dundon Advisers, LLC as its
financial advisor.
Lannett Company requires a financial advisor to:
a. assist in the analysis, review, and monitoring of the
restructuring process, including, but not limited to, an assessment
of the unsecured claims pool and potential recoveries for unsecured
creditors;
b. develop a complete understanding of the businesses of
Lannett Company and its affiliates and their valuations;
c. determine whether there are viable alternative paths for
the disposition of the Debtors' assets from those currently or in
the future proposed by the Debtors;
d. monitor and, to the extent appropriate, assist the Debtors
in efforts to develop and solicit transactions that would support
unsecured creditor recovery;
e. assist the committee in identifying, valuing, and pursuing
estate causes of action, including, but not limited to, relating to
pre-bankruptcy transactions, control person liability, and lender
liability;
f. assist the committee in analyzing, classifying and
addressing claims against the Debtors and participating effectively
in any effort in these Chapter 11 cases to estimate (in any formal
or informal sense) contingent, unliquidated, and disputed claims;
g. assist the committee in identifying, preserving, valuing,
and monetizing tax assets of the Debtors, if any;
h. advise the committee in negotiations with the Debtors,
certain of the Debtors' lenders, and third parties;
i. assist the committee in reviewing the Debtors' financial
reports;
j. assist the committee in reviewing the Debtors' cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and leases;
k. review and provide analysis of the present and any
subsequently proposed debtor-in-possession financing or use of cash
collateral;
l. assist the committee in evaluating and analyzing avoidance
actions, including fraudulent conveyances and preferential
transfers;
m. assist the committee in investigating whether any
unencumbered assets at Lannett Company, Inc. exist;
n. review and provide analysis of any proposed disclosure
statement and Chapter 11 plan and, if appropriate, assist the
committee in developing an alternative plan;
o. attend meetings and assist in discussions with the
committee, the Debtors, the secured lenders, the U.S. Trustee and
other parties involved in the cases;
p. attend meetings of the committee and other key
stakeholders;
q. provide testimony; and
q. perform other advisory services.
The firm will be paid at these rates:
Principal $850 per hour
Managing Director/Senior Adviser $760 per hour
Senior Director $700 per hour
Director $625 per hour
Associate Director $550 per hour
Senior Associate $475 per hour
Associate $370 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Matthew Dundon, a principal at Dundon Advisers, 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:
Matthew Dundon
Dundon Advisers, LLC
Ten Bank Street, Suite 1100
White Plains, NY 10606
Telephone: (917) 838-1930
Email: md@dundon.com
About Lannett Co. Inc.
Founded in 1942, Lannett Company, Inc. -- http://www.lannett.com/
-- develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications.
Lannett and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10559) on
May 3, 2023. Lannett disclosed total assets of $334,600,000 and
total debt of $708,940,000 as of March 31, 2023.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Fox Rothschild, LLP as bankruptcy counsels;
FTI Consulting, Inc. as financial advisor; Guggenheim Securities,
Inc. as investment banker; Street Advisory Group as communications
advisor; and PricewaterhouseCoopers, LLP as tax restructuring
services provider. Omni Agent Solutions is the claims agent.
Secured creditors are being advised by Sullivan & Cromwell, LLP as
legal counsel and Houlihan Lokey, Inc. as financial advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped Womble Bond Dickinson (US), LLP and
Kilpatrick Townsend & Stockton, LLP as legal counsels, and Dundon
Advisers, LLC as financial advisor.
LANNETT COMPANY: Committee Taps Kilpatrick as Co-Counsel
--------------------------------------------------------
The official committee of unsecured creditors of Lannett Company,
Inc. received approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Kilpatrick Townsend & Stockton, LLP
as co-counsel with Womble Bond Dickinson (US), LLP.
The firm's services include:
a. rendering legal advice regarding the committee's
organization, duties, and powers in the Chapter 11 cases of Lannett
Company and its affiliates;
b. evaluating and participating in the Debtors' restructuring
process to ensure it proceeds in the most efficient manner to
maximize recoveries to unsecured creditors;
c. assisting the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtors;
d. analyzing the Debtors' Chapter 11 plan and related
disclosure statement;
e. assisting with the Debtors' motion to disband the
committee;
f. attending meetings of the committee and meetings with the
Debtors and secured creditors, and participating in negotiations;
g. taking all necessary action to protect and preserve the
interests of the committee, including possible prosecution of
actions on its behalf and investigations concerning litigation in
which the Debtors are involved;
h. assisting the committee in the review, analysis, and
negotiation of any financing or proposed use of cash collateral;
i. assisting the committee with respect to communications with
the general unsecured creditor body about significant matters in
the case;
j. reviewing and analyzing claims filed against the Debtors'
estate;
k. representing the committee in hearings before the
bankruptcy court, appellate courts, and other courts in which
matters may be heard, and representing the interests of the
committee before those courts and before the U.S. Trustee;
l. assisting the committee in preparing pleadings; and
m. other legal services.
The firm will be paid at these rates:
Partners $575 to $1,385 per hour
Associates $395 to 930 per hour
Paralegals $245 to 485 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Todd Meyers, Esq., a partner at Kilpatrick, 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:
Todd C. Meyers, Esq.
Kilpatrick Townsend & Stockton, LLP
1100 Peachtree Street NE Suite 2800
Atlanta, GA 30309
Tel: 404-815-6482
Fax: 404-541-3307
Email: tmeyers@kilpatricktownsend.com
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
Kilpatrick disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Not applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The committee and its counsel are formulating a
budget and staffing plan that is consistent with the form of the
proposed budget, recognizing that in the course of large cases
like the Debtors' Chapter 11 cases, it is highly likely that there
may be a number of unforeseen circumstances that will need to be
addressed by the committee and its counsel giving rise to
additional fees and expenses.
Todd Meyers, Esq., a partner at Kilpatrick, 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:
Todd C. Meyers, Esq.
Kilpatrick Townsend & Stockton, LLP
1100 Peachtree Street NE Suite 2800
Atlanta, GA 30309
Tel: 404-815-6482
Fax: 404-541-3307
Email: tmeyers@kilpatricktownsend.com
About Lannett Co. Inc.
Founded in 1942, Lannett Company, Inc. -- http://www.lannett.com/
-- develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications.
Lannett and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10559) on
May 3, 2023. Lannett disclosed total assets of $334,600,000 and
total debt of $708,940,000 as of March 31, 2023.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Fox Rothschild, LLP as bankruptcy counsels;
FTI Consulting, Inc. as financial advisor; Guggenheim Securities,
Inc. as investment banker; Street Advisory Group as communications
advisor; and PricewaterhouseCoopers, LLP as tax restructuring
services provider. Omni Agent Solutions is the claims agent.
Secured creditors are being advised by Sullivan & Cromwell, LLP as
legal counsel and Houlihan Lokey, Inc. as financial advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped Womble Bond Dickinson (US), LLP and
Kilpatrick Townsend & Stockton, LLP as legal counsels, and Dundon
Advisers, LLC as financial advisor.
LANNETT COMPANY: Committee Taps Womble Bond Dickinson as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Lannett Company,
Inc. received approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Womble Bond Dickinson (US), LLP as
its legal counsel.
The firm's services include:
a. providing legal advice with respect to the committee's
powers and duties under Bankruptcy Code Section 1102;
b. assisting the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtors, the
operation of the Debtors' business, potential claims, and any other
matters relevant to the Chapter 11 cases of Lannett Company and its
affiliates, sale of assets, or the formulation of a Chapter 11 plan
of reorganization or liquidation;
c. participating in the formulation of a plan;
d. providing legal advice as necessary with respect to any
disclosure statement and plan;
e. preparing legal papers;
f. appearing in court;
g. assisting the committee in requesting the appointment of a
trustee or examiner should such action be necessary; and
h. other legal services.
The firm will be paid at these rates:
Partners $325 to $1,075 per hour
Of Counsel $330 to $845 per hour
Associates $305 to $625 per hour
Senior Counsel $125 to $780 per hour
Counsel $100 to $795 per hour
Paralegals $65 to $535 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Donald Detweiler, Esq., a partner at Womble, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Donald J. Detweiler, Esq.
Womble Bond Dickinson (US), LLP
1313 North Market Street, Suite 1200
Wilmington, DE 19801
Tel: (302) 252-4320
Fax: (302) 252-4330
Email: matthew.ward@wbd-us.com
About Lannett Co. Inc.
Founded in 1942, Lannett Company, Inc. -- http://www.lannett.com/
-- develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications.
Lannett and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10559) on
May 3, 2023. Lannett disclosed total assets of $334,600,000 and
total debt of $708,940,000 as of March 31, 2023.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Fox Rothschild, LLP as bankruptcy counsels;
FTI Consulting, Inc. as financial advisor; Guggenheim Securities,
Inc. as investment banker; Street Advisory Group as communications
advisor; and PricewaterhouseCoopers, LLP as tax restructuring
services provider. Omni Agent Solutions is the claims agent.
Secured creditors are being advised by Sullivan & Cromwell, LLP as
legal counsel and Houlihan Lokey, Inc. as financial advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped Womble Bond Dickinson (US), LLP and
Kilpatrick Townsend & Stockton, LLP as legal counsels, and Dundon
Advisers, LLC as financial advisor.
LERETA LLC: Moody's Affirms 'B2' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service affirmed LERETA, LLC's B2 corporate
family rating and B2-PD probability of default rating, and B2
instrument ratings on the $40 million senior secured first lien
revolving credit facility due 2026 and the $250 million first lien
term loan due 2028. The outlook remains stable. LERETA is a
California-based technology enabled property tax and flood
determination service provider to the financial services industry.
The ratings action is driven by Moody's expectation that the
company will be able to improve credit metrics against the backdrop
of declines in in mortgage origination volumes and return to a
debt-to-EBITDA leverage below 7.0x, from 7.8x as at end of 1Q 23,
as well as improve cash flow as one-time costs decline, cost
restructuring aids margins and from EBITDA contributions from the
recent acquisition of Info-Pro.
Affirmations:
Issuer: LERETA, LLC
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Senior Secured 1st Lien Bank Credit Facility, Affirmed B2
Outlook Actions:
Issuer: LERETA, LLC
Outlook, Remains Stable
RATINGS RATIONALE
The B2 CFR reflects LERETA's small scale, narrow operating scope
with exposure to the housing market and economic cycles and high
Moody's adjusted pro-forma debt-to-EBITDA of 7.8x (including
capitalized software as an expense) as of the end of March 2023.
LERETA's earnings are highly correlated to mortgage origination
volumes and overall mortgage volumes dropped significantly in 2022
since the Federal Reserve started to raise interest rates in March
2022. As a result, LERETA's earnings dropped and service fee
revenue for the last twelve months March 2023 period was 8% lower
than that for FY 2021. Moody's expects that revenue contribution
from the recent acquisition of Info-Pro, cost and cash flow
benefits from the technology re-platforming project, and recent
cost rationalization measures will drive improvements in credit
metrics over the next 12-18 months.
LERETA's business is focused on the tax and flood determination
portion of a mortgage application and the company serves a niche
area of the overall mortgage process. Revenue is dependent on the
volume of originations that include both purchase and refinancing
originations. In a rising interest rate environment, the volume of
originations drops since refinancing activity falls. The company
also has exposure to economic cycles since during times of stress
fewer people opt to purchase homes. LERETA's scale is also small
for the rating category with a sub $200 million annual revenue. The
company's largest competitor is several times its size and provides
services in other areas of mortgage servicing in which LERETA does
not have a presence. Thus, competitive pressure is a credit
challenge for the company.
LERETA benefits from a revenue profile that consists of highly
re-occurring earnings. The company's customer base is very diverse
with over 2,000 customers that includes national level and regional
lenders and mortgage servicers. The company performs an essential
part of the mortgage process and manages tax records and payments
for over 22,000 tax agencies nationally. Outsourcing this process
to a vendor such a LERETA is a cost-efficient way to manage the
large volume of tax reporting that needs to be done by a lender.
Moody's expects this trend of outsourcing to continue and will
support the earnings of LERETA. LERETA is the second largest tax
servicer nationally and counts many of the largest national
mortgage originators as clients, which provides a steady volume of
loans to service. The credit is also supported by strong customer
retention with an average customer tenor of six years.
At 7.8x, the company's debt-to-EBITDA leverage is high for the
ratings. However, Moody's expects this ratio to decline to
approximately 6.5x by the end of this year, assuming no additional
debt funded acquisitions. There are a few factors that will drive
the improvement in leverage other than an improving mortgage
origination market. For one the re-platforming project, the cost of
which will peak in 2023, will likely reduce ongoing software
development cost. Additionally, the acquisition of Info-Pro, which
was funded with a large proportion of equity, will add at least $5
million of (un-synergized) EBITDA. Moody's calculation of leverage
treats capitalized software as an expense and includes standard
adjustments.
The stable outlook reflects Moody's view that LERETA will be able
to have some revenue growth over the next few years, driven by new
customer growth and re-occuring volume from existing customers.
Although refinancing origination volumes will remain weak on a
comparative basis to periods before interest rates started to rise
in March 2022, Moody's assumes purchase volumes will rebound in
2024 from 2023 levels. The stable outlook is also driven by the
fact that around 20% of revenue is recurring in nature. Moody's
also estimates that EBITDA margins will be in the 30% area. The
stable outlook assumes the company will not pursue any debt-funded
acquisitions.
Moody's views LERETA's liquidity as adequate. The company had a
cash balance of approximately $2.7 million as of the end of 1Q
2023. The revolver was recently increased in size to $40 million
and it matures in 2026. There was $20 million drawn on the revolver
that was used to fund the acquisition of Info-Pro. Moody's expects
free cash flow to be negative this year but should improve in 2024.
The credit facilities will be subject to a leverage based financial
maintenance covenant.
The B2 ratings on LERETA's senior secured first lien credit
facilities reflect both the probability of default rating of B2-PD
and the loss given default assessment of LGD3. The senior secured
first lien credit facilities benefit from secured guarantees from
all existing and subsequently acquired wholly-owned domestic
subsidiaries. As there is no other meaningful debt in the capital
structure, the facilities are rated in line with the B2 CFR.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's expects: 1) a material
increase in size and scale via organic growth or acquisitions, 2)
debt to EBITDA (Moody's adjusted and including capitalized software
development cost as an expense) will remain below 6.0x; 3) free
cash flow to debt sustained at least at 7% of total debt; 4)
balanced financial policies; and 5) liquidity improves and good
liquidity will be maintained.
A ratings downgrade could result if: 1) revenue visibility or
EBITDA margins decline due to a deterioration of the mortgage
market, increased competition, regulatory changes, loss of
customers or other factors; 2) debt to EBITDA (Moody's adjusted and
including capitalized software development cost as an expense) is
expected to remain above 7.0x; 3) free cash flow to debt is
anticipated below 3.0%; 4) liquidity deteriorates; or 5) LERETA
pursues aggressive shareholder-friendly financial policies,
including debt-funded acquisitions or shareholder returns.
Headquartered in Pomona, California, LERETA is a technology enabled
property tax and flood determination service provider to the
financial services industry. The company provides services in the
areas of tax certification management and flood determination to
mortgage originators and servicers. LERETA is owned by Flexpoint
Ford and Vestar Capital Partners. The company generated $131
million in net revenue for the LTM March 31, 2023 period.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
LINCOLN POWER: Class 4B Unsecureds Will Get 0.10% to 0.12% in Plan
------------------------------------------------------------------
Lincoln Power, LLC and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Disclosure
Statement for the Joint Plan of Reorganization dated June 22,
2023.
The Debtors and certain of their non-Debtor Affiliates operate two
natural gas-fired power-generation facilities in Illinois.
Lincoln Power's primary business is to generate electricity at its
natural gas facilities in Elgin (the "Elgin Plant") and East
Dundee, Illinois (the "Rocky Road Plant" and, together with the
Elgin Plant, the "Lincoln Power Plants") and to sell such
electricity into a wholesale power market operated by PJM
Interconnection, L.L.C. and PJM Settlement, Inc. (collectively,
"PJM").
On March 30, 2023, following extensive, good-faith negotiations,
the Company, the Consenting Lenders, and the Consenting Sponsor
entered into the Restructuring Support Agreement. The Restructuring
Support Agreement is supported by the Consenting Lenders holding
more than 90% in principal amount of the Credit Agreement Claims.
The Restructuring Transactions (including the Sale Transaction)
contemplated by the Restructuring Support Agreement, which will be
implemented through the Plan, include an expeditious sale of the
Debtors' assets while minimizing the time and expense associated
with the Chapter 11 Cases.
Under the Restructuring Support Agreement, each Consenting Lender
severally, and not jointly and severally, has agreed to, among
other things, and so long as the Restructuring Support Agreement
has not been terminated:
* negotiate in good faith and use commercially reasonable
efforts to execute, deliver and implement Definitive Documents to
which it is required to be a party and any other required,
agreements to effectuate and consummate the Restructuring
Transactions, including the Sale Transaction, if applicable;
* support and cooperate with the Debtors to take all
commercially reasonable actions necessary to consummate the
Restructuring Transactions, including the Sale Transaction, if
applicable, in accordance with the Plan and the terms and
conditions of the Restructuring Support Agreement, and vote to
exercise any powers or rights available to it (including in any
board, shareholders', or creditors’ meeting or in any process
requiring voting or approval to which they are legally entitled to
participate) in each case, in favor of any matter requiring
approval to the extent necessary to implement the Restructuring
Transactions, including the Sale Transaction, if applicable;
* support the Restructuring Transactions (including the Sale
Transaction) within the timeframes outlined in the Restructuring
Support Agreement and in the Definitive Documents and vote in favor
of the Plan all Claims now or hereafter beneficially owned by such
Consenting Lender or for which it now or hereafter serves as
investment manager or advisor for beneficial holders of Claims (and
not withdraw or revoke its vote with respect to the Plan except in
accordance with the Restructuring Support Agreement); and
* not object to, delay, impede, or take any other action that
is reasonably likely to interfere with the acceptance,
implementation, or consummation of the Restructuring Transactions,
including the Sale Transaction, if applicable.
Class 4A consists of all General Unsecured Claims against the Non
Obligor Debtor, including, the Cogentrix Claims. In full and final
satisfaction of their Claims, on the Effective Date, Holders of
Allowed General Unsecured Claims against the NonObligor Debtor
shall receive payment in full in Cash from the CLH Cash of their
Allowed General Unsecured Claims against the Non-Obligor Debtor.
The amount of claim in this Class total $12,213. This Class will
receive a distribution of 100% of their allowed claims.
Class 4B consists of all General Unsecured Claims (including, for
the avoidance of doubt, Credit Agreement Deficiency Claims) against
the Obligor Debtors, including, if applicable, any Macquarie
Unsecured Claims. In full and final satisfaction of their Claims,
on the Effective Date, Holders of Allowed General Unsecured Claims
against the Obligor Debtors shall receive their Pro Rata share of
the Obligor Debtors GUC Cash Pool. The amount of claim in this
Class total $41,094,496 to 50,125,668. This Class will receive a
distribution of 0.10% to 0.12% of their allowed claims.
On the Effective Date, all Intercompany Interests shall be
cancelled or otherwise eliminated and receive no distribution under
the Plan, unless otherwise agreed to by the Debtors and the
Purchaser.
The Debtors shall fund distributions under the Plan with: (i) Cash
on hand, including Cash from operations; (ii) the Sale Transaction
Proceeds, if any; (iii) the Newco Common Equity, if applicable;
(iv) the Takeback Debt, if applicable; (v) payments made directly
by the Purchaser on account of any Assumed Liabilities under the
Sale Transaction Documentation; and (vi) payments of Cure Claims
made by the Purchaser; provided that to the extent the foregoing
relate to the Non-Obligor Debtor, they shall be used solely to fund
distributions on account of Claims against the Non-Obligor Debtor,
and to the extent the foregoing relate to the Obligor Debtors, they
shall be used solely to fund distributions on account of Claims
against the Obligor Debtors. Cash payments to be made pursuant to
the Plan will be made by the Distribution Agent.
A full-text copy of the Disclosure Statement dated June 22, 2023 is
available at https://urlcurt.com/u?l=dEgr5M from Omni Agent
Solutions, claims agent.
About Lincoln Power
Headquartered in Charlotte, N.C., Lincoln Power, L.L.C. is a power
company that owns two gas-fired power-generation facilities -- one
of which is located in Elgin, Illinois, and the other of which is
located in East Dundee, Illinois.
Lincoln Power, LLC and seven affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
23-10382) on March 31, 2023. In the petition signed by Justin D.
Pugh, chief restructuring officer, the Debtor disclosed up to $500
million in both assets and liabilities.
The Hon. Laurie Selber Silverstein oversees the cases.
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
represents the Debtor.
Lawyers at Latham & Watkins LLP and Young Conaway Stargatt &
Taylor, LLP serve as the Debtors' bankruptcy counsel. Guggenheim
Securities, LLC, is the Debtors' financial advisor and investment
banker. Omni Agent Solutions serves as the Debtors' claims and
noticing agent.
LITIGATION PRACTICE: Trustee Seeks OK to Hire Bicher & Associates
-----------------------------------------------------------------
Richard Marshack, the Chapter 11 trustee for The Litigation
Practice Group P.C., seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Bicher &
Associates.
The trustee requires a field agent and forensic analyst to:
a. determine sources of recovery for the Debtor's estate
including analyzing accounts receivable balances, avoidable
transfers, insider transactions, preference actions and other
potential claims by analyzing the Debtor's books and records and
source information;
b. perform solvency analysis to determine when the Debtor
became insolvent;
c. provide litigation support as requested;
d. support the trustee and the trustee's professionals'
efforts to maximize recovery for creditors through financial and
other analysis; and
e. provide any other services mutually agreed upon by the
trustee and the firm.
Lori Ensley and Robert Bicher III of Bicher & Associates are the
firm's personnel tapped to provide the services. Their hourly rates
are as follows:
Professional Services:
Robert Bicher $320 per hour
Lori Ensley $230 per hour
Agent Services:
Robert Bicher $110 per hour
Lori Ensley $110 per hour
As disclosed in court filings, Bicher & Associates is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Robert F. Bicher
Lori J. Ensley
Bicher & Associates
1220 Monte Vista Dr.
Redlands, CA 92373
Tel: (909) 793-8068
About The Litigation Practice Group
The Litigation Practice Group P.C. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 23-10571) on March 20, 2023, with as much as $1 million in both
assets and liabilities. Judge Scott C. Clarkson presides oversees
the case.
Khang & Khang, LLP represents the Debtor as legal counsel.
Richard A. Marshack, the Debtor's Chapter 11 trustee, tapped
Marshack Hays, LLP as bankruptcy counsel, and Dinsmore & Shohl, LLP
as special counsel.
LITIGATION PRACTICE: Trustee Taps Dinsmore as Special Counsel
-------------------------------------------------------------
Richard Marshack, the Chapter 11 trustee for The Litigation
Practice Group P.C., seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Dinsmore & Shohl,
LLP as special counsel.
The trustee needs a special counsel to:
a. analyze transactions, transfers and any potential avoidance
actions or claims relating to property of the Debtor's estate, and
serve as litigation counsel to the trustee;
b. give advice regarding the laws and regulations relating to
the Debtor's business, operations and wind-down, and, if
appropriate, prepare an exit strategy;
c. undertake an investigation of the business operations and
any transfers related thereto, and advise trustee what actions
should be brought against insiders and other third parties;
d. prepare legal papers;
e. represent the trustee at hearings;
f. investigate the Debtor and its financial affairs;
g. prosecute and defend litigated matters that may arise
during the Debtor's Chapter 11 case;
h. advise the trustee and general counsel with respect to
matters in the case;
i. advise the trustee and general counsel with respect to the
claims (and claims objections) asserted in the case;
j. assist in litigation and other actions to assert rights
held by the estate and protect or recover assets of the estate;
k. represent the trustee in asset sales;
l. provide advice on legal matters including, but not limited
to, potential legal ethics issues; and
m. perform other necessary legal services.
The firm will be paid at these rates:
Partners $595 to $825 per hour
Associates $390 to $445 per hour
Paraprofessionals $225 per hour
Christopher Celentino, Esq., a partner at Dinsmore & Shohl,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Christopher Celentino, Esq.
Dinsmore & Shohl, LLP
655 West Broadway, Suite 800
San Diego, CA 92101
Tel: (619) 400-0500
Fax: (619) 400-0501
Email: christopher.celentino@dinsmore.com
About The Litigation Practice Group
The Litigation Practice Group P.C. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 23-10571) on March 20, 2023, with as much as $1 million in both
assets and liabilities. Judge Scott C. Clarkson presides oversees
the case.
Khang & Khang, LLP represents the Debtor as legal counsel.
Richard A. Marshack, the Debtor's Chapter 11 trustee, tapped
Marshack Hays, LLP as bankruptcy counsel, and Dinsmore & Shohl, LLP
as special counsel.
MATRIX PARENT: $160M Bank Debt Trades at 54% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Matrix Parent Inc
is a borrower were trading in the secondary market around 45.7
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $160 million facility is a Term loan that is scheduled to
mature on March 1, 2030. The amount is fully drawn and
outstanding.
Matrix Parent, Inc. does business as Mobileum. Matrix operates
across four main businesses ranked as following in descending order
by revenue contribution: Roaming and Network Services; Fraud,
Security and Business Assurance; Testing and Service Assurance; and
Engagement and Experience. Matrix pioneered the development of
mobile roaming steering software used broadly among telecom
operators.
MATRIX PARENT: $380M Bank Debt Trades at 32% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Matrix Parent Inc
is a borrower were trading in the secondary market around 67.8
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $380 million facility is a Term loan that is scheduled to
mature on March 1, 2029. The amount is fully drawn and
outstanding.
Matrix Parent, Inc. does business as Mobileum. Matrix operates
across four main businesses ranked as following in descending order
by revenue contribution: Roaming and Network Services; Fraud,
Security and Business Assurance; Testing and Service Assurance; and
Engagement and Experience. Matrix pioneered the development of
mobile roaming steering software used broadly among telecom
operators.
MAVENIR SYSTEMS: $145M Bank Debt Trades at 25% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 74.6
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $145 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $144.1 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MAVENIR SYSTEMS: $585M Bank Debt Trades at 25% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 74.6
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $585 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $576.2 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MCLEAN AFFILIATES: Fitch Affirms 'BB+' IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed at 'BB+' the ratings on the $65 million
series 2020A, 2020B-1 and 2020B-2 revenue bonds issued by
Connecticut Health & Educational Facilities Authority on behalf of
McLean Affiliates, Inc. Fitch has also affirmed McLean's Issuer
Default Rating (IDR) at 'BB+'.
The Rating Outlook is Stable.
Entity/Debt Rating Prior
----------- ------ -----
McLean (CT) LT IDR BB+ Affirmed BB+
McLean (CT)
/General
Revenues/1 LT LT BB+ Affirmed BB+
SECURITY
The bonds are secured by a pledge of gross revenues of the
obligated group (OG), a mortgage lien on certain properties, a debt
service reserve fund and an unconditional and irrevocable guarantee
from the Special Additions & Contingency Fund (SACF), the
unrestricted endowment of the McLean Fund (an affiliated non-OG
entity).
ANALYTICAL CONCLUSION
The 'BB+' rating and Stable Outlook reflect McLean's solid
historical demand coupled with an improved unit composition
following the recent independent living unit (ILU) expansion
project. The project, which was completed on-time and on-budget,
consists of 55 new ILUs with an average entrance fee of $277,762.
The apartments are situated in a four-story building with full
amenities and parking below. McLean began accepting move-ins in
July of 2022, and the Goodrich is currently fully occupied. McLean
as a result of the project, is less heavily reliant on assisted
living and skilled nursing care revenues.
KEY RATING DRIVERS
Revenue Defensibility: 'bbb'
Adequate Historical Census, New Project Fully Occupied
Fitch assesses McLean's revenue defensibility at midrange,
reflecting its adequate census levels historically, which Fitch
attributes to its favorable local reputation, desirable location
with access to its adjacent country club, and enhanced marketing
efforts.
McLean averaged 87% occupancy in its ILUs, 66% in its assisted
living units (ALUs), and 76% in its skilled nursing facility (SNF)
beds during fiscal 2022 (YE September). Fitch has a favorable view
on the recently completed project, as it has increased McLean's
exposure to ILU revenues, enhanced the amenities provided on its
campus, and has right-sized its overall unit mix between its three
offered service lines.
Operating Risk: 'bbb'
Operations Pressured, But Expected to Improve
McLean's operating risk assessment is midrange, which reflects
Fitch's expectation of improved core operations over the next few
years, manageable debt burden relative to revenues, and enhanced
campus and manageable capital needs now that the project has been
completed.
McLean's census and low debt burden produced adequate core
operations historically, as evidenced by its 98.2% operating ratio
and 0.5% net operating margin (NOM) in over the last five fiscal
years. McLean's net entrance fee receipts from turnover units has
been weak in recent years as evidenced by its average 2.7%
NOM-adjusted (NOMA) during the same time frame. Fitch attributes
McLean's historical weaker NOMA to its unit composition, which was
more heavily weighted to non-IL services, and its high but
improving exposure to monthly rental contracts. Fitch expects
operations to improve to levels more consistent with its midrange
operating risk assessment now that the project has been completed
as additional ILU revenues and entrance fees boost total cash flow
levels.
McLean's debt burden remains manageable as evidenced by maximum
annual debt service (MADS) equating to 11% of its fiscal 2022
revenues. Additionally, revenue-only coverage averaged 0.5x from
fiscal years 2017-2022. McLean will not be tested on their MADS
Coverage until one year after full stabilization, which will be
FY24. Furthermore, Mclean has fully paid of their $16 million of
temporary debt with first generation entrance fees this past year.
Financial Profile: 'bb'
Improved Financial Profile Despite Pandemic Pressures
McLean's financial profile is assessed at 'bb', reflecting its
strong and improving unrestricted reserves (including its SACF) and
expectations for adequate coverage levels in the near term
following the successful completion of its ILU expansion project.
Mclean has unrestricted cash and investments to $35.9 million in
fiscal 2022, which translates into a 457 days cash on hand, 60.6%
cash-to-adjusted debt. Furthermore, in Fitch's forward-looking
scenario, McLean demonstrates the ability to maintain key leverage
metrics consistent with its current rating level despite Fitch
imposed stresses to operations and investment earnings.
Asymmetric Additional Risk Considerations
No asymmetric risk factors impacted the outstanding ratings.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Any potential new project that could negatively impact cash
positioning;
- Sustained operating pressures that result in operating ratio
consistently above 100%.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- maintaining cash-to-adjusted debt above 75% and MADS coverage
levels above 1.6x for consecutive years;
- Over the outlook period, positive rating action is unlikely until
future capital plans are determined.
CREDIT PROFILE
McLean operates a Type-C (fee-for-service) life plan community
(LPC) located on 125-acre campus in Simsbury, Connecticut. In
addition to its LPC, McLean provides home care, hospice, adult day
care and Meals on Wheels services to residents of Simsbury and the
surrounding communities. McLean's LPC currently consists of 131
ILUs (15 IL cottages, 13 IL villas, and 103 IL apartments), 74 ALUs
(including 3 residential care beds), and 89 SNF beds. In fiscal
2022, McLean reported total operating revenues of approximately
$27.6 million.
McLean has two non-OG affiliated entities: the McLean Game Refuge
and the McLean Fund. The McLean Refuge is a non-profit organization
that is dedicated to the protection of native wildlife, the
conservation of landscapes that they own, education, research, and
recreation. The Refuge currently has over 4,400 acres of land in
Simsbury, Granby, and Canton, which protects hundreds of animal
species while maintaining focus on conservation and recreation.
The McLean Fund is a non-profit organization established under the
will of Senator George P. McLean for the purposes of supporting
McLean and its affiliated entities. Additionally, the Fund owns the
land and property adjacent to McLean's LPC campus, which Hop Meadow
Country Club is located on. While the Country Club is operated by
another entity, all McLean residents receive social membership
privileges to the country club as part of its residency agreement.
For this analysis, Fitch includes the unrestricted investments of a
separate, obligated fund (SACF, the unrestricted board-designated
endowment of the McLean Fund). The SACF exists solely to support
McLean and its affiliates and guarantees the timely payment of
principal and interest on the series 2020 bonds. This method is
consistent with McLean's liquidity covenant calculation.
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.
MEGNA REAL ESTATE: John-Patrick Fritz Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 16 appointed John-Patrick Fritz as
Subchapter V trustee for Megna Real Estate Investments, Inc.
Mr. Fritz will be paid an hourly fee of $650 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred. The compensation for his trustee administrators
(Jason Klassi, Linda Riess and Connie Ray) is $295 per hour.
Mr. Fritz declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
John-Patrick M. Fritz
2818 La Cienega Avenue
Los Angeles, CA 90034
About Megna Real Estate
Megna Real Estate Investments, Inc. owns a single-family residence
located at 705 Yarmouth Road, Palos Verdes, Estates, Calif., valued
at $2.5 million.
Megna Real Estate Investments filed a Chapter 11 petition (Bankr.
C.D. Calif. Case No. 23-10809) on June 12, 2023, with $2,509,232 in
assets and $6,625,582 in liabilities. Mahmud Ulkarim, president,
signed the petition.
Judge Martin R. Barash oversees the case.
Mark T. Young, Esq., at Donahoe Young & Williams, LLP is the
Debtor's counsel.
MICKEYS SPORTS: Frances Smith Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at
Ross, Smith & Binford, PC, as Subchapter V trustee for Mickeys
Sports Bar and Grill, LLC.
Mr. Smith will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Smith declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Frances A. Smith
Ross, Smith & Binford, PC
700 N. Pearl Street, Ste. 1610
Dallas, TX 75201
Phone: 214-593-4976
Fax: 214-377-9409
Email: frances.smith@rsbfirm.com
About Mickeys Sports
Mickeys Sports Bar and Grill, LLC filed a Chapter 11 petition
(Bankr. N.D. Texas Case No. 23-31228) on June 12, 2023, with as
much as $50,000 in assets and $500,001 to $1 million in
liabilities. Judge Michelle V. Larson oversees the case.
The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC.
MODERN POTOMAC: Lands in Chapter 11 Bankruptcy
----------------------------------------------
Modern Potomac LLC filed for chapter 11 protection without stating
a reason.
The Debtor owns properties at 417 Marlborough Point Road,
Stafford,
VA 22554, and 421 Marlborough Point Road Stafford, VA 22554, each
valued at $600,000.
According to court filings, Modern Potomac has $1,030,500 in debt.
The petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 20, 2023 at 11:00 a.m at the Office of the U.S. Trustee.
About Modern Potomac
Modern Potomac LLC owns two real properties located in Stafford,
Va. valued at $1.2 million.
Modern Potomac LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Va. Case No. 23-10944) on June 7,
2023. In the petition filed by David Guglielmi, as managing
member, the Debtor reported total assets of $1,200,000 and total
liabilities of $1,030,500.
The Debtor is represented by:
Richard G. Hall, Esq.
5641 Burke Centre Parkway Suite 250
Burke, VA 22015
Tel: 703-256-7159
Fax: 703-941-0262
Email: Richard.Hall33@verizon.net
MODERN POTOMAC: Taps Richard Hall as Bankruptcy Attorney
--------------------------------------------------------
Modern Potomac, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to employ Richard Hall, Esq.,
a practicing attorney in Alexandria, Va.
The Debtor requires legal counsel to:
a. give advice concerning the administration of the Debtor's
estate and the Debtor's rights and remedies with respect to the
estate's assets and the claims of creditors and other parties
involved in the Debtor's Chapter 11 case;
b. appear for, prosecute, defend and represent the Debtor's
interest in suits arising in or related to the case;
c. investigate and prosecute preference and other actions
arising under the Debtor's avoiding powers;
d. assist in the preparation of pleadings; and
e. prepare and file a Chapter 11 plan and disclosure
statement, seek confirmation and completion of the plan, and
prepare a final report and accounting.
The firm will be paid at these rates:
Attorney $500 per hour
Para-professionals $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Mr. Hall disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Richard G. Hall, Esq.
601 King Street Suite 301
Alexandria, VA 22314
Tel: (703) 256-7159
Fax: (703) 941-0262
Email: Richard.Hall33@verizon.net
About Modern Potomac
Modern Potomac, LLC, a company in Burke, Va., filed its voluntary
petition for Chapter 11 protection (Bankr. E.D. Va. Case No.
23-10944) on June 7, 2023, with $1,200,000 in assets and $1,030,500
in liabilities. David Guglielmi, managing member, signed the
petition.
Richard G. Hall Esq., serves as the Debtor's legal counsel.
MR. G'S PROPERTIES: Files for Chapter 11 to Stop Foreclosure
------------------------------------------------------------
Mr. G's Properties LLC filed for chapter 11 protection in the
Eastern District of New York.
The Chapter 11 filing was precipitated by a pending foreclosure
sale scheduled by GHA Holdings, LLC, for the property at 53
Clearwater Avenue, Massapequa, New York 11758.
According to court filings, Mr. G's Properties LLC has $1,307,002
in debt owed to 1 to 49 creditors. The petition states that funds
will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 10, 2023 at 12:00 PM at Room 562, 560 Federal Plaza, CI, NY.
There are no prior bankruptcy case filings by the Debtor.
About Mr. G's Properties
Mr. G's Properties LLC owns one family house located at 53
Clearwater Avenue, Massapequa, NY 11758 valued at $1.4 million.
Mr. G's Properties LLC filed a petition for relief under Chapter 11
of the Bankruptcy Code on June 7, 2023. In the petition filed by
Shannon Gerardi, as managing member, the Debtor reported total
assets of $1,400,000 and total liabilities of $1,307,002.
Honorable Bankruptcy Judge Louis A. Scarcella oversees the case.
The Debtor is represented by:
Heath S Berger, Esq.
Berger, Fischoff, Shumer,
53 Clearwater Avenue
Massapequa, NY 11758
Tel: 516-747-1136
Email: hberger@bfslawfirm.com
gfischoff@bfslawfirm.com
MY MORTGAGE: FSRA Initiates Enforcement Action Due to Bankruptcy
----------------------------------------------------------------
The Financial Services Regulatory Authority of Ontario (FSRA) has
initiated enforcement action against My Mortgage Auction Corp.
(MMAC) and Gregory Joseph Martel (Martel).
FSRA alleges that Martel and MMAC are not suitable to be licensed
under the Mortgage Brokerages, Lenders and Administrators Act, 2006
(Act). This is due to the bankruptcy and financial position of
MMAC, contraventions of requirements under the Act, provision of
false or deceptive information to FSRA, and evidence as to conduct
that affords reasonable grounds for belief that MMAC and Martel
will not deal or trade in mortgages in accordance with the law and
with integrity and honesty.
FSRA is proposing to revoke the mortgage brokerage licence of MMAC
and suspend the mortgage broker licence of Martel. FSRA has issued
an interim order suspending their licences effective
June 15, 2023.
MMAC and Martel may request a hearing before the Financial Services
Tribunal about this proposal.
FSRA is working to protect consumers through its monitoring and
enforcement activities.
FSRA continues to work on behalf of all stakeholders, including
consumers, to ensure financial safety, fairness, and choice for
everyone.
NEW JERSEY VISION: Mark Politan Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq.,
at Politan Law, LLC, as Subchapter V trustee for New Jersey Vision
Associates, P.C.
Mr. Politan will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Politan 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 J. Politan, Esq.
Politan Law, LLC
88 East Main Street #502
Mendham, NJ 07945
Cell: (973) 768-6072
Email: mpolitan@politanlaw.com
About New Jersey Vision
New Jersey Vision Associates, P.C. provides comprehensive eye care
services including routine eye examinations, screenings for eye
problems related to diabetes, high blood pressure, and thyroid
disease, as well as eye disorders such as cataract, glaucoma, and
macular degeneration.
New Jersey Vision Associates filed a Chapter 11 petition (Bankr.
D.N.J. Case No. 23-15043) on June 9, 2023, with $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.
Mitchell Vogel, MD, president, signed the petition.
Jeffrey A. Cooper, Esq., at Rabinowitz, Lubetkin & Tully, LLC, is
the Debtor's legal counsel.
NEW MING: Ming's Supermarket Seeks Chapter 7 Bankruptcy
-------------------------------------------------------
Grant Welker of Boston Business Journal reports that Ming's
Supermarket, an Asian grocery store in a corner of the South End
that recalls the neighborhood's days before it was home to so many
luxury-residential towers, has filed for bankruptcy.
Ming's, which stands on Washington Street just off East Berkeley
Street, claimed more than $3.9 million in debts and just over $1.8
million in assets in a Chapter 7 bankruptcy filed May 24, 2023.
About Ming's Supermarket
Ming's Supermarket is an Asian grocery store in the corner of South
End, at 1102 Washington Street, in Boston, Massachusetts.
New Ming Inc., doing business as Ming's Supermarket, sought Chapter
7 bankruptcy (Bankr. D. Mass. Case No. 23-10823) on May 24, 2023.
In its petition, the Debtor reports more than $3.9 million in debt
and just over $1.8 million in assets.
The Debtor's counsel:
Ye Huang
Law Offices Of Ye E. Huang
Tel: 781-922-8888
E-mail: yehuang@lawyeh.com
The Chapter 7 Trustee:
Mark G. DeGiacomo
Murtha Cullina LLP
33 Arch Street, 12th Floor
Boston, MA 02110
NEW TROJAN: $605M Bank Debt Trades at 45% Discount
--------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 54.6
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $605 million facility is a Term loan that is scheduled to
mature on January 6, 2028. The amount is fully drawn and
outstanding.
New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.
NOVUS STRUCTURES: Taps Gregory K. Stern P.C. as Legal Counsel
-------------------------------------------------------------
Novus Structures, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Gregory K.
Stern, P.C. as its legal counsel.
The firm's legal services include:
(a) reviewing assets, liabilities, loan documentation,
executory contracts and other relevant documentation;
(b) preparing list of creditors, list of 20 largest unsecured
creditors, schedules and statement of financial affairs;
(c) giving the Debtor legal advice with respect to its powers
and duties in the operation and management of its financial
affairs;
(d) assisting the Debtor in the preparation of schedules,
statement of affairs and other necessary documents;
(e) preparing legal papers;
(f) negotiating with creditors and other parties in interest,
attending court hearings, meetings of creditors and meetings with
other parties in interest;
(g) reviewing proofs of claim and solicitation of creditors'
acceptances of plan; and
(h) perform other legal services.
The firm will be paid at these rates:
Gregory K. Stern, Esq. $650 per hour
Dennis E. Quaid, Esq. $550 per hour
Monica C. O'Brien, Esq. $550 per hour
Rachel S. Sandler, Esq. $400 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $10,000.
As disclosed in court filings, Gregory K. Stern, P.C. is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Gregory K. Stern, Esq.
Dennis E. Quaid, Esq.
Monica C. O'Brien, Esq.
Rachel S. Sandler, Esq.
Gregory K. Stern, P.C.
53 West Jackson Boulevard, Suite 1442
Chicago, IL 60604
Phone: (312) 427-1558
Email: greg@gregstern.com
dquaid3@gmail.com
monica@gregstern.com
rachel@gregstern.com
About Novus Structures
Novus Structures, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ill. Case No. 23-06723) on May 22, 2023, with as much
as $1 million in both assets and liabilities. Judge David D. Cleary
oversees the case.
The Debtor is represented by Gregory K. Stern, P.C.
ONH 14 53RD: Brooklyn Property Set for August 9 Auction
-------------------------------------------------------
The 100% of the membership interest on ONH 14 53rd ST LLC will be
offered for sale at a public auction and sold to the highest
qualified bidder on Aug. 9, 2023, at 11:00 a.m. (New York Time).
The sale will be held virtually via https://bit.ly.WhaleUCC.
The principal asset of the Company is the property located at 14
53rd Street, Brooklyn, New York.
The sale is held to enforce the rights of 14 53rd Street LLC as
secured party under (a) that certain (i) that certain senior loan
agreement dated as of Sept. 25, 2020 by and among the Company and
TPG RE Finance 2 Ltd, (ii) that certain amended and restated
building loan agreement dated as of Sept. 25, 2020 by and among the
Company and TPG, and (iii) that certain project loan agreement
dated as of Sept. 25, 2020 by and among the Company and TPG, and
(b) that certain pledge and security agreement dated as of Sept.
25, 2020, executed by ONH 14 53rd ST Mezz LLC in favor of TPG both
of which are currently held by secured party. Secured party
reserves the right to reject all bids and terminate or adjourn the
sale to another time, without further publication.
Interested parties who would like additional information regarding
the company, the collateral property visits, and the terms of the
public sale should contact Greg Corbin at Rosewood Realty Group at
(212) 359-9904 to obtain a non-disclosure agreement which must be
executed before obtaining access to the Rosewood Realty Group due
diligence website.
OXBOW PROPERTIES: Case Summary & Six Unsecured Creditors
--------------------------------------------------------
Debtor: Oxbow Properties, LLC
4589 HWY 82
Lake Village, AR 71653
Case No.: 23-11932
Business Description: The Debtor owns equitable interest in a
property located at 4589 HWY 82, Lake
Village, AR 71653, also known as The Osbow.
The current value of the Debtor's interest
is $1.2 million.
Chapter 11 Petition Date: June 25, 2023
Court: United States Bankruptcy Court
Eastern District of Arkansas
Judge: Hon. Phyllis M. Jones
Debtor's Counsel: Vanessa Cash Adams, Esq.
AR LAW PARTNERS, PLLC
Plaza West Building
415 N. McKinley Street, Suite 830
Little Rock, AR 72205
Tel: 501-710-6500
Fax: 501-710-6336
Email: vanessa@arlawpartners.com
Total Assets: $1,240,950
Total Liabilities: $10,499
The petition was signed by William Shelton as member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/RS4E7PY/Oxbow_Properties_LLC__arebke-23-11932__0001.0.pdf?mcid=tGE4TAMA
P&P CONSTRUCTION: Committee Taps Streusand as Legal Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of P&P Construction
Group, LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Streusand Landon Ozburn & Lemmon, LLP as its legal counsel.
The firm's services include:
a. legal advice on the committee's duties and powers under the
Bankruptcy Code.
b. legal advice regarding the Debtor's Chapter 11 bankruptcy
case and the exercise of oversight with respect to the Debtor's
affairs;
c. preparation of legal papers;
d. appearances in court and participation at statutory
meetings of creditors;
e. evaluation and negotiation related to the Debtor's
selection of any debtor-in-possession financing;
f. evaluation of other relief sought by the Debtor;
g. evaluation and investigation, directed by the committee of,
among other things, unencumbered assets;
h. analysis of potential defenses or objections to significant
claims and liabilities;
i. negotiation, formulation, drafting and confirmation of a
Chapter 11 plan of reorganization and matters related thereto; and
j. communications with the committee's constituents in
furtherance of its responsibilities.
The firm will be paid at these rates:
Partners $500 to $690 per hour
Associates $300 to $495 per hour
Paraprofessionals $205 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Stephen Lemmon, Esq., a partner at Streusand, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Stephen W. Lemmon, Esq.
Streusand Landon Ozburn & Lemmon, LLP
1801 S. Mopac Expressway, Suite 320
Austin, TX 78746
Tel: (512) 236-9900
Fax: (512) 236-9904
Email: lemmon@slollp.com
About P&P Construction Group
P&P Construction Group, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-90292) on
April 12, 2023. In the petition signed by its chief executive
officer, Jeffrey Anapolsky, the Debtor disclosed up to $10 million
in assets and up to $50 million in liabilities.
Judge Christopher Lopez oversees the case.
The Debtor tapped Michael P. Cooley, Esq., at Reed Smith, LLP as
bankruptcy counsel and Peckar & Abramson, PC as special counsel.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Streusand Landon Ozburn & Lemmon, LLP as legal
counsel.
PEER STREET: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Fifteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
Peer Street, Inc. 23-10815
2121 Park Place, Suite 250
El Segundo, CA 90245
Peer Street Opportunity Fund GP, LLC 23-10816
PS Funding, Inc. 23-10817
Peer Street Funding LLC 23-10818
PeerStreet Licensing, Inc. 23-10819
PSF REO LLC 23-10820
PS Options LLC 23-10821
PS Warehouse, LLC 23-10822
PS Warehouse II, LLC 23-10823
Peer Street Opportunity Investors II, LP 23-10824
PS Portfolio-ST1, LLC 23-10825
PSF Ohio, LLC 23-10826
PSF TX 1, LLC -
PSF TX 2, LLC -
PSF TX 4 LLC -
Business Description: Peer Street is a technology platform that
democratizes access to real estate debt
investments. The company's unique
technology-driven marketplace enables
investors to diversify their capital in a
fixed-income asset class that had previously
been difficult for individuals to access.
Chapter 11 Petition Date: June 26, 2023
Court: United States Bankruptcy Court
District of Delaware
Judge: TBD
Debtors' Counsel: Joseph Barry, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 N. King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Email: jbarry@ycst.com
Debtors'
Co-Bankruptcy
Counsel: KRAMER LEVIN NAFTALIS & FRANKEL LLP
Debtors'
Claims &
Noticing
Agent: STRETTO, INC.
Debtors'
Broker: PIPER SANDLER
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Brewster Johnson as president.
A full-text copy of Peer Street, Inc.'s petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/JF4QSKY/Peer_Street_Inc__debke-23-10815__0001.0.pdf?mcid=tGE4TAMA
List of Peer Street, Inc.'s 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Retail Customer 1 Customer Claim $33,924,609
Redacted
2. Retail Customer 2 Customer Claim $15,983,016
Redacted
3. Retail Customer 3 Customer Claim $4,645,377
Redacted
4. Retail Customer 4 Customer Claim $4,428,551
Redacted
5. Small Business Administration SBA Paycheck $3,782,588
Attn: Stacey Dawes Protection
721 19th Street, Suite 426 Program
Denver, Colorado 80202
c/o Office of General Counsel
Phone: 303-844-0529
Email: Stacey.dawes@sba.gov
6. Invigorate Finance, LLC Customer Claim $3,300,000
425 S. Financial Place, 7th Floor
Chicago, IL 60605
Attn: Loren J Morris
Phone: 800-495-7166
Email: lmorris@fayfinancial.com
7. Retail Customer 5 Customer Claim $2,204,370
Redacted
8. Retail Customer 6 Customer Claim $2,059,201
Redacted
9. Retail Customer 7 Customer Claim $1,690,754
Redacted
10. Retail Customer 8 Customer Claim $1,661,591
Redacted
11. Retail Customer 9 Customer Claim $1,458,467
Redacted
12. Retail Customer 10 Customer Claim $1,458,467
Redacted
13. Retail Customer 11 Customer Claim $1,118,996
Redacted
14. Retail Customer 12 Customer Claim $1,104,961
Redacted
15. Retail Customer 13 Customer Claim $869,623
Redacted
16. Retail Customer 14 Customer Claim $824,232
Redacted
17. Retail Customer 15 Customer Claim $818,572
Redacted
18. Retail Customer 16 Customer Claim $805,509
Redacted
19. Retail Customer 17 Customer Claim $801,505
Redacted
20. Retail Customer 18 Customer Claim $726,028
Redacted
PHOENIX TELECOM: Jerrett McConnell Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for Phoenix
Telecom, Inc.
Mr. McConnell will be paid an hourly fee of $350 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell
6100 Greenland Rd., Unit 603
Phone: (904) 570-9180
Email: trustee@mcconnelllawgroup.com
About Phoenix Telecom
Phoenix Telecom, Inc., a company in Cantonment, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Fla. Case No. 23-30408) on June 14, 2023, with $1
million to $10 million in both assets and liabilities. Jesus V.
Delgado, president, signed the petition.
Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain & Postler,
P.A. is the Debtor's legal counsel.
PLUMBING TECHNOLOGIES: Heidi Sorvino Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Heidi Sorvino, Esq., at
White and Williams, LLP, as Subchapter V trustee for Plumbing
Technologies, LLC.
Ms. Sorvino will be paid an hourly fee of $850 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Sorvino declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Heidi J. Sorvino, Esq.
White and Williams, LLP
7 Times Square, Suite 2900
New York, NY 10036-6524
Phone: 212-631-4417
Email: Sorvinoh@whiteandwilliams.com
About Plumbing Technologies
Plumbing Technologies, LLC designs, engineers, manufactures,
markets, and sells toilet seats. The company is based in Sparks,
Nev.
Plumbing Technologies filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-35478) on
June 12, 2023. In the petition signed by its chief executive
officer, Edward Sims, the Debtor disclosed $2,169,310 in total
assets and
$2,364,227 in total liabilities.
Michelle L. Trier, Esq., at Genova, Malin and Trier, LLP,
represents the Debtor as legal counsel.
PRIMAL CRUSHING: Brad Odell Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 6 appointed Brad Odell, Esq., at Mullin
Hoard & Brown, LLP, as Subchapter V trustee for Primal Crushing,
LLC, a Texas limited liability company.
Mr. Odell will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Odell declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brad W. Odell
Mullin Hoard & Brown, LLP
P. O. Box 2585
Lubbock, TX 79408
806-712-1238-direct
806-765-7491-office
469-449-3690-mobile
Email: bodell@mhba.com
About Primal Crushing
Primal Crushing, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 23-10082) on June
12, 2023. In the petition signed by Victor John Hirsch, III,
managing member, the Debtor disclosed $1 million to $10 million in
both assets and liabilities.
Judge Robert L. Jones oversees the case.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves as
the Debtor's legal counsel.
PRIMAL MATERIALS: Brad Odell Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 6 appointed Brad Odell, Esq., at Mullin
Hoard & Brown, LLP, as Subchapter V trustee for Primal Materials,
LLC, a Texas limited liability company.
Mr. Odell will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Odell declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brad W. Odell
Mullin Hoard & Brown, LLP
P. O. Box 2585
Lubbock, TX 79408
Direct: 806-712-1238
Office: 806-765-7491
Mobile: 469-449-3690
Email: bodell@mhba.com
About Primal Materials
Primal Materials, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 23-10081) on
June 12, 2023. In the petition signed by Victor John Hirsch, III,
managing member, the Debtor disclosed $100,001 to $500,000 in
assets and $1 million to $10 million in liabilities.
Robert L. Jones oversees the case.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves as
counsel to the Debtor.
RACKSPACE TECHNOLOGY: $2.30B Bank Debt Trades at 54% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Rackspace
Technology Global Inc is a borrower were trading in the secondary
market around 46.1 cents-on-the-dollar during the week ended
Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $2.30 illion facility is a Term loan that is scheduled to
mature on February 9, 2028. About $2.25 billion of the loan is
withdrawn and outstanding.
Rackspace Technology Global, Inc., supports and manages cloud
platforms, as well as offers managed hosting, colocation, security,
data processing, and enterprise application development.
RAY'S AUTO: Richard Furtek Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of
Furtek & Associates, LLC as Subchapter V trustee for Ray's Auto
Restoration, LLC.
Mr. Furtek will be paid an hourly fee of $295 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Furtek declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Richard E. Furtek
Furtek & Associates, LLC
Lindenwood Corporate Center
101 Lindenwood Drive, Suite 225
Malvern, PA 19355
Phone: (215) 768-8030
Email: rfurtek@furtekassociates.com
About Ray's Auto Restoration
Ray's Auto Restoration, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
23-11716) on June 12, 2023, with as much as $1 million in both
assets and liabilities. Ray Mamone, president, signed the
petition.
Judge Patricia M. Mayer oversees the case.
The Law Office of Kevin K. Kercher, Esq., PC serves as the Debtor's
counsel.
RIVER ISLAND COUNTRY CLUB: Closes, Considers Chapter 11 Filing
--------------------------------------------------------------
Serena Bettis of The Sun Gazette reports that River Island's chance
at a comeback is sinking after this 2023's storm damage put one
third of their links underwater.
The River Island Country Club informed its members that June 24,
2023, will be the last day of play on the greens of what many refer
to as a Kings Canyon gem. After flooding earlier this 2023 caused
major damage, the country club is currently unable to make the
necessary repairs to restore the course to its full 18 holes.
Although Townsend does not have any direct connection to River
Island, he said that, like many others in the Porterville area, he
has spent time at the club's facilities golfing and enjoying the
company of loved ones at weddings, high school reunions and
numerous fundraisers.
The letter sent to River Island members said the club is looking at
filing for bankruptcy and closing indefinitely after it reopened
parts of the golf course in April 2023.
Six holes were completely destroyed after the flooding in March
alongside severe damage to bridges and the club's irrigation
system. Townsend said River Island began to raise money to help
with repairing initial damage after early winter floods, but "the
more devastating set of storms" arrived soon after, increasing the
damage done to the course.
Townsend said it has been "disheartening for everyone to see the
course and come to the realization that it can't get back into a
viable condition."
River Island applied for funding from the Federal Emergency
Management Agency (FEMA) but was denied, according to Townsend.
Townsend noted that FEMA's emergency management is primarily used
for residences.
The club also began a GoFundMe page to collect donations but posted
a brief message on its Facebook page in May that it was forced to
shut down the fund due to fraud. In its message to members, River
Island said there was hope that investors would buy the property
and repair the damage, but that plan never came to fruition. The
club has estimated total repair costs to be in the millions.
"Everybody's really hoping there will be a group or someone who can
rescue it," Townsend said.
About River Island Country Club
River Island Country Club was founded in 1979. The company's line
of business includes membership sports and recreation clubs.
RIVER SPRINGS CHARTER: Moody's Affirms Ba2 on 2015A/2017A Bonds
---------------------------------------------------------------
Moody's Investors Service has revised the outlook to positive from
negative for the California School Finance Authority's Educational
Facility Revenue Bonds (River Springs Charter School), Series 2015A
and 2017A and affirmed the Ba2 rating. The school has approximately
$64 million in revenue bonds outstanding.
RATINGS RATIONALE
The affirmation of the River Springs Charter School's revenue
rating reflects the school's materially improved liquidity
primarily driven by receipt of one-time federal and state revenue
in response to the coronavirus pandemic. The school will benefit
from the material increase in state aid included in the governor's
budget for fiscal 2024, though continued budgetary imbalance at the
state level could impact state aid going forward. Additionally, the
school's recurring expense profile is growing, and while some of
the growth will be offset with increased state aid and the use of
the remaining one-time pandemic related funds, the school's ability
to control expenditures and maintain current liquidity and coverage
levels remains a material credit factor.
Coverage has historically been sound at about 1.5 times over the
past several years. Fiscal 2022's coverage of 2.75 times was
boosted by the receipt of a federal loan from the payroll
protection program (PPP). Absent these one-time revenues, the
school's coverage was a narrower 1.2 times. Enrollment growth is
healthy at about 5% annually; nearly two-thirds of enrollment is
non-classroom based, providing flexibility from a capital
perspective. Academic achievement is a slight drag on the school's
competitive profile with performance that is on par with students
in Riverside County, but below state levels.
RATING OUTLOOK
The positive outlook considers the school's improved liquidity
coupled with recent debt structure changes and favorable increases
in state aid. The school is likely to benefit from restructuring
most of its outstanding debt to capitalize on a state program that
reimburses charter schools up to 75% for rent or lease costs for
eligible facilities. Management's ability to maintain current
liquidity without the use of RAN borrowing and produce debt service
coverage in line with historical norms without the presence of
one-time revenue would materially strengthen the school's credit
profile.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
-- Maintenance of healthy liquidity without the use of RAN
borrowing
-- Debt service coverage in line with historical norms without the
presence of one-time revenue
-- Material strengthening of the school's competitive profile
either via increased enrollment demand or significantly
improved academic achievement
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- Material erosion of operating liquidity or debt service
coverage
-- Trend of enrollment decline or material one-year change
LEGAL SECURITY
The school, with the consent of bondholders, restructured its
Series 2017A revenue bonds in in order to access additional funding
through the Charter School Facility Grant Program. River Springs
Charter School now leases the facilities originally financed with
the bonds (Bear River Facility, Temecula Facility, and the Flabob
Facility) from River Springs Facilities III LLC, the borrower,
which assumed all obligations related to the deeds of trust on the
Series 2017 facilities. The school provided updated instructions to
the State Controller's Office to make apportionments for the
payment of lease payments directly to the collateral agent from the
school's gross revenue. The school continues to be required to
maintain debt service coverage of at least 1.10 times, days cash on
hand of 45 days, and a debt service reserve funded at the lesser of
the standard three-prong test. The payment schedule of the Series
2017A bonds was unaffected by the restructure. The Series 2017A
bonds are parity obligations to the school's Series 2022A&B (not
Moody's rated), Series 2022C&D (not Moody's rated), Series 2023A&B
bonds (not Moody's rated).
The Series 2017A and 2023A&B bonds are additionally secured by
Deeds of Trust on the financed facilities, with a mortgage interest
in the Bear River and Temecula Schools and a leasehold interest in
the Flabob Airport school site, which consists of a ground lease
from the airport running through March 31, 2051, one year prior to
final debt maturity in 2052.
The school's Series 2015A bonds were advance refunded by the
issuance of the Series 2022C bonds. The Series 2015A bonds are
callable for redemption July 1, 2025; the bonds are legally
defeased.
PROFILE
River Springs Charter School operates under a countywide benefit
charter, and offers flexible classroom, independent study and
homeschool options. The current charter with Riverside County
expires on June 30, 2025 (charter contracts were extended statewide
for two years due to the pandemic). As of fiscal 2023, the school
currently serves nearly 6,900 students with an estimated average
daily attendance (ADA) of about 6,700 students, of which roughly
two-thirds are homeschool and Keys Independent Study students; the
remainder are enrolled in a variety of combined classroom and
independent study programs.
METHODOLOGY
The principal methodology used in these ratings was US Charter
Schools published in September 2016.
RLG HOLDINGS: Moody's Rates $35MM First Lien Term Loan Add-on 'B2'
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to RLG Holdings,
LLC's $35 million incremental first lien term loan due July 2028.
Proceeds will be used to finance the recent acquisition of
Pharmaceutic Litho and Label Company (PLLC) and repay revolver
borrowings. Moody's also assigned a B2 rating to RLG's $40 million
first lien delayed-draw term loan to finance future bolt-on
acquisitions. This term loan is pari passu with the existing first
lien term loans outstanding, but not fungible. The company's B3
corporate family rating and all other ratings remain unchanged. The
outlook is stable.
Assignments:
Issuer: RLG Holdings, LLC
Senior Secured Bank Credit Facility, Assigned B2
RATINGS RATIONALE
RLG's B3 CFR reflects the company's high leverage, with pro forma
debt/EBITDA around the 7.0x area. Liquidity is good with $16
million of cash as of March 31, 2023 and $10 million of borrowings
on its $60 million revolving credit facility, which will be repaid
with proceeds from this transaction. RLG expects to grow
organically and through bolt-on acquisitions, which is common
practice for the company. Financing of this acquisition with the
incremental term loan issuance, along with engaging in a new
delayed-draw term loan, is consistent with the company's financial
strategy. Moody's expect EBITDA improvement from these growth
initiatives to reduce leverage and increase free cash flow, which
can be allocated toward financing further bolt-on acquisitions or
absolute debt reduction.
The stable outlook reflects the expectation of RLG's continued
organic growth initiatives and a disciplined approach to M&A, while
remaining focused on debt reduction.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The ratings could be upgraded if debt-to-EBITDA (Moody's adjusted)
is consistently below 5.5x, there is a commitment to a less
aggressive financial policy as it relates to debt leverage and
acquisition strategy, and good liquidity is maintained.
The ratings could be downgraded if debt-to-EBITDA (Moody's
adjusted) is above 6.5x, financial policy actions continue to raise
debt leverage, and liquidity weakens.
RLG is a leader in pressure-sensitive and other high-value label
solutions in the fragmented North American labels industry. The
company is owned by Ares Management and does not file public
financial statements. For the last twelve months ended March 31,
2023, Resource Label generated sales of $472 million.
The principal methodology used in this rating was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
RODGERS COMPANIES: Areya Holder Aurzada Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq.,
at Holder Law as Subchapter V trustee for Rodgers Companies, LLC.
Ms. Aurzada will be paid an hourly fee of $495 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Aurzada declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Areya Holder Aurzada
Holder Law
901 Main Street, Ste. 5320
Dallas, TX 75202
972-438-8800-office
817-907-4140-mobile
Email: trustee@holderlawpc.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: $404M Bank Debt Trades at 22% Discount
--------------------------------------------------
Participations in a syndicated loan under which Sabre GLBL Inc is a
borrower were trading in the secondary market around 77.9
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $404 million facility is a Term loan that is scheduled to
mature on December 17, 2027. About $396.9 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.
SALEM MEDIA: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Salem Media Group, Inc.'s
Corporate Family Rating to Caa1 from B3, the Probability of Default
Rating to Caa1-PD from B3-PD, and the senior secured notes to Caa1
from B3. Concurrently, Moody's downgraded the company's speculative
grade liquidity rating to SGL-4 from SGL-3. The outlook was changed
to negative from stable.
The downgrade of the CFR to Caa1 and negative outlook reflect
Salem's weak operating performance pressured by subdued radio
advertising demand, high financial leverage and a deteriorating
liquidity profile. Governance considerations, as reflected in the
revision of the company's governance issuer profile score (IPS) to
G-5 from G-4 and credit impact score to CIS-5 from CIS-4, were a
key driver of the rating action. The company's financial policies
have contributed to the weak liquidity profile which is pressured
by the maturity of the ABL facility in March 2024.
Moody's took the following rating actions:
Downgrades:
Issuer: Salem Media Group, Inc.
Corporate Family Rating, Downgraded to Caa1 from B3
Probability of Default Rating, Downgraded to Caa1-PD
from B3-PD
Speculative Grade Liquidity Rating, Downgraded to
SGL-4 from SGL-3
Senior Secured Regular Bond/Debenture, Downgraded to
Caa1 from B3
Outlook Actions:
Issuer: Salem Media Group, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Salem's Caa1 CFR reflects high leverage, negative free cash flow
and refinancing risks related to the $30 million ABL facility due
March 2024 coupled with difficult radio industry trends. Despite
the constraints on the credit profile, Salem has a leading market
position in Christian teaching and talk format and generates
revenue from national block programming which is less reliant on
advertising dollars recurring, and therefore more stable than other
revenue streams of the company.
Salem's financial leverage rose to 7.7x (excluding Moody's standard
lease adjustments) as of the twelve months ended March 2023 from
5.7x as of 2022 as advertisers pulled back or delayed decision
regarding ad spend during uncertain macroeconomic conditions and
expenses rose from investments in marketing and the salesforce to
support digital initiatives such as Salem News Channel. As free
cash flow was negative, the company further drew $9 million from
the ABL facility.
Moody's expects the EBITDA margin to be further pressured in 2023
due to the weak radio broadcast advertising market, continued
investments in digital initiatives and increasing expenses related
to the 3 radio stations in Miami acquired in 2022, which will be
partially offset by cost savings from a workforce reduction
implemented at the end of March 2023. Leverage will increase
further to 10x in 2023 before improving to mid-to-high 7x in 2024
as Moody's assumes a modest recovery in broadcast advertising,
investments in the digital segment translate into revenue and
political demand increases in the election year.
Salem's SGL-4 rating reflects weak liquidity given the negative
free cash flow generation, $18 million of borrowings under the ABL
facility that matures in March 2024 and a minimal cash balance as
of March 2023. There is uncertainty related to the company's
ability to refinance the ABL facility as well as the terms of any
potential refinanced facility. Aside from the ABL facility, the
company does not have any near-term maturity as the senior secured
notes are due 2028. Salem has completed several asset sales over
the past few years and used the proceeds along with free cash flow
to repay debt which Moody's anticipates will continue in 2023.
The ABL facility is subject to a fixed charge coverage ratio of 1x
when availability is less than the greater of 15% of the maximum
revolver amount, equivalent to $4.5 million. As of March 2023, the
company would have complied with this covenant if it was tested,
but with limited headroom.
Salem's debt structure includes a $30 million ABL facility (not
rated) and 7.125% senior secured notes due 2028, rated Caa1. The
senior secured notes are rated the same as the Caa1 CFR as the
notes make up the vast majority of outstanding debt and are secured
by a first lien on substantially all assets of Salem and the
subsidiary guarantors other than the ABL facility priority
collateral. An increase in the size of the ABL facility has the
potential to increase downward rating pressure on the senior
secured notes given the ABL facility's priority claim on accounts
receivable assets.
The negative outlook reflects Moody's expectation that Salem's
operating performance will be pressured due to higher costs and
lower broadcast advertising spending and leverage will remain
elevated in the 9-10x range in 2023 before declining to mid-to-high
7x in 2024. The outlook could be stabilized if Salem successfully
refinances its ABL facility on reasonable terms and is on track to
de-lever to mid-7x range.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if debt-to-EBITDA is sustained below
6.5x range (excluding Moody's lease adjustments) with positive
organic revenue and EBITDA growth and free cash flow turns positive
for a consistent period. An upgrade would also be supported if the
company maintains good liquidity profile with no near-term debt
maturities.
The ratings could be downgraded if Salem does not refinance the ABL
facility, liquidity profile deteriorates or there is an increased
probability of debt restructuring.
Salem Media Group, Inc., formed in 1986 and headquartered in
Camarillo, CA, is a religious programming and conservative talk
radio broadcaster with integrated business operations including
digital media and publishing. Salem owns and operates 103 local
radio stations (33 FM, 70 AM) in 36 markets as of year-end 2022.
Revenue was $268 million for the last twelve months ending March
2023. Salem is a publicly traded company listed on the NASDAQ
Global Market (SALM).
The principal methodology used in these ratings was Media published
in June 2021.
SCHILLER KNAPP: Seeks to Hire Boyle Legal as Counsel
----------------------------------------------------
Schiller, Knapp, Lefkowitz, & Hertzel, LLP seeks approval from the
U.S. Bankruptcy Court for the Northern District of New York to
employ Boyle Legal, LLC.
The Debtor requires legal counsel to:
(a) give advice with respect to the powers and duties of the
Debtor in the continued operation of its business and in its
management of its property;
(b) take necessary actions to avoid liens against the Debtor's
property, remove restraints against the property and such other
actions to remove any encumbrances and liens;
(c) take necessary action to enjoin and stay until final
decree any attempts by secured creditors to enforce liens upon
property of the Debtor;
(d) represent the Debtor in any proceedings which may be
instituted in this court by creditors or other parties during the
course of the Chapter 11 proceeding;
(e) prepare legal papers; and
(f) perform all other legal services.
Michael Boyle, Esq., a partner at Boyle Legal, will be paid at his
hourly rate of $325.
The firm received an initial retainer of $20,000 from the Debtor.
Mr. Boyle disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael L. Boyle, Esq.
Boyle Legal, LLC
64 2nd Street
Troy, NY 12180
Telephone: (518) 407-3121
Email: mike@boylebankruptcy.com
About Schiller, Knapp, Lefkowitz & Hertzel
Schiller, Knapp, Lefkowitz & Hertzel, LLP calls itself "a cradle
to-grave" default servicing and creditor's rights law firm in New
York, New Jersey, Pennsylvania and Vermont.
Schiller, Knapp, Lefkowitz, & Hertzel filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y.
Case No. 23-10558) on May 31, 2023, with $100,001 to $500,000 in
assets and $1 million to $10 million in liabilities. Eric Huebscher
of Eric
Huebscher Consulting has been appointed as Subchapter V trustee.
Michael Boyle, Esq., at Boyle Legal, LLC, represents the Debtor as
bankruptcy counsel.
SERTA SIMMONS: Citadel, Lenders Fail to Stay Approved Plan
----------------------------------------------------------
Serta Simmons and some of its lenders asked a Texas bankruptcy
judge to reject calls by dissenting creditors to pause the mattress
maker's Chapter 11 plan pending their appeal of its approval,
saying delay could cost the company billions.
The Debtors and the Official Committee of Unsecured Creditors filed
an objection to the emergency motion of Citadel Equity Fund Ltd.
and Non-PTL Lenders to stay the order confirming the Debtors'
Second Amended Joint Chapter 11 Plan of Reorganization pending
appeal.
"Citadel and the Non-PTL Lenders ask this Court to stay
confirmation of a billion dollar restructuring for a Company with
thousands of employees and stakeholders, yet make no serious effort
to establish that they are entitled to the extraordinary relief
they seek. In order to show they are entitled to the remedy of a
stay pending appeal, Citadel and the Non-PTL Lenders have to
establish extraordinary circumstances, but their perfunctory briefs
barely attempt to justify the relief they seek, and completely
ignore the near catastrophic harm to the estates if a stay is
granted. Instead, Citadel and the Non-PTL Lenders make the
ludicrous claim that a stay will not cause any harm to the estates
and will in fact "benefit" the Debtors because it may potentially
eliminate the overhang of an indemnity that may or may not ever be
triggered. What is even more extraordinary, Citadel and the
Non-PTL Lenders ask this Court to stay the Confirmation Order
without a bond, do not even attempt to quantify a bond, and fail to
explain why a bond under these extraordinary circumstances is not
necessary," the Debtors said in court filings.
"As previously noted by the Committee, the Plan incorporates
settlements with both the Consenting Creditors and the Committee
that provide for: (i) the Debtors' emergence from bankruptcy with a
streamlined capital structure; (ii) access to a new $125 million
revolving credit facility; (iii) the payment of administrative,
priority tax and non-tax claims; (iv) payment of the prepetition
claims of all Ongoing General Unsecured Creditors within 60 days;
and (v) funding of $5.75 million to the Class 6B Trust for the
benefit of holders of Other General Unsecured Claims. As a result
of the Plan, the Debtors' business will be preserved, jobs will be
saved, and vendors and suppliers will have a viable go-forward
business partner. Each of these substantial benefits are threatened
by the requests for a stay of the Confirmation Order pending
appeal," the Committee said in court filings.
After considering the briefing, applicable law, and the evidence
and argument presented at the hearing held on June 21, 2023 at 4:00
p.m. (Central Time), and for the reasons set forth on the record at
the Hearing, the Court finds that movants have failed to meet any
of the requirements for imposition of a stay pending appeal and
accordingly DENIES the Stay Motions.
Based on the record before the Court, including, without
limitation, the testimony of John Linker (Docket No. 1102-1), if a
stay pending appeal were to be granted, the appropriate bond for
the imposition of such a stay would be no less than $1,000,000,000,
according to the Court's June 21 ruling.
About Serta Simmons Bedding
Serta Simmons Bedding, together with its non-debtor affiliates, are
manufacturers and marketers of bedding products in North America,
operating various bedding manufacturing facilities across the
United States and Canada.
Serta Simmons Bedding, LLC, filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90020) on Jan. 23, 2023. The petitions were signed by John
Linker, chief financial officer, treasurer and assistant secretary.
At the time of filing, the Debtors estimated $1 billion to $10
billion in both assets and liabilities.
Weil, Gotshal & Manges LLP is serving as SSB's legal counsel,
Evercore Group L.L.C. is serving as SSB's investment banker, and
FTI Consulting, Inc. is serving as SSB's financial and
restructuring advisor. Epiq Corporate Restructuring, LLC, is the
claims and noticing agent.
SINCLAIR TELEVISION: $740M Bank Debt Trades at 20% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
79.7 cents-on-the-dollar during the week ended Friday, June 23,
2023, according to Bloomberg's Evaluated Pricing service data.
The $740 million facility is a Term loan that is scheduled to
mature on April 1, 2028. About $727 million of the loan is
withdrawn and outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SKAGIT VALLEY MALTING: Closes Doors, Filing for Chapter 7
---------------------------------------------------------
Kendall Jones of Washington Beer Blog reports that Skagit Valley
Malting is closed and filing for bankruptcy.
Last Thursday, June 15, 2023, employees of Skagit Valley Malting
were called into an all-hands meeting. At the meeting, the CEO
announced that it was "the bad meeting" and told the employees that
the company's board of directors had voted to file for bankruptcy.
Everyone at the meeting, everyone who worked for Skagit Valley
Malting, was suddenly unemployed effective immediately. Sources say
the company has filed for Chapter 7 bankruptcy.
Eric Buist, who was the Marketing Manager at Skagit Valley Malting
until last Thursday, June 15, 2023, says that he knew there was
some financial trouble, but everyone was working hard to help the
company succeed. The customer base was growing, he said, with the
company onboarding as many as ten new customers per month. "It was
not a complete shock, but it was a shock at that moment," he said.
Unless it was shipped before last Thursday, June 15, 2023, Buist
presumes that any existing orders will go unfulfilled, leaving the
company's customers (brewers and distillers) to fend for themselves
and shop elsewhere. Presumably, whatever malted barley is ready to
ship will now be sold to help repay creditors under the terms of
Chapter 7 bankruptcy. Buist said that, as far as he understands, a
couple of employees have been retained for the time being, but he
assumes that is just to pack up the business for sale.
Financial pressures began to build toward the end of last year,
explained Buist. The company pays its suppliers (farmers) for the
barley when it is harvested and those bills had to be paid. At the
same time, the company had committed to bringing two more malting
machines online and those were in production. Another big bill to
pay and more money going the wrong way. Buist told me that he knew
the company had some unsuccessful attempts to secure more
financing, and was looking for grants and other investment
opportunities, but did not believe things were so dire as to file
for Chapter 7 bankruptcy.
Buist told me that at last Thursday's meeting, someone asked, "What
do we tell our customers?" In response, that person was told that
since they were no longer employees of the company, that was none
of their business.
A Chapter 7 bankruptcy is quite different than a Chapter 11
bankruptcy. Under the terms of Chapter 11, a business is allowed to
reorganize and maintain day-to-day operations while creating a plan
to repay creditors. A Chapter 7 bankruptcy, also known as
liquidation bankruptcy, doesn't require a repayment plan but does
require the company to sell its assets to pay creditors. Buist was
told that Skagit Valley Malting had filed a Chapter 7 bankruptcy,
which is why the entire thing came to such an abrupt end last
Thursday.
There are a lot of details about this situation that are only known
to the Board of Directors. The exact nature of the company's
financial situation is unknown, but this outcome suggests that the
folks behind those closed doors did not see another way out.
The biggest tragedy here is that so many people lost their jobs. A
lot of good people, with great connections in the brewing and
distilling industries, worked for Skagit Valley Malting. This was
not their fault.
"Everyone worked their butts off trying to keep things going and
help the company," said Buist. "Apparently it wasn't enough."
We hope that Skagit Valley Malting, or what remains of it, releases
a formal statement and we look forward to sharing it with you when
and if that happens.
About Skagit Valley Malting
Burlington, Washington-based Skagit Valley Malting is a craft
malthouse located in the Skagit Valley.
SPIN HOLDCO: $2B Bank Debt Trades at 15% Discount
-------------------------------------------------
Participations in a syndicated loan under which Spin Holdco Inc is
a borrower were trading in the secondary market around 84.8
cents-on-the-dollar during the week ended Friday, June 23, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2 billion facility is a Term loan that is scheduled to mature
on March 4, 2028. The amount is fully drawn and outstanding.
Spin Holdco Inc. provides laundry solutions. The Company offers
residential and commercial laundry solutions, as well as tire
inflation and vacuum vending services at convenience stores and gas
stations. Spin Holdco serves clients in North America and Europe.
SPIN HOLDCO: MetWest UBF Marks $3.6M Loan at 16% Off
----------------------------------------------------
Metropolitan West Fund's Unconstrained Bond Fund has marked its
$3,694,501 loan extended to Spin Holdco, Inc to market at
$3,116,570 or 84% of the outstanding amount, as of March 31, 2023,
according to a disclosure contained in MetWest Fund's Form N-CSR
for the Fiscal year ended March 31, 2023, filed with the Securities
and Exchange Commission.
Unconstrained Bond Fund is a participant in a First Lien Term Loan
B (LIBOR plus 4%) to Spin Holdco, Inc. The loan accrues interest at
a rate of 8.99% per annum. The loan matures on March 3, 2028.
The Metropolitan West Funds is an open-end management investment
company organized as a Delaware statutory trust on December 9, 1996
and registered under the Investment Company Act of 1940, as
amended. Metropolitan West Asset Management, LLC, a federally
registered investment adviser, provides the Funds with investment
management services. The Trust currently consists of 14 separate
portfolios.
Spin Holdco Inc. provides laundry solutions. The Company offers
residential and commercial laundry solutions, as well as tire
inflation and vacuum vending services at convenience stores and gas
stations. Spin Holdco serves clients in North America and Europe.
STARWOOD PROPERTY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) and senior unsecured debt ratings of Starwood Property Trust,
Inc. (Starwood) at 'BB+'. Fitch has also affirmed the Long-Term IDR
and senior secured debt rating of Starwood Property Mortgage, LLC
(SPM) at 'BB+' and 'BBB-', respectively. The Rating Outlook is
Stable.
KEY RATING DRIVERS
The ratings affirmation reflects the strength of Starwood's
affiliation with Starwood Capital Group (SCG), which provides
access to deal flow and deep industry and collateral expertise, its
solid market position within its core segments, relative diversity
of its business model, good asset quality, consistent operating
performance, appropriate leverage, a diverse and well-laddered
funding profile, and solid liquidity.
The challenging operating environment and its likely impact to
credit quality is weighing on Fitch's rating assessment of Starwood
and its commercial real estate (CRE)-focused peers. Rating
constraints also include Starwood's largely secured funding
profile, reliance on wholesale funding sources, and the absence of
a track record as a standalone entity through a traditional credit
cycle.
Starwood is one of the largest and most diverse commercial mortgage
real estate investment trusts (mREITs) in the U.S. Fitch believes
Starwood's product line diversity, which includes infrastructure
lending and CMBS special servicing, allows it to be opportunistic
in different market environments, as it can effectively pivot to
business segments with more attractive risk-adjusted returns.
Starwood's asset quality is supportive of its rating as the firm
has realized minimal credit losses over time, which Fitch believes
has been driven by good collateral coverage. Impaired and
nonperforming loans were 2.6% of the loan book at 1Q23, which is
higher than its four-year average of 2.2%, but still within Fitch's
'bbb' category benchmark range of 0.5% to 4%, for balance sheet
heavy finance and leasing companies with a sector risk operating
environment (SROE) score in the 'bbb' category.
Fitch believes Starwood has shown a strong ability to operate and
sell distressed assets at gains relative to carrying value.
Moreover, while credit quality is expected to deteriorate for
Starwood and its peers over the near-to-medium term, Fitch believes
the firm's diverse portfolio and conservative underwriting should
help mitigate the longer-term uncertainty around certain CRE
sectors, namely office properties.
Fitch views Starwood's earnings performance as supportive of its
rating. For the trailing twelve months (TTM) ended 1Q23, pre-tax
income to average assets was 2.5%; below its four-year average of
2.9% and within Fitch's 'bb' category benchmark range of 1%-4%.
Pre-tax earnings have been supported by low realized credit losses
and strong realized and unrealized mark-to-market gains within
Starwood's property segment.
Further aiding earnings has been the higher rate environment, as
the firm's loan portfolio is primarily floating rate and its
funding costs have remained relatively reasonable. Fitch also
considers distributable earnings (DE) to average assets in its
analysis of Starwood's earnings performance, which adjusted for
numerous noncash items recorded in net income, was 2.4% for the TTM
ended 1Q23; in line with Fitch's expectations and supportive of the
current rating and Outlook.
Starwood's corporate leverage remains reasonable relative to its
rating. Fitch's definition of debt-to-tangible equity (which
includes non-recourse CLO financing and other securitizations) was
4.1x at 1Q23, which would place Starwood toward the lower end of
the 'bb' category leverage benchmark range of 4x-7x for balance
sheet heavy finance and leasing companies with a 'bbb' category
SROE. While Fitch notes that Starwood excludes CLO financing from
its reported adjusted leverage ratio of 2.5x, Fitch views CLO debt
as a key funding source for Starwood's core businesses, so
primarily evaluates leverage on a consolidated basis.
Fitch also notes that the firm has meaningful unrealized gains
within its property segment that could be used to generate capital
if needed, further reinforcing the view that Starwood's leverage is
supportive of its rating and the Stable Outlook.
At 1Q23, approximately 11.2% of Starwood's debt was unsecured,
which is at the lower-end of Fitch's 'bb' category benchmark range
of 10%-35% for finance and leasing companies with a SROE score in
the 'bbb' category. Fitch would view an increase in Starwood's
unsecured funding mix favorably as it would enhance its financial
flexibility. Moreover, the rating affirmation and Stable Outlook
incorporate Fitch's expectation that the firm's unsecured mix will
remain above 10% in the near to medium term.
Starwood's secured funding is considered to be diverse, comprised
of numerous warehouse lines, repurchase facilities, mortgages and
securitizations, with a well-laddered maturity profile. Further,
Starwood has steadily been increasing financing with margin call
exposure though the firm's exposure to mark-to-market margin calls
has declined as a share of total debt over recent periods. Instead,
margin calls on these facilities are limited to collateral-specific
credit marks, which, given the firm's underwriting and credit
quality, is a sufficient mitigant to Starwood's level of wholesale
funding usage.
Starwood's liquidity position remains constrained by its REIT tax
election, as REITs must generally distribute at least 90% of their
net taxable income, excluding capital gains, to shareholders each
year. That said, Fitch observes that Starwood has consistently
generated DE in excess of its dividend and didn't need to cut the
dividend during the pandemic. Moreover, the firm's liquidity
position remains relatively solid, comprised of cash and borrowing
capacity on committed credit facilities. The firm had over $4
billion of unencumbered assets available to pledge to its various
secured debt arrangements.
The Stable Outlook reflects Fitch's view that Starwood will
continue to maintain solid asset quality in a deteriorating
operating environment, exhibited by low credit losses, generate
stable and consistent earnings and maintain leverage at a level
appropriate for the risk profile of the portfolio. Fitch also
expects the company to opportunistically issue unsecured debt, to
enhance its funding flexibility, appropriately manage its debt
maturity profile and maintain solid liquidity.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A sustained increase in Fitch-calculated leverage, including
all non-recourse debt, above 5.0x;
- A sustained reduction in the proportion of unsecured debt
funding below 10%;
- An inability to maintain sufficient liquidity relative to
near-term debt maturities, unfunded commitments and margin
call potential;
- A reduction in business line diversity due to a material
shift in strategy;
- A material deterioration in credit performance that results
in write-offs above longer-term historical levels; and/or
- A reduction in core earnings and earnings coverage of the
dividend.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- A sustained increase in the proportion of unsecured debt
approaching 35% of total debt;
- The maintenance of leverage at-or-below 3x on a Fitch-calculated
basis, including on-balance sheet non-recourse debt;
- The maintenance of strong asset quality performance;
- Consistent core earnings generation; and/or
- The maintenance of a solid liquidity profile.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The unsecured debt rating is equalized with Starwood's Long-Term
IDR, reflecting the availability of unencumbered assets and average
recovery prospects for creditors under a stressed scenario.
SPM's term loan ranks senior to current and future senior unsecured
notes issued by Starwood and its subsidiary. The rating on the term
loan is one-notch above SPM's Long-Term IDR, reflecting Fitch's
expectation for good recovery prospects given strong collateral
coverage of the term loan.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The unsecured debt rating is sensitive to changes to Starwood's
Long-Term IDR, unsecured funding mix and the level of unencumbered
balance sheet assets relative to outstanding unsecured debt. An
increase in secured debt and/or a sustained decline in the level of
unencumbered assets, which weakens recovery prospects on the
unsecured debt, could result in the unsecured debt ratings being
notched down from the Long-Term IDR.
The secured debt rating is sensitive to changes to SPM's Long-Term
IDR as well as changes in the firm's funding mix and collateral
coverage for the term loan. An increase in secured debt and/or
weaker collateral coverage that weakens recovery prospects on the
term loan, could result in the upward notching being eliminated.
SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES
SPM's Long-Term IDR is equalized with that of Starwood, its parent.
SPM's rating is sensitive to any rating change to Starwood.
ADJUSTMENTS
The Business Profile score has been assigned below the implied
score due to the following adjustment reason: Business model
(negative).
The Capitalization & Leverage score has been assigned above the
implied score due to the following adjustment reason: Reserve
coverage and asset valuation (positive).
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 Prior
----------- ------ -----
Starwood Property Trust, Inc. LT IDR BB+ Affirmed BB+
senior unsecured LT BB+ Affirmed BB+
Starwood Property
Mortgage, L.L.C. LT IDR BB+ Affirmed BB+
senior secured LT BBB- Affirmed BBB-
SURGALIGN: Gets NASDAQ Delisting Notice Following Ch.11 Filing
--------------------------------------------------------------
Surgalign Holdings, Inc., (NASDAQ: SRGA) a global medical
technology company focused on elevating the standard of care by
driving the evolution of digital surgery, on June 23 disclosed that
on June 22, 2023, it received a letter from the Listing
Qualifications Department of the Nasdaq Stock Market LLC
("Nasdaq"). Nasdaq has determined that due to the Company's
voluntary petition for relief under chapter 11 of the U.S.
Bankruptcy Code, the Company's securities will be delisted from The
Nasdaq Stock Market. The Company does not intend to appeal Nasdaq's
determination.
As previously announced, Surgalign entered into an asset purchase
agreement to sell substantially all its global hardware and
biomaterials assets and filed voluntary petitions for relief under
chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas, Houston Division. The Company
intends to pursue an auction and sale process under section 363 of
the U.S. Bankruptcy Code for its Digital Health business and has a
stalking horse bidder in place for its hardware and biomaterials
assets. The Company intends to continue to operate its business in
the normal course while in chapter 11.
Trading of the Company's common stock will be suspended at the
opening of business on July 3, 2023, and a Form 25-NSE will be
filed with the Securities and Exchange Commission ("SEC"), which
will remove the Company's securities from listing and registration
on The Nasdaq Stock Market. Once the delisting from Nasdaq takes
effect, the Company's common stock is expected to begin trading on
the OTC under the symbol SRGAQ.
Surgalign Holdings, Inc., is a global medical technology company
advancing the science of spine care, focused on delivering
innovative solutions that drive superior clinical and economic
outcomes. The company is based in Deerfield, Illinois.
SVB FINANCIAL: To Sell Securities to Management Team
----------------------------------------------------
Susanne Barton of Bloomberg News reports that SVB Financial Group
agreed to sell its investment banking business, SVB Securities, to
the management team bidder group led by Jeff Leerink, SVB
Securities' Chief Executive Officer and Founder, and backed by
funds managed by The Baupost Group. A hearing to seek required
court approval is scheduled for June 29, 2023, and the transaction
is expected to close shortly thereafter.
The bidder group will acquire the investment banking business for a
combination of cash, repayment of an intercompany note, the
assumption of certain liabilities including significant deferred
compensation obligations, and a 5% equity instrument in the buyer
entity.
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.
SWARMIO MEDIA: Files for CCAA Protection, Court Okays DIP Loan
--------------------------------------------------------------
Swarmio Media Holdings Inc. (CSE: SWRM) (OTCQB: SWMIF) (GR: U5U),
on June 22 disclosed that further to its press release dated June
21, 2023, the Company and its subsidiaries, Swarmio Inc., and
Swarmio Media Inc. (collectively, the "Swarmio Group") has
initiated proceedings (the "CCAA Proceedings") in the Ontario
Superior Court of Justice (Commercial List) (the "Court") under the
Companies' Creditors Arrangement Act (the "CCAA").
The Swarmio Group's application under the CCAA was heard on June
22. Following the hearing, the Court granted an order, which, among
various other relief: (i) grants a stay of proceedings in favour of
the Swarmio Group up to and including July 1, 2023 (the "Initial
Stay Period"); (ii) appoints Grant Thornton Limited as
Court-appointed monitor of the Swarmio Group (in such capacity, the
"Monitor"); and (iii) approves a debtor-in-possession loan to fund
the CCAA proceedings and other short-term working capital
requirements of the Swarmio Group.
After careful consideration of all available alternatives and
following thorough consultation with legal and financial advisors,
the directors of the Swarmio Group determined that it is in the
best interests of the Swarmio Group and all of its stakeholders to
seek creditor protection under the CCAA.
Swarmio Group is scheduled to return to the Court for a hearing
(the "Comeback Hearing") on June 30, 2023 to seek, among other
relief, the approval of a sale and investment solicitation to
facilitate a transaction that sees the Company emerge from CCAA
protection as a going concern. The Company is confident that the
protection afforded by the CCAA will be sufficient to allow the
Swarmio Group to address its liquidity issues and stabilize
operations.
About Swarmio
Swarmio (CSE: SWRM; OTC: SWMIF; GR: U5U) is a technology company
focused on deploying its proprietary end-to-end gaming and esports
platform, Ember, which enables telcos to monetize their gaming
customers. Swarmio has engaged with several telcos that have
launched Ember as an add-on service, allowing subscribers to access
tournaments, engage in a localized gaming community, challenge
friends and influencers, and earn points that can be used to
purchase gaming content. Ember is powered by Swarmio's patented
Latency-Optimized Edge Cloud ('LEC') technology, which reduces lag
and allows gamers to enjoy an optimized gaming experience.
SWF HOLDINGS I: Moody's Affirms B3 CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service affirmed SWF Holdings I Corp.'s (Springs
Windows) ratings including its Corporate Family Rating at B3, its
Probability of Default Rating at B3-PD, the B2 rating on the
company's first lien bank credit facility, and the Caa2 rating on
the company's $625 million senior unsecured notes due 2029. The
first lien facility consists of a $125 million first lien revolver
due 2026 and a $1,625 million original principal amount first lien
term loan due 2028. Moody's changed the outlook to negative from
stable.
"The outlook change to negative reflects that demand headwinds
affecting discretionary products including custom window coverings
will continue to pressure Springs Windows' earnings and cash flows
over the next 12 months," said Oliver Alcantara, AVP-Analyst at
Moody's. "Springs Windows' combined good revolver availability of
around $175 million at end of 1Q-2023 provides good financial
flexibility to navigate a challenging business environment and
supports the B3 CFR."
The outlook change to negative reflects Moody's expectations that
Springs Windows' free cash flow will likely be negative in 2023
amid ongoing volume declines and cost inflation, along with rising
borrowing rates. Persistently high inflation is pressuring consumer
discretionary spending and weaker housing market trends due to
rising borrowing costs is negatively impacting demand for the
company's products. At the same time input costs remain elevated,
and the higher labor costs in its Mexico operations combined with
foreign currency exchange pressures are negatively impacting
profitability. As a result, Springs Windows' company-adjusted
EBITDA margin declined 360 percentage basis points in 1Q-2023
year-over-year. The company expects ongoing pricing and cost saving
initiatives, as well as new product launches will help mitigate the
profitability pressures in the second half of 2023.
Springs Windows' high financial leverage with debt/EBITDA at over
9x provides limited cushion to absorb prolonged EBITDA margin
compression, particularly if free cash flows remain negative in
fiscal 2023, thus eroding liquidity. The company will need to
improve its EBITDA margin towards historical levels to support
positive free cash flows on an annual basis. Uncertainty around
consumer demand for the company's products given ongoing
inflationary pressures on consumer discretionary spending will make
margin recovery challenging over the next year, and the pricing
initiatives could lead to lower volumes.
The ratings affirmation reflects that Springs Windows maintains a
strong market position and that adequate liquidity provides some
capacity to manage a demand slowdown if relatively short duration.
Availability of $175 million as of 1Q-2023 on the company two
revolving facilities that combined have $275 million commitments
provides some financial flexibility to support business investments
and debt service amid demand headwinds. The lack of meaningful
maturities until 2026 affords the company some time to execute on
margin enhancing initiative and improve free cash flow over the
next 12 months.
Moody's took the following rating actions
Affirmations:
Issuer: SWF Holdings I Corp.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Backed Senior Secured 1st Lien Bank Credit Facility (Revolver and
Term Loan), Affirmed B2
Senior Unsecured Regular Bond/Debenture, Affirmed Caa2
Outlook Actions:
Issuer: SWF Holdings I Corp.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Springs Window's B3 CFR broadly reflects its high financial
leverage with debt/EBITDA at over 9x for the last twelve months
period (LTM) ending April 1, 2023. The company is exposed to
cyclical downturns given the discretionary nature of its products.
Persistently high inflation and the shift in spending from goods to
services is pressuring consumer demand for the company's products.
In addition, cost and labor inflation are negatively impacting
profitability. Moody's expects these pressures to persist over the
next 12 months. Because of its high financial leverage with higher
borrowing costs, Springs Windows needs to improve its EBITDA margin
towards historical levels of over 20% to restore positive free cash
flows on an annual basis. The company has customer concentration
with two national retailers accounting for approximately a quarter
of revenue, and its direct competitor is considerably larger with
global scale, which creates the potential for market share
volatility.
The credit profile also reflects Springs Window's strong position
in the window coverings market, good channel diversification, and
its long-standing relationships with well-recognized retailers. The
company's Mexico manufacturing footprint and its ability to quickly
deliver fully customized orders are a competitive advantage over
smaller industry participants. Spring Window's adequate liquidity
is supported by $36 million of cash, availability of approximately
$175 million as if April 1, 2023 on the combined $275 million
revolving facilities due 2026. The liquidity provides some capacity
to manage a short-lived demand slowdown.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects the concerns about Springs Windows'
ability to improve its profitability and free cash flow generation
amid ongoing demand headwinds and cost inflation.
The ratings could be upgraded if the company consistently reports
meaningful positive free cash flows while benefitting from organic
revenue growth and EBITDA margin expansion, and debt/EBITDA is
sustained below 6.0x. A ratings upgrade would also require Springs
Windows maintaining at least good liquidity and balanced financial
policies that support credit metrics at the above levels.
The ratings could be downgraded if the company is unable to improve
its EBITDA margin towards historical levels, free cash flow is weak
or negative, or EBITA/interest is below 1.0x. The ratings could
also be downgraded if liquidity deteriorates for any reason,
including higher reliance on revolver borrowings, or if the company
completes a debt-financed acquisition or shareholder distribution.
Springs Windows' ESG credit impact score CIS-4, indicates the
company's rating is lower than it would have been if ESG exposure
did not exist. The score is mainly driven by the company's
concentrated decision making under majority ownership by financial
sponsors and its aggressive financial strategy including operating
with high leverage. The company has some exposure to environmental
and social risks though these have lesser influence on the CIS
score.
Headquartered in Middleton, Wisconsin, Springs Windows designs and
manufactures window coverings. Following the October 2021 $3.4
billion leveraged buyout transaction, the company is owned by
Clearlake Capital Group, L.P. (Clearlake). The company reported
revenue of around $1.2 billion for the last twelve months period
ending April 1, 2023.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
T4L INC: Seeks to Hire Martin Law Firm as Counsel
-------------------------------------------------
T4L, Inc. seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to employ Martin Law Firm, P.L. as
counsel.
The firm's services include:
a. preparation and filing of schedules, statement of financial
affairs and statement of executory contracts or amendments
thereto.
b. representation of the Debtor at all meetings of creditors,
hearings, pretrial conferences, and trials in its Chapter 11 case
or any litigation arising in connection with the case.
c. preparation, filing, and presentation to the court of any
pleading requesting relief.
d. preparation, filing, and presentation to the court of any
disclosure statement and plan of reorganization under Chapter 11 of
the Bankruptcy Code.
e. review of claims made by creditors and interested parties,
including the preparation and prosecution of any objections to
claims as appropriate;
f. preparation and presentation of a final accounting and
motion for final decree closing this case; and
g. performance of all other legal services.
The firm will charge these hourly fees:
Benjamin G. Martin $375
Jonathan Bierfeld $345
The Debtor paid the firm a retainer of $15,000.
As disclosed in court filings, Martin Law and its attorneys do not
have any connection representing an adverse interest to the Debtor
and its estate.
The firm can be reached through:
Jonathan Bierfeld, Esq.
Benjamin G. Martin, Esq.
Martin Law Firm, P.L.
3701 Del Prado Blvd.
Cape Coral, FL 33904
Phone: (239) 443-1094
Email: jonathan.bierfeld@martinlawfirm.com
skipmartin@verizon.net
About T4L Inc.
T4L, Inc. filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00637) on June 2,
2023, with as much as $50,000 in assets and $1 million to $10
million in liabilities. Allen Witter, chief executive officer,
signed the petition.
Judge Caryl E. Delano oversees the case.
Jonathan Bierfeld, Esq., at Martin Law Firm is the Debtor's
bankruptcy counsel.
TAHOE LAKE LOVE: David Sousa Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 17 appointed David Sousa as Subchapter
V trustee for Tahoe Lake Love.
Mr. Sousa will be paid an hourly fee of $415 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Sousa declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
David Sousa
P.O. Box 3167
Visalia, CA 93278-3167
Phone: (559) 242-2065
Email: Dave@fresnotrustee.com
About Tahoe Lake Love
Tahoe Lake Love filed a Chapter 11 petition (Bankr. E.D. Calif.
Case No. 23-21903) on June 9, 2023, with as much as $50,000 and
$500,001 to $1 million in liabilities. Judge Christopher D. Jaime
oversees the case.
The Debtor is represented by Michael Jay Berger, Esq., at the Law
Offices of Michael Jay Berger.
TESSEMAE'S LLC: Unsecureds Recovery "TBD" in Liquidating Plan
-------------------------------------------------------------
Tessemae's LLC, filed with the U.S. Bankruptcy Court for the
District of Maryland a Disclosure Statement to accompany Plan of
Liquidation dated June 22, 2023.
Founded by Greg Vetter and his family in 2009, Tessemae's LLC
quickly became one of the nation's premier organic salad dressing
companies. It manufactures and wholesales some of the most popular
all-natural, organic salad dressings in the United States.
In the First Day Declaration of Demian Decosta on the Petition
Date, Tessemae's believed it paid off the Democracy loan in full
and was ready to thrive, only to have Democracy file a lawsuit
seeking an unconscionable windfall. The substantial distraction
caused by the litigation and accompanying legal fees further
drained the company's available cash.
In addition, the Debtor was no longer able to continue to make
payments to holders of the Unsecured Notes, and with debts
exceeding $30,000,000.00, the Debtor recognized the need to
restructure its indebtedness to creditors under this Court's
protection, to ensure the ability of the Debtor to realize its full
potential as a valuable company. In these circumstances, the Debtor
had no choice but to seek relief under chapter 11 of the United
States Bankruptcy Code to restructure its business and financial
affairs and to continue as a going concern.
As of the Petition Date, the Debtor estimates that unsecured claims
held by creditors of the Debtor, excluding the secured loans and
the Unsecured Notes, total approximately $4,680,570.25. These other
unsecured claims include (i) accrued and unpaid trade and other
unsecured debt incurred in the ordinary course of the Debtor's
business and (ii) unpaid amounts owed to the Debtor's employees who
agreed to compensation deferrals.
On May 31, 2023, the Debtor filed a Motion for Order (I) Approving
Bidding Procedures, (II) Scheduling an Auction for the Sale of
Substantially All of the Debtor's Assets as a Going Concern, and
(III) Granting Related Relief (the "Bid Procedures Motion").
The Debtor anticipates filings a separate Sale Motion before July
24, 2023 seeking approval of a stalking horse bidder subject to
higher and better offers and Bankruptcy Court approval, the
following assets: All of the Debtor's rights, title and interests
in all assets and properties including intellectual property,
inventory, personal property, equipment and assumed contracts. Cash
on hand, accounts receivable, corporate records, and causes of
action are not included in the sale.
The Plan will be funded primarily from the net proceeds of the Sale
of the Debtor's business and assets. The Plan provides for
distributions to secured claims, unsecured claims (including claims
arising from the rejection of leases or contracts), priority claims
and administrative claims, in priority of payment set forth under
the Bankruptcy Code, and in the event that funds were to remain
after payment of all Allowed Claims in full, any such remaining
funds would be distributed to holders of Interests.
Class 6 consists of General Unsecured Claims. The holders of
Allowed General Unsecured Claims shall receive their Pro Rata Share
of all remaining distributions under the Plan after all Allowed
Claims in Classes 1 through 5 are paid in full or otherwise treated
as provided for under the Plan. Class 6 Claims are impaired under
the Plan.
Holders of other general unsecured claims in Class 6 are impaired
and their projected recovery is still "to be determined", according
to the Disclosure Statement.
Class 7 consists of the holders of membership interests in the
Debtor. To the extent Allowed, the holders of Class 7 Claims shall
receive a distribution on account of its Class 7 interests pursuant
to Article V of the Plan. The Class 7 interests will be deemed
canceled and extinguished, without any further act or action under
any applicable law, regulation, order or rule. To the extent
Allowed, the holders of Class 7 Interests shall receive a
distribution on account of their Class 7 Interests pursuant to
Article V of the Plan, only in the event that, and only after, all
Class 1 through Class 6 Allowed Claims are paid in full under the
terms of the Plan. The Class 7 interests shall be deemed canceled
and extinguished as of the Effective Date, without any further act
or action under any applicable law, regulation, order or rule.
The Debtor has engaged, with the Bankruptcy Court's approval, the
investment banking firm of B. Riley Securities, Inc. to lead the
Debtor's efforts to achieve a sale of substantially all of the
Debtor's business and assets to the highest and best purchaser. B.
Riley is a nationally recognized investment banking firm with
substantial experience and success in the sale of companies in the
food and beverage industries. The net proceeds of the Sale shall be
the primary source of funds for distribution to holders of Allowed
Claims, and if possible, Interests pursuant to the terms of the
Plan.
A full-text copy of the Disclosure Statement dated June 22, 2023 is
available at https://urlcurt.com/u?l=yX1CU6 from PacerMonitor.com
at no charge.
Counsel for the Debtor:
Gary H. Leibowitz, Esq.
Cole Schotz P.C.
300 E. Lombard Street, Suite 1450
Baltimore, MD 21202
Tel: (410)528-2971
Fax: (410)528-9401
Email: gleibowitz@coleschotz.com
About Tessemae's LLC
Tessemae's, LLC is a flavor-forward food Debtor that makes
clean-label, organic salad dressing. The Debtor is based in
Baltimore, Md.
Tessemae's sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-10675) on Feb. 1, 2023.
In the petition signed by its chief strategy officer, Demian Costa,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
The Debtor tapped Gary H. Leibowitz, Esq., at Cole Schotz PC as
legal counsel and Aurora Management Partners Inc. as financial
advisor.
DIP lenders Tesse Fund I, LLC, MCDJR-Tesse, LLC and PMCDTESSE, LLC,
are represented by Richard L. Costella, Esq., at Tydings &
Rosenberg, LLP.
TITAN INTERNATIONAL: Moody's Ups CFR to B1 & Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Investors Service upgraded Titan International, Inc.'s
corporate family rating to B1 from B2, probability of default
rating to B1-PD from B2-PD and senior secured rating to B1 from B2.
The rating outlook has been revised to positive from stable. The
company's Speculative Grade Liquidity Rating (SGL) was unchanged at
SGL-2.
The ratings upgrade and positive outlook reflect Titan's improved
profitability, low financial leverage and good liquidity with
strong free cash flow. Moody's expects Titan to maintain stable
credit metrics over the next twelve months as demand drivers in its
end markets for agriculture and earthmoving equipment remain
healthy. More importantly, Moody's believes operational
improvements Titan has made will better position the company to
withstand any potential downturns in its inherently cyclical end
markets.
Upgrades:
Issuer: Titan International, Inc.
Corporate Family Rating, Upgraded to B1 from B2
Probability of Default Rating, Upgraded to B1-PD from B2-PD
Senior Secured Regular Bond/Debenture, Upgraded to B1 from B2
Outlook Actions:
Issuer: Titan International, Inc.
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
Titan's ratings reflect the company's solid competitive position as
a tire and wheel supplier to leading agriculture and construction
equipment manufacturers, improving profitability and low financial
leverage. Titan's operating performance is heavily dependent on
demand for new farm and construction equipment. Demand for new
equipment, particularly in the agriculture segment, is supported by
aging fleets of equipment, low inventory levels at dealers, high
farm commodity prices and healthy balance sheets for farmers.
Moody's expects these factors to support steady new equipment
production into 2024. However, Titan is expected to face near-term
production cutbacks in mid-2023 as its customers adjust their
production schedules due to some supply chain constraints.
Titan's earnings have significantly increased as higher volumes
combined with structural cost saving actions have greatly improved
Titan's fixed cost absorption across its manufacturing footprint.
Moody's expects Titan to sustain an adjusted EBITA margin of at
least 8% in 2023 and 2024. In addition, Moody's believes Titan is
better positioned to lessen the decrement to earnings from
production volume declines.
From a governance perspective, Moody's views Titan's financial
policy to be evolving, specifically in terms of longer-term capital
allocation and targeted leverage ratios. With debt/EBITDA expected
to remain below 2.5x through 2023, Moody's believes Titan currently
has balance sheet flexibility to pursue strategic investments and
manage through industry volatility.
Titan's SGL-2 rating reflects Moody's expectation that the company
will maintain good liquidity. Moody's expects Titan to maintain a
sufficient cash balance ($164 million at March 31, 2023) as well as
full availability under its $125 million asset-based (ABL)
revolving credit facility. Free cash flow is expected to be at
least 10% of total debt in both 2023 and 2024 as Titan maintains
disciplined working capital management.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's expects Titan to sustain
operational efficiencies to support an EBITA margin in excess of
8.5% and debt/EBITDA below 3.5x, including during a downturn in its
cyclical end markets. Further, Moody's will consider the company's
approach to financial policy, including the potential for
debt-funded acquisitions or shareholder returns. In addition,
Moody's would expect Titan to maintain good liquidity with free
cash flow to debt of at least 10%.
The ratings could be downgraded if Titan's EBITA margin declines
below 7% from lower production volumes or an inability to maintain
structural cost improvements. The ratings could also be downgraded
if Titan engages in a more aggressive financial policy of
debt-funded acquisitions or shareholder returns that result in
debt/EBITDA above 4.5x. Further, a weakening of liquidity could
lead to a ratings downgrade.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
Headquartered in West Chicago, Illinois, Titan (NYSE: TWI) is a
manufacturer of wheels, tires, assemblies and undercarriage
products for off-highway vehicles. The company serves end markets
in the agricultural, earthmoving/construction, and consumer
industries. Titan sells its products directly to OEMs as well as in
the aftermarket through independent distributors, equipment dealers
and distributions centers. The company produces tires primarily
under the Titan and Goodyear brand names. For the twelve months
ended March 31, 2023, Titan reported revenue of about $2.2 billion.
TRAVEL LEADERS: Moody's Ups CFR to B3 & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has upgraded Travel Leaders Group, LLC
(dba Internova Travel Group) corporate family rating to B3 from
Caa2 and probability of default to B3-PD from Caa2-PD.
Concurrently, Moody's assigned B3 ratings to the company's
refinanced $665 first lien million term loan and $36.5 million
first lien revolving credit facility. The ratings under the
company's term loan due January 2024 and revolving credit facility
due end of June 2023 will be withdrawn. Moody's also changed the
company's outlook to positive from stable. New York-based Internova
Travel Group manages corporate, leisure, franchise and consortia
travel operations under its network of diversified divisions and
brands.
The CFR upgrade to B3 from Caa2 recognizes the extension of
Internova Travel Group's term loan maturity from 2024 to 2028 and
revolver credit facility from 2023 to 2027 following the
refinancing transaction. Moreover, in 2022 and 2023, the company
reported a surge in bookings across all its products lines driven
by favorable trends in the travel industry. As of last 12 months
through March 31, 2023, revenues were $859 million, corresponding
to approximately 94% of 2019 levels.
Moody's has revised Internova Travel Group's Governance Issuer
Profile Score (IPS) to G-4 (highly negative) from G-5 (very highly
negative), reflecting the company's lower leverage position.
Governance was a key driver for this rating action.
Upgrades:
Issuer: Travel Leaders Group, LLC
Corporate Family Rating, Upgraded to B3 from Caa2
Probability of Default Rating, Upgraded to B3-PD from Caa2-PD
Assignments:
Issuer: Travel Leaders Group, LLC
Backed Senior Secured 1st Lien Revolving Credit Facility, Assigned
B3
Backed Senior Secured 1st Lien Term Loan, Assigned B3
Withdrawals:
Issuer: Travel Leaders Group, LLC
Senior Secured 1st Lien Revolving Credit Facility, Withdrawn,
previously rated Caa2
Senior Secured 1st Lien Term Loan B, Withdrawn, previously rated
Caa2
Outlook Actions:
Issuer: Travel Leaders Group, LLC
Outlook, Changed To Positive From Stable
RATINGS RATIONALE
The B3 corporate family rating reflects Internova Travel Group's
modest scale, high financial leverage, and high exposure to the
cyclical travel services industry. As of last 12 months through
March 31, 2023, the company's debt-to-EBITDA was 5.6x (all metrics
are Moody's adjusted). The rating also takes into consideration the
company's aggressive growth strategy marked by a history of debt
funded acquisitions. Support for the ratings is provided by
Internova Travel Group's long-standing relationships with major
travel suppliers, predictable revenue and earnings, good market
position, and strong demand for leisure travel.
Internova Travel Group's very good liquidity profile is underpinned
by the company's healthy cash balances, strong free cash flow
generation, and full availability of its revolving credit facility.
As of March 31, 2023, the company's unrestricted cash balance was
approximately $112 million, benefitting from strong bookings in the
beginning of the year. During fiscal year 2022 the company was able
to generate over $60 million of free cash flow, or approximately 8%
of free-cash flow-to debt, demonstrating the strong demand and
pricing of travel services. Internova's $36.5 million revolving
credit facility, which now expires in 2027, is fully available. The
company's term loan has a maintenance total net leverage ratio
covenant of 9x for the period ending June 30, 2023 to September 30,
2023 with stepdown to 7x for the period ending December 31, 2023 to
September 30, 2024.
The ratings for Internova's debt instruments reflect both the
overall Probability of Default of the company, B3-PD, and a loss
given default assessment of the debt instruments. Since Internova
Travel Group's debt capital structure consists of first-lien debt
only, the term loan and revolving credit facility ratings, at B3,
directly reflects the company's B3 CFR.
The positive outlook reflects Moody's expectations of favorable
demand trends in the leisure travel end market, continued free cash
flow generation, decrease in financial leverage, and steady revenue
expansion in the next 12-18 months. The positive outlook also takes
into consideration the maintenance of the company's liquidity
profile, characterized by healthy cash balances and ample revolver
availability.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's expects the company to
sustain its very good liquidity profile while maintaining
debt-to-EBITDA leverage below 5x, and free cash flow to debt in the
high single digits.
The positive outlook indicates that ratings downgrades are unlikely
over the next 12-18 months. However, the ratings could be
downgraded if revenue or profitability diminish due to weakened
demand or debt-to-EBITDA sustained above 7x. The ratings could also
be downgraded if the company were to face pressure on commissions
or volume from key travel suppliers. Moreover, the ratings could be
downgraded if Moody's expects liquidity to deteriorate with
sustained negative free cash flow and excessive revolver usage.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Internova, headquartered in New York, NY, manages corporate,
leisure, franchise and consortia travel operations under its
network of diversified divisions and brands. The company owns more
than 20 brands under a portfolio of distinct four divisions,
including Altour, Travel Leaders Group, Global Travel Collection
and Bonotel. Certares is the largest shareholder of Internova. The
company generated revenue of $859 million for the last twelve
months ended March 31, 2023.
UNC HEALTH: S&P Lowers Revenue Bonds Long-Term Rating to 'BB'
-------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on the Public
Finance Authority, Wis.'s series 2021A, series 2021B, and series
2022A revenue bonds, issued for UNC Health Southeastern
(Southeastern; formerly Southeastern Regional Medical Center), N.C.
to 'BB' from 'BBB+', and removed the rating from CreditWatch, where
it was placed with negative implications on February 23, 2023.
"The downgrade reflects the recent significant weakening of the
balance sheet, including days' cash on hand, due to a system
integration with UNC Health, as well as operating losses spurred by
industry-wide staffing and labor expense pressures and lower
volumes, which are expected to persist through the outlook period,"
said S&P Global Ratings credit analyst Concy Richards.
The outlook is negative.
UNC Health Southeastern is a 214-staffed-bed (452-licensed-bed)
acute care hospital in Lumberton, about 100 miles south of Raleigh,
N.C. It also owns and operates a 115-bed long-term care center. The
hospital holds a dominant position in its primary service area of
Robeson County, with a 57.8% market share in 2022. It also benefits
from a reimbursement classification distinction as a sole community
provider. Competition is limited to several hospitals about 30
miles away.
URS HOLDCO: S&P Downgrades ICR to 'SD' on Distressed Exchange
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on URS Holdco
Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered its
issue-level rating on the first-lien term loan to 'D' from 'CCC+'.
Because S&P lack the information needed from the company to
maintain its ratings, it has withdrawn both the issuer and
issue-level ratings in accordance with its policies and
procedures.
S&P said, "The downgrade reflects our view that the recent
restructuring of URS' first-lien term loan was a selective default.
We understand from URS management that the unrated ABL revolver was
unaffected and remains in place. According to the company, the
owner prior to the restructuring transaction, The Carlyle Group,
conceded its equity ownership, and first-lien term loan holders
exchanged their claims for 100% of URS' common equity.
"We view the transaction as a distressed exchange and tantamount to
default because debtholders received less than originally promised.
We lowered our issuer rating on URS to 'SD' from 'CCC+' and the
issue-level rating on the company's first-lien term loan to 'D'
from 'CCC+'. In accordance with our policies and procedures, we
have withdrawn both ratings because we lack the information needed
to maintain the ratings.
URS provides transport services to a broad array of customers in
the new and remarketed vehicle markets. Customers include auto and
commercial vehicle manufacturers, leasing and rental companies,
auto auction companies, auto dealers, and individual motorists. URS
ships vehicles mainly in the U.S. and Canada. It generated about
55% of its 2021 revenues for transporting new vehicles and about
45% from used vehicles. URS was incorporated in 1997 and is based
in Plymouth, Mich.
US RENAL: MetWest UBF Marks $246,250 Loan at 32% Off
----------------------------------------------------
Metropolitan West Fund's Unconstrained Bond Fund has marked its
$246,250 loan extended to U.S. Renal Care, Inc to market at
$168,373 or 68% of the outstanding amount, as of March 31, 2023,
according to a disclosure contained in MetWest Fund's Form N-CSR
for the Fiscal year ended March 31, 2023, filed with the Securities
and Exchange Commission.
Unconstrained Bond Fund is a participant in a First Lien Term Loan
B (LIBOR plus 5.50%) to U.S. Renal Care, Inc. The loan accrues
interest at a rate of 10.38% per annum. The loan matures on June
26, 2026.
The Metropolitan West Funds is an open-end management investment
company organized as a Delaware statutory trust on December 9, 1996
and registered under the Investment Company Act of 1940, as
amended. Metropolitan West Asset Management, LLC, a federally
registered investment adviser, provides the Funds with investment
management services. The Trust currently consists of 14 separate
portfolios.
U.S. Renal Care is a dialysis provider available for people living
with chronic and acute renal disease.
VEGASNAP LLC: Edward Burr Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 17 appointed Edward Burr of Mac
Restructuring Advisors, LLC as Subchapter V trustee for Vegasnap,
LLC.
Mr. Burr will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Burr declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Edward Burr
Mac Restructuring Advisors, LLC
10191 E. Shangri La Road
Scottsdale, AZ 85260
Phone: (602) 418-2906
Email: Ted@macrestructuring.com
About Vegasnap LLC
Vegasnap, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Nev. Case No. 23-12371) on June 12,
2023, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities. Judge Hilary L. Barnes oversees the case.
The Debtor is represented by Matthew C. Zirzow, Esq., at Larson &
Zirzow, LLC.
VICE GROUP: Court Okays Asset Purchase Agreement with Lenders
-------------------------------------------------------------
VICE Media Group on June 23, 2023, disclosed that the U.S.
Bankruptcy Court for the Southern District of New York (the
"Court") has approved the previously announced asset purchase
agreement ("APA") with a consortium of its lenders (the "Investor
Group"). The Investor Group includes Fortress Investment Group,
Soros Fund Management and Monroe Capital. Pursuant to the APA,
which has been amended, the Investor Group has agreed to provide
total purchase consideration of approximately $350 million in the
form of a credit bid for substantially all of the Company's assets,
in addition to the assumption of significant liabilities upon
closing.
"VICE is one of the world's most trusted brands in news and
entertainment, serving a global youth audience with differentiated
premium content, experiences, commerce and creative services
through a unique collection of brands, formats and distribution
channels," said Bruce Dixon and Hozefa Lokhandwala, VICE's Co-Chief
Executive Officers. "Following a robust court-supervised process,
we are pleased to receive Court approval for this transaction,
which we believe represents the best path forward for VICE. The
relationships we have built with our audience, creators,
distribution partners, brand and agency constituents are
foundational to VICE, and we look forward to strengthening those
relationships as we continue to deliver the award-winning
storytelling and journalism that VICE is known for."
"VICE produces incredibly compelling and distinctive content that
reaches global audiences every single day," said Brian Stewart,
Fortress Managing Director. "As VICE moves into its next chapter,
we look forward to working closely with the Company's leadership
team to execute on its strategy. We have confidence in the
management team and believe that the Company is now well-positioned
to build on its strong legacy to create significant value for all
its stakeholders."
VICE Media Group is a global multi-platform media company with a
global reach of over 400 million people. Its Emmy and Peabody
award-winning News division is one of the most trusted news sources
among Gen Z and its coverage of the war in Ukraine has been watched
on TikTok by hundreds of millions of people. Its studio group,
including VICE Studios and Pulse Films, produced Bamarush for HBO
Max, Lewis Capaldi: How I'm Feeling Now for Netflix, American
Gladiators for ESPN, Gangs of London for Sky, and Tell Me Lies for
Hulu. Its award-winning publishing division includes VICE.com,
Refinery29 and the fashion bible i-D. Its advertising, commercial
and music video teams work with brands and artists including Coke,
Target, Harry Styles and Stormzy and created award-winning
campaigns such as "Backup Ukraine" and "Unfiltered History." VICE
TV is home to shows including Tales from the Territories, produced
by Dwayne "the Rock" Johnson and the Dark Side franchise, including
Dark Side of the Ring, Dark Side of Comedy and Dark Side of the
90s.
The transaction remains subject to customary closing conditions and
is expected to close on or around July 7.
Additional Information
Additional information regarding the court-supervised process is
available at https://www.vmgrestructuring.com/. Court filings and
other information about the claims process are available at
https://cases.stretto.com/vice, or by calling the Company's claims
agent, Stretto, toll-free at 855-620-5725, or 949-620-1618 for
calls originating outside of the U.S., sending an email to
ViceInquiries@stretto.com.
Advisors
LionTree and PJT Partners are serving as financial advisors,
Shearman & Sterling LLP and Togut, Segal & Segal LLP are serving as
legal counsel, and AlixPartners is serving as restructuring advisor
to the Company.
Houlihan Lokey is serving as financial advisor and Gibson, Dunn &
Crutcher LLP is serving as legal counsel to the Investor Group.
About Vice Group Holding
Vice is a global, multi-platform media company with a collection of
powerful brands, producing premium award-winning content for a
highly engaged global youth audience. It creates thousands of
pieces of content each week globally, including editorial, digital
and social video, experiential events, commercials, music videos,
scripted and unscripted television, feature documentaries, and
movies.
Vice Group Holding, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
23-10738) on May 15, 2023. At the time of the filing, the Debtors
reported $500 million to $1 billion in both assets and
liabilities.
Judge John P. Mastando III oversees the cases.
The Debtors tapped Togut, Segal & Segal, LLP as bankruptcy counsel;
Shearman & Sterling, LLP as special counsel; PJT Partners, Inc. and
Liontree Advisors, LLC as financial advisors; and AP Services, LLC
as restructuring advisor. Frank Pometti of AP Services serves as
the Debtors' chief restructuring officer. Stretto, Inc. 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 Debtors' Chapter 11 cases.
VITAL PHARMACEUTICALS: Owns Disputed Social Media Accounts
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Instagram, TikTok and
Twitter accounts initially created by Jack Owoc, the ousted founder
and former CEO of Bang Energy, belong to the bankrupt energy drink
company, a judge determined.
Bang's parent Vital Pharmaceuticals Inc. is the rightful owner of
social media accounts that have been used by Owoc and his wife over
the years to both promote the company's products and cultivate an
influencer persona, Judge Peter D. Russin of the US Bankruptcy
Court for the Southern District of Florida ruled Friday, June 16,
2023.
About Vital Pharmaceuticals
Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.
Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.
VPX estimated $500 million to $1 billion in assets and liabilities
as of the bankruptcy filing.
The Hon. Scott M. Grossman is the case judge.
The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Haynes and Boone,
LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc., as CTO services provider; and Rothschild &
Co US, Inc., as investment banker. Stretto, Inc., is the notice,
claims and solicitation agent.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor Law,
P.A. as local counsel; and Lincoln Partners Advisors, LLC as
financial advisor.
VYERA PHARMACEUTICALS: Sues to Stop Sale of Shkreli's Shares
------------------------------------------------------------
A bankrupt pharmaceutical company, Vyera Pharmaceuticals, tied to
Martin Shkreli sued in Delaware bankruptcy court to stop the sale
of his shares in the business to another equity holder, saying it
would give the buyer too much control over the Chapter 11 process.
In the adversary proceeding -- PHOENIXUS AG, Plaintiff, v. AKKADIAN
PARTNERS FUND; AKKADIAN PARTNERS FUND - COMPARTMENT PHOENIXUS
INVESTMENT; HARLEY LIPPMAN; OPALEYE LP; ANDREW PIZZO; WORMWOOD
CAPITAL LLC; RON TILLES; ANTOINE VERGLAS; THORNEY OMEGA PTY LTD;
and SABINE GRITTI, Defendants, Adversary Pro. No. 23-50406 --
Phoenixus AG, a debtor-affiliate of Vyera Pharmaceuticals, LLC,
seeks to prevent harm to the Debtors' creditors and to ensure the
Bankruptcy Court (i) has a say in whether the Board will change,
(ii) will retain effective oversight over management of the
Debtors' affairs, and (iii) has a say as to whether these
subchapter V cases will be dismissed.
Phoenixus, and its Debtor subsidiaries commenced the Chapter 11
cases to maximize the value of their assets for the benefit of
their stakeholders. The path to that, as determined by Phoenixus's
independent board of directors, was to propose the Joint Subchapter
V Plan of Reorganization and Liquidation (the "Plan"), which, among
other things, establishes a liquidating trust to hold the Debtors'
assets, including the receipt of proceeds from the sale of a
priority review voucher ("PRV") that Debtor Orpha Labs AG expects
to receive if it successfully develops the drug ORL-101. The
liquidating trust will be obligated to distribute proceeds from the
sale of the PRV to the Debtors' creditors and to pay any excess
proceeds to Phoenixus for distribution to its shareholders in
accordance with Swiss law. Absent the development of ORL-101 and
the grant and sale of a priority review voucher, Phoenixus
shareholders will be "out of the money" and will receive no
recovery or distribution in these cases. The Plan proposes to use
$7.8 million in estate funds to develop ORL-101 over a three-year
period.
The Debtors' revenue is derived from sales of pharmaceutical
products in the United States and, apart from an office lease in
Zurich and other de minimis assets, the Debtors' significant
assets, including the potential rights to the PRV, are in the
United States. Similarly, the Debtors' creditors are located
primarily in the United States and hold claims that, predominantly,
were incurred in the United States.
A minority group of shareholders, Harley Lippman, Opaleye LP,
Andrew Pizzo, Wormwood Capital LLC, Antoine Verglas, Thorney Omega
Pty Ltd, and Sabine Gritti (collectively, the "Requesting
Shareholders"), apparently oppose the confirmation of the Plan.
Instead, the Requested Shareholders proposed a Recapitalization
Plan -- which they withdrew on June 2, 2023 -- in which they would
have invested between $1,000,000 and $1,500,000 to buy newly issued
preference shares A, which would have had them owning on a pro
forma basis over 68% of all shares and over 75% of the preference
shares A. More important, the Recapitalization Plan did not
address how the Debtors' liabilities -- which very likely exceed
the estates' available cash plus the additional cash proposed to be
contributed under the Recapitalization Plan -- would be paid or
otherwise satisfied.
Additionally, the Requesting Shareholders propose to elect four new
directors (the "Proposed New Directors") to the Phoenixus Board:
Guy-Charles Fanneau De La Horie, Ross Maclean, Mathieu Bigois, and
Jean-Luc Elhoueiss, two of whom, Messrs. Maclean and Bigois, are
affiliated with Akkadian Partners Fund. All the proposed directors
reside outside of the United States and, accordingly, may be beyond
the effective jurisdiction of the Bankruptcy Court to enforce
compliance with the provisions of the Bankruptcy Code and other
applicable law.
Swiss law allows the Requesting Shareholders to request an
extraordinary meeting of shareholders. When they make such a
request, Swiss law would require Phoenixus's Board to schedule a
meeting. If the Board does not schedule a meeting, the Requesting
Shareholders could potentially seek to compel a meeting through a
Swiss legal proceeding, subject, now, of course, to the automatic
stay under Section 362 of the Bankruptcy Code.
The Board scheduled a shareholders' meeting for June 2, 2023, and,
in a May 12, 2023 invitation, stated the reasons why the Board did
not support the two agenda items put forth by the Requesting
Shareholders.
On June 2, 2023, the Phoenixus Board issued an invitation for an
Extraordinary Meeting of Shareholders. Since then, the
court-appointed Receiver for Phoenixus's largest shareholder,
Martin Shkreli, sought permission to sell his stock in Phoenixus
(the "Shkreli Shares") to Akkadian. That sale (the "Stock Sale")
is conditioned, on among other things, the election of the Proposed
New Directors to create a new board majority to then seek dismissal
or withdrawal of these subchapter V cases without any protection
provided to creditors or other parties in interest. The Shkreli
Shares represent 34.31% of Phoenixus voting units and the Receiver,
standing in the shoes of Mr. Shkreli, potentially also has another
approximately 9% in proxies, meaning the Receiver may have 43.13%
of the voting units of Phoenixus.
On May 25, 2023, once the Board received notice of the Stock Sale,
and the conditions to effectiveness thereof, it became clear that
Akkadian and Requesting Shareholders intend to take over Phoenixus
and dismiss these subchapter V cases to avoid this Court's
oversight and consequent protection of the interests of all
stakeholders. The reason behind this strategy is unclear --
Akkadian has never indicated how it would address creditor claims
or fund the development and monetization of ORL-101, which is the
only path to pay unsecured creditors in full and provide a recovery
to equity.
"The Defendants' actions will result in irreparable loss, injury
and damage to the Debtors and the creditors as it will, and has
already, increase the expenses of these subchapter V cases, result
in more litigation, and commence a creditors' race to various
courthouses to reduce their claims to judgment. The costs and
expenses the creditors will incur will be detrimental to them and
the Debtors, as, in many instances, the creditors will add any
additional enforcement amounts to their respective claims against
the Debtors," according to the Complaint.
"Additionally, if the Board is displaced and these subchapter V
cases are dismissed, there is $10 million in cash that could be
diverted or used for purposes other than paying creditors or
funding the development of ORL-101, the use or division of which
would irreparably damage the Debtors and their creditors."
The Debtors seek to preliminarily enjoin any change to the debtor
in possession, whether it be to the Board, the appointment of the
Chief Restructuring Officer, or any attempt to change the managing
member or board of directors of any of the Debtor subsidiaries,
irrespective of whether shareholders vote to add the Proposed New
Directors or not, which, as set forth in the following counts,
should also be enjoined.
About Vyera Pharmaceuticals
Vyera Pharmaceuticals, LLC, is a New York-based biopharmaceutical
company. It focuses on developing and commercializing innovative
treatments for patients with unmet medical needs.
Vyera and its affiliates filed petitions under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
23-10605) on May 9, 2023. In its petition, Vyera reported between
$10 million and $50 million in assets and between $1 million and
$10 million in liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped DLA Piper, LLP, as bankruptcy counsel; Sierra
Constellation Partners, LLC, as financial advisor; and Alvarez &
Marsal Securities, LLC, as investment banker. Epiq Corporate
Restructuring, LLC, is the claims agent.
WATER MARBLE: Taps Smith Hulsey & Busey as New Counsel
------------------------------------------------------
Water Marble Holding, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Smith Hulsey &
Busey as its new legal counsel.
The Debtor requires legal counsel for all matters in its Chapter 11
case post-confirmation, including all related contested matters,
adversary proceedings and appeals.
Smith Hulsey & Busey will be paid a retainer in the amount of $
35,000 for its services and will be reimbursed for out-of-pocket
expenses incurred.
James Post, Esq., a partner at Smith Hulsey & Busey, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
James H. Post, Esq.
Smith Hulsey & Busey
One Independent Drive, Suite 3300
Jacksonville, FL 32202
Tel: (904) 359-7700
Fax: (904) 359-7708
Email: jpost@smithhulsey.com
About Water Marble Holding
Water Marble Holding, LLC filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 21-01034) on April 28, 2021, with as
much as $10 million in both assets and liabilities. Judge Jerry A.
Funk oversees the case.
The Debtor tapped James H. Post, Esq., at Smith Hulsey & Busey as
its bankruptcy counsel and Blue Water Hospitality, LLC as its
management company.
On Dec. 12, 2022, the court confirmed the Debtor's Chapter 11 plan
of reorganization.
WEX INC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
----------------------------------------------------------
Moody's Investors Service has affirmed WEX Inc.'s Ba2 long-term
corporate family rating and its Ba2 backed senior secured bank
credit facility rating. WEX's outlook remains stable.
RATINGS RATIONALE
The ratings affirmation reflects the benefits of WEX's scaled and
diversified portfolio of technology-driven business-to-business
(B2B) payments solutions businesses, supported by positive secular
growth trends. The company's three segments - Mobility, Corporate
Payments and Benefits - have each reported solid revenue growth
over several years. Each of these businesses are positioned well
competitively, with solid profitability and free cash flow
generation. Moody's expects that WEX will maintain solid and stable
growth in each of its segments over the next 12-18 months, with the
possibility of natural fluctuations in performance driven by
macroeconomic factors such as fuel prices and interest rates that
are outside of its control.
WEX's banking subsidiary, WEX Bank, funds receivables generated in
its Mobility and Corporate Payments segments. WEX Bank's funding
profile consists primarily of brokered deposits and Health Savings
Account (HSA) deposits, allowing the firm to fund business
activities at a competitive cost. In March 2023, failures of two
sizeable US regional banks shook depositor confidence, especially
among uninsured depositors. Moody's believes that WEX Bank is less
affected by these developments than other institutions because over
90% of its deposits are FDIC insured and a portion have contractual
maturities that mitigate the risk of rapid and sizeable
withdrawals.
The rating affirmation also takes into account WEX's propensity to
engage in debt-funded acquisitions. Although acquisitions have
resulted in higher leverage and integration risks, WEX has
demonstrated a track record of deleveraging and successful
integrations. Since its last large debt-funded acquisitions of
eNett and Optal in 2020, WEX has successfully reduced leverage to
the low end of its target covenant net debt/EBITDA ratio range.
Moody's expects that the company will remain acquisitive, and that
at the time of any future acquisitions its covenant debt/EBITDA
ratio could spike to 4.5x or higher as it has immediately following
previous large deals - consistent with management's previously
stated tolerance. However, Moody's would also expect the company to
subsequently reduce leverage back to the company's target ratio of
2.5x-3.5x within 12-18 months following an acquisition via organic
growth and/or debt repayments.
WEX's history of acquisitions have generated substantial goodwill
resulting in a negative tangible equity to tangible assets ratio of
-23.0% as of 31 March 2023, a key credit constraint. However,
Moody's believes WEX's moderate leverage (as measured by
debt/EBITDA) as well as its substantial cash flow generation
partially offsets the increased credit risk from the company's
negative tangible equity.
The stable outlook reflects Moody's expectation that WEX will
maintain solid and stable performance in each of its business
segments. The stable outlook also reflects Moody's expectation that
the company could increase leverage to fund large M&A but that it
would prioritize deleveraging back to its stated target leverage
ratio range.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if WEX were to improve profitability
so that its net income/average managed assets ratio exceeds 3% on a
sustainable basis. Consistent demonstration of conservative
financial policies, evidenced by a reduced willingness to engage in
large debt-funded M&A, a lowering of its stated leverage ratio
target, or using excess cash flow to reduce leverage instead of for
shareholder distributions could lead to an upgrade.
The ratings could be downgraded if WEX were to materially increase
its leverage so that it company-reported bank covenant net
debt/EBITDA ratio worsens to 5.0x or higher and persists for at
least 12 months, or if the ratio were to rise above 5.5x. The
ratings could also be downgraded if there were a deterioration in
WEX's funding and liquidity, especially at WEX Bank, or if there
was indication that the company was taking on more asset risk,
funding risk, or interest rate risk.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
WINC INC: Amends Disclosure Statement; Plan Hearing August 3
------------------------------------------------------------
Winc, Inc., and its affiliates submitted a Revised Combined
Disclosure Statement and Joint Chapter 11 Plaqn dated June 22,
2023.
The Debtors and their professionals marketed the Debtors' assets to
potential purchasers both before and after the Petition Date. Prior
to the Petition Date, in March 2022, the Debtors engaged Canaccord
as their investment banker for the purpose of assisting the Debtors
with an analysis of strategic alternatives, including the sale of
their assets.
On January 18, 2023, following agreement between (among others) the
Committee and the Debtors on the Settlement Term Sheet, the
Bankruptcy Court entered the Sale Order, thereby approving a sale
of the Debtors' assets to Project Crush free and clear of all
liens, claims, and encumbrances, pursuant to the APA, TSA, and MSA.
The sale closed on January 23, 2023.
Following closing of the 363 Sale, Debtors terminated their
employees, many of whom were offered employment by Project Crush,
and began to wind down the operations of Winc and Winc Lost Poet.
BWSC continues to operate its business under the terms of the TSA
and MSA. Under the TSA and MSA, Project Crush funds BWSC's ongoing
operations and related obligations. BWSC will continue its
operations going forward until termination of the TSA.
The Plan provides for the Creditor Trust Assets to vest in the
Creditor Trust. The Creditor Trust Assets will be liquidated over
time and the proceeds thereof will be used to fund the Creditor
Trust Operating Expenses and to make distributions to Holders of
Allowed Claims in accordance with the terms of the Plan.
After the termination of the TSA and MSA, the Post-Effective Date
Debtor Representative of Winc will, in consultation with the
Creditor Trustee, (i) liquidate, wind down, and dissolve
Reorganized Winc under applicable law; and (ii) file Winc's final
tax returns.
Like in the prior iteration of the Plan, each Holder of an Allowed
General Unsecured Claim shall receive in exchange for such Allowed
Class 3 General Unsecured Claim: (A) Cash equal to the amount of
such Holder's pro rata share of the GUC Cash Distribution Amount,
or (B) such other treatment which the Debtors or the Creditor
Trust, as applicable, and the Holder of such Allowed General
Unsecured Claim have agreed upon in writing. The allowed unsecured
claims total $15,705,000. This Class will receive a distribution of
3 to 6% of their allowed claims.
The Plan will be implemented by, among other things, the continued
existence of certain of the Debtors solely for purposes of
satisfying the Debtors' obligations under the Sale Documents, the
establishment of the Creditor Trust, the transfer to the Creditor
Trust of the Creditor Trust Assets and Retained Causes of Action,
and the making of Distributions by the Creditor Trust in accordance
with the Plan and the Creditor Trust Agreement.
On the Effective Date, BWSC Assets will vest in, and be assigned
to, Reorganized BWSC. Reorganized BWSC will continue to exist for
purposes of satisfying the Debtors' obligations under the Sale
Documents until termination of the TSA. The operations of
Reorganized BWSC will be overseen by the Post-Effective Date Debtor
Representative and will be funded by Project Crush pursuant to the
terms of the TSA and any other Sale Documents. Any other costs and
expenses incurred by the Post-Effective Date Debtors shall be
funded from the Creditor Trust Assets solely to the extent such
costs and expenses are not required to be paid by Project Crush
pursuant to the TSA or other Sale Documents.
The Confirmation Hearing has been scheduled for August 3, 2023 at
10:00 a.m. to consider final approval of the Disclosure Statement
and confirmation of the Plan.
Any objection to final approval of the combined Disclosure
Statement and Plan must be filed by no later than July 27, 2023 at
4:00 p.m.
A full-text copy of the Revised Combined Disclosure Statement and
Plan dated June 22, 2023 is available at
https://urlcurt.com/u?l=hHMgyT from Epiq Corporate Restructuring,
LLC, claims agent.
Counsel for the Debtors:
Matthew B. Lunn, Esq.
Michael R. Nestor, Esq.
Allison S. Mielke, Esq.
Joshua B. Brooks, Esq.
Shella Borovinskaya, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
Email: mlunn@ycst.com
mnestor@ycst.com
amielke@ycst.com
jbrooks@ycst.com
sborovinskaya@ycst.com
Counsel for the Official Committee of Unsecured Creditors:
George P. Angelich, Esq.
ArentFox Schiff, LLP
1301 Avenue of the Americas, 42nd Floor
New York, NY 10019
Telephone: (212) 484-3900
Facsimile: (212) 484-3990
Email: George.Angelich@afslaw.com
Mark T. Hurford, Esq.
A.M. Saccullo Legal, LLC
27 Crimson King Drive
Bear, DE 19701
Telephone: (302) 836-8877
Facsimile: (302) 836-8787
Email: Mark@saccullolegal.com
About Winc Inc.
Winc, Inc., develops, produces and sells alcoholic beverages
through wholesale and direct to consumer business channels in
conjunction with winemakers, vineyards, distillers, and
manufacturers, both domestically and internationally. Its products
are available at retailers and restaurants throughout the United
States.
Winc and its affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del Lead Case No. 22-11238) on Nov.
30, 2022. In the petition signed by its interim chief executive
officer and president, Brian Smith, Winc disclosed up to
$50,318,000 in assets and up to $36,751,000 in liabilities.
Laurie Selber Silverstein oversees the cases.
The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
restructuring and bankruptcy counsel; RPA Advisors, LLC as
financial advisor; and Canaccord Genuity Group Inc. as investment
banker. Epiq Corporate Restructuring, LLC is the Debtors' notice,
claims, solicitation and balloting agent, and administrative
advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped the law firms of A.M. Saccullo Legal, LLC and
ArentFox Schiff, LLP as legal counsels; CohnReznick, LLP as
financial advisor; and CohnReznick Capital Markets Securities, LLC
as investment banker.
WIRECO WORLDGROUP: S&P Affirms 'B' ICR on Healthy End Markets
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on WireCo
WorldGroup Inc. and its 'B' issue-level rating and '3' recovery
rating on the company's senior secured term loan (rounded estimate:
65%).
The stable outlook on WireCo reflects its expectation for continued
healthy demand across its key end markets, led by energy and
mining, over the next 12 months and leverage modestly improving to
the 3x-4x range.
S&P said, "We expect healthy demand across most of WireCo's end
markets in 2023 will drive organic revenue growth in the mid-single
digit percent area. We believe the company's key end
markets--including industrial, maritime, fishing, and energy and
mining--will remain healthy in 2023. We expect infrastructure
legislation that spurs projects with a need for cranes will drive
growth in the industrial end market. We also anticipate maritime
markets, though largely linked to GDP growth, will benefit from
evolving industry applications, which are driving a growing
preference for higher-quality, more specialized rope. The fishing
end market will continue to see steady growth from a growing
population and a shift to fishing in harsher oceanic environments,
which require stronger, more specialized netting. Lastly, we
anticipate prices of oil and metals will also remain supportive of
investment in 2023, which will support continued growth in demand
from the energy and mining end markets.
"WireCo's top-line growth and a modest improvement in margins will
drive deleveraging to the mid- to high-3x area over the next 12
months. We expect the company's EBITDA margins to modestly improve
by up to 100 basis points (bps) over the next 12 months, primarily
due to price increases, improving operating leverage, and a
continued shift away from commoditized, lower-margin steel wire and
toward more specialized, higher-margin products including steel
rope. These factors will be partly offset by a larger workforce to
support increased production capacity and higher wages.
"However, we expect a modest decline in FOCF generation, primarily
driven by an increase in interest, taxes, and capex. WireCo's
capital structure consists of two facilities--an asset-based
lending (ABL) revolving facility and a term loan--both of which
have floating rate-based interest payments, which we expect will
materially increase in 2023. Under our base-case forecast, we
expect the company's interest costs to rise about 40% in 2023.
WireCo will also face a higher effective tax rate starting in 2023
as it exhausts its available net operating loss carryforwards.
Lastly, we expect a ramp up in capex in 2023 to support increased
production capacity and other strategic growth initiatives that
were delayed from the previous year due to supply chain and
procurement challenges.
"Our rating also reflects WireCo's ownership by a financial sponsor
and consequently, our expectations for leverage metrics across the
sponsor owner's holding period. We view WireCo's ownership by a
financial sponsor as a key analytical factor that limits upside to
our rating on the company. While we acknowledge the company has
deleveraged over the past few years, we do not rule out the
possibility that the sponsor could significantly increase leverage
to support large, debt-funded acquisitions or dividend
recapitalizations during its holding period. Although unlikely,
were such an event to occur in the current interest rate
environment, elevated interest expenses would impose an additional
burden on the company's cash flows available for debt repayment.
"The stable outlook on WireCo reflects our expectation for
continued healthy demand across its key end markets, led by energy
and mining, over the next 12 months and S&P Global Ratings-adjusted
leverage in the 3x-4x range."
S&P could lower its rating on the company if:
-- S&P expects the company's S&P Global Ratings-adjusted leverage
to rise above 6.5x and remain there, for example due to weakness in
key end markets or large, debt-funded acquisitions or dividends;
or
-- The company generates sustained negative FOCF, for example due
to deteriorating operating performance or higher-than-expected
working capital needs, interest costs, or capex.
S&P could raise its rating on the company if:
-- S&P expects the company's leverage to remain below 5.0x, even
during unfavorable business conditions and taking into account
debt-funded acquisitions and dividends; and
-- The company generates FOCF to debt greater that 5%, and S&P
believes it will maintain this level across an economic cycle; and
-- S&P expects the financial-sponsor owner to commit to a
financial policy that is consistent with this level of leverage and
cash generation across an economic cycle.
ESG credit indicators: E-2, S-2, G-3
WORCESTER COUNTRY: Files Amendment to Disclosure Statement
----------------------------------------------------------
Worcester Country Club Acres, LLC, submitted a First Amended
Disclosure Statement with respect to First Amended Liquidating Plan
dated June 22, 2023.
The Plan provides for the orderly liquidation of the Debtor's
Assets. The Net Sale Proceeds from such liquidation shall be used
to satisfy the Allowed Claims and, to the extent there is any
surplus available after full satisfaction of Allowed Claims, such
surplus shall be remitted to the Debtor.
The Trust commenced a separate action against the Debtor, Farooq
Ansari, and Ansari Builders, Inc. on or about May 27, 2021 in the
Worcester Superior Court for the Commonwealth of Massachusetts,
Civil Action No. 2185 CV 00602 (the "Superior Court Action"). In
the Superior Court Action, the Trust has asserted claims for
negligence, breach of warranty, breach of fiduciary duty, and
breach of contract in connection with the design and construction
of the common areas and facilities of the Condominium. The
defendants have denied any liability in the Superior Court Action.
The Debtor has commenced this action with the objective of
completing an orderly sale of its Real Property Rights that are
subject to dispute prior to the end of 2023 for the benefit of
itself and its creditors, subject to a later determination of the
respective rights of the parties in the Net Sales Proceeds. The
implementation of one or more sales through the Bankruptcy Court
presents the best opportunity to maximize the value of the Real
Property Rights for the benefit of the Debtor and its
constituencies.
The Debtor asserts that it has a basis to sell the Real Property
Rights pursuant to Section 363(f)(4) of the Bankruptcy Code and
that it will ultimately prevail in demonstrating that it is the
owner of the Real Property Rights. The Debtor's rights in the Real
Property Rights are supported by, among other things: (i) the City
of Worcester tax records reflecting the Debtor as owner of the
Reserved Land; (ii) filings with the Worcester County Registry of
Deeds including the Master Deed and amendments thereto; (iii) the
Debtor's continued maintenance and upkeep of the Reserved Land; and
(iv) equitable rights to ownership. The Trust contests the Debtor's
position that it has a recognizable interest in the Real Property
Rights.
Like in the prior iteration of the Plan, each holder of an Allowed
Class 3 Nonpriority Unsecured Claim shall receive its pro rata
share of the Net Sale Proceeds, after payment of any Allowed Class
2 Claim.
The Net Sale Proceeds, along with the other Assets, will be used to
fund the payments under the Plan.
Any sale, transfer or other disposition of Real Property Rights
under or in conjunction with the Plan shall be free and clear of
all Liens, Claims, encumbrances, and interests, including any
challenges to the validity of the Development Rights, pursuant to
Section 1123(a)(5)(D) of the Bankruptcy Code. Liens, claims,
encumbrances, and interest shall attach to the Net Sale Proceeds
with the same validity, priority, and extent as existed immediately
prior to the Sale and subject to any rights, claims, and defenses
of the Debtor.
The two most recent Condominium units sold, 18 Enaya Circle and 4
Enaya Circle, were sold for $399,900 and $425,000, respectively in
2023. Each of these units is approximately 15 years old. The Debtor
anticipates the two completed units, which are newer and in better
condition, to have a higher resale value, potentially sufficient to
satisfy the debt to Hometown Bank. Upon information and belief,
Hometown Bank obtained an appraisal of the remaining Reserved Land
and Development Rights over the past year in the approximate amount
of $1,135,000. Although the Debtor does not necessarily adopt this
valuation, such amount, coupled with the value of the two completed
units, is well in excess of amount necessary to satisfy Allowed
Secured Claims and Administrative Expense Claims.
A full-text copy of the First Amended Disclosure Statement dated
June 22, 2023 is available at https://urlcurt.com/u?l=KjP8gl from
PacerMonitor.com at no charge.
Debtor's Counsel:
Andrew G. Lizotte, Esq.
MURPHY & KING, P.C.
28 State Street
Suite 3101
Boston, MA 02109
Tel: (617) 423-0400
Fax: (617) 423-0498
E-mail: alizotte@murphyking.com
About Worcester Country Club
Worcester Country Club Acres, LLC, is a Single Asset Real Estate
formed for the purpose of development of age-restricted residential
condominiums. The Debtor filed a Chapter 11 bankruptcy petition
(Bankr. D. Mass. Case No. 23-40446) on June 8, 2023.
Andrew G. Lizotte, Esq. of MURPHY & KING, P.C., is the Debtor's
counsel. In the petition signed by Farooq Ansari, managing member,
the Debtor disclosed $1 million to $10 million in assets and
liabilities.
XPLORNET COMMUNICATIONS: $200M Bank Debt Trades at 49% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Xplornet
Communications Inc is a borrower were trading in the secondary
market around 50.6 cents-on-the-dollar during the week ended
Friday, June 23, 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.
XTRADE SALES: Neema Varghese Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 11 appointed Neema Varghese of NV
Consulting Services as Subchapter V trustee for XTrade Sales.
Ms. Varghese will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Varghese declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Neema T. Varghese
NV Consulting Services
701 Potomac, Ste. 100
Naperville, IL 60565
Tel. (630) 697-4402
Email: nvarghese@nvconsultingservices.com
About XTrade Sales
XTrade Sales filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-07841) on June 15,
2023, with as much as $50,000 in assets and $500,001 to $1 million
in liabilities. Judge Janet S. Baer oversees the case.
The Debtor is represented by Alexander Tynkov, Esq., at Zalutsky &
Pinski, Ltd.
[*] Burns & Levinson's Scott Moskol Named to 2023 Lawdragon 500
---------------------------------------------------------------
Burns & Levinson partner Scott Moskol, who co-chairs the firm's
Financial Restructuring & Distressed Transactions Group, has been
selected for inclusion in the 2023 Lawdragon 500 Leading Bankruptcy
& Restructuring Lawyers guide for his impressive accomplishments
helping clients manage their distressed assets. According to
Lawdragon, "the elite corps of U.S. lawyers represent the best of
the best helping companies navigate ailing economies and uncertain
times."
Mr. Moskol's bankruptcy and restructuring practice is focused on
counseling clients across the country on restructurings, workouts,
bankruptcies, receiverships, and other insolvency-related matters.
He has deep experience in the purchase and sale of distressed
assets, companies and loans, in addition to representing clients in
financings and lending transactions.
He also co-chairs the firm's Cannabis Business & Law Advisory
Group, which helps clients navigate the complex legal and business
framework that surrounds the rapidly growing cannabis industry in
the U.S., including the challenges of financial insolvency. Moskol
has been involved in several cannabis receiverships on a national
level. His national client base includes investors, lenders, and
operators of cultivation and dispensary facilities who seek out his
advice for capital raises, structuring and restructuring
investments, acquisitions, and general business issues. Moskol, who
was named a "Cannabis Trailblazer" in 2018 by The National Law
Journal, is considered one of the leading lawyers in the cannabis
industry.
Mr. Moskol recently completed a term as President of the Turnaround
Management Association (TMA), Northeast Chapter. He is currently a
member of the Board of Directors of Elevate Northeast, a non-profit
dedicated to empowering, educating, and elevating underrepresented
talent in the cannabis industry. He received his J.D. from Emory
University School of Law and his A.B. from Brown University.
About Burns & Levinson LLP
Burns & Levinson -- http://www.burnslev.com-- provides high-level,
client-centric and results-oriented legal services to its regional,
national and international clients. It is a full-service law firm
with 125 lawyers in Boston, Providence and London. Our areas of
expertise include: business/finance, business litigation,
divorce/family law, venture capital/emerging companies, employment,
estate planning, government investigations, intellectual property,
M&A/private equity, probate/trust litigation, and real estate.
[^] 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 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)
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
COOPER-STANDARD C31 TH 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
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 G5NA GR 650.6 (24.5) (184.1)
GROUPON INC G5NA TH 650.6 (24.5) (184.1)
GROUPON INC GRPN US 650.6 (24.5) (184.1)
GROUPON INC G5NA QT 650.6 (24.5) (184.1)
GROUPON INC GRPNEUR EU 650.6 (24.5) (184.1)
GROUPON INC G5NA GZ 650.6 (24.5) (184.1)
GROUPON INC GRPN AV 650.6 (24.5) (184.1)
GROUPON INC GRPN* MM 650.6 (24.5) (184.1)
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 EZ 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 HPQCL CI 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 TH 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)
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 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)
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 SABREUR EZ 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
US GOLDMINING IN USGO US 0.3 (2.1) (1.9)
VECTOR GROUP LTD VGR GR 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR US 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR QT 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EU 955.9 (805.8) 301.2
VECTOR GROUP LTD 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
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***