/raid1/www/Hosts/bankrupt/TCR_Public/230718.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, July 18, 2023, Vol. 27, No. 198
Headlines
1111 INVESTMENT: Foster Says Debtor's Plan Not Feasible
129 N WALNUT: May Use $35,000 of Cash Collateral Thru Sept 20
14 EAST 52ND STREET: July 28 Hearing on Disclosures and Plan
18 SERGIO: Lender Seeks to Prohibit Cash Collateral Access
22 ELM RYE: Sept. 6 Hearing on Disclosure Statement and Plan
40 & HOLDING: Court OKs Interim Cash Collateral Access
AAD CAPITAL: Addresses Plan Disclosure Objections
AERKOMM INC: Incurs $11.9 Million Net Loss in 2022
AEROCARE MEDICAL: Court OKs Cash Collateral Access Thru Sept 14
AINS NASHVILLE: Taps The Kantrow Law Group as Bankruptcy Counsel
ALASKA LOGISTICS: Court OKs Cash Collateral Use Thru July 31
ALPINE 4 HOLDINGS: Unit Gets $5.25M Order Under $100M Supply Deal
ARMATA PHARMACEUTICALS: Signs $25M Credit Agreement With Innoviva
ARTESIA SPRINGS: Wins Cash Collateral Access on Final Basis
AVENIR KNOXVILLE: Has Deal with Bank on Cash Collateral Access
BALATON, MN: S&P Places 2012A GO Bonds 'BB' Rating on Watch Dev.
BANGL LLC: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
BARNES & NOBLE: In Liquidity Talks, Annual Report Delayed
BENEFYTT TECHNOLOGIES: Taps Ankura as Financial Advisor
BENEFYTT TECHNOLOGIES: Taps Jackson Walker as Local Counsel
BENEFYTT TECHNOLOGIES: Taps Kirkland & Ellis as Legal Counsel
BIG VILLAGE: To Seek Plan Confirmation on Aug. 24
BLUE STAR: Signs Deal to Waive Stock Purchase Agreement Requirement
BOXED INC: To Seek Plan Confirmation on Aug. 30
BRIGHT MOUNTAIN: Provides Shareholder Update
BRYANT HARDWOOD: Unsecured Creditors to Get Full Payment in 1 Year
BUSHWICK BEER: Taps Kantrow Law Group as Bankruptcy Counsel
CAIR HEATING: Files Emergency Bid to Use Cash Collateral
CHARLES & 20: Taps Tydings & Rosenberg as Legal Counsel
CHRISTMAS TREE SHOPS: Committee's Conversion Motion Withdrawn
CLEAN AIR CAR: Taps CBRE Inc. as Real Estate Broker
CLEAN AIR CAR: Taps Westerman as Bankruptcy Counsel
CONSOLIDATED ELEVATOR: Has Deal on Cash Collateral Access
CYTODYN INC: Claim Filed in Amarex Litigation Exceeds $100-Mil.
CYTODYN INC: Dr. Cyrus Arman Quits as President, Executive Officer
DAKTRONICS INC: Posts $6.8 Million Net Income in Fiscal Year 2023
DECURTIS HOLDINGS: Carnival Wants Debt Treated as Equity
DICOL TRUCKING: Taps Lefkovitz & Lefkovitz as Legal Counsel
DIEBOLD NIXDORF: Gets Court Clearance to Exit Chapter 11 Bankruptcy
DIOCESE OF OAKLAND: Abuse Victims, Insurers Spar Over Claim Rulings
DIOCESE OF OGDENSBURG: Case Summary & 20 Top Unsecured Creditors
DIOCESE OF ROCKVILLE CENTRE: Judge Considers Setting Plan Deadline
DIVE PLACE: Seeks to Hire John Roney as Accountant
DIVERSITECH HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable
DUFF & PHELPS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
EVANGELICAL RETIREMENT: Taps Stretto as Administrative Advisor
EXCL LOGISTICS: Court OKs Cash Collateral Access Thru Sept 15
EXELA TECHNOLOGIES: 98% of Outstanding Old Notes Validly Tendered
FLEXSYS INC: S&P Alters Outlook to Negative, Affirms 'B' ICR
FOR PAWS BLUE: Seeks Cash Collateral Access
GOLYAN ENTERPRISES: Taps Bronstein as Property Manager
GOLYAN ENTERPRISES: Taps MYC & Associates as Real Estate Broker
GRAYSON O CO: Court OKs Cash Collateral Access Thru Aug 4
GREELEY LAND: Wins Cash Collateral Access Thru July 31
GRS RESTAURANT: Wins Interim Cash Collateral Access
H-CYTE INC: Changes Name to "Innoveren Scientific, Inc."
HAIRY DEALINGS: Court OKs Cash Collateral Access Thru July 20
HEART HEATING: Court OKs Interim Cash Collateral Access
HTG MOLECULAR: Court OKs Cash Collateral Access on Final Basis
IMEDIA BRANDS: Court OKs $34.9MM DIP Loan from Siena Lending
INDUS ARCHITECTS: Wins Cash Collateral Access Thru Aug 15
INMET MINING: Court OKs $22MM DIP Loan from Black Mountain
INNOVATIVE CONCEPTS: Affiliate Taps J.S. Held as Accountant
IRONMAN LOGGING: Seeks Cash Collateral Access
IVCINYA COMPANY: Court OKs Interim Cash Collateral Access
JUMP FINANCIAL: S&P Places 'BB-' ICR on CreditWatch Negative
KATANA ELECTRONICS: Seeks Cash Collateral Access
LITTLE K'S LANDSCAPING: Seeks Cash Collateral Access Thru July 31
MACEDON CONSULTING: Taps Ronald Polichnowski as Accountant
MADERA COMMUNITY: Gets OK to Hire Newmark as Appraiser
MARINER WEALTH: S&P Affirms 'B-' ICR, Outlook Stable
MLN US HOLDCO: $1.12B Bank Debt Trades at 74% Discount
MONTANA TUNNELS: DEQ Says Plan Feasibility Speculative
MONTANA TUNNELS: Plan Disclosures Inadequate, NRDP Says
MUSIC GETAWAYS: Wins Cash Collateral Access Thru Nov. 21
NASHFIT LLC: Taps The Kantrow Law Group as Bankruptcy Counsel
NEO ACCOUNTING: Court OKs Cash Collateral Access Thru Aug 17
NETFOR INC: Court OKs Cash Collateral Access Thru Aug 9
NIR LLC: Taps Law Office of Gary W. Cruickshank as Counsel
NSA INTERNATIONAL: S&P Downgrades Issuer Credit Rating to 'D'
NXT ENERGY: Receives Additional US$0.2 Million From Ataraxia
OMNIQ CORP: Signs Deal to Acquire Tadiran Telecom for $15.25M
OUTPUT SERVICES: $369M Bank Debt Trades at 75% Discount
PANACEA LIFE: Adopts Diversification Plan
PECF USS INTERMEDIATE: $2B Bank Debt Trades at 16% Discount
PICO INDUSTRIES: Gets OK to Hire The Coyle Law Group as Counsel
POLAR US BORROWER: $1.48B Bank Debt Trades at 22% Discount
POWER BRANDS: Case Summary & 20 Largest Unsecured Creditors
R&R PLASTERING: Gets OK to Hire A.O.E. Law Associates as Counsel
RADIATE HOLDCO: $3.42B Bank Debt Trades at 14% Discount
REMER & GEORGES-PIERRE: Taps Frandsen Accounting as Consultant
RIOT PLATFORMS: Vanguard Group Has 10.2% Stake as of June 30
ROBERTSHAW US: $110M Bank Debt Trades at 79% Discount
ROCK RIDGE: Court OKs Interim Cash Collateral Access
SHOPS@BIRD& 89: Gets OK to Hire Nelson & Associates as Accountant
SILVER TRIDENT: Court OKs Cash Collateral Access Thru Aug 25
STEWART BOUNCE: Court OKs Cash Collateral Access on Final Basis
SUNSHINE ADULT: Aug. 23 Hearing on Plan and Disclosures
TANNER CONSTRUCTION: July 19 Hearing on Cash Collateral Access
TUESDAY MORNING: Creditors Want Case Converted to Chapter 7
U.S. RENAL CARE: S&P Affirms 'CCC+' ICR, Outlook Stable
UPSTREAM NEWCO: $140M Bank Debt Trades at 19% Discount
WEST DEPTFORD: $445M Bank Debt Trades at 23% Discount
YC RIVERGOLD: Seeks to Hire GGG Partners, Appoint CRO
ZAYO GROUP: $4.96B Bank Debt Trades at 23% Discount
ZAYO GROUP: $750M Bank Debt Trades at 22% Discount
[^] Large Companies with Insolvent Balance Sheet
*********
1111 INVESTMENT: Foster Says Debtor's Plan Not Feasible
-------------------------------------------------------
Unsecured creditor Bryan Foster filed an objection to 1111
Investment Holdings, LLC's Chapter 11 Subchapter V Plan filed on
May 21, 2023, and as Amended on July 6, 2023, and currently set for
hearing on July 26, 2023 at 1:30 p.m.
Foster points out that the general unsecured creditors, including
Foster, shall receive a total of zero dollars. The Debtor will
apparently continue its operations and make payments to its secured
creditor Warwick Castle, which has submitted multiple proofs of
claim that were secured against Debtor's real property in or around
April 16, 2016. Moreover, the Debtor will also pay the entirety of
an unverified debt owed to Kismat pursuant to a UCC Lien that was
allegedly obtained and secured against all of the Debtor's real and
personal property in August 2013, years prior to Warwick Castle
having secured its notes. Without having proof of the debt owed to
Kismat and proof of Kismat's security instrument -- and considering
that at least two of Debtor's real properties were acquired after
2013 -- it is possible that the Kismat debt may be unsecured, and
its classification as a secured debt would be unfair and
discriminatory to Foster.
Foster notes that Section 1129(a)(11) requires that it must be not
likely that confirmation of the Plan be followed by liquidation, or
the need for further financial reorganization, of Debtor. A
debtor "has the burden of proving the plan is feasible under
section 1129(a)(11)."
"The Debtor provides no competent evidence in support of the
feasibility of the Plan but still wishes to continue with business
as usual. Pursuant to the Debtor's Monthly Operating Report, the
Debtor operates at a very low net cashflow ranging from $360 to
$1,500 per month to maintain and lease its three real properties.
Furthermore, it appears that the Debtor has extremely low cash
reserves. The Debtor is not financially sound and any unforeseen
circumstance (e.g.: repairs to property, non-paying tenants, etc.)
will likely land Debtor in a position to incur new unsecured debts,
liquidate its assets, or seek bankruptcy protection yet again. The
Debtor's precarious position is exacerbated by the fact that the
Debtor now intends to deplete its limited funds even further by
paying extension fees of $6,202.50 and $3,611.54 to Warwick Castle
on the effective day of the Plan and to pay Kismat $4,280.00 per
month on top of a lump sum payment to be made in June 2028. Simply
put, the Debtor has no real financial strategy in place to
reasonably allow it to survive for the next several years.
Considering that Debtor's Plan is not feasible, it is more likely
that Debtor intends to eliminate its unsecured creditors via the
Plan, keep its secured creditors at bay, and then sell its three
real properties in the foreseeable future in order to capture all
profits," says Foster in court filings.
Accordingly, Foster requests that the Court deny the Plan as it is
not feasible.
Attorney for Unsecured Creditor Bryan Foster:
Bryan Naddafi, Esq.
AVALON LEGAL GROUP LLC.
6030 S. Rainbow Blvd., Suite D1
Las Vegas, NV 89118
Telephone: (702) 522-6450
Facsimile: (702) 848-5420
E-mail: bryan@avalonlg.com
About 1111 Investment Holdings
Las Vegas-based 1111 Investment Holdings, LLC, is primarily engaged
in renting and leasing real estate properties.
111 Investment Holdings filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 23-10596) on Feb. 20, 2023, with $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Brian D.
Shapiro has been appointed as Subchapter V trustee.
Judge August B. Landis oversees the case.
The Debtor is represented by Seth D. Ballstaedt, Esq., at
Ballstaedt Law Firm, LLC.
129 N WALNUT: May Use $35,000 of Cash Collateral Thru Sept 20
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized 129 N Walnut Street LLC to use cash collateral on an
interim basis in accordance with the budget through September 20,
2023.
The Debtor is permitted to pay post-petition expenses of up to
$50,000 and only pay actual and necessary expenses of its operation
as set forth in the budget.
To the extent of the diminution in the value of any interest it has
in rents, Basis Multifamily Finance I LLC, is granted a first
priority lien on (i) all property acquired by the Debtor after the
filing of the case and any proceeds thereof, and (ii) any of the
Debtor's assets not already subject to Basis' alleged security
interest and any proceeds thereof -- in addition to any existing
liens it may hold on the Property and the Rents or otherwise.
As further adequate protection, the Debtor must pay Basis $27,954
on or before July 31 and August 30, which may be paid from the
Rents. Basis will be granted an allowed superpriority
administrative expense claim, pursuant to 11 U.S.C. Section 507(b),
with priority over all administrative expense claims and unsecured
claims against the Debtor, to the extent of the diminution of its
alleged interest in the value of the Rents.
Basis will not have any lien on any avoidance actions under
subchapter 5 of the Bankruptcy Code. Any substitute lien or
adequate protection claim granted will be subordinate to (i) the
payment of United States Trustee's fees pursuant to 28 U.S.C. Sec.
1930 (a)(6) plus interest at the statutory rate for any fees not
paid in a timely manner, and any fees payable to the Clerk of the
Bankruptcy Court; and (ii) reasonable fees and expenses of a
Chapter 7 trustee allowable pursuant to 11 U.S.C. section 726(b) in
an amount not to exceed $10,000.
A copy of the order is available at https://urlcurt.com/u?l=QHOrNJ
from PacerMonitor.com.
About 129 N Walnut Street LLC
129 N Walnut Street LLC owns a 41-unit apartment building in 129 N
Walnut Street in East Orange, N.J. 129 N Walnut Street LLC sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
E.D.N.Y. Case No. 22-42104) on September 2, 2022. In the petition
signed by Samuel Rosenbaum, its managing member, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Elizabeth S. Stong oversees the case.
The Law Offices of Isaac Nutovic is the Debtor's counsel.
14 EAST 52ND STREET: July 28 Hearing on Disclosures and Plan
------------------------------------------------------------
Judge Elizabeth S. Stong has entered an order conditionally
approving 14 East 52nd Street Devco LLC's Disclosure Statement as
containing adequate information pursuant to Section 1125 of the
Bankruptcy Code.
The Court will hold a video hearing to consider final approval of
the adequacy of the Disclosure Statement and confirmation of the
Plan on July 28, 2023, at 10:30 a.m., before the Honorable
Elizabeth S. Stong in Courtroom 3585, United States Bankruptcy
Court for the Eastern District of New York, 271-C Cadman Plaza
East, Brooklyn, NY 11201. This hearing shall not be held in person
but shall be held via Zoom platform.
The objections, if any, to final approval of the adequacy of the
Disclosure Statement and/or confirmation of the Plan must be filed
no later than July 21, 2023 on the Court's ECF system.
The completed ballots must be submitted either by facsimile,
regular mail or email, so as to be received no later than July 21,
2023 at 5:00 p.m., prevailing New York time at:
Goldberg Weprin Finkel Goldstein LLP
Attn: Kevin J. Nash, Esq.
125 Park Avenue – 12th Floor
New York, NY 10017
KNash@GWFGLaw.com
Tel: 212-221-5700
Fax: 212-730-4518
The Debtor must file a Ballot tabulation and certification of
acceptance and rejection of the Plan with the Clerk of the Court no
later than July 25, 2023.
About 14 East 52nd Street
14 East 52nd Street Devco LLC was organized in connection with the
intended acquisition of real property located at 14 East 52nd
Street, New York.
The Debtor filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
23-41364) on April 20, 2023. In the petition signed by Tim Ziss,
manager, the Debtor disclosed $10 million to $50 million in assets
and liabilities. The Hon. Elizabeth S. Stong oversees the case.
Kevin J. Nash, Esq., of GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, is
the Debtor's counsel.
18 SERGIO: Lender Seeks to Prohibit Cash Collateral Access
----------------------------------------------------------
TVC Funding IV, LLC asks the U.S. Bankruptcy Court for the Southern
District of New York to prohibit 18 Sergio Lane LLC from using cash
collateral and appoint a chapter 11 trustee.
The Debtor is operating its business and using cash collateral in
violation of 11 U.S.C. section 363(c)(2).
TVC IV asserts the Debtor has failed to obtain its consent to use
cash collateral and has not filed a motion seeking authorization
from the Court to use cash collateral since filing for bankruptcy
on May 18, 2023.
TVC IV contends it risks direct, immediate and substantial harm
from the Debtor's unauthorized use of cash collateral and
diminution of its security interest.
On September 26, 2018, the Debtor executed and delivered to TVC
Funding II, LLC a Commercial Interest-Only Balloon Promissory Note
that governed the terms and conditions lending to the Debtor the
sum of $262,500. The Note terms required the Debtor to make
interest only payments beginning November 1, 2018, and matured
November 1, 2020, after a Maturity Extension Agreement was accepted
by the Debtor, with all outstanding amounts due at that time. The
Note was endorsed from TVC II to TVC IV.
In order to secure the amounts owed under the Note, on September
26, 2018, the Debtor executed and delivered a Mortgage, which
included Assignment of Rents, Balloon, and Prepayment Riders,
pledging the property located at 18 Sergio Lane, Monroe, NY 10950
as Collateral for the Note. The Mortgage was recorded in the County
Clerk's Office of Orange County, New York on December 17, 2018.
In order to further ensure payment to the Lender under the Note,
pursuant to the Assignment of Rents Rider to the Mortgage, the
Debtor granted the Lender an absolute and unconditional assignment
of rents from the Property to the Lender.
The Debtor's failed to pay TVC IV upon the extended maturity date.
A foreclosure action was scheduled for sale on May 18, 2023, the
same day the Debtor's bankruptcy petition was filed.
The Debtor has also scheduled TVC IV as a creditor holding a
secured claim.
The Debtor has engaged in unauthorized cash collateral use for two
months, to the detriment of TVC IV. The Debtor has proven to be
untrustworthy and its current management lacks the confidence of
creditors. These factors easily outweigh the costs of a trustee,
and the Court should appoint a trustee under section 1104.
A copy of the motion is available at https://urlcurt.com/u?l=JIANEE
from PacerMonitor.com.
About 18 Sergio Lane
18 Sergio Lane, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-35393) on May
18, 2023, with $100,001 to $500,000 in both assets and liabilities.
Judge Cecelia G. Morris oversees the case.
Mitchell J. Canter, Esq., at the Law Offices of Mitchell J. Canter
represents the Debtor as counsel.
22 ELM RYE: Sept. 6 Hearing on Disclosure Statement and Plan
------------------------------------------------------------
The Bankruptcy Court has entered an order conditionally approving
the Disclosure Statement of 22 Elm Rye Inc. a/k/a Meso Restaurant.
A hearing will be held before the Honorable Sean H. Lane, United
States Bankruptcy Judge, at the United States Bankruptcy Court, 300
Quarropas Street, White Plains, New York on Sept. 6, 2023, at 10:00
a.m., or as soon thereafter as counsel may be heard, to (1)
consider final approval of the Disclosure Statement pursuant to 11
U.S.C. Section 1125; (2) consider the Debtor's' request for
confirmation of the Plan pursuant to 11 U.S.C. Section 1129; and
(3) consider final applications for the allowance of professional
fees and reimbursement of expenses pursuant to 11 U.S.C. Sections
330 and 503(b) and the Plan, together with such other and further
relief as is proper.
Aug. 30, 2023, is fixed as the last date for filing and serving
written objections to (a) final approval of the Disclosure
Statement and/or (b) confirmation of the Plan.
To be counted, ballots for acceptance or rejection of the Plan must
be completed as set forth in the instructions on the ballot, signed
and delivered to the address set forth on the ballot so as to be
actually received by Aug. 30, 2023.
August 30, 2023, is fixed as the last date for filing and serving
written.
About 22 Elm Rye Inc.
22 Elm Rye Inc. is a restaurant operator specializing in
Mediterranean cuisine.
22 Elm Rye sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22544) on Aug. 16,
2022. In the petition signed by Alan Schoening, president, the
Debtor disclosed $1,318,000 in total assets and $2,938,497 in total
liabilities.
Judge Sean H. Lane oversees the case.
H. Bruce Bronson, Esq., at Bronson Law Office, P.C., is the
Debtor's counsel.
40 & HOLDING: Court OKs Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, authorized 40 & Holding LLC, d/b/a/ The
London Bridge Pub, to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance.
The Debtor needs to use the funds in the bank account to continue
normal operations and maintain its going concern value.
The Debtor has represented that a UCC search at the North Carolina
Secretary of State's web portal revealed the following UCC-1
filings which may reflect perfected liens on cash collateral:
a. File # 20180090175E recorded August 30, 2018, in favor of
CresCom Bank, ATTN: Loan Processing, 220 Creekside Drive,
Washington, NC 27889;
b. File # 20200012154J recorded February 4, 2020, in favor of
U.S. Foods, Inc., 1500 NC Highway 39, Zebulon, NC 27597;
c. File # 20200050796B recorded May 6, 2020, in favor of U.S.
Small Business Administration, 2 North Street, Suite 320,
Birmingham, AL 35203;
d. File # 20220140275G recorded October 15, 2022, in favor of
Financial Agent Services, P.O. Box 2576, Springfield, IL 62708;
and
e. File # 20230068402J recorded against 40 & HOLDING LLC on
May 30, 2023, in favor of CT Corporation System, as representative,
330 N Brand Blvd, Suite 700, ATTN: SPRS, Glendale, CA 91203.
As adequate protection, and to the extent that cash collateral is
used, the Potential Secured Creditors will receive a post-petition
lien on the Debtor's cash and inventory to the extent of the use
and to the extent that the pre-petition lien in the same type of
collateral was valid, perfected, enforceable, and non-avoidable as
of the petition date.
The Debtor's use of cash collateral will expire or terminate on the
earlier of: (i) the Debtor ceasing operations of its business; or
(ii) the non-compliance or default of the Debtor with any terms and
provisions of the Order.
The next hearing on the matter is August 22 at 10:30 a.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=gVTliN from PacerMonitor.com.
The Debtor projects $97,000 in total income and $100,455 in total
expenses for 40 days.
About 40 & Holding LLC
40 & Holding LLC is a pub serving food, beverages, and alcoholic
beverages, located in downtown Raleigh. London Bridge also hosts
special events in the pub, such as open mic nights, DJ
performances, karaoke, and broadcasts soccer games for its
clientele.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-01637) on June 13,
2023. In the petition signed by Michael A. Ruiz, owner/member, the
Debtor disclosed up to $50,000 in assets and up to $1 million in
liabilities.
Judge Joseph N. Callaway oversees the case.
Kathleen O'Malley, Esq., at Stevens Martin Vaughn & Tadych, PLLC,
represents the Debtor as legal counsel.
AAD CAPITAL: Addresses Plan Disclosure Objections
-------------------------------------------------
AAD Capital Partners LLC and Market Street Shreveport LLC responded
to objections filed by Lueder Construction Company, Inc., Avana
Capital, L.L.C., and St. Louis Bank to the Debtors' motion seeking
approval of their Disclosure Statement.
The Debtors are seeking to move the Chapter 11 Cases to an orderly
and successful conclusion by setting the procedures to solicit
acceptances of a Plan, proposed in good faith, to pay all creditors
in full. Although there were no objections to the proposed plan
solicitation procedures, a few creditors have alleged deficiencies
with the Disclosure Statement and the Plan.
The Debtors believe that the Disclosure Statement contains adequate
information but will supplement the Disclosure Statement to address
creditors' concerns. Arguments regarding the treatment afforded to
creditors and the feasibility of the Plan should be reserved for
the plan confirmation proceedings, during which the Debtors will
present evidence regarding feasibility and compliance with all
Bankruptcy Code requirements.
As set forth in the Disclosure Statement Motion, the Disclosure
Statement should be approved because it contains "adequate
information" as that term is defined by section 1125 of the
Bankruptcy Code.
As an initial matter, plan confirmation issues should not be
addressed at the disclosure statement hearing unless the proposed
plan is patently unconfirmable. Because the Plan has been proposed
in good faith and is confirmable, the Debtors respectfully request
that the Court not consider confirmation issues at this proceeding.
As set forth in the Disclosure Statement, because the Plan proposes
to pay all creditors in full, creditors could not receive "more"
than the full value of their claims through a chapter 7
liquidation. Therefore, a chart comparing estimated recoveries
under the Plan to estimated chapter 7 liquidation recoveries is
irrelevant. However, to fully address the Objections, the Debtors
will include a comparative "Plan v. Chapter 7" liquidation analysis
as Exhibit A of the Disclosure Statement.
The Disclosure Statement will be amended to disclose that the
Reorganized Debtors will continue to be managed and operated by
Edward Chen in the same manner as the Debtors were operated
pre-petition. See, to be added at Disclosure Statement at 20.
To the extent that the Objections question whether the Debtors will
have sufficient cash to make all future distributions under the
Plan, that is an issue of fact to be considered at the confirmation
stage; it is not a defect in the construction of the Plan. The
Debtors will provide relevant evidence of their available assets
and future cash flows at the confirmation stage.
The Objections allege that the Plan is not proposed in good faith
because insufficient details have been provided by the Debtors
regarding the proposed Market Street Property sale, but such
arguments miss the mark. The purpose of the Plan is to find the
most efficient way to pay all creditors in full and maximize value
for all stakeholders; that is the hallmark of "good faith."
Although the Debtors are making every effort to sell the Market
Street Property for an amount greater than Arena's Allowed Secured
Claim, the Plan provides for distributions to creditors regardless
of the success of those endeavors.
The Debtor will offer evidence of feasibility at the confirmation
stage when the results of the Market Street sale efforts are known.
While the Objections note that whether there will be any proceeds
available from that sale is highly speculative, the Debtors will be
able to give more definitive information regarding the sources of
cash flows that will be used for distributions to creditors and the
value of remaining claims at the confirmation stage. At this stage
of the proceedings, with respect to feasibility, it is sufficient
to note that there are no distributions under the Plan that are
conditioned on the availability of excess proceeds from the sale of
the Market Street Property that are passed on to AAD as an equity
distribution.
Counsel to the Debtors:
J. Robert Williamson, Esq.
Ashley Reynolds Ray, Esq.
SCROGGINS & WILLIAMSON, P.C.
4401 Northside Parkway, Suite 450
Atlanta, GA 30327
Telephone: (404) 893-3880
E-mail: rwilliamson@swlawfirm.com
aray@swlawfirm.com
- and -
Scott F. Gautier, Esq.
Maria J. Cho, Esq.
FAEGRE DRINKER BIDDLE & REATH LLP
1800 Century Park East, Suite 1500
Los Angeles, CA 90067
Telephone: (310) 203-4000
Facsimile: (310) 229-1285
E-mail: scott.gautier@faegredrinker.com
maria.cho@faegredrinker.com
- and -
Michael T. Gustafson, Esq.
320 South Canal Street, Suite 3300
Chicago, IL 60606
Telephone: (312) 569-1000
Facsimile: (312) 556-3000
E-mail: mike.gustafson@faegredrinker.com
- and -
Roya Imani, Esq.
1177 Avenue of the Americas
New York, NY 10036
Telephone: (212) 248-3140
Facsimile: (212) 248-3141
E-mail: roya.imani@faegredrinker.com
About AAD Capital Partners
AAD Capital Partners LLC, doing business as Peachtree Battle
Business Services, is a domestic limited liability company.
AAD Capital Partners LLC filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-58223) on
Oct. 12, 2022. Market Street Shreveport LLC sought Chapter 11
protection (Bankr. N.D. Ga. Case No. 22-58302) on Oct. 14, 2023. In
the petition filed by Edward Chen, as managing member and owner,
AAD Capital reported assets and liabilities between $10 million and
$50 million.
The Debtors are represented by Ashley Reynolds Ray of Scroggins &
Williamson, P.C.
Arena Limited SPV, LLC, as secured creditor, is represented by Eric
W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP and R.
Joseph Naus, Esq. at Wiener, Weiss & Madison, a Professional
Corporation.
AERKOMM INC: Incurs $11.9 Million Net Loss in 2022
--------------------------------------------------
Aerkomm Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss of $11.88 million
on $0 of total sales for the year ended Dec. 31, 2022, compared to
a net loss of $9.38 million on $3.25 million of total sales for the
year ended Dec. 31, 2021.
As of Dec. 31, 2022, the Company had $70.64 million in total
assets, $45.57 million in total liabilities, and $25.07 million in
total stockholders' equity.
As of Dec. 31, 2022, the Company had cash of $6,878,362 and
restricted cash of $3,228,558. The Company has financed its
operations primarily through cash proceeds from financing
activities, including from its 2022 Offering, the issuance of
convertible notes.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1590496/000121390023055610/f10k2022_aerkomminc.htm
About Aerkomm
Headquartered in Nevada, USA, Aerkomm Inc. --
http://www.aerkomm.com-- is a full-service development stage
provider of in-flight entertainment and connectivity (IFEC)
solutions, intended to provide airline passengers with a broadband
in-flight experience that encompasses a wide range of service
options. Those options include Wi-Fi, cellular, movies, gaming,
live TV, and music. The Company plans to offer these core services,
which it is currently still developing, through both built-in
in-flight entertainment systems, such as a seat-back display, as
well as on passengers' own personal devices.
Aerkomm reported a net loss of $9.38 million in 2021, a net loss of
$9.11 million in 2020, a net loss of $7.98 million in 2019, and a
net loss of $8.15 million in 2018.
* * *
This concludes the Troubled Company Reporter's coverage of Aerkomm
until facts and circumstances, if any, emerge that demonstrate
financial or operational strain or difficulty at a level sufficient
to warrant renewed coverage.
AEROCARE MEDICAL: Court OKs Cash Collateral Access Thru Sept 14
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona authorized
Aerocare Medical Transport System, Inc. to use cash collateral on
an interim basis in accordance with the budget, with a 5% variance,
through September 14, 2023.
On June 12, 2019, the Debtor issued to First Fidelity Bank a
Promissory Note in the principal amount of $1.2 million, as
evidenced by the Promissory Note and a Business Loan Agreement. The
FFB Loan had an original maturity date of September 6, 2019. The
maturity date on the FFB Loan was extended by several Forbearance
and Modification Agreements. The FFB Loan is secured by valid and
properly perfected blanket liens on and security interests in
essentially all of the Debtor's assets.
As of the Petition Date, the balance due and owing under the FFB
Loan is approximately $407,492, plus accrued and accruing interest,
fees, and costs including attorneys' fees and costs. As of the
Petition Date, the Debtor is current on its interest payments under
the FFB Loan.
The Debtor has submitted a request to use FFB's cash collateral for
the next 13-week period through and including September 14, 2023,
to continue operating its business and facilitate the filing of a
plan of reorganization with the Court.
The Debtor's interim right to use the cash collateral will cease
and terminate immediately, and without further notice, upon the
earliest of:
(i) September 14, 2023;
(ii) any event of default under the Order;
(iii) the Debtor obtaining interim debtor-in-possession
financing from any party not affiliated with FFB;
(iv) the closing of an asset sale under 11 U.S.C. section 363;
(v) entry of an order converting the case to a case under
Chapter 7 of the U.S. Bankruptcy Code;
(vi) entry of an order confirming a plan of reorganization; or
(vii) the termination, expiration, lapse, or reduction of
insurance coverage on any assets of the Debtor.
As adequate protection, FFB is granted valid and perfected security
interests and liens in and on all of Debtors' interests in any
property acquired after the Petition Date of the type described as
FFB's collateral in the applicable loan and security documents,
including all proceeds therefrom. The Replacements Liens granted to
FFB will: (i) secure repayment of the FFB indebtedness limited by
the amount of cash collateral used by Debtor from and after the
Petition Date; (ii) be evidenced by the existing Loan Documents and
the Order; and (iii) have the same validity and priority as FFB's
existing liens and security interest s in the cash collateral and
other collateral.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=OKcPsp from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$15,200 for the week ending July 21, 2023;
$8,750 for the week ending July 28, 2023;
$10,170 for the week ending August 4, 2023;
$10,550 for the week ending August 11, 2023;
$8,700 for the week ending August 18, 2023; and
$8,750 for the week ending August 25, 2023.
About Aerocare Medical Transport System, Inc.
Aerocare Medical Transport System, Inc. is a nationally recognized
and accredited provider of worldwide air ambulance and medevac
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02376) on April 13,
2023. In the petition signed by Joseph Cece, president, the Debtor
disclosed $1,485,981 in assets and $3,108,797 in liabilities.
Judge Eddward P. Ballinger Jr. oversees the case.
James E. Cross, Esq., at Cross Law Firm, PLC, represents the Debtor
as legal counsel.
AINS NASHVILLE: Taps The Kantrow Law Group as Bankruptcy Counsel
----------------------------------------------------------------
Ains Nashville, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ The Kantrow Law
Group, PLLC as its bankruptcy counsel.
The firm's services include:
a. analysis of the financial situation and rendering advice and
assistance to the Debtor;
b. representation of the Debtor;
c. preparation of legal documents, including disclosure
statement and bankruptcy plan in connection with the Debtor's
Chapter 11 case; and
d. other legal services.
The hourly rates charged by the firm's attorneys are as follows:
Partners $625 per hour
Associates $335 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $10,000.
Fred Kantrow, Esq., a partner at Kantrow 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 at:
Fred S. Kantrow
The Kantrow Law Group, PLLC
732 Smithtown Bypass, Suite 101
Smithtown, NY 11787
Tel: (516) 703-3672
Email: fkantrow@thekantrowlawgroup.com
About Ains Nashville
Ains Nashville, LLC, doing business as The Ainsworth Nashville,
operates a restaurant at 206 21st Avenue South, Unit D-2,
Nashville, Tenn.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41997) on June 5,
2023. In the petition signed by its managing member, Matthew
Shendel, the Debtor disclosed up to $50,000 in assets and up to $10
million in liabilities.
Judge Nancy Hershey Lord oversees the case.
Fred S. Kantrow, Esq., at the Kantrow Law Group, PLLC, represents
the Debtor as legal counsel.
ALASKA LOGISTICS: Court OKs Cash Collateral Use Thru July 31
------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
authorized Alaska Logistics, LLC to use cash collateral on an
interim basis through the earlier of (i) a further Court order, or
(ii) 11:59 p.m. on July 31, 2023.
As adequate protection and for the Debtor's use of the cash
collateral, Banner Bank, as the senior secured creditor, will be
granted replacement liens in the Debtor's post-petition cash,
accounts receivable and inventory, and the proceeds of each of the
foregoing, to the same extent and priority as any duly perfected
and unavoidable liens in cash collateral held by Banner Bank as of
the Petition Date to the extent that any cash collateral of Banner
Bank is actually used by the Debtor. The replacement lien does not
include, without limitation, a lien on avoidance action proceeds.
As further adequate protection, the Debtor will make monthly
adequate protection payments to Banner Bank in the amount of
$17,993 per month as set forth in the Budget.
In accordance with section 507(b) of the Bankruptcy Code, if,
notwithstanding the foregoing protections, if a secured creditor
has a claim allowable under section 507(a)(2) of the Bankruptcy
Code, then the secured party's claim will have priority over every
other claim and administrative expense allowable under section
507(a)(2) of the Bankruptcy Code.
A further hearing on the matter is set for July 28 at 9:30 a.m.
A copy of the Court's order is available at
https://urlcurt.com/u?l=wFmsKQ from PacerMonitor.com.
About Alaska Logistics LLC
Alaska Logistics LLC transports materials and equipment of all
sizes, shapes and types from Seattle to Western Alaska.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-11250) on July 7,
2023.
In the petition signed by Allyn Long, general manager/president,
the Debtor disclosed up to $50 million in both assets and
liabilities.
Faye C. Rasch, Esq., at Wenokur Riordan PLLC, represents the Debtor
as legal counsel.
ALPINE 4 HOLDINGS: Unit Gets $5.25M Order Under $100M Supply Deal
-----------------------------------------------------------------
Alpine 4 Holdings, Inc. announced that its subsidiary, Vayu
Aerospace Corporation, has received its first purchase order
amounting to $5.25 million from U.S. Government contractor, All
American Contracting, Inc., for ten G1 MKIII Fixed Wing UAV's.
In late May of 2023, Vayu welcomed All American Contracting and a
delegation from Nigeria to its facility in Ann Arbor, Michigan, for
an in-person flight demonstration and production inspection of the
G1 MKIII Airframe. This delegation's primary use case is with
Nigeria's agriculture industry with the purpose of surveillance and
analysis of large swaths of land.
Under the terms of the existing Supply Agreement between Vayu and
All American, the terms of the Purchase Order include a 1-year
warranty on the airframes, electric motors, and electronics and a
5-year warranty on the engine. Vayu will also provide on-site
training for All American's customer's pilots. Additionally, the
P.O. requires a 10% down payment, with final payment to be sent
prior to taking delivery. The airframes are scheduled for delivery
in Q4 2023 and Q1 2024.
Kent Wilson, CEO of Alpine 4 stated, "The team at Vayu Aerospace
Corporation has worked relentlessly towards this moment. Their
continued commitment to refining our aircraft, along with their
standards of excellence, has them poised to start driving
significant revenue. As a Driver Company within our DSF Business
Model, Vayu is on the cusp of transformational upside. Beyond the
business, it's important to note my appreciation for our long-term
shareholders who continue to support our vision and deserve this
win."
TK Eppley, president of Vayu Aerospace commented, "The $100M Supply
Agreement with All American was initially established for a
government application. Having an additional use case in
agriculture present itself, highlights the dynamic uses of our
UAV's. We look forward to All American Contracting returning to
our facility and to meet with their energy industry delegates for
additional flight & production demonstrations."
Vayu Aerospace Corporation resides in Alpine 4's Aerospace
portfolio and is considered a "driver" company from Alpine's DSF
business model.
About Alpine 4
Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a
publicly traded conglomerate that is acquiring businesses that fit
into its disruptive DSF business model of drivers, stabilizers, and
facilitators.
Alpine 4 Holdings reported a net loss of $12.87 million for the
year ended Dec. 31, 2022, compared to a net loss of $19.48 million
for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company
had $145.63 million in total assets, $75.64 million in total
liabilities, and $69.99 million in total stockholders' equity.
Phoenix, Arizona-based RSM US LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 5, 2023, citing that the Company has suffered recurring losses
from operations and recurring negative cash flows from operations.
This raises substantial doubt about the Company's ability to
continue as a going concern.
ARMATA PHARMACEUTICALS: Signs $25M Credit Agreement With Innoviva
-----------------------------------------------------------------
Armata Pharmaceuticals, Inc. announced that it has entered into a
credit and security agreement with Innoviva Strategic Opportunities
LLC, a wholly-owned subsidiary of Innoviva, Inc. The gross
proceeds of the credit agreement at closing are $25 million before
transaction-related expenses. Armata also announced a leadership
transition whereby Dr. Deborah L. Birx will succeed Dr. Brian
Varnum as the chief executive officer of the Company, effective
immediately. Dr. Birx will also join Armata's Board of Directors.
New Financing
Proceeds from the $25 million new financing transaction will be
used to advance the Company's pipeline of therapeutic phage
candidates, including AP-PA02 and AP-SA02, which target infections
caused by Pseudomonas aeruginosa and Staphylococcus aureus,
respectively. The Company will also use funds to complete the
build-out of its state-of-the-art cGMP manufacturing facility. The
new facility will provide the Company with the manufacturing
capacity to pursue strategic partnering opportunities while in
parallel executing late-stage clinical trials leveraging the
Company's core strength in advanced biologics manufacturing.
In addition, Armata today announced that it has also executed an
amendment to its senior convertible credit and security agreement
with Innoviva, extending the maturity date to January 10, 2025.
Chief Executive Officer Transition
Robin C. Kramer, Chair of Armata's Board of Directors, commented,
"On behalf of the Armata Board and leadership, I would like to
welcome Dr. Birx to the team. As we continue to work to introduce
novel phage therapeutics to combat serious bacterial infections,
Deborah's expertise in immunology and infectious diseases together
with her proven leadership skills will serve us well. I look
forward to her contributions as CEO and a member of our Board."
"I would also like to thank Brian for his many years of service to
Armata, dating back to 2012. Since becoming CEO in 2021, we have
made significant progress transitioning to a clinical-stage company
under his leadership. I wish him well in his future endeavors,"
Ms. Kramer concluded.
Dr. Birx stated that "I am thrilled to join Armata at this pivotal
time in the Company's development. I'm impressed with the
scientific platform's quality and the team's commitment to
introducing innovative treatment options for patients suffering
from serious bacterial infections. I am excited about the recent
advances and see multiple opportunities to accelerate the Company's
progress and drive value creation. The recent investment enables
the advancement of AP-PA02 and AP-SA02 in Phase 2 clinical
trials."
Deborah L. Birx, M.D. is a world-renowned medical expert who most
recently served as the response coordinator of the White House
Coronavirus Task Force. Previously, she served as
Ambassador-at-Large, when she assumed the role of the Coordinator
of the United States Government Activities to Combat HIV/AIDS and
U.S. Special Representative for Global Health Diplomacy. Dr. Birx
also served as the U.S. Global AIDS Coordinator, overseeing the
President's Emergency Plan for AIDS Relief (PEPFAR) at the CDC and
as the Director of the U.S. Military HIV Research Program (USMHRP)
at the Walter Reed Army Institute of Research.
From 1980 until 2008, Dr. Birx served in the United States Army,
retiring as a colonel. Dr. Birx has published over 230 manuscripts
in peer-reviewed journals, authored nearly a dozen chapters in
scientific publications, and developed and patented vaccines. She
received her medical degree from the Hershey School of Medicine,
Pennsylvania State University, and beginning in 1980, she trained
in internal medicine and basic and clinical immunology at the
Walter Reed Army Medical Center and the National Institutes of
Health. Dr. Birx is board certified in internal medicine, allergy
and immunology, and diagnostic and clinical laboratory immunology.
Dr. Birx was formerly a member of Innoviva's Board of Directors
since March 2021 until July 2023. Dr. Birx resigned from the Board
of Innoviva prior to the appointment as Armata's CEO.
About Armata Pharmaceuticals
Marina del Rey, CA-based Armata is a clinical-stage biotechnology
company focused on the development of pathogen-specific
bacteriophage therapeutics for the treatment of
antibiotic-resistant and difficult-to-treat bacterial infections
using its proprietary bacteriophage-based technology. Armata is
developing and advancing a broad pipeline of natural and synthetic
phage candidates, including clinical candidates for Pseudomonas
aeruginosa, Staphylococcus aureus, and other pathogens. Armata is
committed to advancing phage with drug development expertise that
spans bench to clinic including in-house phage specific GMP
manufacturing.
Armata reported a net loss of $36.92 million in 2022, compared to a
net loss of $23.16 million in 2021. As of Dec. 31, 2022, the
Company had $95.83 million in total assets, $59.75 million in total
liabilities, and $36.08 million in total stockholders' equity.
San Diego, California-based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 16, 2023, citing that the Company has suffered
recurring losses and negative cash flows from operations and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
ARTESIA SPRINGS: Wins Cash Collateral Access on Final Basis
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, San
Antonio Division, authorized Artesia Springs, LLC to use cash
collateral in accordance with the budget, with a 10% variance, a
final basis.
Artesia is authorized to establish an Adequate Protection account
under 11 U.S.C. section 366.
As additional adequate protection for alleged cash collateral used,
Frost Bank, the U.S. Small Business Administration, Fincoast
Capital LLC, Firstbank Southwest and Advantage Platform Services
Inc. -- alleged secured creditors who asserted or assert a security
interest in cash collateral -- are granted a replacement lien and
security interest on all of the Debtor's accounts, receivables and
proceeds thereof to the extent acquired after the Petition Date.
However, the ad valorem tax liens currently held by Bexar County or
any post-petition statutory liens which will arise post-petition
pursuant to Texas law, incident to any real property or tangible
personal property shall neither be primed by nor subordinated to
any liens granted therein.
In August 2023 and each subsequent month while this case is
pending, the Debtor is authorized to make a $5,000 post-petition
retainer payment to the Law Offices of William B. Kingman, P.C. The
Debtor will deliver the payment to the firm's IOLTA account to be
held until fees are approved pursuant to a subsequent court order.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=jUL8qh from PacerMonitor.com.
The Debtor projects total ending cash balance, on a monthly basis,
as follows:
$44,024 for July 2023;
$53,712 for August 2023; and
$53,663 for September 2023.
About Artesia Springs, LLC
Artesia Springs, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-50779) on June 20,
2023.
In the petition signed by Rodolfo Ramon, chief executive officer,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Judge Craig A. Gargotta oversees the case.
William B. Kingman, Esq., at the Law Offices of William B. Kingman,
represents the Debtor as legal counsel.
AVENIR KNOXVILLE: Has Deal with Bank on Cash Collateral Access
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona authorized
Avenir Memory Care @ Knoxville LP to use cash collateral on an
interim basis in accordance with its agreement with Merchants Bank
of Indiana, through and including July 31, 2023.
The Debtor is permitted to use cash collateral pursuant to the
budget, with a 10% variance, however, the Debtor is not authorized
to pay certain professional fees and management fees.
The Debtor is authorized and directed to make adequate protection
payments in the amount of $25,000 each to Merchants Bank on or
before July 15, 2023.
As additional adequate protection of its interests in cash
collateral, the Bank will have a replacement lien (with the same
validity, extent and priority as its pre-petition lien) in
post-petition cash collateral to the extent that its interests in
the prepetition cash collateral are diminished.
A copy of the Court's order is available at
https://urlcurt.com/u?l=V580Y9 from PacerMonitor.com.
About Avenir Memory Care @ Knoxville LP
Avenir Memory Care @ Knoxville, LP operates a nursing care facility
in Scottsdale, Ariz.
Avenir Memory Care @ Knoxville filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case No. 23-02047) on March 31, 2023, with $10 million to $50
million in both assets and liabilities. David L. Craik, president
and director of the General and Limited Partners, signed the
petition.
Judge Brenda Moody Whinery oversees the case.
Philip R. Rudd, Esq., at Sacks Tierney, P.A. represents the Debtor
as counsel.
BALATON, MN: S&P Places 2012A GO Bonds 'BB' Rating on Watch Dev.
----------------------------------------------------------------
S&P Global Ratings has placed its 'BB' long-term rating on Balaton,
Minn.'s series 2012A general obligation (GO) refunding bonds on
CreditWatch with developing implications.
"The CreditWatch placement reflects signs of improvement in the
city's financial profile and our uncertainty regarding its current
financial position due to the lack of a 2022 audit, following a
history of structural imbalance and vulnerable management practices
and policies," said S&P Global Ratings credit analyst Coral
Schoonejans.
S&P aims to resolve the CreditWatch within 90 days of the receipt
of additional information.
BANGL LLC: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned a 'BB-' issuer credit rating to BANGL
LLC, a pipeline system that transports natural gas liquids (NGL)
from the Permian Basin to the U.S. Gulf Coast.
S&P said, "At the same time, we assigned a 'BB-' issue-level rating
and '3' recovery rating to the company's senior secured term loan.
The '3' recovery rating indicates our expectation for modest
(50%-70%; rounded estimate: 60%) recovery in a default scenario.
"The stable outlook reflects the visibility into BANGL's cash flow.
We expect S&P Global Ratings-adjusted debt to EBITDA will be about
5.5x in 2023 and will improve to between 3.5x-4x in 2024.
"BANGL's credit quality is supported by our view of its contract
profile. The company benefits from predictable cash flow due to
long-term fixed-fee agreements with shippers that include built-in
rate step-ups. However, BANGL does not have take-or-pay contracts
on the pipeline itself. BANGL's shippers have minimum volume
commitments on associated natural gas pipelines and other
downstream commitments, which provides some certainty to the volume
flow on BANGL, since customers have a need to move their natural
gas liquids volumes toward Gulf Coast markets. Without a minimum
volume commitment on BANGL itself, the pipeline could face a volume
shortfall if upstream producers were no longer drilling and did not
have product to flow on the pipe. That being said, BANGL operates
in the Permian Basin, one of the most economical in the U.S.
Additionally, shippers MPLX L.P., WTG Midstream, and Diamondback
Energy each have an equity stake in the pipeline, which creates an
incentive for customers to continue volume flow on BANGL.
"BANGL's planned expansion project will improve scale and increase
cash flow. It plans to use the proceeds from its term loan B to
prefund expansion capital projects over the next couple of years.
Currently, BANGL utilizes third-party leases to transport volumes
in Texas from Gardendale to Sweeney. The expansion project will
build a new 250 mile pipeline so BANGL can assume operations on
those volumes. The expansion plan also includes increasing BANGL's
capacity on the mainline pipe, construction of a lateral pipeline
on the Delaware system and a new pump station in Orla, Texas. We
expect the expansion projects to come online in the first quarter
of 2025. Overall, we view the expansion project as a credit
positive because it will help increase scale and cash flow,
although BANGL's credit metrics will be elevated over the next few
years due to the large capital expenditure (capex) budget.
"We expect BANGL to generate adjusted EBITDA of about $100 million
in 2024 and $140 million-$150 million in 2025. Once the expansion
project is complete, BANGL will capture additional EBITDA from
existing customers on its new Gardendale-to-Sweeney pipeline,
contributing to meaningful EBITDA growth. Our forecast EBITDA
growth does not assume a meaningful increase to volumes beyond what
is not carried by third-party pipes. As a result, we expect S&P
Global Ratings-adjusted EBITDA to be 3.5x-4x in 2024 and improve
below 3x in 2025. We also expect the company will operate with a
material cash free operating cash flow deficit through 2024 during
the expansion project. We expect BANGL will need to raise
additional capital, debt and or equity, to fund the remainder of
the project.
"The stable outlook on BANGL reflets our expectation that it will
maintain adequate liquidity and adjusted EBITDA of about $100
million in 2024 and $140 million-$150 million in 2025 once its
expansion projects come online. We expect S&P Global
Ratings-adjusted EBITDA to be about 3.5x-4x in 2024, improving
below 3x in 2025."
S&P could take a negative rating action if adjusted debt to EBITDA
remains above 4.5x next year. This could occur if:
-- BANGL suffers volumetric declines or other operational issues;
or
-- Financial policy changes such that additional capital spending
is wholly funded with debt or distributions, increasing leverage.
S&P could consider a positive rating action if BANGL:
-- Improved scale, resulting in additional volumes and increased
cash flow on the pipeline; and
-- Maintained adjusted debt to EBITDA below 3x.
ESG credit indicators: E-3, S-2, G-2
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of BANGL. Its
transportation volumes and utilization could be impaired due to
energy transition pressures affecting the midstream industry,
including BANGL's counterparties not meeting their volume
obligations."
BARNES & NOBLE: In Liquidity Talks, Annual Report Delayed
---------------------------------------------------------
Barnes & Noble Education, Inc., has informed the U.S. Securities
and Exchange Commission that it will delay the filing of its annual
report as the company continues to engage in talks with third
parties over its liquidity needs.
The Company is party to: (i) a Credit Agreement, dated as of August
3, 2015, among the Company, as the lead borrower, the other
borrowers party thereto, the lenders party thereto and Bank of
America, N.A., as administrative agent and collateral agent for the
lenders (the “ABL Agent”) and (ii) a Term Loan Credit
Agreement, dated as of June 7, 2022 (as amended, the “Term Loan
Credit Agreement” and, together with the ABL Credit Agreement,
the “Credit Agreements”), among the Company, as borrower,
certain subsidiaries of the Company party thereto as guarantors,
TopLids LendCo, LLC and Vital Fundco, LLC, as lenders, and TopLids
LendCo, LLC, as administrative agent and collateral agent for the
lenders.
The Company is engaged in discussions with third parties to
evaluate a range of options to strengthen its liquidity and
financial position and to ensure it is best positioned to serve
educational institutions and students through the coming school
year and beyond. The potential options under consideration include
among other things, a refinancing, in whole or in part, of the
Company’s obligations under the Credit Agreements. There can be
no assurance that any refinancing or other transaction will occur
or, if any transaction occurs, that it will ultimately be
consummated, or that the Company’s effort to strengthen its
liquidity and financial position will be achieved.
The process of obtaining and implementing the refinancing or other
liquidity solutions will impact the Company's disclosures in its
Form 10-K. Additionally, such refinancing or other liquidity
solution, if completed, would also impact the Company's assessment
of its financial position and liquidity and corresponding
disclosure in its Form 10-K. Therefore, the Company will be unable
to file its Annual Report on Form 10-K in a timely manner without
unreasonable effort and expense. The Company currently anticipates
filing its Form 10-K within the time period proscribed in Rule
12b-25 promulgated under the Securities Exchange Act of 1934.
If the Company does not consummate a refinancing or other
transaction to sufficiently enhance its liquidity before the
issuance of the Company’s audited financial statements as of and
for the fiscal year ended April 29, 2023, and the filing of its
Form 10-K, management likely would conclude that substantial doubt
about the Company's ability to continue as a going concern exists.
Further, while the Company's independent registered public
accounting firm has not yet completed its audit of the Company’s
financial statements, inclusion of a going concern explanatory
paragraph in an audit opinion delivered in connection with the
Company’s audited financial statements would constitute an event
of default under the Company’s Credit Agreements.
For the fourth quarter of the fiscal year ended April 29, 2023, the
Company expects to report unaudited consolidated GAAP revenue of
$241.8 million decreased by $9.3 million, or 3.7%, as compared to
the prior year period, and a net loss from continuing operations of
$(41.9) million, as compared to $(9.3) million in the prior year
period. For the fiscal year ended April 29, 2023, the Company
expects to report unaudited consolidated GAAP revenue of $1,543.2
million increased by $47.5 million, or 3.2%, as compared to the
prior year period, and a net loss from continuing operations of
$(90.1) million, as compared to $(61.6) million in the prior year
period. The expected non-GAAP adjusted EBITDA from continuing
operations for the fiscal year ended April 29, 2023 is within the
range previously reported in the Company's press release dated May
31, 2023. While the Company does not expect any significant
changes to the aforementioned preliminary unaudited financial
information, such preliminary financial information remains subject
to change pending the completion of the Company's final closing
procedures and the audit of the Company's financial statements for
the fiscal year ended April 29, 2023 by its independent registered
public accounting firm.
As of January 28, 2023, the company had $1.28 billion in total
assets against $1.104 billion in total liabilities.
BENEFYTT TECHNOLOGIES: Taps Ankura as Financial Advisor
-------------------------------------------------------
Benefytt Technologies, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Ankura Consulting Group, LLC as financial advisor.
The Debtors require a financial advisor to:
a. assist in the Debtors' restructuring efforts;
b. assist in the evaluation, potential revision to and
presentation of the Debtors' business plan and any related
forecasts;
c. assist in financing issues including assistance in the
preparation of reports and liaising with creditors;
d. provide services to assist the Debtors in the administration
of their Chapter 11 cases, including support related to motions and
other required filings;
e. interface with creditors and other constituencies in the
cased and assist in the preparation of due diligence information
and reports to such constituencies;
f. assist in the negotiation, approval or confirmation of any
disclosure statement and plan of reorganization;
g. assist the Debtors with respect to bankruptcy-related claims
reporting, estimation, review, and reconciliation process;
h. assist the Debtors in preparing required reports by the court
and the Bankruptcy Code, including, but not limited to, monthly
operating reports, statements of financial affairs, and schedules
of assets and liabilities;
i. oversee cash and liquidity management activities;
j. assist the Debtors' management team in the development and
implementation of a communications plan for customers, vendors, and
employees and, where appropriate, assist in communications and
negotiations with constituents involved in the Chapter 11
proceedings;
k. testify on behalf of the Debtors to the extent requested in
connection with any bankruptcy or other court proceeding; and
l. perform other financial advisory services.
The firm will be paid at these rates:
Senior Managing Directors/Managing Directors $950 to $1,285
per hour
Senior Directors & Directors $650 to $900per
hour
Senior Associates & Associates $450 to $600
per hour
Paraprofessionals $350 to $405
per hour
The firm received unapplied advance payments from the Debtors in
the amount of $800,000. During the 90-day period prior to the
petition date, the Debtors paid the firm $2,823,766.73 in aggregate
for professional services performed and expenses incurred,
including the retainer. As of the petition date, approximately
$475,000 remains in the retainer.
Roy Gallagher, a partner at Ankura, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Roy Gallagher
Ankura Consulting Group, LLC
485 Lexington Avenue, 10th Floor
New York, NY 10017
Tel: (212) 818 1555
Mobile: (917) 273 9748
Email: Roy.gallagher@ankura.com
About Benefytt Technologies
Benefytt Technologies, Inc. is a technology-driven distributor of
insurance products covering Medicare-related insurance plans as
well as other types of health insurance and supplemental products.
It operates in 44 states including Texas, New York, California, and
Florida.
On May 23, 2023, Benefytt Technologies and 17 affiliated debtors,
including American Service Insurance Agency LLC, filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90566).
Benefytt Technologies disclosed assets of $1 billion to $10 billion
and liabilities of $500 million to $1 billion as of the bankruptcy
filing.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
local and conflicts counsel; Ankura Consulting Group, LLC as
financial advisor; and Jefferies Group, LLC as investment banker.
Stretto, Inc. is the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors 'Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Lowenstein
Sandler, LLP as bankruptcy counsels, and AlixPartners, LLP as
financial advisor.
BENEFYTT TECHNOLOGIES: Taps Jackson Walker as Local Counsel
-----------------------------------------------------------
Benefytt Technologies, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Jackson Walker, LLP.
The Debtors require a local and conflicts counsel to:
a. give advice regarding local rules, practices and
procedures, including Fifth Circuit law;
b. provide certain services in connection with the
administration of the Debtors' Chapter 11 cases, including, without
limitation, preparing agendas, hearing notices and witness and
exhibit lists, and coordinating with chambers;
c. review and comment on proposed drafts of pleadings to be
filed with the court;
d. at the request of the Debtors, appear in court and at any
meeting with the U.S. Trustee and creditors;
e. perform all other services assigned by the Debtors to the
firm as bankruptcy local and conflicts co-counsel; and
f. provide legal advice on any matter in which Kirkland &
Ellis may have a conflict, including any conflict matters arising
in these Chapter 11 cases or as needed based on specialization.
The firm will be paid at these rates:
Partners $750 to $1,075 per hour
Associates $475 to $750 per hour
Paraprofessionals $230 to $250 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The initial retainer is $100,000.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Jackson
Walker 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 post-petition, explain the
difference and the reasons for the difference.
Response: The firm's hourly rates are as follows: partners,
$1,045; other restructuring attorneys, $475 to $1,075; and
paraprofessionals, $230 to $250. The firm represented the Debtors
during the weeks immediately before the petition date using the
foregoing hourly rates.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The firm has not prepared a budget and staffing
plan.
Matthew Cavenaugh, Esq., a partner at Jackson Walker, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
Jackson Walker can be reached at:
Matthew D. Cavenaugh, Esq.
Jackson Walker, LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: mcavenaugh@jw.com
About Benefytt Technologies
Benefytt Technologies, Inc. is a technology-driven distributor of
insurance products covering Medicare-related insurance plans as
well as other types of health insurance and supplemental products.
It operates in 44 states including Texas, New York, California, and
Florida.
On May 23, 2023, Benefytt Technologies and 17 affiliated debtors,
including American Service Insurance Agency LLC, filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90566).
Benefytt Technologies disclosed assets of $1 billion to $10 billion
and liabilities of $500 million to $1 billion as of the bankruptcy
filing.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
local and conflicts counsel; Ankura Consulting Group, LLC as
financial advisor; and Jefferies Group, LLC as investment banker.
Stretto, Inc. is the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors 'Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Lowenstein
Sandler, LLP as bankruptcy counsels, and AlixPartners, LLP as
financial advisor.
BENEFYTT TECHNOLOGIES: Taps Kirkland & Ellis as Legal Counsel
-------------------------------------------------------------
Benefytt Technologies, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Kirkland & Ellis, LLP and Kirkland & Ellis International,
LLP as their legal counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and duties
in the continued management and operation of their businesses and
properties;
b. advising and consulting on the conduct of the Debtors'
Chapter 11 cases, including all of the legal and administrative
requirements of operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties involved in the Debtors' cases;
d. taking all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which they are involved, including objections to claims filed
against the estates;
e. preparing pleadings;
f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
g. advising the Debtors in connection with any potential sale of
assets;
h. appearing before the bankruptcy court and any appellate
courts;
i. advising the Debtors regarding tax matters;
j. taking any necessary action to negotiate, prepare and obtain
approval of a disclosure statement and confirmation of a Chapter 11
plan and all documents related thereto; and
k. performing all other necessary legal services, including (i)
analyzing the Debtors' leases and contracts and the assumption and
assignment or rejection thereof; (ii) analyzing the validity of
liens against the Debtors' assets; and (iii) advising the Debtors
on corporate and litigation matters.
The firms will be paid at these rates:
Partners $1,195 to $2,245 per hour
Of Counsel $820 to $2,125 per hour
Associates $685 to $1,395 per hour
Paraprofessionals $295 to $575 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
On April 27, 2023, the Debtors paid the firm $500,000 as advance
payment retainer. Subsequently, the Debtors paid the firm
additional advance payment retainer totaling $1.96 million in the
aggregate.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, the
firms 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 post-petition, explain the
difference and the reasons for the difference.
Response: The firms' current hourly rates for services rendered
on behalf of the Debtors range as follows: partners, $1,195 to
$2,245; of counsel, $820 to $2,125; associates, $685 to $1,395; and
paraprofessionals, $295 to $575. The firms represented the Debtors
from May 1 to Dec. 31, 2022, using these hourly rates: partners,
$1,135 to $1,995; of counsel, $805 to $1,845; associates, $650 to
$1,245; and paraprofessionals, $265 to $495.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Yes, for the period from May 23 to Sept. 23, 2023.
Patrick Nash, Jr., Esq., president of Patrick J. Nash, Jr., P.C., a
partner of Kirkland & Ellis, disclosed in court filings that the
firms are "disinterested" within the meaning of Section 101(14) of
the Bankruptcy Code.
The firms can be reached through:
Patrick J. Nash, Jr., Esq.
Patrick J. Nash, Jr., P.C.
Kirkland & Ellis, LLP
Kirkland & Ellis International, LLP
300 North LaSalle Street
Chicago, IL 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: patrick.nash@kirkland.com
About Benefytt Technologies
Benefytt Technologies, Inc. is a technology-driven distributor of
insurance products covering Medicare-related insurance plans as
well as other types of health insurance and supplemental products.
It operates in 44 states including Texas, New York, California, and
Florida.
On May 23, 2023, Benefytt Technologies and 17 affiliated debtors,
including American Service Insurance Agency LLC, filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90566).
Benefytt Technologies disclosed assets of $1 billion to $10 billion
and liabilities of $500 million to $1 billion as of the bankruptcy
filing.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
local and conflicts counsel; Ankura Consulting Group, LLC as
financial advisor; and Jefferies Group, LLC as investment banker.
Stretto, Inc. is the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors 'Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Lowenstein
Sandler, LLP as bankruptcy counsels, and AlixPartners, LLP as
financial advisor.
BIG VILLAGE: To Seek Plan Confirmation on Aug. 24
-------------------------------------------------
Judge Craig T. Goldblatt has entered an order approving Big Village
Holding LLC, et al.'s Combined Disclosure Statement and Joint
Chapter 11 Plan on an interim basis for solicitation purposes under
Bankruptcy Code.
The Plan confirmation hearing is scheduled for Aug. 24, 2023, at
1:00 p.m. (prevailing Eastern Time).
Objections to approval and confirmation of the Combined Disclosure
Statement and Plan on any grounds, including the adequacy of the
disclosures therein, if any, must be filed and served no later than
4:00 p.m. (prevailing Eastern Time) on August 15, 2023.
To be counted as votes to accept or reject the Combined Disclosure
Statement and Plan, a Ballot must be properly executed, completed,
and delivered, by mail, overnight courier, personal delivery, or by
submitting a properly completed E-Ballot to the Voting Agent in
accordance with the instructions on the Ballot or E-Ballot so that
it is actually received no later than 4:00 p.m. (prevailing Eastern
Time) on August 15, 2023.
The Debtors must, if they deem necessary in their discretion, and
any other party in interest may, file a reply to any objections or
brief in support of approval of the Combined Disclosure Statement
and Plan by no later than noon (prevailing Eastern Time) on August
23, 2023 (or 1 business days prior to the date of any adjourned
Confirmation Hearing).
Chapter 11 Plan
Big Village Holding LLC, et al., submitted a Combined Disclosure
Statement and Joint Chapter 11 Plan.
The Plan provides for the liquidation of the Debtors' remaining
assets and distribution of the proceeds of the assets to the
holders of allowed claims against the Debtors.
The Debtors' paramount goal in the Chapter 11 Cases is to maximize
the value of the estates for the benefit of the Debtors' creditor
constituencies and other stakeholders through the sale of
substantially all of the Assets. On the Petition date, the Debtors
filed a motion seeking authority to proceed with a bidding and
auction process to consummate a sale or series of sales that the
Debtors expect will generate maximum value for their assets.
To facilitate the Sale Process, the Debtors, in consultation with
Stephens and their other professional advisors, proposed certain
customary bidding procedures (the "Bidding Procedures") to preserve
flexibility in the Sale Process, generate the greatest level of
interest in the Debtors' assets, and result in the highest or
otherwise best value for those assets. Given the Debtors' liquidity
situation at the outset of the Chapter 11 Cases, the Debtors
believed that a timely sale of their assets would maximize value to
the greatest extent possible under the circumstances of these
Chapter 11 Cases, and generate the highest possible recoveries in
the most efficient and expeditious manner possible, which will
inure to the benefit of the Debtors' creditors and other
stakeholders. The Debtors also believed that it would ensure, to
the benefit of their estates, that the market has certainty around
the parameters of the Sale Process. As set forth in the Bidding
Procedures Motion, the Debtors, in consultation with Stephens and
their other professional advisors worked extensively to implement a
robust and expeditious Sale Process. On March 13, 2023, the
Bankruptcy Court entered the Bidding Procedures Order, approving
the Bidding Procedures and establishing, among other things, April
3, 2023, as the bid deadline, April 4, 2023, as the auction date,
and April 6, 2023, as the hearing to approve the Sales.
The Stalking Horse Purchase Agreements served as the baseline for
all prospective bidders to negotiate from, and were be subject to
higher or otherwise better bids for the Assets pursuant to the
Bidding Procedures. To this end, shortly after the Petition Date,
Stephens commenced the formal post-petition marketing process for
all Assets by circulating a "teaser" to various prospective
strategic, financial and hybrid buyers. The teaser included a brief
description of the Assets and the Sale Process, and was accompanied
by a form NDA. In addition, prior to the Petition Date, Stephens
finalized a confidential information memorandum for the Assets, and
populated the Data Room with related diligence information. After
the Petition Date, Stephens contacted or received inbound interest
from 24 potentially interested parties, including various parties
that had been contacted prior to the Petition Date, regarding the
Assets related to the Agency and Insight business. As to the
Debtors' EMX business, Stephens contacted or received inbound
interest from 45 parties through the postpetition marketing
process, including various parties that had been contacted prior to
the Petition Date. Stephens continued its efforts to market the
Assets and ensure that the Debtors were able to obtain the highest
and best value for the Assets through the commencement of the
auction. Prior to the commencement of the auction, all potentially
interested parties received an updated process letter outlining the
sale and auction process and there were over 23 parties who were
granted access to the Data Room.
The Debtors ultimately received bids from the following bidders:
ZStream Acquisition, LLC (Stalking Horse), InMarket Media, LLC,
NMMB, Inc. (Stalking Horse), Bright Mountain Media, Inc., MDC
Corporate (US) LLC, CPX Interactive LLC, Cadent LLC, InMarket
Media, LLC, BH Acquisition LLC, Did-It.com LLC, Insticator, Inc.
The Debtors commenced an auction on April 4, 2023, which lasted two
days. During the course of the first day of the auction on April
4th, the Debtors worked with the bidders to align all of the bids
to be on largely comparable terms on comparable assets in order to
maximize the Debtors' ability to realize the largest bid increases
during live auction bidding. Following several off-the-record
working sessions with the bidders and spirited live-auction bidding
– which included 38 rounds of bidding on the Agency and Insights
businesses alone – the following parties were declared as the
winning bidders:
a. Agency and Insights Businesses (together): Bright Mountain
Media, Inc. for $19,274,000.
b. Managed Services Business: ZStream Acquisition, LLC (the EMX
Stalking Horse), for the stalking horse purchase price of $2.1
million, plus 100% of the accounts receivable for the managed
services business estimated at approximately $1.5-1.6 million.
c. Balihoo Business: Insticator, Inc. for $900,000
As a result of the first day of the auction, the Debtors were able
to realize $8.174 million in cash value over and above the stalking
horse bid for the Agency, Insights and Balihoo businesses and
approximately $3.6-3.7 million in cash value for the managed
services business. These cash values do not include any assumed
liabilities and/or cure claims, which the Debtors' estimate to be
an additional $8-9 million in sale consideration. On April 5, 2023,
the Debtors commenced the second day of the Auction for the SSP
Sale. The winning bidder for the Assets related to the SSP business
was Cadent LLC for a cash purchase price of $4,900,000 plus a cash
payment equal to 70% of the SSP business's accounts receivable,
which the Debtors estimate to be $2,184,000, for a total purchase
price of $7,084,000. Notably, the Debtors had no stalking horse
purchaser for these assets. The Bankruptcy Court held a hearing and
approved the Sales on April 6, 2023, and entered orders approving
each of the Sales on April 10, 2023, and April 12, 2023. The Sales
closed between April 14 and April 22, 2023.
The Committee, the Prepetition Lenders, Lake Capital, and the
Debtors engaged in extensive, detailed good faith and arm's-length
negotiations to resolve any outstanding issues and to formulate a
fully consensual chapter 11 plan supported by the Committee and the
Prepetition Lenders. Shortly before filing this Plan, the
Committee, Prepetition Lenders, Lake Capital, and the Debtors
finalized those discussions and ultimately agreed to the terms of
the Global Settlement, the terms of which are:
i. The Committee supports this Plan, including but not limited
to the release and exculpation provisions set forth in Article XIV
hereof.
ii. $795,000 of the Prepetition Lenders' Cash Collateral (as
defined in the Final Cash Collateral Order) shall be carved out of
the Prepetition Lenders' Class 3 recovery and contributed to fund
the GUC Cash Allocation.
iii. Under the Plan, all of the available sale proceeds and
available Cash shall be distributed to the Prepetition Lenders
after funding of any reserves required under the Plan and payment
of allowed administrative expenses and priority claims in full,
subject to the following.
iv. The GUC Cash Allocation shall be reserved for the sole and
exclusive purpose of satisfying Allowed General Unsecured Claims in
accordance with this Plan, which Allowed General Unsecured Claims
against each of the Debtors shall be consolidated for purposes of
voting, allowance, and distribution provided, however, that the
Prepetition Lenders waive the Prepetition Loan Deficiency Claim and
shall not participate in any Distributions from of the GUC Cash
Allocation, and provided further, that the Lake Capital Claims
shall also not participate in any Distributions from of the GUC
Cash Allocation.
v. Any and all Avoidance Actions shall be waived and
extinguished upon the Effective Date. vi. The Debtors, in
consultation with the Committee shall exercise commercially
reasonable efforts prior to the Effective Date to administer and
reconcile General Unsecured Claims so that (a) the pool of allowed
general unsecured claims is determined as soon as possible (taking
into account that distributions will represent a small percentage
of projected Allowed General Unsecured Claims), and (b)
distributions can be made by the Debtors out of the GUC Cash
Allocation promptly following the Effective Date of the Plan. The
Debtors shall provide draft claim objections to the Committee 3
days prior to filing, and will make appropriate personnel and
advisors available to address any questions or concerns regarding
such claim objections.
vi. All approved fees and expenses of the Committee's
professionals shall be paid in full through the Effective Date of
this Plan in accordance with the approved budget set forth in the
Final Cash Collateral Order.
Since the closing of the sales, the Debtors have focused on
efficiently winding down their businesses, preserving Cash held in
the Estates, and monetizing their remaining Assets. The remaining
Assets currently consist of, among other things, Cash, certain
deposits, prepayments, credits and refunds, insurance policies or
rights to proceeds thereof, accounts receivables, and Retained
Causes of Action. This combined Plan and Disclosure Statement
provides for the Assets, to the extent not already liquidated, to
be liquidated over time and the proceeds thereof to be distributed
to holders of Allowed Claims in accordance with the terms of the
Plan and the treatment of Allowed Claims described more fully
herein. The Plan Administrator will effect such liquidation and
distributions. The Debtors will be dissolved as soon as practicable
after the Effective Date.
Under the Plan, Class 4 General Unsecured Claims total $63,993,127
and will receive such Holder's pro rata share of the GUC Cash
Allocation, solely on account of the Global Settlement, provided,
however that the Lake Capital Claims and the Prepetition Loan
Deficiency Claim shall not participate in any Distributions from
the GUC Cash Allocation. Creditors will recover 1-2% of their
claims. Class 4 is impaired.
"GUC Cash Allocation" shall mean the reserve of $795,000 funded
into escrow within five Business Days of the Effective Date for the
sole and exclusive purpose of satisfying Allowed General Unsecured
Claims in accordance with this Plan, provided, however, that the
Lake Capital Claims and the Prepetition Loan Deficiency Claim shall
not participate in any Distributions from the GUC Cash Allocation.
All consideration necessary to make all monetary payments in
accordance with the Plan will be obtained from the remaining Cash,
and cash equivalents of the Debtors and their Estates, or their
subsidiaries, and the proceeds of Plan Administration Assets to be
monetized through the Plan Administrator.
Counsel for the Debtors:
Michael R. Nestor, Esq.
Joseph Barry, Esq.
Joseph M. Mulvihill, Esq.
Heather P. Smillie, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street, Rodney Square
Wilmington, DE 19801
Tel: (302) 571-6600
Facsimile: (302) 571-1253
E-mail: mnestor@ycst.com
jbarry@ycst.com
jmulvihill@ycst.com
hsmillie@ycst.com
A copy of the Order dated July 12, 2023, is available at
https://tinyurl.ph/vZRRf from PacerMonitor.com.
A copy of the Combined Disclosure Statement and Joint Chapter 11
Plan dated July 12, 2023, is available at https://tinyurl.ph/JWTQe
from PacerMonitor.com.
About Big Village Holding
Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia. They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.
Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel; Portage Point Partners, LLC as restructuring advisor; and
Stephens, Inc. as investment banker. Kroll Restructuring
Administration, LLC is the claims and noticing agent and
administrative advisor.
BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's attorneys,
Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's
attorney, L. Katherine Good.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Steven Golden, Esq.
BLUE STAR: Signs Deal to Waive Stock Purchase Agreement Requirement
-------------------------------------------------------------------
Blue Star Foods Corp., Taste of BC Aquafarms Inc., a corporation
formed under the Province of British Columbia, Canada, and Steve
Atkinson and Janet Atkinson, entered into an agreement to waive a
requirement in the First Amendment to Stock Purchase Agreement,
entered into as of June 24, 2021, between the same parties, that an
aggregate of 17,247 shares (after taking into account the Company's
1:20 reverse stock split effective June 21, 2023) of common stock
of the Company be held in escrow and be released from escrow and
delivered to the Sellers, if at June 24, 2023, the twenty-four
month anniversary of the closing of the acquisition of TOBC by the
Company, TOBC had cumulative revenues of at least C$1,300,000, or
if TOBC's cumulative revenue has not reached C$1,300,000, the
Sellers would be entitled to a prorated number of Additional
Shares. Accordingly, the Board of Directors of the Company
authorized its escrow agent, to instruct the Company's transfer
agent to deliver 8,451 Additional Shares to Steve Atkinson and
8,796 Additional Shares to Janet Atkinson.
On June 16, 2023, the Company terminated the loan and security
agreement, dated March 31, 2021, between Lighthouse Financial
Corp., a North Carolina corporation, and the Company's wholly-owned
subsidiary, John Keeler & Co., Inc., d/b/a Blue Star Foods, a
Florida corporation and its wholly-owned subsidiary, Coastal Pride
Seafood, LLC, a Florida limited liability company and paid a total
of approximately $108,471 to Lighthouse which included, as of June
16, 2023, an outstanding principal balance of approximately
$93,490, accrued interest of approximately $9,988, and other fees
incurred in connection with the line of credit of approximately
$4,991. Upon the repayment of the total outstanding indebtedness
owing to Lighthouse, the Loan Agreement and all other related
financing agreements and documents entered into in connection with
the Loan Agreement were deemed terminated.
As previously reported, pursuant to the terms of the Loan
Agreement, Lighthouse made available to Keeler & Co. and Coastal
Pride a $5,000,000 revolving line of credit for a term of
thirty-six months, renewable annually for one-year periods.
Amounts due under the line of credit were represented by a
revolving credit note issued to Lighthouse by the Borrowers. The
line of credit was secured by a first priority security interest on
all the assets of each Borrower. Pursuant to the terms of a
guaranty agreement, the Company guaranteed the obligations of the
Borrowers under the note and John Keeler, executive chairman and
chief executive officer of the Company, provided a personal
guaranty of up to $1,000,000 to Lighthouse.
About Blue Star Foods
Based in Miami, Florida, Blue Star Foods Corp.
--https://bluestarfoods.com -- is a seafood company with a focus on
Recirculatory Aquaculture Systems (RAS) that processes, packages
and sells high-value seafood products. The Company believes it
utilizes best-in-class technology, in both resource sustainability
management and traceability, and ecological packaging. The Company
also owns and operates the oldest continuously operating
Recirculating Aquaculture System (RAS) full grow-out salmon farm in
North America.
Blue Star reported a net loss of $13.19 million for the year ended
Dec. 31, 2022, compared to a net loss of $2.61 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $8.68
million in total assets, $9.92 million in total liabilities, and a
total stockholders' deficit of $1.24 million.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
BOXED INC: To Seek Plan Confirmation on Aug. 30
-----------------------------------------------
Judge Brendan L. Shannon has entered an order approving Boxed,
Inc., et al.'s Combined Plan and Disclosure Statement on an interim
basis.
The combined hearing to consider approval of the Combined Plan and
Disclosure Statement is scheduled for August 30, 2023 at 10:30 a.m.
(Eastern Time) at the United States Bankruptcy Court for the
District of Delaware, before the Honorable Judge Brendan L. Shannon
in the United States Bankruptcy Court for the District of Delaware,
824 North Market Street, 6th Floor, Courtroom No. 1, Wilmington, DE
19801.
Any Plan Supplement must be filed with the Court no later than
August 16, 2023.
Ballots must be received at least Wednesday, August 23, 2023, at
4:00 p.m. (ET) in accordance with the instructions on the Ballot,
unless extended by the Debtors in writing.
Objections to the adequacy of the disclosures or confirmation of
the Plan must be filed and served to be received by all such
parties at least August 21, 2023 at 4:00 p.m. (Eastern Time).
Any party supporting the Combined Plan and Disclosure Statement may
file a statement in support or a reply to any objection to
confirmation of the Combined Plan and Disclosure Statement at least
August 25, 2023 at 4:00 p.m. (Eastern Time).
The Combined Plan and Disclosure Statement voting certification
must be filed at least August 25, 2023 at 4:00 p.m. (Eastern
Time).
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP and Alvarez & Marsal North America,
LLC serve as the committee's legal counsel and financial advisor,
respectively.
BRIGHT MOUNTAIN: Provides Shareholder Update
--------------------------------------------
Bright Mountain Media, Inc. issued an update to shareholders from
its Chief Executive Officer, Matt Drinkwater.
Dear Fellow Shareholders,
2023 has been a transformative year for Bright Mountain Media, even
as the media landscape continues to evolve. Bright Mountain Media
is focused on growth, and we find ourselves at the beginning of a
tectonic change in media and privacy practices.
Now more than ever, companies are looking for new and additional
means to target their messaging to their desired audiences as
regulatory concerns accelerate the impact on existing industry
standards. Washington has spoken, and tech companies will be
limited in how they monetize your personal information for
advertising purposes.
Two highly visible examples of this trend are the impending
degradation of Google's Third party cookie and the data security
measures embedded within Apple's iPhone. This has created a need
for companies to find new methods to better understand their target
audiences, and have the tools to reach those audiences.
It's in this ever-changing environment that, in a transformative
deal, Bright Mountain acquired the assets of Big Village's Insights
and Agency divisions in April 2023. Big Village is a licensed and
accredited market research firm, where data is at the forefront of
providing valuable consumer insight.
What Is Big Village and Why It Is Important
First and foremost, acquiring Big Village's assets creates a step
change in the financial profile of our company. Insights and
Agency bring Bright Mountain approximately $50 million of
annualized revenue. This compares to the approximately $19.6
million of revenue Bright Mountain reported in 2022. Additionally,
the combined entity had assets of over $72 million, as of March 31,
2023 pro forma financials. This increase also brings scale to the
organization and should bring the cost advantages you'd expect. We
are now the operators of a massive insights and data business.
Big Village Insights provides robust consumer data and market
research assets to Bright Mountain's portfolio, making Bright
Mountain a destination for companies looking to understand their
customers' preferences, seeking creative and media solutions to
reach those customers, and requiring brand measurement tools to
track success. The Agency division adds to Bright Mountain a
creative and media platform for our customers to formulate media
strategy, produce associated media, and manage the execution of
that strategy.
How Does Big Village Fit In Bright Mountain's Broader Strategy?
We believe the addition of Big Village evolves Bright Mountain to
meet and lead the current media market, transforming the company
from a simple media publishing organization to a complete media
solutions provider that pairs publishing, creative media,
data-driven research that creates in-depth customer insights, and
technology-enhanced optimization and targeting. Big Village allows
Bright Mountain to refer internal opportunities providing overlap
across our varied customer bases. With this overlap, Bright
Mountain can monetize existing customer relationships multiple
times, creating a flywheel effect.
Final Thoughts
The regulatory environment surrounding personally identifiable
information is changing in favor of individual privacy. Consumers
are also placing more emphasis on privacy in their everyday
decisions. With Apple introducing new privacy features to the
iPhone and Google moving away from tracking users with Cookies,
acquiring consumer data and insights becomes ever more critical.
As the big players in consumer data move away from publicizing
their data, Bright Mountain looks to fill the void as a licensed
and accredited market research firm. The opportunity is enormous,
with global digital advertising reaching $626.9 billion in 2023 and
expected to grow 10% annually through 2026.
The media market remains a fragmented space. With our unique
product set, we are positioned to capitalize on opportunities to
grow, both organic and inorganic. With Big Village's addition,
Bright Mountain Media now presents a unique value proposition that
only becomes more important over time.
We are excited about the position we are in and where we believe
the overall market for research, publishing and data-driven
solutions are heading. We believe Bright Mountain is uniquely
positioned to take advantage of the evolving regulatory environment
and capitalize on the data group and capabilities we have in house.
We look forward to sharing the progress with all of our
stakeholders in the coming months and years.
Sincerely,
Matt Drinkwater, CEO
About Bright Mountain
Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
www.brightmountainmedia.com -- is engaged in operating a
proprietary, end-to-end digital media and advertising services
platform designed to connect brand advertisers with
demographically-targeted consumers -- both large audiences and more
granular segments -- across digital, social and connected
television publishing formats. The Company defines "end-to-end" as
its process for taking ad buying from beginning to end, delivering
a complete functional solution, usually without requiring any
involvement from a third party.
Bright Mountain reported a net loss of $8.13 million for the year
ended Dec. 31, 2022, compared to a net loss of $12 million for the
year ended Dec. 31, 2021. For the three months ended Dec. 31,
2022, the Company reported a net loss of $2.32 million. As of Dec.
31, 2022, the Company had $29.20 million in total assets, $43.27
million in total liabilities, and a total stockholders' deficit of
$14.07 million.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2021, issued a "going concern"
qualification in its report dated March 28, 2023, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.
BRYANT HARDWOOD: Unsecured Creditors to Get Full Payment in 1 Year
------------------------------------------------------------------
Bryant Hardwood Floors, Incorporated submitted an Amended Plan of
Reorganization.
Bryant Hardwood Floors, Incorporated, is a corporation organized
under the State of North Carolina. The primary business of BHF is
the sale and installation of hardwood flooring, primarily in the
residential new construction market. It operates out of its
facility located in Spring Hope, NC and historically worked in the
surrounding area.
Under the Plan, Class 4 consists of General Unsecured Claims,
including any deficiency claims arising from other classes. The
Debtor is aware of the following unsecured claims:
A. North Carolina Department of Revenue, in the amount of
$1,668.03;
B. LVNV Funding, LLC in the amount of $675.90;
C. Verizon, in the amount of $2,142.11; and
D. IRS, in the amount of $3,100.
The Plan will pay the Unsecured Creditors 100% of any allowed
Unsecured Claims within 1 year of the Effective Date. Class 4 is
impaired.
The Debtor will fund the Plan through monthly income from its
business.
In addition, the principal of the Debtor, Kevin Bryant and his
wife, Kelly Bryant, have agreed to fund payments as necessary to
support the Plan.
Attorney for the Debtor:
J.M. Cook, Esq.
J.M. COOK, P.A.
5886 Faringdon Place, Suite 100
Raleigh, NC 27609
Tel: (919) 675-2411
Fax: (919) 882-1719
E-mail: J.M.Cook@jmcookesq.com
A copy of the Amended Plan of Reorganization dated July 12, 2023,
is available at https://tinyurl.ph/fllBE from PacerMonitor.com.
About Bryant Hardwood Floors
Bryant Hardwood Floors, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-00341) on Feb. 7, 2023, with $100,001 to $500,000 in assets and
$50,001 to $100,000 in liabilities.
J.M. Cook, Esq., at J.M. Cook, P.A. serves as the Debtor's legal
counsel.
BUSHWICK BEER: Taps Kantrow Law Group as Bankruptcy Counsel
-----------------------------------------------------------
Bushwick Beer Garden, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Kantrow Law
Group, PLLC as its bankruptcy counsel.
The firm's services include:
a. analysis of the financial situation and rendering advice and
assistance to the Debtor;
b. representation of the Debtor;
c. preparation of legal documents, including disclosure
statement and bankruptcy plan in connection with the Debtor's
Chapter 11 case; and
d. other legal services.
The hourly rates charged by the firm's attorneys are as follows:
Partners $625 per hour
Associates $335 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $10,000.
Fred Kantrow, Esq., a partner at Kantrow 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 at:
Fred S. Kantrow, Esq.
Kantrow Law Group, PLLC
732 Smithtown Bypass, Suite 101
Smithtown, NY 11787
Tel: (516) 703 3672
Email: fkantrow@thekantrowlawgroup.com
About Bushwick Beer Garden
Bushwick Beer Garden LLC, doing business as Rebel Cafe & Garden,
operates as a restaurant at 2 Knickerbocker Avenue, Brooklyn, N.Y.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41980) on June 2,
2023, with up to $1 million in both assets and liabilities. Judge
Nancy Hershey Lord oversees the case.
Fred S. Kantrow, Esq., at The Kantrow Law Group, PLLC, represents
the Debtor as legal counsel.
CAIR HEATING: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Cair Heating and Cooling, LLC asks the U.S. Bankruptcy Court for
the Western District of Kentucky, Louisville Division, for
authority to use cash collateral in accordance with the budget,
with a 10% variance.
The Debtor proposes to use cash collateral to meet its postpetition
obligations and pay its expenses, general and administrative
operating expenses, and other necessary costs and expenses incurred
during the pendency of the bankruptcy case.
In early 2023, several of the general contractors that the Debtor
works for began paying accounts receivable to the Debtor on a
delayed basis.
This caused cash flow issues for the Debtor, who turned to merchant
cash advance lenders in order to address the delayed cash flow
while continuing to complete its work and begin new projects.
The lenders include On Deck Capital, LLC; Rocket Capital NY, LLC;
TVT 2.0 LLC and Cucumber Capital, LLC. Repayment of the merchant
cash advance lenders was made via daily or weekly ACH debits which
did not change, even if the Debtor's revenue decreased.
The ultimate result of the repeated ACH debits by the merchant cash
advance lenders was to further constrict the Debtors' cash flow.
The Debtor defaulted under the merchant cash advance agreements and
several of the lenders issued UCC lien notices to general
contractors with outstanding accounts receivable due to the Debtor.
Specifically, the Debtor is aware that UCC lien notices were issued
to these clients: Bosse Construction, Arbor Homes/Clayton
Properties Group, Clover Construction Management, J.A. Fielden Co.,
Inc., Thorndale Construction and Ruscilli. Other general
contractors have likely received UCC lien notices that the Debtor
is unaware of.
Consequently, several general contractors have frozen payments to
the Debtor, putting it at risk of not being able to continue
operations. In order to resolve the outstanding issues related to
the merchant cash advance lenders, restore revenues, maintain its
existing contracts, and to maintain the going value of the
business, the Debtor has elected to reorganize its finances under
Chapter 11 of the United States Bankruptcy Code.
Cucumber Capital LLC, Daikin Comfort Technology Distribution, Inc.,
U.S. Small Business Administration, On Deck Capital, LLC, Rocket
Capital NY, LLC and TVT 2.0, LLC may claim an interest in Cash
Collateral based on their security agreements, the UCC-1 filings
lodged with the Kentucky Secretary of State's office, and UCC-1
lien notices served upon general contractors engaging the Debtor.
In consideration of the Cash Collateral Creditors' consent to the
Debtor's use of cash collateral and as part of the adequate
protection for any diminution in the value of the Cash Collateral
Creditors' interests in the prepetition collateral, pursuant to 11
U.S.C. sections 361 and 363, the Debtor proposes to grant the Cash
Collateral Creditors replacement liens upon future receipts and all
assets of the Debtor of the same type and description as the
prepetition collateral as of the Petition Date. The Debtor will
continue to account for all cash use, and the proposed cash use is
being incurred to preserve property of the Estate.
A copy of the motion is available at https://urlcurt.com/u?l=jtwGHs
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=yFJtsL
from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$344,965 for the week ending July 21;
$344,965 for the week ending July 29;
$344,965 for the week ending August 4; and
$344,965 for the week ending August 11.
About Cair Heating and Cooling, LLC
Cair Heating and Cooling, LLC has historically been engaged in both
commercial and residential HVAC installations, and currently
maintains warehouses and offices in Louisville, Kentucky,
Cincinnati, Ohio; Columbus, Ohio; and Indianapolis, Indiana. The
majority of the Debtor's work consists of installing HVAC systems
in multi-family residential projects.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr W.D. Ky. Case No. 23-31622) on July 14, 203.
In the petition signed by Kevin Clapp, president, the Debtor
disclosed up to $10 million in both assets and liabilities.
CHARLES & 20: Taps Tydings & Rosenberg as Legal Counsel
-------------------------------------------------------
Charles & 20, LLC received approval from the U.S. Bankruptcy Court
for the District of Maryland to employ Tydings & Rosenberg, LLP as
its legal counsel.
The firm's services include:
a. providing the Debtor with legal advice with respect to its
powers and duties in the operation of its business and management
of its property;
b. representing the Debtor in defense of proceedings instituted
to reclaim property or to obtain relief from the automatic stay
under Section 362(a) of the Bankruptcy Code;
c. preparing legal papers and appearing on the Debtor's behalf
in proceeding instituted by or against the Debtor;
d. assisting the Debtor in the preparation of schedules,
statements of financial affairs, and any amendments thereto that
the Debtor may be required to file in its Chapter 11 case;
e. assisting in the evaluation of a possible sale of the
Debtor's business or assets, if necessary;
f. assisting the Debtor in the preparation of a plan of
reorganization or orderly liquidation and a disclosure statement,
if necessary;
g. assisting the Debtor with all bankruptcy legal work; and
h. other necessary legal services.
Tydings & Rosenberg will be paid at these rates:
Counsel $450 to $650 per hour.
Associates $275 to $325 per hour
Paralegal $175 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $50,000.
Joseph Selba, Esq., a partner at Tydings & Rosenberg, 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:
Joseph M. Selba, Esq.
Tydings & Rosenberg, LLP
1 E. Pratt Street, Suite 901
Baltimore, MD 21202
Telephone: (410) 752-9700
Email: jselba@tydingslaw.com
About Charles & 20
Charles & 20, LLC, a company in Alexandria, Va., filed its
voluntary petition for Chapter 11 protection (Bankr. D. Md. Case
No. 23-14023) on June 8, 2023, with as much as $1 million to $10
million in both assets and liabilities. Anthony C.Y. Cheng, member
and owner, signed the petition.
Judge Nancy V. Alquist oversees the case.
Joseph M. Selba, Esq., at Tydings & Rosenberg, LLP serves as the
Debtor's legal counsel.
CHRISTMAS TREE SHOPS: Committee's Conversion Motion Withdrawn
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Christmas Tree
Shops, LLC, et al., on July 10, 2023, filed with the Bankruptcy
Court a motion for an order converting the Debtors' Chapter 11
Cases to cases under chapter 7 of title 11 of the United States
Code.
The Committee, however, on July 14, 2023, filed a notice of
withdrawal of the Motion to Convert, without stating a reason.
The Committee filed a motion for a shortened notice and objection
periods with respect to the Motion to Convert, seeking a July 12
hearing on the Motion to Convert. The Court, however, denied the
request.
The Committee, said in its Motion to Convert that
1. The Debtors are out of formula on their borrowing base, in
default of their DIP loan, and on June 21, 2023, received a default
and trigger notice from the secured lenders.
2. These cases are administratively insolvent, as admitted by
the Debtors, who are suffering a "continuing loss to or diminution
to the estate" that is detrimental to creditors. U.S.C. Sec.
1112(b)(4)(A). This is evidenced by the Debtors' budget to actual
results, outlined in the Ayers Declaration, revealing repeated
revenue misses throughout the post-petition period. These revenue
misses and an inability to balance a budget between post-petition
expenses and post-petition revenues, have led to the accruing and
unpaid administrative expenses.
3. Motions to compel payment of administrative expenses made by
trade vendors and by shippers, vital to the Debtors' operations,
are both the result and further evidence of the administrative
insolvency. Landlords have sought repeatedly to be properly
protected for stub rent claims, all to no avail. This substantial
and continuing administrative insolvency is grounds for
conversion.
4. Restore Capital, LLC, is a "last out" participant in the DIP
Loan with an investment in the DIP of approximately $4.8 million.
Restore is an affiliate of Hilco, and Hilco is the selected GOB
Liquidator. Ian Fredericks, whom the Committee deposed on May 30,
2023, serves as President of both companies. This affiliation
creates mixed motives for secured lenderb Restore, whose affiliate
earns a dramatically better return from GOB Sales than Restore will
on its $4.8 million last out DIP position. The Committee believes
that this affiliation between the DIP Lender and Liquidator
necessitates a higher level of scrutiny with respect to any wind
down/GOB sale budget agreed to by the secured lenders, particularly
one that will pay only those administrative expenses that support
the GOB Sale process, but not remaining administration.
About Christmas Tree Shops
Christmas Tree Shops is a home-decor retailer that was spun off
from Bed Bath & Beyond in 2020.
Christmas Tree Shops Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10576) on May 5,
2023. In its petition, the Debtor reports between $50 million and
$100 million in assets and between $100 million and $500 million in
debt.
The Debtor's counsel:
Evelyn J. Meltzer
Troutman Pepper Hamilton Sanders, LLP
302-777-6500
evelyn.meltzer@troutman.com
CLEAN AIR CAR: Taps CBRE Inc. as Real Estate Broker
---------------------------------------------------
Clean Air Car Service & Parking Branch Two, LLC and Operr Plaza,
LLC seek approval from the U.S. Bankruptcy Court for the Eastern
District of New York to employ CBRE, Inc.
The Debtors require a real estate broker to market and sell real
properties located at 37-20 Prince St., Unit PU, Flushing, Queens
County, N.Y., and 37-31 10th St., Long Island City, Queens County,
N.Y.
The firm will be paid a commission at closing equal to the sum of
that portion of the gross sales price up to and including $10
million, multiplied by 3 percent, plus that portion of the gross
sales price over $10 million, multiplied by 5 percent.
Dan Kaplan, senior vice president of CBRE, 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:
Dan Kaplan
CBRE, Inc.
200 Park Avenue
New York, NY 10166
Tel: (212) 984-8000
About Clean Air Car Service and Operr Plaza
Clean Air Car Service & Parking Branch Two, LLC, and Operr Plaza,
LLC filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead
Case No. 23-41937) on May 31, 2023. At the time of the filing,
Clean Air Car Service reported $1 million to $10 million in assets
and $10 million to $50 million in liabilities while Operr Plaza
reported $10 million to $50 million in both assets and liabilities.
Judge Nancy Hershey Lord oversees the cases.
The Debtors tapped Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP as bankruptcy counsel.
CLEAN AIR CAR: Taps Westerman as Bankruptcy Counsel
---------------------------------------------------
Clean Air Car Service & Parking Branch Two, LLC and Operr Plaza,
LLC seek approval from the U.S. Bankruptcy Court for the Eastern
District of New York to employ Westerman Ball Ederer Miller Zucker
& Sharfstein, LLP as bankruptcy counsel.
The firm's services include:
a. administering the Debtors' bankruptcy cases and the Debtors'
affairs while in Chapter 11, including all issues arising from or
impacting the Debtors;
b. advising the Debtors with respect to their duties under the
Bankruptcy Code;
c. preparing legal papers;
d. appearing in bankruptcy court;
e. representing the interests of the Debtors in all aspects and
phases of the potential sale or other disposition of estate
assets;
f. negotiating, formulating and drafting any Chapter 11 plan of
reorganization and matters related thereto;
g. advising and guiding the Debtors with respect to any
transfer, pledge, conveyance, sale or other liquidation of their
assets;
h. conducting such investigation, if any, as the Debtors may
desire concerning, among other things, the assets, liabilities,
financial condition and operations of the Debtors that may be
relevant to these cases, including the validity, extent, priority,
and amount of alleged secured and unsecured claims and liens;
i. commencing and prosecuting adversary proceedings as may be
necessary and appropriate; and
j. such other matters as may be necessary and appropriate in the
context of the Debtors' Chapter 11 cases.
The firm will be paid at these rates:
Partners and of counsel $495 to $750 per hour
Associates $275 to $545 per hour
Paraprofessionals $250 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $25,000.
Thomas Draghi, Esq., a partner at Westerman, 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:
Thomas A. Draghi, Esq.
Alexandra Troiano, Esq.
Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
1201 RXR Plaza
Uniondale, NY 11556
Telephone: (516) 622-9200
Email: tdraghi@westermanllp.com
atroiano@westermanllp.com
About Clean Air Car Service and Operr Plaza
Clean Air Car Service & Parking Branch Two, LLC, and Operr Plaza,
LLC filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead
Case No. 23-41937) on May 31, 2023. At the time of the filing,
Clean Air Car Service reported $1 million to $10 million in assets
and $10 million to $50 million in liabilities while Operr Plaza
reported $10 million to $50 million in both assets and liabilities.
Judge Nancy Hershey Lord oversees the cases.
The Debtors tapped Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP as bankruptcy counsel.
CONSOLIDATED ELEVATOR: Has Deal on Cash Collateral Access
---------------------------------------------------------
Consolidated Elevator Company, Inc. and the U.S. Small Business
Administration advised the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, that they have
reached an agreement regarding the Debtor's use of cash collateral
and now desire to memorialize the terms of this agreement into an
agreed order.
The SBA consents to the Debtor's use of cash collateral through
either the entry of an order confirming the Debtor's Chapter 11
plan of reorganization or through November 30, 2023, whichever
comes first.
Pursuant to the Stipulation, the Debtor and the SBA have agreed to
these material terms:
-- The Parties agree that any and all of the Personal Property
Collateral constitutes the SBA's cash collateral, pursuant to 11
U.S.C. sections 361, 362, 363(a), (c)(2) and (e).
-- The Debtor will remit adequate protection payments to the
SBA in the amounts and terms as set forth in the applicable SBA
Loan documents, and continuing until further Court order regarding
interim and/or final use of cash collateral, or the entry of an
order confirming the Debtor's plan of reorganization, whichever
occurs earlier. Adequate protection payments will include the
Debtor's SBA Loan number and be sent to the payment address on the
SBA Proof of Claim or may be paid by wire transfer or pay.gov. The
Debtor agrees that any SBA mailing of monthly billing statements to
the Debtor will be for informational purposes only and will not be
deemed a violation of the automatic stay.
-- The SBA will be entitled to a super-priority claim over the
life of the Debtor's bankruptcy case, pursuant to 11 U.S.C.
sections 503(b), 507(a)(2) and 507(b), which claim will be limited
to any diminution in the value of SBA's collateral, pursuant to the
SBA Loan, as a result of Debtor's use of cash collateral on a
post-petition basis.
-- As adequate protection, retroactive to the Petition Date,
SBA will receive a replacement lien on all postpetition revenues of
the Debtor to the same extent, priority and validity that its liens
attached to the cash collateral. The scope of the Replacement Lien
is limited to the amount (if any) that cash collateral diminishes
postpetition as a result of the postpetition use of cash collateral
by the Debtor. The Replacement Lien is valid, perfected and
enforceable and will not be subject to dispute, avoidance, or
subordination, and the Replacement Lien need not be subject to
additional recording.
A hearing on the matter is set for August 23, 2023 at 9 a.m.
A copy of the stipulation and budget is available at
https://urlcurt.com/u?l=9ezLdW from PacerMonitor.com.
About Consolidated Elevator Company
Consolidated Elevator Company, Inc. provides elevator repairs
services. Its employees consist of mechanics, salespeople, and
support staff.
Consolidated Elevator Company sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-15611) on
Oct. 14, 2022. In the petition signed by David J. Sandoval, CFO,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Sandra R. Klein oversees the case.
The Debtor tapped Matthew D. Resnik, Esq., at RHM Law, LLP as
bankruptcy counsel; Dempsey Law P.C. as special counsel; and
Lighthouse Consultants, Inc. as accountant.
CYTODYN INC: Claim Filed in Amarex Litigation Exceeds $100-Mil.
---------------------------------------------------------------
CytoDyn Inc. announced that it has filed a supplemental Statement
of Claim and formally requested a hearing date in its litigation
proceeding against Amarex Clinical Research LLC, the Company's
former Contract Research Organization.
Amarex provided clinical trial management and regulatory services
to CytoDyn from 2013 to 2021. The Company took preliminary legal
action against Amarex in late 2021, and has now filed a
supplemental Statement of Claim and requested a final hearing date
be set in the arbitration matter pending with the American
Arbitration Association. Should the Company prevail at the final
hearing, the Company will be entitled to recover its damages and
legal fees incurred from Amarex. The Company's Statement of Claim,
among other things, alleges that Amarex failed to perform its
obligations and services under the master services agreement and
work orders that governed the relationship between the parties,
including failure to perform services to an acceptable professional
standard and billing the Company for services it did not perform.
Due to Amarex's failures, the Company suffered substantial damages
and will be seeking an award in excess of $100 million at the final
hearing.
Antonio Migliarese, CytoDyn's interim president, commented, "The
recent filing against Amarex is the next step towards holding
Amarex accountable for the damages they inflicted on the Company
which we will aggressively continue to pursue. This filing builds
on the momentum obtained from the previous favorable ruling by the
U.S. District Court for the District of Maryland in our dispute
with Amarex. We are very confident in our claims, in particular,
due to the results of independent and FDA audits that have been
conducted as to Amarex's services, and regulatory action taken by
the FDA against Amarex. Our attorneys will be taking all steps
necessary to maximize recovery from Amarex."
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processes. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
Cytodyn reported a net loss of $210.82 million for the year ended
May 31, 2022, compared to a net loss of $176.47 million for the
year ended May 31, 2021. As of Nov. 30, 2022, the Company had
$7.07 million in total assets, $123.04 million in total
liabilities, and a total stockholders' deficit of $115.97 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Aug. 15, 2022, citing that the
Company incurred a net loss of approximately $210,820,000 for the
year ended May 31, 2022 and has an accumulated deficit of
approximately $766,131,000 through May 31, 2022, which raises
substantial doubt about its ability to continue as a going concern.
CYTODYN INC: Dr. Cyrus Arman Quits as President, Executive Officer
------------------------------------------------------------------
Dr. Cyrus Arman, on medical leave since May 18, 2023, resigned as
the Company's president and principal executive officer on July 6,
2023, and returned to the Company as its senior vice president,
Business Operations, a nonexecutive position in which he will work
reduced hours, effective July 7, 2023.
Antonio Migliarese, the Company's chief financial officer, will
continue to hold the position of interim president, in which he has
served since May 18, 2023. Mr. Migliarese will also serve as the
Company's principal executive officer until the executive search
recently commenced by the Company's Board of Directors results in
the hiring of a new president and/or chief executive officer.
Mr. Migliarese, 40, has served as the Company's chief financial
officer since May 18, 2021, and has been serving as the Company's
interim president since May 18, 2023. Mr. Migliarese has held
various positions since joining the Company in January 2020,
including corporate controller, from April 24, 2020 to Dec. 16,
2020, vice president, corporate controller, from Dec. 16, 2020
until May 17, 2021, and interim president from Jan. 24, 2022 until
July 9, 2022. Prior to joining the Company, Mr. Migliarese was the
Controller for Domaine Serene Vineyards and Winery, Inc., from 2018
to 2020, and corporate controller for Lightspeed Technologies,
Inc., an R&D company and supplier of high-tech audio and video
solutions to schools and similar organizations, from 2015 to 2018.
Mr. Migliarese is a Certified Public Accountant and began his
career in the assurance group of PricewaterhouseCoopers LLP.
Mr. Migliarese's compensation will continue as provided in his
Employment Agreement with the Company dated as of May 18, 2021.
The Company and Dr. Arman entered into an agreement in connection
with his appointment as senior vice president, Business Operations,
pursuant to which his prior employment agreement was terminated,
his annual salary level was reduced to $300,000, and the restricted
stock units and performance stock units granted under the terms of
his prior employment agreement were forfeited. The stock option to
purchase 1,575,557 shares of common stock that Dr. Arman was
granted in accordance with his prior employment agreement was
amended to provide for the vesting of 40% of the award on July 7,
2023, with the balance vesting in six equal monthly installments
beginning Aug. 9, 2023, assuming continuous service to the Company
through the applicable vesting date.
Dr. Arman said, "I am excited to feel well enough to return from
medical leave and contribute to CytoDyn. This new role will allow
me to support CytoDyn and the development of leronlimab, which I
continue to believe in and am very confident and optimistic about
the potential of, while continuing to tend to my health." Tanya
Urbach, Board Chair, also stated, "We are happy Dr. Arman is able
to return, albeit not in his previous capacity, and lend his
demonstrated knowledge and talent to the Company. With this
group's cumulative regulatory, clinical, and industry expertise, it
is my belief that we currently have the strongest leadership team
of board members, executives, and advisors since I began my tenure
as Chair. Although the Board has commenced a search for a
President and/or CEO, the current team is beyond well-equipped."
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processes. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
Cytodyn reported a net loss of $210.82 million for the year ended
May 31, 2022, compared to a net loss of $176.47 million for the
year ended May 31, 2021. As of Nov. 30, 2022, the Company had
$7.07 million in total assets, $123.04 million in total
liabilities, and a total stockholders' deficit of $115.97 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Aug. 15, 2022, citing that the
Company incurred a net loss of approximately $210,820,000 for the
year ended May 31, 2022 and has an accumulated deficit of
approximately $766,131,000 through May 31, 2022, which raises
substantial doubt about its ability to continue as a going concern.
DAKTRONICS INC: Posts $6.8 Million Net Income in Fiscal Year 2023
-----------------------------------------------------------------
Daktronics, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net income of $6.80
million on $754.20 million of net sales for the year ended April
29, 2023, compared to net income of $592,000 on $610.97 million of
net sales for the year ended April 30, 2022.
As of April 29, 2023, the Company had $468.10 million in total
assets, $210.16 million in total current liabilities, $57.06
million in total long-term liabilities, and $200.88 million in
total shareholders' equity.
Dakstronics said, "We previously disclosed in our second and third
quarter fiscal 2023 Form 10-Q Quarterly Reports that we had
experienced volatility in our business driven by global economic
conditions and supply chain disruptions. Although supply chain
disruptions had started to ease, we could not be certain at that
time we wouldn't experience future disruptions or need additional
liquidity to fund operations. We also reported our financing plans
were not deemed probable. Those conditions raised substantial
doubt about the Company's ability to continue as a going concern
for the twelve months from the date of issuance of the second and
third quarter fiscal 2023 Form 10-Q Quarterly Reports.
"We adapted to the business environment by raising prices,
increased inventory levels and added capacity to improve stability
of operations, and instituted a liquidity enhancement program to
focus our teams on improving cash flows. On May 11, 2023, we
secured long-term financing to enhance our liquidity. During
fiscal 2023, we recognized operating income of $21,388 and
generated $15,024 in cash flows provided by operating activities.
We project we will have sufficient cash on hand and available under
these financing agreements to fund future operations.
"Therefore, the events and conditions that gave rise to substantial
doubt about our ability to continue as a going concern were
resolved."
Reflection on FY2023
Reece Kurtenbach, chairman, president and chief executive officer,
stated, "Thanks to all of our stakeholders, especially customers,
employees and suppliers, Daktronics has emerged from the challenges
of the last three years strategically renewed, operationally
focused, and financially sound. Our teams came together to take
decisive and deliberate actions to improve our customers'
experience while increasing our profitability and working capital
levels through the past's dynamic and challenging operating
environment. Fiscal 2023 was an incredibly positive transition year
and our successful navigation on multiple fronts positions us for
long-term success. Fiscal 2023 performance is a testimony to the
resiliency and strength of our diversified markets, teams, and
innovation."
Kurtenbach added, "As we look ahead, we expect growth in the global
use of audio-visual communication systems in both traditional and
in new applications. We are poised to capture this market growth
and maintain or grow our leading market position by offering best
in class technologies and services to both our traditional
customers as well as new and adjacent markets. We continue to
closely monitor the ever-evolving geopolitical and global economic
environment to ensure we are able to quickly adjust our resources
and market approaches to maintain profitability throughout various
cycles. We believe this will set the stage for a strong fiscal
2024 and look forward to continued growth of sales and expansion of
operating income."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000915779/000091577923000046/dakt-20230429.htm
About Daktronics
Headquartered in Brookings, SD, Daktronics, Inc. --
www.daktronics.com -- is a supplier of large-screen video displays,
electronic scoreboards, LED text and graphics displays, and related
control systems. The company excels in the control of display
systems, including those that require integration of multiple
complex displays showing real-time information, graphics,
animation, and video. Daktronics designs, manufactures, markets
and services display systems for customers around the world in four
domestic business units: Live Events, Commercial, High School Park
and Recreation, and Transportation, and one International business
unit.
* * *
This concludes the Troubled Company Reporter's coverage of
Daktronics Inc. until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
DECURTIS HOLDINGS: Carnival Wants Debt Treated as Equity
--------------------------------------------------------
Rick Archer of Law360 reports that Carnival is asking a Delaware
bankruptcy judge to grant it standing to recharacterize loans made
by Invictus Global Management to now-bankrupt cruise line software
company DeCurtis Holdings as equity interests, saying it and other
creditors were harmed by Invictus' actions.
Carnival Corporation, a creditor in the Chapter 11 cases of
Decurtis Holdings, et al., filed a Bankruptcy Court a motion for an
order granting Carnival standing to prosecute claims against
Invictus Global Management, LLC, Invictus Special Situations Master
I, L.P., Corbin Capital Partners LP, and CEOF Holdings LP.
In a proposed complaint, Carnival intends to seek an order and a
judgment against the Defendants: (i) recharacterizing the
Defendants' purported claims as equity interests; or, in the
alternative, (ii) subordinating Invictus' claims to the claims of
the Debtors' unsecured creditors; and (iii) holding that Invictus
breached their fiduciary duty.
According to Carnival's counsel, Domenic E. Pacitti of KLEHR
HARRISON HARVEY BRANZBURG LLP, this action is a result of Debtors'
and Defendants' attempt to subvert the bankruptcy system to nullify
a jury verdict and $21 million judgment rendered against Debtors in
the Southern District of Florida and to improperly gain control
over assets in Debtors' possession free and clear of the ownership
and other legal interests Carnival holds in those assets.
Mr. Pacitti explains, "The Defendants, as insiders and chief
architects, funders, and directors of the Debtors'
litigation/bankruptcy strategy, spearheaded an effort: (a) to
pursue Debtors' meritless damages claims in the hopes of extorting
a huge settlement from Carnival; and (b) even after Debtors'
damages claims were dismissed, to proceed through a trial they
could not afford, incurring unsustainable litigation-related
liabilities, all while planning to use Debtors' and Defendants'
"strategic partnership" to shield both from any potential fallout
regardless of the outcome of the Florida Litigation. The
Defendants' conduct, which in effect rendered a jury trial,
verdict, and District Court judgment meaningless, was inequitable
and harmed Debtors as well as Carnival and other creditors, who, by
the Debtors' own admission, now stand to receive nothing."
Carnival brings this action to properly characterize the
Defendants' investments in
the Debtors and to determine the nature, extent, priority,
validity, and enforceability of the alleged claims, if any, of the
Defendants against the Debtors and to prevent Debtors' and the
Defendants' continued abuse of the bankruptcy court system.
If the Court finds that the Defendants' investments are valid
claims rather than equity investments, then Carnival’s Complaint
seeks the subordination of Defendants’ claims to the claims of
all of the Debtors’ other unsecured creditors, whose actions the
Defendants have
directly harmed.
The adjudication of the allegations in the Complaint is necessary
to properly characterize, and determine the nature and extent of,
the Defendants’ claims before the Defendants
should be allowed to credit bid on the Debtors’ assets.
Counsel to Carnival Corporation
Domenic E. Pacitti
Richard M. Beck
Sally E. Veghte
KLEHR HARRISON HARVEY BRANZBURG LLP
919 Market Street, Suite 1000
Wilmington, Delaware, 19801-3062
Telephone: (302) 426-1189
E-mail: rbeck@klehr.com
dpacitti@klehr.com
sveghte@klehr.com
- and -
Raniero D'Aversa, Esq.
Michael Trentin, Esq.
ORRICK, HERRINGTON & SUTCLIFFE LLP
51 West 52nd Street
New York, New York 10019-6142
Telephone: (212) 506-5000
E-mail: rdaversa@orrick.com
mtrentin@orrick.com
- and -
Sheryl K. Garko, Esq.
ORRICK, HERRINGTON & SUTCLIFFE LLP
222 Berkeley Street, Suite 2000
Boston, Massachusetts 02116
Telephone: (617) 880-1800
Email: sgarko@orrick.com
- and -
Steven J. Routh Esq.
T. Vann Pearce, Jr., Esq.
Diana S. Fassbender, Esq.
ORRICK, HERRINGTON & SUTCLIFFE LLP
1152 15th Street NW
Washington, D.C. 20005
Telephone: (202) 339-8400
Email: srouth@orrick.com
vpearce@orrick.com
dszego@orrick.com
About Decurtis Holdings
DeCurtis Holdings LLC and affiliates provide guest experience and
operational management product-focused SaaS software solutions
designed to power any indoor, complex environment. DeCurtis is the
industry leader in transformational experience technology focused
on the cruise line industry, and DeCurtis makes software systems
used for providing guests a seamless experience with cruise ship
facilities through the use of wireless sensing technologies. Beyond
the cruise line industry, DeCurtis's products and services are
also
applicable to restaurants, theme parks, and the extended
hospitality industry, with the potential to expand into healthcare
and other settings.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10548) on April
30, 2023. In the petition signed by Joseph J. Carino, chief
financial officer, the Debtor disclosed up to $50 million in assets
and up to $100 million in liabilities.
Judge Kate Stickles oversees the case.
Potter Anderson and Corroon LLP and Cooley LLP represent the Debtor
as legal counsel.
The Debtors tapped Groombrige, Wu, Baughman & Stone LLP as special
counsel, Province, LLC as financial advisor, and Omni Agent
Solutions as claims, noticing, and administrative agent.
DICOL TRUCKING: Taps Lefkovitz & Lefkovitz as Legal Counsel
-----------------------------------------------------------
Dicol Trucking LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Tennessee to employ Lefkovitz &
Lefkovitz, PLLC as its legal counsel.
The firm's services include:
a. advising the Debtor as to its rights, duties and powers;
b. preparing and filing statements and schedules, Chapter 11
plans and other documents necessary to be filed by the Debtor in
its Chapter 11 proceeding;
c. representing the Debtor at all hearings, meetings of
creditors, conferences, trials, and any other proceedings in this
case; and
d. other necessary legal services.
Lefkovitz & Lefkovitz will be paid at these rates:
Steven L. Lefkovitz $555 per hour
Associate Attorneys $350 per hour
Paralegals $125 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor an initial retainer of $5,000.
Steven Lefkovitz, Esq., a partner at Lefkovitz & Lefkovitz,
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:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz, PLLC
908 Harpeth Valley Place
Nashville, TN 37219
Telephone: (615) 256-8300
Facsimile: (615) 255-4516
Email: slefkovitz@lefkovitz.com
About Dicol Trucking
Dicol Trucking, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-01913) on May
31, 2023, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities. Michael Abelow, Esq., at Sherrard Roe
Voigt & Harbison, PLC has been appointed as Subchapter V trustee.
Judge Marian Harrison oversees the case.
The Debtor is represented by Steven L. Lefkovitz, Esq., at
Lefkovitz & Lefkovitz.
DIEBOLD NIXDORF: Gets Court Clearance to Exit Chapter 11 Bankruptcy
-------------------------------------------------------------------
Amelia Pollard of Bloomberg Law reports that Diebold Nixdorf
cleared to exit bankruptcy, slash $2 billion of debt.
Diebold Nixdorf Inc., a maker of automated teller machines, was
cleared to exit bankruptcy and slash billions of dollars in debt
after less than six weeks in Chapter 11.
US Bankruptcy Judge David R. Jones during a Wednesday hearing said
he would approve the company's restructuring plan, which will cut
$2.1 billion of debt from its balance sheet, according to court
papers.
The plan calls for handing control of the ATM manufacturer to
secured lenders.
The deal was widely supported by creditors, lawyers for the company
said during a hearing on Wednesday, July 12, 2023.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated automates, digitizes and transforms
the way people bank and shop. As a partner to the majority of the
world's top 100 financial institutions and top 25 global retailers,
its integrated solutions connect digital and physical channels
conveniently, securely and efficiently for millions of consumers
each day.
Diebold Nixdorf and several affiliated entities sought protection
under Chapter 11 of the U.S. Bankruptcy Code on June 1, 2023. The
cases are jointly administered under the case of Diebold Holding
Company, Inc., Bankr. S.D. Texas Lead Case No. 23-90602. In the
petition signed by Jonathan B. Leiken, president, Diebold Holding
disclosed $3.09 billion in assets and $2.57 billion in
liabilities.
Diebold Nixdorf Dutch Holding B.V. commenced voluntary
reorganization proceedings pursuant to the Wet Homologatie
Onderhands Akkoord under Netherlands law in the District Court of
Amsterdam. Diebold Netherlands sought recognition of the Dutch
Proceeding under Chapter 15 of the Bankruptcy Code.
Judge David R. Jones oversees the Chapter 11 cases.
The Chapter 11 Debtors tapped Jones Day and Jackson Walker LLP as
legal counsels; Ducera Partners LLC as investment banker; FTI
Consulting, Inc., as financial advisor; and Kroll Restructuring
Administration, LLC, as claims and noticing agent.
DIOCESE OF OAKLAND: Abuse Victims, Insurers Spar Over Claim Rulings
-------------------------------------------------------------------
James Nani of Bloomberg Law reports that insurers and sex abuse
claimants are clashing over rules proposed by the Catholic diocese
in Oakland, California., to evaluate abuse allegations in its
bankruptcy.
The diocese's proposed procedures for filing sex abuse claims
against church clergy should be rejected because they don't require
claimants to disclose facts to prove their allegations are valid
under California law, the insurers said in court papers filed
Tuesday in the US Bankruptcy Court for the Northern District of
California.
The insurers contended that the proposed rules will lead to a flood
of invalid claims.
About Diocese of Oakland
The Diocese of Oakland is a Latin Church ecclesiastical territory
or diocese of the Catholic Church in Northern California. The
Diocese of Oakland serves two counties in the East Bay region,
Alameda and Contra Costa, and includes approximately 550,000
Catholics in 84 parishes.
The Roman Catholic Bishop of Oakland, doing business as the Diocese
of Oakland, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Lowenstein Sandler, LLP.
DIOCESE OF OGDENSBURG: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: The Roman Catholic Diocese of Ogdensburg, New York
622 Washington Street
Ogdensburg, NY 13669
Business Description: The Debtor is a religious organization in
Ogdensburg, New York.
Chapter 11 Petition Date: July 17, 2023
Court: United States Bankruptcy Court
Northern District of New York
Case No.: 23-60507
Judge: Hon. Patrick G. Radel
Debtor's Counsel: Charles J. Sullivan, Esq.
BOND, SCHOENECK & KING, PLLC
One Lincoln Center
Syracuse, NY 13202
Tel: (315) 218-8000
Email: csullivan@bsk.com
Debtor's
Noticing &
Claims Agent &
Administative
Advisor: STRETTO, INC.
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Mark Mashaw diocesan fiscal officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/PPJPIUQ/The_Roman_Catholic_Diocese_of__nynbke-23-60507__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Claim
Entity Nature of Claim Amount
1. Redacted Litigation Claimant $50,000
Cynthia S. LaFave, Esq.
LaFave, Wein & Frament, PLLC
2400 Western Avenue
Guilderland, NY 12084
Jeffrey R. Anderson, Esq.
J. Michael Reck, Esq.
Jeff Anderson & Associates, P.A.
52 Duane Street, Seventh Floor
New York, NY 10007
2. Redacted Litigation Claimant $50,000
Cynthia S. LaFave, Esq.
LaFave, Wein & Frament, PLLC
2400 Western Avenue
Guilderland, NY 12084
Jeffrey R. Anderson, Esq.
J. Michael Reck, Esq.
Jeff Anderson & Associates, P.A.
52 Duane Street, Seventh Floor
New York, NY 10007
3. Redacted Litigation Claimant $50,000
Alexandra Colella, Esq.
Marc J. Bern & Partners, LLP
60 East 42nd Street, Suite 950
New York, NY 10165
4. Redacted Litigation Claimant $50,000
Melanie S. Wolk, Esq.
Trevett Cristo
2 State Street, Suite 1000
Rochester, NY 14614
Patrick Noaker, Esq.
Noaker Law Firm, LLC
1600 Utica Avenue S., 9th Floor
St. Louis Park, MN 55416
Leander L. James, IV, Esq.
Craig K. Vernon, Esq.
James, Vernon and Weeks, P.A.
1626 Lincoln Way
Coeur d'Alene, ID 83815
5. Redacted Litigation Claimant $50,000
Alexandra Colella, Esq.
Marc J. Bern & Partners, LLP
60 East 42nd Street, Suite 950
New York, NY 10165
6. Redacted Litigation Claimant $50,000
Ellie A. Silverman, Esq.
Law Office of Ellie Silverman, PC
135 E. 57th Street, Unit 100
New York, NY 10022
7. Redacted Litigation Claimant $50,000
David P. Matthews, Esq.
Matthews & Associates
2905 Sackett Street
Houston, TX 77098
Tim K. Goss, Esq.
Peter de la Cerda, Esq.
3500 Maple Avenue, Suite 1100
Dallas, TX 75219
Peter W. Smith, Esq.
D'Arcy Johnson Day, PC
1501 Broadway, 12th Floor
New York, NY 10036
8. Redacted Litigation Claimant $50,000
Michael G. Dowd, Esq.
600 Third Avenue, 15th Floor
New York, NY 10016
Gerard J. Sweeney, Esq.
Sweeney, Reich & Bolz, LLP
1981 Marcus Avenue, Suite 200
Lake Success, NY 11042
9. Redacted Litigation Claimant $50,000
Kelly C. Wolford, Esq.
Powers & Santola, LLP
100 Great Oaks Blvd, Suite 123
Albany, NY 12203
10. Redacted Litigation Claimant $50,000
Michelle Simpson Tuegel, Esq.
Simpson Tuegel Law Firm
3301 Elm Street
Dallas, TX 75226
Stephen A. Weiss, Esq.
Rick Barreca, Esq.
Seeger Weiss LLP
77 Water Street, 8th Floor
New York, NY 10005
Muhammad S. Aziz, Esq.
Abraham, Watkins, Nichols, Sorrels,
Agosto, Aziz & Stogner
800 Commerce Street
Houston, TX 77002-1776
11. Redacted Litigation Claimant $50,000
Ellie A. Silverman, Esq.
Law Office of Ellie Silverman, PC
135 E. 57th Street, Unit 100
New York, NY 10022
12. Redacted Litigation Claimant $50,000
Brian D. Kent, Esq.
Gaetano A. D'Andrea, Esq.
Lauren E. Stram, Esq.
Laffey, Bucci & Kent, LLP
3 Columbus Circle, 14th Floor
New York, NY 10070
13. Redacted Litigation Claimant $50,000
Adam P. Slater, Esq.
Linc C. Leder, Esq.
Slater Slater Schulman LLP
488 Madison Avenue, 20th Floor
New York, NY 10022
14. Redacted Litigation Claimant $50,000
Paul J. Hanly, Jr., Esq.
Simmons Hanly Conroy LLC
112 Madison Avenue, 7th Floor
New York, NY 10016
15. Redacted Litigation Claimant $50,000
Trent B. Miracle, Esq.
Simmons Hanly Conroy LLC
112 Madison Avenue, 7th Floor
New York, NY 10016
16. Redacted Litigation Claimant $50,000
James R. Marsh, Esq.
Jennifer Freeman, Esq.
Robert Lewis, Esq.
Marsh Law Firm PLLC
31 Hudson Yards, 11th Floor
New York, NY 10001-2170
Vincent T. Nappo, Esq.
Anelga Doumanian, Esq.
Pfau Cochran Vertetis Amala PLLC
31 Hudson Yards, 11th Floor
New York, NY 10001-2170
17. Redacted Litigation Claimant $50,000
Dennis Reich, Esq.
Reich & Binstock
4265 San Felipe, Suite 1000
Houston, TX 77027
18. Redacted Litigation Claimant $50,000
James R. Marsh, Esq.
Jennifer Freeman, Esq.
Robert Lewis, Esq.
Marsh Law Firm PLLC
31 Hudson Yards, 11th Floor
New York, NY 10001-2170
Vincent T. Nappo, Esq.
Anelga Doumanian, Esq.
Pfau Cochran Vertetis Amala PLLC
31 Hudson Yards, 11th Floor
New York, NY 10001-2170
19. Redacted Litigation Claimant $50,000
Jeff Herman, Esq.
Herman Law
434 W. 33rd Street
Penthouse
New York, NY 10001
20. Redacted Litigation Claimant $50,000
Ellie A. Silverman, Esq.
Law Office of Ellie Silverman, PC
135 E. 57th Street, Unit 100
New York, NY 10022
DIOCESE OF ROCKVILLE CENTRE: Judge Considers Setting Plan Deadline
------------------------------------------------------------------
Reuters reports that a U.S. judge said July 11, 2023, that he would
consider dismissing the bankruptcy of a New York Roman Catholic
diocese if the church cannot build more support among sexual abuse
victims who have sued the church and its parishes.
U.S. Bankruptcy Judge Martin Glenn said during a court hearing in
Manhattan that he was not eager to be the first judge to kick a
Catholic diocese out of bankruptcy. But if the Diocese of
Rockville Centre cannot make progress toward a comprehensive
settlement of sexual abuse claims, it would be unfair to prevent
abuse survivors from resuming their lawsuits in other courts, Judge
Glenn said.
"The survivors deserve an opportunity to be heard by a jury of
their peers," Judge Glenn said. "They've been held off too long."
The diocese filed for Chapter 11 bankruptcy in New York in October
2020, citing the cost of lawsuits filed by childhood victims of
clergy sexual abuse. New York's Child Victims Act, which took
effect in August 2020, temporarily enabled victims of child sexual
abuse to file lawsuits over decades-old crimes.
At least 20 other dioceses have filed for bankruptcy in response to
New York's law and similar laws passed in other U.S. states.
The diocese has estimated that its bankruptcy plan would provide
between $185 million and $200 million in value to abuse survivors.
Approximately 600 people have filed abuse claims in the Rockville
Centre bankruptcy, and settlement negotiations have broken down
over the diocese's effort to resolve claims against its parishes
and other related parties that have not filed for bankruptcy.
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The diocese's proposal would allow the non-bankrupt parishes to
settle claims against them in exchange for an $11 million
contribution to a broader sexual abuse settlement fund, while
attorneys for abuse victims argued that the parishes should
contribute as much as $200 million.
James Stang, an attorney who represents sexual abuse survivors in
the case, urged Glenn to dismiss the bankruptcy as a failure.
"This debtor is incapable of confirming a reorganization plan that
gets them the releases they want," Stang said.
Rockville Centre's attorney Todd Geremia told Glenn that
negotiations still have a chance to succeed.
"The sticking point is solely the parish contribution," Geremia
said.
Glenn said he was not sure how long the impasse could last before
he decided that the bankruptcy had no chance of success. But he
said he would not allow the diocese to keep abuse survivors in
bankruptcy "until you beat them down and they finally relent."
Glenn also said he did not have enough evidence on the value of
claims against the parishes, or the parishes' ability to pay those
claims.
"You've presented a framework, but I have no idea whether it is
reasonable," Glenn told Rockville Centre's lawyer.
About The Roman Catholic Diocese
of Rockville Centre, New York
The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a
religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.
To deal with sexual abuse claims, the Roman Catholic Diocese of
Rockville Centre, New York, filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as
$500 million in both assets and liabilities. Judge Martin Glenn
oversees the case.
The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case. The
committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC as its bankruptcy counsel and special real
estate counsel, respectively.
Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.
DIVE PLACE: Seeks to Hire John Roney as Accountant
--------------------------------------------------
The Dive Place II, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ John Roney, a
certified public accountant, to prepare its 2022 tax returns and
provide tax consulting services.
Mr. Roney will be paid a fixed fee of $350 for his services.
Mr. Roney disclosed in a court filing that he is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
About The Dive Place II
The Dive Place II, LLC is a Scuba Diving International and
Technical Diving International certified dive center, which offers
open water, advanced diver and technical diver certifications, as
well as specialty certifications including drysuit diver, wreck
diver, search and recovery, and deep diver. In addition to its
certification classes, the Debtor coordinates and conducts special
dive events at various dive sites around the State of Florida and
sells the full range of dive equipment at its retail store in
Winter Garden.
Dive Place II sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00907) on March 13,
2023. In the petition signed by its managing member, Noel Hansen,
the Debtor disclosed up to $500,000 in assets and up to $1 million
in liabilities.
Judge Lori V. Vaughan oversees the case.
The Debtor tapped Daniel A. Velasquez, Esq., at Latham Luna Eden
and Beaudine, LLP as legal counsel and John Roney, CPA as
accountant.
DIVERSITECH HOLDINGS: S&P Affirms 'B-' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on DiversiTech
Holdings Inc., including its 'B-' issuer credit rating.
S&P said, "The stable outlook reflects our expectation that
relatively stable replacement-driven demand for HVAC components,
margin expansion from lower input costs, and contributions from
acquisitions will support increasing EBITDA and declining leverage
over the next 12 months. We also forecast good cash flow generation
will support adequate liquidity over the next 12 months."
DiversiTech recently announced it acquired Pro1 Thermostats for $90
million, funded with borrowings under its upsized $147 million
revolving credit facility. Pro1 is a leading supplier of HVAC/R
thermostats, primarily to wholesalers and original equipment
manufacturers in the U.S.
S&P said, "We forecast DiversiTech's sales will grow in the
mid-teens percent area in 2023, pro forma for a full year of Pro1,
driven mostly by acquisitions and pricing. We believe good revenue
growth in 2023 will stem largely from the contribution from
acquisitions (Castel Group acquired in late 2022 and Pro1 in Q2
this year), which should help offset what we expect to be a softer
demand environment through the end of the year. We expect
DiversiTech's organic sales growth to decelerate over the course of
the year, following about 7% organic growth in the
first-quarter-ended March 31, 2023, as the wraparound impact of
pricing actions taken throughout 2022 begin to fall away. Further,
we expect volumes to be down in the mid- single-digit percent area
year over year through the end of 2023 due to lower new home
construction, fewer existing home sales, and the impact of weather,
which has been relatively cool year to date, resulting in less
usage of air conditioning systems. We also believe volume will be
pressured as the uncertain macroeconomic environment and higher
interest rates may drive consumers to be more cautious with large
purchase decisions such as replacing an HVAC system.
"In 2024, we forecast organic revenue growth in the
mid-single-digit percent area with support from annual price
increases and significant growth in the company's European end
markets (about 15% of revenue) driven by heat pump demand. We
believe softer U.S. volume trends may continue in 2024, though we
expect this will be somewhat mitigated by relatively stable
replacement demand and easier comps. We expect DiversiTech will
remain acquisitive and continue to pursue bolt-on acquisitions to
grow the revenue base inorganically going forward funded with cash
generation, revolver availability, and occasional incremental debt
issuances. We believe the thermostat market in which Pro1 operates
is relatively competitive given large incumbent Honeywell and newer
technology-focused players like Nest and Ecobee. However, we
believe Pro1 benefits from solid relationships and brand loyalty
from wholesalers and contractors. In addition, the acquisition
further diversifies DiversiTech's product offering, which improves
the value proposition to customers as it allows them to consolidate
suppliers.
"We forecast pricing actions and lower input costs will drive
EBITDA margin expansion in 2023 and 2024. Further, 2023 margins
compare favorably to 2022, which was negatively affected by a
noncash inventory step-up charge related to acquisitions, which we
do not expect to recur in 2023. As a result, we forecast S&P Global
Ratings'-adjusted EBITDA margin to expand to about 18.5%-19% in
2023, from 17.9% in 2022. In 2024, we expect DiversiTech's margins
to benefit further from lower input costs as higher cost inventory
is turned over, resulting in EBITDA margins expanding to the
19%-19.5% range.
"Given our expectations for higher revenues and expanded margins,
we forecast S&P Global Ratings'-adjusted debt leverage to decline
to about 10.5x-11x in 2023, from around 13x in 2022. Our measure of
adjusted leverage includes as debt the company's $400 million
shareholder loan and roughly $85.5 million of preferred equity.
While the adjusted leverage above 10x is very high, we forecast
leverage to decrease further in 2024, toward the 9.5x-10x area, and
we expect DiversiTech's liquidity to remain adequate.
"We expect EBITDA growth and declining inventory levels will
support good FOCF, which, along with revolver availability and cash
on hand should be sufficient to help fund what we believe will be
continued bolt-on acquisition spending. We forecast DiversiTech's
reported FOCF, pro forma to include a full year of Pro1, to be
around $65 million to $75 million in 2023, compared with the
deficit of $75 million in 2022, driven largely by working capital.
We expect the company will benefit from a net working capital
inflow of $30 million to $50 million in 2023, stemming from the
drawdown of inventory levels built up in 2021 and 2022 to combat
supply chain difficulties. In addition, we expect lower capital
expenditures (capex) in 2023 of around $16 million, following about
$29 million spend in 2022 as the company invested in additional
capacity to meet demand.
"We anticipate cash flow, along with revolver availability (which
we estimate declined to $37 million post close of the Pro1
acquisition, from $80 million at March 31, 2023) and cash on the
balance sheet should be sufficient to fully cover required
amortization payments under the company's term loans, and help fund
bolt-on acquisitions. In 2024, despite our view that interest rates
will remain elevated and that the significant working capital
benefit of inventory reduction will fall away, we forecast reported
FOCF generation of around $30 million to $40 million.
"The stable outlook reflects our expectation that relatively stable
replacement-driven demand for HVAC components, margin expansion
from lower input costs, and contributions from acquisitions will
support increasing EBITDA and declining leverage over the next 12
months. We also forecast good cash flow generation will support
adequate liquidity over the next 12 months.
"We could lower our rating over the next 12 months if we view the
capital structure as unsustainable, which could occur if EBITDA
interest coverage approaches 1x. This would likely be the result of
weaker-than-expected demand and/or an inability to maintain
pricing. We would also consider lower ratings if we believe
liquidity is becoming constrained, likely driven by sustained cash
flow deficits, or if there are credit risks around a potential
covenant violation or distressed exchange.
"Although unlikely over the next 12 months given our forecast for
high leverage, we could raise the rating on DiversiTech if we
expect S&P Global Ratings'-adjusted leverage will remain under
6.5x, and that the company's financial policy is supportive of
adjusted leverage at this level."
ESG credit indicators: E-2, S-2, G-3
DUFF & PHELPS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Duff & Phelps Holdings
Corp. (d/b/a Kroll) to negative from stable and affirmed all
ratings, including its 'B-' issuer credit rating.
The negative outlook reflects Kroll's weak credit metrics and its
view that cushion against underperformance will be very limited
during the next 12 months.
S&P said, "The outlook revision reflects our view that rising
interest rates will continue to limit cash flow generation despite
expected improvement to operating performance. We expect strong
momentum in restructuring activity to drive revenue growth in the
10% area and EBITDA to grow at a faster clip in the 15%-20% area
due to a more favorable business mix and recent cost-saving
programs. However, we believe the company's significant interest
rate exposure, despite approximately two-thirds of outstanding debt
hedged, will offset operating performance improvement such that the
company approaches breakeven levels of free operating cash flow
(FOCF) in 2023.
"Moreover, our U.S. economic outlook is for a shallower but more
protracted slowdown, that will likely call for policy rates to go
higher and stay there for longer. We believe that two more
25-basis-point rate hikes are likely in store this year, and that
cuts during 2024 will be gradual. Our baseline economic outlook
calls for annual average federal funds rate of 5.1% in 2023 and
5.2% in 2024. Although we expect roughly $50 million improvement to
EBITDA and FOCF in 2023 relative to 2022, the company's capital
structure remains highly sensitive to interest rates and provides
for limited cushion against underperformance.
"We believe leverage will remain elevated given the company's
aggressive financial policy including debt-financed acquisitions.
Kroll has exhibited a history of an aggressive financial policy due
to financial sponsor ownership. Kroll's financial sponsors have
shown a high tolerance for leverage and an aggressive growth agenda
since the leveraged buyout (LBO) in April 2020, including
debt-financed acquisitions that has kept leverage above the 7.5x
level despite incremental EBITDA contribution from these
acquisitions. We expect the company will continue to pursue
debt-funded acquisitions to expand its consulting platform
inorganically such that the company's leverage remains well above
7.5x over the longer term, limiting its financial flexibility.
Kroll's debt burden is substantial, and we believe the company can
only reduce leverage through EBITDA generation. As such, we
forecast S&P Global Ratings-adjusted gross leverage to improve to
about 10x in 2023 from 12.1x in 2022 before improving to the
high-8x area in 2024.
"Kroll's diversified business mix within the consulting service
portfolio is generally resilient during various economic cycles. We
believe Kroll's business mix of noncyclical, countercyclical, and
procyclical practices should provide revenue stability in various
types of economic cycles. For example, in 2020, the company
reported organic revenue growth due to heightened demand for its
countercyclical restructuring services during the COVID-19 pandemic
and economic recession, offset by weakened demand for its
procyclical services. Then in 2021, strong momentum in the
company's procyclical services like valuation advisory and
corporate finance offset the reduced restructuring activity.
However, 2022 proved to be a challenging year for the company as
subdued mergers and acquisition (M&A) activity due to volatile
capital markets and macroeconomic headwinds, coupled with limited
restructuring activity, resulted in roughly flat revenue growth. We
expect substantial growth in Kroll's countercyclical offerings from
increased bankruptcy-related filings to offset weak procyclical
offerings from continued macroeconomic headwinds resulting in
revenue growth in 2023 to be in the 10% area.
"The negative outlook reflects Kroll's weak credit metrics and our
view that cushion against underperformance will be very limited
during the next 12 months."
S&P could lower its rating on Kroll if:
-- The company generates negative cash flow on a sustained basis
such that its liquidity deteriorates and S&P believes it could not
comfortably service its fixed charges with organic cash flow
generation; or
-- S&P believes the capital structure is unsustainable, which
could occur if it faces operational challenges such as
acquisition-integration missteps, client volume declines because of
more intense competition, or reputational challenges.
S&P said, "We could revise our outlook on Kroll to stable if
operating performance improves over the coming quarters such that
we believe the company could generate positive reported FOCF on a
sustained basis and see a path to deleverage to roughly 7x. We view
the probability of an upgrade for Kroll as low within the next 12
months primarily because of its sponsors' aggressive growth
strategy and our expectation that leverage will remain above
6.5x."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance is a moderately negative consideration, as it
is for most rated entities owned by private-equity sponsors. We
believe Duff & Phelps' (d/b/a Kroll's) highly leveraged financial
risk profile points to corporate decision-making that prioritizes
the interests of controlling owners. This also reflects
private-equity sponsors' generally finite holding periods and focus
on maximizing shareholder returns."
EVANGELICAL RETIREMENT: Taps Stretto as Administrative Advisor
--------------------------------------------------------------
Evangelical Retirement Homes of Greater Chicago, Incorporated
received approval from the U.S. Bankruptcy Court for the Northern
District of Illinois to employ Stretto, Inc. as administrative
advisor.
The Debtor requires an administrative advisor to:
a. assist with, among other things, solicitation, balloting, and
tabulation of votes, and prepare any related reports in support of
confirmation of a Chapter 11 plan;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. assist with the preparation of the Debtor's monthly operating
reports and gather data in conjunction therewith;
e. provide a confidential data room;
f. manage and coordinate any distributions pursuant to a Chapter
11 plan if designated as distribution agent under such plan; and
g. provide claims analysis and reconciliation, case research,
depository management, treasury services, confidential online
workspaces or data rooms, and any related services otherwise
required by applicable law, governmental regulations, or court
rules or orders in connection with the Debtor's Chapter 11 case.
Stretto will be paid at these rates:
Consultant (Associate/Senior Associate) $70 to $200 per hour
Director/Managing Director $210 to $250 per hour
Solicitation Associate $230 per hour
Director of Securities & Solicitations $250 per hour
The firm received an advance retainer in the amount of $10,000.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Tel: (714) 716-1872
Email: sheryl.betance@stretto.com
About Evangelical Retirement Homes
of Greater Chicago
Evangelical Retirement Homes of Greater Chicago, Incorporated
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 23-07541) on June 9, 2023. In the
petition signed by its chief executive officer, Michael Flynn, the
Debtor disclosed $10 million to $50 million in assets and $100
million to $500 million in liabilities.
Judge Timothy A. Barnes oversees the case.
The Debtor tapped Bruce C. Dopke, Esq., at Dopkelaw, LLC and
Polsinelli, PC as legal counsels, and WYSE Advisors, LLC as
financial advisor.
The U.S. Trustee for Region 11 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Crane, Simon, Clar & Goodman.
EXCL LOGISTICS: Court OKs Cash Collateral Access Thru Sept 15
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington,
at Seattle, authorized Excl Logistics, LLC to continue using cash
collateral on a final basis in accordance with the budget, with a
15% variance, through September 15, 2023, without change other than
eliminating cash collateral payments to TBS Factoring Service,
LLC.
As previously reported by the Troubled Company Reporter, TBS
asserts a secured claim in the amount of $511,465 as set forth in
Proof of Claim No. 8 filed on April 3, 2023. As supported by the
Proof of Claim, attachments and other information received from TBS
as set forth in the 4th Declaration of Anil Bambi. Although the
Debtor disputes that it owes the entire amount claimed by TBS, the
Debtor has stipulated that, as of the Petition Date, TBS has a
valid, binding, attached, and perfected lien on the Debtor's cash
collateral based on the Factoring Agreement and claim
documentation.
Kautilya Capital, LLC Defined Benefit Plan asserts a secured claim
in the amount of $76,135 as set forth in Proof of Claim No. 16
filed on April 7, 2023.
Commercial Credit Group, Inc. asserts a secured claim in the amount
of $1.420 million as set forth in Proof of Claim No. 12 filed on
April 5, 2023.
As adequate protection for the Debtor's use of cash collateral, the
Court granted TBS, Kautilya Capital, Defined Benefit Plan, and
Commercial Credit Group replacement liens in the Debtor's
post-petition cash, accounts receivable and inventory, and the
proceeds of each of the foregoing, to the same extent and priority
as any duly perfected and unavoidable liens in cash collateral held
by the Secured Creditors as of the petition date, to the extent
that any cash collateral of the Secured Creditors are actually used
by the Debtor.
A copy of the order is available at https://urlcurt.com/u?l=5EB7t5
from PacerMonitor.com.
About Excl Logistics, LLC
Excl Logistics, LLC operates a trucking operation providing freight
carrying and logistic services to its customers from its
headquarters located in Snohomish Washington.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10364) on February
27, 2023. In the petition signed by Anil Bhambi, managing member,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Judge Christopher M. Alston oversees the case.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents
the Debtor as legal counsel.
EXELA TECHNOLOGIES: 98% of Outstanding Old Notes Validly Tendered
-----------------------------------------------------------------
Exela Technologies, Inc. announced the expiration and final results
with respect to the previously announced exchange offer that
certain of its subsidiaries launched on June 8, 2023, as amended on
June 16, 2023, June 30, 2023 and July 6, 2023, to exchange the
Issuers' outstanding 11.500% First-Priority Senior Secured Notes
due 2026 for new 11.500% First-Priority Senior Secured Notes due
2026 and a solicitation of consents to proposed amendments with
respect to the indenture governing the Old Notes.
As of 11:59 p.m., New York City time, on July 7, 2023, according to
information provided by D.F. King & Co., Inc., approximately $1,271
million aggregate principal amount, or approximately 98%, of the
outstanding Old Notes were validly tendered (and not validly
withdrawn) pursuant to the Exchange Offer. The Issuers settled the
Exchange Offer on July 11, 2023, resulting in the issuance of
approximately $1,017 million aggregate principal amount of the New
Notes to participating holders in respect of validly tendered (and
not validly withdrawn) Old Notes, which is equivalent to $800 of
the New Notes per $1,000 principal amount of the Old Notes validly
tendered (and not validly withdrawn). Approximately $24 million
aggregate principal amount, or approximately 2%, of the Old Notes
remain outstanding following the consummation of the Exchange
Offer. All conditions to the consummation of the Exchange Offer
were satisfied or waived, and the Issuers accepted for purchase all
validly tendered (and not validly withdrawn) Old Notes.
Substantially concurrent with the settlement of the Exchange Offer,
the Issuers also issued (i) approximately $3 million in New Notes
to third parties in exchange for the Issuer's term loans maturing
in July 2023, (ii) approximately $22 million in New Notes to
certain affiliates of the Issuers in exchange for the Issuers'
10.000% First-Priority Senior Notes due 2023 and 2023 Term Loans
and (iii) $40 million in New Notes to certain affiliates of the
Issuers in satisfaction of amounts owed to such affiliates as a
result of prior cash payments made by such affiliates to or on
behalf of the Issuers. Upon completion of the transactions
described above, approximately $1,082 million aggregate principal
amount of New Notes were outstanding (or $768 million aggregate
principal amount if excluding New Notes held by affiliates of the
Issuers).
The Exchange Offer and the Consent Solicitation were made upon the
terms and conditions set forth in the confidential offering
memorandum and consent solicitation statement, dated June 8, 2023,
as supplemented by Supplement No. 1, dated June 16, 2023, as
further supplemented by Supplement No. 2, dated June 30, 2023, as
further supplemented by Supplement No. 3, dated July 6, 2023, and
the press releases, dated June 23, 2023 and June 30, 2023, relating
to the Old Notes.
On July 11, 2023, the Issuer also repaid all of its outstanding
2023 Notes and all of its outstanding 2023 Term Loans.
About Exela Technologies LLC
Headquartered in Irving, Texas, Exela Technologies --
www.exelatech.com -- is a global provider of transaction processing
solutions, enterprise information management, document management
and digital business process services.
Exela reported a net loss of $415.58 million in 2022, a net loss of
$142.39 million in 2021, and a net loss of $178.53 million in 2020.
As of Dec. 31, 2022, the Company had $721.91 million in total
assets, $1.53 billion in total liabilities, and a total
stockholders' deficit of $807.59 million.
Detroit, Michigan-based KPMG LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April 3,
2023, citing that the Company has a history of net losses, net
operating cash outflows, working capital deficits, significant cash
payments for interest on long-term debt, and significant current
maturities of long-term debt that raise substantial doubt about its
ability to continue as a going concern.
* * *
As reported by the TCR on June 22, 2023, S&P Global Ratings lowered
its issuer credit rating on U.S.-based Exela Technologies Inc. to
'CC' from 'CCC-'. S&P said, "The downgrade reflects our view that
the proposed exchange is a distressed debt restructuring that is
tantamount to default."
FLEXSYS INC: S&P Alters Outlook to Negative, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised its rating outlook on rubber chemicals
company Flexsys Inc. to negative from stable and affirmed the
ratings on the company, including the 'B' foreign and local issuer
credit ratings.
The negative outlook reflects the one-in-three risk of a downgrade
if it appears evident that Flexsys's credit measures will weaken to
levels inappropriate for the ratings; for example, a weighted
average adjusted debt to EBITDA ratio of under 6.0x.
Flexsys is facing a variety of headwinds. Revenue (ex-tolling) for
the overall company was down 5.6% in the first quarter, with most
of the decrease attributable to the antidegradants and stabilizers
unit while the vulcanizing agents segment's revenue was flat. After
experiencing a steady run-up from the depths of the pandemic, the
company's antidegradants volumes have weakened since the start of
2022. This is despite data that show roughly 2% greater vehicle
miles driven in the U.S. for the 12 months ended May 2023 compared
to the same period last year. On the vulcanizing agent side,
Flexsys has exposure to the tire market in Asia. The Chinese
economy's reopening story has been uneven, as the expansion in
services activity has slowed recently while factory activity has
declined for consecutive months. Flexsys's sales of vulcanizing
agents are skewed a bit toward commercial-related (trucks, buses)
tire replacement demand, which is underperforming that of passenger
vehicles. Tepid replacement tire demand portends soft volumes for
Flexsys's rubber chemicals. The company is also facing stiff
competition in China and Southeast Asia, which has hurt performance
in its vulcanizing agent unit. The company has instituted new
leadership in Shanghai to improve its commercial initiatives in the
Asia-Pacific region.
S&P said, "We do not anticipate significant free cash flow this
year. Given the recent interest rate hikes and the lack of hedges
on its debt, we see Flexsys's interest expense rising to $56
million in 2023 from $41 million last year. This will hurt its free
operating cash flow and interest coverage. We understand the
company may benefit from cost reductions, execution, and inventory
level optimization, but this may not be enough to offset the
negative free cash flow experienced in the first half of the year.
The company made payments to vendors in the first half of 2023
related to enterprise resource planning system costs, and we expect
it to experience typical working-capital build in June and
September. Flexsys could generate $5 million or more of free
operating cash flow in the back half of 2023 (which may be applied
to repay revolver debt outstanding), but that would still put the
full-year figure at negative $3 million. Still, this would be much
better than the $78 million outflow last year. In 2024, the company
could generate $20 million to $24 million, depending on
capital-spending austerity. We expect Flexsys's liquidity
consisting of cash on hand and revolver availability to stay north
of $50 million by year-end."
Operational execution in the face of macro-related headwinds will
be critical. Flexsys will need to improve its operational execution
in order to keep credit measures at appropriate levels for the
ratings. It has so far been able to effectively manage price-cost
dynamics, keeping its average selling prices at relatively high
levels, but it remains to be seen what the pace of the price
give-back looks like as raw material input costs deflate. Average
selling prices have not exhibited capitulation as of yet. The
company will also seek to achieve $10 million to $15 million of
annual cost savings from its Project Lighthouse operational
execution program. It will attempt to optimize its repair and
maintenance spending at the plant level as well as its supply chain
and warehouse-related activities.
S&P Global Ratings' negative outlook on Flexys reflects the
one-in-three potential for lower ratings during the next year if
the company's performance does not improve, and it becomes likely
that its credit measures are likely to remain weak. S&P said, "We
would view a weighted average debt-to-EBITDA ratio that exceeds
6.0x and an EBITDA to interest coverage ratio that is continually
below 1.5x as being more in line with lower-rated issuers. Though
Flexsys has completed much of the growing pains associated with its
transition to a stand-alone entity, its operational execution and
price-cost management will be very important this year, as
macroeconomic conditions remain uncertain and competitive pressure
in Asia continues. We assume there will be no material increases in
debt to fund acquisitions in our base case scenario. In addition,
we expect the company to maintain adequate liquidity through cash
and revolver availability, as free cash flow generation is unlikely
to be positive this year."
S&P said, "We could lower our ratings on Flexsys within the next 12
months if macroeconomic conditions and credit measures weaken
beyond our base-case forecast. This scenario may involve Flexsys's
debt to EBITDA ratio exceeding 6.0x on a weighted average basis (it
was 6.9x on a trailing 12 month basis at March 31, 2023), with no
prospects for improvement. This could occur if there is a weaker
macroeconomic environment than we anticipated, ongoing muted demand
and customer destocking, increased pressure from substitute
products, or a loss of a key customer. In such a scenario, EBITDA
margins would decline 250 basis points beyond our base-case
expectation. We could also lower our rating if we believed the
company's financial policy would no longer support its current
credit quality. This could occur if financial sponsor One Rock
Capital chooses to undertake a large debt-funded acquisition or
dividend recapitalization that stretches credit measures. In
addition, we could take a negative rating action if the company's
liquidity materially weakened such that we anticipated its sources
would be less than 1.2x its uses.
"While less likely, we could take a positive rating action within
the next 12 months if the company's operating performance and
credit measures are stronger than we expected, perhaps exemplified
by a debt leverage ratio of below 5x and remaining sustained below
that threshold. This could occur if the tire market grew at a pace
greater than expected, or stimulus programs in Asia catalyzed a
more earnest reopening of the regional economy, supporting volume
growth for Flexsys. Improving its market share in the eastern
market and being able to hold on to pricing gains while realizing
cost savings from its operational efficiency program could also
contribute to better results. Nonetheless, a critical factor when
considering an upgrade would be the degree of clarity regarding the
company's financial policies. We would need to be assured that One
Rock would support keeping credit measures at the stronger levels
after factoring in any growth initiatives."
ESG credit indicators: E-2; S-2; G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Flexsys Inc., as is
the case for most rated entities owned by private-equity sponsors.
We view financial sponsor-owned companies with highly leveraged
financial risk profiles as demonstrating corporate decision-making
that prioritizes the interests of the controlling owners, typically
with finite holding periods and a focus on maximizing shareholder
returns."
FOR PAWS BLUE: Seeks Cash Collateral Access
-------------------------------------------
For Paws Blue Cross Animal Hospital, LLC asks the U.S. Bankruptcy
Court for the Northern District of Ohio, Eastern Division, Canton
for authority to use cash collateral to pay its regular daily
expenses including employees' wages, utilities, and its other costs
of doing business.
The Debtor was purchased by Jennifer Jellison, DVM, in 2012 and
renovated throughout the past years to bring it up to current
medical standards. The Debtor's business flourished and became very
well known throughout the community for our medical and community
work.
The COVID-19 pandemic forced the Debtor to incur additional debt to
retain its employees and remain stay open. The Debtor incurred debt
to several merchant lenders to fund its operations. The Debtor was
able to service its debts with two veterinarians. In June 2022, one
of the Debtor's veterinarians who worked for the Debtor for 12
years moved to Portland, Oregon. Due to a severe shortage of
veterinarians, the Debtor has been unable to find a full-time
replacement.
The Debtor tried to make up the loss of revenue from losing a
veterinarian by hiring "relief" veterinarians but it struggled with
high-cost relief veterinarians. Additionally, the Debtor had
expenses of a two-veterinarian practice but the revenue of one
veterinarian. The Debtor has retained a newly graduated
veterinarian but that person has not started yet and will not be
profitable for some time.
Because of the debt incurred through the COVID-19 pandemic and
reduced revenue from the loss of a veterinarian, a Chapter 11
proceeding was determined by the Debtor's management as the best
and only chance to save the Debtor's business and restructure its
debts.
The Debtor executed a promissory note and security agreement with
BHG Financial, serviced by Perpetual Federal Savings Bank on April
1, 2020, under which the Debtor borrowed approximately $254,845
from BHG.
BHG's security interest in the Collateral is the first priority
security interest in the Debtor's assets.
The Debtor executed a promissory note and security agreement with
the United States Small Business Association on November 18, 2020,
under which the Debtor borrowed approximately $150,000 from SBA.
The SBA's security interest in the Collateral is subordinate to
BHG's security interest.
The Debtor executed a promissory note and security agreement with
BHG Financial, serviced by The Ohio Valley Bank Company on April
16, 2022, under which the Debtor borrowed approximately $85,120
from BHG 2.
BHG-2's security interest in the Collateral is subordinate to
BHG's, and SBA's security interest.
The Debtor executed a promissory note and security agreement with
Kapitus LLC on June 13, 2022, under which the Debtor borrowed
approximately $140,200 from Kapitus.
Kapitus's security interest in the Collateral is subordinate to
BHG'S, the SBA's, and BHG 2's security interest.
The Debtor executed a promissory note and security agreement with
IDEA 247, Inc. on September 14, 2022, under which the Debtor
borrowed approximately $111,000 from Idea.
Idea's security interest in the Collateral is subordinate to BHG'S,
the SBA's, BHG s's and Kapitus's security interest.
The Debtor executed an agreement purported to be a purchase and
sale of accounts receivable with Forward Financing, LLC on February
14, 2023, under which the Debtor borrowed approximately $116,800
from FF.
FF's security interest in the Collateral is subordinate to BHG'S,
the SBA's, BHG 2's Kapitus's, and Idea's security interest.
The Debtor executed agreements purported to be a purchase and sale
of accounts receivable with White Road Capital, LLC, d/b/a GFE
Holdings on May 18, 2023, under which the Debtor borrowed
approximately $20,000 and $151,000 from GFE.
The Lenders' interests in cash collateral is adequately protected.
Such adequate protection will be provided to the Lenders through
the preservation of the Debtor's value as a going concern.
A copy of the Debtor's motion and budget is available at
https://urlcurt.com/u?l=8mXSkJ from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$44,189 for July 2023;
$99,193 for August 2023;
$96,987 for September 2023; and
$47,361 for October 2023.
About For Paws Blue Cross Animal Hospital, LLC
For Paws Blue Cross Animal Hospital, LLC operates an animal
hospital. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-60829) on July 14,
2023. In the petition signed by Jennifer D. Jellison, managing
member, the Debtor disclosed up to $1 million in assets and up to
$10 million in liabilities.
Anthony J. DeGirolamo, Esq., represents the Debtor as legal
counsel.
GOLYAN ENTERPRISES: Taps Bronstein as Property Manager
------------------------------------------------------
Golyan Enterprises, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Bronstein
Properties, LLC.
The Debtor requires the services of the firm to manage its real
property, a six-storey residential apartment building located at
99-44 62nd Ave., Rego Park, N.Y.
The firm will be paid a management fee equal to 6 percent of the
gross receipts derived from the premises, payable monthly based
upon the preceding month's gross receipts, with ultimate allowance
of all amounts subject to final approval of the court.
The firm will also receive a property fee of 6 percent of collected
rents each month with the final allowance of all amounts subject to
final court approval.
Barry Rudofsky, a member of Bronstein, 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:
Barry Rudofsky
Bronstein Properties, LLC
10818 Queens Blvd # 302
Flushing, NY 11375
Tel: (718) 521-5700
Email: info@bronsteinproperties.com
About Golyan Enterprises
Golyan Enterprises, LLC owns a residential apartment building
located at 99-44 62nd Ave., Rego Park, N.Y. The property is valued
at $12 million.
Golyan Enterprises filed its voluntary petition for Chapter 11
protection (Bankr. E.D.N.Y. Case No. 23-41647) on May 11, 2023,
with $12,000,500 in assets and $10,472,736 in liabilities.
Faraidoon Golyan, co-managing member, signed the petition.
Judge Nancy Hershey Lord oversees the case.
The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's
bankruptcy counsel.
GOLYAN ENTERPRISES: Taps MYC & Associates as Real Estate Broker
---------------------------------------------------------------
Golyan Enterprises, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ MYC &
Associates, Inc.
The Debtor requires the services of a real estate broker and
auctioneer to market for sale its real property, a six-storey
residential apartment building located at 99-44 62nd Ave., Rego
Park, N.Y.
The firm will be paid as follows:
(i) if the property successfully sells to any party other than
the Debtor or the secured creditor, MYC will charge a broker's
commission of 4 percent of the gross proceeds realized from the
sale of the property as a buyer's premium (MYC will be paid at the
closing by the proposed buyer and will be a condition of closing);
(ii) if the closing to refinance the mortgage on the property
occurs before any scheduled auction takes place, MYC shall be
entitled to seek a reduced commission of 1 percent calculated from
the total refinance amount, plus reimbursement of all expenses,
with such amount of the commission to be paid upon the submission
of a proper application, and approval thereof, made to the
bankruptcy court; and
(iii) in the event the secured creditor successfully credit bids
at an auction and is deemed by the court to be the winning bidder,
MYC shall be entitled to seek a reduced commission of 1 percent
calculated from the full amount of the secured creditor's claim
plus reimbursement of all expenses, with additional commission as
set forth above to the extent that the bid exceeds the credit bid
amount.
As disclosed in court filings, MYC is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Marc P. Yaverbaum
MYC & Associates, Inc.
1110 South Ave.
Staten Island, NY 10314
Office: 347-273-1258
Tel: (917) 648-8059
Fax: (347) 273-1358
Email: my@myccorp.com
About Golyan Enterprises
Golyan Enterprises, LLC owns a residential apartment building
located at 99-44 62nd Ave., Rego Park, N.Y. The property is valued
at $12 million.
Golyan Enterprises filed its voluntary petition for Chapter 11
protection (Bankr. E.D.N.Y. Case No. 23-41647) on May 11, 2023,
with $12,000,500 in assets and $10,472,736 in liabilities.
Faraidoon Golyan, co-managing member, signed the petition.
Judge Nancy Hershey Lord oversees the case.
The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's
bankruptcy counsel.
GRAYSON O CO: Court OKs Cash Collateral Access Thru Aug 4
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Statesville Division, authorized Grayson O Company to use
cash collateral on an interim basis in accordance with the budget,
through the date of the final hearing set for August 4, 2023 at 11
a.m.
The Debtor is permitted to use cash collateral only for ordinary
and necessary business expenses consistent with the specific items
and amounts contained in the budget, with a 10% variance.
As adequate protection for Newtek Small Business Finance, LLC's
interest in cash collateral, Newtek is granted a valid, attached,
choate, enforceable, perfected and continuing security interest in,
and lien upon all post-petition accounts receivable and inventory
of the Debtor. Newtek's security interest in, and lien upon, the
Post-Petition Collateral will have the same validity as existed
between Newtek, the Debtor, and all other creditors or claimants
against the Debtor's estate on the Petition Date.
A copy of the order and the Debtor's budget is available at
https://urlcurt.com/u?l=c3mVav from PacerMonitor.com.
The Debtor projects total cash collections, on a monthly basis, as
follows:
$144,000 for July 2023; and
$118,000 for August 2023.
About Grayson O Company
Grayson O Company sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-50124) on May 15,
2023. In the petition signed by Jared Stamey, vice president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Laura T. Beyer oversees the case.
Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents
the Debtor as legal counsel.
GREELEY LAND: Wins Cash Collateral Access Thru July 31
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado authorized
Greeley Land, LLC to use cash collateral on an interim basis in
accordance with its agreement with Pathfinder 501, LLC and
Pathfinder Crismon, LLC and the budget, with a 15% variance,
through July 31, 2023.
As previously reported by the Troubled Company Reporter, Pathfinder
501 asserts a senior security interest in all the Debtor's assets
pursuant to a Deed of Trust, Assignment of Rents, and Security
Agreement.
Crismon also asserts an interest in the cash collateral that is
junior to Pathfinder 501's interest pursuant to a Deed of Trust,
Assignment of Rents, and Security Agreement.
The Loan matured on November 1, 2021. On October 20, 2022,
Pathfinder filed a Complaint and Verified Ex Parte Motion for Order
Appointing Receiver in the District Court for Weld County, Case No.
2022CV30788.
On October 24, 2022, the State Court appointed Randel Lewis of
Foundation, Ltd. as Receiver. The Receiver did not take possession
of the Property and instead managed the Debtor's cash, working with
the Debtor's property management team.
Crismon sought to foreclose on the Property. In accordance with
Colorado law, the foreclosure sale date was set for December 14 at
10 a.m.
Before the foreclosure sale, the Debtor filed for protection under
chapter 11 of the Bankruptcy Code and initiated the bankruptcy
case.
The Debtor is directed to provide Pathfinder with a complete
accounting, on a monthly basis, of all revenue, expenditures, and
collections through the filing of the Debtor's Monthly Operating
Reports.
A copy of the order is available at https://urlcurt.com/u?l=pslYW6
from PacerMonitor.com.
About Greeley Land, LLC
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, listing
$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.
GRS RESTAURANT: Wins Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
San Francisco Division, authorized GRS Restaurant Group, Inc. to
use cash collateral on an interim basis in accordance with the
budget.
The Debtor has an immediate need to use cash collateral, among
other things, to preserve assets of the estate, maintain the
operation of its business, maintain insurance and timely payment of
its commercial lease obligations, and pay employee wages and other
costs and expenses associated with the Debtor's business and the
Chapter 11 Case.
As adequate protection for the use of the cash collateral, the
Debtor will pay $4,500 monthly to secured UCC lienholder Comerica
Bank and grant replacement liens in estate assets to the same
extent and priority as the liens existed and were duly perfected
prior to the Petition Date. The first adequate protection payment
was due July 17. Succeeding payments are due on the 17th of each
month thereafter.
A final hearing on the matter is set for August 17 at 10 a.m.
A copy of the order is available at https://urlcurt.com/u?l=sBjB0s
from PacerMonitor.com.
About GRS Restaurant Group, Inc.
GRS Restaurant Group, Inc. is part of the restaurant industry. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Cal. Case No. 23-30430) on June 30, 2023. In the
petition signed by Geoff R. Swenson, president, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Hannah L. Blumenstiel oversees the case.
Matthew D. Metzger, Esq., at Belvedere Legal, PC, represents the
Debtor as legal counsel.
H-CYTE INC: Changes Name to "Innoveren Scientific, Inc."
--------------------------------------------------------
H-Cyte, Inc. filed with the Secretary of State of the State of
Nevada a Certificate of Amendment to Second Amended and Restated
Article of Incorporation to change its corporate name to Innoveren
Scientific, Inc., effective July 10, 2023.
Effective as of July 10, 2023, H-Cyte, Inc., in conjunction with
the Name Change, changed the Corporation's stock symbol from "HCYT"
to "IVRN" on the OTC Market under the new ticker symbol began on
July 10, 2023.
About H-CYTE Inc.
Headquartered in Tampa, Florida, H-CYTE Inc. --
http://www.HCYTE.com-- has evolved from focusing on treating
chronic lung conditions after the closure of its lung treatment
clinics due to COVID-19. The Company is currently focusing on
acquiring and developing early-stage companies or their
technologies in the areas of therapeutics, medical devices, and
diagnostics. The goal is to develop these companies and incubate
their technologies to meaningful clinical inflection points.
H-Cyte reported a net loss of $10.30 million for the year ended
Dec. 31, 2022, compared to a net loss of $4.80 million for the year
ended Dec. 31, 2021. As of March 31, 2023, the Company had
$349,355 in total assets, $11.68 million in total liabilities, and
a total stockholders' deficit of $11.33 million.
Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated May 10, 2023, citing that the Company has negative working
capital, has an accumulated deficit, has a history of significant
operating losses and has a history of negative operating cash flow
that raise substantial doubt about its ability to continue as a
going concern.
HAIRY DEALINGS: Court OKs Cash Collateral Access Thru July 20
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Hairy Dealings, Inc., to use cash collateral
on an interim basis, through July 20, 2023.
The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the
Subchapter V Trustee, payroll obligations incurred post-petition in
the ordinary course of business, and $208 for employee onboarding
costs (if necessary); (b) the current and necessary expenses set
forth in the budget; and (c) additional amounts as may be expressly
approved in writing by The Huntington National Bank.
Huntington National Bank will have a perfected postpetition lien
against cash collateral to the same extent and with the same
validity and priority as the prepetition lien, without the need to
file or execute any documents as may otherwise be required under
applicable non-bankruptcy law.
The Debtor is also directed to maintain insurance coverage for its
property in accordance with the obligations under all applicable
loan and security documents.
A continued preliminary hearing on the matter is set for July 20 at
2:30 p.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=H337cc from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$13,267 for the week of July 3, 2023;
$503 for the week of July 10, 2023;
$2,438 for the week of July 17, 2023;
$423 for the week of July 24, 2023; and
$2,902 for the week of July 31, 2023.
About Hairy Dealings, Inc.
Hairy Dealings, Inc. is a closely held Florida limited liability
company formed in 2019 for the purpose of acquiring and operating a
"Tune Up, The Manly Salon" franchise in Tampa, Florida. The Debtor
offers a unique haircut experience and full menu of modern men's
salon services, which also include complimentary cocktails or beer
with every visit.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00782) on March 1,
2023. In the petition signed by Johnnie R. Tilghman, president, the
Debtor disclosed up to $500,000 in both assets and liabilities.
Judge Catherine Peek McEwen oversees the case.
Daniel A Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP,
serves as counsel to the Debtor.
HEART HEATING: Court OKs Interim Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado authorized
Heart Heating & Cooling, LLC to use cash collateral in the
aggregate amount not to exceed $900,000 on an interim basis in
accordance with the budget.
The Debtor and its estate are subject to certain pre-petition
claims from three creditors/creditor groups, who purport to have
priority and/or secured claims on the Debtor's cash on hand,
accounts receivable, equipment, inventory, and any proceeds from
the foregoing. These creditors/creditor groups are the Colorado
Department of Revenue; the Internal Revenue Service; and certain
merchant cash advance lenders.
To the extent that any party possesses a properly perfected
security interest in the Debtor's cash collateral, as adequate
protection for the Debtor's use of cash collateral:
a. The Debtor will provide a party with a replacement lien on
all post-petition accounts receivable to the extent that the use of
the receivables results in a decrease in the value of such party's
interest in the receivables pursuant to 11 U.S.C. section 361(2);
b. The Debtor will use 50% of all net cash to make adequate
protection payments to secured and/or priority creditors on a pro
rata basis in order of priority under the Bankruptcy Code and State
law governing the perfection and priority of secured interests, as
follows: (a) $3,244 will be paid on a monthly basis to the State of
Colorado pursuant to the Stipulation between the State of Colorado
and the Debtor; (b) the total of $30,004 to vehicle lenders; and,
(c) $1,000 to the "MCA Lenders" as described the Motion in the
order of priority of properly perfected secured liens under the
Bankruptcy Code and Colorado law;
c. The Debtor will maintain adequate insurance coverage on all
personal property assets and adequately insure against any
potential loss;
d. The Debtor will provide all periodic reports and
information required by the Bankruptcy Code, Local Bankruptcy
Rules, and the Office of the United States Trustee;
e. The Debtor will only expend Operating Funds and the
Collateral pursuant to the projections and budget subject to
reasonable fluctuation by no more than 20% for each expense item
unless prior written approval is obtained from the appropriate
bank; and
f. The Debtor will retain in good repair all property in which
the CDOR, the IRS, the MCA Lenders and/or the Vehicle Lenders may
claim an interest.
A final hearing on the matter is set for August 16, 2023 at 1:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=0iOI4M
from PacerMonitor.com.
About Heart Heating & Cooling, LLC
Heart Heating & Cooling, LLC is a HVAC contractor in Colorado
Springs, Colorado.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 23-13019) on July 11,
2023. In the petition signed by Robert M. Townsend, chief executive
officer, the Debtor disclosed $2,676,312 in assets and $11,173,434
in liabilities.
Judge Thomas B. McNamara oversees the case.
K. Jamie Buechler, Esq., at Buechler Law Office, LLC, represents
the Debtor as legal counsel.
HTG MOLECULAR: Court OKs Cash Collateral Access on Final Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
HTG Molecular Diagnostics, Inc. to use cash collateral on a final
basis in accordance with the budget and its agreement with Silicon
Valley Bank.
An immediate need exists for the Debtor to obtain access to the
cash collateral to continue operations, fund payroll and operating
expenses, and administer and preserve the value of its estate.
On June 24, 2020, the Debtor entered into the Term Loan and
Security Agreement with Silicon Valley Bank for $10 million. The
Term Loan was secured by certain of the Debtor's personal property.
On July 7, 2022, the Debtor and SVB entered into a First Amendment
to the Term Loan, whereby the Debtor made a pre-payment of $2.5
million. On September 8, 2022, the Debtor and SVB entered into a
Second Amendment to the Term Loan whereby SVB agreed to
proportionately reduce each of the Debtor's subsequent Term Loan
payments.
HTG's only secured debt consists of a secured term loan from SVB
with a current balance of $2.687 million, which includes an
$800,000 final fee premium. After SVB's collapse, the Debtor is
advised that First Citizens Bank owns the loan. The loan is secured
by all of the company assets with the exception of the company's
intellectual property.
As adequate protection, SVB is granted continuing, valid, binding,
enforceable, non-avoidable, and automatically and properly
perfected postpetition security interests in and liens on all
prepetition and postpetition tangible and intangible property and
assets, whether real or personal of the Debtor.
SVB is also granted an allowed superpriority administrative expense
claim in the Chapter 11 Case and any successor cases.
Within two business days following the entry of the Stipulated
Final Order, the Debtor or the Chapter 11 Trustee (as applicable)
will pay to SVB $1.8 million for indefeasible application to the
SVB Loan Obligations, including without limitation, unpaid and
accrued interest and SVB's legal fees and expenses.
Beginning on July 28, 2023, and continuing on each Friday
thereafter, the Debtor will pay to SVB in cash an amount equal to
all cash and cash equivalents held by the Debtor on such date less
$400,000, which payments will be applied to the SVB Loan
Obligations, including without limitation, unpaid and accrued
interest and SVB's legal fees and expenses.
A copy of the order is available at https://urlcurt.com/u?l=hPLXyp
from PacerMonitor.com.
About HTG Molecular Diagnostics, Inc.
HTG Molecular Diagnostics, Inc. is a commercial-stage company that
develops and markets a technology platform to facilitate the
routine use of complex molecular profiling. The Tucson,
Arizona-based Company's HTG Edge and HTG EdgeSeq platforms, which
is comprised of instrumentation, consumables and software
analytics, automates the molecular profiling of genes and gene
activity.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10732) on June 5, 2023.
In the petition signed by Shaun McMeans, senior vice president and
chief financial officer, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Kate Sickles oversees the case.
Frederick B. Rosner, Esq., at The Rosner Law Group, LLC, represents
the Debtor as legal counsel.
Silicon Valley Bank, as lender, is represented by Alex Rheaume,
Esq., at Morrison & Foerster LLP.
IMEDIA BRANDS: Court OKs $34.9MM DIP Loan from Siena Lending
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
iMedia Brands, Inc. and affiliates to use cash collateral and
obtain postpetition financing, on an interim basis.
The Debtors are permitted to obtain up to $34.9 million in
post-petition financing and other financial accommodations in
connection with the post-petition, senior secured
debtor-in-possession financing. The loan is comprised of up to $15
million in term loan commitments, plus the roll of up amounts owed
under a prepetition revolving facility. The revolving loans will
be re-advanced under the DIP Facility, pursuant to and in
accordance with the terms and conditions set forth in the
Debtor-In-Possession Loan and Security Agreement dated as of July
3, 2023, by and among the Debtors, as borrowers, Siena Lending
Group LLC, in its capacity as DIP agent.
As of the Petition Date, the Debtors owed the aggregate principal
amount of not less than $19.464 million under a prepetition
revolving loan facility. Siena also serves as agent under the
prepetition facility.
The Debtors are also obligated to Synacor Inc. the aggregate
principal amount of not less than $4.1 million under a prepetition
promissory note.
As adequate protection, the Pre-Petition Agent, for itself and for
the benefit of the PrePetition Revolving Lenders, are granted valid
and perfected replacement security interests in, and liens on the
DIP Collateral.
Debtor Portal Acquisition Company will grant Synacor valid and
perfected replacement security interests in, and liens on, the DIP
Collateral comprised solely of the assets of Portal or its Estate;
provided that distribution on account of such assets and Estate
will remain subject to resolution by separate Court order of the
priority of security interests in and liens on such assets or
Estate between the Pre-Petition Revolving Secured Parties, Synacor,
and any other lawful holder of security interests in and liens.
The Debtors will also grant adequate protection to C&B Newco, LLC,
in its capacity as consignor under an Amended and Restated
Consignment Agreement, dated as of November 23, 2022, with respect
to the use and aggregate diminution, if any, in the value of C&B
Newco's interests in iMedia's Estates' interests in certain
consigned inventory.
The Synacor Adequate Protection Liens will be deemed to be valid,
binding, enforceable and fully perfected as of the Petition Date.
These events constitute an "Event of Default":
(1) The occurrence of any Event of Default as defined and
under the DIP Credit Agreement;
(2) The Debtors' failure to obtain entry of the Interim Order
within three days of the filing of the DIP Motion, unless otherwise
agreed in writing by the Pre-Petition Agent and the DIP Agent;
(3) The Debtors' failure to obtain entry of a Final Order on
or before July 24, 2023, unless otherwise agreed in writing by the
Pre-Petition Agent and the DIP Agent;
(4) The Debtors seeking approval of a sale of all or a
portion of the Debtors' property that is not acceptable to the
Pre-Petition Agent and the DIP Agent (provided, that, (i) any sale
that would provide for the payment in full in cash of the DIP
Obligations and the Pre-Petition Revolving Obligations and (ii) the
Debtors' contemplated sale of assets to RNN-TV Licensing Co. LLC as
set forth in the APA, are, in each case, deemed to be acceptable to
the Pre-Petition Agent and the DIP Agent); or
(5) The sale of all or substantially all of the Debtors'
property without the order approving such sale providing for the
indefeasible payment and satisfaction in full in cash of the
Pre-Petition Revolving Obligations and the DIP ABL Obligations,
unless otherwise agreed in writing with a purchaser.
A final hearing on the matter is set for July 24 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=DHTS0H
from PacerMonitor.com.
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
Ropes & Gray LLP serves as the Debtor's general bankruptcy counsel
and Pachulski Stang Ziehl & Jones LLP serves as co-bankruptcy
counsel. Huron Consulting Services LLC acts as the Debtors'
financial advisor; Lincoln Partners Advisors LLC is the Debtors'
investment banker' and Stretto Inc. is the Debtors' notice and
claims agent.
Siena Lending Group LLC, as DIP agent, is represented by:
Regina Stango Kelbon, Esq.
Blank Rome LLP
1201 North Market Street, Suite 800
Wilmington DE 19801
Email: regina.kelbon@blankrome.com
Counsel to Crystal Financial LLC d/b/a SLR Credit Solutions:
Julia Frost-Davies, Esq.
Morgan Lewis & Bockius, LLP
One Federal Street
Boston, MA 02110
E-mail: julia.frost-davies@morganlewis.com
U.S. Bank, N.A. serves as indenture trustee for Senior Unsecured
Notes.
Counsel to Synacor, Inc.:
Curtis Tuggle, Esq.
Jonathan Hawkins, Esq.
Thompson Hine, LLP
3900 Key Center
127 Public Square
Cleveland, OH 44114
E-mail: curtis.tuggle@ThompsonHine.com
jonathan.hawkins@ThompsonHine.com
Counsel to C&B Newco:
Steven Fox, Esq.
Riemer Braunstein LLP
Times Square Tower, Suite 2506
New York, NY 10036
E-mail: sfox@riemerlaw.com
- and -
Douglas D. Herrmann, Esq.
Troutman Pepper Hamilton Sanders LLP
Hercules Plaza, Suite 5100
1313 North Market Street
Wilmington, DE 19801
E-mail: douglas.herrmann@troutman.com
INDUS ARCHITECTS: Wins Cash Collateral Access Thru Aug 15
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Indus Architects, PLLC to use cash collateral on an
interim basis in accordance with the budget, with a 10% variance.
The Debtor is permitted to use cash collateral until the earlier of
(i) August 15, 2023 at 4 p.m. or (ii) a Termination Event.
TD Bank holds a validly perfected security interest on all the
Debtor's assets. TD Bank provided a line of credit secured by a
blanket lien on all of the Debtor's assets. As of Petition Date,
the outstanding balance owed to TD Bank is $57,324.
As adequate protection, the Prepetition Lender is granted valid,
binding, continuing, enforceable, non-avoidable and fully
perfected, first-priority postpetition security interests in and
liens on all of the Debtor's rights in tangible and intangible
assets.
The Prepetition Lender will also receive a payment of $1,805 per
month, commencing promptly after the entry of the Interim Order.
Each additional monthly payment will be made no later the 16th day
of each of subsequent month.
The Prepetition Liens and Adequate Protection Liens will be subject
and subordinate only to:
(a) any quarterly or other fees payable to the U.S. Trustee
pursuant to, inter alia, 28 U.S.C. section 1930(a) or interest, if
any, pursuant to 31 U.S.C. section 3717; and
(b) any costs and fees of a chapter 7 trustee should one be
appointed if the Chapter 11 Case is converted in an amount not to
exceed the amount of $10,000.
These events constitute a "Termination Event":
(a) Entry of an order by the Bankruptcy Court converting or
dismissing the Chapter 11 Case;
(b) Entry of an order by the Bankruptcy Court appointing a
chapter 11 trustee in the Chapter 11 Case;
(c) The failure of the Debtor to perform or comply in any
material respect with any term or provision of the Interim Order;
(d) Entry of an order that stays, reverses, vacates, amends,
or rescinds any of the terms of the Interim Order, or order
approving the Interim Order, without the consent of the Prepetition
Lender; and
(e) The Debtor ceases operations without the prior written
consent of the Prepetition Lender, except to the extent
contemplated by the Budget.
A final hearing on the matter is set for August 7 at 10 a.m.
A copy of the order is available at https://urlcurt.com/u?l=m7m6Fr
from PacerMonitor.com.
About Indus Architects, PLLC
Indus Architects, PLLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-71961) on June 1,
2023. In the petition signed by Sharon Lobo, managing member, the
Debtor disclosed up to $1 million in both assets and liabilities.
Judge Robert E. Grossman oversees the case.
Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler &
Goodman, LLP, represents the Debtor as legal counsel.
INMET MINING: Court OKs $22MM DIP Loan from Black Mountain
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District to Kentucky
authorized Inmet Mining, LLC to use cash collateral and obtain
postpetition financing, on a final basis, from Black Mountain
Marketing and Sales LP pursuant to a Debtor-in-Possession Secured
MultiDraw Term Promissory Note.
The Debtor has obtained postpetition financing on a priming and
senior secured superpriority basis consisting of:
-- a new money multiple draw senior term loan facility in an
aggregate principal amount of up to $22.2 million, of which (x)
$11.2 million was borrowed by the Debtor in a single draw on the
Closing Date; and (y) an additional $11 million was available to
the Debtor in multiple draws following entry of the Second Interim
Order; and
-- a roll-up facility in an aggregate amount equal to, upon
entry of the Final Order, $5.6 million of the amounts owing under
prepetition prepayment documents.
Black Mountain and the Debtor are party to (1) the Master Coal
Purchase and Sale Agreement, dated September 18, 2019, between
Black Mountain and INMET, as amended by, among other things, the
Amendment to Master Coal Purchase and Sale Agreement, dated as of
September 18, 2019, between the parties; and (2) the Coal Marketing
Agreement, dated September 18, 2019, between the parties.
Black Mountain and the Debtor are party to:
(1) the Prepaid Purchase Agreement Confirmation dated as of
September 18, 2019;
(2) the Purchase and Sale Confirmation dated as of July 31,
2020;
(3) the Purchase and Sale Confirmation dated as of July 19,
2021 (with trade date of March 29, 2021);
(4) the Purchase and Sale Confirmation dated as of June 16,
2021 (with trade date of September 23, 2020);
(5) the Purchase and Sale Confirmation dated as of October 12,
2021 (with trade date of September 16, 2021);
(6) the First Amended and Restated Purchase and Sale
Confirmation dated as of May 17, 2021; and
(7) the Purchase and Sale Confirmation dated as of April 4,
2022 (with trade date of February 25, 2022).
As of the Petition Date, the Debtor was indebted to BMMS in the
aggregate principal amount of not less than $29.754 million plus
any other amounts due and payable under the Prepetition Working
Capital Documents as of prior to the Petition Date.
As of the Petition Date, the Debtor was liable and indebted to the
Prepetition BMMS Secured Parties, in the aggregate principal amount
of not less than $74.689 million plus any other amounts due and
payable under the Prepetition Prepayment Documents as of prior to
the Petition Date.
The Debtor has an immediate need to obtain the DIP Loans and other
financial accommodations and continue to use the Prepetition
Collateral to, among other things:
(i) avoid the liquidation of its estate;
(ii) permit the orderly continuation of the operation of its
businesses;
(iii) maintain business relationships with customers, vendors
and suppliers;
(iv) make payroll, (v) satisfy other working capital, capital
improvement and operational needs;
(vi) pay professional fees and expenses benefitting from the
Carve-Out; and
(vii) pay costs, fees, and expenses associated with or payable
under the DIP Facility, in each case, subject to the terms of the
Interim Order and the DIP Loan Documents.
The Court said $5.6 million of the Prepetition Prepayment
Obligations will automatically be deemed substituted and exchanged
for, and rolled up and converted into (on a cashless, dollar for
dollar basis) DIP Loans (and upon the entry of the Final Order, the
Prepetition BMMS Secured Parties shall correspondingly reduce each
such holder's Prepetition Prepayment Obligations so substituted and
exchanged for, and rolled up and converted into (on a dollar for
dollar basis) DIP Loans). The "roll-up" will be authorized as
compensation for, in consideration for, and solely on account of,
the agreement of the Prepetition BMMS Secured Parties to provide
the DIP Facility and provide other consideration during the Chapter
11 Case, and not as payments under, adequate protection for, or
otherwise on account of, any Prepetition Obligations.
The DIP Note is further amended as follows:
(i) the reference to "$40,000,000" of Roll-Up Loans in Section
1(a) of the DIP Note will be reduced to "$5,600,000";
(ii) the reference to any amounts available after entry of a
Final Order in Section 1(b) of the DIP Note (including as amended
by the Second Interim DIP Modifications) will be deleted in its
entirety;
(iii) the reference to "$86,200,000" in the third line of the
first page of the DIP Note, Sections 1(c) and 18 of the DIP Note,
the definition of "Commitment" of the DIP Note and the signature
pages thereto shall each be reduced to "$27,800,000".
As adequate protection, the Prepetition BMMS Secured Parties are
granted a valid, binding, enforceable and automatically perfected
postpetition lien on all DIP Collateral, to the extent of any
Diminution in Value of the Prepetition BMMS Secured Parties'
interests in the Prepetition Collateral. The Adequate Protection
Liens will (x) rank junior to the Carve-Out, the DIP Liens and the
Permitted Prior Senior Liens; and (y) otherwise rank senior to any
and all other liens or security interests in the DIP Collateral.
The Prepetition BMMS Secured Parties are granted allowed
superpriority administrative expense claims, to the extent of any
Diminution in Value of the Prepetition BMMS Secured Parties'
interests in the Prepetition Collateral.
Each of the following will constitute a "DIP Termination Event"
under the Final Order, unless waived in writing by the DIP Lender:
(1) The occurrence of an "Event of Default" under and as
defined in the DIP Note;
(2) The "Maturity Date" under and as defined in the DIP Note;
(3) The closing of any sale of substantially all of the assets
of the Debtor pursuant to section 363 of the Bankruptcy Code;
(4) The substantial consummation of a chapter 11 plan of the
Debtor;
(5) The Debtor seeks any amendment, modification, or extension
of the Final Order, or the Final Order is otherwise amended,
modified or extended, in each case, without the prior written
consent of the DIP Lender;
(6) The failure by the Debtor to timely perform any of the
terms, provisions, conditions, covenants, or other obligations
under the Final Order;
(7) A Court order, in a form and substance acceptable to the
DIP Lender, approving the Sale (as defined in the DIP Note) having
not been entered by July 13, 2023 (or such later date as may be
agreed to by the DIP Lender in writing, which will not be
unreasonably withheld); and
(8) A closing of the Sale (as defined in the DIP Note) having
not occurred by July 25, 2023 (or such later date as may be agreed
to by the DIP Lender in writing, which will not be unreasonably
withheld).
A copy of the order is available at https://urlcurt.com/u?l=ynQqWf
from PacerMonitor.com.
About Inmet Mining
Inmet Mining, LLC is a company in Knoxville, Tenn., which operates
in the coal mining industry.
Inmet Mining sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Ky. Case No. 23-70113) on April 5, 2023, with $50
million to $100 million in assets and $100 million to $500 million
in liabilities. Jeffrey Strobel, chief restructuring officer,
signed the petition.
Judge Gregory R. Schaaf oversees the case.
Jeffrey Phillips, Esq., at Steptoe & Johnson, PLLC serves as the
Debtor's legal counsel. Stretto, Inc. is the claims, noticing, and
solicitation agent.
Paul Randolph, Acting U.S. Trustee for Region 8, appointed an
official committee to represent unsecured creditors in the Debtor's
Chapter 11 case. The committee tapped Dentons Bingham Greenebaum,
LLP and Whiteford, Taylor & Preston, LLP as legal counsels; and BDO
Consulting Group, LLC as financial advisor.
INNOVATIVE CONCEPTS: Affiliate Taps J.S. Held as Accountant
-----------------------------------------------------------
Squared Up Hospitality, Inc., an affiliate of Innovative Concepts
Empire, LLC, seeks approval from the U.S. Bankruptcy Court for the
District of Arizona to employ J.S. Held, LLC as its accountant.
The firm will assist in preparing the Debtor's monthly operating
reports, and general accounting of revenue and expenses.
The firm will be paid at these rates:
Executive Vice President $450 per hour
Senior Vice President $360 per hour
Assistant Vice President $290 per hout
Senior Consultant $250 per hour
Consultant $225 per hour
Lynton Kotzin, executive vice president of J.S. Held, 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:
Lynton Kotzin, CPA
J.S. Held LLC
2700 N. Central Avenue, Suite 1275
Phoenix, AZ 85004
Telephone: (602) 544-3552
Email: lkotzin@jsheld.com
About Innovative Concepts Empire
Innovative Concepts Empire, LLC and its affiliates, Central
Hospitality Group, Inc. and Squared Up Hospitality, Inc. filed
petitions under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. D. Ariz. Lead Case No. 23-03538) on May 27, 2023.
At the time of the filing, Innovative Concepts Empire and Central
Hospitality Group reported as much as $50,000 in assets and
$100,001 to $500,000 in liabilities while Squared Up Hospitality
reported as much as $50,000 in assets and $500,001 to $1 million in
liabilities.
Judge Brenda Moody Whinery oversees the cases.
The Debtors are represented by Ronald J. Ellett, Esq., at Ellett
Law Offices, P.C.
Lynton Kotzin, CPA, at J.S. Held LLC is tapped as Central
Hospitality Group, Inc.'s accountant.
IRONMAN LOGGING: Seeks Cash Collateral Access
---------------------------------------------
Ironman Logging, LLC asks the U.S. Bankruptcy Court for the Western
District of Louisiana, Alexandria Division, for authority to use
cash collateral and make adequate protection payments to Southern
Heritage Bank.
The Debtor needs to use the cash collateral to pay the expenses of
its operation during the course of the case.
Among the Debtor's assets is certain equipment subject to liens in
favor of Southern Heritage Bank:
-- a 2008 Tigercat Feller Buncher model #724E;
-- a 2000 Ttgercat 240 Loader;
-- a 2010 Tigercat 620C Skidder;
-- a 2015 Caterpillar 559C Loader with CSI Delimber;
-- a 2015 Caterpillar Skidder;
-- a 2003 Tigercat 230B Loader; and
-- a 2014 Caterpillar Loader
The equipment is insured with full coverage against loss, with
Southern Heritage Bank. The Debtor does not believe there is any
significant amount of depreciation of these assets, as they are
regularly inspected and maintained.
Ironman Logging proposes adequate protection payments of $3,000 per
month to Southern Heritage Bank.
About Ironman Logging LLC
Ironman Logging LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 23-80389) on July 12,
2023. In the petition signed by Edward B. Holmes, Jr., managing
member, the Debtor disclosed $1,255,500 in assets and $554,248 in
liabilities.
Judge Stephen D. Wheelis oversees the case.
Thomas R. Willson, Esq. represents the Debtor as legal counsel.
IVCINYA COMPANY: Court OKs Interim Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Ivcinya Company, LLC to use cash
collateral on an interim basis in accordance with the budget.
As previously reported by the Troubled Company Reporter, the Debtor
requires $17,976 of cash collateral to pay necessary expenses for
the period from July 11 to 21, 2023.
The Debtor's business was drastically impacted by the COVID-19
pandemic. Shipping of goods slowed down, and this trickled down to
trucking businesses.
Additionally, in June 2022, port workers requested raises and
shippers refused. The port workers have since been threatening to
strike. For fear of a strike, shippers have reduced routing to the
Port of Los Angeles and routed instead to the East Coast rather
than risk having cargo get stuck in the Port of Los Angeles. The
Debtor previously did 100 loads per week, which has been reduced to
the current 10-20 loads weekly.
The case was filed so that the Debtor could obtain a breathing
spell from collection efforts of its creditors and complete a
financial reorganization via a structured payment plan that
addresses each of its debts.
The Debtor has determined to immediately reduce expenses by
returning four vehicles (four will remain). Additionally, the
Debtor has diversified its business by purchasing a 2022 Chevy
Suburban and is working on obtaining requisite licensing to be able
to provide high-end "black car" chauffeur services.
The Debtor has a factoring agreement with TAFS, Inc. The Debtor
also entered into an Economic Injury Disaster Loan with the U.S.
Small Business Administration for $74,000 on July 22, 2020.
The Debtor entered into a receivable purchase agreement with
Specialty Capital LLC for $39,900 on April 28, 2023. Although the
agreement is allegedly for the purchase of future receivables, the
Debtor is investigating whether this transaction is a disguised
loan. However, the UCC-1 Financing Statement was filed within the
preference period and will be voided pursuant to 11 U.S.C. section
547(b).
The Debtor does not know the name of entity that holds the UCC-1
Financing Statement filed on June 29, 2023.
The Debtor believes the continued and uninterrupted operation of
the business is in the best interest of the estate and all its
creditors.
As adequate protection, any creditors holding secured claims are
granted replacement liens, but the liens will be limited to the
same validity, priority, and amount as used by the parties.
The liens will be limited to the same priority as the security
interest held by the creditor as of the petition date.
A further hearing on the matter is set for August 8, 2023 at 1
p.m.
A copy of the order is available at https://urlcurt.com/u?l=rX0xXm
from PacerMonitor.com.
About Ivcinya Company, LLC
Ivcinya Company, LLC is a trucking company. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Cal. Case No. 23-14313) on July 11, 2023.
In the petition signed by Randy Johnson, managing member, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Neil W. Bason oversees the case.
Matthew D. Resnik, Esq., at RHM LAW, LLP., represents the Debtor as
legal counsel.
JUMP FINANCIAL: S&P Places 'BB-' ICR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings placed its 'BB-' issuer credit and senior
secured debt ratings on Jump Financial LLC (Jump) on CreditWatch
with negative implications.
S&P said, "The CreditWatch placement reflects our expectation that
Jump's expansion into slightly longer duration strategies will
pressure our capital metrics. Since we initiated the rating on Jump
in 2021, the company has expanded into longer-duration and more
capital-intensive trading strategies in addition to shorter-term
high frequency market-making strategies. While these trading
strategies have diversified Jump's net trading income and supported
earnings growth, they have also grown its balance sheet, and
increased the amount of positions the company holds overnight and
its exposure to trading risk.
"Jump is rolling out an enhanced Value at Risk (VaR) framework,
which we believe better captures trading risk on slightly longer
duration strategies but result in a lower risk-adjusted capital
(RAC) ratio. Preliminary results suggest a significant increase in
the end-of-day VaR used to compute the firm's trading book RAC
charge under the enhanced framework. If these preliminary estimates
are confirmed as the scope of the VaR perimeter expands, the RAC
ratio could decrease below the threshold of 10% that we typically
consider strong. This could result in us lowering the existing
'BB-' issuer credit rating, possibly by one notch."
Significant uncertainty remains around the trajectory of the RAC
ratio. In the short term, the trajectory of the RAC ratio depends
on several factors, such as the level of market volatility or
potential risk offsets between various strategies as the company
rolls out its new VaR framework across the entire trading book. The
ultimate impact on the RAC ratio will also be contingent on the
pace of capital build (either through retained earnings or member
contributions), growth in the firm's trading operations, and
potential changes in the firm's hedging strategy.
S&P said, "The CreditWatch negative placement reflects the
possibility that we could lower our ratings on Jump in the coming
months if the company is unable to demonstrate a path to maintain a
RAC ratio closer to 10%.
"We expect to reassess our view of capital after we gain additional
data to assess the firm's VaR and consider its trajectory, after
incorporating management plans to mitigate trading risk and build
out capital.
"We could resolve the CreditWatch with no rating changes only if we
are convinced that the company will be able to demonstrate a viable
path toward a supportive level of capitalization."
KATANA ELECTRONICS: Seeks Cash Collateral Access
------------------------------------------------
Katana Electronics, LLC asks the U.S. Bankruptcy Court for the
District of Utah for authority to use cash collateral and provide
adequate protection.
The Debtor has been operating the business for almost 15 years
since June 2009. The Debtor's business has flourished at times
during its period of operations but has also confronted times of
financial struggle. In 2020, COVID-19 began to take a toll on the
Debtor's operations by causing supply chain issues and shortages in
materials. Furthermore, several of the Debtor's buyers have filed
for bankruptcy over the last couple of years.
In 2020, the Debtor utilized capital offered by the U.S. Small
Business Administration. The Debtor borrowed $150,000. As part of
that agreement, the Debtor pledged all of its property in a global
UCC-1. The Debtor's property was unencumbered before that time.
These once unforeseen issues dating back to COVID-19 have led the
Debtor into default with almost all of its debts, including with
the SBA. The SBA has been flexible and worked with the Debtor on
workout options. However, the Debtor's judgement creditor, Tencell,
LLC, sought to enforce its judgment pre-petition and forced the
Debtor into bankruptcy. The Debtor hopes to salvage the business
and restore it to a strong operating status through a
reorganization of its debts.
On May 29, 2020, the Debtor entered into an Promissory Note,
Security Agreement, and All-Inclusive UCC-1. Pursuant to the Note,
the Debtor borrowed $150,000 at a 3.75% interest rate with a
monthly payment of $731 a month for a term of 30 years.
The Security Agreement and subsequent UCC-1 filing secures all of
the Debtor's tangible and intangible property, including Debtor
accounts received and cash collateral. As of the Petition Date, the
Debtor has approximately $32,120 in account receivable.
The Debtor believes all accounts receivable earned pre-petition
fall within the definition of cash collateral; and therefore, the
Debtor must either obtain the SBA's permission or obtain a Court
order to use those funds. The Debtor's counsel has attempted to
reach out to the SBA and the United States District Attorney's
office to work out an agreement, but counsel has not received
correspondence who returned communications.
As adequate protection for any diminution in the value of cash
collateral and other Pre-Petition Collateral resulting from the
Debtor's use thereof after the Petition Date, the proposed Interim
Order provides that the Secured Creditor will continue to have a
valid, perfected and enforceable continuing replacement lien and
security interest in all of the Debtor's assets and related
proceeds to the same extent, validity, perfection, enforceability
and priority of the liens and security interests of the Secured
Creditor as of the Petition Date. The Rollover Lien will be subject
to only prior valid and perfected liens, if any, existing as of the
Petition Date with priority over the Secured Creditor's liens, and
to a Carve-Out for clerk of court fees, U.S. Trustee fees and
approved bankruptcy professionals' fees. The Rollover Lien will be
limited to the amount of any Diminution.
As additional adequate protection for any Diminution, the Interim
Order also provides that the Secured Creditor will have a valid,
perfected and enforceable continuing supplemental lien and security
interest in all of the assets of the Debtor of any kind or nature
whatsoever within the meaning of Section 541 of the Bankruptcy
Code.
A copy of the motion is available at https://urlcurt.com/u?l=dW7ebU
from PacerMonitor.com.
About Katana Electronics, LLC
Katana Electronics, LLC is an electronics manufacturing company
specializing in circuit boards and other electronic hardware.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Utah Case No. 23-22919) on July 11,
2023. In the petition signed by Shaher Hawatmeh, manager, the
Debtor disclosed up to $100,000 in assets and up to $500,000 in
liabilities.
Ted F. Stokes, Esq., at Stokes Law PLLC, represents the Debtor as
legal counsel.
LITTLE K'S LANDSCAPING: Seeks Cash Collateral Access Thru July 31
-----------------------------------------------------------------
Little K's Landscaping, LLC asks the U.S. Bankruptcy Court for the
District of Connecticut for authority to use cash collateral and
provide adequate protection.
The Debtor anticipates needing access to about $33,589 of cash
collateral for the 31-day period from July 1 through July 31,
2023.
The Debtor requires the use of cash collateral for maintaining,
operating, enhancing, preserving and protecting the value and
integrity of the business which will inure to the benefit of the
estate.
The Debtor is obligated under a Promissory Note to Fora Financial
Asset Securitization 2021 LLC dated July 21, 2022, in the amount of
$81,900.
The Bank possess valid duly perfected security interest in, inter
alia All Accounts receivable and all funds received by the Debtor
constitute cash collateral within the purview of Section 363 of the
Bankruptcy Code.
In consideration for the Debtor's use of cash collateral, and to
adequately protect the interests of Garden Savings Federal Credit
Union for its interest therein, the Debtor seeks to grant Garden
Savings replacement liens on all accounts receivable generated by
the business after the filing of the petition pursuant to 11 U.S.C.
Section 361 (2) to the extent of any diminution in value of the
respective interests to the extent such interests are determined to
be valid and perfected interests in the cash collateral and to the
extent of such cash collateral is in fact used and make monthly
Adequate Protection Payments to it.
The use of cash collateral will cease on (i) the filing of a
challenge to the lender's pre-petition lien or the lender's
pre-petition claim based on the lender's pre-petition claim; (ii)
entry of an order granting relief from the automatic stay other
than an order granting relief from the stay with respect to
material assets; (iii) the grant of a change of venue with respect
to the case or any adversary proceeding; (iv) management changes or
the departure, from the Debtor, of any identified employees; (v)
the expiration of a specified time for filing a plan; or (vi) the
making of a motion by a party in interest seeking any relief.
About Little K's Landscaping
Little K's Landscaping, LLC owns and manages a Landscaping Company
in Connecticut.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Conn.
Case No. 23-30267) on April 20, 2023, with as much as $1 million in
both assets and liabilities.
Judge Ann M. Nevins oversees the case.
The Debtor is represented by the Law Office of Joseph J.
D'Agostino, Jr.
MACEDON CONSULTING: Taps Ronald Polichnowski as Accountant
----------------------------------------------------------
Macedon Consulting, Inc. received approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to employ Ronald
Polichnowski, CPA PC as accountant.
The firm's services include:
a. yearly filing of corporate tax returns for federal and
multiple states and amended filings as necessary;
b. yearly review of payroll filings especially W2 issues for
officers and the preparation and filing of 1099s as needed;
c. quarterly review of payroll filings;
d. monthly review of the Quickbooks accounting entries to focus
on any abnormalities between accrual and cash accounting;
e. monthly review of Quickbooks entries to isolate the
capitalization of assets versus the direct expensing of those
items;
f. tax and business advice; and
g. communication with taxing authorities.
The firm will be compensated at $300 per hour.
Ronald Polichnowski, a partner at Ronald Polichnowski, CPA,
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:
Ronald Polichnowski
Ronald Polichnowski, CPA PC
El Prado, NM 87529
Telephone: (703) 623-3512
Facsimile: (703) 783-0560
About Macedon Consulting
Macedon Consulting, Inc., doing business as Macedon Technologies,
is a computer software company that offers IT services and
solutions. It is based in Reston, Va.
Macedon Consulting filed Chapter 11 petition (Bankr. E.D. Va. Case
No. 23-10300) on Feb. 28, 2023, with $8,367,613 in assets and
$2,838,342 in liabilities. Austin Rosenfeld, chief executive
officer of Macedon Consulting, signed the petition.
Judge Klinette H. Kindred oversees the case.
The Debtor tapped Woods Rogers Vandeventer Black, PLC as legal
counsel and Ronald Polichnowski, CPA PC as accountant.
MADERA COMMUNITY: Gets OK to Hire Newmark as Appraiser
------------------------------------------------------
Madera Community Hospital received approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Newmark Valuation & Advisory to appraise its property located at
1250 East Almond Ave., Madera, Calif.
Newmark will be paid at the rate of $450 per hour for its
services.
The retainer fee is $30,000.
Timothy Gillespie, MAI, a partner at Newmark, 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:
Timothy P. Gillespie, MAI
Newmark Valuation & Advisory,
18302 Highwoods Preserve Parkway, Ste. 114
Tampa, FL 33647
Tel: (813) 639-1111
Email: tim.gillespie@nmrk.com
About Madera Community Hospital
Madera Community Hospital operates a general medical and surgical
hospital in Madera, Calif.
Madera Community Hospital sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10457) on
March 10, 2023. In the petition signed by its chief executive
officer, Karen Paolinelli, the Debtor disclosed $50 million to $100
million in assets and $10 million to $50 million in liabilities.
Judge Rene Lastreto II oversees the case.
The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Helsley,
as bankruptcy counsel; McCormick Barstow LLP and Ward Legal, Inc.
as special counsels; and JWT & Associates, LLP as accountant.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case. The committee
tapped Perkins Coie, LLP and Sills Cummis & Gross PC as legal
counsels and FTI Consulting, Inc. as financial advisor.
MARINER WEALTH: S&P Affirms 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit and issue
ratings on Mariner Wealth Advisors LLC. The recovery rating of '4'
(45%), indicating its expectation for an average recovery in the
event of a default, remains unchanged.
The stable outlook indicates that S&P expects Mariner to operate
with leverage above 5.0x and EBITDA interest above 1.0x for the
next 12 months, while Mariner's pace of growth taper and the
company maintains adequate liquidity.
S&P said, "We expect Mariner Wealth Advisor LLC's (Mariner's)
leverage to be above 5.0x and EBITDA interest coverage above 1.0x
in the next 12 months, while the company maintains adequate
liquidity. Mariner's revenue grew 38% in 2022 and 10% first-quarter
2023 year over year. The growth was offset by higher expenses
primarily related to employee compensation to support a larger
client base and offered services. Mariner also saw a sharp increase
in stock compensation expense in 2022, related to stock granted to
firms it acquired and Mariner associates, which weighed on EBITDA.
We expect Mariner's revenue to rise 20%-30% in 2023, while margins
remain low. As a result, we forecast that leverage will remain well
above 5.0x.
"Although Mariner's leverage is elevated, we expect the company to
maintain adequate liquidity in the next 12 months. Mariner had a
meaningful cash balance of $250 million as of March 31, 2023 and an
undrawn $125 million revolving credit facility as sources of
liquidity, which exceed liquidity uses such as debt amortization,
capital expenditures and potential acquisitions. We expect the cash
balance to decline as Mariner uses it for acquisitions, but we
believe that liquidity will remain adequate, as we expect
acquisition volume to decline in 2023 and 2024.
"Our forecast does not assume any further debt issuances. We do not
net cash against debt.
"The stable outlook reflects our expectation that leverage will
remain above 5.0x and EBITDA interest coverage above 1.0x in the
next 12 months as Mariner continues to grow modestly, while
maintaining adequate liquidity.
"We could lower the rating if operating performance deteriorates
such that interest coverage is sustained below 1.0x or if liquidity
becomes less than adequate.
"We do not anticipate raising the ratings in the next 12 months.
Over the longer term, we could raise the ratings if Mariner
maintains leverage comfortably below 5.0x, while continuing to grow
organically."
ESG credit indicators: E-2, S-2, G-3
MLN US HOLDCO: $1.12B Bank Debt Trades at 74% Discount
------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 25.6
cents-on-the-dollar during the week ended Friday, July 14, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.12 billion facility is a Term loan that is scheduled to
mature on November 30, 2025. About $281.0 million of the loan is
withdrawn and outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
MONTANA TUNNELS: DEQ Says Plan Feasibility Speculative
------------------------------------------------------
The Montana Department of Environmental Quality objects to Montana
Tunnels Mining, Inc.'s Disclosure Statement on grounds that it
lacks adequate information to substantiate the alleged sources of
funding necessary to implement Debtor's Chapter 11 Plan of
Reorganization dated June 5, 2023. Without further substantiation
of financing necessary to return the Debtor to viability and to
enable to post required reclamation bonds, the feasibility of the
Plan remains speculative.
The DEQ incorporates the United States Trustee's objections to
Debtor's Disclosure Statement.
The DEQ points out that the Disclosure Statement states in vague
and general terms that the Debtor anticipates both monthly advances
and long-term loans from its parent, Montana Goldfields, Inc., and
or from the proceeds of a lease of the Montana Tunnels Mining Inc.
("MTMI") "Concentration Facility at the MRMI Mill Complex" to its
affiliate, Elkhorn Goldfields, Inc., which owns the Golden Dream
Mine. The remittance of the initial lease payments pursuant to a
lease by the Debtor of its ore concentration facility, is, in turn,
portrayed as being dependent on the ability of the parent (Montana
Goldfields, Inc) to raise capital from a private offering of $10
million in "pre-IPO" convertible notes to "high income individuals.
DS. Other sources of potential funding to MTMI are said to include
(1) plans by Montana Goldfields, Inc., to raise capital from
"advance sale of minerals to be produced from" Montana Goldfields,
Inc.'s mines, including from a possible "sale of concentrates to be
produced by the Golden Dream mine to prospective buyers with the
commodity trading community" and (2) from an anticipated IPO by
Montana Goldfields, Inc.
The DEQ further points out that to enable creditors and parties in
interest to evaluate the feasibility of the Debtor's Plan, as well
as the credibility of Debtor's alleged funding sources, the Debtor
should provide more specific information and substantiation of the
likelihood that it will have funding to implement the Plan,
including:
* Loan commitments by Debtor's parent, Montana Goldfields, Inc.
detailing loan terms and amounts sufficient to enable Debtor to
complete current reclamation obligations and to post required
reclamation bonds with DEQ.
* Documentation to substantiate the representation on p. 11 of
the Disclosure Statement that Debtor's financing requirements will
be provided, in part, by "distribution of funds raised through an
initial public offering by Montana Goldfields, Inc."
* Documentation to substantiate loan commitments or capital
infusions to fund the alleged $100 million develop the "M-Pit".
* Pro forma statements showing Debtor's ability to service debt
servicing from any anticipated new loans.
* A disclosure of the shareholders, officers, and directors of
Debtor; of Montana Goldfields, Inc.; Elkhorn Goldfield, Inc.; and
of the managers and holders of membership interests in Black
Diamond Holdings, LLC.
* Copy of the preliminary proposal received by Montana
Goldfield, Inc. for the "credit facility of for placement of the
reclamation bond for $16 million and a working capital facility of
$20 million" referred to a p. 13 of the Disclosure Statement.
* Documentation substantiating representation of Disclosure
Statement that "the production facility can support a royalty
transaction in the $15 million to $20 million range".
Moreover, the DEQ asserts that the Disclosure Statement should be
amended to correct several inaccuracies in the Disclosure Statement
with regard to DEQ's interests, including the following:
* Article IV, Section A of the Disclosure Statement inaccurately
recites a liability to DEQ for "bonding secured by real property,
cash, and surety bonds - $19,830,218." Not only is that an
incorrect recitation of the amount of bonding Debtor has posted
with DEQ, but Debtor's reclamation obligations are not restricted
to that amount. Rather Debtor has a continuing, nondischargeable
liability for the entire costs of reclamation that survives
bankruptcy, as fully described in DEQ's Protective Proof of Claim.
* Article IV, Section G of the Disclosure Statement discusses
DEQ bonding requirements, but completely omits the bonding required
for the Diamond Hill Mine under Operating Permit No. 160.
* The Disclosure Statement fails to make mention Debtor's
obligations under the Comprehensive Environmental Cleanup and
Responsibility Act ("CECRA") as referenced in DEQ's Protective
Proof of Claim. Likewise, the Disclosure Statement makes no mention
of the outstanding air invoices that remain unpaid and that are
entitled to administrative expense priority.
Attorneys for Montana Dept. of Environmental Quality:
Steven M. Johnson, Esq.
JARDINE, BLEWETT, STEPHENSON & WEAVER, P.C.
P. O. Box 2269
Great Falls, MT 59403-2269
Telephone: (406) 731-5542
E-mail: sjohnson@jardinelaw.com
Hearing Continued to Aug. 29
The The Montana Natural Resource Damage Program, the U.S. Trustee,
and the Montana Department of Environmental Quality filed
objections to the Disclosure Statement.
Following a hearing on July 12, 2023, the Court ordered the Debtor
to submit an Amended Plan and Disclosure Statement by Aug. 8, 2023.
Objections to the Amended Disclosure Statement are due by Aug. 23,
2023. A further hearing on the Disclosure Statement is scheduled
for Aug. 29, 2023.
About Montana Tunnels Mining
Montana Tunnels Mining, Inc., a company in Jefferson City, Mont.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mont. Case No. 22-20132) on Dec. 2, 2022. In the
petition signed by its chief executive officer, Patrick Imeson, the
Debtor disclosed $10 million to $50 million in assets and $50
million to $100 million in liabilities.
Judge Benjamin P. Hursh oversees the case.
Patten, Peterman, Bekkedahl & Green, PLLC and Crowley Fleck, PLLP
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.
MONTANA TUNNELS: Plan Disclosures Inadequate, NRDP Says
-------------------------------------------------------
The Montana Natural Resource Damage Program ("NRDP") objects to
Montana Tunnels Mining, Inc.'s Disclosure Statement dated June 5,
2023.
On June 2, 2023, the NRDP properly filed a proof of claim (Claim 9)
prior to the governmental bar date of June 3, 2023. NRDP's claim
is a protective claim of $27,423,600 for all costs for damages for
injury to, destruction of, or loss of natural resources caused by
the release or threatened release, including the reasonable past
and future technical and legal costs of assessing and enforcing a
claim for the injury, destruction, or loss resulting from the
release of hazardous or deleterious substances, plus compensable
damages, at the Montana Tunnels Mine Site in Jefferson County,
Montana.
The NRDP points out that the Disclosure Statement does not contain
adequate information because it describes a plan that cannot be
confirmed.
"The Disclosure Statement does not reference the NRDP claim, so it
is not clear to NRDP or the other creditors whether NRDP's claim is
being treated as a general unsecured claim under Class VII or
whether NRDP's claim is being treated as a contingent claim that
will survive the bankruptcy proceeding and will not be
extinguished. This distinction is material, important and
necessary for creditors to properly evaluate the proposed plan and
thus enable them to make a reasonably informed decision on the
plan. If NRDP's claim were designated as a general unsecured
claim, it may impact the treatment of the Class VII claimants,
because it is not clear whether all claims could be paid at the
rate provided for in the Disclosure Statement," the NRDP said in
court filings.
Attorney for the Montana Natural Resource Damage Program:
Katherine Hausrath, Esq.
Assistant Attorney General
Montana Natural Resource Damage Program
P.O. Box 201425
Tel: (406) 422-3679
E-mail: khausrath@mt.gov
Hearing Continued to Aug. 29
Aside from the NRDP, the U.S. Trustee, and the Montana Department
of Environmental Quality also filed objections to the Disclosure
Statement.
Following a hearing on July 12, 2023, the Court ordered the Debtor
to submit an Amended Plan and Disclosure Statement by Aug. 8, 2023.
Objections to the Amended Disclosure Statement are due by Aug. 23,
2023. A further hearing on the Disclosure Statement is scheduled
for Aug. 29, 2023.
About Montana Tunnels Mining
Montana Tunnels Mining, Inc., a company in Jefferson City, Mont.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mont. Case No. 22-20132) on Dec. 2, 2022. In the
petition signed by its chief executive officer, Patrick Imeson, the
Debtor disclosed $10 million to $50 million in assets and $50
million to $100 million in liabilities.
Judge Benjamin P. Hursh oversees the case.
Patten, Peterman, Bekkedahl & Green, PLLC and Crowley Fleck, PLLP,
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.
MUSIC GETAWAYS: Wins Cash Collateral Access Thru Nov. 21
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of California, Northern
Division, authorized Music Getaways LLC to use cash collateral on a
final basis in accordance with the budget through November 21,
2023, except that no adequate protection payment is to be made to
Alternative Funding Group Corp.
The Court said Alternative Funding Group Corp. and Wynwood Capital
are granted replacement liens to the same extent, validity and
priority as each of these parties held on the petition date.
A continued hearing on the matter is set for November 21 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=NlBXRy
from PacerMonitor.com.
About Music Getaways LLC
Music Getaways LLC arranges and schedules music events. It was
formed in 2019. The majority of the Company's events were held at
Hard Rock Hotels, and the Company received a contract with Hard
Rock Hotels to produce shows for their time share customers.
Music Getaways sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10256) on April 6,
2023. In the petition signed by Warren D. Hill, managing member,
the Debtor disclosed up to $100,000 in assets and up to $10 million
in liabilities.
Judge Ronald A. Clifford III oversees the case.
The Law Offices of Michael Jay Berger represents the Debtor as
legal counsel.
NASHFIT LLC: Taps The Kantrow Law Group as Bankruptcy Counsel
-------------------------------------------------------------
Nashfit, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to employ The Kantrow Law Group, PLLC
as its bankruptcy counsel.
The firm's services include:
a. analysis of the financial situation and rendering advice and
assistance to the Debtor;
b. representation of the Debtor;
c. preparation of legal documents, including disclosure
statement and bankruptcy plan in connection with the Debtor's
Chapter 11 case; and
d. other legal services.
The hourly rates charged by the firm's attorneys are as follows:
Partners $625 per hour
Associates $335 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $10,000.
Fred Kantrow, Esq., a partner at Kantrow 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 at:
Fred S. Kantrow, Esq.
The Kantrow Law Group, PLLC
732 Smithtown Bypass, Suite 101
Smithtown, NY 11787
Tel: (516) 703-3672
Email: fkantrow@thekantrowlawgroup.com
About Nashfit LLC
NashFit LLC, doing business as Mayweather Fitness + Boxing Studio,
filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No.
23-41999) on June 5, 2023, with as much as $1 million in both
assets and liabilities. Judge Nancy Hershey Lord oversees the
case.
The Debtor is represented by Fred S. Kantrow, Esq., at The Kantrow
Law Group, PLLC.
NEO ACCOUNTING: Court OKs Cash Collateral Access Thru Aug 17
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio in
Akron, authorized NEO Accounting & Tax Services, LLC to use cash
collateral on an interim basis through August 17, 2023.
Prior to the commencement of the Debtor's chapter 11 case, the US
Small Business Association and KeyBank National Association made
loans and advances to the Debtor, pursuant to the terms of several
loan agreements and promissory notes, with a total approximate
balance at the time of the bankruptcy filing of:
-- $1,945,700 to the SBA under an EIDL Loan; and
-- $1,796,916 to KeyBank under a Term Loan and $250,000 under
a Line of Credit.
The Debtor has stated that it desires to pursue a financial
restructuring in cooperation with the Lenders and the Debtor
believes the best method to effectuate the financial restructuring
is by means of chapter 11 proceedings.
The Debtor is permitted to use cash collateral, pursuant to the
terms and provisions of the Interim Order and pursuant to 11 U.S.C.
section 363(c)(2)(B) and the budget; provided however, (i) draws to
the Debtors' owner in the amount of $10,000 per month without
increase during the term of the Interim Order; and (ii) nothing
will be deemed to authorize the payment of any amounts in
satisfaction of bonus or severance obligations, or which are
subject to 11 U.S.C. section 503(c).
As adequate protection, the Lenders are granted: (i) valid,
binding, enforceable and perfected postpetition replacement liens
in the same validity, order of priority and extent (if any) as the
Lenders' prepetition security interests in all of the Debtor's
assets, including, but not limited to, raw materials,
work-in-process, inventory, accounts receivable, and cash,
excluding Avoidance Actions; and (ii) the Adequate Protection
Payments. The Adequate Protection Liens will secure an amount of
the Prepetition Indebtedness equal to the aggregate amount of cash
collateral expended during the Interim Period.
The Adequate Protection Payments will fully satisfy Pearl Real
Estate, LLC's obligations to the Lenders under 11 U.S.C. section
362(d)(3).
A further hearing on the matter is set for August 15, 2023 at 2
p.m.
A copy of the order is available at https://urlcurt.com/u?l=yCZkwO
from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$26,830 for July 2023;
$24,030 for August 2023;
$38,063 for September 2023;
$15,976 for October 2023;
$13,526 for November 2023; and
$13,063 for December 2023.
About NEO Accounting & Tax Services LLC
NEO Accounting & Tax Services LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Lead Case No.
23-50868) on June 27, 2023. In the petition signed by Brett J.
Mangon, managing member, the Neo disclosed $1,255,817 in total
assets and $4,188,118 in total liabilities.
Judge Alan M. Koschik oversees the case.
Anthony J. DeGirolamo, Esq., at Anthony J. DeGirolamo, Attorney at
Law, represents the Debtor as legal counsel.
NETFOR INC: Court OKs Cash Collateral Access Thru Aug 9
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, authorized Netfor, Inc. to use cash
collateral up to the amount of $214,000 on an interim basis in
accordance with the budget, with a 10% variance, through August 9,
2023.
The Debtor contends it requires use of cash collateral to continue
to operate its business and to attempt a successful reorganization
pursuant to the provisions of Chapter 11 of the Bankruptcy Code.
The Debtor represented that Indiana Community Business Credit
Corporation, 1st Merchants Bank and Can Cap extended credit to the
Debtor that is secured by a blanket lien on substantially all of
its property. All three appear to be fully secured.
The Debtor represented that it is indebted to the Secured Creditor
in total approximately $300,000, plus accrued and unpaid interest
and other charges as provided in the Loan Documents.
The Debtor contends the Secured Creditors have valid and
enforceable security interests and liens in all of the Debtor's
assets, including but not limited to the Debtor's cash collateral.
Pursuant to sections 363(e) and 361 of the Bankruptcy Code, the
Secured Creditors will be granted replacement liens in the cash
collateral and in the post-petition property of the Debtor of the
same nature and extent, and in the same priority held in the cash
collateral on the Petition Date. The Adequate Protection Liens will
be valid and fully perfected without any further action by any
party and without the execution or the recordation of any control
agreements, financing statements, security agreements, or other
documents. The Adequate Protection Liens will secure obligations to
the Secured Creditors to the extent the Debtor's use of the cash
collateral diminishes the amount of the Collateral held as of the
Petition Date. In addition, the Debtor will make regularly
scheduled payments to the Secured Creditors as required by the
applicable agreement with each secured creditor during the interim
period and pending final approval of the Motion.
Unless extended by the Court upon the written agreement of the
Debtor and the Secured Creditors, the Cash Collateral Order and the
Debtor's authorization will immediately terminate on the earlier to
occur of: (a) the date on which any creditor provides, via
facsimile, e-mail or overnight mail, written notice to the Debtor
or its counsel, of the occurrence of an Event of Default, and the
expiration of a five-business day cure period; or (b) August 9,
2023, or a later date as set forth in the Court Order.
These events constitute an Event of Default:
(i) A trustee or examiner is appointed in the Chapter 11 case;
(ii) The Debtor's Chapter 11 case is converted to a Chapter 7
case or dismissed;
(iii) The Debtor fails to comply with any term of the Order,
including but not limited to its payment obligations pursuant to
the applicable agreement with each secured creditor and compliance
with the Budget;
(iv) The Debtor makes any payment not set forth in the Budget;
(v) The Debtor fails to comply with any of the adequate
protection or reporting obligations set forth therein.
A final hearing on the matter is set for August 9 at 10:20 a.m.
A copy of the order is available at https://urlcurt.com/u?l=fYtNIG
from PacerMonitor.com.
About Netfor, Inc.
Netfor, Inc. is a BPO company in Fishers, Indiana. The company's
help desk, call center, and fulfillment services round out its
ability to solve tech problems for its clients.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-02666) on June 22,
2023. In the petition signed by Jeffrey D. Medley as president/CEO,
the Debtor disclosed up to $10 million in assets and up to $1
million in liabilities.
Judge Jeffrey J. Graham oversees the case.
KC Cohen, Esq., at KC Cohen, Lawyer, PC, represents the Debtor as
legal counsel.
NIR LLC: Taps Law Office of Gary W. Cruickshank as Counsel
----------------------------------------------------------
NIR, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ the Law Office of Gary W.
Cruickshank.
The Debtor requires legal counsel to:
a. assist and advise the Debtor in the formulation and
presentation of a Chapter 11 plan of reorganization and disclosure
statement;
b. advise the Debtor as to its duties and responsibilities; and
c. perform such other legal services as may be required during
the course of the Debtor's Chapter 11 case.
The firm received a retainer of $3,700 for its services.
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Gary Cruickshank, Esq., 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:
Gary W. Cruickshank, Esq.
Law Office of Gary W. Cruickshank
21 Custom House Street Suite 920
Boston, MA 02110
Tel: (617) 330-1960
Email: gwc@cruickshank-law.com
About NIR LLC
NIR LLC's line of business includes the practice of general or
specialized medicine and surgery for various licensed
practitioners. The company was founded in 2002 and is based in
Boston, Mass.
NIR sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mass. Case No. 23-10906) on June 8, 2023, with $1
million to $10 million in both assets and liabilities. Cecilia
Vien, manager, signed the petition.
Judge Janet E. Bostwick oversees the case.
The Debtor is represented by Gary W. Cruickshank, Esq., at the Law
Office of Gary W. Cruickshank.
NSA INTERNATIONAL: S&P Downgrades Issuer Credit Rating to 'D'
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
multi-level marketing direct sales company NSA International LLC
(Juice Plus) to 'D' from 'CCC-'.
S&P said, "We also lowered our issue-level rating on the company's
first-lien senior secured credit facilities to 'D' from 'CCC'. The
'2' recovery rating on this debt is unchanged, indicating our
expectation for substantial (70%-90%; rounded estimate: 75%)
recovery in the event of a payment default."
Juice Plus has entered into a definitive transaction support
agreement (TSA) with all of its lenders to restructure its entire
capital structure.
S&P said, "We view the out-of-court restructuring agreement as
distressed in light of Juice Plus' high leverage and very weak
operating trends. Juice Plus expects to exchange about $324 million
outstanding on its term loan due 2025 for about $300 million in
principal of a new term loan due November 2027. The company's
equity holders, certain preferred investors, and seller notes
holders will contribute about $30 million in new money which would
be used to pay down a portion of the existing term loan. The
existing $50 million revolving credit facility ($47.5 million
outstanding) due November 2023 will be reduced by $5 million
utilizing cash on hand and exchanged for a new $45 million
revolving credit facility due August 2027. Additionally, the $107
million promissory seller notes and $193 million preferred stock
will be exchanged for common equity.
"We view this transaction as a default since the issuer is
distressed and lenders are accepting terms that are below market
for the risk being assumed. Our assessment takes into consideration
the company's weak operating performance and stressed business
model, unsustainable debt capital structure, and our belief that a
payment default, potentially via a bankruptcy filing, would occur
absent a restructuring.
"It is our understanding that the restructuring transaction will
close shortly and the company will continue to operate under the
new capital structure."
ESG credit indicators: E-2, S-3, G-3
NXT ENERGY: Receives Additional US$0.2 Million From Ataraxia
------------------------------------------------------------
NXT Energy Solutions Inc. announced it has received an additional
US$0.2 million of the US$2.3 million convertible debenture from
Ataraxia Capital, an affiliate of Synergy E&P Technologies Limited.
The total amount received to date is US$1.4 million. The terms of
the US$1.4 million of the Convertible Debenture received to date
include an interest rate of 10%, paid quarterly, and a fixed
conversion price of C$0.194 (US$0.143) per common share. Ataraxia
intends to advance the remaining US$900,000 in the near future with
the conversion price adjusted to reflect the higher market price of
NXT's shares.
The proceeds from the Convertible Debenture will fund general and
administrative costs including business development and marketing
activities to convert NXT's existing opportunity pipeline into firm
contracts.
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs. The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
NXT Energy a net loss and comprehensive loss of C$6.73 million in
2022, a net loss and comprehensive loss of C$3.12 million in 2021,
a net loss and comprehensive loss of $6.03 million in 2020.
Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations which raises
substantial doubt about its ability to continue as a going concern.
OMNIQ CORP: Signs Deal to Acquire Tadiran Telecom for $15.25M
-------------------------------------------------------------
OMNIQ Corp. announced that it has signed a definitive agreement to
acquire Tadiran Telecom, an international provider of Advanced
Unified Communications and Collaboration (UC&C) Solutions enhancing
its software.
Tadiran, a pioneer in communication technologies and a well-known
brand develops, designs, manufactures, and sells unified
communications-as-a-service solutions that enable businesses to
better communicate, collaborate, and connect in Israel, the US,
India, Far East and across additional countries worldwide. The
Company offers cloud communications and contact center solutions
based on a Message, Video and Voice platform focused on highly
secure, and reliable connectivity.
Tadiran complements omniQ enabling a comprehensive advanced state
of the art telecom solution combined with legacy solutions
including unified communications-as-a-service, hosted and
on-premises UC&C platforms, a collaborative contact center solution
that delivers Omni-channel, IP PBXs, Telecom infrastructure
integration and other legacy telecom solutions to a large base of
customers over the world such as Governments, Hospitals, Shopping
Centers, Logistic Yards, Supermarkets, Transportation, Financial
Institutions Hotels, Power Stations, Organizations, and others.
The comprehensive solution will improve connectivity, efficiencies
and data management of omniQ's customers.
Shai Lustgarten, the CEO of omniQ, commented: "With the addition of
Tadiran, we will possess a comprehensive proprietary communication
solution that enables us to better serve our customers. Our
platform technology utilizes 3 steps, we Sense, Identify and Act.
With the addition of Tadiran, we can now add audio, cellular and
WIFI signals to our current sensors which today include camera's,
scanners, RFID and Bluetooth technologies allowing us to analyze
the digital data in greater detail and at faster speeds. This
significantly enhances our ability to manage events and mitigate
risks at all levels. The new smart automation is a unique solution
into our supply chain, traffic management, retail and hospitality
customers, allowing us to provide superior service with more
accurate and faster sensing, identification and action. As omniQ
continues to drive automation for our customers, this acquisition
not only allows us to meet the existing organizational
communication needs of our current customers but also enables us to
create automation through real-time AI communication sensing. This
is important as it provides us the capability to identify and
respond faster and with greater accuracy. By leveraging the
sensing and digitization of communication data and identifying
trends at the communication AI level, we can take prompt and
precise actions. This capability is crucial in our commitment to
delivering predictive and proactive actions.
"Tadiran significantly strengthens our Safe City product, Q-Shield.
By leveraging Tadiran's expertise and resources, we enhance
Q-Shield's capabilities, solidifying our position as a leader in
the market. Q-Shield, along with Tadiran's technologies will offer
advanced video surveillance, real-time data analytics, artificial
intelligence, and integration with external devices and systems.
This comprehensive solution enables proactive monitoring, early
threat detection, efficient emergency response, and overall
improved public safety and security."
Lustgarten concluded, "Our acquisition of Tadiran is a pivotal
moment for omniQ, as it aligns perfectly with our strategic goals
of increasing recurring revenue and enhancing profitability. By
expanding our portfolio with Tadiran's robust business model,
customer base, UC&C solutions, and enhanced Safe City offering, we
strengthen our market position and unlock new revenue streams.
Tadiran's UC&C solution, Aeonix, will empower our customers with an
advanced, cloud-based communication platform, while enhancing our
Safe City product, Q-Shield. These synergies create opportunities
for growth, market expansion, and increased shareholder value. We
are dedicated to delivering exceptional solutions and maximizing
value for both our company and shareholders."
Based on reported segment results from Afcon's 2022 annual
financial statements: Tadiran had revenue of $26M in FY 2022 and
$1.7M in operating profit. Tadiran's revenue also includes a
significant portion which is recurring revenue. For 100% of
Tadiran's shares, omniQ will pay a total consideration of $15.25M
of which $12.5M will be paid in cash which is expected to be
financed with traditional debt. In addition, $2.75M of the
consideration will be paid in the form of restricted non-discounted
common stock. A potential performance based earnout clause of up
to $0.75M if earned would be paid by issuing restricted
non-discounted omniQ common stock.
About omniQ Corp.
Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications. The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
Omniq Corp reported a net loss of $13.61 million for the year ended
Dec. 31, 2022, compared to a net loss of $13.14 million for the
year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$68.47 million in total assets, $81.31 million in total
liabilities, and a total stockholders' deficit of $12.84 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 30, 2023, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations. This raises substantial doubt about the Company's
ability to continue as a going concern.
OUTPUT SERVICES: $369M Bank Debt Trades at 75% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Output Services
Group Inc is a borrower were trading in the secondary market around
25.1 cents-on-the-dollar during the week ended Friday, July 14,
2023, according to Bloomberg's Evaluated Pricing service data.
The $369.8 million facility is a Term loan that is scheduled to
mature on June 27, 2026. The amount is fully drawn and
outstanding.
Output Services Group, Inc. offers printing services.
PANACEA LIFE: Adopts Diversification Plan
-----------------------------------------
Panacea Life Sciences Holdings, Inc. announced expansion plans that
target natural health and wellness across a broad spectrum of
products.
In recent years, the therapeutic health and wellness interest in
natural plant-based products has exploded, given rise to increasing
consumer interest and attention from the medical and scientific
community. Panacea plans to capitalize on this trend by expanding
its focus to include Kratom and Kava and evaluating additional
acquisition candidates for natural and organic based products in
the natural health and wellness sector, including introduction of
non-alcoholic health and energy drinks and vaping products. The
Company will continue to offer its existing Panacea lines
containing CBD/CBG and vegan soft gel caps under its own brand and
as a contract manufacturer for others from the 51,000-square-foot
cGMP facility in Golden, Colorado. The Company also plans to
support new and existing clinical research on the benefits of
functional mushrooms and psychedelics for aging, inflammation, and
mental health conditions such as PTSD, including as psylocibin.
About Panacea
Panacea Life Sciences Holdings, Inc. formerly known as Exactus Inc.
(OTCQB:EXDI) -- http://www.exactusinc.com-- is a seed to sale
cannabinoid and nutraceutical manufacturer and research company
that produces purposeful, natural pharmaceutical alternatives for
consumers and pets. The Company manufactures and sells softgels,
gummies, tinctures, sublingual tablets, cosmetics, and other
topicals. The Company operates through its wholly-owned subsidiary,
Panacea Life Sciences, Inc., which the Company acquired in a
reverse merger in June 2021.
Panacea Life reported a net loss of $9.14 million for the year
ended Dec. 31, 2022, compared to a net loss of $4.78 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$19.49 million in total assets, $21.63 million in total
liabilities, and a total stockholders' deficit of $2.14 million.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
March 29, 2023, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.
PECF USS INTERMEDIATE: $2B Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which PECF USS
Intermediate Holding III Corp is a borrower were trading in the
secondary market around 84.4 cents-on-the-dollar during the week
ended Friday, July 14, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $2 billion facility is a Term loan that is scheduled to mature
on December 15, 2028. About $1.97 billion of the loan is withdrawn
and outstanding.
PECF USS Intermediate Holding III Corporation is the issuing entity
for a debt extended to United Site Services Inc., a provider of
portable sanitation and related site services.
PICO INDUSTRIES: Gets OK to Hire The Coyle Law Group as Counsel
---------------------------------------------------------------
Pico Industries, Inc. received approval from the U.S. Bankruptcy
Court for the District of Maryland to employ The Coyle Law Group as
its bankruptcy counsel.
The firm's services include:
a. legal advice in the continued possession and management of
the Debtor's property;
b. preparation of all schedules and statements required by the
Bankruptcy Code, Bankruptcy Rules or Local Bankruptcy Rules;
c. representation of the Debtor in connection with any
proceedings for relief from stay which may be instituted in the
court;
d. representation of the Debtor at any meetings of creditors
convened pursuant to Section 341 of the Bankruptcy Code;
e. preparation of legal papers, including a disclosure statement
and plan under Chapter 11;
f. representation of the Debtor in collateral litigation; and
g. other necessary legal services.
Coyle Law Group will be paid at these rates:
Counsels $450 per hour
Paralegals and Support Staffs $125 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $12,500.
Michael Coyle, Esq., a partner at The Coyle 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 at:
Michael P. Coyle, Esq.
The Coyle Law Group
7061 Deepage Drive, Ste 101B
Tel: (443) 545-1215
Email: mcoyle@thecoylelawgroup.com
About PICO Industries
PICO Industries, Inc. offers ornamental railings and stairs for the
residential and commercial markets in and around Washington. The
company is based in Gaithersburg, Md.
PICO Industries filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Md. Case No. 23-13867) on June 1,
2023, with $336,247 in assets and $3,687,097 in liabilities.
Stephen Levin, director, signed the petition. Angela Shortall of
3Cubed Advisory Services, LLC has been appointed as Subchapter V
trustee.
Judge Lori S. Simpson oversees the case.
Michael Coyle, Esq., at The Coyle Law Group, LLC is the Debtor's
counsel.
POLAR US BORROWER: $1.48B Bank Debt Trades at 22% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Polar US Borrower
LLC is a borrower were trading in the secondary market around 77.7
cents-on-the-dollar during the week ended Friday, July 14, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.48 billion facility is a Term loan that is scheduled to
mature on October 15, 2025. About $1.36 billion of the loan is
withdrawn and outstanding.
Polar US Borrower, LLC is the pass-through entity of ultimate
parent, SK Blue Holdings, LP, an affiliate of private investment
firm, SK Capital Partners. SI Group manufactures performance
additives for use in polymer, rubber, lubricants, fuels, adhesives
applications, surfactants in addition to some specialty chemicals.
POWER BRANDS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Power Brands Consulting, LLC
f/d/b/a Bevpack
5805 Sepulveda Blvd.
Suite 501
Van Nuys, CA 91411
Business Description: Power Brands is a beverage startup
specialist that help design and develop
packaging, create a recipe for new drink and
manufacture and market test new products.
Chapter 11 Petition Date: July 15, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-10993
Judge: Hon. Martin R. Barash
Debtor's Counsel: Marc C. Forsythe, Esq.
GOE FORSYTHE & HODGES LLP
17701 Cowan
Building D, Suite 210
Irvine, CA 92614
Tel: (949) 798-2460
Fax: (949) 955-9437
Email: mforsythe@goeforlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Darin Ezra as chief executive officer.
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/V43HIVQ/Power_Brands_Consulting_LLC__cacbke-23-10993__0001.0.pdf?mcid=tGE4TAMA
R&R PLASTERING: Gets OK to Hire A.O.E. Law Associates as Counsel
----------------------------------------------------------------
R&R Plastering, Inc. received approval from the U.S. Bankruptcy
Court for the Central District of California to employ A.O.E. Law
Associates APC as counsel.
The firm will provide these services:
a. advise debtor on matters relating to the administration of
the estate, and on the Debtor's rights and remedies with regards to
the estate's assets and the claims of secured and unsecured
creditors;
b. appear for, prosecute, defend, and represent the Debtor's
interest in suits arising in or related to its Chapter 11 case,
including any adversary proceedings against the Debtor; and
c. assist in the preparation of such pleadings, applications,
schedules, orders and other documents as are required for the
orderly administration of this case.
A.O.E. Law Associates will be paid at these rates:
Principal $450 per hour
Associate $350 per hour
Paralegal $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer is $10,000.
Anthony Egbase, Esq., a partner at A.O.E. Law Associates, 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:
Anthony O. Egbase
A.O.E. Law Associates APC
800 W 1st street, Suite 400
Los Angeles, CA 90012
Tel: (213) 620-7070
Fax: (213) 620-1200
Email: info@aoelaw.com
About R&R Plastering
R&R Plastering, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Calif. Case No. 23-13739) on June 15, 2023, with as
much as $1 million in both assets and liabilities. Judge Sheri
Bluebond oversees the case.
The Debtor is represented by Anthony O. Egbase, Esq., at A.O.E. Law
Associates APC.
RADIATE HOLDCO: $3.42B Bank Debt Trades at 14% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Radiate Holdco LLC
is a borrower were trading in the secondary market around 86.1
cents-on-the-dollar during the week ended Friday, July 14, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $3.42 billion facility is a Term loan that is scheduled to
mature on September 25, 2026. About $3.36 billion of the loan is
withdrawn and outstanding.
Radiate Holdco LLC, also known as Astound Broadband, and backed by
Stonepeak, is a broadband communications services provider and
cable operator doing business via regional providers RCN, Grande
Communications, Wave Broadband and enTouch Systems.
REMER & GEORGES-PIERRE: Taps Frandsen Accounting as Consultant
--------------------------------------------------------------
Remer & Georges-Pierre, PLLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Frandsen Accounting & Consulting, Inc.
The Debtor requires a consultant to:
a. identify opportunities under the Internal Revenue Code,
specifically, regarding the Coronavirus Aid, Relief, and Economic
Security Act (CARES Act) and the Employee Retention Credit (ERC),
to minimize various taxes that may be owed by the Debtor, and
obtain the benefit of any related tax credits;
b. provide an initial discovery and analysis of the Debtor's
business in order to determine that a tax credit is likely to be
received and will not give further services if none is likely to be
granted;
c. guide the Debtor on how best to remain within the bounds of
the ERC;
d. ensure that the ERC tax credits are applied.
e. file the 941x tax form on behalf of the Debtor based on
documents provided; and
f. designate employees or contractors that the firm determines,
in its sole discretion, to be capable of filling the following
positions.
The firm will be paid 15 percent of the Employee Retention Tax
Credit (ERTC) refund from the Internal Revenue Service.
Dave Frandsen, a partner at Frandsen, 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:
Dave Frandsen
Frandsen Accounting & Consulting, Inc.
714 W 2100 N
Pleasant Grove, Utah 84062
Tel: (855) 433-7246
Remer & Georges-Pierre, PLLC is a law firm that was incorporated in
2007.
The Debtor filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10114) on Jan. 6,
2023. In the petition filed by its managing member, Jason Remer,
the Debtor disclosed as much as $1 million in both assets and
liabilities.
Judge Laurel M. Isicoff oversees the case.
Timothy S. Kingcade, Esq., at Kingcade Garcia & McMaken, PA and
Zach B. Shelomith, Esq., at Leiderman Shelomith + Somodevilla, PLLC
(doing business as LSS Law) serve as the Debtor's legal counsels.
RIOT PLATFORMS: Vanguard Group Has 10.2% Stake as of June 30
------------------------------------------------------------
The Vanguard Group disclosed in a Schedule 13G/A filed with the
Securities and Exchange Commission that as of June 30, 2023, it
beneficially owns 17,932,297 shares of common stock of Riot
Platforms Inc., representing 10.24 percent of the shares
oustanding.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/102909/000110465923079482/tv0021-riotplatformsinc.htm
About Riot Platforms
Headquartered in Castle Rock, Colorado, Riot Platforms Inc. --
www.riotplatforms.com -- is a Bitcoin mining and digital
infrastructure company focused on a vertically integrated strategy.
The Company has Bitcoin mining data center operations in central
Texas, Bitcoin mining operations in central Texas, and electrical
switchgear engineering and fabrication operations in Denver,
Colorado.
Riot Platforms reported a net loss of $509.55 million in 2022, a
net loss of $15.44 million in 2021 (as restated), a net loss of
$14.11 million in 2020 (as restated), a net loss of $20.30 million
in 2019, and a net loss of $60.21 million in 2018.
ROBERTSHAW US: $110M Bank Debt Trades at 79% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Robertshaw US
Holding Corp is a borrower were trading in the secondary market
around 20.9 cents-on-the-dollar during the week ended Friday, July
14, 2023, according to Bloomberg's Evaluated Pricing service data.
The $110 million facility is a Term loan that is scheduled to
mature on February 28, 2026. The amount is fully drawn and
outstanding.
Robertshaw US Holding Corp. designs and manufactures
electro-mechanical solutions, mechanical combustion systems, and
electrical controls primarily for use in residential and commercial
appliances, HVAC and transportation applications.
ROCK RIDGE: Court OKs Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Greenville Division, authorized Rock Ridge Farms
Partnership to use cash collateral on an interim basis in
accordance with the budget, with a 5% variance.
Prior to the Petition Date, the Debtor was indebted to various
creditors including, but not limited to:
a. AgCarolina: Secured claim arising from two outstanding
notes, numbers 58-2021 and 59-2021. The aggregate balance of the
claim as of the Petition date, was approximately $5.167 million.
AgCarolina's claim is secured by deeds of trust on the Debtor's
real property and liens on the Debtor's personal property.
b. GETSCO: Secured claim arising from a note and deed of trust
on real property recorded November 25, 2019. The deed of trust is
recorded at Book 2811, Page 378, Wilson County Registry. The
balance of the claim as of the Petition Date is approximately
$740,855 and is further secured by liens on farm equipment,
pre-petition accounts and general intangibles, pre-petition crop
proceeds and insurance payments.
c. Harvey's: Secured claim arising from a note and deed of
trust on real property recorded September 30, 2019. The deed of
trust is recorded at Book 2803, Page 371, Wilson County Registry.
The balance of the claim as of the Petition Date is approximately
$333,336 and is further secured by liens on farm equipment,
pre-petition accounts and general intangibles, pre-petition crop
proceeds and insurance payments.
The Secured Creditors are provided the following as adequate
protection, in addition to the existing possible equity cushion:
a. Continuing replacement liens on the Debtor's post-petition
assets, including but not limited to any post-petition crops,
proceeds thereof, crop insurance proceeds, and government program
payments, to the same extent and in the same priority as
pre-petition security interests. The validity, enforceability, and
perfection of the Secured Creditors' post-petition replacement
liens will be immediately deemed perfected without the need for any
further action on the Secured Creditors' part.
b. The Debtor will segregate and account separately for the
cash collateral in its possession, custody, or control.
c. The Debtor will use cash collateral only in a manner
consistent with the cash collateral budget.
d. Any payment of post-petition fees to a professional are
subject to usual notice and court approval procedures.
e. The Debtor will provide the Secured Creditors and the
Bankruptcy Administrator a report no less frequently than every 14
days showing all revenues, expenditures, and an actual vs. budget
comparison.
f. The Debtor will grant the Secured Creditors reasonable
access to the Debtor's premises, operations, books and records, and
will provide such additional information as may be reasonably
requested by the Secured Creditors for the purpose of evaluating
the collateral or the Debtor's financial condition.
g. The Debtor will promptly turnover all funds in its
possession or which it receives, except as allowed by the cash
collateral order, to the Secured Creditors in the order of their
priority.
The Debtor's authorization to use cash collateral will remain in
full force and effect until the earlier of the (a) entry of an
Order by the Court modifying the terms of the Order; (b) entry of
an Order by the Court terminating the Order for cause, including
but not limited to breach of its terms and conditions; (c) the
entry of a subsequent interim or final Order approving use of cash
collateral; (d) the removal of the Debtor as debtor in possession
pursuant to 11 U.S.C. section 1104; (e) confirmation of a Chapter
11 Plan or Reorganization; or (f) the dismissal or conversion of
the case to a proceeding under Chapter 7.
If necessary, a hearing on further use of cash collateral is
scheduled for August 23, 2023, at 11 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=zCNoqO from PacerMonitor.com.
The Debtor projects $147,853 in total revenues and $51,990 in total
expenses for the period from July 21 to August 20, 2023.
About Rock Ridge Farms Partnership
Rock Ridge Farms Partnership is in the business of farming sweet
potatoes, soybeans, corn, and peanuts in and around Wilson County,
North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00291) on February 2,
2023. In the petition signed by Robert C. Boyette, partner, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Joseph N. Callaway oversees the case.
David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor
as legal counsel.
SHOPS@BIRD& 89: Gets OK to Hire Nelson & Associates as Accountant
-----------------------------------------------------------------
Shops@Bird& 89, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Nelson &
Associates, C.P.A., P.A.
The Debtor requires an accountant to handle its financial records,
including the preparation of debtor-in-possession (DIP) forms.
Yamila Nelson, an accountant at Nelson & Associates, disclosed in a
court filing that she and her firm do not represent any interest
adverse to the Debtor and its estate.
The firm can be reached at:
Yamila Nelson
Nelson & Associates, C.P.A., P.A.
1985 NW 88th Court, Suite 202
Doral, FL 33172
Tel: (305) 593-0829
About Shops@Bird & 89
Shops@Bird & 89, LLC, a Miami-based company, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 23-13358) on April 28, 2023, with $10,093,000 in assets
and $5,577,772 in liabilities. Tarek Kiem has been appointed as
Subchapter V trustee.
Judge Robert A. Mark oversees the case.
The Debtor tapped Robert C. Meyer, Esq., at Robert C. Meyer, P.A.
as bankruptcy counsel and Nelson & Associates, C.P.A., P.A. as
accountant.
SILVER TRIDENT: Court OKs Cash Collateral Access Thru Aug 25
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Silver Trident Distributions LLC d/b/a
C & B Chemical, to use cash collateral on an interim basis in
accordance with the budget, through August 25, 2023.
The Court said the Debtor's use of cash collateral is permitted so
long as the Debtor remains cash positive (positive net cash flow)
for any given month in the case.
Live Oak Bank, On Deck Capital, Inc., Rapid Finance, and IOU
Financial assert an interest in the Debtor's cash collateral.
As adequate protection, Live Oak Bank is granted a replacement lien
on cash collateral pursuant to 11 U.S.C. section 361.
The Debtor will pay $4,000 per month to Live Oak Bank as additional
adequate protection pursuant to 11 U.S.C. section 361. Adequate
protection payments are due on the 15th of each month beginning
July 15, 2023 and continuing monthly thereafter until the effective
date of any confirmed plan.
A hearing on the matter is set for August 25 at 9:30 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=QVcDud from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$52,266 for the week ending July 2023;
$53,555 for the week ending August 2023;
$51,354 for the week ending September 2023;
$52,439 for the week ending October 2023; and
$49,319 for the week ending November 2023.
About Silver Trident Distributions LLC
Silver Trident Distributions LLC owns a one-stop shop for all auto
detailing chemicals including waxes, polishes, and sealants.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32141) on June 7,
2023. In the petition signed by Virendra A. Patel, owner, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Jeffrey P. Norman oversees the case.
Michael L. Hardwick, Esq., at Michael Hardwick Law, PLLC,
represents the Debtor as legal counsel.
STEWART BOUNCE: Court OKs Cash Collateral Access on Final Basis
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
authorized Stewart Bounce, Inc. to use cash collateral in
accordance with the budget, with a 10% variance, on a final basis.
As previously reported by the Troubled Company Reporter, seven UCC
Financing Statements have been filed with the State of Pennsylvania
with respect to the Debtor's assets that have not been terminated:
a) File Number 2019100101214 filed on October 1, 2019 by
Stearns Bank National Association which appears to attempt to put a
blanket lien on all attachable assets of the Debtor.
b) File Number 2021100401116 filed on October 4, 2021 by
Corporation Service Company, as Representative. The Debtor's
counsel believes that Corporation Service Company, as
Representative is an agent for one of the Debtor's creditors but no
actual creditor is listed on the UCC Financing Statement and it is
impossible to determine which creditor this UCC Financing Statement
refers to.
c) File Number 2022012400949 filed on January 24, 2022 by
Fresh Funding Solutions Inc. which appears to attempt to put a
blanket lien on all attachable assets of the Debtor.
d) File Number 2022022301605 filed on February 23, 2022 by
Corporation Service Company, as Representative. The Debtor's
counsel believes that Corporation Service Company, as
Representative is an agent for one of the Debtor's creditors but no
actual creditor is listed on the UCC Financing Statement and it is
impossible to determine which creditor this UCC Financing Statement
refers to.
e) File Number 20230206024347 filed on February 6, 2023 by
Corporation Service Company, as Representative. The Debtor's
counsel believes that Corporation Service Company, as
Representative is an agent for one of the Debtor's creditors but no
actual creditor is listed on the UCC Financing Statement and it is
impossible to determine which creditor this UCC Financing Statement
refers to.
f) File Number 20230210028051 filed on February 10, 2023 by
Funding Metrics, LLC which appears to attempt to put a blanket lien
on all attachable assets of the Debtor.
g) File Number 20230414074294 filed on April 14, 2023 by The
LCF Group, Inc. which appears to attempt to put a blanket lien on
all attachable assets of the Debtor.
The Court said the pre-petition liens of any creditor with an
interest in cash collateral will continue post-petition but said
liens will not be greater post-petition than the value of their
lien at the inception of the Chapter 11 case.
The Debtor will provide the Respondents with access to the Debtor's
books and records in addition to the monthly financial reports
required by the U.S. Trustee.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=a72QNU from PacerMonitor.com.
The Debtor projects $40,000 in revenue.
About Stewart Bounce, Inc.
Stewart Bounce, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-21313) on June 18,
2023. In the petition signed by Joel T. Stewart, president, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.
Judge Carlota M. Bohm oversees the case.
Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents
the Debtor as legal counsel.
SUNSHINE ADULT: Aug. 23 Hearing on Plan and Disclosures
-------------------------------------------------------
Judge Jil Mazer-Marino has entered an order conditionally approving
the Disclosure Statement explaining the Plan of Sunshine Adult
Social Center, Corp.
A hearing is scheduled for Aug. 23, 2023, at 11:00 A.M., to
consider confirmation of the Plan and final approval of the
Disclosure Statement before the Honorable Jil Mazer-Marino, United
States Bankruptcy Judge, United States Bankruptcy Court for the
Eastern District of New York, 271-C Cadman Plaza East, Brooklyn,
New York, Courtroom 3529.
Aug. 9, 2023, is fixed as the last day for filing and serving
written objections to confirmation of the Plan.
All ballots voting in favor of or against the Plan are to be
submitted so as to be actually received by counsel for the Debtor
on or before Aug. 9, 2023, at 4:00 p.m.
Objections to confirmation of the Plan must be filed and served by
Aug. 9, 2023 at 4:00 p.m.
Counsel for the Debtor must file a ballot tally and an affidavit
and/or brief in support of confirmation by Aug. 16, 2023, at 12:00
p.m.
About Sunshine Adult Social Center
Sunshine Adult Social Center sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
20-44231) on Dec. 9, 2020, disclosing $50,001 to $100,000 in assets
and $100,001 to $500,000 in liabilities.
Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Offices of Alla Kachan as its legal
counsel, and Wisdom Professional Services Inc. as its accountant.
TANNER CONSTRUCTION: July 19 Hearing on Cash Collateral Access
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Florida,
Gainesville Division, authorized Tanner Construction Group, LLC to
use cash collateral on an interim basis in accordance with the
budget, through the end of the next hearing scheduled for July 19,
2023 at 1:30 p.m.
The Debtor is permitted to use cash collateral on an interim basis
to pay: (a) amounts expressly authorized by the Court, including
payments to the subchapter V Trustee and (b) the current and
necessary expenses set forth in the budget.
The U.S. Small Business Administration, Pay Pal LoanBuilder and
Libertas Funding, LLC have potential liens on the cash collateral.
As adequate protection, the Secured Creditors are granted a
postpetition lien on cash collateral which was in existence as of
the bankruptcy filing date, and which arises after the filing, to
the same extent and with the same validity and priority as any
prepetition lien held by any such Secured Creditor. The validity,
priority and extent of any such pre-petition liens will be subject
to further Court review.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under any loan and security
documents with any of the Secured Creditors.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=gatgvu from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$182,775 for June 2023;
$573,523 for July 2023; and
$324,943 for August 2023.
About Tanner Construction Group, LLC
Tanner Construction Group, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-10112) on
June 16, 2023. In the petition signed by Christopher M. Tanner,
managing member, the Debtor disclosed $510,198 in assets and
$1,859,277 in liabilities.
Judge Karen K. Specie oversees the case.
Lisa C. Cohen, Esq., at Ruff & Cohen, P.A., represents the Debtor
as legal counsel.
TUESDAY MORNING: Creditors Want Case Converted to Chapter 7
-----------------------------------------------------------
Daphne Howland of Retail Dive reports that Tuesday Morning is
moving to convert its bankruptcy to Chapter 7 liquidation. On July
27, Judge Edward Morris in the U.S. Bankruptcy Court for the
Northern District of Texas in Fort Worth will consider Tuesday
Morning’s motion to convert its Chapter 11 filing to Chapter 7.
The change means that the off-price retailer is officially opting
to liquidate rather than reorganize. The company had already taken
steps toward going out of business, following the court's approval
of its sale to Hilco Merchant Resources in May.
Tuesday Morning, founded nearly 50 years ago, exited a previous
Chapter 11 process in early 2021.
Tuesday Morning continues to operate online, and in a message to
customers floats the idea of returning to brick-and-mortar retail.
"We understand that many of you are eagerly awaiting the opening of
a physical store," the company said. "We aren't ruling that out.
Perhaps we should go back to our roots and open the first location
in Dallas, where Tuesday Morning first began its journey."
That seems unlikely. Earlier this year the company ran nearly 500
stores and was looking to close at least half of them. According to
a court June 30 filing regarding its request to shift to Chapter 7,
going-out-of-business sales at all stores would be wrapped up by
the end of June 2023, "which will conclude the Debtors' retail
operations." In the filing, the company also notes that the debtors
have "sold substantially all of their assets."
In February 2023, Tuesday Morning of having "effectively
eliminated" its operating liquidity, an early indication that the
company would likely cease to exist once it exited bankruptcy this
time around. Its filing last June 2023, the company noted that its
“secured creditors hold competing, unresolved liens against the
sale proceeds."
"They have filed numerous pleadings setting out their alleged
entitlement to payment. Either the parties will reach a settlement,
or the Court will decide these disputes," the company said in the
filing. "But neither outcome will leave behind any sale proceeds
for unsecured creditors."
About Tuesday Morning
Dallas, Texas-based Tuesday Morning Corporation is an off-price
retailer specializing in products for the home, including upscale
home textiles, home furnishings, housewares, gourmet food, toys and
seasonal decor, at prices generally below those found in boutique,
specialty and department stores, catalogs and on-line retailers.
Tuesday Morning and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 23-90001) on
Feb. 14, 2023. The Debtors said both assets and liabilities, on a
consolidated basis, range from $100 million to $500 million.
Judge Edward L. Morris presides over the cases.
The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as bankruptcy
counsel; Phelanlaw as special counsel; Force Ten Partners LLC as
financial advisor; and Piper Sandler & Co. as investment banker.
Stretto, Inc., is the claims and noticing agent.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors. The committee is represented by the
law firms of Fox Rothschild, LLP and Lowenstein Sandler, LLP.
Province, LLC serves as the committee's financial advisor.
U.S. RENAL CARE: S&P Affirms 'CCC+' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on U.S.
Renal Care Inc. (USRC).
S&P said, "The outlook is stable, reflecting our expectation for
liquidity to remain adequate to support declining cash flow
deficits over the next couple of years while the business
experiences modest improvement in operating performance. We believe
cash flow could turn positive in a few years."
S&P revised the recovery ratings on the secured debt to '4' (30%)
from '3' (50%). The '6' recovery ratings on the unsecured debt are
unchanged. S&P affirmed its 'CCC+' issue-level rating on the
secured debt and 'CCC-' rating on the unsecured debt.
The revised recovery rating reflects the transfer of collateral
assets to the newly created subsidiary, reducing recovery prospects
for existing secured lenders. USRC issued $328 million of debt in a
newly formed unrestricted subsidiary. The company will use the debt
proceeds to support liquidity as it takes steps to improve their
financial performance. The transfer of about a third of its assets
to this new subsidiary reduces the amount of collateral supporting
secured lenders in a default scenario, hence lowering recovery
prospects. As a result, S&P revised the recovery rating on the
secured debt to '4' (30%) from '3' (50%). The '6' recovery rating
on the unsecured debt is unchanged.
S&P said, "We expect liquidity to remain adequate over the next
couple of years. Despite margin deterioration and cash flow
deficits over the last two years, we expect USRC to have adequate
liquidity over the next couple of years. The company had $103
million of cash on its balance sheet as of March 31, 2023. In
addition, as a result of this transaction, USRC will have a new
$100 million basket for super senior revolver and will keep the
$305 million debt proceeds (net of fees) for liquidity purposes as
the company focuses on improving margins and cash flow.
"We expect business performance to improve and cash flow deficits
to decline over the next couple of years as operating improvements
materialize. COVID-19 had a significantly negative impact on USRC's
performance, due to excess patient mortality, and higher patient
care costs. Additionally, labor cost inflation and higher reliance
on contract labor coupled with costs associated with investments in
building its value-based care business put downward pressure on
margins. The combination of margin erosion and higher interest
rates caused cash flow deficits through the first quarter of 2023.
"However, we believe business fundamentals are solid. Treatments
per day rebounded to pre-pandemic growth rates with record high
patient volumes. We expect continued volume growth and margin
improvement in 2023 onward. USRC has been implementing measures to
reduce labor costs, most notably by creating their own travel pool
to reduce the need for contract labor and improving retention to
pre-pandemic levels. Additionally, the company has successfully
lowered its contractual pricing for ESA and has been steadily
increasing its footprint into dialysis-at-home , which is a
higher-margin business and will contribute to margin improvement.
In addition, the reimbursement environment has been favorable with
a 3% increase from CMS for 2023, with potentially further increases
in 2024. This should progressively lower cash flow deficits in the
next couple of years increasing the chances of the company being
sustainably cash flow positive.
"The stable outlook reflects our expectation for liquidity to
remain adequate over the next couple of years, despite weaker
profitability and projected cash flow deficits."
S&P could lower the rating on USRC if:
-- S&P believes there is increased risk of a distressed debt
exchange; or
-- Liquidity deteriorates and becomes insufficient to cover cash
needs over the next 12 months.
Although unlikely over the next 12 months, S&P could raise its
ratings on USRC if it increases revenue and improves margins such
that reported cash flow from operations is sufficient to cover
distributions to minority interests, maintenance capex, and
mandatory amortization on a sustained basis.
ESG credit indicators:E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of
controlling owners, in line with our view of most rated entities
owned by private-equity sponsors. Our assessment also reflects the
generally finite holding periods and a focus on maximizing
shareholder returns."
UPSTREAM NEWCO: $140M Bank Debt Trades at 19% Discount
------------------------------------------------------
Participations in a syndicated loan under which Upstream Newco Inc
is a borrower were trading in the secondary market around 81.1
cents-on-the-dollar during the week ended Friday, July 14, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $140 million facility is a Term loan that is scheduled to
mature on November 20, 2027. The amount is fully drawn and
outstanding.
Upstream Newco, Inc., headquartered in Birmingham, Alabama, is a
provider of outpatient rehabilitation services -- primarily
physical therapy. Through its subsidiaries, Upstream operates about
1,150 clinics in 28 states, with a strong presence in the
Southeast.
WEST DEPTFORD: $445M Bank Debt Trades at 23% Discount
-----------------------------------------------------
Participations in a syndicated loan under which West Deptford
Energy Holdings LLC is a borrower were trading in the secondary
market around 77.2 cents-on-the-dollar during the week ended
Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $445 million facility is a Term loan that is scheduled to
mature on August 1, 2026. The amount is fully drawn and
outstanding.
West Deptford Energy Holdings, LLC owns the West Deptford Energy
Station, a 744 MW 2014-vintage gas-fired combined cycle electric
generating facility located in West Deptford Township, NJ. It is a
merchant power plant located in PJM Interconnection's EMACC
capacity price zone. West Deptford's sponsor group includes LS
Power, which built the plant, along with subsidiaries of Marubeni
Corporation (Baa2 positive), Kansai Electric Power Company,
Incorporated (A3 negative), Ullico, Arctic Slope,
Prudential/Lincoln, and Sumitomo Corporation (Perennial, Baa1,
stable).
YC RIVERGOLD: Seeks to Hire GGG Partners, Appoint CRO
-----------------------------------------------------
YC Rivergold Hotel, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Alaska to employ GGG Partners, LLC and
appoint Richard Gaudet, a partner at the firm, as its chief
restructuring officer.
The firm's services include:
a. preparing and maintaining budgets;
b. monitoring the Debtor's business operations and providing
analysis of and expertise regarding the CMBS loan at the heart of
its Chapter 11 case; and
a. all services necessary and appropriate to the advancement of
the Debtor's operations and bankruptcy case.
GGG Partners will be paid at these rates:
Partners $400 per hour
Other Staff $300 to $400 per hour
The firm received a retainer in the amount of $50,000.
Mr. Gaudet disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
Mr. Gaudet can be reached at:
Richard B. Gaudet
GGG Partners, LLC
3155 Roswell Rd NE, Suite 120
Atlanta, GA 30305
Phone: +1 404-256-0003
Email: rgaudet@gggpartners.com
About YC Rivergold Hotel
YC Rivergold Hotel, LLC operates in the traveler accommodation
industry. It is based in Juneau, Alaska.
YC Rivergold Hotel sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Alaska Case No. 23-00072) on April 29,
2023, with $10 million to $50 million in both assets and
liabilities. Judge Gary Spraker oversees the case.
The Debtor tapped Austin K. Barron, Esq., at Step Two Law as
bankruptcy counsel and Richard Gaudet, a partner at GGG Partners,
LLC, as chief restructuring officer.
Wells Fargo, as lender, is represented by Lane Powell, LLC,
Polsinelli, PC, and Agentis, PLLC.
ZAYO GROUP: $4.96B Bank Debt Trades at 23% Discount
---------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 77.1
cents-on-the-dollar during the week ended Friday, July 14, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $4.96 billion facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
ZAYO GROUP: $750M Bank Debt Trades at 22% Discount
--------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 77.6
cents-on-the-dollar during the week ended Friday, July 14, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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
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 US 31,986.8 (480.7) (1,527.3)
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/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 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 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 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
CUTERA INC TJ9 GR 499.8 (39.0) 309.7
CUTERA INC CUTR US 499.8 (39.0) 309.7
CUTERA INC TJ9 TH 499.8 (39.0) 309.7
CUTERA INC CUTREUR EU 499.8 (39.0) 309.7
CUTERA INC TJ9 QT 499.8 (39.0) 309.7
CUTERA INC CUTREUR EZ 499.8 (39.0) 309.7
CYTOKINETICS INC CYTK US 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A GR 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A QT 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EU 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A TH 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A SW 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EZ 889.8 (229.0) 605.4
DELEK LOGISTICS DKL US 1,691.6 (117.4) (1.0)
DELL TECHN-C DELL US 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA TH 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA GR 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA GZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EU 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELLC* MM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA QT 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL AV 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL-RM RM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C-BDR D1EL34 BZ 84,094.0 (2,924.0) (9,433.0)
DENNY'S CORP DE8 GR 480.4 (45.0) (34.6)
DENNY'S CORP DENN US 480.4 (45.0) (34.6)
DENNY'S CORP DENNEUR EU 480.4 (45.0) (34.6)
DENNY'S CORP DE8 TH 480.4 (45.0) (34.6)
DENNY'S CORP DE8 GZ 480.4 (45.0) (34.6)
DIEBOLD NIXDORF DBD SW 3,090.7 (1,473.6) 66.3
DIGITALOCEAN HOL DOCN US 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU GR 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU TH 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL DOCNEUR EU 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU GZ 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU QT 1,584.4 (217.7) 512.5
DINE BRANDS GLOB DIN US 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP GR 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP TH 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP GZ 1,758.1 (288.7) (56.8)
DIVERSIFIED ENER DEC LN - - -
DIVERSIFIED ENER DGOCGBX EU - - -
DIVERSIFIED ENER DECL PO - - -
DIVERSIFIED ENER DECL L3 - - -
DIVERSIFIED ENER DECL B3 - - -
DIVERSIFIED ENER DECL TQ - - -
DIVERSIFIED ENER DGOCGBX EP - - -
DIVERSIFIED ENER DGOCGBX EZ - - -
DIVERSIFIED ENER DECL IX - - -
DIVERSIFIED ENER DECL EB - - -
DIVERSIFIED ENER DECL QX - - -
DIVERSIFIED ENER DECL BQ - - -
DIVERSIFIED ENER DECL S1 - - -
DOMINO'S P - BDR D2PZ34 BZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV TH 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV GR 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ US 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV QT 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZEUR EU 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ AV 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ* MM 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV GZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZEUR EZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ-RM RM 1,641.4 (4,151.8) 271.4
DOMO INC- CL B DOMO US 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON GR 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON GZ 219.2 (151.2) (83.7)
DOMO INC- CL B DOMOEUR EU 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON TH 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON QT 219.2 (151.2) (83.7)
DROPBOX INC-A DBX US 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 GR 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 SW 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 TH 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 QT 2,993.7 (365.2) 247.2
DROPBOX INC-A DBXEUR EU 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX AV 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX* MM 2,993.7 (365.2) 247.2
DROPBOX INC-A DBXEUR EZ 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 GZ 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX-RM RM 2,993.7 (365.2) 247.2
EMBECTA CORP EMBC US 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC* MM 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 GR 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 QT 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC1EUR EZ 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC1EUR EU 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 GZ 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 TH 1,210.0 (822.6) 398.6
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* MM 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
GEN RESTAURANT G GENK US 139.5 (3.8) (23.4)
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)
GROUPON INC GRPNEUR EZ 650.6 (24.5) (184.1)
GUARDANT HEALTH GH US 1,511.6 (44.6) 900.3
GUARDANT HEALTH GH* MM 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH TH 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GR 1,511.6 (44.6) 900.3
GUARDANT HEALTH GHGBPEUR 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 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-TO - BDR M1TD34 BZ 3,409.9 (24.5) 282.5
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) -
NINE ENERGY SERV NINE US 426.7 (11.3) 123.2
NINE ENERGY SERV NINE1EUR EZ 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ TH 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ QT 426.7 (11.3) 123.2
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
PHATHOM PHARMACE PHAT US 144.0 (90.2) 125.4
PHILIP MORRI-BDR PHMO34 BZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1EUR EU 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMI SW 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1 TE 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 TH 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1CHF EU 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 GR 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM US 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMIZ IX 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMIZ EB 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 QT 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 GZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 0M8V LN 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMOR AV 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM* MM 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1CHF EZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1EUR EZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM-RM RM 62,060.0 (7,053.0) (3,414.0)
PLANET FITNESS I P2LN34 BZ 2,905.6 (158.6) 338.5
PLANET FITNESS I PLNT* MM 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT US 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL TH 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL GR 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL QT 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT1EUR EU 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT1EUR EZ 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL GZ 2,905.6 (158.6) 338.5
PRESTO AUTOMATIO PRST US 48.6 (22.2) (31.5)
PROS HOLDINGS IN PH2 GR 437.6 (48.0) 95.9
PROS HOLDINGS IN PRO US 437.6 (48.0) 95.9
PROS HOLDINGS IN PRO1EUR EU 437.6 (48.0) 95.9
PTC THERAPEUTICS PTCT US 1,608.8 (457.6) 171.8
PTC THERAPEUTICS BH3 GR 1,608.8 (457.6) 171.8
PTC THERAPEUTICS P91 TH 1,608.8 (457.6) 171.8
PTC THERAPEUTICS P91 QT 1,608.8 (457.6) 171.8
PULSE BIOSCIENCE PLSE US 70.2 (10.7) 48.0
PULSE BIOSCIENCE 6L8 GZ 70.2 (10.7) 48.0
RAPID7 INC RPD US 1,329.5 (110.2) (39.1)
RAPID7 INC R7D GR 1,329.5 (110.2) (39.1)
RAPID7 INC RPDEUR EU 1,329.5 (110.2) (39.1)
RAPID7 INC R7D TH 1,329.5 (110.2) (39.1)
RAPID7 INC RPD* MM 1,329.5 (110.2) (39.1)
RAPID7 INC R7D GZ 1,329.5 (110.2) (39.1)
RAPID7 INC R7D QT 1,329.5 (110.2) (39.1)
RAPID7 INC-BDR R2PD34 BZ 1,329.5 (110.2) (39.1)
REATA PHARMACE-A RETA US 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 GR 453.6 (130.7) 277.9
REATA PHARMACE-A RETAEUR EU 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 GZ 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 TH 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 QT 453.6 (130.7) 277.9
REVANCE THERAPEU RVNC US 547.8 (26.7) 245.0
REVANCE THERAPEU RTI GR 547.8 (26.7) 245.0
REVANCE THERAPEU RTI QT 547.8 (26.7) 245.0
REVANCE THERAPEU RVNCEUR EU 547.8 (26.7) 245.0
REVANCE THERAPEU RVNCEUR EZ 547.8 (26.7) 245.0
REVANCE THERAPEU RTI TH 547.8 (26.7) 245.0
REVANCE THERAPEU RTI GZ 547.8 (26.7) 245.0
RIMINI STREET IN RMNI US 368.1 (70.1) (67.8)
RIMINI STREET IN 0QH GR 368.1 (70.1) (67.8)
RIMINI STREET IN RMNIEUR EU 368.1 (70.1) (67.8)
RIMINI STREET IN 0QH QT 368.1 (70.1) (67.8)
RINGCENTRAL IN-A RNG US 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA GR 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNGEUR EU 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA TH 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA QT 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNGEUR EZ 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNG* MM 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA GZ 2,046.4 (272.5) 259.8
RINGCENTRAL-BDR R2NG34 BZ 2,046.4 (272.5) 259.8
SABRE CORP SABR US 5,026.0 (949.0) 578.7
SABRE CORP 19S GR 5,026.0 (949.0) 578.7
SABRE CORP 19S TH 5,026.0 (949.0) 578.7
SABRE CORP 19S QT 5,026.0 (949.0) 578.7
SABRE CORP SABREUR EU 5,026.0 (949.0) 578.7
SABRE CORP SABREUR EZ 5,026.0 (949.0) 578.7
SABRE CORP 19S GZ 5,026.0 (949.0) 578.7
SAVERS VALUE VIL SVV US 1,705.1 (48.4) (59.5)
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)
TRANSAT A.T. TRZBF US 2,509.3 (834.0) (100.3)
TRANSDIGM - BDR T1DG34 BZ 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D GR 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG US 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D QT 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDGEUR EU 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D TH 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG* MM 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDGEUR EZ 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG-RM RM 20,008.0 (2,893.0) 4,934.0
TRAVEL + LEISURE WD5A GR 6,477.0 (975.0) 616.0
TRAVEL + LEISURE TNL US 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A TH 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A QT 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WYNEUR EU 6,477.0 (975.0) 616.0
TRAVEL + LEISURE 0M1K LI 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WYNEUR EZ 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A GZ 6,477.0 (975.0) 616.0
TRAVEL + LEISURE TNL* MM 6,477.0 (975.0) 616.0
TRIUMPH GROUP TG7 GR 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGI US 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGIEUR EU 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 TH 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 GZ 1,714.8 (797.4) 536.6
UBIQUITI INC 3UB GR 1,375.2 (184.5) 790.0
UBIQUITI INC UI US 1,375.2 (184.5) 790.0
UBIQUITI INC UBNTEUR EU 1,375.2 (184.5) 790.0
UBIQUITI INC 3UB TH 1,375.2 (184.5) 790.0
UNITED HOMES GRO UHG US 283.8 (363.3) 249.9
UNITED HOMES GRO 6PO GR 283.8 (363.3) 249.9
UNITED HOMES GRO DHHCEUR EU 283.8 (363.3) 249.9
UNITI GROUP INC UNIT US 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GR 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC TH 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GZ 4,988.2 (2,324.2) -
UROGEN PHARMA LT URGN US 113.0 (116.6) 70.7
UROGEN PHARMA LT UR8 GR 113.0 (116.6) 70.7
UROGEN PHARMA LT URGNEUR EU 113.0 (116.6) 70.7
VECTOR GROUP LTD VGR GR 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR US 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR QT 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EU 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EZ 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR TH 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR GZ 955.9 (805.8) 301.2
VERISIGN INC VRS TH 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS GR 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN US 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS QT 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSNEUR EU 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS GZ 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN* MM 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSNEUR EZ 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN-RM RM 1,757.0 (1,593.8) (98.3)
VERISIGN INC-BDR VRSN34 BZ 1,757.0 (1,593.8) (98.3)
VERISIGN-CEDEAR VRSN AR 1,757.0 (1,593.8) (98.3)
WAVE LIFE SCIENC WVE US 267.3 (26.8) 87.0
WAVE LIFE SCIENC WVEEUR EU 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 GR 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 TH 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 GZ 267.3 (26.8) 87.0
WAYFAIR INC- A W US 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF GR 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF TH 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A WEUR EU 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF QT 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A WEUR EZ 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF GZ 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A W* MM 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- BDR W2YF34 BZ 3,212.0 (2,745.0) (302.0)
WEWORK INC-CL A WE* MM 16,949.0 (3,786.0) (1,437.0)
WINGSTOP INC WING US 451.3 (379.8) 170.1
WINGSTOP INC EWG GR 451.3 (379.8) 170.1
WINGSTOP INC WING1EUR EU 451.3 (379.8) 170.1
WINGSTOP INC EWG GZ 451.3 (379.8) 170.1
WINGSTOP INC EWG TH 451.3 (379.8) 170.1
WINMARK CORP WINA US 39.7 (54.0) 14.4
WINMARK CORP GBZ GR 39.7 (54.0) 14.4
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WW INTERNATIONAL WW US 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 GR 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 TH 973.7 (802.3) (31.6)
WW INTERNATIONAL WTWEUR EU 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 QT 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 GZ 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 SW 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
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***