/raid1/www/Hosts/bankrupt/TCR_Public/230725.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, July 25, 2023, Vol. 27, No. 205
Headlines
130 BOWERY ACQUISITION: Seeks Quick Confirmation of Sale, 100% Plan
130 BOWERY ACQUISITION: Unsecured Creditors Unimpaired in Plan
512 E 11TH ST: Seeks to Hire Sommerman as Legal Counsel
57-36 MYRTLE AVE: Taps Marcus & Millichap as Real Estate Broker
9TH & 10TH STREET: Unsecureds Owed $3.2M to Get Up to 100%
AADVANTAGE LOYALTY: Fitch Upgrades Rating on Senior Notes to 'BB+'
AEROFARMS INC: Court OKs Cash Access, $10MM DIP Loan
AH DEVELOPMENT: Unsecureds Will Get 100% of Claims in Plan
ALLSPRING INTERMEDIATE: Moody's Alters Outlook on 'Ba2' CFR to Neg.
AMPHORA FINANCE: GBP301M Bank Debt Trades at 55% Discount
ANDERBY BREWING: Gets OK to Hire Bullseye Auction & Appraisal
APPHARVEST INC: Files Voluntary Chapter 11 Bankruptcy Petition
APPHARVEST PRODUCTS: Case Summary & 30 Top Unsecured Creditors
ATHENA MEDICAL: Trustee Gets OK to Tap Michael W. Carmel as Counsel
ATLANTIC RADIO: Maria Yip Named Subchapter V Trustee
AU HEALTH: S&P Lowers 2018 Long-Term Revenue Bond Rating to 'B-'
BAUSCH HEALTH: $2.50B Bank Debt Trades at 21% Discount
BESTWALL LLC: Asbestos Committee Taps Kellogg as Appellate Counsel
BH 7904 11 FLR: Uriel Marrache to Fund Plan
BH 7904 11: Seeks to Hire Van Horn Law Group as Bankruptcy Counsel
BORREGO COMMUNITY: No Patient Care Concern, 5th PCO Report Says
BOSTON BIOPHARM: Seeks to Tap Castle Placement as Investment Banker
BRAVO MULTINATIONAL: Closes Stock Acquisition Deal With Recombinant
CADIZ INC: Board Chair Says Odey Asset Is No Longer Shareholder
CAM-CAR COLLEGE: Seeks to Hire Richard P. Cook as Legal Counsel
CAMERON MUTUAL: A.M. Best Affirms B(Fair) FS Rating
CARS.COM INC: S&P Upgrades ICR to 'BB-', Outlook Stable
CASTLE US HOLDING: Saratoga Marks $1.9M Loan at 30% Off
CBI BUYER INC: Saratoga Marks $2.9M Loan at 38% Off
CBL & ASSOCIATES: $883M Bank Debt Trades at 16% Discount
CCS-CMGC HOLDINGS: Saratoga Marks $2.9M Loan at 33% Off
CENTER FOR AUTISM: Affiliate Seeks to Tap Quinn Emanuel as Counsel
CENTER FOR AUTISM: Seeks to Hire Kirkland & Ellis as Legal Counsel
CENTER FOR AUTISM: Taps Livingstone Partners as Investment Banker
CENTER FOR AUTISM: Taps Triple P RTS as Restructuring Advisor
CENTURYLINK INC: Saratoga Marks $3.8M Loan at 31% Off
CHINAH USA: Case Summary & 20 Largest Unsecured Creditors
COADVANTAGE: Moody's Affirms 'B2' CFR Following Refinancing
COMMUNITY HOME: Court Confirms Amended Plan
CONVERGEONE HOLDINGS: $275M Bank Debt Trades at 72% Discount
CPC ACQUISITION: $1.03B Bank Debt Trades at 21% Discount
CSC HOLDINGS: Saratoga Marks $483,750 Loan at 16% Off
DAVID'S BRIDAL: Successfully Closes CION Sale Transaction
DAYBREAK OIL: Needs More Time to File Form 10-Q
DIAMOND SPORTS: 96% Markdown for Saratoga's $3.3M 2L Loan
DIAMOND SPORTS: Saratoga Marks $342,343 Loan at 25% Off
DIOCESE OF NEW ORLEANS: Committee Seeks to Hire Actuarial Advisor
EMD SERVICES: Seeks to Hire Modestas Law Offices as Counsel
EMERALD ELECTRICAL: Seeks to Hire Smart Business Accounting
EMERALD ELECTRICAL: Unsecureds Owed $1.9M to Get Proceeds Generated
ENDO PARENT: $156M Bank Debt Trades at 25% Discount
ENERGIZER HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 75% Discount
ENVISION HEALTHCARE: 99% Markdown for Saratoga's $4.7M Loan
EXELA TECHNOLOGIES: S&P Lowers ICR to 'SD' on Subpar Debt Exchange
EYECARE PARTNERS: $300M Bank Debt Trades at 41% Discount
EYECARE PARTNERS: Saratoga Marks $1.9M Loan at 23% Off
F&G ANNUITIES: Moody's Upgrades LongTerm Issuer Ratings to Ba1
FAIRPORT BAPTIST: PCO Says Patient Care Remains Stable
FOURTEEN DAVISON: Says Rental, Cash Infusion to Pay Off Claims
FRONTIER COMMUNICATIONS: Moody's Affirms 'B3' CFR, Outlook Stable
GOOD HANDS MEDICAL: Jarrod Martin Named Subchapter V Trustee
HATCH AND COMPANY: Case Summary & Six Unsecured Creditors
HOLDIAY HAM: Craig Geno Named Subchapter V Trustee
HTG MOLECULAR: Court OKs Appointment of Chapter 11 Trustee
IMPERVA INC: $290M Bank Debt Trades at 18% Discount
INSTANT BRANDS: 88% Markdown for Saratoga's $3.9M Loan
INTERNAP HOLDING: Unsecureds Will Receive No Distribution
ISAGENIX INTERNATIONAL: Saratoga Marks $1.1M Loan at 15% Off
JAB OF ROCKLAND: Time to File Plan Extended to Sept. 15
JLK CONSTRUCTION: Taps Keller Williams as Real Estate Broker
JOURNEY PERSONAL: Saratoga Marks $982,500 Loan at 16% Off
JP INTERMEDIATE: Saratoga Marks $982,500 Loan at 16% Off
KALI'S COURT: Angela Shortall Named Subchapter V Trustee
KATANA ELECTRONICS: Brian Rothschild Named Subchapter V Trustee
KDC AGRIBUSINESS: Seeks to Hire Foley & Lardner as Special Counsel
KW INTERNATIONAL: Court OKs DIP Loan from Crossroads
LUMEN TECHNOLOGIES: $5B Bank Debt Trades at 28% Discount
LUZ MA: Seeks to Hire Van Horn Law Group as Bankruptcy Counsel
M & T REAL ESTATE: Gets OK to Hire KW Commercial as Broker
MAGENTA BUYER: $750M Bank Debt Trades at 36% Discount
MISEN INC: Court OKs $4MM DIP Loan from Cedar Park
MISEN INC: Unsecureds Will Get 5 Cents on Dollar in Plan
MKS REAL ESTATE: August 16 Hearing on Plan & Disclosures
MLCJR LLC: Committee Taps Fishman Haygood as Special Counsel
MLN US HOLDCO: $1.12B Bank Debt Trades at 75% Discount
MLN US HOLDCO: $576M Bank Debt Trades at 57% Discount
MRH AUTO-RENO: Case Summary & 20 Largest Unsecured Creditors
NEXTPLAY TECHNOLOGIES: Delays Filing of May 31 Quarterly Report
NORTH SHORE: Rental Income to Fund Plan Payments
OCINOMLED LTD: Case Summary & Two Unsecured Creditors
ORBCOMM INC: $360M Bank Debt Trades at 16% Discount
ORIGINCLEAR INC: Settles Pending Lawsuits With Auctus Fund
OU HEALTH: S&P Affirms 'BB-' Long-Term Rating on Fixed-Rate Bonds
OUTPUT SERVICES: $369M Bank Debt Trades at 77% Discount
PACKERS SOFTWARE: Moody's Assigns 'Caa1' CFR, Outlook Stable
PLATFORM BIDCO: EUR600M Bank Debt Trades at 16% Discount
PRETIUM PKG: $1.25B Bank Debt Trades at 28% Discount
PROTECH METALS: DIP Loan from Principals Treated as Equity
QUEST IDENTITY: Moody's Alters Outlook on 'B3' CFR to Negative
RACKSPACE TECHNOLOGY: Saratoga Marks $2.9M Loan at 61% Off
RAYONIER ADVANCED: Moody's Ups CFR to B2 & Alters Outlook to Stable
RAYONIER ADVANCED: S&P Affirms 'B-' ICR, Outlook Stable
RESEARCH NOW: Saratoga Marks $4.2M Loan at 29% Off
RESOLUTE INVESTMENT: Saratoga Marks $3.02M Loan at 27% Off
RESOURCE TRAINING: U.S. Trustee Appoints Eric Huebscher as PCO
RISING TIDE: $397M Bank Debt Trades at 43% Discount
SELECT MEDICAL:S&P Rates New Term Loan and Revolver Facility 'BB-'
SILVERGATE CAPITAL: Moody's Withdraws 'Ca' LongTerm Issuer Rating
SOUND INPATIENT: $215M Bank Debt Trades at 75% Discount
SOUTH JERSEY ELITE: Holly Miller Named Subchapter V Trustee
SOVOS COMPLIANCE: Moody's Affirms 'B3' CFR, Outlook Remains Stable
SPEED TRANS: Virginia Andrews Burdette Named Subchapter V Trustee
SPIN HOLDCO: Saratoga Marks $2.9M Loan at 20% Off
SRAX INC: Creates Advisory Board Comprised of Major Shareholders
SRAX INC: Four Directors Quit From Board
TAVERAS FAMILY: Sylvia Mayer Named Subchapter V Trustee
TERRA SANTA: Creditors to Get Proceeds From Liquidation
TOSCA SERVICES: $626M Bank Debt Trades at 21% Discount
TOSCA SERVICES: Saratoga Marks $488,750 Loan at 30% Off
TRIARC SYSTEMS: Behrooz Vida Named Subchapter V Trustee
TROIKA MEDIA: Inks Second Amendment to Blue Torch Limited Waiver
TUI BAYSIDE: Voluntary Chapter 11 Case Summary
VALLEY PROPERTY: Expects Sales to Pay Claims in Full
VALLEY PROPERTY: Seeks Approval of Disclosure Statement
VIDEO DISPLAY: Incurs $297K Net Loss in First Quarter
WILLIAMS INDUSTRIAL: Files Chapter 11 to Sell Assets for $60M
WILLIAMS INDUSTRIAL: NYSE to Commence Delisting Proceedings
YELLOW CORP: Inks Third Amendment to Alter Domus Credit Pact
ZAYO GROUP: $750M Bank Debt Trades at 23% Discount
ZAYO GROUP: EUR750M Bank Debt Trades at 27% Discount
[^] Large Companies with Insolvent Balance Sheet
*********
130 BOWERY ACQUISITION: Seeks Quick Confirmation of Sale, 100% Plan
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130 Bowery Acquisition LLC moves the Court for entry of an order
(a) conditionally approving the Debtor's Disclosure Statement as
containing adequate information regarding such disclosure provided
therein for solicitation purposes; (b) scheduling a combined
hearing for (i) final approval of the Disclosure Statement; and
(ii) confirmation of the Debtor's Chapter 11 Plan of
Reorganization; (c) approving notice procedures relating thereto;
and(d) granting a hearing on shortened notice.
The Bankruptcy Court has agreed, on shortened notice, to convene a
hearing on the Debtor's Motion on July 31, 2023, at 10:00 AM at
Videoconference (ZoomGov).
On May 12, 2023, the Debtor entered into a contract and rider to
sell the Property in a private sale to SC 130 Bowery LLC (the
"Purchaser"), subject to Bankruptcy Court approval, in an amount
that exceeds the amount of the Debtor's debts.
The Purchaser required a motion to sell the property to be filed
shortly after the Sale Contract was signed. On May 27, 2023, the
Debtor filed the Motion to Sell the Property (the "Sale Motion",
ECF No. 49).
The Debtor desires the sale to be undertaken pursuant to a Plan in
order to benefit from 11 U.S.C. Section 1146(c), which permits the
transfer of the Property to occur without payment of transfer tax.
The Sale Contract requires the Sale Order to be entered within 60
days after the Sale Motion is filed. The Purchaser has agreed to
extend that date from July 26, 2023 to July 31, 2023, which is the
date the Debtor is requesting for the hearing on shortened notice.
Confirmation of the Plan and a successful sale of the Property by
the Debtor is in the best interests of the estate and all of its
creditors as it will enable the Debtor to fund the Chapter 11 Plan.
If the closing of the sale of the Property is delayed, the
unsecured creditors may recover less under the Plan because there
will additional costs associated with the maintenance of the
Property (ie. taxes, utilities, etc.) and the distributions would
be delayed.
Based upon the time exigencies relating to the closing, the Debtor
requests that the Court conduct a combined hearing on confirmation
of the Plan and final approval of the Disclosure Statement so as to
streamline the confirmation process.
The Debtor submits that, in this instance, the Disclosure Statement
does in fact contain adequate information within the meaning of
Section 1125 of the Bankruptcy Code, and should be conditionally
approved, subject to final approval at the Confirmation Hearing,
and the filing of any necessary supplements prior thereto.
The Plan proposes to pay all creditors in full from the Sale
Proceeds, and as such no creditor is impaired and no creditor is
entitled to vote.
Many of the creditors in this Chapter 11 case are sophisticated
parties and represented by counsel. As such, they should be well
equipped to review the Solicitation Package and make a decision
regarding the Plan in a relatively short period of time.
Attorneys for the Debtor:
Dawn Kirby, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
E-mail: dkirby@kacllp.com
About 130 Bowery Acquisition
130 Bowery Acquisition LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-11109) on August 12, 2022, with up to $50,000 in both assets and
liabilities.
Judge John P Mastando III presides over the case.
Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP and The Law Offices
of Fred L. Seeman represent the Debtor as bankruptcy counsel and
special litigation counsel, respectively.
130 BOWERY ACQUISITION: Unsecured Creditors Unimpaired in Plan
--------------------------------------------------------------
130 Bowery Acquisition, LLC, submitted a Plan of Liquidation and a
Disclosure Statement.
The Plan provides, among other things, for the implementation of a
sale of the Debtor's real property located at 130 Bowery, New York,
New York (the "Property") in an amount sufficient to pay all
creditors in full. A motion (the "Sale Motion") to approve a
contract of sale (the "Sale Contract") between the Debtor, as
seller, and SC 130 Bowery LLC (the "Purchaser"), as purchaser, was
filed on May 27, 2023. The Debtor will seek Entry of the Order
granting Sale Motion and Order Confirming the Plan of Liquidation
simultaneously.
Under the Plan, Class 4 will consist of Allowed General Unsecured
Claims which will be paid up to 100% of their Allowed amounts,
without interest. The Debtor listed in its Schedule F two general
unsecured creditor, each for notice purposes with "unliquidated"
claims in an "unknown" amount. The Debtor estimates that the amount
of the Class 4 Claims is $0. The holder of the Class 4 Claims will
receive a 100% distribution on its Allowed Secured Claim. The Class
4 Claim is unimpaired, is not entitled to vote on the Plan, and is
conclusively deemed to have accepted the Plan under Bankruptcy Code
section 1126(f). Class 4 is unimpaired.
Payments under the Plan will be paid from the following, or a
combination thereof, (i) the Debtor's cash on hand on the Closing
Date, (ii) cash held in escrow by the Secured Noteholder; and (iii)
sale proceeds. It is anticipated that all claims will be paid in
full with a surplus to the equity owners of the Debtor.
The Bankruptcy Court has scheduled the hearing to consider final
approval of this Disclosure Statement and Confirmation of the Plan
on July 31, 2023 at 10:00 a.m. before the Honorable John P.
Mastando III in the United States Bankruptcy Court, One Bowling
Green, New York, New York 10004.
The Bankruptcy Court has fixed July 24, 2023 at 5:00 p.m. as the
date and time by which all written objections to confirmation of
the Plan must be filed with the Bankruptcy Court and served upon
the attorneys for the Debtor.
Attorneys for the Debtor:
Erica R. Aisner, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
E-mail: EAisner@kacllp.com
A copy of the Disclosure Statement dated July 14, 2023, is
available at https://tinyurl.ph/dsqXT from PacerMonitor.com.
About 130 Bowery Acquisition
130 Bowery Acquisition LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-11109) on August 12, 2022, with up to $50,000 in both assets and
liabilities.
Judge John P Mastando III presides over the case.
Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP and The Law Offices
of Fred L. Seeman represent the Debtor as bankruptcy counsel and
special litigation counsel, respectively.
512 E 11TH ST: Seeks to Hire Sommerman as Legal Counsel
-------------------------------------------------------
512 E 11th St., LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to employ Sommerman, McCaffity,
Quesada & Geisler, LLP as its special counsel.
The Debtor needs a special counsel to provide legal services in the
pending adversary proceeding styled Big Brand Management, Ltd. Co.,
and 512 E. 11th St., LLC v. Newtek Small Business Finance, LLC et
al., Case No. 23-04050.
The firm will be paid 40 percent plus expenses of any amounts
recovered in the adversary proceeding.
Sean McCaffity, Esq., a partner at Sommerman, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sean McCaffity, Esq.
Sommerman, McCaffity, Quesada & Geisler, LLP
3811 Turtle Creek Blvd., Suite 1400
Dallas, TX 75219
Telephone: (214) 720-0720
Facsimile: (214) 720-0184
About 512 E 11th St. LLC
512 E 11th St., LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Texas Case No. 23-41108) on
June 23, 2023, with $50,001 to $100,000 in assets and $500,001 to
$1 million in liabilities.
The Debtor tapped Eric A. Liepins, PC as legal counsel and Sean
McCaffity, Esq., at Sommerman, McCaffity, Quesada & Geisler, LLP as
special counsel.
57-36 MYRTLE AVE: Taps Marcus & Millichap as Real Estate Broker
---------------------------------------------------------------
57-36 Myrtle Ave, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Marcus & Millichap
Real Estate Investment Services of New York, Inc., as commercial
real estate broker.
The Debtor needs a broker to assist in the sale of its commercial
property located at 57-36 Myrtle Ave, Queens, N.Y.
The broker will receive 4 percent of the property's selling price
as compensation.
William Stephan, a real estate agent at Marcus & Millichap,
disclosed in a court filing that his firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William Stephan
Marcus & Millichap Real Estate Investment Services of New
York, Inc.
260 Madison Avenue, 5th Floor
New York, NY 10016
Telephone: (212) 430-5100
Email: william.stephaniv@marcusmillichap.com
About 57-36 Myrtle Ave
57-36 Myrtle Ave, LLC is a lessor of non-residential building. The
Debtor owns a property located at 5736 Myrtle Ave, Ridgewood, NY
11385-4940 valued at $1.5 million.
57-36 Myrtle Ave sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40482) on February 13,
2023, with up to $10 million in both assets and liabilities. Paul
Amato, managing member, signed the petition.
Judge Jil Mazer-Marino oversees the case.
H. Bruce Bronson, Esq., at Bronson Law Office, P.C., represents the
Debtor as legal counsel.
9TH & 10TH STREET: Unsecureds Owed $3.2M to Get Up to 100%
-----------------------------------------------------------
9th & 10th Street, L.L.C., submitted a Disclosure Statement in
support of its Amended Chapter 11 Plan pursuant to Section 1125 of
the Bankruptcy Code.
The Debtor owns a 5-story, 152,075 rentable square feet historic
property built in the early 1906 and operated as a public
elementary school (P.S. 64) from 1907 to 1977.
The Debtor was able to negotiate a settlement with the Lender which
is the basis for the Plan. The Settlement provides an opportunity
for the Debtor to refinance or sell the Property at a discounted
amount by October 31, 2023, failing which the Property will be sold
at public auction and the Lender will be permitted to credit bid at
an agreed amount. This settlement affords the Debtor additional
time to pursue its claims against the City and work towards
obtaining a building permit which will enable it to obtain the
requisite capital/ financing needed develop the property once and
for all.
Under the Plan, Class 4 consists of Allowed General Unsecured
Claims which will be paid up to 100% of their allowed amounts,
without interest. The Debtor estimates that the Class 4 Claims
total approximately $3.2 million in the aggregate. Class 4
includes, but is not limited to, any claims of service providers,
unsecured lenders, vendors.
Holders of Allowed Class 4 Claims will receive, up to 100% of the
allowed claims, without interest, as follows:
a. If an Alternative Sale Process is not triggered, the holder
may select one of the following options:
* Option 1: On the Closing of a Funding Transaction, such
holder shall receive payment in the amount of 5% of their Allowed
Class 4 Claim; or
* Option 2: 100% of their Allowed Class 4 Claim, without
interest, payable in 10 equal annual installments beginning 6
months after the issuance of a Certificate of Occupancy by the
City;
--- Or ---
b. In the event that an Alternative Sale Process is triggered,
and the Property is sold in excess of the Lender's Total Claim, or
such lower amount which it agrees to accept, the holders of Allowed
Class 4 Claims shall collectively share, pro rata, up to 100% of
their Allowed Claim, after the payment of all unclassified Claims
and Allowed Class 1, 2 and 3 Claims. In the event that the Property
is sold to the Lender pursuant to its credit bid, the holders of
Allowed Class 3 or 4 Claims, other than any Claim which arises as a
result of any deficiency due to Lender, shall be paid $250,000, pro
rata, which shall be funded by Lender;
and,
c. Pro Rata payment, together with Class 3, from Net Recovery,
if any, after the payment in full of all unclassified Claims.
Class 4 is impaired.
Payments under the Plan due on the Closing Date will be paid from
either, (i) a Funding Transaction, or (2) in the event of an
Alternative Sale Process, from the proceeds of sale. Subsequent
additional funding may come from Net Recovery which will be
distributed in accordance with Article II of the Plan.
Attorneys for the Debtor:
Erica R. Aisner, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
E-mail: EAisner@kacllp.com
A copy of the Disclosure Statement dated July 14, 2023, is
available at https://tinyurl.ph/QqDuT from PacerMonitor.com.
About 9th & 10th Street
9th & 10th Street LLC is a single asset real estate as defined in
11 U.S.C. Section 101(51B).
9th & 10th Street filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10423) on March
21, 2023, with $100 million to $500 million in both assets and
liabilities. The petition was signed by Gregg Singer, president of
Sing Fina Corp., manager of the Debtor.
Judge David S. Jones oversees the case.
The Debtor tapped Erica Feynman Aisner, Esq. at Kirby Aisner &
Curley, LLP as bankruptcy counsel and HayesSchanzer, LLP as special
litigation counsel.
AADVANTAGE LOYALTY: Fitch Upgrades Rating on Senior Notes to 'BB+'
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Fitch Ratings has upgraded AAdvantage Loyalty IP Ltd.'s (AAdvantage
IP) senior notes and term loan ratings to 'BB+' from 'BB'. The
Rating Outlook is Stable. The upgrades and Stable Outlook reflect
the linkage to American Airlines, Inc.'s rating and Outlook.
The $10 billion financing is co-issued by AAdvantage IP and
American. AAdvantage IP is a special purpose vehicle (SPV)
incorporated under the laws of the Cayman Islands for the purpose
of this transaction. AAdvantage IP is an indirect wholly owned
subsidiary of American Airlines.
ENTITY/DEBT RATING PRIOR
----------- ------ -----
AAdvantage Loyalty IP Ltd.
Senior Secured Class A
Notes 00253XAA9 LT BB+ Upgrade BB
Senior Secured Class B
Notes 00253XAB7 LT BB+ Upgrade BB
Senior Secured Term
Loan 02376CBJ3 LT BB+ Upgrade BB
TRANSACTION SUMMARY
The transaction is backed by license-payment obligations from
American and cash flow generated by the AAdvantage Loyalty program.
As part of the financing structure, the intellectual property (IP)
assets associated with the AAdvantage loyalty program and
AAdvantage agreements, including co-branded agreement with
Citibank, N.A. and Barclays Bank Delaware, related to AAdvantage
program are transferred to the bankruptcy-remote IP SPV, AAdvantage
IP. AAdvantage IP grants a worldwide license to American and its
subsidiaries to use the IP to operate the loyalty program.
In return, the licensee, American, will pay a monthly license fee
equivalent to all the cash collections generated by the sale of
miles to American as governed through an intercompany agreement.
Additionally, certain third-party agreements will be assigned to
AAdvantage IP and payment for the purchase of AAdvantage miles from
certain third parties will be remitted directly to a collection
account held at Wilmington Trust, National Association in the name
of AAdvantage IP. These third-party agreements include the co-brand
agreements with Citi and Barclays, the two largest third-party
partners of AAdvantage.
The debt facilities are guaranteed, on a joint and several basis,
by the parent, American Airlines Group Inc., and certain
subsidiaries of the parent, American, namely AAdvantage Holdings 1,
Ltd. (HoldCo 1) and AAdvantage Holdings 2, Ltd (HoldCo 2). The
issuers also grant additional security to the lenders/bondholders,
including a first-priority-perfected security interest in cash
flows from the AAdvantage program, a pledge of all rights under
contracts/agreements related to the AAdvantage program, and a
pledge of the transaction accounts (including the collection,
payment and reserve accounts) and a pledge over the equity
interests in AAdvantage IP, HoldCo1 and HoldCo2.
Fitch's rating addresses timely payment of interest and principal
by the final legal maturity date.
KEY RATING DRIVERS
Credit Quality of American: Cash flows backing the transaction will
primarily come from payment obligations from American under the
licensing agreement related to IP owned by the IP SPV and cash
flows received from third-party partners related to miles issued to
the card holders. Therefore, the Issuer Default Rating (IDR) of
American acts as the starting point for the analysis. American is
rated 'B+'/Stable by Fitch. The Rating Outlook is stable as Fitch
will look for American to continue to execute against its
deleveraging plan, and generate stable or improving margins and
cash flows.
Performance Risk and GCA Score: Timely payment on the debt
facilities depends on the ongoing performance of the licensee,
American. American's going concern assessment (GCA) score of '2'
acts as a cap for the transaction rating. The GCA score provides an
indication of the likelihood that American continues to operate in
the event of default and Chapter 11 bankruptcy. The GCA score of
'2' allows up to a four-notch rating uplift from American's IDR.
Strategic Nature of Assets (Likelihood of License Agreement
Affirmation): The affirmation factor, which measures the likelihood
that American would view this obligation as strategic and would
affirm the license in the event of a Chapter 11 bankruptcy, is
considered high by Fitch. The strategic importance of the IP assets
to American's operations, coupled with the structural incentives in
place, supports this assessment. The assessment allows for
differentiation from American's IDR. The GC score of '2' and
assessment of high allow for a total uplift of four-notches,
however, the rating is tempered three-notches due to the factors
described.
Fitch expects the $10 billion program to currently represent over
20% of American's total liabilities, which limits the maximum
notching differentiation between the transaction rating and
American's IDR. The company's extensive deleveraging targets over
the next three years are a credit positive for American's IDR,
while the Loyalty Program begins to represent a larger share of the
total liabilities.
Asset Isolation and Legal Structure: Fitch assesses the legal
protections present in the U.S. bankruptcy code, as well as the
structural features incorporated into the transaction. In addition
to having the IP assets and the AAdvantage agreements legally
conveyed, lenders/bondholders have a first-perfected security
interest in the contractual obligations due from American and
third-party partners. The legal structure incentivizes American to
continue to make payments on the license. Creditors would also
benefit from other structural features, including potential
liquidated damages and a three-month interest liquidity reserve.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The rating is sensitive to changes in the credit quality of
American Airlines, Inc., which acts as licensee under the IP
license agreement. Any change in IDR can lead to a change on the
rating. Additionally, a reassessment of the GCA score and the
affirmation factor from high to medium will lead to a change in the
ratings. Finally, it is important to highlight that continued
deleveraging is a credit positive for the company's IDR; however,
this may narrow the rating differential between the transaction's
rating and the company's IDR.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Fitch does not anticipate developments with a high likelihood of
triggering an upgrade. If American's IDR is upgraded, Fitch will
consider whether the same uplift could be maintained or if it
should be further tempered in accordance with criteria.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
AEROFARMS INC: Court OKs Cash Access, $10MM DIP Loan
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered a
third interim order authorizing AeroFarms, Inc. and affiliates to
use cash collateral and obtain postpetition financing, on an
interim basis.
The Debtors have obtained a commitment for postpetition financing
on a secured superpriority basis, consisting of a new money term
loan facility in an aggregate principal amount of up to $10
million, of which:
-- $5 million became available to the Debtors pursuant to the
terms and conditions of the First Interim Order and the term sheet,
executed by the Borrowers, the DIP Lenders, and the Prepetition
Secured Parties;
-- $2 million became available to the Debtors pursuant to the
terms of the Second Interim Order and the DIP Term Sheet; and
-- the remaining $3 million will be made available pursuant to
the Third Interim Order on the terms and conditions set forth
therein and in the DIP Term Sheet.
The Lenders under the DIP Facility are Grosvenor Food & AgTech,
INGKA Investments Ventures US BV, CIBUS Fund LP, James Borel, ACEG
Beteilgungsgesellschaft mbH, and Peter Lacy.
The Debtors are required to comply with these milestones:
a. No later than July 21, 2023, the Bidding Procedures Order
will be entered by the Bankruptcy Court;
b. No later than August 20, 2023, the auction, if any, on the
terms set forth in Bidding Procedures Order will have occurred;
c. No later than August 24, 2023, the Sale Order will have
been entered by the Bankruptcy Court; and
d. The Sale will be consummated no later than the Outside
Closing Date.
The DIP Facility is due and payable through the earliest to occur
of:
(i) December 31, 2023;
(ii) the Plan Effective Date,
(iii) closing of an Alternative Transaction, following entry of
an order authorizing the sale of substantially all of the Debtors'
assets (which sale will constitute an Alternative Transaction); or
(iv) the acceleration of any outstanding DIP Loans following
the occurrence of an uncured Event of Default.
Prior to the Petition Date, the Borrowers, Horizon Credit II LLC,
as assignee of Horizon Technology Finance Corporation as lender,
Horizon Funding I, LLC, as assignee of Horizon as lender,
Powerscourt Investments XXV Trust, as assignee of Powerscourt
Investments XXV, LP as lender, and Horizon, as collateral agent,
entered into the Venture Loan and Security Agreement dated as of
March 22, 2022.
As of the Petition Date, the Borrowers were indebted and liable to
the Prepetition Secured Parties, with respect to $15 million in
principal amount of loans outstanding, plus accrued and unpaid
interest thereon and fees, expenses.
The Debtors have an immediate, continuing and critical need to
obtain financing pursuant to the DIP Facility and continue using
the Prepetition Collateral to, among other things, (a) pay the
fees, costs, and expenses incurred in connection with the Chapter
11 Cases, (b) fund the Carve-Out, (c) permit the orderly
continuation of the operation of their business, (d) maintain
business relationships with customers, vendors, and suppliers, (e)
make payroll, (f) satisfy other working capital and operational
needs, and (g) maximize the value of their estates.
As adequate protection for any Diminution of the Prepetition
Secured Parties' interest in the Prepetition Collateral resulting
from the granting of DIP Liens pari passu with the Prepetition
Liens, the Prepetition Secured Parties will receive continuing
valid, binding, enforceable and perfected postpetition replacement
liens pursuant to 11 U.S.C. sections 361, 363(e), and 364(d)(1) on
the DIP Collateral, which will be subject and subordinated only to
the Carve-Out and the Permitted Liens. The Carve-Out consists of
clerk of court fees, U.S. Trustee fees and approved bankruptcy
professional fees.
The Prepetition Secured Parties are also granted administrative
superpriority expense claims in each of the Chapter 11 Cases,
subordinate only to the Carve-Out and Permitted Liens.
A final hearing on the matter is set for August 3, 2023 at 11:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=3SU6Jr
from Omni Agent Solutions, the claims agent.
About AeroFarms Inc.
AeroFarms, Inc. is engaged in large-scale commercial indoor
vertical farming, using proprietary aeroponic technology to grow
differentiated leafy greens products while using up to 95 percent
less water and zero pesticides. AeroFarms operates two commercial
farms, which are located in Danville, Virginia and Newark, New
Jersey, where they also have their Company headquarters.
AeroFarms and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10737) on
June 8, 2023. In the petition signed by Guy Blanchard, president
and CEO, the Debtor disclosed up to $500 million in assets and up
to $100 million in liabilities.
Judge Mary F. Walrath oversees the case.
The Debtors tapped DLA Piper LLP (US) as general bankruptcy
counsel, CloudPoint Capital LLC as investment banker, ICR, LLC as
communications and consulting services provider, Omni Agent
Solutions as notice and claims agent.
AH DEVELOPMENT: Unsecureds Will Get 100% of Claims in Plan
----------------------------------------------------------
AH Development Group LLC filed with the U.S. Bankruptcy Court for
the Northern District of New York a Small Business Subchapter V
Plan dated July 17, 2023.
The Debtor is an LLC in the business of property renovation and
management. The Debtor is operated and managed by its managing
member and majority owner, Mr. Ben Gaspard.
Debtor first filed for Chapter 11 Bankruptcy Protection on December
5, 2021, electing to proceed under Subchapter V (Northern District
of New York; Case No. 21-11106) (hereinafter, the "Prior Case").
That case was dismissed December 9, 2022, due to an insurance lapse
on Debtor's real property located at 293 Clinton Ave, Albany, NY.
Subsequently, the Debtor found new insurance coverage for that
property and refiled this instant case in order to stop a
foreclosure sale of the 314 Clinton Avenue property.
The Debtor continues to operate its contracting business pursuant
to Sections 1107(a) and 1108 of the Bankruptcy Code with its
principal place of business located at 293 Clinton Avenue, Albany
NY 12210.
Debtor's goal in this reorganization is to sell off some or all of
its real property in order to pay off secured creditors and to
generate surplus proceeds to pay off general unsecured creditors in
full. Debtor anticipates a 100% plan through the sale of its real
property.
Debtor also plans on streamlining its operations by reducing its
liabilities associated with underperforming properties. Most
notably, 289 First Street, Albany, NY 12210, now a vacant lot,
previously held a condemned building razed by the City of Albany.
While the property was part and parcel of the Champion transaction,
due to the COVID-19 pandemic and reduction in monthly revenues,
Debtor was unable to rehab the building prior to condemnation.
Surrendering the vacant lot back to the City of Albany will reduce
Debtor's secured debt load by over $96,000.
The Debtor currently has listed for sale the following properties:
314 Clinton Avenue, Albany NY ($789,000.00); and 67 Lark Street,
Albany NY ($209,000.00).
The Debtor's broker, Carrow, has also performed a Comparative
Market Analysis on 291-295 Clinton Ave and estimates values as
follows: 291 Clinton Avenue, Albany NY ($199,000.00); 293 Clinton
Avenue, Albany NY ($109,000.00); and 295 Clinton Avenue, Albany NY
($109,000.00).
Non-priority unsecured creditors holding allowed claims will
receive distributions of no less than 100%. This Plan provides for
full payment of administrative expenses and priority claims.
Class 2 consists of All General Unsecured Creditors. General
Unsecured Creditors shall receive no less than 100% of their total
claims upon the successful sale of Debtor's real property.
Class 7 consists of Equity Security Holders Ben Gaspard (90% Owner)
and Grace Campbell (10% Owner). Equity Interest holders shall
retain 100% of the shareholder interests in the reorganized
Debtor.
The Plan will be implemented by the Debtor remitting payment to
creditors as provided for herein from the Debtor's cash flow as
well as ongoing capital contributions (as necessary) from the
Debtor's membership.
Upon Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures, and equipment, will revert free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.
A full-text copy of the Subchapter V Plan dated July 17, 2023 is
available at https://urlcurt.com/u?l=xUnYPW from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Michael L. Boyle, Esq.
Boyle Legal, LLC
64 2nd Street
Troy, NY 12180
Telephone: (518) 407-3121
Email: mike@boylebankruptcy.com
About AH Development Group
AH Development Group LLC owns various real estate holdings located
throughout the City of Albany, N.Y., having an aggregate value of
$1.037 million.
AH Development Group sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10387) on April 17,
2023. In the petition signed by its managing member, Ben Gaspard,
the Debtor disclosed $1.037 million in assets and $944,887 in
liabilities.
Judge Robert E. Littlefield Jr. oversees the case.
The Debtor tapped Michael L. Boyle, Esq., at Boyle Legal, LLC as
legal counsel and Jill M. Flinton CPA, PLLC as accountant.
ALLSPRING INTERMEDIATE: Moody's Alters Outlook on 'Ba2' CFR to Neg.
-------------------------------------------------------------------
Moody's Investors Service has changed Allspring Intermediate II
LLC's and AllSpring Buyer LLC's outlook to negative from stable.
All existing ratings have been affirmed: the corporate family
rating at Ba2, the probability of default rating at Ba2-PD, and the
senior secured term loan and revolving credit facility ratings at
Ba2. Allspring Buyer LLC, the designated borrower, is a subsidiary
of Allspring Intermediate II LLC (Parent Guarantor). Henceforth,
both entities are referred to as Allspring.
RATINGS RATIONALE
The change in outlook to negative outlook reflects the increase in
the company's leverage and deterioration in profitability.
Furthermore, uncertainty remains about the trajectory of net flows,
especially long-term flows. The outlook change reflects the risk
that Allspring will not return to credit metrics consistent with a
Ba2 rating over the next 12-18 months.
As was the case with many traditional asset managers, unfavorable
financial market conditions in 2022 drove down EBITDA by 19% during
the year and, consequently, leverage increased to 4.7x as of
year-end 2022 and further to 5.1x as of Q1 2023, up from 4.2x as of
year-end 2021. In addition, Allspring's pre-tax margin was only
2.9% in 2022 and modestly negative in Q1 2023 on a last twelve
months basis. Beyond the market related pressure, Allspring
continues to deal with persistent long-term net outflows, which
have long pre-dated the carve out in 2021.
There are positive trends emerging. Moody's noted that in 2022 net
outflows remained negative but did show modest improvement measured
as a percentage of beginning period AUM and were modest in Q1 2023.
Notably, after significant outflows in the money market portfolio
in 2022, there has been a rebound year-to-date with substantial
inflows. Nevertheless, Moody's does not expect EBITDA to match last
year's total even if markets remain posi tive, given the depressed
level of AUM at the start of the year. but the rating agency noted
that leverage could finish the year around the current level and
the net flows, including the liquidity portfolio, should be
significantly better.
Allspring's Ba2 corporate family rating reflects the company's
revenue scale, diversified asset class and product mix, solid
presence in key distribution channels and competitive investment
performance over time. The rating is constrained by high leverage,
weak profit margins and negative organic AUM growth. Furthermore,
given Allspring's private equity ownership, the likelihood of
future re-leveraging transactions to finance dividends also
constrains the rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook an upgrade of the ratings is unlikely.
However, the ratings current ratings could be affirmed at stable if
the following occurs: 1) Debt/EBITDA with Moody's adjustments is
sustained below 4.5x; 2) the pre-tax income margin is sustained
above 10%; and 3) there are improved net AUM flows, especially
long-term flows.
Downward ratings pressure would result if the following occurs: 1)
Debt/EBITDA with Moody's adjustments is sustained above 5.0x; 2)
pre-tax income margins are sustained below 10%; 3) long-term net
outflow trends do not show improvement; and 4) increased leverage
from additional dividend recapitalization transactions.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
Allspring Global Investments, the operating subsidiary of Allspring
Intermediate II LLC, is headquartered in Charlotte, NC. It has 23
offices world-wide and had $485 billion in assets under management
as of June 30, 2023.
AMPHORA FINANCE: GBP301M Bank Debt Trades at 55% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Amphora Finance Ltd
is a borrower were trading in the secondary market around 44.6
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The GBP301 million facility is a Term loan that is scheduled to
mature on June 1, 2025. The amount is fully drawn and
outstanding.
Amphora Finance Limited operates as a special purpose entity. The
Company was formed for the purpose of issuing debt securities to
repay existing credit facilities, refinance indebtedness, and for
acquisition purposes. The Company's country of domicile is the
United Kingdom.
ANDERBY BREWING: Gets OK to Hire Bullseye Auction & Appraisal
-------------------------------------------------------------
Anderby Brewing, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Bullseye
Auction & Appraisal, LLC as auctioneer.
The firm's services include:
a. inspecting the Debtor's assets and furnishing the Debtor with
an estimate of the value of those assets;
b. marketing the Debtor's assets for sale at an online auction;
c. managing an online auction for the assets;
d. assisting with the post-auction closing of sale of the
Debtor's assets, including receiving funds from purchasers and
disbursing those funds;
e. providing the Debtor with relevant details of the sale or
auction;
f. facilitating the transfer of the Debtor's assets to the
purchaser after the auction concludes, including facilitating
access to the premises leased by the Debtor where the assets are
stored; and
g. such additional work as may be required based upon Bulleye's
analysis of the Debtor's assets.
The firm will be paid as follows:
a. 10 percent commission of the high bid amount from the sale
proceeds;
b. 10 percent buyer's premium from the purchaser; and
c. reimbursement of marketing expenses of $5,000.
As disclosed in court filings, Bullseye is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Scott Schwartz
Bullseye Auction & Appraisal, LLC
6470 East Johns Crossing Suite 160
Johns Creek, GA 30097
Tel: (770) 544-7479
Email: scott@bullseyeauctions.com
About Anderby Brewing
Anderby Brewing, LLC owns and operates a brewery in Peachtree
Corners, Ga.
Anderby Brewing sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-51983) on March 1,
2023, with up to $1 million in both assets and liabilities. Michael
Preston Smelt, president of Anderby Brewing, signed the petition.
Judge Sage M. Sigler oversees the case.
Michael D Robl, Esq., at Robl Law Group, LLC represents the Debtor
as legal counsel.
APPHARVEST INC: Files Voluntary Chapter 11 Bankruptcy Petition
--------------------------------------------------------------
AppHarvest, Inc., a sustainable food company, public benefit
corporation and Certified B Corp building and operating some of the
world's largest high-tech indoor farms to grow affordable,
nutritious fruits and vegetables at scale while providing good jobs
in Appalachia, on July 24 disclosed that it is pursuing a financial
and operational transition to enable the company to reduce its
outstanding liabilities. Business operations will continue at the
farms, including shipping product to top national grocery store
chains, restaurants and food service outlets.
To pursue its transition, AppHarvest, Inc. has filed voluntary
petitions for protection under Chapter 11 of the U.S. Bankruptcy
Code (the "Chapter 11 Cases") in the U.S. Bankruptcy Court for the
Southern District of Texas (the "Court"). The company has also
obtained a commitment from Equilibrium, the company's largest
secured creditor, to provide approximately $30 million of
debtor-in-possession ("DIP") financing to provide the necessary
liquidity to support operations at the AppHarvest Morehead,
AppHarvest Richmond and AppHarvest Somerset farms during the
Chapter 11 process. The DIP financing is subject to approval of the
Court.
AppHarvest is pursuing a transition of its AppHarvest Berea
operations to AppHarvest's distribution partner, Mastronardi
Produce, or one of its affiliates, in exchange for approximately
$3.75 million, additional incremental funding and support for the
company's restructuring plan. This transition is subject to
approval of the Court.
AppHarvest is diligently working to restructure the operations at
the company in an effort to maximize the value creditors can expect
to achieve and to preserve jobs.
"The AppHarvest board of directors and executive leadership
evaluated several strategic alternatives to maximize value for all
stakeholders prior to the Chapter 11 filing," said AppHarvest CEO
Tony Martin. "The Chapter 11 filing provides protection while we
work to transition operation of our strategic plan, Project New
Leaf, which has shown strong progress toward operational
efficiencies resulting in higher sales, cost savings and product
quality."
More information is available at
https://cases.stretto.com/appharvest. Stakeholders with questions
can contact the Company's Claims Agent at
AppHarvestInquiries@stretto.com, (833) 216-0292 or (949) 620-1088
if calling from outside the U.S. or Canada.
AppHarvest is represented by Sidley Austin LLP and Jackson Walker
LLP as counsel, Jefferies LLC as investment banker and Portage
Point Partners as financial adviser.
About AppHarvest
AppHarvest (NASDAQ: APPH, APPHW) -- https://www.appharvest.com --
is a sustainable food company in Appalachia developing and
operating some of the world's largest high-tech indoor farms with
high levels of automation to build a reliable, climate-resilient
food system. AppHarvest's farms are designed to grow produce using
sunshine, rainwater and up to 90% less water than open-field
growing, all while producing yields up to 30 times that of
traditional agriculture and preventing pollution from agricultural
runoff. AppHarvest has operated its 60-acre flagship farm in
Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad
greens in Berea, Ky., a 30-acre farm for strawberries and cucumbers
in Somerset, Ky., and a 60-acre farm in Richmond, Ky., for
tomatoes. The four-farm network consists of 165 acres.
APPHARVEST PRODUCTS: Case Summary & 30 Top Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: AppHarvest Products, LLC
7 Switchbud Place, Suite 192-434
P.O. Box 434
The Woodlands TX 77380
Business Description: The Debtors are a sustainable food company
founded as a public benefits corporation and
based in Appalachia that develop and operate
some of the world's largest high-tech
indoor farms, all of which use robotics and
artificial intelligence to build a reliable,
climate-resilient food system.
Chapter 11 Petition Date: July 23, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Twelve affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ ---------
AppHarvest Products, LLC (Lead Case) 23-90745
AppHarvest, Inc. 23-90746
AppHarvest Berea Farm, LLC 23-90747
AppHarvest Morehead Farm, LLC 23-90748
AppHarvest Development, LLC 23-90749
AppHarvest Farms, LLC 23-90750
AppHarvest Operations, Inc. 23-90751
AppHarvest Foundation, LLC 23-90752
AppHarvest Pulaski Farm, LLC 23-90753
AppHarvest Richmond Farm, LLC 23-90754
AppHarvest Technology, Inc. 23-90755
Rowan County Development, LLC 23-90756
Judge: Hon. David R. Jones
Debtors'
General
Bankruptcy
Counsel: Stephen E. Hessler, Esq.
Anthony Grossi, Esq.
Patrick Venter, Esq.
SIDLEY AUSTIN LLP
787 Seventh Avenue
New York, New York 10019
Tel: (212) 839-5300
Fax: (212) 839-5599
Email: shessler@sidley.com
agrossi@sidley.com
pventer@sidley.com
- and -
Duston McFaul, Esq.
Jeri Leigh Miller, Esq.
1000 Louisiana Street, Suite 5900
Houston, Texas 77002
Tel: (713) 495-4500
Fax: (713) 495-7799
Email: dmcfaul@sidley.com
jeri.miller@sidley.com
Debtors'
Local
Bankruptcy
Counsel: Matthew D. Cavenaugh, Esq.
Vienna Anaya, Esq.
Emily Meraia, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, Texas 77010
Tel: (713) 752-4200
Fax: (713) 752-4221
Email: vanaya@jw.com
emeraia@jw.com
Debtors'
Financial
Advisor: TRIPLE P RTS, LLC
Debtors'
Investment
Banker: JEFFERIES LLC
Debtors'
Notice &
Claims
Agent: STRETTO, INC.
AppHarvest, Inc.'s
Assets as of March 31, 2023: $609,804,000
AppHarvest, Inc.'s
Total Debts as of March 31, 2023: $341,060,000
The petitions were signed by Gary Broadbent as chief restructuring
officer.
Full-text copies of two of the Debtors' petitions are available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/T4KMROI/AppHarvest_Products_LLC__txsbke-23-90745__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/XGJKWXI/AppHarvest_Inc__txsbke-23-90746__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Dalsem Greenhouse Technology BV Trade Payable $14,844,877
Woudseweg 9
2635 CE Den Hoorn, Netherlands
Marcel Fransen
Email: mfransen@dalsem.nl
2. Walker Construction & Trade Payable $1,145,340
Materials, LLC
200 Apperson Heights, Suite 100
Mount Sterling, KY 40353
Melissa Martin
Phone: 859-499-2400
Email: mmartin@walkerconstruction.com
3. C&G AG LLC Trade Payable $931,950
350 W Venice Ave, Unit 1170
Venice, FL 34285
Nineth Rosales
Phone: 941-803-0335
Email: nineth@cgagriculture.com
4. Metrotek Electrical Services Trade Payable $633,097
Company
2200 Northwood Avenue, Suite 2
Easton, PA 18045
Teresa Sousa
Phone: 610-365-2390 (430)
Email: tsousa@metroelectrical.com
5. Nixon Power Services Trade Payable $532,250
155 Franklin Rd
Brentwood, TN 37027
Kimberly Ruehl
Phone: 615-309-5851
Email: credit@nixonpower.com
6. Plant Products Trade Payable $452,395
8468 Ronda Drive, 3rd Floor
Canton, MI 48187
Sarah Lee
Phone: 248-661-4378
Email: michigan.orders@plantproducts.com
7. Ontario Plants Trade Payable $446,838
Propagation Ltd.
38024 John Wise Line
St. Thomas, N5P 3T2
Rudi Ambacher
Phone: 519-637-2119
Email: accounting@ontarioplants.com
8. Roelands Plant Farms Trade Payable $404,297
5894 Douglas Line
Lambton Shores, ON N0N1J5
Sarah Miner
Phone: 519-312-6919
Email: sarahm@roelandsplant.ca
9. Bayer Crop Science Trade Payable $398,047
130-160 Quarry Park Blvd SE
Calgary T2C 3G3
Phone: 402-723-7400
Email: askus@bayercropscience.ca
10. Oro Valley AG Services LLC Trade Payable $370,732
2944 W Torres Lane
Bonita, AZ 85643
Sergio Rodarte
Phone: 520-729-8295
Email: sergio.rodarte@orovalleyag.com
11. Industrial Field Trade Payable $366,954
Maintenance LLC
3331 Elizaville Rd
Ewing, KY 41039
Danielle Hunt
Phone: 866-937-3115
Email: dhuntifm@outlook.com;
jclingerifm@outlook.com
12. Clayco, Inc. Trade Payable $321,506
2199 Innerbelt Business
Center Drive
Saint Louis, MO 63114
Rebecca Setzer-Smith
Phone: 314-592-5603
Email: setzersmithr@claycorp.com
13. Stonhard Trade Payable $310,000
7 Esterbrook Lane
Cherry Hill, NJ 08003
Ma Schaffer
Phone: 856-779-7500
Email: ma.schaffer@stonhard.com
14. Pratt (Jet Corr), Inc. Trade Payable $286,936
3155 State Road 49, PO Box 5002
Valparaiso, IN 46383
Teenia Gast
Phone: 219-307-4466
Email: tgast@prattindustries.com
15. Ilapak Inc Trade Payable $271,229
105 Pheasant Run
George School, PA 18940
Michele Tantala
Phone: 215-579-2900
Email: michele.tantala@ima.it
16. Koppert Trade Payable $196,374
1502 N. Old US-23
Howell, MI 48843
Phone: 810-632-8750
Email: dmackenzie@koppert.com
17. Royal Brinkman International Trade Payable $191,294
P.O. Box 2, 2690 AA
Wouterswen, Netherlands
Tim van Steekelenberg
Phone: +31174446243
Email: tim.steekelenburg@royalbrinkman.com
18. Davis & Plomin Mechanical Trade Payable $187,495
PO Box 55350, Suite 1400
Lexington, KY 40555
Sam Plomin
Phone: 859-253-3792
Email: samplomin@davisandplomin.com
19. Bas van Buuren BV Trade Payable $172,959
Coldenhovelaan 10,
De Lier, Netherlands 2678 PS
Jaap van Waardenburg
Email: jvanwaardenburg@bvb-
substrates.nl
20. Landsberg Orora Trade Payable $168,470
1900 West University Drive;
374 Mills
Branch Rd
Tempe, AZ 85281
Virginia Salinas
Phone: 480-333-6724
Email: bankdeposits@ororagroup.com
21. Belmark Inc Trade Payable $157,811
600 Heritage Rd
De Pere, WI 54115
Tami Taylor
Phone: 920-336-2848
Email: tamit@belmark.com
22. Rijk Zwaan Trade Payable $149,460
701 La Guardia Street
Alisal, CA 93905
Harry Burman
Phone: 831-455-3000
Email: h.burman@rijkzwaan.com
23. Belt Power, LLC Trade Payable $144,764
2197 Canton Rd Ste 208
Marietta, GA 30066
Tina Macon
Phone: 704-927-7776
Email: remitto@beltpower.com;
lleicht@beltpower.com;
sales.midwest@beltpower.com
24. UniFirst Corporation Trade Payable $139,736
715 Miles Point Way
Lexington, KY 40510
Karen Evans
Phone: 859-294-0141
Email: karen_evans@unifirst.com
25. Growers First Inc Trade Payable $138,773
2339 Queen Street East
Toronto, Canada M4E 1G7
Lisa Shuttleworth
Phone: 416-727-4513
Email: lisa@accoladeinc.ca
26. Broadridge ICS Trade Payable $136,167
PO BOX 416423
Boston MA, 02241
Krista Lambert
Phone: 631-254-4499
Email: Krista.Lambert@broadridge.com
27. Hortica Florist Mutual Trade Payable $117,254
PO Box 8017
Stevens Point, WI 54482
Karen Shaw
Phone: 800-851-7740
Email: karen.shaw@hortica.com
28. Lencioni Farm Services Trade Payable $107,259
588 E Lerdo Hwy
Bakersfield, CA 93263
Yolanda Lencioni
Phone: 661-348-0444
Email: lencionifarmservices@gmail.com
29. QSI, LLC Trade Payable $104,328
412 Georgia Avenue, Suite 300
Chattanooga, TN 37403
Krista Mitchell
Phone: 423-702-3257
Email: AR@VincitGroup.com
30. Progressive Property Trade Payable $101,991
Solutions, LLC
dba GuardLogic
710 E Main St
Lexington KY 40502
Marcus Sell
Phone: 859-229-2579
Email: info@guardlogic.com
ATHENA MEDICAL: Trustee Gets OK to Tap Michael W. Carmel as Counsel
-------------------------------------------------------------------
James Cross, Subchapter V trustee for Athena Medical Group, LLC,
received approval from the U.S. Bankruptcy Court for the District
of Arizona to employ Michael W. Carmel, Ltd. as his legal counsel.
The hourly rates charged by the firm's attorney and paralegals are
as follows:
Michael W. Carmel $600 per hour
Paralegals $135 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Michael Carmel, Esq., a partner at Michael W. Carmel, Ltd.,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Michael W. Carmel, Esq.
Michael W. Carmel Ltd.
80 East Columbus Avenue
Phoenix, AZ 85012-2334
Tel: (602) 264-4965
Email: michael@mcarmellaw.com
About Athena Medical Group
Athena Medical Group, LLC -- https://athenamedgroup.com/ --
provides primary care, transitional care, chronic care management,
remote patient monitoring, and telehealth services. The company is
based in Phoenix, Ariz.
Athena Medical Group filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
23-01635) on March 16, 2023, with total assets of $3,843,022 and
total liabilities of $12,707,798. James E. Cross has been appointed
as Subchapter V trustee.
Judge Brenda K. Martin oversees the case.
The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy
counsel; and Ball, Santin & McLeran and Simmons & Gottfried, PLLC
as special counsels.
ATLANTIC RADIO: Maria Yip Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 21 appointed Maria Yip, a certified
public accountant and managing partner at Yip Associates, as
Subchapter V trustee for Atlantic Radio Telephone, Inc.
Ms. Yip 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. Yip declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Maria M. Yip
2 S. Biscayne Blvd., Suite 2690
Miami, FL 33131
Tel: (305) 569-0550
Email: myip@yipcpa.com
About Atlantic Radio
Atlantic Radio Telephone, Inc. provides communication and
navigation solutions to individuals and organizations who find
themselves "off the grid." With locations in Miami and Fort
Lauderdale, Fla., Atlantic Radio provides sales, support,
installation, integration and repair services to customers located
around the world in industries including maritime, military, first
responders, utilities, aviation, education, research, and travel
and tourism.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15483) on July 13,
2023, with $1 million to $10 million in assets and liabilities.
Conrad J. Webber, Jr., president, signed the petition.
Judge Laurel M. Isicoff oversees the case.
Michael D. Seese, Esq., at Seese, P.A. is the Debtor's counsel.
AU HEALTH: S&P Lowers 2018 Long-Term Revenue Bond Rating to 'B-'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'B-' from 'B+'
on the Augusta Development Authority, Ga.'s series 2018 revenue
bonds, issued on behalf of the AU Health System Inc. (AUHS). At the
same time, S&P placed the rating on CreditWatch with negative
implications.
"The two-notch downgrade reflects our view of the system's
extremely weak balance sheet and outsized operating losses that
went beyond expectations and resulted in a debt service coverage
covenant violation on the series 2018 and 2021A bonds in fiscal
2022," said S&P Global Ratings credit analyst Wendy Towber. "The
CreditWatch placement reflects our view that there is a one-in-two
chance we could lower the rating in the next 90 days," Ms. Towber
added.
S&P said, "The rating will remain on CreditWatch with negative
implications while we await more information about fiscal year 2023
results, details regarding AUHS' outstanding debt--including the
ability to successfully repay the series 2021A bonds or extend the
tender date, and the status of a final agreement with WellStar
Health System Inc., Ga. (A+/Stable; WellStar) to become the sole
member of AUHS. Failure to meet required covenants, remarket the
series 2021A bonds, or make meaningful progress toward an
acquisition by WellStar could result in a negative rating action.
"We believe that the future success of AUHS is dependent on
permanent leadership stability and effective management supported
by a renewed commitment to the hospital system by the university or
success in securing a strategic partner such as WellStar."
AUHS has a track record of unproductive turnaround efforts that has
resulted in significant operating losses for three consecutive
years and an even longer track record or unprofitable operations
leading up to the pandemic. This history of losses, combined with
the assurance by the university to recommit itself to providing a
greater level of oversight and backing proved insufficient and
underpins our view that opportunities to stabilize the enterprise
and financial profiles may be severely limited, particularly
without a strategic partner with considerable resources to support
the credit and considering the broad challenges pressuring the
overall healthcare industry.
BAUSCH HEALTH: $2.50B Bank Debt Trades at 21% Discount
------------------------------------------------------
Participations in a syndicated loan under which Bausch Health
Americas Inc is a borrower were trading in the secondary market
around 79.4 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $2.50 billion facility is a Term loan that is scheduled to
mature on February 1, 2027. About $2.37 billion of the loan is
withdrawn and outstanding.
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.
BESTWALL LLC: Asbestos Committee Taps Kellogg as Appellate Counsel
------------------------------------------------------------------
The official committee of asbestos claimants of Bestwall, LLC
received approval from the U.S. Bankruptcy Court for the Western
District of North Carolina to employ Kellogg Hansen Todd Figel &
Frederick, P.L.L.C. as special appellate counsel.
The committee requires a special appellate counsel to:
a. assist, advise, and represent the committee in its meetings,
consultations, and negotiations with the Debtor and other parties
regarding appellate proceedings in the Debtor's Chapter 11 case;
b. assist, advise, and represent the committee in litigating
appeals in this case, including by drafting and filing any
necessary appellate briefs, motions or other filings;
c. prepare for and appear in any appellate hearings, oral
arguments or other proceedings as may be required; and
d. advise the committee and its professionals concerning the
status of appellate proceedings in this case.
The firm will be paid at these rates:
Partners $1,095 to $1,850 per hour
Of Counsel $1,025 per hour
Associates $610 to $990 per hour
Paralegals $495 per hour
David Frederick, Esq., a partner at Kellogg, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David C. Frederick, Esq.
Kellogg Hansen Todd Figel & Frederick, P.L.L.C.
1615 MStreet, N.W., Suite 400
Washington, D.C. 20036
Tel: (202) 326-7900 / (202) 326-7951
Fax: (202) 326-7999
Email: dfrederick@kellogghansen.com
About Bestwall LLC
Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.
Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.
On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims. The
Debtor estimated assets and debt of $500 million to $1 billion. It
has no funded indebtedness.
The Hon. Laura T. Beyer is the case judge.
The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.
On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
committee retained Montgomery McCracken Walker & Rhoads, LLP as
legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel.
On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in the Debtor's
case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP as
legal counsel; Hull & Chandler, P.A., as local counsel; Ankura
Consulting Group, LLC as claims evaluation consultant; and FTI
Consulting, Inc., as financial advisor.
BH 7904 11 FLR: Uriel Marrache to Fund Plan
-------------------------------------------
BH 7904 11 FLR, LLC, filed with the U.S. Bankruptcy Court fopr the
Southern District of Florida a Combined Disclosure Statement and
Plan of Reorganization (the "CDP") dated July 18, 2023.
The Debtor, a Florida limited liability company was formed on March
12, 2020. On or about August 24, 2020, the Debtor purchased
residential real property located at the Bayshore Yacht and Tennis
Club, 7904 West Drive, North Bay Village Florida, 33141.
The real property consists of three combined condominium units
(Nos. 1101, 1102, and 1103) on the top floor of a residential
building and that had been cobbled together at the time of
construction of the building into one penthouse unit of some 10,000
square feet in size (the "Condo"). The sole purpose of the business
of the Debtor is to hold title to the Condo.
At the time of filing in Chapter 11, the Debtor's Condo was in
foreclosure in the matter of Bayshore Yacht and Tennis Club
Condominium Association, Inc v BH 7904 11 FLR, LLC (MiamiDade
Circuit Court Case # 2022-008765-CA-01) and in jeopardy of being
sold at auction. The Condo Association between May 1, 2021 and
October 27, 2021 had levied assessments against the Condo for both
regular and special assessments. The Debtor filed Chapter11 on June
21, 2023 as a small business debtor to prevent the Condo
Association from obtaining a Summary Final Judgment, for which a
hearing had been scheduled for June 23, 2023.
The insider of the Debtor is Uriel Marrache, who is the President
and sole stockholder. The Debtor, since its inception in 2021 has
never had any income and Mr. Marrache has never received any income
from the Debtor. To the contrary, he has invested his own money
into the maintenance and any improvements to the Condo as well as
paying Condo association assessments and real estate taxes.
After the effective date of the order confirming the Debtor's CDP,
the Debtor will continue to hold title to the Condo and Mr.
Marrache will continue to pay all expenses and assessments
associated with the Condo, as well as payments required under the
proposed plan.
The Debtor continues to hold title to the real property as a
debtor-in-possession, with Mr. Marrache investing his own funds
into the Condo. The Debtor proposes to pay the yet to be determined
allowed outstanding assessments owed to the Condo Association over
ten years in 120 monthly payments, with interest fixed at prime +2
as of the Plan Effective Date (Class 1).
Additionally, the 2022 real estate taxes are due, totaling
$8,614.6, broken down as follows: Unit 1101 - $3,287.43, the sole
member of Class 2; Unit 1102 - $2,327.45, the sole member of Class
3; and Unit 1103 - $2,999.73, the sole member of Class 4. The Plan
proposes to pay these taxes over 84 months with statutory interest
of .25%, resulting in a total monthly payment for 2022 taxes of
$101.70.
There are no General Unsecured Claims.
Mr. Marrache will pay the plan payments for the Condo Association
assessments, as well as the Miami-Dade real estate tax certificates
for 2022 out of his own savings.
Upon the effective date of the Debtor's CDP, the equity interest
holder shall remain the sole equity shareholder in the newly
reorganized Debtor. The Debtor, through funding by Mr. Marrache
will have enough cash on hand on the effective date of the Plan to
pay all claims and expenses that are entitled to be paid on that
date.
A full-text copy of the Combined Disclosure Statement and Plan
dated July 18, 2023 is available at https://urlcurt.com/u?l=r3MtRQ
from PacerMonitor.com at no charge.
Counsel for Debtor:
Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
500 N.E. 4th Street, Suite 200
Fort Lauderdale, FL 33301
Telephone: (954) 765-3166
Facsimile: (954) 756-7103
Email: Chad@cvhlawgroup.com
About BH 7904 11 FLR
BH 7904 11 FLR, LLC, is a Florida limited liability company was
formed on March 12, 2020.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla.
Case No. 23-14851) on June 21, 2023, estimating up to $500,000 in
total assets and less than $50,000 in liabilities.
Chad Van Horn, Esq. of VAN HORN LAW GROUP, P.A., serves as the
Debtor's legal counsel.
BH 7904 11: Seeks to Hire Van Horn Law Group as Bankruptcy Counsel
------------------------------------------------------------------
BH 7904 11 FLR, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Van Horn Law Group,
PA as its counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued management of its business operations;
(b) advise the Debtor regarding its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal papers;
(d) protect the interest of the Debtor in all matters pending
before the court;
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
The Debtor paid the firm a total retainer of $9,738.
The firm's hourly rates range from $150 to $450 per hour for law
clerks, paralegals, and attorneys.
In addition, the firm will seek reimbursement for expenses
incurred.
Chad Van Horn, Esq., at Van Horn Law Group, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Chad Van Horn, Esq.
Van Horn Law Group, PA
330 North Andrews Avenue, Suite 450
Fort Lauderdale, FL 33301
Telephone: (954) 637-0000
Email: chad@cvhlawgroup.com
About BH 7904 11 FLR
BH 7904 11 FLR, LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-14851) on June 21, 2023, with as much as $1 million in both
assets and liabilities. Uriel Marrache, president, signed the
petition.
Chad Van Horn, Esq., at Van Horn Law Group, PA represents the
Debtor as counsel.
BORREGO COMMUNITY: No Patient Care Concern, 5th PCO Report Says
---------------------------------------------------------------
Jacob Nathan Rubin, the court-appointed patient care ombudsman for
Borrego Community Health Foundation, filed with the U.S. Bankruptcy
Court for the Southern District of California his fifth report
regarding the quality of patient care provided at Borrego Community
Health Foundation's health care facilities.
During the period covered by the fifth report, the PCO met with
Borrego's administration and Desert AIDS Project (doing business as
DAP Health) to discuss the transition delay. DAP informed the PCO
that a favorable lease agreement for the previously rejected lease
for the El Cajon facility was negotiated. During the period covered
by the report, Borrego continued to meet the standard of care.
The PCO's review of the facilities found no issues to report.
Facktor Health Group, the consultant to improve systems, is
improving customer service and patient through put. Borrego
reported that morale and employee retention has dramatically
improved since the publication of the terms of the sale to DAP.
Borrego's ability to recruit and retain employees has improved.
In the early stages of the PCO'S review of Borrego, and in
collaboration with Borrego's administrative team, the PCO
emphasized concerns with quality of care data collection and
reporting. The process was not optimal. However, Borrego has
recently established a robust Quality Assurance department led by
qualified personnel. The PCO observed that the current data more
accurately represents the true quality metrics of Borrego's
operations.
The PCO met with representatives of DAP and Facktor Health. The
transition is moving forward with both parties collaborating well
to ensure success of a timely close. Borrego has made significant
strides in reallocating current space in the clinics. The patients
have access to care that is familiar to them during the times that
they are accustomed.
The PCO noted that Borrego is meeting the Standard of Care. Borrego
is attracting and hiring more staff and providers. Employees are
being retained and access to care is unaltered at the sites of
concern: Cathedral City, Desert Hot Springs, and Borrego's largest
facility in El Cajon.
DAP and Borrego are working cooperatively with the assistance of
Facktor Health to meet the July 31st, 2023, transition date.
A copy of the fifth ombudsman report is available for free at
https://urlcurt.com/u?l=TCN3wW from PacerMonitor.com.
Attorneys for Jacob Nathan Rubin:
David B. Golubchik, Esq.
Krikor J. Meshefejian, Esq.
Levene, Neale, Bender, Yoo & Golubchik L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Tel: (310) 229-1234
Fax: (310) 229-1244
Email: dbg@lnbyg.com; kjm@lnbyg.com
About Borrego Community Health Foundation
Borrego Community Health Foundation offers, among other services,
comprehensive primary care, pediatric care, urgent care, behavioral
health services, dental services, specialty care, transgender
health, women's health, prenatal care, veteran's health, and
chiropractic services. Borrego Community is a non-profit public
charity, tax-exempt under section 501(c)(3) of the Internal Revenue
Code. The Foundation, as of Sept. 12, 2022, had 24 brick and mortar
sites including administrative sites, two pharmacies and six mobile
units covering a service area consisting of a 250-mile corridor on
the eastern side of San Diego and Riverside Counties, Calif.
Borrego Community Health Foundation sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No.
22-02384) on Sept. 12, 2022, with between $50 million and $100
million in both assets and liabilities. Isaac Lee, chief
restructuring officer, signed the petition.
Judge Laura S. Taylor oversees the case.
The Debtor tapped Tania M. Moyron, Esq., at Dentons US, LLP as
bankruptcy counsel and Hooper Lundy & Bookman, P.C. as special
counsel. Kurtzman Carson Consultants, LLC is the Debtor's claims
and noticing agent.
Jacob Nathan Rubin, the patient care ombudsman appointed in the
Debtor's case, tapped Levene Neale Bender Yoo & Golubchik, LLP as
bankruptcy counsel and Dr. Tim Stacy DNP, ACNP-BC as consultant.
On Sept. 26, 2022, the U.S. Trustee appointed an official unsecured
creditors' committee in this Chapter 11 case. Pachulski Stang Ziehl
& Jones, LLP serves as the committee's counsel.
BOSTON BIOPHARM: Seeks to Tap Castle Placement as Investment Banker
-------------------------------------------------------------------
Boston BioPharm, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Castle Placement, LLC
as its investment banker.
The firm will render these services:
(a) completing appropriate due diligence on the Debtor and its
principals and helping it create an investor presentation and
landing page on castleplacement.com;
(b) identifying prospective investors, sending three email
campaigns to them, and facilitating 500 LinkedIn connection
requests from the Debtor's account;
(c) conducting a mock investor call with the Debtor and
sharing insights and suggestions with the Debtor regarding
positioning and marketing the opportunity to investors in calls and
meetings;
(d) assisting the Debtor in connection with investors
throughout the entire process through closing;
(e) reviewing and helping to prepare written material and
forecasts prepared by the Debtor such as the investor presentation,
financial model, and final definitive documents;
(f) attempting to obtain executed non-disclosure agreement
(NDAs) between investors and the Debtor from interested investors;
(g) setting-up, administrating, and assisting the Debtor in
populating the virtual data room (VDR) on Castle's VDR platform;
(h) working with the Debtor to provide information, answer
questions, and follow-up with investors;
(i) providing paid (optional - extra cost to Company to
reimburse Castle for payments to third-party providers) and/or
organic digital marketing outreach to prospective investors;
(j) coordinating with a third-party videographer to help the
Debtor create an elevator pitch video for investors;
(k) providing the Debtor with detailed information on CPGO
regarding the status of each investor currently interested in the
transaction, and allowing the Debtor to communicate with investors
directly through CPGO;
(l) helping the Debtor to structure the transaction, seeking
proposals from investors, negotiating with investors;
(m) attempting to obtain term sheets from investors; and
(n) assisting in arranging and closing the transaction.
The firm will be compensated as follows:
(i) 7.5% on equity capital from investors, or debt capital
expected to yield 14% or more to investors, and on the exercise
price of all securities constituting warrants, options, or other
rights to purchase securities issued to investors;
(ii) 4% on debt capital expected to yield 7% or more to
investors, mezzanine debt or subordinated debt capital;
(iii) 3% on debt capital expected to yield less than 7% to
investors; and
(iv) Castle will be granted equity shares in the Debtor in the
amount of 3% of the ownership of the Debtor.
If the transaction is structured as a non-standard transaction with
investors such as a merger, purchase, or other non-standard
structure, 5% times the equivalent capitalization of such
non-standard transaction.
The Debtor shall pay to Castle a $10,000 non-refundable upfront
fee, payable upon execution of this agreement.
Richard Luftig, a managing partner at Castle Placement, disclosed
in a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Richard Luftig
Castle Placement, LLC
1460 Broadway
New York, NY 10036
Telephone: (212) 418-1188
Email: rluftig@castleplacement.com
About Boston BioPharm
Boston BioPharm, Inc. owns significant intellectual property assets
and patents related to various pharmaceutical products. The Debtor
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Texas Case No.
23-40429) on Feb. 15, 2023, with as much as $1 million in both
assets and liabilities.
Judge Mark X. Mullin oversees the case.
The Debtor tapped Marshack Hays, LLP as legal counsel and Castle
Placement, LLC as investment banker.
BRAVO MULTINATIONAL: Closes Stock Acquisition Deal With Recombinant
-------------------------------------------------------------------
Bravo Multinational, Inc. closed on July 13, 2023, a stock purchase
agreement with Recombinant Productions Inc., a corporation formed
under the laws of the State of Nevada.
Under the terms of the Agreement, the RPI shareholders will
exchange shares representing approximately 51% of the outstanding
shares of RPI common stock to BRAVO in exchange for 8,500,000
shares of BRAVO common stock. This will represent approximate
ownership interest by BRAVO in RPI of approximately 51%, and
following the close of this transaction, the RPI shareholders will
own approximately 19.99% of the outstanding shares of common stock
of BRAVO. After the completion of the transaction, RPI will be a
majority owned subsidiary of BRAVO and the combined entity will
report consolidated financial statements. The Agreement contains
provisions that are typical for this type of transaction. Under
the terms of the Agreement, the transaction will close within five
business days after certain conditions have been satisfied,
including the condition that the consent of any applicable
governmental entity, such as the SEC, OTC Markets or FINRA is
obtained.
Recombinant Productions is a Nevada corporation that is engaged in
the business of developing and acquiring entertainment content and
related technologies that span both traditional and new media
distribution platforms.
About Bravo Multinational
Based in Ontario, Canada, Bravo Multinational Incorporated --
http://www.bravomultinational.com-- is currently engaged in the
business of leasing and selling gaming equipment. The Company,
however, ceased operations in Nicaragua in 2017 due to political
and economic instabilities. The Company is planning to operate its
business in the US and other more stable democracies in Latin
America.
Bravo Multinational reported a net loss of $528,058 for the year
ended Dec. 31, 2022, compared to a net loss of $420,126 for the
year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$43 in total assets, $1.91 million in total liabilities, and a
total stockholders' deficit of $1.91 million.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 6, 2023, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
CADIZ INC: Board Chair Says Odey Asset Is No Longer Shareholder
---------------------------------------------------------------
Cadiz Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that three members of the Company's Board of
Directors separately reported on SEC Form 4 the purchase of the
Company's common stock on July 13, 2023. The purchases by Board
Members Susan Kennedy, Maria Jelescu-Dreyfus and Scott Slater were
completed as part of a 5.1 million share block trade of all shares
of the Company's common stock owned by Odey Asset Management, LLC,
a Schedule 13G filer.
B. Riley Securities facilitated the block trade transaction, which
involved several other existing shareholders.
The transaction was the second recent block trade of the Company's
common stock owned by OAM, also facilitated by B. Riley Securities.
On June 12 and 13, 2023, certain existing Cadiz shareholders
purchased 1.7 million shares of the Company's common stock from
OAM. OAM reported these sales on SEC Form 4 filed on July 14,
2023.
Executive Chair of the Board Susan Kennedy made the following
statement: "The Cadiz Board of Directors is pleased to announce
that Odey Asset Management is no longer a shareholder of Cadiz."
About Cadiz Inc.
Founded in 1983 and headquartered in Los Angeles, California, Cadiz
Inc. -- http://www.cadizinc.com-- is a natural resources
development company dedicated to creating sustainable water and
agricultural opportunities in California. The Company owns 70
square miles of property with significant water resources in
Southern California and are the largest agricultural operation in
San Bernardino, California, where we have sustainably farmed since
the 1980s. The Company is also partnering with public water
agencies to implement the Cadiz Water Project, which was named a
Top 10 Infrastructure Project that over two phases will create a
new water supply for approximately 400,000 people and make
available up to 1 million acre-feet of new groundwater storage
capacity for the region.
Cadiz Inc. reported a net loss and comprehensive loss of $24.79
million for the year ended Dec. 31, 2022, a net loss and
comprehensive loss of $31.25 million for the year ended Dec. 31,
2021, a net loss and comprehensive loss of $37.82 million for the
year ended Dec. 31, 2020, a net loss and comprehensive loss
applicable to common stock of $29.53 million for the year ended
Dec. 31, 2019, and a net loss and comprehensive loss of $26.27
million for the year ended Dec. 31, 2018.
CAM-CAR COLLEGE: Seeks to Hire Richard P. Cook as Legal Counsel
---------------------------------------------------------------
Cam-Car College Collectibles, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Richard P. Cook, PLLC as legal counsel.
The hourly rates of the firm's attorney and staff are as follows:
Richard P. Cook, Esq. $375
Paralegal $100
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the Debtor paid the firm a retainer of
$7,000.
Mr. Cook disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Richard P. Cook, Esq.
Richard P. Cook, PLLC
7036 Wrightsville Ave., Suite 101
Wilmington, NC 28403
Telephone: (910) 399-3458
Email: Richard@CapeFearDebtRelief.com
About Cam-Car College Collectibles
Cam-Car College Collectibles LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C.
Case No. 23-01918) on June 10, 2023, with as much as $1 million in
both assets and liabilities. Judge Pamela W. McAfee oversees the
case.
Richard P. Cook, PLLC serves as the Debtor's legal counsel.
CAMERON MUTUAL: A.M. Best Affirms B(Fair) FS Rating
---------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb" (Fair) of Cameron Mutual
Insurance Company (Cameron, MO). The outlook of these Credit
Ratings (ratings) is negative. Concurrently, AM Best has withdrawn
these ratings as the company has requested to no longer participate
in AM Best's interactive rating process.
The ratings reflect Cameron Mutual's balance sheet strength, which
AM Best assesses as adequate, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management.
Cameron Mutual's overall balance sheet assessment of adequate is
supported by its very strong level of risk-adjusted capitalization,
as measured by Best's Capital Adequacy Ratio (BCAR), along with its
generally conservative investment portfolio primarily composed of
bonds. Positive attributes are offset by capital erosion in each of
the past four calendar years, eroding surplus by nearly 50% over
the most recent five-year period, elevated underwriting leverage
and reinsurance dependency, consistently negative operating cash
flow and inconsistent loss reserve development over the medium
term. The company's loss reserve development has improved in more
recent periods.
Capital erosion has been a product of the company's marginal
operating performance driven by net underwriting losses in each of
the past five years. Management has been challenged by its limited
profile that is primarily concentrated in Missouri (with modest
exposure in Arkansas and Iowa), offering personal auto, farm
owners, personal property and commercial multi-peril products.
Furthermore, while management continues to refine the company's
risk portfolio in an effort to reduce aggregate exposure and
volatility, these mitigation strategies have yet to gain material
traction.
While company management continues to implement corrective actions,
the negative outlooks reflect continued pressure on the ratings as
it pertains to capital erosion and operating volatility.
CARS.COM INC: S&P Upgrades ICR to 'BB-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Chicago-based
Cars.com Inc. to 'BB-' from 'B+'. At the same time, S&P raised its
issue-level rating on the company's senior unsecured notes to 'BB-'
from 'B+'.
The stable outlook reflects S&P's view that healthy organic revenue
growth from digital subscription offerings will offset any
macroeconomic headwinds so that Cars.com maintains leverage in the
3x area over the next 12 months.
The upgrade reflects sustained improvement in the company's S&P
Global Ratings' adjusted leverage to the 3x area over the next 12
months.Cars.com Inc.'s S&P Global Ratings' adjusted leverage
improved to 3.1x as of the 12 months ended March 31, 2023, up from
4.3x during the same period the previous year, driven by a
combination of EBITDA growth led by stable demand for Cars.com's
online digital solutions from car dealerships, improved pricing,
and a $57.5 million debt repayment (including $15 million of
revolver paydown in the first quarter of 2023) using internally
generated cash flows. The company has quickly deleveraged after its
debt-financed acquisition of Accu-Trade in February 2022.
S&P expects steady operating performance in 2023 and 2024 with
continued average revenue per dealer (ARPD) growth and modest
margin improvement, despite a decrease in original equipment
manufacturer (OEM) and national advertising revenue due to
macroeconomic headwinds. The company's favorable revenue mix with
roughly 90% subscription revenue provides revenue stability. S&P
expects the company will exhibit steady revenue growth over the
next 12-18 months from a continued increase in ARPD as result of
growth in digital video advertising product, adoption of website
solutions, and traction on appraisal and vehicle acquisition
solutions. Lower OEM and national advertising spending due to
relatively low inventory levels and challenging macroeconomic
conditions through the end of 2023 will partially offset the
growth.
S&P said, "We estimate that adjusted EBITDA will be roughly flat
for fiscal 2023 because we expect elevated marketing spending
related to in-person marketing events and higher product and
technology expenses to pressure margins. However, we expect EBITDA
to grow at a mid-single-digit percent rate in 2024 supported by
revenue growth and margin improvement due to operating leverage
benefits.
"We expect Cars.com's monthly ARPD to grow at a low-single-digit
percent rate driven by cross-selling opportunities and market
penetration of the company's digital offerings. With continued
product adoption, monthly ARPD in March 2023 increased $95 (or 4.1%
year on year) to $2,386 from $2,291 last year. The company's
organic traffic growth trends were also healthy with 7.2%
year-on-year growth, but dealer customers declined 1.6% due to
digital dealer cancellations. However, we do not expect a material
impact from digital dealer cancellations. While we believe there
could be additional dealer cancellations in 2023 from the company's
recent marketplace repackaging initiative, we expect the dealer
customer base to remain healthy and higher pricing to grow company
revenue.
"We expect strong cash flow generation, despite management's
financial policy and appetite for share repurchases and
acquisitions. We expect the company to generate about $120
million-$130 million of reported free operating cash flow (FOCF) in
2023 and 2024, slightly higher than the 2022 level of $110 million.
However, we expect the company to also deploy a portion of its
excess cash to fund share repurchases (about $144 million remaining
as of March 31, 2023, under its three-year $200 million share
repurchase program authorized in February 2022) and future
acquisitions, as it has done with its recent acquisitions of
CreditIQ and Accu-Trade. Further, we expect that Cars.com's cash
deployment for shareholder returns and inorganic growth will be
driven by its publicly announced net leverage ratio target in the
2.0x-2.5x range (Cars.com's management calculated net leverage
ratio is roughly a full turn lower compared with S&P Global
Ratings' adjusted leverage primarily due to cash netting)."
Cars.com participates in a fragmented and competitive industry, but
stickiness of dealers offsets exposure to the cyclical new car
sales. Cars.com faces significant competition in a fragmented
industry with larger and better-capitalized players. The online
auto marketplace includes CarGurus, TrueCar, AutoTrader.com Inc.,
Edmunds, and online dealers such as Carvana Co. and Vroom. In
addition, eBay Inc. and Facebook Inc. provide broader horizontal
marketplaces with sizable communities of vehicle buyers and dealers
advertising on their platforms.
The company generates more than 88% of its revenue from its dealer
segment, which includes its marketplace for new and used vehicles
and website platforms for dealerships that depend on subscription
relationships with dealers. The company has shifted to a software
as a service model largely priced by used car inventory size that
generates sticky revenue from dealerships and could offset the
volatility of its revenue stream from the OEM and national segments
that are more exposed to the economic cyclicality of auto sales.
The stable outlook reflects S&P's view that healthy organic revenue
growth from digital subscription offerings will offset any
macroeconomic headwinds so that Cars.com maintains leverage in the
3x area over the next 12 months.
S&P could lower the rating over the next 12 months if it expected
leverage to increase above 3.75x on a sustained basis, likely due
to:
-- Dealer subscription losses and reduced website traffic stemming
from a weakening economic environment, increased competition, or
industry disruption to the used car market from larger capitalized
peers;
-- Further decline in OEM national advertising; or
-- Large debt-financed acquisitions, share repurchases, or
dividends.
S&P views an upgrade as unlikely over the next 12 months. S&P could
raise the rating on Cars.com if:
-- The company increased scale and geographic diversification;
-- The company maintained mid-single-digit percent revenue and
EBITDA growth while expanding EBITDA margins; and
-- The company adhered to a long-term financial policy that
facilitated S&P Global Ratings-adjusted leverage of less than 2.75x
on a sustained basis.
ESG credit indicators: E-2, S-2, G-2
CASTLE US HOLDING: Saratoga Marks $1.9M Loan at 30% Off
-------------------------------------------------------
Saratoga Investment Corporation has marked its $1,959,198 loan
extended to Castle US Holding Corporation to market at $1,368,715
or 70% 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 IC is a participant in a Term Loan B, (1M USD LIBOR+
3.75%) to Castle US Holding Corporation. The loan accrues interest
at 8.36% per annum. The loan matures on January 27, 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.
Castle US Holding Corporation provides database tools and software
to public relations and communications professionals.
CBI BUYER INC: Saratoga Marks $2.9M Loan at 38% Off
---------------------------------------------------
Saratoga Investment Corporation has marked its $2,962,349 loan
extended to CBI Buyer Inc to market at $1,821,845 or 62% 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 IC is a participant in a Term Loan (1M USD LIBOR+ 3.25%,
0.5% Floor) to CBI Buyer Inc. The loan accrues interest at 8.36%
per annum. The loan matures on January 6, 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.
CBI Buyer Inc provides durable consumer goods.
CBL & ASSOCIATES: $883M Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which CBL & Associates
HoldCo I LLC is a borrower were trading in the secondary market
around 84.0 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $883.7 million facility is a Term loan that is scheduled to
mature on November 1, 2025. About $816.7 million of the loan is
withdrawn and outstanding.
CBL & Associates Properties, Inc. (CBL) is a self-managed,
self-administered, fully integrated real estate investment trust.
CCS-CMGC HOLDINGS: Saratoga Marks $2.9M Loan at 33% Off
-------------------------------------------------------
Saratoga Investment Corporation has marked its $2,393,750 loan
extended to CCS-CMGC Holdings, Inc. to market at $1,605,321 or 67%
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 IC is a participant in a Term Loan (3M USD LIBOR + 5.5%)
to CCS-CMGC Holdings, Inc. The loan accrues interest at 10.98% per
annum. The loan matures on September 25, 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.
CCS-CMGC Holdings, Inc. operates as a holding company. The Company,
through its subsidiaries, provides health care services.
CENTER FOR AUTISM: Affiliate Seeks to Tap Quinn Emanuel as Counsel
------------------------------------------------------------------
CARD Holdings, LLC, an affiliate in the Chapter 11 cases of Center
for Autism and Related Disorders, LLC, seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Quinn
Emanuel Urquhart & Sullivan, LLP as independent counsel at the sole
direction of Neal Goldman, a disinterested director of the Board of
Directors of CARD Holdings.
The firm will render these services:
(a) commence the investigation into certain insider
transactions, which was later expanded to encompass material
transactions with third parties, and has continued post-petition;
(b) may also conduct inquiries or investigations relating to
any further matters as the disinterested director may; and
(c) evaluate the terms of any transactions and advise whether
any such transactions are fair to and in the best interests of CARD
Holdings.
On Oct. 19, 2022, Quinn Emanuel received a retainer in the amount
of $80,000.
The hourly rates of the firm's counsel and staff are as follows:
Partners $1,385 - $2,130
Counsel $1,325 - $2,130
Associates $830 - $1,315
Law Clerks and Legal Assistants $480 - $670
Quinn Emanuel provided the following in response to the request for
additional information set forth in Paragraph D.1 of the U.S.
Trustee Fee Guidelines.
Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?
Answer: Yes. The firm and disinterested director have agreed a
10% discount off the firm's standard billing arrangements for this
engagement. The rate structure provided by the firm is appropriate
and is not significantly different from (a) the rates that the firm
charges for other non-bankruptcy representatives, or (b) the rates
of other comparably skilled professionals.
Question: Do any of the firm's professionals in this engagement
vary their rate based on the geographical location of the Debtors'
Chapter 11 cases?
Answer: No. The hourly rates used by the firm in representing the
disinterested director are consistent with the rates that the firm
charges other comparable Chapter 11 clients, regardless of the
location of the Chapter 11 case.
Question: If the firm has represented the disinterested director
in the 12 months prepetition, disclose the firm's billing rates and
material financial terms for the prepetition engagement, including
any adjustments during the 12 months prepetition. If the firm's
billing rates and material financial terms have changed
post-petition, explain the difference and the reasons for the
difference.
Answer: The firm followed the fee arrangement as stated in the
Engagement Letter dated July 28, 2022, attached to the proposed
order as Exhibit 1. There have been no adjustments to the firm's
billing rates.
Question: Has CARD Holdings approved the firm's budget and
staffing plan, and if so, for what budget period?
Answer: Given the short nature of the engagement, no budget or
staffing plan has been prepared to date. As the case progresses,
the firm will work with the disinterested director to prepare
budgets and staff plans.
James Tecce, a partner at Quinn Emanuel, disclosed in a court
filing that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James C. Tecce, Esq.
Quinn Emanuel Urquhart & Sullivan, LLP
711 Louisiana, Suite 500
Houston, TX 77002
Telephone: (713) 221-7000
Facsimile: (713) 221-7100
Email: jamestecce@quinnemanuel.com
About Center for Autism and Related Disorders
Center for Autism and Related Disorders, LLC provides treatment for
individuals diagnosed with autism spectrum disorder (ASD). CARD
primarily provides treatments through "center-based services,"
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.
Center for Autism and its debtor-affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90709) on June 11, 2023. At the time of the filing, the
Debtors disclosed $50 million to $100 million in assets and $100
million to $500 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as bankruptcy counse, Jackson Walker LLP as local
bankruptcy counsel, Triple P RTS, LLC as restructuring advisor,
Livingstone Partners LLC as financial advisor and investment
banker, and Stretto, Inc. as claims agent.
James Ktsanes, Esq., at Latham & Watkins LLP, and Timothy A. (Tad)
Davidson II, Esq., at Hunton Andrews Kurth LLP, serve as counsel to
the DIP Lender, Ares Capital Corp.
CENTER FOR AUTISM: Seeks to Hire Kirkland & Ellis as Legal Counsel
------------------------------------------------------------------
Center for Autism and Related Disorders, LLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Kirkland & Ellis LLP and Kirkland &
Ellis International LLP as their counsel.
Kirkland & Ellis will render these services:
(a) advise the Debtors regarding their powers and duties in
the continued management and operation of their businesses and
properties;
(b) advise and consult the conduct of these Chapter 11 cases;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(d) take all necessary actions to protect and preserve the
Debtors' estates;
(e) prepare pleadings in connection with these Chapter 11
cases;
(f) represent the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
(g) advise the Debtors in connection with any potential sale
of assets;
(h) appear before the court and any appellate courts to
represent the interests of the Debtors' estates;
(i) advise the Debtors regarding tax matters;
(j) take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a Chapter 11 plan and all documents related
thereto; and
(k) perform all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 cases.
The hourly rates of Kirkland's counsel and staff are as follows:
Partners $1,195 - $2,245
Of Counsel $820 - $2,125
Associates $685 - $1,395
Paraprofessionals $295 - $575
In addition, Kirkland will be reimbursed for out-of-pocket expenses
incurred.
Kirkland provided the following in response to the request for
additional information set forth in Paragraph D.1 of the U.S.
Trustee Fee Guidelines.
Question: Did Kirkland agree to any variations from, or
alternatives to, Kirkland's standard billing arrangements for this
engagement?
Answer: No. Kirkland and the Debtors have not agreed to any
variations from, or alternatives to, Kirkland's standard billing
arrangements for this engagement. The rate structure provided by
Kirkland is appropriate and is not significantly different from (a)
the rates that Kirkland charges for other non-bankruptcy
representations or (b) the rates of other comparably skilled
professionals.
Question: Do any of the Kirkland professionals in this engagement
vary their rate based on the geographic location of the Debtors'
Chapter 11 cases?
Answer: No. The hourly rates used by Kirkland in representing the
Debtors are consistent with the rates that Kirkland charges other
comparable Chapter 11 clients, regardless of the location of the
Chapter 11 case.
Question: If Kirkland has represented the Debtors in the 12
months prepetition, disclose Kirkland's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If Kirkland's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: Kirkland's current hourly rates for services rendered on
behalf of the Debtors range as follows:
Billing Category U.S. Range
Partners $1,195 - $2,245
Of Counsel $820 - $2,125
Associates $685 - $1,395
Paraprofessionals $295 - $575
Kirkland represented the Debtors from June 1, 2022 to December 31,
2022, before the petition date, using the hourly rates listed
below:
Billing Category U.S. Range
Partners $1,135 - $1,995
Of Counsel $805 - $1,845
Associates $650 - $1,245
Paraprofessionals $265 - $495
Question: Have the Debtors approved Kirkland's budget and
staffing plan, and, if so, for what budget period?
Answer: Pursuant to the debtor in possession (DIP) Order,
professionals proposed to be retained by the Debtors are required
to provide weekly estimates of fees and expenses incurred in these
Chapter 11 cases.
As of the petition date, the Debtors did not owe Kirkland any
amounts for legal prepetition services.
Christopher Greco, a partner at Kirkland & Ellis LLP and Kirkland &
Ellis International, LLP, disclosed in a court filing that the
firms are "disinterested persons" within the meaning of Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Christopher T. Greco, Esq.
Kirkland & Ellis LLP
Kirkland & Ellis International, LLP
601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
About Center for Autism and Related Disorders
Center for Autism and Related Disorders, LLC provides treatment for
individuals diagnosed with autism spectrum disorder (ASD). CARD
primarily provides treatments through "center-based services,"
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.
Center for Autism and its debtor-affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90709) on June 11, 2023. At the time of the filing, the
Debtors disclosed $50 million to $100 million in assets and $100
million to $500 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as bankruptcy counse, Jackson Walker LLP as local
bankruptcy counsel, Triple P RTS, LLC as restructuring advisor,
Livingstone Partners LLC as financial advisor and investment
banker, and Stretto, Inc. as claims agent.
James Ktsanes, Esq., at Latham & Watkins LLP, and Timothy A. (Tad)
Davidson II, Esq., at Hunton Andrews Kurth LLP, serve as counsel to
the DIP Lender, Ares Capital Corp.
CENTER FOR AUTISM: Taps Livingstone Partners as Investment Banker
-----------------------------------------------------------------
Center for Autism and Related Disorders, LLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Livingstone Partners, LLC as investment
banker.
The Debtors need an investment banker to assist them in the
critical tasks associated with guiding them through these Chapter
11 cases.
Livingstone will be compensated as follows:
(a) A monthly fee of $30,000;
(b) An accomplishment fee based on total consideration upon
consummation of a transaction; and
(c) reimbursement of certain fees and expenses.
Prior to the petition date, Livingstone received payments totaling
$120,000.00 in aggregate for services performed and totaling
$7,585.12 for expenses incurred.
Joseph Greenwood, a partner at Livingstone Partners, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph Greenwood
Livingstone Partners, LLC
443 North Clark
Chicago, IL 60654
Telephone: (312) 670-5900
Email: greenwood@livingstonepartners.com
About Center for Autism and Related Disorders
Center for Autism and Related Disorders, LLC provides treatment for
individuals diagnosed with autism spectrum disorder (ASD). CARD
primarily provides treatments through "center-based services,"
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.
Center for Autism and its debtor-affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90709) on June 11, 2023. At the time of the filing, the
Debtors disclosed $50 million to $100 million in assets and $100
million to $500 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as bankruptcy counse, Jackson Walker LLP as local
bankruptcy counsel, Triple P RTS, LLC as restructuring advisor,
Livingstone Partners LLC as financial advisor and investment
banker, and Stretto, Inc. as claims agent.
James Ktsanes, Esq., at Latham & Watkins LLP, and Timothy A. (Tad)
Davidson II, Esq., at Hunton Andrews Kurth LLP, serve as counsel to
the DIP Lender, Ares Capital Corp.
CENTER FOR AUTISM: Taps Triple P RTS as Restructuring Advisor
-------------------------------------------------------------
Center for Autism and Related Disorders, LLC and its affiliates
seek approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Triple P RTS, LLC as restructuring
advisor.
The firm will render these services:
(a) providing Steven Shenker to serve as the Debtors' chief
restructuring officer (CRO);
(b) providing additional assistance of certain other
professionals from the firm;
(c) evaluating and/or developing a short-term cash flow model
and/or related liquidity management tools for the Debtors for such
purpose(s) as the Debtors may require;
(d) assisting in the evaluation and/or development of a
business plan and / or such other related forecasts and analyses
for the Debtors for such purpose(s) as the Debtors may require;
(e) evaluating and/or developing debtor in possession (DIP)
budgets;
(f) evaluating and/or developing near-term cost reduction and
cash preservation activities;
(g) engaging and negotiating with the Debtors' various
constituents;
(h) developing and distributing other information that may be
required by the Debtors or the constituents;
(i) if requested, obtaining, and presenting information
required by parties in interest in these Chapter 11 cases;
(j) if requested, preparing other business, financial and/or
other reporting related to these Chapter 11 cases; and
(k) providing the Debtors with assistance on such other
matters as may be requested by the Debtors.
The hourly rates charged by the firm are as follows:
CRO $800
Managing Partner $975
Service Line Leader $925
Senior Advisor $800 - $925
Managing Director $800 - $875
Director $650 - $725
Vice President $525 - $635
Associate $395 - $435
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received payments totaling
$1,799,936.70 in aggregate for services performed and expenses
incurred.
Steven Shenker, a senior director at Triple P RTS, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Steven Shenker
Triple P RTS, LLC
300 North LaSalle, Suite 1420
Chicago, IL 60654
Telephone: (312) 781-7520
About Center for Autism and Related Disorders
Center for Autism and Related Disorders, LLC provides treatment for
individuals diagnosed with autism spectrum disorder (ASD). CARD
primarily provides treatments through "center-based services,"
which are one-to-one ABA sessions for children, teens, and adults
that take place at a CARD treatment center rather than at a
patient's home.
Center for Autism and its debtor-affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90709) on June 11, 2023. At the time of the filing, the
Debtors disclosed $50 million to $100 million in assets and $100
million to $500 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as bankruptcy counse, Jackson Walker LLP as local
bankruptcy counsel, Triple P RTS, LLC as restructuring advisor,
Livingstone Partners LLC as financial advisor and investment
banker, and Stretto, Inc. as claims agent.
James Ktsanes, Esq., at Latham & Watkins LLP, and Timothy A. (Tad)
Davidson II, Esq., at Hunton Andrews Kurth LLP, serve as counsel to
the DIP Lender, Ares Capital Corp.
CENTURYLINK INC: Saratoga Marks $3.8M Loan at 31% Off
-----------------------------------------------------
Saratoga Investment Corporation has marked its $3,875,160 loan
extended to CenturyLink, Inc to market at $2,660,414 or 69% 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 IC is a participant in a Term Loan B, (1M USD SOFR+ 2.25%)
to CenturyLink, Inc. The loan accrues interest at 7.52% per annum.
The loan matures on March 15, 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.
CenturyLink, Inc., headquartered in Monroe, Louisiana, is an
integrated communications company that provides an array of
communications services to residential, business, governmental and
wholesale customers.
CHINAH USA: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Chinah USA LLC
DBA Chinah
DBA Chinah Kitchen
DBA Chi-Nah
525 Washington Blvd.
Jersey City, NJ 07310
Case No.: 23-11157
Business Description: Chinah USA operates a full-service
restaurant business specializing in Chinese
food.
Chapter 11 Petition Date: July 24, 2023
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. David S. Jones
Debtor's Counsel: Erica Aisner, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road
Suite 237
Scarsdale, NY 10583
Email: eaisner@kacllp.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Hegel Hei as chief executive officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/SJ3VVKY/Chinah_USA_LLC__nysbke-23-11157__0001.0.pdf?mcid=tGE4TAMA
COADVANTAGE: Moody's Affirms 'B2' CFR Following Refinancing
-----------------------------------------------------------
Moody's Investors Service affirmed AQ Carver Buyer, Inc.'s (d/b/a
"CoAdvantage") B2 corporate family rating and B2-PD probability of
default rating. Concurrently, Moody's assigned a B2 rating to
CoAdvantage's newly proposed senior secured first lien credit
facility. The company provides outsourced human resources functions
including payroll and related services to small and medium sized
businesses. The outlook remains stable.
The rating action follows the company's proposed refinancing of its
debt structure with the new credit facility comprised of a $550
million term loan due 2029 and an undrawn $50 million revolver due
2028 [1].
As proposed, CoAdvantage will use the proceeds from the new bank
credit facility to repay its existing first lien and second lien
debt as well as a $26 million seller subordinated note. The
proceeds, along with $25 million in cash from CoAdvantage's balance
sheet, will also be used to fund an $85 million dividend
distribution. Pro forma for this transaction, debt-to-EBITDA will
increase by approximately 1x to 5.7x as of March 31, 2023. Upon
completion of the refinancing, Moody's will withdraw the ratings on
the company's existing rated debt instruments.
Affirmations:
Issuer: AQ Carver Buyer, Inc.
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Assignments:
Issuer: AQ Carver Buyer, Inc.
Backed Senior Secured 1st Lien Term Loan, Assigned B2
Backed Senior Secured 1st Lien Revolving Credit Facility, Assigned
B2
Outlook Actions:
Issuer: AQ Carver Buyer, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
The B2 CFR reflects CoAdvantage's moderately high pro forma
debt-to-EBITDA of 5.7x (Moody's adjusted and accounting for the
expensing of capitalized software development costs) as of 31 March
2023 as well as small revenue scale relative to Professional
Employer Organization ("PEO") industry leaders in a highly
competitive market with relatively low barriers to entry.
CoAdvantage's exposure to macroeconomic cyclicality with respect to
employment trends, historically considerable turnover in the
company's core SMB customer base, and substantial revenue
concentration in the Southeast United States also pressure its
credit profile. Moreover, CoAdvantage's concentrated private equity
ownership by Aquiline Capital Partners ("Aquiline") presents
corporate governance risks, particularly with respect to aggressive
financial strategies. However, the company's credit profile is
supported by the attractive long term secular growth prospects of
the PEO sector as well as CoAdvantage's recurring revenue business
model, which provides good operating predictability. Additionally,
CoAdvantage's strong profitability margins and modest capital
expenditure budget should fuel healthy free cash flow generation
over the next 12-15 months.
The B2 ratings assigned to the company's proposed senior secured
first lien credit facility are consistent with the company's CFR as
this instrument will account for the preponderance of the company's
overall debt.
As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include: incremental debt capacity up to
the greater of $108 million and 100% of consolidated pro forma
EBITDA, plus unlimited amounts subject to a maximum 5.0x first lien
net leverage ratio (if pari passu secured) or a maximum 5.5x
secured net leverage ratio (if junior to the senior secured credit
facilities). No portion of the incremental may be incurred with an
earlier maturity than the initial term loans.
The credit agreement permits the transfer of assets to unrestricted
subsidiaries, up to the carve-out capacities, subject to "blocker"
provisions which provide that no material intellectual property may
be transferred to, or owned by, any unrestricted subsidiary .
Non-wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees, subject to
so-called Chewy protective provisions to be determined.
The credit agreement provides some limitations on up-tiering
transactions, including the requirement that all affected lenders
must consent to any modification to, or execution of, any loan
documentation which subordinates (or has the effect of
subordinating) the obligations under the credit facilities, or the
liens on the collateral securing such obligations, to any other
indebtedness or the liens on the collateral securing such
indebtedness, subject to exceptions to be set forth.
These provisions are based on proposed terms and the final terms of
the credit agreement may be materially different.
CoAdvantage's good liquidity position is supported by a pro forma
cash balance, excluding client funds, of $25 million as of March
31, 2023, and Moody's expectation for annual free cash flow of
approximately $15-25 million over the next 12-15 months, excluding
the impact of the one-time dividend distribution. Free cash flow
should comfortably cover approximately $5.5 million of annual
required first lien term loan amortization. The company's liquidity
is also bolstered by the new undrawn $50 million revolving credit
facility maturing in 2028. While the new term loan is not subject
to financial covenants, the revolving credit facility has a
springing covenant based on a maximum first lien net leverage,
which the company should be comfortably in compliance with over the
next 12-15 months.
The stable ratings outlook reflects Moody's expectation that
CoAdvantage will realize annual organic revenue growth in the
mid-single digit percentage range in the coming 12 to 18 months as
employers continued outsourcing of payroll and related functions
fuels demand for the company's services. Concurrently, Moody's
expects debt-to-EBITDA (Moody's adjusted) levels to contract during
this period towards 5.2x by the end of 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if CoAdvantage expands revenues and
EBITDA to drive improved scale, Moody's expects the company will
maintain debt-to-EBITDA below 4x, annual free cash flow to debt is
sustained above 10%, and the company adheres to conservative
financial strategies.
The ratings could be downgraded if CoAdvantage experiences a
deterioration in operating performance or adopts more aggressive
financial policies, resulting in Debt/EBITDA increasing above 6.5x
and annual free cash flow to debt is sustained below 5%.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Tampa, FL, CoAdvantage, owned by Aquiline,
provides outsourced human resource functions, including payroll,
benefits acquisition, and regulatory compliance management,
primarily to small and mid-sized businesses. In 2023, Moody's
expects the company to generate net revenue of approximately $287
million.
COMMUNITY HOME: Court Confirms Amended Plan
-------------------------------------------
Judge Jamie A. Wilson has entered an order confirming the Third
Amended Plan of Community Home Financial Services, Inc.
The Court's bench ruling announced in open court on July 11, 2023,
and the Court's findings in paragraphs 1-9 of this Final Judgment
are incorporated as part of the Court's rulings and to the extent
the resolution of the UST's Objection requires an amendment to the
Third Amended Plan, it is so amended pursuant to this paragraph.
The Trustee will pay to the UST any and all post-confirmation
quarterly fees and required by 28 U.S.C. s 1930(a)(6) until the
case is closed by the Court.
Any modifications of the Third Amended Plan must comply with 11
U.S.C. s 1127.
The provisions of the Third Amended Plan and the Final Judgment
shall bind the Debtor, the Trustee and each and every creditor,
whether or not the claim is impaired under the Third Amended Plan
or whether or not the holder of the claim has accepted the Third
Amended Plan.
As of the date hereof all of the property of the Estate which is
transferred to the Edwards Parties shall be free and clear of all
claims and interests of other creditors of the Estate, except for
the obligations that are imposed or continued in the Third Amended
Plan or this Final Judgment, subject to the provisions of paragraph
9 with respect to the objections of the UST as resolved.
This Third Amended Plan resolves all matters originally set for
trial on March 28-31, 2023, including: (1) the issues remanded in
pending adversary proceedings 12-91, 13-104, and 15-80, as set
forth in the Order Identifying Issues on Remand and Setting Date
for Trial and Deadline for Pretrial Order, (2) the other abated
contested matters in the bankruptcy case listed in Exhibit A to the
Order Setting Hearing on All Pending Contested Matters; the
Trustee's Sale Motion and related Application to Employ National
Loan Exchange Inc. filed by the Trustee but not yet set for
hearing; and (3) the Application for Super Priority Administrative
Expense Claim filed by the Edwards Parties but not yet set for
hearing.
Distributions to creditors under the Third Amended Plan shall be
made in accordance with the Third Amended Plan, as modified by this
Final Judgement.
All professionals or other entities asserting Professional Fee
Claims for services rendered before the Effective Date must file
their final fee application no later than 60 days after the
Effective Date of the Third Amended Plan. Likewise, the Trustee and
all professionals rendering services both before and after the
Effective Date must file final fee applications no later than 60
days after the Effective Date of the Third Amended Plan. Any
objections to the final fee applications for Professional Fee
Claims and Trustee Compensation must be filed no later than 30 days
after the filing of the respective final fee application. To avoid
any doubt about the Effective Date, the Edwards Parties shall file
and serve a Notice of Effective Date of Third Amended Plan
notifying all creditors and parties in interest of the Effective
Date.
All individuals and entities seeking pursuant to Sections 503, 507
or other provisions of the Bankruptcy Code, payment of accounts,
debts, fees or reimbursement of expenses from the Estate, on an
administrative or priority basis, make application to the Court for
award of payment of such claims within 60 days of the Effective
Date of this Third Amended Plan, or shall be forever barred.
The 14-day stay under Rule 3020(e) is waived so that the Third
Amended Plan shall be effective immediately upon entry of this
Order.
The counsel for the Edwards Parties is directed to serve a copy of
this Final Judgment confirming Third Amended Plan upon all
creditors and parties-in-interest within 14 days, and to provide an
accompanying certificate of service, regarding service of this
Final Judgment, to the Clerk of Court.
About Community Home Financial Services
Community Home Financial Services, Inc., is a specialty finance
company providing contractors with financing for their customers.
It operated from one central location providing financing through
its dealer network throughout 25 states, Alabama, Delaware, and
Tennessee. On December 23, 2013, Community Home Financial changed
its principal place of business to Panama.
Community Home Financial filed a Chapter 11 petition (Bankr. S.D.
Miss. Case No. 12-01703) on May 23, 2012, with $44.9 million in
total assets and $30.3 million in total liabilities. William D.
Dickson, president of Community Home Financial, signed the
petition.
Judge Edward Ellington presides over the case.
The Debtor was first represented by Roy H. Liddell, Esq., and
Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as Chapter
11 counsel. Wells Marble was terminated Nov. 13, 2013.
The Debtor later engaged Derek A. Henderson, Esq., in Jackson,
Mississippi. In 2013, the Debtor sought to employ David Mullin,
Esq., at Mullin Hoard & Brown LLP, as special counsel.
On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11
trustee for the Debtor. Jones Walker LLP served as counsel to the
trustee, while Stephen Smith, C.P.A., acted as accountant.
CONVERGEONE HOLDINGS: $275M Bank Debt Trades at 72% Discount
------------------------------------------------------------
Participations in a syndicated loan under which ConvergeOne
Holdings Inc is a borrower were trading in the secondary market
around 27.6 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 January 4, 2027. The amount is fully drawn and
outstanding.
ConvergeOne Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides managed cloud, cyber
security, enterprises networking, data center, application and
software development, security infrastructure, and hosted
collaboration solutions.
CPC ACQUISITION: $1.03B Bank Debt Trades at 21% Discount
--------------------------------------------------------
Participations in a syndicated loan under which CPC Acquisition
Corp is a borrower were trading in the secondary market around 78.9
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.03 billion facility is a Term loan that is scheduled to
mature on December 29, 2027. The amount is fully drawn and
outstanding.
CPC Acquisition Corp is in the chemicals industry.
CSC HOLDINGS: Saratoga Marks $483,750 Loan at 16% Off
-----------------------------------------------------
Saratoga Investment Corporation has marked its $483,750 loan
extended to CSC Holdings LLC (Neptune Finco Corp.) to market at
$404,611 or 84% 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 IC is a participant in a Term Loan B-5, (1M USD LIBOR+
2.5%) to CSC Holdings LLC (Neptune Finco Corp.). The loan accrues
interest at 7.61% per annum. The loan matures on April 15, 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.
CSC Holdings, LLC, provides broadband communications and video
services in the United States. It is a wholly owned subsidiary of
Cablevision. 
DAVID'S BRIDAL: Successfully Closes CION Sale Transaction
---------------------------------------------------------
David's Bridal, LLC, the nation's leading bridal and special
occasion authority, on July 24, 2023, disclosed that it has
successfully closed its transaction with CION Investment
Corporation (NYSE: CION) ("CION"), a leading publicly listed
business development company, for the sale of substantially all of
the Company's assets (the "CION Transaction").
Through the CION Transaction, David's Bridal will continue
operations at up to 195 stores, preserving 7,000 jobs across the
U.S. CION has invested $20 million into the new business to fund
future growth and has assumed certain bankruptcy-related
liabilities. Additionally, Bank of America will continue to provide
financing to enhance the business' financial flexibility through a
$50 million revolving credit facility and a $20 million term loan
facility.
"Today's announcement marks the beginning of David's next era, and
with CION's partnership fully solidified, we are excited to
continue to serve brides and customers well into the future," said
Jim Marcum, Chief Executive Officer of David's Bridal. "We believe
that the results of our competitive sale process represent the best
outcome for our stakeholders, as it provides us with the time and
resources to drive forward in implementing our strategic vision. I
would like to thank our valued employees, who we call Dream Makers,
for their extraordinary devotion to creating magical moments for
our customers. In our 70-year history, we have dressed more than 70
million customers for the best and most memorable moments of their
lives, and we expect to be dressing millions more for decades to
come."
"We believe this transaction to substantially reduce the company's
debt burden and store portfolio will enhance the company's ability
to benefit from the expected post-COVID rebound in wedding activity
and position the company for future success," said Gregg Bresner,
CION's President and Chief Investment Officer. Mark Gatto, CION's
Co-Chief Executive Officer added, "Our long experience with the
operations and management of David's Bridal and our position as a
secured lender enabled us to facilitate a consensual bankruptcy
exit transaction that we believe provides strong value to the
company's employees, vendors, landlords, business partners and
customers as well as to our shareholders."
Advisors
Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Houlihan Lokey Capital, Inc. is serving as investment
banker, BRG is serving as financial and restructuring advisor,
Osler, Hoskin & Harcourt LLP is serving as Canadian legal counsel,
C Street Advisory Group is serving as strategy and communications
advisor, and Omni Agent Solutions is serving as claims and noticing
agent to David's Bridal.
About David's Bridal
David's Bridal, based in Conshohocken, Pa., and its affiliated
entities are international bridal and special occasion retailers.
They sell a broad assortment of bridal gowns, bridesmaid dresses,
special occasion dresses and accessories.
Then with over 300 stores, David's Bridal, Inc., and its three
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 18-12635) on Nov. 19, 2018. The Hon. Laurie Selber Silverstein
was the case judge. Debevoise & Plimpton LLP served as the
Company's legal advisor, Evercore LLC was the financial advisor and
AlixPartners LLP was the restructuring advisor. In January 2019,
David's Bridal successfully emerged from Chapter 11 bankruptcy and
completed its financial restructuring.
With 294 stores across the United States, Canada, and United
Kingdom, David's Bridal, LLC, f/k/a David's Bridal, Inc., and five
affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J.
Case No. 23-13131) on April 16, 2023, listing $100 million to $500
million in both estimated assets and estimated liabilities.
The Hon. Christine M. Gravelle presides over the Debtors' new
Chapter 11 cases.
Joshua A. Sussberg, P.C., Christopher T. Greco, P.C., Rachael M.
Bentley, Esq., and Alexandra Schwarzman, P.C., at Kirkland & Ellis
LLP; and Michael D. Sirota, Esq., Felice R. Yudkin, Esq., and
Rebecca W. Hollander, Esq., at Cole Schotz P.C., serve as counsel
to the Debtors in the new Chapter 11 cases. The Debtors' financial
advisor is Berkeley Research Group, LLC; investment banker is
Houlihan Lokey Capital, Inc.; liquidation consultant is Gordon
Brothers Retail Partners, LLC; and claims and noticing agent is
Omni Agent Solutions.
DAYBREAK OIL: Needs More Time to File Form 10-Q
-----------------------------------------------
Daybreak Oil and Gas, Inc. filed a Form 12b-25 with the Securities
and Exchange Commission with respect to its Quarterly Report on
Form 10-Q for the period ended May 31, 2023.
The Company was unable to file, without unreasonable effort and
expense, its Form 10-Q because additional time is needed to prepare
and finalize the financial statements and other disclosures in the
Report.
About Daybreak Oil and Gas
Daybreak Oil and Gas, Inc. is an independent crude oil and natural
gas company currently engaged in the exploration, development and
production of onshore crude oil and natural gas in the United
States. The Company is headquartered in Spokane Valley, Washington
with an operations office in Friendswood, Texas. Daybreak owns a
3-D seismic survey that encompasses 20,000 acres over 32 square
miles with approximately 6,500 acres under lease in the San Joaquin
Valley of California. The Company operates production from 20 oil
wells in our East Slopes project area in Kern County, California.
Daybreak Oil reported a net loss of $398,450 for the 12 months
ended Feb. 28, 2022, compared to a net loss of $512,265 for the 12
months ended Feb. 28, 2021. As of Aug. 31, 2022, the Company had
$8.56 million in total assets, $3.83 million in total liabilities,
and $4.73 million in total stockholders' equity.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2006, issued a "going concern" qualification in its report dated
June 15, 2022, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
DIAMOND SPORTS: 96% Markdown for Saratoga's $3.3M 2L Loan
---------------------------------------------------------
Saratoga Investment Corporation has marked its $3,374,880 loan
extended to Diamond Sports Group, LLC to market at $133,578 or 4%
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 Second Lien Term Loan (1M USD SOFR+
5.35%) to Diamond Sports Group, LLC. The loan accrues interest at
10.5% per annum. The loan matures on August 24, 2026.
As of May 31, 2023, the loan was in default and on non-accrual
status, according to Saratoga.
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.
About Diamond Sports Group
Diamond Sports Group, LLC and its affiliates own and/or operate the
Bally Sports Regional Sports Networks, making them the nation's
leading provider of local sports programming. DSG's 19 Bally Sports
RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG also
holds joint venture interests in Marquee, the home of the Chicago
Cubs, and the YES Network, the local destination for the New York
Yankees and Brooklyn Nets. The RSNs produce about 4,500 live local
professional telecasts each year in addition to a wide variety of
locally produced sports events and programs.
DSG 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. 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 Houlihan Lokey
Capital, Inc. as investment banker.
DIAMOND SPORTS: Saratoga Marks $342,343 Loan at 25% Off
-------------------------------------------------------
Saratoga Investment Corporation has marked its $342,343 loan
extended to Diamond Sports Group, LLC to market at $257,329 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 First Priority Term Loan (6M USD
SOFR+ 8%, 1% Floor) to Diamond Sports Group, LLC. The loan accrues
interest at 13.06% per annum. The loan matures on May 25, 2026.
As of May 31, 2023, the loan was in default and on non-accrual
status, according to Saratoga.
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.
About Diamond Sports Group
Diamond Sports Group, LLC and its affiliates own and/or operate the
Bally Sports Regional Sports Networks, making them the nation's
leading provider of local sports programming. DSG's 19 Bally Sports
RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG also
holds joint venture interests in Marquee, the home of the Chicago
Cubs, and the YES Network, the local destination for the New York
Yankees and Brooklyn Nets. The RSNs produce about 4,500 live local
professional telecasts each year in addition to a wide variety of
locally produced sports events and programs.
DSG 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. 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 Houlihan Lokey
Capital, Inc. as investment banker.
DIOCESE OF NEW ORLEANS: Committee Seeks to Hire Actuarial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors of The Roman Catholic
Church of the Archdiocese of New Orleans seeks approval from the
U.S. Bankruptcy Court for the Eastern District of Louisiana to
employ Actuarial Value, LLC as actuarial advisor.
The firm's services include:
a. assisting the committee in connection with actuarial analysis
and issues concerning the Debtor's pension and Other
Post-Employment Benefit (OPEB) plans;
b. attending meetings and assisting discussions among the
Debtor, the committee, the U.S. trustee, and other parties involved
in the Debtor's Chapter 11 case and their professionals that relate
to pension and OPEB issues;
c. advising the committee in connection with actuarial aspects
of the pension and OPEB issues in connection with the mediation;
and
d. assisting in the review or preparation of information and
actuarial analyses pertaining to pension and OPEB issues relevant
to the confirmation of a Chapter 11 plan.
The firm will be paid at these rates:
Robert T. Campbell $750 per hour
Sean Patrick Spencer $300 per hour
Robert Campbell, a partner at Actuarial Value, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Robert T. Campbell
Actuarial Value, LLC
151 Tamarack Lane
Rockford, MI 49341
Tel: (616) 340-0756
About The Roman Catholic Church of
the Archdiocese of New Orleans
The Roman Catholic Church of the Archdiocese of New Orleans --
https://www.nolacatholic.org/ -- is a non-profit religious
corporation incorporated under the laws of the State of Louisiana.
Created as a diocese in 1793, and established as an archdiocese in
1850, the Archdiocese of New Orleans has educated hundreds of
thousands in its schools, provided religious services to its
churches and provided charitable assistance to individuals in need,
including those affected by hurricanes, floods, natural disasters,
war, civil unrest, plagues, epidemics, and illness. Currently, the
archdiocese's geographic footprint occupies over 4,200 square miles
in southeast Louisiana and includes eight civil parishes:
Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St.
John
the Baptist, St. Tammany, and Washington.
The Roman Catholic Church for the Archdiocese of New Orleans sought
Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1,
2020. The archdiocese was estimated to have $100 million to $500
million in assets and liabilities as of the bankruptcy filing.
Judge Meredith S. Grabill oversees the case.
Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's
bankruptcy counsel and special counsel, respectively. Donlin,
Recano & Company, Inc., is the claims agent.
The U.S. Trustee for Region 5 appointed an official committee of
unsecured creditors on May 20, 2020. The committee is represented
by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke
Lord, LLP. Berkeley Research Group, LLC is the committee's
financial advisor.
EMD SERVICES: Seeks to Hire Modestas Law Offices as Counsel
-----------------------------------------------------------
EMD Services, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ Modestas Law
Offices, PC as its bankruptcy counsel.
The firm will render these services:
(a) negotiate with creditors;
(b) prepare a plan and financial statements;
(c) examine and resolve claims filed against the estate;
(d) prepare pleadings filed in the case;
(e) interact with the trustee in this case;
(f) attend at court hearings; and
(g) otherwise represent the Debtor in matters before the
court.
Saulius Modestas, Esq., the primary attorney in this
representation, will be paid at his hourly rate of $475.
Mr. Modestas disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Saulius Modestas, Esq.
Modestas Law Offices, PC
401 S. Frontage Road, Ste. C
Burr Ridge, IL 60527
Telephone: (312) 251-4460
Email: smodestas@modestaslaw.com
About EMD Services
EMD Services, Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06798) on May
23, 2023, with as much as $50,000 in both assets and liabilities.
Ken Novak has been appointed as Subchapter V trustee.
Saulius Modestas, Esq., at Modestas Law Offices, PC is the Debtor's
legal counsel.
EMERALD ELECTRICAL: Seeks to Hire Smart Business Accounting
-----------------------------------------------------------
Emerald Electrical Consultants, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Smart Business Accounting, LLC as accountant.
The Debtor needs an accountant to prepare and submit, through the
appropriate agencies, all paperwork, applications, forms, and
materials, associated with the retention of the Employee Retention
Credit (ERC) made available under the Coronavirus Aid, Relief, and
Economic Security Act.
The firm will be paid 20 percent of all ERC amounts recovered by
the Debtor.
Donald Lawson, president at Smart Business Accounting, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Donald W. Lawson
Smart Business Accounting, LLC
6704 Watermour Way
Knoxville, TN 37912
About Emerald Electrical Consultants
Emerald Electrical Consultants, LLC specializes in substation
construction, related technical services, and consulting across the
United States, with a focused presence in the southeastern and
central regions of the country. The company is based in Cumming,
Ga.
Emerald Electrical Consultants sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20913) on
Sept. 15, 2022, with $1 million to $10 million in both assets and
liabilities. Lindy Truitt, president and chief executive officer of
Emerald Electrical Consultants, signed the petition.
Judge James R. Sacca oversees the case.
The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as
bankruptcy counsel; Brett Wagner, P.C. as special counsel; and
Hoover Slovacek, LLP as appellate counsel.
EMERALD ELECTRICAL: Unsecureds Owed $1.9M to Get Proceeds Generated
-------------------------------------------------------------------
Emerald Electrical Consultants, LLC, submitted a Plan of
Reorganization and a Disclosure Statement.
The Debtor is an electrical engineering and construction company
that specializes in in electrical substation construction, related
technical services, and consulting across the United States, with a
focused presence in the southeastern and central regions of the
country.
Under the Plan, Class 3 General Unsecured Claims are impaired. The
Debtor estimates, based on its schedules and proofs of claims that
have been filed that there will be approximately $516,634 in
allowed General Unsecured Claims, which includes the estimated
deficiency claim of Kubota, and accounts for likely claim
objections and assumes that all such objections are unopposed or
sustained. Currently, it appears that if there were no amendments
to the Debtor's schedules and no claims objections filed or
sustained, the total amount of general unsecured claims would be
$1,962,350.
The Debtor anticipates that the proceeds generated from receipt of
its anticipated ERC Tax Credit and currently unresolved legal
claims, which are pending adjudication as explained in more detail
below, should satisfy General Unsecured Claims in full. Assuming
that anticipated recoveries are achieved in the pending litigation
matters and the Debtor's planned claims objections are not opposed
or are sustained, the Debtor projects that creditors with allowed
General Unsecured Claims would ultimately receive a total recovery
of 100% of their allowed claim amounts. However, litigation is
inherently unpredictable, and the actual recoveries and
distributions to General Unsecured Claims cannot be predicted with
any certainty.
The distributions contemplated by the Plan will be funded by cash
on hand, as well as the sales proceeds generated by the liquidation
of the Debtor's remaining assets (which consist of the First US
Bank Assets and Kubota Assets), in addition to the liquidation and
disbursement of the Debtor's contingent and unliquidated assets and
claims.
Counsel for the Debtor:
Benjamin R. Keck, Esq.
Craig A. Cooper, Esq.
KECK LEGAL, LLC
2566 Shallowford Road, Suite 104-252
Atlanta, GA 30345
Tel: (470) 826-6020
E-mail: bkeck@kecklegal.com
ccooper@kecklegal.com
A copy of the Disclosure Statement dated July 12, 2023, is
available at https://tinyurl.ph/zZzbi from PacerMonitor.com.
About Emerald Electrical Consultants
Emerald Electrical Consultants LLC specializes in substation
construction, related technical services, and consulting across the
United States, with a focused presence in the southeastern and
central regions of the country. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-20913) on September 15, 2022. In the petition signed by Lindy
Truitt, president and CEO, the Debtor disclosed up to $10 million
in both assets and liabilities.
Judge James R. Sacca oversees the case.
Benjamin Keck, Esq., at Keck Legal, LLC, is the Debtor's counsel.
ENDO PARENT: $156M Bank Debt Trades at 25% Discount
---------------------------------------------------
Participations in a syndicated loan under which Endo Parent Inc is
a borrower were trading in the secondary market around 75.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $156.3 million facility is a Term loan that is scheduled to
mature on August 18, 2023. The amount is fully drawn and
outstanding.
Endo Parent, Inc. operates healthcare facilities.
ENERGIZER HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based Energizer
Holdings Inc. to stable from negative. At the same time, S&P
affirmed all its ratings on the company, including its 'B+' issuer
credit rating, 'BB' senior secured debt rating, and 'B' senior
unsecured debt rating (the recovery ratings on the debt remain at
'1' and '5', respectively). S&P revised its rounded recovery
estimate on the senior secured debt to 95% from 90%, reflecting the
lower debt claims outstanding in a default scenario following
partial prepayment of the term loan.
S&P said, "The stable outlook reflects our expectation for
generally steady sales and profit growth over the next year despite
sustained high costs. We further expect the company will continue
to generate satisfactory free operating cash flow (FOCF), which
will be directed primarily to debt reduction instead of share
repurchases and acquisitions, resulting in leverage improving to
the mid-5x range over the next 12 months.
"We affirmed our ratings because the company's profits continue to
recover from high inflation."
Energizer's S&P Global Ratings-adjusted EBITDA grew by about 7%
despite reported revenue declining by about 5% for the first six
months of fiscal 2023. In particular, gross margins expanded over
200 basis points (bps) for the same period. Organic volumes
declined 11.5% over the same period while prices increased by 11%.
Volume declines were driven by higher pricing, difficult
year-over-year comparisons, weaker demand, and exit from
lower-margin businesses. Energizer expects auto care volumes to
stay weak for the remainder of the fiscal year compared to the same
period last year due to tougher comparisons. Also, the company
expects battery volumes will increase in the fourth quarter. S&P
said, "We expect the company will hold its solid market share
position in batteries even in a weaker macroeconomic environment,
despite private-label competition and potentially higher
promotional activity, given its portfolio of battery brands.
Further, we expect EBITDA margins will continue to recover as price
increases outpace inflation and savings from its cost-optimization
initiatives (Project Momentum) materialize."
Energizer continues to demonstrate a commitment to debt repayment
consistent with our ratings.
In addition to maintaining a public commitment to reducing
leverage, the company has repaid about $150 million of debt through
the first six months of fiscal 2023 via discretionary cash flow
(DCF). This has enabled it to deleverage close to 6x (6.1x for the
trailing 12 months ended March 31, 2023, compared with 6.5x a year
earlier) despite margin pressure from supply chain disruptions and
input cost inflation. S&P said, "We expect the company will
continue to generate healthy DCF over the next couple of years,
supported by improving profitability and working capital
management. We also expect Energizer will deleverage below our 6x
downgrade trigger to the mid-5x area over the next 12 months. The
company targets FOCF generation of about 10%-12% of net sales and
expects to reduce leverage by about 0.5x annually. Our rating
assumes Energizer will not engage in any material acquisitions or
share repurchases that could derail its deleveraging progress."
S&P assumes Energizer will mitigate potential supply chain
volatility and input cost inflation.
S&P said, "While we do not expect these pressures to completely
abate in the near term, especially the high cost of energy and
certain commodities, we expect the company will continue taking
measures to mitigate their impacts. We understand that Energizer is
locked into a majority of its input costs for the rest of the
fiscal year and therefore will likely meet our profit and cash flow
expectations assuming our demand forecast holds.
"The stable outlook reflects our expectation for generally steady
sales and profit growth over the next couple of years despite
sustained high costs. We further expect the company will continue
to generate satisfactory FOCF, which will be directed primarily to
debt reduction as opposed to share repurchases and acquisitions,
resulting in leverage improving to the mid-5x range over the next
12 months."
S&P could lower the ratings if Energizer sustains leverage of about
6x or above, which could occur if:
-- Profitability deteriorates because the company cannot manage
higher input and transportation costs, competition from branded or
private-label players escalates, there are supply chain
disruptions, or demand for batteries declines as consumers alter
purchasing behavior.
-- The company aggressively repurchases shares or pursues material
acquisitions.
S&P could raise the rating if:
-- Inflationary pressures subside and S&P believes the company
will reduce and sustain S&P Global Ratings-adjusted leverage at 5x
or below, which would require its belief that management will
maintain financial policies commensurate with the higher rating.
-- Consumption trends for the company's products remain healthy.
ESG credit indicators: E-2; S-2; G-2
ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 75% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 24.9
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.20 billion facility is a Term loan that is scheduled to
mature on March 31, 2027. The amount is fully drawn and
outstanding.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ENVISION HEALTHCARE: 99% Markdown for Saratoga's $4.7M Loan
-----------------------------------------------------------
Saratoga Investment Corporation has marked its $4,766,742 loan
extended to Envision Healthcare Corporation to market at $29,792 or
1% 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 LIBOR+ 3.75%) to
Envision Healthcare Corporation. The loan accrues interest at 8.91%
per annum. The loan matures on October 10, 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.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
EXELA TECHNOLOGIES: S&P Lowers ICR to 'SD' on Subpar Debt Exchange
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Exela
Technologies Inc. to 'SD' (selective default) from 'CC'. At the
same time, S&P lowered its issue-level rating on the company's
senior secured debt to 'D' from 'CC'.
On July 11, 2023, Exela executed the final settlement of its debt
exchange, which included issuing $1,082 million of new senior
secured notes due 2026 by its subsidiary Exela Intermediate LLC in
exchange for its previous senior secured notes due 2026, its term
loan due 2023, and its senior notes due 2023.
S&P said, "We lowered our ratings on Exela following the completion
of its subpar debt exchange. The company executed the final
settlement of its exchange offer, which we view as distressed and
tantamount to a default because its lenders received less than they
were originally promised. Participating noteholders received $800
of new notes for every $1,000 of the principal amount of old notes
tendered. In addition, the new noteholders received payment-in-kind
(PIK) interest for the interest payment due in July 2023. Exela
will pay at least 50% of the 2024 interest payments with cash and
will pay the remainder in cash to the extent it has at least $15
million of unrestricted cash pro forma for the payment. Otherwise,
the company will pay the remaining portion in kind. Approximately
$24 million (about 2%) of the old notes were not tendered and
remain outstanding.
"We plan to reevaluate our issuer credit rating in the near term to
reflect the company's new capital structure and liquidity position.
Importantly, the company satisfied all its 2023 debt maturities, so
there are no material debt maturities until 2026. The exchange will
also save the company $30 million or more in cash interest
annually. Our review will focus on the long-term viability of
Exela's capital structure, its recent performance, and our
forward-looking opinion of its creditworthiness."
EYECARE PARTNERS: $300M Bank Debt Trades at 41% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 59.5
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $300 million facility is a Term loan that is scheduled to
mature on November 15, 2029. 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: Saratoga Marks $1.9M Loan at 23% Off
------------------------------------------------------
Saratoga Investment Corporation has marked its $1,943,111 loan
extended to EyeCare Partners, LLC to market at $1,505,911 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 is a participant in a Term Loan (1M USD LIBOR+ 3.75%) to
EyeCare Partners, LLC. The loan accrues interest at 8.9% per annum.
The loan matures on February 18, 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.
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.
F&G ANNUITIES: Moody's Upgrades LongTerm Issuer Ratings to Ba1
--------------------------------------------------------------
Moody's Investors Service has upgraded the LT issuer ratings of F&G
Annuities & Life, Inc. (NYSE:FG; F&G) to Ba1 from Ba2 and the
insurance financial strength (IFS) ratings of its insurance
subsidiaries, Fidelity & Guaranty Life Insurance Company (FGLIC)
and F&G Life Re Ltd, to A3 from Baa1. The outlook on F&G is changed
to stable from positive.
RATINGS RATIONALE
According to Moody's, the upgrade of F&G's ratings and the stable
outlook reflects the expansion of its product suite and its
distribution channels which has led to sales growth following its
June 2020 acquisition by Fidelity National Financial, Inc (FNF;
Baa2 stable). FNF has provided additional financial flexibility and
capital to support F&G's strategic growth plans.
While F&G's primary distribution channel has been via independent
marketing organizations (IMOs), the company has expanded its
broker/dealer channel and established bank distribution
relationships with the help of FNF and ratings upgrades.
Fidelity & Guaranty Life Insurance Company, the primary insurance
operating entity has been able to balance the healthy growth of its
fixed indexed annuities (FIA) business, while expanding its
footprint in the indexed universal life (IUL) insurance market and
entering the institutional marketplace, including pension risk
transfer (PRT) deals and funding agreement backed notes (FABN)
offerings. FGLIC's A3 IFS rating reflects one notch of implicit
parental support relative to its Baa1 standalone credit profile.
These strengths are offset by the concentration in FIAs, the
company's relatively small size in a consolidating industry, and
above average risk in its investment portfolio. However, F&G has
leveraged the expertise of Blackstone Inc. that has allowed it to
enhance its risk-adjusted investment yields and maintain net
investment spreads and achieve product pricing returns.
CF Bermuda Holdings Limited's Baa3 long-term issuer rating is the
standard three notches lower than the A3 IFS rating of the
insurance operating entities. The Ba1 issuer rating of F&G
Annuities & Life, Inc. is one notch lower than the Baa3 long-term
issuer rating of CF Bermuda Holdings Limited reflecting structural
subordination. The Baa2 backed senior unsecured debt rating of
Fidelity & Guaranty Life Holdings, Inc. (FGLH) reflects the credit
profile of its operating entities, implicit parental support and
the guarantee provided by FNF.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's said that the following could lead to an upgrade of F&G's
ratings: 1) sustained strong capital generation and cash flow from
the life operating entities; 2) more balanced growth in profitably
priced new FIA business and life insurance; and 3) an upgrade of
FNF's debt ratings.
Conversely, the following factors could result in a downgrade of
F&G's ratings: 1) increased investment risk from more aggressive
asset allocations; 2) adjusted financial leverage above 25%; 3)
sustained statutory return on capital less than 6%; 4) significant
use of reinsurance to finance growth; 5) more aggressive capital
actions or the NAIC RBC ratio (company action level) declining
below 400%; or 6) a downgrade of FNF's debt ratings.
LIST OF AFFECTED RATINGS
Issuer: F&G Annuities & Life, Inc.
Outlook Actions:
Outlook, Changed to stable from positive
Upgrades:
LT Issuer rating (Local Currency), Upgraded to Ba1 from Ba2
Issuer: CF Bermuda Holdings Limited
Outlook Actions:
Outlook, Changed to stable from positive
Upgrades:
LT Issuer rating (Local Currency), Upgraded to Baa3 from Ba1
Issuer: Fidelity & Guaranty Life Holdings, Inc.
Outlook Actions:
Outlook, Remains stable
Affirmations:
BACKED Senior Unsecured (Local Currency), Affirmed Baa2
Issuer: Fidelity & Guaranty Life Insurance Company
Outlook Actions:
Outlook, Changed to stable from positive
Upgrades:
Insurance Financial Strength, Upgraded to A3 from Baa1
Issuer: F&G Life Re Ltd
Outlook Actions:
Outlook, Changed to stable from positive
Upgrades:
Insurance Financial Strength (Local Currency), Upgraded to A3 from
Baa1
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Life Insurers
Methodology published in January 2023.
F&G Annuities & Life, Inc. is an insurance holding company
headquartered in Delaware. As of March 31, 2023, F&G Annuities &
Life, Inc. reported total assets of about $59 billion and
shareholders' equity of approximately $2.5 billion.
FAIRPORT BAPTIST: PCO Says Patient Care Remains Stable
------------------------------------------------------
Eric Huebscher, the court-appointed patient care ombudsman, filed a
seventh report regarding the quality of patient care provided at
the nursing home operated by Fairport Baptist Homes and its
affiliates.
In his report, which covers the period from May 8 to July 7, 2023,
the PCO visited the site once. During the visit, the PCO met with
key employees and toured the facility.
The PCO continued with bi-weekly phone calls with Fairport's senior
leadership. During these calls, Fairport informed the PCO of any
material changes which may have had an impact on patient care. The
PCO has been updated, for the most part, on the sale and financing
process by both the seller and the buyer's representative.
The PCO noted that the Fairport continued to maintain stable and
uninterrupted health services to its residents. The resident census
has materially increased. Further, Fairport's decision to explore
expanding services will inure to the benefit of the residents and
surrounding community.
As of this report date, patient care has not been compromised and
remains stable.
A copy of the seventh PCO report is available for free at
https://urlcurt.com/u?l=G0F7cf from PacerMonitor.com.
About Fairport Baptist Homes
Fairport Baptist Homes and its affiliates, Fairport Baptist Homes
Adult Care Facility, Inc., FBH Community Ministries and FBH
Distinctive Living Communities, Inc., operate skilled nursing care
facilities.
Fairport Baptist Homes owns a New York-licensed 142-bed residential
health care facility at the FBH campus in Fairport, N.Y., and 42
independent living units known as Deland Acres.
On May 6, 2022, Fairport Baptist Homes and its affiliates sought
Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Lead Case No.
22-20220). In the petition filed by Fairport President Thomas H.
Poelma, Fairport Baptist Homes listed $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
The Debtors tapped John A. Mueller, Esq., at Lippes Mathias, LLP as
bankruptcy counsel and Pullano & Farrow, PLLC as special counsel.
Epiq Corporate Restructuring, LLC is the claims and noticing
agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on June 2,
2022. Dentons US, LLP and ToneyKorf Partners, LLC serve as the
committee's legal counsel and financial advisor, respectively.
Eric M. Huebscher, the patient care ombudsman appointed in the
Debtors' cases, is represented by Kelly C. Griffith, Esq., at
Harris Beach, PLLC.
FOURTEEN DAVISON: Says Rental, Cash Infusion to Pay Off Claims
--------------------------------------------------------------
Fourteen Davison Plaza Associates, PLLC, submitted a Plan of
Reorganization and a Disclosure Statement.
The Debtor is a limited liability corporation owning a two-family
unit located at 14 Davison Plaza, East Rockaway, New York. It has
continued in the operation and management of its business. The
Debtor has both units rented and is receiving $3000 a month in
rent.
The Plan will be effectuated from the rental income received from
the 2 units and by contribution as necessary by the Managing
Member, Shannon Gerardi. The Managing Member operates Seamless by
Advanced Inc. and believes he will have sufficient income to meet
the obligations set forth in the Plan. The initial distributions
and lump sum payments will come from the Managing Members personal
accounts.
Class 1 Secured Claims is comprised of Ocean Financial Credit
Union's $309,129 claim, and L&L Associates Holding Corp.'s $40,333
claim. Ocean Financial holds a judgment of foreclosure and sale
secured by the property located at 14 Davison Plaza, East Rockway,
New York. Ocean Financial will be paid a lump sum payment of
$100,000 within 30 days of the Effective Date of the Plan, and then
$4,100 per month in 60 equal consecutive monthly payments with
interest at 9%. L&L will be paid 100% of its allowed claims in 60
equal consecutive monthly payments.
For Class 2 General Unsecured Claims, there is one general
unsecured claim filed by the IRS in the amount of $23,340 for
estimated taxes. The Debtor is in the process of filing the tax
returns. The Debtor intends to object to this claim if it is not
amended by the IRS. This claim will be paid 100% of the allowed
claim within 30 days.
Attorneys for the Debtor:
Heath S. Berger, Esq.
BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP
6901 Jericho Turnpike, Suite 230
Syosset, NY 11791
Tel: (516) 747-1136
E-mail: hberger@bfslawfirm.com
A copy of the Disclosure Statement dated July 14, 2023, is
available at https://tinyurl.ph/Ptvbi from PacerMonitor.com.
About Fourteen Davison Plaza Associates
Fourteen Davison Plaza Associates, LLC filed a Chapter 11
bankruptcy petition (Bankr. E.D.N.Y. Case No. 23-70184) on Jan. 18,
2023, with as much as $1 million in both assets and liabilities.
Judge Louis A. Scarcella oversees the case. The Debtor is
represented by Heath S. Berger, Esq., at Berger Fischoff Shumer
Wexler & Goodman, LLP.
FRONTIER COMMUNICATIONS: Moody's Affirms 'B3' CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Frontier Communications
Holdings, LLC's B3 Corporate Family Rating, B3 on its first lien
notes and bank facility, and Caa2 on its second lien notes
following the announcement that Frontier is raising $1.05 billion
in securitized debt. Moody's also assigned an SGL-2 Speculative
Grade Liquidity Rating to Frontier. The outlook is stable.
The proceeds from the proposed debt offering will be used to fund
capex for the company's fiber builds and defease existing southwest
debentures, as well as pay transaction fees and expenses. Following
this transaction, Frontier will have mostly funded its fiber build
plan to have 10 million fiber passings by 2026. Assuming total
capital raise of $1.05 billion, pro forma for the transaction
Moody's projects Frontier's total debt-to-EBITDA (inclusive of
Moody's adjustments) will be 6.0x at year-end 2023.
"The proposed financing increases Frontier's financial and
operating flexibility by pre-funding most of the required capex to
build out up to 10 million fiber passings. With this financing, the
company mitigates the risk of accessing capital markets and ensures
Frontier's suppliers and counterparties have visibility regarding
funding availability," said Emile El Nems, VP – Senior Credit
Officer at Moody's. "At the same time, this financing comes at the
expense of having higher gross leverage."
Assignments:
Issuer: Frontier Communications Holdings, LLC
Speculative Grade Liquidity Rating, Assigned SGL-2
Affirmations:
Issuer: Frontier Communications Holdings, LLC
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured First Lien Bank Credit Facility, Affirmed B3
Senior Secured First Lien Regular Bond/Debenture, Affirmed B3
Senior Secured Second Lien Regular Bond/Debenture, Affirmed Caa2
Outlook Actions:
Issuer: Frontier Communications Holdings, LLC
Outlook, Remains Stable
RATINGS RATIONALE
Frontier's B3 CFR reflects the company's high leverage, declining
revenue and EBITDA, sizable capex program and elevated execution
risks associated with the company's on-going plans to modernize and
transform its legacy network to fiber. Over the next three years,
Frontier aims to increase its expected fiber passings to 10 million
from around 5.5 million at March 31, 2023. In addition, Moody's
opinion considers the competitive intensity in the
telecommunications services industry. Across most of the company's
footprint, Frontier competes against well entrenched cable
operators, wireless competitors, and to a lesser degree
overbuilders.
At the same time the rating takes into consideration the company's
preliminary success in expanding its fiber footprint, increasing
fiber penetration, recapturing market share, shoring up liquidity,
and enhancing its financial flexibility with no debt maturing until
2027.
Moody's expects Frontier to maintain good liquidity over the next
12-18 months. Frontier's liquidity position is supported by around
$2.03 billion in expected cash and short-term investments, and a
$900 million revolving credit facility, under which (at March 31,
2023) $664 million remained available due to $236 million in
letters of credit. The $900 million Revolving Facility will be
available on a revolving basis until April 30, 2025 and with
respect to certain lenders currently representing $850 million, the
maturity date of the revolving facility will be the earliest of (a)
April 30, 2028, (b) 91 days prior to the maturity date of the term
loan facility (due October 8, 2027), (c) unless such notes have
been repaid and/or redeemed in full, the date that is 91 days prior
to the stated maturity date of the 5.875% first lien notes due
October 15, 2027, and (d) unless such notes have been repaid and/or
redeemed in full, the date that is 91 days prior to the stated
maturity date of the 5.0% first lien notes due May 1, 2028. The
revolving credit facility is governed by a maximum total first lien
debt-to-EBITDA ratio of 3.5x, with step-downs to 3.25x in 2026; and
3.0x, in 2027 and continuing thereafter.
Frontier's ESG Credit Impact Score is (CIS-4). The score reflects
an aggressive financial policy, negative social trends that the
company is experiencing in its legacy business, and cyber security
risk exposure given the company's collection of sensitive consumer
data. Like other wireline telecommunications companies Frontier may
have exposure to unknown consequences of lead-sheathed cables.
The stable outlook reflects Moody's expectations that Frontier will
maintain good liquidity and improve operating metrics by
demonstrating steady growth in fiber broadband net adds, achieving
higher penetration (on a like for like basis), and delivering solid
EBITDA margins.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of Frontier's CFR could occur if the company's adjusted
debt/EBITDA (inclusive of Moody's adjustments) is below 5.5x for a
sustained period of time, or free cash flow-to-debt approaches
mid-single digits, the company's operating performance improves,
and the company maintains good liquidity.
The rating could be downgraded if the company's adjusted
debt/EBITDA (inclusive of Moody's adjustments) is above 6.5x for a
sustained period of time, or the company's liquidity deteriorates,
or its growth strategy materially stalls.
Headquartered in Norwalk, CT, Frontier Communications Parent, Inc.
(parent), is an Incumbent Local Exchange Carrier (ILEC) and is
considered the fourth largest wireline telecommunications company
in the US, with 15.4 million passings (with 9.9 million copper and
5.5 million fiber).
The principal methodology used in these ratings was
Telecommunications Services Providers published in September 2022.
GOOD HANDS MEDICAL: Jarrod Martin Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 7 appointed Jarrod Martin, Esq., a
practicing attorney in Houston, as Subchapter V trustee for Good
Hands Medical Transportation, LLC.
Mr. Martin will be paid an hourly fee of $550 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Martin declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jarrod B. Martin, Esq.
1200 Smith Street, Suite 1400
Houston, TX 77002
Phone: 713-356-1280
Email: JBM.Trustee@chamberlainlaw.com
About Good Hands Medical
Good Hands Medical Transportation, LLC provides non-emergency
medical transportation in Houston, Texas.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-32634) on July 13,
2023, with $166,380 in assets and $2,326,632 in liabilities. Hazem
Anwar Bataineh, owner and director, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Robert C. Lane, Esq., at The Lane Law Firm is the Debtor's legal
counsel.
HATCH AND COMPANY: Case Summary & Six Unsecured Creditors
---------------------------------------------------------
Debtor: Hatch and Company, Inc.
DBA Georgia Tree Company
1695 Noble Drive NE
Atlanta, GA 30306-3141
Case No.: 23-56969
Chapter 11 Petition Date: July 24, 2023
Court: United States Bankruptcy Court
Northern District of Georgia
Judge: Hon. Lisa Ritchey Craig
Debtor's Counsel: Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
6075 Barfield Road
Suite 213
Sandy Springs, GA 30328-4402
Tel: (770) 984-2255
Fax: (678) 623-5109
Email: paul.marr@marrlegal.com
Total Assets: $234,553
Total Liabilities: $2,604,247
The petition was signed by Stephen Thomas Hatch a CFO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/3KX6UVA/Hatch_and_Company_Inc__ganbke-23-56969__0001.0.pdf?mcid=tGE4TAMA
HOLDIAY HAM: Craig Geno Named Subchapter V Trustee
--------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Craig Geno, Esq., as
Subchapter V trustee for Holdiay Ham Holdings, 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.
587 Highland Colony Parkway
Ridgeland, MS 39157
Phone: (601) 427-0048
Email: cmgeno@cmgenolaw.com
About Holdiay Ham
Holdiay Ham Holdings, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No.
23-23313) on July 7, 2023, with $1 million to $10 million in both
assets and liabilities. Lucius D. Jordan, III, president and
managing member, signed the petition.
Judge M. Ruthie Hagan oversees the case.
Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker
is the Debtor's legal counsel.
HTG MOLECULAR: Court OKs Appointment of Chapter 11 Trustee
-----------------------------------------------------------
A U.S. bankruptcy judge approved the appointment of an independent
trustee to take over the Chapter 11 case of HTG Molecular
Diagnostics, Inc.
In her June 21 order, Judge Kate Sickles of the U.S. Bankruptcy
Court for the District of Delaware granted the joint motion filed
by HTG's secured lender Silicon Valley Bank and the unsecured
creditors' committee to give control of the company's estate to a
Chapter 11 trustee, and directed the U.S. Trustee for Regions 3 and
9 to appoint one in the company's bankruptcy case.
On July 13, Silicon Valley Bank and the committee called for the
appointment of a trustee after Judge Sickles denied HTG's bid to
use cash collateral at the final hearing on June 28. In their joint
motion, both argued an independent trustee is warranted given the
need to access cash collateral and given the creditors' lack of
confidence in the present management.
Silicon Valley Bank and the committee are eyeing the appointment of
Chris Linscott of Keegan, Linscott and Associates as Chapter 11
trustee. Both believe he is the most qualified given his location
in Tucson and "significant experience" as a bankruptcy trustee and
receiver.
Silicon Valley Bank is represented by:
Gregory A. Taylor, Esq.
Ashby & Geddes, P.A.
500 Delaware Avenue, 8th Floor
P.O. Box 1150
Wilmington, DE 19899-1150
Tel: (302) 654-1888
Fax: (302) 654-2067
Email: gtaylor@ashbygeddes.com
-- and --
Alex Rheaume, Esq.
Morrison & Foerster, LLP
John Hancock Tower
200 Clarendon Street, Floor 21
Boston, MA 02116
Tel: (617) 648-4700
Fax: (617) 830-0142
Email: arheaume@mofo.com
Theresa A. Foudy, Esq.
Miranda K. Russell, Esq.
250 West 55th Street
New York, NY 10019-9601
Tel: (212) 468-8000
Fax: (212) 468-7900
Email: tfoudy@mofo.com
mrussell@mofo.com
The committee is represented by:
Donald J. Detweiler, Esq.
Elazar A. Kosman, Esq.
Womble Bond Dickinson (US), LLP
1313 North Market Street, Suite 1200
Wilmington, DE 19801
Telephone: (302) 252-4320
Facsimile: (302) 252-4330
Email: don.detweiler@wbd-us.com
Email: elazar.kosman@wbd-us.com
-- and --
Isaac D. Rothschild, Esq.
Alex D. Winkleman, Esq.
Mesch Clark Rothschild, PC
259 N. Meyer Ave.
Tucson, AZ 85701
Tel: (520) 624-8886
Fax: (520) 798-1037
Email: irothschild@mcrazlaw.com
awinkleman@mcrazlaw.com
About HTG Molecular Diagnostics
HTG Molecular Diagnostics, Inc. is a commercial-stage company that
develops and markets a technology platform to facilitate the
routine use of complex molecular profiling. The Tucson,
Arizona-based Company's HTG Edge and HTG EdgeSeq platforms, which
is comprised of instrumentation, consumables and software
analytics, automates the molecular profiling of genes and gene
activity.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10732) on June 5, 2023.
In the petition signed by its senior vice president and chief
financial officer, Shaun McMeans, the Debtor disclosed up to $10
million in both assets and liabilities.
Judge Kate Sickles oversees the case.
Frederick B. Rosner, Esq., at The Rosner Law Group, LLC, represents
the Debtor as legal counsel.
Silicon Valley Bank, as lender, is represented by Alex Rheaume,
Esq., at Morrison & Foerster LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtor's Chapter
11 case. The committee is represented by the law firms of Womble
Bond Dickinson (US), LLP and Mesch Clark Rothschild, PC.
IMPERVA INC: $290M Bank Debt Trades at 18% Discount
---------------------------------------------------
Participations in a syndicated loan under which Imperva Inc is a
borrower were trading in the secondary market around 82.5
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $290 million facility is a Term loan that is scheduled to
mature on January 10, 2027. The amount is fully drawn and
outstanding.
Imperva, Inc. develops protection software and services for
databases and business applications. The Company offers data
security, monitoring, and web application security to the energy,
financial services, government, healthcare, insurance, retail, and
e-commerce industries.
INSTANT BRANDS: 88% Markdown for Saratoga's $3.9M Loan
------------------------------------------------------
Saratoga Investment Corporation has marked its $3,942,576 loan
extended to Instant Brands Holdings Inc to market at $463,253 or
12% 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%, 0.75%
Floor) to Instant Brands Holdings Inc. The loan accrues interest at
10.48% per annum. The loan matures on April 7, 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.
About Instant Brands
Instant Brands designs, manufactures and markets a global portfolio
of innovative and iconic consumer lifestyle brands: Instant, Pyrex,
Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions.
Instant Brands Holdings Inc. and Instant Brands Inc., and their
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June
12, 2023. In the petition signed by Adam Hollerbach, chief
restructuring officer, the Debtors disclosed up to $1 billion in
both assets and liabilities.
Judge David R. Jones oversees the case.
Davis Polk & Wardwell LLP's Brian M. Resnick, Steven Z. Szanzer and
Joanna McDonald serve as counsel to the Debtors. The Debtors also
tapped Haynes and Boone, LLP as Texas counsel, Stikeman Elliott LLP
as Canadian counsel, AlixPartners, LLP as financial advisor,
Guggenheim Securities LLC as investment banker, and Epiq Corporate
Restructuring, LLC as claims, noticing, agent, solicitation and
administrative advisor.
DLA Piper LLP (US) serves as counsel to the Official Committee of
Unsecured Creditors.
Ropes & Gray LLP serves as counsel to the DIP Lenders, and Moelis &
Company LLC and Ankura Consulting Group, LLC act as advisors to the
Term DIP Secured Parties.
Skadden, Arps, Slate, Meagher & Flom LLP and Norton Rose Fulbright
and Norton Rose Fulbright Canada LLP serve as counsel and FTI
Consulting as financial advisor to the ABL DIP Secured Parties.
Kramer Levin Naftalis & Frankel LLP serves as counsel to Cornell
Capital.
INTERNAP HOLDING: Unsecureds Will Receive No Distribution
---------------------------------------------------------
Internap Holding LLC, et al., submitted a First Amended Joint
Chapter 11 Plan.
Under the Plan, Class 4 General Unsecured Claims will receive no
distribution. Class 4 is impaired.
The Reorganized Company will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or Reorganized Company, including Cash from operations, the
New Term Loan Exit Facility, proceeds from all Causes of Action not
settled, released, discharged, enjoined, or exculpated under the
Plan or otherwise on or prior to the Effective Date, and the New
Common Stock.
Counsel to the Debtors:
Catherine Steege, Esq.
Melissa Root, Esq.
Breana Drozd, Esq.
JENNER & BLOCK LLP
353 North Clark Street
Chicago, IL 60654
Tel: (312) 923-2952
E-mail: csteege@jenner.com
mroot@jenner.com
bdrozd@jenner.com
- and -
Mark Minuti, Esq.
Monique B. DiSabatino, Esq.
SAUL EWING LLP
1201 North Market Street, Suite 2300, P.O. Box 1266
Wilmington, DE 19899
Tel: (302) 421-6800
E-mail: mark.minuti@saul.com
monique.disabatino@saul.com
A copy of the Disclosure Statement dated July 12, 2023, is
available at https://tinyurl.ph/HryoE from Stretto, the claims
agent.
About Internap Holding
Internap Holding LLC and its affiliates provide compute resources
(i.e., an IT industry term referring to the ability to process
data) and storage services on demand via an integrated platform.
Their services include: (a) bare metal which are dedicated,
single-tenant servers utilizing Intel and AMD processors enabling
high-performance compute with rapid deployment, increased control,
enhanced security, and flexible configurations); (b) hosted private
cloud environments; (c) cloud computing backup services; and (d)
managed security to keep customer data secure and in alignment with
compliance requirements.
Internap Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10529) on April 28, 2023. In the petition signed by Michael
T. Sicoli, chief executive officer, the Debtor disclosed up to $500
million in both assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Saul Ewing LLP and Jenner and Block LLP, as
legal counsel, FTI Consulting as financial advisor, and Stretto,
Inc., as claims and noticing agent.
ISAGENIX INTERNATIONAL: Saratoga Marks $1.1M Loan at 15% Off
------------------------------------------------------------
Saratoga Investment Corporation has marked its $1,182,282 loan
extended to Isagenix International, LLC to market at $1,004,939 or
85% 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 (6M USD SOFR+ 4.5%) to
Isagenix International, LLC. The loan accrues interest at 9.59% per
annum. The loan matures on April 13, 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.
Isagenix International LLC is a privately held multi-level
marketing company that sells dietary supplements and personal care
products. The company, based in Gilbert, Arizona, was founded in
2002 by John Anderson, Jim Cover, and Kathy Cover.
JAB OF ROCKLAND: Time to File Plan Extended to Sept. 15
-------------------------------------------------------
Judge Sean H. Lane has entered an order granting JAB of Rockland,
Inc., d/b/a David's Bagels, another extension of its deadline to
file a Plan and Disclosure Statement.
The Debtor's deadline to file a Chapter 11 Plan and Disclosure
Statement pursuant to 11 U.S.C. Section 1121(e)(3) is extended up
to and including Sept. 15, 2023.
The time for the Debtor to obtain confirmation of a Chapter 11 Plan
pursuant to 11 U.S.C. Section 1121 (e) (3) be and the same is
extended up to and including Oct. 27, 2023.
In seeking an extension, the Debtor, which runs a bakery, explained
that it is currently a holdover tenant under a non-residential
lease with Newton Associates which it was unable to assume within
the time frame allowed by the Bankruptcy Code. Notwithstanding the
inability to save the lease, the Debtor has remained in possession
of the premises and has been paying for regular use and occupancy.
The Debtor is hopeful that the prospective purchaser of the
business will be able to negotiate a new lease for the premises
which would maximize the sale price of the business.
The Debtor is in the process of selling the shopping center where
the Debtor is located. The Debtor has already found a buyer for
its bakery business. The proceeds of the sale of the business and
the proceeds of another prepetition sale of the affiliate of the
Debtor will provide a significant dividend to creditors of the
Debtor. The sale is conditioned upon the buyer of the Debtor's
business obtaining a lease of the premises. The Debtor wants to
close on the sale before a Plan is filed.
About JAB of Rockland
JAB of Rockland, Inc., which conducts business under the name
David's Bagels, is a retail bagel bakery and store located in New
City, New York.
JAB of Rockland filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 19-23153) on June 11, 2019, disclosing under $1
million in both assets and liabilities. Judge Robert D. Drain
oversees the case. The Debtor is represented by Elizabeth A. Haas,
Esq., PLLC.
JLK CONSTRUCTION: Taps Keller Williams as Real Estate Broker
------------------------------------------------------------
JLK Construction, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Missouri to employ Keller Williams
Kansas City North.
The Debtor needs a real estate broker to list, market and sell its
property located at 102 South 8th St., Elwood, Kansas.
The Debtor will pay a 5 percent commission to be split between its
broker and a purchaser's broker.
Randy Vanderpool, a broker at Keller Williams Kansas City North,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Randy Vanderpool
Keller Williams Kansas City North
310 NW Englewood Road
Kansas City, MO 64118
Telephone: (816) 452-4200
About JLK Construction
JLK Construction, LLC moves dirt, excavates dirt, and does basic
concrete flatwork. It is a union shop.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mo. Case No. 23-50034) on Feb. 13,
2023, with up to $10 million in both assets and liabilities. Jesse
L. Kagarice, managing member, signed the petition.
Judge Brian T. Fenimore oversees the case.
Colin N. Gotham, Esq., at Evans and Mullinix, P.A., and Steven R.
Fox, Esq., at The Fox Law Corp., Inc., represent the Debtor as
legal counsel.
JOURNEY PERSONAL: Saratoga Marks $982,500 Loan at 16% Off
---------------------------------------------------------
Saratoga Investment Corporation has marked its $982,500 loan
extended to Journey Personal Care Corp to market at $825,300 or 84%
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 LIBOR+ 4.25%,
0.75% Floor) to Journey Personal Care Corp. The loan accrues
interest at 9.41% per annum. The loan matures on March 1, 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.
Journey Personal Care Corp. is a manufacturer and distributor of
personal care products.  
JP INTERMEDIATE: Saratoga Marks $982,500 Loan at 16% Off
--------------------------------------------------------
Saratoga Investment Corporation has marked its $982,500 loan
extended to JP Intermediate B, LLC to market at $852,300 or 84% 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+ 4.3%, 0.8%
Floor) to JP Intermediate B, LLC. The loan accrues interest at
9.41% per annum. The loan matures on March 1, 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.
JP Intermediate B, LLC retails vitamins and nutritional
supplements.
KALI'S COURT: Angela Shortall Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Angela Shortall of
3Cubed Advisory Services, LLC as Subchapter V trustee for Kali's
Court, LLC.
Ms. Shortall will be paid an hourly fee of $500 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Shortall declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Angela L. Shortall
3Cubed Advisory Services, LLC
111 S. Calvert St., Suite 1400
Baltimore, MD 21202
Phone: 410-783-6385
About Kali's Court
Kali's Court, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Md. Case No. 23-13178) on May 6,
2023, with as much as $50,000 in assets and $500,001 to $1 million
in liabilities. Angela Shortall of 3Cubed Advisory Services, LLC
has been appointed as Subchapter V trustee.
Judge Michelle M. Harner oversees the case.
The Debtor tapped Robert B. Scarlett, Esq., at Scarlett & Croll, PA
as legal counsel; Luxenburg & Bronfin, LLC as accountant; and
Theodore Losin as business manager.
KATANA ELECTRONICS: Brian Rothschild Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 19 appointed Brian Rothschild, Esq., as
Subchapter V trustee for Katana Electronics, LLC.
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 Katana Electronics
Katana Electronics, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Utah Case No.
23-22919) on July 11 2023, with $50,001 to $100,000 in assets and
$100,001 to $500,000 in liabilities. Judge Kevin R. Anderson
oversees the case.
Theodore Floyd Stokes, Esq., at Stokes Law PLLC is the Debtor's
legal counsel.
KDC AGRIBUSINESS: Seeks to Hire Foley & Lardner as Special Counsel
------------------------------------------------------------------
KDC Agribusiness LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Foley &
Lardner, LLP as their special counsel.
The firm will render these services:
(a) advise, counsel, and represent the Debtors in support of
their bankruptcy counsel, Richards, Layton & Finger, PA with
respect to the adversary complaint;
(b) in support of RLF, advise, counsel, and represent the
Debtors in any litigation in or related to these Chapter 11 cases,
that the Debtors deem as necessary and appropriate and which Foley
has agreed or agrees to assist; and
(c) advise, counsel, and represent the Debtors with respect to
any nonlitigation Foley Services, whether in support of RLF or
otherwise.
The hourly rates of the firm's counsel and staff are as follows:
Partner $875 - $1,250
Associate $440 - $735
Of Counsel $860
Paraprofessional $375 - $415
According to Foley's books and records for the one-year period
prior to the petition date, Foley has received payment from the
Debtors of $4,761,824.75 on account of invoices for legal services
performed and expenses incurred in connection therewith.
Paul Monsees, Esq., a partner at Foley & Lardner, provided the
following in response to the request for additional information set
forth in Paragraph D.1 of the U.S. Trustee Fee Guidelines.
Question: Did the firm agree to any variations from, or
alternatives to, the firm's standard billing arrangements for this
engagement?
Answer: Foley did not agree to any variations from, or
alternatives to, its typical or customary billing arrangements for
this engagement.
Question: Do any of the firm professionals in this engagement
vary their rate based on the geographical location of the Debtors'
Chapter 11 cases?
Answer: None of Foley's professionals included in this engagement
have varied their rate based on the geographic location for these
Chapter 11 cases.
Question: If the firm has represented the Debtors in the 12
months prepetition, disclose the firm's billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the 12 months prepetition. If the firm's billing
rates and material financial terms have changed post-petition,
explain the difference and the reasons for the difference.
Answer: Foley has represented the Debtors since approximately
2016. Other than the periodic adjustments, the billing rates and
material financial terms of Foley's engagement have not changed
post-petition from the prepetition arrangement.
Question: Have the Debtors approved the firm's budget and
staffing plan, and if so, for what budget period?
Answer: Foley, in conjunction with the Debtors, is developing a
prospective budget and staffing plan for these Chapter 11 cases.
Mr. Monsees disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Paul R. Monsees, Esq.
Foley & Lardner, LLP
3000 K Street, N.W., Suite 600
Washington, DC 20007
Telephone: (202) 672-5300
Facsimile: (202) 672-5399
Email: pmonsees@foley.com
About KDC Agribusiness
KDC Agribusiness LLC is a food waste recycler company. KDC and its
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10786) on June 16,
2023. In the petition signed by David Buffa, general counsel and
corporate secretary, KDC disclosed up to $500 million in both
assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped John H. Knight, Esq., at Richards, Layton and
Finger, P.A. as bankruptcy counsel; Foley & Lardner, LLP as special
litigation counsel; AlixPartners, LLP as financial restructuring
advisor; and Jefferies, LLC as investment banker. Kurtzman Carson
Consultants, LLC is the Debtor's claims agent.
KW INTERNATIONAL: Court OKs DIP Loan from Crossroads
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized KW International, LLC to use cash
collateral and obtain post-petition secured indebtedness, on an
interim basis.
Before the Petition Date, the Debtor financed its inventory through
the Loan Agreement with Crossroads Funding, LLC. The maximum amount
of this facility is $4.5 million. The current balance of the loan
pursuant to the Loan Agreement is approximately $4.1 million. The
Loan Agreement grants Crossroads a blanket lien in all of the
Debtor's assets, other than Avoidance Actions.
Crossroads has indicated a willingness -- in its discretion and
subject to the Debtor satisfying its requirements under the Loan
Agreement -- to continue permitting the Debtor's use of advanced
funds on a post-petition basis pursuant to the Loan Agreement,
under the conditions, inter alia, that
(a) subject to the terms of the Debtor's Factoring Agreement
with nFusion Capital Finance, LLC, and nFusion's consent, the
Debtor is authorized to obtain post-petition financing from nFusion
in a manner substantially identical to its ability to obtain
financing from nFusion under the Factoring Agreement on a
prepetition basis;
(b) the March 4, 2022 Intercreditor Agreement among the
Debtor, nFusion and Crossroads will remain in effect and bind all
three parties on a post-petition basis;
(c) Crossroads will be granted the Replacement Liens to the
extent of any diminution in the value of its Prepetition
Collateral;
(d) Crossroads' claim under the Loan and Security Agreement
among the Debtor and Crossroads dated March 3, 2022is given
super-priority administrative claim status to the extent of any
diminution in the value of its Prepetition Collateral; and
(e) each of the foregoing matters will be approved by the
Court in one or more orders in form and substance reasonably
acceptable to Crossroads.
From 2020 to early-2022, as a result of the COVID-19 pandemic and
related global supply chain issues, the Debtor encountered
financial difficulties. The Debtor's financial condition also
deteriorated in 2020-2021 due to increased material costs,
significant turnover in key management roles, and poor performance
until qualified replacements could be found. Consequently, in late
2021, the Debtor began working with a financial advisory services
firm in an effort to restructure its financial obligations outside
of a Chapter 11 bankruptcy process.
As a result of the Debtor's prior financial restructuring efforts,
the Debtor obtained financing through three different parties -- a
factoring company for the Debtor's accounts receivable, an
inventory lender for the Debtor's inventory, an equipment
lessor/lender for the Debtor's equipment.
Unfortunately, the Debtor's attempts to restructure outside of the
Chapter 11 process were not sufficient, and the Debtor lacks the
resources to execute its substantial backlog of orders on a timely
and profitable basis.
The Debtor is also a party to an Accounts Receivable Purchasing
Agreement dated as of March 4, 2022, among the Debtor and nFusion
Capital, LLC. The interrelationship between the Loan Agreement and
the Factoring Agreement is governed by an Intercreditor Agreement
dated March 4, 2022, among Crossroads and nFusion. Pursuant to the
Intercreditor Agreement, when nFusion purchases an account from the
Debtor, a specified amount of the purchase price will be paid to
Crossroads.
The Debtor requires cash collateral access to make payroll and pay
other direct operating expenses needed to carry on its business.
The Debtor is permitted to use cash collateral in accordance with
the budget, with a 5% variance, during the period beginning July
20, 2023 and ending August 6, 2023, or as provided in any
subsequent interim or Final Order on the Motion, subject to the
terms of the Loan Agreement.
As adequate protection, Crossroads is granted first-ranked,
priority liens on all of the Debtor's personal property.
As additional partial adequate protection for the Debtor's use of
cash collateral, to the extent of any diminution in value and a
failure of the other adequate protection provided by the Order,
Crossroads will have an allowed superpriority administrative claim
pursuant to 11 U.S.C. section 364(c)(1), with priority over any and
all administrative expenses with the exception of (x) United States
Trustee fees, (y) claims under 11 U.S.C. section 510(c), and (z)
professional fees allowed and payable under 11 U.S.C. sections 330,
331, and 503, including professional fees of any statutory
committee.
The Loan Agreement will operate in the same manner on a
post-petition basis as it did on a prepetition basis, including
with respect to any obligations owed by the Debtor and Crossroads
to (i) nFusion under the Intercreditor Agreement between the
Debtor, Crossroads, and nFusion, and (ii) Utica Leaseco, LLC under
the Utica Intercreditor Agreement between the Debtor, nFusion,
Crossroads, and Utica.
To secure the Debtor's obligations to Crossroads for Post-Petition
Advances under the Loan Agreement, Crossroads is granted the
following:
(a) first-ranked, priority liens on all of the Debtor's assets
other than the Avoidance Actions, pursuant to 11 U.S.C. sections
364(c)(2), 364(c)(3), and 364(d), which liens will be subject and
subordinate in priority only to (i) those valid and perfected
liens, if any, that existed on the Petition Date and that were
superior in rank to valid and perfected liens that secure the
Crossroads Debt, and (ii) the reclamation rights, if any, of the
Materials Suppliers under 11 U.S.C. Section 546(c), to the extent
such reclamation rights, if any, are superior in rank to valid and
perfected liens that secure the Crossroads Debt; and
(b) superpriority administrative claim status pursuant to 11
U.S.C. section 364(c)(1), with priority over any and all
administrative expenses of the kind specified in 11 U.S.C. sections
503(b) or 507(b) with the exception of (x) U.S. Trustee quarterly
fees, and (y) professional fees allowed and payable under 11 U.S.C.
sections 330, 331 and 503.
The Debtor's authority to use of cash collateral will terminate
upon earliest to occur of:
(a) The Debtor's chapter 11 case is dismissed or converted to
cases under chapter 7 of the Bankruptcy Code;
(b) The Court suspends the chapter 11 case under section 305;
(c) The consummation of any transaction resulting in the sale
or disposition of all or substantially all of the assets of the
Debtor and its estate;
(d) The Third Interim Order becomes stayed, reversed, vacated,
amended or otherwise modified in any respect without the prior
written consent of Crossroads;
(e) The Debtor fails to obtain entry of a Final Order, on
terms acceptable to Crossroads unless extended by mutual agreement
of Debtor and Crossroads; and
(f) The occurrence of any Event of Default under the terms of
the Third Interim Order which remains uncured for five business
days after the Debtor's receipt of written notice from Crossroads.
These events constitute an "Event of Default":
(a) The Debtor fails to timely and punctually perform any of
its requirements under the Loan Agreement or the Intercreditor
Agreement;
(b) Any representation or warranty made in any certificate,
report, expense statement, other financial statement, or other
document delivered to Crossroads after the Petition Date proves to
have been false or misleading in any material respect as of the
time when made or given;
(c) The Replacement Liens granted Crossroads cease to convey,
subject to the Carve-Out, Intercreditor Agreement, and Utica
Intercreditor Agreement, a valid and perfected first priority lien
on and security interest in the property of the Debtor.
A final hearing on the matter is set for August 7 at 1 p.m.
A copy of the order is available at https://urlcurt.com/u?l=HlYwZ1
from PacerMonitor.com.
About KW International
KW International provides production equipment and measurement
services. It offers oil and gas production equipment, gas
processing and treatment packages, measurement & automation
systems, parts and field service, and startup and troubleshooting.
KW International sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-90708) on June 6,
2023. In the petition signed by Jeff Wagner, president, the Debtor
disclosed $10 million to $50 million in both assets and
liabilities.
The Debtor tapped J. Robert Forshey, Esq., at Forshey & Prostok,
LLP as legal counsel; SSG Advisors, LLC as investment banker; and
Harris & Dickey, LLC as financial advisor.
LUMEN TECHNOLOGIES: $5B Bank Debt Trades at 28% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Lumen Technologies
Inc is a borrower were trading in the secondary market around 71.8
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $5 billion facility is a Term loan that is scheduled to mature
on March 15, 2027. About $3.92 billion of the loan is withdrawn
and outstanding.
Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an
integrated communications company that provides an array of
communications services to large enterprise, mid-market enterprise,
government and wholesale customers in its larger Business segment.
The company's smaller Mass Markets segment primarily provides
broadband services to its residential and small business customer
base.
LUZ MA: Seeks to Hire Van Horn Law Group as Bankruptcy Counsel
--------------------------------------------------------------
Luz Ma Aesthetics Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Van Horn Law
Group, PA as its counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued management of its business operations;
(b) advise the Debtor regarding its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare legal papers;
(d) protect the interest of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan.
The Debtor paid the firm a total retainer of $6,738.
The firm's hourly rates range from $150 to $450 per hour for law
clerks, paralegals, and attorneys.
In addition, the firm will seek reimbursement for expenses
incurred.
Chad Van Horn, Esq., at Van Horn Law Group, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Chad Van Horn, Esq.
Van Horn Law Group, PA
330 North Andrews Avenue, Suite 450
Fort Lauderdale, FL 33301
Telephone: (954) 637-0000
Email: chad@cvhlawgroup.com
About Luz Ma Aesthetics
Luz Ma Aesthetics Inc. filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-14986) on June 27, 2023. In the petition signed by Luz Marin,
president, the Debtor disclosed under $1 million in both assets and
liabilities.
Judge Corali Lopez-Castro oversees the case.
Chad Van Horn, Esq., at Van Horn Law Group, PA represents the
Debtor as counsel.
M & T REAL ESTATE: Gets OK to Hire KW Commercial as Broker
----------------------------------------------------------
M & T Real Estate Group, II, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ KW
Commercial Peachtree Road.
The Debtor requires a real estate broker to list for sale its real
property located at 955 Commercial St. N.E., Conyers, Ga.
The firm will get a commission of 4 percent of the gross sales
price.
Vita Deveaux, a partner at KW Commercial, disclosed in a court
filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Vita Deveaux
KW Commercial Peachtree Road
804 Town Boulevard Ste. A2040
Atlanta, GA
Tel: (678) 534-7500
About M & T Real Estate Group II
M & T Real Estate Group II Inc., doing business as We Work For U Ga
Conference Center, is a single asset real estate (as defined in 11
U.S.C. Sec. 101(51B)).
M & T Real Estate Group II filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-52191) on March 6, 2023, with $1 million to $10 million in both
assets and liabilities. Todd E. Hennings has been appointed as
Subchapter V trustee.
Judge Paul W. Bonapfel oversees the case.
Kenneth Mitchell, Esq., at Giddens, Mitchell & Associates, PC is
the Debtor's legal counsel.
MAGENTA BUYER: $750M Bank Debt Trades at 36% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 64.0
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 July 27, 2029. The amount is fully drawn and
outstanding.
Magenta Buyer LLC is a provider of cyber security software that
derives revenue from the sale of security products, subscriptions,
SaaS, support and maintenance, and professional services.
MISEN INC: Court OKs $4MM DIP Loan from Cedar Park
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
San Jose Division, authorized Misen Inc. to use cash collateral and
obtain postpetition financing, on an interim basis.
The Debtor is permitted to obtain the DIP Facility from Cedar Park
Ventures LLC and certain other lenders party thereto, and Cedar
Park as administrative agent for the Lenders, in an aggregate
amount of up to $4 million, which will be available as term loans
to the Debtor upon the entry of this Interim Order in an initial
amount not to exceed $2.5 million.
The DIP facility is due and payable through a maximum of 60 days if
prior to the effective date of a Chapter 11-exit plan.
The Plan Effective Date means the date on which all conditions to
effectiveness of the Chapter 11 Plan have been satisfied (or
waived) and the Chapter 11 Plan becomes effective.
After the Plan Effective Date:
Term Loan: Either 6 months or 1 year at the Debtor's
discretion.
Draw Loans: To be converted into Preferred Stock upon the
effective date of the Plan if confirmation of the Plan is within 60
days; otherwise, upon an Event of Default.
These events constitute an "Event of Default":
(i) Failure to pay amounts due under the Loan Documents;
(ii) Breaches of covenant, subject to a 5 business day
notice;
(iii) Conversion of the Bankruptcy Case;
(iv) Entry of order dismissing the Bankruptcy Case;
(v) Stay, reversal, vacation, or modification of the DIP
Order;
(vi) Priming the DIP Liens without DIP Agent's consent;
(vii) Failure to confirm the Plan of Reorganization within 60
days;
(viii) Missing receipts by 10% or more, missing disbursements by
10% or more;
(ix) The existence of any event or condition that, with the
giving of any notice required thereunder, or the passage of time,
or both, would be an Event of Default; and
(x) The Borrower's failure to provide DIP Agent with an
executed Deposit Account Control Agreement in form and substance
satisfactory to the Administrative Agent within 30 days of the
Petition Date.
A critical need exists for the Debtor to borrow funds under the
provisions of the DIP Facility to meet the expenses needed to
preserve and maintain property of the estate and administer its
Bankruptcy Case.
As security for the DIP Obligations, the Debtor is authorized to
grant to the DIP Agent a valid, binding and fully perfected,
security interest in and lien upon all present and after-acquired
property of the Debtor.
A final hearing on the matter is set for August 8, 2023.
The Debtor projects total operating cash out of $2,893,000 for the
eight-week period ended September 4, 2023.
A copy of the order is available at https://urlcurt.com/u?l=DYqQ6o
from PacerMonitor.com.
About Misen Inc.
Misen Inc. manufactures and sells cookwares. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Cal. Case No. 23-50767) on July 17, 2023. In the petition
signed by Matthew J. Luckett, authorized officer, the Debtor
disclosed $6,208,000 in assets and $10,855,000 in liabilities.
Judge Stephen L. Johnson oversees the case.
Ori Katz, Esq., at Sheppard Mullin Richter and Hampton LLP
represents the Debtor as legal counsel.
MISEN INC: Unsecureds Will Get 5 Cents on Dollar in Plan
--------------------------------------------------------
Misen Inc. filed with the U.S. Bankruptcy Court for the Northern
District of California a Plan of Reorganization for Small Business
dated July 17, 2023.
The Debtor is a Delaware corporation founded in 2015 by Omar Rada
with a simple goal to make premium-quality kitchenware more
affordable.
Under this Plan of Reorganization, the Debtor is borrowing up to
$4,000,000 in debtor-in possession financing (the "DIP Loan" or
"DIP Financing") funded by a subset of current investors in the
Debtor, including those holding convertible notes (the "Convertible
Noteholders") and certain holders of preferred equity. The DIP Loan
and the Plan together represent Misen's last and best hope to
survive as a going concern, pay all secured and priority claims in
full, and provide a meaningful dividend to general unsecured
creditors.
On the date the Plan becomes effective, the first $1,000,000 of the
outstanding balance of the DIP Loan will remain as debt on the
balance sheet of the reorganized Debtor. The remaining up to
$3,000,000 in DIP Loan liabilities will convert to a 66.66% equity
interest in the reorganized Debtor at a rate of $1.00 per share
(for a total of up to three million shares). The Convertible
Noteholders participating in funding the DIP Loan (the
"Participating Convertible Noteholders," and, together with certain
holders of preferred equity, the "DIP Lender") will convert the
pre-petition debt owing to them into equity in the reorganized
Debtor amounting to 7.5% of total equity.
Additionally, the reorganized Debtor intends to enter into a
management incentive plan which will account for the remaining
roughly 25% remaining and available equity interests in the
reorganized company. Upon the Effective Date, all existing equity
holders will have their equity interests canceled and the only
issued and outstanding equity in the reorganized Debtor will be on
account of participation in the DIP Financing or the support of the
Participating Convertible Noteholders.
The Debtor's senior secured debt will be paid off prior to the
Effective Date via DIP Loan funds to be advanced. All other
creditors will be paid on or shortly after the Effective Date (with
the exception of certain priority claims and administrative expense
claims), including an immediate distribution of $214,064.02 (the
"Pot") to the general unsecured creditors (collectively, the
"GUCs") who are impaired under the Plan and consist primarily of
trade vendors and service providers. The funds to pay the GUCs will
come from an advance under the DIP Loan (which will convert to an
exit facility (the "Exit Facility") on the Effective Date) after
satisfying the Debtor's senior secured debt. Those Convertible
Noteholders not participating in the funding of the DIP Loan (the
"Non-Participating Convertible Noteholders") will also receive a
small distribution of approximately $16,000 in the aggregate.
This Plan under chapter 11 of the Bankruptcy Code proposes to pay
creditors of Misen Inc. from the DIP Loan. The final Plan payment
is expected to be paid on or before September 30, 2023.
Holders of secured claims will receive payment in full from the DIP
Loan before the Effective Date of the Plan. Non-priority unsecured
creditors holding allowed claims will receive distributions, which
the proponent of this Plan has valued at approximately 5 cents on
the dollar. This Plan also provides for the payment of
administrative and priority claims.
Class 3(a) consists of NonPriority Unsecured Convertible Noteholder
Creditors. Class 3(a) is impaired by this Plan. Each holder of an
allowed Class 3(a) Non-Priority Unsecured Convertible Noteholder
Claim has already elected, via its decision whether to participate
in the DIP Loan, to receive either of the two treatments as
follows:
* Each Non-Participating Convertible Noteholder will receive
payment of its pro rata share of the Pot on account its Class 3(a)
Non-Priority Unsecured Convertible Noteholder Claim on or as soon
as practicable after the Effective Date; or
* As the result of an arms-length pre-petition negotiation
with the Participating Convertible Noteholders, each Participating
Convertible Noteholder has elected to convert its Class 3(a) Non
Priority Unsecured Convertible Noteholder Claim into an aggregate
of 337,500 shares of preferred equity in the Reorganized Debtor,
which represents 7.5% of the fully diluted capital stock of the
Reorganized Debtor.
Class 3(b) consists of NonPriority General Unsecured Creditors.
Class 3(b) is impaired by this Plan, and each holder of an allowed
Class 3(b) Non-Priority General Unsecured Claim will receive a pro
rata share of the Pot on account of its allowed Class 3(b)
Non-Priority General Unsecured Claim to be paid on or as soon as
practicable after the Effective Date.
Class 4 consists of Equity interests. On the Effective Date of the
Plan, all holders of equity in the Debtor will have their equity
cancelled. Holders of allowed Class 4 Equity Interests are impaired
and entitled to vote on the Plan.
Funding for the Plan will be provided by a combination of the DIP
Loan and continued sales revenue. The DIP Loan will be secured by
all personal property and assets of the Debtor.
The DIP Lender has agreed to (1) provide post-petition financing in
the amount of up to $4,000,000 under sections 361, 362, 364(c)(2),
364(c)(3), and 364(d) of the Bankruptcy Code in DIP Loan funds; and
(2) permit use of the DIP Lender's cash collateral through
confirmation of the Debtor's Plan, upon certain terms and
conditions, including the provision of adequate protection under
section 361 of the Bankruptcy Code subject to final Court
approval.
A full-text copy of the Plan of Reorganization dated July 17, 2023
is available at https://urlcurt.com/u?l=8Nw5Li from
PacerMonitor.com at no charge.
Debtor's Counsel:
Ori Katz, Esq.
SHEPPARD MULLIN RICHTER & HAMPTON LLP
Four Embarcadero Center, 17th Floor
San Francisco CA 94111
Tel: (415) 774-9100
E-mail: okatz@sheppardmullin.com
About Misen Inc.
Misen Inc., which manufactures and sells cookware, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Cal. Case No. 23-50767) on July 17, 2023. In the petition
signed by Matthew J. Luckett, authorized officer, the Debtor
disclosed $6,208,000 in assets and $10,855,000 in liabilities. Ori
Katz, Esq., at Sheppard Mullin Richter and Hampton LLP, is the
Debtor's legal counsel.
MKS REAL ESTATE: August 16 Hearing on Plan & Disclosures
--------------------------------------------------------
The Bankruptcy Court has entered an order conditionally approving
MKS Real Estate, LLC's Disclosure Statement regarding its proposed
Plan of Reorganization.
A combined hearing on approval of the Disclosure Statement and
confirmation of the Plan will be held on Wednesday, August 16,
2023, at 1:30 p.m. (prevailing Central Time) before the Honorable
Edward L. Morris, United States Bankruptcy Court, Room 204, U.S.
Courthouse, 501 W. Tenth Street, Fort Worth, Texas 76102 or via
WebEx at https://us-courts.webex.com/meet/morris.
Written objections to approval of the Disclosure Statement and
confirmation of the Plan will be filed and served on or before
Monday, August 14, 2023 at 5:00 p.m. (prevailing Central Time).
About MKS Real Estate
MKS Real Estate, LLC, owns and operates an office building valued
at $14.4 million. It is based in Fort Worth, Texas.
MKS Real Estate filed a Chapter 11 petition (Bankr. N.D. Tex. Case
No. 21-40424) on March 1, 2021. On Oct. 28, 2021, the court
entered an agreed order dismissing the bankruptcy case for one year
or until such time that the claim was paid in full, or the property
is foreclosed, whichever was later. In consideration for the Debtor
being given one year to sell the real property, the court ordered
"that [Cadence (formerly known as BancorpSouth)] will have the
right to post the real property for non-judicial foreclosure and
proceed with the foreclosure on Nov. 1, 2022 in the event the
claim is not paid in full on or before Oct. 31, 2022."
MKS Real Estate again filed a Chapter 11 petition (Bankr. N.D. Tex.
Case No. 22-42618) on Oct. 31, 2022. In the petition filed by
Olufemi Ashadele as owner, the Debtor reported assets between $10
million and $50 million and liabilities between $1 million and $10
million.
Judge Edward L. Morris oversees the 2022 case.
The Debtor is represented by M. Jermaine Watson, Esq., at Cantey
Hanger, LLP.
MLCJR LLC: Committee Taps Fishman Haygood as Special Counsel
------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of MLCJR LLC and affiliates seeks approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Fishman Haygood, LLP as special counsel.
Fishman Haygood will provide legal advice to the committee for any
issues related to Louisiana law, and other issues the committee
deems necessary to fulfill its obligations.
The hourly rates of the firm's counsel and staff are as follows:
Partners $475 - $675
Associates $275 - $450
Paraprofessionals $200 - $250
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Tristan Manthey, Esq., a partner at Fishman Haygood, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Tristan E. Manthey, Esq.
Fishman Haygood, LLP
201 St. Charles Avenue, Suite 4600
New Orleans, LA 70170
Telephone: (504) 556-5561
Facsimile: (504) 310-0253
Email: tmanthey@fishmanhaygood.com
About MLCJR LLC,
Cox Operating et al.
Cox Operating L.L.C. -- https://coxoperating.com/ -- and several
affiliated entities including Cox Oil Offshore, L.L.C., Energy XXI
GOM, LLC, Energy XXI Gulf Coast, LLC, EPL Oil & Gas, LLC, M21K,
LLC, and MLCJR, LLC, a group of affiliated companies whose business
involves the extraction of offshore oil and gas in the Gulf of
Mexico. They are privately held entities indirectly owned by Cox
Investment Partners, LP, through Phoenix Petro Services LLC.
On May 12, 2023, certain trade creditors filed an involuntary
petition under Chapter 7 of the Bankruptcy Code against Cox
Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning
creditors -- Keystone Chemical, LLC, et al. -- are represented by
the Slyvester Law Firm.
Cox Operating and its affiliates sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on
May 14, 2023. The cases are jointly administered under In re MLCJR
LLC (Bankr. S.D. Tex. Lead Case No. 23-90324).
In the petitions signed by Craig Sanders, authorized person, the
Debtors disclosed up to $500 million in estimated assets and in
liabilities.
Judge Christopher Lopez oversees the Debtors' cases.
Lawyers at Latham & Watkins, LLP and Jackson Walker LLP represent
the Debtors as legal counsel. Moelis & Debtor LLC, led by its
managing director Bassam J. Latif, is the Debtors' investment
banker while Ryan Omohundro, a partner at Alvarez & Marsal North
America, LLC, serves as the Debtors' chief restructuring officer.
Kroll Restructuring is the claims and noticing agent.
Kelly Hart & Pitre LLP and Underwood Law Firm, P.C., serve as
counsel to Amarillo National Bank as Prepetition Lender and
Prepetition Collateral Agent.
Haynes and Boone LLP serves as counsel to BP Energy Debtor as
Prepetition Swap Party, and Houlihan Lokey, Inc. as its financial
advisor, and Looper Goodwine P.C. as its regulatory counsel.
On May 26, 2023, the Office of the United States Trustee appointed
an official committee of unsecured creditors. The committee tapped
White & Case as counsel, Huron Consulting LLC as its financial
advisor, and Fishman Haygood, LLP as special counsel.
MLN US HOLDCO: $1.12B Bank Debt Trades at 75% Discount
------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 25.1
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.12 billion facility is a Term loan that is scheduled to
mature on November 30, 2025. About $281 million of the loan is
withdrawn and outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
MLN US HOLDCO: $576M Bank Debt Trades at 57% Discount
-----------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 43.5
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $576 million facility is a Term loan that is scheduled to
mature on October 18, 2027. The amount is fully drawn and
outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by Searchlight Capital Partners, a private
equity firm.
MRH AUTO-RENO: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: MRH Auto-Reno, LLC
DBA Mountain West Auto
1220 Kietzke Lane
Reno, NV 89502
Case No.: 23-50502
Chapter 11 Petition Date: July 24, 2023
Court: United States Bankruptcy Court
District of Nevada
Judge: Hon. Hilary L. Barnes
Debtor's Counsel: Stephen R. Harris, Esq.
HARRIS LAW PRACTICE LLC
850 E. Patriot Blvd.
Suite F
Reno, NV 89511
Tel: 775-786-7600
Fax: 775-786-7764
Email: steve@harrislawreno.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kevin E. Sheppard as member of MRH Auto
Enterprises, LLC, member.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/P54ZZVA/MRH_AUTO-RENO_LLC__nvbke-23-50502__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Ally Monies Owed $1,998,336
535 Anton Blvd
Suite 300
Costa Mesa, CA 92626
2. Ally Insurance Goods/Services $5,248
PO Box 6543
Chicago, IL 60680
3. Ally Wholesale Goods/Services $66,120
PO Box 33128
Detroit, MI 48232
4. America Tire Goods/Services $25,131
Distributors Inc.
PO Box 741443
Los Angeles, CA 90074
5. B&R Auto Wrecking Goods/Services $5,859
PO Box 35143
Seattle, WA 98124
6. Bank of America Credit Card $121,710
PO Box 660441 Purchases
Dallas, TX 75266
7. CCR Goods/Services $21,748
20 Broad Hollow Road
Suite 1002
Melville, NY 11747
8. CDK Global, LLC Goods/Services $34,081
4600 Montgomery Rd
Cincinnati, OH 45212
9. Corwin Ford Goods/Services $8,425
3600 Kietzke Lane
Reno, NV 89502
10. Deals & Wheels Goods/Services $7,000
PO Box 7153
Reno, NV 89510
11. Guild, Gallagher & Legal Services $51,135
Fuller, Ltd.
100 West Liberty Street
Suite 800
Reno, NV 89501
12. Interstate Oil Co. Goods/Services $8,877
8221 Alpine Ave.
Sacramento, CA 95826
13. Minor O'Harra Advertising Goods/Services $46,442
6170 Ridgeview CT
Suite A
Reno, NV 89519
14. Nevada Department of Sales Tax $700,000
Taxation Liability
Bankruptcy Division
4600 Kietzke Lane
Ste L235
Reno, NV 89502
15. Performance Improvement Goods/Services $1,012,244
Concepts, Inc.
c/o Givens Pursley LLP
PO Box 2720
Boise, ID 83701
16. Sean Patterson, Esq. Legal Services $5,620
232 Court St
Reno, NV 89501
17. Snell & Wilmer Legal Services $80,144
One East Washington St
Suite 2700
Phoenix, AZ 85004
18. SWDS Goods/Services $29,253
8659 Research Dr
Irvine, CA 92618
19. Szabo Media Collection Agency $23,570
Collection Professionals
3355 Lenox Road
NE Suite 945
Atlanta, GA 30326
20. Yesco Signs Goods/Services $32,013
800 Beenie LN
Ste B
Reno, NV 89512
NEXTPLAY TECHNOLOGIES: Delays Filing of May 31 Quarterly Report
---------------------------------------------------------------
NextPlay Technologies, Inc. has determined that it is unable to
file its Quarterly Report on Form 10-Q for the quarter ended May
31, 2023 within the prescribed time period without unreasonable
effort or expense.
The Company requires additional time to finalize certain of the
disclosures in its Quarterly Report, as well as the financial
statements to be filed as part of the Quarterly Report.
Additionally, the Company has not yet filed its Annual Report on
Form 10-K for its fiscal year ended Feb. 28, 2023, which must be
filed prior to filing the Quarterly Report. The additional time is
required due to changes in the Company's management team,
accounting team, and a lack of financial resources available to the
Company, which have impacted the Company's ability to, among other
things, finalize the Company's financial statements and footnotes
thereto in a timely manner.
For the foregoing reasons, the Company requires additional time to
complete the procedures relating to its first quarter reporting
process, including the completion of the Company's financial
statements, and therefore, the Company was unable to file the
Quarterly Report on July 17, 2023, the prescribed filing due date
for the Quarterly Report. The Company does not expect that it will
file the Quarterly Report within the extension period provided
under Rule 12b-25 under the Securities Exchange Act of 1934, as
amended.
The financial statements included in the Quarterly Report will
reflect the financial condition, results of operations and cash
flows of the Company and certain of its wholly-and majority-owned
subsidiaries, certain of which separated from the Company during
the fiscal year ended Feb. 28, 2023. As a result, it is
anticipated that there will be significant changes in the Company's
results of operations during the three months ended May 31, 2023
that will be included in the Quarterly Report when compared to the
results of operations of the Company included in the Company's
Quarterly Report on Form10-Q for the three months ended May 31,
2022. However, due to the substantial changes in the business and
operations of the Company in connection with the foregoing, the
fact that the Company's year-end financial statements have not yet
been finalized, and the continuing preparation of the financial
statements of the Company, the Company cannot, at this time,
provide a reasonable estimate of the results of operations for the
three months ended May 31, 2023.
About NextPlay Technologies
NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.)
-- nextplaytechnologies.com -- is a technology solutions company
offering games, in-game advertising, crypto-banking, connected TV
and travel booking services to consumers and corporations within a
growing worldwide digital ecosystem. NextPlay's engaging products
and services utilize innovative AdTech, Artificial Intelligence and
Fintech solutions to leverage the strengths and channels of its
existing and acquired technologies.
NextPlay reported a net loss of $40.41 million for the year ended
Feb. 28, 2022, compared to a net loss of $1.63 million for the
period from March 6, 2020 to February 28, 2021. As of Nov. 30,
2022, the Company had $103.85 million in total assets, $57.90
million in total liabilities, and $45.95 million in total
stockholders' equity.
Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 17, 2022, citing that the Company has suffered recurring
losses from operations and has stockholders' deficit that raise
substantial doubt about its ability to continue as a going concern.
NORTH SHORE: Rental Income to Fund Plan Payments
------------------------------------------------
North Shore Associates, LLP, filed with the U.S. Bankruptcy Court
for the District of Colorado a Disclosure Statement to accompany
Plan of Reorganization.
The Debtor is a Colorado limited liability partnership that owns
the real property located at 1365 29th Street, Loveland Colorado,
80538 ("Property").
The Property is improved with a 120-bed nursing home facility that
is owned and operated by the related entity, North Shore Manor,
Inc. ("NSM"). At the time that the Debtor was formed, there were 7
signatories to the original partnership agreement.
The Debtor filed its voluntary petition for relief pursuant to
Chapter 11 of the Bankruptcy Code on March 6, 2023 to restructure
the BOKF debt, ensure that all rights and equity were preserved,
and continue as a going concern. The Debtor subsequently learned
that a company owned by Mr. Wilson, Wapello Holdings, LLC, acquired
the Note and Deed of Trust from BOKF.
Class 1 consists of the Claim of Wapello and is impaired by the
Plan. The Class 1 Claim will be allowed in an amount determined by
the Court ahead of a hearing on confirmation or as otherwise agreed
to by the Debtor and Wapello prior to confirmation. To the extent
allowed, the Class 1 Claim shall retain the liens it held on the
petition date until the Property is sold or the Class 1 Claim is
paid in full. The Class 1 Claim shall bear interest at the
contractual rate of 3.9% per annum or, if Wapello objects, at the
rate determined by the Court or otherwise agreed to by the Debtor
and Wapello prior to confirmation. The Class 1 Claim shall be paid
in equal monthly installments based on a 10-year amortization, and
the full balance owed on the claim shall become due in a single
balloon payment on the five-year anniversary of the Plan.
If the Class 1 Claim is allowed in full and bears interest at a
rate of 3.9% per annum, the monthly payment on account of the Class
1 Claim will be approximately $18,487.05, and the balloon will be
approximately $1,006,293.56.
Class 2 consists of the claim of Larimer County Treasurer. The
Class 2 Claim shall be allowed in the amount owed on the effective
date of the Plan, and shall be paid in full with any accrued
interest not later than 10 days following the effective date of the
Plan. The payment on account of the Class 2 Claim shall be
approximately $33,882.18.
Class 3 consists of any general unsecured claims of the Debtor and
is impaired under the Plan. The Debtor does not believe that any
Class 3 Claims exist. If any Class 3 Claims do exist, the Class 3
Claims shall be paid in full on the 3-month anniversary of the
effective date of the Plan.
Class 4 includes the Partnership Interests in the Debtor. On the
effective date, all interests in NSA shall be retained by the
pre-petition Interest Holders.
Pursuant to the Plan, Mayer Kohn, Boruch Levin, and David Fogel
shall be appointed for the purpose of carrying out the terms of the
Plan. Funding for the Plan shall be from the rental income from
NSM, or, to extent a sale is pursued, from the sale proceeds.
A full-text copy of the Disclosure Statement dated July 18, 2023 is
available at https://urlcurt.com/u?l=48qOXW from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Keri L. Riley, Esq.
Kutner Brinen Dickey Riley, PC
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Telephone: (303) 832-3047
Email: klr@kutnerlaw.com
About North Shore Associates
North Shore Associates, LLP, is a single asset real estate as
defined in 11 U.S.C. Section 101(51B). It is based in Loveland,
Colo.
North Shore Associates filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
23-10808) on March 6, 2023, with $1 million to $10 million in
assets and $10 million to $50 million in liabilities. The Debtor
stated it has no creditors holding unsecured claims.
Judge Joseph G Rosania Jr. oversees the case.
Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC and Eisner
Advisory Group, LLC are the Debtor's legal counsel and accountant,
respectively.
OCINOMLED LTD: Case Summary & Two Unsecured Creditors
-----------------------------------------------------
Debtor: Ocinomled, Ltd.
d/b/a "Delmonico's" Restaurant
56 Beaver Street (Closed)
New York, NY 10004
Case No.: 23-11155
Chapter 11 Petition Date: July 24, 2023
Court: United States Bankruptcy Court
Southern District of New York
Debtor's Counsel: Randall S. D. Jacobs, Esq.
RANDALL S. D. JACOBS, PLLC
30 Wall Street
8th Floor
New York, NY 10005
Tel: 973-226-3301
Fax: 973 226 8897
Email: rsdjacobs@chapter11esq.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michelle Grgurev as CEO and COO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FKD6OWQ/Ocinomled_Ltd_dba_Delmonicos__nysbke-23-11155__0001.0.pdf?mcid=tGE4TAMA
ORBCOMM INC: $360M Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which ORBCOMM, Inc. is a
borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $360 million facility is a Term loan that is scheduled to
mature on September 1, 2028. About $353.7 million of the loan is
withdrawn and outstanding.
ORBCOMM, Inc. offers wireless messaging services. The Company
operates low earth orbit satellites and ground infrastructure that
enable customers to track, monitor, control, and communicate with
fixed and mobile assets located anywhere in the world.
ORIGINCLEAR INC: Settles Pending Lawsuits With Auctus Fund
----------------------------------------------------------
OriginClear, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that it entered into a Confidential
Settlement and Mutual Release Agreement with Auctus Fund, LLC
relating to the settlement and release of certain pending legal
actions arising out of various loans and agreements between the
Company and Auctus.
Pursuant to the terms of the Settlement Agreement, the Company and
Auctus have resolved all outstanding legal disputes and claims
between them. The terms and conditions of the Settlement Agreement
are confidential and have no impact on the financial condition or
operations of the Company.
About OriginClear
Headquartered in Clearwater, Florida, Originclear, Inc. --
www.originclear.tech -- is a water technology company which has
developed in-depth capabilities over its 14-year lifespan. Those
technology capabilities have now been organized under the umbrella
of OriginClear Tech Group. OriginClear, under the brand of
OriginClear Tech Group, designs, engineers, manufactures, and
distributes water treatment solutions for commercial, industrial,
and municipal end markets.
OriginClear reported a net loss of $10.79 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.12 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company
had $5.48 million in total assets, $22.45 million in total
liabilities, $9.98 million in commitments and contingencies, and a
0total stockholders' deficit of $26.96 million.
Houston, TX-based M&K CPAS, PLLC, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company suffered a net loss from
operations and used cash in operations, which raises substantial
doubt about its ability to continue as a going concern.
OU HEALTH: S&P Affirms 'BB-' Long-Term Rating on Fixed-Rate Bonds
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB-' long-term rating on the Oklahoma Development
Finance Authority's series 2018B tax-exempt fixed-rate bonds and
series 2018C taxable fixed-rate bonds, issued for OU Medicine Inc.
(OUMI), now doing business as OU Health.
In addition, S&P affirmed its 'BB-' underlying rating (SPUR) on the
insured maturities of the authority's series 2018B and 2018C bonds,
also issued for OUMI.
The outlook on all ratings, where applicable, is stable.
"The stable outlook reflects our view that the financial profile
has largely stabilized, with no further declines in year-end
unrestricted reserves or added debt expected," said S&P Global
Ratings credit analyst Patrick Zagar. In addition, despite immense
sector labor and inflationary pressures, operations remained fairly
resilient in fiscal 2023 supporting projected year-end debt service
coverage of 1.5x. Management also notes compliance with its 45
days' cash on hand covenant for fiscal 2023, with further reserve
tailwinds expected in fiscal 2024 given greatly reduced capital
spending and increased Medicaid reimbursement under a new rate
enhancement program.
OUTPUT SERVICES: $369M Bank Debt Trades at 77% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Output Services
Group Inc is a borrower were trading in the secondary market around
22.8 cents-on-the-dollar during the week ended Friday, July 21,
2023, according to Bloomberg's Evaluated Pricing service data.
The $369.8 million facility is a Term loan that is scheduled to
mature on June 27, 2026. The amount is fully drawn and
outstanding.
Output Services Group, Inc. offers printing services.
PACKERS SOFTWARE: Moody's Assigns 'Caa1' CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned Packers Software Intermediate
Holdings, Inc. a Caa1 corporate family rating and a Caa1-PD
probability of default rating. Moody's concurrently downgraded
Cardinal Parent, Inc.'s (together with Packers Software
Intermediate Holdings, Inc., "Packers Software" or "Zywave") senior
secured first-lien debt, which includes a $70 million revolver and
an approximately $540 million term loan, to B3 from B2, and $228
million senior secured second lien term loan rating to Caa3 from
Caa2. The B3 CFR and B3-PD PDR assigned to Cardinal Parent, Inc.
were withdrawn. The outlook is stable.
The ratings actions are the result of Zywave's very high debt
leverage that Moody's anticipates will remain above 9.0x, Moody's
expectation for negative cash flow in 2023 and Zywave's weak
liquidity profile. As a result, Moody's sees a risk of default if
the company is unable to reverse cash burn or improve margins.
Moody's expects cash flow to remain challenged over the next 12-18
months as a result of a substantially increased interest expense
burden and for liquidity to remain weak.
Downgrades:
Issuer: Cardinal Parent, Inc.
Senior Secured 1st Lien Bank Credit Facility, Downgraded to B3
from B2
Senior Secured Bank Credit Facility, Downgraded to B3 from B2
Senior Secured 2nd Lien Bank Credit Facility, Downgraded to Caa3
from Caa2
Assignments:
Issuer: Packers Software Intermediate Holdings, Inc.
Corporate Family Rating, Assigned Caa1
Probability of Default Rating, Assigned Caa1-PD
Withdrawals:
Issuer: Cardinal Parent, Inc.
Corporate Family Rating, Withdrawn, previously rated B3
Probability of Default Rating, Withdrawn, previously rated B3-PD
Outlook Actions:
Issuer: Cardinal Parent, Inc.
Outlook, Remains Stable
Issuer: Packers Software Intermediate Holdings, Inc.
Outlook, Assigned Stable
RATINGS RATIONALE
Zywave's Caa1 CFR broadly reflects Moody's expectations for high
leverage (MCO adjusted debt to EBITDA less capitalized software
cost plus add-backs for certain one-time expenses) as of year-end
2023 above 10x and negative cash flow generation in 2023, as well
as the company's very small scale as measured by revenues and
limited geographic and end-market diversification. Moody's
anticipates that Zywave will grow revenue in the mid-single digit
area and generate some free cash flow in 2024. However free cash
flow will be limited in 2024 and the improvement from this year
will be based on cost cutting measures and revenue growth. The
company has undertaken measures to improve cash flow such as
reductions in employee costs, which is the largest cost for the
company. In addition, the sponsors Clearlake Capital Group, L.P.
("Clearlake Capital") and Aurora Capital Partners remain supportive
of the company. The company has weak liquidity since the revolver
is mostly drawn and Moody's expects limited ability to pay down
revolver debt. The rating also considers the highly competitive
nature of the market for commercial property and casualty insurance
software, which can limit pricing power. Margins are expected to be
stable given the variable nature of costs that is typical of
software companies. Some of Zywave's competitors are larger
companies with bigger sales forces and financial resources that
they can use to gain market share.
Zywave's credit profile is supported by its high retention rate
among its customers, highly recurring revenue and market
positioning within the stable niche areas of the insurance software
industry. Approximately 94% of the company's revenue is
subscription based. The company's products play a critical role in
the operations of the customers and tend to have contracts with
tenors of several years. The company has an expansive portfolio of
end-to-end solutions in the market and proprietary database of
insurance related products and analytics, which its clients can use
to customize quotes and target markets and thus increase their
revenue earning capabilities.
Moody's views Zywave's liquidity as weak. The company's $70 million
revolving credit facility expiring in 2025 is mostly drawn and
there is only a modest amount of cash on the balance sheet of
around $15 million as of the end of 1Q 2023. Annual amortization of
the first lien term loan is around $5 million and the company has
hedges in place for a portion of its debt. The revolving credit
facility contains a maximum first lien net leverage ratio set to
8.3x, applicable if 35% or more of the revolver is drawn at quarter
end.
The downgrade of the senior secured first lien bank credit
facilities to B3 from B2 reflects the Caa1-PD PDR and the two-class
debt structure, with the first lien facilities receiving support
from the first-loss absorption provided by the senior secured
second lien term loan. The downgrade of the senior secured second
lien term loan to Caa3 from Caa2 reflects the Caa1-PD PDR and its
junior position in the capital structure and first loss status.
The stable outlook reflects Moody's expectation that Zywave will
generate revenue growth in the mid-single digit percent range over
the next 12 to 18 months and some free cash flow in 2024 while
maintaining its high retention rates among clients. The outlook
also reflects Moody's view of the insurance industry as a stable
sector to serve. The outlook assumes no acquisitions or shareholder
distributions for the next 12 to 18 months, or so long as liquidity
remains weak.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is possible if Zywave maintains revenue growth while
keeping EBITDA margins stable, maintains leverage below 8.5x (after
expensing software development costs) and sustains some positive
free cash flow. An improved liquidity profile and adherence to a
financial policy that prioritizes leverage reduction would also be
needed for an upgrade.
Zywave's ratings could be downgraded if the company experiences a
weakening competitive position or a deterioration in financial
performance resulting in further worsening of the company's
liquidity profile, or if Moody's does not expect the company to
generate free cash flow, leading to a heightened risk that the
capital structure is unsustainable.
The principal methodology used in these ratings was Software
published in June 2022.
Zywave, headquartered in Milwaukee, WI and owned by private equity
investor Clearlake Capital, provides cloud-based software platforms
to the P&C and benefits insurance industry with a focus on
insurance agencies, brokers, carriers and human capital management
firms in the US. For the twelve-month period ended March 31, 2023,
the company generated revenue of around $200 million.
PLATFORM BIDCO: EUR600M Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Platform Bidco Ltd
is a borrower were trading in the secondary market around 84.3
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR600 million facility is a Term loan that is scheduled to
mature on September 23, 2028. The amount is fully drawn and
outstanding.
Platform Bidco Ltd is a UK entity incorporated in April 2021 to
acquire Valeo Foods Group Ltd, an Irish-headquartered producer and
distributor of branded and non-branded ambient food products. The
Company's country of domicile is the United Kingdom.
PRETIUM PKG: $1.25B Bank Debt Trades at 28% Discount
----------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 72.1 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on October 1, 2028. The amount is fully drawn and
outstanding.
Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic
containers for variety of end markets, including food and beverage,
chemicals, healthcare, wellness and personal care. Pretium PKG
Holdings, Inc. is a  portfolio company of Clearlake since January
2020.
PROTECH METALS: DIP Loan from Principals Treated as Equity
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of North
Carolina, Durham Division, entered an order retroactively
terminating all previous orders that authorized Protech Metals, LLC
to acquire financing from William Rickey Hall and/or Myra Hall, the
principals of the Debtor, and allowed the Halls to file an
administrative expense claim for repayment of those funds, subject
to certain conditions.
The orders are terminated to allow the Halls to advance funds to
the Debtor as an infusion of equity without limitation.
The Debtor's principals will be funding the Debtor as needed in
order for the Debtor to continue to function. The Debtor has no
limitation on the advancement of funds as an infusion of equity by
the principals. All funds advanced will be included in the monthly
reports as to allow the funds to be monitored.
All funds given to the Debtor are being treated as equity
contribution by the principal and the principal will not seek these
funds to be treated as an administrative priority claim.
A copy of the order is available at https://urlcurt.com/u?l=xMAJN7
from PacerMonitor.com.
About Protech Metal Finishing
Protech Metal Finishing, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D.N.C. Case No. 23-80078) on April 7,
2023. In the petition signed by William Rickey Hall,
member-manager, the Debtor disclosed up to $50,000 in assets and up
to $500,000 in liabilities.
Judge Benjamin A. Kahn oversees the case.
Erik M. Harvey, Esq., at Bennett Guthrie PLLC, represents the
Debtor as legal counsel.
QUEST IDENTITY: Moody's Alters Outlook on 'B3' CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Quest Identity Intermediate
Limited's B3 Corporate Family Rating and B3-PD Probability of
Default Rating. Concurrently, Moody's affirmed OID-OL Holdings,
Inc.'s (a debt issuing subsidiary of Quest) B2 senior secured first
lien bank credit facilities rating and Caa2 senior secured second
lien term loan rating. Moody's changed the outlook to negative from
stable.
The negative outlook reflects Quest's very high financial leverage
of mid 9x (Moody's adjusted) as of the LTM period ended April 2023,
weaker than expected operating performance, and Moody's expectation
of negative free cash flow generation over the next 12 to 18
months. Quest has experienced significant increase in its interest
costs since the Federal Reserve ("Fed") started hiking the federal
funds rate in March 2022. With uncertainty regarding future Fed
rate hikes and the trajectory of interest rates, Moody's expects
Quest to utilize a portion of the revolving credit facility to fund
cash flow deficits which will not only further increase interest
costs but also potentially increase capital structure
sustainability risks over the longer term.
Affirmations:
Issuer: Quest Identity Intermediate Limited
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Issuer: OID-OL Holdings, Inc.
Backed Senior Secured 1st Lien Bank Credit Facility, Affirmed B2
Backed Senior Secured 2nd Lien Bank Credit Facility, Affirmed
Caa2
Outlook Actions:
Issuer: Quest Identity Intermediate Limited
Outlook, Changed To Negative From Stable
Issuer: OID-OL Holdings, Inc.
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
The B3 CFR reflects Quest's very high financial leverage and a
deteriorating liquidity profile due to a significant increase in
interest expenses, offset to some degree by the company's diverse
customer base, end markets, and product offerings. Moody's expects
the company to rely on its $388 million revolving credit facility
($100 million drawn as of April 2023) to fund free cash flow
deficits over the next 12 to 18 months. Quest's high debt burden
following the Clearlake buyout in February 2022 has made the
company more vulnerable to rising interest rates and has also
resulted in very high debt/EBITDA leverage of mid 9x (Moody's
adjusted) as of the LTM period ended April 2023. While Moody's
projects modest low single digit top line growth over the next 12
to 18 months and improving profitability driven by cost saving
measures, leverage is expected to remain above 9x with the
likelihood of further borrowings on the revolving credit facility.
Quest's inability to improve its financial leverage, issuance of
additional debt to fund liquidity needs, or potential debt
restructuring can create uncertainty regarding the long term
capital structure.
Quest will need to offset its increasing cost of debt with material
revenue growth and improved profitability, but the company has
underperformed Moody's expectation in fiscal year 2023. Quest has
experienced reduced bookings in fiscal year 2023 and LTM April 2023
revenues have declined by mid single digit percentage YoY driven by
significant turnover in the salesforce, foreign exchange headwinds,
macroeconomic slowdown, and a declining perpetual and maintenance
revenue base. While Quest has largely recovered from its internal
salesforce disruptions and demonstrated improvement in its booking
trends, Moody's expects revenue growth to be modest as most of
growth in SaaS and Term licenses is expected to be offset by
declines in maintenance and perpetual license revenue as users are
converted. To achieve material top line improvement, Quest would
need to offset the majority of maintenance and perpetual license
revenue decline through growth in subscription revenue.
Quest benefits from its solid respective niche positions of Quest
Software and One Identity product offerings which support EBITDA
margins in excess of 35%. Operating performance will be supported
by Quest's identity centric cybersecurity offering and cloud office
migration tools as organizations continue to invest in
cybersecurity and digital transformations. This is demonstrated by
Quest's ability to maintain strong gross and net retention rates.
The company's diversified customer base across different end
markets will provide revenue stability and partially mitigate risks
associated with an uncertain macroeconomic environment.
Quest's liquidity profile is adequate reflecting a cash balance of
approximately $85 million as of April 2023 and approximately $288
million availability on the company's $388 million revolving credit
facility which expires in February 2027. Moody's expects Quest to
incur negative free cash flow over the next 12 to 18 months which
would require utilization of the revolving credit facility. While
Moody's expects available liquidity to be sufficient to finance the
free cash flow deficits, capex requirements, and the 1% annual
first-lien term loan amortization rate, an eroding liquidity
profile could lead to a ratings downgrade. The company does not
have meaningful debt maturities until 2027 with its senior secured
revolving credit facility expiring in February 2027 and senior
secured first lien term loan maturing in February 2029. Access to
the $388 million revolver is governed by a springing 9.63x first
lien net leverage covenant that tests when the revolver balance
exceeds 35% of the total commitment. Quest's LTM Q1 2024 net first
lien leverage was 6.7x. Moody's expects the covenant to be
triggered over the next 12 months, but Quest will likely be in
compliance due to an adequate cushion and highly adjusted credit
agreement EBITDA calculation.
The negative outlook reflects Quest's deteriorating liquidity
profile as cash flows are expected to remain negative over the next
12 to 18 months. Moody's expects that Quest's top line will grow in
the low single digit percentage range over the next 12 to 18 months
and adjusted EBITDA margins will improve driven by realized
benefits from cost saving and restructuring initiatives. Moody's
expected leverage to remain above 9x (on a Moody's adjusted basis)
over the outlook period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Quest's debt/EBITDA leverage
(Moody's adjusted) is sustained below 6.5x and FCF/debt approaches
mid-single digit percentage range. The ratings could be downgraded
if Quest continues to produce negative free cash flow and does not
show signs of material cash flow improvement by fiscal year end
January 2025, debt/EBITDA (Moody's adjusted) is sustained above 9x,
or Quest is unable to achieve organic revenue growth.
Quest Identity Intermediate Limited is a holding company of two
distinct operating companies: Quest Software and One Identity.
Quest Software is a provider of integrated infrastructure software
solutions for managing systems, data, and applications. One
Identity provides identity security solutions including identity
governance, privileged access management and access management
solutions. The company generated revenues of approximately $1,014
million for the last twelve months ending April 30, 2023.
The principal methodology used in these ratings was Software
published in June 2022.
RACKSPACE TECHNOLOGY: Saratoga Marks $2.9M Loan at 61% Off
----------------------------------------------------------
Saratoga Investment Corporation has marked its $2,967,254 loan
extended to Rackspace Technology Global, Inc to market at
$1,166,872 or 39% 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+ 2.8%, 0.8%
Floor) to Rackspace Technology Global, Inc. The loan accrues
interest at 7.91% per annum. The loan matures on February 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.
Rackspace Technology Global, Inc., supports and manages cloud
platforms, as well as offers managed hosting, colocation, security,
data processing, and enterprise application development.  
RAYONIER ADVANCED: Moody's Ups CFR to B2 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has upgraded Rayonier Advanced Material
Inc.'s (RYAM) corporate family rating to B2 from B3, probability of
default rating to B2-PD from B3-PD, and senior secured notes rating
to B2 from B3. At the same time, Moody's withdrew the company's
Caa2 senior unsecured notes rating following the full repayment of
the notes. The company's speculative grade liquidity rating (SGL)
remains unchanged at SGL-2. The outlook was changed to stable from
positive.
Proceeds from the newly issued $250 million senior secured term
loan due in 2027 along with cash were used to refinance RYAM's $318
million senior unsecured notes maturing in June 2024. The term loan
is guaranteed by RYAM and secured by first lien priority on US
assets. The term loan ranks pari passu with existing senior secured
notes due 2026.
"The upgrade reflects the successful completion of Rayonier AM's
term loan issuance, which has resolved its refinancing risk and
extends its maturity profile" said Aziz Al Sammarai, Moody's
assistant vice president. "Moody's expect Rayonier AM to maintain
good operating performance, credit metrics, and liquidity over the
next 12-18 months"
Moody's expects RYAM to have improved operating performance and
better asset reliability which will support good EBITDA growth and
margins in 2023 and 2024. Stronger EBITDA and lower debt, following
the refinancing transaction, will support debt/EBITDA sustained
below 5x. While Moody's expects free cash flow consumption in 2023
mainly driven by strategic investments, one-time energy payment,
and higher interest expense, this will reverse in 2024 and 2025 as
EBITDA growth and lower capex requirements improve free cash flow.
Upgrades:
Issuer: Rayonier Advanced Materials Inc.
Corporate Family Rating, Upgraded to B2 from B3
Probability of Default Rating, Upgraded to B2-PD from B3-PD
Senior Secured Regular Bond/Debenture, Upgraded to B2 from B3
Withdrawals:
Issuer: Rayonier Advanced Materials Inc.
Senior Unsecured Regular Bond/Debenture, Withdrawn , previously
rated Caa2
Outlook Actions:
Issuer: Rayonier Advanced Materials Inc.
Outlook, Changed To Stable From Positive
RATINGS RATIONALE
RYAM's B2 CFR is constrained by exposure to volatile pulp pricing;
limited growth in markets of acetate-based specialty cellulose (SC)
pulp, which is primarily used to manufacture cigarette filters; and
several high-cost assets that are challenged to generate cash
during cyclical downturns.
The rating benefits from a leading global market position as a SC
pulp manufacturer; operational and geographic diversity through
four SC facilities located in the US, Canada and France; end-market
and product diversity with one consumer paper packaging mill, and
one high yield commodity pulp mill; and good liquidity.
RYAM has good liquidity (SGL-2). The company's liquidity sources of
about $205 million are sufficient to cover about $38 million of
cash consumption. Pro-forma for the transaction, Moody's estimates
cash on hand of around $100 million and about $105 million of
availability (after letters of credit and accounting for
noncompliance with the springing covenant) under the company's $200
million ABL facility expiring November 2025. Although Moody's does
not expect the company to use the revolver, RYAM is currently
unable to draw on the full amount ($136 million estimated at Q2
2023) because it would not be in compliance with the ABL's
springing fixed charge covenant of 1x, which is applicable if
availability falls below 15% of the line cap. Moody's forecasts
that the company will remain outside of the covenant threshold,
however, Moody's do not expect it to be applicable. Moody's expects
negative free cash flow of about $30 million and around $8 million
in mandatory debt payments through June 2024. Most the company's
assets are encumbered, and asset sale proceeds would be used to
reduce debt.
The stable outlook reflects Moody's expectation the RYAM will be
able to sustain good liquidity while improving debt/EBITDA toward
4x over the next 12-18 months.
The B2 senior secured notes are rated in line with the CFR given
that the secured obligations represent the preponderance of
liabilities in the capital structure.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if RYAM is able to increase its
scale, sustain its financial leverage (debt/EBITDA) below 4x,
EBITDA/interest is sustained above 3x, and generate meaningful and
consistent positive free cash flow.
The ratings could be downgraded if liquidity profile or operating
performance weakens, financial leverage is sustained above 5.5x, or
EBITDA/Interest is sustained below 2x.
The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.
Rayonier Advanced Material Inc., headquartered in Jacksonville,
Florida, is a leading global producer of specialty cellulose (SC)
pulp. The company also produces commodity pulp and consumer paper
packaging.
RAYONIER ADVANCED: S&P Affirms 'B-' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Rayonier Advanced Materials Inc. (RYAM) and removed it from
CreditWatch, where S&P placed it with negative implications on June
30, 2023.
S&P said, "At the same time, we lowered our issue-level rating on
the company's $500 million senior secured notes due 2026 ($465
million outstanding) to 'B-' from 'B' and removed the rating from
CreditWatch. We revised the recovery rating on this debt to '4'
from '2'.
"The stable outlook reflects our view that RYAM's credit metrics
will remain commensurate with the rating over the next 12 months,
with free operating cash flow (FOCF) deficits improving in fiscal
2024."
RYAM announced the close of its $250 million refinancing
transaction.
S&P resolved the June 30, 2023, CreditWatch placement following the
close of RYAM's $250 million refinancing transaction.
RYAM entered into a $250 million senior secured credit agreement
with Oaktree on July 20, 2023, as part of the refinancing of its
2024 senior unsecured notes, essentially removing all near-term
refinancing risks. S&P said, "While we hold a favorable view on the
company's ability to issue new debt amid current credit market
conditions, the increased interest burden will constrain the
company's already pressured FOCF generating ability. As such, we
forecast RYAM will generate negative FOCF in fiscal 2023 before
modest improvements in fiscal 2024. We believe the first-lien term
loan will carry a $32.5 million annual interest expense burden.
While this higher debt cost will affect cash flows, we believe the
impact will be somewhat offset by expected working capital benefits
in 2023 and 2024. Specific to 2024, FOCF should also benefit from
reduced capex spending as the company reverts to almost historical
levels following elevated spending in fiscals 2022 and 2023. We
note, however, that RYAM's ability to generate positive FOCF is
also limited to the extent unexpected operational challenges do not
occur."
RYAM has an adequate liquidity buffer to withstand modest
underperformance to S&P's base-case forecast in the near term.
The refinancing transaction has reduced the company's liquidity, as
it utilized $85 million of balance sheet cash in redeeming the
outstanding 2024 unsecured notes. However, $130 million available
under its ABL facility (due December 2025), and approximately $80
million of balance sheet cash provide roughly $200 million of
available liquidity. RYAM's next major maturity date following the
ABL is 2026, when its 7.625% senior secured notes mature, and
scheduled amortization of its term loans is around $12.5 million
annually.
S&P continues to view RYAM's financial risk profile (FRP) as highly
leveraged, but supportive of the current rating.
The company ended fiscal 2022 with S&P Global Ratings-adjusted-debt
leverage around 6x. Continued deleveraging in fiscal 2023,
including the refinancing of the 2024 notes supports S&P's
base-case forecast of 5.1x at the end of fiscal 2023. Easing raw
materials and other input costs are expected to improve margins,
however sluggish demand in Cellulose Specialty and
less-than-anticipated performance in paperboard demand will result
in tepid topline growth in 2023.
The stable outlook reflects S&P's view that RYAM's credit metrics
will remain commensurate with the rating over the next 12 months,
with FOCF deficits improving in fiscal 2024.
Upside scenario
S&P could raise its ratings on RYAM over the next 12 months if:
-- The company generates positive FOCF on a sustained basis; and
-- Operating trends remain stable across key end markets and
segments such that FOCF to debt is above 5%, S&P Global
Ratings-adjusted-debt leverage is below 5x, and EBITDA to interest
coverage is above 3x, ultimately allowing the company to
successfully refinance its 2026 maturity before it becomes
current.
S&P could lower its ratings if RYAM's financial position
deteriorates such that S&P views its capital structure as
unsustainable. This could occur if:
-- The company is unable to generate sustainable positive FOCF
across the next 12 months to 18 months; or
-- There is an unexpected cash outlay which constrains liquidity
or limits the company's ability to generate positive free cash
flow.
ESG credit indicators: E-3, S-2, G-2
Environmental factors are a moderately negative consideration in
S&P's credit analysis of RYAM. High-purity cellulose and high-yield
pulp are chemically intensive to produce. Additionally, the
end-of-life disposal for some of the company's products is an issue
due to their single-use nature and lack of ability to be reused or
recycled.
RESEARCH NOW: Saratoga Marks $4.2M Loan at 29% Off
--------------------------------------------------
Saratoga Investment Corporation has marked its $4,286,824 loan
extended to Research Now Group, Inc to market at $3,030,270 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 (3M USD LIBOR+ 5.5%, 1%
Floor) to Research Now Group, Inc. The loan accrues interest at
10.8% per annum. The loan matures on December 20, 2024.
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.
Research Now Group, Inc. and Survey Sampling International, LLC
provide online and mobile survey-data collection, processing, and
reporting. The company was acquired by Court Square Capital
Partners through a leveraged buyout transaction.
RESOLUTE INVESTMENT: Saratoga Marks $3.02M Loan at 27% Off
----------------------------------------------------------
Saratoga Investment Corporation has marked its $3,027,094 loan
extended to Resolute Investment Managers (American Beacon), Inc. to
market at $2,209,779 or 73% 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+ 4.3%, 1%
Floor) to Resolute Investment Managers (American Beacon), Inc. The
loan accrues interest at 9.41% per annum. The loan matures on April
30, 2024.
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.
Resolute Investment Managers, Inc. is a diversified,
multi-affiliate asset management platform that partners with more
than 30 best-in-class affiliated and independent investment
managers.
RESOURCE TRAINING: U.S. Trustee Appoints Eric Huebscher as PCO
--------------------------------------------------------------
William Harrington, U.S. Trustee for Region 2, appointed Eric
Huebscher as patient care ombudsman for The Resource Training
Center, Inc.
The appointment was made pursuant to the order from the U.S.
Bankruptcy Court for the Eastern District of New York on July 7.
The PCO may seek to retain counsel to assist him in the performance
of his duties and responsibilities except for his reporting
obligations as set forth in Section 333(b)(2) of the Bankruptcy
Code.
Mr. Huebscher of Huebscher & Co. disclosed in a court filing that
he is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The ombudsman may be reached at:
Eric M. Huebscher, CPA
Huebscher & Co.
301 East 87th Street
New York, NY 10128
Phone: (646) 584-3141
Fax: (212) 202-3503
Email: info@HuebscherConsulting.com
About Resource Training Center
The Resource Training Center, Inc. conducts business under the name
Christopher's Reason. It is based in Staten Island, N.Y.
Resource Training Center filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
23-41896) on May 30, 2023, with $612,544 in assets and $2,777,912
in liabilities. Charles Persing, a certified public accountant at
Bederson LLP, has been appointed as Subchapter V trustee.
Judge Jil Mazer-Marino oversees the case.
Jacqulyn S. Loftin, Esq., at Lamonica Herbst & Maniscalco, LLP is
the Debtor's legal counsel.
RISING TIDE: $397M Bank Debt Trades at 43% Discount
---------------------------------------------------
Participations in a syndicated loan under which Rising Tide
Holdings Inc is a borrower were trading in the secondary market
around 57.4 cents-on-the-dollar during the week ended Friday, July
21, 2023, according to Bloomberg's Evaluated Pricing service data.
The $397.8 million facility is a PIK Term loan that is scheduled to
mature on June 1, 2028. The amount is fully drawn and
outstanding.
Rising Tide (d/b/a West Marine) retails recreational and commercial
boating supplies, apparel, and other related merchandise. The
company operates as a specialty retailer in the marine aftermarket,
serving the repair and replacement outfitting needs of active
marine enthusiasts and professional customers. Rising Tide is also
involved in the wholesale distribution of products to commercial
customers and other retailers through its port supply business line
and stores.
SELECT MEDICAL:S&P Rates New Term Loan and Revolver Facility 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '2'
recovery rating to Select Medical Corp.'s proposed amended and
extended $2.103 billion first-lien senior secured term loan and
$650 million revolving credit facility. The '2' recovery rating
indicates its expectation for substantial recovery (70%-90%;
rounded estimate: 75%) in the event of a payment default.
The proposed transaction is leverage neutral and extends the
maturity of both facilities to March 2027 from March 2025. The
transaction modestly improves liquidity (including eliminating a
$60 million step-down in revolver availability) and modestly
increases interest expense (S&P estimates by about $10 million
annually, subject to final pricing).
S&P said, "Our 'B+' issuer credit rating and stable outlook are
unchanged. They continue to reflect our expectation that S&P Global
Ratings-adjusted leverage for 2023 will generally remain between 4x
and 5.5x, as well as Select's substantial exposure to government
reimbursement. This is only partially offset by its position as the
largest post-acute care provider in the U.S., with good scale ($6.3
billion of revenues in 2022) and diversification across its four
key services in 46 states and the District of Columbia. Pro forma
for this issuance, we expect 2023 gross leverage of about 4.8x."
ISSUE RATINGS--RECOVERY ANLAYSIS
Key analytical factors
-- Select's capital structure consists of a $2.1 billion senior
secured term loan due in 2027, $650 million revolving credit
facility due in 2027, and $1.225 billion in unsecured notes due in
2026.
-- S&P's simulated default scenario considers a default in 2027,
stemming from a significant decline in reimbursement rates and
reduction in allowed visits due to economic deterioration and
tighter government budgets.
-- Given the company's market-leading position for many of its
services, the geographic regions in which it operates, and
continued demand for its services, we believe Select would remain a
viable business and reorganize rather than liquidate in case of
payment default.
-- S&P said, "Consequently, we use an enterprise value methodology
to gauge recovery prospects. We value the company as a going
concern, using a 5.5x multiple of our projected EBITDA at default,
which is consistent with the multiple used for similar companies."
Simulated default assumptions
-- Simulated year of default: 2027
-- EBITDA at emergence: $390 million
-- EBITDA multiple: 5.5x
-- Jurisdiction: U.S.
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $2.03
billion
-- Valuation split in % (obligors/nonobligors): 100/0
-- Collateral value available to secured creditors: $2.03 billion
-- Secured first-lien debt: $2.66 billion
--Recovery expectations: 70%-90% (rounded estimate: 75%)
-- Total value available to senior unsecured claims: $0
-- Unsecured debt claims: $1.89 billion
--Recovery expectations: 0%-10% (rounded estimate: 0%)
All debt amounts include six months of prepetition interest.
ESG credit indicators: E-2, S-2, G-2
SILVERGATE CAPITAL: Moody's Withdraws 'Ca' LongTerm Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ca long term issuer
rating of Silvergate Capital Corporation and the Caa1 long term
deposit rating of its bank subsidiary Silvergate Bank (together
Silvergate).
Prior to the withdrawal, the ratings were on review for downgrade.
RATINGS RATIONALE
Moody's has decided to withdraw the ratings for its own business
reasons.
Issuer: Silvergate Capital Corporation
Withdrawals:
LT Issuer Rating (Local Currency), Withdrawn RWR, previously rated
Ca Ratings Under Review for Downgrade, RUR
Pref. Shelf Non-cumulative (Local Currency), Withdrawn, previously
rated (P)C
Pref. Stock Non-cumulative (Local Currency), Withdrawn, previously
rated C
Outlook Actions:
Outlook, Changed To Rating Withdrawn From Rating Under Review
Issuer: Silvergate Bank
Withdrawals:
Adjusted Baseline Credit Assessment, Withdrawn, previously rated
caa3 Ratings Under Review for Downgrade
Baseline Credit Assessment, Withdrawn, previously rated caa3
Ratings Under Review for Downgrade
ST Counterparty Risk Assessment, Withdrawn, previously rated
NP(cr)
LT Counterparty Risk Assessment, Withdrawn, previously rated
Caa2(cr)
ST Counterparty Risk Rating (Foreign Currency), Withdrawn,
previously rated NP
ST Counterparty Risk Rating (Local Currency), Withdrawn,
previously rated NP
LT Counterparty Risk Rating (Foreign Currency), Withdrawn,
previously rated Caa3 Ratings Under Review for Downgrade
LT Counterparty Risk Rating (Local Currency), Withdrawn,
previously rated Caa3 Ratings Under Review for Downgrade
LT Issuer Rating (Local Currency), Withdrawn RWR, previously rated
Ca Ratings Under Review for Downgrade, RUR
LT Bank Deposit (Local Currency), Withdrawn RWR, previously rated
Caa1 Ratings Under Review for Downgrade, RUR
ST Bank Deposit (Local Currency), Withdrawn, previously rated NP
Outlook Actions:
Outlook, Changed To Rating Withdrawn From Rating Under Review
SOUND INPATIENT: $215M Bank Debt Trades at 75% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 24.8 cents-on-the-dollar during the week ended
Friday, July 21, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $215 million facility is a Term loan that is scheduled to
mature on June 28, 2026. The amount is fully drawn and
outstanding.
Sound Inpatient Physicians, Inc. is a provider of physician
services in acute, post-acute, emergency medicine, and intensivist
facilities through its wholly-owned subsidiaries and affiliated
companies. Sound's principal business is to provide hospitalist
services to hospitals and health plans designed to improve the
well-being of patients while reducing their associated costs
through the management of medical care. The company is primarily
owned by private equity sponsor Summit Partners and Optum Health.
SOUTH JERSEY ELITE: Holly Miller Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq.,
at Gellert Scali Busenkell & Brown, LLC, as Subchapter V trustee
for South Jersey Elite Sports, LLC.
Ms. Miller will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Miller declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Holly S. Miller, Esq.
Gellert Scali Busenkell & Brown, LLC
1628 John F. Kennedy Boulevard, Suite 1901
Philadelphia, PA 19103
Phone: (215) 238-0012
Fax: (215) 238-0016
Email: hsmiller@gsbblaw.com
About South Jersey Elite
South Jersey Elite Sports, LLC filed Chapter 11 petition (Bankr.
D.N.J. Case No. 23-15921) on July 11, 2023, with $1 million to $10
million in assets and $100,000 to $500,000 in liabilities. Emilio
Malpartida, managing member, signed the petition.
Eric A. Browndorf, Esq., at Cooper Levenson is the Debtor's
counsel.
SOVOS COMPLIANCE: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Sovos Compliance LLC's B3
corporate family rating and B3-PD probability of default rating.
Moody's also affirmed Sovos' B3 ratings on the first-lien senior
secured credit facilities, which include a $100 million revolving
credit facility and a $1.5 billion term loan. The outlook remains
stable. Sovos is a Massachusetts-based provider of software and
services supporting corporate tax compliance and
business-to-government tax reporting.
The rating action reflects Moody's expectation that the company,
which recently appointed a new CEO, will focus on integrating the
numerous acquisitions it has completed over the last few years.
This will support margin improvement and reduce transaction and
other cash costs that have contributed to free cash flow deficits
in recent years. Moody's anticipates that the frequency of M&A
transactions will diminish and that funding for new targets will
include a substantial equity consideration. A very high debt load
and negative free cash flow in a rising interest rate environment
limit the ability to incorporate more debt into the capital
structure within the current B3 rating category.
Affirmations:
Issuer: Sovos Compliance LLC
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured 1st Lien Bank Credit Facility, Affirmed B3
Outlook Actions:
Issuer: Sovos Compliance LLC
Outlook, Remains Stable
RATINGS RATIONALE
Sovos' credit profile reflects its very high financial leverage,
with debt-to-EBITDA over 9x for fiscal year 2023 (Moody's
expectation based on standard adjustments, adding change in
deferred revenue and incorporating partial credit for expenses that
Sovos considers non-recurring). Negative free cash flow and a
history of aggressive financial policies that have funded the
company's active M&A pipeline with debt also weigh on the credit.
Sovos' software competes in fragmented markets and the company has
built its tax solutions over the years through an active M&A
strategy, particularly in fiscal years 2021 and 2022, which has
resulted in free cash flow deficits. Moody's expects Sovos' newly
appointed CEO will reduce the focus on M&A and seek a platform
approach to consolidate the company's tax solutions. This will
improve cash flow generation by reducing transaction costs and
other integration expenses. Rising interest rates will pressure
cash flow, but Sovos reduced its floating exposure by entering into
timely long-term swap agreements in 2021 that mitigate the risk.
Sovos benefits from leading positions in several tax and compliance
niche markets but the company competes against much larger players
with deep pockets, such as Thomson Reuters Corporation (Baa2
stable) or Fidelity National Information Services, Inc. ("FIS")
(Baa2 stable). Incumbent providers benefit from barriers to entry,
as new entrants need to develop the necessary local knowledge to
support a very diverse (and constantly changing) set of global VAT
regulations and over 12,000 tax jurisdictions in the US. The
company also benefits from low customer concentration and very high
client retention rates, which translate into high 92% of recurring
revenue. Subscription-based revenue and contracts with volume
floors provide earnings stability. The potential for improving
EBITDA margins, towards 35% (Moody's adjusted), and a large
addressable market are also credit positive. The ever-changing
nature and complexity of tax regulation create demand tailwinds.
The stable outlook reflects Moody's expectation for mid to high
single-digit organic reported revenue growth over the next 12
months, and improving profitability with EBITDA margins trending
towards 35% (Moody's adjusted), as wage inflation continues to
stabilize. Moody's anticipates debt-to-EBITDA will improve but
remain very high, above 8.5x. Transaction and other large
non-recurring costs will diminish as Sovos shrinks its M&A activity
and completes large integration projects, but one-time costs will
continue to reduce cash generation. Moody's expects free cash flow
to improve but remain around break-even levels in fiscal 2024, with
weak FCF/debt around 0% (Moody's adjusted).
Sovos' liquidity is good, supported by $39 million of unrestricted
cash as of March 31, 2023, and an undrawn $100 million first-lien
senior secured revolver due 2026 (the facility had a $60 million
draw as of March 2023 but the company indicated it had repaid the
draw with a subsequent equity infusion). Moody's expects roughly
break-even free cash flow over the next 12 months, with capital
expenditures around 3% of revenue. Cash requirements below free
cash flow are limited to mandatory debt amortization totaling 1% of
the first-lien term loan, about $15 million annually. The $100
million revolver includes a net first-lien leverage covenant of
11.5x, which is only tested when 35% or more of the revolver's is
outstanding. Moody's anticipates a sizable cushion against the
covenant level over the next 12 months. Sovos' preferred equity
dividend is expected to be paid in kind, cash payments would put
additional pressure on free cash flow.
The B3 ratings on Sovos' senior secured first-lien credit
facilities reflect both the probability of default rating of B3-PD
and the loss given default assessment of LGD3. As there is no other
meaningful debt in the capital structure, the facilities are rated
in line with the B3 CFR.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company increases its
operating scale and moderates its financial policies, such that
Moody's expects debt-to-EBITDA leverage (adding the change in
deferred revenue) to be sustained below 6.5x and FCF-to-debt at or
above 5.0% (all metrics Moody's adjusted).
The ratings could be downgraded if revenue or EBITDA growth is
weaker than expected, diminishing Sovos' ability to reduce leverage
organically, such that Moody's does not anticipate a path to reduce
Moody's-adjusted debt-to-EBITDA below 8x. The ratings could also be
downgraded if liquidity deteriorates and free cash flow is expected
to remain below break-even.
Sovos Compliance LLC provides software and services supporting
corporate tax compliance and business-to-government tax reporting.
Sovos offers solutions in four main segments: Sales & use tax;
value added tax; alcoholic beverage; and tax and regulatory
reporting. Sovos reported $458 million in revenue as of the twelve
months ending March 31, 2023. Headquartered in Massachusetts, Sovos
supports more than 100,000 customers, including half of the Fortune
500, and operates in over 70 countries. The company's cloud-based
solutions integrate with a wide variety of business applications
and government compliance processes. Sovos has employees throughout
the Americas and Europe and is owned by private equity sponsors Hg
Capital (majority shareholder) and TA Associates (minority stake).
The principal methodology used in these ratings was Software
published in June 2022.
SPEED TRANS: Virginia Andrews Burdette Named Subchapter V Trustee
-----------------------------------------------------------------
The Acting U.S. Trustee for Region 18 appointed Virginia Andrews
Burdette as Subchapter V trustee for Speed Trans, LLC.
Ms. Burdette will be paid an hourly fee of $300 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Burdette declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Virginia Andrews Burdette
P.O. Box 16600
Seattle, WA 98116
Phone: 206.441.0203
Email: vab@andrewsburdette.com
About Speed Trans
Speed Trans, LLC, a company in Tacoma, Wash., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
Wash. Case No. 23-41110) on July 10, 2023, with $1 million to $10
million in both assets and liabilities. Arashdeep Singh, owner,
signed the petition.
Judge Mary Jo Heston oversees the case.
Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C. is the
Debtor's legal counsel.
SPIN HOLDCO: Saratoga Marks $2.9M Loan at 20% Off
-------------------------------------------------
Saratoga Investment Corporation has marked its $2,940,000 loan
extended to Spin Holdco, Inc to market at $2,348,325 or 80% 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+ 4%, 0.8%
Floor) to Spin Holdco, Inc. The loan accrues interest at 8.99% per
annum. The loan matures on March 4, 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.
Spin Holdco Inc. provides laundry solutions. The Company offers
residential and commercial laundry solutions, as well as tire
inflation and vacuum vending services at convenience stores and gas
stations. Spin Holdco serves clients in North America and Europe.
SRAX INC: Creates Advisory Board Comprised of Major Shareholders
----------------------------------------------------------------
SRAX, Inc. announced it has created an Advisory Board that is
comprised of four of the Company's largest shareholders.
"SRAX has some amazing investors and we want to create a formal
relationship with some of them so they can share their insights as
we navigate getting our fillings back in order and restructure the
business. These advisors are all very invested in the business,
owning millions of shares collectively, and they all have a diverse
background as it relates to small cap companies," said Christopher
Miglino, founder and CEO of SRAX.
In conjunction with the creation of the of the Advisory Board,
existing members of the companies board, except for Christopher
Miglio will resign from the Board of Directors, with Brock Pierce
joining the Advisory Board.
About SRAX
SRAX, Inc. (SRAX) is a financial technology company that provides
data and insights to publicly traded companies through its SaaS
platform Sequire. With Sequire, companies can track their
investors' behaviors and trends and use those insights to engage
current and potential investors across marketing channels. For
more information on SRAX, please visit its websites: srax.com and
mysequire.com.
SRAX reported a net loss of $41.23 million for the year ended Dec.
31, 2022, compared to a net loss of $14.71 million for the year
ended Dec. 31, 2021.
New York, NY-based RBSM LLP, the Company's auditor since 2011,
issued a "going concern" qualification in its report dated Oct. 12,
2022, citing that the Company has recurring losses from operations,
limited cash flow, and an accumulated deficit. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
SRAX INC: Four Directors Quit From Board
----------------------------------------
Marc Savas, Robert Jordan, Colleen DiClaudio, and Brock Pierce have
resigned from the board of directors and their respective committee
roles of SRAX, Inc.
According to the Company's Form 8-K filed with the Securities and
Exchange Commission, there were no disagreements between the
directors and the Company. Their departure is not related to the
operations, policies or practices of the Company, or any issues
regarding accounting policies or practices. Mr. Pierce will
transition to the Advisory Board. Christopher Miglino will remain
as the Chairman of the Board and shall assume the Governance,
Compensation and Audit Committee chairman roles.
About SRAX
SRAX, Inc. (SRAX) is a financial technology company that provides
data and insights to publicly traded companies through its SaaS
platform Sequire. With Sequire, companies can track their
investors' behaviors and trends and use those insights to engage
current and potential investors across marketing channels. For
more information on SRAX, please visit its websites: srax.com and
mysequire.com.
SRAX reported a net loss of $41.23 million for the year ended Dec.
31, 2022, compared to a net loss of $14.71 million for the year
ended Dec. 31, 2021.
New York, NY-based RBSM LLP, the Company's auditor since 2011,
issued a "going concern" qualification in its report dated Oct. 12,
2022, citing that the Company has recurring losses from operations,
limited cash flow, and an accumulated deficit. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
TAVERAS FAMILY: Sylvia Mayer Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 7 appointed Sylvia Mayer, Esq., at S.
Mayer Law, PLLC as Subchapter V trustee for Taveras Family
Investments Corp.
Ms. Mayer will be paid an hourly fee of $450 for her services as
Subchapter V trustee and an hourly fee of $195 for paralegal
services. In addition, the Subchapter V trustee will receive
reimbursement 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:
Sylvia Mayer, Esq.
S. Mayer Law, PLLC
P.O. Box 6542
Houston, TX 77265
Telephone: (713) 893-0339
Facsimile: (713) 661-3738
Email: smayer@smayerlaw.com
About Taveras Family
Taveras Family Investments Corp. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No.
23-32627) on July 12, 2023, with as much as $50,000 in both assets
and liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Thomas Frederick Jones, III, Esq., at the Law Office of Thomas F.
Jones III represents the Debtor as bankruptcy counsel.
TERRA SANTA: Creditors to Get Proceeds From Liquidation
-------------------------------------------------------
Terra Santa, Inc. filed with the U.S. Bankruptcy Court for the
Western District of Kentucky a Second Amended Plan of Liquidation
dated July 17, 2023.
The Debtor is a corporation organized under the laws of the
Commonwealth of Kentucky in September 1994. The Debtor operates a
full-service restaurant at 1293 Bardstown Road, Louisville,
Kentucky, under the name Ramsi's Cafe on the World.
This Second Amended Small Business Plan proposes to pay creditors
of the Debtor from the orderly liquidation of the Debtor's assets.
This Plan provides for 1 class of Priority Claims, 2 classes of
Secured Claims, 1 class of non-priority Unsecured Claims, and 1
class of Equity Interests. Holders of Allowed non-priority
Unsecured Claims will not receive cash distributions unless the
liquidation of Debtor's assets satisfies the Priority Claims and
Secured Claims in full.
The final Plan payment is expected to be paid on or before June 1,
2024.
The Class 2-A Secured Claim and the IRS' Priority Tax Claim shall
be paid through the application of (1) offsetting credits of
approximately $198,848.82 that the Debtor is owed from "Employee
Retention Credits" from the United States Treasury, and (2) sale
proceeds from (a) non-Debtor real property as described in Section
8.02, and (b) the orderly liquidation of all the Debtor's assets.
Class 2-B Secured Claim of SBA. The value of the SBA's interest in
the Debtor's interest in tangible and intangible personal property
is $0.00, and the lien is therefore void pursuant to Section 506(d)
of the Bankruptcy Code. The Confirmation Order shall be deemed an
order voiding the Class 2-B lien as of the Effective Date.
Class 3 consists of Non-Priority Unsecured Claims. The Class 3
Claims are impaired. Each holder of a Class 2-C Claim will receive
a one-time cash payment equal to the holder's pro-rata share of
funds available for distribution to holders of Class 3 Claims upon
liquidation of the Debtor's assets. There will be funds available
for distribution to holders of Class 3 Claims only if all Secured
Claims, Priority Claims, and Administrative Expense Claims are
satisfied in full.
Class 4 consists of Equity Interests. The Class 4 equity interests
in the Debtor are unimpaired. The holders of Class 4 equity
interests shall retain their equity interests in the Debtor as of
the Effective Date. Nothing in this Plan or the Confirmation Order
shall be deemed to affect or impair any claim to the equity
interests in the Debtor which may be asserted or adjudicated in the
pending marital dissolution action between Ramsi Kamar and Rhona
Kamar.
The Debtor expects that a portion of the Priority Tax Claims
against the Debtor will be satisfied through the liquidation of
certain real property that is owned by Mr. Ramsi Kamar and Ms.
Rhona G. Kamar and therefore not property of the Debtor's
bankruptcy estate. Upon the Debtor's information and belief, Mr.
and Ms. Kamar will sell their interests in approximately 14.9 acres
of land in Fisherville, Jefferson County, Kentucky (the "Spotswood
Property"), on or around May 15, 2023. The Debtor anticipates that
sale proceeds of approximately $460,000 will be paid to the IRS,
Kentucky Department of Revenue, and/or the Louisville Metro Revenue
Commission in accordance with their respective lien priorities.
Some liens against the Spotswood Property secure certain debt
obligations of Mr. and Ms. Kamar in which the Debtor is jointly
liable, while other liens encumbering the Spotswood Property secure
payment obligations which are not enforceable against the Debtor.
Accordingly, the net proceeds from the sale of non-Debtor property
are subject to being applied against debts which are not Allowed
Claims against the Debtor.
A full-text copy of the Second Amended Liquidating Plan dated July
17, 2023 is available at https://urlcurt.com/u?l=TClctV from
PacerMonitor.com at no charge.
Counsel for Debtor:
Charity S. Bird, Esq.
Tyler R. Yeager, Esq.
Kaplan Johnson Abate & Bird LLP
710 W. Main St., 4th Floor
Louisville, KY 40202
Telephone: (502) 416-1630
Email: cbird@kaplanjohnsonlaw.com
tyeager@kaplanjohnsonlaw.com
About Terra Santa Inc.
Terra Santa, Inc. operates a full-service restaurant at 1293
Bardstown Road, Louisville, Kentucky, under the name Ramsi's Cafe
on the World.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 21-31831) on Sept. 1,
2021, listing up to $50,000 in assets and up to $1 million in
liabilities. Charity S Bird, Esq., at Kaplan Johnson Abate & Bird,
LLP represents the Debtor as legal counsel.
TOSCA SERVICES: $626M Bank Debt Trades at 21% Discount
------------------------------------------------------
Participations in a syndicated loan under which Tosca Services LLC
is a borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $626.5 million facility is a Term loan that is scheduled to
mature on August 18, 2027. About $612.9 million of the loan is
withdrawn and outstanding.
Tosca Services, LLC manufactures and supplies container solutions.
The Company offers plastic containers to transport fruit and
vegetable, egg, poultry, meat, and cheese products. Tosca Services
serves growers, suppliers, food manufacturers, and retailers in
North America.
TOSCA SERVICES: Saratoga Marks $488,750 Loan at 30% Off
-------------------------------------------------------
Saratoga Investment Corporation has marked its $488,750 loan
extended to Tosca Services, LLC to market at $340,698 or 70% 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 SOFR+ 3.5%, 0.8%
Floor) to Tosca Services, LLC. The loan accrues interest at 8.81%
per annum. The loan matures on August 18, 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.
Tosca Services, LLC manufactures and supplies container solutions.
The Company offers plastic containers to transport fruit and
vegetable, egg, poultry, meat, and cheese products. Tosca Services
serves growers, suppliers, food manufacturers, and retailers in
North America.
TRIARC SYSTEMS: Behrooz Vida Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the
Vida Law Firm, PLLC as Subchapter V trustee for Triarc Systems,
LLC.
Mr. Vida 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. Vida declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Behrooz P. Vida, Esq.
The Vida Law Firm, PLLC
3000 Central Drive
Bedford, TX 76021
817-358-9977-office
817-358-9988-fax
Email: behrooz@vidalawfirm.com
About Triarc Systems
Triarc Systems, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-41996) on
July 11, 2023, with as much as $50,000 in assets and $1 million to
$10 million in liabilities. Chris Reeves, managing member, signed
the petition.
Eric A. Liepins, Esq., is the Debtor's legal counsel.
TROIKA MEDIA: Inks Second Amendment to Blue Torch Limited Waiver
----------------------------------------------------------------
Troika Media Group, Inc. and Blue Torch entered into a second
amendment to the A&R Limited Waiver pursuant to which Blue Torch
agreed to extend the Outside Date from July 14th to July 28, 2023,
subject to potential extension if a definitive written agreement
was delivered on or prior to July 28, 2023, providing for cash
repayment in full of all obligations owed to Blue Torch or which
was otherwise acceptable to Blue Torch.
As previously disclosed, on Feb. 10, 2023, Troika Media and Blue
Torch Finance LLC entered into an Amended and Restated Limited
Waiver of certain events of default under the Financing Agreement
dated March 21, 2022, by and among the Company, the lenders from
time-to-time party thereto, and Blue Torch as collateral agent and
administrative agent for such lenders. The A&R Limited Waiver
would have expired on the earliest of (x) the occurrence of an
Event of Default under the Financing Agreement that is not a
Specified Event of Default, (y) a failure by the Company to comply
with certain sale and refinancing milestones and (z) June 30, 2023,
subject to potential extension of up to 60 days to obtain
regulatory and/or shareholder approval in the event the Company is
pursuing a sale transaction.
On May 8, 2023, the Company and Blue Torch entered into a first
amendment to the A&R Limited Waiver pursuant to which the Company
affirmed its commitment to work in good faith to consummate a sale
of the Company's business or assets or a refinancing transaction by
the Outside Date, and Blue Torch agreed to remove the
aforementioned milestones and to extend the Outside Date from June
30, 2023 to July 14, 2023, subject to potential extension if a
definitive written agreement was delivered on or prior to July 14,
2023 providing for cash repayment in full of all obligations owed
to Blue Torch or which was otherwise acceptable to Blue Torch.
About Troika
Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth. The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.
Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022. Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.
TUI BAYSIDE: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Tui Bayside LLC
520 Baypoint Road
Miami, FL 33137
Case No.: 23-15731
Chapter 11 Petition Date: July 24, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Judge: Hon. Corali Lopez-Castro
Debtor's Counsel: James B. Miller, Esq.
JAMES B. MILLER, P.A.
19 West Flagler St. #416
Miami, FL 33130
Tel: 305-374-0200
Email: bkcmiami@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeffrey Grossfeld as manager.
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/IBZK6LA/TUI_BAYSIDE_LLC__flsbke-23-15731__0001.0.pdf?mcid=tGE4TAMA
VALLEY PROPERTY: Expects Sales to Pay Claims in Full
----------------------------------------------------
Valley Property Ventures, LLC, submitted a Chapter 11 Plan and a
Disclosure Statement.
The Plan is a liquidating Plan. Payments due under the Plan will
be made from the net proceeds generated from the Properties (i.e.,
after payment of all costs of sale and any valid, undisputed liens,
claims and interests asserted against the Properties). The Debtor
expects to receive sufficient net proceeds from the sale of the
Properties to pay all allowed claims in full.
Under the Plan, Class 5 General Unsecured Claims total $26,501. To
the extent there are funds available from the sale of the
Properties, the Class 5 Claims will be paid pro rata or, if
possible, in full on the Effective Date. Alternatively, the Class
5 Claims will receive, in full and final satisfaction of such
claim, a pro rata share of the remaining proceeds. Class 5 is
impaired.
The distributions required to be made under the Plan will be funded
by the sale of the Properties. The Debtor's broker has estimated
that the Diamond Road Properties are worth approximately $60,000
each, the San Mateo Property is worth approximately $60,000 and the
Palm Springs Property is worth approximately $4,000,000. If the
Diamond Road Properties and San Mateo Property are sold, the La
Costa lien must be satisfied and any additional proceeds will be
available to pay all Allowed Claims in full with a surplus for
interest holders. The Debtor is evaluating a possible carve out
sale of the Palm Springs Property, however, in the event that this
is not possible, the Palm Springs Property will not be sold and the
secured lender or lenders will be granted relief to conduct a
foreclosure sale.
The Disclosure Statement hearing will be held on Aug. 17, 2023 at
1:30 p.m. in Courtroom 302.
Counsel for the Debtor:
David M. Goodrich, Esq.
Ryan W. Beall, Esq.
GOLDEN GOODRICH LLP
650 Town Center Drive, Suite 600
Costa Mesa, CA 92626
Telephone: (714) 966-1000
Facsimile: (714) 966-1002
E-mail: dgoodrich@go2.law
rbeall@go2.law
A copy of the Disclosure Statement dated July 12, 2023, is
available at https://tinyurl.ph/FJFdc from PacerMonitor.com.
About Valley Property Ventures
Valley Property Ventures, LLC is a company in Palm Springs, Calif.,
engaged in activities related to real estate.
Valley Property Ventures filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10981) on
March 15, 2023. In the petition filed by its manager, Erik Ivan
Ochoa Gonzalez, the Debtor reported $1 million to $10 million in
both assets and liabilities.
Judge Scott H. Yun oversees the case.
Golden Goodrich, LLP is the Debtor's bankruptcy counsel.
VALLEY PROPERTY: Seeks Approval of Disclosure Statement
-------------------------------------------------------
Valley Property Ventures, LLC, filed a motion for an order
approving Debtor's Disclosure Statement describing Chapter 11 Plan
of Liquidation dated July 12, 2023.
A hearing for approval of the Disclosure Statement is slated for
August 17, 2023 at 1:30pm in Ctrm 302 with proof of service.
The Disclosure Statement contains "adequate information" as that
term is defined in s 1125. The Disclosure Statement contains ample
and adequate information, under the circumstances of the case and
to the extent available to the Debtor, to allow parties in interest
to make informed judgments about the Plan. The Disclosure Statement
includes detailed information regarding, among other things, (i)
the Debtor's assets and liabilities, (ii) the classification and
treatment of creditors under the Plan, and (iii) how the Plan will
be implemented and funded.
On July 12, 2023, the Debtor's counsel filed the Disclosure
Statement and Plan. Counsel is concurrently serving the Disclosure
Statement and Plan on those parties entitled to such service
pursuant to Federal Rule of Bankruptcy Procedure 3017.
The Disclosure Statement includes detailed information regarding,
among other things, (i) the Debtor's assets and liabilities, (ii)
the classification and treatment of creditors under the Plan, and
(iii) how the Plan will be implemented and funded.
Counsel for the Debtor:
David M. Goodrich, Esq.
Ryan W. Beall, Esq.
GOLDEN GOODRICH LLP
650 Town Center Drive, Suite 600
Costa Mesa, CA 92626
Telephone: (714) 966-1000
Facsimile: (714) 966-1002
E-mail: dgoodrich@go2.law
rbeall@go2.law
About Valley Property Ventures
Valley Property Ventures, LLC is a company in Palm Springs, Calif.,
engaged in activities related to real estate.
Valley Property Ventures filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10981) on
March 15, 2023. In the petition filed by its manager, Erik Ivan
Ochoa Gonzalez, the Debtor reported $1 million to $10 million in
both assets and liabilities.
Judge Scott H. Yun oversees the case.
Golden Goodrich, LLP is the Debtor's bankruptcy counsel.
VIDEO DISPLAY: Incurs $297K Net Loss in First Quarter
-----------------------------------------------------
Video Display Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $297,000 on $2.56 million of net sales for the three months
ended May 31, 2023, compared to a net loss of $295,000 on $2.84
million of net sales for the three months ended May 31, 2022.
As of May 31, 2023, the Company had $4.99 million in total assets,
$5.57 million in total liabilities, and a total shareholders'
deficit of $576,000.
Video Display said, "The ability of the Company to continue as a
going concern is dependent upon the success of management's plans
to improve revenues, the operational effectiveness of continuing
operations, the procurement of suitable financing, or a combination
of these. The uncertainty regarding the potential success of
management's plan creates substantial doubt about the ability of
the Company to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/758743/000143774923020031/vide20230531_10q.htm
About Video Display
Headquartered in Cocoa, Florida, Video Display Corporation
manufactures and distributes a wide range of display devices,
encompassing, among others, industrial, military, medical, and
simulation display solutions.
Video Display reported a net loss of $2 million for the year ended
Feb. 28, 2023, compared to a net loss of $2.56 million for the year
ended Feb. 28, 2022. As of Feb. 28, 2023, the Company had $5.36
million in total assets, $5.64 million in total liabilities, and a
total shareholders' deficit of $279,000.
Peachtree Corners, Georgia-based Hancock Askew & Co., LLP, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated May 30, 2023, citing that the
Company has historically reported net losses or breakeven results
along with reporting low levels of working capital. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
WILLIAMS INDUSTRIAL: Files Chapter 11 to Sell Assets for $60M
-------------------------------------------------------------
Williams Industrial Services Group Inc., a leading provider of
infrastructure related services to blue-chip customers in energy
and industrial end markets, including a broad range of construction
maintenance, modification, and support services, on July 24
disclosed that it and certain of its subsidiaries have filed
voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for
the District of Delaware (the "Bankruptcy Court") and agreed to
sell substantially all of the Company and its subsidiaries assets
to EnergySolutions for $60 million.
The Transaction
The Company and EnergySolutions, a global provider of energy and
industrial services headquartered in Salt Lake City, UT, have
entered into a purchase agreement pursuant to which EnergySolutions
will acquire substantially all the assets and assume certain
ordinary course operating liabilities of the Company and its
subsidiaries for $60 million. These assets represent the Company's
nuclear, fossil, energy delivery, and paper mill operations, which
have continued to perform profitably and have strong prospects for
future growth. EnergySolutions is not acquiring the Company's
operations connected to its water contracts in Florida and Texas.
Tracy Pagliara, President and CEO of the Company, stated: "Having
carefully reviewed all available options, our comprehensive
strategic alternatives process has concluded. I am confident that
EnergySolutions will be a great owner for the Williams business it
is acquiring as we stand on the precipice of a global nuclear
renaissance and significant growth in energy and industrial
infrastructure services. EnergySolutions is well capitalized and
positioned to ensure that Williams' rich history of being a
customer-centric services provider will continue. Obviously, the
Chapter 11 filing is not the outcome we would have wanted for our
stockholders or the stakeholders of our water business, but this
difficult decision was necessary to deliver the primary and
profitable parts of the Williams business to EnergySolutions as a
going concern."
Ken Robuck, President and CEO of EnergySolutions, added, "We are
very excited to announce this transaction. This is a strategic move
that will allow EnergySolutions to expand our nuclear services
offerings to existing nuclear operating plants and, ultimately, to
support the nuclear industry's drive to create more clean,
carbon-free energy through nuclear plant life extension work and
the construction of new technologies. We understand that Williams
has been through a difficult time, but we are confident that this
acquisition will be a positive for the Williams' businesses we are
acquiring. These businesses will gain access to our resources and
expertise, and we will gain access to their talented team and
proven track record in successfully executing nuclear plant
maintenance, modifications and new construction projects. Combined
with our nuclear waste, decommissioning and onsite integrated
services, this acquisition will nicely complement our existing
business lines and provide an excellent platform for future growth
and expansion into other sectors of the nuclear industry."
DIP Financing
In order to provide necessary funding during the Chapter 11
proceeding, the Company has received commitments for two
debtor-in-possession ("DIP") financing credit agreements with its
prepetition lenders. Upon approval by the Bankruptcy Court, the DIP
financing agreements are expected to provide the Company with the
necessary liquidity to permit the businesses that will be disposed
of to operate in the normal course and meet their obligations to
their employees, vendors and customers throughout the Chapter 11
proceeding while executing on the sale process of the businesses
for which EnergySolutions is the "stalking horse" bidder.
One of the Company's DIP facilities will be a revolving line of
credit ("RLOC") which will replace the Company's prepetition RLOC,
allowing for continued credit advances based on the Company's
collateral contributions up to a maximum availability of $12
million. The second facility is a delayed draw term loan ("DDTL")
with the Company's existing term lenders which will provide up to
$19.5 million of incremental liquidity following the petition
filing.
Chapter 11 Process
The transaction with EnergySolutions is part of a sale process
under Section 363 of the Bankruptcy Code in which EnergySolutions
is the "stalking horse" bidder, meaning that the purchase agreement
between the Company and EnergySolutions contains the terms against
which competing offers will be solicited and evaluated during a
Chapter 11 auction process. The Company is seeking Bankruptcy Court
approval of bidding procedures allowing for the submission of
higher or otherwise better offers, and is seeking to consummate a
sale by September 30, 2023, subject to Bankruptcy Court approval.
The Company will manage the bidding process and evaluate any bids
received, in consultation with its advisors and otherwise in
accordance with the bidding procedures and oversight by the
Bankruptcy Court.
Under the purchase agreement, EnergySolutions will not acquire the
Company's operations connected to its water contracts in Florida
and Texas. The Company is not currently projecting any return for
its stockholders or for certain creditors of the retained water
business.
Background to the Chapter 11 Filing and Sale Transaction
The factors that precipitated the Company's Chapter 11 filing and
sale process included: the loss of customer contracts in early 2022
that comprised 19% and 20% of the Company's annual revenue and
gross profit, respectively, in 2021 and the accompanying loss of
$361 million in backlog for 2022 and later years; more than $15
million of operating losses associated with the Company's water
operations from 2021 through 2023 year to date; approximately $8
million of start-up costs and operating losses related to the
Company's entry into the transmission and distribution market from
early 2021 through the first quarter of 2023; and the inability of
the Company to convert enough pipeline into revenue and to cut
enough costs to overcome these losses and corresponding liquidity
challenges.
As previously announced, the Company undertook actions to improve
the performance of its business, including an aggressive move to
trim operating expenses, the implementation of a plan to shorten
collection times on accounts receivable, and an attempt to expand
into the transmission and distribution market. However, those moves
were insufficient to position the business for profitability.
Williams Industrial Services Group is advised by Thompson Hine LLP
and Chipman Brown Cicero & Cole, LLP as its legal advisors, G2
Capital Advisors, LLC as its financial advisor, and Greenhill &
Co., LLC as its investment banker.
EnergySolutions is advised by Ropes & Gray LLP as its legal
advisors.
For additional information about the cases please visit
https://dm.epiq11.com/WilliamsIndustrialServicesGroup.
About Williams
Williams Industrial Services Group (NYSE American: WLMS) --
http://www.wisgrp.com/-- has been safely helping plant owners and
operators enhance asset value for more than 50 years. The Company
is a leading provider of infrastructure related services to
blue-chip customers in energy and industrial end markets, including
a broad range of construction maintenance, modification, and
support services. Williams' mission is to be the preferred provider
of construction, maintenance, and specialty services through
commitment to superior safety performance, focus on innovation, and
dedication to delivering unsurpassed value to its customers.
WILLIAMS INDUSTRIAL: NYSE to Commence Delisting Proceedings
-----------------------------------------------------------
NYSE American LLC on July 24, 2023 disclosed that the staff of NYSE
Regulation has determined to commence proceedings to delist the
Common Stock of Williams Industrial Services Group Inc. (the
"Company") -- ticker symbol WLMS -- from NYSE American. Trading in
the Company's Common Stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer
suitable for listing and will commence delisting proceedings
pursuant to Section 1003(c)(iii) of the NYSE American Company
Guide. On July 24, 2023, the Company disclosed that it filed
voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for
the District of Delaware and agreed to sell substantially all of
the Company and its subsidiaries assets to EnergySolutions for $60
million. NYSE Regulation noted that the Company is not currently
projecting any return for its stockholders.
The Company has a right to a review of staff's determination to
delist the Common Stock by a Committee of the Board of Directors of
the Exchange. The NYSE American will apply to the Securities and
Exchange Commission to delist the Company's Common Stock upon
completion of all applicable procedures, including any appeal by
the Company of the NYSE Regulation staff's decision.
About Williams
Williams Industrial Services Group (NYSE American: WLMS) --
http://www.wisgrp.com-- has been safely helping plant owners and
operators enhance asset value for more than 50 years. The Company
is a leading provider of infrastructure related services to
blue-chip customers in energy and industrial end markets, including
a broad range of construction maintenance, modification, and
support services. Williams' mission is to be the preferred provider
of construction, maintenance, and specialty services through
commitment to superior safety performance, focus on innovation, and
dedication to delivering unsurpassed value to its customers.
YELLOW CORP: Inks Third Amendment to Alter Domus Credit Pact
------------------------------------------------------------
On July 7, 2023, but effective as of June 30, 2023, Yellow
Corporation and certain of its subsidiaries entered into Amendment
No. 3 and Limited Waiver to the Amended and Restated Credit
Agreement, which further amended its Amended and Restated Credit
Agreement, dated as of Sept. 11, 2019, by and among the Company,
certain of the Company's subsidiaries party thereto, the lenders
party thereto and Alter Domus Products Corp., as administrative
agent and collateral agent.
Amendment No. 3, among other things:
(a) provides for a waiver of the minimum Consolidated EBITDA
financial covenant set forth in the A&R Credit Agreement for the
covenant testing periods ending on June 30, 2023 and Sept. 30,
2023;
(b) beginning July 12, 2023, requires weekly delivery of a
liquidity report setting forth, among other things, the aggregate
amount of "Liquidity," with such amount being calculated as the sum
of (i) unrestricted cash on hand subject to control agreements;
(ii) cash in deposit accounts held exclusively for payroll and cash
applied as cash deposits in connection with trade contracts (in an
aggregate amount for this subclause (ii) not to exceed $7.50
million); and (iii) the amount of "Availability" (as defined in the
loan agreement for Company's asset-based loan facility) of the
Company and each of its guarantors under the A&R Credit Agreement;
(c) requires that the Company not permit Liquidity to fall below
$35.00 million;
(d) beginning July 12, 2023, requires weekly delivery of a
13-week consolidated operating budget and a budget variance report
comparing the actual results against the forecasted results under
the related budget on a line-by-line basis and aggregate basis,
and, commencing July 26, 2023, requires a monthly supplement to
such budget;
(e) prohibits aggregate cash receipts and aggregate operating
disbursements (excluding certain disbursements and carry-forward),
in each case, to be less than 20% of the respective forecasted
aggregate cash receipts and forecasted aggregate operating
disbursements under the aforementioned budget reports;
(f) beginning July 17, 2023, requires monthly delivery of a
report of key performance indicators as described in the A&R Credit
Agreement with respect to the Company and its subsidiaries;
(g) replaced LIBOR interest rate options with term SOFR-based
interest rate options;
(h) provides for an exit fee in an aggregate amount equal to
2.00% of the outstanding Term Loans, payable upon the earliest to
occur of the maturity date of the applicable Term Loan,
termination, conversion, and/or payment in full of the A&R Credit
Agreement and any acceleration of the A&R Credit Agreement, with a
step-down to 1.00% if the A&R Credit Agreement is paid in full with
a new financing by Sept. 30, 2023;
(i) requires appointment of an Operational Advisor by July 12,
2023, who will, among other things, provide financial planning and
analysis services and assistance creating the aforementioned
budgets;
(j) provides the Company's lenders the right to designate one
representative to participate solely as a non-voting observer in
all meetings of the Company's board of directors or its committees
thereof; and
(k) requires weekly lender calls with the Operational Advisor
and monthly lender calls with senior management, in each case, to
discuss, among other things, the reporting described above.
With respect to clause (c) above, the Company's preliminary cash
and cash equivalents balance as of June 30, 2023 was greater than
$100 million. The final cash and cash equivalents balance will be
included in the Company's Form 10-Q for the quarter ended June 30,
2023, to be filed in August 2023.
Waiver Under UST Credit Agreements
On July 7, 2023, the Company entered into a Waiver Agreement under
(i) that certain UST Tranche A Term Loan Credit Agreement with The
Bank of New York Mellon, as administrative agent and collateral
agent, and (ii) that certain UST Tranche B Term Loan Credit
Agreement with The Bank of New York Mellon, as administrative agent
and collateral agent. The Waiver provides for a waiver of the
minimum Consolidated EBITDA financial covenant set forth in the UST
Credit Agreements for the covenant testing period ending on June
30, 2023.
About Yellow Corporation
Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout. Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.
Yellow Corp reported a net income of $21.8 million in 2022, a net
loss of $109.1 million in 2021, a net loss of $53.5 million in
2020, and a net loss of $104 million in 2019. As of March 31,
2023, the Company had $2.15 billion in total assets, $639.5 million
in total current liabilities, $1.47 billion in long-term debt,
$137.6 million in pension and postretirement, $91.6 million in
operating lease liabilities, $250.1 million in claims and other
liabilities, and a total shareholders' deficit of $436.6 million.
* * *
As reported by the TCR on July 10, 2023, S&P Global Ratings lowered
its issuer credit rating to 'CCC-' from 'CCC+' on
less-than-truckload (LTL) transportation provider Yellow Corp. S&P
said the negative outlook reflects S&P's expectation that Yellow is
vulnerable to a payment default or distressed exchange over the
next 12 months.
Moody's Investors Service downgraded Yellow Corporation's corporate
family rating to Caa3 from Caa1, according to a TCR report dated
July 3, 2023. Moody's said the rating downgrade reflects Moody's
view that Yellow faces significant liquidity challenges as weaker
operating performance and stalled union negotiations have eroded
the company's cash position. As a result, Moody's believes
Yellow's default risk has materially increased as the company moves
to preserve liquidity and address upcoming maturities.
ZAYO GROUP: $750M Bank Debt Trades at 23% Discount
--------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 77.3
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
ZAYO GROUP: EUR750M Bank Debt Trades at 27% Discount
----------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 73.3
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR750 million facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABST US 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE OU1 GR 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE ABST CN 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE ABT2EUR EU 528.1 (11.8) (62.1)
ABSOLUTE SOFTWRE OU1 GZ 528.1 (11.8) (62.1)
ACCELERATE DIAGN AXDX* MM 51.0 (38.7) (25.3)
AEMETIS INC AMTX US 210.4 (222.4) (82.4)
AEMETIS INC DW51 GR 210.4 (222.4) (82.4)
AEMETIS INC AMTXGEUR EZ 210.4 (222.4) (82.4)
AEMETIS INC AMTXGEUR EU 210.4 (222.4) (82.4)
AEMETIS INC DW51 GZ 210.4 (222.4) (82.4)
AEMETIS INC DW51 TH 210.4 (222.4) (82.4)
AEMETIS INC DW51 QT 210.4 (222.4) (82.4)
AIR CANADA AC CN 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 GR 30,476.0 (1,514.0) (111.0)
AIR CANADA ACEUR EU 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 TH 30,476.0 (1,514.0) (111.0)
AIR CANADA ACDVF US 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 QT 30,476.0 (1,514.0) (111.0)
AIR CANADA ACEUR EZ 30,476.0 (1,514.0) (111.0)
AIR CANADA ADH2 GZ 30,476.0 (1,514.0) (111.0)
ALNYLAM PHAR-BDR A1LN34 BZ 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNY US 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL GR 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL QT 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNYEUR EU 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL TH 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNY* MM 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE DUL GZ 3,391.9 (259.2) 1,867.6
ALNYLAM PHARMACE ALNYEUR EZ 3,391.9 (259.2) 1,867.6
ALPHATEC HOLDING L1Z1 GR 569.7 (34.8) 156.2
ALPHATEC HOLDING ATEC US 569.7 (34.8) 156.2
ALPHATEC HOLDING ATECEUR EU 569.7 (34.8) 156.2
ALPHATEC HOLDING L1Z1 GZ 569.7 (34.8) 156.2
ALTICE USA INC-A ATUS US 31,986.8 (480.7) (1,527.3)
ALTICE USA INC-A 15PA TH 31,986.8 (480.7) (1,527.3)
ALTICE USA INC-A ATUSEUR EU 31,986.8 (480.7) (1,527.3)
ALTICE USA INC-A 15PA GZ 31,986.8 (480.7) (1,527.3)
ALTICE USA INC-A ATUS* MM 31,986.8 (480.7) (1,527.3)
ALTICE USA INC-A ATUS-RM RM 31,986.8 (480.7) (1,527.3)
ALTIRA GP-CEDEAR MOC AR 36,826.0 (3,826.0) (1,994.0)
ALTIRA GP-CEDEAR MOD AR 36,826.0 (3,826.0) (1,994.0)
ALTIRA GP-CEDEAR MO AR 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 GR 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO* MM 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO US 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO SW 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MOEUR EU 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO TE 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 TH 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO CI 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 QT 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MOUSD SW 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 GZ 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC 0R31 LI 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC ALTR AV 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MOEUR EZ 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC MO-RM RM 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7 BU 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7D EB 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7D IX 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP INC PHM7D I2 36,826.0 (3,826.0) (1,994.0)
ALTRIA GROUP-BDR MOOO34 BZ 36,826.0 (3,826.0) (1,994.0)
AMC ENTERTAINMEN AMC US 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 GR 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMC4EUR EU 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 TH 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 QT 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMC* MM 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 GZ 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AH9 SW 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMC-RM RM 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN A2MC34 BZ 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN APE* MM 8,847.6 (2,590.3) (971.8)
AMC ENTERTAINMEN AMCE AV 8,847.6 (2,590.3) (971.8)
AMERICAN AIR-BDR AALL34 BZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL US 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G GR 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL* MM 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G TH 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G QT 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G GZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL11EUR EU 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL AV 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL TE 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G SW 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE 0HE6 LI 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL11EUR EZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL-RM RM 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL_KZ KZ 67,260.0 (4,385.0) (6,096.0)
AMYRIS INC AMRS* MM 679.7 (648.1) (227.1)
AMYRIS INC A2MR34 BZ 679.7 (648.1) (227.1)
ARBOR METALS COR ABR CN 0.3 (0.6) (0.2)
AUGMEDIX INC AUGX US 33.1 (3.2) 11.6
AULT DISRUPTIVE ADRT/U US 119.6 (3.3) 0.1
AUTOZONE INC AZO US 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 TH 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 GR 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZOEUR EU 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 QT 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZO AV 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 TE 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZO* MM 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZOEUR EZ 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZ5 GZ 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC AZO-RM RM 15,597.9 (4,301.6) (1,756.1)
AUTOZONE INC-BDR AZOI34 BZ 15,597.9 (4,301.6) (1,756.1)
AVID TECHNOLOGY AVID US 273.9 (118.7) (20.7)
AVID TECHNOLOGY AVD GR 273.9 (118.7) (20.7)
AVID TECHNOLOGY AVD TH 273.9 (118.7) (20.7)
AVID TECHNOLOGY AVD GZ 273.9 (118.7) (20.7)
AVIS BUD-CEDEAR CAR AR 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA GR 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR US 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA QT 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR2EUR EU 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR* MM 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CAR2EUR EZ 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA TH 27,388.0 (441.0) (766.0)
AVIS BUDGET GROU CUCA GZ 27,388.0 (441.0) (766.0)
BABCOCK & WILCOX BW US 968.4 (10.2) 175.1
BABCOCK & WILCOX UBW1 GR 968.4 (10.2) 175.1
BABCOCK & WILCOX BWEUR EU 968.4 (10.2) 175.1
BATH & BODY WORK LTD0 GR 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LTD0 TH 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI US 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LBEUR EU 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI* MM 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LTD0 QT 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI AV 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LBEUR EZ 5,363.0 (2,170.0) 803.0
BATH & BODY WORK LTD0 GZ 5,363.0 (2,170.0) 803.0
BATH & BODY WORK BBWI-RM RM 5,363.0 (2,170.0) 803.0
BELLRING BRANDS BRBR US 772.5 (363.1) 340.0
BELLRING BRANDS D51 TH 772.5 (363.1) 340.0
BELLRING BRANDS BRBR2EUR EU 772.5 (363.1) 340.0
BELLRING BRANDS D51 GR 772.5 (363.1) 340.0
BELLRING BRANDS D51 QT 772.5 (363.1) 340.0
BEYOND MEAT INC BYND US 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 GR 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 GZ 986.6 (253.1) 487.1
BEYOND MEAT INC BYNDEUR EU 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 TH 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 QT 986.6 (253.1) 487.1
BEYOND MEAT INC BYND AV 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 SW 986.6 (253.1) 487.1
BEYOND MEAT INC 0A20 LI 986.6 (253.1) 487.1
BEYOND MEAT INC BYNDEUR EZ 986.6 (253.1) 487.1
BEYOND MEAT INC 0Q3 TE 986.6 (253.1) 487.1
BEYOND MEAT INC BYND* MM 986.6 (253.1) 487.1
BEYOND MEAT INC B2YN34 BZ 986.6 (253.1) 487.1
BEYOND MEAT INC BYND-RM RM 986.6 (253.1) 487.1
BIOCRYST PHARM BO1 TH 509.7 (328.3) 405.7
BIOCRYST PHARM BCRX US 509.7 (328.3) 405.7
BIOCRYST PHARM BO1 GR 509.7 (328.3) 405.7
BIOCRYST PHARM BO1 QT 509.7 (328.3) 405.7
BIOCRYST PHARM BCRXEUR EU 509.7 (328.3) 405.7
BIOCRYST PHARM BCRX* MM 509.7 (328.3) 405.7
BIOCRYST PHARM BCRXEUR EZ 509.7 (328.3) 405.7
BIOTE CORP-A BTMD US 119.1 (83.8) 87.6
BLUE BIRD CORP BLBD US 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB GR 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB GZ 364.3 (1.1) (26.3)
BLUE BIRD CORP BLBDEUR EU 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB TH 364.3 (1.1) (26.3)
BLUE BIRD CORP 4RB QT 364.3 (1.1) (26.3)
BOEING CO-BDR BOEI34 BZ 136,347.0 (15,484.0) 15,301.0
BOEING CO-CED BA AR 136,347.0 (15,484.0) 15,301.0
BOEING CO-CED BAD AR 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA EU 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO GR 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAEUR EU 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA TE 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA* MM 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA SW 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BOEI BB 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA US 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO TH 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA PE 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA CI 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO QT 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAUSD SW 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCO GZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA AV 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA-RM RM 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BAEUR EZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA EZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BACL CI 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BA_KZ KZ 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD EB 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD IX 136,347.0 (15,484.0) 15,301.0
BOEING CO/THE BCOD I2 136,347.0 (15,484.0) 15,301.0
BOMBARDIER INC-A BBD/A CN 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BDRAF US 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD GR 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD/AEUR EU 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-A BBD GZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/B CN 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC GR 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BDRBF US 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC TH 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDBN MM 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/BEUR EU 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC GZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBD/BEUR EZ 12,441.0 (2,448.0) (196.0)
BOMBARDIER INC-B BBDC QT 12,441.0 (2,448.0) (196.0)
BOX INC- CLASS A BOX US 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX GR 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX TH 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX QT 1,108.7 (21.6) 110.5
BOX INC- CLASS A BOXEUR EU 1,108.7 (21.6) 110.5
BOX INC- CLASS A BOXEUR EZ 1,108.7 (21.6) 110.5
BOX INC- CLASS A 3BX GZ 1,108.7 (21.6) 110.5
BOX INC- CLASS A BOX-RM RM 1,108.7 (21.6) 110.5
BRIDGEBIO PHARMA BBIO US 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA 2CL GR 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA 2CL GZ 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA BBIOEUR EU 625.7 (1,213.6) 456.1
BRIDGEBIO PHARMA 2CL TH 625.7 (1,213.6) 456.1
BRIGHTSPHERE INV BSIG US 546.0 (8.3) -
BRIGHTSPHERE INV 2B9 GR 546.0 (8.3) -
BRIGHTSPHERE INV BSIGEUR EU 546.0 (8.3) -
BRIGHTSPHERE INV 2B9 GZ 546.0 (8.3) -
BRINKER INTL EAT US 2,478.1 (210.3) (372.3)
BRINKER INTL BKJ GR 2,478.1 (210.3) (372.3)
BRINKER INTL BKJ QT 2,478.1 (210.3) (372.3)
BRINKER INTL EAT2EUR EU 2,478.1 (210.3) (372.3)
BRINKER INTL BKJ TH 2,478.1 (210.3) (372.3)
BROOKFIELD INF-A BIPC CN 10,178.0 (361.0) (3,066.0)
BROOKFIELD INF-A BIPC US 10,178.0 (361.0) (3,066.0)
CALUMET SPECIALT CLMT US 2,764.5 (276.1) (465.8)
CARDINAL HEA BDR C1AH34 BZ 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAH US 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH GR 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH TH 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH QT 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAHEUR EU 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CLH GZ 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAH* MM 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAHEUR EZ 43,377.0 (2,218.0) 994.0
CARDINAL HEALTH CAH-RM RM 43,377.0 (2,218.0) 994.0
CARDINAL-CEDEAR CAH AR 43,377.0 (2,218.0) 994.0
CARDINAL-CEDEAR CAHC AR 43,377.0 (2,218.0) 994.0
CARDINAL-CEDEAR CAHD AR 43,377.0 (2,218.0) 994.0
CARVANA CO CVNA US 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 TH 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 QT 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNAEUR EU 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 GR 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 GZ 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNAEUR EZ 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 SW 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNA* MM 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNA-RM RM 7,849.0 (1,406.0) 1,733.0
CEDAR FAIR LP FUN US 2,209.7 (793.2) (227.4)
CENTRUS ENERGY-A LEU US 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU TH 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU GR 689.0 (44.5) 192.4
CENTRUS ENERGY-A LEUEUR EU 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU GZ 689.0 (44.5) 192.4
CENTRUS ENERGY-A 4CU QT 689.0 (44.5) 192.4
CHENIERE ENERGY CQP US 18,817.0 (950.0) 585.0
CINEPLEX INC CGX CN 2,075.5 (239.9) (296.9)
CINEPLEX INC CX0 GR 2,075.5 (239.9) (296.9)
CINEPLEX INC CPXGF US 2,075.5 (239.9) (296.9)
CINEPLEX INC CX0 TH 2,075.5 (239.9) (296.9)
CINEPLEX INC CGXEUR EU 2,075.5 (239.9) (296.9)
CINEPLEX INC CGXN MM 2,075.5 (239.9) (296.9)
CINEPLEX INC CX0 GZ 2,075.5 (239.9) (296.9)
COGENT COMMUNICA CCOI US 998.4 (548.5) 201.4
COGENT COMMUNICA OGM1 GR 998.4 (548.5) 201.4
COGENT COMMUNICA CCOIEUR EU 998.4 (548.5) 201.4
COGENT COMMUNICA CCOI* MM 998.4 (548.5) 201.4
COGENT COMMUNICA OGM1 TH 998.4 (548.5) 201.4
COHERUS BIOSCIEN CHRS US 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 GR 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 TH 402.4 (196.5) 192.5
COHERUS BIOSCIEN CHRSEUR EU 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 QT 402.4 (196.5) 192.5
COHERUS BIOSCIEN CHRSEUR EZ 402.4 (196.5) 192.5
COHERUS BIOSCIEN 8C5 GZ 402.4 (196.5) 192.5
COMMSCOPE HOLDIN COMM US 11,337.0 (415.0) 1,707.5
COMMSCOPE HOLDIN CM9 GR 11,337.0 (415.0) 1,707.5
COMMSCOPE HOLDIN COMMEUR EU 11,337.0 (415.0) 1,707.5
COMMSCOPE HOLDIN CM9 TH 11,337.0 (415.0) 1,707.5
COMMUNITY HEALTH CYH US 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 GR 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 TH 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 QT 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CYH1EUR EU 14,623.0 (791.0) 982.0
COMMUNITY HEALTH CG5 GZ 14,623.0 (791.0) 982.0
COMPOSECURE INC CMPO US 185.8 (291.2) 58.1
CONSENSUS CLOUD CCSI US 663.3 (240.7) 70.1
CONTANGO ORE INC CTGO US 17.5 (5.7) 3.5
COOPER-STANDARD CPS US 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 GR 1,943.1 (26.8) 207.5
COOPER-STANDARD CPSEUR EU 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 GZ 1,943.1 (26.8) 207.5
COOPER-STANDARD C31 TH 1,943.1 (26.8) 207.5
CPI CARD GROUP I PMTS US 298.2 (70.7) 110.9
CPI CARD GROUP I CPB1 GR 298.2 (70.7) 110.9
CPI CARD GROUP I PMTSEUR EU 298.2 (70.7) 110.9
CUTERA INC TJ9 GR 499.8 (39.0) 309.7
CUTERA INC CUTR US 499.8 (39.0) 309.7
CUTERA INC TJ9 TH 499.8 (39.0) 309.7
CUTERA INC CUTREUR EU 499.8 (39.0) 309.7
CUTERA INC TJ9 QT 499.8 (39.0) 309.7
CUTERA INC CUTREUR EZ 499.8 (39.0) 309.7
CYTOKINETICS INC CYTK US 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A GR 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A QT 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EU 889.8 (229.0) 605.4
CYTOKINETICS INC KK3A TH 889.8 (229.0) 605.4
CYTOKINETICS INC CYTKEUR EZ 889.8 (229.0) 605.4
DELEK LOGISTICS DKL US 1,691.6 (117.4) (1.0)
DELL TECHN-C DELL US 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA TH 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA GR 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA GZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EU 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELLC* MM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA QT 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL AV 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL-RM RM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C-BDR D1EL34 BZ 84,094.0 (2,924.0) (9,433.0)
DENNY'S CORP DE8 GR 480.4 (45.0) (34.6)
DENNY'S CORP DENN US 480.4 (45.0) (34.6)
DENNY'S CORP DENNEUR EU 480.4 (45.0) (34.6)
DENNY'S CORP DE8 TH 480.4 (45.0) (34.6)
DENNY'S CORP DE8 GZ 480.4 (45.0) (34.6)
DIEBOLD NIXDORF DBD SW 3,090.7 (1,473.6) 66.3
DIGITALOCEAN HOL DOCN US 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU GR 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU TH 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL DOCNEUR EU 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU GZ 1,584.4 (217.7) 512.5
DIGITALOCEAN HOL 0SU QT 1,584.4 (217.7) 512.5
DINE BRANDS GLOB DIN US 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP GR 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP TH 1,758.1 (288.7) (56.8)
DINE BRANDS GLOB IHP GZ 1,758.1 (288.7) (56.8)
DIVERSIFIED ENER DEC LN - - -
DIVERSIFIED ENER DGOCGBX EU - - -
DIVERSIFIED ENER DECL PO - - -
DIVERSIFIED ENER DECL L3 - - -
DIVERSIFIED ENER DECL B3 - - -
DIVERSIFIED ENER DECL TQ - - -
DIVERSIFIED ENER DGOCGBX EP - - -
DIVERSIFIED ENER DGOCGBX EZ - - -
DIVERSIFIED ENER DECL IX - - -
DIVERSIFIED ENER DECL EB - - -
DIVERSIFIED ENER DECL QX - - -
DIVERSIFIED ENER DECL BQ - - -
DIVERSIFIED ENER DECL S1 - - -
DOMINO'S P - BDR D2PZ34 BZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV TH 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV GR 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ US 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV QT 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZEUR EU 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ AV 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ* MM 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA EZV GZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZEUR EZ 1,641.4 (4,151.8) 271.4
DOMINO'S PIZZA DPZ-RM RM 1,641.4 (4,151.8) 271.4
DOMO INC- CL B DOMO US 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON GR 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON GZ 219.2 (151.2) (83.7)
DOMO INC- CL B DOMOEUR EU 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON TH 219.2 (151.2) (83.7)
DOMO INC- CL B 1ON QT 219.2 (151.2) (83.7)
DROPBOX INC-A DBX US 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 GR 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 SW 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 TH 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 QT 2,993.7 (365.2) 247.2
DROPBOX INC-A DBXEUR EU 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX AV 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX* MM 2,993.7 (365.2) 247.2
DROPBOX INC-A DBXEUR EZ 2,993.7 (365.2) 247.2
DROPBOX INC-A 1Q5 GZ 2,993.7 (365.2) 247.2
DROPBOX INC-A DBX-RM RM 2,993.7 (365.2) 247.2
EMBECTA CORP EMBC US 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC* MM 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 GR 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 QT 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC1EUR EZ 1,210.0 (822.6) 398.6
EMBECTA CORP EMBC1EUR EU 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 GZ 1,210.0 (822.6) 398.6
EMBECTA CORP JX7 TH 1,210.0 (822.6) 398.6
EOS ENERGY ENTER EOSE US 99.7 (175.6) (15.7)
ETSY INC ETSY US 2,500.5 (540.2) 845.8
ETSY INC 3E2 GR 2,500.5 (540.2) 845.8
ETSY INC 3E2 TH 2,500.5 (540.2) 845.8
ETSY INC 3E2 QT 2,500.5 (540.2) 845.8
ETSY INC 2E2 GZ 2,500.5 (540.2) 845.8
ETSY INC 300 SW 2,500.5 (540.2) 845.8
ETSY INC ETSY AV 2,500.5 (540.2) 845.8
ETSY INC ETSYEUR EZ 2,500.5 (540.2) 845.8
ETSY INC ETSY* MM 2,500.5 (540.2) 845.8
ETSY INC ETSY-RM RM 2,500.5 (540.2) 845.8
ETSY INC - BDR E2TS34 BZ 2,500.5 (540.2) 845.8
ETSY INC - CEDEA ETSY AR 2,500.5 (540.2) 845.8
EVELO BIOSCIENCE EVLO US 42.0 (27.4) (27.2)
FAIR ISAAC - BDR F2IC34 BZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI GR 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICO US 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICOEUR EU 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI QT 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICOEUR EZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICO1* MM 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI GZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI TH 1,502.4 (770.8) 148.0
FENNEC PHARMACEU FRX CN 21.8 (7.3) 17.6
FENNEC PHARMACEU FENC US 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 TH 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 GR 21.8 (7.3) 17.6
FENNEC PHARMACEU FRXEUR EU 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 GZ 21.8 (7.3) 17.6
FERRELLGAS PAR-B FGPRB US 1,555.4 (210.8) 203.4
FERRELLGAS-LP FGPR US 1,555.4 (210.8) 203.4
FIBROGEN INC FGEN* MM 538.5 (28.9) 175.8
FIBROGEN INC FGEN-RM RM 538.5 (28.9) 175.8
FOGHORN THERAPEU FHTX US 372.9 (24.6) 264.9
GCM GROSVENOR-A GCMG US 471.9 (108.1) 109.7
GEN RESTAURANT G GENK US 139.5 (3.8) (23.4)
GODADDY INC -BDR G2DD34 BZ 7,092.3 (355.5) (869.2)
GODADDY INC-A GDDY US 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D GR 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D QT 7,092.3 (355.5) (869.2)
GODADDY INC-A GDDY* MM 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D TH 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D GZ 7,092.3 (355.5) (869.2)
GOGO INC GOGO US 759.2 (88.1) 262.1
GOGO INC G0G GR 759.2 (88.1) 262.1
GOGO INC G0G QT 759.2 (88.1) 262.1
GOGO INC GOGOEUR EU 759.2 (88.1) 262.1
GOGO INC G0G TH 759.2 (88.1) 262.1
GOGO INC GOGOEUR EZ 759.2 (88.1) 262.1
GOGO INC G0G GZ 759.2 (88.1) 262.1
GOOSEHEAD INSU-A GSHD US 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX GR 321.6 (26.0) 18.6
GOOSEHEAD INSU-A GSHDEUR EU 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX TH 321.6 (26.0) 18.6
GOOSEHEAD INSU-A 2OX QT 321.6 (26.0) 18.6
GREEN PLAINS PAR GPP US 137.8 (0.1) 6.2
GROUPON INC G5NA GR 650.6 (24.5) (184.1)
GROUPON INC G5NA TH 650.6 (24.5) (184.1)
GROUPON INC GRPN US 650.6 (24.5) (184.1)
GROUPON INC G5NA QT 650.6 (24.5) (184.1)
GROUPON INC GRPNEUR EU 650.6 (24.5) (184.1)
GROUPON INC G5NA GZ 650.6 (24.5) (184.1)
GROUPON INC GRPN AV 650.6 (24.5) (184.1)
GROUPON INC GRPN* MM 650.6 (24.5) (184.1)
GROUPON INC GRPNEUR EZ 650.6 (24.5) (184.1)
GUARDANT HEALTH GH US 1,511.6 (44.6) 900.3
GUARDANT HEALTH GH* MM 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH TH 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GR 1,511.6 (44.6) 900.3
GUARDANT HEALTH GHGBPEUR EZ 1,511.6 (44.6) 900.3
GUARDANT HEALTH GHGBPEUR EU 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH GZ 1,511.6 (44.6) 900.3
GUARDANT HEALTH 5GH QT 1,511.6 (44.6) 900.3
H&R BLOCK - BDR H1RB34 BZ 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB US 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB GR 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB TH 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB QT 3,157.9 (36.4) 187.2
H&R BLOCK INC HRBEUR EU 3,157.9 (36.4) 187.2
H&R BLOCK INC HRBCHF SW 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB GZ 3,157.9 (36.4) 187.2
H&R BLOCK INC HRB-RM RM 3,157.9 (36.4) 187.2
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE LTD HOO GR 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HLF US 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HLFEUR EU 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HOO QT 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HOO GZ 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HLFEUR EZ 2,687.6 (1,222.8) 95.0
HERBALIFE LTD HOO TH 2,687.6 (1,222.8) 95.0
HERON THERAPEUTI HRTX-RM RM 220.9 (11.4) 100.3
HEWLETT-CEDEAR HPQD AR 36,366.0 (2,484.0) (7,011.0)
HEWLETT-CEDEAR HPQC AR 36,366.0 (2,484.0) (7,011.0)
HEWLETT-CEDEAR HPQ AR 36,366.0 (2,484.0) (7,011.0)
HILTON WORLD-BDR H1LT34 BZ 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLT US 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 TH 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 GR 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 QT 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLTEUR EU 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLT* MM 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 TE 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLTEUR EZ 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLTW AV 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HI91 GZ 15,211.0 (1,413.0) (829.0)
HILTON WORLDWIDE HLT-RM RM 15,211.0 (1,413.0) (829.0)
HP COMPANY-BDR HPQB34 BZ 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ* MM 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ US 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP TH 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP GR 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ TE 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ CI 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ SW 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP QT 36,366.0 (2,484.0) (7,011.0)
HP INC HPQUSD SW 36,366.0 (2,484.0) (7,011.0)
HP INC HPQEUR EU 36,366.0 (2,484.0) (7,011.0)
HP INC 7HP GZ 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ AV 36,366.0 (2,484.0) (7,011.0)
HP INC HPQEUR EZ 36,366.0 (2,484.0) (7,011.0)
HP INC HPQ-RM RM 36,366.0 (2,484.0) (7,011.0)
HP INC HPQCL CI 36,366.0 (2,484.0) (7,011.0)
HP INC 7HPD EB 36,366.0 (2,484.0) (7,011.0)
HP INC 7HPD IX 36,366.0 (2,484.0) (7,011.0)
HP INC 7HPD I2 36,366.0 (2,484.0) (7,011.0)
INSEEGO CORP INSG-RM RM 157.7 (72.7) 18.6
INSMED INC INSM US 1,517.7 (44.7) 941.1
INSMED INC IM8N GR 1,517.7 (44.7) 941.1
INSMED INC IM8N TH 1,517.7 (44.7) 941.1
INSMED INC INSMEUR EU 1,517.7 (44.7) 941.1
INSMED INC INSM* MM 1,517.7 (44.7) 941.1
INSPIRATO INC ISPO* MM 406.3 (80.0) (159.2)
INSPIRED ENTERTA INSE US 316.5 (54.4) 55.2
INSPIRED ENTERTA 4U8 GR 316.5 (54.4) 55.2
INSPIRED ENTERTA INSEEUR EU 316.5 (54.4) 55.2
INTUITIVE MACHIN LUNR US 99.7 (121.1) (42.5)
INVITAE CORP NVTA* MM 1,691.7 (36.7) 314.1
INVITAE CORP NVTA-RM RM 1,691.7 (36.7) 314.1
JACK IN THE BOX JBX GR 2,903.4 (701.4) (248.8)
JACK IN THE BOX JACK US 2,903.4 (701.4) (248.8)
JACK IN THE BOX JACK1EUR EU 2,903.4 (701.4) (248.8)
JACK IN THE BOX JBX GZ 2,903.4 (701.4) (248.8)
JACK IN THE BOX JBX QT 2,903.4 (701.4) (248.8)
JACK IN THE BOX JACK1EUR EZ 2,903.4 (701.4) (248.8)
JAWS MUSTANG A-A JWSM US 22.7 (0.5) (3.8)
JAWS MUSTANG ACQ JWSM/U US 22.7 (0.5) (3.8)
L BRANDS INC-BDR B1BW34 BZ 5,363.0 (2,170.0) 803.0
LENNOX INTL INC LXI GR 2,770.4 (125.9) 145.2
LENNOX INTL INC LII US 2,770.4 (125.9) 145.2
LENNOX INTL INC LII1EUR EU 2,770.4 (125.9) 145.2
LENNOX INTL INC LXI TH 2,770.4 (125.9) 145.2
LENNOX INTL INC LII* MM 2,770.4 (125.9) 145.2
LESLIE'S INC LESL US 1,163.2 (255.0) 299.3
LESLIE'S INC LE3 GR 1,163.2 (255.0) 299.3
LESLIE'S INC LESLEUR EU 1,163.2 (255.0) 299.3
LESLIE'S INC LE3 TH 1,163.2 (255.0) 299.3
LESLIE'S INC LE3 QT 1,163.2 (255.0) 299.3
LINDBLAD EXPEDIT LIND US 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 GR 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LINDEUR EU 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 TH 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 QT 774.3 (82.2) (152.1)
LINDBLAD EXPEDIT LI4 GZ 774.3 (82.2) (152.1)
LOWE'S COS INC LWE GR 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOW US 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE TH 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE QT 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOWEUR EU 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE GZ 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOW* MM 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LWE TE 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOWE AV 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOWEUR EZ 45,917.0 (14,710.0) 4,708.0
LOWE'S COS INC LOW-RM RM 45,917.0 (14,710.0) 4,708.0
LOWE'S COS-BDR LOWC34 BZ 45,917.0 (14,710.0) 4,708.0
LUMINAR TECHNOLO LAZR US 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR* MM 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR-RM RM 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GR 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZREUR EU 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS TH 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GZ 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS QT 658.4 (82.3) 393.9
LUMINE GROUP INC LMN CN 1,579.7 (2,264.4) (2,905.1)
LUMINE GROUP INC LMGIF US 1,579.7 (2,264.4) (2,905.1)
MADISON SQUARE G MSGS US 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 GR 1,363.3 (333.0) (248.6)
MADISON SQUARE G MSG1EUR EU 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 TH 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 QT 1,363.3 (333.0) (248.6)
MADISON SQUARE G MS8 GZ 1,363.3 (333.0) (248.6)
MANNKIND CORP NNFN GR 298.1 (255.4) 141.4
MANNKIND CORP MNKD US 298.1 (255.4) 141.4
MANNKIND CORP NNFN TH 298.1 (255.4) 141.4
MANNKIND CORP NNFN QT 298.1 (255.4) 141.4
MANNKIND CORP MNKDEUR EU 298.1 (255.4) 141.4
MANNKIND CORP NNFN GZ 298.1 (255.4) 141.4
MARKETWISE INC MKTW* MM 431.7 (264.7) (52.7)
MASCO CORP MAS US 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ GR 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ TH 5,430.0 (120.0) 1,130.0
MASCO CORP MAS* MM 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ QT 5,430.0 (120.0) 1,130.0
MASCO CORP MAS1EUR EU 5,430.0 (120.0) 1,130.0
MASCO CORP MSQ GZ 5,430.0 (120.0) 1,130.0
MASCO CORP MAS1EUR EZ 5,430.0 (120.0) 1,130.0
MASCO CORP MAS-RM RM 5,430.0 (120.0) 1,130.0
MASCO CORP-BDR M1AS34 BZ 5,430.0 (120.0) 1,130.0
MATCH GROUP -BDR M1TC34 BZ 4,203.9 (334.5) 398.6
MATCH GROUP INC 0JZ7 LI 4,203.9 (334.5) 398.6
MATCH GROUP INC MTCH US 4,203.9 (334.5) 398.6
MATCH GROUP INC MTCH1* MM 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN TH 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN GR 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN QT 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN SW 4,203.9 (334.5) 398.6
MATCH GROUP INC MTC2 AV 4,203.9 (334.5) 398.6
MATCH GROUP INC 4MGN GZ 4,203.9 (334.5) 398.6
MATCH GROUP INC MTCH-RM RM 4,203.9 (334.5) 398.6
MBIA INC MBI US 3,317.0 (899.0) -
MBIA INC MBJ GR 3,317.0 (899.0) -
MBIA INC MBJ TH 3,317.0 (899.0) -
MBIA INC MBJ QT 3,317.0 (899.0) -
MBIA INC MBI1EUR EU 3,317.0 (899.0) -
MBIA INC MBJ GZ 3,317.0 (899.0) -
MCDONALD'S - CDR MDO0 GR 52,014.4 (5,776.1) 2,174.0
MCDONALD'S CORP MDOD EB 52,014.4 (5,776.1) 2,174.0
MCDONALD'S CORP MDOD IX 52,014.4 (5,776.1) 2,174.0
MCDONALD'S CORP MDOD I2 52,014.4 (5,776.1) 2,174.0
MCDONALDS - BDR MCDC34 BZ 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO TH 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD TE 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO GR 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD* MM 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD US 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD SW 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD CI 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO QT 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDUSD SW 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDEUR EU 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MDO GZ 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD AV 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDEUR EZ 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP 0R16 LN 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCD-RM RM 52,014.4 (5,776.1) 2,174.0
MCDONALDS CORP MCDCL CI 52,014.4 (5,776.1) 2,174.0
MCDONALDS-CEDEAR MCDD AR 52,014.4 (5,776.1) 2,174.0
MCDONALDS-CEDEAR MCDC AR 52,014.4 (5,776.1) 2,174.0
MCDONALDS-CEDEAR MCD AR 52,014.4 (5,776.1) 2,174.0
MCKESSON CORP MCK* MM 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK GR 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK US 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK TH 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK1EUR EU 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK QT 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK GZ 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK1EUR EZ 62,320.0 (1,490.0) (3,665.0)
MCKESSON CORP MCK-RM RM 62,320.0 (1,490.0) (3,665.0)
MCKESSON-BDR M1CK34 BZ 62,320.0 (1,490.0) (3,665.0)
MEDIAALPHA INC-A MAX US 153.4 (88.7) 2.1
METTLER-TO - BDR M1TD34 BZ 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD US 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO GR 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO QT 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO GZ 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTO TH 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTDEUR EU 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD* MM 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTDEUR EZ 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD AV 3,409.9 (24.5) 282.5
METTLER-TOLEDO MTD-RM RM 3,409.9 (24.5) 282.5
MSCI INC 3HM GR 5,058.7 (901.4) 602.0
MSCI INC MSCI US 5,058.7 (901.4) 602.0
MSCI INC 3HM QT 5,058.7 (901.4) 602.0
MSCI INC 3HM SW 5,058.7 (901.4) 602.0
MSCI INC MSCI* MM 5,058.7 (901.4) 602.0
MSCI INC MSCIEUR EZ 5,058.7 (901.4) 602.0
MSCI INC 3HM GZ 5,058.7 (901.4) 602.0
MSCI INC 3HM TH 5,058.7 (901.4) 602.0
MSCI INC MSCI AV 5,058.7 (901.4) 602.0
MSCI INC MSCI-RM RM 5,058.7 (901.4) 602.0
MSCI INC-BDR M1SC34 BZ 5,058.7 (901.4) 602.0
NATHANS FAMOUS NATH US 58.6 (44.6) 30.7
NATHANS FAMOUS NFA GR 58.6 (44.6) 30.7
NATHANS FAMOUS NATHEUR EU 58.6 (44.6) 30.7
NEW ENG RLTY-LP NEN US 385.0 (64.9) -
NINE ENERGY SERV NINE US 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ GR 426.7 (11.3) 123.2
NINE ENERGY SERV NINE1EUR EU 426.7 (11.3) 123.2
NINE ENERGY SERV NINE1EUR EZ 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ GZ 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ TH 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ QT 426.7 (11.3) 123.2
NIOCORP DEVELOPM NB CN 33.1 (13.9) 3.5
NORWEGIAN CR-BDR N1CL34 BZ 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLH US 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC GR 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLHN MM 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLHEUR EU 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC TH 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC QT 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLH AV 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC SW 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE NCLHEUR EZ 18,350.7 (99.5) (4,054.9)
NORWEGIAN CRUISE 1NC GZ 18,350.7 (99.5) (4,054.9)
NOVAVAX INC NVV1 GR 1,542.7 (895.6) (947.8)
NOVAVAX INC NVAX US 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 TH 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 QT 1,542.7 (895.6) (947.8)
NOVAVAX INC NVAXEUR EU 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 GZ 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 SW 1,542.7 (895.6) (947.8)
NOVAVAX INC NVAX* MM 1,542.7 (895.6) (947.8)
NOVAVAX INC 0A3S LI 1,542.7 (895.6) (947.8)
NOVAVAX INC NVV1 BU 1,542.7 (895.6) (947.8)
NUTANIX INC - A NTNX US 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU GR 2,396.0 (789.1) 596.1
NUTANIX INC - A NTNXEUR EU 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU TH 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU QT 2,396.0 (789.1) 596.1
NUTANIX INC - A 0NU GZ 2,396.0 (789.1) 596.1
NUTANIX INC - A NTNXEUR EZ 2,396.0 (789.1) 596.1
NUTANIX INC - A NTNX-RM RM 2,396.0 (789.1) 596.1
O'REILLY AUT-BDR ORLY34 BZ 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 GR 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY US 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 TH 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY SW 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 QT 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY* MM 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLYEUR EU 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT OM6 GZ 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY AV 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLYEUR EZ 12,972.8 (1,625.0) (2,168.3)
O'REILLY AUTOMOT ORLY-RM RM 12,972.8 (1,625.0) (2,168.3)
ORGANON & CO OGN US 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP TH 10,763.0 (737.0) 1,434.0
ORGANON & CO OGN-WEUR EU 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP GR 10,763.0 (737.0) 1,434.0
ORGANON & CO OGN* MM 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP GZ 10,763.0 (737.0) 1,434.0
ORGANON & CO 7XP QT 10,763.0 (737.0) 1,434.0
ORGANON & CO OGN-RM RM 10,763.0 (737.0) 1,434.0
OTIS WORLDWI OTIS US 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG GR 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG GZ 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTISEUR EZ 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTISEUR EU 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTIS* MM 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG TH 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI 4PG QT 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTIS AV 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI OTIS-RM RM 9,845.0 (4,638.0) (670.0)
OTIS WORLDWI-BDR O1TI34 BZ 9,845.0 (4,638.0) (670.0)
PAPA JOHN'S INTL PZZA US 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 GR 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PZZAEUR EU 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 GZ 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 TH 864.9 (474.1) (26.0)
PAPA JOHN'S INTL PP1 QT 864.9 (474.1) (26.0)
PELOTON INTERA-A PTON US 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON GR 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON GZ 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTONEUR EZ 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTONEUR EU 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON QT 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON TH 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTON* MM 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 0A46 LI 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTON AV 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A 2ON SW 3,016.3 (127.0) 1,004.4
PELOTON INTERA-A PTON-RM RM 3,016.3 (127.0) 1,004.4
PHATHOM PHARMACE PHAT US 144.0 (90.2) 125.4
PHILIP MORRI-BDR PHMO34 BZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1EUR EU 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMI SW 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1 TE 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 TH 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1CHF EU 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 GR 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM US 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMIZ IX 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMIZ EB 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 QT 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 GZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 0M8V LN 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMOR AV 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM* MM 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1CHF EZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1EUR EZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM-RM RM 61,868.0 (7,960.0) (3,409.0)
PLANET FITNESS I P2LN34 BZ 2,905.6 (158.6) 338.5
PLANET FITNESS I PLNT* MM 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT US 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL TH 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL GR 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL QT 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT1EUR EU 2,905.6 (158.6) 338.5
PLANET FITNESS-A PLNT1EUR EZ 2,905.6 (158.6) 338.5
PLANET FITNESS-A 3PL GZ 2,905.6 (158.6) 338.5
PRESTO AUTOMATIO PRST US 48.6 (22.2) (31.5)
PROS HOLDINGS IN PH2 GR 437.6 (48.0) 95.9
PROS HOLDINGS IN PRO US 437.6 (48.0) 95.9
PROS HOLDINGS IN PRO1EUR EU 437.6 (48.0) 95.9
PTC THERAPEUTICS PTCT US 1,608.8 (457.6) 171.8
PTC THERAPEUTICS BH3 GR 1,608.8 (457.6) 171.8
PTC THERAPEUTICS P91 TH 1,608.8 (457.6) 171.8
PTC THERAPEUTICS P91 QT 1,608.8 (457.6) 171.8
PULSE BIOSCIENCE PLSE US 70.2 (10.7) 48.0
PULSE BIOSCIENCE 6L8 GZ 70.2 (10.7) 48.0
RAPID7 INC RPD US 1,329.5 (110.2) (39.1)
RAPID7 INC R7D GR 1,329.5 (110.2) (39.1)
RAPID7 INC RPDEUR EU 1,329.5 (110.2) (39.1)
RAPID7 INC R7D TH 1,329.5 (110.2) (39.1)
RAPID7 INC RPD* MM 1,329.5 (110.2) (39.1)
RAPID7 INC R7D GZ 1,329.5 (110.2) (39.1)
RAPID7 INC R7D QT 1,329.5 (110.2) (39.1)
RAPID7 INC-BDR R2PD34 BZ 1,329.5 (110.2) (39.1)
REATA PHARMACE-A RETA US 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 GR 453.6 (130.7) 277.9
REATA PHARMACE-A RETAEUR EU 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 GZ 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 TH 453.6 (130.7) 277.9
REATA PHARMACE-A 2R3 QT 453.6 (130.7) 277.9
REVANCE THERAPEU RVNC US 547.8 (26.7) 245.0
REVANCE THERAPEU RTI GR 547.8 (26.7) 245.0
REVANCE THERAPEU RTI QT 547.8 (26.7) 245.0
REVANCE THERAPEU RVNCEUR EU 547.8 (26.7) 245.0
REVANCE THERAPEU RTI TH 547.8 (26.7) 245.0
REVANCE THERAPEU RTI GZ 547.8 (26.7) 245.0
RIMINI STREET IN RMNI US 368.1 (70.1) (67.8)
RIMINI STREET IN 0QH GR 368.1 (70.1) (67.8)
RIMINI STREET IN RMNIEUR EU 368.1 (70.1) (67.8)
RIMINI STREET IN 0QH QT 368.1 (70.1) (67.8)
RINGCENTRAL IN-A RNG US 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA GR 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNGEUR EU 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA TH 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA QT 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNGEUR EZ 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A RNG* MM 2,046.4 (272.5) 259.8
RINGCENTRAL IN-A 3RCA GZ 2,046.4 (272.5) 259.8
RINGCENTRAL-BDR R2NG34 BZ 2,046.4 (272.5) 259.8
SABRE CORP SABR US 5,026.0 (949.0) 578.7
SABRE CORP 19S GR 5,026.0 (949.0) 578.7
SABRE CORP 19S TH 5,026.0 (949.0) 578.7
SABRE CORP 19S QT 5,026.0 (949.0) 578.7
SABRE CORP SABREUR EU 5,026.0 (949.0) 578.7
SABRE CORP SABREUR EZ 5,026.0 (949.0) 578.7
SABRE CORP 19S GZ 5,026.0 (949.0) 578.7
SAVERS VALUE VIL SVV US 1,705.1 (48.4) (59.5)
SBA COMM CORP 4SB GR 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBAC US 10,541.5 (5,231.0) (167.2)
SBA COMM CORP 4SB TH 10,541.5 (5,231.0) (167.2)
SBA COMM CORP 4SB QT 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBACEUR EU 10,541.5 (5,231.0) (167.2)
SBA COMM CORP 4SB GZ 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBAC* MM 10,541.5 (5,231.0) (167.2)
SBA COMM CORP SBACEUR EZ 10,541.5 (5,231.0) (167.2)
SBA COMMUN - BDR S1BA34 BZ 10,541.5 (5,231.0) (167.2)
SEAGATE TECHNOLO S1TX34 BZ 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STXN MM 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STX US 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 GR 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 GZ 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STX4EUR EU 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 TH 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STXH AV 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 QT 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STH TE 7,967.0 (1,004.0) (42.0)
SEAWORLD ENTERTA SEAS US 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L GR 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L TH 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA SEASEUR EU 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L QT 2,353.9 (454.7) (239.2)
SEAWORLD ENTERTA W2L GZ 2,353.9 (454.7) (239.2)
SERES THERAPEUTI MCRB US 270.2 (47.9) 52.3
SERES THERAPEUTI 1S9 GR 270.2 (47.9) 52.3
SERES THERAPEUTI MCRB1EUR EU 270.2 (47.9) 52.3
SERES THERAPEUTI 1S9 TH 270.2 (47.9) 52.3
SIRIUS XM HO-BDR SRXM34 BZ 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRI US 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO TH 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO GR 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO QT 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN RDO GZ 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRI AV 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,023.0 (3,259.0) (1,816.0)
SIRIUS XM HOLDIN SIRI* MM 10,023.0 (3,259.0) (1,816.0)
SIX FLAGS ENTERT SIX US 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT 6FE GR 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT SIXEUR EU 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT 6FE TH 2,658.2 (495.3) (278.8)
SIX FLAGS ENTERT 6FE QT 2,658.2 (495.3) (278.8)
SLEEP NUMBER COR SNBR US 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 GR 962.8 (425.0) (717.3)
SLEEP NUMBER COR SNBREUR EU 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 TH 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 QT 962.8 (425.0) (717.3)
SLEEP NUMBER COR SL2 GZ 962.8 (425.0) (717.3)
SMILEDIRECTCLUB SDC* MM 545.6 (441.9) 139.3
SONDER HOLDINGS SOND* MM 1,521.5 (96.8) (8.4)
SOUNDHOUND AI-A SOUN US 72.8 2.4 11.7
SPIRIT AEROSYS-A S9Q GR 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPR US 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A S9Q TH 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPREUR EU 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A S9Q QT 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPREUR EZ 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A S9Q GZ 6,574.7 (444.6) 1,192.0
SPIRIT AEROSYS-A SPR-RM RM 6,574.7 (444.6) 1,192.0
SPLUNK INC SPLK US 5,966.1 (156.0) 900.2
SPLUNK INC S0U GR 5,966.1 (156.0) 900.2
SPLUNK INC S0U TH 5,966.1 (156.0) 900.2
SPLUNK INC S0U QT 5,966.1 (156.0) 900.2
SPLUNK INC SPLK SW 5,966.1 (156.0) 900.2
SPLUNK INC SPLKEUR EU 5,966.1 (156.0) 900.2
SPLUNK INC SPLK* MM 5,966.1 (156.0) 900.2
SPLUNK INC SPLKEUR EZ 5,966.1 (156.0) 900.2
SPLUNK INC S0U GZ 5,966.1 (156.0) 900.2
SPLUNK INC SPLK-RM RM 5,966.1 (156.0) 900.2
SPLUNK INC - BDR S1PL34 BZ 5,966.1 (156.0) 900.2
SQUARESPACE -BDR S2QS34 BZ 754.4 (318.3) (132.4)
SQUARESPACE IN-A SQSP US 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT GR 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT GZ 754.4 (318.3) (132.4)
SQUARESPACE IN-A SQSPEUR EU 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT TH 754.4 (318.3) (132.4)
SQUARESPACE IN-A 8DT QT 754.4 (318.3) (132.4)
STARBUCKS CORP SBUX US 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX* MM 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB TH 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB GR 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX CI 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX SW 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB QT 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX PE 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXUSD SW 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRB GZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX AV 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX TE 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXEUR EU 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP 1SBUX IM 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXEUR EZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP 0QZH LI 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX-RM RM 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUXCL CI 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SBUX_KZ KZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRBD EB 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRBD IX 28,609.0 (8,499.4) (2,075.6)
STARBUCKS CORP SRBD I2 28,609.0 (8,499.4) (2,075.6)
STARBUCKS-BDR SBUB34 BZ 28,609.0 (8,499.4) (2,075.6)
STARBUCKS-CEDEAR SBUX AR 28,609.0 (8,499.4) (2,075.6)
STARBUCKS-CEDEAR SBUXD AR 28,609.0 (8,499.4) (2,075.6)
SYNDAX PHARMACEU SNDX US 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 GR 459.8 (298.7) 417.8
SYNDAX PHARMACEU SNDXEUR EU 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 TH 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 QT 459.8 (298.7) 417.8
SYNDAX PHARMACEU 1T3 GZ 459.8 (298.7) 417.8
TABULA RASA HEAL TRHC US 355.6 (70.9) 56.6
TABULA RASA HEAL 43T GR 355.6 (70.9) 56.6
TABULA RASA HEAL TRHCEUR EU 355.6 (70.9) 56.6
TABULA RASA HEAL 43T TH 355.6 (70.9) 56.6
TABULA RASA HEAL 43T GZ 355.6 (70.9) 56.6
TALEN ENERGY COR TLNE US 2.0 (1.0) (1.0)
TRANSAT A.T. TRZ CN 2,509.3 (834.0) (100.3)
TRANSDIGM - BDR T1DG34 BZ 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D GR 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG US 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D QT 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDGEUR EU 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP T7D TH 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG* MM 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDGEUR EZ 20,008.0 (2,893.0) 4,934.0
TRANSDIGM GROUP TDG-RM RM 20,008.0 (2,893.0) 4,934.0
TRAVEL + LEISURE WD5A GR 6,477.0 (975.0) 616.0
TRAVEL + LEISURE TNL US 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A TH 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A QT 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WYNEUR EU 6,477.0 (975.0) 616.0
TRAVEL + LEISURE 0M1K LI 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WYNEUR EZ 6,477.0 (975.0) 616.0
TRAVEL + LEISURE WD5A GZ 6,477.0 (975.0) 616.0
TRAVEL + LEISURE TNL* MM 6,477.0 (975.0) 616.0
TRIUMPH GROUP TG7 GR 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGI US 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGIEUR EU 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 TH 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 GZ 1,714.8 (797.4) 536.6
UBIQUITI INC 3UB GR 1,375.2 (184.5) 790.0
UBIQUITI INC UI US 1,375.2 (184.5) 790.0
UBIQUITI INC UBNTEUR EU 1,375.2 (184.5) 790.0
UBIQUITI INC 3UB TH 1,375.2 (184.5) 790.0
UNITED HOMES GRO UHG US 283.8 (363.3) 249.9
UNITED HOMES GRO 6PO GR 283.8 (363.3) 249.9
UNITED HOMES GRO DHHCEUR EU 283.8 (363.3) 249.9
UNITI GROUP INC UNIT US 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GR 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC TH 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GZ 4,988.2 (2,324.2) -
UROGEN PHARMA LT URGN US 113.0 (116.6) 70.7
UROGEN PHARMA LT UR8 GR 113.0 (116.6) 70.7
UROGEN PHARMA LT URGNEUR EU 113.0 (116.6) 70.7
US GOLDMINING IN USGO US 18.9 17.5 17.6
VECTOR GROUP LTD VGR GR 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR US 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR QT 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EU 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EZ 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR TH 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR GZ 955.9 (805.8) 301.2
VERISIGN INC VRS TH 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS GR 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN US 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS QT 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSNEUR EU 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRS GZ 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN* MM 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSNEUR EZ 1,757.0 (1,593.8) (98.3)
VERISIGN INC VRSN-RM RM 1,757.0 (1,593.8) (98.3)
VERISIGN-CEDEAR VRSN AR 1,757.0 (1,593.8) (98.3)
WAVE LIFE SCIENC WVE US 267.3 (26.8) 87.0
WAVE LIFE SCIENC WVEEUR EU 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 GR 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 TH 267.3 (26.8) 87.0
WAVE LIFE SCIENC 1U5 GZ 267.3 (26.8) 87.0
WAYFAIR INC- A W US 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF GR 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF TH 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A WEUR EU 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF QT 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A WEUR EZ 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A 1WF GZ 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- A W* MM 3,212.0 (2,745.0) (302.0)
WAYFAIR INC- BDR W2YF34 BZ 3,212.0 (2,745.0) (302.0)
WEWORK INC-CL A WE* MM 16,949.0 (3,786.0) (1,437.0)
WINGSTOP INC WING US 451.3 (379.8) 170.1
WINGSTOP INC EWG GR 451.3 (379.8) 170.1
WINGSTOP INC WING1EUR EU 451.3 (379.8) 170.1
WINGSTOP INC EWG GZ 451.3 (379.8) 170.1
WINGSTOP INC EWG TH 451.3 (379.8) 170.1
WINMARK CORP WINA US 47.7 (43.6) 24.0
WINMARK CORP GBZ GR 47.7 (43.6) 24.0
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WW INTERNATIONAL WW US 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 GR 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 TH 973.7 (802.3) (31.6)
WW INTERNATIONAL WTWEUR EU 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 QT 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 GZ 973.7 (802.3) (31.6)
WW INTERNATIONAL WW6 SW 973.7 (802.3) (31.6)
WW INTERNATIONAL WTW AV 973.7 (802.3) (31.6)
WW INTERNATIONAL WTWEUR EZ 973.7 (802.3) (31.6)
WW INTERNATIONAL WW-RM RM 973.7 (802.3) (31.6)
WYNN RESORTS LTD WYR GR 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN* MM 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN US 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYR TH 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYR QT 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNNEUR EU 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYR GZ 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNNEUR EZ 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS LTD WYNN-RM RM 13,724.0 (1,616.4) 2,882.4
WYNN RESORTS-BDR W1YN34 BZ 13,724.0 (1,616.4) 2,882.4
YUM! BRANDS INC YUM US 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR GR 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR TH 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUMEUR EU 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR QT 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM SW 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUMUSD SW 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC TGR GZ 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM* MM 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM AV 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUMEUR EZ 5,749.0 (8,774.0) (9.0)
YUM! BRANDS INC YUM-RM RM 5,749.0 (8,774.0) (9.0)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
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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.
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