/raid1/www/Hosts/bankrupt/TCR_Public/230724.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Monday, July 24, 2023, Vol. 27, No. 204
Headlines
117 SPENCER: Voluntary Chapter 11 Case Summary
5280 AURARIA: Wins Cash Collateral Access Thru Aug 31
560 SEVENTH AVENUE: Seeks Chapter 11 to Stop Foreclosure
ACCO BRANDS: Egan-Jones Retains B+ Senior Unsecured Ratings
AEROSPACE ENGINEERING: Brian Rothschild Named Subchapter V Trustee
ALL DAY: $200M Bank Debt Trades at 84% Discount
ALLEGHENY TECHNOLOGIES: Egan-Jones Retains BB+ Sr. Unsec. Ratings
ALLEGIANT TRAVEL: Egan-Jones Retains B Senior Unsecured Ratings
ALPINE SUMMIT: U.S. Trustee Appoints Creditors' Committee
ALTISOURCE SOLUTION: Saratoga Marks $1.1M Loan at 21% Off
ANASTASIA PARENT: Saratoga Marks $995,000 Loan at 23% Off
ANCHOR GLASS: S&P Lowers ICR to 'SD' on Delayed Interest Payments
ANCHOR GLASS: Saratoga Marks $468,894 Loan at 25% Off
ART OF MEDICINE: Wins Interim Cash Collateral Access
ARTERA SERVICES: $135M Bank Debt Trades at 28% Discount
ASHLAND LLC: Egan-Jones Retains BB+ Senior Unsecured Ratings
ASP LS ACQUISITION: $455M Bank Debt Trades at 25% Discount
ASTRA ACQUISITION: $1.30B Bank Debt Trades at 26% Discount
ASTRA ACQUISITION: Credit Suisse Marks $893,000 Loan at 20% Off
ASTRO ONE: Saratoga Marks $2.9M Loan at 37% Off
AVENTIV TECHNOLOGIES: $1.02B Bank Debt Trades at 19% Discount
AVISON YOUNG: Saratoga Marks $3.3M Loan at 29% Off
AVISON YOUNG: Saratoga Marks $746,250 Loan at 25% Off
BALL CORPORATION: Egan-Jones Retains BB+ Senior Unsecured Ratings
BAUSCH HEALTH: Saratoga Marks $1.9M Loan at 21% Off
BCPE NORTH: $225M Bank Debt Trades at 19% Discount
BETTER TRANSPORT: Wins Cash Collateral Access on Final Basis
BIJOU HILL DAIRY: Case Summary & 20 Largest Unsecured Creditors
BOX OUT STUDIO: Jolene E. Wee Named Subchapter V Trustee
BREWSA BREWING: Case Summary & 20 Largest Unsecured Creditors
BROIT BUILDERS: Amy Denton Mayer Named Subchapter V Trustee
BRUMMETT ENTERPRISES: Continued Operations to Fund Plan
CAESARS ENTERTAINMENT: Egan-Jones Retains CCC Sr. Unsec. Ratings
CALIFORNIA COUNTY HOSPITAL: Experiences Bankruptcy Challenge
CAM-CAR COLLEGE: Joseph Z. Frost Named Subchapter V Trustee
CAREERBUILDER LLC: Saratoga Marks $5.2M Loan at 35% Off
CBS TRUCKING: Court OKs Interim Cash Collateral Access
CCI HOLDINGS: Seeks Cash Collateral Access
CHENIERE ENERGY: Egan-Jones Retains BB Senior Unsecured Ratings
CM WIND: Egan-Jones Retains CCC+ Senior Unsecured Ratings
CNG HOLDINGS: S&P Lowers Issuer Credit Rating to 'CC', Outlook Neg
COMMERCEHUB INC: Credit Suisse Marks $900,000 Loan at 17% Off
COTY INC: Moody's Rates New $600MM Senior Secured Notes 'Ba2'
CROWN HOLDINGS: Egan-Jones Retains BB Senior Unsecured Ratings
CRYSTAL SPOON: Unsecureds to be Paid in Full over 60 Months
CSC HOLDINGS: Moody's Lowers CFR to B3 & Senior Secured Debt to B2
CSG SYSTEMS: Egan-Jones Retains BB+ Senior Unsecured Ratings
DAILEY LAW FIRM: Kimberly Ross Clayson Named Subchapter V Trustee
DAVITA INC: Egan-Jones Retains BB Senior Unsecured Ratings
DEVILLE CORP: Wins Interim Cash Collateral Access
DIAMOND SPORTS: Seeks to Extend Plan Exclusivity to November 9
DIOCESE OF OGDENSBURG: Sixth New York Diocese in Chapter 11
DMT SOLUTIONS: S&P Places 'B-' Issuer Credit Rating on Watch Neg.
DOBBS TRUCKING: Craig Geno Named Subchapter V Trustee
DODGE CONSTRUCTION: $130M Bank Debt Trades at 27% Discount
DONGAN PLAZA: Involuntary Chapter 11 Case Summary
ELIZABETH JANE: Court OKs Cash Collateral Access Thru Sept 30
ENPRO INDUSTRIES: Egan-Jones Retains BB+ Senior Unsecured Ratings
EYECARE PARTNERS: $250M Bank Debt Trades at 19% Discount
EYECARE PARTNERS: $440M Bank Debt Trades at 19% Discount
EYECARE PARTNERS: $750M Bank Debt Trades at 19% Discount
FARMA SCI LIFE: Reaches Castellano Settlement; Amends Plan
FINCO I LLC: Moody's Affirms 'Ba1' CFR Amid Loan Upsizing
FINESSE AESTHETICS: Files Emergency Bid to Use Cash Collateral
FIRSTOX LAB: August 2 Deadline Set for Panel Questionnaires
FOX SUBACUTE: Wins Interim Cash Collateral Access
FREE SPEECH: Sues Dietary Supplement Supplier in Chapter 11
GAI REMODELING: Court OKs Interim Cash Collateral Access
GIRARDI & KEESE: Erika Meets Tom's Victims Face-to-Face
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 40% Discount
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 40% Discount
GOLD EQUITY: Charles N. Persing Named Subchapter V Trustee
GOOD HANDS: Court OKs Cash Collateral Access Thru Aug 16
GOODYEAR TIRE: Egan-Jones Retains BB- Senior Unsecured Ratings
GSS18 LLC: Tarek Kiem Named Subchapter V Trustee
HASBRO INC: Egan-Jones Retains BB Senior Unsecured Ratings
HEART HEATING: Joli A. Lofstedt Named Subchapter V Trustee
HERBALIFE INTERNATIONAL: Egan-Jones Retains BB- Sr. Unsec. Ratings
HOLIDAY HAM: Lender Seeks to Prohibit Cash Collateral Access
HS PURCHASER: $670M Bank Debt Trades at 19% Discount
I SEE YOU NETWORK: Brian W. Hofmeister Named Subchapter V Trustee
IMAX CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
IVCINYA COMPANY: Mark M. Sharf Named Subchapter V Trustee
J.A.R. CONCRETE: Seeks 60-Day Extension to Plan Exclusivity
JACKSON HOSPITAL: S&P Lowers 2015 Long-Term Bond Rating to 'BB-'
JADI COMMUNITY: Case Summary & Four Unsecured Creditors
JBP HOLDINGS: Robert Handler Named Subchapter V Trustee
KARAFIN SCHOOL: Continued Operations to Fund Plan
LAMAR ADVERTISING: S&P Affirms 'BB' ICR, Outlook Stable
LAS VEGAS SANDS: Egan-Jones Retains B+ Senior Unsecured Ratings
LASERSHIP INC: Credit Suisse Marks $600,000 Loan at 35% Off
LCM INVESTMENTS II: Moody's Rates New $500MM Sr. Unsec. Notes 'B2'
LUCIDA CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
LYONS MAGNUS: $285M Bank Debt Trades at 19% Discount
MALLINCKRODT PLC: Opioid Settlement Payment Extended Again
MATTEL INC: Egan-Jones Retains BB+ Senior Unsecured Ratings
MERCER INTERNATIONAL: Egan-Jones Retains BB Sr. Unsecured Ratings
METROPLEX RECOVERY: Voluntary Chapter 11 Case Summary
MILLERKNOLL INC: Moody's Cuts CFR & First Lien Secured Debt to Ba2
MLAND MAINTENANCE: Jami Nimeroff Named Subchapter V Trustee
MOUNTAIN VIEW: Case Summary & 10 Unsecured Creditors
NCR CORPORATION: Egan-Jones Retains B- Senior Unsecured Ratings
NEW CONSTELLIS: $200,000 Bank Debt Trades at 43% Discount
NEXTERA ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
NOSRAT LLC: Seeks to Extend Plan Exclusivity to October 8
NOVAN INC: Files for Chapter 11 With Deal to Sell to Ligan
OBRA CAPITAL: $275M Bank Debt Trades at 17% Discount
OCEANEERING INTERNATIONAL:Egan-Jones Retains B- Sr. Unsec. Ratings
OIL STATES: Egan-Jones Retains CCC+ Senior Unsecured Ratings
OPTION CARE: Moody's Raises CFR to Ba3 & Alters Outlook to Stable
ORS.COM INC: ORS Unsecureds to Get Share of Distribution Fund
OWENS-ILLINOIS: Egan-Jones Hikes Senior Unsecured Ratings to B+
PACIFIC PANORAMA: Unsecureds Will Get 100% of Claims in Plan
PALMER DRIVES: Mark D. Dennis Named Subchapter V Trustee
PATAGONIA HOLDCO: Credit Suisse Marks $1.9M Loan at 18% Off
PERFORMERS THEATRE: Mark E. Hall Named Subchapter V Trustee
PG&E CORPORATION: Egan-Jones Retains BB- Senior Unsecured Ratings
PHOENIX BUILDING: Court OKs Cash Collateral Access Thru Sept 13
POLYMER EXTRUSION: Seeks to Extend Plan Exclusivity to November 22
POSEIDON MOVING: Wins Interim Cash Collateral Access
PRECISION CASTPARTS: Egan-Jones Retains B- Sr. Unsecured Ratings
PROS HOLDINGS: Egan-Jones Retains CCC- Senior Unsecured Ratings
QUANERGY SYSTEMS: Seeks to Extend Plan Exclusivity to October 9
R.B. DWYER: U.S. Trustee Unable to Appoint Committee
RAPID METALS: U.S. Trustee Appoints Creditors' Committee
REDSTONE HOLDCO 2: Credit Suisse Marks $200,000 Loan at 39% Off
REDSTONE HOLDCO: $1.11B Bank Debt Trades at 23% Discount
REDSTONE HOLDCO: Credit Suisse Marks $1.3M Loan at 15% Off
RESOLUTE INVESTMENT: Moody's Lowers CFR & First Lien Debt to Caa2
REVERE POWER: $445M Bank Debt Trades at 19% Discount
REVERE POWER: $70M Bank Debt Trades at 19% Discount
RIALTO BIOENERGY: May Use $810,777 of Cash Collateral
ROYAL CARRIBEAN: Egan-Jones Retains B- Senior Unsecured Ratings
RSA SECURITY: Reportedly Won't Pay Debt Without Amendment Deal
RVN TELEVISION: Brian W. Hofmeister Named Subchapter V Trustee
SENSATA TECHNOLOGIES: Egan-Jones Retains BB- Sr. Unsecured Ratings
SFII 1390 MARKET: Public Auction of LLC Interests on Sept. 6
SONIC AUTOMOTIVE: Egan-Jones Retains BB+ Senior Unsecured Ratings
SONOCO PRODUCTS: Egan-Jones Retains BB+ Senior Unsecured Ratings
SP PF BUYER: $744M Bank Debt Trades at 23% Discount
STARR GENERAL: Cash Flow Operations to Fund Plan
STATEN ISLAND JEWISH: Case Summary & Five Unsecured Creditors
STOWERS TRUCKING: U.S. Trustee Unable to Appoint Committee
T-MOBILE USA: Egan-Jones Retains B+ Senior Unsecured Ratings
TAMPA BAY PLUMBERS: Michael Markham Named Subchapter V Trustee
TANTUM COMPANIES: Court Orders Appointment of Creditors' Committee
TARONIS FUELS: Seeks to Extend Plan Exclusivity to October 9
TECH-MAR ENTERPRISES: Tom Howley Named Subchapter V Trustee
TECHNICAL ORDNANCE: Court OKs Interim Cash Collateral Access
TENET HEALTHCARE: Egan-Jones Retains B+ Senior Unsecured Ratings
THRASIO LLC: $325M Bank Debt Trades at 20% Discount
TRUGREEN LTD: Credit Suisse Marks $600,000 Loan at 32% Off
US CELLULAR: Egan-Jones Retains B+ Senior Unsecured Ratings
VAUGHN ENVIRONMENTAL: Seeks to Use $60,629 of Cash Collateral
VECTOR UTILITIES: May Use $44,000 of Cash Collateral
VERINT SYSTEMS: Egan-Jones Retains BB Senior Unsecured Ratings
VITAL PHARMA: Seeks to Extend Plan Exclusivity to September 1
WAVECREST ENTERPRISES: Court OKs Cash Collateral Access Thru Sept 8
WCS PROPERTY: Court OKs Cash Collateral Access on Final Basis
WILLIAMS INDUSTRIAL: Case Summary & 30 Top Unsecured Creditors
WOOF HOLDINGS: $235M Bank Debt Trades at 18% Discount
YACHTBRASIL MOTOR: Aleida Molina Named Subchapter V Trustee
[^] BOND PRICING: For the Week from July 17 to 21, 2023
*********
117 SPENCER: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 117 Spencer, LLC
29 Stonebrook Road
Sudbury, MA 01776
Case No.: 23-40590
Business Description: The Debtor is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: July 21, 2023
Court: United States Bankruptcy Court
District of Massachusetts
Debtor's Counsel: D. Ethan Jeffery, Esq.
MURPHY & KING, PROFESSIONAL CORPORATION
28 State Street
Suite 3101
Boston, MA 02109
Tel: (617) 423-0400
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Peter Venuto (by Lisa Venuto under power
of attorney), manager of the Debtor.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2ATOG5Q/117_Spencer_LLC__mabke-23-40590__0001.0.pdf?mcid=tGE4TAMA
5280 AURARIA: Wins Cash Collateral Access Thru Aug 31
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado authorized
5280 Auraria, LLC to use cash collateral on an interim basis in
accordance with the budget, with a 15% variance, through August 31,
2023.
The Debtor is directed to provide DB Auraria, LLC and Auraria Stub,
LLC on or before the 10th day of the following month, an accounting
for the prior month of all revenue, cash expenditures and
collections, with a comparison to budget, in substantially the same
form as that provided by the receiver on September 6, 2022.
To the extent the Court determines the Lender's collateral has
diminished in value from the Petition Date, the Lender will receive
the following means of adequate protection:
a. A 11 U.S.C. Section 507(b) claim for the diminution in
value of the Lender's collateral since the Petition Date; and
b. A replacement lien, pari passu with the Lender's senior
lien, on all assets of the Debtor.
To the extent necessary under applicable law, the Lender and
Auraria Stub LLC will be deemed to have requested an administrative
expense claim in respect of adequate protection relief.
The Debtor's right to use cash collateral will terminate upon the
earliest of:
a. November 15, 2023, provided that funds to be paid from an
approved budget for a designated purpose may be expended for that
purpose, within the limits of the budget and in the ordinary course
of business, the following month. If this situation occurs, the
Debtor will specify information in the Monthly Operating Reports so
the Lender and Auraria Stub LLC can track what is being done;
b. The failure by the Debtor to deliver to DB Auraria, LLC and
Auraria Stub, LLC, and to otherwise comply with, any of the
reporting or other information required to be delivered pursuant to
the Interim Order when due under the Order or any such documents or
other information will contain a material misrepresentation;
subject to a cure period of three business days after the Debtor
receives written notice from DB Auraria, LLC or Auraria Stub, LLC
of insufficient reporting;
c. The closing date of any sale of substantially all of the
Debtor's assets;
d. The failure by the Debtor to observe or perform any of its
obligations or the other terms or provisions contained therein,
including the use of cash collateral in any manner not permitted by
or otherwise inconsistent with the Budget (subject to any permitted
variance) or agreed to by the Parties;
e. The Court will have entered an order dismissing the Chapter
11 Case;
f. The Court will have entered an order converting the Chapter
11 Case to a case under chapter 7 of the Bankruptcy Code; and
g. The Court will have entered an order authorizing the
appointment or election of a trustee or examiner with expanded
powers or any other representative with expanded powers relating to
the operation of the businesses in the Chapter 11 Case.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=8RRdI0 from PacerMonitor.com.
The Debtor projects $271,706 in total rent and $174,898 in total
expenses for July 2023.
About 5280 Auraria
5280 Auraria, LLC, owns Auraria Student Lofts, a high-rise building
in downtown Denver aimed at providing housing for college students.
5280 Auraria's sole member and manager is Nelson Partners, LLC, a
Utah limited liability company. The individual principal is
Patrick Nelson.
5280 Auraria sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 22-12059) on June 9,
2022. In the petition filed by Patrick Nelson, as managing member,
the Debtor listed between $50 million and $100 million in both
assets and liabilities.
Judge Kimberley H. Tyson oversees the case.
Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP is
the Debtor's counsel.
560 SEVENTH AVENUE: Seeks Chapter 11 to Stop Foreclosure
--------------------------------------------------------
According to Daniel McCarthy of Travel Market Report, the owner of
New York's Margaritaville Resort Times Square Hotel, 560 Seventh
Avenue, filed for bankruptcy protection on Sunday night, July 9,
2023, a last-minute move to stop a foreclosure auction on the
property that had been scheduled for Monday, July 10, 2023.
The entity that owns the hotel filed for Chapter 11 bankruptcy, the
second attempt to stop the upcoming foreclosure auction.
Sharif El-Gamal, the chairman of Soho Properties that developed the
hotel, had previously unsuccessfully asked a judge to halt the
auction, claiming that the Arden Group, the lender behind the
mezzanine loan on the hotel, rigged the auction process in order to
scare off any potential buyers because it wanted to seize the
property itself. While that attempt was unsuccessful, Sunday’s
filing allows the hotel owners to seek protection from creditors
and halts that foreclosure auction.
The hotel opened in 2021, debuting with 234 guestrooms, five bars
and restaurants, and an outdoor pool in the heart of Times Square
at 560 Seventh Ave. Its debut was part of a quasi-renaissance for
the New York City hotel scene post-COVID, opening at the same time
as the new Marriott EDITION Madison Park, Aman New York, and more.
But, according to Bloomberg, the hotel has yet to make money and in
March, its future was put very much in the air when it was revealed
that El-Gamal's Soho Group defaulted on its mezzanine loan on the
hotel.
In a statement to TMR on Tuesday, Evan Laskin, Margaritaville’s
Chief Investment Officer. said that the resort's operations will
not be impacted by the news.
"The current ownership group, which owns Margaritaville Resort
Times Square under a license agreement with Margaritaville, has
filed for bankruptcy, and the foreclosure auction has been delayed.
The bankruptcy filing will not impact resort operations, the
property will remain open and staff members employed. The resort
continues to perform well, with outstanding satisfaction ratings.
Margaritaville looks forward to delivering fun and escapism through
the resort and restaurant experiences for guests and New Yorkers
for a long time," he said.
About 560 Seventh Avenue
560 Seventh Avenue is a mezzanine entity holding the 100%
membership interest of the Margaritaville Resort Times Square Hotel
located at 560 Seventh Avenue, New York, NY. The Hotel consists of
234 guest rooms and 34,271 square feet of retail space.
560 Seventh Avenue sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11071) on July 9,
2023. In the petition filed by Sethian Pomerantz, as president, the
Debtor reports estimated assets and liabilities between $100
million and $500 million.
The Debtor is represented by:
Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Ave Fl 12
New York, NY 10017-5690
Tel: (212) 221-5700
Email: knash@gwfglaw.com
ACCO BRANDS: Egan-Jones Retains B+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on June 30, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Acco Brands Corporation. EJR also withdraws rating
on commercial paper issued by the Company.
Headquartered in Lake Zurich, Illinois, Acco Brands Corporation
manufactures office products.
AEROSPACE ENGINEERING: Brian Rothschild Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 19 appointed Brian Rothschild, Esq., as
Subchapter V trustee for Aerospace Engineering & Support, Inc.
Mr. Rothschild, an attorney at Parsons Behle & Latimer, will be
paid an hourly fee of $430 for his services as Subchapter V trustee
and will be reimbursed for work-related expenses incurred.
Mr. Rothschild declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brian M. Rothschild, Esq.
Parsons Behle & Latimer
201 South Main Street, Suite 1800
Salt Lake City, UT 84111
Phone: (801) 532-1234
Email: brothschild@parsonsbehle.com
About Aerospace Engineering
Aerospace Engineering & Support, Inc. is part of the aerospace
products and parts manufacturing industry.
The Debtor filed Chapter 11 petition (Bankr. D. Utah Case No.
23-22868) on July 7, 2023, with $1 million to $10 million in assets
and liabilities. Lacey Remkes, president, signed the petition.
Judge Peggy Hunt oversees the case.
M. Darin Hammond, Esq., at Smith Knowles, P.C. serves as the
Debtor's legal counsel.
ALL DAY: $200M Bank Debt Trades at 84% Discount
-----------------------------------------------
Participations in a syndicated loan under which All Day
AcquisitionCo LLC is a borrower were trading in the secondary
market around 16.2 cents-on-the-dollar during the week ended
Friday, July 21, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $200 million facility is a Term loan that is scheduled to
mature on December 29, 2025. The amount is fully drawn and
outstanding.
All Day AcquisitionCo LLC does business as Reorganized 24 Hour
Fitness Worldwide Inc., an operator of fitness centers in the U.S.
ALLEGHENY TECHNOLOGIES: Egan-Jones Retains BB+ Sr. Unsec. Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 13, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Allegheny Technologies, Inc.
Headquartered in Dallas, Texas, ATI Inc. produces specialty
materials.
ALLEGIANT TRAVEL: Egan-Jones Retains B Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Allegiant Travel Company.
Headquartered in Las Vegas, Nevada, Allegiant Travel Company
operates as a leisure travel company.
ALPINE SUMMIT: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Alpine
Summit Energy Partners, Inc. and its affiliates.
The committee members are:
1. Chris Boone
Axis Energy Services, LLC
901 Main Street, Ste. 4920
Dallas, TX 75202
Email: Chris.Boone@axisofs.com
2. Benjamin Caleb Wright
Bighorn Oilfield Services, LLC
(dba Amarok Energy Services)
P.O. Box 11986
College Station, TX 77842
Email: cwright@amarokenergy.net
3. Don Burell
Cameron International Corporation
1430 Enclave Parkway
Houston, TX 77077
Email: DBurell@slb.com
4. Chris Fisher
Charter Pipe LLC
9720 Cypresswood, Ste. 218
Houston, TX 77070
Email: cfisher@charterpipe.com
5. Jordan Benningfield
Magnolia Oil & Gas Operating, LLC
Nine Greenway Plaza, Ste. 1300
Houston, TX 77046
Email: jbenningfield@mgyoil.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Alpine Summit Energy Partners
Alpine Summit Energy Partners Inc. and its affiliates develop, own,
and operate oil and gas properties in several formations in Texas.
Alpine Summit Energy Partners and its affiliates, including HB2
Origination, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90739) on July
5, 2023. In the petition filed by Craig Perry, CEO and Chairman of
Alpine Summit Energy Partners' Board of Directors, Alpine Summit
Energy Partners estimated assets up to $50,000 and liabilities
between $500,000 and $1 million. Affiliate Ageron Energy II, LLC
estimated $100 million to $500 million in assets and $1 million to
$10 million in liabilities. Affiliate HB2 Origination, LLC
estimated $100 million to $500 million in assets and $50 million to
$100 million in liabilities.
The Honorable Bankruptcy Judge David R. Jones oversees the cases.
The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey
Capital, Inc. as investment banker; and Huron Consulting Services,
LLC as financial advisor. Kroll Restructuring Administration, LLC
is the claims agent.
ALTISOURCE SOLUTION: Saratoga Marks $1.1M Loan at 21% Off
---------------------------------------------------------
Saratoga Investment Corporation has marked its $1,126,283 loan
extended to Altisource Solutions S.a r.l. to market at $893,514 or
79% of the outstanding amount, as of May 31, 2023, according to a
disclosure contained in Saratoga's Form 10-Q for the Quarterly
Period ended May 31, 2023, filed with the Securities and Exchange
Commission on July 10, 2023.
Saratoga is a participant in a Term Loan B (3M USD SOFR+ 5%, 1%
Floor) to Altisource Solutions S.a r.l. The loan accrues interest
at 9.99% per annum. The loan matures on April 30, 2025.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007, as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Altisource provides services to the real estate, mortgage, asset
recovery and financial services market.
ANASTASIA PARENT: Saratoga Marks $995,000 Loan at 23% Off
---------------------------------------------------------
Saratoga Investment Corporation has marked its $995,000 loan
extended to Anastasia Parent LLC to market at $731,530 or 77% of
the outstanding amount, as of May 31, 2023, according to a
disclosure contained in Saratoga's Form 10-Q for the Quarterly
Period ended May 31, 2023, filed with the Securities and Exchange
Commission.
Saratoga Investment Corp is a participant in a Term Loan (3M USD
LIBOR+ 3.75%) to Anastasia Parent LLC. The loan accrues interest at
8.91% per annum. The loan matures on August 11, 2025.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Anastasia Parent, LLC is the parent company of Anastasia Beverly
Hills, Inc., a prestige cosmetics brand that focuses on eyebrow
shaping products.
ANCHOR GLASS: S&P Lowers ICR to 'SD' on Delayed Interest Payments
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
glass packaging manufacturer Anchor Glass Container Corp. to 'SD'
(selective default) from 'CCC', its issue-level rating on its
first-lien term loan to 'D' from 'CCC', and its issue-level rating
on its second-lien term loan to 'D' from 'CC'.
Anchor Glass entered into a fourth amendment with its lenders that
will allow it to forgo paying interest on a portion of the first-
and second-lien term loans due July 11, 2023, which were subject to
a five-business-day grace period ended July 18, 2023. S&P said, "We
believe the company will continue to meet its obligations under its
asset-based lending (ABL) facility, and the company has said it
intends to make the interest payments on the first- and second-lien
term loans prior to the expiration of the extended grace period.
Additionally, we believe Anchor's negotiations with its first- and
second-lien lenders will lead to a debt restructuring we would
consider distressed. We will reevaluate our ratings on the company
when the extended grace period ends and it announces any changes to
its existing capital structure."
ANCHOR GLASS: Saratoga Marks $468,894 Loan at 25% Off
-----------------------------------------------------
Saratoga Investment Corporation has marked its $468,894 loan
extended to Anchor Glass Container Corporation to market at
$353,175 or 75% of the outstanding amount, as of May 31, 2023,
according to a disclosure contained in Saratoga's Form 10-Q for the
Quarterly Period ended May 31, 2023, filed with the Securities and
Exchange Commission.
Saratoga is a participant in a Term Loan (3M USD LIBOR+ 2.75%, 1%
Floor) to Anchor Glass Container Corporation. The loan accrues
interest at 7.96% per annum. The loan matures on December 7, 2023.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Anchor Glass Container Corporation manufactures containers. The
Company produces glass containers for the food, beverage, beer,
liquor, and consumer product industries.
ART OF MEDICINE: Wins Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, authorized Art of Medicine, P.A. to use cash
collateral on an interim basis in accordance with the budget.
The Debtor is permitted to use cash collateral to pay: (a) the
amounts expressly authorized by the Court, including payments to
the US Trustee for quarterly fees; (b) the current and necessary
expenses set forth in the budget, plus an amount not to exceed 10%
for each line item; and (c) the additional amounts as may be
expressly approved in writing by the U.S. Small Business
Administration.
Each creditor with a security interest in cash collateral will have
a perfected post-petition 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 document as may
otherwise be required under applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditor.
The Debtor will continue to make and remain current on its
continuing regular payments of $488 per month to the SBA
post-petition.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=CcItRt from PacerMonitor.com.
The Debtor projects total operational expenses, on a monthly basis,
as follows:
$31,645 for July 2023;
$30,346 for August 2023;
$41,171 for September 2023;
$33,831 for October 2023; and
$32,951 for November 2023.
About Art of Medicine, P.A.
Art of Medicine, P.A. is a Jacksonville, Florida-based primary
care/internal medicine health care provider currently serving
approximately 2,500 patients under the care of the Debtor's founder
and owner, Dr. Eduardo Balbona.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01270) on June 1.
2023. In the petition signed by Eduardo Jose Balbona, director, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Jacob A. Brown oversees the case.
William B. McDaniel, Esq., at Lansing Roy PA, represents the Debtor
as legal counsel.
ARTERA SERVICES: $135M Bank Debt Trades at 28% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Artera Services LLC
is a borrower were trading in the secondary market around 72.0
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $135 million facility is a Term loan that is scheduled to
mature on March 6, 2026. The amount is fully drawn and
outstanding.
Artera Services, LLC provides utility line construction services.
The Company offers installation, repair, and maintenance of gas
and
electric distribution lines, as well as civil excavation,
feasibility studies, horizontal directional drilling, and
pollution
prevention planning services.
ASHLAND LLC: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on July 7, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ashland LLC.
Headquartered in Wilmington, Delaware, Ashland LLC operates as a
specialty chemical company.
ASP LS ACQUISITION: $455M Bank Debt Trades at 25% Discount
----------------------------------------------------------
Participations in a syndicated loan under which ASP LS Acquisition
Corp is a borrower were trading in the secondary market around 75.0
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $455 million facility is a Term loan that is scheduled to
mature on May 7, 2029. The amount is fully drawn and outstanding.
ASP LS Acquisition Corp. was formed to effectuate the acquisition
of Laser Ship, Inc. by the private equity firm American Securities
LLC.
ASTRA ACQUISITION: $1.30B Bank Debt Trades at 26% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 73.8
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.30 billion facility is a Term loan that is scheduled to
mature on October 25, 2028. The amount is fully drawn and
outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: Credit Suisse Marks $893,000 Loan at 20% Off
---------------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $893,000 loan
extended to Astra Acquisition Corp to market at $718,118 or 80% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Credit Suisse's Form N-CSR report for the
semi-annual period ended April 30, 2023, filed with the Securities
and Exchange Commission.
Credit Suisse HYBF is a participant in a Bank Loan (LIBOR 1M +
5.250%) to Astra Acquisition Corp. The loan accrues interest at
10.275% per annum. The loan matures on October 25, 2028.
The loan carries B rating from S&P and B1 rating from Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRO ONE: Saratoga Marks $2.9M Loan at 37% Off
-----------------------------------------------
Saratoga Investment Corporation has marked its $2,962,500 loan
extended to Astro One Acquisition Corporation to market at
$1,860,095 or 63% of the outstanding amount, as of May 31, 2023,
according to a disclosure contained in Saratoga's Form 10-Q for the
Quarterly Period ended May 31, 2023, filed with the Securities and
Exchange Commission.
Saratoga is a participant in a Term Loan (3M USD LIBOR+ 5.5%, 0.75%
Floor) to Astro One Acquisition Corporation. The loan accrues
interest at 10.66% per annum. The loan matures on September 15,
2028.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Founded in 2021 and based in the US, Astro One Acquisition
Corporation is a merged entity of Petmate and Brody. Both companies
engage in the production and distribution of pet products such as
cat waste management products, toys, kennels, shelters, chews, and
feeding and watering products.
AVENTIV TECHNOLOGIES: $1.02B Bank Debt Trades at 19% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 81.2 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.02 billion facility is a Term loan that is scheduled to
mature on November 1, 2024. About $970.8 million of the loan is
withdrawn and outstanding.
Aventiv Technologies is a diversified technology company that
provides innovative solutions to customers in the corrections and
government services sectors.
AVISON YOUNG: Saratoga Marks $3.3M Loan at 29% Off
--------------------------------------------------
Saratoga Investment Corporation has marked its $3,362,103 loan
extended to Avison Young (Canada) Inc to market at $2,373,645 or
71% of the outstanding amount, as of May 31, 2023, according to a
disclosure contained in Saratoga's Form 10-Q for the Quarterly
Period ended May 31, 2023, filed with the Securities and Exchange
Commission.
Saratoga is a participant in a Term Loan (1M USD LIBOR+ 5.75%) to
Avison Young (Canada) Inc. The loan accrues interest at 8.12% per
annum. The loan matures on January 31, 2026.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Avison Young (Canada) Inc. provides real estate services. The
Company offers consulting, advisory, lease administration,
investment and asset management, and mortgage services. Avison
Young (Canada) serves customers worldwide.
AVISON YOUNG: Saratoga Marks $746,250 Loan at 25% Off
-----------------------------------------------------
Saratoga Investment Corporation has marked its $746,250 loan
extended to Avison Young (Canada) Inc to market at $559,688 or 75%
of the outstanding amount, as of May 31, 2023, according to a
disclosure contained in Saratoga's Form 10-Q for the Quarterly
Period ended May 31, 2023, filed with the Securities and Exchange
Commission.
Saratoga is a participant in a Term Loan (1M USD SOFR+ 7%) to
Avison Young (Canada) Inc. The loan accrues interest at 12.27% per
annum. The loan matures on January 31, 2026.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Avison Young (Canada) Inc. provides real estate services. The
Company offers consulting, advisory, lease administration,
investment and asset management, and mortgage services. Avison
Young (Canada) serves customers worldwide.
BALL CORPORATION: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 14, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ball Corporation.
Headquartered in Westminster, Colorado, Ball Corporation provides
metal packaging for beverages, foods, and household products.
BAUSCH HEALTH: Saratoga Marks $1.9M Loan at 21% Off
---------------------------------------------------
Saratoga Investment Corporation has marked its $1,925,000 loan
extended to Bausch Health Companies Inc to market at $1,513,724 or
79% of the outstanding amount, as of May 31, 2023, according to a
disclosure contained in Saratoga's Form 10-Q for the Quarterly
Period ended May 31, 2023, filed with the Securities and Exchange
Commission.
Saratoga is a participant in a Term Loan B, (3M USD SOFR+ 5.25%,
0.5% Floor) to Bausch Health Companies Inc. The loan accrues
interest at 10.42% per annum. The loan matures on February 1,
2027.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Bausch Health Companies Inc develops drugs for unmet medical needs
in central nervous system disorders, eye health and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
BCPE NORTH: $225M Bank Debt Trades at 19% Discount
--------------------------------------------------
Participations in a syndicated loan under which BCPE North Star US
Holdco 2 Inc is a borrower were trading in the secondary market
around 81.4 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $225 million facility is a Term loan that is scheduled to
mature on June 10, 2029. The amount is fully drawn and
outstanding.
BCPE North Star US Holdco 2 (Dessert Holdings) operates as a
manufacturer of dessert cakes, cheesecakes, brownies, and bars. The
Company sells dessert cakes, cheesecakes, brownies, and bars to
retail and foodservice customers across the US and Canada.
BETTER TRANSPORT: Wins Cash Collateral Access on Final Basis
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Better Transport Services, LLC to use
cash collateral on a final basis in accordance with the budget,
with a 10% variance.
As previously reported by the Troubled Company Reporter, a search
in the Texas Secretary of State shows that allegedly secured
positions are held by C T Corporation System (Unknown UCC Filing
21-0028881959); Kalamata Capital Group, LLC; and FundFi Merchant
Funding LLC.
As adequate protection for the use of cash collateral, all
creditors in the UCC list are granted replacement liens on all
post-petition cash collateral and post-petition acquired property
to the same extent and priority they possessed as of the Petition
Date.
The court said any and all accounts, including bank accounts and
payment processing accounts of the Debtor that are currently being
frozen must immediately be released and unfrozen upon entry of the
order. Any funds held in these accounts must be released to the
Debtor.
A copy of the Court's order is available at
https://urlcurt.com/u?l=mMDP58 from PacerMonitor.com.
About Better Transport Services, LLC
Better Transport Services, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32218) on
June 15, 2023. In the petition signed by Hana Almomani, president,
the Debtor disclosed up to $100,000 in assets and up to $500,000 in
liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
legal counsel.
BIJOU HILL DAIRY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Bijou Hill Dairy, Inc.
2020 Bradbury Krebs Road
Byers, CO 80103
Case No.: 23-13238
Chapter 11 Petition Date: July 21, 2023
Court: United States Bankruptcy Court
District of Colorado
Judge: Hon. Michael E. Romero
Debtor's Counsel: Jeffrey A. Weinman, Esq.
ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C.
1600 Stout Street
1900
Denver, CO 80202
Tel: 303-534-4499
Email: jweinman@allen-vellone.com
Total Assets: $3,650,705
Total Liabilities: $4,486,904
The petition was signed by Larry Pearson, president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/TUATTZA/BIJOU_HILL_DAIRY_INC__cobke-23-13238__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/A3VQGWA/BIJOU_HILL_DAIRY_INC__cobke-23-13238__0001.0.pdf?mcid=tGE4TAMA
BOX OUT STUDIO: Jolene E. Wee Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Jolene E. Wee at JW
Infinity Consulting, LLC as Subchapter V trustee for bOx Out
Studio, LLC.
Ms. Wee will be paid an hourly fee of $595 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Wee declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jolene E. Wee
JW Infinity Consulting, LLC
447 Broadway 2nd Fl #502
New York, NY 10013
E-mail: jwee@jw-infinity.com
Phone: (929) 502-7715
Fax: (646) 810-3989
About bOx Out Studio
bOx Out Studio, LLC, is engaged in activities related to real
estate. The Debtor owns two real properties in Washington, DC,
valued at $1.95 million in total.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.D.C. Case No. 23-00182) on July 11, 2023,
with $1,950,030 in assets and $1,709,559 in liabilities. Arnold
Gaither, managing member, signed the petition.
Maurice Verstandig, Esq. of The Belmont Firm is the Debtor's legal
counsel.
BREWSA BREWING: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: BrewSA Brewing Company, LLC
180 Woodcleft Avenue
Freeport, NY 11520
Business Description: The Debtor operates a beer, wine, and liquor
store.
Chapter 11 Petition Date: July 20, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-72653
Judge: Hon. Alan S Trust
Debtor's Counsel: Marc A. Pergament, Esq.
WEINBERG, GROSS & PERGAMENT LLP
400 Garden City Plaza
Suite 309
Garden City, NY 11530
Tel: (516) 877-2424
Fax: (516) 877-2460
Email: mpergament@wgplaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Thomas Limerick as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/TN5CNLQ/BrewSA_Brewing_Company_LLC__nyebke-23-72653__0001.0.pdf?mcid=tGE4TAMA
BROIT BUILDERS: Amy Denton Mayer Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Amy Denton Mayer as
Subchapter V trustee for Broit Builders, Inc. d/b/a Broit Lifting.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
10 E. Madison Street, Suite 200
Tampa, Florida 33602
(813)229-0144
Email: amayer@subvtrustee.com
About Broit Builders
Broit Builders, Inc., doing business as, Broit Lifting offers tile
transport, storage, and loading services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00762) on July 10,
2023, with $4,362,604 in assets and $5,922,297 in liabilities. Troy
Broitzman, chief financial officer, signed the petition.
Mike Dal Lago, Esq., at Dal Lago Law represents the Debtor as legal
counsel.
BRUMMETT ENTERPRISES: Continued Operations to Fund Plan
-------------------------------------------------------
Brummett Enterprises, LLC, filed with the U.S. Bankruptcy Court for
the Western District of Missouri a Small Business Plan of
Reorganization dated July 18, 2023.
Brummett Enterprises is a Missouri Limited Liability Company that
was established on March 10, 2005. The main operation of the
business is earth moving and repair and maintenance of steam
engines.
Brummett is a single member LLC whose sole member is Christopher
Brummett. In addition to earth moving, Christopher Brummett is also
trained in the repair and maintenance of steam engines or what was
commonly referred to as locomotive engines.
Approximately a week before the Debtor filed bankruptcy on June 6,
2022, BBG Corporation without notice seized all the Debtor's
machinery and equipment used for earth moving and excavation.
Without said equipment the Debtor was unable to do business. The
Debtor was forced to file the Chapter 11, Subchapter V voluntary
petition on June 6, 2022, in an attempt to retrieve the equipment
and machinery seized by BBG Corporation so that it could do
business and pay its creditors.
After the filing of the bankruptcy petition, the Debtor attempted
to persuade BBG Corporation to voluntarily return the machinery and
equipment. BBG Corporation failed to do so. On June 13, 2022, the
Debtor was forced to file an adversary action against BBG
Corporation for the turnover of the machinery and equipment.
Ultimately the Debtor was able to enter into an agreement where the
equipment seized by BBG was returned to the Debtor and the
adversary action was dismissed on or about June 28, 2022.
Unfortunately, upon the return of the equipment the Debtor
discovered that some of the equipment had been damaged and rendered
unusable. Because of the damage to the equipment, the Debtor was
delayed in proceeding with excavation work. Because of the
inability to perform work that was previously contracted for the
Debtor lost some contracts. The Debtor was unable to do business in
a significant way until the later part of October of 2022 when the
Debtor received a deposit of $65,000 for work to be performed.
Class 3 consists of General Unsecured Claims. Debtor purposes to
pay the unsecured creditors on a prorated basis quarterly in the
amount of $3,133.00, first payment to begin 90 days from the Order
of Confirmation. The allowed unsecured claims total $62,647.03.
This Class will receive a distribution of 100% of their allowed
claims.
Equity Interest holder Christopher Brummett shall retain ownership
interest in LLC.
Continuing to operate the business of construction and excavation
and from the profits pay the payment required under the plan.
Upon Confirmation, Debtor will begin making payments to all the
secured, priority and general unsecured creditors. Debtor believes
that he will have substantial future contracts with respect to
excavation. Debtor is currently associated with a project with
Giltner Transportation and Logistics on a new trucking terminal in
Carthage, Missouri. A project with Lemuel Johnston stripping
topsoil and building a 6-acre pond. A project to clear land for
several mini storage units. The debtor estimated that within the
next 5 months which should generate a gross income of $625,000.00.
The Plan Proponent's financial projections show that the Debtor
will have an aggregate annual average cash flow, after paying
operating expenses and post-confirmation taxes, of $759,000.00. The
final Plan payment is expected to be paid in October 2028.
A full-text copy of the Plan of Reorganization dated July 18, 2023
is available at https://urlcurt.com/u?l=ktVPAk from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Norman E. Rouse, Esq.
Collins, Webster & Rouse, PC
5957 E. 20th Street
Joplin, MO 64801
Telephone: (417) 782-2222
Facsimile: (417) 782-1003
Email: twelch@cwrcave.com
About Brummett Enterprises
Brummett Enterprises, LLC is a business primarily engaged in earth
moving; landscaping; dirt work with respect to the construction of
buildings and roads.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. W.D. Mo. Case No. 22-30123) on June 6,
2022, listing up to $1 million in assets and up to $500,000 in
liabilities. Robbin L. Messerli serves as Subchapter V trustee.
Judge Brian T. Fenimore oversees the case.
Norman E. Rouse, Esq., at Collins, Webster & Rouse, PC serves as
the Debtor's legal counsel.
CAESARS ENTERTAINMENT: Egan-Jones Retains CCC Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 7, 2023, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Caesars Entertainment, Inc. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Reno, Nevada, Caesars Entertainment, Inc. is a
gaming company operating casino Resorts.
CALIFORNIA COUNTY HOSPITAL: Experiences Bankruptcy Challenge
------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that unions representing
hundreds of healthcare workers employed by the San Benito Health
Care District in California said the public hospital operator lacks
sufficient distress to qualify for municipal bankruptcy relief.
The district, which operates the 25-bed Hazel Hawkins Memorial
Hospital and a number of other rural health-care facilities across
San Benito County, filed for Chapter 9 bankruptcy in May, saying it
needs to reorganize and address persistent deficiencies of
operating cash.
About California County Hospital
California County Hospital belongs to the healthcare industry.
CAM-CAR COLLEGE: Joseph Z. Frost Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina appointed Joseph Z. Frost as Subchapter V Trustee for
Cam-Car College Collectibles L.L.C.
About Cam-Car College
Cam-Car College Collectibles L.L.C. filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-01918) on July 10, 2023, with $500,001 to $1 million in assets
and liabilities. Judge Pamela W. Mcafee oversees the case.
Richard P. Cook, Esq., at Richard P. Cook, PLLC is the Debtor's
legal counsel.
CAREERBUILDER LLC: Saratoga Marks $5.2M Loan at 35% Off
-------------------------------------------------------
Saratoga Investment Corporation has marked its $5,265,749 loan
extended to CareerBuilder, LLC to market at $3,429,319 or 65% of
the outstanding amount, as of May 31, 2023, according to a
disclosure contained in Saratoga's Form 10-Q for the Quarterly
Period ended May 31, 2023, filed with the Securities and Exchange
Commission.
Saratoga is a participant in a Term Loan (3M USD LIBOR+ 6.75%, 1%
Floor) to CareerBuilder, LLC. The loan accrues interest at 11.91%
per annum. The loan matures on July 31, 2023.
Saratoga Investment Corp is a non-diversified closed end management
investment company incorporated in Maryland that has elected to be
treated and is regulated as a business development company under
the Investment Company Act of 1940, as amended. The Company
commenced operations on March 23, 2007 as GSC Investment Corp. and
completed the initial public offering on March 28, 2007. The
Company has elected, and intends to qualify annually, to be treated
for U.S. federal income tax purposes as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as
amended.
CareerBuilder operates an online job portal. The Company offers job
postings, standard job optimization, employment recommendation
e-mails, branding, talent and compensation intelligence, and
recruitment services.
CBS TRUCKING: Court OKs Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized CBS Trucking, Inc. to use cash collateral on an interim
basis in accordance with the budget, with a 10% variance from July
11 through August 11, 2023.
ReadyCap Lending, LLC and Key Bank each hold a duly perfected
security interest in the Debtor's property, including the proceeds
thereof, to the extent perfected prior to the Petition Date, by
virtue of certain commercial loan agreements and related security
agreements and the filing of UCC-1 Financing Statements evidencing
such interests.
The Debtor acknowledges the Debtor's repayment obligations under
the Loan Agreements, and ReadyCap and Key Bank assert that they are
secured by, inter alia, liens and security interests in all of the
Debtor's cash and cash equivalents, by virtue of respective UCC-1
Financing Statements filed by ReadyCap and Key Bank. ReadyCap
further asserts that its Pre-Petition Lien on and security interest
in the Debtor's property and the cash collateral have been properly
perfected under applicable law and are prior in right to the
Pre-Petition Lien and security interest of Key Bank.
As of the Filing Date, the Debtor was indebted to ReadyCap in the
approximate collective amount of $1.1 million.
As of the Filing Date, the Debtor was indebted to Key Bank in the
approximate collective amount of $49,928.
The Interim Order provides that, as adequate protection for the use
of cash collateral, the ReadyCap and Key Bank are granted
replacement liens in all of the Debtor's pre-petition and
post-petition assets and proceeds.
As additional adequate protection, the Debtor will pay to ReadyCap
a monthly debt service payment in the amount of $7,500 as agreed
upon between the Debtor and ReadyCap at the July 11, 2023 hearing
on the Debtor's Cash Collateral Motion.
As additional adequate protection for the Debtor's use of cash
collateral, the Debtor will pay to Key Bank monthly debt service
payments in the amount required under the applicable Loan
Agreement.
The security interests and liens granted: (i) are and will be in
addition to all security interests, liens and rights of set-off
existing in favor of ReadyCap and Key Bank on the Filing Date; (ii)
will secure the payment of indebtedness to ReadyCap and Key Bank in
an amount equal to the aggregate Collateral Diminution resulting
from the cash collateral used or consumed by the Debtor; and (iii)
shall be deemed to be perfected without the necessity of any
further action by ReadyCap, Key Bank or the Debtor.
The Debtor's authorization to use cash collateral and the consent
of ReadyCap and Key Bank thereto, will immediately terminate
without further order on the earlier of:
(a) August 11, 2023, at 5 p.m. EST;
(b) the entry of any order granting ReadyCap and/or Key Bank, or
any party other than ReadyCap or Key Bank, relief from the
automatic stay with respect to any property of the Debtor in which
ReadyCap or Key Bank claims a lien or security interest, whether
pursuant to the Interim Order or otherwise;
(c) the entry of an order dismissing the Chapter 11 proceeding or
converting this proceeding to a case under Chapter 7 of the Code;
(d) the entry of an order confirming a plan of reorganization; or
(e) the entry of an order by which the Interim Order is reversed,
revoked, stayed, rescinded, modified or amended without the consent
of ReadyCap and Key Bank thereto.
A final hearing on the matter is set for August 8 at 9 a.m.
A copy of the order is available at https://urlcurt.com/u?l=zdRIdo
from PacerMonitor.com.
About CBS Trucking, Inc.
CBS Trucking, Inc. is part of the general freight trucking
industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-35547) on June 30,
2023. In the petition signed by Sokol Bala, president, the Debtor
disclosed $448,619 in assets and $1.236 million in liabilities.
Judge Cecelia G. Morris oversees the case.
James J. Rufo, Esq., at Law Office of James J. Rufo, represents the
Debtor as legal counsel.
CCI HOLDINGS: Seeks Cash Collateral Access
------------------------------------------
CCI Holdings Group, LLC asks the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division, for authority to use
cash collateral retroactive to petition date and provide adequate
protection.
Creditor C T Corporation System, as representative, may claim
blanket liens against the Debtor's assets.
The Debtor estimates that the collective claims of the Secured
Creditors are secured by $285,6141. The Secured Creditor Assets
include $112,512 in cash and $173,102 in accounts receivable.
The Debtor requires the use of cash collateral to fund its
operating expenses and costs of administration in the Chapter 11
case.
As adequate protection for the use of cash collateral, the Debtor
offers the Secured Creditors the following:
a. Post-petition replacement liens on the Secured Creditor
Assets to the same extent, validity, and priority as existed
pre-petition;
b. The right to inspect the Secured Creditor Assets on 48
hours notice, provided that said inspection does not interfere with
the operations of the Debtor; and
c. Copies of monthly financial documents generated in the
ordinary course of business and other information as the Secured
Creditors reasonably request with respect to the Debtor's
operations.
A copy of the motion is available at https://urlcurt.com/u?l=MHFLEA
from PacerMonitor.com.
About CCI Holdings Group, LLC
CCI Holdings Group, LLC is a licensed and bonded concrete
contractor.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02988) on July 14,
2023.
In the petition signed by Petar J. Pitesa, authorized member, the
Debtor disclosed $786,813 in assets and $1,330,069 in liabilities.
Buddy D. Ford, Esq. represents the Debtor as legal counsel.
CHENIERE ENERGY: Egan-Jones Retains BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on July 5, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Cheniere Energy, Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Houston, Texas, Cheniere Energy, Inc. is an energy
company focused on LNG-related businesses.
CM WIND: Egan-Jones Retains CCC+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on July 7, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by CM Wind Down Topco Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Atlanta, Georgia, CM Wind Down Topco Inc. operates
as a radio broadcasting company.
CNG HOLDINGS: S&P Lowers Issuer Credit Rating to 'CC', Outlook Neg
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on CNG Holdings
Inc. (CNG) to 'CC' from 'CCC+' and its issue-level rating on the
existing senior secured notes to 'C' from 'CCC'.
The negative outlook reflects S&P's expectation that it will lower
its issuer credit rating on CNG to a selective default ('SD') and
its issue-level rating on its senior secured debt to 'D' upon the
completion of the exchange.
S&P said, "The downgrade reflects our view that the proposed debt
exchange is a distressed debt restructuring. CNG has announced an
exchange offer for its outstanding 12.5% senior secured notes due
2024. Under the proposed terms of the exchange, the company will
provide the debtholders with new 14.5% senior secured notes due
June 2026 and other considerations. Once the transaction closes, we
will consider it distressed because, in our view, creditors will
receive less value than the securities originally promised.
Specifically, we believe the two-year extension in maturity is not
adequately offset by offered compensation.
"We view the offer as distressed rather than opportunistic because
of CNG's weak operating results. Various states have enacted
regulatory caps on annual percentage rates that have shrunk CNG's
revenue and EBITDA in the last five years. In 2022, its gross
revenue declined 2.9% year over year to $523 million, and reported
EBITDA plummeted 82% year over year to $1.9 million. The company
had $90 million of cash and cash equivalents as of first-quarter
2023, which we expect to be considerably lower after the
transaction closes.
"The negative outlook reflects our expectation that we will lower
our issuer credit rating on CNG to 'SD' and our issue-level rating
on its senior secured debt to 'D' upon the completion of the
exchange."
COMMERCEHUB INC: Credit Suisse Marks $900,000 Loan at 17% Off
-------------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $900,000 loan
extended to CommerceHub, Inc to market at $744,975 or 83% of the
outstanding amount, as of April 30, 2023, according to a disclosure
contained in Credit Suisse's Form N-CSR report for the semi-annual
period ended April 30, 2023, filed with the Securities and Exchange
Commission.
Credit Suisse HYBF is a participant in a Bank Loan Loan (SOFR 3M +
7.000%) to CommerceHub, Inc. The loan accrues interest at 11.777%
per annum. The loan matures on December 29, 2028.
The loan carries CCC rating from S&P and Caa2 rating from Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
CommerceHub, Inc. provides cloud-based technologies and services.
The Company operates a cloud-based e-commerce fulfillment and
marketing software platform of integrated supply, demand, and
delivery solutions for large retailers, online marketplaces, and
digital marketing channels, as well as consumer brands,
manufacturers, distributors, and other market participants.
COTY INC: Moody's Rates New $600MM Senior Secured Notes 'Ba2'
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Coty, Inc.'s
proposed benchmark $600 million senior secured notes due 2030.
Proceeds from the new senior secured notes will be used to
partially repay the balance of the USD Senior Secured First Lien
Term Loan B due in 2025. Coty's Ba3 Corporate Family Rating, Ba3-PD
Probability of Default Rating, SGL-1 speculative grade liquidity
rating, other debt instrument ratings and stable outlook are
unchanged at this time because leverage is not materially
affected.
Moody's considers this refinancing transaction as credit positive
as it extends Coty's maturity profile, and increases the fixed debt
portion in the company's capital structure, reducing the volatility
of interest cost in this rising interest rate environment.
Moody's rating upgrade early this year has already incorporated the
company's strong revenue and earnings improvement and the
expectation that the company would continue to reduce leverage to
its mid to long-term target leverage ratio of 2.0x-3.5x. Recent
developments include Coty's agreement to divest a 3.6% equity
interest in Wella for $150 million to IGF Wealth Management. Coty
plans to use the proceeds along with cash flow from operations to
partially repay the term loan B by calendar 2023, which are credit
positive factors. Nevertheless, Coty needs to continue its earnings
momentum and execute its strategic initiatives well to further
reduce its debt-to-EBITDA to below 4x for another rating upgrade.
Moody's took the following rating actions:
Assignments:
Issuer: Coty Inc.
Senior Secured Regular Bond/Debenture, Assigned Ba2
RATINGS RATIONALE
Coty's Ba3 CFR reflects the company's good market position and
improved operating performance that is leading to sizable annual
free cash flow, and the company's commitment to delever. Moody's
anticipates debt-to-EBITDA to improve to a low 4.0x level by fiscal
2024 from 5.2x as of March 31, 2023 primarily due to earnings
improvement as well as further debt repayment funded by free cash
flow and asset sales. Coty's earnings growth is supported by a
recovery and expansion from color cosmetics and travel retail,
healthy demand and higher penetration in prestige fragrance,
product premiumization and innovation, continued focus on marketing
and brand support, as well as well-timed expansion in skincare and
China. The rating also reflects Moody's view that the company will
generate at least $400 million free cash flow over the next year as
a result of good earnings growth, disciplined capital spending,
additional cost savings, and working capital management. Moody's
believes Coty's commitment to deleverage is in part motivated by a
desire to improve financial flexibility to restart the dividend,
which would weaken free cash flow. Moody's assumes that any
dividend resumption would be to a level that preserves significant
annual free cash flow.
Coty's product portfolio has a concentration in fragrance and color
cosmetics, the two categories that Moody's views as more exposed to
earnings volatility in an economic downturn compared to skincare
and haircare, which was evidenced by significant category revenue
declines in 2020. Nevertheless, recent strong sector growth and
higher penetration in prestige fragrance compared to the
pre-pandemic level is helping to expand Coty's gross margin. The
free cash flow provides the company further financial flexibility
to invest in marketing and product development, as well as other
strategic pillars such as skincare. Coty is more concentrated than
its primary competitors in mature developed markets in the US and
western Europe. Moreover, Coty relies more heavily on licenses to
support its prestige brands relative to greater ownership of its
mass beauty brands. That said, lower exposure to China benefited
the company in the last two years when China was under strict covid
lock-down and certain of Coty's competitors were much more
negatively impacted. China expansion is one of Coty's strategic
pillars, and Moody's views it a well-timed opportunity for Coty to
launch new products in the ultra-premium skincare category in China
as the country reopens, along with its prestige fragrance and
cosmetics push. As there are no major licenses up for renewal in
the next five years, brand licensors switching partners is a
longer-term risk. The risk is somewhat mitigated by Coty's good
manufacturing, distribution and marketing capabilities, and
successful prestige product launches. The top six licensing brands
are also owned by different organizations, which creates some
diversification. Coty's ratings are also supported by the company's
large scale, its portfolio of well-recognized brands, and good
product and geographic diversification.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook reflects Moody's expectation that Coty will
continue to generate strong earnings and use free cash flow and
proceeds from asset sales to repay debt and reduce debt-to-EBITDA
leverage to a low 4x by fiscal 2024. The stable outlook also
reflects Moody's expectation that the company will only resume
dividend payments after the company meets its mid to long-term
target leverage ratio of 2.0x-3.5x (based on the company's
calculation) and the company will maintain at least good
liquidity.
Coty's ratings could be downgraded if operating performance
deteriorates due to market share losses, revenue declines or an
inability to mitigate cost increases. Coty's ratings could also be
downgraded if it fails to reduce debt-to-EBITDA to below 4.5x, free
cash flow-to-debt is below 7% or if the company pursues material
debt funded acquisitions or shareholder distributions. A
deterioration in liquidity could also lead to a downgrade.
Coty's ratings could be upgraded if the company sustains good
operating performance including organic revenue growth while at
least maintaining the EBITDA margin. Coty would also need to
sustain debt-to-EBITDA below 4.0x and retained cash flow to net
debt above 12% factoring in a potential dividend reintroduction to
be considered for an upgrade. The company would also need to
maintain financial policies that sustain these credit metrics.
The principal methodology used in this rating was Consumer Packaged
Goods published in June 2022.
Coty Inc., a public company headquartered in New York, NY, is a
manufacturer and marketer of fragrance, color cosmetics, and skin
and body care products. The company's products are sold in over 150
countries. The company generated roughly $5.4 billion in revenue
for the twelve-month ending March 31, 2023. Coty is 53% owned by
investment firm JAB Holding Company S.a.r.l. (JAB), with the rest
publicly traded or owned by management.
CROWN HOLDINGS: Egan-Jones Retains BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on June 28, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Crown Holdings, Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Philadelphia, Pennsylvania, Crown Holdings, Inc.
designs, manufactures, and sells packaging products for consumer
goods through plants located in countries around the world.
CRYSTAL SPOON: Unsecureds to be Paid in Full over 60 Months
-----------------------------------------------------------
The Crystal Spoon Corp. filed with the U.S. Bankruptcy Court for
the Southern District of New York an Amended Small Business
Subchapter V Plan dated July 17, 2023.
The Debtor is a New York Corporation with its principal place of
business at 175 Clearbrook Road, Elmsford, NY 10523 which it
occupies pursuant to a written lease. The Debtor is in the business
primarily of co-packing and distributing prepared meals.
The Debtor filed the instant case after the Prior Case was
dismissed. Although in the Prior Case, the Debtor's Chapter 11
Small Business Plan of Reorganization was confirmed, the Debtor was
unable to fully consummate it. The Debtor's default under the plan
in the Prior Case resulted in the dismissal. In the Prior Case, the
Debtor failed to satisfy statutory fees that were asserted by the
US Trustee. The US Trustee filed a Claim in the instant case
representing amounts that it asserts are due and owing.
The Debtor's current financial predicament was the result of losses
suffered from the COVID-19 pandemic and loss of various customers.
In addition, the Debtor's inability to collect on its receivables
caused a severe strain on its finances. The Debtor filed for
Chapter 11 relief after New York State commenced collection efforts
on a disputed obligation. The Debtor believed that Chapter 11 would
provide a mechanism for paying all creditors in an orderly fashion
rather than a proverbial race to the courthouse.
Notably, since the filing, the Debtor has continued its operations,
now which primarily consist of supplying nutritious and affordable
prepared meals to individuals, many of whom are elderly, home
bound, and/or on public assistance and may not otherwise have
access to nutritious meals. The Debtor also continues to produce
human grade canine food.
The Debtor reviewed its long-term business plan and has determined
that it can adequately fund a plan from cash on hand and projected
revenue.
The Debtor believes that under the Plan, holders of Allowed Claims
will receive a distribution of 100% of their claims over a 5-year
period.
Class 5 consists of General Unsecured Claims. Unsecured Claims
(excluding the Landlord) filed against the Debtor total
$495,121.53. Holders of Allowed Class 5 General Unsecured Claims
shall receive their Pro Rata share of the balance of the Plan Fund
after the payment of Administrative Claims, the Class 1 Landlord
Claim, the Class 3 Secured Claim of NYS, and Class 4 Priority
Claims. Holders of Allowed Unsecured Claims shall be paid in full
over a period not to exceed 60 months from the Effective Date. The
Debtor estimates that holders of Class 4 Priority Claims will begin
to receive distributions approximately 16 months following the
Effective Date. Holders of Class 5 Claims are impaired.
Class 5 consists of Equity Interests. Ghiron, the holder of the
Allowed Interest, shall retain her Interest in the Debtor and
continue to operate at no or minimal compensation.
The Debtor shall make payments from future operations. The Debtor
will fund the Plan with at least $806,000.00 payable as follows: an
initial payment of payment of $206,000.00 and $30,000.00 per
quarter commencing on September 30, 2023 until paid. In addition,
the net proceeds of any funds received under the ERC will be
available for contribution to the Plan. The payments by the Debtor
shall be paid into the Plan Fund which shall be administered by the
Disbursing Agent.
The initial payment will be made by the Debtor to the Disbursing
Agent on the Effective Date. Successive payments will be made on
September 30, December 31, March 31 and June 30 for each successive
year for 5 years. The Debtor shall increase the amount in the Plan
Fund in the event that there is a short fall. The Debtor has
sufficient Cash on hand to make the initial payment due under the
Plan. As reflected in the May Operating Report as of May 31, 2023,
the Debtor had approximately $580,000.00 in Cash on hand.
A full-text copy of the Amended Subchapter V Plan dated July 17,
2023 is available at https://urlcurt.com/u?l=E4wVwI from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Anne Penachio, Esq.
Penachio Malara LLP
245 Main Street, Suite 450
White Plains, NY 10601
Tel: (914) 946-2889
Email: frank@pmlawllp.com
About The Crystal Spoon Corp.
Headquartered in Elmsford, N.Y., The Crystal Spoon Corp., also
known as Top Chef Meals, is into distribution of prepared meals,
co-packing for other suppliers and catering.
Crystal Spoon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 22-22277) on May 18, 2022, listing
as much as $1 million in both assets and liabilities. Paul Ghiron,
president of Crystal Spoon, signed the petition.
Judge Sean H. Lane oversees the case.
Anne Penachio, Esq., at Penachio Malara, LLP and Armaan Shaviri &
Company, E.A. serve as the Debtor's legal counsel and accountant,
respectively.
CSC HOLDINGS: Moody's Lowers CFR to B3 & Senior Secured Debt to B2
------------------------------------------------------------------
Moody's Investors Service downgraded CSC Holdings, LLC's Corporate
Family Rating to B3 from B2 and Probability of Default Rating to
B3-PD from B2-PD. Moody's also downgraded the senior secured credit
facility and senior guaranteed notes ratings to B2 from B1 and
senior unsecured notes rating to Caa2 from Caa1. The Speculative
Grade Liquidity rating (SGL) was downgraded to SGL-3, from SGL-2.
The outlook is stable.
The rating action reflects weakening credit metrics, specifically
leverage which rose to 6.9x (Moody's gross adjusted) for the Last
Twelve Months (LTM) ended March 31, 2023 (near Moody's tolerance of
7x) and LTM Free Cash Flow (FCF) to debt which declined to -1.5%
(below Moody's tolerance of low single digit percent). The
deterioration is being driven by high capital intensity (capex was
24% of revenue for the LTM, Moody's adjusted including fiber
builds) and a decline in EBITDA due to several factors including a
challenging macroeconomic environment, while a difficult and more
intense competitive dynamic continues to produce subscriber losses
in broadband, voice, and video services. Weakness in commercial and
advertising, as well as a slow housing market are also a drag on
the business. For the LTM period ended Q1 (year over year), revenue
and EBITDA declined about 5% and 15% respectively. Over the next
year, Moody's expects liquidity to deteriorate as capacity will
fall under the company's already partially drawn revolving credit
facility to fund extraordinary capital expenditures to maintain
minimum operating cash balances and to fund 2024 debt maturities,
assuming they are not rolled.
Management believes the significant investments it's making to
upgrade a large portion of its network to fiber-to-the-home (FTTH),
expected to continue through at least the end of 2024, and other
operational and strategic initiatives, will soon yield broadband
growth sufficient to result in positive EBITDA growth. However,
based on the currently unfavorable pace of net FTTH net adds
relative to losses in the existing broadband base, Moody's believes
there is a risk the returns on investment are lower or slower than
expected. If this risk materializes, it could cause a further
deterioration in credit metrics or limit the improvement until
capital intensity falls significantly driving free cash flows
significantly positive (expected in 2025) and financial policy
turns more credit-friendly.
Downgrades:
Issuer: CSC Holdings, LLC
Corporate Family Rating, Downgraded to B3 from B2
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
SGL-2
Senior Secured Bank Credit Facility, Downgraded to B2 from B1
Senior Unsecured Regular Bond/Debenture, Downgraded to B2 from B1
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
Caa1
Issuer: Neptune Finco Corp.
Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
Caa1
Outlook Actions:
Issuer: CSC Holdings, LLC
Outlook, Remains Stable
RATINGS RATIONALE
CSC's credit profile is supported by its large size (based on LTM
revenue of near $9.5 billion) and geographically diversified
footprint despite customer concentration in the Northeast
(Optimum). The business model is profitable, generating steady
EBITDA margins near 40% and providing a high degree of visibility
given the very predictable monthly recurring revenue from a
diversified and large base of residential and commercial customers.
Broadband demand, broadly, is a favorable tailwind and opportunity,
with positive and sustained secular growth.
The credit profile is constrained by governance risk (G-4)
reflected in the CIS-4 Credit Impact Score and driven by high
leverage (approximately 6.9x Moody's adjusted at March 31, 2023)
due in part to a financial policy which has historically
prioritized shareholder returns over debt repayment. Ownership is
also significantly concentrated with a single investor controlling
most of the voting interest. Additionally, broadband subscribers,
previously an offset to losses in voice and video (on an annual
basis through 2021), has also been falling (since 2022) due to
higher competitive intensity as providers of fixed wireless access
and fiber services are taking broadband share. As a result, the
company is deploying an aggressive and capital-intensive multi-year
fiber build, driving capex to low 20% of revenue. The call on cash
is likely to produce limited to negative free cash flows through at
least the end of 2024.
CSC Holdings has adequate liquidity (SGL-3) reflecting positive
operating cash flow and good covenant headroom, but an already
partially drawn revolving credit facility will be needed to fund
extraordinary capex to maintain minimum levels of cash and could be
needed to fund 2024 debt maturities. Moody's also believes
alternate liquidity is limited given the currently distressed value
of business.
Moody's rates CSC's senior secured bank debt facilities B2, one
notch above the CFR. The secured debt is collateralized by a stock
pledge and is guaranteed by the operating subsidiaries of the
Company. Moody's also rates the senior unsecured guaranteed notes
at CSC B2, as the notes benefit from the same guarantee from the
restricted subsidiaries (as the credit facility creditors) and
Moody's view that the stock pledge for secured lenders provides no
additional lift/benefit as the equity collateral would likely be
worthless in a default scenario. Secured lenders benefit from
junior capital provided by the senior unsecured bonds at CSC (which
are not guaranteed) rated Caa2, two notches below the CFR given the
subordination in the Company's capital structure. The instrument
ratings reflect the probability of default of the Company, as
reflected in the B3-PD Probability of Default Rating, an average
expected family recovery rate of 50% at default given the mix and
rank of claims.
Moody's maintains a Caa2 senior unsecured rating on certain debt
that was originally issued by Neptune Finco Corp. (Neptune, no
outlook), an acquisition vehicle used by Altice USA, Inc. (CSC's
ultimate parent company, unrated) to acquire the operating
subsidiary D/B/A Cablevision. In 2015, Neptune was merged with and
into CSC, which effectively assumed all of Neptune's obligations;
however, Moody's internal databases continue to reflect Neptune as
a debt issuer.
Moody's outlook reflects a baseline expectation for revenue to
decline by at least low single digit percent over the next 12-18
months, driving revenue below $9 billion. EBITDA will remain flat,
between $3.6-3.8 billion on steady margins near 40%. Net of capital
expenditures (near low 20% of revenue) and borrowing costs
(averaging over 6%) FCF will be limited to negative. Moody's
expects leverage to remain in the high 6x through the end of 2024,
on debt averaging over $25 billion. Moody's outlook reflects
certain key assumptions including a return to growth in broadband
subscribers in the second half of 2024 producing low single digit
percent growth for the year. At the same time, losses in video and
voice subscribers are expected to be near 10% and low teens
percent, respectively.
Note: all figures are Moody's adjusted over the next 12-18 months
unless otherwise noted.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is very unlikely at this time given the pressures on the
business. However, Moody's could consider an upgrade if conditions
improved substantially such that:
-- Leverage (Moody's adjusted Debt/EBITDA) is sustained below
6.0x, and
-- Free cash flow to debt (Moody's adjusted, before dividends) is
sustained above low single-digit percent.
An upgrade could also be considered on same or better liquidity,
return to revenue and EBITDA growth supported by a sustained rise
in broadband growth, and or a more conservative financial policy.
Moody's could consider a downgrade if:
-- Leverage (Moody's adjusted Debt/EBITDA) is sustained above
7.0x, or
-- Free cash flow to debt (Moody's adjusted) is negative, on a
sustained basis
A downgrade could also be considered if liquidity deteriorated or
broadband subscribers continue to decline on a sustained basis,
which results in lower earnings and profitability.
Headquartered in Long Island City, New York, CSC Holdings, LLC
passes over 9.5 million passings in 21 states, serving
approximately 4.9 million residential and business customers which
includes a total of about 8.3 million residential subscriptions to
data, video, and voice services. The company is wholly owned by
Altice USA, Inc. (Altice), a public company majority owned and
controlled by Patrick Drahi. Revenues were approximately $9.5
billion for the LTM period ended March 31, 2023.
In 2020, Altice sold 49.99% of Lightpath Group (Cablevision
Lightpath LLC and its subsidiaries), its fiber enterprise business,
to Morgan Stanley Infrastructure Partners (MSIP) for an enterprise
value of $3.2 billion. Altice retains a 50.01% interest in
Lightpath Group, maintains control of the company, and consolidates
its financial results.
The principal methodology used in these ratings was Pay TV
published in October 2021.
CSG SYSTEMS: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on July 14, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by CSG Systems International, Inc.
Headquartered in Englewood, Colorado, CSG Systems International,
Inc. provides customer care and billing solutions for cable
television providers, direct broadcast satellite providers, on-line
services markets, and telephony providers.
DAILEY LAW FIRM: Kimberly Ross Clayson Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross
Clayson, Esq., as Subchapter V trustee for Dailey Law Firm, PC.
Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will
be paid an hourly fee of $350 for her services as Subchapter V
trustee and will be reimbursed for work-related expenses incurred.
Ms. Clayson declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kimberly Ross Clayson, Esq.
Taft Stettinius & Hollister, LLP
27777 Franklin Rd., Ste. 2500
Southfield, MI 48034
Phone: (248) 727.1635
Email: kclayson@taftlaw.com
About Dailey Law Firm
Dailey Law Firm PC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-45970) on
July 7, 2023, with as much as $50,000 in assets and $500,001 to $1
million in liabilities. Judge Maria L. Oxholm oversees the case.
Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried, PC is the
Debtor's legal counsel.
DAVITA INC: Egan-Jones Retains BB Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on July 7, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by DaVita Inc. EJR also withdraws rating on commercial
paper issued by the Company.
Headquartered in Denver, Colorado, DaVita Inc. provides a variety
of health care services.
DEVILLE CORP: Wins Interim Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Deville Corp. 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 to pay:
(a) amounts expressly authorized by the Court, including
payments to the US Trustee for quarterly fees;
(b) current and necessary expenses set forth in the budget,
plus an amount not to exceed 10% for each line item; and
(c) additional amounts as may be expressly approved in writing
by FLA-Nash, LLC and H.I. Resorts Nashville, LLC, as
successor-in-interest to Savannah Capital, LLC.
FLA-Nash, LLC has agreed to extend the maturity date of its loan
through August 31, 2023. Consistent with the budget, the Debtor
will continue to pay FLA-Nash regular mortgage payments. The Debtor
and FLA-Nash are authorized, but not required, to enter into
reasonable and customary documents to document the extension
consistent with the Order.
Each creditor with a security interest in the cash collateral will
have a perfected post-petition 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 document
as may otherwise be required under applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditors.
A continued hearing on the matter is set for August 3, 2023, at 3
p.m.
A copy of the order and the Debtor's budget is available at
https://urlcurt.com/u?l=SO5oDi from PacerMonitor.com.
The Debtor projects total operating expenses, on a monthly basis,
as follows:
$7,605 for May 2023;
$4,465 for June 2023; and
$4,714 for July 2023.
About Deville Corp.
Deville Corp. is a Single Asset Real Estate (as defined in 11
U.S.C. Sec. 101(51B)).
Deville Corp. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-04930) on Dec. 14,
2022. In the petition filed by Edgar L.T. Gay, as president and
director, the Debtor reported assets between $10 million and $50
million and liabilities between $1 million and $10 million.
Judge Catherine Peek McEwen oversees the case.
The Debtor is represented by Daniel R. Fogarty, Esq. at Stichter,
Riedel, Blain & Postler, P.A.
DIAMOND SPORTS: Seeks to Extend Plan Exclusivity to November 9
--------------------------------------------------------------
Diamond Sports Group, LLC and its affiliates ask the U.S.
Bankruptcy Court for the Southern District of Texas to extend the
exclusive periods for the filing of a chapter 11 plan and
solicitation of acceptances thereof to November 9, 2023 and
January 8, 2023, respectively.
The Debtors asserted that the indisputable size and complexity
of their cases are sufficient cause to warrant the requested
extension. The Debtors commenced their cases with approximately
$9 billion in funded indebtedness on their balance sheet,
comprising several tranches of debt held by multiple active
creditor constituencies. Additionally, the Debtors and their
non-debtor subsidiaries have dozens of key operational
counterparties, including, among others, three major professional
sports leagues, 41 sports teams, and national and local
programming distributors, each of which they contract with for
the purpose of producing and delivering thousands of local
professional sports games annually to sports fans located across
the United States.
The Debtors claim that they have made significant progress in
negotiating a go-forward business plan with their stakeholders
and administering their chapter 11 cases. The Debtors stated
that they have entered into the RSA on the petition date and
since that time have:
a. achieved key milestones necessary for their
reorganization, including securing approval of the
Debtors' use of cash collateral on a final basis, filing
their schedules and statements, establishing claims bar
dates, and obtaining other critical financial and
operational relief;
b. engaged in extensive discovery and document production
regarding potential estate claims and causes of action
and coordinated with their key stakeholders, particularly
the Committee, in connection therewith;
c. continued to negotiate with team and league
counterparties regarding go-forward arrangements;
d. addressed multiple issues with vendors, distributors, and
team and league counterparties to maintain operations and
preserve value; and
e. continued to engage with all key stakeholders regarding
the Debtors' business and restructuring and their related
reasonable diligence inquiries.
The Debtors explained that they require additional time to share
and discuss with their creditors and other parties in interest
the information needed to further develop the chapter 11 plan
outlined in the RSA. The Debtors stated that while they have
developed multiple viable business plan scenarios, they are
currently in the midst of finalizing their go-forward baseline
business plan together with their key stakeholders. "This
business plan will serve as the foundation for additional chapter
11 plan negotiations," explained the Debtors.
The Debtors also pointed out that the universe of potential
claims against them will not be known definitively until the
general claims bar date — July 17, 2023 — has passed.
Diamond Sports Group, LLC and its affiliates are represented by:
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
Bryan L. Rochelle, Esq.
PORTER HEDGES LLP
1000 Main St., 36th Floor
Houston, TX 77002
Tel: (713) 226-6000
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
myoung-john@porterhedges.com
brochelle@porterhedges.com
- and -
Brian S. Hermann, Esq.
Andrew M. Parlen, Esq.
Joseph M. Graham, Esq.
Alice Nofzinger, Esq.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (212) 373-3000
Email: bhermann@paulweiss.com
aparlen@paulweiss.com
jgraham@paulweiss.com
anofzinger@paulweiss.com
About Diamond Sports Group
Diamond Sports Group, LLC operates as a sports marketing company.
It offers seminars, combine, speed and agility assessments,
recruiting tools, and online training sessions for sports
including football, baseball, soccer, and basketball. Diamond
Sports is an unconsolidated and independently run subsidiary of
Sinclair Broadcast Group.
Diamond Sports Group and 29 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead
Case No. 23-90116) on March 14, 2023. Diamond said it plans to
restructure its balance sheet while continuing to broadcast local
games on its portfolio of 19 networks under the Bally Sports
brand across the U.S.
In the petition filed by David F. DeVoe, Jr., as chief financial
officer and chief operating officer, Diamond Sports Group listed
$1 billion to $10 billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as bankruptcy counsels; Wilmer Cutler
Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan,
LLP as special counsels; AlixPartners, LLP as financial advisor;
Moelis& Company, LLC and LionTree Advisors, LLC as investment
bankers; Deloitte Tax, LLP as tax advisor; Deloitte Financial
Advisory Services, LLP as accountant; and Deloitte Consulting,
LLP as consultant. Kroll Restructuring Administration, LLC is
the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee tapped Akin Gump Strauss Hauer& Feld LLP as
counsel; FTI Consulting, Inc. as financial advisor; and
HoulihanLokey Capital, Inc. as investment banker.
DIOCESE OF OGDENSBURG: Sixth New York Diocese in Chapter 11
-----------------------------------------------------------
The Roman Catholic Diocese of Ogdensburg, which includes 78
parishes and 72,000 Catholics in New York, filed for Chapter 11
protection to resolve sex abuse claims.
According to a statement, following extensive consultation with
diocesan staff, the College of Consultors, Council of Priests, the
Diocesan Finance and Pastoral Councils, priest and deacons,
pastoral leaders, and a team of professional advisors, Bishop Terry
R. LaValley, Bishop of Ogdensburg, authorized the filing of a
Chapter 11 reorganization case by the Diocese of Ogdensburg.
This difficult yet necessary decision was made in response to
lawsuits filed against the Diocese under the Child Victims Act. 124
cases are currently pending against the Diocese following
implementation of the act, which allows individuals who assert that
they were the victims of childhood sexual abuse to file claims,
regardless of when the alleged abuse took place. The claims filed
against the Diocese date back decades (1940s through 1990s), prior
to the institution of the Diocese's safe environment policies and
procedures.
Bishop LaValley again apologized for the suffering caused by child
sexual abuse by priests and other Church personnel. "An important
part of our ministry is to respond to claims of survivors in a way
that acknowledges what they suffered and to help them find healing
and a sense of peace," Bishop LaValley said. "We are committed to
responding to survivors and CVA lawsuits justly and fairly while
maintaining our mission to preach the Gospel of Jesus Christ and
reach all in need."
The goal for filing a reorganization case is to resolve the legal
cases in a fair and equitable manner while allowing the Diocese to
continue its mission. Had the Diocese not filed for
reorganization, civil actions would continue for many years, with
claimants who filed the first lawsuits potentially receiving larger
awards or settlements, leaving little, if any, money for the
remaining claimants. "Filing for reorganization does not hinder
claims filed by survivors," said Bishop LaValley. "Instead, it
establishes a process for all claims to be treated fairly".
Bishop LaValley said he expects the reorganization will have
minimal effect on the celebration of the sacraments and regular
parish life. "We believe reorganization will be fair and equitable
to all claimants while we continue to provide our vital
ministries," Bishop LaValley said. "The Church in the North
Country continues to focus on discipleship while addressing these
lawsuits." He noted that with the help of advisors, the Diocese
will continue to evaluate how the Diocese will maintain its mission
while seeking to compensate victims fairly.
The Bishop said that "while we hope to keep the impact on parishes
to a minimum, it is likely parishes will be asked to contribute
funds available to address survivors' claims. Many of the parishes
have also been sued in the abuse lawsuits, creating the potential
for liability for them, but we are hopeful that the reorganization
case will allow us to resolve all claims against the Diocese and
parishes."
Bishop LaValley indicated that the Diocese has instituted extensive
policies and procedures to prevent sexual abuse. "The procedures
also ensure that allegations are responsibly and justly handled,"
according to the Bishop. "We believe that the fact that there have
been no claims filed alleging abuse occurred in the last 20 years
is evidence that we have made great progress and are on the right
course. Nevertheless, we remain vigilant." The Bishop added that
he is available to meet with every abuse survivor, and the Diocese
continues to reach out to them with a goal of fostering
reconciliation and healing for those who have been so immeasurably
harmed.
Prior to the implementation of the CVA, the Diocese offered
assistance to survivors of abuse who made prior claims. In 2018,
as part of the Year of Mercy, diocesan officials reached out to
survivors through the Independent Reconciliation and Compensation
Program (IRCP) seeking reconciliation with them and offering
compensation for their suffering. Through the IRCP, 38 claims were
resolved. An additional 14 claims were also settled outside the
program.
No timetable has been established for when the Diocese of
Ogdensburg will emerge from reorganization. Bishop LaValley
indicated he would like to see the process conclude in a timely
fashion. He reiterated that this is especially a time for prayer:
"As we move forward, please pray for and support victims of abuse,
our consecrated religious, clergy, and lay faithful and our beloved
Diocese."
6th NY Diocese in Chapter 11
Evan Ochsner of Bloomberg Law reports that Ogdensburg Ogdensburg is
the sixth New York diocese to file Chapter 11 since the state
passed the Child Victims Act in 2019. The law allowed adults who
were sexually abused as children to file legal claims that were
previously barred by the passage of time.
About Roman Catholic Diocese of Ogdensburg
The Diocese of Ogdensburg is a Latin Church ecclesiastical
territory, or diocese, of the Catholic Church in the North Country
region of New York State in the United States. It is a suffragan
diocese in the ecclesiastical province of the Archdiocese of New
York. Its cathedral is St. Mary's in Ogdensburg.
The Diocese of Ogdensburg was founded on February 16, 1872. It
comprises the entirety of Clinton, Essex, Franklin, Jefferson,
Lewis and St. Lawrence counties and the northern portions of
Hamilton and Herkimer counties. The current bishop is Terry Ronald
LaValley.
The Roman Catholic Diocese of Ogdensburg sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No.
23-60507) on July 17, 2023. In the petition filed by Mark Mashaw,
as diocesan fiscal officer, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Patrick G. Radel oversees the case.
BOND, SCHOENECK & KING, PLLC is the Diocese's bankruptcy counsel.
STRETTO, INC., is the claims agent.
DMT SOLUTIONS: S&P Places 'B-' Issuer Credit Rating on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed all the ratings, including its 'B-'
issuer credit rating on DMT Solutions Global Corp., on CreditWatch
with negative implications.
S&P expects to resolve the CreditWatch if the company completes a
refinancing transaction. If DMT is unable to complete a refinancing
by the end of August 2023, S&P expects to lower the issuer credit
rating.
DMT's revolving credit facility and term loan both mature on July
2, 2024. As of March 31, 2023, the company had about $417 million
outstanding on its $515 million senior secured term loan. S&P said,
"We do not believe the company will generate sufficient cash flow
to repay the debt when it comes due in July 2024. Therefore, we
believe the company will rely on external sources of liquidity to
fund debt obligations that mature within the next year, but its
ability to refinance this debt is uncertain given weak credit
market conditions."
S&P said, "We expect DMT's free operating cash flow (FOCF) to
remain solid over the next two years. Despite uncertainty
surrounding the company's ability to refinance its capital
structure, DMT's cash flow metrics will remain stable, including
our expectation that FOCF to debt will be in the mid- to
high-single-digit percent area over the next two years. We expect
the company to recognize a working capital benefit of about $20
million in 2023, primarily driven by a reversal of inventory
buildup over the past two years. In addition, despite our
expectation for higher interest expense of about $60 million, we
expect the company to generate $40 million-$50 million of FOCF over
the next 12 months.
"We expect to resolve the CreditWatch if the company completes a
refinancing transaction. If DMT is unable to complete a refinancing
by the end of August 2023, we expect to lower the issuer credit
rating."
ESG credit indicators: E-2, S-2, G-3
DOBBS TRUCKING: Craig Geno Named Subchapter V Trustee
-----------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Craig M. Geno, Esq.
at Law Offices of Craig M. Geno, PLLC as Subchapter V trustee for
Dobbs Trucking LLC.
Mr. Geno will be paid an hourly fee of $250 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Geno declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Phone: (601) 427-0048
Facsimile: (601) 427-0050
Email: cmgeno@cmgenolaw.com
About Dobbs Trucking
Dobbs Trucking, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 23-12021) on
July 6, 2023. Randall R. Saxton of Saxton Law, PLLC is the Debtor's
legal counsel.
DODGE CONSTRUCTION: $130M Bank Debt Trades at 27% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Dodge Construction
Network LLC is a borrower were trading in the secondary market
around 72.7 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $130 million facility is a Term loan that is scheduled to
mature on February 23, 2030. The amount is fully drawn and
outstanding.
Dodge Construction Network LLC provides software solutions. The
Company offers analytics and software-based workflow integration
solutions for the construction industry. Dodge Construction Network
serves customers in the United States.
DONGAN PLAZA: Involuntary Chapter 11 Case Summary
-------------------------------------------------
Alleged Debtor: Dongan Plaza Inc.
81-06 Dongan Avenue, Apt. 2R
Elmhurst NY 11373
Business Description: The Debtor is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
Involuntary Chapter
11 Petition Date: July 20, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-42548
Judge: Hon. Nancy Hershey Lord
Petitioners' Counsel: William X. Zou, Esq.
BILL ZOU & ASSOCIATES PLLC
136-20 38 Avenue, Suite 10D
Flushing NY 11354
Tel: 718-661-9562
Email: xfzou@aol.com
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/NNTU36I/Dongan_Plaza_Inc__nyebke-23-42548__0002.0.pdf?mcid=tGE4TAMA
Alleged creditors who signed the petition:
Petitioner Nature of Claim Claim Amount
1. 81-05 Queens Inc. Promissory Note $4,150,822
81-06 Dongan Avenue, Apt. 2R
Elmhurst NY 11373
2. Xia Chen Downpayment $200,000
84-20 51 Avenue, #LA
Elmhurst NY 11373
3. Bing Lin Downpayment $232,300
81-06 Dongan Avenue, #3F
Elmhurst NY 11373
ELIZABETH JANE: Court OKs Cash Collateral Access Thru Sept 30
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland, Baltimore
Division, authorized Elizabeth Jane, Inc. to use cash collateral on
an interim basis in accordance with the budget through September,
2023.
The Debtor requires the use of cash collateral to pay ordinary
business expenses.
M&T Bank asserts a secured claim against the Debtor pursuant to a
term loan promissory note, and a UCC-1 Financing Statement filed
with the Maryland State Department of Assessments and Taxation. M&T
asserts an unpaid balance as of the Petition Date in the amount of
approximately $126,513, exclusive of fees, costs and amounts that
M&T is owed pursuant to the Business Access Line of Credit Loan.
M&T also asserts a security interest in and lien upon, among other
things, all accounts receivable, inventory, equipment, and the
proceeds of the Debtor.
As adequate protection, the Debtor will make adequate protection
payments to M&T in the amount of $1,750 on or before August 5, 2023
and September 5, 2023, without prejudice to M&T's right to seek
different or other adequate protection in any subsequent cash
collateral order.
To the extent the cash collateral is used by the Debtor and such
use results in a diminution of the value of the cash collateral,
M&T is entitled, a replacement lien in and to all post-petition
assets of the Debtor, of any kind or nature whatsoever, real or
personal, whether now existing or hereafter acquired, and the
proceeds of the foregoing, to the same extent and with the same
priority as M&T's interest in the Pre-Petition Collateral.
The liens and security interests granted to M&T, including the
Adequate Protection Liens, will become and are duly perfected
without the necessity for the execution, filing or recording of
financing statements, security agreements and other documents which
might otherwise be required pursuant to applicable non-bankruptcy
law for the creation or perfection of such liens and security
interests.
A final hearing on the matter is set for September 25 at 3 p.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=t8qj44 from PacerMonitor.com.
The Debtor projects $108,000 in total income and $93,528 in total
expenses for August 2023.
About Elizabeth Jane, Inc.
Elizabeth Jane, Inc. is a Maryland corporation formed in 2011. The
Debtor operates a retail store located in Ellicott City, Maryland.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-12802) on April 24,
2023. In the petition signed by Tamara Beideman, president, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge David E. Rice oversees the case.
Steven L. Goldberg, Esq., at McNamee Hosea, P.A., represents the
Debtor as legal counsel.
ENPRO INDUSTRIES: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 12, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by EnPro Industries, Inc.
Headquartered in Charlotte, North Carolina, EnPro Industries, Inc.
designs, develops, manufactures, and markets proprietary engineered
industrial products.
EYECARE PARTNERS: $250M Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 81.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Term loan that is scheduled to
mature on November 15, 2028. About $248.1 million of the loan is
withdrawn and outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
EYECARE PARTNERS: $440M Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 81.0
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $440 million facility is a Term loan that is scheduled to
mature on November 15, 2028. The amount is fully drawn and
outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
EYECARE PARTNERS: $750M Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 81.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on February 20, 2027. The amount is fully drawn and
outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
FARMA SCI LIFE: Reaches Castellano Settlement; Amends Plan
----------------------------------------------------------
Farma Sci Life, Inc., submitted a Second Amended Chapter 11 Plan of
Reorganization dated July 17, 2023.
The Debtor is a Florida corporation formerly known as BMH Ventures,
Inc. and formerly known as Blue Moon Hemp, Inc. that has operated
since January of 2016.
Castellano Dispute and Settlement
In February of 2020, John Castellano, a former officer and director
of the Debtor, sold his equity stake in the Debtor to Christopher
Cowart and took back two promissory notes totaling $350,000, one of
which was secured by escrowed equity. John Castellano also loaned
$25,000 to the Debtor. Subsequently, John Castellano died, and his
claims passed to the Estate of John Castellano (the "Castellano
Estate"). Jaclyn Castellano and Natalie Castellano (together, the
"Personal Representatives") are serving as the personal
representatives for the Castellano Estate.
David Glassman, Jane Castellano, Mary D. Fanizzi as Trustee for
Mary D. Fanizzi Trust, and William E. Beckham as Trustee for
William E, Beckham Revocable Trust (together, "GCFM") are a group
of creditors affiliated with the Castellano estate who each loaned
various sums to the Debtor. Following the Petition Date, GCFM filed
the following general unsecured claims against the Debtor totaling
$594,469.18: Claim Nos. 16, 17, 18, and 21. Following the Petition
Date, the Castellano Estate filed a $25,000 general unsecured
claim, Claim No. 22, against the Debtor.
On April 19, 2023, the Debtor filed its prior subchapter V plan
(the "Prior Plan"). On June 6, 2023, the Castellano Estate filed
its objection to confirmation of the Prior Plan (the "Castellano
Objection"), in which GCGM subsequently joined (the "GCFM
Objection").
On July 12, 2023, the Debtor, Christopher Cowart, John M. Maloney
Jr., Ultimo, the Castellano Estate through the Personal
Representatives, and GCFM participated in a judicial settlement
conference in an attempt to resolve the foregoing disputes,
resulting in a settlement memorialized by the Settlement Agreement
attached to the Plan as Exhibit D (the "Castellano Settlement").
The terms of the Castellano Settlement are expressly incorporated
into this Plan, and, to the extent that any term of the Castellano
Settlement contradicts a term of this Plan, the Castellano
Settlement term shall govern.
The Castellano Settlement provides that Ultimo shall, within thirty
days of Plan confirmation, pay a total of $150,000 as follows: (a)
$108,000 to GCFM, and $42,000 to the Castellano Estate.
Additionally, beginning thirty days after Plan confirmation and
continuing each month thereafter, Christopher Cowart shall pay the
Castellano Estate a total of $180,000 in sixty equal month payments
of $3,000. Such monthly payments shall be guaranteed by Ultimo, and
shall be secured by a pledge to the Castellano Estate of the
reissued equity received by CDC Enterprises Trust pursuant to the
Plan, which pledged shares shall be released upon satisfaction of
payment.
Class 1 consists of the Allowed Secured Claim of the SBA, which is
the secured claim filed by the SBA at Proof of Claim No. 1-1 in the
amount of $2,070,833.91, which is secured by a perfected lien on
substantially all assets of the Debtor. In full satisfaction,
settlement and release of its Allowed Secured Claim, the SBA shall
receive: (i) beginning on the Effective Date, a total of $438,984
payable in 36 equal monthly payments of $12,194. Separately,
Christopher Cowart and John M. Maloney, Jr. shall, on the Effective
Date of the Plan, together pay the SBA the $100,000 Release
Contribution.
Class 3 consists of the Allowed General Unsecured Claims. Without
prejudice, the Debtor estimates that Class 3 may consist of Allowed
General Unsecured Claims in the approximate total amount of
$2,488,233.29. To avoid any doubt, Class 3 excludes: (i) Unsecured
Claims held by Insiders; and (ii) any claim of the SBA. To avoid
any doubt, Class 3 includes Claim Nos. 16, 17, 18, 21, and 22 held
by GCFM and the Castellano Estate.
Except to the extent that a holder of an Allowed Class 3 Claim has
been paid prior to the Effective Date or agrees to a different
treatment, in full satisfaction, settlement, release,
extinguishment and discharge of such Claim, each holder of an
Allowed Class 3 Claim shall receive a Pro Rata Distribution from a
total of $46,563, payable as follows: (i) $19,115 on or before
December 31, 2023; (ii) $5,254 on or before December 31, 2024;
(iii) (ii) $5,211on or before December 31, 2025; (iii) and $16,983
on or before July 31, 2026. The Allowed Class 3 Claims are
Impaired.
Class 4 consists of Allowed Equity Interests in the Debtor owned as
follows: 39% of the Class A shares owned by CDC Enterprises Trust,
of which Christopher Cowart is the Trustee of; 50% of the Class A
shares owned by Goose Ventures, LLC, a Florida limited liability
company, of which John M. Maloney, Jr. is the Manager of; and 21%
of the Class A shares owned by Jaclyn Castellano and Natalie
Castellano, as personal representatives for the Estate of John
Castellano.
Upon the Effective Date, the Allowed Equity Interests in the Debtor
shall be cancelled, and the Debtor shall issue new equity in the
Debtor as follows:
* One-third of the Class A shares to CDC Enterprises Trust, of
which Christopher Cowart is the Trustee of, which, pursuant to the
Castellano Settlement, are being pledged to the Castellano Estate
with the provision that they be released upon full payment;
* One-third of the Class A shares to Goose Ventures, LLC, a
Florida limited liability company, of which John M. Maloney, Jr. is
the Manager of; and
* One-third of the Class A shares to Ultimo or its assign.
The sources of consideration for Distributions under the Plan
include the Debtor's cash on hand as of the Effective Date as well
the future profits of the Reorganized Debtor. With regard to the
Release Contribution referenced in the Plan, the sources of such
payment are Christopher Cowart and John M. Maloney, Jr. With regard
to the Castellano Settlement, the sources of the payments provided
therein are Ultimo with regard to the initial $150,000 in payments
and Christopher Cowart with regard to $3,000 monthly payments
totaling $180,000.
A full-text copy of the Second Amended Plan dated July 17, 2023 is
available at https://urlcurt.com/u?l=fEhCY7 from PacerMonitor.com
at no charge.
Attorneys for Farma Sci Life, Inc.:
Bradley S. Shraiberg, Esq.
Eric Pendergraft, Esq.
SHRAIBERG PAGE P.A.
2385 NW Executive Center Drive, Suite 300
Boca Raton, FL 33431
Tel: (561) 443-0800
Fax: (561) 998-0047
E-mail: bss@slp.law
ependergraft@slp.law
About Farma Sci Life
Farma Sci Life, Inc., manufactures, distributes and engages in the
online sale of cannabidiol (CBD) and Delta 8 tetrahydrocannabinol
consumer products sold under the Blue Moon Hemp brand name.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-10398) on January 18,
2023. In the petition signed by John M. Maloney, Jr., president,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Erik P. Kimball oversees the case.
Bradley S. Shraiberg, Esq., at Shraiberg Page PA, represents the
Debtor as legal counsel.
FINCO I LLC: Moody's Affirms 'Ba1' CFR Amid Loan Upsizing
---------------------------------------------------------
Moody's Investors Service has affirmed FinCo I LLC's (d//b/a
Fortress) Ba1 corporate family rating and Ba1-PD probability of
default rating following its announced amend and extend
transaction. In connection with this transaction, Moody's has
assigned Ba1 ratings to Fortress' new $800 million senior secured
first lien term loan maturing June 2028 and its new $90 million
senior secured revolving credit facility rating maturing December
2027. The proceeds will be used to repay the current $700 million
senior secured term loan due June 2025, replace the current $90
million senior secured revolving credit ($0 outstanding as of March
31, 2023) and to fund future strategic investments. Upon completion
of the transaction, Moody's will withdraw the Ba1 ratings on the
current senior secured term loan and the senior secured revolving
credit facility. The outlook remains stable.
RATINGS RATIONALE
The rating affirmation reflects Moody's view that the loan maturity
extension and the future strategic investments are credit positive
and that the leverage impact from the loan upsizing will be modest.
Moody's anticipates that any potential future strategic investment
would be accretive to earnings. As of Q1 2023, Fortress's
debt-to-EBITDA was high for its rating category at 4.9x. However,
Moody's calculation includes an additional adjustment to debt
related to employee compensation accruals, which is expected to be
paid in 2024 and is covered by cash on the balance sheet. On a
pro-forma basis, excluding the employee compensation accrual and
the impact leverage is 3.8x, which is still on the high end of the
rating category but below the downgrade trigger.
Fortress' Ba1 rating reflects the company's moderate scale, strong
assets under management (AUM) retention and solid profitability.
The company's credit profile is constrained by high leverage,
significant reliance on more volatile performance fees and elevated
balance sheet risk driven by a high amount of less liquid
on-balance sheet investments.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include the following: 1)
Debt/EBITDA moves sustainably below 3.0x; 2) reduction in balance
sheet risk consistent with an equity to self-managed investments
ratio above 7.0x; 3) increased asset class diversity to help
balance the firm's high exposure to credit strategies.
Factors that could lead to a downgrade include the following: 1)
sustained leverage above 4.0x ; 2) increased earnings volatility;
or 3)AUM declines reflecting lower asset valuations and/or return
of capital without a commensurate increase in fee-earning AUM
through fundraising or capital deployment.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
Fortress is a leading alternative asset manager with $44.2 billion
of alternative assets under management as of March 31, 2023.
FINESSE AESTHETICS: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------------
Finesse Aesthetics, LLC, aka Finesse Aesthetics and Cosmetics
Surgery, LLC, d/b/a Bougainvillea Clinique, ask the U.S. Bankruptcy
Court for the Middle District of Florida, Orlando Division, for
authority to use cash collateral on an interim basis and to provide
adequate protection to Primis Bank.
On an emergency basis, the Debtor will require an amount to use of
at least $30,000 to satisfy its payroll.
The Debtor obtained financing from Primis Bank which may be secured
by substantially all of the accounts and receivables of Finesse,
including cash and cash equivalents. Primis Bank may assert a first
priority security interest in the Debtor's cash and cash
equivalents by virtue of a UCC-1 Financing Statement filed with the
State of Florida on August 12, 2022, although such statement does
not specifically articulate a secured interest in Debtor's cash or
cash equivalents.
The outstanding balance owed to Primis Bank is approximately $1.2
million, which amount may be subject to dispute.
The Debtor requires the use of cash collateral to fund ordinary
business, operations and necessary expenses in accordance with a
cash budget.
The First Corporate Solutions, as representative, MD Leasing, CT
Corporation, as representative, Zahav Asset, First Corp Solutions,
and Cloud Fund, LLC may claim an inferior interest in the Debtor's
cash and cash equivalents by virtue of alleged liens on the
Debtor's personal property. The Debtor believes these Inferior
Interests may be wholly unsecured due to the outstanding amounts
owed to the senior secured lender with a superior interest in the
Debtor's property, or due to disputes over the basis for such
creditors' respective alleged security interests.
As adequate protection for the use of cash collateral, the Debtor
proposes to grant the Secured Creditors a replacement lien on its
post-petition cash collateral to the same extent, priority and
validity as their pre-petition liens, to the extent its use of cash
collateral results in a decrease in the value of the Secured
Creditors' interest in the cash collateral.
The Debtor requests a hearing date on or before July 26, 2023 as it
is in constant need of paying its operating expenses to ensure its
respective businesses generate the maximum amount of potential
revenue, including payroll.
A copy of the Debtor's motion and the budget is available at
https://urlcurt.com/u?l=6jbyyo from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$63,500 for June 2023;
$63,500 for July 2023;
$63,500 for August 2023;
$63,500 for September 2023;
$63,500 for October 2023; and
$63,500 for November 2023.
About Finesse Aesthetics
Finesse Aesthetics, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-02203) on June 5, 2023, with as much as $50,000 in assets and
$500,001 to $1 million in liabilities.
Judge Lori V. Vaughan oversees the case.
The Debtor is represented by Owei Z. Belleh, Esq., at The Beller
Law Group, PLLC.
FIRSTOX LAB: August 2 Deadline Set for Panel Questionnaires
-----------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Firstox Laboratories,
LLC.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/mu5ztuvb and return by email it to
Erin Schhmidt -- erin.schmidt2@usdoj.gov -- at the Office of the
United States Trustee so that it is received no later than 4:00
p.m., on Aug. 2, 2023.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Firstox Laboratories
Firstox Laboratories, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Tex. Lead Case No. 23-42095) on
July 20, 2023. In the petition signed by John Michael Cataldi,
manager, the Debtor disclosed up to $50,000 to $100,000 in assets
and $1 million to $10 million in liabilities.
Hon. Edward L. Morris oversees the case.
The Debtors tapped Bonds Ellis Eppich Schafer Jones LLP as legal
counsel.
FOX SUBACUTE: Wins Interim Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
authorized Fox Subacute at Warrington, LLC and Fox Subacute at
Clara Burke, Inc. to use cash collateral on an interim basis
through and including the earlier of (a) September 16, 2023; (b)
the occurrence of an event of default under the Order; (c) the
occurrence of the effective date of a Chapter 11 plan of Clara
Burke and Warrington; or (d) conversion of the case of Clara Burke
or Warrington to a case under Chapter 7 of the Bankruptcy Code.
Clara Burke and Warrington are also permitted to use "Future Cash
Collateral," on an interim basis during the 23rd Interim Period.
Future Cash Collateral means: (a) in the case of Clara Burke, the
amount of collected funds on deposit in its account with the Bank
with an account number ending in 0104 in excess of $1.436 million,
if any; and (b) in the case of Warrington, the amount of collected
funds on deposit in its account with the Bank with an account
number ending in 0163 in excess of $798,013.
The Debtors will use Future Cash Collateral only:
i. to pay expenses to which the Bank and Sabra consent, in
writing; and
ii. to pay professional fees and reimbursement for expenses
allowed by the Court in amounts not to exceed the amounts provided
for in the budgets.
As adequate protection, the Bank and Sabra are granted a
replacement lien on the Debtors' post-petition assets, and Sabra
will have a replacement lien on the post-petition assets of Clara
Burke and Warrington with the same respective priorities as their
pre-petition liens to the same extent that the Bank and Sabra would
have had perfected liens on such assets absent the filing of the
Petition initiating the case.
Moreover, the Bank and Sabra are each granted a claim against the
Debtors, which claim have (a) the same priority as U.S. Trustee's
fees and professional fees and reimbursement for expenses allowed
by the Court that are authorized to be paid from cash collateral;
and (b) priority over any other administrative expenses of any
kind.
These events constitute an "Event of Default":
1. The Debtors' failure to maintain the Required Balance;
2. Use by Clara Burke or Warrington of cash collateral for
purposes other than those specified in the Approved Budget or to
pay the Weltman Fees, without the Bank's and Sabra's written
consent;
3. Use by Clara Burke or Warrington of cash collateral for
any purpose (other than payment of the Weltman Fees) in an amount
in excess of the amount specified in the Approved Budget subject to
the Acceptable Variance, without the Bank's and Sabra's written
consent;
4. The failure of Mechanicsburg or South Philly to make any
payment to the Bank when and as due under the Joint Plan; or
5. The violation by Clara Burke or Warrington of any other
term or condition of the Order.
The final hearing on the cash collateral request is continued to
September 12, 2023 at 9:30 a.m.
A copy of the court's order and the Debtor's budgest is available
at https://urlcurt.com/u?l=nODIMo from PacerMonitor.com free of
charge.
Clara Burke projects $26,225 in total cash paid out for July 2023
while Warrington projects $9,500 in total cash out for the same
month.
About Fox Subacute at Mechanicsburg, LLC
Fox Subacute at Mechanicsburg, LLC is a skilled nursing facility in
Pennsylvania that specializes in pulmonary, neurological, and
rehabilitative care for patients with degenerative neurological and
neuromuscular disease; and pulmonary care and ventilator
requirements with an emphasis on vent weaning. Its facilities are
located in Plymouth Meeting, Warrington, Mechanicsburg and
Philadelphia, Pa., and are licensed by the PA Department of
Health.
On Nov. 1, 2019, Fox Subacute at Mechanicsburg and its affiliates
sought Chapter 11 protection (Bankr. M.D. Pa. Lead Case No.
19-04714). Fox Subacute at Mechanicsburg was estimated to have $1
million to $10 million in assets and liabilities as of the
bankruptcy filing.
The debtor-affiliates are Fox Nursing Home Corp. d/b/a Fox Subacute
at Warrington; Fox Subacute at Clara Burke, Inc.; and Fox Subacute
at South Philadelphia, LLC.
Judge Henry W. Van Eck oversees the cases.
The Debtors tapped Cunningham, Chernicoff & Warshawsky, P.C. as
their legal counsel, Kennedy P.C. as special counsel, Isdaner &
Company, LLC as accountant, and Three Twenty-One Capital Partners,
LLC as investment banker.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Dec. 11, 2019. The committee is represented
by Flaster/Greenberg P.C.
FREE SPEECH: Sues Dietary Supplement Supplier in Chapter 11
-----------------------------------------------------------
Vince Sullivan of Law360 reports that the bankrupt company that
operates Alex Jones's media network filed an adversary suit Friday,
July 14, 2023, in Texas court seeking to claw back $3 million of
payments made to a third-party entity that supplies the dietary
supplements sold on the debtor's website.
The defendants in the suit are PQPR HOLDINGS LIMITED LLC, JLJR
HOLDINGS, LLC, PQPR HOLDINGS, LLC, PLJR HOLDINGS, LLC, JLJR
HOLDINGS LIMITED, LLC, AEJ HOLDINGS, LLC, AEJ TRUST 2018, CAROL
JONES and DAVID JONES.
The vast majority of FSS revenues comes from sales of dietary
supplements. FSS purchases two categories of products to sell on
its website: (a) dietary supplements, and (b) books, DVDs,
t-shirts, and other merchandise ("non-supplements"). Prior to the
Petition Date, FSS relied on PQPR to source Supplements as no other
vendor would supply the Supplements for Jones to advertise on his
shows. PQPR ordered and paid for supplements, which it marked up,
and then sold to FSS. Jones would publicize the supplements on his
show and FSS and/or PQPR fulfilled the orders to ship to its
customers.
As to non-supplements, FSS purchased the products, sold them, and
fulfilled the sale through its own employees from its warehouse in
Austin. Depending on whether a supplement or non-supplement was
sold, FSS and PQPR split the cost of the sale on a formula
allegedly agreed to between FSS and PQPR. No written agreement
existed between the parties prior to November 2021 establishing the
allocation of sales proceeds between the parties.
PQPR was founded in 2013. The business began operations in
September 2013. PQPR is engaged in the online sale and marketing
of primarily nutritional supplements which it sells under its own
label as well as acquiring nutritional supplements for FSS. PQPR
also advertises its products exclusively through FSS/The Alex Jones
Show.
The Debtor seeks to avoid and recover from the Defendants, or any
other person or entity for whose benefit the Avoidable Transfers
were made, all transfers of property that occurred within the
applicable limitations period prior to the Petition Date.
During the year prior to the Petition Date, FSS transferred
payments to PQPR for payments on secured notes and to repay
additional advances in the total amount of $3,078,934. PQPR may
also have received additional avoidable Transfers which may be
discovered during the discovery process.
The case is Free Speech Systems LLC v. PQPR Holdings Limited, LLC
et al., Adv. Pro. No. 4:23-ap-03127 (Bankr. S.D. Tex. Case No.
22-bk-60043).
About Free Speech Systems
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. Free Speech Systems is a family-run business
founded by Alex Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news/talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.
Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
The Debtors agreed to the dismissal of the Chapter 11 cases in June
2022 after the Sandy Hook victim families dismissed the three
bankrupt companies from their lawsuits.
Free Speech Systems filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Case No. 22-60043) on July 29, 2022. In the petition filed by W.
Marc Schwartz, as chief restructuring officer, the Debtor reported
assets and liabilities between $50 million and $100 million.
Melissa A Haselden has been appointed as Subchapter V trustee.
Alexander E. Jones filed for personal bankruptcy under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 4:22-bk-60043) on
Dec. 2, 2022, listing $1 million to $10 million in assets against
liabilities of $1 billion to $10 billion in liabilities.
Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC,
is FSS's counsel. Raymond W. Battaglia and Crowe & Dunlevy, P.C.,
led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan,
and Antonio Ortiz are representing Alex Jones.
GAI REMODELING: Court OKs Interim Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin
authorized GAI Vape, LLC and GAI Remodeling, LLC, to use cash
collateral on an interim basis, in accordance with the budget, with
a 10% variance.
The court said to the extent that Byline Bank has liens on cash
collateral of GAI Vape, Byline is granted post-petition liens of
the same priority and to the same extent in cash collateral that
Byline had before GAI Vape, filed its bankruptcy petition, as well
as to the products and proceeds of any such collateral.
GAI Vape is directed to continue to insure assets serving as
collateral consistent with coverage obtained or required by any
loan covenants before the filing of its bankruptcy case. GAI Vape
must comply with all non-monetary terms of the loan documents
relating to loans secured by cash collateral except solvency
related covenants or other provisions contrary to the Bankruptcy
Code or any order of the Court.
GAI Vape is required to pay Byline Bank $4,810, by the fifth day of
each month commencing August 5, 2023, as adequate protection for
the use of cash collateral authorized by this order, provided,
however, that the amount must be adjusted so that it continues to
be equal to the regular payments under the loan documents, which
has a variable interest rate dependent on the prime rate of
interest.
GAI Remodeling is directed to continue to insure assets serving as
collateral consistent with any loan covenants and their coverage
before the filing of the bankruptcy case.
GAI Remodeling must comply with all non-monetary terms of the loan
documents relating to loans secured by cash collateral except
solvency related covenants or other provisions contrary to the
Bankruptcy Code or any order of the Court.
GAI Remodeling must pay Fund-Ex $1,659 by the fifth day of each
month commencing August 5, 2023, as adequate protection.
A copy of the order is available at https://urlcurt.com/u?l=7gmSAG
from PacerMonitor.com.
About GAI Remodeling LLC
GAI Remodeling LLC and GAI Vape, LLC sought protection under
Chapter 11 of the U.S Bankruptcy Code (Bankr. E.D. Wis. Lead Case
No. 23-22646) on June 9, 2023. In the petition signed by Hunter G.
Arms, manager, the Debtors disclosed up to $1 million in both
assets and liabilities.
Judge Michael Halfenger oversees the case.
Nicholas W. Kerkman, Esq., at Kerkman and Dunn, represents the
Debtor as legal counsel.
GIRARDI & KEESE: Erika Meets Tom's Victims Face-to-Face
-------------------------------------------------------
Page Six reports that the "Real Housewives of Beverly Hills" star
Erika Jayne met with multiple individuals whom her estranged ex,
Tom Girardi, allegedly cheated out of settlement money.
"I came here with an open heart to listen to what's going on, hear
what happened and figure out how to be a part of how to move
forward together in a way that's beneficial for all victims," Jayne
tells us.
The reality star, 52, was dressed conservatively when she arrived
at the Valley Inn Restaurant in Los Angeles for a Paul's Ice Cream
event Sunday, according to an eyewitness.
The company was founded by Kathy Ruigomez and Kimberly Archie, a
former employee at Girardi's now-defunct law firm, Girardi Keese.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:
Jason M. Rund
Email: trustee@srlawyers.com
840 Apollo Street, Suite 351
El Segundo, CA 90245
GLOBAL MEDICAL: $1.94B Bank Debt Trades at 40% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 60.1 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.94 billion facility is a Term loan that is scheduled to
mature on March 14, 2025. About $1.85 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GLOBAL MEDICAL: $1.98B Bank Debt Trades at 40% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 60.1 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.98 billion facility is a Term loan that is scheduled to
mature on October 2, 2025. About $1.94 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GOLD EQUITY: Charles N. Persing Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Charles Persing, a
certified public accountant at Bederson LLP, as Subchapter V
trustee for Gold Equity LLC.
Mr. Persing will be paid an hourly fee of $490 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Persing declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charles N. Persing, CPA/CFF, CVA, CIRA, CFE
Bederson LLP
100 Passaic Avenue, Suite 310
Fairfield, NJ 07004
Phone: (973) 530-9181
Fax: (862) 926-2481
Email: cpersing@bederson.com
About Gold Equity
Gold Equity LLC filed Chapter 11 petition (Bankr. E.D.N.Y. Case No.
23-42406) on July 7, 2023, with $0 to $50,000 in assets and
liabilities.
Judge Jil Mazer-Marino oversees the case.
Charles Wertman, Esq. of THE LAW OFFICES OF CHARLES WERTMAN is the
Debtors' legal counsel.
GOOD HANDS: Court OKs Cash Collateral Access Thru Aug 16
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Good Hands Medical Transportation, LLC
to use cash collateral on an interim basis in accordance with the
budget, with a 10% variance, through August 16, 2023.
A search in the Texas Secretary of State shows that allegedly
secured positions are held by the U.S. Small Business
Administration (UCC Filing 20-0022568893) and E Advance Services
(UCC Filing 23-0011057342).
As adequate protection for the use of cash collateral, that all
creditors in the UCC list are granted replacement liens on all
post-petition cash collateral and post-petition acquired property
to the same extent and priority they possessed as of the Petition
Date.
The court said any and all accounts, including bank accounts and
payment processing accounts of the Debtor that are currently being
frozen must immediately be released and unfrozen upon entry of the
order. Any funds held in these accounts must be released to the
Debtor.
A final hearing on the matter is set for August 16 at 10 a.m.
A copy of the order is available at https://urlcurt.com/u?l=9Scqla
from PacerMonitor.com.
About Good Hands Medical Transportation, LLC
Good Hands Medical Transportation, LLC provides non-emergency
medical transportation in Houston, Texas. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Tex. Case No. 23-32634) on July 13, 2023. In the petition
signed by Hazem Anwar Bataineh, owner/director, the Debtor
disclosed $166,380 in assets and $2,326,632 in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as
legal counsel.
GOODYEAR TIRE: Egan-Jones Retains BB- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Goodyear Tire & Rubber Company. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Akron, Ohio, Goodyear Tire & Rubber Company
develops, distributes, and sells tires.
GSS18 LLC: Tarek Kiem Named Subchapter V Trustee
------------------------------------------------
The U.S. Trustee for Region 21 appointed Tarek Kiem of Kiem Law,
PLLC as Subchapter V trustee for GSS18, LLC.
Mr. Kiem will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kiem declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tarek Kiem
Kiem Law, PLLC
8461 Lake Worth Road, Suite 114
Lake Worth, Florida 33467
Tel: (561) 600-0406
Email: tarek@kiemlaw.com
About GSS18 LLC
GSS18, LLC is an owner and landlord of a single residential unit in
Surfside, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15358) on July 9,
2023, with $1,500,000 in assets and $4,278,345 in liabilities.
Liora Thause, managing member, signed the petition.
Judge Laurel M. Isicoff oversees the case.
Kevin Christopher Gleason, Esq., at Florida Bankruptcy Group, LLC
is the Debtor's legal counsel.
HASBRO INC: Egan-Jones Retains BB Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on June 27, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Hasbro, Inc. EJR also withdraws rating on commercial
paper issued by the Company.
Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. designs,
manufactures, and markets toys, games, interactive software,
puzzles, and infant products.
HEART HEATING: Joli A. Lofstedt Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Joli Lofstedt, Esq., as
Subchapter V trustee for Heart Heating & Cooling, LLC.
Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be
paid an hourly fee of $350 for her services as Subchapter V trustee
and will be reimbursed for work-related expenses incurred.
Ms. Lofstedt declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Joli A. Lofstedt, Esq.
P.O. Box 270561
Louisville, CO 80027
Phone: (303) 476-6915
Fax: (303) 604-2964
Email: joli@jaltrustee.com
About Heart Heating
Heart Heating & Cooling, LLC is a HVAC contractor in Colorado
Springs, Colorado.
The Debtor filed Chapter 11 Petition (Bankr. D. Colo. Case No.
23-13019) on July 11, 2023, with $2,676,312 in assets and
$11,173,434 in liabilities. Robert M. Townsend, CEO, signed the
petition.
K. Jamie Buechler, Esq., at Buechler Law Office, LLC is the
Debtor's counsel.
HERBALIFE INTERNATIONAL: Egan-Jones Retains BB- Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Herbalife International, Inc.
Headquartered in Los Angeles, California, Herbalife International,
Inc. markets nutritional, weight-management, and personal-care
products.
HOLIDAY HAM: Lender Seeks to Prohibit Cash Collateral Access
------------------------------------------------------------
Pinnacle Bank asks the U.S. Bankruptcy Court for the Western
District of Tennessee, Memphis Division to prohibit Holiday Ham
Holdings, LLC from using cash collateral or alternatively, for
adequate protection payments with regard to the cash collateral and
the equipment and inventory of the Debtor in which Pinnacle, has a
recorded security interest.
The Bank is a secured creditor of the Debtor holding a valid and
properly perfected security interest in all business assets of the
Debtor per a Loan Security Agreement dated December 5, 2012, and a
UCC Financing Statement filed with the Tennessee Secretary of
State. A copy of the Proof of Claim in the amount of $665,474 was
filed by the Bank on July 17, 2023. Also attached to this Claim was
the December 5, 2012, Promissory Note in the original amount of
$1.850 million executed by Jordan Enterprises, LLC.
The Debtor joined in the obligation of the debt pursuant to a First
Amendment to Loan and Security Agreement and Other Loan Documents
dated December 29, 2015.
The Debtor has been operating its business since its Bankruptcy
filing, and has been impermissibly using the cash collateral in
which Pinnacle has a lien interest without the consent and/or the
agreement of Pinnacle to do so. Absent such an agreement, Pinnacle
moves the Court to prohibit and/or limit the use of this cash
collateral by the Debtor.
Additionally, Debtor has now filed an Expedited Motion to Approve
Sale of Assets, all of which are secured by the lien of the Bank,
while proposing to keep all proceeds of the sale.
The Debtor has not provided a fair market value of its total
business assets, including equipment and inventory collateral.
The Debtor's continued use of the Collateral is resulting in
ongoing depreciation of this Collateral and the Debtor's continued
use of its accounts receivable constitutes an ongoing dissipation
of its cash collateral for which Pinnacle is not receiving adequate
protection.
A copy of the motion is available at https://urlcurt.com/u?l=wYDq3m
from PacerMonitor.com.
About Holiday Ham Holdings, LLC
Holiday Ham Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 23-23313) on July
7, 2023.
In the petition signed by Lucius D. Jordan, III, president and
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge M. Ruthie Hagan oversees the case.
Toni Campbell Parker, Esq., at Law Firm of Toni Campbell Parker,
represents the Debtor as legal counsel.
Pinnacle Bank, as lender, is represented by:
Matthew R. Murphy, Esq.
Smythe Huff & Murphy, PC
1222 16th Avenue South, Suite 301
Nashville, Tennessee 37212
Tel: (615) 255-4849
Fax: (615) 255-4855
Email: mmurphy@smythehuff.com
HS PURCHASER: $670M Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which HS Purchaser LLC is
a borrower were trading in the secondary market around 81.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $670 million facility is a Term loan that is scheduled to
mature on November 19, 2027. The amount is fully drawn and
outstanding.
HS Purchaser, LLC develops infrastructure software.
I SEE YOU NETWORK: Brian W. Hofmeister Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Brian W. Hofmeister,
Esq. as Subchapter V trustee for I See You Network.
Mr. Hofmeister will be paid an hourly fee of $400 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hofmeister declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brian W. Hofmeister, Esq.
3131 Princeton Pike
Building 5, Suite 110
Lawrenceville, NJ 08648
Phone: (609) 890-1500
Email: bwh@hofmeisterfirm.com
About I See You Network
I See You Network filed Chapter 11 Petition (Bankr. D.N.J. Case No.
23-15696) on July 1, 2023, with $50,001 to $100,000 in both assets
and liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case.
Vera McCoy, Esq., at VMC Enterprises, LLC is the Debtor's legal
counsel.
IMAX CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by IMAX Corp. EJR also withdraws rating on commercial
paper issued by the Company.
Headquartered in Mississauga, Canada, Imax Service Corporation was
founded in 2004.
IVCINYA COMPANY: Mark M. Sharf Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 16 appointed Mark Sharf, Esq., a
practicing attorney in Los Angeles, as Subchapter V trustee for
Ivcinya Company LLC.
Mr. Sharf will charge $660 per hour for his services as Subchapter
V trustee and $150 per hour for his Trustee administrator's
services. He will also seek reimbursement for work-related expenses
incurred.
Mr. Sharf declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark. M. Sharf, Esq.
6080 Center Drive, 6th Floor
Los Angeles, CA 90045
Telephone: (323) 612-0202
Email: mark@sharflaw.com
About Ivcinya Company
Ivcinya Company LLC filed Chapter 11 petition (Bankr. C.D. Calif.
Case No. 23-14313) on July 11, 2023, with $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.
Judge Neil W. Bason oversees the case.
Matthew D. Resnik of Rhm Law LLP represents the Debtor as counsel.
J.A.R. CONCRETE: Seeks 60-Day Extension to Plan Exclusivity
-----------------------------------------------------------
J.A.R. Concrete, Inc. asks the U.S. Bankruptcy Court for the
Western District of Texas for a 60-day extension to file its
disclosure statement and plan of reorganization.
The Debtor stated that most of the activity in their case has
concerned disputes with the largest secured creditor, United
States Fire Insurance Company, over issued of suretyship,
construction bonding, job progress, and use of cash collateral.
The Debtor also added that interwoven with the suretyship/cash
collateral problems has been the problema of how to include other
creditors in an effective plan of reorganization, if all of the
Debtor's earning efforts and operations must be focused on
completing bonded jobs that may, in one instance, have no profit
in the work.
The Debtor further stated that there is still not resolved, the
huge liability question of whether J.A.R. and the surety are co-
liable to the Camino Real Regional Mobility Authority for any
bonded losses on the Pellicano Widening Project. The matter is
scheduled for deliberation with the project engineer on July 17,
2023.
J.A.R. Concrete, Inc. is represented by:
E.P. Bud Kirk, Esq.
600 Sunland Park Dr., Ste. 4-400
El Paso, TX 79912
Tel: (915) 584-3773
Email: budkirk@aol.com
About J.A.R. Concrete
J.A.R. Concrete, Inc., a company in El Paso, Texas, filed its
voluntary petition for Chapter 11 protection (Bankr. W.D. Tex.
Case No. 23-30242) on March 14, 2023, with as much as $1 million
to $10 million in both assets and liabilities. Joe A. Rosales,
Jr., president, director and shareholder of J.A.R. Concrete,
signed the petition.
Judge H. Christopher Mott oversees the case.
E.P. Bud Kirk, Esq., in El Paso, Texas, and Griffith Davison,
P.C. serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
JACKSON HOSPITAL: S&P Lowers 2015 Long-Term Bond Rating to 'BB-'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on the Medical
Clinic Board of the City of Montgomery, Ala.'s series 2015 bonds
issued for Jackson Hospital & Clinic Inc. (Jackson) to 'BB-' from
'BB'. The outlook is negative.
"The downgrade and negative outlook reflect our view of Jackson's
very low unrestricted reserves with limited cushion under master
trust indenture thresholds," said S&P Global Ratings credit analyst
Marc Arcas. Despite Jackson having gradually narrowed its operating
losses through cost containment initiatives, its unrestricted
reserves have continued to decline in the second half of fiscal
2022 on an already low balance. This decline accelerated in the
first quarter of fiscal 2023, requiring utilization of a line of
credit for liquidity. The deterioration in unrestricted reserves
has pressured an already thin cushion under Jackson's covenant
requirement to maintain a minimum of 50 days' cash on hand (DCOH)
measured on the obligated group, which, if violated, would be
considered a technical event of default on the series 2015 bonds
and could result in acceleration of the debt. Jackson's DCOH
covenant is calculated semiannually, and according to management,
the hospital was in compliance as of June 30, 2023, with the next
measurement date being Dec. 31. Management's calculation includes
$9.7 million drawn from a line of credit, which we exclude from
unrestricted reserves and debt, per our practice.
S&P said, "The negative outlook reflects our view of very low
unrestricted reserves with limited cushion under the DCOH covenant,
given the rapid pace of decline in reserves in recent quarters. We
also believe that the recovery in operating performance and
unrestricted reserves will face some headwinds over the outlook
period. Lastly, the negative reflects a lack of audited financial
results for fiscal 2022. A lower rating could be warranted if
Jackson's unrestricted reserves continue to decline or if there is
a breach of the DCOH covenant, which could result in acceleration
of the bonds. We could also lower the rating if there is a reversal
in the current trend of improving operations, especially if Jackson
is unable to meet its budget of breakeven operations in fiscal
2023.
"We could revise the outlook to stable if, through a sustained
trend of improving operations and accounts receivable
normalization, Jackson is able to significantly replenish its
unrestricted reserves and increase DCOH. This would also be
contingent on stability in the enterprise profile and timely
audited financial results."
JADI COMMUNITY: Case Summary & Four Unsecured Creditors
-------------------------------------------------------
Debtor: Jadi, Community Resource Development LLC
468 W. 5th St., Ste 210
San Bernardino, CA 92401
Case No.: 23-13225
Business Description: The Debtor is the owner of real property
located at 468 W. 5th St., San Bernardino,
CA, valued at $2.25 million.
Chapter 11 Petition Date: July 23, 2023
Court: United States Bankruptcy Court
Central District of California
Judge: Hon. Magdalena Reyes Bordeaux
Debtor's Counsel: Thomas B. Ure, Esq.
URE LAW FIRM
8280 Florence Avenue, Suite 200
Downey, CA 90240
Tel: 213-202-6070
Fax: 213-202-6075
Email: tom@urelawfirm.com
Total Assets: $2,257,149
Total Liabilities: $1,901,925
The petition was signed by A Majadi as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's four unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/4PVZWLA/Jadi_Community_Resource_Development__cacbke-23-13225__0001.0.pdf?mcid=tGE4TAMA
JBP HOLDINGS: Robert Handler Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for JBP
Holdings, LLC.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel. (312) 845-5001 x221
Email: rhandler@com-rec.com
About JBP Holdings
JBP Holdings, LLC owns real estate located at 1925 Fairfield Ave,
Chicago, Ill. According to zillow, the property is valued at
$560,000.
JBP Holdings filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-08939) on July 10,
2023, with $560,000 in assets and $28,100,000 in liabilities. Kraig
Danielson, manager, signed the petition.
Judge Jacqueline P. Cox oversees the case.
Laxmi P. Sarathy, Esq., at Whitestone, P.C. is the Debtor's legal
counsel.
KARAFIN SCHOOL: Continued Operations to Fund Plan
-------------------------------------------------
The Karafin School, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of New York a Plan of Reorganization under
Subchapter V dated July 17, 2023.
The Debtor is a New York corporation, incorporated on February 9,
1972, which owns and operates a school at leased premises located
at 40 Radio Circle Drive, Mount Kisco, NY 10549 ("Leased Premises")
for special needs children from low-income communities.
Although the Debtor is technically a for-profit C Corp, it is a New
York State approved private "853 school" which provides services
under city, state, and local contracts with the New York State
Education Department, New York City, and school districts in the
Hudson Valley area under cost-reimbursement-only programs with very
strict and complex accounting and government reporting rules and
regulations.
Negotiations with the Debtor's landlord, Kisco Radio Circle
Associates broke down due to Landlord's lack of confidence in the
Debtor, and apparently Landlord's mistaken belief that the Debtor's
owners were taking significant money out of the Debtor. Landlord
commenced an eviction action against the Debtor in the Town of
Mount Kisco Justice Court, Landlord-Tenant Part ("L&T Action"). The
Debtor spent large amounts on legal costs to defend the L&T Action,
and to file a separate lawsuit to enjoin the Landlord in the
Westchester County Supreme Court. The Landlord submitted a proposed
Judgment of Possession and warrant of eviction ("Proposed
Judgment") in the L&T Action just before the Filing Date.
The Debtor voluntarily commenced this Chapter 11 Case, on the
Filing Date, by a voluntary petition filed with this Court in order
to stay the issuance of the Proposed Judgment, continue its
operations and reorganize.
Several months before the Filing Date, the Debtor engaged K3
Learning, Inc. to address and correct all of the above financial
issues. K3 is a management and consulting company which has been in
business for over 20 years, specializing in education and special
education in the state of New York, by creating, staffing, owning
and or managing schools like the Debtor throughout New York City
and in Westchester County.
The Debtor's Projections and Alternative Projections show that the
Debtor will have projected disposable income, for the thee-year
period after confirmation of the Plan, totaling $118,308.48.
However, this amount is insufficient to pay the anticipated allowed
Administrative Claims, Secured Claims, and Priority Claims that are
required to be paid under the Plan.
Accordingly, the Debtor and the Debtor's principals have determined
to contribute money that would not otherwise constitute disposable
income under Section 1191(d) of the Bankruptcy Code, in the form of
cash, accounts receivables existing before confirmation, and
additional capital contributions, so that all of these required
payments can be made, and that some distribution can be made to
creditors with allowed priority unsecured and general unsecured
claims, in order for the Plan to be feasible and confirmable, so
that the Debtor can successfully reorganize and continue to operate
its school in the interests of the Debtor, creditors, students, and
all of the public schools for which the Debtor performs services.
The final Plan payment is expected to be paid on the last day of
the thirty-sixth month following the Effective Date, as that term
is defined in Section 8.02 of the Plan ("Effective Date").
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0.51 cents on the dollar, in the event the Motion
to Void that the Debtor will file as to SBFS, is granted by the
Court, and .019 cents on the dollar in the event the Motion to Void
is not granted. The Plan also provides for the payment of allowed
administrative and priority claims in full.
Class 4 consists of Non-Priority General Unsecured Creditors.
Holders of General Unsecured Claims shall only be entitled to
receive distributions for or on account of their Claims as, if, and
when all or any portion of their Allowed General Unsecured Claims
are fully and finally Allowed pursuant to a Final Order, and even,
then, only to the extent the Claim is finally Allowed. In the event
the Motion to Void SBFS's Lien is granted by Order entered by the
Bankruptcy Court, then the holders of allowed general unsecured
claims includable in this class will be paid their pro rata share
of the aggregate sum of $96,000 as set forth in the Projections by
way of equal annual payments, on or before (1) the last day of the
second calendar year after the Effective Date and (2) the last date
of the third year after the Effective Date.
In the event the Motion to Void SBFS's Lien is not granted by the
Court, the holders of allowed general unsecured claims includable
in this class will be paid their pro rate share of the total sum of
$30,000.00 as set forth in the Alternative Projections by way of
one payment, on or before the last day of the third calendar year
after the Effective Date. Prepayment shall be permitted without
penalty.
Class 4 consists of Equity Security Interests in the Debtor. Renee
L. Donow, the sole existing holder of the equity security interests
in the Debtor, shall retain and continue to own her equity security
interest that she owned in the Debtor, in the Reorganized Debtor
after Confirmation. The Debtor shall also file a motion before the
hearing on confirmation of the Plan to issue 10 shares of new stock
in the Debtor to Sam Donow for the sum of $150,00.00, which shall
be used (1) to pay the security deposit ("Security Deposit") for
the Prospective New Lease in the event that negotiations with the
Landlord are unsuccessful and the Debtor moves into the Prospective
New Premises, or (2) in the event that negotiations are successful
and the Debtor does not need to move into the Prospective New
Premises, for the Debtor's cash flow needs during the term of the
Plan.
There shall be no dividends declared or distributed pending the
full and final payment of all sums required to be paid under this
Plan to claimants and creditors with allowed claims.
The Reorganized Debtor will continue operating the Debtor's school.
The Reorganized Debtor shall derive all revenues to make the
payments due under this Plan from its disposable income during the
term of the Plan, as well as from cash on hand, accounts receivable
existing before confirmation, and additional capital contributions
by the Debtor's principals.
A full-text copy of the Subchapter V Plan dated July 17, 2023 is
available at https://urlcurt.com/u?l=z7KoxG from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Scott Mandelup, Esq.
Pryor & Mandelup, LLP
675 Old Country Road
Westbury, NY 11590
Tel: (516) 997-0999
Email: asm@pryormandelup.com
About The Karafin School
The Karafin School, Inc. is a special education school in Mount
Kisco, N.Y.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-22281) on April 18,
2023, with $90,000 in total assets and $2,595,369 in total
liabilities. Renee Donow, president of Karafin School, signed the
petition.
Judge Sean H. Lane oversees the case.
The Debtor tapped A. Scott Mandelup, Esq., at Pryor & Mandelup, LLP
as legal counsel and David Connelly, a partner at K3 Learning,
Inc., as chief restructuring officer.
LAMAR ADVERTISING: S&P Affirms 'BB' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed all its ratings on Lamar Advertising
Co., including the 'BB' issuer credit rating.
The stable outlook reflects S&P's expectation that, despite current
leverage in the high-3x area, it believes Lamar is willing to
increase leverage to 4.0x-4.5x for acquisitions.
S&P said, "We expect leverage will remain in the high-3x area in
2023. We expect Lamar's revenue will increase 4%-5% in 2023,
primarily driven by around 3.5% organic growth and the full-year
benefit of acquisitions made in 2022. We forecast S&P Global
Ratings-adjusted EBITDA growth will be relatively in line with
revenue growth in 2023, as inflationary pressures largely offset
fixed-cost leverage. At the same time, management expects to spend
$120 million-$130 million on acquisitions in 2023, which we expect
will be funded through a combination of discretionary cash flow
(estimated around $100 million in 2023 after dividend payments) and
incremental borrowings on its revolving credit facility.
"We believe Lamar is willing to tolerate leverage of 4.0x-4.5x for
acquisitions. Management has said that its current leverage (in the
low-3x area on a company calculated basis) is below its target
range and that it would be comfortable increasing leverage to 4x,
which would roughly translate to 4.5x-4.75x on an S&P Global
Ratings-adjusted basis. While Lamar's leverage will fluctuate
depending on the pace and magnitude of potential acquisitions, we
believe the company will likely operate with S&P Global
Ratings-adjusted leverage between 4.0x-4.5x, where it operated for
several years prior to the pandemic.
"Lamar's advertising revenue is exposed to economic cyclicality. We
expect slow economic growth through the rest of 2023 and into 2024
will cause revenue for the outdoor advertising industry to soften.
National advertising has already been soft for several quarters in
anticipation of a slowdown in consumer spending, while local
advertising has been more resilient given its greater focus on
bottom of the funnel campaigns. As a result, we expect national
advertising will be relatively flat in 2023 while local advertising
will continue to grow. We believe Lamar is better positioned than
its peers due to its greater percentage of local advertising
revenue (80% versus 55%-60%) as a result of its greater focus on
smaller markets. We continue to view the outdoor industry favorably
as it faces less pressure from online advertising than other media
sectors including television and radio. It is relatively
inexpensive, and outdoor advertisements primarily target a stable
demographic of drivers, commuters, and pedestrians.
"The conversion to more profitable digital billboards will continue
to fuel revenue growth. Lamar will continue to convert static
displays to digital since they produce higher yields, with plans to
add 300 digital displays in 2023. A digital billboard in an area
with heavy traffic generates about 4x-6x the revenue of a static
billboard because Lamar can rotate several advertisements and
provide customers more advertising flexibility. The cost to operate
a digital board is only about 2x that of a static billboard, which
provides a meaningful incentive for Lamar to convert as many
billboards as it can. However, as the percentage of digital
billboards in Lamar's portfolio increases, we expect digital
conversions will expand into areas with marginally less traffic and
demand, which would likely lower the revenue benefit of each
incremental conversion, although not for several years.
'The stable outlook reflects our expectation that, despite current
leverage in the high-3x area, Lamar is willing to increase leverage
to 4.0x-4.5x for acquisitions."
S&P could lower its rating on Lamar if S&P expects its leverage
will increase and remain above 4.5x. This could occur if:
-- An economic recession causes steep declines in advertising
revenue; or
-- The company aggressively pursues debt-financed acquisitions.
S&P could raise the rating if:
-- The company commits to maintaining S&P Global Ratings-adjusted
leverage below 4x on a sustained basis, although S&P views this as
unlikely given the potential for debt-financed acquisitions and
Lamar's REIT status, which reduces its financial flexibility and
ability to proactively repay debt; and
-- Lamar continued to generate sustainable revenue growth in
static and digital billboards driven by improved advertising
yields.
ESG credit indicators: E-2, S-2, G-2
LAS VEGAS SANDS: Egan-Jones Retains B+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on June 26, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Las Vegas Sands Corp. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Las Vegas, Nevada, Las Vegas Sands Corp owns and
operates casino resorts and convention centers.
LASERSHIP INC: Credit Suisse Marks $600,000 Loan at 35% Off
-----------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $600,000 loan
extended to LaserShip, Inc to market at $390,000 or 65% of the
outstanding amount, as of April 30, 2023, according to a disclosure
contained in Credit Suisse's Form N-CSR report for the semi-annual
period ended April 30, 2023, filed with the Securities and Exchange
Commission.
Credit Suisse HYBF is a participant in a Bank Loan (LIBOR 3M +
7.500%) to LaserShip, Inc. The loan accrues interest at 12.659% per
annum. The loan matures on May 7, 2029.
The loan carries CCC rating from S&P and Caa3 rating from Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
LaserShip is a regional last-mile delivery company that services
the Eastern and Midwest United States. Founded in 1986, LaserShip
is based in Vienna, Virginia and has sorting centers in New Jersey,
Ohio, North Carolina, and Florida.
LCM INVESTMENTS II: Moody's Rates New $500MM Sr. Unsec. Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to LCM Investments
Holdings II, LLC's ("Morgan Auto") proposed $500 million senior
unsecured notes offering due 2031. All other ratings remain
unchanged including the company's Ba3 corporate family rating and
Ba3-PD probability of default rating. The stable outlook remains
unchanged. Proceeds from the proposed $500 million senior unsecured
notes offering will be used for the repayment of borrowings under
the company's revolving credit facilities (not rated) as well for
general corporate purposes.
Assignments:
Issuer: LCM Investments Holdings II, LLC
Senior Unsecured Global Notes, Assigned B2
RATINGS RATIONALE
Morgan Auto's Ba3 CFR considers its favorable position in its core
central Florida market with an expanding presence in the northern
and southern parts of the state, solid operating and acquisition
track record and good liquidity. Morgan Auto's credit metrics are
currently solid with LTM March 30, 2023 debt to EBITDA on a pro
forma basis for the proposed transaction of approximately 2.8 times
and pro forma EBIT to interest of approximately 6.2 times as the
unprecedented shortage of new vehicles has supported the company's
profitability. Moody's expects some deterioration in credit metrics
over the next 12-18 months—leverage in the low 3 times range and
coverage in the mid 5 times range—as inventories build and gross
profit normalizes. However, deterioration will remain within
tolerances for the rating level.
The B2 rating on the proposed senior unsecured notes, which is two
notches below the Ba3 corporate family rating, recognizes their
junior position in the capital structure behind the substantial
floor plan facilities (not rated) and real estate term loan (not
rated) and follows application of Moody's Loss Given Default for
Speculative-Grade Companies Methodology (LGD Methodology).
The stable outlook reflects Moody's view that Morgan Auto will
remain disciplined in its approach to sourcing, pricing and
integrating future acquisitions and that its future shareholder
return strategy will be relatively benign. The stable outlook also
recognizes the flexibility in Morgan Auto's cost structure as
inventories and gross profits normalize toward pre-pandemic
levels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Ratings could be upgraded if operating performance continues its
positive trend resulting in debt to EBITDA being sustained below 4
times and EBIT to interest maintained above 4 times, while
preserving good liquidity and an overall balanced financial
strategy that ensures maintenance of this profile no matter the
industry environment. An upgrade would also require increased brand
diversity, as well as increased geographic breadth.
Ratings could be downgraded if for any reason debt to EBITDA
trended toward 5 times or EBIT to interest fell below 3 times, or
if liquidity were to weaken.
Headquartered in Tampa, Florida, LCM Investments Holdings II, LLC
operates 66 franchised dealerships representing 31 brands in
Florida. Morgan Auto is majority owned by affiliates of Redwood
Holdings, LLC. Revenue for the LTM period ended March 31, 2023 was
$7.3 billion.
The principal methodology used in this rating was Retail published
in November 2021.
LUCIDA CONSTRUCTION: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Lucida Construction Company, LLC
7 Wax Myrtle Court
Montgomery, AL 36117
Case No.: 23-31430
Business Description: The Debtor is part of the nonresidential
building construction industry.
Chapter 11 Petition Date: July 21, 2023
Court: United States Bankruptcy Court
Middle District of Alabama
Debtor's Counsel: Stuart Memory, Esq.
MEMORY MEMORY AND CAUSBY LLP
469 S McDonough Street
Montgomery, AL 36104
Tel: (334) 834-8000
Email: smemory@memorylegal.com
Total Assets: $245,193
Total Liabilities: $2,610,351
The petition was signed by Mike Addison as member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/H7OKJ4I/Lucida_Construction_Company_LLC__almbke-23-31430__0001.0.pdf?mcid=tGE4TAMA
LYONS MAGNUS: $285M Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which Lyons Magnus Inc is
a borrower were trading in the secondary market around 80.8
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $285 million facility is a Term loan that is scheduled to
mature on November 14, 2024. The amount is fully drawn and
outstanding.
Lyons Magnus Inc produces and markets food products.
MALLINCKRODT PLC: Opioid Settlement Payment Extended Again
----------------------------------------------------------
Mallinckrodt PLC said in a regulatory filing on July 17, 2023, that
it has received another opioid settlement payment extension.
As previously disclosed, the Board of Directors of Mallinckrodt plc
is engaged in discussions with various stakeholders, including
parties holding substantial positions across the Company's capital
structure and representatives of the Opioid Master Disbursement
Trust II (the "Trust"). The Company previously determined not to
make interest payments that were due that date on its (i) 11.500%
First Lien Senior Secured Notes due 2028 (the "2028 First Lien
Notes") and (ii) 10.000% Second Lien Senior Secured Notes due 2029
(the "2029 Second Lien Notes").
The failure to make the interest payments due on June 15, 2023
under each series of notes would constitute an event of default for
such series if such failure continues unremedied for a period of 30
days.
On July 16, 2023, the Company and/or certain of its subsidiaries
entered into certain forbearance agreements pursuant to which the
applicable creditors party thereto have agreed to forbear from
exercising any rights or remedies with respect to the events of
default arising from the Company's failure to make interest
payments due on the Notes until August 15, 2023, unless the
applicable forbearance agreement is earlier terminated in
accordance with its terms. In addition, the Opioid Trust has
agreed to extend the due date for the $200 million payment due to
it until August 15, 2023.
On July 16, 2023, certain subsidiaries of the Company entered into
forbearance agreements with the holders of (i) more than 75% in
principal amount of the outstanding 2028 First Lien Notes (the
"2028 First Lien Notes Forbearance Agreement") and (ii) a majority
in principal amount of the outstanding 2029 Second Lien Notes (the
"2029 Second Lien Notes Forbearance Agreement"), pursuant to which
such noteholders agreed to forbear from exercising any rights and
remedies (including any right to accelerate any obligations
thereunder) with respect to the events of default arising from such
failure (and certain related events of default) until August 15,
2023 unless such forbearance agreements (which contain customary
termination events) are earlier terminated in accordance with the
terms thereof.
The occurrence of such events of default, unless cured promptly or
unless the 2028 First Lien Notes and the 2029 Second Lien Notes are
discharged, prepaid or repaid, would also constitute an event of
default under the Company's first lien senior secured term loan
credit facility. Also on July 16, 2023, the Company and certain of
its subsidiaries entered into a forbearance agreement (the "Credit
Agreement Forbearance Agreement") with the holders of more than 50%
of the loans outstanding under such credit facility and Acquiom
Agency Services LLC and Seaport Loan Products LLC, as
co-administrative agents thereunder (collectively, the
"Administrative Agent"), pursuant to which such lenders and the
Administrative Agent agreed to forbear from exercising (and such
lenders agreed to instruct the Administrative Agent and the
applicable collateral agents) not to exercise any rights and
remedies (including any right to accelerate any obligations
thereunder) with respect to the event of default arising from such
failure (and certain related events of default) until August 15,
2023, unless the Credit Agreement Forbearance Agreement (which
contains customary termination events) is earlier terminated in
accordance with the terms thereof.
The occurrence of the foregoing events of default, unless cured
promptly or unless the 2028 First Lien Notes, the 2029 Second Lien
Notes, and the first lien senior secured term loans are discharged,
prepaid or repaid, would also constitute an event of default under
the Company's ABL Credit Agreement, dated as of June 16, 2022 (the
"ABL Credit Agreement"), by and among ST US AR Finance LLC, the
lenders party thereto, the L/C Issuers (as defined in the ABL
Credit Agreement) party thereto and Barclays Bank plc, as
administrative agent and collateral agent, because the Originators
(as defined in the ABL Credit Agreement) and the Servicer (as
defined in the ABL Credit Agreement) are guarantors under the first
lien term loan credit agreement. Also on July 16, 2023, ST US AR
Finance LLC entered into a forbearance agreement (the "ABL
Forbearance Agreement") with the Required Lenders (as defined in
the ABL Credit Agreement) under such facility and with Barclays
Bank plc, as administrative agent and collateral agent thereunder
(the "ABL Agent"), pursuant to which such lenders and the ABL Agent
agreed to forbear from exercising (and such lenders agreed to
instruct the ABL Agent) not to exercise any rights or remedies
(including any right to accelerate any obligations thereunder) with
respect to any of the foregoing events of default (and certain
related events of default) until August 15, 2023, unless the ABL
Forbearance Agreement (which contains customary termination events)
is earlier terminated in accordance with the terms thereof.
Pursuant to the terms of the ABL Forbearance Agreement, the ABL
Credit Agreement was amended so as to increase the applicable
margin (which is determined by a pricing grid) by 1.00% and to cap
availability under the ABL Credit Agreement (inclusive of the
borrowing discussed below in Item 2.03) at $100.0 million. In
connection with the ABL Forbearance Agreement, on July 16, 2023,
certain of the Company's subsidiaries entered into an
Acknowledgment and Release (the "Acknowledgment and Release"),
pursuant to which such subsidiaries waived, released and
discharged, for themselves and on behalf of their subsidiaries and
controlled affiliates, any and all claims against the ABL Agent,
the lenders party to the ABL Credit Agreement and the other
Released Parties (as defined in the Acknowledgment and Release) in
connection with or related to the ABL Credit Agreement, the other
Loan Documents (as defined in the ABL Credit Agreement), the
Collateral (as defined in the ABL Credit Agreement) or the
negotiation and execution of the ABL Forbearance Agreement.
The Company continues to analyze its situation and engage with
various stakeholders, including representatives of the Trust. The
Board has not determined the ultimate path for the Company,
including whether or not the Company will make a filing under the
U.S. Bankruptcy Code or analogous foreign bankruptcy or insolvency
laws.
Off-Balance Sheet Arrangement
On July 13, 2023, ST US AR Finance LLC borrowed $100.0 million
under the ABL Credit Agreement in order to maximize cash on hand.
Other Events
As previously disclosed, in connection with the ongoing
discussions, on June 15, 2023, the Company, certain subsidiaries of
the Company and the Trust (collectively, the "Parties") entered
into Amendment No. 1 (the "Amendment") to that certain Opioid
Deferred Cash Payments Agreement, dated as of June 16, 2022, among
the Parties (the "Opioid Deferred Cash Payments Agreement"), which
extended to June 23, 2023, from June 16, 2023, the date on which a
$200 million payment (the "Opioid Deferred Cash Payment") was
required to be made to the Trust. As previously disclosed, (i) on
June 22, 2023, pursuant to the Amendment, the Trust provided
written notice that it was further extending the due date of the
Opioid Deferred Cash Payment from June 23, 2023 to June 30, 2023,
(ii) on June 29, 2023, pursuant to the Amendment, the Trust
provided written notice that it was further extending the due date
of the Opioid Deferred Cash Payment from June 30, 2023 to July 7,
2023, (iii) on July 6, 2023, pursuant to the Amendment, the Trust
provided written notice that it was further extending the due date
of the Opioid Deferred Cash Payment from July 7, 2023 to July 14,
2023 and (iv) on July 14, 2023, pursuant to the Amendment, the
Trust provided written notice that it was further extending the due
date of the Opioid Deferred Cash Payment from July 14, 2023 to July
21, 2023.
On July 16, 2023, pursuant to the Amendment, the Trust provided
written notice that it was further extending the due date of the
Opioid Deferred Cash Payment from July 21, 2023 to August 15, 2023.
The Company recognizes the important role of the Trust in helping
to address the nation's opioid crisis and fund addiction treatment
and related efforts. Under the Opioid Deferred Cash Payments
Agreement, which was originally entered into by the Parties upon
the Company's emergence from bankruptcy on June 16, 2022 (the
"Effective Date"), the Company and certain of its subsidiaries
agreed to make certain deferred payments to the Trust, including a
$450 million payment that was paid on the Effective Date.
About Mallinckrodt PLC
Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.
On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them.
Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Latham & Watkins, LLP and Richards, Layton &
Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes &
Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel;
Guggenheim Securities, LLC as investment banker; and AlixPartners,
LLP, as restructuring advisor. Prime Clerk, LLC is the claims
agent.
The official committee of unsecured creditors retained Cooley, LLP,
as its legal counsel; Robinson & Cole, LLP as co-counsel; and
Dundon Advisers, LLC as financial advisor.
The official committee of opioid-related claimants tapped Akin Gump
Strauss Hauer & Feld, LLP as its lead counsel; Cole Schotz as
Delaware co-counsel; Province, Inc. as financial advisor; and
Jefferies, LLC as investment banker.
* * *
Mallinckrodt in mid-June 2022 successfully completed its
reorganization process, emerged from Chapter 11 and completed the
Irish Examinership proceedings. The company said the restructuring
strengthens the Company's balance sheet, reduces its total debt by
approximately $1.3 billion and enables it to move forward with more
than $250 million in cash and cash equivalents on hand. The Plan
and Scheme include key legal settlements that resolve opioid claims
brought against the Company and litigation matters involving Acthar
Gel, among other claims, and provides for significant equitization
of the Company's guaranteed unsecured notes.
Mallinckrodt Plc said in a regulatory filing in early June 2023
that it was considering a second bankruptcy filing and other
options after its lenders raised concerns over an upcoming $200
million payment related to opioid-related litigation.
MATTEL INC: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on July 5, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Mattel, Inc.
Headquartered in El Segundo, California, Mattel, Inc. designs,
manufactures, and markets a broad variety of children's toy
products on a worldwide basis.
MERCER INTERNATIONAL: Egan-Jones Retains BB Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 7, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Mercer International, Inc. EJR also withdraws rating
on commercial paper issued by the Company.
Headquartered in Vancouver, Canada, Mercer International, Inc. owns
and operates three modern pulp mills.
METROPLEX RECOVERY: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Metroplex Recovery, LLC
2003 W Arkansas Lane
Pantego, TX 76013
Case No.: 23-42110
Business Description: Metroplex Recovery provides locksmith
services.
Chapter 11 Petition Date: July 21, 2023
Court: United States Bankruptcy Court
Northern District of Texas
Debtor's Counsel: Jim Morrison, Esq.
LEE LAW FIRM, PLLC
8701 Bedford Euless Rd 510
Hurst, TX 76053
Tel: (469) 646-8995
Tel: (214) 440-1414
Fax: (817) 580-1123
Email: jmorrison@leelawtx.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Adrian Modesto Torres as managing
member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/BLDG6AA/Metroplex_Recovery_LLC__txnbke-23-42110__0001.0.pdf?mcid=tGE4TAMA
MILLERKNOLL INC: Moody's Cuts CFR & First Lien Secured Debt to Ba2
------------------------------------------------------------------
Moody's Investors Service downgraded MillerKnoll, Inc.'s ratings
including its Corporate Family Rating to Ba2 from Ba1, its
Probability of Default Rating to Ba2-PD from Ba1-PD, and the
ratings on the company's first lien senior secured credit
facilities to Ba2 from Ba1. The first lien facility consists of a
$725 million revolver due 2026, a $400 million original principal
amount term loan A due 2026, and a $625 million original principal
amount first loan B due 2028. The company's Speculative Grade
Liquidity Rating (SGL) is unchanged at SGL-2 and the outlook
remains negative.
The ratings downgrade reflects MillerKnoll's continued declining
orders and operating profits amid a challenging operating economic
and office space demand environment. The downgrade also reflects
Moody's expectations that weakening macro-economic conditions with
rising interest rates and the reduction in office space demand due
to shifting working patters including hybrid work arrangements will
slow business spending including corporate investment on office
projects over the next 12-18 months. Shifting office usage is a
negative demographic and societal trend that is a social risk and a
key driver of the rating action.
MillerKnoll reported a slight organic revenue growth of 0.4% and
company-adjusted operating profit growth of 13.6% for the fiscal
year 2023 (ending June 3, 2023). However, in 4Q-2023 organic
revenue and operating profit declined 12.0% and 20.4% respectively.
Strong profit growth in the Americas contract segment driven by
good price realization and integration related synergies, was more
than offset by weaker operating results in the international and
retail segments. Higher variable expenses also negatively impacted
profitability. In addition, organic orders declined 7.8%
year-over-year during the fourth quarter and the company's backlog
at the end of the fiscal year was 25% lower versus the prior
period.
Given the declining orders trends and ongoing office industry
pressures, Moody's projects that MillerKnoll's EBITDA will decline
in the high single digits percentage range in fiscal 2024 with
debt/EBITDA leverage increasing to above 4.0x.
Downgrades:
Issuer: MillerKnoll, Inc.
Corporate Family Rating, Downgraded to Ba2 from Ba1
Probability of Default Rating, Downgraded to Ba2-PD from Ba1-PD
Senior Secured 1st Lien Revolving Credit Facility, Downgraded to
Ba2 from Ba1
Senior Secured 1st Lien Term Loan A, Downgraded to Ba2 from Ba1
Senior Secured 1st Lien Term Loan B, Downgraded to Ba2 from Ba1
Outlook Actions:
Issuer: MillerKnoll, Inc.
Outlook, Remains Negative
RATINGS RATIONALE
MillerKnoll's Ba2 CFR reflects its leading market position in the
office furniture sector and good liquidity. The company benefits
from strong office furniture brands synonymous with modern design
and innovation. The company also has strong end market
diversification and good geographic reach throughout the Americas,
Europe, and Asia. Offices will remain an important contributor to
workplace culture and collaboration. However, a key rating factor
is the secular shifts toward higher remote work and less office
space demand accentuated by the pandemic. These trends create
significant uncertainty regarding the level of recurring demand for
office furniture. MillerKnoll operates in highly competitive end
markets with design driven demand and reliance on independent
contract channels that fosters higher competitive risks and results
in a low operating profit margin. The company's acquisition
strategy amid a shifting demand landscape adds event risk.
MillerKnoll's earnings and cash flow are susceptible to economic
downturns and variability in raw material prices and increasing
labor costs. The company's good liquidity provides some flexibility
to navigate the economic and demand challenges and is supported by
its $223.5 million cash balance, approximately $275 million of
availability on its revolver as of June 3, 2023, and Moody's
expectations of positive free cash flow of around $60 million over
the next 12 months.
MillerKnoll's ESG CIS-3 credit impact score indicates that ESG
risks have a limited impact on the current rating with potential
for greater future negative impact over time. The score factors the
company's negative exposure to changing demographic and societal
trends, reflecting the structural shift in the office market
leading to permanent declines in office usage. Governance risks
mainly reflect the company's financial strategy that includes large
debt-financed acquisitions. MillerKnoll's exposure to environmental
risks is moderate but a lesser credit factor than the social and
governance risks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The negative outlook reflects Moody's view that elevated risks to
MillerKnoll's business could lead to further deterioration in
earnings and cash flow. This is based on Moody's expectations that
the office furniture market will remain under pressure and due to
the company's exposure to cyclical macro-economic conditions.
The ratings could be upgraded if there is stability and sustained
growth visibility in the office market sector and MillerKnoll
successfully navigates through the secular changes. The company
would also need to improve its operating performance including
generating a meaningfully higher operating profit margin, strong
and consistent free cash flow, and debt/EBITDA maintained below
3.25x.
The ratings could be downgraded if the office furniture market
demand trends are weaker than Moody's anticipates, the company
reports ongoing lower organic revenue, the operating profit margin
declines, or debt/EBITDA is sustained above 4.0x. A ratings
downgrade could also occur if liquidity deteriorates for any
reason, including modest free cash flow or higher reliance on
revolver borrowings, or if the company distributes meaningful cash
to shareholders or pursues debt-financed acquisitions.
MillerKnoll, Inc. designs, manufactures and distributes seating
products, office furniture systems, other freestanding furniture
elements, textiles, home furnishings and related services used in
office, healthcare, educational and residential settings. The
company sells its products through independent contract office
furniture dealers, owned retail studios and e-commerce platforms,
direct mail catalogs, independent retailers, and an owned contract
office furniture dealership. The company is a combination of Herman
Miller, Inc., established in 1905, and the July 2021 acquisition of
Knoll, Inc., established in 1938. MillerKnoll is publicly traded
(Nasdaq: MLKN) and has presence in over 100 countries. The company
reported approximately $4.1 billion in revenue for the fiscal year
ending June 3, 2023.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
MLAND MAINTENANCE: Jami Nimeroff Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Jami Nimeroff, Esq.,
at Brown McGarry Nimeroff, LLC as Subchapter V trustee for MLand
Maintenance, LLC.
Mr. Nimeroff will be paid an hourly fee of $400 for his services as
Subchapter V trustee, as well as for one or more paralegals to
assist him at an hourly rate of $185, and will be reimbursed for
work-related expenses incurred.
Mr. Nimeroff declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jami Nimeroff, Esq.
Brown McGarry Nimeroff, LLC
919 N. Market Street, Suite 420
Wilmington, DE 19801
Telephone: (302) 428-8142
Fax: (302) 351-2744
Email: jnimeroff@bmnlawyers.com
About MLand Maintenance
MLand Maintenance, LLC, is in the business of maintenance and
construction of certain properties located in the western suburbs
of Chicago.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10924) on July 11,
2023, with as much as $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Thomas M. Horan oversees the case.
Adam Hiller of Hiller Law, LLC is the Debtor's legal counsel.
MOUNTAIN VIEW: Case Summary & 10 Unsecured Creditors
----------------------------------------------------
Debtor: Mountain View Orchard, Inc.
1509 Mountain View Road
Stafford, VA 22554
Business Description: The Debtor is in the business of fruit and
tree nut farming.
Chapter 11 Petition Date: July 23, 2023
Court: United States Bankruptcy Court
District of Maryland
Case No.: 23-15149
Debtor's Counsel: Joseph M. Selba, Esq.
TYDINGS & ROSENBERG LLP
1 E. Pratt Street
Suite 901
Baltimore, MD 21202
Tel: 410-752-9700
Email: jselba@tydingslaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthony C.Y. Cheng as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/5J2M55I/Mountain_View_Orchard_Inc__mdbke-23-15149__0001.0.pdf?mcid=tGE4TAMA
NCR CORPORATION: Egan-Jones Retains B- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on June 26, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by NCR Corporation. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Atlanta, Georgia, NCR Corporation provides
transaction management systems.
NEW CONSTELLIS: $200,000 Bank Debt Trades at 43% Discount
---------------------------------------------------------
Participations in a syndicated loan under which New Constellis
Borrower LLC is a borrower were trading in the secondary market
around 56.9 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $200,000 facility is a payment-in-kind Term loan that is
scheduled to mature on March 27, 2025. The amount is fully drawn
and outstanding.
New Constellis Borrower LLC is a provider of essential risk
management services, such as security, training, and global support
services to government and commercial clients throughout the
world.
NEXTERA ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of NextEra Energy
Partners, LP (NEP) including its Ba1 Corporate Family Rating and
Ba1-PD Probability of Default Rating. At the same time, Moody's
affirmed the Ba1 Backed Senior Unsecured Rating of NextEra Energy
Operating Partners, LP (NEOP), a subsidiary controlled by NEP.
NEP's speculative grade liquidity (SGL) rating is unchanged at
SGL-2. The outlooks of both entities are stable.
Affirmations:
Issuer: NextEra Energy Partners, LP
Corporate Family Rating, Affirmed Ba1
Probability of Default Rating, Affirmed Ba1-PD
Issuer: NextEra Energy Operating Partners, LP
Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba1
Outlook Actions:
Issuer: NextEra Energy Operating Partners, LP
Outlook, Remains Stable
Issuer: NextEra Energy Partners, LP
Outlook, Remains Stable
RATINGS RATIONALE
"The affirmation of NextEra Energy Partners' Ba1 ratings reflects
Moody's expectation that the company will maintain a stable
operating and financial performance while it continues to execute
on its growth strategy," said Jeff Cassella, VP-Senior Credit
Analyst. "NEP's recently announced simplification plan will reduce
capital structure complexity while increasing transparency and
further supporting credit quality," added Cassella.
NEP's Ba1 rating is underpinned by its stable cash flow generation
from a diversified portfolio of renewable power projects and gas
pipelines (which are in the process of being sold) with an average
contract life of 14 years and predominantly investment grade
counterparties. These credit strengths are offset by a leveraged
financial profile that constrains its credit quality. NEP continues
to grow its renewable portfolio by acquiring assets financed
through a combination of both debt and equity.
NEP has been able to maintain a solid financial profile while
pursuing its growth strategy. For the three-year average ending
March 31, 2023, NEP's ratio of cash flow from operations before
changes in working capital (CFO pre-W/C) to debt was 15.9% and
Moody's expect financial metrics to remain relatively stable
including CFO pre-W/C to debt in the mid-teens range over the next
two years. At the same time, NEP's leverage as measured by
consolidated Debt/EBITDA was about 4.5x for the 12-months ended
March 31, 2023. Moody's expect NEP's consolidated Debt/EBITDA to
increase due to portfolio acquisitions but remain in the 5-6x range
over the next two years.
NEP continues to benefit from its association with the NextEra
Energy, Inc. (NEE, Baa1 stable) corporate family, particularly with
access to assets available for sale within NextEra Energy Resources
LLC's (NEER, unrated) large renewable portfolio consisting of both
operating assets and a growth backlog of about 51 GW.
NEP has solid access to the capital markets and has utilized
diverse financing structures to fund its portfolio asset growth.
Historically, NEP's use of convertible equity portfolio financing
(CEPF) structures executed with BlackRock, KKR and other financial
investors have added financial complexity to its credit profile.
Nevertheless, to date, NEP has executed and financed the buy-out
options associated with these CEPF structures in a manner that has
not materially added leverage and has been able to maintain stable
credit metrics.
In May, NEP announced that it is launching a process to sell its
STX Midstream and Meade natural gas assets, which include a total
of seven pipelines, in 2023 and 2025, respectively. The sale is
part of the company's simplification plan to focus solely on
growing its renewable energy portfolio. Moody's expect the asset
sales themselves to be credit neutral, although the transactions
will reduce capital structure complexity and the proceeds will be
used to reduce NEP's future equity needs related to CEPF buyout
options in 2023 through 2025.
Upon completion of the pipeline sales by 2025, NEP will become a
100% renewable energy project owner, eliminating carbon transition
risk, a positive ESG consideration. Moody's had already considered
the company's carbon transition risk to be very low with a carbon
transition assessment score of CT-1.
As part of the sale announcement, NEP stated that it had entered
into an agreement with majority owner and former parent, NEE, which
currently owns 53.1% of the company, to suspend incentive
distribution rights (IDR) fees through 2026. By suspending
approximately $157 million of these annual IDR fees, NEP will
largely offset the loss of cash flow associated with the assets
being sold.
Moreover, NEP also indicated that it has no immediate plans to
enter into additional CEPF agreements. The company will still have
three CEPF buy-out options outstanding once the asset sales are
completed by the end of 2025. However, NEP's avoidance of these
complex financial structures over the near-term will reduce the
company's capital structure complexity and improve the transparency
of its financial profile.
Liquidity
NEP's SGL-2 speculative grade liquidity rating reflects a good
liquidity profile. Moody's expect operating cash flow to largely
cover all capital expenditures as well as a portion of dividend
distributions. NEP expects to have run rate CAFD of $770 - $860
million in 2024. Moody's expect NEP to primarily need to access the
capital markets only to finance new project acquisitions or to
refinance debt maturities at the holding company, such as the $1.2
billion of senior unsecured and convertible notes due in 2024. At
March 31, 2023, the company had $238 million of cash and cash
equivalents on its balance sheet.
NEP has a $2.5 billion senior unsecured revolving credit facility
that expires in February 2028. NEP was in compliance with all
financial debt covenants related to the revolver as of March 31,
2023. The credit facility allows for same-day borrowing and there
is no material adverse change clause on each borrowing. As of March
31, 2023, there was $50 million of borrowings on the credit
facility, which the company used to fund portfolio additions.
Historically, NEP typically has had minimal borrowings on its
revolver because it generally raises long-term capital prior to
significant new asset acquisitions, which allows the company to
maintain liquidity strength.
Outlook
NEP's stable outlook reflects Moody's expectation that its
portfolio of assets will continue to exhibit a steady operational
performance with stable cash flow generation that will allow NEP to
generate consistent financial metrics including a Debt/EBITDA ratio
in the 5-6x range and a ratio of CFO pre-W/C to debt in the
mid-teens range. The outlook also reflects Moody's expectation that
the company will execute on its renewable energy focused plan in a
manner that maintains the company's financial profile and does not
materially increase business risk.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade
NEP's ratings could be upgraded if the company pursues a less
aggressive growth by acquisition strategy; reduces financial
complexity and increase transparency further; and commits to
sustain a strong, investment grade financial profile including a
consolidated ratio of Debt/EBITDA below 5x and a ratio of CFO
pre-W/C to debt in the high teens for an extended period.
Factors that could lead to a downgrade
NEP's rating could be downgraded if there is a deterioration in the
credit quality of its asset portfolio such that contracts have
shorter tenors, weaker counterparties or increased merchant
exposure. A downgrade could also occur if there is a deterioration
in NEP's financial profile such that its ratio of consolidated
Debt/EBITDA increases to over 7x or its ratio of CFO pre-W/C to
debt declines to less than 11% on a sustained basis.
NEP is a growth oriented limited partnership, 53.1% owned by NEE,
of long-term contracted renewable energy projects and natural gas
pipeline assets. At March 31, 2023, NEP owned a controlling,
non-economic general partner interest and a 46.9% limited partner
interest in NEOP. Through NEOP, NEP owns a portfolio of contracted
renewable generation assets consisting of over 7.6 GW of wind
generation; 1.5 GW of solar generation; and 4.3 bcf/day of gas
pipeline capacity (which are in the process of being sold) spread
over 84 power projects and seven pipelines. The projects are
located in 30 states in four broadly diversified regions -- the
northeast, the west coast, the southern great plains and the upper
midwest.
The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.
NOSRAT LLC: Seeks to Extend Plan Exclusivity to October 8
---------------------------------------------------------
Nosrat, LLC asks the U.S. Bankruptcy Court for the Eastern
District of New York to extend its exclusive periods to file a
plan of reorganization and to solicit acceptances thereof to
October 8, 2023 and December 7, 2023, respectively.
The Debtor submits that it has diligently pursued settlement,
although its pre-petition attempts to settle with Ms. Nataki
Caver were so unproductive that all parties concluded that
further efforts would be an exercise in futility.
The Debtor stated that it has filed a Chapter 11 plan under which
it would ensure payment to Ms. Caver if the judgment following
appeal necessitates the sale of refinancing of the Debtor's real
property at 343-349 Nostrand Avenue and 415-419 Gates Avenue,
Brooklyn, New York.
The Debtor respectfully suggests that under the circumstances, it
is making "good faith progress toward reorganization" or at least
as much progress as could be made during a lockdown. The Debtor
also claims that it is generally paying its bills as they come
due and has made no demands on any creditors, except to permit
the appellate process to proceed.
This is the Debtor's first request for an extension.
Nosrat, LLC is represented by:
Mark Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
488 Madison Avenue Fl 23
New York, NY 10022
Tel: (212) 593-1100
About Nosrat LLC
Nosrat, LLC is a single asset real estate as defined in 11 U.S.C.
Section 101(51B). It owns the real property at 343-349 Nostrand
Ave. and 415-419 Gates Ave., Brooklyn, N.Y. The property is a
mixed-use eight-building apartment complex with five stores and
54 apartments on the northeast corner of Nostrand Avenue and
Gates Avenue in Bedford Stuyvesant.
Nosrat filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-70776) on March 7,
2023. In the petition filed by Enrique Ventura, controller, the
Debtor reported total assets of $25,002,000 and total liabilities
of $20,923,965.
Judge Alan S. Trust oversees the case.
The Debtor tapped Mark A. Frankel, Esq., at Backenroth Frankel &
Krinsky, LLP as legal counsel and Isaac Goldstein CPA as
accountant.
NOVAN INC: Files for Chapter 11 With Deal to Sell to Ligan
----------------------------------------------------------
Novan, Inc. (Nasdaq: NOVN) and its wholly owned subsidiary, EPI
Health, LLC, announced that Novan has entered into a stalking horse
asset purchase agreement ("APA") with Ligand Pharmaceuticals, Inc.
(Nasdaq: LGND) prior to filing voluntary petitions for relief under
chapter 11 of title 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware.
The Company continues to operate its business as a
"debtor-in-possession" ("DIP") under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable provisions
of the Bankruptcy Code and orders of the Bankruptcy Court. The
Company also entered into a secured DIP credit facility with Ligand
in the principal amount of $15.0 million.
The APA governs the sale of substantially all the assets of the
Company for $15 million to be paid in cash at closing. The cash
payable at closing will be reduced dollar-for-dollar by the
outstanding balance of the DIP credit facility which will be repaid
at closing. The transaction will be subject to approval by the
Bankruptcy Court and compliance with agreed-upon and Bankruptcy
Court-approved bidding procedures allowing for the submission of
higher or otherwise better offers, and other agreed-upon
conditions.
In addition, on July 14, 2023, the Company entered into a bridge
loan with Ligand for the principal amount of $3.0 million. This
prepetition loan provided needed working capital to the Company for
general corporate purposes and is secured by the assets of the
Company. The prepetition bridge loan will be rolled into the DIP
credit facility after Bankruptcy Court approval of the DIP credit
facility.
As the Chapter 11 Case progresses, the Company plans to continue to
work with the FDA to progress towards potential approval of
berdazimer gel, 10.3% (SB206), with a PDUFA goal date of January
5th, 2024. In the second quarter of 2023, the Company received its
mid-cycle review communication from the FDA, in addition to the
manufacturing facility’s pre-approval inspection and
establishment inspection report.
Novan has engaged Raymond James & Associates to advise on its
strategic options, including the process to sell its assets in
connection with the Chapter 11 Case. As previously disclosed, the
Company has been pursuing financing and strategic alternatives as
well as taking measures to conserve cash. The board of directors
of the Company made the decision to commence the Chapter 11 Case,
with Ligand as a stalking horse bidder, after careful review of
such alternatives, after considering factors such as the Company's
challenging financial circumstances and the challenging market
climate for similarly situated companies and upon consultation with
the Company's professional advisors.
The Company's Form 8-K, filed with the U.S, Securities and Exchange
Commission on July 17, 2023, provides for the full text of the APA
and the DIP credit facility. The filing is available at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1467154/000146715423000081/novn-20230714.htm
Delisted from Nasdaq
On July 17, 2023, the Company received notice from the listing
qualifications department staff of The Nasdaq Stock Market
notifying the Company that, in accordance with Nasdaq Listing Rules
5101, 5110(b), and IM-5101-1, the staff of Nasdaq has determined
that the Company's securities will be delisted from Nasdaq. In the
Delisting Notice, the staff of Nasdaq referenced the Chapter 11
filing and associated public interest concerns raised by it,
concerns regarding the residual equity interest of the existing
listed securities holders, and concerns about the Company's ability
to sustain compliance with all requirements for continued listing
on Nasdaq. The Company does not intend to appeal the delisting
determination.
Trading of the Company's common stock will be suspended at the
opening of business on July 26, 2023 and a Form 25-NSE will be
filed with the Securities and Exchange Commission, which will
remove the common stock from listing and registration on Nasdaq.
As a result, the Company's common stock is expected to begin
trading on the over-the-counter ("OTC") market on July 26, 2023. On
the OTC market, shares of the Company's common stock, which
previously traded on Nasdaq under the symbol NOVN, are expected to
trade under the symbol NOVNQ.
About Novan Inc.
Based in Durham, North Carolina, Novan Inc. (Nasdaq: NOVN) is a
clinical development-stage biotechnology company focused on
leveraging nitric oxide's naturally occurring anti-viral,
anti-bacterial, anti-fungal and immunomodulatory mechanisms of
action to treat a range of diseases with significant unmet needs.
Nitric oxide plays a vital role in the natural immune system
response against
microbial pathogens and is a critical regulator of inflammation.
Novan Inc. and affiliate EPI Health, LLC, sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10937) on July 17, 2023.
As of March 31, 2023, Novan disclosed $79,793,000 in assets against
$7,922,000 in liabilities.
The Debtors tapped MORRIS, NICHOLS, ARSHT & TUNNELL LLP as counsel,
SIERRA CONSTELLATION PARTNERS, LLC, as financial advisor, and
RAYMOND JAMES AND ASSOCIATES as investment banker. SMITH,
ANDERSON, BLOUNT, DORSETT, MITCHELL & JERNIGAN, L.L.P., is special
counsel. KURTZMAN CARSON CONSULTANTS, LLC, is the claims agent.
OBRA CAPITAL: $275M Bank Debt Trades at 17% Discount
----------------------------------------------------
Participations in a syndicated loan under which Obra Capital Inc is
a borrower were trading in the secondary market around 83.0
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on October 1, 2026. The amount is fully drawn and
outstanding.
Obra Capital, Inc. is an investment firm specializing in insurance
special situations, structured credit, asset-based finance, and
longevity.
OCEANEERING INTERNATIONAL:Egan-Jones Retains B- Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 12, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Oceaneering International, Inc. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Houston, Texas, Oceaneering International, Inc.
provides engineering services.
OIL STATES: Egan-Jones Retains CCC+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on June 30, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Oil States International, Inc. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Houston, Texas, Oil States International, Inc.
provides specialty products and services to oil and gas drilling
and production companies.
OPTION CARE: Moody's Raises CFR to Ba3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Option Care
Health, Inc, including the Corporate Family Rating to Ba3 from B1
and the Probability of Default Rating to Ba3-PD from B1-PD. Moody's
also upgraded Option Care's senior secured first lien bank credit
facility rating to Ba2 from Ba3 and the senior unsecured rating to
B2 from B3. The SGL-1 speculative grade liquidity (SGL) rating
remains unchanged. The ratings outlook was revised to stable from
rating under review (RUR).
This concludes the review first initiated on May 5, 2023 following
the company's announcement that it had entered into a definitive
merger agreement to combine with Amedisys, Inc. in an all-stock
transaction. Given that the merger agreement with Amedisys, Inc.
was terminated on June 26, 2023, the rating review has concluded
with an upgrade of Option Care's ratings and a revision in outlook
to stable.
The ratings upgrade reflects Moody's expectation that Option Care's
operating performance will remain strong driven by favorable
longer-term home infusion market dynamics such that earnings will
continue to grow and the company will maintain a modest financial
leverage profile. The rating action also reflects Option Care's
very good liquidity position that was bolstered by $106 million in
gross proceeds as part of the mutual termination agreement with
Amedisys, though net proceeds may be used for shareholder friendly
initiatives such as share repurchases.
Upgrades:
Issuer: Option Care Health, Inc
Corporate Family Rating, Upgraded to Ba3 from B1
Probability of Default Rating, Upgraded to Ba3-PD from B1-PD
Senior Secured Bank Credit Facility, Upgraded to Ba2 from Ba3
Senior Unsecured Regular Bond/Debenture, Upgraded to B2 from B3
Outlook Actions:
Issuer: Option Care Health, Inc
Outlook, Changed To Stable From Rating Under Review
RATINGS RATIONALE
Option Care's Ba3 CFR reflects the company's market position as the
largest independent infusion provider with approximately $4 billion
in revenue. The home infusion services industry benefits from
favorable long-term growth dynamics as the home is generally
considered the patient-preferred and lowest cost of care setting.
Option Care continues to benefit from solid organic growth and
positive mix shift toward higher growth chronic therapies, which
drive strong free cash flow generation, allowing Option Care to
deliver to the low 3 times debt/EBITDA range for the last twelve
month period ending March 31, 2023. Moody's expects Option Care's
debt/EBITDA to decline to the mid-to-high 2 times range over the
next 12 to 18 months, absent any material debt-funded
acquisitions.
The Ba3 CFR also reflects Option Care's competitive pressures
stemming from large, vertically integrated insurance companies that
possess their own home infusion providers and the potential for a
challenging reimbursement environment. Further, inflationary cost
pressures, including labor costs, are expected to continue for the
near to medium term, which could result in additional expenses with
recruiting and retaining nursing staff.
The stable outlook reflects Moody's expectation that Option Care
will continue to grow revenue and earnings such that leverage will
decline to the 2 times range, absent any material debt-funded
acquisitions. Moody's expects demand to increase as the home
infusion services industry continues to benefit from favorable
long-term dynamics as the home is generally the patient preferred
and lowest cost of care setting.
The Speculative Grade Liquidity Rating of SGL-1 reflects Moody's
expectation that Option Care will maintain very good liquidity over
the next 12 months. Liquidity is supported by the company's nearly
$400 million of cash on hand (pro forma for net proceeds from the
Amedisys Inc. termination fee) and undrawn $225 million ABL
revolving credit facility (unrated), as of March 31, 2023. Moody's
expects that Option Care will generate consistently positive free
cash flow over the next 12 months. The ABL revolver contains a
springing fixed charge coverage covenant of 1.0x if availability
falls below 10% of the borrowing base or $10 million. Moody's does
not expect the covenant to be tested, but if it were tested,
Moody's expects the company to maintain compliance over the next 12
months.
ESG CONSIDERATIONS
Option Care's CIS-3 indicates that ESG considerations have a
limited impact on the current credit rating with potential for
greater negative impact over time, especially through exposure to
social risks. Human capital, specifically with the employment of
licensed nurses who require prior infusion experience, and
responsible production risks, such as an elevated risk of medical
malpractice stemming from employee error, could weaken Option
Care's credit quality.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if the company continues to successfully
execute its growth strategies, while also improving business
diversity, scale and profitability. Option Care's ratings could be
upgraded if the company continues to maintain conservative
financial policies and very good liquidity. Quantitatively, Option
Care's ratings could be upgraded if leverage is sustained below 2.5
times.
Ratings could be downgraded if profitability declines materially.
Ratings could also be downgraded if Option Care adopts more
aggressive financial policies, including material debt-funded
acquisitions, share repurchases or dividends. Quantitatively,
ratings could be downgraded if leverage is sustained above 3.5
times for an extended period.
Option Care Health, Inc is the leading independent provider of home
and alternate treatment site infusion therapy services through its
national network of over 160 locations throughout the U.S. These
services involve the preparation, delivery, administration and
monitoring of medication for a broad range of conditions. These
include infections, malnutrition, heart failure, bleeding
disorders, autoimmune disorders, and a variety of other rare
conditions. Annual revenues are about $4 billion.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ORS.COM INC: ORS Unsecureds to Get Share of Distribution Fund
-------------------------------------------------------------
ORS.COM, Inc. and Stanford Sonoma Corp. filed with the U.S.
Bankruptcy Court for the Northern District of Texas a Joint
Original Plan of Reorganization dated July 17, 2023.
The Debtors have traditionally sourced or fabricated restaurant
equipment for specific restaurant brands throughout the United
States.
Class 2O consists of Any Allowed General Unsecured Claims against
ORS. Each holder of an Allowed General Unsecured Claim against ORS
shall be paid its Pro Rata Share of the ORS Distribution Fund in
equal quarterly payments beginning on the 1st day of the month
following the Effective Date and on the same day of each successive
month for the duration of the Term. Provided however, that no
holder of an Allowed General Unsecured Claim against ORS shall be
paid an amount which exceeds the amount of such holder's Allowed
General Unsecured Claim against ORS.
Class 2S consists of Any Allowed General Unsecured Claims against
Stanford. Each holder of an Allowed General Unsecured Claim against
Stanford shall be paid its Pro Rata Share of the Stanford
Distribution Fund plus its Pro Rata Share of any Net Proceeds of
Receivable Recoveries in equal quarterly payments beginning on the
1st day of the month following the Effective Date and on the same
day of each successive month for the duration of the Term. Provided
however, that no holder of an Allowed General Unsecured Claim
against Stanford shall be paid an amount which exceeds the amount
of such holder's Allowed General Unsecured Claim against Stanford.
Class 3 consists of Interests in the Debtors. Holders of interests
in the Debtors shall retain such Interests.
On the Effective Date, and upon the terms and subject to the
conditions of this Plan and the applicable provisions of applicable
non-bankruptcy law, Stanford shall be merged with and into ORS, the
separate corporate existence of Stanford shall cease, and ORS shall
continue as the surviving corporation. ORS shall succeed to all
rights, privileges, powers, and property of ORS and Stanford, and
shall be subject to all debts, duties and liabilities of ORS and
Stanford in the same manner as if ORS had itself incurred them as
restructured by this Plan. The applicable corporate organizational
documents shall be amended and restated in their entirety to
reflect the merger contemplated.
On the Effective Date, all real and personal property of the estate
of the Debtors, including but not limited to all causes of action
of the Debtors, and any avoidance actions of the Debtors, under
applicable non bankruptcy law or the Bankruptcy Code, shall vest in
the Debtors as Reorganized Debtors and shall not be assertable by
any party other than the Reorganized Debtors on behalf of its
creditors subject to those Claims, Liens, and encumbrances as
Allowed and restructured in this Plan.
The Debtors believe that the only material asset of the Debtors (in
addition to the doubtful accounts receivable owed to Stanford)
would be the avoidance recoveries of approximately $52,000 in favor
of ORS and approximately $55,000 in favor of Stanford.
A full-text copy of the Joint Plan dated July 17, 2023 is available
at https://urlcurt.com/u?l=gYn9Cu from PacerMonitor.com at no
charge.
Attorney for the Debtors:
Howard Marc Spector, Esq.
Spector & Cox, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (214) 365-5377
Fax: (214) 237-3380
Email: hspector@spectorcox.com
About ORS.COM Inc.
ORS.COM, Inc. have traditionally sourced or fabricated restaurant
equipment for specific restaurant brands throughout the United
States.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-30749) on
April 17, 2023. In the petition signed by Aaron Brewer as chief
executive officer, the Debtor estimated up to $50,000 in assets and
$1 million to $10 million in liabilities.
Judge Michelle V. Larson presides over the case.
Howard Marc Spector, Esq. at Spector & Cox, PLLC represents the
Debtor as counsel.
OWENS-ILLINOIS: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, updated the foreign
currency and local currency senior unsecured ratings on debt issued
by Owens-Illinois Group, Inc. to B+ from B.
Headquartered in Perrysburg, Ohio, Owens-Illinois Group, Inc.
manufactures and sells glass containers.
PACIFIC PANORAMA: Unsecureds Will Get 100% of Claims in Plan
------------------------------------------------------------
Pacific Panorama, LLC, filed with the U.S. Bankruptcy Court for the
District of Nevada a Plan of Reorganization for Small Business
dated July 17, 2023.
Debtor owns the real property located at 17000 W. Sunset Blvd.,
Pacific Palisades, CA 90272 (the "Property"). The Property includes
a 3,265 sq. ft. single-family residence on a large two-acre lot
with four bedrooms and four bathrooms built in 1949.
There are four liens on the Property at this time: KWALA, LLC
(First and Second Deeds of Trust) has claimed a first and second
priority liens of approximately $5,552,377.25 (subject to dispute
by Debtor); VCM Global Asset Management ("VCM") has a third and
fourth priority liens of approximately $5,400,00.00.
The Plan proposes that VCM will provide a capital contribution to
the Debtor for approximately $6,000,000. Within 90 days of plan
confirmation, the $5,552,377.25 claimed by KWALA, LLC pursuant to
the Proofs of Claim will be tendered to Trustee Smith, subject to
disbursement resolving their pending legal issues with Debtor. Upon
tendering the funds to Trustee Smith, KWALA's first and second
liens will be extinguished and they shall retain a secured interest
in the proceeds. In the event, KWALA prevails any amounts in excess
of the amounts already tendered following final adjudication, will
be paid within 90 days or KWALA, LLC shall be entitled to lien the
Property for such amount.
The Plan proposes to pay nothing to VCM. Instead, VCM will retain
its membership interest in the Reorganized Debtor. Priority
creditors and general unsecured creditors will receive the full
amounts due in cash within 90 days following the Effective Date. In
addition to VCM's capital contribution, Debtor has enlisted the
services of Cenmill, a highly acclaimed architectural design,
development and construction firm in Glendale, California.
VCM Global is backed and 100% owned by its founder and Chief
Executive Officer, Tom Vukota. VCM and Mr. Vukota have agreed that
they will provide the $6 million to fund the Plan within 90 days of
the confirmation. VCM and Mr Vukota have previously paid KWALA $6
million within the past 18 months (with KWALA returning $300,000 in
payments) – so there is no reason to believe that VCM and Mr.
Vukota cannot do the same exact thing and fund the Plan.
Additionally, the Debtor has obtained an additional backup source
of funding including the preapproval of a $6 million loan from
SLATT Capital. Cenmill has also expressed an interest in being an
equity member, and provided a draft letter of intent. Cenmill has
also provided proof of funds in the amount of $2.6 million from one
of its members, but will not be disclosed for purposes of
confidentiality. Debtor will supplement this Plan by providing
additional documentation verifying the source and viability of its
primary and secondary sources of funding.
The final Plan payment is expected to be paid within 90 days of
Plan Confirmation and following the final adjudication of claims
with KWALA, LLC. Given the fact that Debtor is funding the Plan
with a capital contribution from VCM and/or Cenmill, proof of
funds, or a financing loan; and other financial information will be
provided to demonstrate that the Plan has an assured source of
primary and contingent funding.
Non-priority unsecured creditors holding allowed claims will
receive payment, which the proponent of this Plan has valued at
100% of the allowed claim. This Plan also provides for the payment
of administrative and priority claims.
Class 4 consists of Non-priority unsecured creditors. Class 4 is
unimpaired by this Plan, and each holder of a Class 4 NonPriority
Unsecured Claim will be paid in full, in cash, upon the later of 90
days after the Effective Date of this Plan, or the date on which
such claim is allowed by a final nonappealable order. Class 4 is
unimpaired and thus is deemed to accept the Plan.
Class 5 consists of Equity security holders of the Debtor. Except
to the extent that the Holders of Class 5 Equity Interests agree to
less favorable treatment, they shall retain their Equity Interests,
subject to the terms and conditions of this Plan. Class 5 is
unimpaired and thus is deemed to accept the Plan.
The Plan shall be funded by a capital contribution of VCM, Cenmill
or a loan in the amount of $6 million. The remaining $447,622.75
from the $6 million cash infusion will be used to pay priority and
general unsecured claims, along with administrative expenses.
Debtor has also included an additional $50,000 - $100,000 as a
reserve for unanticipated expenses. Following the resolution of the
disputed claims of KWALA, LLC, if those funds are not tendered to
KWALA, they will be used to pay any other unpaid administrative
expenses of the Trustee (if not already paid); with the remainder
being returned to the Debtor.
A full-text copy of the Plan of Reorganization dated July 17, 2023
is available at https://urlcurt.com/u?l=de4u0P from
PacerMonitor.com at no charge.
Attorneys for Debtor:
H. Stan Johnson, Esq.
Charles E. Barnabi Jr., Esq.
Cohen Johnson, LLC
375 E. Warm Springs Road, Suite 104
Las Vegas, NV 89119
Tel: (702) 823-3500
Fax: (702) 823-3400
Email: sjohnson@cohenjohnson.com
About Pacific Panorama
Pacific Panorama, LLC in Pacific Palisades, CA, owns the real
property located at 17000 W. Sunset Blvd., Pacific Palisades, CA
90272 (the "Property").
The Debtor filed its voluntary petition for Chapter 11 protection
(Bankr. D. Nev. Case No. 23-11500) on April 18, 2023, listing $10
million to $50 million in assets and $0 to $50,000 in liabilities.
Shlomy Weingarten as managing member, signed the petition.
COHEN-JOHNSON, LLC serve as the Debtor's legal counsel.
PALMER DRIVES: Mark D. Dennis Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed Mark Dennis, a certified
public accountant at SL Biggs, as Subchapter V trustee for Palmer
Drives Controls and Systems, Inc.
Mr. Dennis will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dennis declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About Palmer Drives
Palmer Drives Controls and Systems, Inc. d/b/a Palmer DCS is a
nationally recognized manufacturer of industrial electrical control
equipment, including magnetic motors starters and industrial
controls panels.
The Debtor filed Chapter 11 Petition ((Bankr. D. Colo. Case No.
23-13002) on July 10, 2023, with $3,328,915 in assets and
$3,118,969 in liabilities. Lynn Weberg, president, signed the
petition.
Judge Thomas B. Mcnamara oversees the case.
Aaron A. Garber, Esq. of Wadsworth Garber Warner Conrardy, P.C. is
the Debtor's legal counsel.
PATAGONIA HOLDCO: Credit Suisse Marks $1.9M Loan at 18% Off
-----------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $1,950,000 loan
extended to Patagonia Holdco LLC to market at $1,595,885 or 82% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Credit Suisse's Form N-CSR report for the
semi-annual period ended April 30, 2023, filed with the Securities
and Exchange Commission.
Credit Suisse HYBF is a participant in a Bank Loan (SOFR 3M +
5.750%) to Patagonia Holdco LLC. The loan accrues interest at
10.473% per annum. The loan matures on August 1, 2029.
The loan is not rated by S&P. It carries a B1 rating from
Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
Patagonia Holdco LLC is a holding company fully owned and
established by Stonepeak Partners LP, a private equity firm
specializing in infrastructure and real estate investments, to hold
the Latin American assets acquired from Lumen Technologies, Inc.
PERFORMERS THEATRE: Mark E. Hall Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Hall, Esq., a
partner at Fox Rothschild, LLP, as Subchapter V trustee for
Performers Theatre Workshop, Inc.
Mr. Hall will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hall declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark E. Hall, Esq.
Fox Rothschild, LLP
49 Market Street
Morristown, NJ 07960
(973) 548-3314
Email: mhall@foxrothschild.com
About Performers Theatre
Performers Theatre Workshop, Inc. provides performing arts
education to students of all ages and abilities.
The Debtor filed Chapter 11 petition (Bankr. D.N.J. Case No.
23-15772) on July 5, 2023, with $46,207 in assets and $2,645,103 in
liabilities. Dean Kravitz, president, filed the petition.
Douglas J. McGill, Esq., at Webber McGill, LLC is the Debtor's
legal counsel.
PG&E CORPORATION: Egan-Jones Retains BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 11, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by PG&E Corporation. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in San Francisco, California, PG&E Corporation is a
holding company that holds interests in energy based businesses.
PHOENIX BUILDING: Court OKs Cash Collateral Access Thru Sept 13
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of
Massachusetts, Eastern Division, authorized Phoenix Building
Management LLC to use cash collateral on an interim basis through
September 13, 2023, on the same terms and conditions as set forth
in the Order Authorizing Continued Interim Use of Cash Collateral
and For Adequate Protection dated June 6, 2023.
As previously reported by the Troubled Company Reporter, the Debtor
has no unsecured creditors. The Debtor's only secured creditors,
except for possibly the Town of Rockland for current unpaid real
estate taxes, are:
(1) U.S. Bank National Association, as Trustee for Velocity
Commercial Capital Loan Trust 2022-4, which holds a mortgage and
assignment of rents on the Property. The Bank asserts it is
currently owed approximately $1.62 million. The Debtor disputes
this amount; and
(2) Amida Special Opportunity Investments, LLC, which holds a
subordinate mortgage and assignment of rents, which secure a
guaranty by the Debtor of the obligations of an entity also owned
by the Debtor's principal, William Barry. The Debtor does not pay
Amida, which is paid by the primary obligor. The Debtor believes
Amida is owed approximately $1.1 million. The debt to Amida is also
collateralized by other properties, including property owned by the
primary obligor.
As adequate protection to the Bank and Amida:
a. The Debtor will grant them continuing replacement liens
and security interests to the same validity, extent and priority
that each would have had in the absence of the bankruptcy filing.
b. The Debtor will remain within its Budget, within an
overall margin of 10%.
c. The Debtor will make monthly adequate protection payments
to the Bank in the amount of $10,000 by the 10th day of the month,
including the months of June and July, provided that application of
such payments to principal, interest or otherwise will be subject
to further order of the Court.
A further hearing on the matter is set for September 12 at 10:30
a.m.
The Debtor will by September 7, 2023, file (i) a reconciliation of
budget to actual expense with monthly totals and cash balances for
the period ending August 31, 2023, and (ii) projections for the
further use of cash collateral through December 31, 2023.
A copy of the court's order is available at
https://urlcurt.com/u?l=hNycn6 from PacerMonitor.com.
About The Phoenix Building Management
The Phoenix Building Management LLC owns two commercial and eight
residential units (currently fully tenanted) located at 315-321
Union St., Rockland, Mass., having an appraised value of $2.4
million.
Phoenix Building Management filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
23-10579) on April 14, 2023, with $2,500,000 in assets and
$1,627,000 in liabilities. The petition was signed by William T.
Barry as manager.
Judge Janet E. Boswick oversees the case.
David B. Madoff, Esq., at Madoff & Khoury, LLP represents the
Debtor as counsel.
POLYMER EXTRUSION: Seeks to Extend Plan Exclusivity to November 22
------------------------------------------------------------------
Polymer Extrusion Technology Incorporated asks the U.S.
Bankruptcy Court for the Southern District of Florida to extend
the exclusive periods to file a plan of reorganization and to
solicit acceptances thereof to November 22, 2023 and January 22,
2024, respectively.
The Debtor states that ample cause exists to grant such relief
because, inter alia:
(i) the Debtor continues to make good faith progress
towards reorganization,
(ii) the Debtor is not seeking to use exclusivity to
pressure creditors into accepting a plan they find
unacceptable, and
(iii) no viable plan can be proposed absent a decision on
the pending appeal.
Polymer Extrusion Technology Incorporated is represented by:
David A. Ray, Esq.
DAVID A. RAY, P.A.
303 Southwest 6th Street
Fort Lauderdale, FL 33315
Tel: (954) 399-0105
Email: dray@draypa.com
About Polymer Extrusion Technology Incorporated
Polymer Extrusion Technology Incorporated, doing business as
Glasslam, is engaged in plastic products manufacturing. The
company is based in Pompano Beach, Fla.
Polymer filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12348) on
March 27, 2023, with $100,000 to $500,000 in assets and $1
million to $10 million in liabilities. Violet Howes, director at
Polymer, signed the petition.
Judge Scott M. Grossman presides over the case.
The Debtor tapped David A. Ray, Esq., at David A. Ray, PA as
bankruptcy counsel and John D. Heffling, Esq., at Hall Booth
Smith, PC as special appellate counsel.
POSEIDON MOVING: Wins Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
authorized Poseidon Moving, Inc. to use cash collateral on a
continuing, interim basis in accordance with the budget.
IOU Central, Inc., d/b/a IOU Financial, claims a security interest
with respect to the Debtor's assets.
The Court order grants IOU Financial a continuing lien on the
Debtor's post-petition cash collateral, but only to the same
degree, extent of perfection, and validity as the original security
interest of IOU Financial in the Debtor's pre-petition assets as of
the date of the commencement of the bankruptcy case on January 12,
2023, and only to the extent that such security interest is not
otherwise avoidable.
Further, the post-petition liens will only secure the amount of any
diminution in the value of IOU Financial's pre-petition collateral
constituting cash collateral resulting from the Debtor's use
thereof in the operation of the Debtor's business in the
post-petition period.
A continued telephonic hearing on the matter is set for September
21, 2023 at 2 p.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=qxpH6P from PacerMonitor.com.
The Debtor projects total cash uses, on a monthly basis, as
follows:
$246,274 for July 2023;
$286,998 for August 2023; and
$163,998 for September 2023.
About Poseidon Moving
Poseidon Moving, Inc. provides moving and temporary storage
services to its customers. The majority of its business revenues
come from payments from retail and consumer customers.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 23-10031) on Jan. 12,
2023, listing $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Christopher J Panos presides over the case.
Richard N. Gottlieb, Esq., at the Law Offices of Richard N.
Gottlieb and TicTax, LLC serve as the Debtor's legal counsel and
accountant, respectively.
PRECISION CASTPARTS: Egan-Jones Retains B- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 12, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Precision Castparts Corp. EJR also withdraws rating
on commercial paper issued by the Company.
Headquartered in Portland, Oregon, Precision Castparts Corp
manufactures and sells metal components.
PROS HOLDINGS: Egan-Jones Retains CCC- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, maintained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by PROS Holdings. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Houston, Texas, PROS Holdings provides price
optimization, sales improvement, opportunity detection, and revenue
management software.
QUANERGY SYSTEMS: Seeks to Extend Plan Exclusivity to October 9
---------------------------------------------------------------
Quanergy Systems, Inc. asks the U.S. Bankruptcy Court for the
District of Delaware to extend its exclusive periods within which
it may file a chapter 11 plan and solicit acceptances thereof to
October 9, 2023 and December 11, 2023, respectively.
The Debtor explained that, together with its advisors, it has
devoted a significant amount of time and effort to ensure a
smooth transition into chapter 11, and to preserve and maximize
the value of its estate for the benefit of all stakeholders.
The Debtor also claims that it has worked diligently to respond
to the Committee's various information requests and addressed
issues raised by the Committee in connection with the sale
process as well as the plan and disclosure statement. The Debtor
added that, following the closing of the sale, it has engaged in
substantial good faith, arms'-length negotiations with the
Committee, the U.S. Trustee, and other interested parties
concerning the merger motion, plan and disclosure statement and
intend on resolving such issues through the plan. The Debtor
anticipates filing revised versions of the plan and disclosure
statement and will seek a hearing to approve the disclosure
statement in the near-term, but in the meantime, the Debtor
continues to engage in discussions with the Committee and U.S.
Trustee.
This is the Debtor's second request for extension. Its exclusive
filing period was previously extended to July 11, 2023, and its
exclusive solicitation period to September 11, 2023.
Quanergy Systems, Inc. is represented by:
Sean M. Beach, Esq.
Shane M. Reil, Esq.
Heather P. Smillie, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 N. King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Email: sbeach@ycst.com
sreil@ycst.com
hsmillie@ycst.com
- and -
Cullen Drescher Speckhart, Esq.
Michael A. Klein, Esq.
Lauren A. Reichardt, Esq.
COOLEY LLP
55 Hudson Yards
New York, NY 10001-2157
Tel: (212) 479-6000
Email: cspeckhart@cooley.com
mklein@cooley.com
lreichardt@cooley.com
About Quanergy Systems
Quanergy Systems, Inc., designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation. The company is based in Sunnyvale, Calif.
Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Delaware Case No. 22-11305) on Dec.
13, 2022, with $10 million to $50 million in both assets and
liabilities. Larry Perkins, chief restructuring officer of
Quanergy Systems, signed the petition.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP and
Cooley, LLP as bankruptcy counsels; Seward & Kissel, LLP as
special counsel; SierraConstellation Partners as restructuring
advisor; FTI Consulting, Inc. as financial Advisor; and Raymond
James Financial, Inc. as investment Banker. Bankruptcy
Management Solutions, Inc., doing business as Stretto, Inc., is
the claims, noticing and solicitation agent.
R.B. DWYER: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 cases of R.B. Dwyer Co. Inc. and its affiliates.
About R.B. Dwyer Co. Inc.
R.B. Dwyer Co. Inc. filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 23-01420) on
June 26, 2023. In the petition filed by James B. Dwyer, managing
member, R.B. Dwyer disclosed $1 million to $10 million in both
assets and liabilities.
Judge Mark J. Conway oversees the case.
The Debtors are represented by the law firms of Hoegen &
Associates, P.C. and Kurtzman | Steady, LLC.
RAPID METALS: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 case
of Rapid Metals, LLC.
The committee members are:
1. Alex Little, VP, General Counsel
Algoma Steel, Inc.
105 West St.
Sault Ste. Marie
Ontario, Canada P6A 7B4
Phone: 705-255-8698
Email: Alex.Little@algoma.com
2. Mary Jane Canary
Cleveland-Cliffs Steel Corporation
27175 Haggerty Rd., Ste. 175
Novi, MI 48377
Phone: 313-317-2423
Email: maryjane.canary@clevelandcliffs.com
3. Chuck Caldwell, Credit Manager
Steel Dynamics, Inc.
1945 Airport Rd.
Columbus, MS 39701
Phone: 662-244-6724
Email: chuck.caldwell@steeldynamics.com
4. Lisa Goldenberg, President
Delaware Steel
311 Lindenwold Ave.
Ambler, PA 19002
Phone: 215-882-2095
Email: Lisa.Goldenberg@DelawareSteel.com
5. Edward Claahsen, Controller
Alliance Steel Corp.
2700 E. 5th Ave.
Gary, IN 46402
Phone: 219-427-5400
Email: Controller@Alliancesteel.net
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Rapid Metals
Rapid Metals, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-46098) on July 12,
2023, with $10 million to $50 million in both assets and
liabilities. Judge Maria L. Oxholm oversees the case.
Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C. is the
Debtor's legal counsel.
REDSTONE HOLDCO 2: Credit Suisse Marks $200,000 Loan at 39% Off
---------------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $200,000 loan
extended to Redstone Holdco 2 LP to market at $122,800 or 61% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Credit Suisse's Form N-CSR report for the
semi-annual period ended April 30, 2023, filed with the Securities
and Exchange Commission.
Credit Suisse HYBF is a participant in a Bank Loan to Redstone
Holdco 2 LP. The loan matures on April 27, 2029.
The loan carries CCC+ rating from S&P and Caa3 rating from
Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
REDSTONE HOLDCO: $1.11B Bank Debt Trades at 23% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Redstone Holdco 2
LP is a borrower were trading in the secondary market around 77.0
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion facility is a Term loan that is scheduled to
mature on April 27, 2028. The amount is fully drawn and
outstanding.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
REDSTONE HOLDCO: Credit Suisse Marks $1.3M Loan at 15% Off
----------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $1,342,000 loan
extended to Redstone Holdco 2 LP to market at $1,147,990 or 85% of
the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Credit Suisse's Form N-CSR report for the
semi-annual period ended April 30, 2023, filed with the Securities
and Exchange Commission.
Credit Suisse HYBF is a participant in a Bank Loan (LIBOR 3M +
4.750%) to Redstone Holdco 2 LP. The loan accrues interest at
10.005% per annum. The loan matures on April 27, 2028.
This loan carries B‑ rating from S&P and B3 rating from Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of
the buyout of the RSA Security business from Dell Inc.
RESOLUTE INVESTMENT: Moody's Lowers CFR & First Lien Debt to Caa2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Resolute Investment
Managers, Inc.'s ("RIM") corporate family rating to Caa2 from B2 on
review for downgrade, its probability of default rating to Caa2-PD
from B2-PD on review for downgrade, its senior secured first-lien
bank credit facilities to Caa2 from B1 on review for downgrade and
its senior secured second-lien term loan to Ca from Caa1 on review
for downgrade. Moody's also changed the outlook to negative from
ratings under review. The rating action concludes the review for
downgrade initiated on May 4, 2023.
The rating action follows RIM's announced agreement with
approximately 100% (99.6%) of its lenders to engage in a
recapitalization transaction. The recapitalization transaction is
expected to close by year-end 2023. As part of the
recapitalization, RIM will exchange its existing $538 million
first-lien term loan due April 2024 for a new $350 million loan due
April 2027 and 86.5% equity interest in RIM's reorganized equity.
The company will also exchange the outstanding balance ($89
million) on its second-lien term loan into equity, representing a
13.5% ownership interest in RIM's reorganized equity. Additionally,
the maturity of the company's existing $40 million revolving credit
facility will be extended by three years to January 2027.
Moody's will likely consider this transaction, if executed as
proposed, to be a distressed exchange, given it is likely to result
in a loss to creditors pursuant to the exchange of new equity for
outstanding debt. If the recapitalization transaction is
successful, RIM's debt balance would be reduced by $276 million or
43%. The negative outlook primarily reflects the continued net
outflow challenges faced by the company as well as execution risk
associated with this transaction.
RATINGS RATIONALE
Moody's view RIM's recapitalization plan as a distressed exchange
as it avoids default on the company's first-lien term loan due
April 2024 and significantly reduces its outstanding debt. While
the extent of ultimate recoveries remains uncertain, Moody's
expects the losses on promised principal and interest to be
significant. At the closing of the transaction, Moody's will append
an "/LD" to the probability of default rating indicating limited
default.
RIM's Caa2 CFR reflects the challenges the asset manager faces from
persistent net outflows, its modest scale, high financial leverage
and weakening profitability.
The recapitalization transaction would improve the strength of the
company's balance sheet and provide it greater financial
flexibility to execute on its business strategy. However, Moody's
expects the company will continue to struggle to grow and
meaningfully diversify the business beyond the core American Beacon
Funds business which continue to constrain earnings growth and
organic deleveraging. The negative outlook reflects the challenging
operating environment under which RIM must execute its strategy.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The outlook could be stabilized if outflows are stemmed such that
there is an improvement to the company's assets under management
resiliency scores, there is increased earnings contribution from
the company's affiliates such that RIM's revenue and profit margins
expand, or debt reduction and debt-to-EBITDA is comfortably
sustained below 5x (includes Moody's standard adjustments).
Conversely, RIM's ratings could be downgraded if: 1) there is a
deterioration in the company's cash generation or liquidity
profile; or 2) the company fails to close the recapitalization
transaction; or 3) financial leverage, as computed by Moody's, is
sustained above 7x debt-to-EBITDA; or 4)Persistent client
redemptions weaken asset resiliency scores below industry
averages.
RIM is a multi-affiliate asset manager that provides investment
strategies and services to institutions, retirement plans and
retail investors. At June 30, 2023, the company had $80 billion of
consolidated assets under management.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
REVERE POWER: $445M Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which Revere Power LLC is
a borrower were trading in the secondary market around 80.7
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $445 million facility is a Term loan that is scheduled to
mature on March 29, 2026. About $422 million of the loan is
withdrawn and outstanding.
Revere Power LLC is a project-financed entity that wholly owns and
controls three combined cycle gas plants in New England with a
combine winter capacity of 1,143 megawatts (MW).
REVERE POWER: $70M Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which Revere Power LLC is
a borrower were trading in the secondary market around 80.6
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $70 million facility is a Term loan that is scheduled to mature
on March 29, 2026. About $37 million of the loan is withdrawn and
outstanding.
Revere Power LLC is a project-financed entity that wholly owns and
controls three combined cycle gas plants in New England with a
combine winter capacity of 1,143 megawatts (MW).
RIALTO BIOENERGY: May Use $810,777 of Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
authorized Rialto Bioenergy Facility, LLC to use cash collateral on
an interim basis in accordance with the budget.
The Debtor is authorized to use cash collateral in the amount of no
more than $810,777 to pay those amounts specifically set forth in
the budget, with 16.25% variance, to the extent necessary to fund
the operations of the Debtor. If the Debtor does not pay for a
particular expense during the period, the Debtor is authorized to
pay for that particular expense during a later period as the Debtor
deems appropriate.
California Pollution Control Financing Authority and UMB, as
trustee are parties to the Indenture, dated as January 1, 2019, all
security agreements, notes, guarantees, mortgages, Uniform
Commercial Code financing statements, documents, and instruments,
pursuant to which the California Pollution Control Financing
Authority issued Solid Waste Disposal Revenue Bonds in an aggregate
principal amount of $117.2 million. The Authority loaned the
proceeds of the Bonds to the Debtor pursuant to the Loan Agreement,
dated as of January 1, 2019, to (i) finance the acquisition,
construction, rehabilitation, renovation, installation, improvement
and equipping of the Debtor's facility, (ii) fund 24 months of
capitalized interest, (iii) fund a reserve for bonds issued by the
Authority, and (iv) pay a portion of the costs of issuance of the
Bonds. The Secured Parties assert that as of the Petition Date, the
Debtor was indebted in the aggregate principal amount of not less
than $111.975 million in respect of outstanding principal amount of
the Bonds.
The Debtor asserts that the aggregate principal amount of the
Prepetition Obligations is less than $111.975 million. The Secured
Parties assert that the Bonds are secured by first priority
security interests in and liens on substantially all assets of the
Debtor.
To the extent of any Diminution in Value from and after the
Petition Date resulting from, among other things, the use, sale or
lease of the cash collateral, and the imposition of the automatic
stay, the Secured Parties are granted valid, binding, continuing,
enforceable, fully perfected, nonavoidable, first-priority senior,
additional and replacement security interests in and liens on the
Collateral.
The Secured Parties are granted, solely to the extent of any
Diminution in Value, an allowed superpriority administrative
expense claim against the Debtor under in respect of the Adequate
Protection Obligations with priority in payment over any and all
administrative expenses of the kind specified or ordered pursuant
to any provision of the Bankruptcy Code. The Superpriority Claim
will have recourse to and be payable from all of the Debtor's
available assets.
The Adequate Protection Liens and security interests will be deemed
valid, perfected, allowed, enforceable, non-avoidable and not
subject to challenge, dispute or subordination, at the time and on
the date of entry of the Order without the need for any further
action by the Prepetition Trustee or the Prepetition Bondholders.
The Debtor's right to use the Cash Collateral Amount will
automatically terminate without further notice or court proceeding
on the earliest to occur of:
(a) The Court enters an order dismissing the chapter 11 case,
without the consent of the Prepetition Trustee, acting at the
direction of the Majority Bondholders;
(b) The Court enters an order converting the chapter 11 case
to a case under chapter 7 of the Bankruptcy Code, without the
consent of the Prepetition Trustee, acting at the direction of the
Majority Bondholders;
(c) The Court enters an order appointing a chapter 11 trustee
or any examiner with expanded powers relating to the operation of
the business in the chapter 11 case;
(d) A filing by the Debtor of any motion, pleading,
application or adversary proceeding challenging the (i) validity,
extent, enforceability, perfection or priority of the Prepetition
Liens or asserting any other cause of action against and/or with
respect to the Prepetition Documents; or (ii) the validity or
enforceability of any of the Prepetition Obligations (or if the
Debtor supports any such motion, pleading, application or adversary
proceeding commenced by any third party);
(e) The Debtor's filing of any motion or prosecuting of any
motion seeking any financing under 11 U.S.C. section 364(d) secured
by the Collateral that does not require the payment in full of all
Prepetition Obligations; and
(f) August 18, 2023.
A continued hearing on the matter is set for August 16 and 23 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=GyFvpJ from PacerMonitor.com.
The Debtor projects $197,578 in total receipts and $701,052 in
total operating disbursements for the period from July 15 to August
18, 2023.
About Rialto Bioenergy Facility, LLC
Rialto Bioenergy Facility, LLC owns and operates an extremely
valuable, state-of-the-art, multi-feedstock bioenergy facility in
Rialto, California, that converts organic waste, such as food
waste, yard waste, and biosolids into carbon-negative renewable
natural gas, with capability to also generate renewable electricity
and soil amendment/fertilizer. The facility, the largest in North
America and valued at $196.6 million, utilizes anaerobic digestion
technology to convert the organic waste received from waste haulers
into renewable natural gas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-01467) on May 25,
2023. In the petition signed by Yaniv Scherson, vice president, the
Debtor disclosed up to $500 million in both assets and
liabilities.
Judge Christopher B. Latham oversees the case.
Ron Bender, Esq., at Levene, Neale, Bender, Yoo and Golubchik LLP,
represents the Debtor as legal counsel. B. Riley Securities, Inc.
serves as the Debtor's financial advisor.
UMB Bank, N.A., as Indenture Trustee is represented by Nahal
Zarnighian, Esq., at Ballard Spahr LLP.
ROYAL CARRIBEAN: Egan-Jones Retains B- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on July 13, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Royal Caribbean Cruises Ltd. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Miami, Florida, Royal Caribbean Cruises Ltd.
operates as a global cruise company operating a fleet of vessels in
the cruise vacation industries.
RSA SECURITY: Reportedly Won't Pay Debt Without Amendment Deal
--------------------------------------------------------------
Reshmi Basu of Bloomberg News reports that cybersecurity firm RSA
Security LLC is warning lenders that it may not use proceeds from
an asset sale to repay debt if its amendment proposal falters.
The threat came after lenders, objecting to planned payouts to
limited partners of RSA's private equity owners Clearlake Capital
Group and Symphony Technology Group, amassed a position big enough
to block the amendment. RSA asked the creditors to use more than
half the proceeds from a $1.378 billion asset sale to pay down debt
and make other distributions, Bloomberg previously reported.
Clearlake Capital Group and Symphony Technology Group announced on
July 10, 2023, that they have completed the sale of Archer
Technologies to international private equity firm Cinven. STG
initially acquired Archer in 2020 as a part of its acquisition of
RSA Security from Dell Technologies and subsequently partnered with
Clearlake in 2021 to establish Archer as an independent business.
Archer is a provider of integrated risk management ("IRM") cloud
software solutions with products that include compliance,
governance, security, audit and ESG.
About RSA Security
RSA Security LLC is the former cyber security division of Dell
Technologies Inc. RSA Security claims to be the most widely
recognized cybersecurity and risk management vendor in the market.
RSA was founded in 1982 and was acquired by Dell as part of the EMC
transaction in 2016. Private equity firm Symphony Technology
Group, Ontario Teachers' Pension Plan, and Carlyle Group Inc's
investment arm AlpInvest Partners acquired the company from Dell
for $2.075 billion in 2020.
RVN TELEVISION: Brian W. Hofmeister Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Brian W. Hofmeister,
Esq. as Subchapter V trustee for RVN Television.
Mr. Hofmeister will be paid an hourly fee of $400 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hofmeister declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brian W. Hofmeister, Esq.
3131 Princeton Pike
Building 5, Suite 110
Lawrenceville, NJ 08648
Phone: (609) 890-1500
Email: bwh@hofmeisterfirm.com
About RVN Television
RVN Television filed Chapter 11 petition (Bankr. D.N.J. Case No.
23-15695) on July 1, 2023, with $50,001 to $100,000 in both assets
and liabilities. Judge Andrew B. Altenburg Jr. oversees the case.
Vera McCoy, Esq. of VMC Enterprises, LLC represents the Debtor as
legal counsel.
SENSATA TECHNOLOGIES: Egan-Jones Retains BB- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on June 28, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Sensata Technologies Holding N.V. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Attleboro, Massachusetts, Sensata Technologies
Holding N.V. develops, manufactures, and sells sensors and
controls.
SFII 1390 MARKET: Public Auction of LLC Interests on Sept. 6
------------------------------------------------------------
Jones Lang LaSalle Americas, on behalf of BSREF Holdings LLC,
offers for sale at public auction on Sept. 6, 2023, at 11:00 a.m.
(New York Time) conducted both via zoom and in-person at the
offices of Cleary Gotllieb Steen & Hamilton LLP, One Liberty Plaza,
New York, New York 10096, in connection with a Uniform Commercial
Code Sale, 100% of the limited liability company membership
interests in SFII 1390 Market ST LLC, which is the sole owner of
the office condominium unit located on the property located at 1390
Market Street, San Francisco, California 94103. The interest are
owned by SFII 1390 Market Mezz LLC having its principal place of
business at 260 California Street, Suite 1100, San Francisco,
California 94111.
The secured party, as lender, made a loan to the mezzanine
borrower. In connection with the mezzanine loan, mezzanine
borrower has granted to the secured party a first priority lien on
the interest pursuant to that certain pledged and security
agreement dated May 17, 2018, made by the mezzanine borrower in
favor of the secured party. The secured party is offering the
interests for sale in connection with the foreclosure on the
pledged of such interests. The mezzanine loan is subordinate to a
mortgage loan and other obligations and liabilities of the mortgage
borrower or otherwise affecting the property. BSREF Holding LLC
may, prior to the sale described herein, assign all of its right,
title and interest in and to the mezzanine loan to an affiliate of
BSREF Holdings LLC, and in the case of such assignment the assignee
will be considered the "secured party" for all purposes hereunder.
All bids must be for cash, and successful bidder must be prepared
to deliver immediately available good fund as required by the terms
of sale and otherwise comply with the bidding requirements and
terms of sale. Further information concerning the interests, the
requirements for obtaining information and bidding on the interest
and the terms of sale can be found at
http://www.1390MarketStUCCSale.comor by contacting JLL at:
Jones Lang LaSalle Americas Inc.
Attn: Brett Rosenberg
Tel: +1 212-812-5926
Email: brett.rosenberg@jll.com
SONIC AUTOMOTIVE: Egan-Jones Retains BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on June 30, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sonic Automotive.
Headquartered in Charlotte, North Carolina, Sonic Automotive is a
Fortune 500 company based in Charlotte, North Carolina, and is the
fifth largest automotive retailer in the United States as measured
by total revenues.
SONOCO PRODUCTS: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 10, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sonoco Products Company.
Headquartered in Hartsville, South Carolina, Sonoco Products
Company manufactures industrial and consumer packaging solutions
for customers around the world.
SP PF BUYER: $744M Bank Debt Trades at 23% Discount
---------------------------------------------------
Participations in a syndicated loan under which SP PF Buyer LLC is
a borrower were trading in the secondary market around 76.7
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $744.4 million facility is a Term loan that is scheduled to
mature on December 21, 2025. About $744.4 million of the loan is
withdrawn and outstanding.
SP PF Buyer LLC does business as Pure Fishing, a Columbia, South
Carolina-based company that primarily designs, manufactures and
sells fishing equipment, including rods, reels, lures, artificial
bait, and related fishing tackle, across the globe.
STARR GENERAL: Cash Flow Operations to Fund Plan
------------------------------------------------
Starr General Contracting Corporation, filed with the U.S.
Bankruptcy Court for the District of New Jersey a Small Business
Plan of Reorganization dated July 17, 2023.
The debtor was formed as a New Jersey Corporation on May 8, 2007
and operates a general contracting company and an excavating
company that performs services for both commercial and consumer
customers.
The event which lead to the filing of the Bankruptcy Case was the
filing of a class action lawsuit in the Superior Court of New
Jersey, Law Division, Gloucester County, Docket No.
GLO-L-001502-21, by Crystal Baker, Meghan Clarke, on behalf of
themselves and on behalf of all others similarly situated against
the debtor claiming damages for all hours worked over 40 hours per
week for all persons employed by the debtor for the six years prior
to the filing of the complaint in the State Court.
United States Small Business Administration, Newlane Finance, LLC,
and BB&T Commercial Equipment Capital Corporation are secured
creditors by virtue of security agreements and filed UCC-1s. The
debtor will continue to make regular installment payments on
account of these claims on the contractual agreement of the claims
until the claim is paid in full. The debtor is current both pre and
post-petition with the payment to these creditors. These creditors
will retain their liens as described in their filed UCC 1s.
The debtor will pay such amounts as are allowed by the Court to
Kasen & Kasen as attorney for the debtor and Nicole Nigrelli,
Subchapter V Trustee within 15 days of confirmation or within 15
days of allowance by the Court, whichever is sooner.
The principal obligor of the claim of Navitas Credit Corporation is
Top Dog Maintenance, Inc., who has been paying that claim timely
each and every month. The claim was guaranteed by the debtor. Top
Dog Maintenance, Inc. shall continue to pay its claim to Navitas in
accordance with its contractual terms until claim is paid in full.
If Top Dog defaults, the debtor shall be liable to pay the
remaining amount to Navitas until the claim is paid in full.
The debtor scheduled approximately 213 wage claimants who worked
for the debtor, but were employees of BBSI, which issued W2s to the
employees, filed tax returns for wages paid to the employee, and
paid net pay directly to the employees. All the wage claimants were
scheduled as disputed. None of the wage claimants filed proofs of
claim; therefore, it is the debtor's position that none of these
wage claimants should have allowed claims and therefore, should
receive no distribution through the Plan and should not be entitled
to vote.
The debtor will pay on the effective date of the Plan the allowed
amount of the priority claim of Nicholas Pensabene. The debtor
intends to object to the allowed priority claim of Nicholas
Pensabene since the debtor does not believe Nicholas Pensabene is
entitled to an allowed priority claim. Also, the debtor intends to
object to the general unsecured claim of Nicholas Pensabene.
The debtor will pay the allowed unsecured claim of two suppliers
namely, Bridgeton P&H Supply and Catarina Supply in equal quarterly
installments over 3 years with the first quarterly installment
commencing on the 90th day after the commencement of the Plan.
In addition to the priority tax claim of the IRS, the IRS filed a
general unsecured claim and a penalty claim, which is also
unsecured. The debtor is intending to object to all of the IRS
claims because the debtor does not believe the claims are due.
Class 10 consists of General unsecured claim of IRS in the amount
of $2,150.04. Debtor shall pay in equal quarterly installments
commencing 90 days after the effective date of the Plan for a total
of 18 quarters such sums as are necessary to pay the allowed amount
of the claim in full.
Class 12 consists of General unsecured claim of Nicholas Pensabene
in the amount of $12,825.00. Claimant shall be paid 100% of the
allowed amount of the claim to be paid in 12 equal quarterly
payments commencing on the 90th day after the effective date of the
Plan and each 90 days thereafter until the allowed amount of the
claim is paid in full. The debtor does not agree with the claim
filed by Nicholas Pensabene and intends to object to same.
Class 13 consists of Equity Interest Holder Charles Starr, Jr.
Member of this class shall retain 100% of ownership interest of
Debtor.
The Plan will be funded by cash flow from debtor and if necessary,
loans or capital contribution from Charles Starr, Jr. and by
payment of certain claims by the principal obligor, Top Dog
Maintenance, Inc.
A full-text copy of the Plan of Reorganization dated July 17, 2023
is available at https://urlcurt.com/u?l=K7NX0V from
PacerMonitor.com at no charge.
Attorneys for Debtor:
KASEN & KASEN
David A. Kasen, Esq.
Society Hill Office Park
1874 E. Marlton Pike, Suite 3
Cherry Hill, NJ 08003
(856) 424-4144
Fax (856) 424-7565
Email dkasen@kasenlaw.com
About Starr General Contracting Corporation
Starr General Contracting Corporation is a construction company
that does both residential and commercial construction. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D.N.J. Case No. 23-13205) on April 18, 2023. In the
petition signed by Charles Starr, Jr., its president, the Debtor
disclosed up to $1 million in assets and up to $500,000 in
liabilities.
Judge Jerrold N. Poslusny, Jr. oversees the case.
David A. Kasen, Esq., at Kasen & Kasen, P.C., represents the Debtor
as legal counsel.
STATEN ISLAND JEWISH: Case Summary & Five Unsecured Creditors
-------------------------------------------------------------
Debtor: Staten Island Jewish Heritage Network Inc.
DBA SIHA Foundation
3495 Richmond Rd
Staten Island, NY 10306
Business Description: The Debtor owns real property located at
3495 Richmond Rd, Staten Island NY valued at
$1.7 million.
Chapter 11 Petition Date: July 21, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-42581
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue
Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
Email: alla@kachanlaw.com
Total Assets: $1,700,088
Total Liabilities: $2,902,436
The petition was signed by Steven Uzhansky as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/5BWYUZI/Staten_Island_Jewish_Heritage__nyebke-23-42581__0001.0.pdf?mcid=tGE4TAMA
STOWERS TRUCKING: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 4 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Stowers Trucking, LLC.
About Stowers Trucking
Stowers Trucking, LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D. W.Va. Case No. 22-20125) on July 7, 2022, with up to
$500,000 in both assets and liabilities. Judge B. Mckay Mignault
oversees the case.
James M. Pierson, Esq., at Pierson Legal Services is the Debtor's
legal counsel.
T-MOBILE USA: Egan-Jones Retains B+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on June 29, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by A T-Mobile USA, Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Bellevue, Washington, T-Mobile USA, Inc. provides
telecommunications services.
TAMPA BAY PLUMBERS: Michael Markham Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Michael Markham as
Subchapter V trustee for Tampa Bay Plumbers, LLC.
Mr. Markham will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Markham declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael C. Markham
401 E. Jackson Street, Suite 3100
Tampa, Florida 33602
Phone: (727) 480-5118
Email: Mikem@jpfirm.com
About Tampa Bay Plumbers
Tampa Bay Plumbers, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-02904) on July 10, 2023, with $1,781,764 in assets and
$4,418,145 in liabilities. Ryan J. Pelky, manager, signed the
petition.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal
counsel.
TANTUM COMPANIES: Court Orders Appointment of Creditors' Committee
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina ordered the appointment of an official committee of
unsecured creditors in the Chapter 11 cases of Tantum Companies,
LLC and its affiliates upon the recommendation of the U.S.
Bankruptcy Administrator.
These unsecured creditors will constitute the committee:
1. Best Restaurant Equipment & Design, Inc.
Attn: Lori Waddle
4020 Business Park Dr.
Columbus, OH 43204
2. Realty Income
Attn: Demetri Lahanas
11995 El Camino Real
San Diego, CA 92130
3. Gordon Food Service, Inc.
Attn: Julie Lamar
1300 Gezon Pkwy SW
Wyoming, MI 49509
About Tantum Companies
Tantum Companies, LLC operates in the restaurant industry. The
company is based in Charlotte, N.C.
Tantum Companies and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Lead Case No.
23-30407) on June 26, 2023. In the petition signed by CEO Mark
Cote, Tantum Companies disclosed up to $10 million in assets and up
to $50 million in liabilities.
Judge Craig Whitley oversees the cases.
Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin,
PLLC, represents the Debtors as legal counsel. Blystone and
Donaldson is the Debtors' financial advisor.
TARONIS FUELS: Seeks to Extend Plan Exclusivity to October 9
------------------------------------------------------------
Taronis Fuels, Inc. and its affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to extend the exclusive
periods during which only the debtors may file a chapter 11 plan
and solicit acceptances thereof to October 9, 2023 and December
6, 2023, respectively.
The Debtors assert that they have made significant progress in
moving their chapter 11 cases to a successful completion,
including:
(a) successfully completing the Airgas Sale and the Texas
Sale;
(b) rejecting leases and abandoning personal property to
eliminate burdensome expenses for the Debtors' estates;
(c) preparing and filing the schedules of assets and
liabilities and statements of financial affairs;
(d) preparing and filing the Debtors' initial and monthly
operating reports;
(e) resolving certain contested matters; and
(f) commencing drafting of a chapter 11 plan.
The Debtors explained that now that they have sold substantially
all of their assets and are winding down, they require additional
time to complete remaining inventory liquidations and to engage
in discussions with key stakeholders before filing and
prosecuting a plan of liquidation.
Unless extended, the Debtors' exclusive filing and solicitation
periods end on July 11, 2023 and September 7, 2023, respectively.
Taronis Fuels, Inc. and its affiliates are represented by:
Jeremy W. Ryan, Esq.
L. Katherine Good, Esq.
Aaron H. Stulman, Esq.
Katelin A. Morales, Esq.
Sameen Rizvi, Esq.
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Email: jryan@potteranderson.com
kgood@potteranderson.com
astulman@potteranderson.com
kmorales@potteranderson.com
srizvi@potteranderson.com
About Taronis Fuels
Taronis Fuels, Inc. and its affiliates manufacture and distribute
industrial, medical, specialty and beverage gases and associated
welding and safety supplies.
Taronis Fuels and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-11121)
on Nov. 11, 2022. In the petitions signed by their chief
executive officer, R. Jered Ruyle, the Debtors estimated $10
million to $50 million in both assets and liabilities. Judge
Brendan L. Shannon oversees the case.
The Debtors tapped Potter Anderson & Corroon LLP as general
bankruptcy counsel; Aurora Management Partners, Inc. as
restructuring advisor; and Chipman Brown Cicero & Cole, LLP as
special litigation counsel. Donlin, Recano & Company Inc. is the
claims and noticing agent and administrative advisor.
TECH-MAR ENTERPRISES: Tom Howley Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 7 appointed Tom Howley at Howley Law
PLLC as Subchapter V trustee for Tech-Mar Enterprises LLC.
Mr. Howley will be paid an hourly fee of $500 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Howley declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tom Howley
Howley Law PLLC
711 Louisiana Street, Suite 1850
Houston, TX 77002
Telephone: (713) 333-9120
Email: tom@howley-law.com
About Tech-Mar Enterprises
Tech-Mar Enterprises LLC is an IT service provider in Houston,
Texas.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-32570) on July 10,
2023, with $182,174 in assets and $1,544,635 in liabilities.
Bernard J Marino III, president, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor
as counsel.
TECHNICAL ORDNANCE: Court OKs Interim Cash Collateral Access
------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Fort
Myers Division, authorized Technical Ordnance Solutions, LLC,
Atomic Machine and EDM, Inc., and Energy Technical Systems, Inc. to
use cash collateral on an interim basis in accordance with the
budget, with a 10% variance.
The Debtors require access to cash collateral to pay ordinary and
necessary business expenses.
As previously reported by the Troubled Company Reporter, the
Debtors borrowed and spent money to enhance their manufacturing
capabilities by obtaining cross-collateralizing loans -- with cross
guaranties -- from the lenders. In the wake of COVID-19 and
subsequent economic downturns, demand for the Debtors' pistol
barrels and associated products softened. As a result, the Debtors
are unable to timely meet their debt service and other financial
obligations.
The Debtors have a number of secured creditors that have asserted
pre-petition security interests in (i) the Debtors' prepetition
property, and (ii) the cash proceeds that are derived from the
Collateral. To the best of the Debtors' knowledge, the Secured
Creditors are:
* the U.S. Small Business Administration,
* Newtek Small Business Finance, LLC,
* Newtek Business Credit Solutions,
* US Strategic Capital Advisors LLC,
* IOU,
* Kapitus, LLC, and
* Small Business Financial Solutions, LLC, a/k/a Rapid
Finance.
As adequate protection, the Secured Creditors will have a perfected
post-petition lien against the Prepetition Collateral to the same
extent and with the same validity and priority as their alleged
prepetition lien, without the need to file or execute any document
as may otherwise be required under applicable non-bankruptcy law.
The Debtors will maintain insurance coverage for its property in
accordance with obligations under the loan and security documents
with the Secured Creditors.
A further hearing on the matter is set for August 16, 2023 at 10
a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=GbI1TD from PacerMonitor.com.
The Debtor projects total uses, on a weekly basis, as follows:
$73,245 for the week ending July 26, 2023;
$63,126 for the week ending August 2, 2023;
$89,475 for the week ending August 9, 2023;
$110,991 for the week ending August 16, 2023;
$83,623 for the week ending August 23, 2023; and
$17,734 for the week ending August 30, 2023.
About Technical Ordnance Solutions LLC
Technical Ordnance Solutions LLC is engaged in the business of
ordnance accessories manufacturing. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case
No. 23-00125) on February 5, 2023. In the petition signed by Clyde
William Colburn, III, its owner, the Debtor disclosed up to
$100,000 in assets and up to $10 million in liabilities.
Judge Caryl E. Delano oversees the case.
Mike Dal Lago, Esq., at Dal Lago Law, represents the Debtor as
legal counsel.
TENET HEALTHCARE: Egan-Jones Retains B+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on June 29, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tenet Healthcare Corporation. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Dallas, Texas, Tenet Healthcare Corporation,
through its subsidiaries, owns or operates general hospitals and
related health care facilities serving communities in the United
States.
THRASIO LLC: $325M Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Thrasio LLC is a
borrower were trading in the secondary market around 80.5
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $325 million facility is a Delay-Draw Term loan that is
scheduled to mature on December 18, 2026.
Thrasio, LLC is an online retail company that sells pet odor
eliminator and pet stain removal products.
TRUGREEN LTD: Credit Suisse Marks $600,000 Loan at 32% Off
----------------------------------------------------------
Credit Suisse High Yield Bond Fund has marked its $600,000 loan
extended to TruGreen Limited Partnership to market at $405,000 or
68% of the outstanding amount, as of April 30, 2023, according to a
disclosure contained in Credit Suisse's Form N-CSR report for the
semi-annual period ended April 30, 2023, filed with the Securities
and Exchange Commission.
Credit Suisse HYBF is a participant in a Bank Loan (LIBOR 3M +
8.500%) to TruGreen Limited Partnership. The loan accrues interest
at 13.773% per annum. The loan matures on November 2, 2028.
The loan carries CCC rating from S&P and Caa2 rating from Moody's.
Credit Suisse High Yield Bond Fund is a business trust organized
under the laws of the State of Delaware on April 30, 1998. The Fund
is registered as a non diversified, closed end management
investment company under the Investment Company Act of 1940, as
amended.
TruGreen Limited Partnership provides lawn care services. The
Company offers healthy lawn analysis, fertilization, tree and shrub
care, weed control, insect control, and other related services.
US CELLULAR: Egan-Jones Retains B+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on July 11, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by United States Cellular Corp.
Headquartered in Chicago, Illinois, United States Cellular
Corporation is a wireless telecommunications services.
VAUGHN ENVIRONMENTAL: Seeks to Use $60,629 of Cash Collateral
-------------------------------------------------------------
Hawkeye Enterprises, LLC asks the U.S. Bankruptcy Court for the
District of Oregon for authority to use cash collateral in the
amount of $60,629 for the period from July 17, 2023 to August 6,
2023 as listed on the budget.
The secured creditors may have UCC liens filed on bank accounts and
accounts receivable recorded in the Office of The Secretary of the
State.
The apparent secured creditors are the Small Business
Administration dated November 6, 2021 in the approximate amount of
$500,000. The security interest of the SBA appears to be
unperfected. John Deere appears to have a secured loan on equipment
and also cash collateral. The loan has an approximate balance of
$113,411. The Debtor has accounts and accounts receivable of
$674,838 as of the date of filing. $611,488 of the accounts
receivable are over 90 days and may need to be discounted.
Only John Deere appears to be secured by cash collateral based upon
a UCC filing dated September 10, 2021. The equipment securing its
loan appears to have equity in excess of the loan and John Deere is
adequately protected by the equity.
As adequate protection, John Deere will be granted a security
interest and replacement lien, dollar for dollar, in all of the
post-petition accounts and accounts receivables to replace their
security interest and liens in collateral to the extent of
pre-petition cash collateral utilized by Debtor during the pendency
of the bankruptcy proceeding.
A hearing on the matter is set for July 21, 2023 at 10 a.m.
A copy of the Debtor's motion and budget is available at
https://urlcurt.com/u?l=k0ek8C from PacerMonitor.com.
About Vaughn Environmental, Inc.
Vaughn Environmental, Inc. operates a construction and excavation
business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 23-31549) on July 17,
2023. In the petition signed by Raegan Vaughn, president, the
Debtor disclosed up to $10 million in assets and liabilities.
Judge Peter C Mckittrick oversees the case.
Ted A. Troutman, Esq., at Troutman Law Firm P.C., represents the
Debtor as legal counsel.
VECTOR UTILITIES: May Use $44,000 of Cash Collateral
----------------------------------------------------
Vector Utilities, LLC sought and obtained entry of an order from
the U.S. Bankruptcy Court for the Southern District of Texas,
Laredo Division, authorizing the use cash collateral in the amount
of $44,000 for 14 days.
The Debtor requires the use of cash collateral to pay its payroll,
office and administrative expenses, and insurance.
The Debtor is indebted to the Small Business Administration and has
two lawsuits from MW GRP CAP and Balboa Capital Corp. which
requires the emergency motion.
The cash collateral at issue is income from the Debtor's regular
business.
The Debtor consented to giving the Small Business Administration a
replacement lien.
A copy of the Debtor's motion and budget is available at
https://urlcurt.com/u?l=92f9mi from PacerMonitor.com.
The Debtor projects $53,190 in total income and $43,677 in total
expenses for two weeks.
A copy of the court's order is available at
https://urlcurt.com/u?l=ogpIDl from PacerMonitor.com.
About Vector Utilities, LLC
Vector Utilities, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-60040) on July
16, 2023. In the petition signed by Griselda C. Gaytan, managing
member, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge David R. Jones oversees the case.
Margaret M. McClure, Esq., at Law Office of Margaret M. McClure,
represents the Debtor as legal counsel.
VERINT SYSTEMS: Egan-Jones Retains BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on July 3, 2023, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Verint Systems Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Huntington, New York, Verint Systems Inc. provides
analytic solutions for communications, interception, digital video
security and surveillance, and enterprise business intelligence.
VITAL PHARMA: Seeks to Extend Plan Exclusivity to September 1
-------------------------------------------------------------
Vital Pharmaceuticals, Inc. and its affiliates ask the U.S.
Bankruptcy Court for the Southern District of Florida to extend
the exclusive periods within which to file a chapter 11 plan and
solicit acceptances thereof to September 1, 2023 and November 6,
2023, respectively.
The Debtors claim that they have made significant progress in
their chapter 11 cases. The Debtors stated that they have
conducted a Court-approved sale process that culminated in the
Debtors filing an Amended Notice of Auction Cancellation and
Successful Bidder identifying the Asset Purchase Agreement (APA)
by and between certain of the Debtors, as sellers, and Blast
Asset Acquisition LLC, an acquisition vehicle that is a
subsidiary of Monster, as buyer, for a sale of substantially all
of the Debtors' assets.
The Debtors stated that they, along with the official committee
of unsecured creditors and DIP lenders -- who collectively
represent essentially all of the Debtors' creditors -- determined
that the transaction memorialized in the APA represents the
highest nad best offer to purchase substantially all of the
Debtors' assets as a going concern.
The hearing to consider the approval of the transaction is
scheduled for July 12, 2023. If approved, the APA provides for
an outside closing date for the transaction of no later that
August 3, 2023.
The current exclusive filing period expires on August 4, 2023.
The Debtors explained that an extension of the exclusive periods
will allow them to remain focused on consummating the transaction
for the benefit of all stakeholders and will avoid the
distractions that would results should the Debtors' exclusive
periods terminate.
Vital Pharmaceuticals, Inc. and its affiliates are represented
by:
Jordi Guso, Esq.
Michael J. Niles, Esq.
BERGER SINGERMAN LLP
1450 Brickell Avenue, Suite 1900
Miami, FL 33131
Tel: (305) 755-9500
Email: jguso@bergersingerman.com
mniles@bergersingerman.com
- and -
George A. Davis, Esq.
Tianjiao ("TJ") Li, Esq.
Brian S. Rosen, Esq.
Jonathan J. Weichselbaum, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, NY 10020
Tel: (212) 906-1200
Email: george.davis@lw.com
tj.li@lw.com
brian.rosen@lw.com
jon.weichselbaum@lw.com
– and –
Andrew D. Sorkin, Esq.
LATHAM & WATKINS LLP
555 Eleventh Street, NW, Suite 1000
Washington, D.C. 2004
Tel: (202) 637-2200
Email: andrew.sorkin@lw.com
– and –
Whit Morley, Esq.
LATHAM & WATKINS LLP
330 North Wabash Avenue, Suite 2800
Chicago, IL 60611
Tel: (312) 876-7700
Email: whit.morley@lw.com
About Vital Pharmaceuticals
Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.
Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.
VPX estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Hon. Scott M. Grossman is the case judge.
The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Haynes and
Boone, LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc., as CTO services provider; and Rothschild
& Co US, Inc., as investment banker. Stretto, Inc., is the
notice, claims and solicitation agent.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor
Law, P.A., as local counsel; and Lincoln Partners Advisors, LLC
as financial advisor.
WAVECREST ENTERPRISES: Court OKs Cash Collateral Access Thru Sept 8
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Wavecrest Enterprises LLC to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance, through September 8, 2023.
As previously reported by the Troubled Company Reporter, the
subject collateral is a 10-unit apartment building located at 19
Wavecrest Avenue, Venice, CA 90291.
The Debtor sought to use the rents generated from the property to
pay utilities, maintenance, parking, property taxes and insurance.
The Debtor asserts the equity in the Collateral is sufficient to
adequately protect each lienholder's interests.
The Court said all creditors secured with an interest in the cash
collateral are granted replacement liens in the same priority and
to the extent as their pre-petition liens.
A copy of the Court's order is available at
https://urlcurt.com/u?l=RojboU from PacerMonitor.com.
About Wavecrest Enterprises LLC
Wavecrest Enterprises LLC is primarily engaged in renting and
leasing real estate properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11438) on March 14,
2023. In the petition signed by Raul Hinojosa, manager, the Debtor
disclosed $6,505,000 in assets and $4,921,659 in liabilities.
Judge Julia W. Brand oversees the case.
Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as
legal counsel.
WCS PROPERTY: Court OKs Cash Collateral Access on Final Basis
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized WCS Property Group, LLC to use cash collateral
on a final basis in accordance with the budget, retroactive to July
3, 2023.
The Kiger Sr. Family Trust may claim a lien on the Debtor's cash
and accounts receivable.
The Debtor estimates the Trust's claim is secured by $5 million,
including $81,098 in cash and accounts receivable which the Debtor
expects to collect.
The Debtor is permitted to use cash collateral to pay: (a) the
amounts expressly authorized by the Court, including monthly
payments to the Subchapter V trustee; (b) the current and necessary
expenses set forth in the budget, plus an amount not to exceed 10%
for each line item; and (c) the additional amounts as may be
expressly approved in writing by the Secured Creditor.
The Secured Creditor will have a perfected post-petition lien
against cash collateral to the same extent and with the same
validity and priority as its prepetition lien, without the need to
file or execute any document as may otherwise be required under
applicable non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditor.
Commencing on August 10, 2023, and continuing monthly thereafter,
the Debtor will tender payments to the Secured Creditor in the
contractual amount of $10,725. The payment grace period and default
cure period shall be the same as set forth in the loan documents
governing the Debtor and Secured Creditor's relationship.
A copy of the order is available at https://urlcurt.com/u?l=1Agd25
from PacerMonitor.com.
About WCS Property Group, LLC
WCS Property Group, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02820) on July
3, 2023. In the petition signed by Taylor Santos, co-manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq. represents the Debtor as legal counsel.
WILLIAMS INDUSTRIAL: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Williams Industrial Services Group Inc.
FKA Global Power Equipment Group, Inc.
200 Ashford Center North, Suite 425
Atlanta, GA 30338
Business Description: Williams Industrial Services Group Inc. is a
holding company that owns a portfolio of
businesses which provide a broad range of
construction, maintenance, and support
services to infrastructure customers in
energy, power, and industrial end markets.
Chapter 11 Petition Date: July 22, 2023
Court: United States Bankruptcy Court
District of Delaware
Fourteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Williams Industrial Services Group Inc. (Lead Case) 23-10961
Williams Industrial Services Group, LLC 23-10962
Steam Enterprises, L.L.C. 23-10963
GPEG, LLC 23-10964
Global Power Professional Services Inc. 23-10965
Williams Industrial Services, LLC 23-10966
Williams Plant Services, LLC 23-10967
Williams Specialty Services, LLC 23-10968
WISG Electrical, LLC 23-10969
Construction & Maintenance Professionals, LLC 23-10970
Williams Global Services, Inc. 23-10971
WISG Canada Ltd. 23-10972
WISG Nuclear Ltd. 23-10973
WISG Electrical Ltd. 23-10974
Judge: Hon. Thomas M. Horan
Debtors'
Bankruptcy
Counsel: Sean A. Gordon, Esq.
Austin B. Alexander, Esq.
THOMPSON HINE LLP
Two Alliance Center
3560 Lenox Road NE, Suite 1600
Atlanta, Georgia 30326-4266
Tel: (404) 541-2900
Fax: (404) 541-2905
Email: Sean.Gordon@thompsonhine.com
Austin.Alexander@thompsonhine.com
- and -
Alan R. Lepene, Esq.
Scott B. Lepene, Esq.
THOMPSON HINE LLP
3900 Key Center
127 Public Square
Cleveland, Ohio 44114-1291
Tel: (216) 566-5500
Fax: (216) 566-5800
Email: Alan.Lepene@thompsonhine.com
Scott.Lepene@thompsonhine.com
Debtors'
Local
Bankruptcy
Counsel: Mark L. Desgrosseilliers, Esq.
CHIPMAN BROWN CICERO & COLE, LLP
Hercules Plaza
1313 North Market Street, Suite 5400
Wilmington, Delaware 19801
Tel: (302) 295-0192
Email: desgross@chipmanbrown.com
Debtors'
Financial
Advisor: G2 CAPITAL ADVISORS, LLC
Debtors'
Investment
Banker: GREENHILL & CO., LLC
Debtors'
Notice &
Claims
Agent: EPIQ BANKRUPTCY SOLUTIONS LLC
Total Assets as of March 31, 2023: $114,461,000
Total Debts as of March 31,2 023: $89,831,000
The petitions were signed by Tracy D. Pagliara as president and
CEO.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/FTMSKBQ/Williams_Industrial_Services_Group__debke-23-10961__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. United Rentals-Payment Center Trade Debt $1,294,478
PO Box 100711
Atlanta, GA 30384
Contact: Chief Financial Officer
Phone: 404-607-8370
Email: rbemmet1@ur.com
2. KBH Solutions LLC Trade Debt $1,105,406
2400 Herodian Way SE
Suite 220
Smyrna, GA 30126
Contact: Tarun Ganeriwal, CEO
Phone: 404-964-1355
Email: tarun@khbindustrial.com
3. Johnson Contractors, Inc. Trade Debt $928,000
3635 2nd Street
Muscle Shoals, AL 35661
Contact: Thomas Counts, President
Phone: 256-383-0313
Email: rlambert@johnsoncont.com
4. Augusta Industrial Services Trade Debt $580,244
15 Lovers Lane
Augusta, GA 30901
Contact: Clyde Pilcher, CEO
Phone: 706-798-8437
Email: g.lucas@augustaindustrial.com
5. Cogburn Bros Inc. Trade Debt $396,918
3300 Faye Road
Jacksonville, FL 32226
Contact: Larry Cogburn, President
Phone: 904-358-7344
Email: tlittlepage@cogburnbros.com
6. Herc Rentals Trade Debt $388,388
PO Box 936257
Atlanta, GA 31193
Contact: Timothy Underwood, President
Phone: 866-645-3693
Email: timothy.underwood@hercrentals.com
7. Baumert SAS Trade Debt $383,441
50 Rue Principale
Schaeffersheim, ZZ 67150
Contact: Remy Schmidt, CEO
Phone: 330-388-6466-00
Email: julien.seyler@baumert.fr
8. Thomson Building Wrecking CO Trade Debt $317,000
631 11th Street
Augusta, GA 30901
Contact: Hiriam E Thompson, President
Phone: 706-722-1432
Email: jane@thompsonwrekcing.com
9. Martin Marietta Materials Trade Debt $287,727
2710 Wycliff Road
Raleigh, NC 27607
Contact: Roselyn R Bar,
SVP & General Counsel
Phone: 919-783-4603
EMail: southeastdivision.credit@
martinmarietta.com
10. Cigna Healthcare Acct 630873 Insurance $279,036
PO Box 188037
Chattanooga, TN 37422
Contact: Chief Financial Officer
Phone: 800-997-1654
Email: cignasupplementalbilling@cigna.com
11. Sunbel Rentals Trade Debt $272,843
PO Box 409211
Atlanta, GA 30384
Contact: Arjen Fok, Director
Phone: 800-667-9328
Email: sean.spraetz@sunbertrentals.com
12. WA State Department of Revenue Tax $257,124
P.O. Box 34054
Seattle, WA 98124
Contact: Director of The Department
of Revenue
Tel: 206-727-5300
Fax: 206-727-5319
Email: wauchpholders@dor.wa.gov
13. Ferguson Enterprises Inc. Trade Debt $195,064
FEI-Orlando Waterworks 126
PO Box 100286
Atlanta, GA 30384
Contact: Victor Rodriguez
Phone: 800-721-2590
Email: victor.rodriguez1@ferguson.com
14. Retubeco Trade Debt $193,389
6024 Ooltewah Georgetown Road
Ooltewah, TN 37363
Contact: Edwards E. Overmyer, President
Phone: 423-238-4814
Email: sales@retubeco.com
15. Oleary Construction Inc. Trade Debt $190,679
1830 Gilford Ave
New Hyde Park, NY 11040
Contact: Michael Oleary,
President & Chairman of the Board
Phone: 516-775-6161
Email: darcie@olearyconstruction.com
16. Dept of Labor and Industries Regulatory $178,561
PO Box 24688
Seattle, WA 98124
Contact: Joel Sacks, Director
Phone: 360-902-5800
Email: tumwater@lni.wa.gov
17. Complete Service Well Drilling Trade Debt $164,269
9785 Well Water Rd
Jacksonville, FL 32220
Contact: Ira J. Merritt III,
Principal
Phone: 904-696-8635
Email: cecil@jaxwelldrilling.com
18. Ironside Developments LLC Trade Debt $155,552
4520 Williamhurst Ln
League City, TX 77573
Contact: Josh Hernandez, Principal
Phone: 713-701-9015
Email: josh.hernandez@gmail.com
19. Ek Birken Masonry, Inc. Trade Debt $155,182
11747 Phillips Highway
Suite 301
Jacksonville, FL 32256
Contact: Eric Kelley, Founder
Phone: 904-746-3335
Email: eric@ekbmasonry.com
20. KMC Construction Inc. Trade Debt $151,806
PO Box 1964
Madison, MS 39130
Contact: Scott Thaggard, Principal
Phone: 601-709-4604
Email: sthaggard@morgandconcrete.net
21. Clarion Electrical Trade Debt $143,033
22803 Schiel Rd
Cypress, TX 77433
Contact: Mike Leach, President
Phone: 713-858-7337
Email: mleach@clarionelec.com
22. International Duros Steel Trade Debt $141,250
7530 103rd St.
Suite 5
Jax, FL 32210
Contact: Ingrid La Cruz,
Principal
Phone: 859-652-1475
Email: interdusteel@gmail.com
23. Hudson Elevator Group Trade Debt $133,000
963 Van Duzer Street
Staten Island, NY 10304
Contact: Brian Farley
CEO & President
Phone: 718-720-6600
Email: mfarley@hudsonelevator.com
24. HDS Whie Cap Const Supply Trade Debt $120,854
5409-100 Broadway Avenue
Jacksonville, FL 32254
Contact: John Stegeman, CEO
Phone: 800-944-8322
Email: wcach@hdsupply.com
25. Smith Industrial Service, Inc. Trade Debt $119,411
2001 1. I-65 Service RD, N
Mobile, AL 36618
Contact: Russ Ackerman, GM
Phone: 251-471-4315
Email: rackerman@smithind.com
26. Eversource Energy Trade Debt $118,083
PO Box 270
Hartford, CT 06141
Contract: Brenda Leja
Phone: 800-286-5000
Email: brenda.leja@eversource.com
27. International Plant SVCS LLC Trade Debt $116,242
1602 Old Underwood Rd
La Porte, TX 77571
Contact: Karim Ayed, CEO
Phone: 281-867-8400
Email: info@intplantservice.com
28. Argos USA LLC Trade Debt $114,556
700 Palmetto Street
Jacksonville, FL 32202
Contact: Simon Bates, CEO
Phone: 378-368-4300
Email: bclark@argos-us.com
29. Complete Mobile Home Trade Debt $109,000
Setup, LLC
PO Box 788
Hull, GA 30546
Contact: Chief Financial Officer
Phone: 706-543-9448
Email: cmh13@me.com
30. Southeastern Systems Tech Trade Debt $101,059
566 Simpson Dr
Baxley, GA 31513
Contact: Lamar Turner, President
Phone: 912-366-9525
Email: leef@sesystemtech.com
WOOF HOLDINGS: $235M Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Woof Holdings Inc
is a borrower were trading in the secondary market around 82.3
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $235 million facility is a Term loan that is scheduled to
mature on December 21, 2028. The amount is fully drawn and
outstanding.
Headquartered in Tewksbury, Massachusetts, Woof Holdings, Inc.,
through its acquisition of The Wellness Pet Food Holdings Company,
Inc., is a manufacturer of premium pet food and treats, mainly in
North America.
YACHTBRASIL MOTOR: Aleida Molina Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Aleida Martinez Molina,
Esq., as Subchapter V trustee for YachtBrasil Motor Boats and
Charters, LLC.
Ms. Molina will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Molina declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aleida Martinez Molina, Esq.
2121 NW 2nd Avenue, Suite 201
Miami, Florida 33127
Telephone: (305) 297-1878
Email: Martinez@subv-trustee.com
About YachtBrasil Motor
YachtBrasil Motor Boats and Charters, LLC is a family-owned
business specializing in premier yachts. It is an authorized
dealer for the CCN, Maestro, Maori, Rio Yachts and Comitti.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15357) on July 9,
2023, with $1 million to $10 million in assets and liabilities.
Lysandra Coelho, managing member, signed the petition.
Judge Laurel M. Isicoff oversees the case.
Geoffrey Aaronson, Esq., at Aaronson Schantz Beiley, P.A. is the
Debtor's legal counsel.
[^] BOND PRICING: For the Week from July 17 to 21, 2023
-------------------------------------------------------
Company Ticker Coupon Bid Price Maturity
------- ------ ------ --------- --------
99 Escrow Issuer Inc NDN 7.500 39.000 1/15/2026
99 Escrow Issuer Inc NDN 7.500 38.736 1/15/2026
99 Escrow Issuer Inc NDN 7.500 38.736 1/15/2026
Acorda Therapeutics Inc ACOR 6.000 65.678 12/1/2024
Air Methods Corp AIRM 8.000 1.004 5/15/2025
Air Methods Corp AIRM 8.000 0.949 5/15/2025
Allstate Corp/The ALL 5.750 98.500 8/15/2053
AmTrust Financial
Services Inc AFSI 6.125 98.149 8/15/2023
Amyris Inc AMRS 1.500 18.500 11/15/2026
Audacy Capital Corp CBSR 6.750 1.708 3/31/2029
Audacy Capital Corp CBSR 6.500 1.069 5/1/2027
Audacy Capital Corp CBSR 6.750 1.643 3/31/2029
BPZ Resources Inc BPZR 6.500 3.017 3/1/2049
Bed Bath & Beyond Inc BBBY 5.165 1.688 8/1/2044
Bed Bath & Beyond Inc BBBY 4.915 3.000 8/1/2034
Boingo Wireless Inc WIFI 1.000 93.125 10/1/2023
Brixmor LLC BRX 6.900 9.875 2/15/2028
CenterPoint Energy Inc CNP 6.125 97.450 N/A
Citigroup Global
Markets Holdings
Inc/United States C 4.958 100.000 7/24/2023
Clovis Oncology Inc CLVS 1.250 12.120 5/1/2025
Clovis Oncology Inc CLVS 4.500 11.403 8/1/2024
Clovis Oncology Inc CLVS 4.500 11.239 8/1/2024
Curo Group Holdings Corp CURO 7.500 22.728 8/1/2028
Delta Air Lines 2015-1
Class B Pass
Through Trust DAL 4.250 99.400 7/30/2023
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 6.625 3.000 8/15/2027
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 3.115 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 3.750 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 6.625 2.500 8/15/2027
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 3.115 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 2.987 8/15/2026
Diamond Sports Group
LLC / Diamond
Sports Finance Co DSPORT 5.375 3.125 8/15/2026
Diebold Nixdorf Inc DBD 9.375 19.000 7/15/2025
Diebold Nixdorf Inc DBD 8.500 1.000 10/15/2026
Diebold Nixdorf Inc DBD 9.375 18.000 7/15/2025
Diebold Nixdorf Inc DBD 9.375 18.376 7/15/2025
Diebold Nixdorf Inc DBD 8.500 3.750 10/15/2026
Diebold Nixdorf Inc DBD 9.375 18.376 7/15/2025
Diebold Nixdorf Inc DBD 8.500 1.099 10/15/2026
Diebold Nixdorf Inc DBD 9.375 18.897 7/15/2025
Endo Finance LLC /
Endo Finco Inc ENDP 5.375 5.000 1/15/2023
Endo Finance LLC /
Endo Finco Inc ENDP 5.375 5.000 1/15/2023
Energy Conversion
Devices Inc ENER 3.000 0.551 6/15/2013
Envision Healthcare Corp EVHC 8.750 3.000 10/15/2026
Envision Healthcare Corp EVHC 8.750 3.004 10/15/2026
Esperion Therapeutics Inc ESPR 4.000 50.250 11/15/2025
Exela Intermediate
LLC / Exela
Finance Inc EXLINT 11.500 10.465 7/15/2026
Exela Intermediate
LLC / Exela
Finance Inc EXLINT 11.500 9.945 7/15/2026
Federal Home Loan Banks FHLB 3.150 99.377 7/27/2023
Federal Home Loan Banks FHLB 3.300 99.373 7/28/2023
Federal Home Loan Banks FHLB 3.375 99.371 7/28/2023
Federal Home Loan Banks FHLB 3.250 99.370 7/28/2023
Federal Home Loan Banks FHLB 3.250 99.383 7/26/2023
Federal Home Loan Banks FHLB 3.050 99.888 7/21/2023
Federal Home Loan Banks FHLB 3.150 99.367 7/28/2023
Federal Home Loan Banks FHLB 3.125 99.366 7/28/2023
Federal Home Loan Banks FHLB 3.300 99.370 7/28/2023
Federal Home Loan Banks FHLB 3.250 99.369 7/28/2023
Federal Home Loan Banks FHLB 3.500 99.374 7/28/2023
Federal Home Loan Banks FHLB 3.350 99.371 7/28/2023
Federal Home Loan Banks FHLB 0.430 98.884 7/21/2023
First Citizens
Bancshares Inc/TX FIRCTZ 6.000 90.444 9/1/2028
First Citizens
Bancshares Inc/TX FIRCTZ 6.000 90.444 9/1/2028
First Republic Bank/CA FRCB 4.375 0.663 8/1/2046
First Republic Bank/CA FRCB 4.625 0.625 2/13/2047
GNC Holdings Inc GNC 1.500 0.457 8/15/2020
Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022
Groupon Inc GRPN 1.125 38.750 3/15/2026
H-Food Holdings LLC /
Hearthside
Finance Co Inc HEFOSO 8.500 39.729 6/1/2026
H-Food Holdings LLC /
Hearthside
Finance Co Inc HEFOSO 8.500 39.515 6/1/2026
Hallmark Financial
Services Inc HALL 6.250 26.216 8/15/2029
HarborOne Bancorp Inc HONE 5.625 94.940 9/1/2028
Inseego Corp INSG 3.250 41.250 5/1/2025
Invacare Corp IVC 5.000 1.119 11/15/2024
Invacare Corp IVC 4.250 4.154 3/15/2026
JPMorgan Chase & Co JPM 2.000 87.875 8/20/2031
JPMorgan Chase Bank NA JPM 2.000 82.754 9/10/2031
Lannett Co Inc LCIN 7.750 5.500 4/15/2026
Lannett Co Inc LCIN 4.500 1.428 10/1/2026
Lannett Co Inc LCIN 7.750 5.375 4/15/2026
Lightning eMotors Inc ZEV 7.500 61.307 5/15/2024
M&T Bank Corp MTB 5.948 99.819 7/26/2023
M&T Bank Corp MTB 3.550 99.934 7/26/2023
MBIA Insurance Corp MBI 16.830 2.793 1/15/2033
MBIA Insurance Corp MBI 16.873 2.793 1/15/2033
Macquarie Infrastructure
Holdings LLC MIC 2.000 97.495 10/1/2023
Macy's Retail Holdings M 7.875 95.870 3/1/2030
Macy's Retail Holdings M 6.900 86.662 1/15/2032
Macy's Retail Holdings M 7.875 95.870 3/1/2030
Mashantucket Western
Pequot Tribe MASHTU 7.350 41.250 7/1/2026
Morgan Stanley MS 1.800 72.632 8/27/2036
Morgan Stanley
Domestic Holdings Inc MS 3.800 94.395 8/24/2027
NBC Bancshares
in Pawhuska Inc NBCBNC 6.950 94.252 9/1/2028
NBC Bancshares
in Pawhuska Inc NBCBNC 6.950 94.252 9/1/2028
National CineMedia LLC NATCIN 5.750 4.000 8/15/2026
OMX Timber Finance
Investments II LLC OMX 5.540 0.850 1/29/2020
Party City Holdings Inc PRTY 8.750 14.750 2/15/2026
Party City Holdings Inc PRTY 10.821 12.922 7/15/2025
Party City Holdings Inc PRTY 8.750 14.500 2/15/2026
Party City Holdings Inc PRTY 6.625 0.883 8/1/2026
Party City Holdings Inc PRTY 10.821 12.922 7/15/2025
Party City Holdings Inc PRTY 6.625 0.883 8/1/2026
PeoplesBancorp MHC PEOPBC 5.375 88.681 11/15/2028
PeoplesBancorp MHC PEOPBC 5.375 88.681 11/15/2028
Photo Holdings
Merger Sub Inc SFLY 8.500 46.000 10/1/2026
Photo Holdings
Merger Sub Inc SFLY 8.500 47.842 10/1/2026
RR Donnelley & Sons Co RRD 6.125 103.166 11/1/2026
RR Donnelley & Sons Co RRD 6.125 103.166 11/1/2026
Radiology Partners Inc RADPAR 9.250 39.812 2/1/2028
Radiology Partners Inc RADPAR 9.250 38.853 2/1/2028
Renco Metals Inc RENCO 11.500 24.875 7/1/2003
Rite Aid Corp RAD 8.000 46.616 11/15/2026
Rite Aid Corp RAD 7.500 47.988 7/1/2025
Rite Aid Corp RAD 8.000 45.307 11/15/2026
Rite Aid Corp RAD 7.500 47.977 7/1/2025
Rite Aid Corp RAD 6.875 20.519 12/15/2028
Rite Aid Corp RAD 7.700 23.486 2/15/2027
Rite Aid Corp RAD 6.875 20.519 12/15/2028
RumbleON Inc RMBL 6.750 41.763 1/1/2025
SBL Holdings Inc SECBEN 7.000 66.400 N/A
SBL Holdings Inc SECBEN 7.000 60.000 N/A
SVB Financial Group SIVB 4.100 7.250 N/A
SVB Financial Group SIVB 4.000 7.500 N/A
SVB Financial Group SIVB 4.700 7.250 N/A
SVB Financial Group SIVB 4.250 6.000 N/A
Shift Technologies Inc SFT 4.750 10.466 5/15/2026
Signature Bank/
New York NY SBNY 4.000 2.250 10/15/2030
Signature Bank/
New York NY SBNY 4.125 1.992 11/1/2029
Talen Energy Supply LLC TLN 6.500 30.474 6/1/2025
Talen Energy Supply LLC TLN 10.500 34.750 1/15/2026
Talen Energy Supply LLC TLN 6.500 27.000 9/15/2024
Talen Energy Supply LLC TLN 10.500 34.750 1/15/2026
Talen Energy Supply LLC TLN 9.500 23.629 7/15/2022
Talen Energy Supply LLC TLN 7.000 27.000 10/15/2027
Talen Energy Supply LLC TLN 9.500 23.629 7/15/2022
Talen Energy Supply LLC TLN 6.500 27.000 9/15/2024
Talen Energy Supply LLC TLN 10.500 34.750 1/15/2026
Team Health Holdings Inc TMH 6.375 52.834 2/1/2025
Team Health Holdings Inc TMH 6.375 52.818 2/1/2025
Team Inc TISI 5.000 99.125 8/1/2023
TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019
Toyota Motor Credit Corp TOYOTA 5.810 99.813 7/25/2023
Tricida Inc TCDA 3.500 10.800 5/15/2027
US Renal Care Inc USRENA 10.625 25.292 7/15/2027
US Renal Care Inc USRENA 10.625 25.758 7/15/2027
UTB Financial Holding Co UTBFIN 6.500 95.376 9/1/2028
UTB Financial Holding Co UTBFIN 6.500 95.376 9/1/2028
UpHealth Inc UPH 6.250 30.734 6/15/2026
WeWork Cos Inc WEWORK 7.875 35.297 5/1/2025
WeWork Cos Inc WEWORK 7.875 37.075 5/1/2025
WeWork Cos LLC /
WW Co-Obligor Inc WEWORK 5.000 40.500 7/10/2025
WeWork Cos LLC /
WW Co-Obligor Inc WEWORK 5.000 40.250 7/10/2025
Wesco Aircraft Holdings WAIR 9.000 9.500 11/15/2026
Wesco Aircraft Holdings WAIR 8.500 4.000 11/15/2024
Wesco Aircraft Holdings WAIR 13.125 7.750 11/15/2027
Wesco Aircraft Holdings WAIR 8.500 5.483 11/15/2024
Wesco Aircraft Holdings WAIR 13.125 4.423 11/15/2027
Wesco Aircraft Holdings WAIR 9.000 4.006 11/15/2026
Western Global Airlines WGALLC 10.375 3.416 8/15/2025
Worthington Industries WOR 4.550 98.046 4/15/2026
Zions Bancorp NA ZION 7.200 84.000 N/A
*********
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***