/raid1/www/Hosts/bankrupt/TCR_Public/230801.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, August 1, 2023, Vol. 27, No. 212
Headlines
2370 FOREST: Taps Broege Neumann Fischer & Shaver as Legal Counsel
39-05 29TH ST HOTEL: Seeks to Hire Bodner Law as Bankruptcy Counsel
403 LLC: Seeks to Extend Plan Exclusivity to October 30
634 WILSON AVE: Court OKs Deal on Cash Collateral Access
AAD CAPITAL: Files Amended Plan; Confirmation Hearing Sept. 27
ADAMIS PHARMACEUTICALS: Chief Financial Officer Resigns
AINS NASHVILLE: Court OKs Cash Collateral Access Thru Aug. 28
APPHARVEST PRODUCTS: Court OKs $24.3MM DIP Loan from CEFF II
AULT ALLIANCE: Reports Second Quarter Revenue of $47 Million
BARNES GROUP: Moody's Assigns First Time 'Ba3' Corp. Family Rating
BARNES GROUP: S&P Assigns 'BB' ICR on MB Aerospace Acquisition
BARTECH GROUP: Court OKs Cash Collateral Access Thru Aug. 11
BUSHWICK BEER: Court OKs Cash Collateral Access Thru Aug 28
CARTER TABERNACLE: Seeks to Hire BransonLaw as Bankruptcy Counsel
CCI HOLDINGS: Seeks to Hire Buddy D. Ford as Bankruptcy Counsel
CHURCHILL ORTHOPEDIC: Gets OK to Hire Aprio LLP as Accountant
CIRCOR INTERNATIONAL: S&P Alters Outlook to Stable, Affirms B- ICR
CLEAN AIR CAR: Court OKs Deal on Cash Collateral Access
COSMOS GROUP: Incurs $2.6 Million Net Loss in First Quarter
CURITEC LLC: Wins Cash Collateral Access Thru Oct 20
DAVID'S BRIDAL: 195 Stores to Remain Open After Closing CION Deal
DAWN ACQUISITIONS: $550M Bank Debt Trades at 22% Discount
DGS REALTY: Confirmation Denied, Amended Plan Due Sept. 8
DIOCESE OF OGDENSBURG: Gets Interim OK to Hire Claims Agent
DIOCESE OF OGDENSBURG: Taps Stretto as Administrative Advisor
DMD SERVICES: Rental Income to Fund Plan Payments
DULING SONS: Trustee Gets OK to Hire Hilco as Real Estate Agent
EAGLE PROPERTIES: Seeks to Extend Plan Exclusivity to February 6
EFS PARLIN: Seeks to Extend Plan Exclusivity to November 24
ENDO PARENT: $156M Bank Debt Trades at 18% Discount
ESSY QUALITY: Non-Priority Unsecureds to Get 38% Dividend in Plan
EVANGELICAL RETIREMENT: Panel Taps Newpoint as Financial Advisor
FTX TRADING: SBF Okays Gag Order After Bail Status Jeopardized
GOLYAN ENTERPRISES: Wins Cash Collateral Access Thru Sept. 24
GRAYSON REAL: Seeks 90-Day Extension to Plan Exclusivity
GREELEY LAND: Exclusive Solicitation Period Extended to Sept. 30
HARRIS ENERGY: Exclusivity Period to File Ch. 11 Plan Extended
HUMANIGEN INC: Removed From Nasdaq; Mulls Bankruptcy Filing
HUMANIGEN INC: Three Directors Quit From Board
INNOVATE CORP: Names Paul Voigt as Interim CEO
INTERNATIONAL LAND: Closes $310K Purchase Deal With Investor
INVENERGY THERMAL: S&P Assigns Prelim 'BB-' Rating on Secured Debt
ITTELLA INTERNATIONAL: Taps SC&H Group as Investment Banker
JAJE ONE: Has Until Aug. 1 to File Amended Plan & Disclosures
KATANA ELECTRONICS: Seeks to Hire Stokes Law as Bankruptcy Counsel
LENDINGTREE LLC: $250M Bank Debt Trades at 16% Discount
LIFESIZE INC: Court OKs $5MM DIP Loan From First-Citizens and SVB
LTL MANAGEMENT: Seeking Plan Vote Too Soon, Says DOJ
LYM DEVELOPMENT: Court OKs Cash Collateral Access Thru Aug. 9
M7VEN SUPPORTIVE: Unsecureds to Recover 100% with 8.25% Interest
MADERA COMMUNITY: Wins Cash Collateral Access Thru Aug. 4
MANANTIAL ROCA: Gets OK to Tap Juan C Bigas Law Office as Counsel
MANGUAL'S GENERAL: Seeks to Hire Peter Spindel as Legal Counsel
MARKING IMPRESSIONS: Unsecureds to Split $45K in Subchapter V Plan
MATCON: Seeks to Extend Exclusive Solicitation Period to Sept. 18
MAVENIR PRIVATE: S&P Downgrades ICR to 'CCC', Outlook Negative
MEP INFRASTRUCTURE: Seeks to Tap Bauch & Michaels as Legal Counsel
MEP INFRASTRUCTURE: Taps Galarnyk & Associates as Special Counsel
METAL CHECK: Seeks to Tap Michael J. Rose PC as Bankruptcy Counsel
MLN US HOLDCO: $155M Bank Debt Trades at 24% Discount
MOBIQUITY TECHNOLOGIES: Incurs $2.1 Million Net Loss in 2nd Quarter
MRS. BUSY: Seeks to Hire BransonLaw as Bankruptcy Counsel
NATIONAL MENTOR: $50M Bank Debt Trades at 20% Discount
NATURALSHRIMP INC: Terminates Merger Deal With Yotta
NETSMART INC: Moody's Affirms 'B3' CFR, Outlook Remains Stable
NIELSEN & BAINBRIDGE: Plan Updates OK'd, Emerges From Chapter 11
NOTTINGHAM ACADEMY: Court OKs Cash Collateral Access Thru Aug. 31
NXT ENERGY: Provides Updates on Ataraxia Convertible Debenture
ONORATI CONSTRUCTION: Taps Trif & Modugno as Special Counsel
ORYX MIDSTREAM: Moody's Rates New $1.85BB Secured Term Loan 'Ba3'
PALMER DRIVES: In Chapter 11 After Autotech Dispute
PANOCHE ENERGY: Moody's Ups Rating on Senior Secured Debt to Ba3
PARTY CITY HOLDCO: Restructuring Support Agreement Amended
PARTY CITY: Seeks to Extend Plan Exclusivity to September 14
PHIO PHARMACEUTICALS: All Three Proposals Passed at Annual Meeting
PLATFORM II LAWNDALE: Wins Cash Collateral Access Thru Aug 31
PONCE BAKERY: Seeks to Hire Cynthia Fraticelli as Accountant
PRIME PLUMBING: Gets OK to Hire The Buffaloe Group as Accountant
PROSPERITAS LEADERSHIP: Taps BransonLaw PLLC as Bankruptcy Counsel
R&M DISTRIBUTORS: Court Confirms Reorganization Plan
R.B. DWYER: Wins Cash Collateral Access Thru Aug. 10
RAPID METALS: Seeks Cash Collateral Access
RETAILING ENTERPRISES: Committee Seeks to Hire Financial Advisor
RETAILING ENTERPRISES: Committee Taps Meland Budwick as Counsel
RITHM CAPITAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable
ROCK RIDGE: Wins Interim Cash Collateral Access
ROCKPORT COMPANY: Taps Joseph Marchese of PKF Clear Thinking as CRO
SABRE GLBL: $404M Bank Debt Trades at 17% Discount
SABRE GLBL: $644M Bank Debt Trades at 16% Discount
SABRE GLBL: $675M Bank Debt Trades at 16% Discount
SANUWAVE HEALTH: Receives $3M Proceeds From Secured Notes Offering
SCHUMACHER GROUP: S&P Alters Outlook to Neg., Affirms 'B' ICR
SHOPS@BIRD & 89: Sale of Real Property Will be Used to Pay Claims
SHUTTERFLY FINANCE: $968M Bank Debt Trades at 35% Discount
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 37% Discount
SMITH & SONS: Unsecured Creditors Will Get 5% of Claims in Plan
SONAVATION INC: Taps Ashcraft Business Advisors as Accountant
SOUTHFIELD VENTURES: Disclosure Granted Preliminary Approval
SPARKLES BEAUTY: Unsecureds Owed $129K to Get $5K in Plan
SPEIDEL CONSTRUCTION: Unsecureds to Split $45K in Subchapter V Plan
SPG HOSPICEL: Has Deal on Cash Collateral Access
STREAM TV: Seeks to Extend Plan Exclusivity to November 13
SVB FINANCIAL: Seeks to Extend Plan Exclusivity to November 12
TAMPA BAY PLUMBERS: Commences Subchapter V Bankruptcy Case
TAMPA BAY PLUMBERS: Seeks to Hire Buddy Ford as Bankruptcy Counsel
TEXARKANA ARKANSAS: Taps Marcus & Millichap as Real Estate Broker
TK CLEANING: Seeks to Hire Steve Duke as Real Estate Broker
TRINET GROUP: S&P Lowers ICR to 'BB' on Financial Policy Revision
UNIVERSAL DOOR: Granted 21 More Days for Amended Disclosures
UNIVERSITY SQUARE: Seeks to Hire McDonald Hopkins as Legal Counsel
US RENAL CARE:S&P Cuts ICR to ‘D' on Distressed Debt Restructuring
VAUGHN ENVIRONMENTAL: Seeks to Hire Troutman Law Firm as Counsel
VBI VACCINES: Closes Underwriters' Partial Exercise of Option
VIEWRAY INC: U.S. Trustee Appoints Creditors' Committee
WW INTERNATIONAL: $945M Bank Debt Trades at 25% Discount
YIWAN TRADING: Seeks to Hire Wilk Auslander as Legal Counsel
YIWAN TRADING: Taps Bienert Katzman Littrell Williams as Counsel
ZAYO GROUP: $750M Bank Debt Trades at 23% Discount
[*] Distressed Investing Conference 2023: EARLY BIRD SAVINGS!
[^] Large Companies with Insolvent Balance Sheet
*********
2370 FOREST: Taps Broege Neumann Fischer & Shaver as Legal Counsel
------------------------------------------------------------------
2370 Forest, LLC received approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Broege, Neumann, Fischer &
Shaver, LLC as its counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its duties under the
Bankruptcy Code;
(b) represent the Debtor at the Sec. 341(a) hearing and at any
meetings between the Debtor and creditors or creditors'
committees;
(c) assist the Debtor in obtaining the authorization of the
Bankruptcy Court to retain such accountants, appraisers, or other
professionals whose services the Debtor may require in connection
with the operation of its business or the administration of the
Chapter 11 proceedings;
(d) defend any motions made by secured creditors to enable the
Debtor to retain the use of assets needed for an effective
reorganization;
(e) negotiate with priority, secured and unsecured creditors
to achieve a consensual resolution of their respective claims and
the incorporation of such resolution into a plan of
reorganization;
(f) file and prosecute motions to expunge or reduce claims
which the Debtor disputes;
(g) represent the Debtor in the Bankruptcy Court at such
hearings as may require its presence or participation to protect
its interest and the bankruptcy estate;
(h) formulate, negotiate, prepare, and file of a disclosure
statement and plan of reorganization (or liquidation) which
conforms to the requirements of the Bankruptcy Code and applicable
rules of procedure;
(i) represent the Debtor at hearings on the approval of the
disclosure statement and confirmation of a plan of reorganization
and respond to any objections to same filed by creditors or other
parties in interest;
(j) assist the Debtor in discharging its obligations in
consummating any plan of reorganization which is confirmed;
(k) advise the Debtor whether and to what extent any of its
assets constitute cash collateral under the Bankruptcy Code and
prosecute applications for authorization to use any such assets;
and
(l) provide such other varied legal advice and services as may
be needed by the Debtor in the operation of its business or in
connection with the Chapter 11 proceedings.
The hourly rates of the firm's counsel and staff are as follows:
Timothy P. Neumann $670
Associates $375
Paralegals $100
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer in the amount of
$9,000.
As disclosed in court filings, Broege is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Timothy P. Neumann, Esq.
Geoffrey P. Neumann, Esq.
Broege, Neumann, Fischer & Shaver, LLC
25 Abe Voorhees Drive
Manasquan, NJ 08736
Telephone: (732) 223-8484
Email: timothy.neumann25@gmail.com
geoff.neumann@gmail.com
About 2370 Forest
Arthur Spitzer, a creditor of 2370 Forest, LLC, filed an
involuntary Chapter 7 petition against the company (Bankr. D.N.J.
Case No. 23-13765) on May 1, 2023. On June 20, 2023, the case was
converted to one under Chapter 11.
Judge Christine M. Gravelle oversees the case.
Broege, Neumann, Fischer & Shaver, LLC serves as the Debtor's legal
counsel.
39-05 29TH ST HOTEL: Seeks to Hire Bodner Law as Bankruptcy Counsel
-------------------------------------------------------------------
39-05 29th St Hotel, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Bodner Law, PLLC
as its bankruptcy counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties;
b. assisting the Debtor in its reorganization efforts and
taking necessary legal steps to facilitate those efforts;
c. preparing and filing legal documents;
d. appearing in court or at all hearings held in the Debtor's
Chapter 11 case;
e. assisting in seeking debtor-in-possession financing and the
court's approval thereof;
f. assisting the Debtor in negotiations; and
g. other necessary legal services.
The firm will be paid at these rates:
Jonathan Bodner $425
Harry Gutfleish, Of Counsel $450
Bodner Law received a retainer of $21,000 to file and represent the
Debtor in its Chapter 11 case, and the filing fee of $1,738.
As disclosed in court filings, Bodner Law is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jonathan S. Bodner, Esq.
Bodner Law, PLLC
55 Cherry Lane, Suite 101
Carle Place, NY 11514
Phone: (516) 444-3923
Fax: (516) 444-3924
Email: jbodner@bodnerlawpllc.com
About 39-05 29th St Hotel
39-05 29th St Hotel, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Court (Bankr. E.D.N.Y. Case No.
23-72250) on June 22, 2023, with $500,001 to $1 million in assets
and as much as $50,000 in liabilities. Hafeez Choudry, member,
signed the petition.
Judge Robert E. Grossman oversees the case.
Jonathan Bodner, Esq., at Bodner Law, PLLC represents the Debtor as
counsel.
403 LLC: Seeks to Extend Plan Exclusivity to October 30
-------------------------------------------------------
403, LLC asks the U.S. Bankruptcy Court for the Eastern District
of New York to extend its exclusive period to file a plan of
reorganization from July 30, 2023 to October 30, 2023, and its
exclusive period in which to solicit acceptances for 60 days
thereafter.
The Debtor explained that the requested extensions are
necessitated in large measure by the unexpected events regarding
the status of its application in the District Court for the
removal of its state court litigation with the landlord of its
commercial lease, which appears stalled despite the District
Court's Standing Order of Reference.
The Debtor asserted that although it is most likely that the
commercial lease will be assumed pursuant to a formal plan of
reorganization, such relief is still premature with the removal
process incommplete, particularly since the landlord is still
taking the position that the lease terminated prior to
bankruptcy. The Debtor believes that this threshold issue must
be decided before a formal assumption can take place, since
Section 365 relates to unexpired leases.
403, LLC is represented by:
Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Avenue, 12th Floor
New York, NY 10017
Tel: (212) 221-5700
About 403 LLC
403, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y.
Case No. 23-41131) on March 31, 2023, with as much as $1 million
in both assets and liabilities. Judge Jil Mazer-Marino oversees
the case.
The Debtor is represented by Kevin J. Nash, Esq., at Goldberg
Weprin Finkel Goldstein, LLP.
634 WILSON AVE: Court OKs Deal on Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized 634 Wilson Ave LLC and its affiliates to use cash
collateral on an interim basis in accordance with the budget and
its agreement with Fannie Mae, through August 1, 2023.
The court said to the extent that the terms of the Stipulation and
Order conflict with the terms of any of the Loan Documents, the
terms of the Interim Order, as modified by the Stipulation and
Order, will govern.
The final hearing on the matter is set for August 1, 2023 at 4
p.m.
As previously reported by the Troubled Company Reporter, Fannie Mae
has consented to the use by the Debtors of cash collateral during
the period from and including the Petition Date to and including
the Termination Date to pay the Debtors' ordinary and necessary
administrative expenses on the terms and subject to the conditions
contained in the Order.
On December 4, 2018, the Debtors each entered into an Amended and
Restated Multifamily Note with Greystone Servicing Corporation,
Inc.
In order to secure the obligations due to Fannie Mae under the
Amended Notes, the Debtors on December 4, 2018, each granted
Greystone a senior lien in its respective Property pursuant to a
Consolidation, Extension and Modification Agreement. As additional
security, on December 4, 2018, the Debtors each granted Greystone a
security interest in all of its non-real property assets pursuant
to a Multifamily Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing. Each ALR was duly recorded in the
Office of the City Register and perfected by the filing of UCC1
financing statements with the State of New York and the City of New
York.
The Debtors' obligations under the Loan Documents are secured by,
among other things, first priority liens on substantially all of
the Debtors' property.
On December 4, 2018, Greystone has assigned all of its right, title
and interest in and to the Loan Documents and the liens and
security interests conveyed thereunder to Fannie Mae, which
assignments have been memorialized by allonges and Assignments of
Mortgages.
Fannie Mae holds valid, binding, and perfected liens on and
security interests in all of the Collateral.
The Debtors are indebted to Fannie Mae in the aggregate amount of
$3.874 million.
Fannie Mae asserts that all rents, issues, or profits received from
each Property are property of Fannie Mae pursuant to the Loan
Documents.
The Debtors specifically dispute Fannie Mae's assertions that the
rents, issues, or profits received from each Property are property
of Fannie Mae, and the Debtors reserve their right to object to
same.
Before the Petition Date, the Debtors defaulted under their
respective Loan Documents, including by failing to pay monthly
installments of debt service commencing in April and May 2020, as
applicable. On August 10, 2021, Fannie Mae caused a Notice of
Default, Acceleration, and Demand for Payment to be delivered to
each Debtor.
Fannie Mae commenced actions against each of the Debtors in the
Supreme Court of the State of New York, Kings County, to foreclose
the CEMAs and related Loan Documents encumbering the Properties.
Receivers were appointed in the Debtors' foreclosure cases, who
took possession of the respective Properties and collected rents
therefrom.
A copy of the order is available at https://urlcurt.com/u?l=S0925T
from PacerMonitor.com.
About 634 Wilson Ave LLC
634 Wilson Ave LLC, et al., own multi-family properties in
Brooklyn, New York.
634 Wilson Ave LLC, along with affiliates 221 Himrod ST LLC,
867-871 Knickerbocker LLC, 299 Throop Ave LLC, 1427 43 ST LLC,
sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No.
23-41156) on April 4, 2023. In the petition filed by Zalmen
Wagschal, as sole member, the Debtor reported assets and
liabilities between $1 million and $10 million each.
The Honorable Bankruptcy Judge Jil Mazer-Marino handles the cases.
The Debtors are represented by Erica Feynman Aisner, Esq. at Kirby
Aisner & Curley LLP.
AAD CAPITAL: Files Amended Plan; Confirmation Hearing Sept. 27
--------------------------------------------------------------
AAD Capital Partners LLC and Market Street Shreveport LLC submitted
a Second Amended Disclosure Statement for the First Amended Joint
Plan.
Although the Debtors have experienced liquidity issues, the
Debtors' assets far exceed the value of their liabilities, and the
Debtors intend to pay all creditors in full through the mechanisms
provided in the Plan.
At the Debtors' request, the Court established April 17, 2023 as
the deadline for filing proofs of claim against the Estates (the
"Bar Date"). On May 11, 2023, the Debtors sought to modify this
deadline, and, on May 18, 2023, the Debtors prepared and served a
notice of the Bar Date to all known creditors and parties on their
Master Mailing Lists.
Like in the prior iteration of the Plan, Classes 6(a) and 6(b)
consists of General Unsecured Claims. Except to the extent that the
Holder of an Allowed Class 6(a) or 6(b) has agreed in writing to
receive different treatment (which shall not exceed the Allowed
Amount of such Claim) in full satisfaction of their Allowed Claim,
each Holder of an Allowed Class 6(a) or 6(b) Claim shall be paid in
36 equal and fully amortized installments by the AAD Reorganized
Debtor, the aggregate sum of which shall be equal to the full
amount of the Allowed Claim with interest accruing on the unpaid
portion of such amortized amount over the 36-month payment period
at the rate of 5% per annum.
The first installment payment shall be due on the last business day
of the next full month following the later of the Effective Date or
the date on which such Claim becomes an Allowed Claim and payments
shall continue to be due on the last business-day of each
consecutive month for an additional thirty-five months thereafter.
The continuing obligations hereunder to Holders of Allowed Class
6(a) and 6(b) Claims shall be a joint and several obligation of
both Reorganized Debtors. Classes 6(a) or 6(b) are Impaired
Classes.
On the Effective Date, all Interests in the Debtors shall be
transferred to the Reorganized Debtors, providing each Holder with
the same legal, equitable, and contractual rights to which such
Holder had with respect to each Debtor.
All Cash necessary to consummate the Plan shall be obtained from
(a) existing Cash balances, (b) the Reorganized Debtors' operations
on and after the Effective Date, (c) the sale of property of the
Reorganized Debtors (at the Reorganized Debtors' election and in
their sole discretion), and (d) the prosecution of the Retained
Actions pursuant to the Plan.
Notably, the Plan contemplates that the Market Street Property will
be sold and the proceeds will be utilized to satisfy Arena's
Secured Claims and to make other distributions. It is also
contemplated that certain sums may be distributed by the Market
Street Debtor to its parent, the AAD Debtor, and that funds may be
utilized by the AAD Debtor for obligations such as purchasing a
forbearance for its affiliates, even though all claims to creditors
have not yet been paid in full.
However, the AAD Reorganized Debtor will be responsible to make any
future and continuing payments to Holders of Allowed Claims to
Market Street's creditors that do not receive cash payments in full
on the Effective Date under the terms of the Plan. The Debtors
believe that this funding mechanism will provide for AAD to retain
its operating business and assets and for the Debtors to meet all
of their obligations to pay creditors in full, over time, through
AAD Reorganized Debtor's continued operations.
On or before the Effective Date, the Market Street Debtor shall,
sell or refinance the Market Street Property pursuant to the terms
of this Plan and the Settlement Agreement and shall utilize the
cash proceeds for distributions under this Plan as set forth herein
and in the Settlement Agreement. Pursuant to the terms of the
Settlement Agreement, if a sale or refinance of the Market Street
Property has not been approved by the Court prior to September 29,
2023, or such transfer (if it has been approved by the Court on or
prior to September 29, 2023) has not been closed prior to October
31, 2023, then as set forth in the Settlement Agreement, Arena may
record the Dation en Paiement or, at Arena's option, may foreclose
the property in full satisfaction of the Allowed Arena Secured
Claim
It is the Debtors intent to consummate a transaction prior to this
deadline provided that it has a possible transaction that will
return excess value to the Estates. To the extent that the Allowed
Arena Secured Claim has not been paid in full on or before the
Effective Date, nothing in this Plan shall modify or effect Arena's
rights, Claims or interests with respect to the Market Street
Property as set forth in the Settlement Agreement.
The hearing where the Court will determine whether to confirm the
Plan (the "Hearing") will take place on September 27, 2023, at 9:30
a.m., in Courtroom 1404, Richard B. Russell Federal Building and
U.S. Courthouse, 75 Ted Turner Drive SW, Atlanta, GA 30303.
Objections to the confirmation of the Plan must be filed with the
Court and served by September 8, 2023.
A full-text copy of the Second Amended Disclosure Statement dated
July 25, 2023 is available at https://urlcurt.com/u?l=opvnYH from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Ashley R. Ray, Esq.
Asjley Reynolds Ray, Esq.
SCROGGINS & WILLIAMSON, P.C.
4401 Northside Parkway, Suite 450
Atlanta, GA 30327
Tel: (404) 893-3880
Email: aray@swlawfirm.com
About AAD Capital Partners
AAD Capital Partners LLC, doing business as Peachtree Battle
Business Services, is a domestic limited liability company.
AAD Capital Partners LLC filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-58223) on
Oct. 12, 2022. In the petition filed by Edward Chen, as managing
member and owner, the Debtor reported assets and liabilities
between $10 million and $50 million.
The Debtor is represented by Ashley Reynolds Ray of Scroggins &
Williamson, P.C.
Judge James R. Sacca oversees the case.
Arena Limited SPV, LLC, as secured creditor is represented by Eric
W. Anderson, Esq. at Parker Hudson Rainer & Dobbs, LLP and R.
Joseph Naus, Esq.
ADAMIS PHARMACEUTICALS: Chief Financial Officer Resigns
-------------------------------------------------------
David C. Benedicto, the chief financial officer and principal
accounting officer of Adamis Pharmaceuticals Corporation, notified
the Company that he was tendering his resignation from the Company
effective July 21, 2023.
According to the Company, Mr. Benedicto's resignation was not a
result of any disagreement with the Company or its independent
auditors on any matter relating to the Company's financial
statements or accounting policies or practices. The Company will
commence a search for a new chief financial officer.
In the interim, David J. Marguglio, the Company's president and
chief operating officer, will assume the duties of chief financial
officer of the Company on an interim basis until the Company
appoints a successor, and the board of directors of the Company has
approved that appointment.
Mr. Marguglio joined the Company as vice president, Business
Development and Investor Relations, and a director in April 2009,
and was appointed as president and chief executive officer of the
Company in May 2022 and was chief executive officer until the
Company's merger in May 2023 with DMK Pharmaceuticals Corporation.
He has held positions with the Company of senior vice president of
Corporate Development and, since March 2017, senior vice president
and chief business officer. Prior to Adamis, Mr. Marguglio held
various positions with Citigroup Global Markets, Salomon Smith
Barney and Merrill Lynch. Before entering the financial industry,
he worked as a financial analyst and founded and ran two different
startup companies, the latter of which was eventually acquired by a
Fortune 100 company. He received a degree in finance and business
management from the Hankamer School of Business at Baylor
University.
The selection of Mr. Marguglio to serve as chief financial officer
was not made pursuant to any arrangement or understanding with any
other person. The Company has previously entered into its form of
indemnity agreement with Mr. Marguglio. There are no family
relationships between Mr. Marguglio and any director or executive
officer of the Company, and, except as set forth above, Mr.
Marguglio does not have any other direct or indirect material
interest in any transaction or proposed transaction required to be
reported under Item 404(a) of Regulation S-K.
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) --
http://www.adamispharmaceuticals.com-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease.
Adamis reported a net loss applicable to common stock of $26.48
million for the year ended Dec. 31, 2022, compared to a net loss
applicable to common stock of $45.83 million for the year ended
Dec. 31, 2021.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 16, 2023, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
AINS NASHVILLE: Court OKs Cash Collateral Access Thru Aug. 28
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, authorized AINS Nashville, d/b/a The
Ainsworth Nashville to use cash collateral on an interim basis in
the aggregate amount not to exceed $580,906, through August 28,
2023.
The Debtor requires the use of cash collateral to continue
operating the business and pay salaries.
The Debtor's assets consist of its inventory, restaurant equipment,
leasehold improvements, bank account and goodwill with an
approximate value of $525,000. The Debtor's secured debt is
approximately $681,000.
Prior to the Petition Date, the Debtor entered into and executed
several loan agreements with the various pre-petition lenders. The
Lenders are: (i) Small Business Administration; (ii) Mission Valley
Bank and (iii) Gem Funding LLC. The Lenders each filed UCC-1
Financing Statements securing their various positions in all of the
Debtor's collateral.
The Lenders, to the extent that they are secured by the cash
collateral, are granted post-petition replacement liens pursuant to
11 U.S.C. section 361(2), to the extent of any diminution in the
value of the collateral as a result of the Debtor's use of cash
collateral pursuant to the Interim Order, in order to adequately
protect those Lenders which were secured by an interest in the
Debtor's collateral as of the Petition Date, for the use of their
cash collateral, and the Lenders are granted an administrative
claim against the Debtor and its estate solely as to the extent of
any diminution in the value of the collateral during the case. The
Replacement Liens will constitute valid, binding, enforceable, and
duly perfected replacement security interests in and liens upon all
currently owned and hereafter acquired property and assets of the
Debtor.
The Debtor is authorized and directed to remit monthly adequate
protection payments in the amount of $2,519 to the Small Business
Administration, which Adequate Protection Payments will be paid by
not later than the fifth day of the month in which the Adequate
Protection Payments becomes due, commencing on August 1, 2023. The
Adequate Protection Payments made will be credited to the aggregate
amount of the pre-petition secured obligation due and owing the
Small Business Administration as of the Petition Date, provided
however, that the Small Business Administration reserves its rights
to assert claims for the payment of additional amounts provided for
under the pre-petition loan documents.
The events constitute an "Event of Default" include:
(a) the Debtor ceases its operations or takes any material action
for the purpose of effecting the foregoing without the prior
written consent of the Lenders, except to the extent contemplated
by the Budget;
(b) the Interim Order is reversed, vacated, stayed, amended,
supplemented or otherwise modified in a manner which will
materially and adversely affect the rights of the Lenders or shall
materially or adversely affect the priority of any or all of the
obligations and the Lenders' liens; and
(c) the Debtor expends more than 110% of any line item in the
weekly Budget or more than 105% of the aggregate Budget for any one
week.
A continued hearing on the matter is set for August 29 at 10:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=35GtxH
from PacerMonitor.com.
About AINS Nashville LLC
AINS Nashville LLC operates a restaurant at 206 21st Avenue South,
Unit D-2, Nashville, Tennessee.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41997) on June 5,
2023. In the petition signed by Matthew Shendel, managing member,
the Debtor disclosed up to $50,000 in assets and up to $10 million
in liabilities.
Judge Nancy Hershey Lord oversees the case.
Fred S. Kantrow, Esq., at the Kantrow Law Group, PLLC, represents
the Debtor as legal counsel.
APPHARVEST PRODUCTS: Court OKs $24.3MM DIP Loan from CEFF II
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized AppHarvest Products, LLC and its
affiliates to use cash collateral and obtain post-petition
financing, on an interim basis.
The Debtors are permitted to obtain a senior secured credit
facility from CEFF II AppHarvest Holdings, LLC consisting of:
(x) a new money delayed draw term loan in the initial
aggregate principal amount of up to $24.323 million; and
(y) a loan in an amount equal to the Roll-Up Loan Amount to
reflect the roll-up of outstanding Prepetition Bridge Term Loans
made by the Lender under the Prepetition Bridge Credit Agreement
and any other Prepetition Bridge
Obligations.
The DIP Facility has an interest rate of 12%. It is due and payable
through the earlier to occur of:
(a) the date that is 75 days after the Petition Date;
(b) the effective date of a chapter 11 plan, in form and
substance acceptable to the Lender, confirmed by the Bankruptcy
Court; and
(c) the date of delivery of a Termination Notice.
The Debtors are required to comply with these milestones:
i. The Bankruptcy Court will have entered the Interim Order by
the date that is no later than three business days after the
Petition Date.
ii. The Bankruptcy Court will have entered the Interim Berea
Order by the date that is no later than five Business Days after
the Petition Date.
iii. The Debtors will have filed the motion seeking entry of the
Bidding Procedures Order and Sale Order by no later than three days
after the Petition Date.
iv. The Bankruptcy Court shall have entered the Bidding
Procedures Order by no later than 21 days after the filing of the
Bidding Procedures Motion.
v. The Bankruptcy Court will have entered the Final Order by
the date that is no later than 28 days after the Petition Date.
vi. The Bankruptcy Court will have entered the Final Berea
Order by the date that is no later than 35 days after the Petition
Date.
vii. The Bankruptcy Court will have entered the Sale Order by no
later than 45 days after the Petition Date.
viii. The Debtors will have closed the Sale Transaction by no
later than 50 days after the Petition Date.
ix. The Plan Effective Date will have occurred by no later than
60 days after the Petition Date.
The Debtors are parties to several loan agreements prior to the
bankruptcy filing:
A. Richmond Loan Facility
Under the Credit Agreement, dated as of July 23, 2021, between CEFF
II AppHarvest Holdings, LLC, as Lender, and AppHarvest Richmond
Farm, LLC, as Borrower, and the lenders from time to time party
thereto, the Richmond Borrower was provided with a first-lien,
senior secured loan facility.
As of the Petition Date, the Richmond Borrower and AppHarvest, Inc.
(Parent) were indebted to the Prepetition Richmond Lender in the
aggregate principal amount of not less than $64.4 million.
B. Morehead Loan Facility
Under the Master Credit Agreement, dated as of June 15, 2021
between Rabo Agrifinance, LLC, as Lender, and AppHarvest Morehead
Farm, LLC, as Borrower, the Morehead Borrower was provided with a
first-lien, senior secured loan facility. CEFF II US Holdings, LLC
is the successor-in-interest to Rabo under the Morehead Loan
Documents.
As of the Petition Date, the Morehead Borrower was indebted to the
Prepetition Morehead Lender is indebted to the Prepetition Morehead
Lender in the aggregate principal amount of not less than $45.941
million.
C. Bridge Loan Facility
Under the Secured Promissory Note and Loan Agreement, dated as of
July 19, 2023 between CEFF II AppHarvest Holdings, LLC, as Lender,
and Parent, as Borrower, Parent was provided with a first-lien,
senior secured loan facility.
As of the Petition Date, Parent was indebted to the Prepetition
Bridge Lender in the aggregate principal amount of not less than
$2.690 million.
D. GNCU Loan Facility
Under the Loan Agreement by and among AppHarvest Pulaski Farm, LLC,
AppHarvest Operations, Inc. and Greater Nevada Credit Union, dated
as of July 29, 2022.
As of the Petition Date, AppHarvest Pulaski was indebted to GNCU
pursuant to the GNCU Loan Documents in the aggregate principal
amount of not less than $50 million.
The GNCU collateral consists of all of the assets of AppHarvest
Pulaski.
The Debtors have a critical need to obtain credit pursuant to the
DIP Facility and use the Prepetition Collateral and GNCU Collateral
to, among other things, make payroll, satisfy other working capital
and operational needs and fund the Chapter 11 Cases.
As adequate protection for the use of cash collateral, the
Prepetition Lenders and GNCU are granted valid, binding,
continuing, enforceable, fully-perfected non-voidable liens on, and
security interests in, all tangible and intangible assets.
The Prepetition Lenders and GNCU are also granted valid, binding,
continuing, enforceable, fully-perfected non-voidable liens on, and
security interests in, all tangible and intangible assets.
As further adequate protection, AppHarvest Pulaski is authorized to
grant to GNCU allowed superpriority administrative expense claims
in its Chapter 11 Case ahead of and senior to any and all other
administrative expense claims in the Chapter 11 Case.
A final hearing on the matter is set for August 10, 2023 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=DDd5q6
from PacerMonitor.com.
About AppHarvest Products, LLC
AppHarvest Products, LLC and affiliates 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.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90745) on July
23, 2023.
In the petition signed by Gary Broadbent, chief restructuring
officer, AppHarvest, Inc. disclosed $609,804,000 in assets and
$341,060,000 in liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped SIDLEY AUSTIN LLP as general bankruptcy counsel,
JACKSON WALKER LLP as local bankruptcy counsel, TRIPLE P RTS, LLC
as financial advisor, JEFFERIES LLC as investment banker, and
Stretto, Inc. as claims agent.
No official committee of unsecured creditors has been appointed in
the Chapter 11 cases.
The DIP Lender may be reached at:
CEFF II AppHarvest Holdings, LLC
c/o Controlled Environment Foods Fund, LLC
411 NW Park Ave, Suite 401
Portland, OR 97209
Attn: General Counsel
E-mail: campbell@eq-cap.com
The DIP Lender is represented by:
Rusty Brewer, Esq.
AMIS, PATEL & BREWER, LLP
1050 K Street, NW, Fifth Floor
Washington, DC 20001
Email: rustybrewer@apbllp.com
AULT ALLIANCE: Reports Second Quarter Revenue of $47 Million
------------------------------------------------------------
Ault Alliance, Inc. announced preliminary unaudited revenue for the
three-month period ended June 30, 2023.
Key highlights of Ault Alliance's second quarter 2023 financial
performance included:
* Preliminary revenue for the three months ended June 30, 2023
significantly increased by $29.9 million, or 172%, reaching $47.3
million, from $17.4 million recorded in the same period of 2022;
and
* From the first quarter of 2023, the preliminary second quarter
2023 revenue showed a robust growth of $16.1 million, or 52%, up
from $31.2 million for the three months ended March 31, 2023.
Expressing his satisfaction with the second quarter performance,
Milton "Todd" Ault, III, the Company's executive chairman, stated,
"Our unwavering commitment to robust revenue growth is reflected in
our impressive second quarter 2023 results. Key contributors to
our significant growth include our lending and trading operations
and Bitcoin mining operations. Our strategic investments across
three major segments - technology and finance, real estate, and
energy and infrastructure - have formed a solid foundation for
sustained growth. Furthermore, the consistent positive impact of
the Circle 8 crane operations since its strategic acquisition in
December 2022 underscores the success of our diversified investment
approach. Looking ahead, we are optimistic and resolute about
maintaining this upward trajectory for the remainder of 2023 and
beyond, given our solid business foundation."
About Ault Alliance Inc.
Ault Alliance, Inc. (formerly, BitNile Holdings, Inc.) is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, Ault Alliance owns and operates a data
center at which it mines Bitcoin and provides mission-critical
products that support a diverse range of industries, including oil
exploration, crane services, defense/aerospace, industrial,
automotive, medical/biopharma, consumer electronics, hotel
operations and textiles. In addition, Ault Alliance extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. Ault Alliance's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Ault Alliance reported a net loss of $189.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $23.04 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$526.91 million in total assets, $336.56 million in total
liabilities, and $190.34 million in total stockholders' equity.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company has a working capital
deficiency, has incurred net losses and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
BARNES GROUP: Moody's Assigns First Time 'Ba3' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Barnes
Group Inc. Ratings assigned include a Ba3 corporate family rating,
and a Ba3-PD probability of default rating. Moody's also assigned a
Ba3 rating to Barnes' proposed senior secured bank credit
facilities, comprising a senior secured term loan B due 2030 and a
senior secured multicurrency revolving credit facility due 2028. At
the same time, Moody's assigned a speculative grade liquidity
rating of SGL-3. The outlook is stable.
Proceeds from the senior secured credit facilities will be used to
fund the acquisition of MB Aerospace Holdings, Inc. ("MBAe") for a
purchase price of $740 million and to repay MBAe's existing senior
unsecured debt. Barnes expects the transaction to close in the
fourth quarter of 2023.
The assignment of the Ba3 CFR reflects the increase in leverage,
that will ensue from the issuance of secured debt to finance
Barnes' acquisition of MB Aerospace ("MBAe").
Moody's considers governance to be a key rating consideration, as
the debt-funded acquisition of MB Aerospace represents the
undertaking of relatively aggressive financial policy.
RATINGS RATIONALE
Barnes' ratings are supported by the company's position as a
provider of a wide range of engineered products serving multiple
end markets. Pro forma for the planned acquisition of MB Aerospace,
revenue and earnings will be split evenly between global industrial
and aerospace sectors. The industrial segment offers a significant
diversity of products serving a broad customer base. Barnes' two
largest industrial businesses, Molding Solutions and Motion Control
Solutions (combined over 90% of Industrial segment revenue),
contribute cyclical but relatively stable revenue derived from,
among others, automotive, medical and general industrial end
markets. The smaller Automation business provides the company
access to high growth industrial automation markets, primarily in
Europe. The Aerospace segment, while more concentrated, provides
assemblies and components for aircraft engines. Most revenue is
derived from sales to engine manufacturers (OEM's). Aftermarket
business represents over one-third of Aerospace sales, providing
stability throughout cycles. The Aerospace segment contributes
strong margins in a market that will encounter strong demand growth
over the next several years.
Nonetheless, the planned debt-funded acquisition of MB Aerospace
signals a significant change in financial policy for Barnes. In
recent years, the company has operated with a modest amount of
unsecured debt (not rated by Moody's) and a recent history of only
modest acquisition activity, maintaining debt-to-EBITDA at close to
or under 3x. MBAe acquisition funding will more than double balance
sheet debt while only providing approximately 25% of additional
EBITDA. As a result, Moody's estimates pro forma debt-to-EBITDA at
over 4.5x. This transaction also transforms the company's debt
structure from primarily unsecured to secured debt. This
significantly limits the company's flexibility to raise additional
debt or deploy capital toward further acquisitions or shareholder
returns without further impairing the company's credit profile. The
company plans to use a substantial portion of cash generated over
the next several years to repay debt which will help to reduce
leverage. The majority of new debt will comprise borrowings under
the new senior secured bank credit facility, which facilitates
prompt repayment. However, Moody's expects only breakeven or
slightly positive free cash flow in 2023 (after dividends and
including transaction costs). Successful integration of MBAe
involving only modest incremental expenses and continuity of
revenue growth at strong margins starting in 2024 will be critical
to deleveraging. Nonetheless, event risk associated with potential
future acquisitions poses a key credit concern over the next few
years.
The stable outlook reflects Moody's expectation that Barnes will
encounter only modest integration costs from the acquisition of
MBAe, and that the company will generate moderate but steady levels
of free cash in 2024, a substantial portion of which will be
directed toward debt reduction over that time. Moody's expects
debt-to-EBTIDA to fall below 4x by the end of 2024.
Moody's assesses Barnes' liquidity to be adequate, as reflected in
the speculative grade liquidity rating of SGL-3. Moody's expects a
modest cash level of less than $100 million once the MBAe
acquisition is completed. Assuming successful integration of MBAe
and strong revenue growth from the aerospace sector in particular,
free cash flow per annum will likely be restored to nearly $100
million starting in 2024. The company's $1 billion senior secured
bank credit facility represents a sizable source of external
liquidity. However, only about $300 million will be available on
close of the MBAe acquisition. Moody's believes that the company
will maintain substantial cushion to financial covenants under the
proposed revolving credit facility agreement. The term loan B has
no financial covenants. However, maximum net leverage ratios under
the terms of the revolver will step down starting at the end of
2024. As the bank credit facilities are secured by all assets of
subsidiaries, there are effectively no material alternative sources
of liquidity available to Barnes.
The following are some of the preliminary credit agreement terms,
which remain subject to market acceptance. The senior secured
credit facilities permit incremental debt capacity i) up to the
greater of 100% of pro forma adjusted EBITDA and $310 million, plus
amounts allocated under the general debt basket, plus ii) unlimited
amounts subject to the closing date First Lien Secured Net Leverage
ratio (if pari passu secured). Amounts up to the greater of $160
million and 50% of LTM adjusted EBITDA may be incurred with an
earlier maturity than the initial term loan. The credit agreement
permits the transfer of assets to unrestricted subsidiaries, up to
the carve-out capacities, subject to "blocker" provisions which
limit loan parties' ability to transfer to an unrestricted
subsidiary ownership of or an exclusive license in material
intellectual property. 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 protective provisions which prohibit the
release of a guarantee as a result of a transaction that (x) is not
bona fide or (y) is executed with the primary intention to release
such guarantor. The credit agreement provides some limitations on
up-tiering transactions, including the requirement that each lender
directly affected consents to the subordination of the liens or of
the debt in right of payment to other debt, unless offered a bona
fide opportunity to ratably participate in the priming debt.
The proposed terms and the final terms of the credit agreement may
be materially different.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if Barnes can improve its EBITA margin to
the high teens while consistently generating strong free cash. An
upgrade would also require the practice of more conservative
financial policies that prioritize debt reduction over shareholder
returns. As well, debt-to-EBITDA sustained below 3.5x and
EBITA-to-interest sustained above 3.5x would support higher
ratings.
The ratings could be downgraded if the company accelerates the pace
of acquisitions or increases shareholder returns to levels
exceeding annual free cash flow, resulting in increased leverage or
weakened liquidity. Debt-to-EBITDA in excess of 4.5x or
EBITA-to-interest of below 2.5x could result in lower ratings.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
Barnes Group Inc., headquartered in Bristol CT, is a global
provider of highly engineered products, differentiated industrial
technologies, and innovative solutions, serving a wide range of end
markets and customers. End markets served in include healthcare,
automation, packaging, aerospace, mobility, and manufacturing
sectors. Revenue is approximately $1.3 billion.
BARNES GROUP: S&P Assigns 'BB' ICR on MB Aerospace Acquisition
--------------------------------------------------------------
S&P Global Ratings assigned a 'BB' issuer credit rating to Barnes
Group Inc. S&P assigned a 'BB' to Barnes' term loan B, with a
recovery rating of '3' (rounded recovery of 55%).
The stable outlook reflects S&P's expectations that though credit
metrics will improve over the next 12 to 24 months, S&P does not
expect them to return to pre-acquisition levels until late 2025.
S&P said, "Our rating on Barnes Group Inc. reflects our view of the
company following its acquisition of MB Aerospace, including of its
strong positions within core end markets, and our expectation that
credit metrics will improve while remaining appropriate for the
rating over the next 12 to 18 months. The MB Aerospace acquisition
is complementary to the company's existing aerospace and defense
segment and will expand its content along the entire life cycle of
the most in-demand aircraft engines, providing both new parts to
OEMs as well as high-yielding aftermarket services. Barnes will
also benefit from an expanded exposure to the defense market, which
is far less cyclical than commercial aerospace end markets. Barnes'
industrial segment benefits from a strong brand portfolio as well
as leading positions for its highly engineered systems and
solutions within niche markets that offer strong margins. The
company continues moving forward with its optimization plans for
the segment that began in 2022. This plan is streamlining
operations through consolidation and amending its pricing model to
allow pricing escalations to better capture inflationary pressures
that have been diminishing margins. Together, we believe optimizing
operations and expanding content within high margin business lines
will drive margin growth and translate into strong free cash flow.
Though we expect credit metrics to weaken slightly in 2023 on a
proforma basis as a result of the MB acquisition, we expect
improvement over the next 12 to 18 months as the acquisition
becomes fully integrated. We expect EBITDA margins to measure
between 15% and 20% in 2023 on a proforma basis, improving in 2024
to between 20% and 25%. Leverage will increase following the
closing of the new $600 million term loan B, exceeding 4.5x in
2023. We anticipate management will prioritize an aggressive
deleveraging strategy, allocating free cash flow to paying down
debt, similar to historical practices following sizable
acquisitions, improving leverage to between 3.0x and 3.5x by 2024.
We do not anticipate the company reaching pre-acquisition credit
metrics until 2025.
"We expect robust revenue growth over the next 12 to 18 months. The
aerospace and defense segment benefits from robust global air
travel driving demand for new parts and aftermarket services. The
company has a high level of aftermarket capabilities, and the end
market should drive credit metric improvement given its strong
margin profile. Aerospace MRO services are high in demand due to
high utilization of aging fleet because of delays in new aircraft
deliveries. MB Aerospace will add to an already significant level
of content on narrowbody related platforms, a strong benefit given
the high demand for narrowbody aircraft in the commercial aerospace
market. We also expect the company to see strong growth within the
industrials segment as solid demand across most of its business
lines continuous to increase its backlog, most notably within its
molding solutions aimed at the medical and personal care end
market. We expect total revenue growth for 2023 to be between 12.5%
and 17.5%, increasing in 2024 to between 20% and 25% as MB
Aerospace completes its integration.
"We expect Barnes to maintain adequate liquidity. We assess Barnes'
pro forma liquidity as adequate supported by anticipated $35
million of cash on balance sheet and about $300 million in
availability under its revolving credit facility. We also
anticipate the company will work through built up inventories,
mainly within the industrials segment, resulting in lower working
capital absorption in 2024. Driven by margin improvement, we expect
free operating cash flow (FOCF) for 2023 to be between $50 million
and $100 million, increasing in 2024 to between $150 million and
$200 million.
"We expect Barnes to maintain a conservative financial policy with
a focus on deleveraging over the next 12 to 18 months. Barnes has
long targeted a net-leverage level of 2.5x net-debt to EBITDA.
Following the acquisition of MB Aerospace, we expect leverage to
increase above 4.0x on a pro forma basis. As noted we expect strong
free cash flow by 2024, providing capacity to repay debt. We
forecast leverage improving to 3.5x by the end of 2024 and reaching
the targeted level in 2025. Following the deleveraging period, we
expect Barnes to pursue additional bolt on acquisitions as the
company seeks to increase the aerospace and defense segment's
footprint. We do not expect any increases to dividends or share
repurchases until the company returns to its pre-acquisition
leverage level. We expect leverage to measure between 4.25x and
4.75x as of the end of 2023, improving to between 3.0x and 3.5x in
2024.
"The stable outlook on Barnes reflects our expectation that credit
metrics will improve over the next 12 months but are unlikely to
reach pre-acquisition levels before 2025. We expect leverage to be
4.25x-4.75x in 2023 on a pro forma basis and 3.0x-3.5x in 2024
following a full year of integration. We expect FFO to debt of
12%-17% in 2023 and above 20% in 2024."
S&P could lower its rating on Barnes if debt to EBITDA remains
above 4x for a sustained period. This could occur if:
-- Operating margins fail to increase as forecast;
-- Supply chain improvements stall or reverse; or
-- The company pursues a more aggressive financial policy,
allocating free cash flow toward shareholder returns such as
increased dividends and/or increased share buybacks.
S&P could raise its rating on Barnes if its FFO to debt rises well
over 30% while debt to EBITDA declines below 3x and S&P expects
these metrics to remain at such levels. This could occur if:
-- Top line growth is stronger than forecast;
-- Positive free cash flow increases due to
stronger-than-anticipated operating margins, allowing for faster
debt paydown; and
-- The company maintains a disciplined financial policy with a
focus on deleveraging.
ESG credit indicators: E-2, S-2, G-2
S&P said, "Social factors are the most material considerations in
our assessment of Barnes Group. In the event of exogenous risk
events, inclusive of pandemics, air travel demand would
dramatically decline causing airlines to ground their fleets while
also delaying maintenance, negatively affecting the company's A&D
segment. Additionally, workforces within manufacturing centers
would be prone to spread of illnesses quickly and easily causing a
slow down or absolute pause in production. Barnes realized such an
event during the COVID-19 pandemic causing revenues to decline
roughly 30%, negatively affecting cash flows and weakening credit
metrics. Revenue levels and liquidity have since improved and
continue to approach 2019 levels."
BARTECH GROUP: Court OKs Cash Collateral Access Thru Aug. 11
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized the BarTech Group of Illinois, Inc. to
use cash collateral on a further interim basis through August 11,
2023, substantially in accordance with the budget.
BarTech is authorized to continue using cash collateral to pay all
expenses the Debtor incurred in the operation of their ongoing
business post-petition -- or if incurred pre-petition, those
expenditures authorized by a specific Court order -- pending the
final hearing on the Motion.
The final hearing on the matter is set for August 9 at 10 a.m.
A copy of the Court's order is available at
https://urlcurt.com/u?l=LinTWR from PacerMonitor.com.
About The BarTech Group of Illinois Inc.
The BarTech Group of Illinois Inc. -- https://www.bartechgroup.biz
-- is an MBE- and DBE-certified electrical construction
contractor.
The BarTech Group of Illinois Inc. filed a petition for relief
under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Ill. Case No. 22-10945) on Sept. 23, 2022. In the petition
filed by Dwayne Barlow, as president, the Debtor reported assets
between $500,000 and $1 million and estimated liabilities between
$1 million and $10 million.
William B. Avellone has been appointed as Subchapter V trustee.
Judge Timothy A. Barnes oversees the case.
Alan L. Braunstein, Esq., at Riemer Braunstein LLP is the Debtor's
counsel. Ringold Financial Management Services, Inc., is the
financial advisor.
BUSHWICK BEER: Court OKs Cash Collateral Access Thru Aug 28
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Bushwick Beer Garden LLC, d/b/a Rebel Cafe & Garden, to
use cash collateral on an interim basis in the aggregate amount not
to exceed $492,080, through August 28, 2023.
The Debtor's assets consist of its inventory, restaurant equipment,
leasehold improvements, good will and cash generated from its
sales. The aggregate value of the assets is approximately $534,000.
The Debtor's secured debt is approximately $860,000.
Prior to the Petition Date, the Debtor obtained financing from
several lenders all of which are perfected in the Debtor's assets
by the filing of UCC-1 financing statements. These lenders are:
* U.S. Small Business Administration
* Exclusive Solutions LLC
* Redbow Capital LLC
* Gem Funding LLC
As adequate protection, the Lenders are granted an administrative
claim against the Debtor and its estate under 11 U.S.C. sections
503(b), 507(a)(2) and 507(b) solely as to the extent of any
diminution in the value of the collateral during the case. The
Replacement Liens will constitute valid, binding, enforceable, and
duly perfected replacement security interests in and liens upon all
currently owned and hereafter acquired property and assets of the
Debtor.
The Debtor is authorized and directed to remit monthly adequate
protection payments in the amount of $2,474 to the Small Business
Administration, not later than the fifth day of the month in which
such Adequate Protection Payments become due, commencing on August
1, 2023.
These events constitute an "Event of Default":
(a) The Debtor ceases its operations or takes any material
action for the purpose of effecting the foregoing without the prior
written consent of the Lenders, except to the extent contemplated
by the Budget;
(b) The Interim Order is reversed, vacated, stayed, amended,
supplemented or otherwise modified in a manner which will
materially and adversely affect the rights of the Lenders
thereunder or will materially and adversely affect the priority of
any or all of the Obligations and the Lenders' Liens;
(c) The Debtor expends more than 110% of any line item in the
Budget or more than 105% of the entire Budget;
(d) The occurrence of a material adverse change subsequent to
the Petition Date, including, without limitation, any such
occurrence resulting from the entry of a Court order the effect of
which has not been stayed, in each case as reasonably determined by
the Lenders, in (1) the condition (financial or otherwise),
operations, assets, business of the Debtor taken as a whole and
with due regard to the Debtor's underlying business as evidence by
the Budget as the same may be amended from time to time either with
consent of the Lenders or by Court order; and/or (2) the value of
the Collateral;
(e) Any material and/or intentional misrepresentation by the
Debtor in the financial statements or certifications that may be
provided by the Debtor to the Lenders under the Loan Documents or
any Interim Order; and
(f) Non-compliance with or default by the Debtor with any of
the terms, provisions and conditions of any Interim Order,
provided, however, that non-compliance or default will not be
deemed an Event of Default if curable and cured by the Debtor
within five business days after notice of such noncompliance or
default is provided to the Debtor's counsel, in writing, and
actually received by The Kantrow Law Group, PLLC, 732 Smithtown
Bypass, Suite 101, Smithtown, New York 11787, by the Lenders.
A further hearing on the matter is set for August 29, 2023 at 10:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=G40xK5
from PacerMonitor.com.
About Bushwick Beer Garden LLC
Bushwick Beer Garden LLC, d/b/a Rebel Cafe & Garden, operates as a
restaurant at 2 Knickerbocker Avenue, Brooklyn, New York.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41980) on June 2,
2023. In the petition signed by Matthew Shendell, the Debtor
disclosed up to $1 million in both assets and liabilities.
Judge Nancy Hershey Lord oversees the case.
Fred S. Kantrow, Esq., at The Kantrow Law Group, PLLC, represents
the Debtor as legal counsel.
CARTER TABERNACLE: Seeks to Hire BransonLaw as Bankruptcy Counsel
-----------------------------------------------------------------
Carter Tabernacle Christian Methodist Episcopal Church, Inc. seeks
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to employ BransonLaw, PLLC as its counsel.
The firm will render these services:
(a) prosecute and defend any causes of action on behalf of the
Debtor;
(b) prepare legal papers;
(c) assist in the formulation of a plan of reorganization;
and
(d) provide all other services of a legal nature.
The hourly rates of the firm's counsel and staff range from $495 to
$200.
Prior to the commencement of this Chapter 11 case, the Debtor paid
an advance fee of $5,057.00 for post-petition services and expenses
and the filing fee of $1,738.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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:
Jeffrey S. Ainsworth, Esq.
Jacob D. Flentke, Esq.
Flentke Legal Consulting, PLLC, Of Counsel
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
jacob@bransonlaw.com
About Carter Tabernacle
Carter Tabernacle Christian Methodist Episcopal Church, Inc. is a
church in Orlando, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02613) on June 29,
2023, with $3,773,092 in assets and $2,884,315 in liabilities.
Lenita C. Frith, chair, Board of Stewards, signed the petition.
Judge Tiffany P. Geyer oversees the case.
Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC represents the
Debtor as legal counsel.
CCI HOLDINGS: Seeks to Hire Buddy D. Ford as Bankruptcy Counsel
---------------------------------------------------------------
CCI Holdings Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ the law firm of
Buddy D. Ford, PA as its bankruptcy counsel.
The firm will render these legal services:
(a) analyze the financial situation, and render advice and
assistance to the Debtor in determining whether to file a petition
under Title 11, United States Code;
(b) advise the Debtor regarding its powers and duties in the
continued operation of the business and management of the estate's
property;
(c) prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and other documents required by
the court;
(d) represent the Debtor at the Section 341 creditors'
meeting;
(e) advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(f) prepare legal papers;
(g) protect the interest of the Debtor in all matters pending
before the court;
(h) represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and
(i) perform all other legal services for the Debtor which may
be necessary herein.
The hourly rates of the firm's counsel and staff are as follows:
Buddy D. Ford, Esq. $450
Senior Associate Attorneys $400
Junior Associate Attorneys $350
Senior Paralegal Services $150
Junior Paralegal Services $100
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the commencement of this Chapter 11 case, the Debtor paid
the firm an advance fee of $16,738.
Buddy Ford, Esq., 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:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
Buddy D. Ford, PA
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
Email: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About CCI Holdings
CCI Holdings Group, LLC is a licensed and bonded concrete
contractor in Clearwater, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02988) on July 14,
2023, with $786,813 in assets and $1,330,069 in liabilities.
Ruediger Mueller of TCMI, Inc. has been appointed as Subchapter V
trustee.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal
counsel.
CHURCHILL ORTHOPEDIC: Gets OK to Hire Aprio LLP as Accountant
-------------------------------------------------------------
Churchill Orthopedic Rehabilitation, LLC received approval from the
U.S. Bankruptcy Court for the District of New Jersey to employ
Aprio, LLP as its accountant.
The firm will render these services:
(a) assist with the preparation of monthly operating reports,
as may be required from time to time;
(b) prepare budget projections and cash flow plans; and
(c) perform all other accounting services as may be
necessary.
The hourly rates of the firm's professionals are as follows:
Partner $385
Manager $225
Staff Accountant $165
As disclosed in court filings, Aprio LLP is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Aprio LLP
310 Passaic Avenue
Fairfield, NJ 07004
Telephone: (973) 808-9500
About Churchill Orthopedic Rehabilitation
Churchill Orthopedic Rehabilitation, LLC, a company in Teaneck,
N.J., filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.N.J. Case No. 23-14874) on June 5, 2023,
with as much as $50,000 in assets and $1 million to $10 million in
liabilities. Nancy Isaacson, Esq., at Greenbaum, Rowe, Smith &
Davis, LP has been appointed as Subchapter V
trustee.
Judge Vincent F. Papalia oversees the case.
The Debtor tapped Kenneth L. Baum, Esq., at the Law Offices of
Kenneth L. Baum, LLC as counsel and Aprio, LLP as accountant.
CIRCOR INTERNATIONAL: S&P Alters Outlook to Stable, Affirms B- ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on CIRCOR International Inc.
to stable from negative. S&P also affirmed its 'B-' issuer credit
rating and its 'B-' issue-level rating on the company's senior
secured facilities. The recovery rating remains '3', indicating its
expectation of meaningful (rounded estimate: 50%) recovery in the
event of a payment default.
S&P's stable outlook reflects its expectation that CIRCOR's
leverage will decline to below 5x within the next 12 months under
its current capital structure but could increase under new sponsor
ownership.
S&P said, "Healthy demand across CIRCOR's end markets will underpin
revenue growth in the mid-single digits in 2023. We expect growth
in the industrial segment will primarily come from the general
industrial and energy end markets. A continued shift toward
automation and reshoring of manufacturing operations will
contribute to growth in the general industrial end market. Under
our base case forecast, supportive--albeit moderating--oil prices
will drive continued growth in the energy end market. In the
aerospace and defense segment, we expect moderate growth in the
commercial aerospace business, primarily driven by continued
recovery in air traffic, which remained below pre-pandemic levels
in 2022. We also expect moderate growth in the defense business
driven primarily by existing military platforms, partly offset by a
large, nonrepeating order in the first quarter of 2022. We believe
overall revenue growth will come from both volume and price, as we
believe CIRCOR's ongoing strategic pricing initiative will result
in continued price increases across the business.
"We expect a significant increase in S&P Global Ratings-adjusted
EBITDA margin in 2023, which will contribute to significant
deleveraging this year. We expect an improvement in S&P Global
Ratings-adjusted EBITDA margins by 400-500 basis points (bps) in
2023, supported by several factors, including a favorable shift in
product mix, price increases, the exit of the loss-making pipeline
engineering business in 2022, and cost controls. Higher earnings
will likely drive deleveraging to the high-4x area at year-end
2023, well below the low-7x leverage level at year-end 2022.
"We believe CIRCOR will generate modest positive FOCF in 2023, a
turnaround from the past several years. There are two key drivers
for our expectation of improving FOCF in 2023: improved working
capital management and higher earnings. We expect that easing
supply chain conditions will support moderating cash outflows from
working capital. We also forecast a sizeable growth in earnings in
2023, driven primarily by higher margins. These positive factors
will be partly offset by an increase in interest expense on the
company's existing debt facilities, all of which have a floating
rate structure."
CIRCOR's proposed acquisition by a financial sponsor will likely
prevent leverage from remaining below 5x and could reduce FOCF.
Although S&P has limited information on the proposed capital
structure, we believe an acquisition by a financial sponsor would
likely weaken credit metrics, as private equity sponsors typically
undertake aggressive financial policies. In particular, an increase
in debt quantum could weaken post-transaction FOCF amid an elevated
interest-rate environment.
S&P's stable outlook reflects our expectation that CIRCOR's
leverage will decline to below 5x over the next 12 months under its
current capital structure but could increase under new sponsor
ownership.
S&P could lower its ratings if CIRCOR's financial position
deteriorates to the extent that we view its capital structure to be
unsustainable.
This could occur, for example, due to:
-- Constrained liquidity or limited covenant headroom resulting
from a decline in operating performance and/or elevated working
capital needs; or
-- An expectation the company will continue to generate negative
FOCF; or
-- A significantly more aggressive capital structure under its new
financial sponsor ownership, which could lead to a significant
increase in interest burden and a substantial deterioration in
leverage and FOCF.
S&P could raise its rating on CIRCOR if:
-- S&P expects the company will generate consistently positive
annual FOCF;
-- S&P expects leverage will remain below 6.0x, including during
unfavorable economic conditions and reflecting potential
debt-funded acquisitions and shareholder returns; and
-- S&P expects financial policy will be supportive of these credit
metrics.
ESG credit indicators: E-2, S-2, G-4
CLEAN AIR CAR: Court OKs Deal on Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Clean Air Car Service & Parking Branch Two, LLC and
Operr Plaza, LLC to use cash collateral on a final basis in
accordance with their agreement with IV - CVCF NEB I Trust.
The Lender holds a first priority lien and security interest
against the Debtors' assets and the Properties. The other creditor
with recorded UCC-1 financing statement (junior to the Lender) is
the U.S. Small Business Administration in relation to personal
property of Clean Air.
The issues facing the Debtors largely stem from a lack of operating
revenue as a result of actions taken by the Debtors' former
principal, Kevin S. Wang, and from a consolidated commercial
mortgage held by the Lender, an affiliate of the Sole Member, as
security for certain loans made by CVCF Fund Funding I-NEB, LLC on
October 18, 2019, to Clean Air 2 and Operr Plaza in the aggregate
principal amount of $12.3 million.
The Loan is secured by the Properties and all assets of the Debtors
pursuant to various loan documents, dated October 18, 2019, between
the Original Lender and the Debtors, including, but not limited to,
the (a) Consolidated Note ($12.3 million), (b) Consolidation,
Extension, Spreader and Modification Agreement (with Consolidated
Mortgage) with respect to the Properties, (c) Assignment of Rents
and Leases, (d) Guaranty, (e) Environmental Indemnity Agreement,
(f) Pledge and Security Agreements, (g) Post Closing Agreement, and
(h) UCC-1 Financing Statements duly recorded with the New York
Department of State on October 18, 2019.
In November 2019, the Loan and the Loan Documents were assigned to
IV - CVCF NEB I Trust from the Original Lender.
The Loan was guaranteed by Kevin Wang, and several companies that
he owned and controlled. As a condition to the Loan, on October
18, 2019, Kevin Wang - who then held 100% of the membership
interests of both Clean Air 2 and Operr Plaza - also executed and
delivered the Pledge and Security Agreements to the Lender,
pursuant to which Kevin Wang pledged, as collateral for the Note
and other Loan Documents, all rights and interest in Clean Air 2
and Operr Plaza that were held by him. In connection with the
Pledge and Security Agreements, Kevin Wang provided a resignation
from management positions in Clean Air 2 and Operr Plaza and
amended the operating agreements of both companies to permit all
owners of membership interests to pledge or assign their interests,
including all voting, management and control rights, and not
limited to economic rights.
The Loan matured on October 18, 2020. Clean Air 2 and Operr Plaza
defaulted by, inter alia, failing to make required payments. This
is not disputed.
The Lender asserts that the Debtors' failure to repay all amounts
due and owing under the Loan Documents when due constituted events
of default under the Loan Documents. On June 16, 2021, the Lender
conducted the Article 9 Sale of the pledged 100% interests of Kevin
Wang in Clean Air 2 and Operr Plaza. At the sale, the Sole Member
successfully bid and purchased 100% of the membership interests in
Clean Air 2 and Operr Plaza.
The Debtors are involved in various lawsuits related to the Loan,
the Article 9 Sale, and certain lease disputes with Kevin Wang
and/or his affiliated entities.
Shortly before the Article 9 Sale, and subsequently thereafter,
Kevin Wang (and/or entities controlled by Kevin Wang) initiated
several lawsuits in an attempt to prevent, and then collaterally
attack the Article 9 Sale, and asserted various claims against the
Debtors. The Debtors, the Sole Member and/or the Lender are named
as defendants in these lawsuits.
Two lawsuits were initiated by the Lender and/or by the Sole
Member, one of which went to final judgment in the Supreme Court
for New York County, resulting in a permanent injunction requiring
Kevin Wang to promptly turn over, to Sole Member, the books and
records of the Debtors.
The Debtors are also named as defendants in the second lawsuit
which is a foreclosure action commenced by the Lender after the
Article 9 Sale.
The Debtor requires the use of cash collateral to fund certain
necessary post-petition expenses including: (i) prepetition
retainers for bankruptcy counsel and an independent director, and
(ii) the Carve-Out.
In connection with the filing of the bankruptcy cases, the Debtors
and the Lender entered into a Fifth Modification and Funding
Agreement, dated as of May 15, 2023, pursuant to which the Lender
agrees to provide additional funding in the amount of $450,000 to
the Debtors to fund: (a) pre-petition retainers for bankruptcy
counsel and an independent director, and (b) the Carve-Out.
The Lender asserts, as of the Petition Date, a total claim of no
less than $22.206 million.
As adequate protection against and to the extent of any diminution
in value of Lender's valid, perfected and enforceable interests in
the Prepetition Collateral, the Lender will be granted a valid and
perfected replacement security interest in, and lien on all assets
of the Debtors.
The Adequate Protection Liens will be (a) first priority perfected
liens on all of the Collateral that is not otherwise encumbered by
validly perfected, non-avoidable security interest or liens as of
the Petition Date, (b) first priority perfected liens on all of the
Collateral as to which the Lender had a valid and perfected first
priority lien as of the Petition Date, even if such Collateral is
subject to a validly perfected lien that is junior to the lien of
the Lender, and (c) junior perfected liens on all Collateral that
is subject to a validly perfected lien with priority over Lender's
liens as of the Petition Date.
As further adequate protection of the Lender's interest in the
Collateral and to the extent of the Debtors' Adequate Protection
Obligations, the Lender is granted as and to the extent provided by
Bankruptcy Code sections 503(b) and 507(b), subject to the
Carve-Out, an allowed superpriority administrative expense claim in
the chapter 11 cases and any Successor Cases in the amount of the
Adequate Protection Obligations.
The Adequate Protection Superpriority Claims will have priority
over all other administrative expense claims and unsecured claims
against the Debtors' estates.
The Carve-Out means the sum of (a) all fees required to be paid to
the Clerk of the Bankruptcy Court and to the United States Trustee
plus interest, if any, (b) real estate taxes, (c) insurance, (d)
payment or prepayment for utilities, (e) other expenses required to
maintain and preserve the Properties until the sale closing as
contemplated therein, (f) any other expenses approved by the Lender
and provided for in the Budget, (g) the amounts necessary to
satisfy the allowed fees and expenses incurred by a trustee, if
any, under section11 U.S.C. section 726(b) up to $10,000, and (h)
the amounts necessary to satisfy all allowed fees and expenses
incurred by persons or firms retained by the Debtors whose
retention is approved by the Bankruptcy Court, subject to the
Lender's right to object to the allowance of such administrative
expense claims.
A copy of the motion is available at https://urlcurt.com/u?l=V5SX38
from PacerMonitor.com.
A copy of the order is available at https://urlcurt.com/u?l=IACovH
from PacerMonitor.com.
About Clean Air Car Service and Operr Plaza
Clean Air Car Service & Parking Branch Two, LLC, and Operr Plaza,
LLC filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Lead
Case No. 23-41937) on May 31, 2023.
At the time of filing, Clean Air Car Service reported $1 million to
$10 million in assets and $10 million to $50 million in liabilities
while Operr Plaza reported $10 million to $50 million in both
assets and liabilities.
Judge Nancy Hershey Lord oversees the cases.
The Debtors tapped Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP as bankruptcy counsel.
COSMOS GROUP: Incurs $2.6 Million Net Loss in First Quarter
-----------------------------------------------------------
Cosmos Group Holdings Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.62 million on $2.15 million of net revenue for the three
months ended March 31, 2023, compared to a net loss of $62.39
million on $4.18 million of net revenue for the three months ended
March 31, 2022.
As of March 31, 2023, the Company had $37.12 million in total
assets, $32.91 million in total liabilities, and $4.21 million in
stockholders' equity.
Cosmos Group said, "The Company has suffered from an accumulated
deficit of $130,723,542 and working capital of $11,392,082 at March
31, 2023. The continuation of the Company as a going concern in
the next twelve months is dependent upon the continued financial
support from its stockholders. Management believes the Company is
currently pursuing additional financing for its operations.
However, there is no assurance that the Company will be successful
in securing sufficient funds to sustain the operations. These and
other factors raise substantial doubt about the Company's ability
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/1706509/000121390023041949/f10q0323_cosmos.htm
About Cosmos Group
Headquartered in Singapore, Cosmos Group is a Nevada holding
company with operations conducted through its subsidiaries based in
Singapore and Hong Kong. The Company, through its subsidiaries, is
engaged in two business segments: (i) the physical arts and
collectibles business, and (ii) the financing/money lending
business. The Company currently does not have any customers that
are from the United States or any U.S. person nor is the Company
specifically targeting customers from the United States. However,
the Company's operation of an online market place for collectibles
and fine art is accessible online by interested parties and may
potentially be accessed by users located in the United States.
Cosmos Group reported a net loss of $104.13 million for the year
ended Dec. 31, 2022, compared to a net loss of $25.15 million for
the year ended Dec. 31, 2021.
CURITEC LLC: Wins Cash Collateral Access Thru Oct 20
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Curitec, LLC to use cash collateral on
an interim basis in accordance with its agreement with RGH
Enterprises, Inc., a wholly owned subsidiary of Cardinal Health,
Inc., through October 20, 2023.
Prior to the Petition Date, the Parties entered into one or more
agreements pursuant to which RGH provided medical supplies to the
Debtor for sale to the Debtor's customers.
Pursuant to one or more of the Agreements, RGH claims an interest
in the Debtor's cash collateral.
On April 27, 2022, RGH filed a UCC-1 Financing Statement, which
purported to perfect a security interest in the assets described
thereon, including all accounts and accounts receivable.
Following the Petition Date, the Parties have worked together in
good faith and at arm's-length to reach a consensual resolution
regarding the use of cash collateral.
Any interest of RGH in cash collateral is adequately protected by
virtue of the Debtor's use of cash collateral pursuant to the
Order.
As additional adequate protection for the post-petition use by the
Debtor of cash collateral in which RGH holds a valid and
enforceable interest, and to the extent of any diminution in RGH's
interests in the Debtor's cash collateral, RGH will be granted
security interests in and liens on the Debtor's post-petition
property and the proceeds thereof, with the same validity,
enforceability, and priority that it held in the Debtor's
prepetition property. Replacement Liens will only be granted in
property of the same type as any prepetition collateral of RGH to
the extent of any diminution in value, and will not extend to any
unencumbered assets.
In the event of a failure of adequate protection, RGH will have a
claim to the extent provided for under 11 U.S.C. section 507(b) and
the RGH Adequate Protection Claim will, if allowed, be granted in
pari passu status with any allowed claim of the Centers for
Medicare and Medicaid Services under section 507(b), pursuant to a
Stipulation and Agreed Order Regarding Suspension of Medicare
Payments to the Debtor by the United States Department of Health
and Human Services. Payment of any RGH Adequate Protection Claim
will be subordinate to the Carve Out.
The Carve Out includes (i) all money and property subject to a
valid and perfected lien; (ii) all ordinary course expenses owed or
owing to administrative creditors, including employees but other
than professional fees, in the amounts described in the Budget;
and (iii) amounts required to be paid, if any, to the Clerk of the
Court and to the Office of the U.S. Trustee pursuant to 28 U.S.C.
section 1930(a).
The final hearing on the matter is set for October 3, 2023 at 1
p.m.
A copy of the order is available at https://urlcurt.com/u?l=UswOWU
from PacerMonitor.com.
About Curitec LLC
Curitec LLC -- https://curitec.com/ -- is a Medicare accredited
Part B provider of durable medical supplies (DMEPOS). Its services
include the delivery of advanced wound care products as well as
ostomy, urological, and tracheostomy supplies to long term care
facilities and hospice.
Curitec LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90108) on March 3,
2023. In the petition filed by Nicholas Percival as manager and
chief operating officer, the Debtor reported assets and liabilities
between $1 million and $10 million each.
The case is overseen by the Honorable Bankruptcy Judge Christopher
M. Lopez.
The Debtor is represented by Casey William Doherty, Jr, Esq., and
Samuel R. Maizel, Esq., at Dentons US LLP.
DAVID'S BRIDAL: 195 Stores to Remain Open After Closing CION Deal
-----------------------------------------------------------------
David's Bridal, LLC, the nation's leading bridal and special
occasion authority, on July 24, 2023, announced that it has
successfully closed its transaction with CION Investment
Corporation (NYSE: 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 enab led 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 CION Investment Corporation
CION Investment Corporation is a leading publicly listed business
development company that had approximately $1.9 billion in assets
as of March 31, 2023. CION seeks to generate current income and, to
a lesser extent, capital appreciation for investors by focusing
primarily on senior secured loans to U.S. middle-market companies.
CION is advised by CION Investment Management, LLC, a registered
investment adviser and an affiliate of CION. For more information,
please visit www.cionbdc.com.
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.
DAWN ACQUISITIONS: $550M Bank Debt Trades at 22% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Dawn Acquisitions
LLC is a borrower were trading in the secondary market around 77.5
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on December 31, 2025. The amount is fully drawn and
outstanding.
Dawn Acquisitions LLC, doing business as Evoque Data Center
Solutions, provides digital infrastructure and data center
solutions. The Company offers multi-generational infrastructure,
colocation, connectivity, build-to-suit, and cloud engineering
solutions.
DGS REALTY: Confirmation Denied, Amended Plan Due Sept. 8
---------------------------------------------------------
Following a hearing on July 19, 2023, Judge Bruce A. Harwood
entered an order denying the confirmation of DGS Realty, LLC's
Second Amended Chapter 11 Plan dated February 6, 2023.
The Debtor must file a further Amended Plan and further Amended
Disclosure Statement on or before September 8, 2023.
About DGS Realty
Based in Concord, New Hampshire, DGS Realty, LLC, is a real estate
limited liability company. Formed around May 10, 2017, the company
is owned by David H. Booth, Manager, Stephen W. Booth, and Gregory
A. Booth, each having a 1/3 interest.
DGS Realty filed a Chapter 11 petition (Bankr. D.N.H. Case No.
22-10028) on January 24, 2022. In the petition signed by David H.
Booth, the manager, the Debtor estimated assets and debts between
$1 million and $10 million.
Judge Bruce A. Harwood oversees the case.
Representing the Debtor as counsel is Eleanor Wm Dahar, Esq., at
Victor W. Dahar Professional Association.
DIOCESE OF OGDENSBURG: Gets Interim OK to Hire Claims Agent
-----------------------------------------------------------
The Roman Catholic Diocese of Ogdensburg, New York received interim
approval from the U.S. Bankruptcy Court for the Northern District
of New York to employ Stretto, Inc. as claims and noticing agent.
Stretto will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 case of the Debtor.
Stretto will bill the Debtor no less frequently than monthly.
The Debtor shall pay Stretto an advance of $25,000 upon execution
of their agreement.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About Roman Catholic Diocese of Ogdensburg
The Diocese of Ogdensburg is a Latin Church ecclesiastical
territory, or diocese, of the Catholic Church in the North Country
region of New York State in the United States. It is a suffragan
diocese in the ecclesiastical province of the Archdiocese of New
York. Its cathedral is St. Mary's in Ogdensburg.
The Diocese of Ogdensburg was founded on February 16, 1872. It
comprises the entirety of Clinton, Essex, Franklin, Jefferson,
Lewis and St. Lawrence counties and the northern portions of
Hamilton and Herkimer counties. The current bishop is Terry Ronald
LaValley.
On July 17, 2023, the Roman Catholic Diocese of Ogdensburg sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D.N.Y. Case No. 23-60507), with $10 million and $50 million in
both assets and liabilities. Mark Mashaw, diocesan fiscal officer,
signed the petition.
Judge Patrick G. Radel oversees the case.
Bond, Schoeneck & King, PLLC is the Diocese's bankruptcy counsel.
Stretto, Inc., is the claims agent and administrative advisor.
DIOCESE OF OGDENSBURG: Taps Stretto as Administrative Advisor
-------------------------------------------------------------
The Roman Catholic Diocese of Ogdensburg, New York received interim
approval from the U.S. Bankruptcy Court for the Northern District
of New York to employ Stretto, Inc. as administrative advisor.
Stretto will render these services:
(a) assist with, among other things, legal noticing, claims
management and reconciliation, plan solicitation, balloting,
disbursements, and tabulation of votes, and prepare any related
reports, as required in support of confirmation of a Chapter 11
plan;
(b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;
(c) assist with the preparation of any amendments to the
Diocese's schedules of assets and liabilities and statements of
financial affairs and gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
Chapter 11 plan;
(f) provide such other processing, solicitation, balloting,
and other administrative services; and
(g) perform any other duty or task that falls within the
normal responsibilities of an administrative advisor at the
direction of the Diocese.
Prior to the petition date, the Debtor provided Stretto an advance
in the amount of $25,000.
In addition, the firm will seek reimbursement for expenses
incurred.
Sheryl Betance, a senior managing director of Stretto, disclosed in
a court filing that her firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About Roman Catholic Diocese of Ogdensburg
The Diocese of Ogdensburg is a Latin Church ecclesiastical
territory, or diocese, of the Catholic Church in the North Country
region of New York State in the United States. It is a suffragan
diocese in the ecclesiastical province of the Archdiocese of New
York. Its cathedral is St. Mary's in Ogdensburg.
The Diocese of Ogdensburg was founded on February 16, 1872. It
comprises the entirety of Clinton, Essex, Franklin, Jefferson,
Lewis and St. Lawrence counties and the northern portions of
Hamilton and Herkimer counties. The current bishop is Terry Ronald
LaValley.
On July 17, 2023, the Roman Catholic Diocese of Ogdensburg sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D.N.Y. Case No. 23-60507), with $10 million and $50 million in
both assets and liabilities. Mark Mashaw, diocesan fiscal officer,
signed the petition.
Judge Patrick G. Radel oversees the case.
Bond, Schoeneck & King, PLLC is the Diocese's bankruptcy counsel.
Stretto, Inc., is the claims agent and administrative advisor.
DMD SERVICES: Rental Income to Fund Plan Payments
-------------------------------------------------
DMD Services, Inc. filed with the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania a Disclosure Statement describing
Plan of Reorganization dated July 25, 2023.
The debtor was formed in order to own real estate which was
purchased on or about November 5, 1992 and is located at 899-893
Main Street, Darby PA ("the property"). The corporation's President
and sole shareholder is Kim Graves ("Graves").
On or about August 23, 2001 the debtor obtained a mortgage loan
("the loan") in the principal amount of $263250.00 from Interbay
Funding LLC ("the creditor") secured by the property. The loan was
assigned several times over the years and is presently owned and
serviced by Community Loan Servicing LLC ("CLS").
The loan allegedly went into default on or about June 1, 2017 and
foreclosure proceedings were commenced by the creditor on or about
March 15, 2018. A judgment in foreclosure was obtained by the
creditor on or about October 25, 2019 in the amount of $926669.00.
Sheriff's sales of the property were scheduled and continued on a
number of occasions as the parties attempted to resolve their
disputes in Delaware County Common Pleas Court.
The debtor then filed the instant Chapter 11 petition on January
18, 2023 which stayed the sheriff's sale.
The debtor's bankruptcy case is classified as a single asset real
estate ("SARE") case as defined at 11 U.S.C. Sec. 101(51B) which in
this case means all of the debtor's gross income is derived from
lease payments received from it sole tenant Keya Graves, Inc.
Keya Graves has made all rental payments to the debtor in a timely
manner since the filing of this case. Likewise, the debtor has made
all timely monthly mortgage payments since the filing of its case
to the creditor in the amount of $3882.00 which represents the
proposed plan payment to the creditor required to amortize the
proposed principal amount of $300,000.00 at 9.5% over 10 years and
which also satisfied the stay requirements for a SARE case pursuant
to 11 U.S.C. Sec. 362(d)(3) which now includes the timely filing of
a disclosure statement and plan.
Class 4 consists of the unsecured claim of the first mortgagee CLS.
As this the debtor is proposing to pay CLS the cramdown value of
its secured claim, the plan does not provide for any additional
payment to this creditor on any unsecured amount of its claim.
Class 4 is impaired.
Class 5 consists of the only shareholder of the debtor, Kim Graves.
Graves shall retain his ownership interest, but shall receive no
other distribution under the plan. Graves, pursuant to his
ownership of the debtor and part ownership of the tenant will be
providing the funding of the plan pursuant to the receipt of
monthly lease payments from Keya Graves Inc.
It is asserted by the debtor that the retention of Graves's
ownership interest does not violate the absolute priority rule,
should this issue arise, as he is contributing rental, real estate
and hazard insurance payments as part owner of the tenant and in
that the secured creditor is receiving the full value of of its
interest in the estate's interest in the debtor's sole asset, the
debtor's principal will receive no new equity and will continue to
maintain the property and transmit the monthly mortgage payments
following receipt of the rental payment from the tenant Keya
Graves.
The reorganized debtor shall continue in possession of all its
property and assets after the effective date.
Debtor's income projections essentially reflect the monthly lease
payments to the debtor, mortgage real estate tax and hazard
insurance payments and any reserve as needed for necessary
maintenance.
A full-text copy of the Disclosure Statement dated July 25, 2023 is
available at https://urlcurt.com/u?l=OLBOCx from PacerMonitor.com
at no charge.
Attorney for Debtor:
Timothy Zearfoss, Esq.
Law Offices of Timothy Zearfoss
143-145 Long Lane
Upper Darby, PA 19082
Tel: (610) 734-7001
About DMD Services
DMD Services, Inc. was formed in order to own real estate which was
purchased on or about November 5, 1992 and is located at 899 893
Main Street, Darby PA (“the property”).
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa.
Case No. 23-10152) on January 18, 2023, with as much as $50,000 in
both assets and liabilities. Kim Graves, president, signed the
petition.
Judge Magdeline D. Coleman oversees the case.
The Law Offices of Timothy Zearfoss serves as the Debtor's legal
counsel.
DULING SONS: Trustee Gets OK to Hire Hilco as Real Estate Agent
---------------------------------------------------------------
Elizabeth Lally, Subchapter V trustee appointed in the Chapter 11
case of Duling Sons, Inc., received approval from the U.S.
Bankruptcy Court for the District of South Dakota to employ Hilco
Real Estate, LLC as real estate agent.
The firm will render these services:
(a) develop a sales strategy with the Subchapter V trustee;
(b) solicit interested parties for the sale of the Debtor's
property and marketing of the property for sale through a managed
qualifying bid process; and
(c) conduct negotiations at the Subchapter V trustee's
direction for the sale of the property.
The firm will receive a commission of 3 percent of the property's
gross sale proceeds.
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Sarah Baker, managing member of Hilco Real Estate, disclosed in a
court filing that her firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sarah Baker
Hilco Real Estate, LLC
5 Revere Dr., Suite 206
Northbrook, IL 60062
Telephone: (855) 755-2300
Email: sbaker@hilcoglobal.com
About Duling Sons
Duling Sons Inc., a company based in Gregory, S.D., filed a
voluntary petition for Chapter 11 protection (Bankr. D. S.D. Case
No. 21-30026) on Dec. 3, 2021, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Raymond Joseph
Duling, president of Duling Sons, signed the petition.
Judge Charles L. Nail, Jr. presides over the case.
Clair R. Gerry, Esq., at Gerry & Kulm Ask, Prof. LLC represents the
Debtor as legal counsel.
Elizabeth M. Lally, the Subchapter V trustee appointed in the
Debtor's case, is represented by Spencer Fane, LLP.
EAGLE PROPERTIES: Seeks to Extend Plan Exclusivity to February 6
----------------------------------------------------------------
Eagle Properties and Investments, LLC asks the U.S. Bankruptcy
Court for the Eastern District of Virginia to extend the periods
in which it may exclusively file and solicit acceptances to a
plan of reorganization to February 6, 2024 and April 6, 2024,
respectively.
The Debtor requests the extension as substantial issues still
need to be resolved before it can propose a plan of
reorganization.
The Debtor stated that it has filed an adversary proceeding
seeking to obtain a co-debtor stay related to litigation pending
in Fairfax County, Virginia which, at its heart, seeks to obtain
a constructive trust over all of Debtor's property and reorder
the extend and priority of liens.
The Debtor also added that its motion to retain appraisers and
brokers is pending before the Court and set for hearing on July
18, 2023. The Debtor explained that, with the exception of one
piece of property, which it is moving simultaneously to abandon,
it needs the information from these appraisals to determine which
properties to liquidate or to retain.
Additionally, the Debtor claimed that it may have significant
insider avoidance claims. On June 22, 2023, the Court entered
an Order employing the Restructuring Manager and SC&H. The
Debtor explained that their analysis of the Debtor's records and
banking transactions will not be completed within the present
exclusivity period.
Eagle Properties and Investments, LLC is represented by:
Nancy D. Greene, Esq.
THE LAW OFFICES OF SRIS, PC
4008 Williamsburg Court
Fairfax, VA 22032
Tel: (703) 539-0333
Email: ndg@ndglaw.com
About Eagle Properties and Investments
Eagle Properties and Investments, LLC, is a Vienna Va.-based
company engaged in leasing real estate properties. It owns 26
properties valued at $9.37 million.
Eagle Properties and Investments filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va.
Case No. 23-10566) on April 6, 2023, with $9,429,800 in total
assets and $14,716,136 in liabilities. Amit Jain, manager, signed
the petition.
The Debtor tapped the Law Offices of Sris, P.C. and N D Greene,
PC. as bankruptcy counsels; Whiteford, Taylor & Preston, LLP as
special counsel; and SC&H Group, Inc. as financial advisor and
accountant.
EFS PARLIN: Seeks to Extend Plan Exclusivity to November 24
-----------------------------------------------------------
EFS Parlin Holdings, LLC asks the U.S. Bankruptcy Court for the
District of Delaware to extend the exclusive periods during which
only the debtor may file a chapter 11 plan and solicit
acceptances thereof to November 24, 2023 and January 23, 2024.
The Debtor stated that it has made significant progress in moving
the case to a successful completion, including spending
considerable time addressing numerous issues involving creditors
and other parties in interests.
The Debtor also stated that because it is currently focused on
maximizing value through one or more sales of its assets, it is
not yet focused on claims administration. "As a result, no party
in interest is ready to submit a plan, and the Debtor should have
sufficient time to administer claims to enable it to craft a
chapter 11 plan, if necessary, that will be best for the Debtor's
estate and creditors," explained the Debtor.
Unless extended, the Debtor's exclusive filing periods and
exclusive solicitation periods will expire on August 24, 2023 and
October 25, 2023, respectively.
EFS Parlin Holdings, LLC is represented by:
J. Cory Falgowski, Esq.
BURR & FORMAN LLP
222 Delaware Avenue, Suite 1030
Wilmington, DE 19801
Tel: (302) 830-2312
Email: jfalgowski@burr.com
- and -
Erich N. Durlacher, Esq.
BURR & FORMAN LLP
Suite 1100, 171 Seventeenth Street, N.W.
Atlanta, GA 30363
Tel: (404) 685-4313
Email: edurlacher@burr.com
About EFS Parlin Holdings
EFS Parlin Holdings, LLC is in the business of electric power
generation, transmission and distribution. The company is based
in Norwalk, Conn.
EFS Parlin Holdings filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10539) on
April 28, 2023, with $9,424,029 in assets and $12,594,508 in
liabilities. Michael Whitworth, authorized representative, signed
the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped J. Cory Falgowski, Esq., at Burr Forman, LLP as
bankruptcy counsel and SSG Advisors, LLC as investment banker.
ENDO PARENT: $156M Bank Debt Trades at 18% Discount
---------------------------------------------------
Participations in a syndicated loan under which Endo Parent Inc is
a borrower were trading in the secondary market around 82.1
cents-on-the-dollar during the week ended Friday, July 28, 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.
ESSY QUALITY: Non-Priority Unsecureds to Get 38% Dividend in Plan
-----------------------------------------------------------------
ESSY Quality Health Care LLC submitted an Amended Proposed Plan of
Reorganization.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income for the period described in
11 U.S.C. Section 1191(c)(2) between $16,000 and $21,000 per
month.
The final Plan payment is expected to be paid 60 months from the
date the first Plan payment is made.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 38 cents on the dollar (38% dividend to unsecured
creditors).
Under the Plan, Class 3 IRS Unsecured Priority Claim is impaired.
The Allowed Unsecured Priority Claim of the IRS in the amount of
$708,293 will be paid $13,044 per month which amount includes
interest at 4% over the 5-year term of the Plan. This consists of
the unsecured priority claim amount $939,183 reduced by $18,759 for
2023 estimates which have been paid and reduced by and additional
$212,132 for 940/941 taxes due from 2013, 2014, 2015 and 2018. In
the event the Debtor fails to pay the IRS's Class 3 Unsecured
Priority Claim, the amount of $1,633,488 will be added back to the
IRS's claim and the Internal Revenue Service may accelerate its
allowed claim(s), past and future, and declare the outstanding
amount of such claim(s) to be immediately due and owing and pursue
any and all available state and federal rights and remedies.
Class 5 IRS Unsecured Claim is impaired. The IRS unsecured claim
will be waived provided the Debtor makes all payments to the IRS
Class 3 Claim as set forth above. In the event the IRS's Class 2
Secured Claim in the amount of $238,339 is found to be primed by
the SBA's security interest, the amount of the IRS's Class 2
Secured claim will be treated as a Class 8 General Unsecured
Claim.
Class 7 General Unsecured Claims Less Than $10,000 are impaired.
The general unsecured claims in allowed amounts less than $10,000
will be paid in full upon confirmation. This consists of the claim
of Chase Bank in the amount of $2,921.
Class 8 General Unsecured Claims Greater Than $10,000 are impaired.
This class will be paid pro rata from the disposable income in
excess of the Class 3 plan payment. This class will be paid
quarterly. The estimated dividend to Class 8 creditors is 38%
(assuming the SBA has the first lien). The Class 8 claim will be
equal the amount of the SBA's deficiency claim of $241,465 or
$478,497.
The Plan will be funded from the Debtor's operations and the
disposable income generated after monthly expenses are deducted
from monthly income will be distributed to creditors as set forth
in the plan. Dozie Zogut Ony and Esther Ony will operate and
manage the Debtor's operations and make the distributions pursuant
to the confirmed plan.
A copy of the Amended Proposed Plan of Reorganization dated July
19, 2023, is available at bit.ly/3Oq3yex from PacerMonitor.com.
About ESSY Quality Health Care
ESSY Quality Health Care, LLC, is a home health care services
provider.
ESSY Quality Health Care sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-50442) on April
17, 2023. In the petition signed by Dozie Zogus Ony, managing
member, the Debtor disclosed up to $50,000 in assets and up to $10
million in liabilities.
Judge Craig A. Gargotta oversees the case.
Michael J. O'Connor, Esq., at Michael J. O'Connor Law Office, is
the Debtor's legal counsel.
EVANGELICAL RETIREMENT: Panel Taps Newpoint as Financial Advisor
----------------------------------------------------------------
The official unsecured creditors' committee appointed in the
Chapter 11 case of Evangelical Retirement Homes of Greater Chicago,
Incorporated seeks approval from the U.S. Bankruptcy Court for the
Northern District of Illinois to employ Newpoint Advisors
Corporation.
The committee requires a financial advisor to:
(a) investigate the Debtor's books and records with respect to
possible avoidance actions, and other actions related to its
financial activities prior to the petition date;
(b) provide financial advice to the committee with respect to
the potential sale of the Debtor's assets and any issues in
connection therewith; and
(c) perform all the financial services for the committee which
may be necessary and proper in the Debtor's Chapter 11
proceedings.
The hourly rates of the firm's professionals are as follows:
Matthew Brash $395
Carin Sorvik, CPA, CIRA $365
Other Advisors $225 - $365
In addition, the firm will seek reimbursement for expenses
incurred.
Matthew Brash, a senior managing director at Newpoint Advisors
Corporation, 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:
Matthew Brash
Newpoint Advisors Corporation
750 Old Hickory Blvd. Building 2, Suite 150
Brentwood, TN 37027
Telephone: (800) 306-1250
Facsimile: (702) 543-3881
Email: mbrash@newpointadvisors.us
About Evangelical Retirement Homes
of Greater Chicago
Evangelical Retirement Homes of Greater Chicago, Incorporated
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ill. Case No. 23-07541) on June 9, 2023. In the
petition signed by its chief executive officer, Michael Flynn, the
Debtor disclosed $10 million to $50 million in assets and $100
million to $500 million in liabilities.
Judge Timothy A. Barnes oversees the case.
The Debtor tapped Bruce C. Dopke, Esq., at Dopkelaw, LLC and
Polsinelli, PC as legal counsels, and WYSE Advisors, LLC as
financial advisor.
The U.S. Trustee for Region 11 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Crane, Simon, Clar & Goodman as legal counsel and
Newpoint Advisors Corporation as financial advisor.
FTX TRADING: SBF Okays Gag Order After Bail Status Jeopardized
--------------------------------------------------------------
Ava Benny-Morrison of Bloomberg Law reports that FTX founder Sam
Bankman-Fried has agreed to a gag order largely preventing him from
publicly discussing his case after prosecutors accused him of
trying to discredit their star witness, Caroline Ellison.
The order still needs to be approved by US District Judge Lewis A.
Kaplan, who has summoned the former FTX chief executive officer to
appear Wednesday, in a New York federal court. The judge will
deal with the "adequacy and continuation" of Bankman-Fried's bail,
suggesting his current house arrest could be in jeopardy while he
awaits trial on criminal fraud charges.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
GOLYAN ENTERPRISES: Wins Cash Collateral Access Thru Sept. 24
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized Golyan Enterprises LLC to use cash collateral on an
interim basis in accordance with the budget.
Rego Park Lender LLC has an alleged lien on and security interest
in substantially all of Debtor assets as well as a first lien on
the cash collateral and is entitled to adequate protection.
The Debtor's authorization to use the cash collateral will commence
as of entry of the Interim Order by the Court and terminate upon
the earliest of:
(i) September 24, 2023;
(ii) entry of a Final Order or a further interim order granting
the Debtor's authorization to use the cash collateral; or
(iii) the occurrence of a Termination Event. Occurrence of the
Termination Date will terminate the rights of the Debtor to use the
cash collateral, but will not in any manner affect the rights,
privileges or other protections afforded RPL, or in any manner
affect the validity, priority, enforceability or perfected status
of a lien or security interest granted for the benefit of RPL
pursuant thereto.
As adequate protection for any diminution in the value of RPL's
interest in its collateral resulting from (a) the Debtor's use of
cash collateral; (b) use, sale or lease of RPL's collateral; or (c)
the imposition of the automatic stay under 11 U.S.C. section 362(a)
of the Bankruptcy Code, RPL will receive the following adequate
protection:
(i) replacement liens pursuant to 11 U.S.C. section 361(2) of
the Bankruptcy Code on all property of the Debtor and its estate,
whether now owned or hereafter acquired to the extent required by
the pre-petition loan documents to the same extent and validity as
its pre-petition liens,
(ii) the Debtor will retain all rents received, and expend
funds only for the expenditure of necessary maintenance and repairs
to the premises, utility deposits and amounts set forth in the
Order and in the attached Budget,
(iii) the Debtor will make adequate protection equal to the
pre-petition monthly interest only mortgage payments at the
non-default contract rate on the principal amount of the mortgage,
made to RPL in accordance with the pre-petition Mortgagee Loan
Documents,
(iv) RPL will have a super priority administrative claim as
provided for in 11 U.S.C. section 507(b), subject and subordinate
only to the Carve-Out, with priority over any and all
administrative expenses and all other claims against the Debtor.
The Adequate Protection Liens will be subject to:
(i) Payments of those fees due to the Office of the United
States Trustee pursuant to 28 U.S.C. section 1930;
(ii) The payment of allowed professional fees and disbursements
incurred by the Debtor's professionals retained by an Order of the
Bankruptcy Court, and any statutory committee appointed in the case
pursuant to fee orders or any Monthly Compensation Order and the
Budget, and in the event of a default that results in the
termination of the Debtor's authorization to use cash collateral,
unpaid Professional Fees and disbursements incurred in accordance
with the Budget not to exceed the sum of $25,000;
(iii) Any recoveries in favor of the estate pursuant to Chapter
5 of the Bankruptcy Code; and
(iv) Any amounts allowed by the Court as fees and expenses of a
trustee appointed under 11 U.S.C. section 726(b) in an amount not
to exceed $7,500.
The Debtors are required to comply with these milestones:
(i) The Debtor must file a motion seeking authority to sell
the Debtor's Property with proposed Bid Terms and the right to
designate a Stalking Horse Purchaser at a later point in time by
July 1, 2023, and will seek an expedited hearing for said relief;
(ii) The Debtor must begin marketing the sale of the Property
as soon as the Bid Procedures Motion is approved by the Court and
the Broker's retention is approved and sale process with auction to
be done by October 17, 2023 with a 30 day window to close of
November 17, 2023; and
(iii) The Debtor must file a liquidating Plan by July 15, 2023,
and will confirm same by October 31, 2023.
A final hearing on the matter is set for September 12, 2023 at 10
a.m.
A copy of the order is available at https://urlcurt.com/u?l=GaBtSV
from PacerMonitor.com
About Golyan Enterprises
Golyan Enterprises, LLC owns a residential apartment building
located at 99-44 62nd Ave., Rego Park, N.Y. The property is valued
at $12 million.
Golyan Enterprises filed its voluntary petition for Chapter 11
protection (Bankr. E.D.N.Y. Case No. 23-41647) on May 11, 2023,
with $12,000,500 in assets and $10,472,736 in liabilities.
Faraidoon Golyan, co-managing member, signed the petition.
Judge Nancy Hershey Lord oversees the case.
The Law Offices of Avrum J. Rosen, PLLC serves as the Debtor's
bankruptcy counsel.
GRAYSON REAL: Seeks 90-Day Extension to Plan Exclusivity
--------------------------------------------------------
Grayson Real Estate, LLC asks the U.S. Bankruptcy Court for the
Western District of North Carolina to extend the periods within
which it may exclusively file and solicit acceptances of its plan
for an additional 90 days.
The Debtor claims that it has made good faith progress towards
reorganization and a proposed real estate sale is well under way.
The Debtor explained that the proceeds of that sale will pay all
claims in full and leave sufficient funds to make a distribution
to equity. The Debtor is informed and believes that all
constituencies support the proposed sale.
The Debtor stated that an unresolved contingency also exists in
that it requires sufficient time to seek approval of its proposed
land sale under Bankruptcy Rule 2002, and (if approved) must then
proceed to closing within the timeline set forth in the
underlying contract.
Grayson Real Estate, LLC is represented by:
Richard S. Wright, Esq.
MOON WRIGHT & HOUSTON, PLLC
212 North McDowell Street, Suite 200
Charlotte, NC 28204
Tel: (704) 944-6560
About Grayson Real Estate
Grayson Real Estate, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-50125) on
May 15, 2023. In the petition signed by Van D. Stamey, manager,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Laura T. Beyer oversees the case.
Richard S. Wright, Esq., at Moon Wright & Houston, PLLC,
represents the Debtor as legal counsel.
GREELEY LAND: Exclusive Solicitation Period Extended to Sept. 30
----------------------------------------------------------------
Judge Kimberley H. Tyson of the U.S. Bankruptcy Court for the
District of Colorado extended Greeley Land, LLC's exclusivity
period to solicit and obtain acceptances of a modified plan of
liquidation to September 30, 2023.
About Greeley Land, LLC
Greeley Land, LLC, an apartment building operator, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022,
listing $10 million to $50 million in both assets and
liabilities.
Judge Michael E. Romero presides over the case.
Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at
Brownstein Hyatt Farber Schreck, LLP are the Debtor's bankruptcy
attorneys.
HARRIS ENERGY: Exclusivity Period to File Ch. 11 Plan Extended
--------------------------------------------------------------
Judge Katherine Maloney Perhach of the U.S. Bankruptcy Court for
the Eastern District of Wisconsin extended the exclusive periods
for Harris Energy Group, Inc. and its affiliates to file a
proposed plan of reorganization and to solicit acceptances of the
proposed plan pending a decision on the Debtors' Motion for an
Entry of an Order Extending the Exclusive Periods for Filing
Chapter 11 Plan of Reorganization and for Soliciting Acceptances.
The Court held a preliminary telephone hearing on July 13, 2023
and scheduled an evidentiary hearing for August 4, 2023. The
exclusive period to file a plan of reorganization is currently
set to expire on July 14, 2023, before the evidentiary hearing.
About Harris Energy Group
Harris Energy Group, Inc. and affiliates own, operate, and
develop hydroelectric power plants in Wisconsin, Michigan, Iowa,
and Illinois, generating power for sale to public utilities,
governmental agencies, and private power producers. The plants
generate power when water from rivers or lakes flows through the
blades of a turbine. The turbines are connected to a generator
that makes electricity, which is then sold to either the
Midcontinent Independent System Operation or other public
entities or private companies through power purchase agreements.
Harris Energy and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Lead Case No.
23-21117) on March 16, 2023. In the petition signed by its
chairman, William D. Harris, Harris Energy disclosed up to
$50,000 in assets and up to $1 million in liabilities.
Judge Katherine Maloney Perhach oversees the cases.
The Debtors tapped Paul G. Swanson, Esq., at Steinhilber Swanson,
LLP as legal counsel and MS Financial Services as financial
advisor.
HUMANIGEN INC: Removed From Nasdaq; Mulls Bankruptcy Filing
-----------------------------------------------------------
Humanigen, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on July 24, 2023, it received a letter
from the Nasdaq Capital Market indicating that the Panel would
delist the shares of the Company from Nasdaq and trading in the
Company shares would be suspended. The shares would commence
trading on the OTC Pink Market. According to the Company, the
suspension from trading and delisting from the Nasdaq Capital
Market likely would adversely affect the liquidity of its common
stock and its ability to raise additional capital.
Humanigen stated that its negotiations with a privately held
biopharmaceutical company relating to a proposed business
combination, as disclosed in the Company's Quarterly Report on Form
10-Q filed on May 15, 2023, have ended without execution of a
definitive agreement. In addition, the Company has been
unsuccessful in its attempt to identify and complete another
strategic or equity financing transaction in the first half of 2023
on terms sufficient to enable the Company to regain compliance with
applicable Nasdaq listing requirements within the extended
compliance period of Aug. 21, 2023. The Company further has been
unsuccessful in raising debt or equity financing in sufficient
amounts and with acceptable terms to fund the Company's operations
going forward.
In light of these developments, the Company notified the Nasdaq
Hearings Panel that it does not expect to be able to demonstrate
compliance with all applicable criteria for listing on The Nasdaq
Capital Market by Aug. 21, 2023, including the $1.00 minimum bid
price per share requirement set forth in Nasdaq Listing Rule
5550(a)(2) and the $35 million market value of listed securities
requirement set forth in Nasdaq Listing Rule 5550(b)(2).
Humanigen stated, "In light of the above, and the Company's limited
cash and cash equivalents, the Company anticipates that it will not
be able to continue as a going concern and is exploring all
restructuring options, which may include commencing a bankruptcy or
other insolvency proceeding sometime in the third quarter of 2023.
In that regard, the Company is evaluating term sheets relating to
potential sales of assets in a bankruptcy proceeding. Given the
Company's lack of liquidity, any such bankruptcy filing may result
in a complete or substantial loss of value for holders of our
common stock."
About Humanigen Inc.
Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly
known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com
-- is a clinical stage biopharmaceutical company, developing its
portfolio of proprietary Humaneered anti-inflammatory immunology
and immuno-oncology monoclonal antibodies. The Company's
proprietary, patented Humaneered technology platform is a method
for converting existing antibodies (typically murine) into
engineered, high-affinity human antibodies designed for therapeutic
use, particularly with acute and chronic conditions. The Company
has developed or in-licensed targets or research antibodies,
typically from academic institutions, and then applied its
Humaneered technology to optimize them. The Company's lead product
candidate, lenzilumab, and its other product candidate,
ifabotuzumab ("iFab"), are Humaneered monoclonal antibodies. Its
Humaneered antibodies are closer to human antibodies than chimeric
or conventionally humanized antibodies and have a high affinity for
their target. In addition, the Company believes its Humaneered
antibodies offer further important advantages, such as high
potency, a slow off-rate and a lower likelihood to induce an
inappropriate immune response or infusion related reaction.
Humanigen reported a net loss of $70.73 million for the 12 months
ended Dec. 31, 2022, compared to a net loss of $236.65 million for
the 12 months ended Dec. 31, 2021. As of March 31, 2023, the
Company had $5.12 million in total assets, $54.84 million in total
liabilities, and a total stockholders' deficit of $49.72 million.
Ridgeland, Mississippi-based HORNE LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 30, 2023, citing that the Company has suffered recurring
losses from operations and its total liabilities exceed its total
assets. This raises substantial doubt about the Company's ability
to continue as a going concern.
HUMANIGEN INC: Three Directors Quit From Board
----------------------------------------------
John Hohneker resigned from the Board of Directors of Humanigen,
Inc., on July 18, 2023, and on July 19, 2023, Cheryl Buxton and
Kevin Xie both resigned from the Board, in each case with immediate
effect.
The decisions of Dr. Hohneker, Ms. Buxton and Mr. Xie to resign
were not the result of disagreements with Humanigen on any matter
relating to Humanigen's operations, policies or practices, the
Company disclosed in a Form 8-K filed with the Securities and
Exchange Commission.
As a result of the resignations, the Company notified The Nasdaq
Stock Market of the Company's non-compliance with each of Nasdaq
Rule 5605(b)(1), which requires a Nasdaq-listed company to have a
board of directors comprised of a majority of independent
directors; and Nasdaq Rule 5605(c)(2), which requires a
Nasdaq-listed company to have an audit committee of the board of
directors comprised of at least three independent directors meeting
the eligibility requirements of that Rule.
About Humanigen Inc.
Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly
known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com
-- is a clinical stage biopharmaceutical company, developing its
portfolio of proprietary Humaneered anti-inflammatory immunology
and immuno-oncology monoclonal antibodies. The Company's
proprietary, patented Humaneered technology platform is a method
for converting existing antibodies (typically murine) into
engineered, high-affinity human antibodies designed for therapeutic
use, particularly with acute and chronic conditions. The Company
has developed or in-licensed targets or research antibodies,
typically from academic institutions, and then applied its
Humaneered technology to optimize them. The Company's lead product
candidate, lenzilumab, and its other product candidate,
ifabotuzumab ("iFab"), are Humaneered monoclonal antibodies. Its
Humaneered antibodies are closer to human antibodies than chimeric
or conventionally humanized antibodies and have a high affinity for
their target. In addition, the Company believes its Humaneered
antibodies offer further important advantages, such as high
potency, a slow off-rate and a lower likelihood to induce an
inappropriate immune response or infusion related reaction.
Humanigen reported a net loss of $70.73 million for the 12 months
ended Dec. 31, 2022, compared to a net loss of $236.65 million for
the 12 months ended Dec. 31, 2021. As of March 31, 2023, the
Company had $5.12 million in total assets, $54.84 million in total
liabilities, and a total stockholders' deficit of $49.72 million.
Ridgeland, Mississippi-based HORNE LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 30, 2023, citing that the Company has suffered recurring
losses from operations and its total liabilities exceed its total
assets. This raises substantial doubt about the Company's ability
to continue as a going concern.
INNOVATE CORP: Names Paul Voigt as Interim CEO
----------------------------------------------
Innovate Corp. announced that the Board has named Paul K. Voigt as
interim chief executive officer, effective immediately. Suzi
Herbst, who had been serving as interim CEO immediately following
the passing of Wayne Barr, will remain the Company's chief
operating officer.
Voigt joins INNOVATE from Lancer Capital, where he served as senior
managing director of Investments. He previously served as senior
managing director of Investments at INNOVATE from 2014 to 2018.
Avram Glazer, Chairman of the Board of Directors, said, "The Board
is confident that Paul's financial acumen and extensive experience
with the Company, its people and its assets make him the right
person to lead INNOVATE during this period as we continue to
capitalize on the Company's near-term opportunities."
Glazer added, "We thank Suzi for stepping into the role through a
difficult transition period over the last few days and appreciate
her continuing contributions to INNOVATE as COO."
Voigt said, "I am eager to join the INNOVATE team and look forward
to working with Mike, Suzi and the rest of the leadership team to
continue to perform across our businesses and deliver for
shareholders."
Voigt has served as senior managing director of Investments at
Lancer Capital since 2019. From 2014 to 2018, he served as senior
managing director of Investments at INNOVATE (formerly HC2), where
he helped spearhead capital raising and transaction sourcing
activities. Prior to that, he served as executive vice president
on the sales and trading desk at Jefferies from 1996 to 2013.
Prior to joining Jefferies, he was managing director on the high
yield sales desk at Prudential Securities from 1988 to 1996,
following a professional baseball career from 1979 to 1987. He
received a B.S. in electrical engineering the University of
Virginia in 1980 and an MBA from the University of Southern
California in 1988.
About Innovate
New York-based Innovate -- www.innovatecorp.com -- is a diversified
holding company that has a portfolio of subsidiaries in a variety
of operating segments. The Company seeks to grow these businesses
so that they can generate long-term sustainable free cash flow and
attractive returns in order to maximize value for all stakeholders.
As of Dec. 31, 2021, the Company's three operating platforms or
reportable segments, based on management's organization of the
enterprise, are Infrastructure, Life Sciences and Spectrum, plus
its other segment, which includes businesses that do not meet the
separately reportable segment thresholds.
Innovate Corp. reported a net loss of $42 million in 2022, compared
to a net loss of $236.2 million in 2021. As of Dec. 31, 2022, the
Company had $1.15 billion in total assets, $1.18 billion in total
liabilities, $61 million in total temporary equity, and a total
stockholders' deficit of $90.6 million.
* * *
As reported by the TCR on May 17, 2023, S&P Global Ratings lowered
its issuer credit rating on Innovate Corp. to 'CCC+' from 'B-'.
S&P said, "We expect Innovate to maintain less than adequate
liquidity over the next 12 months. This reflects our expectation
that while the company has enough liquidity to continue operating
for the next 12 months, we believe the cushion is very thin and
could quickly erode."
INTERNATIONAL LAND: Closes $310K Purchase Deal With Investor
------------------------------------------------------------
International Land Alliance, Inc. disclosed in a Form 8-K filed
with the Securities and Exchange Commission that it entered into a
securities purchase agreement with a certain investor.
Pursuant to the Purchase Agreement, the investor agreed to
purchase, and the Company agreed to sell and issue to the investor,
3,100 shares of Series C Convertible Preferred Stock at a price per
share of $100. The Company will use the net proceeds from the sale
for working capital purposes. The closing of the Purchase
Agreement occurred on July 13, 2023, when the Company issued the
Series C Shares to the investor.
On July 26, 2021, the Company and the investor entered into a
Securities Purchase Agreement whereby the Company issued to the
investor warrants to purchase common stock at an exercise price of
$0.68. As consideration for the investor to enter into the
Purchase Agreement, the investor is entitled to receive an
additional 1,240,000 warrants to purchase common stock at an
exercise price of $0.07 and reduced the exercise price of the
Existing Warrants to $0.07 per Warrant Share.
Amendments to Articles of Incorporation or Bylaws
On June 27, 2023, the Company filed a Certificate of Designations,
Preferences and Rights of the Series C Shares with the Wyoming
Secretary of State, authorizing the issuance of up to 10,000 Series
C Shares, par value $0.001 per share, each having a stated value
equal to $100.00.
The Series C Preferred Stock has no stated maturity and is subject
to a mandatory partial redemption equal to 110% of the Stated
Value.
The Series C Preferred Stock will rank senior with respect to the
preferences as to dividends, distributions and payments upon the
liquidation, dissolution and winding up of the Company and all
other shares of capital stock of the Company, including all other
outstanding shares of preferred stock as of the filing date of this
Certificate of Designations. The Company shall be permitted to
issue capital stock, including preferred stock, that is junior in
rank to all Series C with respect to the preferences as to
dividends, distributions and payments upon the liquidation,
dissolution and winding up of the Company.
Holders of shares of the Series C Preferred Stock are entitled to
receive, on each Dividend Payment Date, (i) cumulative cash
dividends on each share of Series C Preferred Stock, payable to the
Holders, on a quarterly basis, at a rate of 12% per annum of the
Stated Value, plus the Additional Amount thereon, and (ii)
dividends in the form of shares of Common Stock on each share of
Series C Preferred Stock, on a quarterly basis, at a rate of 8% per
annum on the Stated Value.
At any time or times on or after the Initial Issuance Date, each
Holder of Series C Preferred Stock shall be entitled to convert any
portion of the outstanding Series C Preferred Stock, including any
Additional Amount, held by such Holder into Conversion Shares by
following the mechanics of conversion set forth in the Certificate
of Designations.
The Purchaser shall have the right to convert its Series C Shares
at anytime after their issuance into shares of common stock at the
Conversion Price. The amount of shares of common stock issuable
upon a conversion for each Series C Share shall be the Stated Value
of such share plus all unpaid dividends in respect of such share
divided by the Conversion Price. The "Conversion Price" for each
Series C Share is, the lower of $0.07 or 80% of the average of the
closing sale price for the 10 consecutive trading days immediately
preceding, but not including, the effective date of the applicable
conversion notice; provided that, if the conversion occurs in the
ten trading days following an offering of the common stock (or
units consisting of common stock and warrants to purchase common
stock) resulting in the listing for trading of the common stock on
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global
Market, the Nasdaq Global Select Market or the New York Stock
Exchange (or any successors to any of the foregoing), the Purchaser
shall be entitled to convert its Series C Shares in units of common
stock and warrants to purchase Common Stock, if units are offered
to the public in the Qualified Offering.
About International Land Alliance
International Land Alliance, Inc. -- https://ila.company -- is a
residential land development company with target properties located
in the Baja California, Northern region of Mexico and Southern
California. The Company's principal activities are purchasing
properties, obtaining zoning and other entitlements required to
subdivide the properties into residential and commercial building
lots, securing financing for the purchase of the lots, improving
the properties infrastructure and amenities, and selling the plots
to homebuyers, retirees, investors, and commercial developers.
International Land reported a net loss of $10.42 million for the
year ended Dec. 31, 2022, compared to a net loss of $5.06 million
for the year ended Dec. 31, 2021. As of March 31, 2023, the
Company had $5.16 million in total assets, $32.57 million in total
liabilities, $293,500 in preferred stock Series B, and a total
stockholders' deficit of $27.71 million.
Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
July 6, 2023, citing that the Company has suffered net losses from
operations, which raises substantial doubt about its ability to
continue as a going concern.
INVENERGY THERMAL: S&P Assigns Prelim 'BB-' Rating on Secured Debt
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' project finance
issue rating and '2' recovery rating to Invenergy Thermal Operating
I LLC's (ITOI) proposed $325 million term loan B and $25 million
term loan C. S&P does not rate the $150 million revolving credit
facility.
The preliminary '2' recovery rating indicates S&P's expectation for
substantial (70%-90%; rounded estimate: 75%) recovery in a default
scenario.
Under the new proposed structure, Invenergy will own a
2.22-gigawatt (GW; net capacity) portfolio of four operating
gas-fired electricity power plants, each in different North
American Electric Reliability Corp. regions. The portfolio will
comprise:
Grays Harbor Energy LLC, a merchant 650-megawatt (MW)
combined-cycle gas turbine (CCGT) in Washington (Mid-Columbia, NWPP
region), has two heat rate call options (HRCO) totaling 200 MW that
run through December 2024. Grays Harbor is 100% owned by ITOI, and
we expect it to account for more than 50% of ITOI's cash flow over
the next few years.
Nelson, a mostly merchant 609 MW CCGT in Illinois (Commonwealth
Edison [COMED] zone, Pennsylvania-New Jersey-Maryland
Interconnection region), has a power purchase contract with WPPI
Energy for 15.6% of project's capacity until June 2037. Nelson is
100% owned by ITOI, and we expect it to account for about 30% of
ITOI's cash flow over the next few years.
Nelson Expansion, co-tenant of Nelson, is a mostly merchant 380 MW
dual-fueled simple-cycle gas turbine with 951,780 gallons of fuel
storage on site. NEX has capacity contracts with Hoosier and NRG
and has sold about 140 MW capacity to PJM. As a result, about 90%
of NEX capacity is contracted through May 2024. NEX is 100% owned
by ITOI, and we expect it to account for less than 10% of ITOI's
cash flow over the next few years.
St. Clair Power L.P., a fully contracted 584 MW CCGT in the
Canadian province of Ontario, with a power purchase agreement
(contract for differences) that ITOI extended to 2035, subject to
an advanced gas path upgrade in 2025. St. Clair is 100% owned by
ITOI, and we expect it to account for less than 10% of ITOI's cash
flow over the next few years.
Regional need for reliable and baseload generation creates an
opportunity for Grays Harbor to bridge the capacity shortage during
the renewable energy transition period in the Pacific Northwest.
S&P said, "We expect Grays Harbor to benefit from relatively high
generation and capacity factors and also higher around-the-clock
spark spreads of average of about $26-$27 per megawatt-hour (MWh)
over the next two years, generating over 50% of ITOI's cash flow."
S&P expects Nelson will continue to contribute a material share of
ITOI cash flow (about 30%), in which S&P expects capacity prices to
increase from current historically low prices.
The proposed structure has a $146 debt to kilowatt (kw) leverage,
lower than that of similarly rated peers. Cash flow sweeps over the
upcoming years will be a key rating driver for a rating upside.
St. Clair extended its contract to 2029-2035, subject to a facility
upgrade in the next two years, mitigating market risk and providing
visibility of distributions to ITOI.
Improved liquidity position, including larger revolver ($150
million vs. $95 million currently and a new term loan C of $25
million), which can support collateral for hedging opportunities.
Relatively strong historical financial performance with annual
DSCRs above 2x, except for 2022 (1.93x) due to the penalty impact
on cash flow (about $10 million) from December 2022 winter storm.
First-quarter 2023 trailing-12-months DSCR has rebounded to 2.08x.
Increased portfolio volatility as the proposed structure removed
about $9 million of annual cash flow distributions from encumbered
assets that are fully contracted and subject to no market risk.
In exchange, the new transaction adds NEX, which is mostly
uncontracted and subject to market risk and potentially minimal
generation. S&P expects this asset to have very low generation and
only capture on-peak revenues when demand and prices are very high,
together with capacity revenues.
Greater exposure and concentration in merchant assets, as S&P
expects Grays Harbor, Nelson, and NEX will generate over 90% of
ITOI cash flow.
S&P's cash flow sweep projections over the next two to three years
are contingent on Grays Harbor's ability to realize expected
generation and spark spreads and our expectations of improving
capacity prices in PJM-COMED.
St. Clair's contract extension is contingent on completing an
advanced gas path upgrade, which would be funded with project level
debt, increasing uncertainty over debt service cost. Project-level
debt at St. Clair has a cross-default provision that serves as a
cap to the rating on ITOI.
The project is exposed to interest rate risk without any material
hedge in a context of higher interest rates compared to the initial
issuance of its term loan B in 2019. S&P notes that the term
facilities are subject to interest rate hedge covenant for 50% of
the outstanding amounts for three years after transaction close.
S&P said, "We assigned a preliminary rating of 'BB-', which
compares to the current term loan B rated 'BB' that will be
refinanced, reflecting increased portfolio risk of mostly merchant
assets (Grays Harbor, Nelson, and NEX) and higher reliance on Grays
Harbor to deliver expected profitability over the next 12-24
months. The proposed transaction removes from the portfolio three
fully contracted assets subject to no market risk (totaling 527 MW,
adjusted for partial ownership), which collectively generated about
$9 million in annual distributions to ITOI. We removed our
one-notch negative adjustment on the previous transaction because
of a structural subordination in the collateral package. However,
we also note that the new portfolio will also be fully exposed to
cash flow volatility due to its mostly uncontracted nature.
Additionally, ITOI adds a 380 MW peaking unit (Nelson Expansion
project), a largely uncontracted merchant plant, and we expect it
will generate $3 million-$5 million in annual cash flow over the
next two to three years.
"ITOI is highly dependent on two productive assets, Grays Harbor
and Nelson, which account for about 85% of ITOI cash flow during
the term loan B period. They are merchant plants exposed to market
risk such as power demand, commodity prices, Pacific Northwest
carbon prices (Grays Harbor), and PJM-COMED capacity price
volatility (Nelson). We view the cash flow volatility as higher
than our previous assessment as favorable power market conditions
in the Pacific Northwest normalize over the next two to three
years. This is reflected in our revised operations phase business
assessment (OPBA) of '10', one category higher than our previous
assessment of '9'. This is based on the average decline of cash
flow available for debt service (CFADS) during our market downside
scenario compared with our base-case scenario. An OPBA in the
'9-10' category is in line with all other single assets or
portfolios that we rate and are exposed to the energy market
dynamics.
"Cash flow sweeps are key for the project to maintain or improve
our rating. We estimate annual $35 million-$40 million in cash flow
sweeps over the next two to three years, which depends on Grays
Harbor's ability to materialize our expected generation and spark
spreads, as well as Nelson's performance on the merchant market. We
note that for comparison, ITOI swept $19 million-$21 million
annually between 2020 and 2022. Recently, Grays Harbor's spark
spreads have increased from an annual average of about $22 per MWh
in 2021 to about $35/MWh in the first half of 2023 (including new
carbon costs) as a result of coal retirements in the region
creating shortage of generation. We think this favorable market
should continue over the next 12-24 months. We expect Grays Harbor
to bridge the capacity shortage during the energy transition period
and realize higher generation. Further, ITOI has hedged in
favorable spark spreads for July, August, and September 2023, as
well as some expected generation for 2024 that we think should
result in a sizable cash flow sweep of about $40 million in the
second half of 2023 and $37 million in 2024.
"We expect Grays Harbor will benefit from higher spark spreads and
strong generation over the next 12-24 months due to regional
shortage of generation pushing power prices up.We project Grays
Harbor will increase its contribution to ITOI's CFADS, accounting
for more than 50% in the next few years. We expect the project will
generate about 2,000 GWh in the second half of 2023 and about 4,000
GWh in 2024 and 2025 compared with 3,100 GWh in 2022 and 3,500 GWh
in 2021. Further, we estimate Grays Harbor's clean spark spreads
will peak at about $33/MWh-$34/MWh in the second half of 2023,
reflecting strong forward energy prices in the Pacific Northwest
and favorable hedges locked for 2023. We forecast the spark spreads
will decline to about $20/MWh in 2024, before normalizing to
$13-$14/MWh for the rest of the asset life."
In terms of spark spread hedges, the project hedged all of its
available capacity for the third quarter this year at an average
clean spark spread of about $61/MWh; about 10% of its available
capacity in the fourth quarter of 2023 at an average clean spark
spread of about $29/MWh; and about 10% of its available capacity
for the third quarter of 2024 at an average clean spark spread of
about $128/MWh.
Grays Harbor is in Washington state, which has strong renewable and
climate policy requiring utilities to transition their electricity
supply to greenhouse-gas-neutral by the end of 2030 and remove
coal-fired generation cost from electricity costs by 2025. S&P
said, "We anticipate the adoption of this policy could lead to
scarcity of generation as coal generation is retired in the near
term and renewable additions take time to come online. Further,
sustained drought conditions in Washington, which is highly reliant
on hydro-generation (58% of the resource mix), position Grays
Harbor and other efficient CCGTs to bridge the capacity shortage
during the energy transition and provide reliable generation during
this period. Following the restructuring of the energy mix in the
region and the entry of renewable generation, we expect Grays
Harbor's generation to decline to about 1,600 GWh and clean spark
spreads to $13-$14/MWh between 2027 and 2030."
S&P said, "We expect Nelson will continue to contribute a
substantial share of ITOI cash flow, but NEX could offer a
potential upside during peak demand in PJM-COMED. We expect Nelson
to generate approximately 1,700 GWh for the second half of 2023 and
about 3,000 GWh in 2024, in line with historical ranges. We expect
the project's spark spreads will range $13-$14/MWh over the next
12-24 months, reflecting normalizing power and natural gas prices
from last year's highs. We expect Nelson to generate about 30% of
the cash flow for ITOI during the term loan B period. However, we
expect Nelson's generation to gradually decline to about 1,800 GWh
after 2026 from 3,000 GWh in the near term, with the entry of
renewable generation and the asset being called during a smaller
window of hours. We project Nelson will offset declining energy
margin with increased capacity revenue as we assume PJM capacity
prices will increase to $80/MW-day in the 2027/2028 auction period
(thereafter increasing with inflation) from $45/MWd for 2025/2026.
We believe this will support stable cash flow contributions."
ITOI completed the NEX project, which began operations in the first
half of 2023. NEX is a 380 MW combustion turbine with about 10.8
Btu/MWh heat conversion rate. As a peaking generation plant, we
expect NEX to account for about 6% of ITOI cash flow due to its
inherently high variability of production and high risk of minimal
or no generation. NEX could provide a potential upside in cash flow
during peak demand, as the plant could capture higher spark spreads
than Nelson, given its dual-fuel operation and 32 hours of storage
capacity. Similar to Nelson, S&P expects NEX to support its cash
flow generation with capacity revenues in line with its
expectations of improving capacity prices in PJM-COMED to about
$80/MWd in 2027/2028 auction period from $28.90/MWd cleared for the
2024-2025 auction period.
The St. Clair plant is the only encumbered asset in the portfolio
subject to refinancing risk, partially mitigated by its long-term
contract with the Ontario Power Authority. S&P said, "We expect St.
Clair, in southern Ontario Independent Electricity System Operator
(IESO) west region, will account for less than 10% of ITOI cash
flow. St. Clair is an encumbered asset with C$175 million in
project-level debt outstanding as of June 30, 2023, and it
distributes cash to ITOI only after servicing its debt. St. Clair
has a long-term contract for differences with Ontario Power
Authority until 2035, subject to an advanced gas path upgrade
financed with debt in 2024. We forecast St. Clair's generation over
the next 12 months will be close to 2022 historical generation of
about 1,900 GWh due to scheduled nuclear retirements, which have
created an uptick in demand. However, we expect St. Clair's
generation will decline steadily to about 1,000-1,200 GWh by 2027
given Ontario's commitment to maintain the nuclear fleet by
refurbishing nuclear plants (Bruce, Darlington, and Pickering)
along with the entry of low-marginal-cost renewable generation.
IESO relies heavily on hydro and nuclear generation for 60% of the
reliability mix. While St. Clair is a relatively efficient CCGT
(average 2022 heat rate of 7400 Btu/KWh), it sits higher on the
dispatch curve given the region's large composition of non-thermal
generation."
S&P said, "The stable outlook reflects our view that ITOI will
generate robust cash flow over the next 12-24 months because of
increased profitability and higher generation of the Grays Harbor
plant. We expect the project to achieve a DSCR of about 2x over the
next 12 months and decline to 1.99x in September 2024, our minimum
due to high capital spending in this period. We expect the project
will sweep approximately $40 million toward term loan B repayment
in the second half of 2023 due to our expectations of strong
performance of Grays Harbor. After 2023, we project cash flow
sweeps will moderate year over year with an annual average of $25
million in 2024-2029, leading to an outstanding term loan B balance
at maturity (third quarter of 2029) of approximately $115
million."
S&P could lower its rating on ITOI's debt if a combination of the
following factors reduce minimum DSCRs to less than 1.5x on a
sustained basis:
-- Weaker than expected cash flow sweeps in the upcoming 12-24
months.
-- Lower than expected realized spark spreads and higher than
expected carbon price of Grays Harbor, generating over 50% of ITOI
cash flow over the next few years.
-- Lower than expected capacity prices in PJM and lower than
expected spark spreads, affecting the Nelson project, which
accounts for about 30% of ITOI cash flow.
-- Lower than expected demand for Grays Harbor and Nelson
reflected in weaker generation.
The rating is also capped by the credit profile of St. Clair, where
a bankruptcy filing would cause a cross-default and potential
acceleration of the ITOI debt. S&P said, "We assess St. Clair's
credit profile annually. Meaningful deterioration could prompt us
to lower the rating on the holding company even with compensating
improvements in other assets in the portfolio. At the moment, our
credit estimate on St. Clair does not limit the debt rating on
ITOI."
S&P could upgrade ITOI's senior secured debt if:
-- Cash flow sweeps in the next 12 to 24 months materially exceed
its expectations; and
-- S&P does not expect a potential offsetting releveraging
transaction to materially deteriorate the creditworthiness of
ITOI.
ITTELLA INTERNATIONAL: Taps SC&H Group as Investment Banker
-----------------------------------------------------------
Ittella International, LLC and affiliates seek approval from the
U.S. Bankruptcy Court for the Central District of California to
hire SC&H Group, Inc.
The Debtors require an investment banker to:
(a) undertake a study in order to better understand the
Debtors' business and inspect the assets of the business to
determine their physical condition;
(b) identify potential buyers based on information to be
provided by the Debtors and make recommendations to prepare the
assets and the business for proper investigation by potential
buyers;
(c) prepare an information memorandum or other materials about
the assets and the business for consideration by prospective
buyers, and prepare sales materials;
(d) prepare a program which may include marketing a potential
transaction through newspapers, magazines, journals, letters,
fliers, signs, telephone solicitation, the Internet or such other
methods as SC&H may deem appropriate.
(e) contact potential buyers for consideration and evaluation
and require potential buyers to execute confidentiality agreements
in favor of the Debtors;
(f) facilitate the development of a Virtual Data Room (VDR)
with detailed information including financial statements, marketing
materials, customer and supplier lists, management CVs, facilities,
and other information the Debtors deem relevant;
(g) circulate any information memorandum and marketing
materials, provide access to the VDR or send materials to
interested parties regarding the assets, after completing
confidentiality documents;
(h) respond, provide information to, coordinate site visits,
communicate and negotiate with and obtain offers from interested
parties;
(i) in connection with a bankruptcy proceeding governing a
potential transaction, assist with the submission of bid procedures
to the court and conduct the auction that may result therefrom;
(j) if requested by the Debtors, negotiate with various
stakeholders concerning the possible financial restructuring of the
existing claims of the creditors or equity stakeholders;
(k) assist in transaction structuring and pricing discussions
with potential buyers, on an as-needed basis.
The firm will be compensated as follows:
(a) an initial fee of $25,000;
(b) a monthly fee of $25,000;
(c) a transaction fee of:
i. $500,000, plus
ii. 2 percent of total consideration up to and including
$50 million, plus
iii. 1 percent for any total consideration greater than $50
million.
Matt LoCascio, a principal at SC&H Group, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matt LoCascio
SC&H Group, Inc.
910 Ridgebrook Rd.
Sparks, MD 21152
Telephone: (410) 403-1500
Email: mlocascio@schgroup.com
About Ittella International
Ittella International, LLC is a supplier of plant-based products
based in Paramount, Calif.
Ittella International and seven affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Lead
Case No. 23-14154) on July 2, 2023. In the petition signed by its
chief executive officer, Salvatore Galletti, Ittella International
reported $10 million to $50 million in both assets and
liabilities.
Judge Sandra R. Klein oversees the cases.
David L. Neale, Esq., at Levene, Neale, Bender, Yoo and Golubchik
LLP, represents the Debtors as legal counsel. SC&H Group, Inc. is
the Debtors' investment banker.
The U.S. Trustee for Region 16 appointed two separate committees to
represent unsecured creditors of Ittella International and its
affiliate, New Mexico Food Distributors, Inc.
JAJE ONE: Has Until Aug. 1 to File Amended Plan & Disclosures
-------------------------------------------------------------
Judge Robert A. Mark on July 19, 2023, entered an order that Jaje
One LLC will have until Aug. 1, 2023, to amend its Plan and
Disclosure Statement, and that the following matters will be
continued to August 10, 2023 at 1:30 PM:
* Disclosure Statement Filed by Debtor JAJE ONE, LLC.
* Objection to Disclosure Statement Filed by Creditor PHH
Mortgage Corporation.
* Objection to Disclosure Statement Filed by Creditor The
Terraces North At Turnberry Condominium Association, Inc.
* Motion to Value and Determine Secured Status of Lien Of
Deutsche Bank Nat'l Tr on Real Property (Value of Collateral:
$500,000) Filed by Debtor JAJE ONE, LLC.
* Opposition Response to Motion to Value and Determine Secured
Status of Lien Filed by Creditor PHH Mortgage Corporation.
The hearing will take place only by video conference.
To participate in the hearing, you must register in advance no
later than 3:00 p.m., one business day before the date of the
hearing.
About Jaje One
JAJE One, LLC, a company in Miami Beach, Fla., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case
No. 22-16629) on Aug. 28, 2022, with up to $10 million in assets
and up to $1 million in liabilities. Judge Robert A. Mark oversees
the case. The Debtor is represented by Joel M. Aresty, Esq., at
Joel M. Aresty, P.A.
KATANA ELECTRONICS: Seeks to Hire Stokes Law as Bankruptcy Counsel
------------------------------------------------------------------
Katana Electronics, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Utah to employ Stokes Law, PLLC as its
bankruptcy counsel.
The firm's services include:
a. advising the Debtor regarding its powers and duties;
b. taking all necessary action to protect and preserve the
estate of the Debtor;
c. assisting in preparing legal papers;
d. representing the Debtor in connection with all
appearances;
e. assisting in presenting the Debtor's proposed plan of
reorganization and all related transactions;
f. representing the Debtor at court hearings on plan
confirmation and all related matters; and
g. other necessary legal services.
Stokes Law will be paid at these rates:
Ted F. Stokes, Esq. $350 per hour
Paralegals $75 to $125 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Stokes Law received a retainer of $16,738 from the Debtor.
Ted Stokes, Esq., a partner at Stokes Law, 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:
Ted F. Stokes, Esq.
Stokes Law, PLLC
2072 North Main Suite 102
North Logan, UT 84341
Tel: (435) 213-4771
Fax: (888) 443-1529
Email: ted@stokeslawpllc.com
About Katana Electronics
Katana Electronics, LLC is an electronics manufacturing company
specializing in circuit boards and other electronic hardware.
Katana Electronics 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. Brian Rothschild, Esq., has
been appointed as Subchapter V trustee.
Judge Kevin R. Anderson oversees the case.
Theodore Floyd Stokes, Esq., at Stokes Law PLLC is the Debtor's
legal counsel.
LENDINGTREE LLC: $250M Bank Debt Trades at 16% Discount
-------------------------------------------------------
Participations in a syndicated loan under which LendingTree LLC is
a borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Delay-Draw Term loan that is
scheduled to mature on September 15, 2028. About $247.5 million of
the loan is withdrawn and outstanding.
LendingTree, LLC provides online tools to aid consumers in their
financial decisions. The Company offers services including auto
insurance, credit cards, mortgage, refinance, home equity, credit
scores, mortgage rates, and various calculations tools.
LIFESIZE INC: Court OKs $5MM DIP Loan From First-Citizens and SVB
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Laredo Division, authorized Lifesize, Inc. and affiliates to
obtain post-petition financing, on a final basis. Specifically,
the Debtor is permitted to obtain senior secured, super priority,
debtor-in-possession financing in the aggregate principal amount of
up to $1.750 million for a total of $5 million. The DIP facility
also includes a roll up of $15 million in obligations under the
Debtor's Prepetition 1L Credit Agreement.
Pursuant to the prior Interim Order, the Debtors were granted
authority to:
(i) enter into the Superpriority Secured Debtor-In-Possession
Credit Facility Term Sheet with First-Citizens Bank & Trust Company
-- successor by purchase to the Federal Deposit Insurance
Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as
successor to Silicon Valley Bank) -- as lender and agent; and
(ii) borrow, on an interim basis, pursuant to the DIP Credit
Documents, postpetition financing in an aggregate principal amount
of up to $1.5 million.
Pursuant to a subsequent Order amending the Interim Order, the
Debtors were authorized to borrow, on an interim basis, additional
post-petition financing in an aggregate principal amount of up to
$3.25 million.
The Debtor is also permitted, on a final basis, to use any
Prepetition Collateral, including Cash Collateral, and provide
adequate protection to the parties that may have an interest in the
Prepetition Collateral, including Cash Collateral, for any
diminution in value of their interests.
The DIP Facility is due and payable through the earliest to occur
of: (i) 90 days after the Petition Date; and (ii) the acceleration
of any of the DIP Loans and the termination of the commitments to
make the DIP Loans in accordance with the terms of the Term Sheet
or the other DIP Credit Documents, as application.
The Debtors require immediate access to the DIP Loans, and
continued use of cash collateral, to fund operations, capital
expenditures, and the administrative costs of these Chapter 11
Cases. As of the Petition Date, the Debtors' cash on hand was less
than $100,000, which was insufficient to operate their enterprise
and continue paying their obligations as they come due.
Pursuant to the Prepetition 1L Credit Agreement dated as of March
2, 2020 by and between Lifesize, Inc., SL MIDCO 1, LLC (f/k/a
MARLIN-SL MIDCO 1, LLC), a Delaware limited liability company; SL
MIDCO 2, LLC (f/k/a MARLIN-SL MIDCO 2, LLC), a Delaware limited
liability company; SERENOVA, LLC, a Delaware limited liability
company; and LO PLATFORM MIDCO, INC., a Delaware corporation; the
lenders from time to time party thereto, including SVB; and SVB in
its capacity as administrative agent and collateral agent for the
Prepetition 1L Lenders , the Debtors incurred indebtedness to the
Prepetition 1L Parties.
As of the Petition Date, the aggregate principal amount outstanding
under the Prepetition Facility was not less than $59.7 million,
plus interest, fees and all other obligations owing under the
Prepetition Facility.
SVB Capital is also the administrative agent and lender under the
Prepetition 2L Credit Agreement dated as of March 2, 2020.
Marlin LO Holdings, LP, Marlin LO Topco, Inc., and Marlin LO TOPCO
II, Inc. -- ERC lenders -- are lenders under the Subordinated
Secured Credit Agreement dated as of October 31, 2022. The
obligations under the Sponsor Credit Agreement in a principal
amount not to exceed $4 million are secured by a senior lien on
certain employee retention tax credits and related assets, to the
extent permitted by applicable non-bankruptcy law.
Pursuant to (i) an Intercreditor Agreement dated as of March 2,
2020, by and among Holdings, Midco 2, Serenova, and Lifesize, the
guarantors party thereto, SVB, in its capacity as First Lien
Representative, and SVB Innovation Credit Fund VIII, L.P. (f/k/a
Westriver Innovation Lending Fund VIII, L.P.) in its capacity as
Second Lien Representative, and each additional representative from
time to time party thereto (ii) the Subordination Agreement dated
as of March 2, 2020, by and among the Prepetition 1L Agent, SVB
Capital, in its capacity as the administrative agent for certain 2L
lenders, and each of the holders of the subordinated notes
signatory thereto, and acknowledged by Midco 2 and Holdings; and
(iii) the Subordination Agreement dated as of October 31, 2022 by
and among the Prepetition 1L Agent, SVB Capital, in its capacity as
the administrative agent for the 2L Lenders, and MARLIN LO HOLDINGS
LP, MARLIN LO TOPCO, INC., and MARLIN LO TOPCO II, INC. in
connection with the Sponsor Credit Agreement, the Debtors'
prepetition lenders agreed on the relative priority of the liens
granted to the prepetition lenders and on the order of distribution
of collateral or proceeds thereof.
An immediate need exists for the Debtors to obtain funds from the
DIP Loan and to use cash collateral to continue operations, fund
payroll and operating expenses, administer and preserve the value
of their estates.
As adequate protection for the use of cash collateral, the
Prepetition 1L Parties and the Prepetition Junior Secured Parties
-- the 2L Lenders and ERC Lenders -- are granted continuing, valid,
binding, enforceable, and perfected post-petition security
interests in and replacement liens on the DIP Collateral.
As further adequate protection, the Prepetition 1L Parties are
granted an allowed super-priority administrative expense claim in
the Chapter 11 Cases and any Successor Cases under 11 U.S.C.
sections 503 and 507(b).
The Prepetition 1L Parties (only in their capacities as such) agree
not to assert the 507(b) Claim as senior to:
(i) the so-called Litigation Subordination; and
(ii) separate and apart from the Litigation Subordination, and
subject to the Prepetition 1L Parties (solely in their capacities
as such) receiving a $22 million aggregate cash recovery in the
Chapter 11 Cases or in any Successor Cases -- Threshold Recovery --
the estates' creditors.
Notwithstanding anything in the Final Order, 60% of aggregate cash
recovery to the Prepetition 1L Parties (only in their capacities as
such) in respect of the DIP Obligations and Prepetition Obligations
above the Threshold Recovery shall be included in the Carve Out for
the benefit of the estates' creditors.
The DIP Liens are subordinate only to the following Carve Outs:
(i) Fees payable to the United States Trustee pursuant to 28
U.S.C. section 1930(a)(6);
(ii) Fees payable to the Clerk of the Bankruptcy Court;
(iii) Unpaid postpetition professional fees and expenses payable
to each legal or financial advisor retained by the Debtors,
including the noticing agent, that are incurred or accrued prior to
the date of the occurrence of a Termination Event, but subject to
the aggregate amount(s) set forth in the Approved Budget, plus
success fees or commissions payable to the Debtors' investment
banker, Piper Sandler & Co., as approved by the Court; provided,
that the payment of success fees and commissions shall in all cases
be subject to (x) the Approved Budget, and (y) the prior
indefeasible repayment in cash of at least $12.5 million of the
outstanding balance of the DIP Facility (including, for the
avoidance of doubt, the DIP Roll-Up Loans), as ultimately allowed
by the Court;
(iv) unpaid professional fees and expenses payable to each
legal advisor and each financial advisor retained by the Committee
that are incurred or accrued prior to the date of the occurrence of
a Termination Event, but subject to the aggregate amount(s) set
forth in the Approved Budget;
(v) Professional Fees ultimately allowed by the Court paid on
or after the date of the occurrence of a Termination Event in an
aggregate amount not to exceed $135,000;
(vi) In the event the Chapter 11 Cases are converted to cases
under chapter 7 of the Bankruptcy Code, reasonable fees, and
expenses incurred by a duly-appointed trustee under 11 U.S.C.
section 726(b) in an aggregate amount not to exceed $25,000;
(vii) Amounts in an aggregate amount not to exceed $800,000
payable by the Debtors under any Court-approved key employee
retention plan and subject to the Approved Budget; provided, in the
event of a prior indefeasible repayment in cash of at least $12.5
million of the outstanding balance of the DIP Facility (including,
for the avoidance of doubt, the DIP Roll-Up Loans), any remaining
amount above $800,000 payable by the Debtors under the KERP up to
$192,500;
(viii) In addition to the Litigation Subordination, the Estate
Recovery; and
(ix) Accrued and unpaid obligations of the Debtors for
postpetition payroll and employee-related taxes and amounts related
to IBNR healthinsurance reimbursement claims to the extent set
forth in the Approved Budget.
So long as no Termination Event has occurred, the Debtors shall be
authorized and directed to fund, on a weekly basis, into the trust
account of the Debtors' bankruptcy counsel an amount equal to the
budgeted amount for Professional Fees in accordance with the
Approved Budget.
A copy of the motion is available at https://urlcurt.com/u?l=Xsqp29
from PacerMonitor.com.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=X5QmgX from PacerMonitor.com.
The Debtor projects total operating disbursements, on a weekly
basis, as follows:
$2,267,000 for the period ending August 4, 2023;
$312,000 for the period ending August 11, 2023;
$182,000 for the period ending August 18, 2023; and
$439,000 for the period ending August 25, 2023.
About Lifesize Inc.
Lifesize, Inc. is a cloud communications company in Laredo, Texas,
which offers contact center and video meeting solutions for
businesses.
Lifesize and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-50038) on
May 16, 2023. At the time of the filing, Lifesize reported $10
million to $50 million in assets and $100 million to $500 million
in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel; FTI Consulting, Inc. as financial advisor; and Piper
Sandler & Co. as investment banker. Kurtzman Carson Consultants,
LLC is the claims, noticing and solicitation agent and
administrative advisor.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by McDermott Will & Emery, LLP.
LTL MANAGEMENT: Seeking Plan Vote Too Soon, Says DOJ
----------------------------------------------------
Yun Park of Bloomberg Law reports that the Justice Department is
objecting to LTL Management LLC's attempts to start soliciting for
creditors' votes on its bankruptcy plan, arguing that the bankrupt
Johnson & Johnson subsidiary doesn't have court approval to
proceed.
All parties "have the right to be heard on every step of the
solicitation process," according to a letter the US Trustee, the
DOJ’s bankruptcy watchdog, sent to a bankruptcy judge July 21,
2023.
The US Trustee asked Judge Michael Kaplan of the US Bankruptcy
Court for the District of New Jersey to order LTL to withdraw its
solicitation directives. LTL is aiming to drum up support for a
plan that would, if approved, resolve widespread litigation
alleging J&J's baby powder caused cancer.
An August 22, 2023 hearing was scheduled to assess whether LTL can
proceed with soliciting creditors' votes, which are needed for the
reorganization plan to take effect.
But instead of waiting, LTL sent out a directive email on July 18
and asked creditors to vote by August 15, 2023 according to the US
Trustee. LTL said in its email to creditors that it's following the
solicitation procedures laid out in its Chapter 11 plan, according
to the letter.
"There should be no rush with respect to a process that must
protect the due process rights of creditors," the US Trustee said.
J&J created LTL to house all claims from consumers who claim they
developed cancer from using its talc products. J&J has maintained
that its products are safe.
LTL filed a second bankruptcy in April 2023 after the bankruptcy
court dismissed its initial Chapter 11 case in January 2023.
In the second bankruptcy, LTL is proposing to pay $8.9 billion to
resolve talc claimants' claims.
About LTL Management
LTL Management, LLC is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an
order denying LTL's stay motion on March 31, 2023, and, on the dame
day, issued its mandate directing the Bankruptcy Court to dismiss
the 2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
LYM DEVELOPMENT: Court OKs Cash Collateral Access Thru Aug. 9
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized LYM Development, LLC to use cash collateral on an
interim basis in accordance with the budget, through August 9,
2023.
The Debtor requires the use of cash collateral to operate in the
ordinary course of business.
As previously reported by the Troubled Company Reporter, these
entities assert an interest in the Debtor's cash collateral:
(a) Parkside Funding Group LLC: inter alia, accounts
receivable pursuant to a Merchant Cash Advance Agreement dated
September 15, 2022 and UCC filed;
(b) Custom Capital USA: inter alia, accounts receivable
pursuant to a Merchant Cash Advance Agreement dated April 15, 2022
and UCC filed on July 13, 2022;
(c) 3PCG Inc.: inter alia, accounts receivable pursuant to a
Merchant Cash Advance Agreement dated July 11, 2022 and UCC filed;
on October 20, 2022;
(d) FTF Lending, LLC: Construction Reserve pursuant to the
respective Mortgages dated in or around March 2021, June 2021 and
January 2022 on the Debtor's properties located on Greenwich
Street, Gerritt Street, and Cleveland Street, respectively; and
(e) ING Properties, LLC: Funds available for disbursement at
the sole discretion of the lender pursuant Mortgage dated November
29, 2021 on the Debtor's properties located at 901-911 Emily
Street.
As adequate protection for the use of cash collateral, these
Entities will be granted valid, binding, enforceable and
automatically perfected replacement liens on and security interests
in the same types and items of the Debtor's property that the
Entities held a valid, enforceable, properly perfected lien or
Security Interest in prepetition. The Replacement Liens, and any
other form of adequate protection provided for under the Order,
will be only valid to the extent the Entities has a valid perfected
lien against the cash collateral of the Debtor and the Debtor is
unable to avoid such lien under Chapter 5 of the Bankruptcy Code or
other applicable law.
A final hearing on the matter is set for August 9, 2023 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=pLrqnW
from PacerMonitor.com.
About LYM Development, LLC
LYM Development, LLC is engaged in activities related to real
estate.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 23-11435) on May 17,
2023. In the petition signed by Michaela Hayes, 100 Percent LLC
Member/President, the Debtor disclosed $35,700 in assets and
$4,447,494 in liabilities.
Judge Patricia M. Mayer oversees the case.
Holly S. Miller, Esq., at Gellert, Scali, Busenkell and Brown, LLC,
represents the Debtor as legal counsel.
M7VEN SUPPORTIVE: Unsecureds to Recover 100% with 8.25% Interest
----------------------------------------------------------------
M7ven Supportive Housing and Development Group, Inc., submitted a
First Amended Chapter 11 Plan dated July 24, 2023.
Due to the inability of the Debtor to obtain donations and grants
during the pendency of the chapter 11 case, until revenues from
grants and donations are realized Beverly Creagh, Debtor's
Executive Director, will fund all the claims and expenses that are
required to be paid on the Effective Date.
The Plan's Proponent has provided projected financial information
for 60 months following the Effective Date. The projections reflect
that the Debtor, with funding provided by Ms. Creagh, will be able
to make all payments under the plan and that all of the projected
disposable income of the Debtor to be received in the first 3 years
after confirmation will be applied to make payments under the Plan.
The Plan Proponent's financial projections show that the Debtor
will have an aggregate annual average cash flow, after paying
operating expenses and post-confirmation taxes, sufficient to fund
all payments under the Plan. The final Plan's payment is expected
to be paid 60 months after the Effective Date.
Class 1 shall consist of the Allowed Secured Claim of Cedar Bagga.
The Debtor's obligation with respect to Cedar Bagga under its loan
documents and all legal, equitable, and contractual rights of Cedar
Bagga under its loan documents shall remain unaltered and in full
force and effect except as provided herein. The Lamar Note shall be
paid in full from the proceeds after customary costs of closing
from the closing of the sale of the Lamar Property by the Debtor.
The Roberts Note shall be satisfied by payment of interest only
payments at the contractual rate of 3.95% beginning on the
Effective Date and continuing thereafter for 36 months with a
balloon payment of all outstanding principal and interest due on
the first day of the calendar month following the thirty-sixth
month after the Effective Date.
Class 3 shall consist of the Allowed General Unsecured Claims. The
Holders of General Unsecured Claims shall receive Distributions
totaling 100% of each Holder's Allowed Class 3 Claim (the "Class 3
Dividend"), plus interest accruing at the rate of 8.25% APR payable
in quarterly payments beginning the first Business Day of the month
30 days following the Effective Date until the earlier of (a) 5
years after the Effective Date, or (b) until the Allowed Unsecured
Claims are paid in full plus interest at the rate of 8.25% APR.
Upon the Confirmation Order becoming a Final Order (the "Final
Order Date"), the Debtor and Creagh shall fund the payments
provided for hereunder from operations of the business and advances
from Creagh. The Debtor will continue to market the Lamar Property
for the best price available ("Sale Event"). Upon a Sale Event, the
Debtor will pay or segregate sufficient funds to pay (i) all
reasonable and ordinary costs of sale, including broker
commissions, (ii) all outstanding property taxes not otherwise
prorated between the Debtor and the purchaser at closing, (iii) the
Class 1 Claim of Cedar Bagga to satisfy the Lamar Note, (iv) any
unpaid professional fee claims, including post-confirmation
professional fee claims, (v) the balance owed the holders of
priority tax claims, and (vi) the Class 3 Distribution.
In the event that no agreement for the purchase of the Lamar
Property is filed with the Court within 90 days following the date
that the Confirmation Order becomes a Final Order (the "Final Order
Date"), the Debtor will seek authorization from the Court to employ
an auctioneer and arrange for the Lamar Property to be auctioned to
the highest bidder in a reasonable period of time based upon the
auctioneer's recommendations for realizing the highest value for
the Lamar Property.
A full-text copy of the First Amended Plan dated July 24, 2023 is
available at https://urlcurt.com/u?l=Y3nhAM from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Theodore N. Stapleton, Esq.
Theodore N. Stapleton, P.C.
2802 Paces Ferry Road SE, Suite 100-B
Atlanta, GA 30339
Tel: (770) 436-3334
Email: tstaple@tstaple.com
About M7ven Supportive Housing &
Development Group
M7ven Supportive Housing & Development Group, Inc., a company in
Kennesaw, Ga., filed its voluntary petition for Chapter 11
protection (Bankr. N.D. Ga. Case No. 23-53192) on April 4, 2023,
with as much as $50,000 in assets and $1 million to $10 million in
liabilities. Beverly Creagh, M7ven's executive director, signed
the petition.
Theodore N. Stapleton, P.C., serves as the Debtor's legal counsel.
MADERA COMMUNITY: Wins Cash Collateral Access Thru Aug. 4
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, authorized Madera Community Hospital to use cash
collateral on an interim basis in accordance with the budget,
through August 4, 2023.
The Court held that the Debtor must file a revised budget of
proposed uses for the future period on July 31.
A further hearing on the matter was set August 1 at 9:30 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=908BCC from PacerMonitor.com.
The Debtor projects $2,275,885 in total cash flows and $208,325 in
total expenses for the week ending July 29.
About Madera Community Hospital
Madera Community Hospital operates a general medical and surgical
hospital in Madera, Calif.
Madera Community Hospital sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10457) on
March 10, 2023. In the petition signed by its chief executive
officer, Karen Paolinelli, the Debtor disclosed $50 million to $100
million in assets and $10 million to $50 million in liabilities.
Judge Rene Lastreto II oversees the case.
The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Helsley,
as bankruptcy counsel; McCormick Barstow LLP and Ward Legal, Inc.
as special counsels; and JWT & Associates, LLP as accountant.
The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case. The committee
tapped Perkins Coie, LLP and Sills Cummis & Gross PC as legal
counsels and FTI Consulting, Inc. as financial advisor.
MANANTIAL ROCA: Gets OK to Tap Juan C Bigas Law Office as Counsel
-----------------------------------------------------------------
Manantial Roca Cristal, LLC received approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Juan C
Bigas Law Office to handle its Chapter 11 case.
Juan C Bigas Law Office received a retainer in the amount pf
$4,000, against which the firm will bill on the basis of $300 per
hour.
In addition, the firm will seek reimbursement for work-related
expenses.
As disclosed in court filings, Juan C Bigas Law Office is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Juan Carlos Bigas Valedon, Esq.
Juan C Bigas Law Office
515 Ferrocarril
Urb. Santa María
Ponce, PR 00717
Phone: 787-259-1000
Email: cortequiebra@yahoo.com
citas@preguntalegalpr.com
About Manantial Roca Cristal
Manantial Roca Cristal, LLC owns real property located at PR 112 Km
1.3 Ramal 4445 Int Bo Rocha, Moca, P.R. The property is valued at
$686,000.
Manantial Roca Cristal filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
23-02122) on July 10, 2023, with $721,764 in assets and $1,022,313
in liabilities. Lourdes Socorro Ramirez Benique, president, signed
the petition.
Judge Enrique S. Lamoutte Inclan presides over the case.
Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office
represents the Debtor as counsel.
MANGUAL'S GENERAL: Seeks to Hire Peter Spindel as Legal Counsel
---------------------------------------------------------------
Mangual's General Services Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Peter Spindel, Esq., PA as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management of its business operations;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements;
(c) prepare legal documents;
(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 requested to retain the firm on a general retainer.
Peter Spindel, Esq., 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:
Peter Spindel, Esq.
Peter Spindel, Esq., PA
5775 Blue Lagoon Dr., Ste. 300
Miami, FL 33126
Telephone: (786) 355-4631
Email: peterspindel@gmail.com
About Mangual's General Services
Mangual's General Services, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15356) on
July 9, 2023, with as much as $1 million in both assets and
liabilities. Jose E. Manguel, president, signed the petition.
Judge Laurel M. Isicoff oversees the case.
Peter Spindel, Esq., at Peter Spindel, Esq., PA serves as the
Debtor's counsel.
MARKING IMPRESSIONS: Unsecureds to Split $45K in Subchapter V Plan
------------------------------------------------------------------
Marking Impressions Corp. filed with the U.S. Bankruptcy Court for
the Middle District of Tennessee a Plan of Reorganization under
Subchapter V dated July 24, 2023.
The Debtor for over 30 years has been offering full-service Airport
Striping and Striping of roads and highways.
The Debtor's cash flow during the winter months of 2022-23 was
delayed. This delay caused the Chapter 11 filing.
This Plan of Reorganization proposes to pay the creditors the
Debtor from cash flow from business operations and future income of
the Debtor.
Non-priority unsecured creditors holding allowed claims will
receive pro rata distributions from the ongoing cash flow of the
debtor.
Class 30 shall consist of the allowed unsecured claims not entitled
to priority and not expressly included in the definition of any
other class. The claims in this class shall be paid a pro rate
distribution of $45,000.00 commencing on the Effective Date of the
plan, payable at the rate of $750.00 per month, until the total
amount specified herein has been paid.
The Debtor will retain all ownership rights in property of the
estate.
The Debtor anticipates the funds to meet the plan payments shall
come from the daily operations of the Debtor's marking and striping
business for the aviation industry.
A full-text copy of the Subchapter V Plan dated July 24, 2023 is
available at https://urlcurt.com/u?l=Rn8Vfz from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz, PLLC
908 Harpeth Valley Place
Nashville, TN 37221
Tel: (615) 256-8300
Fax: (615) 255-4516
Email: slefkovitz@lefkovitz.com
About Marking Impressions
Marking Impressions, Corp. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
23-01470) on April 24, 2023. The petition was signed by Wayne Todd
Pope as CEO. At the time of filing, the Debtor estimated $2,741,294
in assets and $5,499,299 in liabilities.
Judge Charles M. Walker presides over the case.
Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC
represents the Debtor as counsel.
MATCON: Seeks to Extend Exclusive Solicitation Period to Sept. 18
-----------------------------------------------------------------
Matcon Construction Services, Inc. asks the U.S. Bankruptcy Court
for the Middle District of Florida to exted its exclusive period
to solicit acceptances to a plan of reorganization to September
18, 2023.
The Debtor explained that it seeks this extension to permit it to
continue productive conversation with various parties in interest
regarding the terms of the Plan, and to permit the exclusive
period to be rescheduled in connection with the preliminary
hearing and scheduling conference that is set for July 18, 2023.
Matcon Construction Services, Inc. is represented by:
Scott A. Underwood, Esq.
Megan W. Murray, Esq.
Adam M. Gilbert, Esq.
Melissa J. Sydow, Esq.
UNDERWOOD MURRAY, P.A.
Regions Building
100 N Tampa St., Suite 2325
Tampa, FL 33602
Tel: (813) 540-8401
Email: sunderwood@underwoodmurray.com
mmurray@underwoodmurray.com
agilbert@underwoodmurray.com
msydow@underwoodmurray.com
About Matcon Construction Services
Matcon Construction Services, Inc. provides general contracting,
solar solutions and development services. The company is based in
Tampa, Fla.
Matcon Construction Services sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00215)
on Jan. 20, 2023. In the petition signed by Derek Mateos,
president, the Debtor disclosed up to $10 million in assets and
up to $50 million in liabilities.
Judge Roberta A. Colton oversees the case.
The Debtor tapped Scott Underwood, Esq., at Underwood Murray,
P.A. as bankruptcy counsel; MGS Law, P.A. as special counsel; and
Small Business CFO as accountant.
MAVENIR PRIVATE: S&P Downgrades ICR to 'CCC', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
network infrastructure provider Mavenir Private Holdings II Ltd. by
one notch to 'CCC' from 'CCC+'. The outlook is negative.
S&P also lowered its issue-level rating on the company's first-lien
term loan by one notch to 'CCC' from 'CCC+'. The recovery rating
remains '3', indicating its expectation for meaningful (50%-70%;
rounded estimate: 50%) recovery of principal in the event of a
payment default.
The negative outlook reflects Mavenir's diminishing liquidity
position and the potential for a default or debt restructuring over
the next 12 months.
The downgrade reflects Mavenir's deteriorating liquidity position
due to persistent FOCF deficits. As of April 30, 2023, the company
had approximately $26 million of capacity under the $75 million
revolver due August 2026. Despite not having drawn on the revolver,
S&P believes it can only access $26 million due to the springing
first-lien leverage covenant, which limits its availability to 35%
if its leverage rises above 5.6x.
S&P said, "Our base-case forecast assumes Mavenir will record a
$150 million to $200 million FOCF deficit for the full year ended
Jan. 31, 2024. The company's only additional source of liquidity is
about $52 million of cash on its balance sheet as of April 30,
2023. Given its level of cash burn, we believe it may default on
its obligations unless it is able to secure additional funding."
Weak operating performance is straining cash flow and liquidity.
The company's underperformance is attributable to weakness in key
customer revenue and high levels of research and development (R&D)
expenses in the Mobile Access & Edge (also known as OpenRAN)
business, which we expect will continue in the near term. Despite
its cost-savings initiatives, Mavenir needs to maintain high levels
of R&D expenses because not investing could harm the company's
competitive position. While the company was successful in raising
$100 million of equity capital earlier this year, S&P believes it
will need an additional $50 million to $100 million to maintain
sufficient liquidity over the next 12 months following a $90
million FOCF deficit in the first quarter of 2023.
The negative outlook reflects Mavenir's diminishing liquidity
position and the potential for a default or debt restructuring over
the next 12 months.
S&P could lower its rating on Mavenir if:
-- It announces a debt exchange or debt restructuring; or
-- S&P anticipates a payment default occurring in the next six
months.
S&P could raise its rating on Mavenir if:
-- S&P no longer view a distressed exchange or debt restructuring
as likely over the next 12 months; and
-- The company's operating performance improves substantially such
that it has adequate liquidity to comfortably cover its operating
costs and debt fixed charges over the next 12 to 18 months.
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Mavenir. Our assessment of the company's
financial risk profile as highly leveraged reflects corporate
decision-making that prioritizes the interests of controlling
owners, in line with our view of most rated entities owned by
private-equity sponsors. Our assessment also reflects their
generally finite holding periods and a focus on maximizing
shareholder returns."
MEP INFRASTRUCTURE: Seeks to Tap Bauch & Michaels as Legal Counsel
------------------------------------------------------------------
MEP Infrastructure Solutions, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Bauch & Michaels, LLC as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;
(b) negotiate, prepare, and file documents in connection with
the confirmation of the Debtor's plan of reorganization;
(c) take all necessary action to protect and preserve the
estate of the Debtor;
(d) prepare, on behalf of the Debtor, all necessary legal
papers; and
(e) perform all other legal services in connection with the
foregoing and in connection with this Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Paul M. Bauch $500
Carolina Y. Sales $300
Partners and Attorneys of Counsel $275 - $500
Associates $275
Paralegals $175
In addition, the firm will seek reimbursement for expenses
incurred.
Paul Bauch, Esq., an attorney at Bauch & Michaels, 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:
Paul M. Bauch, Esq.
Carolina Y. Sales, Esq.
Bauch & Michaels, LLC
53 W. Jackson Boulevard, Suite 1115
Chicago, IL 60604
Telephone: (312) 588-5000
Email: pbauch@bmlawllc.com
csales@bmlawllc.com
About MEP Infrastructure
MEP Infrastructure Solutions, Inc. is a Chicago-based company that
provides architectural, engineering and related services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-08505) on June 28,
2023, with $1 million to $10 million in assets and liabilities.
Santos A. Torres, president, signed the petition.
Judge A. Benjamin Goldgar oversees the case.
The Debtor tapped Bauch & Michaels, LLC as bankruptcy counsel and
Galarnyk & Associates, Ltd. as special litigation counsel.
MEP INFRASTRUCTURE: Taps Galarnyk & Associates as Special Counsel
-----------------------------------------------------------------
MEP Infrastructure Solutions, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Galarnyk & Associates, Ltd. as its special litigation counsel.
The Debtor requires a special litigation counsel for the purpose of
identifying, filing, and prosecuting causes of action under
applicable state law, including contract and tort actions,
effective as of the petition date.
The hourly rates of the firm's counsel and staff are as follows:
John D. Galarnyk, Attorney $750
Andrew J. Cunniff, Attorney $400
John A. Romanucci Attorney $300
Bianca Funari Law Clerk $150
Estrella Aguilar Law Clerk $150
Nicole Arroyo Legal Assistant $150
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:
John D. Galarnyk, Esq.
Galarnyk & Associates, Ltd.
55 West Monroe Street, Suite 3600
Chicago, IL 60603
Telephone: (312) 441-5800
About MEP Infrastructure
MEP Infrastructure Solutions, Inc. is a Chicago-based company that
provides architectural, engineering and related services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-08505) on June 28,
2023, with $1 million to $10 million in assets and liabilities.
Santos A. Torres, president, signed the petition.
Judge A. Benjamin Goldgar oversees the case.
The Debtor tapped Bauch & Michaels, LLC as bankruptcy counsel and
Galarnyk & Associates, Ltd. as special litigation counsel.
METAL CHECK: Seeks to Tap Michael J. Rose PC as Bankruptcy Counsel
------------------------------------------------------------------
Metal Check, Inc. seeks approval from the U.S. Bankruptcy Court for
the Western District of Oklahoma to employ Michael J. Rose, PC to
handle its Chapter 11 case.
Mike Rose, Esq., the primary attorney in this representation, will
be billed at $350 plus reimbursement of expenses incurred.
Mr. Rose 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:
Mike Rose, Esq.
Michael J. Rose PC
4101 Perimeter Center Drive, Suite 120
Oklahoma City, OK 73112
Telephone: (405) 605-3757
Facsimile: (405) 605-3758
Email: mrose@coxinet.net
About Metal Check
Metal Check, Inc., a company in Oklahoma City, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
Okla. Case No. 23-11279) on May 16, 2023, with $841,675 in assets
and $2,033,069 in liabilities. Stephen Moriarty, Esq., at Fellers
Snider Blankenship Bailey & Tippens, PC has been appointed as
Subchapter V trustee.
Judge Janice D. Loyd oversees the case.
The Debtor tapped Mike Rose, Esq., at Michael J. Rose PC as legal
counsel and Mark D. Cain PC as accountant.
MLN US HOLDCO: $155M Bank Debt Trades at 24% Discount
-----------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 76.2
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $155.8 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 private equity firm Searchlight Capital
Partners.
MOBIQUITY TECHNOLOGIES: Incurs $2.1 Million Net Loss in 2nd Quarter
-------------------------------------------------------------------
Mobiquity Technologies, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.11 million on $131,515 of revenues for the three months ended
June 30, 2023, compared to a net loss of $1.57 million on $1.92
million of revenues for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $3.82 million on $263,739 of revenues compared to a net
loss of $4.01 million on $2.46 million of revenues for the six
months ended June 30, 2022.
As of June 30, 2023, the Company had $4.26 million in total assets,
$1.32 million in total liabilities, and $2.94 million in total
stockholders' equity.
Mobiquity stated, "The Company has incurred significant losses
since its inception in 1998 and has not demonstrated an ability to
generate sufficient revenues from the sales of its products and
services to achieve profitable operations. There can be no
assurance that profitable operations will ever be achieved, or if
achieved, could be sustained on a continuing basis. In making this
assessment we performed a comprehensive analysis of our current
circumstances including: our financial position, our cash flows and
cash usage forecasts for the six months ended June 30, 2023, and
our current capital structure including equity-based instruments
and our obligations and debts.
"Without sufficient revenues from operations, if the Company does
not obtain additional capital, the Company will be required to
reduce the scope of its business development activities or cease
operations. The Company may explore obtaining additional capital
financing and the Company is closely monitoring its cash balances,
cash needs, and expense levels.
"These factors create substantial doubt about the Company's ability
to continue as a going concern within the twelve-month period
subsequent to the date that these condensed consolidated financial
statements are issued."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001084267/000168316823005076/mobiquity_i10q-063023.htm
About Mobiquity Technologies Inc.
Headquartered in Shoreham, NY, Mobiquity Technologies, Inc.,
together with its operating subsidiaries, is a next generation
location data intelligence company. The Company provides precise
unique, at-scale location data and insights on consumer's
real-world behavior and trends for use in marketing and research.
Mobiquity reported a net loss of $8.06 million in 2022, compared to
a net loss of $18.33 million in 2021. As of Dec. 31, 2022, the
Company had $2.63 million in total assets, $2.65 million in total
liabilities, and a total stockholders' deficit of $10,830.
Palm Beach Gardens, FL-based D. Brooks & Associates, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated March 31, 2023, citing that the Company has incurred
operating losses, has incurred negative cash flows from operations
and has an accumulated deficit. These and other factors raise
substantial doubt about the Company's ability to continue as a
going concern.
MRS. BUSY: Seeks to Hire BransonLaw as Bankruptcy Counsel
---------------------------------------------------------
Mrs. Busy Bee Air Conditioning and Heating, LLC seeks approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
employ BransonLaw, PLLC as its counsel.
The firm will render these services:
(a) prosecute and defend any causes of action on behalf of the
Debtor;
(b) prepare legal papers;
(c) assist in the formulation of a plan of reorganization;
and
(d) provide all other services of a legal nature.
The hourly rates of the firm's counsel and staff range from $495 to
$200.
Prior to the commencement of its Chapter 11 case, the Debtor paid
an advance fee of $2,897.50 for post-petition services and expenses
and the filing fee of $1,738.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
About Mrs. Busy Bee Air Conditioning and Heating
Mrs. Busy Bee Air Conditioning and Heating, LLC provides
residential and commercial HVAC services in Orlando, Fla., and the
surrounding areas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02139) on May 31,
2023, with up to $100,000 in assets and up to $500,000 in
liabilities. Esther M. De La Torre, managing member, signed the
petition.
Judge Tiffay P. Geyer oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC, represents the
Debtor as legal counsel.
NATIONAL MENTOR: $50M Bank Debt Trades at 20% Discount
------------------------------------------------------
Participations in a syndicated loan under which National Mentor
Holdings Inc is a borrower were trading in the secondary market
around 79.8 cents-on-the-dollar during the week ended Friday, July
28, 2023, according to Bloomberg's Evaluated Pricing service data.
The $50 million facility is a Term loan that is scheduled to mature
on March 2, 2028. The amount is fully drawn and outstanding.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NATURALSHRIMP INC: Terminates Merger Deal With Yotta
----------------------------------------------------
NaturalShrimp Incorporated disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it sent Yotta Acquisition
Corporation notice of the Company's termination of a merger
agreement pursuant to Section 10.2(b) thereof based on breaches by
Yotta of certain representations in the Merger Agreement that would
render impossible the satisfaction of certain conditions to the
Company's obligations to consummate the transactions contemplated
by the Merger Agreement.
"In particular, Yotta will not be able to comply with the provision
of its Amended and Restated Certificate of Incorporation that
prohibits Yotta from consummating an initial business combination
unless it has net tangible assets of at least $5,000,001 upon
consummation of such initial business combination," said
NaturalShrimp in the SEC filing. "This conflicts with Yotta's
representation in the Merger Agreement that its consummation of the
transactions contemplated by the Merger Agreement will not conflict
with its organizational documents."
The Company also cited delays in the Securities and Exchange
Commission registration process that are attributable to Yotta,
which breached its covenant pursuant to the Merger Agreement to use
its reasonable best efforts to take all actions reasonably
necessary or advisable to consummate the transactions contemplated
by Merger Agreement as promptly as reasonably practicable.
On Oct. 24, 2022, NaturalShrimp entered into the Merger Agreement
by and among the Company, Yotta Acquisition Corporation, a Delaware
corporation, and Yotta Merger Sub, Inc., a Nevada corporation and a
wholly owned subsidiary of Yotta ("Merger Sub"). The Merger
Agreement provides, among other things, that Merger Sub will merge
with and into the Company, with the Company as the surviving
company in the merger and, after giving effect to such merger, the
Company shall be a wholly-owned subsidiary of Yotta.
As a result of the termination of the Merger Agreement, (i) the
Sponsor Support Agreement, dated as of Oct. 20, 2022, by and among
Yotta, Yotta's Sponsor Yotta Investments LLC, and the Company, (ii)
the Company Stockholder Support Agreements, dated as of Oct. 20,
2022, by and among the Company, Yotta, and each of the Company's
three executive officers and directors, (iii) the Lock-Up
Agreements, dated as of Oct. 20, 2022, by and among Yotta, the
Company, and each of the Company's three executive officers and
directors, and (iv) the Lock-Up Agreement, dated as of Oct. 20,
2022, by and among the Sponsor, Yotta, and the Company, were each
terminated in accordance with its terms.
About NaturalShrimp
NaturalShrimp, Inc. is a publicly traded aqua-tech Company,
headquartered in Dallas, with production facilities located near
San Antonio, Texas. The Company has developed a commercially
viable system for growing shrimp in enclosed, salt-water systems,
using patented technology to produce fresh, never frozen, naturally
grown shrimp, without the use of antibiotics or toxic chemicals.
NaturalShrimp systems can be located anywhere in the world to
produce gourmet-grade Pacific white shrimp.
NaturalShrimp reported a net loss of $16 million for the year ended
March 31, 2023, compared to a net loss of $86.30 million for the
year ended March 31, 2022. As of March 31, 2023, the Company had
$32.58 million in total assets, $32.66 million in total
liabilities, $2 million in series E redeemable convertible
preferred stock, $43.61 million in series F redeemable convertible
preferred stock, and a total stockholders' deficit of $45.69
million.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated June 26, 2023, citing that the Company has suffered
recurring losses from inception and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
NETSMART INC: Moody's Affirms 'B3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Netsmart, Inc.'s B3 corporate
family rating and B3-PD probability of default rating. Moody's also
affirmed Netsmart's B3 ratings on the first-lien senior secured
credit facilities, which include a $100 million revolving credit
facility and a $1.1 billion (currently outstanding) term loan. The
outlook remains stable. Netsmart is a US provider of software and
technology solutions for the human services and post-acute markets
within the healthcare industry.
The rating action is based on Moody's anticipation that Netsmart
will maintain its strategy of debt-financed transactions that
result in high financial leverage, but will generate at least
break-even long-term free cash flow. Netsmart's floating-rate debt
structure exerts downward pressure on the rating as benchmark
interest rates rise, but the company's increased scale and improved
profitability mitigate the higher cost of debt. Sustained periods
of negative free cash flow due to larger than anticipated interest
expenses or weak operating performance could lead to a ratings
downgrade.
Affirmations:
Issuer: Netsmart, Inc.
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Senior Secured 1st Lien Bank Credit Facility, Affirmed B3
Outlook Actions:
Issuer: Netsmart, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Netsmart's credit profile reflects the company's high leverage at
roughly 7.1x as of March 31, 2023 (Moody's adjusted including
capitalized software as an expense) and weak free cash flow, with
FCF/debt at 0.5%. The credit profile is also constrained by the
company's debt-funded acquisition appetite and integration risks.
Organic growth and an active M&A pipeline have increased Netsmart's
revenue scale to roughly $599 million as of the twelve months
ending March 31, 2023, which is in line with similarly rated peers
and supports profitability gains as scale increases. Moody's
expects private equity owners GI Partners and TA Associates will
continue to pursue debt-funded acquisitions, which will offset
Netsmart's healthy long-term revenue growth profile and sustain
high levels of debt-to-EBITDA. Moody's expects organic revenue to
grow in the mid to high single-digit range with additional
contributions from inorganic acquisitions.
Netsmart benefits from its leadership position as an electronic
healthcare record ("EHR") software provider targeting the niche
human services and post-acute healthcare verticals. These segments
feature high barriers to entry, given their fragmented and
specialized client base comprised of many small healthcare
providers. An established revenue base with recurring contracts and
a large backlog provides stability. Netsmart continues to
complement its core EHR offerings with other adjacent products such
as analytics, workforce management and revenue cycle services,
enabling incremental growth opportunities. Moody's expects the
company will continue to pursue debt-funded acquisitions as it
continues to aggregate software solutions within the niche market
segments it serves.
The stable outlook reflects Moody's expectation for improving
credit metrics over the next 12 months, with leverage trending
towards 6.0x in the absence of leveraging transactions (Moody's
adjusted, including capitalized software costs as an expense). Mid
to high single-digit organic revenue growth (excluding potential
M&A contributions) will support the leverage reduction, along with
modest profitability improvements. Moody's expects break-even free
cash flow generation, with FCF/debt below 0.5% (Moody's adjusted)
over the next 12 months.
Liquidity is adequate based on an unrestricted cash balance of
roughly $33 million as of March 31, 2023, $100 million of
availability under the first-lien revolver expiring 2025 and
Moody's expectation for break-even free cash flow over the next 12
months. Moody's anticipates adequate cushion under the 8.8x first
lien net leverage springing financial covenant, which applies only
when revolver utilization is above 35%. The first-lien term loan
due 2027 amortizes 1% per annum.
Ratings for the first-lien senior secured facilities incorporate
Netsmart's overall probability of default, reflected in the B3-PDR,
and the loss given default assessment for the individual
instruments. The first-lien senior secured credit facilities,
consisting of a $100 million revolver maturing 2025 and a $1.1
billion term loan due 2027, are rated B3. The instrument ratings
are in line with the B3 corporate family rating (CFR), reflecting
the lack of material subordinated debt in the first-lien capital
structure to absorb losses.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Moody's expects: the company will
sustain organic revenue growth with increasing scale;
debt-to-EBITDA will remain below 6.0x; free-cash-flow-to-debt will
remain above 5.0%; and good liquidity (all metrics Moody's
adjusted).
The ratings could be downgraded if: revenue or profit do not grow
as expected, evidencing a deterioration of Netsmart's competitive
position; Moody's expects debt-to-EBITDA will remain above 8.0x,
without a path to lower levels; liquidity deteriorates; or if
Moody's expects free cash flow to be negative.
Netsmart is a US provider of software and technology solutions for
the human services and post-acute sectors within the healthcare
industry. The human services segment includes solutions for
behavioral health and social services practices. The post-acute
segment targets care at home and senior living solutions. Reported
revenue for the twelve-month period ending March 31, 2023 was $599
million.
The principal methodology used in these ratings was Software
published in June 2022.
NIELSEN & BAINBRIDGE: Plan Updates OK'd, Emerges From Chapter 11
----------------------------------------------------------------
Nielsen & Bainbridge, LLC, et al., won approval of modifications to
their Chapter 11 Plan and have emerged from bankruptcy.
On June 30, 2023, Judge David R. Jones of the United States
Bankruptcy Court for the Southern District of Texas entered the
Order Approving the Debtors' Disclosure Statement and confirming
the Second Amended Joint Chapter 11 Plan of Reorganization.
On July 18, 2023, the Court entered the order approving limited
modifications to the Second Amended Joint Chapter 11 Plan.
On July 19, 2023, the Debtors filed the Second Amended Joint
Chapter 11 Plan of Reorganization, which incorporates the
modifications.
The Effective Date of the Plan occurred on July 20, 2023.
In seeking the limited modifications to the Plan, the Debtors
explained that the modifications will facilitate consummation of
the Plan and the Debtors' swift emergence from chapter 11.
Specifically, the proposed modifications (collectively, the
"Modifications") amend certain Plan provisions to provide that
Wind-Down Debtor Nielsen & Bainbridge, LLC (the "Pension Plan
Administrator") shall terminate the Pension Plan in a standard
termination in accordance with 29 U.S.C. Sec. 1341 (a) and (b) and
the regulations thereunder (the "Standard Termination"). The
specific entity or entities of the Sponsor that enter into the
Pension Termination Agreement (the "Sponsor Designee") shall
provide the funding necessary to complete the Standard Termination,
including any additional benefit liabilities found to be owed to
Pension Plan participants and beneficiaries under the audit of such
Standard Termination conducted by the Pension Benefit Guaranty
Corporation ("PBGC") under 29 U.S.C. Sec. 1303.
Prior to confirmation of the Plan on June 30, 2023, the Debtors
engaged in good-faith, arm's-length negotiations with the Initial
Plan Sponsors and the Sponsor regarding the go-forward treatment of
the Pension Plan. To facilitate a clear to path to exit from these
Chapter 11 cases and preserve flexibility for the Wind-Down
Debtors, the Debtors seek authority to implement the
Modifications.
The Modifications are reasonable and appropriate and provide for
the orderly Standard Termination of the Pension Plan. The
obligation of the Sponsor Designee to fund the liabilities as
necessary for the Standard Termination of the Pension Plan pursuant
to the Pension Termination Agreement will result in full payment of
the pension benefits of current and former employees, and retirees.
Because the Modifications require that the Sponsor Designee, the
Pension Plan Administrator, the Wind-Down Debtors, and PBGC enter
into the Pension Termination Agreement as an unwaivable condition
precedent to the Effective Date, the Modifications do not
unacceptably alter the treatment of PBGC's Claims.
A copy o the Second Amended Joint Chapter 11 Plan of Reorganization
dated July 19, 2023, is available at bit.ly/3runHH6 from
PacerMonitor.com.
Co-Counsel to the Debtors:
Matthew D. Cavenaugh, Esq.
Jennifer F. Wertz, Esq.
J. Machir Stull, Esq.
Victoria Argeroplos, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Telephone: (713) 752-4200
Facsimile: (713) 752-4221
E-mail: mcavenaugh@jw.com
jwertz@jw.com
mstull@jw.com
vargeroplos@jw.com
- and -
Joshua A. Sussberg, P.C.
Steven N. Serajeddini, P.C.
Brian Schartz, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
E-mail: joshua.sussberg@kirkland.com
steven.serajeddini@kirkland.com
bschartz@kirkland.com
About Nielsen & Bainbridge
Nielsen & Bainbridge, LLC, is an end-to-end supplier of home decor
and hardwire lighting operating under the trade name NBG Home. NBG
Home serves a portfolio of prominent retail partners in the design,
development, and fulfillment of products such as lighting, accents,
furniture, soft home goods, wall decor, and frames sold under
various brand names. NBG Home operates eight business units
touching the brick-and-mortar and eCommerce spaces.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90071) on Feb.
8, 2023.
In the petition signed by Hope Margala, as authorized signatory,
the Debtors disclosed up to $500 million in assets and up to $1
billion in liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Jackson Walker LLP as local bankruptcy counsel,
Kirkland and Ellis LP and Kirkland and Ellis International LLP as
general bankruptcy counsel, Alvarez and Marsal North America, LLC
as financial advisor, Guggenheim Securities, LLC as investment
banker, Hilco Real Estate, LLC as exclusive sales agent, and Omni
Agent Solutions as claims, noticing, solicitation agent and
administrative advisor.
KKR Loan Administration Services, LLC, serves as administrative
agent and collateral agent under the DIP Facility. Counsel to the
DIP Lenders are Dennis F. Dunne, Esq. and Matthew L. Brod, Esq. at
Milbank LLP.
Wells Fargo Bank, National Association is the administrative agent
and collateral agent under the Prepetition ABL Facility. Attorneys
for Wells Fargo Bank are Julia Frost-Davies, Esq., and Christopher
L. Carter, Esq., at Morgan, Lewis & Bockius, LLP.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Nielsen &
Bainbridge, LLC. The committee hires Lowenstein Sandler LLP as lead
counsel, Archer & Greiner, P.C. as its Texas bankruptcy counsel,
and Province, LLC as its financial advisor.
NOTTINGHAM ACADEMY: Court OKs Cash Collateral Access Thru Aug. 31
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland, Baltimore
Division, authorized West Nottingham Academy in Cecil County to use
cash collateral on an interim basis in accordance with the budget,
through August 31, 2023.
As previously reported by the Troubled Company Reporter, the Debtor
is currently obligated to First National Bank pursuant to a term
loan dated January 4, 2011, in the original principal amount of $5
million, and a line of credit in the original principal amount of
$1 million. The Term Loan appears to be secured by a first-priority
Deed of Trust, Assignment and Security Agreement dated January 4,
2011, and recorded among the land records of Cecil County,
Maryland, at Liber 2960, Folio 119. The Line of Credit appears to
be secured by a second priority lien on the Real Property. On
January 23, 2022, FNB also filed a UCC-1 Financing Statement with
the Maryland State Department of Assessments and Taxation,
asserting a first-priority lien on and against, substantially all
personal property of the Debtor.
In addition, on October 19, 2022, the Debtor and FNB entered into a
Agreement Regarding Loans which provided, in part, the Debtor could
use the Escrow Account funds to make its monthly principal and
interest payments as due on the Term Loan for the months of
September 2022 through August 2023, with the drafted monthly
payments being repaid to FNB on or before August 31, 2024. The
Debtor seeks to use the Escrow Account for certain identified
purposes in the Cash Collateral Motion.
The Court ruled the Debtor will use the cash collateral in the
Escrow Account to make monthly payments to FNB in the amount of
$23,658 on account of the Term Loan and $7,096 on account of the
Line of Credit.
The Debtor's payments to FNB under the Order and the terms and
conditions set forth in the First Interim Orders will constitute
adequate protection of FNB's interest in its collateral pending the
outcome of the Final Hearing.
A further interim hearing on the matter is set for August 21, 2023
at 10 a.m.
The Court will hold the Final Hearing, which will be an
evidentiary, in person hearing, on September 19 at 10 am.
A copy of the order is available at https://urlcurt.com/u?l=meUY9m
from PacerMonitor.com.
About The West Nottingham Academy in Cecil County
The West Nottingham Academy in Cecil County is a college
preparatory boarding and day school for grades 9-12 and
postgraduates. West Nottingham offers a wide variety of athletic
programs, competitive and non-competitive clubs, visual, and
performing arts.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-13830) on May 31, 2023.
In the petition signed by Jim Shone, trustee, the Debtor disclosed
$2,212,793 in assets and $7,238,821 in liabilities.
Judge Michelle M. Harner oversees the case.
Matthew Abbott, Esq., at Wolff and Orenstein LLC, represents the
Debtor as legal counsel.
NXT ENERGY: Provides Updates on Ataraxia Convertible Debenture
--------------------------------------------------------------
NXT Energy Solutions Inc. provided the following updates on the
convertible debentures and an amendment to the Preferred Share
Terms included as "Schedule C" in its Management Information
Circular dated June 30, 2023.
1. As per an agreement between NXT and Ataraxia Capital, both
parties have agreed to delete Section 6.2 (Post-Liquidation
Participation Right) from Schedule C.
2. The convertible debentures are for a term of two years. The
terms of the convertible debentures include an annual interest rate
of 10%, paid quarterly and a fixed conversion price of US$0.143 per
common share. The debentures may also be converted into voting
preferred shares with an annual dividend of 10% payable quarterly
in arrears in either cash or shares. The preferred shares are not
transferable, but may be converted on a one to one basis into
common shares. Holders of preferred shares shall be entitled to
one vote for each preferred share held, and shall be entitled to
vote as one class with the common shares. Dividends may be
declared on the preferred shares at a rate of 10% per annum on the
sum of the redemption price thereof and, if declared, shall be
compounding and cumulative. Upon liquidation of the Company,
holders of such preferred shares shall be entitled to receive the
sum of USD $0.143 per share as the redemption price for such
shares. The convertible debentures are payable on demand and are
secured by a general security agreement, subordinate to the current
long-term debt of the Company.
3. As of July 26, 2023 Ataraxia holds a total of US$1.4 million
worth of convertible debentures. At the option of Ataraxia, it may
convert the convertible debentures into 9,790,209 voting
convertible preferred shares as defined in Schedule C or 9,790,209
common shares. The Toronto Stock Exchange has approved the
listing, in reserve, of an additional 9,790,209 common shares if
and when the convertible debentures are converted into common
shares.
4. If shareholders do not approve the Preferred Share
Resolution, as defined in the Management Information Circular dated
June 30, 2023, the convertible debentures may only be converted to
common shares of the Company.
5. On May 31, 2023, the Company and Ataraxia agreed to an
Investor's Rights Agreement which remains in place as long as
Ataraxia holds any principal amount of the convertible debentures
or at least 5% of the outstanding common shares of NXT (on an
as-converted basis, if Ataraxia holds preferred shares). Material
terms of the IRA include:
a. the right to nominate for election or appointment one person
for the Company's board of directors. This right has been
fulfilled with the nomination of Theodore Patsellis by Ataraxia and
the confirmation of such nomination by the Board. Mr. Patsellis was
appointed to the Board on June 12, 2023 to serve until the Annual
and Special Meeting of Shareholders to be held on Aug. 2, 2023, and
Mr. Patsellis has now been added to the slate of directors standing
for election in the AGM. The IRA also provides that NXT management
will put forward an Ataraxia director nominee for election by the
shareholders of NXT at successive shareholder meetings for so long
as Ataraxia meets the share ownership thresholds therein; and
b. the pre-emptive right to purchase up to its pro rata portion
of any securities offered by the Company on the terms and
conditions applicable to the other purchasers of such securities.
Shareholders are encouraged to carefully review the voting
instructions in the Management Information Circular dated June 30,
2023, and the above important information in advance of the AGM.
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs. The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
NXT Energy a net loss and comprehensive loss of C$6.73 million in
2022, a net loss and comprehensive loss of C$3.12 million in 2021,
a net loss and comprehensive loss of $6.03 million in 2020.
Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations which raises
substantial doubt about its ability to continue as a going concern.
ONORATI CONSTRUCTION: Taps Trif & Modugno as Special Counsel
------------------------------------------------------------
Onorati Construction Co., Inc. received approval from the U.S.
Bankruptcy Court for the District of New Jersey to employ Trif &
Modugno, LLC as special counsel.
The firm will file a lawsuit against Bondex on behalf of the Debtor
and represent the Debtor in that action.
The hourly rates of the firm's counsel and staff are as follows:
Kevin Brotspies, Member $400
Partners $400
Associates $300
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received payments totaling
$1,799,936.70 for services performed and expenses incurred.
As disclosed in court filings, Trif & Modugno is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Trif & Modugno, LLC
89 Headquarters Plaza, North Tower, Suite 1201
Morristown, NJ 07960
Telephone: (973) 547-3611
Facsimile: (973) 554-1220
About Onorati Construction
Onorati Construction Co., Inc. specializes in paving construction
of commercial and residential properties. It is based in Boonton,
N.J.
Onorati filed Chapter 11 petition (Bankr. D.N.J. Case No. 23-15349)
on June 21, 2023, with $2,088,273 in assets and $4,542,351 in
liabilities. Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin has
been appointed as Subchapter V trustee.
Judge Stacey L. Meisel oversees the case.
The Debtor tapped Anthony Sodono, III, Esq., at McManimon, Scotland
& Baumann, LLC as bankruptcy counsel and Trif & Modugno, LLC as
special counsel.
ORYX MIDSTREAM: Moody's Rates New $1.85BB Secured Term Loan 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Oryx Midstream
Services Permian Basin LLC's proposed new $1.85 billion senior
secured Term Loan due in 2028 and a Ba1 rating to its proposed $50
million senior secured super priority revolving credit facility
expiring in 2026. The company's Ba3 Corporate Family Rating and
stable rating outlook are unaffected.
Oryx Midstream's proposed transactions will result in modestly
lower interest costs. Moody's expects to withdraw ratings on Oryx's
existing Term Loan and existing $50 million super priority revolver
following their extinguishment.
Assignments:
Issuer: Oryx Midstream Services Permian Basin LLC
Senior Secured Term Loan, Assigned Ba3
Senior Secured Revolving Credit Facility, Assigned Ba1
RATINGS RATIONALE
The term loan is rated Ba3, the same as the CFR because of the
small size of the revolver relative to the term loan. The $50
million revolver is rated Ba1, reflective of its super-senior
priority to the company's assets over the term loan.
Oryx Midstream's Ba3 CFR reflects its 35% ownership in Plains Oryx
Permian Basin LLC, its strong contractual rights and ability to
influence key decisions, and Plains Oryx Permian Basin LLC'c strong
position as a provider of crude oil gathering and transportation
services in one of the most advantaged basins in North America.
Plains Oryx Permian Basin LLC (the Permian JV) is a joint venture
between Plains All American Pipeline L.P. (Plains, Baa3 Stable) and
Oryx Midstream holdings LLC (unrated; a portfolio company of
Stonepeak Partners LP) and is among the largest midstream players
in the Permian. The Permian JV's financial and operational
performance is expected to continue to benefit from growing
production volumes in the Permian basin. Moody's views the JV to be
of strong Ba credit quality given its business profile and the
implicit burden to support its owners' debts. Oryx Midstream's
ability to service its term loan debt, however, is reliant on JV
distributions. The term loan includes an excess cash flow sweep to
protect lenders, however, term loan repayments may be limited to
the required minimum amortization if certain leverage triggers are
hit.
The stable outlook reflects Moody's expectation that volume and
earnings growth of the JV will lead to improved cash flow and
leverage at Oryx Midstream.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Oryx Midstream's ratings could be upgraded if the JV strengthens
its credit profile by meaningfully growing EBITDA scale and
lowering volumetric risk, while Oryx Midstream's stand-alone
financial leverage based on its distributions received remained
below 4x. The ratings could be downgraded if the JV takes on
material financial leverage or its cash flow generation and
distributions are more volatile than expected, or if Plains is
downgraded.
Oryx Midstream Services Permian Basin LLC, headquartered in
Midland, Texas, owns a 35% ownership stake in a joint venture with
a large crude oil gathering and transportation system in the
Permian basin. The company is majority-owned by affiliates of
Stonepeak Partners LP and ownership stakes are also held by an
affiliate of the Qatar Investment Authority and management.
The principal methodology used in these ratings was Midstream
Energy published in February 2022.
PALMER DRIVES: In Chapter 11 After Autotech Dispute
---------------------------------------------------
Palmer Drives Controls and Systems Inc filed for chapter 11
protection in the District of Colorado.
Formed in 2011, the Debtor is a Colorado corporation located in
Englewood, Colorado. The Debtor has been in existence including
predecessor entities for nearly fifty years. The Debtor is a
manufacturer of industrial electronic controls equipment, including
control panels, OEM panels, motor starters, system integration and
enclosure modification.
The bankruptcy filing is prompted by a judgment entered in favor of
Autotech Technologies, LP, and against the Debtor for breach of
contract, intentional interference with prospective business
relations, and breach of fiduciary duty. Autotech was awarded
$195,900 plus attorneys' fees and cost. Autotech is seeking
$91,519 in pre-judgment interest, $32,737 in costs, and $98,039 in
legal fees.
The Debtor intends on filing a Plan of Reorganization with 90 days
of the Petition Date. It is uncertain at this point how the Plan
will be structured. It may be a disposable income Plan or a sale
Plan depending upon how the case proceeds. It is unknown if
Autotech will oppose a Plan.
Prior to the Petition Date, and specifically on or around Jan. 26,
2023, the Debtor and Goodman Capital Finance (the "GCF") entered
into a Factoring Agreement. GCF is the Debtor's only know secured
creditor. The Debtor and GCF have negotiated the use of cash
collateral and debtor in possession financing on an interim and
final basis. A motion to approve the use of cash collateral and
debtor in possession financing has been filed with the Court.
The Debtor is still investigating claims and causes of action that
the Debtor might commence.
About Palmer Drives
Palmer Drives Controls and Systems, Inc., d/b/a Palmer DCS, is a
nationally recognized manufacturer of industrial electrical control
equipment, including magnetic motors starters and industrial
controls panels.
Palmer Drives Controls and Systems filed a Chapter 11 bankruptcy
petition ((Bankr. D. Colo. Case No. 23-13002) on July 10, 2023,
with $3,328,915 in assets and $3,118,969 in liabilities. The
petition states that funds will be available to unsecured
creditors.
Lynn Weberg, president, signed the petition.
Judge Thomas B. Mcnamara oversees the case.
Aaron A. Garber, Esq. of Wadsworth Garber Warner Conrardy, P.C., is
the Debtor's legal counsel.
PANOCHE ENERGY: Moody's Ups Rating on Senior Secured Debt to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the senior secured debt
rating of Panoche Energy Center, LLC (Panoche, PEC or Project) to
Ba3 from B1. The rating outlook is changed to positive from ratings
under review. This rating action concludes the rating review on
Panoche that was initiated on May 4, 2023.
Upgrades:
Issuer: Panoche Energy Center, LLC
Senior Secured Regular Bond/Debenture, Upgraded to Ba3 from B1
Outlook Actions:
Issuer: Panoche Energy Center, LLC
Outlook, Changed To Positive From Rating Under Review
RATINGS RATIONALE
The rating action considers the Project's improving credit metrics
and improved liquidity position. The upgrade considers the
Project's expected improved ability to manage through its ongoing
requirements for carbon emissions allowances pursuant to
California's Greenhouse Gas (GHG) Cap and Trade Program, which had
previously strained PEC's cash flows and liquidity. PEC has
accumulated a significant balance of carbon emissions allowances as
of year-end 2022, based on a combination of prior purchases and
including a sizable contribution of carbon emissions allowances to
the Project by the Sponsor in 2022. This has enabled PEC to build
a substantial cushion with respect to meeting its future carbon
emissions obligations through the term of the PPA and the 2029
maturity of the project bonds. Given these developments, the
upgrade considers ESG considerations as a key driver given the
resulting reduction in carbon transition risk exposure.
The upgrade reflects the improving credit metrics, with the
Project's debt service coverage ratio (DSCR) reaching 1.23x during
FY 2022 on a Moody's adjusted basis from 1.19x in FY 2021. With the
increased cash flow flexibility stemming from the accumulated
carbon allowances on the Project's balance sheet, Moody's
anticipate the DSCR to improve further in the coming years,
although 2023 results will be somewhat adversely impacted by a
forced outage at one of the four combustion turbine (CT) units in
March 2023.
PEC's credit profile also acknowledges the improving credit quality
at Pacific Gas & Electric's (PG&E) and its parent company PG&E
Corporation (Ba2, positive Corporate Family Rating). The Project
benefits from a long-term power purchase agreement (PPA) with PG&E
as the off taker through 2029, under which PG&E is required to
provide natural gas to the Project and make seasonally adjusted
capacity payments based on availability thresholds and fixed O&M
payments. The Project serves as an important intermediate peaking
power generating unit serving PG&E's reliability needs.
Further upside to the rating is constrained at the present time by
the uncertainty regarding the adequacy of the accumulated carbon
allowances to meet all carbon emission allowances through the term
of the bonds based on potential increases in dispatch levels at the
Project leading to higher-than-expected emissions costs which could
dampen PEC's DSCR over the longer term. Under the terms of its
PPA, PG&E controls PEC's dispatch and the Project has limited
ability to manage its operational exposure to carbon emissions when
dispatched, exposing the Project to a high degree of carbon
emissions volume and price risks should dispatch levels exceed free
carbon emissions allowance thresholds granted to the Project as a
qualifying legacy contract (LC) by the California Air Resources
Board (CARB) in 2018, which adds volatility to annual cash flow
results once the current carbon allowances balance is fully
utilized.
OUTLOOK
The positive outlook reflects Moody's expectation of continued
improvement in PEC's cash flows and credit metrics and incorporates
Moody's expectation that the Project could achieve a DSCR at or
greater than the 1.23x achieved in FY 2022 over the medium term.
The positive outlook also reflects the improved liquidity position
of the Project aided by the accumulated carbon allowance balance to
meet future emissions obligations during upcoming compliance
periods.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating could be upgraded if the Project demonstrates a
consistent improvement in its financial metrics such that the
Project's DSCR exceeds 1.25x on a consistent basis and continue to
demonstrate an ability to consistently manage its carbon allowance
obligations in the coming years without straining its liquidity.
The rating could be downgraded if the project's operating
performance weakens on a sustained basis causing financial metrics
and project level liquidity to weaken. The rating could be
downgraded if there is a substantial increase in GHG emission
compliance prices in combination with the project being dispatched
at capacity factors substantially higher than expected, resulting
in substantially higher emissions related operating costs in excess
of currently accumulated carbon allowance balance and free legacy
contract (LC) allowances.
PROFILE
Panoche Energy Center, LLC (PEC) owns an approximate 417 MW natural
gas-fired generating facility (Panoche) which operates primarily as
an intermediate and peaking generation power plant. Panoche is a
simple cycle natural gas fired power plant consisting of four GE
LMS100 turbine units and is located 50 miles west of the City of
Fresno in Firebaugh, California. The plant has been operating since
2009. PEC is owned by Ares Energy Investors Fund V, L.P. (Sponsor)
and managed by Ares EIF Management LLC.
The principal methodology used in this rating was Power Generation
Projects published in June 2023.
PARTY CITY HOLDCO: Restructuring Support Agreement Amended
----------------------------------------------------------
Party City Holdco entered into the Fourth Amendment to
Restructuring Support Agreement with noteholders and filed a Third
Amended Plan that provides for revised terms of the rights offering
and updated projections.
To recall, the Company on Jan. 17, 2023, filed for Chapter 11
protection, and entered into a Restructuring Support Agreement with
certain holders of (a) Party City Holdings Inc.’s senior secured
first lien floating rate notes due 2025 issued pursuant to the
indenture dated as of July 30, 2020, as amended, by and among Party
City Holdings Inc., as issuer, certain guarantors party thereto and
Ankura Trust Company, LLC, as trustee and (b) Party City Holdings
Inc.’s 8.750% senior secured first lien notes due 2026 issued
pursuant to the indenture dated as of February 19, 2021, as
amended, by and among Party City Holdings Inc., as issuer, certain
guarantors party thereto and Ankura Trust Company, LLC, as trustee.
The RSA contemplates a restructuring of the Debtors pursuant to a
Chapter 11 plan of reorganization on the terms and conditions set
forth in the RSA.
On April 4, 2023, the Debtors filed a proposed Joint Chapter 11
Plan of Reorganization of the Debtors (as amended on April 12, 2023
and May 2, 2023, the "Initial Plan"), which intended to implement
the previously disclosed Restructuring contemplated by the RSA, and
a related proposed form of Disclosure Statement with the Bankruptcy
Court. The Initial Plan and the related Disclosure Statement
describe, among other things, the Initial Plan; the Restructuring
contemplated by the RSA; the events leading to the Chapter 11
Cases; certain events that have occurred or are anticipated to
occur during the Chapter 11 Cases, including the then-anticipated
solicitation of votes to approve the Initial Plan from certain of
the Debtors’ creditors and certain other aspects of the
Restructuring.
Fourth Amendment to RSA
According to a regulatory filing, the Company on July 21, 2023,
entered into the Fourth Amendment to Restructuring Support
Agreement with the Required Consenting Noteholders (the "Fourth
Amended RSA").
The Fourth Amended RSA amends the RSA to, among other things, amend
the Restructuring Term Sheet attached to the RSA to document the
(a) terms of the revised treatment of DIP Claims held by DIP
Backstop Parties, Class 3 Prepetition ABL Claims, and Class 4
Secured Notes Claims, and (b) revised terms of the Rights
Offering.
A copy of the Fourth Amended RSA is available at:
https://www.sec.gov/Archives/edgar/data/1592058/000119312523191776/d520761dex101.htm
Third Amended Joint Chapter 11 Plan
On July 21, 2023, the Debtors filed the Third Amended Joint Plan of
Reorganization amending the Initial Plan and a supplement to the
Disclosure Statement for the Third Amended Plan.
The Amended Plan is intended to implement the Restructuring
contemplated by the RSA. The Amended Plan and the Disclosure
Statement Supplement describe, among other things, the revised
terms of the Rights Offering and corresponding treatment of Class 4
Secured Notes Claims, the revised treatment of Class 3 Prepetition
ABL Claims, the revised treatment of DIP Claims held by DIP
Backstop Lenders, an updated valuation analysis and updated
financial projections, and certain other aspects of the
Restructuring. The Amended Plan and Disclosure Statement
Supplement, as well as other court filings and information about
the Chapter 11 Cases, can be accessed free of charge at a website
maintained by the Debtors’ claims, noticing, and solicitation
agent, Kroll, at https://cases.ra.kroll.com/PCHI/, by calling (888)
905-0493 (toll-free in the U.S.) or +1 (646) 440-4580
(international), or by sending an e-mail to
PCHIInquiries@ra.kroll.com.
A copy of the Third Amended Plan is available at:
https://www.sec.gov/Archives/edgar/data/1592058/000119312523191776/d520761dex991.htm
Cleansing Materials
On May 2, 2023, the Company entered into confidentiality agreements
with certain holders of the Company’s 8.75% Senior Secured First
Lien Notes due 2026 and Senior Secured First Lien Floating Rate
Notes due 2025 (as amended from time to time, the
“Confidentiality Agreements”). Pursuant to the Confidentiality
Agreements, the Company agreed to publicly disclose certain
information upon the occurrence of certain events (the “Cleansing
Materials”), including updated financial projections and an
updated valuation analysis (collectively, “Updated Financials”)
prepared by the Company and provided to such holders, which Updated
Financials are attached hereto as Exhibit 99.3.
About Party City Holdco
Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022. It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco
had total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Pachulski Stang Ziehl & Jones, LLP.
PARTY CITY: Seeks to Extend Plan Exclusivity to September 14
------------------------------------------------------------
Party City Holdco Inc. and its affiliates ask the U.S. Bankruptcy
Court for the Southern District of Texas to extend the periods
during which the Debtors have the exclusive right to file a
chapter 11 plan and to solicit acceptances thereof to September
14, 2023 and November 13, 2023, respectively.
Unless extended, the Debtors' exclusive periods will expire on
July 17, 2023.
The Debtors claim that they have worked diligently to implement a
comprehensive balance sheet restructuring premised on their
restructuring support agreement while utilizing chapter 11 to
maximize value for all stakeholders. In April 2023, the Debtors
filed the plan and disclosure statement, obtained conditional
approval of the disclosure statement, solicited votes on the
plan, and scheduled a confirmation hearing for May 17, 2023.
However, the Debtors explained that notwithstanding their efforts
and the material progress towards confirmation and consummation
of the plan, superseding events have delayed these cases. The
Debtors stated that, following the Court's conditional approval
of the disclosure statement, the Debtors identified a decline in
performance through their ordinary course financial forecasting
process and determined to update their financial projections and
related valuation analysis prepared in connection with
solicitation of the plan. The Debtors further explained that as
a result of these updated financials, the Debtors and the Ad Hoc
Noteholder Group entered into negotiations on modifications to
the proposed structure of the plan to account for the Debtors'
revised financial outlook.
Party City Holdco Inc. and its affiliates are represented by:
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
PORTER HEDGES LLP
1000 Main St., 36th Floor
Houston, TX 77002
Tel: (713) 226-6000
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
myoung-john@porterhedges.com
- and -
Paul M. Basta, Esq.
Kenneth S. Ziman, Esq.
Christopher J. Hopkins, Esq.
Grace C. Hotz, Esq.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (212) 373-3000
Email: pbasta@paulweiss.com
kziman@paulweiss.com
chopkins@paulweiss.com
ghotz@paulweiss.com
About Party City Holdco
Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022. It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco
had total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as
real estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and
valuation advisory services, tax-related services, and internal
audit Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first
lien holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Pachulski Stang Ziehl & Jones,
LLP.
PHIO PHARMACEUTICALS: All Three Proposals Passed at Annual Meeting
------------------------------------------------------------------
Phio Pharmaceuticals Corp. held its 2023 Annual Meeting of
Stockholders during which the stockholders:
(1) elected Robert J. Bitterman, Patricia A. Bradford, Robert L.
Ferrara, Jonathan E. Freeman, Ph.D., and Curtis A. Lockshin, Ph.D.
as directors to serve until the Company's 2024 Annual Meeting of
Stockholders;
(2) ratified BDO USA, LLP as the Company's independent
registered public accounting firm for the year ending Dec. 31,
2023; and
(3) approved an amendment and restatement of the 2020 Plan to
increase the number of shares of common stock available for
issuance thereunder by 125,500.
About Phio Pharmaceuticals
Marlborough, Massachusetts-based Phio Pharmaceuticals Corp. --
http://www.phiopharma.com-- is a clinical stage biotechnology
company whose proprietary INTASYL RNAi technology makes immune
cells more effective in killing tumor cells. INTASYL is the only
self-delivering RNAi technology focused on immuno-oncology
therapeutics. INTASYL drugs precisely target specific proteins that
reduce the body's ability to fight cancer, without the need for
specialized formulations or drug delivery systems.
Phio reported a net loss of $11.48 million in 2022, a net loss of
$13.29 million in 2021, a net loss of $8.79 million in 2020, and a
net loss of $8.91 million in 2019. As of Sept. 30, 2022, the
Company had $15.79 million in total assets, $2.26 million in total
liabilities, and $13.53 million in total stockholders' equity.
In its Quarterly Report filed on May 11, 2023, Phio said, "The
Company has limited cash resources, has reported recurring losses
from operations since inception and has not yet received product
revenues. These factors raise substantial doubt regarding the
Company's ability to continue as a going concern, and the Company's
current cash resources may not provide sufficient capital to fund
operations for at least the next 12 months from the date of the
release of these financial statements."
PLATFORM II LAWNDALE: Wins Cash Collateral Access Thru Aug 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
astern Division, authorized Platform II Lawndale LLC to use cash
collateral on an interim basis in accordance with the budget for
the entire month of August 2023.
GreenLake Real Estate Fund, LLC purports to hold a first priority
lien and security interest in the Debtor's property, and the
Debtor's cash and cash receipts received from the leasing of
storage units, through a security interest and assignment of rents
granted by the Debtor under an Open-End Mortgage, Security
Agreement, Assignment of Rents and Leases and Fixture Filing dated
May 18, 2018, and recorded with the Cook County Recorder of Deeds
on May 22, 2018. The assets secure the repayment of a promissory
note dated May 18, 2018, in the original principal sum of $6.250
million.
As adequate protection, Greenlake is granted a replacement lien on
the Debtor's rents, accounts and accounts receivables. As further
adequate protection for Greenlake's interests in the Pre-Petition
Collateral, and consistent with 11 U.S.C. section 552, the Debtor
grants Greenlake a replacement lien on the Debtor's rents,
accounts, and accounts receivables derived from the Property, which
are of the same type or nature as the Pre-Petition Collateral,
coming into existence or acquired by the Debtor respecting the
Property on or after the Petition Date.
The Post-Petition Liens granted to Greenlake under the terms of the
Order will be valid and perfected as of the date of the Order,
without the need for the execution or filing of any further
document or instrument otherwise required to be executed or filed
under applicable non-bankruptcy law.
The Debtor's authority to use Cash Collateral will terminate on the
earlier of (a) the date of entry by the Court of an order modifying
or otherwise altering the effectiveness of the Order, (b) an Event
of Default, or (c) the expiration of the Budget Period.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=yKbEcv from PacerMonitor.com.
The Debtor projects $32,200 in total operating revenue and $49,500
in total expenses for August 2023.
About Platform II Lawndale LLC
Platform II Lawndale LLC is an Illinois limited liability company
that owns a self-storage facility at 1750 North Lawndale Avenue in
Chicago's West Logan Square neighborhood. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Ill. Case No. 22-07668) on July 11, 2022. In the petition
signed by Scott Krone, manager, the Debtor disclosed up to $50
million in both assets and liabilities.
Judge Deborah L. Thorne oversees the case.
Gregory J. Jordan, Esq., at Jordan & Zito LLC is the Debtor's
counsel.
PONCE BAKERY: Seeks to Hire Cynthia Fraticelli as Accountant
------------------------------------------------------------
Ponce Bakery, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Cynthia Garcia Fraticelli,
a practicing accountant in Ponce, P.R.
The Debtor requires an accountant to prepare its monthly operating
reports and periodic statements of operations; represent it in tax
investigation; file all pending PR Treasury corporate tax returns;
prepare state and federal tax returns; and provide other accounting
services necessary to administer its bankruptcy estate.
The accountant will receive a monthly fee of $50 for her services.
As disclosed in court filings, Ms. Fraticelli is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Ms. Fraticelli maintains an office at:
Cynthia I. Garcia Fraticelli
Urb. Bella Vista
4111 Calle Nuclear
Ponce, PR 00716
Tel: 787-613-0411
Fax: 787-812-3409
About Ponce Bakery
Ponce Bakery, Inc. sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 23-01719) on June 5,
2023, with $500,001 to $1 million in assets and $100,001 to
$500,000 in liabilities. Judge Maria De Los Angeles Gonzalez
oversees the case.
The Debtor tapped Modesto Bigas-Mendez, Esq., at Modesto Bigas Law
Office as bankruptcy counsel, and Cynthia Garcia Fraticelli as
accountant.
PRIME PLUMBING: Gets OK to Hire The Buffaloe Group as Accountant
----------------------------------------------------------------
Prime Plumbing Services, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ The
Buffaloe Group, LLC as accountant.
The Debtor requires an accountant to prepare federal and state tax
returns and provide other accounting services required in its
Chapter 11 case.
The hourly rate of David Shawn Buffaloe, CPA, a managing partner at
The Buffaloe Group, is $250 per hour. Mr. Buffaloe will also charge
$675 per tax return.
Mr. Buffaloe 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:
David Shawn Buffaloe, CPA
The Buffaloe Group, LLC
811 Washington Street, SW
Gainesville, GA 30501
Telephone: (904) 625-5808
Email: shawnbuffaloecpa@gmail.com
About Prime Plumbing
Prime Plumbing Services, LLC is a building equipment contractor in
Gainesville, Ga.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-20661) on June 13,
2023, with as much as $50,000 in assets and $1 million to $10
million in liabilities. Gary Murphey of Resurgence Financial
Services, LLC has been appointed as Subchapter V trustee.
Judge James R. Sacca oversees the case.
The Debtor tapped Douglas Jacobson, Esq., at the Law Offices of
Douglas Jacobson, LLC as bankruptcy counsel and David Shawn
Buffaloe, CPA, at The Buffaloe Group, LLC as accountant.
PROSPERITAS LEADERSHIP: Taps BransonLaw PLLC as Bankruptcy Counsel
------------------------------------------------------------------
Prosperitas Leadership Academy, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
BransonLaw, PLLC as its counsel.
The firm will render these services:
(a) prosecute and defend any causes of action on behalf of the
Debtor;
(b) prepare legal papers;
(c) assist in the formulation of a plan of reorganization;
and
(d) provide all other services of a legal nature.
The hourly rates of the firm's counsel and staff range from $495 to
$200.
Prior to the commencement of its Chapter 11 case, the Debtor paid
an advance fee of $5,360 for post-petition services and expenses
and the filing fee of $1,738.00.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
jacob@bransonlaw.com
About Prosperitas Leadership
Prosperitas Leadership Academy, Inc. is a public charter school for
residents of Orange County.
Prosperitas Leadership Academy filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-02443) on June 21, 2023, with $2,009,763 in assets and
$2,533,820 in liabilities. Jerrett McConnell, Esq., at McConnell
Law Group, P.A. has been appointed as Subchapter V trustee.
Judge Grace E. Robson oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's
counsel.
R&M DISTRIBUTORS: Court Confirms Reorganization Plan
----------------------------------------------------
Judge Mildred Caban Flores has entered a final order approving R&M
Distributors, Inc.'s Disclosure Statement dated June 21, 2023, and
confirming the Plan of Reorganization dated June 21, 2023, as
amended in open court.
The Debtor must timely comply with the requirements of LBR 3022-1
as to the application for a final decree.
R&M Distributors, Inc., submitted a Chapter 11 Small Business Plan
and a Disclosure Statement dated June 21, 2023.
Under the Plan, Class 3 General Unsecured Claims total $25,694.
The Debtor will pay 100% of the allowed Unsecured Claims to be paid
in monthly payments of $519.24 including 4.25% interest per annum,
for 60 months, beginning in the month 61 from the confirmation of
the case. The total payout is $31,154. Class 3 impaired.
Payments and distributions under the Plan will be funded from the
Debtor's postpetition income from the operation of their water
bottling and distribution plant.
Attorney for the Debtor:
Juan C. Bigas Valedon, Esq.
PO Box 7011
Ponce, PR 00732-7011
Tel: (787) 259-1000
Fax: (787) 842-4090
E-mail: cortequiebra@yahoo.com
About R&M Distributors
R&M Distributors, Inc., sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-03718) on Dec.
23, 2022, listing $100,001 to $500,000 in both assets and
liabilities.
Judge Mildred Caban Flores oversees the case.
The Debtor tapped Juan C. Bigas-Valedon, Esq., at Juan C. Bigas
Valedon Law Office as counsel and Osvaldo J. Alvarez Paduani, CPA,
as accountant.
R.B. DWYER: Wins Cash Collateral Access Thru Aug. 10
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Pennsylvania
authorized R.B. Dwyer Co., Inc. and affiliates to use cash
collateral on an interim basis in accordance with the budget,
through the conclusion of the hearing scheduled for August 10,
2023, at 2 p.m.
The Debtor needs to access cash collateral to pay all reasonable
and necessary expenses related to the operation of its business and
avoid immediate and irreparable harm including, all trust fund
payroll taxes, in accordance with the budget, limited to the amount
of cash collateral actually collected.
To the extent of any diminution in value of the respective
pre-petition cash collateral of Pathward, National Association and
the U.S. Small Business Administration, the Lenders are granted
valid, binding, enforceable and perfected post-petition replacement
liens on collateral which is created, acquired, or arises after the
Petition Date, but limited to only those types and descriptions of
collateral in which the Lenders hold a pre-petition lien or
security interest. The Replacement Liens will have the same
priority and validity as the Lenders' respective pre-petition liens
and security interests.
The Debtors will maintain adequate insurance coverage on all
collateral subject to the Lenders' liens and security interests and
will designate the Lenders as loss payees to the extent and
priority of their respective liens and security interests.
A copy of the order is available at https://urlcurt.com/u?l=eEZtQi
from PacerMonitor.com.
About R.B. Dwyer Co., Inc.
R.B. Dwyer Co., Inc. and affiliates comprise an integrated
commercial packaging business with facilities located in
Pennsylvania, California and Tennessee.
R.B. Dwyer Co. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-01420) on June 26,
2023. In the petition signed by James B. Dwyer, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Mark J. Conway oversees the case.
Jeffrey Kurtzman, Esq., at Kurtzman | Steady, LLC, represents the
Debtor as legal counsel.
RAPID METALS: Seeks Cash Collateral Access
------------------------------------------
Rapid Metals, LLC asks the U.S. Bankruptcy Court for the Eastern
District of Michigan, Southern Division, Detroit, for authority to
use cash collateral on an interim basis in accordance with the
budget, with a 10% variance, and provide adequate protection.
During the first thirteen weeks of the case, the Debtor projects
that it will need to spend $2.763 million to make payments
necessary for the wind down of its business.
The Debtor believes that the cash collateral consists of the
following:
a. Accounts receivable valued at approximately $10.578
million, which was confirmed on a sample test basis.
b. Available Funds valued at approximately $2.693.
The Debtor also believes its inventory is valued at approximately,
$14.679 million, which was confirmed on a sample test basis.
Before the Petition Date, the Bank of America, National Association
filed a UCC-1 financing statement against certain of the Debtor's
assets, including its cash collateral and inventory. The Debtor
anticipates the Bank will assert a security interest in the
Debtor's cash collateral.
The Debtor further anticipates that the Bank will assert that its
security interest and liens have first priority over all other
security interests and liens asserted against the Debtor.
As adequate protection for any security interests that the Bank may
assert, the Debtor offers replacement liens in its personal
property, now owned or hereafter acquired and the proceeds and
products thereof to the same extent that such liens existed prior
to the Petition Date.
The Debtor proposes that the Bank be granted the Replacement Liens
as adequate protection to the extent of any diminution in value of
the pre-petition cash collateral. The Replacement Liens will be
liens on the Debtor's assets which are created, acquired, or arise
after the Petition Date, but limited to only those types and
descriptions of collateral in which the Bank held a pre-petition
lien or security interest. The Replacement Liens will have the same
priority and validity as the Bank's pre-petition security interests
and liens.
As additional adequate protection of the Bank's interests under
section 361, 362, 363(e) of the Bankruptcy Code, the Debtor
proposes to pay, or cause to be paid, to the Bank all of its
obligations under the loan documents.
A copy of the Debtor's motion and budget is available at
https://urlcurt.com/u?l=GmogDh from PacerMonitor.com.
The Debtor projects total operating disbursements, on a weekly
basis, as follows:
$35,799 for the week ending July 30, 2023;
$542,867 for the week ending August 6, 2023;
$260,000 for the week ending August 13, 2023;
$260,000 for the week ending August 20, 2023; and
$260,000 for the week ending August 27, 2023.
About Rapid Metals
Rapid Metals, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-46098) on July 12,
2023, with $10 million to $50 million in both assets and
liabilities.
Judge Maria L. Oxholm oversees the case.
Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C. is the
Debtor's legal counsel.
RETAILING ENTERPRISES: Committee Seeks to Hire Financial Advisor
----------------------------------------------------------------
The committee of creditors holding unsecured claims appointed in
the Chapter 11 case of Retailing Enterprises, LLC seeks approval
from the U.S. Bankruptcy Court for the Southern District of Florida
to employ Yip Associates as its financial advisor.
The firm will render these services:
(a) review financial information prepared by the Debtor;
(b) review and analyze the organizational structure of any
entity of the Debtor, the entity's financial interrelationships
amongst the Debtor, its principals, affiliates, and insiders;
(c) review and analyze transfers to and from the Debtor to
third parties, both pre-petition and post-petition;
(d) attend meetings with the Debtor, creditors, insiders, and
associates of such parties, and with federal, state, and local tax
authorities, if requested;
(e) review the books and records of the Debtor for potential
preference payments, fraudulent transfers, or any other matters
that the creditors' committee may request;
(f) review financial and operational information furnished by
the Debtor;
(g) analyze insider transactions, and if necessary, a forensic
review of transactions for the past four years;
(h) review operational data and agreements;
(i) analyze the Debtor's proposed business plans and develop
alternative scenarios, if necessary;
(j) assess the Debtor's various pleadings and proposed
treatment of unsecured creditor claims therefrom;
(k) prepare or review, as applicable, avoidance action and
claim analyses;
(l) assist the creditors' committee in reviewing the Debtor's
financial reports;
(m) advise the creditors' committee on the current state of
this Chapter 11 case;
(n) advise the creditors' committee in negotiations with the
Debtor and third parties;
(o) if necessary, participate as a witness in hearings before
the bankruptcy court with respect to matters upon which Yip
Associates has provided advice; and
(p) render any such other assistance in the nature of
accounting, financial consulting, and other activities or other
financial projects as the creditors' committee may deem necessary.
The hourly rates of the firm's professionals are as follows:
Partners $450 - $595
Directors $400
Managers $350
Senior Associates $295
Associates $245
Maria Yip, CPA, a partner at Yip Associates, disclosed in a court
filing that her firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Maria M. Yip, CPA, CFE, CIRA, CFF
Yip Associates
2 S. Biscayne Blvd., Suite 2690
Miami, FL 33131
Telephone: (305) 787-3750
Facsimile: (888) 632-2672
Email: myip@yipcpa.com
About Retailing Enterprises
Retailing Enterprises, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14169) on
May 30, 2023, with $10 million to $50 million in assets and $50
million to $100 million in liabilities. Mauricio Krantzberg,
president, signed the petition.
Judge Scott M. Grossman oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC and GGG Partners, LLC
serve as the Debtor's legal counsel and financial advisor,
respectively.
On June 15, 2023, the U.S. Trustee appointed an official committee
of unsecured creditors in this Chapter 11 case. The committee
tapped Meland Budwick, PA as legal counsel and Yip Associates as
financial advisor.
RETAILING ENTERPRISES: Committee Taps Meland Budwick as Counsel
---------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of Retailing Enterprises, LLC seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Meland Budwick, PA as counsel.
The firm will render these services:
(a) advise the committee with respect to its rights, powers
and duties in this Chapter 11 case;
(b) assist and advise the committee in its consultations with
the Debtor relative to the administration of this case;
(c) assist with the committee's investigation of the acts,
conduct, assets, liabilities and financial condition of the Debtor
and of the operation of its business and any other matters relevant
to this case;
(d) assist the committee in its analysis of and negotiations
with the Debtor or any third-party concerning matters related to,
among other things, the terms of a sale, plan of reorganization or
liquidation, or other conclusion of this case;
(e) assist the committee in requesting the appointment of a
trustee or examiner, should such action become necessary;
(f) represent the committee at all hearings and other
proceedings;
(g) review and analyze all applications, orders, statements of
operations and schedules filed with the court and advise the
committee accordingly;
(h) assist the committee in preparing agreements, motions,
applications, orders, complaints, answers, briefs and pleadings as
may be necessary in furtherance of its interests and objectives;
and
(i) perform such other legal services as may be required under
the circumstances of this case and are deemed to be in the
interests of the committee.
The firm will be compensated on an hourly basis, plus reimbursement
of actual, necessary expenses and other charges incurred.
Joshua Dobin, Esq., a partner at Meland Budwick, 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:
Joshua W. Dobin, Esq.
Meaghan E. Murphy, Esq.
Meland Budwick, PA
3200 Southeast Financial Center
200 South Biscayne Boulevard
Miami, FL 33131
Telephone: (305) 358-6363
Facsimile: (305) 358-1221
Email: jdobin@melandbudwick.com
mmurphy@melandbudwick.com
About Retailing Enterprises
Retailing Enterprises, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14169) on
May 30, 2023, with $10 million to $50 million in assets and $50
million to $100 million in liabilities. Mauricio Krantzberg,
president, signed the petition.
Judge Scott M. Grossman oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC and GGG Partners, LLC
serve as the Debtor's legal counsel and financial advisor,
respectively.
On June 15, 2023, the U.S. Trustee appointed an official committee
of unsecured creditors in this Chapter 11 case. The committee
tapped Meland Budwick, PA as legal counsel and Yip Associates as
financial advisor.
RITHM CAPITAL: Moody's Affirms 'B1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B1 long-term corporate
family rating and B3 long-term senior unsecured rating of Rithm
Capital Corp. The rating outlook remains stable.
The rating action follows Rithm's announcement on July 24 that it
plans to acquire Sculptor Capital Management, Inc. (Sculptor), an
alternative asset manager with approximately $34 billion in assets
under management. Rithm will pay $639 million for Sculptor, funded
mostly with cash on hand.
RATINGS RATIONALE
The rating affirmations reflect Moody's unchanged view of Rithm's
b1 standalone assessment, supported by the firm's solid performance
in a challenging environment. The ratings also consider the modest
potential benefits from the added diversification of Sculptor's
alternative asset management business over time. At the same time,
Moody's recognizes the potential credit and reputational risks
associated with the acquisition.
Rithm's investments have little overlap with the strategies
Sculptor employs, and Rithm's ability to effectively manage these
new risks is unknown. Sculptor's earnings have been challenged
during recent years due to a decline in the market and associated
benchmarks impacting its managed funds' performance, significantly
reducing incentive fees. Also, Sculptor's predecessor entity
Och-Ziff had a history of risk management failures: the company
paid $413 million in 2016 to settle charges under the Foreign
Corrupt Practices Act with respect to the operations of a foreign
subsidiary, and Sculptor subsequently entered into a deferred
prosecution agreement with the United States Department of Justice,
which was ultimately terminated in 2020. Mitigating some of these
risks is Sculptor's simplified business, being primarily focused in
the United States with only a small presence outside the US in
Europe. The size of the acquisition and potential monetary exposure
is also modest in the context of Rithm's overall business and $7
billion in equity as of 31 March 2023. As a result, Moody's expects
the acquisition to have a limited impact on Rithm's leverage,
profitability, and liquidity.
Rithm's core business has continued to perform well in light of the
difficult operating conditions for non-bank mortgage companies. The
rising rate environment has resulted in losses in Rithm's
origination business, but this has been more than offset by strong
performance in Rithm's mortgage servicing business. During the
first quarter of 2023, the firm reported a ratio of net income to
average managed assets (NI/AMA) of 1.12% and a ratio of tangible
common equity to tangible managed assets (TCE/TMA) of 21.1%,
comparing favorably to similarly rated mortgage finance peers.
The stable outlook reflects Moody's expectation that Rithm will
maintain solid profitability, strong capitalization, and adequate
liquidity over the next 12-18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company achieves solid
profitability and capitalization levels; for example, with NI/AMA
and TCE/TMA (Moody's adjusted) consistently remaining above 2.5%
and 17.5%, respectively. In addition, increasing the proportion of
unsecured funding within the capital structure would be positive
for the standalone assessment and ratings.
The ratings could be downgraded if Moody's were to expect
capitalization as expressed by TCE/TMA (Moody's adjusted) to remain
below 15%, if profitability as expressed by NI/AMA deteriorates
below 1%, or if the company's liquidity position deteriorates
materially. The ratings could also be downgraded if the company
experiences a significant risk management failure; for instance, if
Rithm experiences a large loss in its new alternative asset
management business.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
ROCK RIDGE: Wins Interim Cash Collateral Access
-----------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Greenville Division, authorized Rock Ridge Farms
Partnership to use cash collateral on an interim basis in
accordance with the budget.
Prior to the Petition Date, the Debtor was indebted to various
creditors including, but not limited to:
a. AgCarolina: Secured claim arising from two outstanding
notes, numbers 58-2021 and 59-2021. The aggregate balance of the
claim as of the Petition date, was approximately $5.167 million.
AgCarolina's claim is secured by deeds of trust on the Debtor's
real property and liens on the Debtor's personal property;
b. GETSCO: Secured claim arising from a note and deed of trust
on real property recorded November 25, 2019. The deed of trust is
recorded at Book 2811, Page 378, Wilson County Registry. The
balance of the claim as of the Petition Date is approximately
$740,855 and is further secured by liens on farm equipment,
pre-petition accounts and general intangibles, pre-petition crop
proceeds and insurance payments; and
c. Harvey's: Secured claim arising from a note and deed of
trust on real property recorded September 30, 2019. The deed of
trust is recorded at Book 2803, Page 371, Wilson County Registry.
The balance of the claim as of the Petition Date is approximately
$333,336 and is further secured by liens on farm equipment,
pre-petition accounts and general intangibles, pre-petition crop
proceeds and insurance payments.
The Debtor asserts that the value of all the collateral in which
AgCarolina, GETSCO, and Harvey's have security interests exceeds
$7.9 million, although all collateral may not be owned by the
Debtor.
The total amount of the Secured Creditors' claims is approximately
$7.192 million.
The Secured Creditors are provided the following as adequate
protection, in addition to the existing possible equity cushion of
$600,000:
a. Continuing replacement liens on the Debtor's post-petition
assets, including but not limited to any post-petition crops,
proceeds thereof, crop insurance proceeds, and government program
payments, to the same extent and in the same priority as
pre-petition security interests. The validity, enforceability, and
perfection of the Secured Creditors' post-petition replacement
liens will be immediately deemed perfected without the need for any
further action on the Secured Creditors' part;
b. The Debtor will segregate and account separately for the
cash collateral in its possession, custody, or control;
c. The Debtor will use cash collateral only in a manner
consistent with the cash collateral budget;
d. Any payment of post-petition fees to a professional are
subject to usual notice and court approval procedures;
e. The Debtor will provide the Secured Creditors and the
Bankruptcy Administrator a report no less frequently than every 14
days showing all revenues, expenditures, and an actual vs. budget
comparison;
f. The Debtor will grant the Secured Creditors reasonable
access to the Debtor's premises, operations, books and records, and
will provide such additional information as may be reasonably
requested by the Secured Creditors for the purpose of evaluating
the collateral or the Debtor's financial condition; and
g. The Debtor will promptly turnover all funds in its
possession or which it receives, except as allowed by the cash
collateral order, to the Secured Creditors in the order of their
priority.
The Debtor's authorization to use cash collateral will remain in
full force and effect until the earlier of the (a) entry of an
Order by the Court modifying the terms of the Order; (b) entry of
an Order by the Court terminating the Order for cause, including
but not limited to breach of its terms and conditions; (c) the
entry of a subsequent interim or final Order approving use of cash
collateral; (d) the removal of the Debtor as debtor in possession
pursuant to 11 U.S.C. section 1104; (e) confirmation of a Chapter
11 Plan or Reorganization; or (f) the dismissal or conversion of
the case to a proceeding under Chapter 7.
If necessary, a hearing on further use of cash collateral is
scheduled for August 22, 2023, at 10 a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=nbBu20 from PacerMonitor.com.
The Debtor projects $147,853 in total revenues and $51,990 in total
expenses for the period from July 21 to August 20, 2023.
About Rock Ridge Farms Partnership
Rock Ridge Farms Partnership is in the business of farming sweet
potatoes, soybeans, corn, and peanuts in and around Wilson County,
North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00291) on February 2,
2023. In the petition signed by Robert C. Boyette, partner, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Joseph N. Callaway oversees the case.
David F. Mills, Esq., at Narron Wenzel, P.A., represents the Debtor
as legal counsel.
ROCKPORT COMPANY: Taps Joseph Marchese of PKF Clear Thinking as CRO
-------------------------------------------------------------------
The Rockport Company, LLC and its affiliates received approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Joseph Marchese of PKF Clear Thinking, LLC as chief restructuring
officer.
The Debtors require a CRO to:
a. assist the Debtors' management, the board of directors and
advisors in developing and executing a strategy related to the
Debtors' restructuring;
b. assist the management in negotiations with lenders and
other stakeholders as appropriate;
c. provide post-petition services including (i) post-filing
communications efforts to various constituencies, (ii) preparation
of the statement of financial affairs, (iii) sale of assets and
auction process, (iv) management of debtor-in-possession cash flows
and variance reporting, (v) preparation of monthly operating
reports, (vi) preparation and development of a plan of
reorganization, and (vii) any other post-petition related
activities; and
d. perform other restructuring advisory services.
PKF will be paid at these rates:
President/Partner $600 per hour
Managing Director $500 per hour
Manager $400 per hour
Consultant $300 per hour
Analysts $200 per hour
The firm received from the Debtors an initial retainer of $25,000
in November 2022 and a supplemental retainer of $1 million to be
applied to pre-bankruptcy fees and expenses.
Joseph Marchese, a partner at PKF, 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:
Joseph Marchese
PKF Clear Thinking, LLC
401 Towne Centre Drive
Hillsborough, NJ 08844
Tel: (908) 431-2121
Email: jmarchese@pkfct.com
About Rockport Co. LLC
The Rockport Company, LLC -- https://www.rockport.com/ -- offers a
collection of men's and women's brands that provide comfortable
shoes for every occasion. The company and its subsidiaries are
global designers, distributors and retailers of comfort footwear in
more than 50 markets worldwide.
Rockport Company and its affiliates first sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 18-11145) on
May 14, 2018. The business was taken out of bankruptcy after the
court approved the sale of substantially all of Rockport Company's
assets to an affiliate of Charlesbank Equity Fund IX, LP.
Rockport Company and its affiliates again sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10774) on June 15, 2023. In the petition filed by its chief
restructuring officer, Joseph Marchese, Rockport Company reported
$50 million to $100 million in both assets and liabilities.
In the new Chapter 11 cases, the Debtors tapped Potter Anderson &
Corroon, LLP as legal counsel; Miller Buckfire & Co., LLC as
financial advisor and investment banker; and PKF Clear Thinking as
personnel provider. Epiq Corporate Restructuring, LLC is the claims
and noticing agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Cole Schotz, P.C.
SABRE GLBL: $404M Bank Debt Trades at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which Sabre GLBL Inc is a
borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $404 million facility is a Term loan that is scheduled to
mature on December 17, 2027. About $395.9 million of the loan is
withdrawn and outstanding.
Sabre GLBL Inc. provides information technology services. The
Company offers technology solutions including data-driven business
intelligence, mobile, distribution, and Software as a Service
(SaaS) solutions. Sabre GLBL serves customers worldwide.
SABRE GLBL: $644M Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which Sabre GLBL Inc is a
borrower were trading in the secondary market around 83.6
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $644 million facility is a Term loan that is scheduled to
mature on December 17, 2027. About $631.1 million of the loan is
withdrawn and outstanding.
Sabre GLBL Inc. provides information technology services. The
Company offers technology solutions including data-driven business
intelligence, mobile, distribution, and Software as a Service
(SaaS) solutions. Sabre GLBL serves customers worldwide.
SABRE GLBL: $675M Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which Sabre GLBL Inc is a
borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $675 million facility is a Term loan that is scheduled to
mature on June 30, 2028. About $669.9 million of the loan is
withdrawn and outstanding.
Sabre GLBL Inc. provides information technology services. The
Company offers technology solutions including data-driven business
intelligence, mobile, distribution, and Software as a Service
(SaaS) solutions. Sabre GLBL serves customers worldwide.
SANUWAVE HEALTH: Receives $3M Proceeds From Secured Notes Offering
------------------------------------------------------------------
SANUWAVE Health, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company closed a
private placement on July 21, 2023, pursuant to which it issued
Asset-Backed Secured Promissory Notes in an aggregate principal
amount of $4.6 million to certain accredited investors at an
original issue discount of 33.33%. The Notes bear interest at a
rate of zero percent (0%) per annum and mature on Jan. 21, 2024.
The Company received total proceeds of approximately $3.0 million.
The Notes were offered and sold in a transaction exempt from
registration under the Securities Act of 1933, as amended, in
reliance on Section 4(a)(2) thereof. Each Purchaser represented
that it was an accredited investor.
In connection with the Private Placement, on July 21, 2023, the
Company entered into a security agreement in favor of each
Purchaser to secure the Company's obligations under the Notes.
The rights of each Purchaser to receive payments under its Notes
are subordinate to the rights of NH Expansion Credit Fund Holdings
LP pursuant to a subordination agreement, which the Company and the
Purchasers entered into with North Haven Expansion on July 21, 2023
in connection with the Private Placement.
On July 21, 2023, the Company and the Purchasers also entered into
a side letter, pursuant to which the parties agreed that upon the
Maturity Date, the Company will issue each Purchaser (i) a Future
Advance Convertible Promissory Note with the same principal amount
as the principal amount of such Purchasers' Note, plus any accrued
and unpaid interest, and (ii) two Common Stock Purchase Warrants,
one with an exercise price of $0.04 per share and one with an
exercise price of $0.067 per share, each of which shall be
exercisable for such number of shares of the Company's common stock
calculated by dividing the principal amount of the Purchaser's
Future Advance Convertible Promissory Note by $0.04. In addition,
the parties agreed to enter into a securities purchase agreement, a
subordination agreement, a security agreement and a registration
rights agreement, which shall be substantially in the forms of
Exhibits 10.67, 10.68, 10.69 and 10.70, respectively, to the Form
10-K.
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is focused on the
research, development, and commercialization of its patented,
non-invasive and biological response-activating medical systems for
the repair and regeneration of skin, musculoskeletal tissue, and
vascular structures. SANUWAVE's end-to-end wound care portfolio of
regenerative medicine products and product candidates help restore
the body's normal healing processes. SANUWAVE applies and
researches its patented energy transfer technologies in wound
healing, orthopedic/spine, aesthetic/cosmetic, and
cardiac/endovascular conditions.
SANUWAVE reported a net loss of $10.29 million for the year ended
Dec. 31, 2022, compared to a net loss of $27.26 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$19.87 million in total assets, $60.88 million in total
liabilities, and a total stockholders' deficit of $41.01 million.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company has incurred recurring losses and
needs to raise additional funds to meet its obligations and sustain
its operations and the occurrence of the events of default on the
Company's debt. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
SCHUMACHER GROUP: S&P Alters Outlook to Neg., Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its rating outlook on The Schumacher
Group of Delaware Inc. (SCP) to negative from stable. S&P also
affirmed its 'B' issuer credit rating on SCP. Its issue-level
ratings on SCP's revolver and first-lien debt are affirmed.
The negative outlook reflects S&P's expectation that cash flow
generation will remain weak for the rating in 2023 and the risk
that these pressures may persist into 2024.
S&P said, "Our negative outlook reflects rising cost pressures and
our expectation of free cash flow deficit in 2023. We expect SCP's
EBITDA margin for 2023 will experience pressure partly from higher
clinical compensation costs, offset by a year-over-year reduction
in fee-for-service contracts. NSA costs have also hurt EBITDA as
arbitration fees increased to $350 per claim, effective January
2023. We account for these expenses in our adjusted EBITDA as we
consider it mandatory for company's operations. Excluding these
expenses, we expect S&P Global Ratings-adjusted EBITDA will be
about 350 basis points (bps) higher than our base case for 2023. We
also expect working capital outflows with delay in cash collections
due to arbitration and signing of new contracts. To preserve
margins amid higher physician compensation costs, SCP remediated
underperforming contracts (100 in 2022 and 30 in first-quarter
2023), which will impact revenue and earnings growth in the near
term, despite signing new contracts.
"In addition, SCP hedged about 70% of its variable debt using an
interest rate swap on $160 million of a notional principal amount
and a 4.5% interest rate cap on $200 million of a notional
principal amount, which somewhat protects it in the rising interest
rate environment. Still, due to the higher staff costs and
increased NSA arbitration expenses, we project a free cash flow
deficit in 2023 and only slight improvement in 2024 assuming the
arbitration process continues.
"We expect top line to grow while reimbursement pressure likely
constrains growth. We expect low- to mid-single-digit percent
organic revenue growth in 2023, with revenue from new contract wins
largely offset by contracts remediated year to date and decline in
hospital contract revenues. We also expect same-site volumes for
2023 to increase by about mid-single digit given increase in
demand. Our longer-term outlook on emergency department volumes
reflects our view that barriers to entry within the industry are
low, there are many alternatives to emergency departments for lower
acuity care (including telehealth), and the growing popularity of
urgent care sites and multicare facilities.
"SCP is the third-largest player in emergency medicine (EM) after
Envision Healthcare Corp. and Team Health Inc. It generates about
79% of revenue from EM, 19% from hospital medicine (HM), and 2%
from others. The industry is highly fragmented and competitive,
with low barriers to entry. Large and powerful private third-party
payors such as UnitedHealthcare will also continue to pressure
emergency room utilization and payment rates."
S&P believes the pricing power of government payors will decline as
Medicare rates decline due to the end of sequestration and Medicare
physician fee schedule (MPFS) rate cuts, combined with the desire
to reduce health care costs will somewhat constrain long-term
revenue growth and profit margin expansion for SCP.
Approximately 70% of patients are in-network. Following Cigna's
termination of its national contract with SCP in 2022 and ongoing
negotiations with UnitedHealthcare for certain regional contracts,
approximately 30% of patients are billed out-of-network, a
relatively high number. SCP uses the arbitration process to resolve
these claims under the NSA, which became effective in January 2022.
Although SCP won about 90% of all the cases since the act came into
effect, the arbitration process has extended collection times and
there are no assurances for future case outcomes. S&P said, "Also,
since the Centers for Medicare & Medicaid Services (CMS) increased
arbitration fees to $350 per claim, we expect SCP's NSA arbitration
fees to increase at least 70% in 2023 compared to 2022. Based on
the number of cases in arbitration and the relatively high number
of out-of-network patients, we believe the company could face added
reimbursement pressure and difficult contract negotiations."
S&P said, "The negative outlook reflects our expectation that 2023
cash flow generation will remain weak for the rating at below 2.5%
of debt, given slow patient volume increases, elevated labor costs,
and delayed cash collections due to pressure from payers under the
NSA. It also reflects the risk that some of these pressures may
persist into 2024 and beyond, causing us to believe that free
operating cash flow (FOCF) may remain weak in the near term. We
also believe the impairment indicates contract risk caused by the
remediation of underperforming contracts."
S&P could lower its rating on the Schumacher if it does not see a
viable path for the company to consistently generate S&P Global
Ratings-adjusted FOCF to debt of more than 3%. This could occur
if:
-- SCP cannot negotiate and faces further pressure from payers,
resulting in more claims submitted for arbitration under the NSA;
-- The company cannot increase payor rates; and
-- SCP margin remains pressured due to labor costs.
S&P could revise the outlook to stable if SCP's free cash flow to
debt increases and remains above 3%. This could occur if SCP better
manages its working capital, negotiates with payors, and reduces
its out-of-network exposure, offsetting increase in compensation
costs with better rates and resulting in higher revenue and
EBITDA.
ESG credit indicators: E-2, S-3, G-3
S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis. Payors, including the government,
are eager to keep patients out of emergency rooms and into other,
less-expensive sites of care. Payors may seek to adapt to the new
trend of outmigration of low-acuity patients and consider new
methodologies for evaluating whether an emergency department visit
meets the standards for coverage, which could add volume pressure
on emergency rooms.
"Governance factors are a moderately negative consideration in our
credit rating analysis. Our assessment of the company's financial
risk profile as highly leveraged reflects corporate decision-making
that prioritizes the interests of the controlling owners, in line
with our view of the majority of rated entities owned by
private-equity sponsors. Our assessment also reflects the generally
finite holding periods and a focus on maximizing shareholder
returns."
SHOPS@BIRD & 89: Sale of Real Property Will be Used to Pay Claims
-----------------------------------------------------------------
Shops@Bird & 89, LLC, submitted a Plan and a Disclosure Statement.
Property owned by Shops is located at 8945 Bird Rd, Miami, Florida
which is legally described as: LOTS 4, 5, 12, AND 13, BLOCK 2,
OLYMPIA GARDENS, ACCORDING TO THE PLAT, THEREOF, AS RECORDED IN
PLAT BOOK 41, PAGE 80, OF THE PUBLIC RECORDS OF DADE-COUNTY,
FLORIDA.
This Plan is a plan of liquidation pursuant to which the proceeds
from the sale of the Real Property will be used to pay
distributions to holders of allowed claims.
The Debtor will sell the Real Property free and clear of all liens
as permitted under 11 U.S.C. Section 1123(a)(5)(D). The sale shall
include the delivery of the intangible assets of the Debtor either
through assignment or by transfer as permitted under 11 U.S.C.
Section 1123(a)(5)(B) or by merger or consolidation under 11 U.S.C.
section 1123(a)(5)(C). The purchaser of the Real Property shall be
entitled to elect which method to deliver the intangible assets as
provided under 11 U.S.C. section 1123(a). Any transfer under
Section 1123(a) shall deliver ownership of the intangible assets to
the Purchaser free and clear of all liens or claims of any creditor
of the Debtor. If the purchaser does not elect to obtain the
intangible assets of the debtor under Section 1123(a), that shall
not affect the sale of the Real Property under Sec. 1123(a)(5)(D).
The Plan classifies claims as follows:
* Class 1 Miami-Dade County
* Class 2 Safe Harbor First Lien
* Class 3 Unsecured Priority of Florida Department of Revenue
* Class 4 Unsecured General
* Class 5 Jose Graibe
Class 1 will be paid fully and Class 2 will be paid from the
remaining proceeds until paid in full. After that, the priority
claims in handling the administration of the case will be fully
paid (including the U.S. Trustee) and the remaining proceeds will
pay Class 3. If Class 3 is fully paid, Class 4 would be paid. If
Class 4 is fully paid, all remaining funds would go to Class 5.
Classes 1,2,3 and 4 are impaired.
A copy of the Disclosure Statement dated July 19, 2023, is
available at bit.ly/3Y18bic from PacerMonitor.com.
About Shops@Bird & 89
Shops@Bird & 89, LLC, a Miami-based company, filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 23-13358) on April 28, 2023, with $10,093,000 in assets
and $5,577,772 in liabilities. Tarek Kiem has been appointed as
Subchapter V trustee.
Judge Robert A. Mark oversees the case.
The Debtor tapped Robert C. Meyer, Esq., at Robert C. Meyer, P.A.
as bankruptcy counsel and Nelson & Associates, C.P.A., P.A. as
accountant.
SHUTTERFLY FINANCE: $968M Bank Debt Trades at 35% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Shutterfly Finance
LLC is a borrower were trading in the secondary market around 64.6
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $968.9 million facility is a payment-in-kind Term loan that is
scheduled to mature on October 1, 2027. The amount is fully drawn
and outstanding.
Shutterfly, LLC is an American photography, photography products,
and image sharing company, headquartered in Redwood City,
California.
SHUTTERFLY LLC: $1.11B Bank Debt Trades at 37% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Shutterfly LLC is a
borrower were trading in the secondary market around 63.5
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.11 billion facility is a Term loan that is scheduled to
mature on September 25, 2026. About $6.3 million of the loan is
withdrawn and outstanding.
Shutterfly, LLC is an American photography, photography products,
and image sharing company, headquartered in Redwood City,
California.
SMITH & SONS: Unsecured Creditors Will Get 5% of Claims in Plan
---------------------------------------------------------------
Smith & Sons Trucking, LLC, filed with the U.S. Bankruptcy Court
for the Western District of Louisiana a Plan of Reorganization for
Small Business dated July 24, 2023.
The Debtor is a Limited Liability Company. Since 2014, the Debtor
has been in the business of commercial transport or more commonly
referred to as "trucking". The debtor was originally named M&J
Harvesting, LLC and changed its name to Smith & Sons Trucking, LLC.
in May of 2018.
The debtor's sole member has since the beginning in 2014 been
Jeffery Smith. His wife, Michelle Smith has been an officer of the
company but not a member likewise since the beginning.
The debtor suffered financial hardship in 2020 and 2021 and has
struggled to maintain operations. Part of the difficultly was due
to the economic conditions from the lockdown in the Covid Pandemic.
Part of the problem was due to theft from the company from an
employee of the company. This employee, a driver, was fired and the
losses stopped. The company has recently hired a second driver
(Jeffery Smith is the main driver for the debtor.) and should
increase its gross revenue to become profitable again.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $3,600.00. The final Plan
payment is expected to be paid on March 25, 2028.
This Plan of Reorganization proposes to pay creditors of Smith &
Sons Trucking, LLC from future income.
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 the Unsecured Claim of Financial Pacific
Leasing. The unsecured claim of Financial Pacific Leasing will
receive 5% of their claim of $26,510.00 starting on February 25,
2027 and the last payment on March 25, 2028. This is an impaired
claim.
Class 3.B. consists of the U.S. Small Business Administration. The
unsecured claim of the U.S. Small Business Administration will
receive 5% of their claim of $110,326.71 starting on February 25,
2027 and the last payment on March 25, 2028. This is an impaired
claim.
Class 4 consists of Equity security holders of the Debtor. The
holders of equity security, that is Jeffery Smith, the sole member
of Smith and Sons Trucking, LLC., shall retain all rights and
privileges he possesses as the sole member and shareholder of the
debtor.
This is a non-consensual plan and all payments by the debtor shall
be disbursed to the Trustee. All payments to the Trustee in
accordance with this plan shall be made from future income of the
debtor.
Payments shall be made as follows: $3,600 a month for a term of 55
months beginning September 25, 2023. Plan payments total
$198,000.00. All payments will be paid to the Trustee, and upon
confirmation of the plan, disbursed in accordance with the terms of
the plan.
Disbursement of the plan.
Months 1-55 the Trustee shall pay the following secured claims:
* 2.A. Volvo Financial Service shall be paid $442.62 per month
for 55 months.
* 2.B. Sicily Island State Bank shall be paid $414.98 per
month for 55 months.
* 2.C. Sicily Island State Bank shall be paid $298.45 per
month for 55 months.
* 2.D. Financial Pacific Leasing shall be paid $1,137.00 per
month for 55 months.
* 2.E. U.S. Small Business Administration shall be paid
$788.47 per month for 55 months.
Months 1-40 the Trustee shall pay the following administrative
claims:
* The Law Firm of James W. Spivey II, APLC - debtor's counsel
shall be paid $250.00 per month for 40 months.
* The Chapter 11 Trustee - Rocky Wilson shall be paid $268.48
per month for 40 months.
Months 41-55 the Trustee shall pay the following claims for Class
3, the Unsecured Claims Class:
* 3.A. Financial Pacific Leasing shall be paid $88.36 for 15
months.
* 3.B U.S. Small Business Administration shall be paid $367.75
for 15 months.
A full-text copy of the Plan of Reorganization dated July 24, 2023
is available at https://urlcurt.com/u?l=2stDR3 from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
James W. Spivey II, Esq.
James W. Spivey II,
A Professional Law Corporation
1515 North 7th Street
West Monroe, LA 71291
Tel: (318) 387-3666
About Smith & Sons Trucking
Smith & Sons Trucking, LLC, has been in the business of commercial
transport or more commonly referred to as "trucking."
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. La.
Case No. 23-30467) on April 25, 2023. The Debtor hires James W.
Spivey II, A Professional Law Corporation, as counsel.
SONAVATION INC: Taps Ashcraft Business Advisors as Accountant
-------------------------------------------------------------
Sonavation, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Ashcraft Business
Advisors as its accountant.
The Debtor needs an accountant to prepare its 2021 and 2022 federal
income tax returns, provide bookkeeping services, and prepare state
income tax returns, if required.
The firm will charge $3,500 per tax year. Extra bookkeeping and
preparation of state tax return will be billed at $250 per hour.
Paul Ashcraft, a certified public accountant at Ashcraft Business
Advisors, 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:
Paul M. Ashcraft
Ashcraft Business Advisors
915 Liberty Lane
Auburndale, FL 33823
Telephone: (863) 409-8771
About Sonavation Inc.
Sonavation Inc. manufactures computer and peripheral equipment in
North Palm Beach, Fla.
Sonavation sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 23-13960) on May 22, 2023. In the
petition signed by its chief executive officer, Lisa Rhoads, the
Debtor reported between $1 million and $10 million in both assets
and liabilities.
Judge Erik P. Kimball oversees the case.
The Debtor tapped Paul N. Mascia, Esq., at Nardella & Nardella,
PLLC as legal counsel and Ashcraft Business Advisors as
accountant.
SOUTHFIELD VENTURES: Disclosure Granted Preliminary Approval
------------------------------------------------------------
Judge Thomas J. Tucker has entered an order granting preliminary
approval Of Southfield Ventures, LLC's Disclosure Statement.
The hearing on objections to the final approval of the Disclosure
Statement and confirmation of the First Amended Plan will be held
on August 30, 2023, at 11:00 a.m. The confirmation hearing will be
held by telephone, rather than in the courtroom.
The deadline to return ballots on the First Amended Plan, as well
as to file objections to final approval of the Disclosure Statement
and objections to confirmation of the First Amended Plan is August
21, 2023.
No later than August 25, 2023, the Debtor must file a signed ballot
summary indicating the ballot count under 11 U.S.C. section 1126(c)
& (d).
The confirmation hearing will be held by telephone, rather than in
the courtroom. At least five minutes before the scheduled time for
hearing, counsel and parties should call (888) 684-8852 and use
Access Code 2388650. Counsel and parties should place their phone
on mute and wait until their case is called before unmuting their
phone and participating.
About Southfield Ventures
Southfield Ventures, LLC is a single asset real estate (as defined
in 11 U.S.C. Sec. 101(51B)). The company is based in Southfield,
Mich.
Southfield Ventures filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-42948) on March
31, 2023, with $1 million to $10 million in both assets and
liabilities. Ernest Charles Barreca, principal at Southfield
Ventures, signed the petition.
Judge Thomas J. Tucker oversees the case.
The Debtor is represented by Robert N. Bassel, Esq., a practicing
attorney in Clinton, Mich.
SPARKLES BEAUTY: Unsecureds Owed $129K to Get $5K in Plan
---------------------------------------------------------
Sparkles Beauty Bar LLC submitted a Plan of Reorganization for
Small Business Under Chapter 11 dated July 19, 2023.
The Plan Proponent's financial projections show that the Debtor
will have a projected disposable income for the period described in
Section 1191(c)(2) of $4,470.
The final Plan payment is expected to be paid on June 1st, 2033.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 3.86 cents on the dollar.
Under the Plan, Class 7 General Unsecured Claims total $129,691.
Class 7 General Unsecured creditor(s) will receive $5,000 to be
disbursed pro-rata based on the amount of each claim and such
payment will be funded by the Equity Interest Holder in class 8.
Class 7 is impaired.
The Plan will be funded primarily through revenues generated by the
operation of the debtor's business, and in small part from a new
value contribution from the Debtor's equity security interest
holder(s).
A copy of the Disclosure Statement dated July 19, 2023, is
available at bit.ly/3K7adrq from PacerMonitor.com.
About Sparkles Beauty Bar
Sparkles Beauty Bar LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bakr. D. Nev. Case No. 22-13453) on Sept. 26,
2022. In the petition signed by its managing member, Stacey
Bledsoe, the Debtor disclosed up to $500,000 in both assets and
liabilities. Seth D Ballstaedt, Esq., at Fair Fee Legal Services,
is the Debtor's legal counsel.
SPEIDEL CONSTRUCTION: Unsecureds to Split $45K in Subchapter V Plan
-------------------------------------------------------------------
Speidel Construction, Inc. d/b/a Speidel Airfield Marking (SAM),
filed with the U.S. Bankruptcy Court for the Middle District of
Tennessee a Plan of Reorganization under Subchapter V dated July
24, 2023.
The Debtor is a small, woman-owned business based in Murfreesboro,
TN, specializing the the maintenance of airport runways since 1984.
The Debtor's cash flow during the winter months of 2022-23 was
delayed. This delay caused the Chapter 11 filing.
This Plan of Reorganization proposes to pay the creditors the
Debtor from cash flow from business operations and future income of
the Debtor as set forth herein.
Non-priority unsecured creditors holding allowed claims will
receive pro rata distributions from the ongoing cash flow of the
debtor.
Class 6 shall consist of the allowed unsecured claims not entitled
to priority and not expressly included in the definition of any
other class. The claims in this class shall be paid a pro-rate
distribution of $45,000.00 commencing on the Effective Date of the
plan, payable at the rate of $750.00 per month, until the total
amount specified herein has been paid. This is a claim of Speidel
Construction, Inc. and shall be paid under the Chapter 11 plan of
Marking Impressions, Inc.
The Debtor will retain all ownership rights in property of the
estate.
The Debtor anticipates the funds to meet the plan payments shall
come from the daily operations of the Debtor's marking and striping
business for the aviation industry.
A full-text copy of the Subchapter V Plan dated July 24, 2023 is
available at https://urlcurt.com/u?l=TISE49 from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz, PLLC
908 Harpeth Valley Place
Nashville, TN 37221
Tel: (615) 256-8300
Fax: (615) 255-4516
Email: slefkovitz@lefkovitz.com
About Speidel Construction
Speidel Construction, Inc. operates a specialized painting and
resurfacing business in Murfreesboro, Tennessee. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.
D. Tenn. Case No. 23-01473) on April 24, 2023. In the petition
signed by Wayne Todd Pope, as owner, the Debtor disclosed $712,222
in assets and $$1,683,616 in liabilities.
Judge Marian F. Harrison oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz, represents
the Debtor as legal counsel.
SPG HOSPICEL: Has Deal on Cash Collateral Access
------------------------------------------------
James Cross, the Chapter 11 trustee for SPG Hospice, LLC and
affiliates asks the U.S. Bankruptcy Court for the District of
Arizona for entry of an order authorizing the use of cash
collateral in accordance with his agreement with the Arizona Bank
and Trust, through August 18, 2023.
The Trustee seeks entry of the Stipulated Order 1) approving
limited use of cash collateral; 2) granting the allowance of an
administrative superpriority claim of AZBT in the amount of $2
million; 3) granting AZBT stay relief; 4) compromising the payment
of the AZBT Superpriority Claim; and 5) granting related relief.
The Stipulated Order represents a global compromise of AZBT's
claims against Debtors and their estates with respect to AZBT's
secured and Superpriority Claims and includes the following key
provisions:
a. AZBT will agree to the trustee's continued use of cash
collateral pursuant to the Final Budget and through August 18,
2023;
b. The doctor providers will collectively agree to cap their
collection/distribution budgeted by the Trustee for the week of
August 18, 2023 for collections to and through July 31, 2023 at the
budgeted amount of $486,148 and will not be entitled nor seek any
further compensation for accounts receivable collected after July
31, 2023;
c. The Trustee will consent to stay relief for AZBT effective as of
August 1, 2023 with respect to all of its Collateral, including,
without limitation, authorizing AZBT to intercept and collect SPG
accounts receivable thereafter without further liabilities or
claims by any other party, except with respect to the junior
secured lender TOPPS in the unlikely event of any excess recoveries
by AZBT; and
d. The Trustee and SPG will cooperate with the transition and
maintenance of administrative rights in the billing and collection
system currently used by SPG/UTC (AZBT will pay related expenses as
appropriate) and the transition of such functions and rights to
AZBT’s designated and approved collector.
The use of cash collateral will allow the Debtors to administer and
collect current accounts receivable necessary to wind down final
administrative disposition of the Debtor's business operations,
including payment of final obligations owing to the doctor groups
that have provided services through June 30, 2023.
Since the Petition Date, the Trustee has been operating the Debtors
in cooperation with AZBT and use of AZBT's cash collateral,
consistent with the terms of the Agreed Order dated April 29, 2022.
The operations of each of the Debtors business operations has since
been wound down, leaving the Trustee and AZBT to confront and
address the terms of a final disposition of the Debtors chapter 11
cases and the secured and priority administrative claims of AZBT.
While the parties are not in precise agreement over the amount, the
parties recognize and agree that after the dust has settled in
these chapter 11 cases, AZBT will have incurred a post-petition
administrative super priority claim of at least $2 million pursuant
to the provisions of 11 U.S.C. section 507(b), a claim the Debtors'
estates do not and will not have the resources to satisfy.
AZBT is a secured creditor of Hospice and SPG. AZBT filed secured
proofs of claim in the amount of $5.075 million plus accrued and
accruing interest, costs, and attorneys' fees in Hospice's
bankruptcy case and in SPG's bankruptcy case.
SPG's bankruptcy schedules reflect that the value of SPG's personal
property on the Filing Date was $5.146 million, including $134,531
in cash and cash equivalents, $8.3 million in accounts receivable
(of which SPG contended only $940,709 was collectible), and $3.7
million owed by SPG's principal Nima Ghadimi.
Hospice's bankruptcy schedules reflect that the value of Hospice's
personal property (all of which constitutes AZBT's Collateral) on
the Filing Date was $594,920, including a nominal amount of cash
and cash equivalents, $289,883 in accounts receivable (of which SPG
contended only $243,098 was collectible), and $345,000 in "medical
licenses."
As of June 30, 2023, SPG has ceased business operations and is no
longer responsible for any ongoing patient care. As of July 14,
2023, UTC's management and control has been transferred to Hospice
of the Valley pursuant to a management agreement that contemplates
HOV's subsequent purchase of UTC’s operating assets.
The Trustee projects that after the wind down of operations of the
Debtors under the Final Budget, the Trustee will have approximately
$513,568 in cash in all bank accounts as of July 31, 2023 and
uncollected accounts receivable of approximately $1.3 million, but
with significantly impaired collectability, for use in satisfying
AZBT's secured and administrative priority claims. The projected
remaining cash does not account for the Payroll Accrual, AP for the
month of July, and doctors' collection payment.
A copy of the stipulation is available at
https://urlcurt.com/u?l=ZMs4vf from PacerMonitor.com.
About SPG Hospice
Established in 2018, SPG Hospice, LLC provides hospice services
throughout Arizona but primarily located in the Phoenix
metropolitan area.
SPG Hospice's affiliate, Scottsdale Physicians Group, PLC, provides
hospitalist staffing services for hospitals and physician staffing
services to skilled nursing facilities and other post-acute
settings. Its workforce is comprised of medical providers and
disease support personnel.
Meanwhile, United Telehealth Corp., another SPG Hospice affiliate,
provides advanced virtual care medical services to patients in
their homes throughout Arizona. It combines the remote provider
aspect of traditional telemedicine with an in-person medical
technician "Tech" who is physically present with the patient in
their home or facility.
SPG Hospice, Scottsdale and United Telehealth Corp. sought
protection for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ariz. Lead Case No. 22-02385) on April 19, 2022. At the
time of the filing, SPG Hospice listed up to $50,000 in assets and
up to $500,000 in liabilities.
Judge Eddward P. Ballinger, Jr. oversees the cases.
Jonathan P. Ibsen, Esq., at Canterbury Law Group, LLP serves as the
Debtors' legal counsel.
James Cross, the court-appointed Chapter 11 trustee for the
Debtors, tapped Cross Law Firm, PLC as bankruptcy counsel; Terry A.
Dake, Ltd. as special counsel; Baldwin Moffitt Behm, LLP as tax
preparer; and Kathy Steadman of Coppersmith Brockelman, PLC as
healthcare personnel and regulatory compliance specialist.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' bankruptcy cases.
STREAM TV: Seeks to Extend Plan Exclusivity to November 13
----------------------------------------------------------
Stream TV Networks Inc. and Technovative Media, Inc. ask the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to
extend their exclusive periods to file a chapter 11 plan and to
solicit acceptances of such plan to November 13, 2023 and January
9, 2024, respectively.
The Debtors explained that their chapter 11 cases are complex in
light of the significant litigation with SLS Holdings VI, LLC
("SLS"), Hawk Investment Holdings Limited ("Hawk") and SeeCubic,
Inc. ("SCI"). The Debtors claim that the dispute will not be
resolved during the current exclusive periods and it is therefore
appropriate to allow these matters to proceed to a conclusion in
order to formulate a plan of reorganization.
Stream TV Networks Inc. and Technovative Media, Inc. are
represented by:
Rafael X. Zahralddin-Aravena, Esq.
LEWIS BRISBOIS BISGAARD & SMITH, LLP
550 E. Swedesford Road, Suite 270
Wayne, PA 19087
Tel: (302) 985-6000
Email: rafael.zahralddin@lewisbrisbois.com
- and -
Vincent F. Alexander, Esq.
LEWIS BRISBOIS BISGAARD & SMITH, LLP
110 SE 6th Street, Suite 2600
Fort Lauderdale, FL 33301
Tel: (954) 728-1280
Email: vincent.alexander@lewisbrisbois.com
-and-
Bennett G. Fishe, Esq.
LEWIS BRISBOIS BISGAARD & SMITH, LLP
24 Greenway Plaza, Suite 1400
Houston, TX 77046
Tel: (346) 241-4095
Email: bennett.fisher@lewisbrisbois.com
About Stream TV Networks
Stream TV Networks Inc. develops technology intended to display
three-dimensional content without the use of 3D glasses.
Stream TV Networks sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-10763) on March
15, 2023. In the petition filed by Mathu Rajan, as director, the
Debtor reported assets between $500 million and $1 billion and
estimated liabilities between $10 million and $50 million.
The case is overseen by Honorable Bankruptcy Judge Magdeline D.
Coleman.
The Debtor is represented by:
Rafael X. Zahralddin-Aravena, Esq.
LEWIS BRISBOIS BISGAARD & SMITH
550 E. Swedesford Road, Suite 270
Wayne, PA 19087
Tel: (302) 985-6004
Email: Rafael.Zahralddin@lewisbrisbois.com
SVB FINANCIAL: Seeks to Extend Plan Exclusivity to November 12
--------------------------------------------------------------
SVB Financial Group asks the U.S. Bankruptcy Court for the
Southern District of New York to extend its exclusive periods
for filing a chapter 11 plan and solicit acceptances thereof to
November 12, 2023 and January 11, 2024, respectively.
The Debtor claims that it has made substantial progress in the
first three and a half months if its chapter 11 case, preserving
the value of its business during the transition to operating in
chapter 11 and exploring strategic alternatives through dual-
track sales and restructuring processes.
The Debtor explained that it is requesting the extension of the
exclusive periods to ensure there is sufficient time, without
threat of interruption, to complete these dual-track processes
and have an opportunity to file a plan of reorganization.
SVB Financial Group is represented by:
James L. Bromley, Esq.
Andrew G. Dietderich, Esq.
Christian P. Jensen, Esq.
SULLIVAN & CROMWELL LLP
125 Broad Street
New York, NY 10004-2498
Tel: (212) 558-4000
About SVB Financial Group
SVB Financial Group is a financial services company focusing on
the innovation economy, offering financial products and services
to clients across the United States and in key international
markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced
a severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation
seized SVB and placed it under the receivership of the Federal
Deposit Insurance Corporation. SVB was the nation's 16th largest
bank and the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The
Debtor had assets of $19,679,000,000 and liabilities of
$3,675,000,000 as of Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez &
Marsal North America, LLC as restructuring advisor. William
Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's
chief restructuring officer. Kroll Restructuring Administration,
LLC, is the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
The committee tapped Akin Gump Strauss Hauer & Feld, LLP as
bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard
Freres & Co., LLC as investment banker; and Berkeley Research
Group, LLC, as financial advisor.
TAMPA BAY PLUMBERS: Commences Subchapter V Bankruptcy Case
----------------------------------------------------------
Tampa Bay Plumbers LLC filed for chapter 11 protection in the
Middle District of Florida. The Debtor elected on its voluntary
petition to proceed under Subchapter V of chapter 11 of the
Bankruptcy Code.
The Debtor either directly, or through its wholly owned
subsidiaries Ypoxi, Inc. and Tampa Bay Septic and Environmental,
LLC, provides plumbing, drain, and septic services to commercial
and residential customers.
As of the Petition Date, the Debtor operates from 6205 Johns Road,
Ste. 12, Tampa, Florida which it leases from First Industrial
Realty. The Debtor is managed by its managers, Ryan Pelky and
Dennis Gray.
Prior to the Petition Date, the Debtor discovered that due to
bookkeeping errors, the Debtor had failed to pay substantial
payroll taxes to the Internal Revenue Service. The Debtor has
since rectified the mistake and is in the process of determining
its total tax liability.
At the same time, the Debtor also began receiving funding from
merchant cash advance lenders. As is common with these types of
loans, the repayment terms proved to be particularly onerous and
the Debtor experienced cash flow issues. As a result, the Debtor
filed the instant bankruptcy to deal with its tax obligation and to
restructure its various secured and unsecured debts.
According to court filings, Tampa Bay Plumbers estimates $1 million
to $10 million in debt to 1 to 49 creditors. The petition states
that funds will be available to unsecured creditors.
About Tampa Bay Plumbers
Tampa Bay Plumbers, LLC, which provides plumbing, drain, and septic
services to commercial and residential customers, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 23-02904) on July 10, 2023, with $1,781,764 in assets
and $4,418,145 in liabilities. Ryan J. Pelky, manager, signed the
petition.
Michael C Markham has been appointed as Subchapter V trustee.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal
counsel.
TAMPA BAY PLUMBERS: Seeks to Hire Buddy Ford as Bankruptcy Counsel
------------------------------------------------------------------
Tampa Bay Plumbers, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ the law firm of
Buddy D. Ford, PA as its bankruptcy counsel.
The firm will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued operation of the business and management of the estate's
property;
(b) prepare and file the petition, schedules of assets and
liabilities, statement of affairs, and other documents required by
the court;
(c) represent the Debtor at the Section 341 creditors'
meeting;
(d) advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(e) prepare legal papers;
(f) protect the interest of the Debtor in all matters pending
before the court;
(g) represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and
(h) perform all other legal services for the Debtor which may
be necessary herein.
The hourly rates of the firm's counsel and staff are as follows:
Buddy D. Ford, Esq. $450
Senior Associate Attorneys $400
Junior Associate Attorneys $350
Senior Paralegal Services $150
Junior Paralegal Services $100
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the commencement of itss Chapter 11 case, the Debtor paid
the firm an advance fee of $26,738.
Buddy Ford, Esq., 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:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
Buddy D. Ford, PA
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
Email: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About Tampa Bay Plumbers
Tampa Bay Plumbers, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-02904) on July 10, 2023, with $1,781,764 in assets and
$4,418,145 in liabilities. Michael Markham has been appointed as
Subchapter V trustee.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal
counsel.
TEXARKANA ARKANSAS: Taps Marcus & Millichap as Real Estate Broker
-----------------------------------------------------------------
Texarkana Arkansas Hospitality, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Arkansas to employ
Marcus & Millichap Real Estate Investment Services.
The Debtor requires a real estate broker to market and sell its
real property located at 5420 Crossroads Parkway, Texarkana, Ark.
Marcus & Millichap will be compensated as follows:
Purchase Price Commission
-------------- ----------
$7,000,000 or above 3.5 percent
$6,300,001 to $6,999,999 3 percent
$6,300,000 or below 2.5 percent
As disclosed in court filings, Marcus & Millichap is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Anne Williams
Marcus & Millichap
Real Estate Investment Services, Inc.
One MetroTech Center, Suite 2001
Brooklyn, NY 11201
Tel: (718) 475-4300
Email: anne.williams@marcusmillichap.com
About Texarkana Arkansas Hospitality
Texarkana Arkansas Hospitality, LLC owns and operates a Comfort
Suites hotel located in Texarkana, Ark. The property is valued at
$7.5 million.
Texarkana Arkansas Hospitality filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Ark. Case No. 23-70804) on June 8, 2023,
with $7,832,764 in total assets and $4,003,876 in total
liabilities. Sukhpal Singh, member of Texarkana Arkansas
Hospitality, signed the petition.
Judge Richard D. Taylor presides over the case.
Kevin P. Keech, Esq., at Keech Law Firm, PA, serves as the Debtor's
counsel.
TK CLEANING: Seeks to Hire Steve Duke as Real Estate Broker
-----------------------------------------------------------
TK Cleaning & Lawn Service, LLC seeks approval from the U.S.
Bankruptcy Court for the District of South Carolina to employ Steve
Duke, a real estate broker at Duke Business Advisors, Inc.
The Debtor needs a broker to assist in the sale of its landscaping
business.
Mr. Duke will receive a 10 percent commission of the first $1
million of total consideration paid and 8 percent of any amount
above $1 million.
In addition, the broker will be reimbursed for expenses incurred.
Mr. Duke disclosed in a court filing that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The broker can be reached at:
Steve Duke
Duke Business Advisors, Inc.
22415 Market Street, Suite 1408
Cornelius, NC 28031
Telephone: (704) 953-5608
About TK Cleaning & Lawn Service
TK Cleaning and Lawn Service, LLC is a landscape service company in
Rock Hill, S.C.
TK Cleaning and Lawn Service filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No.
22-03485) on Dec. 19, 2022, with $1 million to $10 million in both
assets and liabilities. Troy Kelley, owner, signed the petition.
Judge Helen E. Burris oversees the case.
The Debtor tapped Jane H. Downey, Esq., at Moore Bradley Myers Law
Firm, PA as legal counsel; Newpoint Advisors Corporation as
financial advisor; and BNA CPAs & Advisors as accountant.
On May 26, 2023, the court confirmed the Debtor's Chapter 11 small
business Subchapter V plan.
TRINET GROUP: S&P Lowers ICR to 'BB' on Financial Policy Revision
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Dublin,
Calif.-based human resources (HR) outsourcing solutions provider
TriNet Group Inc. to 'BB' from 'BB+'.
The stable outlook reflects S&P's expectation that TriNet will
maintain S&P Global Ratings-adjusted leverage consistent with its
new leverage target and commensurate with the 'BB' issuer credit
rating.
S&P said, "The downgrade reflects our expectation that TriNet's
leverage will increase to the mid-2x area following its new stated
financial policy. The company updated its target leverage ratio to
1.5x-2x, which equates to S&P Global Ratings-adjusted leverage of
about 2x-2.5x. In addition, the company announced a capital
deployment strategy to return 75% of operating cash flow to
shareholders. We believe TriNet will likely issue incremental debt
and use generated cash flow to fund a $1 billion stock repurchase
program.
"We forecast the labor market will loosen, likely decelerating
TriNet's growth. Cracks are emerging in the tight labor market. Job
creation exceeded consensus in May 2023, although hours worked
declined and the unemployment rate rose to 3.7%. Both the quit rate
and ratio of job vacancies to job seekers are now both well off
recent peaks. This loosening market has provided TriNet with strong
growth tailwinds since 2021. We expect TriNet's net revenue growth
will decline in the mid-single-digit percentage area in 2023 and
2024 from 18.4% in 2022 as unemployment rates increase amid an
economic slowdown and insurance costs continue to normalize.
Offsetting factors include TriNet's ability to counteract weaker
payroll processing volumes with higher pricing, and its good
industry end-market diversification.
"The stable outlook reflects our expectation TriNet will maintain
leverage beneath 2.5x despite modest net service revenue and EBITDA
contraction over the next 12 months."
ESG credit indicators: E-2; S-3; G-2
S&P said, "Social factors are a moderately negative consideration
on our rating analysis for TriNet. Our assessment reflects the
mission-critical importance of its HR and payroll services for its
clients and their employees. In addition, there are high inherent
risks and adverse consequences (reputational damage,
legal/regulatory fines, and operational disruptions) if it fails to
protect sensitive information or critical infrastructure and
applications."
UNIVERSAL DOOR: Granted 21 More Days for Amended Disclosures
------------------------------------------------------------
Judge Enrique S. Lamoutte has entered an order granting the motion
filed by Universal Door and Window Manufacture Inc. for a 21-day
extension of the time to file the First Amended Disclosure
Statement.
In its Motion, the Debtor explained that as part of the amendments
ordered by the Court, Debtor has to identify the terms of the
existing executory contracts. In order to provide more feasibility
to its Plan, the Debtor is negotiating extensions of all the
existing executor contracts in order for said contracts to be in
full force and effect throughout the term of the Plan. However,
the Debtor needs an additional 21 days to finalize said
negotiations, according to the July 18, 2023 motion.
About Universal Door
Universal Door and Window Manufacture, Inc., a company based in San
Sebastian, P.R., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 22-01961) on July 5, 2022,
disclosing $1.54 million in assets and $2.86 million in
liabilities. Judge Enrique S. Lamoutte oversees the case.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC and CPA
Luis R. Carrasquillo & Co., P.S.C. serve as the Debtor's legal
counsel and financial consultant, respectively.
UNIVERSITY SQUARE: Seeks to Hire McDonald Hopkins as Legal Counsel
------------------------------------------------------------------
University Square Real Estate Holdings, LLC seeks approval from the
U.S. Bankruptcy Court for the Northern District of Ohio to employ
McDonald Hopkins, LLC as counsel.
The firm will render these services:
(a) monitor the Debtor's Chapter 11 case;
(b) advise the Debtor of its obligations and duties;
(c) execute the Debtor's decisions by filing with the court
motions, objections, and other relevant documents;
(d) appear before the court on all matters in this case
relevant to the interests of the Debtor;
(e) assist the Debtor in the administration of the Chapter 11
case; and
(f) take such other actions as are necessary to protect the
rights of the Debtor's estate.
The hourly rates of the firm's counsel and staff are as follows:
Members $390 - $1,020
Of Counsel $345 - $990
Associates $265 - $585
Paralegals $180 - $360
Prior to the petition date, the Debtor paid McDonald Hopkins a
total of $43,149 in fees and reimbursement of actual expenses
incurred. As of the petition date, the firm is holding a retainer
of $6,851.
Shawn Riley, Esq., an attorney at McDonald Hopkins, 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:
Shawn M. Riley, Esq.
McDonald Hopkins, LLC
600 Superior Avenue, Suite 2100
Cleveland, OH 44114
Telephone: (216) 348-5400
Email: sriley@mcdonaldhopkins.com
About University Square Real Estate Holdings
University Square Real Estate Holdings, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No.
23-12301) on July 10, 2023, with $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
Judge Jessica E. Price Smith oversees the case.
Shawn M. Riley, Esq., at McDonald Hopkins, LLC is the Debtor's
counsel.
US RENAL CARE:S&P Cuts ICR to ‘D' on Distressed Debt Restructuring
--------------------------------------------------------------------
S&P Global Ratings lowered its issue-level ratings on Dialysis
company U.S. Renal Care Inc.'s senior secured term loans to 'D'
from 'CCC+' and senior unsecured notes to 'D' from 'CCC-'.
S&P said, "At the same time, we lowered our issuer credit rating to
'D' from 'CCC+' because we view this transaction as a generalized
restructuring (default) on all of its debt as opposed to a
selective default. Although the debt recently issued by subsidiary
Dialysis NewCo & USRC South Texas was not affected, we consider
this a general default given that this debt was issued in part to
effectuate the restructuring of the entire capital structure.
"We expect to maintain the 'D' issuer credit rating in the near
term because further distressed exchanges are likely to come. About
16% of the original securities remain outstanding. We will reassess
the rating when we believe the transactions are complete."
The downgrade to 'D' from 'CCC+' reflects the debt restructuring.
This includes each of the company's three outstanding debt issues
at parent U.S. Renal Care Inc. The exchanges were completed at
significant discounts to par, with holders of the first-lien term
loan B receiving 85% of the original amount, plus accrued and
unpaid interest; holders of the 2021 incremental term loan also
receiving 85% of the original amount plus an additional 1.5% of the
principal amount; and senior unsecured noteholders receiving 35%
plus 20% in cash plus accrued and unpaid interest. U.S. Renal
financed the cash portion of the exchanges from the proceeds of a
new $328 million first-lien term loan issued in May at a newly
formed unrestricted subsidiary and exchanged the old debt for a new
First Lien Loan and new First Lien Notes.
While the newly issued debt at the subsidiary level is not impaired
as part of this transaction, S&P still considers this as
generalized default because a primary purpose of the issuance was
to fund this distressed exchange. Assuming the company ultimately
achieves near 100% participation in the exchanges (currently 84%),
the amounts of the new debt will total about $1.6 billion.
VAUGHN ENVIRONMENTAL: Seeks to Hire Troutman Law Firm as Counsel
----------------------------------------------------------------
Vaughn Environmental, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Oregon to employ Troutman Law Firm, PC to
handle its Chapter 11 case.
The firm will be compensated at $495 per hour for attorney time and
$220 per hour for paralegal time.
Prior to the petition date, the firm was paid a retainer of
$13,371.50.
Ted Troutman, Esq., an attorney at Troutman Law Firm, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ted A. Troutman, Esq.
Troutman Law Firm, PC
5075 SW Griffith Dr., Suite 220
Beaverton, OR 97005
Telephone: (503) 292-6788
Facsimile: (503) 596-2371
Email: tedtroutman@sbcglobal.net
About Vaughn Environmental
Vaughn Environmental, Inc. operates a construction and excavation
business in Newberg, Ore.
Vaughn Environmental filed Chapter 11 petition (Bankr. D. Ore. Case
No. 23-31549) on July 17, 2023, with $1 million to $10 million in
both assets and liabilities. Kenneth Eiler has been appointed as
Subchapter V trustee.
Judge Peter C. Mckittrick oversees the case.
Ted A. Troutman, Esq., at Troutman Law Firm, P.C. is the Debtors'
bankruptcy counsel.
VBI VACCINES: Closes Underwriters' Partial Exercise of Option
-------------------------------------------------------------
VBI Vaccines Inc. announced that the underwriters of its recent
underwritten public offering of common shares and accompanying
common warrants to purchase common shares partially exercised their
option to purchase an additional 1,536,363 common shares at a
public offering price of $1.64 per common share. The aggregate
gross proceeds from this exercise were approximately $2.5 million,
resulting in total gross proceeds of $23.5 million from the
underwritten public offering and the previously completed
concurrent registered direct offering, before deducting the
underwriting discounts, commissions, and estimated offering
expenses. The partial option exercise closed on July 21, 2023.
Immediately following the closing of the partial option exercise,
the number of outstanding common shares of the Company is
22,872,175.
Raymond James & Associates, Inc. acted as the sole book-running
manager for the underwritten public offering. Newbridge Securities
Corporation acted as the lead manager for the underwritten public
offering. The registered direct offering was made without an
underwriter or a placement agent.
VBI intends to use the net proceeds from the underwritten offering,
including the partial option exercise, for the commercialization
activities for PreHevbrio [Hepatitis B Vaccine (Recombinant)] in
the United States, Europe, and Canada; manufacturing of PreHevbrio
and clinical materials for its pipeline programs; and ongoing
activities related to its development stage candidates, including
VBI-1901 (glioblastoma) and VBI-2901 (coronaviruses). The net
proceeds will also be used for general corporate purposes,
including working capital and capital expenditures.
A shelf registration statement on Form S-3 (File No. 333-267109)
relating to these securities was previously filed with the
Securities and Exchange Commission on Aug. 26, 2022 and declared
effective on Sept. 6, 2022. A final prospectus supplement and
accompanying prospectus relating to the underwritten offering were
filed with the SEC and available on the SEC's website at
www.sec.gov. Copies of the final prospectus supplement and
accompanying prospectus may be obtained from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, by telephone at (800)
248-8863, or by e-mail at prospectus@raymondjames.com.
About VBI Vaccines
VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease. Through its innovative approach to
virus-like particles ("VLPs"), including a proprietary enveloped
VLP ("eVLP") platform technology, VBI develops vaccine candidates
that mimic the natural presentation of viruses, designed to elicit
the innate power of the human immune system. VBI is committed to
targeting and overcoming significant infectious diseases, including
hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as
aggressive cancers including glioblastoma (GBM). VBI is
headquartered in Cambridge, Massachusetts, with research operations
in Ottawa, Canada, and a research and manufacturing site in
Rehovot, Israel.
VBI Vaccines reported a net loss of $113.30 million for the year
ended Dec. 31, 2022, compared to a net loss of $69.75 million for
the year ended Dec. 31, 2021.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 13, 2023, citing that the Company faces several risks,
including but not limited to, uncertainties regarding the success
of the development and commercialization of its products, demand
and market acceptance of the Company's products, and reliance on
major customers. The Company anticipates that it will continue to
incur significant operating costs and losses in connection with the
development and commercialization of its products. The Company has
an accumulated deficit as of December 31, 2022 and cash outflows
from operating activities for the year-ended December 31, 2022 and,
as such, will require significant additional funds to conduct
clinical and non-clinical trials, commercially launch its products,
and achieve regulatory approvals that raise substantial doubt about
its ability to continue as a going concern.
VIEWRAY INC: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of ViewRay Inc. and its affiliates.
The committee members are:
1. Peko Precision Products, Inc.
Attn: Leonard Olivieri
1400 Emerson Street
Rochester, NY 14606
Phone: (585) 647-3010
Fax: (585) 647-1366
Email: lolivieri@pekoprecision.com
2. Tesla Engineering Ltd.
Attn: David Cracknell
Water Lane, Storrington
West Sussex, RH20 3EA
United Kingdom
Phone: +44 1903 743941
Fax: +44 1903 745548
Email: cracknell@tesla.co.uk
3. Granite Microsystems, Inc.
d/b/a GMI Solutions
Attn: Todd Sweet
10202 N. Enterprise Drive
Mequon, WI 53092
Phone: (262) 242-8800
Fax: (262) 242-8825
Email: todd.sweet@gmisolutions.com
4. PDC Facilities, Inc.
Attn: Jared Galassini
700 Walnut Ridge Dr.
Hartland, WI 53029
Phone: (262) 290-3356
Email: jgalassini@pdcbiz.com
5. Valley Services Electronics
Attn: Beth Kendrick
6190 San Ignacio Ave.
San Jose, CA 95119
Phone: (408) 284-7726
Email: beth@vse.com
6. Katie Couric Media LLC
Attn: John Molner
75 Varick Street
New York, NY 10013
Phone: (914) 420-8842
Email: John@katiecouric.com
7. Marx Digital Manufacturing Inc.
Attn: Kris Juszczynski
3551 Victor Street
Santa Clara, CA 95054
Phone: (408) 748-1783
Fax: (408) 748-1813
Email: k.juszczynski@marxdigital.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About ViewRay, Inc.
ViewRay, Inc. designs, manufactures, and markets the MRIdian
MRI-guided Radiation Therapy System. MRIdian is built upon a
proprietary high-definition magnetic resonance imaging system
designed from the ground up to address the unique challenges, and
clinical workflow for advanced radiation oncology. The MRIdian
MRI-guided Radiation Therapy System integrates diagnostic-quality
MR imaging with radiation therapy delivery to enable on-table
adaptive treatments with real-time tissue tracking and automatic
beam gating.
ViewRay, Inc. and its affiliate ViewRay Technologies, Inc. sought
protection under the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10935) on July 16, 2023. In the petition signed by Paul
Zieglerm chief executive officer, the Debtors disclosed $233
million assets and $75 million in liabilities.
The Debtors tapped Cravath, Swane and Moore LLP as special
corporate counsel, Berkeley Research Group, LLC as restructuring
advisor, and B. Riley Securities, Inc. as investment banker.
Stretto, Inc. is the notice, claims, balloting and administrative
agent.
WW INTERNATIONAL: $945M Bank Debt Trades at 25% Discount
--------------------------------------------------------
Participations in a syndicated loan under which WW International
Inc is a borrower were trading in the secondary market around 75.3
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $945 million facility is a Term loan that is scheduled to
mature on April 13, 2028. About $942.6 million of the loan is
withdrawn and outstanding.
WW International Inc., formerly Weight Watchers International Inc.,
is a global company headquartered in the US that offers weight loss
programs.
YIWAN TRADING: Seeks to Hire Wilk Auslander as Legal Counsel
------------------------------------------------------------
Yiwan Trading Company Limited seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Wilk Auslander, LLP as its legal counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) prepare legal documents;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest, attend court hearings, and
advise the Debtor on the conduct of this Chapter 11 case;
(d) advise the Debtor concerning, and prepare responses to,
legal papers;
(e) perform all other legal services for the Debtor which may
be necessary in this Chapter 11 case;
(f) advise and assist the Debtor regarding aspects of the plan
confirmation process; and
(g) perform all other legal services for and on behalf of the
Debtor that may be necessary or appropriate in the administration
of this Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Partners $725 - $1200
Of Counsel $675 - $725
Associates $450 - $690
Paralegals $330 - $435
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer from Jiayuan Li, a principal of the
Debtor, in the sum of $75,000.
Eric Snyder, Esq., a member of Wilk Auslander, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric Snyder, Esq.
Wilk Auslander, LLP
825 Eighth Avenue, Ste. 2900
New York, NY 10019
Telephone: (212) 981-2300
Facsimile: (212) 981-2316
Email: esnyder@wilkauslander.com
About Yiwan Trading Company Limited
Yiwan Trading Company Limited is a Los Angeles-based company, which
operates in the manufacturing industry.
Yiwan Trading Company Limited sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-13978) on June
27, 2023, with $10 million to $50 million in both assets and
liabilities. Jiayuan Li, co-president and director, signed the
petition.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped Eric Snyder, Esq., at Wilk Auslander, LLP as
bankruptcy counsel and Anthony R. Bisconti, Esq., at Bienert
Katzman Littrell Williams, LLP as local counsel.
YIWAN TRADING: Taps Bienert Katzman Littrell Williams as Counsel
----------------------------------------------------------------
Yiwan Trading Company Limited seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Bienert Katzman Littrell Williams, LLP as local counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) prepare legal documents;
(c) attend meetings and negotiate with representatives of
creditors and other parties in interest, attend court hearings, and
advise the Debtor on the conduct of this Chapter 11 case;
(d) advise the Debtor concerning, and prepare responses to,
legal papers;
(e) perform all other legal services for the Debtor which may
be necessary in this Chapter 11 case;
(f) advise and assist the Debtor regarding aspects of the plan
confirmation process; and
(g) perform all other legal services for and on behalf of the
Debtor that may be necessary or appropriate in the administration
of this Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Anthony Bisconti, Esq. $795
Other Attorneys $520 - $1,125
Paralegals $100 - $325
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer from Jiayuan Li, a principal of the
Debtor, in the sum of $25,000.
Anthony Bisconti, Esq., a partner at Bienert Katzman Littrell
Williams, 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:
Anthony R. Bisconti, Esq.
Bienert Katzman Littrell Williams, LLP
360 E. 2nd Street, Ste. 625
Los Angeles, CA 90012
Telephone: (213) 528-3400
Facsimile: (949) 369-3701
Email: tbisconti@bklwlaw.com
About Yiwan Trading Company Limited
Yiwan Trading Company Limited is a Los Angeles-based company, which
operates in the manufacturing industry.
Yiwan Trading Company Limited sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-13978) on June
27, 2023, with $10 million to $50 million in both assets and
liabilities. Jiayuan Li, co-president and director, signed the
petition.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped Eric Snyder, Esq., at Wilk Auslander, LLP as
bankruptcy counsel and Anthony R. Bisconti, Esq., at Bienert
Katzman Littrell Williams, LLP as local counsel.
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 77.2
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
[*] Distressed Investing Conference 2023: EARLY BIRD SAVINGS!
-------------------------------------------------------------
Registration is now open for the 30TH DISTRESSED INVESTING
CONFERENCE. Save with discounted early bird pricing until Sept.
1st.
This year's conference will be held Nov. 29th, in-person at the
Harmonie Club in Manhattan. The event is presented by Beard Group,
Inc.
Top industry experts gather together to discuss the latest topics
and trends in the distressed investing industry. Now on its 30th
year, this value-packed event features special presentations from
keynote speakers, live panel discussions and networking sessions
with other insolvency professionals.
Visit https://www.distressedinvestingconference.com for more
information.
For conference sponsorship and speaking opportunities, contact:
Will Etchison
305-707-7493
Will@BeardGroup.com
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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 DUL SW 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 GR 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 134,774.0 (15,493.0) 15,336.0
BOEING CO-CED BA AR 134,774.0 (15,493.0) 15,336.0
BOEING CO-CED BAD AR 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA EU 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO GR 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAEUR EU 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA TE 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA* MM 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA SW 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BOEI BB 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA US 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO TH 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA PE 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA CI 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO QT 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAUSD SW 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO GZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA AV 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA-RM RM 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAEUR EZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA EZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BACL CI 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA_KZ KZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD EB 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD IX 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD I2 134,774.0 (15,493.0) 15,336.0
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 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA EZV TH 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA EZV GR 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA DPZ US 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA EZV QT 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA DPZEUR EU 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA DPZ AV 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA DPZ* MM 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA EZV GZ 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA DPZEUR EZ 1,596.2 (4,166.6) 252.1
DOMINO'S PIZZA DPZ-RM RM 1,596.2 (4,166.6) 252.1
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
ETSY INC ETSY US 2,500.5 (540.2) 845.8
ETSY INC 3E2 GR 2,500.5 (540.2) 845.8
ETSY INC 3E2 TH 2,500.5 (540.2) 845.8
ETSY INC 3E2 QT 2,500.5 (540.2) 845.8
ETSY INC 2E2 GZ 2,500.5 (540.2) 845.8
ETSY INC 300 SW 2,500.5 (540.2) 845.8
ETSY INC ETSY AV 2,500.5 (540.2) 845.8
ETSY INC ETSYEUR EZ 2,500.5 (540.2) 845.8
ETSY INC ETSY* MM 2,500.5 (540.2) 845.8
ETSY INC ETSY-RM RM 2,500.5 (540.2) 845.8
ETSY INC - BDR E2TS34 BZ 2,500.5 (540.2) 845.8
ETSY INC - CEDEA ETSY AR 2,500.5 (540.2) 845.8
FAIR ISAAC - BDR F2IC34 BZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI GR 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICO US 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICOEUR EU 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI QT 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICOEUR EZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FICO1* MM 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI GZ 1,502.4 (770.8) 148.0
FAIR ISAAC CORP FRI TH 1,502.4 (770.8) 148.0
FENNEC PHARMACEU FRX CN 21.8 (7.3) 17.6
FENNEC PHARMACEU FENC US 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 TH 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 GR 21.8 (7.3) 17.6
FENNEC PHARMACEU FRXEUR EU 21.8 (7.3) 17.6
FENNEC PHARMACEU RV41 GZ 21.8 (7.3) 17.6
FERRELLGAS PAR-B FGPRB US 1,555.4 (210.8) 203.4
FERRELLGAS-LP FGPR US 1,555.4 (210.8) 203.4
FIBROGEN INC FGEN* MM 538.5 (28.9) 175.8
FIBROGEN INC FGEN-RM RM 538.5 (28.9) 175.8
FOGHORN THERAPEU FHTX US 372.9 (24.6) 264.9
GCM GROSVENOR-A GCMG US 471.9 (108.1) 109.7
GEN RESTAURANT G GENK US 139.5 (3.8) (23.4)
GODADDY INC -BDR G2DD34 BZ 7,092.3 (355.5) (869.2)
GODADDY INC-A GDDY US 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D GR 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D QT 7,092.3 (355.5) (869.2)
GODADDY INC-A GDDY* MM 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D TH 7,092.3 (355.5) (869.2)
GODADDY INC-A 38D GZ 7,092.3 (355.5) (869.2)
GOGO INC GOGO US 759.2 (88.1) 262.1
GOGO INC G0G GR 759.2 (88.1) 262.1
GOGO INC G0G QT 759.2 (88.1) 262.1
GOGO INC GOGOEUR EU 759.2 (88.1) 262.1
GOGO INC G0G TH 759.2 (88.1) 262.1
GOGO INC GOGOEUR EZ 759.2 (88.1) 262.1
GOGO INC G0G GZ 759.2 (88.1) 262.1
GOOSEHEAD INSU-A GSHD US 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX GR 323.2 (13.4) 15.1
GOOSEHEAD INSU-A GSHDEUR EU 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX TH 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX QT 323.2 (13.4) 15.1
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 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 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT US 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 TH 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 GR 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 QT 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTEUR EU 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT* MM 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 TE 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTEUR EZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTW AV 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 GZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT-RM RM 15,297.0 (1,423.0) (855.0)
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)
KINIKSA PHARMA-A KNSA US 484.3 (489.3) 194.9
L BRANDS INC-BDR B1BW34 BZ 5,363.0 (2,170.0) 803.0
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 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GR 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LINDEUR EU 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 TH 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 QT 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GZ 853.8 (103.1) (73.9)
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)
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 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD US 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO GR 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO QT 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO GZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO TH 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTDEUR EU 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD* MM 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTDEUR EZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD AV 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD-RM RM 3,370.4 (89.7) 238.5
MSCI INC 3HM GR 4,762.8 (1,193.7) 306.1
MSCI INC MSCI US 4,762.8 (1,193.7) 306.1
MSCI INC 3HM QT 4,762.8 (1,193.7) 306.1
MSCI INC 3HM SW 4,762.8 (1,193.7) 306.1
MSCI INC MSCI* MM 4,762.8 (1,193.7) 306.1
MSCI INC MSCIEUR EZ 4,762.8 (1,193.7) 306.1
MSCI INC 3HM GZ 4,762.8 (1,193.7) 306.1
MSCI INC 3HM TH 4,762.8 (1,193.7) 306.1
MSCI INC MSCI AV 4,762.8 (1,193.7) 306.1
MSCI INC MSCI-RM RM 4,762.8 (1,193.7) 306.1
MSCI INC-BDR M1SC34 BZ 4,762.8 (1,193.7) 306.1
NATHANS FAMOUS NATH US 58.6 (44.6) 30.7
NATHANS FAMOUS NFA GR 58.6 (44.6) 30.7
NATHANS FAMOUS NATHEUR EU 58.6 (44.6) 30.7
NEW ENG RLTY-LP NEN US 385.0 (64.9) -
NINE ENERGY SERV NINE US 426.7 (11.3) 123.2
NINE ENERGY SERV NINE1EUR EZ 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ TH 426.7 (11.3) 123.2
NINE ENERGY SERV NEJ QT 426.7 (11.3) 123.2
NIOCORP DEVELOPM NB CN 33.1 (13.9) 3.5
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 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 GR 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY US 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 TH 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY SW 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 QT 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY* MM 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLYEUR EU 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 GZ 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY AV 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLYEUR EZ 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY-RM RM 13,276.6 (1,627.5) (2,382.4)
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 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG GR 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG GZ 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTISEUR EZ 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTISEUR EU 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTIS* MM 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG TH 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG QT 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTIS AV 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTIS-RM RM 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,135.0 (4,625.0) (741.0)
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 434.0 (51.5) (48.6)
PROS HOLDINGS IN PRO US 434.0 (51.5) (48.6)
PROS HOLDINGS IN PRO1EUR EU 434.0 (51.5) (48.6)
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
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
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 STXN MM 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STX US 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 GR 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 GZ 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STX4EUR EU 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 TH 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STXH AV 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 QT 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STH TE 7,556.0 (1,199.0) 313.0
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 SIRI SW 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)
SIX FLAGS ENTERT S2IX34 BZ 2,658.2 (495.3) (278.8)
SLEEP NUMBER COR SNBR US 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 GR 965.2 (419.1) (713.2)
SLEEP NUMBER COR SNBREUR EU 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 TH 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 QT 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 GZ 965.2 (419.1) (713.2)
SMILEDIRECTCLUB SDC* MM 545.6 (441.9) 139.3
SONDER HOLDINGS SOND* MM 1,521.5 (96.8) (8.4)
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 BQ 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 9,311.0 (391.0) (306.0)
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 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE TNL US 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WD5A TH 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WD5A QT 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WYNEUR EU 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE 0M1K LI 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WYNEUR EZ 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WD5A GZ 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE TNL* MM 6,602.0 (1,004.0) 614.0
TRIUMPH GROUP TG7 GR 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGI US 1,714.8 (797.4) 536.6
TRIUMPH GROUP TGIEUR EU 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 TH 1,714.8 (797.4) 536.6
TRIUMPH GROUP TG7 GZ 1,714.8 (797.4) 536.6
UBIQUITI INC 3UB GR 1,375.2 (184.5) 790.0
UBIQUITI INC UI US 1,375.2 (184.5) 790.0
UBIQUITI INC UBNTEUR EU 1,375.2 (184.5) 790.0
UBIQUITI INC 3UB TH 1,375.2 (184.5) 790.0
UNITED HOMES GRO UHG US 283.8 (363.3) 249.9
UNITED HOMES GRO 6PO GR 283.8 (363.3) 249.9
UNITED HOMES GRO DHHCEUR EU 283.8 (363.3) 249.9
UNITI GROUP INC UNIT US 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GR 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC TH 4,988.2 (2,324.2) -
UNITI GROUP INC 8XC GZ 4,988.2 (2,324.2) -
UROGEN PHARMA LT URGN US 113.0 (116.6) 70.7
UROGEN PHARMA LT UR8 GR 113.0 (116.6) 70.7
UROGEN PHARMA LT URGNEUR EU 113.0 (116.6) 70.7
VECTOR GROUP LTD VGR GR 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR US 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR QT 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EU 955.9 (805.8) 301.2
VECTOR GROUP LTD VGREUR EZ 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR TH 955.9 (805.8) 301.2
VECTOR GROUP LTD VGR GZ 955.9 (805.8) 301.2
VERISIGN INC VRS TH 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS GR 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN US 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS QT 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSNEUR EU 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS GZ 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN* MM 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSNEUR EZ 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN-RM RM 1,677.2 (1,617.9) (144.3)
VERISIGN-CEDEAR VRSN AR 1,677.2 (1,617.9) (144.3)
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.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***