/raid1/www/Hosts/bankrupt/TCR_Public/230815.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 15, 2023, Vol. 27, No. 226
Headlines
140 WEST 121: Voluntary Chapter 11 Case Summary
1600 HICKS ROAD: Unsecureds Owed $15K to Get Full Payment
2127 FLATBUSH: Case Summary & Eight Unsecured Creditors
511 GROUP: Seeks to Extend Plan Exclusivity to October 23
540 WEST: Aug. 15 Deadline Set for Panel Questionnaires
560 SEVENTH AVENUE OWNER: Voluntary Chapter 11 Case Summary
ACCELERATED HEALTH: $875MM Bank Debt Trades at 23% Discount
ADVOCATE HEALTH: Amy Denton Mayer Named Subchapter V Trustee
AGELESS SERUMS: Reaches Global Settlement with Edge Systems
AGILE THERAPEUTICS: Incurs $3.8 Million Net Loss in Second Quarter
AIR METHODS: $1.25BB Bank Debt Trades at 70% Discount
AMAG ENTERPRISES: Robert Matson Named Subchapter V Trustee
AMC ENTERTAINMENT: Pioneer Floating Marks $522,253 Loan at 23% Off
APPLIED DNA: Incurs $3.1 Million Net Loss in Third Quarter
ARC FALCON: Pioneer Floating Marks $1M Loan at 15% Off
ARTHROSCOPIC & LASER: Seeks Confirmation of Plan
ASTRO ONE: $155MM Bank Debt Trades at 50% Discount
AUDACY CAPITAL: $770MM Bank Debt Trades at 50% Discount
AVENTIV TECHNOLOGIES: $282MM Bank Debt Trades at 27% Discount
AYALA PHARMACEUTICALS: Posts $8.7 Million Net Loss in 2nd Quarter
B+T GROUP: Gladstone Capital Marks $6MM Loan at 17% Off
BEAR HAVEN: Unsecureds to Be Paid in Full in 20 Quarters
BERTUCCI'S RESTAURANTS: Cash Collateral Access OK'd Thru Sept 12
BERWICK HOSPITAL: Maintains Patient Care Quality, PCO Says
BETTER PLACE: Horizon Tech Marks $150,000 Loan at 32% Off
BETTER PLACE: Horizon Tech Marks $2.5MM Loan at 33% Off
BETTER PLACE: Horizon Tech Marks $250,000 Loan at 32% Off
BETTER PLACE: Horizon Tech Marks $5.1MM Loan at 33% Off
BIOLASE INC: Incurs $4.9 Million Net Loss in Second Quarter
BLUEKEY CONSTRUCTION: Tamara Miles Ogier Named Subchapter V Trustee
CAPTAIN CORPORATION: Gets OK to Hire Finestone Hayes as Counsel
CBAK ENERGY: Incurs $2.9 Million Net Loss in Second Quarter
CELSIUS NETWORK: Pro Se Creditor Says CEL Has No Discernible Value
CELSIUS NETWORK: Texas Regulator Says Claims Not Addressed
CELSIUS NETWORK: US Trustee Says Disclosures Inadequate
CENTRALIA APARTMENTS: Seeks Continuance of Hearing to Sept. 26
CHATTAN 1379: Robert Matson Named Subchapter V Trustee
CLAUSEN OYSTERS: Court OKs Cash Access Extension Thru Sept 22
CLIENT FIRST: Amends Unsecured Claims Pay Details
COMPREHENSIVE PAIN: Class V Unsecureds to Get Full Payment
CONTEMPORARY MANAGEMENT: Wins Cash Collateral Access on Final Basis
CORE SCIENTIFIC: Amends Plan to Include B. Riley Unsecured Claims
CPC ACQUISITION: Pioneer Floating Marks $956,293 Loan at 22% Off
CPI LUXURY: Court OKs Cash Collateral Access Thru Aug 17
CS LEE DMD: David Madoff Named Subchapter V Trustee
CURIA GLOBAL: Pioneer Floating Marks $497,468 Loan at 15% Off
DELCATH SYSTEMS: Incurs $7.2 Million Net Loss in Second Quarter
DIGITAL MEDIA: $225MM Bank Debt Trades at 23% Discount
DKI VENTURES: Gladstone Capital Marks $5.9MM Loan at 40% Off
E-BOX LLC: Court Approves Disclosure Statement
EAST WEST MANUFACTURING: Pioneer Marks $777,857 Loan at 16% Off
EDGE ADHESIVES: Gladstone Capital Marks $6.1MM Loan at 55% Off
ENTERPRISE CHARTER: Fitch Affirms 'CCC' IDR & 'CCC' on 2011A Bonds
EVOKE PHARMA: Incurs $1.9 Million Net Loss in Second Quarter
FANJOY CO: Seeks Cash Collateral Access
FOURTEEN DAVISON: Sept. 21 Hearing on Disclosure and Plan
FRANCO'S PAVING: Amends Plan to Include Equipment Claims Pay
FRONTIER FINANCIAL: Gladstone Marks $198,000 Loan at 84% Off
GENESIS GLOBAL: Helium Foundation Says Disclosures Inadequate
GLOBAL MEDICAL: $1.98BB Bank Debt Trades at 34% Discount
GRAYSON O CO: Court OKs Cash Collateral Access Thru Sept 8
GREENBERG GOURMET: Angela Shortall Named Subchapter V Trustee
H.O.T.M. LOGISTICS: Case Summary & One Unsecured Creditor
HARRINGTON ESTATES: Taps Law Offices of Louis J. Esbin as Counsel
HAVENLY INC: Horizon Tech Marks $2MM Loan at 37% Off
HAVENLY INC: Horizon Tech Marks $3MM Loan at 37% Off
HAYWARD HOLDINGS: S&P Affirms 'BB' ICR, Outlook Negative
HEART HEATING: Seeks Additional Use of Cash Collateral
HERITAGE FUNERAL: Patrick Malloy Named Subchapter V Trustee
HERMANOS GONZALES: Unsecured Claims be Paid From Revenues/Proceeds
HOLY REDEEMER: S&P Lowers Long-Term Revenue Bonds Rating to 'BB'
IMV INC: Horizon Tech Marks $2.5MM Loan at 44% Off
IMV INC: Horizon Tech Marks $5.03MM Loan at 44% Off
IMV INC: Horizon Tech Marks $5MM Loan at 44% Off
INFINERA CORP: Posts $20.3 Million Net Loss in Second Quarter
INSTANT BRANDS: Pioneer Floating Marks $1.2MM Loan at 84% Off
INTERPACE BIOSCIENCES: Posts $175K Net Income in Second Quarter
IRVIN AUTOMOTIVE: Kimberly Strong Named Subchapter V Trustee
IVANTI SOFTWARE: $1.75BB Bank Debt Trades at 19% Discount
IVANTI SOFTWARE: $465MM Bank Debt Trades at 19% Discount
IXS HOLDINGS: Pioneer Floating Marks $1.5MM Loan at 16% Off
JAJE ONE: Creditor Says Disclosures Inadequate
KCW GROUP: Court OKs Cash Collateral Access on Final Basis
LAKEVIEW ELECTRICAL: Deadline to File Plan Extended to Sept. 7
LEMONKIND LLC: Case Summary & 20 Largest Unsecured Creditors
LHS BORROWER: Pioneer Floating Marks $990,000 Loan at 22% Off
LIQUIDMETAL TECHNOLOGIES: Incurs $710K Net Loss in Second Quarter
LUCKY BUCKS: Pioneer Floating Marks $566,159 Loan at 68% Off
MAGENTA BUYER: Pioneer Floating Marks $1.1MM Loan at 29% Off
MEDICAL ACQUISITION: Court Confirms First Amended Plan
MID SOUTH RECYCLING: Unsecureds Will Get 100% over 72 Months
MIKU INC: Case Summary & 20 Largest Unsecured Creditors
MISEN INC: $4MM Cedar Park DIP Loan Wins Final OK
MTPC LLC: Amends Settlement Payment Details
MYOMO INC: Incurs $1 Million Net Loss in Second Quarter
NAUTICAL MARINE: Case Summary & Nine Unsecured Creditors
NEUROEM THERAPEUTICS: Class 4 Unsecureds to Get 100% of Claims
NEW YORK INN: Court OKs Interim Cash Collateral Access
NEYOWS OF ATLANTA: Taps Rountree Leitman Klein & Geer as Counsel
NOBLE HEALTH: Sept. 19 Hearing on Disclosure Statement
NORTH SHORE MANOR: No Patient Care Concern, PCO Report Says
NOVABAY PHARMACEUTICALS: Posts $2M Net Loss in Second Quarter
NOVATION COMPANIES: Case Summary & 20 Largest Unsecured Creditors
NUOVO CIAO-DI: DCC Plan Proposes Liquidation of Debtor
NUTRITION 53: Case Summary & 16 Unsecured Creditors
OPTION CARE: S&P Upgrades ICR to 'BB-' on Sustained Deleveraging
P & P ENTERPRISES: Jolene Wee Named Subchapter V Trustee
PACK LIQUIDATING: Seeks to Extend Plan Exclusivity to November 20
PEAR THERAPEUTICS: Seeks to Extend Plan Exclusivity to August 7
PERIMETER ORTHOPAEDICS: Court OKs Cash Collateral Access
PHUNWARE INC: Sues UBS Securities Over Stock Manipulation
PLASTIQ INC: Court OKs Deal on Post-Closing Use of Cash Collateral
POLYMER INSTRUMENTATION: Lender Seeks to Prohibit Cash Access
PURDUE PHARMA: SRZ's Michael Cook Discusses Second Circuit Ruling
QOURUM HEALTH: Pioneer Floating Marks $1.4MM Loan at 37% Off
RACKSPACE TECHNOLOGY: Pioneer Marks $1.02MM Loan at 61% Off
RACKSPACE TECHNOLOGY: S&P Downgrades Issuer Credit Rating to 'SD'
RADIATE HOLDCO: Pioneer Floating Marks $1.03MM Loan at 17% Off
RAKKI LLC: Court OKs Interim Cash Collateral Access
RAKKI LLC: Katharine Battaia Clark Named Subchapter V Trustee
RAPID METALS: Court OKs Interim Cash Collateral Access
RECESS HOLDINGS: S&P Rates New $640MM First-Lien Term Loan 'B'
REVERE POWER: $445MM Bank Debt Trades at 17% Discount
RIVERSIDE MILK: Seeks to Tap Kutner Brinen Dickey Riley as Counsel
ROBS BAR: Wins Cash Collateral Access Thru Aug 27
RODAN & FIELDS: $600MM Bank Debt Trades at 78% Discount
RUNNER BUYER: Pioneer Floating Marks $990,000 Loan at 24% Off
SAFE ELECTRIC: Wins Cash Collateral Access Thru Sept 7
SAN JORGE CHILDREN'S: Unsecured Creditors to Split $875K in Plan
SCF LLC: Seeks to Extend Plan Exclusivity to October 23
SCOTTS MIRACLE-GRO: S&P Downgrades ICR to 'B+', Outlook Negative
SECURED COMMUNICATIONS: William Homony Named Subchapter V Trustee
SHUTTERFLY FINANCE: $968MM Bank Debt Trades at 33% Discount
SIMPLETECH REPAIR: Court OKs Interim Cash Collateral Access
SOUND INPATIENT: $200MM Bank Debt Trades at 44% Discount
SOUND INPATIENT: $215MM Bank Debt Trades at 77% Discount
STAT EMERGENCY: Seeks to Hire Wesler & Associates as Accountant
SUREFUNDING LLC: Unsecureds Owed $625K to Get 100% of Claims
T-ROLL CONSTRUCTION: Court OKs Interim Cash Collateral Access
TELESAT LLC: $1.91BB Bank Debt Trades at 36% Discount
TENNECO INC: S&P Rates New $1.75BB Senior Secured Notes 'B'
TGPC PROPERTIES: Seeks Cash Collateral Access
TOMIA BEAUTY: Case Summary & Eight Unsecured Creditors
TORTOISE BORROWER: $342MM Bank Debt Trades at 57% Discount
ULTRA SEAL: Unsecureds Owed $3.6M to Get 15% in Plan
UNAGI INC: Horizon Tech Marks $1.1MM Loan at 22% Off
UNAGI INC: Horizon Tech Marks $554,000 Loan at 22% Off
UNION FUND LLC: Case Summary & Two Unsecured Creditors
UPSTREAM NEWCO: Pioneer Floating Marks $2.1MM Loan at 20% Off
US RENAL: Pioneer Floating Marks $2.02MM Loan at 46% Off
VR PHASE III: Unsecureds Will Get 100% of Claims over 60 Months
WERNER FINCO: S&P Upgrades ICR to 'B-', Off CreditWatch Positive
WESTERN GLOBAL: Aug. 15 Deadline Set for Panel Questionnaires
WESTERN GLOBAL: Court OKs $75MM DIP Loan from DKB Partners
XPLORNET COMMS: Pioneer Floating Marks $350,000 Loan at 38% Off
XPLORNET COMMS: Pioneer Floating Marks $738,750 Loan at 19% Off
YACHTBRASIL MOTOR: Seeks Approval to Hire Real Estate Agent
ZAYO GROUP: S&P Alters Outlook to Negative, Affirms 'B-' ICR
[*] Criscito Appointed FTI Real Estate Restructuring Director
[*] GSE Litigation Revolves Around Financial Illiteracy
[*] PCP Buys Assisted Living Facility Through Bankruptcy Process
[^] Large Companies with Insolvent Balance Sheet
*********
140 WEST 121: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: 140 West 121 LLC
140 W 121st Street
New York, NY 10027
Business Description: The Debtor is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B).
Chapter 11 Petition Date: August 14, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-11301
Debtor's Counsel: Erica Aisner, Esq.
KIRBY AISNER & CURLEY LLP
700 Post Road
Suite 237
Scarsdale, NY 10583
Email: eaisner@kacllp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Beatrice O. Sibblies as sole member.
The Debtor stated it has no creditors holding unsecured claims.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/VROKDNY/140_West_121_LLC__nysbke-23-11301__0001.0.pdf?mcid=tGE4TAMA
1600 HICKS ROAD: Unsecureds Owed $15K to Get Full Payment
---------------------------------------------------------
1600 Hicks Road, LLC, submitted a Third Amended Disclosure
Statement dated August 4, 2023.
The Debtor's Plan of Reorganization provides for payment in full of
all creditors. All general unsecured creditors will be paid a 100%
distribution, in quarterly payments, over a period of up to seven
years. The sole class of creditors who hold a judgment against the
Debtor and have claims against guarantors will receive interest at
the statutory judgment interest rate of 9% per annum. The sole
secured creditor to be paid under the Plan will be paid a 100%
distribution, with interest at 5% per annum, in monthly
installments over a 30-year amortization, and a balloon payment due
at the end of seven years.
Under the Plan, Class IV All Other General Unsecured Claims, other
than the claims of insiders in Class VI, total $15,057. These
claims will receive a 100% distribution, in equal quarterly
payments commencing on the first day of the calendar quarter
following the Effective Date of the Plan, and continuing for five
years. The quarterly payment on all claims in this class will be
$752.85 per quarter.
Funding of the Plan by Exotic Motors
The Debtor's sole tenant is Exotic Motors, Inc. The owners of the
Debtor are also owners of Exotic Motors, Inc., and actively manage
Exotic Motors. Exotic Motors is a co-obligor on the Debtor's
unsecured debt to EH National Bank. Exotic Motors is obliged to
the Debtor for back rent in the amount of $630,000. Exotic Motors
funded the purchase, by Probidder, LLC, of the Debtor's real estate
at the foreclosure sale, in the amount of $1,280,001. Setting off
the $630,000 rent claim against the $1,280,001 claim arising from
the foreclosure sale, the Debtor computes the claim of Exotic
Motors to be $650,001. The Debtor will pay this claim at 5% per
annum amortized over a 30-year period, with payments of $3,489 per
month.
Exotic Motors will obtain the certificate of sale from Probidder,
LLC, upon confirmation of the Plan. Exotic Motors will hold the
certificate of sale until payment in full of its claim, or after
seven years from the Effective Date of the Plan, at which time the
full balance of the Exotic Motors claim will be due, and at which
time the parties anticipate restructuring the balance due.
Exotic Motors, Inc., has agreed to pay rent at $30,000 per month
for the premises at 1600 Hicks Road, Rolling Meadows, Illinois.
The Debtor will not make the $3,489 per month debt payment to
Exotic Motors, but will apply the amount as a setoff against the
$30,000 per month rent. Exotic Motors will pay the net amount of
$26,511 per month for the seven-year period of the Plan.
Exotic Motors is jointly liable with the Debtor on the claim of EH
National Bank, in the amount of $1,597,720. To assist the Debtor
in performing its obligations under the Plan, to protect itself
against collection efforts by EH National Bank during the term of
the Plan, and to satisfy its co-obligor liability to the Debtor on
the EH National Bank claim, Exotic Motors has agreed to enter into
a seven-year lease, with rent at $30,000 per month. Under the new
lease, Exotic Motors will pay taxes and insurance, as was required
under the prior lease.
Attorney for the Debtor:
David P. Lloyd, Esq.
615B S. LaGrange Rd.
LaGrange, IL 60525
Tel: (708) 937-1264
Fax: (708) 937-1265
A copy of the Third Amended Disclosure Statement dated August 4,
2023, is available at bit.ly/3Qv8Xm0 from PacerMonitor.com.
About 1600 Hicks Road
Rolling Meadows, Ill.-based 1600 Hicks Road, LLC, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
22-13205) on Nov. 14, 2022. Anam Qadri, partner, signed the
petition. At the time of the filing, the Debtor disclosed total
assets of $1,930,100 and total liabilities of $2,700,000.
Judge David D. Cleary oversees the case.
David P. Lloyd, Esq., at David P. Lloyd, Ltd., is the Debtor's
counsel.
2127 FLATBUSH: Case Summary & Eight Unsecured Creditors
-------------------------------------------------------
Debtor: 2127 Flatbush Ave Inc.
2127 Flatbush Ave
Brooklyn, NY 11234
Business Description: The Debtor is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
The Debtor is the owner of real property
located at 2127 Flatbush Avenue, Brooklyn,
New York valued at $374,000.
Chapter 11 Petition Date: August 13, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-42884
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD PLLC
26 Court Street
Suite 2220
Brooklyn, NY 11242
Email: rachel@blumenfeldbankruptcy.com
Total Assets: $374,000
Total Liabilities: $1,331,658
The petition was signed by Gene Burshtein as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/Q3FCOBI/2127_Flatbush_Ave_Inc__nyebke-23-42884__0001.0.pdf?mcid=tGE4TAMA
511 GROUP: Seeks to Extend Plan Exclusivity to October 23
---------------------------------------------------------
511 Group, LLC asks the U.S. Bankruptcy Court for the Southern
District of Florida to extend its exclusivity period from July 23,
2023 to October 23, 2023.
The Debtor explained that more time is needed to resolve issues
in its case. The Debtor stated that although it has a buyer for
the property which will pay creditors, a title cloud has to be
removed. The Debtor claimed that it has prepared an adversary
case to do that, but is waiting for the title company to approve.
511 Group, LLC is represented by:
Joel M. Aresty, Esq.
JOEL M. ARESTY, P.A.
309 1st Ave S
Tierra Verde, FL 33715
Tel: (305) 904-1903
Email: aresty@mac.com
About 511 Group
511 Group, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-19644) on Dec. 19,
2022, with up to $1 million in assets and up to $500,000 in
liabilities. Judge Robert A. Mark oversees the case.
Joel M. Aresty, Esq., at Joel M. Aresty, P.A. is the Debtor's
legal counsel.
540 WEST: Aug. 15 Deadline Set for Panel Questionnaires
-------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of 540 West 21st Street
Holdings LLC.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/ymh9zwda and return by email it to
Timothy Fox - Timothy.Fox@usdoj.gov - at the Office of the United
States Trustee so that it is received no later than 4:00 p.m., on
Aug. 15, 2023.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About 540 West
540 West 21st Street Holdings LLC is headquartered in New York, NY
and is a real estate holding company formed specifically to
facilitate the financing and construction of a mixed-use
development at the Property.
540 West sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del Lead Case No. 23-11053) on Aug. 2, 2023. In the
petition signed by Noam Teltch as authorized signatory, the Debtor
disclosed up to $95,842,716 in assets and $256,664,374 in
liabilities.
Hon. Mary F. Walrath oversees the case.
The Debtors tapped Bryan Cave Leighton Paisner LLP as lead counsel,
Chipman Brown Cicero & Cole, LLP as Delaware counsel, Tomer Jacob
as chief restructuring officer, and Bankruptcy Management
Solutions, Inc. dba Stretto as claims agent.
560 SEVENTH AVENUE OWNER: Voluntary Chapter 11 Case Summary
-----------------------------------------------------------
Debtor: 560 Seventh Avenue Owner Primary LLC
560 Seventh Ave
New York, NY 10018-1801
Business Description: The Debtor owns and operates the
Margaritaville Resort Times Square Hotel
located at 560 Seventh Avenue, New York, NY.
Chapter 11 Petition Date: August 12, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-11289
Debtor's Counsel: Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Ave Fl 12
New York, NY 10017-5690
Tel: (212) 221-5700
Email: knash@gwfglaw.com
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Stehian Pomerantz as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/UO6ALSA/560_Seventh_Avenue_Owner_Primary__nysbke-23-11289__0001.0.pdf?mcid=tGE4TAMA
ACCELERATED HEALTH: $875MM Bank Debt Trades at 23% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Accelerated Health
Systems LLC is a borrower were trading in the secondary market
around 76.7 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $875 million facility is a Term loan that is scheduled to
mature on February 15, 2029. The amount is fully drawn and
outstanding.
Accelerated Health Systems, LLC provides healthcare services. The
Company offers athletic training, physical therapy, occupational
therapy, and fitness services to affiliations including high
schools, colleges, and many professional sports teams.
ADVOCATE HEALTH: Amy Denton Mayer Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Amy Denton Mayer as
Subchapter V trustee for Advocate Health Partners, LLC.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
10 E. Madison Street, Suite 200
Tampa, Florida 33602
Phone: (813)229-0144
Email: amayer@subvtrustee.com
About Advocate Health
Advocate Health Partners, LLC, a company in Palm Harbor, Fla.,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 23-03307) on Aug. 1, 2023, with $1
million to $10 million in both assets and liabilities. Christopher
J. Gleis, owner, signed the petition.
Jake C. Blanchard, Esq., at Blanchard Law, P.A. represents the
Debtor as legal counsel.
AGELESS SERUMS: Reaches Global Settlement with Edge Systems
-----------------------------------------------------------
Ageless Serums LLC submitted a Third Amended Subchapter V Plan of
Reorganization dated August 8, 2023.
Prior to the commencement of the continued confirmation hearing on
Feb. 2, 2023, the Debtor and Edge agreed to attend mediation to
discuss the possibility of settling their various disputes, and the
confirmation hearing was further continued to permit that mediation
to occur.
At a mediation held on March 8, 2023, the Debtor and Edge Systems
LLC reached an agreement in principle on a global settlement (the
"Global Settlement") that will resolve all disputes among them.
After the March 8, 2023 mediation, the parties continued to work
with the mediator to finalize and document the terms of the
settlement. The confirmation hearing was again continued to allow
the parties time to finalize their agreement. The parties finalized
a term sheet outlining the specific terms of the Global Settlement
in late June 2023.
The Global Settlement provides for (i) the allowance of the Edge
Claims in the amount of $1,350,000, to be paid in equal quarterly
Distributions under the Plan over 42 months; (ii) an agreement by
the Debtor not to knowing sell serums to HF Users; (iii) the
establishment of certain sales and marketing conditions applicable
to the Debtor's sales of serums; (iv) the establishment of certain
reporting and takedown procedures regarding the sale of serums to
HF Users, and (v) the dismissal with prejudice of the California
Litigation and Texas Litigation.
The Global Settlement will ensure that the Debtor can continue as a
going concern and enable the Debtor to focus on the sale of serums
to non-HF Users, which represent the overwhelming majority of the
Debtor's customer base. By resolving the Edge Claims without
further litigation, the Global Settlement provides the Debtor and
creditors with certainty and eliminates the substantial ongoing
legal expenses that threatened the Debtor's viability and led to
the filing of this Subchapter V Case. As a result of the Global
Settlement, all Claims will be paid in full under the Plan and the
Plan will be presented for confirmation on a fully consensual
basis.
Under this Plan, the Reorganized Debtor will continue to operate
the Debtor's business as a going concern designing, developing, and
selling Ageless-branded serums to non-HF Users for use with
hydrodermabrasion systems. Rene Chlumecky will continue to serve as
the Reorganized Debtor's sole manager and Chief Executive Officer
and will manage the Reorganized Debtor's affairs after confirmation
of this Plan.
The Plan provides for the payment in full of all Allowed Claims,
including all Allowed Administrative Expense Claims, Professional
Fee Claims, Priority Tax Claims, Priority Unsecured Claims, the Fox
Rothschild Claim, the Edge Claims, the Brackeen Claim, and the
FedEx Claim. Distributions to Holders of Disputed Claims will be
reserved until such Claims are Allowed or Disallowed by the
Bankruptcy Court. For the avoidance of doubt, the Edge Claims will
not be Disputed Claims.
Class 2 consists of the Fox Rothschild Claim. The Fox Rothschild
Claim shall be allowed in the amount of $835,875.66. The Holder of
the Fox Rothschild Claim shall receive, in full and complete
satisfaction, settlement, discharge, and release of, and in
exchange for, such Claim, Cash in the amount of $835,875.66, which
shall be paid by the Reorganized Debtor in 42 equal monthly
installments of $19,901.80, commencing on the first day of the
first month following the Effective Date, and continuing until the
Fox Rothschild Claim has been paid in full.
Class 4 consists of the Brackeen Claim. The Brackeen Claim shall be
allowed in the amount of $1,130. Except to the extent that the
Holder of the Brackeen Claim and the Debtor or the Reorganized
Debtor, as applicable, agree to less favorable treatment of such
Holder's Claim, the Holder of the Brackeen Claim shall receive, in
full and complete satisfaction, settlement, discharge, and release
of, and in exchange for, such Claim, Cash in the amount of
$1,130.00, which shall be paid by the Reorganized Debtor on the
Effective Date or as reasonably soon thereafter as is practicable.
Class 5 consists of the FedEx Claim. Except to the extent that the
Holder of the FedEx Claim and the Debtor or the Reorganized Debtor,
as applicable, agree in writing to less favorable treatment of such
Claim, the Holder of the FedEx Claim shall receive, in full and
complete satisfaction, settlement, discharge, and release of, and
in exchange for, its Allowed Claim: (i) payment in full, in Cash,
on the later of the Effective Date and the date on which such FedEx
Claim becomes Allowed; (ii) payment in the ordinary course of
business between the Debtor or the Reorganized Debtor, as
applicable, and the Holder of the FedEx Claim; or (iii) such other
treatment as the Debtor or Reorganized Debtor, as applicable and
the Holder of the FedEx Claim may agree.
Class 6 consists of General Unsecured Claims. Except to the extent
that the Holder of a General Unsecured Claim and the Debtor or the
Reorganized Debtor, as applicable, agree in writing to less
favorable treatment of such Claim, the Holder of such Claim shall
receive, in full and complete satisfaction, settlement, discharge,
and release of, and in exchange for, its Allowed Claim: (i) payment
in full, in Cash, on the later of the Effective Date and the date
on which such Claim becomes Allowed; (ii) payment in the ordinary
course of business between the Debtor or the Reorganized Debtor, as
applicable, and the Holder of such Claim; or (iii) such other
treatment as the Debtor or Reorganized Debtor, as applicable and
the Holder of such Claim may agree. Class 6 is Unimpaired.
The Reorganized Debtor will continue to operate with the primary
purpose of conducting its business of designing, developing, and
selling high-quality serums for use with hydrodermabrasion systems.
Rene Chlumecky will continue to serve as the Debtor's Sole Manager
and Chief Executive Officer. Distributions required under this Plan
will be funded by Cash on hand and Disposable Income generated by
the Reorganized Debtor after the Effective Date.
A full-text copy of the Third Amended Subchapter V Plan dated
August 8, 2023 is available at https://urlcurt.com/u?l=N1ZE20 from
PacerMonitor.com at no charge.
Debtor's Counsel:
John D. Gaither, Esq.
Neligan LLP
325 N. St. Paul, Suite 3600
Dallas, TX 75201
Telephone: (214) 840-5300
Email: jgaither@neliganlaw.com
James E. Doroshow, Esq.
Fox Rothschild LLP
1800 Century Park E Ste 300
Los Angeles, CA 90067-1506
Phone: 310-598-4150
Fax: 310-556-9828
Email: jdoroshow@foxrothschild.com
About Ageless Serums
Ageless Serums, LLC, filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-31259) on
May 5, 2022, with up to $100,000 in assets and up to $1 million in
liabilities. Jarrod B. Martin serves as Subchapter V trustee.
Judge Eduardo V Rodriguez presides over the case.
Pachulski Stang Ziehl & Jones, LLP, Fox Rothschild, LLP and Pension
Planning Consultants, Inc. serve as the Debtor's bankruptcy
counsel, special litigation counsel, and pension plan advisor,
respectively.
AGILE THERAPEUTICS: Incurs $3.8 Million Net Loss in Second Quarter
------------------------------------------------------------------
Agile Therapeutics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
and comprehensive loss of $3.81 million on $5.50 million of net
revenues for the three months ended June 30, 2023, compared to a
net loss and comprehensive loss of $5.17 million on $2.13 million
of net revenues for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss and comprehensive loss of $9.20 million on $9.32 million of
net revenues compared to a net loss and comprehensive loss of
$15.55 million on $3.89 million of net revenues for the six months
ended June 30, 2022.
As of June 30, 2023, the Company had $12.57 million in total
assets, $24.69 million in total liabilities, and a total
stockholders' deficit of $12.12 million.
Agile said, "The Company has generated losses since inception, used
substantial cash in operations, has a working capital deficit at
June 30, 2023, and anticipates it will continue to incur net losses
for the foreseeable future. The Company's future success depends
on its ability to obtain additional capital and/or implement
various strategic alternatives, and there can be no assurance that
any financing can be realized by the Company, or if realized, what
the terms of any such financing may be, or that any amount that the
Company is able to raise will be adequate. Based upon the
foregoing, management has concluded that there is substantial doubt
about the Company's ability to continue as a going concern through
the 12 months following the date on which this Quarterly Report on
Form 10-Q is filed."
Management Commentary
"We set single-quarter record highs in demand, net revenue and
factory sales, all while reporting another quarterly decrease in
operating expenses," said Agile Therapeutics' Chairperson and Chief
Executive Officer Al Altomari. "We are beyond pleased with the
second quarter 2023 results, but the job is not done, and our focus
is on accelerating future growth and achieving 2023 net revenue of
$25-$30 million."
"Strong, focused external relationships are an integral part of our
business plan, and we expect to continue to explore collaborations
that can positively impact our business, allow us to expand without
incurring significant costs and promote a growing, sustainable,
fiscally-responsible business," added chief commercial officer Amy
Welsh. "The structure and strategy of our business plan is the
foundation for our confidence in continued Twirla growth in the
second half of 2023."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1261249/000155837023014296/agrx-20230630x10q.htm
About Agile Therapeutics Inc.
Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women. The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method. Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.
Agile reported a net loss of $25.41 million for the year ended Dec.
31, 2022, compared to a net loss of $71.07 million for the year
ended Dec. 31, 2021.
Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 22, 2023, citing that the Company has generated losses
since inception, used substantial cash in operations, anticipates
it will continue to incur net losses for the foreseeable future,
requires additional capital to fund its operating needs and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
AIR METHODS: $1.25BB Bank Debt Trades at 70% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Air Methods Corp is
a borrower were trading in the secondary market around 29.8
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on April 21, 2024. About $1.18 billion of the loan is
withdrawn and outstanding.
Air Methods Corporation provides ambulance services. The Company
offers emergency medical services by air transport.
AMAG ENTERPRISES: Robert Matson Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Robert Matson, Esq., at
Akin, Webster & Matson, PC, as Subchapter V trustee for AMAG
Enterprises, LLC.
Mr. Matson will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Matson declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert M. Matson
P.O. Box 309
Macon, GA 31202
Phone: (478) 742-1889
Email: rmatson@akin-webster.com
About AMAG Enterprises
AMAG Enterprises, LLC provides support activities for crop
production. The company is based in Sycamore, Ga.
The Debtor filed Chapter 11 petition (Bankr. M.D. Ga. Case No.
23-10627) on July 31, 2023, with $513,250 in assets and $1,970,991
in liabilities. Amanda G. Brock, sole member, signed the petition.
Judge Austin E. Carter oversees the case.
Daniel L. Wilder, Esq., at Emmett L. Goodman Jr, LLC is the
Debtor's legal counsel.
AMC ENTERTAINMENT: Pioneer Floating Marks $522,253 Loan at 23% Off
------------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $522,253 loan
extended to AMC Entertainment Holdings, Inc. (fka AMC
Entertainment, Inc.) to market at $400,422 or 77% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in a Term B-1 Loan to AMC
Entertainment Holdings, Inc. (fka AMC Entertainment, Inc.). The
loan accrues interest at a rate of 8.107% (LIBOR+300 bps) per
annum. The loan matures on April 22, 2026.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
AMC Entertainment Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides theatrical exhibition,
movie screening, food distribution, online ticket booking, and
other related services.
APPLIED DNA: Incurs $3.1 Million Net Loss in Third Quarter
----------------------------------------------------------
Applied DNA Sciences, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $3.11 million on $2.92 million of total revenues for the three
months ended June 30, 2023, compared to a net loss of $1.12 million
on $4.30 million of total revenues for the three months ended June
30, 2022.
For the nine months ended June 30, 2023, the Company reported a net
loss of $6.41 million on $12.59 million of total revenues compared
to a net loss of $7.61 million on $14.61 million of total revenues
for the same period in 2022.
As of June 30, 2023, the Company had $15.79 million in total
assets, $8.59 million in total liabilities, and $7.19 million in
total equity. Cash and cash equivalents stood at $10.8 million on
June 30, 2023, compared with $12.3 million as of March 31, 2023.
The Company has recurring net losses, which have resulted in an
accumulated deficit of $298,854,883 as of June 30, 2023. The
Company incurred a net loss and generated negative operating cash
flow of $3,537,911 for the nine-month period ended June 30, 2023.
"These factors raise substantial doubt about the Company's ability
to continue as a going concern for one year from the issuance of
the financial statements. The ability of the Company to continue
as a going concern is dependent on the Company's ability to further
implement its business plan, raise capital, and generate revenues,"
said Applied DNA in the regulatory filing.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/744452/000141057823001688/apdn-20230630x10q.htm
About Applied DNA
Applied DNA Sciences, Inc. -- http//www.adnas.com -- is a
biotechnology company developing technologies to produce and detect
deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction
("PCR") to enable both the production and detection of DNA, the
Company operates in three primary business markets: (i) the
manufacture of DNA for use in nucleic acid-based therapeutics; (ii)
the detection of DNA in molecular diagnostics testing services; and
(iii) the manufacture and detection of DNA for industrial supply
chain security services.
Applied DNA reported a net loss of $8.27 million for the year ended
Sept. 30, 2022, a net loss of $14.28 million for the year ended
Sept. 30, 2021, and a net loss of $13.03 million for the year ended
Sept. 30, 2020.
ARC FALCON: Pioneer Floating Marks $1M Loan at 15% Off
------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,000,000 loan
extended to ARC Falcon I, Inc to market at $853,750 or 85% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in a Second Lien Initial Term
Loan to ARC Falcon I, Inc. The loan accrues interest at a rate of
12.154% (LIBOR+700 bps) per annum. The loan matures on September
30, 2029.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a
newly-established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
ARTHROSCOPIC & LASER: Seeks Confirmation of Plan
------------------------------------------------
Arthroscopic & Laser Surgery Center of San Diego, L.P., moves the
Bankruptcy Court to confirm its Amended Chapter 11 Plan of
Reorganization dated August 4, 2023.
The Plan amends the Debtor's Plan of Reorganization Dated June 22,
2023 in three respects.
First, the Plan clarifies that all net proceeds recovered from the
Clark AP will be paid to creditors under the Plan.
Second, the Plan corrects a typographical error in the Initial
Plan, which inconsistently referred to the Postpetition Transferee
class as Class 3(b) and Class 3(c), and the Subordinated Insider
class as Class 3(c) and Class 3(d). The Plan now refers to the
Postpetition Transferee class as Class 3(b), and the Subordinated
Insider class as Class 3(c).
Third, the Plan now contemplates Debtor filing a motion to allow
the Postpetition Transfers. If that motion is granted, then the
claims of the Postpetition Transferees will be treated as general
unsecured claims in Class 3(a).
In a chapter 7 liquidation, creditors would receive approximately
$127,214. Under the Plan, general unsecured creditors will receive
$239,837 plus the net recovery from the Clark AP. As such, the
Plan satisfies the "best interests" test of Section 1129(a)(7).
The Debtor's projections demonstrate that: (a) the Plan provides a
feasible means of completing a reorganization and (b) subject to
the risks described in the Plan, there is a reasonable prospect
that confirmation is not likely to be followed by the liquidation,
or the need for further financial reorganization. Accordingly, the
Plan satisfies the feasibility standard of s 1129(a)(11).
Section 1191(b) provides that if all of the applicable requirements
of Section 1129(a), other than paragraphs (8), (10), and (15) of
that section, are met with respect to a plan, the court, on request
of the debtor, shall confirm the plan notwithstanding the
requirements of such paragraphs if the plan does not discriminate
unfairly, and is fair and equitable, with respect to each class of
claims or interests that is impaired under, and has not accepted
the plan.
A plan is fair and equitable if, the following requirements are
met.
First, as of the effective date, (A) the plan provides that all of
the projected disposable income of the debtor to be received in the
5-year period beginning on the date that the first payment is due
under the plan will be applied to make payments under the plan, or
(B) the value of the property to be distributed under the plan for
such period is not less than the projected disposable income of the
debtor. The term "disposable income" means the income that is
received by the debtor and that is not treasonably necessary to be
expended for the payment of expenditures necessary for the
continuation, preservation, or operation of the business of the
debtor." Here, the Plan projects that Debtor will have $197,500 of
disposable income during the five-year plan term. The Plan
satisfies Section 1191(c)(2) by distributing $239,837 plus net
recovery from the Clark AP to creditors during the five-year plan
term.
Second, the debtor must either (1) be able to make all payments
under the plan; or (2) there is a reasonable likelihood that the
debtor will be able to make all payments under the plan, and the
plan provides appropriate remedies to the holders of claims or
interests in the event that the payments are not made. Here, the
Plan satisfies section 1191(c)(3) because there is a reasonable
likelihood that Debtor will make all payments under the Plan, and
the Plan provides appropriate remedies in the event that payments
are not made.
Co-Counsel for Arthroscopic & Laser Surgery Center of San Diego,
L.P.:
Ahren A. Tiller, Esq.
BANKRUPTCY LAW CENTER, APC
1230 Columbia St., Ste. 1100
San Diego, CA 92101
Telephone: (619) 894-8831
Facsimile: (866) 444-7026
E-mail: ahren.tiller@blc-sd.com
- and -
Donald W. Reid Esq.
LAW OFFICE OF DONALD W. REID
P.O. Box 2227
Fallbrook, CA 92088
Telephone: (951) 777-2460
E-mail: don@donreidlaw.com
About Arthroscopic & Laser Surgery
Center of San Diego
Arthroscopic & Laser Surgery Center of San Diego, L.P. operates an
outpatient care center in San Diego, Calif. It conducts business
under the name Oasis Surgery Center.
Arthroscopic & Laser Surgery Center of San Diego filed its
voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case
No. 23-00778) on March 24, 2023, with $471,349 in assets and
$3,234,976 in liabilities. Judge Laura S. Taylor oversees the
case.
The Debtor is represented by the Bankruptcy Law Center and the Law
Office of Donald W. Reid.
ASTRO ONE: $155MM Bank Debt Trades at 50% Discount
--------------------------------------------------
Participations in a syndicated loan under which Astro One
Acquisition Corp is a borrower were trading in the secondary market
around 50.3 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $155 million facility is a Term loan that is scheduled to
mature on October 25, 2029. The amount is fully drawn and
outstanding.
Founded in 2021 and based in the US, Astro One Acquisition
Corporation is a merged entity of Petmate and Brody. Both companies
engage in the production and distribution of pet products such as
cat waste management products, toys, kennels, shelters, chews, and
feeding and watering products.
AUDACY CAPITAL: $770MM Bank Debt Trades at 50% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Audacy Capital Corp
is a borrower were trading in the secondary market around 49.8
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $770 million facility is a Term loan that is scheduled to
mature on November 17, 2024. About $630.5 million of the loan is
withdrawn and outstanding.
Audacy Capital Corp. owns and operates radio stations. The Company
focuses on sports, news, and music and entertainment. Audacy
Capital produces, co-produces, and co-promotes events across
markets, including concerts, multi-day musical festivals, speaker
series, trade shows, and sports-related events.
AVENTIV TECHNOLOGIES: $282MM Bank Debt Trades at 27% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 72.6 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $282.5 million facility is a Term loan that is scheduled to
mature on November 1, 2025. The amount is fully drawn and
outstanding.
Carrollton, Texas-based Aventiv Technologies LLC is a diversified
technology company that provides innovative solutions to customers
in the corrections and government services sectors. Aventiv is the
parent company to Securus Technologies and AllPaid.
AYALA PHARMACEUTICALS: Posts $8.7 Million Net Loss in 2nd Quarter
-----------------------------------------------------------------
Ayala Pharmaceuticals, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $8.70 million on $9,000 of revenues from licensing agreement and
others for the three months ended June 30, 2023, compared to a net
loss of $8.11 million on $38,000 of revenues from licensing
agreement and others for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $16.06 million on $13,000 of revenues from licensing
agreement and others compared to a net loss of $18.06 million on
$496,000 of revenues from licensing agreement and others for the
six months ended June 30, 2022.
As of June 30, 2023, the Company had $12.15 million in total
assets, $8.43 million in total current liabilities, $2.71 million
in total long-term liabilities, and $1.01 million in total
stockholders' equity.
Ayala said, "The Company has incurred recurring losses since
inception as a research and development organization and has an
accumulated deficit of $165.2 million as of June 30, 2023. For the
six months ended June 30, 2023, the Company used approximately
$15.3 million of cash in operations. The Company has relied on its
ability to fund its operations through public and private equity
financings. The Company expects operating losses and negative cash
flows to continue at significant levels in the future as it
continues its clinical trials. As of June 30, 2023, the Company
had approximately $7.1 million in cash and cash equivalents, which,
without additional funding, the Company believes will not be
sufficient to meet its obligations within the next twelve months
from the date of issuance of these condensed consolidated financial
statements. The Company plans to continue to fund its operations
through public or private debt and equity financings, but there can
be no assurances that such financing will continue to be available
to the Company on satisfactory terms, or at all. If the Company is
unable to obtain funding, the Company would be forced to delay,
reduce, or eliminate its research and development programs, which
could adversely affect its business prospects, or the Company may
be unable to continue operations. As such, those 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/1100397/000149315223027531/form10-q.htm
About Ayala Pharmaceuticals
Formerly known as Advaxis, Inc., Ayala Pharmaceuticals, Inc. is a
clinical-stage oncology company focused on developing and
commercializing small molecule therapeutics for patients suffering
from rare and aggressive cancers, primarily in genetically defined
patient populations.
Ayala reported a net loss of $14.36 million for the year ended Oct.
31, 2022, compared to a net loss of $17.86 million for the year
ended Oct. 31, 2021. As of March 31, 2023, the Company had $20.99
million in total assets, $9.83 million in total current
liabilities, $1.48 million in total long-term liabilities, and
$9.67 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated Feb. 9,
2023, citing that the Company has incurred significant 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.
B+T GROUP: Gladstone Capital Marks $6MM Loan at 17% Off
-------------------------------------------------------
Gladstone Capital Corporation has marked its $6,000,000 loan
extended to B+T Group Acquisition, Inc to market at $4,980,000 or
83% of the outstanding amount, as of June 30, 2023, according to a
disclosure contained in Gladstone Capital's Form 10-Q for the
quarterly period ended June 30, 2023, recently filed with the
Securities and Exchange Commission.
Gladstone Capital is a participant in a Secured First Lien Term
Debt to B+T Group Acquisition, Inc. The loan accrues interest at a
rate of 16.1% (S + 11%) per annum. The loan matures in December
2024.
Gladstone Capital Corporation was incorporated under the Maryland
General Corporation Law on May 30, 2001 and completed an initial
public offering on August 24, 2001. Gladstone Capital is an
externally managed, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940, as
amended.
B+T Group is a national provider of engineering and field services
to the wireless telecom industry. Serving wireless tower owners and
wireless carriers, B+T provides its clients with best-in-class
service and turnkey solutions contributing to efficient and
successful operations.
BEAR HAVEN: Unsecureds to Be Paid in Full in 20 Quarters
--------------------------------------------------------
Bear Haven LLC submitted a Plan of Reorganization and a Disclosure
Statement dated Aug. 4, 2023.
The Debtor owns and operates a 17-unit apartment complex located at
2409 College Avenue, Berkeley, California 94704 near University of
California Berkeley primarily serving Berkeley students. The
approximate value of the Property is scheduled at $6,800,000, and
the secured debtor on the Property is scheduled at $3,445,752. The
Debtor has scheduled approximately $53,135 in contingent, priority
unsecured debt (security deposit returns), and $110,186 in
non-contingent, non-priority unsecured debt.
Under the Plan, Class 4A consists of the Allowed General Unsecured
Claims which the Debtor estimates to be approximately $87,179.
General Unsecured Creditors will be paid the amount of their
allowed claim by receiving $4,355 pro rata per quarter payments for
60 months (or 20 quarters) commencing on the 1st day of the 2nd
month after the Effective Date. Class 4A is impaired.
Class 4B consists of the Allowed Unsecured Contingent Tenants
claims listed in Section 2.04 which are above the per claim
priority amount of $3,350 which the Debtor estimates to be in
aggregate $3,900. The Allowed Contingent Unsecured Tenant claims
will be treated identical to the Class 2B Priority Contingent
Tenant claims in Section 5.02. Class 4B is unimpaired.
The member principals will provide a capital contribution of
$95,000 to the Reorganized Debtor on the Effective Date, an amount
necessary to establish the Debtor's "Beginning Cash" as set forth
in the first month of its Projections attached to the Debtor's
Disclosure Statement.
The member principals will provide the additional funding to pay
all contingent priority claims and security deposit return claims
as they come due.
Attorneys for the Debtor:
Mark J. Giunta, Esq.
Liz Nguyen, Esq.
LAW OFFICE OF MARK J. GIUNTA
531 East Thomas Road, Suite 200
Phoenix, AZ 85012
Tel: (602) 307-0837
Fax: (602) 307-0838
E-mail: markgiunta@giuntalaw.com
liz@giuntalaw.com
- and -
Stephen D. Finestone, Esq.
Kimberly S. Fineman, Esq.
FINESTONE HAYES LLP
456 Montgomery Street, 20th Floor
San Francisco, CA 94104
Tel: (415) 209-5027
Fax: (415) 398-2820
E-mail: kfineman@fhlawllp.com
A copy of the Disclosure Statement dated August 4, 2023, is
available at bit.ly/3QpKf6f from PacerMonitor.com.
About Bear Haven
Bear Haven, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
23-40526) on May 8, 2023. In the petition signed by its managing
member, Peter Palmer, the Debtor listed $6,819,255 in total assets
and $3,691,299 in total liabilities.
The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy
counsel and Finestone Hayes, LLP as local bankruptcy counsel.
BERTUCCI'S RESTAURANTS: Cash Collateral Access OK'd Thru Sept 12
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Bertucci's Restaurants, LLC to use
cash collateral on an interim basis in accordance with the budget
through the date of the final hearing set for September 12, 2023 at
1:30 p.m.
The Debtor is permitted to use cash collateral to pay:
a. the amounts expressly authorized by the Court, including
payments to the United States Trustee for quarterly fees; and
b. the current and necessary expenses set forth in the budget,
plus an amount not to exceed 10% for the expenses.
During the interim period, PHL Holdings, LLC and Rewards Network
will each have a perfected post-petition lien against cash
collateral to the same extent and with the same validity and
priority as its respective prepetition lien, without the need to
file or execute any documents as may otherwise be required under
applicable non-bankruptcy law. The replacement liens granted will
secure all obligations owing from the Debtor to PHL and Rewards
Network, as the case may be.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=Dkub0b from PacerMonitor.com.
The budget provides for total operating disbursements, on a weekly
basis as follows:
$1,333 for the week ending August 20, 2023;
$1,819 for the week ending August 27, 2023;
$1,421 for the week ending September 3, 2023;
$1,886 for the week ending September 10, 2023; and
$1,227 for the week ending September 17, 2023;
About Bertucci's Restaurants, LLC
Bertucci's Restaurants, LLC is a Florida limited liability company
that was formed in May 2018. The Company owns and operates
approximately 47 Italian-themed restaurants under the name
Bertucci's Brick Oven Pizza & Pasta.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-04313) on December 5,
2022. In the petition signed by Jeffrey C. Sirolly, its secretary,
the Debtor disclosed up to $50,000 in assets and up to $100 million
in liabilities.
Judge Grace E. Robson oversees the case.
R. Scott Schuker, Esq., at Shuker and Dorris, P.A., is the Debtor's
legal counsel.
BERWICK HOSPITAL: Maintains Patient Care Quality, PCO Says
----------------------------------------------------------
Deborah Fish, the patient care ombudsman appointed in Berwick
Hospital Company, LLC's Chapter 11 case, filed with the U.S.
Bankruptcy Court for the Eastern District of Michigan her fourth
report regarding the quality of patient care provided at the
company's health care facility.
The quality of care provided to patients has been maintained since
Berwick's bankruptcy filing, according to the third report, which
covers the period June 16 to Aug. 3. Patients can obtain their
records by filling out a form at the hospital or by downloading a
form from the hospital website. The PCO believes that the company
has properly provided for the storage and destruction of patient
records.
The PCO is encouraged that Berwick has recent direct hires and is
relying less on agency staffing. The company continues to fill any
opening in the schedule with current staff working overtime or
extra shifts or with agency employees. Berwick did hire a full-time
social worker.
Currently, Berwick relies on a staffing agency to fill the shifts.
Although this is not a long-term solution, Berwick is not unlike
many other hospitals throughout the country dealing with a labor
shortage. Hospital management is looking forward to confirmation as
management believes it will further stabilize the current workforce
and will exhibit confidence in the community that the hospital will
continue to provide behavioral health services for years to come.
The PCO also reported that concerns relating to the acute care
patients are access to and proper storage of medical records and
collection on invoices for prior services rendered.
A copy of the fourth ombudsman report is available for free at
https://urlcurt.com/u?l=reYaiR from PacerMonitor.com.
The ombudsman may be reached at:
Deborah L. Fish, Esq.
Allard & Fish, P.C.
1001 Woodward Avenue, Suite 850
Detroit, MI 48226
Telephone: 313-309-3171
Email: dfish@allardfishpc.com
About Berwick Hospital
Berwick Hospital Company, LLC is a Bloomfield Hills, Mich.-based
company, which operates in the health care industry.
Berwick filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-47699) on Sept. 30,
2022, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Richardo I. Kilpatrick has been appointed
as Subchapter V trustee.
Judge Lisa S. Gretchko oversees the case.
Robert Bassel, Esq., serves as the Debtor's legal counsel.
Deborah Fish, Esq., at Allard & Fish, P.C., is the patient care
ombudsman appointed in the Debtor's Chapter 11 case.
BETTER PLACE: Horizon Tech Marks $150,000 Loan at 32% Off
---------------------------------------------------------
Horizon Technology Finance Corporation has marked its $150,000 loan
extended to Better Place Forests Co to market at $102,000 or 68% of
the outstanding amount, as of June 30, 2023, according to a
disclosure contained in Horizon's Form 10-Q for the quarterly
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Horizon Technology Finance is a participant in a Term Loan to
Better Place Forests Co. The loan accrues interest at a rate of
14.5% (Prime+ 6.25%, 9.5% Floor) per annum. The loan matures
September 30, 2023.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Tech Marks $2.5MM Loan at 33% Off
-------------------------------------------------------
Horizon Technology Finance Corporation has marked its $2,500,000
loan extended to Better Place Forests Co to market at $1,677,000 or
67% of the outstanding amount, as of June 30, 2023, according to a
disclosure contained in Horizon's Form 10-Q for the quarterly
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Horizon Technology Finance is a participant in a Term Loan to
Better Place Forests Co. The loan accrues interest at a rate of
14.5% (Prime+ 6.25%, 9.5% Floor) per annum. The loan matures
October 1, 2025.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Tech Marks $250,000 Loan at 32% Off
---------------------------------------------------------
Horizon Technology Finance Corporation has marked its $250,000 loan
extended to Better Place Forests Co to market at $169,000 or 68% of
the outstanding amount, as of June 30, 2023, according to a
disclosure contained in Horizon's Form 10-Q for the quarterly
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Horizon Technology Finance is a participant in a Term Loan to
Better Place Forests Co. The loan accrues interest at a rate of
14.5% (Prime+ 6.25%, 9.5% Floor) per annum. The loan matures
September 30, 2023.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BETTER PLACE: Horizon Tech Marks $5.1MM Loan at 33% Off
-------------------------------------------------------
Horizon Technology Finance Corporation has marked its $5,104,000
loan extended to Better Place Forests Co to market at $2,426,000 or
67% of the outstanding amount, as of June 30, 2023, according to a
disclosure contained in Horizon's Form 10-Q for the quarterly
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Horizon Technology Finance is a participant in a Term Loan to
Better Place Forests Co. The loan accrues interest at a rate of
14.5% (Prime+ 6.25%, 9.5% Floor) per annum. The loan matures July
1, 2025.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Better Place Forests Co. provides memorial spreading forests for
families who choose cremation. The memorial forests are sustainable
alternatives to cemeteries. Instead of graves and tombstones,
families choose a private, protected family tree to return their
ashes to the earth together.
BIOLASE INC: Incurs $4.9 Million Net Loss in Second Quarter
-----------------------------------------------------------
Biolase, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $4.87
million on $14.29 million of net revenue for the three months ended
June 30, 2023, compared to a net loss of $5.61 million on $12.23
million of net revenue for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $10.72 million on $24.75 million of net revenue compared to
a net loss of $10.39 million on $22.40 million of net revenue for
the six months ended June 30, 2022.
As of June 30, 2023, the Company had $39.63 million in total
assets, $32.29 million in total liabilities, $720,000 in total
mezzanine equity, and $6.62 million in total stockholders' equity.
The Company incurred losses from operations and used cash in
operating activities for the three and six months ended June 30,
2023 and for the years ended Dec. 31, 2022, 2021, and 2020. The
Company said its recurring losses, level of cash used in
operations, and potential need for additional capital, along with
uncertainties surrounding the Company's ability to raise additional
capital, raise substantial doubt about the Company's ability to
continue as a going concern.
Management Commentary
"Although we faced some macroeconomic hurdles during the quarter,
we have made many improvements in the business that has led to
improved financial performance as we continue to show sustainable
growth and progress toward positive EBITDA performance," commented
John Beaver, president and chief executive officer of BIOLASE.
"Our second quarter performance represents our tenth consecutive
quarter of year-over-year revenue growth and demonstrates that our
efforts to raise awareness of our industry-leading dental lasers
continue to gain traction. Furthermore, we reported record
consumable revenue, growing an impressive 36% increase from our
previous record last quarter and from the second quarter of 2022,
and we are hopeful that the trends in consumable usage will
continue and are reflective of the improved training of our new
dentists, the awareness of the value in all specialties and in
particular endodontics. We continue to be subject to market
dynamics that include pressure on the finances of dentists,
continuing migration to dental service organizations and still a
challenging environment in our international markets.
"Operationally, we achieved a WTP conversion success rate of
approximately 56%, making WTP one of the most successful programs
we have ever implemented. Moreover, new customers accounted for
approximately 69% of our sales in the second quarter, with almost a
third of the sales being generated by dental specialists. We
believe that the combination of all of these positive indicators
confirms the market's growing acceptance of our industry-leading
lasers and inspires confidence in our growth strategy. We are also
excited about the collaboration with the American Academy of Facial
Aesthetics as we continue the rollout of our new fractional
handpiece. I look forward to realizing the potential that
Waterlase technology has for aesthetics, both for dentists and
physicians.
"Concurrent with our revenue growth, we demonstrated continued
improvement of our bottom line, and we believe the cost-saving
initiatives we implemented during the quarter will result in
additional annualized savings of $5 to $6 million beginning in the
third quarter. These initiatives, along with our improving gross
margins and continued revenue growth, put us on track to achieve
positive adjusted EBITDA for the second half of 2023."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/811240/000095017023041449/biol-20230630.htm
About Biolase
Biolase, Inc. -- http://www.biolase.com-- is a medical device
company that develops, manufactures, markets, and sells laser
systems in dentistry and medicine. BIOLASE's products advance the
practice of dentistry and medicine for patients and healthcare
professionals. BIOLASE's proprietary laser products incorporate
approximately 259 actively patented and 24 patent-pending
technologies designed to provide biologically and clinically
superior performance with less pain and faster recovery times.
Biolase reported a net loss of $28.63 million in 2022, a net loss
of $16.16 million in 2021, a net loss of $16.83 million in 2020, a
net loss of $17.85 million in 2019, and a net loss of $21.52
million in 2018. As of Sept. 30, 2022, the Company had $42.86
million in total assets, $29.01 million in total liabilities, and
$13.86 million in total stockholders' equity.
Costa Mesa, California-based BDO USA, LLP, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated March 28, 2023, citing that the Company has suffered
recurring losses from operations and has had negative cash flows
from operations for each of the three years ended Dec. 31, 2022.
These factors, among others, raise substantial doubt about its
ability to continue as a going concern.
BLUEKEY CONSTRUCTION: Tamara Miles Ogier Named Subchapter V Trustee
-------------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq.,
at Ogier, Rothschild & Rosenfeld, PC, as Subchapter V trustee for
BlueKey Construction & Claims, LLC.
Ms. Ogier will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Ogier declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tamara Miles Ogier, Esq.
Ogier, Rothschild & Rosenfeld, PC
P.O. Box 1547
Decatur, GA 30031
Phone: (404) 525-4000
Email: tmo@orratl.com
About BlueKey Construction & Claims
BlueKey Construction & Claims, LLC is a full-service insurance
claims and restoration company in Smyrna, Ga. It helps clients
navigate through the complex insurance claim and restoration
process using technically advanced thermal drone inspections and
infrared (IR) mapping.
BlueKey sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 23-57389) on Aug. 2, 2023, with
$2,033,030 in assets and $2,012,503 in liabilities. David Lewgood,
member, signed the petition.
Judge Lisa Ritchey Craig oversees the case.
G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason,
P.A., represents the Debtor as legal counsel.
CAPTAIN CORPORATION: Gets OK to Hire Finestone Hayes as Counsel
---------------------------------------------------------------
Captain Corporation received approval from the U.S. Bankruptcy
Court for the Northern District of California to hire Finestone
Hayes, LLP as its legal counsel.
The Debtor requires legal counsel to:
a. give advice and represent the Debtor in matters related to
its Chapter 11 case other than those particular areas that may be
assigned to special counsel;
b. assist the Debtor in any manner relevant to a review of its
debts, obligations, maximization of its assets and, where
appropriate, disposition thereof;
c. assist the Debtor in the operation of its business;
d. assist the Debtor in the performance of its duties and
powers under the Bankruptcy Code and Bankruptcy Rules; and
e. assist the Debtor in dealing with its creditors and other
constituencies, analyzing the claims in this case, and formulating
and seeking approval of a plan of reorganization.
The hourly rates charged by the firm for its services are as
follows:
Partners $610
Associates $400 - $600
The firm received a retainer in the amount of $35,000.
As disclosed in court filings, Finestone Hayes is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Stephen D. Finestone, Esq.
Jennifer C. Hayes, Esq.
Kimberly S. Fineman, Esq.
Finestone Hayes, LLP
456 Montgomery Street, 20th Floor
San Francisco, CA 94104
Tel: (415) 421-2624
Fax: (415) 398-2820
Email: sfinestone@fhlawllp.com
About Captain Corporation
Captain Corporation is engaged in activities related to real
estate. It owns a property located at 30 Falkirk Lane,
Hillsborough, Calif., valued at $6 million.
Captain Corporation filed Chapter 11 petition (Bankr. N.D. Calif.
Case No. 23-30421) on June 28, 2023, with $6,000,016 in assets and
$5,218,557 in liabilities. Shirlin Wong, president, signed the
petition.
Judge Dennis Montali oversees the case.
Stephen D. Finestone, Esq., at Finestone Hayes, LLP represents the
Debtor as counsel.
CBAK ENERGY: Incurs $2.9 Million Net Loss in Second Quarter
-----------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.94 million on $42.42 million of net revenues for the three
months ended June 30, 2023, compared to net income of $1.02 million
on $56.35 million of net revenues for the three months ended June
30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $5.14 million on $84.82 million of net revenues compared to
net income of $1.70 million on $136.54 million of net revenues for
the six months ended June 30, 2022.
As of June 30, 2023, the Company had $252.17 million in total
assets, $138 million in total liabilities, and $114.17 million in
total equity.
CBAK Energy said, "The Company has accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of June 30, 2023. These
conditions raise substantial doubt about the Company ability to
continue as a going concern. The Company's plan for continuing as
a going concern included improving its profitability, and obtaining
additional debt financing, loans from existing directors and
shareholders for additional funding to meet its operating needs.
There can be no assurance that the Company will be successful in
the plans described above or in attracting equity or alternative
financing on acceptable terms, or if at all."
Management Commentary
Yunfei Li, chairman and chief executive officer of the Company,
commented, "During the first half of 2023, our battery business had
strong revenue growth of 97% in the first quarter; however, during
the second quarter, we began to experience a temporary slowdown in
sales, as a result of the volatility of lithium carbonate prices, a
crucial raw material. Despite this short-term challenge, we remain
confident that our revenue growth will bounce back in the upcoming
quarters as many of our clients will place new orders in the second
half of the year when prices begin to stabilize. Moreover, we have
successfully entered into a series of partnerships with Echom, HiNa
Battery, Viessmann Group, and Hello Tech, which will help sustain
our topline growth and further strengthen our lead in China's
battery market."
Xiangyu Pei, interim chief financial officer, added, "We are
pleased to report strong half year results marked by sustainable
growth and increased profitability. Thanks to our product's
strength and optimized operating efficiency, our gross margin rose
to 15.4%, compared with 11.0% for the same period last year. Going
forward, our top priorities are to accelerate sales growth and
improve profitability. Our solid balance sheet gives us the
flexibility to continue investing in our future by accelerating our
research and development across product lines as well as expanding
our technology and business initiatives to create value for both
our users and our shareholders."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1117171/000121390023065004/f10q0623_cbakenergy.htm
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
CBAK Energy reported a net loss of $11.33 million for the year
ended Dec. 31, 2022, compared to net income of $61.56 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$244.03 million in total assets, $119.65 million in total
liabilities, and $124.38 million in total equity.
Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2022. All these factors raise substantial doubt about its
ability to continue as a going concern.
CELSIUS NETWORK: Pro Se Creditor Says CEL Has No Discernible Value
------------------------------------------------------------------
Cameron Crews, a pro se creditor, filed a limited objection to the
Adequacy of the Disclosure Statement of Celsius Network LLC, et al.
with Regards to CEL Token Treatment.
The Plan currently proposes to make distributions to CEL token
holders as if each token were worth $0.20. This is improper; CEL
has no discernible value now that Celsius is a dead platform that
caused billions in losses. CEL's main utility was as a mechanism
to defraud investors while enriching insiders. As such, the proper
distribution mechanism for victims of the CEL fraud would
compensate Creditors based on how many dollars they lost acquiring
CEL on the platform, rather than amount of CEL they are left with
in their accounts.
In addition, the Debtor says the motion requesting certification of
a CEL class of Creditors should be denied along similar grounds to
the Courts ruling on the motion for formation of a Preferred Equity
Committee. Furthermore, should the movants prevail upon the Court
that CEL should not be deemed a security, it would be proper for
the Debtors to make CEL token holders whole by paying out their
claims in-kind.
The Creditor points out that CEL token is worthless and its
investors have been defrauded:
* Any value ascribed to CEL token depended upon Celsius. The
company's whitepaper described CEL as its "backbone" and provided
incentives for holding the token on their App. But when revealed in
Bankruptcy that Celsius was inexcusably missing over $3B owed to
stakeholders and therefore was not viable for emergence with the
same fraudulent business model, the CEL token no longer had a
discernable purpose or value.
* Even while Celsius was a going concern, employees realized CEL
lacked value. The examiner directly quotes employees describing the
token as "worthless" and saying its price "should be 0."
Furthermore, in minutes from Celsius's Dec. 11, 2020 Risk Committee
Meeting, the following words are attributed to former CEO Alex
Mashinsky, "Think of CEL as fake money, need to use for competitive
advantage." This "fake money" cost his victims lots of real money.
* The examiner found astonishing manipulation of CEL token. The
fraud started during the CEL "initial coin offering," a pre-equity
round of financing for Celsius. While publicly proclaiming all
325M CEL had been acquired by investors for $S5O million, in truth,
they had fallen 117M tokens short and only raised $32 million? Due
largely to this shortfall in demand for the token relative to
circulating supply, the price of CEL quickly sunk from the ICO
pre-sale price of $0.2 to $0.05.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankrupty counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CELSIUS NETWORK: Texas Regulator Says Claims Not Addressed
----------------------------------------------------------
The Texas State Securities Board (the "SSB") and the Texas
Department of Banking (the "DOB") filed a limited objection and
reservation of rights to the Revised Disclosure Statement for the
Joint Chapter 11 Plan of Reorganization of Celsius Network LLC and
Its Debtor Affiliates.
Texas and certain other state regulators reviewed the Disclosure
Statement and Second Amended Plan and noted that the state
regulator claims did not appear to be addressed by the Debtors, or
the treatment of the claims were wholly unclear.
While ongoing, collaborative discussions between the parties
continue, a resolution has not been reached regarding all of the
concerns of Texas and the state regulators.
Attorneys for the Texas State Securities Board and the Texas
Department of Banking:
Layla D. Milligan, Esq.
Abigail R. Ryan, Esq.
Roma N. Desai, Esq.
Sean T. Flynn, Esq.
Assistant Attorneys General
Bankruptcy & Collections Division
P.O. Box 12548
Austin, TX 78711-2548
Tel: (512) 463-2173
Fax: (512) 936-1409
E-mail: layla.milligan@oag.texas.gov
abigail.ryan@oag.texas.gov
roma.desai@oag.texas.gov
sean.flynn@oag.texas.gov
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankrupty counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CELSIUS NETWORK: US Trustee Says Disclosures Inadequate
-------------------------------------------------------
William K. Harrington, the United States Trustee for Region 2,
objects to the Disclosure Statement for the Joint Chapter 11 Plan
of Reorganization of Celsius Network, LLC and its Debtor
Affiliates.
The U.S. Trustee states that the Disclosure Statement should not be
approved because it fails to provide creditors with sufficient
information to allow them to make an informed choice as to whether
to approve or reject the Plan.
First, the Plan contains inappropriate, nonconsensual, non-debtor,
third-party releases, yet the Disclosure Statement does not contain
adequate information explaining to interested creditors (i) exactly
what releases are being imposed upon each class of creditor, (ii)
the legal basis for the Debtors' belief that it is likely that the
Plan will be confirmed with these provisions, (iii) the
justification for the third-party releases in the Plan, (iv)
whether the proposed releases are essential to confirm the Plan,
and (v) what substantial contribution the numerous non-debtors
receiving releases are making. Without further clarification, the
releases do not comport with Second Circuit law or the Bankruptcy
Code, and the Debtors should provide more information to explain
why they do.
The nonconsensual, non-debtor third-party release in the Plan
exemplifies the abuse that concerned the Second Circuit in In re
Purdue Pharma, L.P., 2023 WL 3700458, *68 (2d Cir. May 30, 2023),
fails to satisfy the factors justifying such release, and is
unsupported by the rigorous factual disclosures and evidentiary
burden required by the Purdue Pharma decision. Because the
third-party releases are not based on knowing and informed consent,
the Disclosure Statement cannot be approved.
The Plan deems that any creditor consents to the third-party
releases that either (i) abstains from voting or (ii) votes to
reject the Plan but neglects to affirmatively opt-out of the
releases. Moreover, a claimant cannot vote in favor of the Plan and
also opt-out of the releases. As written, and considering the
proposed ballot that includes the opt-out box on a separate page,
proving knowing and informed consent for third-party releases will
be problematic at best. Affirmative consent through an opt-in form
is the clearest and most transparent way to prove affirmative
consent for third-party releases, and the Disclosure Statement
should explain why the Plan provides instead for an opt-out
procedure.
If, in fact, the Debtors seek to impose releases upon holders of
non-voting claims or interests, the Plan must make that clear and
provide a way for the affected parties to affirmatively demonstrate
knowing and informed consent to such releases. As Judge Wiles
discussed in Chassix, creditors whose rights do not simply pass
through the bankruptcy process are not unimpaired. Furthermore, the
Disclosure Statement fails to explain why impaired classes that are
entitled to vote must still affirmatively opt out of releases even
when deemed to reject the Plan.
Second, the Plan provides for an overly broad and impermissible
Exculpation Provision. The Exculpation extends to non-Debtor
parties that are not in existence, is not temporally limited to
only acts or omissions during the pendency of the Debtors' chapter
11 cases, and there is no carve out for malpractice for
professionals. Moreover, there is no opt out mechanism for the
Exculpation Provision. Instead, the Exculpation Provision
diminishes the impact of the release opt out, by including all of
the defined "Released Parties" as also being exculpated.
Third, the Disclosure Statement should explain why claimants should
be coerced to vote for the plan to avoid having an avoidance action
filed against them. If holders of General Custody Claims vote for
the plan, Debtors will waive avoidance actions against them. This
is a play on an impermissible and coercive death trap designed to
force General Custody Claim holders into acquiescing to their
impaired treatment under the plan in exchange for a waiver of the
possibility of an avoidance action being filed. Debtors provide no
meaningful information about the avoidance actions, the procedures,
or the likelihood of the Debtors bringing such avoidance actions.
Fourth, the Disclosure Statement disguises its Key Employee
Incentive Program ("KEIP") as an allegedly new Emergence Incentive
Program ("EIP"). There is no explanation of how it satisfies the
requirements of 11 U.S.C. section 503(c) or how the EIP will
replace the still pending and contested KEIP. Debtors must prove
the Plan comports with section 503. And if the pending KEIP is to
be withdrawn, the Disclosure Statement should say so.
Finally, the Disclosure Statement provides confusing and
conflicting information regarding distribution to claimants using a
third-party platform-Paypal or an undisclosed affiliate. The
Debtors should explain why their own platform cannot be used for
distributions and why certain claim holders will receive fiat
currency as opposed to cryptocurrency. Moreover, the Debtors impose
an arbitrary 90-day window for claimants to receive distributions
directly from the Debtors' own platform but fail to explain why. No
information is provided as to Paypal or its undisclosed affiliates'
relationship with the Debtors or how Paypal (or its undisclosed
affiliates) were selected as a distribution agent.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankrupty counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CENTRALIA APARTMENTS: Seeks Continuance of Hearing to Sept. 26
--------------------------------------------------------------
Centralia Apartments filed a motion for a continuance of the August
8, 2023 Preliminary Hearing on Adequacy of Disclosure Statement and
Plan of Reorganization to Sept. 26, 2023.
The Debtor previously filed a Motion to Extend Deadline to Chapter
11 Plan and Disclosure Statement to obtain a short extension of the
deadline. The Debtor maintains that the requested extension is
necessary to finalize key issues relating to the Debtor's
reorganization, including a valuation of the equity holders'
interests in the Debtor. In connection with the Debtor's request
for an extension of the deadline to file the Disclosure Statement
and Plan of Reorganization, Debtor requests that the Court continue
the Preliminary Hearing to Sept. 26, 2023.
First and foremost, there is good cause to grant a continuance of
the Preliminary Hearing. The Debtor has previously requested a
short extension of the deadline to file its Disclosure Statement
and Plan of Reorganization to Sept. 5, 2023. This proposed new
deadline is still within Debtor's period 120-day period of
exclusivity under Section 1121(b). As such, a continuance of the
Preliminary Hearing to Sept. 26, 2023, will allow for Debtor to
file the Disclosure Statement and Plan of Reorganization by the
requested extension and allow the Court ample opportunity to review
the Disclosure Statement and Plan of Reorganization prior to the
proposed continued Preliminary Hearing date.
A requested extension and continuance of the Preliminary Hearing is
necessary to allow the Debtor to finalize key issues relating to
Debtor's reorganization. Specifically, the Debtor is in the
process of obtaining an updated appraisal in order to calculate
each equity holder's interest in Debtor. The appraisal and
valuation of the Debtor's equity interest holders are key to the
Debtor's plan of reorganization and Debtor cannot successfully
reorganize without it. Debtor's plan will propose to pay all
allowed claims in full and to provide that holders of interests
will retain their interests or be paid the value of such
interests.
In addition, no prior continuances of the Preliminary Hearing have
been requested in the case.
Proposed Attorneys for the Debtor:
D. Edward Hays, Esq.
Laila Masud, Esq.
Sarah R. Hasselberger, Esq.
MARSHACK HAYS WOOD LLP
870 Roosevelt
Irvine, CA 92620
Tel: (949) 333-7777
Fax: (949) 333-7778
E-mail: ehays@marshackhays.com
lmasud@marshackhays.com
shasselberger@marshackhays.com
About Centralia Apartments
Centralia Apartments is a Single Asset Real Estate as defined in 11
U.S.C. Section 101(51B).
Centralia Apartments filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
23-13132) on May 20, 2023. In the petition filed by Dennis G.
Gesolowitz, as in-house counsel., the Debtor reported assets and
liabilities between $1 million and $10 million.
The case is overseen by Honorable Bankruptcy Judge Barry Russell.
The Debtor is represented by D Edward Hays, Esq. at Marshack Hays
LLP.
CHATTAN 1379: Robert Matson Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 21 appointed Robert Matson, Esq., at
Akin, Webster & Matson, PC, as Subchapter V trustee for Chattan
1379, LLC.
Mr. Matson will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Matson declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert M. Matson
P.O. Box 309
Macon, GA 31202
Phone: (478) 742-1889
Email: rmatson@akin-webster.com
About Chattan 1379
Chattan 1379, LLC is a lessor of real estate in Leesburg, Ga.
The Debtor filed Chapter 11 petition (Bankr. M.D. Ga. Case No.
23-10628) on July 31, 2023, with $1 million to $10 million in both
assets and liabilities. Samuel Isaiah Bora, manager, signed the
petition.
Judge Austin E. Carter oversees the case.
Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC is the
Debtor's legal counsel.
CLAUSEN OYSTERS: Court OKs Cash Access Extension Thru Sept 22
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Oregon authorized
Clausen Oysters, LLC to continue using cash collateral in
accordance with the budget, with a 20% variance.
Specifically, the Debtor is permitted to use $133,056 of cash
collateral for the period from August 7 to September 22, 2023.
David Clausen, Lilli Clausen, Steve Clausen, and Kimberly Stolz
assert an interest in the Debtor's cash collateral.
As adequate protection, the secured creditors are granted a
perfected lien on all of the post-petition property of the same
nature and kind in which each of them has a pre-petition line or
security interest. The replacement liens will have the same
relative priority vis-a-vis one another as existed on the petition
date with respect to the original liens.
The Replacement Lien on the Replacement Collateral will be
perfected and enforceable upon entry of the Order without regard to
whether such Replacement Lien is perfected under applicable
non-bankruptcy law.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=hjLdBe from PacerMonitor.com.
The Debtor projects total operating expenses, on a weekly basis, as
follows:
$18,326 for the week ending August 18, 2023;
$29,240 for the week ending August 25, 2023;
$9,170 for the week ending September 1, 2023;
$28,740 for the week ending September 8, 2023;
$6,170 for the week ending September 15, 2023; and
$28,740 for the week ending September 15, 2023.
About Clausen Oysters, LLC
Clausen Oysters, LLC owns an oyster farm in the State of Oregon.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 23-60847) on May 18, 2023.
In the petition signed by Seth Silverman, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Thomas M. Renn oversees the case.
Nicholas J. Henderson, Esq., at MOTSCHENBACHER & BLATTNER, LLP,
represents the Debtor as legal counsel.
CLIENT FIRST: Amends Unsecured Claims Pay Details
-------------------------------------------------
Client First Settlement Funding, LLC ("CFSF") and Client First
Lotteries, LLC ("CFL") (collectively, the "Debtors" or "Liquidated
Debtors") submitted an Amended Joint Plan of Liquidation for Small
Business dated August 8, 2023.
The Plan contemplates a distribution of any proceeds recovered in
accordance with the priorities mandated by the Bankruptcy Code, and
that such assets be transferred to a Liquidating Trust and
administered, liquidated, and distributed by the Liquidating
Trustee to the Liquidating Trust Beneficiaries in accordance with
the Liquidating Trust Agreement.
The proceeds owed to the estate by Daniel Silverman/Nobility and
Michael Lupo are based on a "per deal" structure, described in more
detail in their respective agreements with CFSF. Said agreements
are assumed by CFSF and therefore remain in force, except as to
Daniel Silverman and Nobility Settlement Funding LLC. The
settlement agreement with Scott Silverman requires monthly payments
of $4,200.00. This agreement is assumed by CFSF as well.
Restitution by ex-employee Crystal Knowles is being remitted by the
Florida Dept. of Corrections on a monthly basis in the approximate
amounts of $500-$800 per month.
As to the claims against Daniel Silverman and Nobility Settlement
Funding LLC, (collectively referred to herein as
"Silverman/Nobility"), said claims will be settled in the following
manner: Silverman/Nobility shall pay $55,000.00 to Debtor CFSF in
exchange for mutual general releases and a termination and
cancellation of all contracts and agreements between the parties.
For avoidance of any doubt, this would include releases of all
claims against Nobility, Daniel Silverman and Victoria Perniola.
This Plan under chapter 11 of the Code proposes to pay creditors of
the Debtors from the proceeds of the ex-employee settlement
agreement plus the proceeds from a sale of the database, in
addition to any cash on hand (collectively, the "Estate
Proceeds").
Non-priority unsecured creditors holding Allowed claims will
receive distributions in lump sums, so long as there are sufficient
Estate Proceeds to pay claims. This Plan also provides for the
payment of Administrative and Priority Claims.
Class 5 consists of Allowed General Unsecured Claims. CFSF
estimates the aggregate amount of Allowed Class 5 Claims totals
approximately $1,457,544.04. All proceeds from the ex-employee
settlement agreements, sales of any of the Debtors' assets,
recoveries from Chapter 5 actions, and any other recoveries made by
the Liquidating Trustee, shall be distributed by the Liquidating
Trustee first to administrative expense claimants, if any, with the
remainder to be paid pro rata to Class 5 claimholders.
The amount of $1,457,544.04 includes the only debt of CFL, since
the only debt of CFL is also a debt of CFSF; specifically, a
judgment held by Harris.
As provided in additional detail in the Liquidation Analysis,
Debtors estimate that if this case were converted to a Chapter 7
case, the holders of Class 5 Claims would not receive any
Distribution. If Debtors' Plan is confirmed, each holder of an
Allowed general unsecured claim against Debtors shall share pro
rata in a distribution up to the full amount of their Allowed Claim
from the Estate Proceeds after payments to holders of Allowed
Administrative Claims, Allowed Priority Tax Claimholders, and
holders of Allowed Classes 1 through 4 Claims.
These payments shall be in full satisfaction, settlement, release,
and extinguishment of their respective Allowed Claims. The Class 5
Claims are Impaired and entitled to vote to accept or reject the
Plan.
Class 6 consists of Allowed Equity Interests. Class 6 consists of
the prepetition equity holders' interest in the Debtor. On the
Effective Date, all Equity Interests shall be cancelled, and each
holder of an Allowed Class 6 Equity Interest shall not receive any
property or Distribution on account of such Equity Interest. All
holders of Equity Interests in Debtors shall be extinguished on the
Effective Date.
All payments as provided for in the Plan shall be funded from the
Estate Proceeds, including any amounts recovered by the Liquidating
Trustee for the benefit of the Estates.
A full-text copy of the Amended Liquidating Plan dated August 8,
2023 is available at https://urlcurt.com/u?l=TZFIIe from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Aaron A. Wernick, Esq.
Wernick Law, PLLC
2255 Glades Road, Suite 324A
Boca Raton, FL 33431.
Tel: 901-525-1322
Fax: 901-525-2389
Email: awernick@wernicklaw.com
About Client First Settlement Funding
Client First Settlement Funding, LLC specializes in purchasing and
selling structured settlements and annuities nationwide.
Client First Settlement Funding and Client First Lotteries filed
petitions for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-18262) on Oct.
26, 2022. Aleida Martinez-Molina has been appointed as Subchapter V
trustee.
At the time of the filing, Client First Settlement Funding listed
between $1 million and $10 million in both assets and liabilities
while Client First Lotteries listed up to $50,000 in assets and up
to $1 million in liabilities.
Judge Mindy A. Mora oversees the cases.
The Debtors are represented by Aaron A. Wernick, Esq., at Wernick
Law, PLLC.
COMPREHENSIVE PAIN: Class V Unsecureds to Get Full Payment
----------------------------------------------------------
Comprehensive Pain Solutions, PLLC, submitted a Chapter 11 Plan
Small Business Subchapter V and a Disclosure Statement.
The Debtor has traditionally been a profitable business and expects
to continue to be profitable during and after this bankruptcy
proceeding. Unfortunately, the Debtor has experienced some
difficulties in recent years that have culminated in the filing of
its bankruptcy petition.
This bankruptcy filing was in order to provide the Debtor with the
breathing space necessary to (i) reorganize its operations in a
manner designed to stem its losses from its laboratory operations,
(ii) address creditor claims, including the Disputed Judgment, and
(iii) allow me to refocus my efforts on increasing the
profitability of the Debtor's operations and providing exceptional
and critical patient care.
Unsecured creditors are owed $5,435,270. The Plan will treat
claims as follows:
* Class IV Allowed Unsecured Claims Not Providing Post
Confirmation Benefit to Debtor. The Debtor will pay its projected
disposable income on a pro rata basis each quarter to the Allowed
Claims of Classes II, III and IV for three years following the
Effective Date.
* Class V Allowed Unsecured Claims Providing Post Confirmation
Benefit to Debtor. The Debtor will pay all Class V Claims in full
in 3 annual equal payments.
Attorneys for the Debtor:
Daniel J. Weiner, Esq.
Howard Borin, Esq.
Kim Hillary, Esq.
40950 Woodward Ave., Ste. 100
Bloomfield Hills, MI 48304
Tel: (248) 540-3340
E-mail: dweiner@schaferandweiner.com
A copy of the Disclosure Statement dated August 4, 2023, is
available at bit.ly/3YuTdkU from PacerMonitor.com.
About Comprehensive Pain Solutions
Comprehensive Pain Solutions, PLLC, sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No.
23-45664) on June 26, 2023. In the petition signed by Jeffrey M.
Rosenberg, manager, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Maria L. Oxholm oversees the case.
Daniel J. Weiner, Esq., at Schafer and Weiner, PLLC, is the
Debtor's legal counsel.
CONTEMPORARY MANAGEMENT: Wins Cash Collateral Access on Final Basis
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Contemporary Management Services, LLC and affiliates to
continue using cash collateral on a final basis in accordance with
the budget, with a 10% variance.
The Debtor requires the use of cash collateral to continue its
operations.
Prior to the Petition Date, around May or June 2020 and in response
to the COVID-19 Pandemic, the Debtors entered into various EIDL
loans with the U.S. Small Business Administration, whereby the SBA
loaned the principal sum of approximately $150,000 to Contemporary
Management Services LLC, Dale D. Goldschlag, D.D.S., P.C, and Total
Dental Implant Solutions LLC which obligation was secured pursuant
to, inter alia, various security agreements executed sometime
around May or June 2020 as well. The Debtors acknowledge on behalf
of themselves that pursuant to the Loan Documents, the SBA holds a
first priority perfected security interest in the Collateral to
secure the Debtors' indebtedness to it.
On November 9, 2022, DDG PC entered into a financing and security
agreement with Celtic Bank Corporation.
On December 29, 2022, DDG PC entered into a Forward Purchase
Agreement (Fixed ACH Delivery) with Kapitus LLC, which asserts that
it purchased DDG PC's receivables and filed a UCC-1 on January 3,
2023 under the name "CT Corporation System, as representative".
Other parties in interest that sometime thereafter the Debtors'
agreement with the SBA, various multiple merchant cash advance
lenders who the Debtors made further agreements with, filed their
own UCC-1 financing statements on certain of the Debtors. However,
the Debtors do not believe the liens of the merchant cash advance
lenders are valid and/or perfected and/or constitute an interest in
cash collateral.
As adequate protection, the Secured Creditors are granted a valid,
perfected and enforceable post-petition replacement lien on an
security interest in all assets of the Debtors and the proceeds
thereof in the continuing order and priority that existed as of the
Petition Date and without a determination as to the nature, extent,
and validity of such liens, and subject to: (i) United States
Trustee fees pursuant to 28 U.S.C. Section 1930, together with
interest, if any, pursuant to 31 U.S.C. Section 3717 and any
Clerk's filing fees; (ii) the fees of Chapter 11 professionals to
the extent allowed pursuant to 11 U.S.C. Section 330 or 331; and
(iii) the fees and commissions of a hypothetical Chapter 7 trustee
in an amount not to exceed $10,000. The Replacement Liens granted
will not attach to the proceeds of any recoveries of estate causes
of action under Sections 542 through 553 of the Bankruptcy Code.
Furthermore, Debtors CMS, Total Dental, and DDG PC will continue to
make their monthly payments due under their respective EIDL loans
with the SBA at $731 a month on the relevant due dates under their
respective EIDL loans with the SBA.
The Debtors' right to use the cash collateral will terminate
immediately upon the occurrence of any of these events:
a) The entry of a Court order converting or dismissing the
Chapter 11 cases;
b) The entry of a Court order confirming a plan of
reorganization in the Chapter 11 cases;
c) The Debtor's failure to perform any of their obligations
under the Order, and cure the Default within 10 business days after
the giving of written notice thereof to the Debtors, the SBA, and
the Other Secured Parties, the United States Trustee and any
official committee appointed in the Chapter 11 Cases by the SBA,
and the Other Secured Parties;
d) The amendment, supplementation, waiver or other
modification of all or part of the Order without, the SBA, and the
Other Secured Parties having been given at least 72 hours advance,
written notice, by overnight service upon them. However, in no
event will the Debtors seek emergency relief concerning the Order
from the Court without the SBA, and the Other Secured Parties
having been given at least 24 hours advance, actual notice (via
telephone or electronic mail); or
e) The termination of all or substantially all of the
operations of the Debtors, whether by voluntary act(s) or
omission(s) of the Debtors, or otherwise.
A copy of the order is available at https://urlcurt.com/u?l=yOCAud
from PacerMonitor.com.
About Contemporary Management Services, LLC
Contemporary Management Services, LLC is a management company that
provides management services to certain affiliated entities, Dale
D. Goldschlag D.D.S. P.C. and various non-debtor entities,
including Manhattan Dental Implant Solutions P.C. CMS manages the
back-office, non-doctor staff, call centers, equipment and other
supplies, scheduling of patients, marketing and all of the
non-clinical work of the dental practices.
DDG PC, which operates under the trade name Contemporary Dental
Implant Centre, is a professional corporation through which a New
York based dental practice is operated.
Refined Dental Laboratory LLC fabricated the crowns used by the
professional corporations when servicing patients. It owns certain
inventory and finances certain equipment all presently housed at
the laboratory facility in Valley Stream, NY.
Total Dental Implant Solutions LLC, which did business as
Genicore,is a medical device company specializing in dental
implants.
CDIC Holdings, LLC is a real estate entity and exists as the
counterparty to a majority of the leases from which each dental
office operates.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-22459) on June
15, 2023. In the petition signed by Dale Goldschlag, manager, the
Debtor disclosed $4,444 in assets and $781,268 in liabilities.
Judge Sean H. Lane oversees the case.
Robert L. Rattet, Esq., and Jonathan S. Pasternak, Esq., at
Davidoff Hutcher and Citron, LLP, represent the Debtors as legal
counsel.
CORE SCIENTIFIC: Amends Plan to Include B. Riley Unsecured Claims
-----------------------------------------------------------------
Core Scientific, Inc., and its affiliates submitted an Amended
Joint Chapter 11 Plan and Disclosure Statement dated August 8,
2023.
The Debtors believe the Plan provides a full recovery (100% of the
Claim plus postpetition interest) to all creditors (other than
Section 510(b) Claims and creditors that have agreed to take lesser
treatment) and a meaningful recovery to their shareholders.
As of the date hereof, the Debtors believe they have the support of
three of their five Key Stakeholder Groups: B. Riley (the
Replacement DIP Lender and the Debtors' largest unsecured
creditor), the Equipment Lenders, and the Equity Committee. The
Debtors have also reached final settlements or settlements in
principle with several other creditors, including the Holders of a
majority of the M&M Lien Claims, the Holders of Secured Mortgage
Claims, and Celsius (the Debtors' largest litigation claimant), as
described further herein. The Debtors currently do not have the
support of Ad Hoc Noteholder Group or the Creditors' Committee.
In addition, the Debtors are in advanced discussions with multiple
parties to secure committed new money exit capital for emergence
and post-emergence needs, including (i) new money exit financing
from B. Riley, (ii) an equity rights offering of at least $55
million, backstopped by members of the Equity Committee and various
other parties, and (iii) a committed equity line of credit (an
"ELOC") from B. Riley. Moreover, the Debtors also significantly
reduced their new-money capital needs by more than $30 million
through the Bitmain Transaction and the Celsius Settlement (which
resulted in approximately $14 million reduction in new money
capital needs).
The Plan provides for a comprehensive restructuring of the Debtors'
balance sheet pursuant to which holders of Claims and Interests
will receive either (i) equity in Core Scientific, Inc. (after the
Effective Date, the "Reorganized Parent"), (ii) debt ("take-back
debt") in a Debtor (on and after the Effective Date, collectively,
the "Reorganized Debtors"), (iii) a combination of New Common
Interests and take-back debt, or (iv) the reinstatement of their
Claims. The transactions contemplated by the Plan will strengthen
the Debtors by substantially reducing their debt and preserving in
excess of 240 jobs.
Specifically, the proposed restructuring contemplates, among other
things:
* 100% recoveries to all Classes of creditors (other than
Section 510(b) Claims) in the form of (i) equity in the Reorganized
Parent ("New Common Interests"), (ii) take-back debt, (iii) a
combination of New Common Interests and take-back debt, or (iv)
reinstatement of claims.
* Distributions to existing equity holders, and Holders of
Section 510(b) Claims in the form of New Common Interests,
consisting of all residual value remaining after providing
recoveries to all other Claims.
* A minimum $55 million equity rights offering (the "Rights
Offering") made available to holders of Existing Common Interests,
which is expected to be backstopped by the Backstop Parties
pursuant to a to-be-negotiated backstop commitment agreement (the
"Backstop Commitment Agreement").
* An approximately $80 million delayed draw term loan from the
Replacement DIP Lender (the "Delayed Draw Term Loan"), consisting
of (i) a roll-up of the outstanding balance of the Replacement DIP
Facility, (ii) treatment on the B. Riley Unsecured Claim which B.
Riley has agreed to reduce from $44.3 million (as of the assumed
Effective Date of September 30, 2023) to $38 million, and (iii) $25
million of new money financing.
* An equity line of credit from the Replacement DIP Lender in
the amount of $150 million (the "Exit ELOC").
* The assumption of most Executory Contracts and Unexpired
Leases of the Debtors.
* A reduction of current debt on the Debtors' balance sheet by
approximately $30-105 million and a reduction in the Debtors’
annual debt service by approximately $60-85 million.
The Debtors have reached multiple agreements in principle that are
subject to ongoing negotiations, including with respect to the
applicable definitive documents and/or provisions of the Plan
incorporating such agreements, including, but not limited to, the
Miner Equipment Lender Settlement, Backstop Commitment Agreement,
the B. Riley Settlement, the Bitmain Transaction, the Celsius
Settlement, the Brown Settlement, the Holliwood Settlement, and the
Foundry Settlement Agreement.
Class 8 consists of General Unsecured Claims. The Debtors estimate
the General Unsecured Clams (not including any Miner Equipment
Lender Deficiency Claims) to total approximately $41 million (not
including postpetition interest), collectively, although certain
Claims are Disputed and may be Allowed at higher amounts than
estimated. The Debtors estimate that the Miner Equipment Lender
Deficiency Claims are equal to $185.2 million (not including
postpetition interest), but they are unable to estimate the
recoveries on account Miner Equipment Lender Deficiency Claims at
this time due to the potential for a Holder of a Miner Equipment
Lender Secured Claim to elect Miner Equipment Lender Treatment
Election 2 and thereby waive a portion of its recovery on account
of Miner Equipment Lender Deficiency Claim. Based on the Miner
Equipment Lender Settlement, the Debtors believe that most of the
Equipment Lenders intend to opt for the Miner Equipment Lender
Treatment Election 2 and will, therefore, waive their recoveries on
a portion of such Miner Equipment Lender Deficiency Claims and not
receive a recovery in Class 8.
Except to the extent a Holder of a General Unsecured Claim has
agreed to waive its recovery on its General Unsecured Claim (such
as certain of the Settling Miner Equipment Lenders), each Holder of
a General Unsecured Claim will receive New Common Interests with a
value, based on Plan Value, equal to 100% of such Holder's Allowed
General Unsecured Claim. All Allowed General Unsecured Claims will
accrue interest at the Federal Judgment Rate from the Petition Date
to the Effective Date.
Class 9 consists of B. Riley Unsecured Claims. In connection with
the B. Riley Settlement, each Holder of an Allowed B. Riley
Unsecured Claim shall receive, taking into account the commitments
made by B. Riley Commercial Capital, LLC and B. Riley Principal
Capital II, LLC pursuant to the Exit Facility and the New B. Riley
ELOC Facility, respectively, on the Effective Date, or as soon as
reasonably practicable thereafter conversion into the Delayed Draw
Term Loan in the principal amount equal to $38 million (the
"Settled B. Riley Unsecured Claims Amount"), which is a reduction
of $6.3 million (greater than a 10% reduction) relative to total B.
Riley Unsecured Claims assuming an Effective Date of September 30,
2023. For the avoidance of doubt, and in connection with the B.
Riley Settlement, any additional recovery on account of the B.
Riley Unsecured Claims shall be waived.
A full-text copy of the Disclosure Statement dated August 8, 2023
is available at https://urlcurt.com/u?l=teIk2c from Stretto, the
claims agent.
Attorneys for Debtors:
Ray C. Schrock, Esq.
Ronit J. Berkovich, Esq.
Weil, Gotshal & Manges LLP
Ray C. Schrock, P.C.
767 Fifth Avenue
New York, NY 10153
Telephone: (212) 310-8000
Email: ray.schrock@weil.com
WEIL, GOTSHAL & MANGES LLP
Alfredo R. Perez, Esq.
Clifford Carlson, Esq.
700 Louisiana Street, Suite 1700
Houston, Texas 77002
Telephone: (713) 546-5000
Facsimile: (713) 224-9511
About Core Scientific
Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power. Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services. Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.
In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York. With low
Bitcoin prices depressing mining revenue to a record low, Core
Scientific first warned in October 2022 that it may have to file
for bankruptcy if the company can't find more funding to repay its
debt that amounts to over $1 billion. Core Scientific did not make
payments that came due in late October and early November 2022 with
respect to several of its equipment and other financings, including
its two bridge promissory notes.
Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.
Judge David R. Jones oversees the cases.
The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
artners, LP as investment banker; and AlixPartners, LLP as
financial advisor. Stretto is the claims agent.
A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings. Meanwhile, B. Riley
Commercial Capital, LLC, as administrative agent under the
Replacement DIP facility, is represented by Choate, Hall & Stewart,
LLP.
On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Willkie Farr & Gallagher,
LLP as legal counsel and Ducera Partners, LLC as investment
banker.
The U.S. Trustee for Region 7 appointed an official committee of
equity security holders. The equity committee is represented by
Vinson & Elkins, LLP.
CPC ACQUISITION: Pioneer Floating Marks $956,293 Loan at 22% Off
----------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $956,293 loan
extended to CPC Acquisition Corp to market at $747,503 or 78% of
the outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in a First Lien Initial Term Loan
to CPC Acquisition Corp. The loan accrues interest at a rate of
8.91% (Term SOFR+375 bps) per annum. The loan matures on December
29, 2027.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
CPC Acquisition Corp is in the chemicals industry.
CPI LUXURY: Court OKs Cash Collateral Access Thru Aug 17
--------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
San Fernando Valley Division, authorized CPI Luxury Group to use
cash collateral on an interim basis in accordance with the budget,
through August 17, 2023.
The Debtor requires use of the cash collateral to pay the costs and
expenses associated with operating the Debtor's business for the
next 90 days with the intention of quickly proposing a confirmable
chapter 11 plan of organization or effectuating a sale of its
assets as a going concern.
East West Bank (first priority with filed UCC-1); AAVIN MEZZANINE
FUND, LP (second priority with filed UCC1); and the Small Business
Administration (third priority with filed UCC-1) assert an interest
in the Debtor's cash collateral.
The Debtor has historically been a profitable business. Indeed
since East West Bank sent its original notice of default in June
2020, the Debtor has paid down the balance owing to East West Bank
by approximately $5 million.
In 2016 the Debtor entered into a Loan and Security Agreement with
East West Bank. Based thereon, the Debtor's A/Rs (collections),
have always been deposited into a lock box which East West Bank
sweeps regularly. The bank's control over the Debtor's use of funds
and available cash has more recently become extremely burdensome.
Weekly, the Debtor provides the bank with payment schedules. Based
on these schedules, the bank would agree to release funds to the
Debtor's Operating Account for payments including but not limited
to payroll, insurance, utilities, rent, vendors, inventory and raw
materials; the amounts advanced by the bank have been inconsistent
and unreliable.
Since the default, the bank's reluctance to provide clarity for
requested advances and the random last-minute changes on the day of
advances have significantly impaired and limited the Debtor's
ability to operate the day-to-day affairs of the Debtor. The result
of these actions drastically reduced sales thereby decreasing
purchase orders fulfillment ratios significantly over the past six
months. Due to the decline in sales and corresponding decline in
accounts receivable, collections and operating cash eroded to
unmanageable levels which further reduced operating revenue and
profitability. Notwithstanding these operational challenges, the
demand from current customers for basic pearls has remained strong
with projected purchase orders over the next five months in the ten
million dollar range.
Since the original Notice of Default on June 23, 2020 and
subsequent Notices of Default, the Debtor has worked diligently by
providing the bank with Letters of Interest to refinance or
restructure the debt owed to East West Bank. After many years of
rejecting numerous offers including a recent Letter of Intent to
Acquire the Loans dated July 8, 2023, the bank notified the Debtor
via letter on July 24, 2023, that it was terminating the July 3,
2023 day-to-day forbearance agreement and reservation of rights and
accelerating demand for immediate payment of all sums owing.
Therefore, the Debtor was forced to seek bankruptcy protection.
In the ordinary course of business, the Debtor has been paying
trade vendors inconsistently. Some trade payables have placed
credit limits on the accounts which are greater than one-hundred
and twenty days past due, however, the Debtor has still been able
to operate and expects to continue to be able to do so. As of the
Petition Date, the Debtor's total secured liabilities consists of
approximately $17.5 million of which $13.0 million is due to East
West Bank. Additionally unsecured liabilities, trade payables and
past-due rent total approximately $2.5 million.
The Secured Creditors are granted Replacement Liens to the extent
of the diminution of value of their collateral, if any, against the
Debtor's post-petition assets but excluding any avoidance or
turnover actions under Chapter 5 of the Bankruptcy Code and the
pre-petition retainer provided to ArentFox Schiff LLP, with the
same validity, priority, and scope as each lender had with its
pre-petition lien against property of the Debtor. The Replacement
Liens secure diminution in value of the Secured Creditor's interest
in its collateral, if any, and will be in addition to the Secured
Lenders' pre-petition security interests in the collateral.
A final hearing on the matter is set for August 17 at 1:30 p.m.
A copy of the motion is available at https://urlcurt.com/u?l=CsXJVg
from PacerMonitor.com.
A copy of the order is available at https://urlcurt.com/u?l=wkF31w
from PacerMonitor.com.
About CPI Luxury Group
CPI Luxury Group is a producer of cultured pearls. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. C.D. Cal. Case No. 23-11059) on July 30, 2023. In the
petition signed by Harold Jabarian, chief executive officer, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Victoria S. Kaufman oversees the case.
M. Douglas Flahaut, Esq., at Arentfox Schiff LLP, represents the
Debtor as legal counsel.
CS LEE DMD: David Madoff Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 1 appointed David Madoff, Esq., a
partner at Madoff & Khoury, LLP, as Subchapter V trustee for CS
Lee, DMD, MMSC, PLLC.
Mr. Madoff will be compensated at $415 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Madoff declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
David B. Madoff
Madoff & Khoury, LLP
124 Washington Street, Suite 202
Foxborough, MA 02035
Phone: (508) 543-0040
Email: madoff@mandkllp.com
About CS Lee DMD MMSC
CS Lee DMD MMSC, PLLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-11184) on
July 26, 2023, with as much as $1 million in both assets and
liabilities. Judge Christopher J. Panos oversees the case.
The Law Office of Peter M. Daigle serves as the Debtor's counsel.
CURIA GLOBAL: Pioneer Floating Marks $497,468 Loan at 15% Off
-------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $497,468 loan
extended to Curia Global, Inc to market at $422,102 or 85% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in a First Lien 2021 Term Loan to
Curia Global, Inc. The loan accrues interest at a rate of 9.003%
(Term SOFR+375 bps) per annum. The loan matures on August 30,
2026.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Curia Global, Inc., operates as an integrated chemistry outsourcing
company. The Company offers discovery biology, synthetic and
medicinal chemistry, DMPK and bioanalytical, and small-scale
manufacturing services. Curia Global serves pharmaceutical and
biotech companies worldwide.
DELCATH SYSTEMS: Incurs $7.2 Million Net Loss in Second Quarter
---------------------------------------------------------------
Delcath Systems, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $7.20 million on $495,000 of total revenues for the three months
ended June 30, 2023, compared to a net loss of $10.16 million on
$797,000 of total revenues for the three months ended June 30,
2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $16.20 million on $1.09 million of total revenues compared
to a net loss of $19.16 million on $1.17 million of total revenues
for the six months ended June 30, 2022.
As of June 30, 2023, the Company had $21.05 million in total
assets, $21.29 million in total liabilities, and a total
stockholders' deficit of $242,000.
On June 30, 2023, the Company had cash, cash equivalents and
restricted cash totaling $14.6 million, as compared to cash, cash
equivalents and restricted cash totaling $11.8 million at Dec. 31,
2022. During the six months ended June 30, 2023, the Company used
$13.9 million of cash in its operating activities and $6.3 million
for principal payments.
Delcath said, "The Company's future results are subject to
substantial risks and uncertainties. The Company has operated at a
loss for its entire history and there can be no assurance that it
will ever achieve or maintain profitability. The Company has
historically funded its operations primarily with proceeds from
sales of common stock, warrants and prefunded warrants for the
purchase of common stock, sales of preferred stock, proceeds from
the issuance of convertible debt and borrowings under loan and
security agreements.
"The Company believes that current cash and cash equivalents will
enable the Company to have sufficient cash past our anticipated
PDUFA date of August 14, 2023. If there is a substantial delay in
the approval of HEPZATO, the Company expects to need to raise
additional capital under structures available to the Company,
including debt and/or equity offerings, which may not be on
favorable terms. In a delayed approval scenario, the Company will
not have sufficient funds to meet its obligations within twelve
months from the issuance date of these condensed consolidated
financial statements."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/872912/000162828023028676/dcth-20230630.htm
About Delcath Systems
Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, the HEPZATO KIT (melphalan
hydrochloride for injection/hepatic delivery system), is a
drug/device combination product. HEPZATO is designed to administer
high-dose chemotherapy to the liver while controlling systemic
exposure and associated side effects.
Delcath reported a net loss of $36.51 million for the year ended
Dec. 31, 2022, compared to a net loss of $25.65 million for the
year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$30.60 million in total assets, $25.31 million in total
liabilities, $18.37 million in mezzanine equity, and a total
stockholders' deficit of $13.07 million.
New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
27, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant 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.
DIGITAL MEDIA: $225MM Bank Debt Trades at 23% Discount
------------------------------------------------------
Participations in a syndicated loan under which Digital Media
Solutions LLC is a borrower were trading in the secondary market
around 76.8 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $225 million facility is a Term loan that is scheduled to
mature on May 25, 2026. About $220.5 million of the loan is
withdrawn and outstanding.
Headquartered in Clearwater, Florida, Digital Media Solutions,
Inc.is a provider of data-driven, technology-enabled digital
performance advertising solutions connecting consumers and
advertisers within the auto, home, health, and life insurance, plus
a long list of top consumer verticals.
DKI VENTURES: Gladstone Capital Marks $5.9MM Loan at 40% Off
------------------------------------------------------------
Gladstone Capital Corporation has marked its $5,915,000 loan
extended to DKI Ventures, LLC to market at $3,549,000 or 60% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Gladstone Capital's Form 10-Q for the quarterly period
ended June 30, 2023, recently filed with the Securities and
Exchange Commission.
Gladstone Capital is a participant in a Secured First Lien Term
Debt to DKI Ventures, LLC. The loan accrues interest at a rate of
13.1% (S + 8.0%) per annum. The loan matures in December 2023.
Gladstone Capital Corporation was incorporated under the Maryland
General Corporation Law on May 30, 2001 and completed an initial
public offering on August 24, 2001. Gladstone Capital is an
externally managed, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940, as
amended.
DKI Ventures, LLC provides emergency response and restoration
services. The Company offers water damage, fire and smoke, storm
damage, mold remediation, catastrophe response, personal items,
tree removal, and health care services.
E-BOX LLC: Court Approves Disclosure Statement
----------------------------------------------
Judge M. Ruthie Hagan has entered an order approving E-Box, LLC's
Disclosure Statement dated April 11, 2023.
A Pretrial Conference on confirmation of the Pan is set for October
18, 2023 at 12:00 p.m. in Courtroom Number 680 at 200 Jefferson
Avenue, Memphis, Tennessee.
Oct. 11, 2023, is fixed as the last day for filing written
objections to the Plan, and for filing written acceptances or
rejections of the Plan; for filing applications seeking interim or
final compensation for services rendered and reimbursement of
expenses pursuant to 11 U.S.C. Section 503(a); and for filing
motions or requests pursuant to 11 U.S.C. Sections 506(b) and (c),
and 365.
Not less than 7 days prior to the scheduled confirmation hearing,
the proponent of the Plan must file with the Bankruptcy Court Clerk
a summary tabulation of ballots stating for each class of claims
and interests, the number and dollar amount of all votes cast, the
number and dollar amount of all acceptances, and the number and
dollar amount of all rejections.
About E-Box LLC
E-Box, LLC, an electronic manufacturing company in Collierville,
Tenn., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Tenn. Case No. 22-23526) on Aug. 23, 2022, with
up to $50 million in assets and up to $10 million in liabilities.
Byron Brown, member of E-Box, signed the petition.
Judge M. Ruthie Hagan oversees the case.
The Debtor tapped The Law Offices of Craig M. Geno, PLLC and Payne
Law Firm as legal counsels; Bob Mims, CPA and Tracy Cooper, CPA as
accountants; and Dustin Lough of CR3 Partners, LLC as chief
restructuring officer.
EAST WEST MANUFACTURING: Pioneer Marks $777,857 Loan at 16% Off
---------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $777,857 loan
extended to East West Manufacturing LLC to market at $657,289 or
84% of the outstanding amount, as of May 31, 2023, according to
Pioneer's semi-annual report on Form N-CSR for the period from
December 1, 2022 to May 31, 2023, filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in an Initial Term Loan to East
West Manufacturing LLC. The loan accrues interest at a rate of
10.793% (Term SOFR+575 bps) per annum. The loan matures on December
22, 2028.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
East West Manufacturing LLC assists customers in designing and
manufacturing products as well as logistical support.
EDGE ADHESIVES: Gladstone Capital Marks $6.1MM Loan at 55% Off
--------------------------------------------------------------
Gladstone Capital Corporation has marked its $6,140,000 loan
extended to Edge Adhesives Holdings, Inc to market at $2,752,000 or
45% of the outstanding amount, as of June 30, 2023, according to a
disclosure contained in Gladstone Capital's Form 10-Q for the
quarterly period ended June 30, 2023, recently filed with the
Securities and Exchange Commission.
Gladstone Capital is a participant in a Secured First Lien Term
Debt to Edge Adhesives Holdings, Inc. The loan accrues interest at
a rate of 10.6% (S + 5.5%) per annum. The loan matures in August
2024.
Gladstone Capital Corporation was incorporated under the Maryland
General Corporation Law on May 30, 2001 and completed an initial
public offering on August 24, 2001. Gladstone Capital is an
externally managed, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940, as
amended.
Edge Adhesives, Inc. manufactures adhesives and sealing products.
The Company offers tapes, coatings, gaskets, and extruded butyls.
Edge Adhesives serves customers in the States of Texas, Ohio, and
Indiana.
ENTERPRISE CHARTER: Fitch Affirms 'CCC' IDR & 'CCC' on 2011A Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed Enterprise Charter School's (ECS)
Long-Term Issuer Default Rating (IDR) and the rating on
approximately $6.1 million in outstanding series 2011A revenue
bonds issued by the Buffalo and Erie County Industrial Land
Development Corporation (NY) on behalf of the Enterprise Charter
School (NY) at 'CCC'.
ENTITY/DEBT RATING PRIOR
----------- ------ ------
Enterprise Charter School (NY) LT IDR CCC Affirmed CCC
Enterprise Charter
School (NY) /General LT CCC Affirmed CCC
Revenues/1 LT
SECURITY
The bonds are secured by a pledge of the gross revenues of ECS, a
first mortgage lien on the school's facilities, assignment of rents
and leases receivable, and a cash-funded debt service reserve fund
sized to maximum annual debt service (MADS).
KEY RATING DRIVERS
The 'CCC' ratings reflect ECS's continued performance in accordance
with the legal agreement reached between ECS and Buffalo Public
Schools (BPS), which allows for continued operations through
academic year 2023-2024. In addition, ECS has begun discussions
with BPS for a five-year renewal commencing July 1, 2024.
Uncertainty immediately following non-renewal in spring 2021,
combined with the coronavirus pandemic, resulted in enrollment
pressure in fiscal years 2022 and 2023, which, combined with legal
fees and increased support costs, will likely result in violation
of ECS's debt service covenant for a second consecutive year in
fiscal 2023.
The 'CCC' rating recognizes that default remains a real
possibility, but is no longer likely imminent or inevitable, given
the operating agreement that allows the ECS to remain open through
2024.
Fitch notes that the school's financial profile could support a
higher rating given ECS's record of positive operating results,
stable enrollment at the authorized capacity, and prudent budget
management prior to recent volatility.
Revenue Defensibility -- Midrange: The midrange assessment reflects
ECS's history of stable enrollment near its charter cap prior to
the 2021-2022 academic year, offset by weak but improving academic
performance compared with both BPS and state averages. Early
indications based on ECS's use of the iReady assessment platform
suggest solid improvement relative to benchmarks through fiscal
2023. In addition, ECS has begun constructive discussions with the
BPS Board of Education to obtain a multi-year charter renewal by or
before the FYE 2024.
Enrollment declines in fiscal years 2022 and 2023 spanned most
grade levels; however, the enrollment base for fall 2023 (fiscal
2024) of over 400 reflects historical averages near capacity,
further bolstered by a waitlist of over 200.
Operating Risk -- Midrange: Fitch believes ECS has midrange
flexibility to vary costs with enrollment shifts and expects fixed
carrying costs for debt service and pension contributions to remain
moderate. Fitch considers expense pressure related to the legal
suit (about $356,000 or 5% of spending) to be temporary, and recent
investments in academic support are expected to be offset by a
return to near-capacity enrollment by fiscal 2024. However, recent
performance has been volatile as ECS absorbs these costs and Fitch
will continue to monitor expense adjustments as ECS returns to
historical enrollment levels.
Financial Profile -- 'bbb': ECS's leverage metrics are consistent
with a 'bbb' assessment in Fitch's forward-looking scenario
analysis, reflecting sustained levels of available funds to debt
and Fitch's assessment that ECS can return to balanced operations
near historical levels.
Asymmetric Additional Risk Considerations -- Covenant and Charter
Risk: ECS filed a lawsuit against Buffalo City School Board in the
spring of 2021 following the nonrenewal of the school's charter.
ECS and the board reached an agreement allowing continued
operations through the 2023-2024 academic year with strict
performance goals. Legal expenses related to the case, enrollment
declines persisting through the 2023 academic year along with
increased investment in academic programming may result in failure
to meet debt service covenants in fiscal 2023, potentially
triggering an event of default if declared by a majority of
bondholders.
ESG - Factors: Enterprise Charter School has an ESG Relevance Score
of '5' for Group Structure due to the risk of charter renewal,
which remains dependent on performance in line with the settlement
agreement ensuring operations through fiscal year end 2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Failure to realize expected enrollment metrics near capacity in
fiscal 2024 and beyond;
-- Failure to sustain academic improvements in 2024 and beyond;
-- Indication of an imminent event of default;
-- Declaration of an event of default would result in downgrade to
'D'.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Successful charter renewal commencing July 1, 2024 could result
in an upgrade to the 'B' category;
-- A return to enrollment consistent with historical levels
resulting in balanced financial operations and ongoing compliance
with bond debt service covenants.
CREDIT PROFILE
Enterprise Charter School opened in 2003 in the city of Buffalo,
NY. The school currently serves around 400 students in grades K-8.
ECS is authorized by BPS, and had its charter renewed six times,
albeit for varying durations. The school's most recent two-year
charter expired on June 30, 2021. The short renewal was due to
continued deficiencies in meeting academic performance
benchmark/indicators.
Current Developments
On March 31, 2021 the board voted 7-2 in favor of not renewing the
ECS charter. The board cited the reason for non-renewal as lack of
progress in academic performance metrics compared to the local
school district. Following the BPS Board of Education's decision,
Enterprise Charter School (along with the other charter school
which did not get renewed from the board) filed a lawsuit with the
New York State Supreme Court against the Buffalo School Board of
Education (the board).
Enterprise argued that the school board did not comply with the
lawful procedure articulated in the New York State Charter Schools
Act and its corresponding regulations, as well as having violating
the Open Meetings Law in reaching its decision not to renew the
charter school.
On June 2, 2021, the judge heard oral arguments for the case
regarding Enterprise Charter School and granted a temporary
restraining order to prevent the closure of the school. On June 23,
the preliminary court hearing was held, for which both parties
agreed to submit their briefs on paper to the judge. Following the
review of the submissions, the New York State Supreme Court judge
granted ECS a preliminary injunction. The preliminary injunction
allowed the school to continue normal operations through the
2021-2022 academic year while the case began a period of
discovery.
During the period of discovery an agreement was reached in January
of 2022 between the board and ECS, allowing the school to operate
through academic year 2023-2024, during which time ECS will be
assessed relative to benchmarks for academic performance, student
composition, and leadership transition. The school has invested in
addressing academic performance concerns through different programs
and management has indicated that the school's academic performance
has shown continued positive progress on school administered
academic assessments in order to evaluate student performance.
Likewise, ECS has replaced its CEO, consistent with the agreement,
and adopted a weighted lottery structure that is expected to
increase enrollment of student with disabilities and English
language learners.
Given the uncertainty of continued operation immediately following
non-renewal, combined with pandemic-related volatility, ECS saw an
enrollment decline of 17% in the 2021-2022 academic year (to 331
from 399), despite a waitlist of nearly 90 students and enrollment
remained suppressed at 355 in fiscal 2023. The enrollment decline
resulted in significant shortfalls in state per-pupil revenues in
fiscal 2022 and 2023. Fitch therefore expects ECS will likely
remain out of compliance with its debt service coverage covenant in
fiscal 2023 due to the combination of the revenue shortfall and
elevated operating expenses. Favorably, enrollment is back near
capacity, at 402, for fall 2023 with a robust waitlist, indicating
that fiscal 2024 revenues and operating performance may rebound
near historical levels.
Fitch remains concerned that a majority of bondholders may declare
an event of default should ECS's final reported coverage fall below
1.1x for a second consecutive year.
ESG CONSIDERATIONS
Enterprise Charter School (NY) has an ESG Relevance Score of '5'
for Group Structure due to the risk of charter renewal by fiscal
year end 2024, which has a negative impact on the credit profile,
and is highly relevant to the rating, resulting in an implicitly
lower rating.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
EVOKE PHARMA: Incurs $1.9 Million Net Loss in Second Quarter
------------------------------------------------------------
Evoke Pharma, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.87 million on $1.13 million of net product sales for the
three months ended June 30, 2023, compared to a net loss of $2.23
million on $461,795 of net product sales for the three months ended
June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $4.11 million on $1.94 million of net product sales
compared to a net loss of $4.41 million on $880,175 of net product
sales for the six months ended June 30, 2022.
As of June 30, 2023, the Company had $8.98 million in total assets,
$8.44 million in total liabilities, and $538,374 in total
stockholders' equity.
Evoke said, "The Company has incurred recurring losses and negative
cash flows from operations since inception and expects to continue
to incur net losses for the foreseeable future until such time, if
ever, that it can generate significant revenues from the sale of
Gimoti. As of June 30, 2023, the Company had approximately $7.0
million in cash and cash equivalents. The Company anticipates that
it will continue to incur losses from operations due to
commercialization activities, including manufacturing Gimoti,
conducting the post-marketing commitment single-dose
pharmacokinetics ("PK") clinical trial of Gimoti to characterize
dose proportionality of a lower dose strength of Gimoti, and for
other general and administrative costs to support the Company's
operations. As a result, the Company believes that there is
substantial doubt about its ability to continue as a going concern
for one year after the date these financial statements are issued.
The financial statements do not include any adjustments that may
result from the outcome of this uncertainty.
"The Company's net losses may fluctuate significantly from quarter
to quarter and year to year. The Company anticipates that it will
be required to raise additional funds through debt, equity or other
forms of financing, such as potential collaboration arrangements,
to fund future operations and continue as a going concern."
Management Commentary
"The second quarter of 2023 concluded on a highly encouraging note
with $1.1 million in net revenue, a 40% increase from our sales
last quarter. We also recorded increases in other sales
growth-related categories - including prescription fills,
cumulative prescribers, and patient enrollments. At the end of the
second quarter, we captured a total of 1,388 prescribers, a 17%
increase from our reported results in Q1 2023. Our prescription
fill and enrollment rates also improved in the second quarter with
an approximate 16% and 18% surge from last quarter's metrics,
respectively," commented David A. Gonyer, R.Ph., chief executive
officer of Evoke Pharma.
"We were honored with recognition at Digestive Disease Week (DDW)
related to recent Real World studies showing patients treated with
GIMOTI used significantly less healthcare resources such as office
visits, inpatient hospitalizations and emergency room visits
compared to patients being treated with oral metoclopramide. While
this data was announced during the second quarter, the process of
educating the professional GI community, healthcare providers,
patients, and investors on the significance of our healthcare
resource utilization data has only just begun. Across the board,
our business is moving in the right direction and we are excited
for the future of GIMOTI within the marketplace," Mr. Gonyer
added.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1403708/000095017023040998/evok-20230630.htm
About Evoke Pharma
Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases. The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.
Evoke Pharma reported a net loss of $8.22 million for the year
ended Dec. 31, 2022, compared to a net loss of $8.54 million for
the year ended Dec. 31, 2021.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 21, 2023, citing that the Company has suffered
recurring losses and negative cash flows from operations since
inception. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
FANJOY CO: Seeks Cash Collateral Access
---------------------------------------
Fanjoy Co. asks the U.S. Bankruptcy Court for the Northern District
of Georgia, Atlanta Division, for authority to use cash collateral
in accordance with the budget, with a 15% variance.
The Debtor requires the use of cash collateral to pay operating
expenses of the business.
As an essential part of the business, the Debtor is contractually
required under its various license agreements with its social media
content creators to make regular royalty payments to those content
creators as an ordinary course of business expense. If regular
royalty payments are not made said failure could seriously damage
the Debtor's relationships with its content creators, which would
likely result in immediate irreparable harm to the Debtor's sole
source of revenue and, ultimately, to the Debtor's going concern
value.
Corporation Service Company as representative for CircleUp Credit
Advisors LLC, asserts liens upon the Debtor's assets as more
particularly described in the UCC Initial Filing Number 2022
7548811 filed on September 8, 2022, with the Delaware Department of
State, securing an asserted outstanding indebtedness in the
approximate amount of $2.275 million.
CT Corporation System, as representative, asserts liens upon the
Debtor's assets as more particularly described in the UCC Initial
Filing Number 2023 2214749 filed on March 23, 2023, with the
Delaware Department of State. The Debtor is unsure of which
creditor CT is serving as a representative, but shows it may be
for: (i) WebBank (Shopify Capital), with an estimated asserted
claim of $336,797; (ii) Fifth Floor Fund 1, LLC or OnRampFund or
ECommerce Funding, LLC, with an estimated asserted claim of
approximately $79,500; (iii) ClearCo, with an estimated asserted
claim of approximately $60,000; or (iv) Slope with an estimated
asserted claim of approximately $90,000.
On the Petition Date, the Debtor had approximately $370,000 cash on
hand and approximately $77,200 inventory on hand.
The content creators are the sole source of revenue for the Debtor.
As part of the Debtor servicing these content creators royalties
must be paid to the content creators on a regular basis. If the
Debtor does not make these regular royalty payments to its content
creators, the Debtor may incur substantial reputational damage, and
those content creators may leave the Debtor's platform upon the
Debtor's emergence from bankruptcy. Such an exodus would impair the
Debtor's going concern value. As a result, it is essential that
Debtor be permitted to pay its content creators from cash
collateral for both ongoing and past due royalties, and the Budget
reflects this expense.
A copy of the motion is available at https://urlcurt.com/u?l=oVDZym
from PacerMonitor.com.
About Fanjoy Co.
Fanjoy Co. has been operating since 2014 and was incorporated in
Delaware in 2014 to provide platform and merchandise marketplace
services to social media content creators. The Debtor operates the
fanjoy.co website, which provides end-to-end design, production,
fulfillment, customer support, e-mail marketing, photoshoots,
product shots, and paid advertisement services for its Content
Creators. The Business is operated by the Debtor’s principal,
Christopher Vaccarino, out of his residence in Brookhaven,
Georgia.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-57565) on August 8,
2023. In the petition signed by Christopher Vaccarino, president,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge Paul W. Bonapfel oversees the case.
Leslie Pineyro, Esq., at Jones and Walden, LLC, represents the
Debtor as legal counsel.
FOURTEEN DAVISON: Sept. 21 Hearing on Disclosure and Plan
---------------------------------------------------------
Judge Louis A. Scarcella has entered an order conditionally
approving the Disclosure Statement of Fourteen Davison Plaza
Associates LLC.
A hearing will be held on Sept. 21, 2023, at 10:00 a.m., for final
approval of the Disclosure Statement and for confirmation of the
Plan before the Honorable Louis A. Scarcella, United States
Bankruptcy Judge, United States Bankruptcy Court for the Eastern
District of New York, in Courtroom 970 of the Alfonse M. D'Amato
Federal Courthouse, 290 Federal Plaza, Central Islip, New York
11722.
Objections to the adequacy of the Disclosure Statement or to
confirmation of the Plan must be in writing, must set forth with
particularity the ground(s) for such objection, and must be filed
with the Clerk of the U.S. Bankruptcy Court, Eastern District of
New York by September 14, 2023.
Sept. 14, 2023, is fixed as the last day for filing written
acceptances or rejections of the Plan, or for filing and serving
written objections to the Disclosure Statement and to confirmation
of the Plan.
All ballots voting in favor of or against the Plan are to be
submitted so as to be actually received by counsel for the Debtor
on or before Sept. 14, 2023, at 4:00 p.m.
Counsel for the Debtor must file a ballot tally and an affidavit
and/or brief in support of confirmation by Sept. 19, 2023, at 12:00
p.m.
About Fourteen Davison Plaza Associates
Fourteen Davison Plaza Associates, LLC, filed a Chapter 11
bankruptcy petition (Bankr. E.D.N.Y. Case No. 23-70184) on Jan. 18,
2023, with as much as $1 million in both assets and liabilities.
Judge Louis A. Scarcella oversees the case.
The Debtor is represented by Heath S. Berger, Esq., at Berger
Fischoff Shumer Wexler & Goodman, LLP.
FRANCO'S PAVING: Amends Plan to Include Equipment Claims Pay
------------------------------------------------------------
Franco's Paving, LLC, submitted an Amended Subchapter V Plan dated
August 8, 2023.
The Debtor has been profitable since inception but suffered
significant financial losses in 2020 through 2021 due to COVID-19.
In order to bring additional cash flow to maintain operations, the
Debtor to enter into financing arrangements with Charter Bank
between 2020 and 2021. Charter Bank accelerated its loans in 2022
prompting the Debtor to seek bankruptcy relief.
Class 4 shall consist of claims secured by the Debtor's equipment
held by Pawnee Leasing Corporation. In full satisfaction, the
Holder of Claims in Class 4 shall receive 60 consecutive equal
monthly payments in Cash of its Secured Claim amortized from the
Effective Date with interest bearing on the Secured Claim at the
rate of 7.00% per annum. Payments shall commence the first day of
the calendar month following the Effective Date. The Debtor will
pay Pawnee Leasing Corporation 60 consecutive equal monthly
payments in Cash of its Secured Claim amortized from the Effective
Date at the rate of 7.00% per annum.
In the event of any failure of the Reorganized Debtor to timely
make its required plan payments to Pawnee Leasing Corporation,
which shall constitute an event of default under the plan as to
this Claimant, Pawnee Leasing Corporation shall send a Notice of
Default to the Reorganized Debtor. If Default is not cured within
30 days of the date of such notice, Pawnee Leasing Corporation may
proceed to collect all amounts owed pursuant to state law without
further recourse to the Bankruptcy Court. The Claimant is only
required to send 2 Notices of Default, and upon the third event of
default, the Claimant may proceed to collect all amounts owed under
state law without further notice. Class 4 is impaired and entitled
to vote on the Plan.
Class 6 shall consist of the General Unsecured Claims and
Deficiency Claims held by the Internal Revenue Service and the U.S.
Small Business Administration. On the first calendar date of the
month following the Effective Date, the Internal Revenue Service
and U.S. Small Business Administration shall receive Pro Rata
consecutive monthly payments in Cash of $150.00, representing the
Reorganized Debtor's Disposable Income, for a period of 24 months.
Upon the sale of 5829 Ranch Rd., CR 310, Freer, Texas, 78357 to the
extent there are funds available after payment of the claims
secured by the property, Class 6 shall receive the remainder of the
proceeds.
To the extent, there are funds available after payment to Class 6
and claims secured by the property, such excess shall go to the
Equity Interest Holders of the Debtor; however, if proceeds from
the sale are insufficient to pay of the entire then remaining
Deficiency Claims owed to the U.S. Small Business Administration,
the Reorganized Debtor shall continue making consecutive monthly
payments of $150.00 for a period of 36 months. Class 6 is impaired
and entitled to vote on the Plan.
The payments contemplated in this Plan shall be funded from ongoing
operations of the Debtor's ready-mix cement production and from the
sale of the Debtor's gravel pit located at 5829 Ranch Rd., CR 310,
Freer, Texas, 78357. The Debtor is currently in the process of
retaining a broker to assist the Debtor with the marketing of the
gravel pit and believes a period of eighteen months will be
sufficient to market and sell the gravel pit. The Debtor is working
on procuring long term projects which it believes will
substantially increase trucking and paving income in month 25.
A full-text copy of the Amended Subchapter V Plan dated August 8,
2023 is available at https://urlcurt.com/u?l=hIuGII from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Susan Tran Adams, Esq.
Brendon Singh, Esq.
Tran Singh LLP
2502 La Branch Street
Houston, TX 77004
Tel: (832) 975-7300
Fax: (832) 975-7301
Email: info@ts-llp.com
About Franco's Paving
Franco's Paving LLC provides paving services.
Franco's Paving LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
23-20069) on March 17, 2023. In the petition filed by Isaias
Franco, as president, the Debtor reported assets and liabilities
between $1 million and $10 million.
Sylvia Mayer has been appointed Subchapter V Trustee.
The Debtor is represented by Susan Tran Adams, Esq., at Tran Singh
LLP.
FRONTIER FINANCIAL: Gladstone Marks $198,000 Loan at 84% Off
------------------------------------------------------------
Gladstone Capital Corporation has marked its $198,000 loan extended
to Frontier Financial Group Inc to market at $32,000 or 16% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Gladstone Capital's Form 10-Q for the quarterly period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Gladstone Capital is a participant in an Unsecured Convertible Debt
to Frontier Financial Group Inc. The loan accrues interest at a
rate of 6.0% per annum. The loan was scheduled to matured in June
2022.
Gladstone also held $766,000 and $168,000 in Preferred Stock from
Frontier as of June 30. The Preferred Shares are non-income
producing.
Gladstone Capital Corporation was incorporated under the Maryland
General Corporation Law on May 30, 2001 and completed an initial
public offering on August 24, 2001. Gladstone Capital is an
externally managed, closed-end, non-diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940, as
amended.
Frontier Financial Corporation operates as a bank holding company.
The Bank provides a full range of consumer banking services,
including savings and checking accounts, installment and commercial
lending, safe deposit facilities, and other consumer and business
related financial services.
GENESIS GLOBAL: Helium Foundation Says Disclosures Inadequate
-------------------------------------------------------------
Decentralized Wireless Foundation, Inc. d/b/a The Helium
Foundation, filed an objection to approval of the Debtors'
Disclosure Statement with Respect to the Amended Joint Plan of
Genesis Global Holdco, LLC et al., Under Chapter 11 of the
Bankruptcy Code that was filed in connection with the Debtors'
Amended Joint Chapter 11 Plan.
On May 22, 2023, Helium filed claims against the Debtors, asserting
an ownership interest in 100,000.5 Helium Network Tokens (the "HNT
Tokens") that Helium transmitted to debtor Genesis Global Capital,
LLC ("Genesis") pursuant to that certain Master Borrower Agreement
dated September 28, 2021 (the "Master Agreement").
On Dec. 8, 2021, Genesis "staked" all of the HNT Tokens to Genesis'
preferred validators, and on Nov. 9, 2022, Helium requested that
Genesis return the HNT Tokens to Helium. Genesis failed to do so,
and on November 16, 2022, Genesis informed Helium that Genesis
could not provide details about the HNT Tokens to Helium. To date,
the HNT Tokens, which are property of Helium and not Genesis, have
not been returned to Helium.
Helium points out that the Disclosure Statement fails to provide
"adequate information" as required under Section 1125 of the
Bankruptcy Code.
Helium further points out that the Disclosure Statement and Plan do
not identify the treatment for the HNT Tokens. The Disclosure
Statement does not permit Helium to make an informed judgment about
the Plan because it does not indicate how the HNT Tokens will be
treated. Disclosure is needed on this point. The Debtors should
describe how the HNT Tokens will be treated, who the Debtors
believe owns the HNT Tokens, and where those tokens currently
reside.
According to Helium, the Disclosure Statement fails to indicate the
level of recovery for the different classes of claims:
* Helium asserts that the HNT Tokens are Helium's property and
that it has a right to its tokens, not a claim against the Debtors.
However, to the extent the Debtors disagree (and the Court so
rules), Helium would have claims against the Debtors. The
Disclosure Statement does not permit Helium (or any holder of a
claim) to make an informed decision about the Plan because it fails
to identify even a range of potential recoveries for each class of
claims.
* The Debtors' liquidation analysis provides no analysis of what
creditors would receive in a Chapter 7 liquidation or under the
Plan. Likewise, the financial projections are similarly unhelpful
because they articulate the "estimated net assets available for
distribution." But that information does not permit creditors to
understand their projected recoveries under the Plan.
Counsel to The Helium Foundation:
Daniel B. Besikof, Esq.
Noah Weingarten, Esq.
LOEB & LOEB LLP
345 Park Avenue
New York, NY 10154
Tel: (212) 407-4000
E-mail: dbesikof@loeb.com
nweingarten@loeb.com
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.
At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez
& Marsal Holdings, LLC as financial advisor; and Moelis & Company,
LLC as investment banker. Kroll Restructuring Administration, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee tapped White & Case, LLP as bankruptcy counsel;
Houlihan Lokey Capital, Inc. as investment banker; Berkeley
Research Group, LLC as financial advisor; and Kroll as information
agent.
GLOBAL MEDICAL: $1.98BB Bank Debt Trades at 34% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 66.4 cents-on-the-dollar during the week ended Friday,
August 11, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $1.98 billion facility is a Term loan that is scheduled to
mature on October 2, 2025. About $1.94 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GRAYSON O CO: Court OKs Cash Collateral Access Thru Sept 8
----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Statesville Division, authorized Grayson O Company to use
cash collateral on an interim basis in accordance with the budget,
through the date of the final hearing set for September 8, 2023 at
11 a.m.
The Debtor is permitted to use cash collateral only for ordinary
and necessary business expenses consistent with the specific items
and amounts contained in the budget, with a 10% variance.
As adequate protection for Newtek Small Business Finance, LLC's
interest in cash collateral, Newtek is granted a valid, attached,
choate, enforceable, perfected and continuing security interest in,
and lien upon all post-petition accounts receivable and inventory
of the Debtor.
Newtek's security interest in, and lien upon, the Post-Petition
Collateral will have the same validity as existed between Newtek,
the Debtor, and all other creditors or claimants against the
Debtor's estate on the Petition Date.
A copy of the order and the Debtor's budget is available at
https://urlcurt.com/u?l=CLqS4B from PacerMonitor.com.
The Debtor projects total cash collections, on a monthly basis, as
follows:
$147,000 for August 2023; and
$118,000 for September 2023.
About Grayson O Company
Grayson O Company sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-50124) on May 15,
2023. In the petition signed by Jared Stamey, vice president, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Laura T. Beyer oversees the case.
Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents
the Debtor as legal counsel.
GREENBERG GOURMET: Angela Shortall Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Angela Shortall of
3Cubed Advisory Services, LLC as Subchapter V trustee for Greenberg
Gourmet, LLC.
Ms. Shortall will be paid an hourly fee of $500 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Shortall declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Angela L. Shortall
3Cubed Advisory Services, LLC
111 S. Calvert St., Suite 1400
Baltimore, MD 21202
Phone: 410-783-6385
About Greenberg Gourmet
Greenberg Gourmet, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-15301) on July 28,
2023, with as much as $1 million in both assets and liabilities.
Judge Maria Ellena Chavez-Ruark oversees the case.
The Debtor tapped McNamee Hosea, PA as legal counsel and Sandra
Chiman CPA, LLC as accountant.
H.O.T.M. LOGISTICS: Case Summary & One Unsecured Creditor
---------------------------------------------------------
Debtor: H.O.T.M. Logistics, LLC
2214 E. Annie Street
Tampa FL 33612
Chapter 11 Petition Date: August 14, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-03481
Debtor's Counsel: Roderick Ford, Esq.
THE METHODIST LAW CENTRE
5745 SW 75th St #149
Gainesville FL 32608-5504
Tel: 813-270-5012
Email: admin@methodistlawcentre.com
Total Assets: $46,765
Total Liabilities: $1,491,025
The petition was signed by Sheldon Young as CEO.
The Debtor listed T-Mobil as its sole unsecured creditor holding a
claim of $1,500.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/3EU6PBY/HOTM_Logistics_LLC__flmbke-23-03481__0001.0.pdf?mcid=tGE4TAMA
HARRINGTON ESTATES: Taps Law Offices of Louis J. Esbin as Counsel
-----------------------------------------------------------------
Harrington Estates, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire the Law
Offices of Louis J. Esbin as its bankruptcy counsel.
The firm's services include:
a. Advising the Debtor regarding its powers and duties in the
administration of its estate and property of the estate and with
respect to the Debtor's rights, claims or interests versus those of
parties in interest in the estate;
b. Appearing on behalf of the Debtor at all meetings required
under the guidelines of the Office of the United States Trustee;
c. Negotiating when it may be necessary to enable the Debtor
to administer the estate and property of the estate;
d. Advising the Debtor regarding its rights and duties in
connection with the assumption or rejection of executory contracts
and leases;
e. Preparing or reviewing legal papers;
f. Negotiating with holders of secured and unsecured claims
and equity security interest holders; and
g. Initiating or defending, and assisting the Debtor in any
proceedings which may arise in its Chapter 11 case, and taking such
other necessary actions in other matters for which legal counsel is
required, and which may affect the administration of the estate.
The firm received a retainer of $4,000 for pre-bankruptcy
services.
Louis Esbin, Esq., disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The Law Offices of Louis J. Esbin can be reached through:
Louis J. Esbin, Esq.
Law Offices of Louis J. Esbin
27451 Tourney Road, Suite 120
Valencia, CA 91355
Tel: 661-254-5050
Fax: 661-254-5252
Email: Louis@Esbinlaw.com
About Harrington Estates
Harrington Estates, LLC is a single asset real estate (as defined
in 11 U.S.C. Section 101(51B)). The company is based in Glendale,
Calif.
Harrington Estates filed voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-14462) on July 18, 2023, with $1 million to $10 million in both
assets and liabilities. Anthony C. Burrell, chief executive
officer, signed the petition.
Judge Julia W. Brand presides over the case.
Louis J. Esbin, Esq., at the Law Offices of Louis J. Esbin
represents the Debtor as counsel.
HAVENLY INC: Horizon Tech Marks $2MM Loan at 37% Off
----------------------------------------------------
Horizon Technology Finance Corporation has marked its $2,000,000
loan extended to Havenly Inc to market at $1,250,000 or 63% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to
Havenly Inc. The loan accrues interest at a rate of 13.25% (Prime+
5%, 5% Floor) per annum. The loan matures March 1, 2027.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Havenly is an interior design company.
HAVENLY INC: Horizon Tech Marks $3MM Loan at 37% Off
----------------------------------------------------
Horizon Technology Finance Corporation has marked its $3,000,000
loan extended to Havenly Inc to market at $1,875,000 or 63% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to
Havenly Inc. The loan accrues interest at a rate of 13.25% (Prime+
5%, 5% Floor) per annum. The loan matures March 1, 2027.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Havenly is an interior design company.
HAYWARD HOLDINGS: S&P Affirms 'BB' ICR, Outlook Negative
--------------------------------------------------------
S&P Global Ratings affirming its 'BB' issuer credit rating on
U.S.-based swimming pool equipment manufacturer Hayward Holdings
Inc. and maintained the negative outlook. The negative outlook
continues to reflect its view that demand for pool and pool
equipment remains challenging given channel inventory destocking
trends and higher interest rates hampering new pool demands.
Private-equity investors CCMP Capital Advisors L.P. and Alberta
Investment Management Corp. have sold off their ownership positions
in Hayward Holdings Inc. The only remaining private-equity
investor, MSD Partners L.P., holds approximately 34% of the
company's stock.
S&P said, "Although we view the reduction of private-equity
ownership to below 40% positively, demand for pools and pool
equipment remains very challenged and could potentially further
weaken Hayward's credit metrics. Due to the removal of the
financial-sponsor designation, we net cash against debt in our
calculation of Hayward's debt to EBITDA. As a result, its S&P
Global Ratings-adjusted leverage for the 12 months ended June 30,
2023, changed to 4x from 4.7x prior to the cash netting. Although
this leverage is closer to our stable outlook trigger of below 4x
on a sustained basis, it remains high, with considerable risk of
increasing given continued headwinds for pool and pool equipment
demand. We continue to believe that new pool sales will be weak
through 2023 and 2024, and continued channel destocking could
hinder Hayward's recovery in the next 12 months. Consumer
sell-through appears to be in line with expectations; however,
prolonged high mortgage rates could impact future demand.
"Hayward has historically generated good free operating cash flow
(FOCF), and we expect its cash balance to provide a cushion for its
leverage recovery during this cyclical trough. However, there
continues to be considerable downside risk to our forecast. We
expect the company's S&P Global Ratings-adjusted leverage to
decline to the mid-3x area compared with our previous expectation
of about 4x at the end of 2023. Still, weaker than expected
destocking trends could result in leverage above 4x.
"We expect Hayward to prioritize reducing its leverage targets
ahead of acquisitions or shareholder returns. Although its current
leverage is above this range due to the current cyclical downturn,
the company has a stated net leverage target of 2x-3x. We believe
it remains committed to operating in this range in the long term.
As a result, we project minimal share repurchases and acquisitions
for 2023 as the company focuses on building cash and reducing
leverage closer to its targets.
"The negative outlook continues to reflect our view that demand for
pool and pool equipment remains challenging given channel inventory
destocking trends and higher interest rates hampering new pool
demand."
S&P could lower its rating on Hayward if S&P expects it to sustain
S&P Global Ratings-adjusted debt leverage above 4x. This could
occur if:
-- Consumer demand for pool equipment and channel inventory
destocking continues at current rates because of a weakening
economic environment, keeping revenue from rebounding by the second
half of 2023;
-- The company does not effectively manage costs and working
capital to maintain operating margins and improve cash flow
generation closer to historical levels; or
-- Management prioritizes acquisitions or shareholder returns over
debt reduction before its EBITDA rebounds.
S&P could revise its outlook on Hayward to stable if pool demand
stabilizes, enabling it to generate healthy levels of FOCF, and the
company can reduce and sustain leverage below 4x. This could occur
if:
-- Pool equipment demand stabilizes and inventory destocking
abates; and
-- The company maintains a prudent capital allocation policy by
not pursuing shareholder returns or mergers and acquisitions until
it stabilizes its operations such that leverage returns closer to
its stated targets.
HEART HEATING: Seeks Additional Use of Cash Collateral
------------------------------------------------------
Heart Heating & Cooling, LLC asks the U.S. Bankruptcy Court for the
District of Colorado for authority to use additional funds as cash
collateral up through August 18, 2023.
The Debtor requires additional funds of cash collateral received
post-petition to pay additional expenses of the Debtor (in
conformance with a Revised Interim Budget) prior to and immediately
subsequent to the final hearing on use of cash collateral set for
August 16, 2023.
As presented at the initial hearing on July 14, 2023, the total
payroll cost to the Debtor is over $650,000 per month on average,
including the commissions to the HVAC Technicians.
The Budget with the Interim Order did not fully account for the
payroll between August 11, 2023, and the final hearing scheduled
for August 16, 2023, as the Court had not yet set such hearing
date.
In order for the Debtor to make its full payroll on the Next
Payroll Date for all employees, along with other ongoing expenses,
the Debtor requests the Court to enter an Order authorizing the
Debtor to use an additional $880,000 of cash collateral received
during the postpetition period between the Petition Date and August
18, 2023. The Debtor has prepared a revised budget to address the
additional costs associates with the increased business.
The primary value of the Debtor for unsecured creditors is its
ongoing concern value which requires the Debtor to maintain
operations post-petition so as to continue servicing its customers
as they request services such as repairs to air conditioning units
and furnaces, replacing water heaters, etc.
Since the Petition Date and due to the increased high temperatures
in the Denver Metropolitan Area, the Debtor's business has
significantly increased. So much so, the Debtor has hired several
new technicians to better distribute the work load. This results in
increase expenses for such personnel. By staffing appropriately,
the Debtor has also seen an increase in gross revenues.
The Debtor has several types of creditors, primarily auto finance
and/or leasing companies, priority and/or secured tax claimants, as
well as numerous merchant cash advance lenders as more fully
described in its First Day Motion.
Specifically with respect to tax claimants, the Debtor incurred
unpaid state payroll tax liabilities, interest, and penalties to
the Colorado Department of Revenue in the approximate amount of
$162,000.
The Department asserts a statutory lien as a result of the
non-payment of the State Payroll Tax Liability which is first and
prior lien under C.R.S. sections 39-26-117(1) and/or
39-22-604(7)(a), on the Debtor's cash on hand, accounts receivable
and other cash equivalents as well as other assets of the Debtor.
Other parties which may assert an interest cash collateral include
the Internal Revenue Service and, one or more of the MCA Lenders.
The Debtor disputes the IRS properly perfected a security interest
in cash collateral under 26 U.S.C. sections 6621 and 6623.
Similarly, the Debtor disputes the claims and security interests of
the MCA lenders as set forth in the First Day Motion. In any event,
any security interest of any MCA lender is junior to that of the
Department.
As to the Additional Funds and Revised Interim Budget, the same is
true with respect to the properly perfected security interest of
the Department, as well as the Debtor's disputes over the security
interests of the IRS and/or the MCA lenders.
The Debtor will continue and will apply all of the same protections
and provisions of the Interim Order for any and all secured
creditors, including the Department, the IRS, the MCA lenders, the
auto finance and/or leasing companies, and any other secured
claimants including secured tax claimants.
These protections and provisions include, but are not limited to:
(a) payment of ongoing expenses, including rents, employee wages
and commissions, equipment expenses, insurance expenses, office
expenses, etc.; (b) monthly adequate protection payments as set
forth in the Interim Order; (c) replacement liens to all secured
creditors on Additional Funds in the same extent and priority as on
the Petition Date.
A copy of the motion is available at https://urlcurt.com/u?l=6qzfct
from PacerMonitor.com.
About Heart Heating
Heart Heating & Cooling, LLC is a HVAC contractor in Colorado
Springs, Colo.
The Debtor filed Chapter 11 petition (Bankr. D. Colo. Case No.
23-13019) on July 11, 2023, with $2,676,312 in assets and
$11,173,434 in liabilities. Joli Lofstedt, Esq., has been appointed
as Subchapter V trustee.
Judge Thomas B. McNamara oversees the case.
K. Jamie Buechler, Esq., at Buechler Law Office, LLC is the
Debtor's counsel.
HERITAGE FUNERAL: Patrick Malloy Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 14 appointed Patrick Malloy, III, Esq.,
at Malloy Law Firm, P.C. as Subchapter V trustee for Heritage
Funeral Home & Cremation Services.
Mr. Malloy will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Malloy declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Patrick J. Malloy, III
Malloy Law Firm, P.C.
401 S. Boston Avenue, #500
Tulsa, OK 74103
Phone: (918) 699-0345
Fax: (918) 699-0325
Email: malloylawfirm@sbcglobal.net
About Heritage Funeral
Heritage Funeral Home & Cremation Services filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Okla.
Case No. 23-11975) on July 27, 2023.
At the time of the filing, the Debtor reported as much as $50,000
in assets and $100,001 to $500,000 in liabilities.
HERMANOS GONZALES: Unsecured Claims be Paid From Revenues/Proceeds
------------------------------------------------------------------
Hermanos Gonzales Holdings, LLC., et al., submitted a First Amended
Combined Joint Plan of Reorganization and Disclosure Statement.
The Plan provides for the restructuring the debts of Hermanos
Gonzales Holdings, LLC, Farrell Crossing, LLC. (collectively with
Hermanos, the "Hermanos Farrell Debtors"), Gonzales Commercial
Electric, Inc. d/b/a Gonzales South Texas Electric Corporation, and
Gonzales Commercial Electric-Central Texas.
The Debtors' assets are as follows.
i. Hermanos
a. Real property at 480 E. Loop 1604, Adkins, Texas 78101:
$4,800,000
b. Office equipment: $200,000
c. Cash Value: $0
d. Accounts receivable (rent owed): $60,000.
e. Total Value: $5,060,000.
ii. Farrell
a. Real property at 2520 Farrell Road, Houston, Texas 77073
(18,000 sq. feet/2.5 acres): $2,700,000.
b. Real property at 18251 Intercontinental Crossing, Houston,
Texas 77083 (23,000 sq.feet/2 acres: $3,700,000
c. Furniture, Fixtures and Equipment: $1,000,000
d. Cash: Value: $380.
e. Accounts receivable: $120,000.
f. Total Value: $7,520,380
iii. Gonzales Central Texas
a. Accounts receivable: $19,236,289
b. Inventory and Supplies: $100,000
c. Federal tax refund: $1,608,839 (anticipated in 2023)
d. Cash in DIP account: $1,059,464
e. Lawsuit against Manhattan Construction Company: approx.
$4,000,000
f. Total Value: $22,004,592
iv. Gonzales South Texas
a. Accounts receivable: $1,739,465.
b. Inventory and Supplies: $600,000.
c. Grey Wolf Contract: $1,200,000.
d. Automobiles: $0
e. Federal tax refund: $747,764 (anticipated Fall 2023 ERTC).
f. Lawsuit against Manhattan Construction Company: approx.
$14,000,000
g. Lawsuit against James Group Construction: approx.
$3,000,000
h. Total Value: $21,287,229
With respect to claims against Hermanos, Class 3 consists of the
Allowed Claims of Unsecured Creditors and includes the deficiency
portions of any Allowed Claims in Classes 1 or 2 total $13,268,839.
The Allowed Claims of Unsecured Creditors in this Class 3 will be
satisfied, on a pro rata basis, from rental revenue, or
alternatively, from the net proceeds of sale of the Hermanos Real
Property after the secured portion of any Allowed Claims of
Creditors in Classes 1 through 2 are satisfied in full. Class 3 is
impaired.
With respect to claims against Farrell, Class 4 consists of the
Allowed Claims of Unsecured Creditors and includes the deficiency
portions of any Allowed Claims in Classes 1 through 3 total
$14,073,441. The Allowed Claims of Unsecured Creditors in this
Class 4 will be satisfied, on a pro rata basis, from rental
revenue, or alternatively, from the new proceeds of sale of the
Farrell Real Property after the secured portion of any Allowed
Claims of Creditors in Classes 1 through 3 are satisfied in full.
Class 4 is impaired.
With respect to claims against Gonzales South Texas, Class 5
consists of the Allowed Claims of Unsecured Creditors and includes
the deficiency portions of any Allowed Claims in Class 1 through
Class 4 total 13,373,222. The Allowed Claims of Unsecured Creditors
in this Class 5 will be satisfied, on a pro rata basis, from
operating revenues and/or litigation recoveries on or after the
Plan Effective Date. Class 5 is impaired.
With respect to claims against Gonzales Central Texas, Class 6
consists of the Allowed Claims of Unsecured Creditors and includes
the deficiency portions of any Allowed Claims in Classes 1 through
5 total $5,100,000. The Allowed Claims of Unsecured Creditors in
this Class 6 will be satisfied, on a pro rata basis, from operating
revenues and/or litigation recoveries on or after the Plan
Effective Date. Class 6 is impaired.
The Gonzales Debtors have been receiving and will continue to
receive the assignment of electrical contract and related
receivables from Robert Gonzales and affiliated non-debtor
entities, as well as other cash receivables including tax refunds
and Employee Retention Tax Credits, along with the proceeds from
litigation recoveries, including the Manhattan Construction
Litigation, that will enable them to renew operation of their
respective businesses on the Plan Effective Date, and to pay
Allowed Claims from these revenues and their assets or,
alternatively, through a refinancing on the Effective Date.
The Debtors will receive, over the five-year period during which
creditors, are to be paid in accordance with Article V of the Plan,
a total of approximately $3,450,000 in equity contributions from
affiliate nondebtor Gonzales companies or Mr. Gonzales, Sr., for
purposes of paying creditors in accordance to the provisions of the
Plan to the extent of any shortfall in operating revenues and
rental income during the Plan and in order to provide Gonzales
Central Texas and Gonzales South Texas with working capital to
rebuild their business operations.
The Hermanos Farrell Debtors will receive the rental income from
the Gonzales Debtors that will enable them to pay Allowed Claims
through this revenue flow in accordance with the Plan or,
alternatively, they will pay Allowed Claims through the net
proceeds of the sale of the Hermanos Real Property and the Farrell
Real Property or through a refinancing, all pursuant to the
Toggles, and through liquidation of their other assets and will use
the net proceeds for the benefit of their creditors or,
alternatively, through a refinancing on the Effective Date.
This will permit the Debtors to satisfy all Allowed Claims, in
accordance with the requirements of Chapter 11, either through the
revenues generated by the restructured business operations of the
Gonzales Debtors or, in the case of the Hermanos Farrell Debtors,
though either rents received from the Gonzales Debtors or the net
sale proceeds received by the Hermanos Farrell Debtors in
connection with the sale of their respective properties.
Counsel for the Debtors:
Marcellous S. McZeal, Esq.
GREALISH McZEAL, PC
700 Louisiana Street, 48th Floor
Houston, TX 77002
Telephone: (713) 255-3234
Facsimile: (713) 783-2502
E-mail: mmczeal@grealishmczeal.com
A copy of the Disclosure Statement dated August 4, 2023, is
available at bit.ly/3s1v755 from PacerMonitor.com.
About Hermanos Gonzales
Hermanos Gonzales Holdings, LLC, is a single asset real estate as
defined in 11 U.S.C. Section 101 (51B). The company is based in
Montgomery, Texas.
Hermanos Gonzales Holdings sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-30405) on Feb.
6, 2023. In the petition filed by its managing member, Robert
Gonzales, the Debtor reported $1 million to $10 million in both
assets and liabilities.
Judge Marvin Isgur oversees the case.
Marcellous S. McZeal, Esq., at Grealish & McZeal, PC is the
Debtor's legal counsel.
HOLY REDEEMER: S&P Lowers Long-Term Revenue Bonds Rating to 'BB'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB' from 'BB+'
on the Montgomery County Higher Education & Health Authority, Pa.'s
revenue bonds, issued for Holy Redeemer Health System (d/b/a
Redeemer Health [RH]). The outlook is negative.
"The downgrade reflects Holy Redeemer's rapidly declining operating
margins, particularly in the first nine months of fiscal 2023,
coupled with a trend of diminishing reserves that we believe no
longer offsets the magnitude of the losses," said S&P Global
Ratings credit analyst Marc Arcas.
Securing the bonds is a gross receipts pledge from the obligated
group and a mortgage on Holy Redeemer Hospital. The obligated group
consists of RH (Holy Redeemer Hospital, St. Joseph Manor, Redeemer
Lafayette, Redeemer Health Home Care & Hospice--Pennsylvania, and
Holy Redeemer Support at Home) and Holy Redeemer Physician and
Ambulatory Services.
The rating and negative outlook reflect our view of RH's multiyear
trend of operating losses, which has accelerated significantly in
fiscal years 2022 and 2023 largely due to the increased labor costs
experienced across the health care sector. In particular, contract
labor expense, which averaged $1.2 million per month over the past
15 months, underscored the increase.
The rating reflects our opinion of RH's:
-- Multiyear trend of high and accelerating operating losses,
which has resulted in very limited cushion under the 1.1x maximum
annual debt service (MADS) coverage covenant requirement;
-- Contained but steady pace of declining unrestricted reserves to
support operations, with further deterioration expected over the
outlook period;
-- Occupancy rates at an historical low at its long-term care
facilities due to particularly acute labor pressures in this sector
and in this primary service area (PSA); and
-- Limited market share in the competitive and currently
consolidating Philadelphia service area.
Partially offsetting the weaknesses, in S&P's view, are RH's:
-- Conservative and largely all fixed-rate debt profile, with no
new debt plans;
-- Greater revenue diversity than that of a typical community
hospital;
-- Solid demand for services with hospital volumes above
pre-pandemic levels; and
-- Potential for additional relief funding in fiscal 2024, which
may help support operations.
S&P said, "The negative outlook reflects our view that operating
losses will continue in fiscal 2024. In addition, the outlook
reflects very limited leeway under the 1.1x MADS covenant
requirement. We also believe that management's plan to support
challenged operations using cash will continue to deplete
unrestricted reserves, further narrowing RH's historical balance
sheet cushion.
"A lower rating could be warranted if RH fails to meet or exceed
its operating budget of negative $15.7 million for fiscal 2024 or
if there is a continued decline in unrestricted reserves without a
commensurate improvement in operations. We could also lower the
rating if MADS coverage does not improve over the outlook period or
if there is a covenant breach under the MTI. Given the
competitiveness of the PSA, a meaningful decline in volumes or in
market share would also be viewed negatively.
"We could revise the outlook to stable if RH can demonstrate a
sustained multiyear trend of improving operations that approaches
management's expectations for break even while also retaining or
improving balance-sheet metrics. We would also evaluate any
strategic partnership that might contribute to rating stability."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Human capital
IMV INC: Horizon Tech Marks $2.5MM Loan at 44% Off
--------------------------------------------------
Horizon Technology Finance Corporation has marked its $2,500,000
loan extended to IMV Inc to market at $1,397,000 or 56% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to IMV
Inc. The loan accrues interest at a rate of 14% (Prime+ 5.75%, 9%
Floor) per annum. The loan matures July 1, 2025.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
IMV Inc is a clinical-stage immuno-oncology company advancing a
portfolio of therapies based on the Company's immune-educating
platform: the DPX technology.
IMV INC: Horizon Tech Marks $5.03MM Loan at 44% Off
---------------------------------------------------
Horizon Technology Finance Corporation has marked its $5,035,000
loan extended to IMV Inc to market at $2,814,000 or 56% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to IMV
Inc. The loan accrues interest at a rate of 14% (Prime+ 5.75%, 9%
Floor) per annum. The loan matures July 1, 2025.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
IMV Inc is a clinical-stage immuno-oncology company advancing a
portfolio of therapies based on the Company's immune-educating
platform: the DPX technology.
IMV INC: Horizon Tech Marks $5MM Loan at 44% Off
------------------------------------------------
Horizon Technology Finance Corporation has marked its $5,000,000
loan extended to IMV Inc to market at $2,795,000 or 56% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to IMV
Inc. The loan accrues interest at a rate of 14% (Prime+ 5.75%, 9%
Floor) per annum. The loan matures January 1, 2026.
Horizon Technology Finance classified the Loan as non-accrual
status as of June 30, 2023.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
IMV Inc is a clinical-stage immuno-oncology company advancing a
portfolio of therapies based on the Company's immune-educating
platform: the DPX technology.
INFINERA CORP: Posts $20.3 Million Net Loss in Second Quarter
-------------------------------------------------------------
Infinera Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $20.26 million on $376.23 million of total revenue for the three
months ended July 1, 2023, compared to a net loss of $55.72 million
on $357.98 million of total revenue for the three months ended June
25, 2022.
For the six months ended July 1, 2023, the Company reported a net
loss of $28.67 million on $768.30 million of total revenue compared
to a net loss of $97.57 million on $696.86 million of total revenue
for the six months ended June 25, 2022.
As of July 1, 2023, the Company had $1.58 billion in total assets,
$629.41 million in total current liabilities, $675.99 million in
net long-term debt, $16.60 million in long-term accrued warranty,
$21.55 million in long-term deferred revenue, $2.27 million in
long-term deferred tax liability, $42.34 million in long-term
operating lease liabilities, $30.79 million in other long-term
liabilities, and $167.18 million in total stockholders' equity.
Infinera CEO David Heard said, "The second quarter was another
solid quarter in which revenue, margins, and earnings per share
beat consensus estimates and came in above the mid-point of our
outlook range. On a year-over-year basis, we grew revenue by 5% in
the quarter and 10% in the first half of the year, and expanded
quarterly gross margin by more than 300 basis points. We continued
to win new strategic deals with major telecom service providers and
hyperscale customers in the Systems business and have received
additional orders for our Subsystems business as well."
"While the second half industry outlook is cautious with customers
working down inventory and slowing the pace of new technology
investments, we remain confident in our plan to deliver earnings
per share expansion in 2023 on our path to generating at least a $1
per share in earnings by 2025-2026," continued Mr. Heard.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1138639/000113863923000159/infn-20230701.htm
About Infinera Corp.
Headquartered in Sunnyvale, Calif., Infinera Corp. --
www.infinera.com -- is a semiconductor manufacturer and global
supplier of networking solutions comprised of networking equipment,
optical semiconductors, software and services. The Company's
portfolio of solutions includes optical transport platforms,
converged packet-optical transport platforms, compact modular
platforms, optical line systems, coherent optical engines and
subsystems, a suite of networking and automation software
offerings, and support and professional services.
Infinera Corporation reported a net loss of $76.04 million for the
year ended Dec. 31, 2022, a net loss of $170.78 million for the
year ended Dec. 25, 2021, a net loss of $206.72 million for the
year ended Dec. 26, 2020, and a net loss of $386.62 million for the
year ended Dec. 28, 2019.
INSTANT BRANDS: Pioneer Floating Marks $1.2MM Loan at 84% Off
-------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,246,656 loan
extended to Instant Brands Holdings, Inc to market at $199,465 or
16% of the outstanding amount, as of May 31, 2023, according to
Pioneer's semi-annual report on Form N-CSR for the period from
December 1, 2022 to May 31, 2023, filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in an Initial Loan to Instant
Brands Holdings, Inc. The loan accrues interest at a rate of
10.218% (LIBOR+500 bps) per annum. The loan matures on April 12,
2028.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
About Instant Brands
Instant Brands designs, manufactures and markets a global portfolio
of innovative and iconic consumer lifestyle brands: Instant, Pyrex,
Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions.
Instant Brands Holdings Inc. and Instant Brands Inc., and their
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June
12, 2023. In the petition signed by Adam Hollerbach, chief
restructuring officer, the Debtors disclosed up to $1 billion in
both assets and liabilities. Judge David R. Jones oversees the
case.
Davis Polk & Wardwell LLP's Brian M. Resnick, Steven Z. Szanzer and
Joanna McDonald serve as counsel to the Debtors. The Debtors also
tapped Haynes and Boone, LLP as Texas counsel, Stikeman Elliott LLP
as Canadian counsel, AlixPartners, LLP as financial advisor,
Guggenheim Securities LLC as investment banker, and Epiq Corporate
Restructuring, LLC as claims, noticing, agent, solicitation and
administrative advisor.
DLA Piper LLP (US) serves as counsel to the Official Committee of
Unsecured Creditors.
Ropes & Gray LLP serves as counsel to the DIP Lenders, and Moelis &
Company LLC and Ankura Consulting Group, LLC act as advisors to the
Term DIP Secured Parties.
Skadden, Arps, Slate, Meagher & Flom LLP and Norton Rose Fulbright
and Norton Rose Fulbright Canada LLP serve as counsel and FTI
Consulting as financial advisor to the ABL DIP Secured Parties.
Kramer Levin Naftalis & Frankel LLP serves as counsel to Cornell
Capital.
INTERPACE BIOSCIENCES: Posts $175K Net Income in Second Quarter
---------------------------------------------------------------
Interpace Biosciences, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $175,000 on $11.03 million of net revenue for the three months
ended June 30, 2023, compared to a net loss of $3.94 million on
$7.39 million of net revenue for the three months ended June 30,
2022.
For the six months ended June 30, 2023, the Company reported net
income of $526,000 on $20.85 million of net revenue compared to a
net loss of $6.18 million on $15.32 million of net revenue for the
six months ended June 30, 2022.
As of June 30, 2023, the Company had $15.94 million in total
assets, $31.61 million in total liabilities, $46.54 million in
redeemable preferred stock, and a total stockholders' deficit of
$62.21 million.
"As reported in our preliminary Q2 business results published July
10, 2023, the Company achieved record volume, revenue, income and
cash collections in Q2," said Chris McCarthy, chief financial
officer. Tom Burnell, president and CEO added, "the strength and
stability of our Company driven by growing adoption and utilization
of our well-recognized thyroid and pancreatic cancer molecular
diagnostics tests, and supported by a strong team of professional
employees, has yielded results far-exceeding initial expectations."
"We are pleased with the trajectory of the Company despite the
industry-wide challenges associated with Molecular diagnostic
reimbursement from the Centers for Medicare and Medicaid Services,"
said Dr. Burnell. Finally, Burnell added, "with regard to these
challenges, we intend to present strong arguments to Novitas
supporting the long-standing and well demonstrated clinical utility
of our Pancragen test, and why we believe this test should be
removed from the Proposed LCD issued by Novitas on July 27, 2023.
We expect a final resolution by Novitas and CMS will require
several months to a year, and in the meantime, we will remain
steadfast and diligently focused on market penetration, operational
efficiency, and cost-effectiveness all while maintaining a
compassion for patient care and enhancing shareholder value."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1054102/000149315223027295/form10-q.htm
About Interpace
Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a
Interpace Diagnostics Group, Inc. -- http://www.interpace.com-- is
a company that provides molecular diagnostics, bioinformatics and
pathology services for evaluation of risk of cancer by leveraging
the latest technology in personalized medicine for improved patient
diagnosis and management. The Company develops and commercializes
genomic tests and related first line assays principally focused on
early detection of patients with indeterminate biopsies and at high
risk of cancer using the latest technology.
Interpace Biosciences reported a net loss of $21.96 million in
2022, a net loss of $14.94 million in 2021, a net loss of $26.45
million in 2020, and a net loss of $26.74 million in 2019. As of
Dec. 31, 2022, the Company had $15.98 million in total assets,
$32.51 million in total liabilities, $46.53 million in redeemable
preferred stock, and a total stockholders' deficit of $63.07
million.
IRVIN AUTOMOTIVE: Kimberly Strong Named Subchapter V Trustee
------------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Kimberly Strong,
audit director at Harper, Rains, Knight & Company, P.A., as
Subchapter V trustee for Irvin Automotive Parts, Inc.
Ms. Strong will be paid an hourly fee of $250 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Strong declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kimberly Strong
1052 Highland Colony Pwky, Suite 100
Ridgeland, MS 39157
Phone: (601) 605-0542
Email: kstrong@hrkcpa.com
About Irvin Automotive
Irvin Automotive Parts, Inc., a company in Amory, Miss., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Miss. Case No. 23-12234) on July 25, 2023, with $1
million to $10 million in both assets and liabilities. Joel Dean
Irvin, president, signed the petition.
Judge Selene D. Maddox oversees the case.
Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC
represents the Debtor as legal counsel.
IVANTI SOFTWARE: $1.75BB Bank Debt Trades at 19% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 81.1
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.75 billion facility is a Term loan that is scheduled to
mature on December 1, 2027. About $1.72 billion of the loan is
withdrawn and outstanding.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
IVANTI SOFTWARE: $465MM Bank Debt Trades at 19% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 80.7
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $465 million facility is a Term loan that is scheduled to
mature on December 1, 2027. About $454.9 million of the loan is
withdrawn and outstanding.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
IXS HOLDINGS: Pioneer Floating Marks $1.5MM Loan at 16% Off
-----------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,561,135 loan
extended to IXS Holdings, Inc to market at $1,310,377 or 84% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, recently filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in an Initial Term Loan to IXS
Holdings, Inc. The loan accrues interest at a rate of 9.479% (Term
SOFR+425 bps) per annum. The loan matures on March 5, 2027.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a
newly-established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
IXS Holding, Inc., headquartered in Huntsville, Ala., is a parent
company of Innovative Accessories & Services LLC. Through its
subsidiaries, IXS provides protective coatings for pick-up truck
beds, as well as a wide range of other up-fit services and
accessories to automotive manufacturers.
JAJE ONE: Creditor Says Disclosures Inadequate
----------------------------------------------
Deutsche Bank National Trust Company, solely as Trustee for
HarborView Mortgage Loan Trust Mortgage Loan Pass-Through
Certificates, Series 2006-8, filed an instant objection to approval
of the Amended Disclosure Statement and Confirmation of Amended
Chapter 11 Plan of Jaje One, LLC.
Creditor points out that the Disclosure Statement fails to contain
adequate information as required by 11 U.S.C. Section 1125(a)(1):
* The Disclosure Statement failed to address the fact that
Creditor already obtained relief from the automatic stay and may
foreclose on the Property. The Property is on the only asset owned
by Debtor. If Creditor forecloses, Debtor will have no remaining
assets or secured creditors.
* The proposed principal and interest payment in the Plan is
incorrect. A secured claim of $500,000 amortized over 23 years at
8.25% interest, results in payments of $4,048.50, not $3,756.00, as
listed in the Plan.
* The Plan fails to address the recovery of post-petition escrow
advances made by Creditor on Debtor's behalf.
* The Disclosure Statement contains inadequate information and
approval must be denied. When a Chapter 11 Plan is patently
unconfirmable, the Court should not proceed with approval of the
Disclosure Statement as the confirmation process will only waste
judicial time, resources, and attorneys' fees.
Creditor notes that it obtained relief from the automatic stay. On
May 1, 2023, the Court entered an Order on Creditor's Motion to
Dismiss ("Relief Order"). Pursuant to the Relief Order, the Court
granted Creditor relief from the automatic stay to proceed with
foreclosure of the Property. Based on the foregoing, Creditor
intends to proceed with foreclosure of the Property to enforce its
Final Judgment. Once Creditor completes the foreclosure, the
Property will no longer be property of the Bankruptcy Estate.
Accordingly, the court should prohibit Debtor from simultaneously
attempting to modify Creditor's Claim in the Chapter 11 Plan.
Moreover, Creditor complains that the Plan Lacks Feasibility:
* The Debtor has no employees. Creditor holds the only secured
claim. THe Debtor has one unsecured creditor. The Property is the
only asset owned by Debtor. Pursuant to the May MOR, Debtor listed
ending equity/net worth of $0.00. Debtor listed gross income of
$0.00. The Debtor listed profit/loss of $0.00. The Debtor failed
to list income any income or expenses for the Business or Property.
Indeed, Debtor admitted in the Disclosure Statement that the
Property is currently vacant.
* Even assuming arguendo the Plan is confirmed as proposed by
Debtor, the Plan will lack feasibility. A secured claim of $500,000
amortized over 23 years at 8.25% interest results in payments of
$4,048.50. Further, Debtor proposes to pay the unsecured claim with
monthly payments of $879.77. Pursuant to Creditor's Proof of Claim,
the monthly escrow payment is $638.42. As a result, the monthly
mortgage payments and escrow will total $5,567. While Debtor
proposed to fund the Plan from rental income, the Property is
currently vacant and produces no income. To the extent a third
party proposes to fund the Plan, Debtor failed to file supporting
documentation or affidavits from the third party regarding the
alleged source of income, amount of contributions, and length of
the commitment to fund the Plan.
According to Creditor, the Plan is not proposed in good faith. The
Debtor's petition was filed in "bad faith": (1) The only assets
owned by Debtor are pending foreclosure; (2) Debtor has no
substantive cash flow or income to make payments under the Loan,
and Debtor appears serve no legitimate business purpose; (3) Debtor
has not conducted any significant business since filing of
Bankruptcy; (4) Debtor filed the instant case on the eve of the
scheduled foreclosure sale; and (5) Debtor is not the Borrower
under the Loan documents. Based on the foregoing, Debtor has not
acted in good faith.
Attorney for the Creditor:
Wanda D. Murray, Esq.
ALDRIDGE PITE, LLP
Six Piedmont Center, 3525 Piedmont Road, N.E., Suite 700
Atlanta, GA 30305
Tel: (404) 994-7400
Fax: (619) 590-1385
E-mail: WMurray@aldridgepite.com
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.
KCW GROUP: Court OKs Cash Collateral Access on Final Basis
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized KCW Group, LLC to use cash collateral
on a final basis in accordance with the budget, with a 10%
variance.
The Debtor is indebted to Texas Capital pursuant to (a) the
Promissory Note, executed by the Debtor, dated July 19, 2018, in
the original principal amount of $1.750 million and (b) the
Promissory note, executed by the Debtor, dated February 20, 2020,
in the original principal amount of $225,000.
Both Note 1 and Note 2 were originally executed in favor of
Allegiance Bank, which assigned Note 1 and Note 2, and all
collateral for the Notes to Texas Capital pursuant to an Assignment
of Note and Liens, dated effective December 27, 2022. The
Assignment was properly recorded in the Real Property Records of
Harris County, Texas under Clerk's File No. RP-2023-7856.
Texas Capital holds a perfected security interest in the Debtor's
personal property and the Debtor's assignment of rents, income,
revenue and profits from the Properties, and all proceeds relating
thereto, which constitute the Collateral of Texas Capital as of the
filing date of March 22, 2023. All of the revenue from the Debtor's
business constitutes Texas Capital's cash collateral.
Texas Capital alleges that the amounts owed under the Notes by the
Debtor as of March 22, 2023, exceeds $1.955 million in principal,
accrued and unpaid interest and late charges.
As partial adequate protection for use by the Debtor of Texas
Capital's cash collateral for the interim period, the Debtor will
pay Texas Capital $4,000 by the fifth day of each month until
further Court order.
As partial adequate protection, Texas Capital is granted
replacement liens and security interests as of the petition date
for such cash collateral as is used by the Debtor.
The replacement liens and security interests granted are valid,
enforceable and fully perfected as of the petition date, and no
filing or recordation or other act in accordance with any
applicable local, state or federal law, rule or regulation is
necessary to create or perfect such liens and security interests.
In addition, the Debtor will maintain insurance on all of their
real and personal property, naming Texas Capital as loss
payees/additional insured, and in the amounts and types required by
the Debtor's loan documents and will provide proof of insurance to
Texas Capital, upon written request.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=xtokjb from PacerMonitor.com.
The Debtor projects $38,626 in total income and $27,248 in total
expenses for August 2023.
About KCW Group, LLC
KCW Group, LLC owns and operates a large facility for weddings,
quincineras and other events for residents in Houston and the
surrounding areas. The Debtor sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-30988) on
March 22, 2023. In the petition signed by Edward Schulenburg, Jr.,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Jeffrey P. Norman oversees the case.
Julie M. Koenig, Esq., at Cooper & Scully, P.C., represents the
Debtor as legal counsel.
LAKEVIEW ELECTRICAL: Deadline to File Plan Extended to Sept. 7
--------------------------------------------------------------
Judge James J. Robinson has entered an order that the motion to
extend the time for Lakeview Electrical Service, LLC, to file a
Disclosure Statement and a Plan is granted, and the deadline to
file the Disclosure Statement and Chapter 11 Plan of Reorganization
is extended until Sept. 7, 2023, and the deadline to achieve
confirmation is extended to Nov. 30, 2023.
About Lakeview Electrical Services
Lakeview Electrical Services, LLC, sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No.
23-40006) on Jan. 3, 2023, with up to $50,000 in both assets and
liabilities. Judge James J. Robinson presides over the case.
Tameria S. Driskill, Esq., at Williams Driskill Huffstutler King,
LLC, is the Debtor's counsel.
LEMONKIND LLC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: LemonKind LLC
836 Anacapa Street Unit 22955
Santa Barbara CA 93121
Business Description: LemonKind manufactures and distributes a
wide array of health conscious functional
beverages and other nutraceutical snacks and
foods.
Chapter 11 Petition Date: August 14, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-00933
Debtor's Counsel: Mike Dal Lago, Esq.
DAL LAGO LAW
999 Vanderbilt Beach Rd. Suite 200
Naples FL 34108
Tel: 239-571-6877
Email: mike@dallagolaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Irene Rojas Stanbury as CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/L35CJMI/LemonKind_LLC__flmbke-23-00933__0001.0.pdf?mcid=tGE4TAMA
LHS BORROWER: Pioneer Floating Marks $990,000 Loan at 22% Off
-------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $990,000 loan
extended to LHS Borrower LLC to market at $772,200 or 78% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, recently filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in an Initial Term Loan to LHS
Borrower LLC. The loan accrues interest at a rate of 10.003% (Term
SOFR+475 bps) per annum. The loan matures on February 16, 2029.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a
newly-established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
LHS Borrower, LLC, a wholly owned subsidiary of Leaf Home
Solutions, LLC, is a direct-to-consumer home solutions platform
serving underserved markets with innovative home safety and
improvement solutions throughout the United States and Canada.
LIQUIDMETAL TECHNOLOGIES: Incurs $710K Net Loss in Second Quarter
-----------------------------------------------------------------
Liquidmetal Technologies, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $710,000 on $67,000 of total revenue for the three
months ended June 30, 2023, compared to a net loss of $615,000 on
$125,000 of total revenue for the three months ended June 30,
2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $1.30 million on $97,000 of total revenue compared to a net
loss of $1.28 million on $288,000 of total revenue for the six
months ended June 30, 2022.
As of June 30, 2023, the Company had $32.42 million in total
assets, $1.37 million in total liabilities, and $31.05 million in
total shareholders' equity.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1141240/000143774923023095/lqmt20230630_10q.htm
About Liquidmetal Technologies
Lake Forest, California-based Liquidmetal Technologies, Inc. --
http://www.liquidmetal.com-- is a materials technology company
that develops and commercializes products made from amorphous
alloys. The Company's family of alloys consists of a variety of
bulk alloys and composites that utilize the advantages offered by
amorphous alloys technology. The Company designs, develops and
sells products and custom parts from bulk amorphous alloys to
customers in a wide range of industries. The Company also partners
with third-party manufacturers and licensees to develop and
commercialize Liquidmetal alloy products.
Liquidmetal reported a net loss of $2.39 million in 2022, a net
loss of $3.38 million in 2021, a net loss of $2.64 million in 2020,
and a net loss of $7.43 million in 2019.
LUCKY BUCKS: Pioneer Floating Marks $566,159 Loan at 68% Off
------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $566,159 loan
extended to Lucky Bucks LLC to market at $180,227 or 32% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in an Initial Term Loan to Lucky
Bucks LLC. The loan accrues interest at a rate of 10.67% (LIBOR+550
bps) per annum. The loan matures on July 30, 2027.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Lucky Bucks, LLC provides coin-operated amusement machines.
MAGENTA BUYER: Pioneer Floating Marks $1.1MM Loan at 29% Off
------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,132,750 loan
extended to Magenta Buyer LLC to market at $807,792 or 71% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in a First Lien Initial Term Loan
to Magenta Buyer LLC. The loan accrues interest at a rate of 10.03%
(LIBOR+475 bps) per annum. The loan matures on July 27, 2028.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Magenta Buyer LLC is a provider of cybersecurity software that
derives revenue from the sale of security products, subscriptions,
SaaS, support and maintenance, and professional services.
MEDICAL ACQUISITION: Court Confirms First Amended Plan
------------------------------------------------------
Judge Christopher B. Latham has entered an order confirming Medical
Acquisition Company, Inc.'s First Amended Plan of Reorganization
dated June 26, 2023.
The Court considered the pleadings and documents filed by Debtor in
support of confirmation of the Plan and the opposition thereto,
including: (1) First Amended Disclosure Statement to Debtor's First
Amended Plan of Reorganization dated June 26, 2023; (2) Combined
Motion to Approve Disclosure Statement and for Confirmation of
First Amended Chapter 11 Plan of Reorganization [June 26, 2023];
(3) Summary of Balloting on the Plan; (4) Tri-City Healthcare
District's Objection to Confirmation of Debtor's First Amended Plan
of Reorganization; (5) Request for Judicial Notice in Support of
Tri-City Healthcare District's Objection to Confirmation of the
Debtor's First Amended Plan of Reorganization; and (6) Debtor's
Reply to Tri-City Healthcare District's Objection to Confirmation
of Debtor's First Amended Plan of Reorganization dated June 26.
2023, in addition to the pleadings and arguments in support of, and
objections to, the First Amended Plan and Disclosure Statement, as
set forth in the record of this case.
The Plan satisfies all requirements of section 1129 of the
Bankruptcy Code.
The Plan was accepted by impaired classes of claims – Classes 2,
3 and 5. Additionally, the Plan complies with Section 1129(b) in
that it does not discriminate unfairly, and is otherwise "fair and
equitable" with respect to each class of claims that is impaired
and has not accepted the Plan.
Attorney for the Debtor:
Maggie E. Schroedter, Esq.
Christine M. Fitzgerald, Esq.
ROBBERSON SCHROEDTER LLP
501 W. Broadway, Suite 1250
San Diego, CA 92101
Tel: (619) 353-5691
E-mail: maggie@theRSfirm.com
christine@theRSfirm.com
About Medical Acquisition Company
Medical Acquisition Company, Inc., a provider of lien-based medical
financial services in Carlsbad, Calif., filed a petition for
Chapter 11 protection (Bankr. S.D. Cal. Case No. 22-00058) on Jan.
13, 2022, with up to $50,000 in assets and up to $10 million in
liabilities. Charles Perez, chief executive officer and chief
operations officer, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Robberson Schroedter, LLP, as bankruptcy counsel;
David A. Kay, Attorney at Law as appellate counsel; Sullivan,
Workman & Dee, LLP, Robberson Schroedter, LLP, and Steinbrecher &
Span, LLP as special counsels; Julie Stencil as bookkeeper; and
Julie Cardin, Esq., CPA, of Cardin & Company, APC, as accountant.
MID SOUTH RECYCLING: Unsecureds Will Get 100% over 72 Months
------------------------------------------------------------
Mid South Recycling, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of Arkansas a Second Amended and Substituted
Subchapter V Plan of Reorganization and Disclosure Statement dated
August 8, 2023.
The Debtor is a hauling and recycling company. Susanne Lisa
Garretson and Jerry Garretson are the owners and managing members
of the Debtor.
The Debtor began to review and revise its operating procedures to
minimize waste and maximize revenues, thereby attempting to
increase profits. During the bankruptcy, Debtor filed all of its
required Small Business Monthly Operating Reports for the period
from October 2022 through March 2023. Debtor's revenue was stable
and revenue growth was minimal.
This Second Amended Plan proposes to pay creditors of the Debtor
from cash flow from operations of its hauling and recycling
business and/or any other future income.
This Second Amended Plan provides for 6 classes of secured claims;
1 classes of priority claims, 1 class of general, non-priority
unsecured claims, and 1 class of the equity security holder
interests. Unsecured creditors will be paid 100%.
This Second Amended Plan is being proposed as a 72-month Plan. The
estimated total amount of claims in the unsecured class is
83,369.49. Debtor estimates that there will be a dividend pool of
approximately $83,369.49 for distribution to allowed unsecured
creditor claims over the 72-month term of this Plan. Therefore,
Debtor will pay a dividend of approximately 100% to allowed general
unsecured creditors.
Class 8 consists solely of Debtor's general unsecured, nonpriority
claims in the approximate amount of $83,369.49, and will include
any amounts of secured claims that exceed the value of the
collateral securing the claim. Debtor estimates that total net
disposable income available under the Second Amended Plan will
generate a dividend pool available for unsecured creditors over the
72 months of the Amended Plan in the amount of $1158.00, or a 100%
payout. Each allowed claim in this class shall receive a
distribution to be paid monthly.
Class 9(a) consists of Equity Interest Holder Susanne Lisa
Garretson. The sole equity interest holder, Susanne Lisa Garretson,
shall retain his full equity interest in the reorganized Debtor.
Class 9(b) consists of Equity Interest Holder Jerry Garretson. The
sole equity interest holder, Jerry Garretson, shall retain his full
equity interest in the reorganized Debtor.
Debtor will continue to operate the current business of the Debtor,
and the payments called for in this Second Amended Plan will be
made from cash flow from such business income and/or any other
future income. Debtor may maintain bank accounts under the
confirmed Amended Plan in the ordinary course of business. Debtor
may also pay ordinary and necessary expenses of the administration
of the Amended Plan in due course.
A full-text copy of the Second Amended Plan dated August 8, 2023 is
available at https://urlcurt.com/u?l=ag4C6N from PacerMonitor.com
at no charge.
Debtor's Counsel: Vanessa Cash Adams, Esq.
AR LAW PARTNERS, PLLC
415 N. McKinley Street
Suite 830
Little Rock, AR 72205
Tel: (501) 710-6500
Fax: (501) 710-6336
Email: vanessa@arlawpartners.com
About Mid South Recycling
Mid South Recycling Inc. primarily operates in the Recycling, Waste
Materials business/industry.
Mid South Recycling Inc. filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark.
Case No. 22-12261) on Aug. 19, 2022. In the petition filed by Lisa
Garretson, as officer, the Debtor reported assets between $1
million and $10 million and liabilities between $500,000 and $1
million.
The Debtor is represented by Vanessa Cash Adams of AR Law Partners,
PLLC.
Donald A. Brady, Esq., at Brady Law Firm is the Subchapter V
trustee.
MIKU INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: Miku, Inc.
10 Woodbridge Center Dr.
Ste. 525
Woodbridge, NJ 07095
Business Description: Miku is engaged in the manufacturing
of audio and video equipment.
Chapter 11 Petition Date: August 14, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-17005
Judge: Hon. Christine M. Gravelle
Debtor's Counsel: Morris S. Bauer, Esq.
DUANNE MORRIS LLP
One Riverfront Plaza
1037 Raymond Blvd., Suite 1800
Newark, NJ 07102
Tel: 973-424-2000
Fax: 973-424-2001
Email: msbauer@duanemorris.com
Total Assets: $3,696,093
Total Liabilities: $5,100,016
The petition was signed by Johann Fernando as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/I42P4NA/Miku_Inc__njbke-23-17005__0001.0.pdf?mcid=tGE4TAMA
MISEN INC: $4MM Cedar Park DIP Loan Wins Final OK
-------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
San Jose Division, authorized Misen Inc. to use cash collateral and
obtain postpetition financing, on a final basis.
The Debtor is permitted to obtain up to $4 million in DIP financing
from Cedar Park Ventures LLC and certain other lenders party
thereto. Cedar Park serves as administrative agent for the
Lenders.
The fees and expenses payable pursuant to the DIP Loan Documents
are approved and the Debtor is authorized to pay, in cash and on a
current basis, all reasonable and documented out-of-pocket costs,
disbursements, and expenses of the DIP Agent and DIP Lenders
incurred at any time, as provided by the DIP Loan Documents and the
Order.
The DIP facility is due and payable through a maximum of 60 days if
prior to the effective date of a Chapter 11-exit plan. The Plan
Effective Date means the date on which all conditions to
effectiveness of the Chapter 11 Plan have been satisfied (or
waived) and the Chapter 11 Plan becomes effective.
After the Plan Effective Date:
-- the term loan will mature six months or one year at the
Debtor's discretion.
-- the draw loans will be converted into Preferred Stock upon
the Plan effective date if the Plan is confirmed within 60 days;
otherwise, upon an Event of Default.
A critical need exists for the Debtor to borrow funds under the
provisions of the DIP Facility to meet the expenses needed to
preserve and maintain property of the estate and administer its
Bankruptcy Case.
As security for the DIP Obligations, the Debtor is authorized to
grant to the DIP Agent a valid, binding and fully perfected,
security interest in and lien upon all present and after-acquired
property of the Debtor.
The DIP Superpriority Claim and DIP Lien are subject to the prior
payment of: (a) fees payable to the United States Trustee pursuant
to 28 U.S.C. section 1930(a)(6), (ii) up to an aggregate of $35,000
fees payable to the Subchapter V Trustee pursuant to 28 U.S.C.
section 1183, and (iii) accrued and unpaid professional fees and
expenses of professionals of the Debtor whose retention is approved
by the Court during the Bankruptcy Case pursuant to 11 U.S.C.
sections 327, 328, and 1103; provided that, in each case, the fees
and expenses of the Retained Professionals are (a) authorized under
the DIP Budget and (b) ultimately allowed on a final basis by the
Court under 11 U.S.C. sections 328, 330 and 331.
A copy of the order is available at https://urlcurt.com/u?l=XBVhgA
from PacerMonitor.com.
About Misen Inc.
Misen Inc. manufactures and sells cookwares. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Cal. Case No. 23-50767) on July 17, 2023. In the petition
signed by Matthew J. Luckett, authorized officer, the Debtor
disclosed $6,208,000 in assets and $10,855,000 in liabilities.
Judge Stephen L. Johnson oversees the case.
Ori Katz, Esq., at Sheppard Mullin Richter and Hampton LLP
represents the Debtor as legal counsel.
Timothy Nelson has been appointed as Subchapter V trustee.
MTPC LLC: Amends Settlement Payment Details
-------------------------------------------
MTPC, LLC, submitted a Disclosure Statement for First Amended
Chapter 11 Plan dated August 8, 2023.
During these bankruptcy proceedings, MTPC conducted a sale process
and ultimately sold substantially all its assets. The Plan
effectuates a distribution of proceeds from the sale and all MTPC's
remaining assets.
If the Plan is confirmed, upon its Effective Date the Liquidation
Trust shall be established in accordance with the terms and
provisions of the Plan and Liquidation Trust Agreement. At that
time all the Liquidation Trust Assets as set forth in the Plan and
the Liquidation Trust Agreement shall automatically vest in the
Liquidation Trust free and clear of Claims, Liens, encumbrances,
charges, Interests and any other interests subject only to the
Allowed Bond Deficiency Claims and Allowed Class 8 Non-Settling
General Unsecured Claims of the holders of Liquidation Trust
Interests as set forth in the Plan and the expenses of the
Liquidation Trust as set forth in the Plan and in the Liquidation
Trust Agreement.
Additionally, if the Plan is confirmed, upon its Effective Date,
the GUC Liquidation Trust shall be established in accordance with
the terms and provisions of the Plan and GUC Liquidation Trust
Agreement. At that time all the GUC Liquidation Trust Assets, which
consist of a single lump-sum payment of $75,000 carved out from the
Secured Lender's Collateral, shall automatically vest in the GUC
Liquidation Trust free and clear of Claims, Liens, encumbrances,
charges, Interests and any other interests subject only to the
Allowed GUC Settlement Claims of the holders of GUC Liquidation
Trust Interests as set forth in the Plan.
GUC Liquidation Trust Assets are the GUC Liquidation Trust Pool of
$75,000 carved out of the Secured Lender's collateral and made in a
one-time, lump-sum payment upon the Effective Date. The GUC
Liquidation Trust Pool is the sole source of recovery of holders of
GUC Settlement Claims.
As of the Effective Date, pursuant to the provisions of sections
1141(b) and (c) of the Bankruptcy Code, the Debtor and the Estate
shall preserve, transfer, and assign all of its right, title, and
interest in and to all of the GUC Liquidation Trust Assets, which
shall automatically vest in the GUC Liquidation Trust free and
clear of all Claims, Liens, encumbrances, charges, Interests, and
other interests, subject only to the Allowed GUC Settlement Claims
of the holders of GUC Liquidation Trust Interests as set forth in
the Plan and the expenses of the GUC Liquidation Trust as set forth
herein and in the GUC Liquidation Trust Agreement.
The GUC Liquidation Trust shall be governed and administered by the
GUC Liquidation Trustee subject to the terms of the Plan and the
GUC Liquidation Trust Agreement.
"Settlement Payment" means a one-time, lump-sum confirmation
payment of $75,000 from the Debtor carved out of the Secured
Lender's Collateral.
A full-text copy of the First Amended Plan dated August 8, 2023 is
available at https://urlcurt.com/u?l=iHEp6s from Stretto, the
claims
agent.
Counsel for MTPC, LLC:
Marcus A. Helt, Esq.
Debbie E. Green, Esq.
Jack G. Haake, Esq.
MCDERMOTT WILL & EMERY LLP
2501 North Harwood Street, Suite 1900
Dallas, TX 75201
Tel: (214) 210-2821
Fax: (972) 528-5765
E-mail: mhelt@mwe.com
dgreen@mwe.com
jhaake@mwe.com
About MTPC LLC
MTPC LLC is a proton-therapy cancer-treatment center that serves a
multi-state area of the Southeastern United States and began
operations in 2018. It is a freestanding center with three active
treatment rooms including one fixed beam and two gantries. MTPC is
located in a 43,500-square-foot building adjacent to the campus of
the Williamson Medical Center, in Franklin, Tenn.
MTPC's affiliate, The Proton Therapy Center, LLC, is a Tennessee
limited liability company that was organized in 2010. It is a
freestanding center with three active treatment rooms including one
fixed beam and two gantries. Proton Therapy Center is located in an
88,000-square-foot building on the campus of the Provision Case
CARES Cancer Center at Dowell Springs, in Knoxville, Tenn., a
comprehensive healthcare campus focusing on cancer treatment,
patient care, research, and education.
PCPT Hamlin, another affiliate of MTPC, is a Florida limited
liability company that was organized in 2018. It includes an
approximately 36,700-square-foot building in the 900-acre Hamlin
planned development in the "Town Center" of the 23,000-acre
"Horizon West" planning area of West Orange County.
MTPC and its affiliates sought Chapter 11 protection (Bankr. M.D.
Tenn. Lead Case No. 20-05438) on Dec. 15, 2020.
As of Aug. 31, 2020, MTPC's unaudited financial statements
reflected total assets of approximately $105.6 million and total
liabilities of approximately $131.2 million. Proton Therapy
Center's unaudited financial statements reflected total assets of
approximately $93.4 million and total liabilities of approximately
$130.2 million. Meanwhile, PCPT Hamlin's unaudited financial
statements reflected total assets of approximately $139.2 million
and total liabilities of approximately $138.5 million.
The Hon. Randal S. Mashburn is the case judge.
The Debtors tapped Waller Lansden Dortch & Davis LLP and McDermott
Will & Emery LLP as bankruptcy counsels; Trinity River Advisors,
LLC as restructuring advisor; and CRS Capstone Partners, LLC as
financial advisor. Stretto is the claims agent.
The U.S. Trustee for Region 8 appointed an official committee of
unsecured creditors on Jan. 8, 2021. The committee is represented
by Sills Cummis & Gross, PC and Manier & Herod, PC.
MYOMO INC: Incurs $1 Million Net Loss in Second Quarter
-------------------------------------------------------
Myomo, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $1.01
million on $5.96 million of revenue for the three months ended June
30, 2023, compared to a net loss of $2.91 million on $3.68 million
of revenue for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $3.66 million on $9.40 million of revenue compared to a net
loss of $5.72 million on $7.54 million of revenue for the six
months ended June 30, 2022.
As of June 30, 2023, the Company had $13.30 million in total
assets, $4.47 million in total liabilities, and $8.82 million in
total stockholders' equity.
Myomo said, "The Company has historically funded its operations
through financing activities, including raising equity and debt.
On January 17, 2023, the Company completed a public equity
offering, selling 13,169,074 shares of common stock and 6,830,926
pre-funded warrants at $0.325 per share or at $0.3249 per warrant,
generating proceeds after fees and expenses of approximately $5.7
million. Financing activities, such as the recent public equity
offering, are enabling the Company to sustain its operations.
Considering the Company's cash balance as of June 30, 2023, cash
used from operations over the last twelve months and expected cash
requirements over the next twelve months and uncertainty of
reimbursement, particularly from the Centers for Medicare and
Medicaid Services ("CMS") for Medicare Part B beneficiaries,
management believes there is substantial doubt regarding its
ability to continue as a going concern."
Management Commentary
"We continued our solid execution in the second quarter, with year
over year improvement in all of our key operational metrics,"
stated Paul R. Gudonis, Myomo's chairman and chief executive
officer. "Our focus for the rest of the year is to continue to
grow the business, while managing our operating expenses and
building a pipeline of Medicare Part B patients in anticipation of
being able to fit them with their own MyoPro, potentially within
the next six to 12 months. That effort began during the second
quarter," added Gudonis.
"Additionally, our Chinese joint venture partner is moving quickly
to launch its business development efforts, establish manufacturing
and build the supply chain. We received initial orders from the JV
company for MyoPro Control Units, which are a core component of the
MyoPro product line, and our MARK clinical units for approximately
$300,000 in total. The JV company is getting ready to produce the
clinical version of our product line, which they expect to supply
to rehab hospitals throughout China."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1369290/000095017023040625/myo-20230630.htm
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company that
offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $10.72 million for the year ended Dec.
31, 2022, compared to a net loss of $10.37 million for the year
ended Dec. 31, 2021. As of March 31, 2023, the Company had $13.74
million in total assets, $4.10 million in total liabilities, and
$9.63 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
13, 2023, citing that the Company has incurred significant 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.
NAUTICAL MARINE: Case Summary & Nine Unsecured Creditors
--------------------------------------------------------
Debtor: Nautical Marine Enterprises, LLC
d/b/a Nautical Marine
d/b/a Nautical Marine Outboard Repower Center of Tampa
Bay
7211 N. 41st Street
Tampa, FL 33604
Business Description: The Debtor provides boat engine repair, boat
upholstery, fiberglass repair, and boat
trailer repair services.
Chapter 11 Petition Date: August 14, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-03490
Debtor's Counsel: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
Email: All@tampaesq.com
Total Assets: $1,031,820
Total Liabilities: $1,383,423
The petition was signed by Francisco Ferrer, Jr. as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XII2J4A/Nautical_Marine_Enterprises_LLC__flmbke-23-03490__0001.0.pdf?mcid=tGE4TAMA
NEUROEM THERAPEUTICS: Class 4 Unsecureds to Get 100% of Claims
--------------------------------------------------------------
NeuroEM Therapeutics, Inc., submitted a Second Plan of
Reorganization.
The Plan will be funded by capital contributions from its Chief
Science Officer, Dr. Gary Arendash, a venture capital investment to
launch a consumer device and the current and future income earned
by the Debtor through the sales of the consumer device. The
Debtor's plan will not be funded by any funds the Debtor receives
through NIH or NIA grants. Grant funds shall be used exclusively
for expenses related to research on the MemorEM device. The Debtor
proposes a reasonable Plan which is proposed in good faith and not
by any means forbidden by law. The Debtor's projections are
included in the section titled Economic Modeling at Page 19 of the
Disclosure Statement.
The Plan under Chapter 11 of the Bankruptcy Code proposes to pay
creditors of the Debtor from the Debtor's current and future
earnings.
This Plan provides for one class of priority claims, one class of
executory contract claims, two classes of general unsecured claims,
and one class of equity security holder claims. All claimants will
be paid at least one hundred percent of their allowed claim as of
the Petition Date in either cash or equity in the reorganized
Debtor. This Plan also provides for the payment of administrative
and priority claims under the terms to the extent permitted by the
Code or by agreement between the Debtor and the claimant.
Under the Plan, Class 3 General Unsecured Claims allowed under
section 502 which had the option to be converted to equity in the
Debtor prior to the filing of the Voluntary Petition are impaired.
All claims based on debt that included a provision in the
underlying loan documents allowing the claimant to convert the debt
to equity in the Debtor are treated in this class. Claimants in
this class may elect to have their claims treated pursuant to one
of two options.
All claimants in this class who are members of NEM Investors, LLC
("NEMI") will receive a pro rata distribution on their claims
directly evidenced by a properly executed loan documents, from
funds or stock equity(ies) representative of the value of 20% of
the equity of the Debtor on a fully diluted basis finalized prior
to the Debtor's next seed investment round. For the removal of any
doubt, if, for example, the total P&I of the NEMI notes as of the
date of the petition is $2,000,000 but only half of the NEMI
investors elect the debt-to-equity option, representing $1,000,000
of the total, those investors electing the debt-to-equity option
will only receive 10% of the value of equity of the Debtor. NEMI
claimants may elect to receive their distribution in either cash or
equity in the Debtor. On or before the thirtieth day following the
entry of the Confirmation Order, NEMI claimants must file a written
election with the Court stating how they desire their claim to be
treated, otherwise the claim will be paid out in cash. Those
electing to receive cash will receive payment, a 1.25X return on
the amount of their allowed claim as of the Petition Date without,
on or before Feb. 28, 2026. The Debtor, at its sole discretion,
may elect to pay cash claims in a lump sum or over time. There is
no pre-payment penalty. Those claimants electing to receive equity
in the Debtor will receive said equity(ies) on or before the
sixtieth day following the entry of the Confirmation Order.
Claimants in this class who are not members of NEMI may elect to
have their claim directly evidenced by properly executed loan
documents treated pursuant to one of the three following options:
* Option 1: Elect to receive a common stock equity using the
same conversion ratio as the members of NEMI.
* Option 2: Claimants will receive a 1.25X return on the amount
of their allowed claim as of the Petition Date (i.e., an allowed
claim of $100,000 would receive a total distribution of $125,000),
which the Debtor will pay in full, without post-petition interest,
on or before February 28, 2026. The Debtor, at its sole discretion,
may elect to pay these claims in a lump sum or over time. There is
no pre-payment penalty.
* Option 3: Claimants' allowed claims as of the Petition Date
will be converted to equity on February 28, 2026 (the "Conversion
Date") at the fair market value of the Debtor on the Conversion
Date at a 20% discount (i.e., an allowed claim of $100,000 would be
treated as an allowed claim of $120,000 for purposes of conversion
to equity) at the same ratio as the claims of the members of NEMI.
On or before the 30th day following the entry of the Confirmation
Order, claimants in this class must file a written election with
the Court stating which option they desire their claim to be
treated under, otherwise the claim will be treated pursuant to
Option 1.
Claimants electing treatment under Option 1 (including NEMI
investors who choose the equity option) shall be entitled to choose
amongst themselves no more than 2 observers who will have the
authority to sit in on all meetings of the Board of Directors, but
will have no right to vote.
Class 4 General Unsecured Claims allowed under Section 502 which do
not include an option to be converted to equity are impaired.
Claimants in this class will be paid 100% of their allowed claims
without post-petition interest on or before Feb. 28, 2026. The
Debtor, at its sole discretion, may elect to pay these claims in a
lump sum or over time. There is no pre-payment penalty.
Attorney for the Debtor:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
Office E-mail: All@tampaesq.com
E-mail: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
A copy of the Second Plan of Reorganization dated August 4, 2023,
is available at bit.ly/3OMGQNy from PacerMonitor.com.
About NeuroEM Therapeutics
NeuroEM Therapeutics, Inc., is a Phoenix-based medical device
company committed to developing, clinically testing, and marketing
Transcranial Electromagnetic Treatment (TEMT) as treatment for
Alzheimer's disease and other neurodegenerative diseases.
NeuroEM Therapeutics filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-00425) on Feb. 3, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A., is the Debtor's
counsel.
NEW YORK INN: Court OKs Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, authorized New York Inn Inc. to use cash
collateral on an interim basis in accordance with the budget, with
a 15% variance.
The Debtor requires the use of cash collateral to continue the
operation of its business.
Spectra Bank and the U.S. Small Business Administration assert an
interest in the Debtor's cash collateral.
To the extent of any diminution in value in their Pre-Petition
Collateral, the Secured Lenders are granted valid, binding,
enforceable, and perfected liens co-extensive with the Secured
Lenders' pre-petition liens in all currently owned or hereafter
acquired property and assets of the Debtor.
The replacement liens granted to the Secured Lenders are
automatically perfected without the need for filing of a UCC-1
financing statement with the Secretary of State's Office or any
other such act of perfection.
The Debtor is directed to pay Spectra Bank $4,000 or the amount
agreed upon between the Debtor and the Bank, as adequate protection
for use of cash collateral, on or before the 5th of each month,
commencing in the month of February 2023.
A final hearing on the matter is set for August 16, 2023, at 1:30
p.m.
A copy of the Court's order and the Debtor's one month budget is
available at https://urlcurt.com/u?l=BKJWeH from
PacerMonitor.com.
The Debtor projects $23,500 in total income and $10,687 in total
expenses for one month.
About New York Inn
A group of creditors including AP Interior, Prateek Desai and
Wajattat Ali Khan, filed an involuntary Chapter 11 petition against
Arlington, Texas-based New York Inn Inc. (Bankr. N.D. Tex. Case No.
21-30958) on May 21, 2021. The creditors are represented by Bill
Rielly, Esq.
New York Inn Inc. owns and operates a hotel located in Arlington,
Texas. After an involuntary bankruptcy petition was filed, New York
Inn consented to an Order for Relief in order to restructure its
debts after suffering reduced revenues from the downturn in the
economy precipitated by the COVID-19 pandemic and as a result of
the damage to the hotel following the Texas winter storm in
February 2021. The hotel has been closed since that time. New York
Inn is waiting for its property insurance company to release funds
to pay for the necessary repairs so that it can reopen. New York
Inn has commenced legal action to collect on its insurance and has
retained an independent adjuster, a contractor and litigation
counsel all of which it is seeking to employ to move this case
along.
The Debtor has $1.02 million in total assets and $2.35 million in
total liabilities.
Judge Michelle V. Larson oversees the case.
New York Inn tapped Joyce W. Lindauer Attorney, PLLC as bankruptcy
counsel. Katharine Battaia Clark serves as the Subchapter V
Trustee. Under its Second Amended Plan of Reorganization Under
Subchapter V of Chapter 11, the Debtor contemplates paying a 10%
return to Allowed Unsecured Claims over 36 months.
NEYOWS OF ATLANTA: Taps Rountree Leitman Klein & Geer as Counsel
----------------------------------------------------------------
Neyows of Atlanta, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Rountree,
Leitman, Klein & Geer, LLC as its legal counsel.
The firm's services include:
a. Giving the Debtor legal advice with respect to its powers
and duties in the management of its property;
b. Preparing legal papers;
c. Assisting in the examination of claims of creditors;
d. Assisting with the formulation and preparation of
disclosure statement and Chapter 11 plan of reorganization and with
the confirmation and consummation thereof; and
e. Other necessary legal services.
Rountree will charge these hourly fees:
William A. Rountree, Attorney $595
Will B. Geer, Attorney $595
Michael Bargar, Attorney $595
Hal Leitman, Attorney $425
David S. Klein, Attorney $495
Alexandra Dishun, Attorney $425
Ceci Christy, Attorney $425
Elizabeth A. Childers, Attorney $395
Caitlyn Powers, Attorney $325
Shawn Eisenberg, Attorney $325
Elizabeth Miller, Paralegal $250
Sharon M. Wenger, Paralegal $225
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
The firm received a pre-bankruptcy retainer of $20,100 from the
Debtor and $4,900 from New Orleans Creole Corporation.
William Rountree, Esq., a partner at Rountree, 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:
William A. Rountree, Esq.
Rountree Leitman Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Facsimile: (404) 704-0246
Email: wrountree@rlkglaw.com
About Neyows of Atlanta
Neyows of Atlanta, LLC is a full-service restaurant that offers
creole cuisine.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case. 23-40906) on June 22, 2023,
with as much as $500,000 in both assets and liabilities. Tre
Pierre, chief executive officer, signed the petition.
Judge Barbara Ellis-Monro oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.
NOBLE HEALTH: Sept. 19 Hearing on Disclosure Statement
------------------------------------------------------
Judge Dennis R. Dow has entered an order that the hearing to
consider approval of the Disclosure Statement of Noble Health Real
Estate II LLC will be held on Sept. 19, 2023 at 9:30 a.m. in U.S.
Courthouse, 400 E. 9th Street, Courtroom 6C, Kansas City, MO 64106.
The last date to file and serves written objections to the
Disclosure Statement pursuant to Rule 3017(a) is fixed on Sept. 6,
2023.
Noble Health Real Estate II LLC, filed with the U.S. Bankruptcy
Court for the Western District of Missouri a Plan of Reorganization
and a Disclosure Statement on August 1, 2023.
The Debtor is a company that owns the real property located in
Audrain, Missouri. The primary property located in Mexico Missouri
was previously a hospital operated by an affiliate of Debtor, and
the remaining properties were medical clinics and other health care
facilities.
The Debtor is owned by Noble Health Corp., which is currently owned
by Pasture Medical LLC, a Wyoming limited liability company, which
is ultimately owned by Kalman Groner, Gary Greenstein and Zevi
Reisman.
On the Effective Date, the Debtor as master landlord will enter
into a master lease of the Real Property with Blessed Health LLC as
the master tenant. Blessed Health is an affiliate of Debtor because
Blessed Health is ultimately owned by Kalman Groner, Gary
Greenstein and Zevi Reisman. Blessed Health will pay monthly rent
to the Debtor of $147,000, which Debtor believes will be sufficient
to pay all of the obligations due under the Plan as well as pay all
other ongoing expenses of Debtor, including insurance, taxes and
maintenance.
Blessed Heath will have sufficient funds to pay the monthly rent
based on subleases entered into by Blessed Health, with (i) a
critical access hospital in Mexico, MO owned and operated by an
affiliate of Blessed Health, (ii) various partnerships between
third-party medical and service providers and an affiliate of
Blessed Health, and (iii) third-party medical and service
providers.
The Plan provides for the satisfaction of all Allowed
Administrative Claims on the Effective Date or as soon thereafter
as practicable, unless otherwise agreed by the Holder of such
Claim. As to each Administrative Claim Allowed thereafter, payment
will be made as soon as practicable.
The Plan also provides for the satisfaction of all Priority Claims
in accordance with Section 1129(a)(9) of the Bankruptcy Code by
either payment on the Effective Date or payment over a five-year
period in installments.
The Debtor estimates that the total non-priority unsecured claims,
including the undersecured potion of Central Bank's claim as well
as the unsecured junior judgment lien holders on the Real Property
total approximately $13.1 million including claims that the Debtor
intends to dispute.
Class I consists of the secured and unsecured claim of Central
Bank. Central Bank's Secured Claim shall be $2,160,886 and shall be
amortized over 30 years at the contractual interest rate of 4.90%,
with a monthly payment of $11,468. The outstanding balance of
Central Bank's Secured Claim shall be paid in full by Oct. 1, 2030.
For the Unsecured Claims, Central Bank shall receive quarterly
payments of $4,125 beginning Jan. 1, 2024, and continuing for 12
consecutive quarters.
Class II consists of the Allowed Claims of Unsecured Creditors.
Unsecured Creditors shall receive their pro rata share of shall of
quarterly payments of $4,125 beginning January 1, 2024, and
continuing for 12 consecutive quarters.
The Holders of Allowed Interests shall retain their Allowed
Interests in the Reorganized Debtor in the same percentages as held
prior to the Petition Date in exchange for guarantying the
Professional Fees.
The Debtor intends the Debtor to continue in business by
reorganizing its operations and debt structure. The Debtor intends
to enter into a master lease with Blessed Health LLC, an affiliate
of the Debtor. The lease will provide payments from Blessed Health
that are sufficient to make all of the payments due under the Plan
and to pay all other costs associated with the Real Estate,
including taxes, insurance and maintenance.
A full-text copy of the Disclosure Statement dated August 1, 2023
is available at https://urlcurt.com/u?l=J7eyw4 from
PacerMonitor.com at no charge.
Attorney for Debtor:
Ronald S. Weiss, Esq.
Joel Pelofsky, Esq.
Berman, DeLeve, Kuchan & Chapman, LLC
1100 Main, Suite 2850
Kansas City, MO 64105
Phone: (816) 471-5900
Fax: (816) 842-9955
Email: rweiss@bdkc.com
Email: jpelofsky@bdkc.com
About Noble Health Real Estate II
Noble Health Real Estate II, LLC, is engaged in activities related
to real estate. The Debtor is based in Fulton, Mo.
Noble Health Real Estate II filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
23-20100) on March 3, 2023. In the petition signed by Zev M.
Reisman, general manager and corporate secretary, the Debtor
disclosed up to $50,000 in assets and up to $50 million in
liabilities.
Judge Dennis R. Dow presides over the case.
The Debtor tapped Berman, DeLeve, Kuchan & Chapman, LLC as
bankruptcy counsel and CFGI as restructuring advisor. Joseph Baum,
a partner at CFGI, serves as the Debtor's chief restructuring
officer.
NORTH SHORE MANOR: No Patient Care Concern, PCO Report Says
-----------------------------------------------------------
Leah McMahon, duly appointed patient care ombudsman for North Shore
Manor, Inc., filed a supplemental report regarding the company's
nursing home facility.
Two ombudsmen visited North Shore Health and Rehab on June 20. The
census was 89 residents at the time of the visit. The ombudsmen
stated there appeared to be a good number of staff working on this
day. They also reported observing that the floors in the resident
rooms appeared cleaner. It was noted by the ombudsmen they did not
receive any concerns from residents during their visit.
Two ombudsmen visited North Shore Health and Rehab on August 1. The
census was 83 at the time of the visit. The ombudsman met with
several residents and did not receive any complaints. The ombudsmen
reported the staffing levels appeared sufficient in the building
during their visit.
The ombudsmen noted meeting with a resident who needed assistance
and the ombudsman utilized the call light. The ombudsman reported
staff responded within 10 minutes and provided assistance to the
resident.
The ombudsmen also reported the facility has purchased the new van
to take residents on outings. There were not any further concerns
or complaints to report from this visit.
A copy of the supplemental ombudsman report is available for free
at https://urlcurt.com/u?l=g2ZJcB from PacerMonitor.com.
About North Shore Manor
North Shore Manor, Inc. operates skilled nursing facilities. The
company is based in Loveland, Colo.
North Shore Manor filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-10809) on March
6, 2023, with $1 million to $10 million in both assets and
liabilities. Joli A. Lofstedt has been appointed as Subchapter V
trustee.
Judge Joseph G. Rosania Jr. oversees the case.
The Debtor tapped Aaron A. Garber, Esq., at Wadsworth Garber Warner
Conrardy, PC as bankruptcy counsel; Levin Sitcoff Waneka, PC as
special counsel; and Eisner Advisory Group, LLC as accountant.
The U.S. Trustee for Region 19, appointed Leah McMahon as patient
care ombudsman for the Debtor.
NOVABAY PHARMACEUTICALS: Posts $2M Net Loss in Second Quarter
-------------------------------------------------------------
Novabay Pharmaceuticals, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $2.04 million on $4.61 million of net total sales for
the three months ended June 30, 2023, compared to a net loss of
$2.15 million on $3.66 million of net total sales for the three
months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $3.77 million on $7.73 million of net total sales compared
to a net loss of $2.27 million on $6.93 million of net total sales
for the six months ended June 30, 2022.
As of June 30, 2023, the Company had $16.01 million in total
assets, $7.44 million in total liabilities, and $8.56 million in
total stockholders' equity.
Novabay said, "Based primarily on the funds available on June 30,
2023 and the 2023 Private Placement, the Company believes that the
Company's existing cash and cash equivalents and cash flows
generated from product sales will be sufficient to fund its
existing operations, meet its planned operating expenses and to
meet the Monthly Redemptions of the Convertible Notes into at least
the second quarter of 2024. The Company has sustained operating
losses for the majority of its corporate history and expects that
its 2023 expenses will exceed its 2023 revenues, as the Company
continues to invest in both its Avenova and DERMAdoctor
commercialization efforts. Additionally, the Company expects to
continue incurring operating losses and negative cash flows until
revenues reach a level sufficient to support ongoing growth and
operations. Accordingly, the Company has determined that its
planned operations raise substantial doubt about its ability to
continue as a going concern for at least one year from the date
this Quarterly Report on Form 10-Q is filed with the Securities and
Exchange Commission. Additionally, changing circumstances may
cause the Company to expend cash significantly faster than
currently anticipated, and the Company may need to spend more cash
than currently expected because of circumstances beyond its control
that impact the broader economy such as periods of inflation and
supply chain issues."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1389545/000143774923023110/nby20230630_10q.htm
About Novabay
Headquartered in Emeryville, California, NovaBay Pharmaceuticals,
Inc. -- http://www.novabay.com-- develops and sells scientifically
created and clinically proven eyecare and skincare products.
NovaBay's leading product, Avenova Antimicrobial Lid & Lash
Solution, is often prescribed by eyecare professionals for
blepharitis and dry-eye disease and is also available directly to
eyecare consumers through online distribution channels such as
Amazon. DERMAdoctor offers more than 30 OTC dermatologist-developed
skincare products through the DERMAdoctor website, well-known
traditional and digital beauty retailers, and international
distributors. NovaBay also manufactures and sells effective, yet
gentle and non-irritating wound care products.
Novabay reported a net loss of $10.61 million for the year ended
Dec. 31, 2022, a net loss and comprehensive loss of $5.82 million
for the year ended Dec. 31, 2021, a net loss and comprehensive loss
of $11.04 million for the year ended Dec. 31, 2020, a net loss and
comprehensive loss of $9.66 million for the year ended Dec. 31,
2019, and a net loss and comprehensive loss of $6.54 million for
the year ended Dec. 31, 2018.
San Francisco California-based WithumSmith+Brown, PC, the Company's
auditor since 2010, issued a "going concern" qualification in its
report dated March 31, 2023, citing that the Company has a history
of recurring losses and negative cash flows from operations that
raise substantial doubt about its ability to continue as a going
concern.
NOVATION COMPANIES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Lead Debtor: Novation Companies, Inc.
1724 Phoenix Parkway, Building 600
College Park, GA 30349
Business Description: Novation Companies, Inc. and its
subsidiaries, through Healthcare Staffing,
Inc., provide outsourced healthcare staffing
and related services in the state of
Georgia.
Chapter 11 Petition Date: August 13, 2023
Court: United States Bankruptcy Court
District of Delaware
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Novation Companies, Inc. 23-11153
Novation Holding, Inc. 23-11152
Healthcare Staffing, Inc. 23-11154
Novastar Mortgage, LLC 23-11155
Judge: Hon. John T. Dorsey
Debtors' Counsel: Robert S. Brady, Esq.
Robert F. Poppiti, Jr., Esq.
Allison S. Mielke, Esq.
Kristin L. McElroy, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Email: rbrady@ycst.com
rpoppiti@ycst.com
amielke@ycst.com
kmcelroy@ycst.com
Debtors'
Corporate
Counsel: OLSHAN FROME WOLOKSY LLP
Debtors'
CRO Provider: WALLC
Debtors'
Noticing,
Claims,
Solicitation &
Balloting
Agent: STRETTO, INC.
Lead Debtor's
Estimated Assets as of August 13, 2023: $0 to $50,000
Lead Debtor's
Total Debts as of August 13, 2023: $97,804,338
The petitions were signed by Michael Wyse as chief restructuring
officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/SN37Y5A/Novation_Companies_Inc__debke-23-11153__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Nighthawks Holdings I, LLC Unsecured $828,750
228 Park Avenue South Prepetition
PMB #27207 Financing
New York, NY 10003
Daniel Strauss
Email: daniel@strausscap.com
2. HOMF II Distressed Unsecured $796,250
Opportunities, Ltd. Prepetition
333 Ludlow Street Financing
5th Floor
Stamford, CT 06902
Justin Gregory
Email: jgregory@hildenecap.com
3. Berkshire Hathaway Inc. Trade Claim $634,425
1722 Mitchell Ave
Tustin, CA 92780
Lonny Levy (Account Services
Team)
Phone: 714-573-1635
Email: llevy@bhhc.com
4. Underground Vaults & Trade Claim $238,123
Storage, Inc.
3500 East Avenue G
Hutchinson, KS 67501
Shelley Stanley
(Accounting/Billing Clerk)
Phone: 800-873-0906
Email: shelley.stanley@uvsinc.com
5. First Secure Data LLC Trade Claim $88,083
27996 W 85th Terrace
De Soto, KS 66018-9143
Kou Srimoungchanh
Phone: 888-848-8813
Email: billing@firstsecuredata.com
6. Iron Mountain Inc. Trade Claim $66,330
1 Federal Street Boston
Boston, MA 02110
Michelle Ehm
Phone: 800-899-4766
Email: michelle.ehm@iqor.com
7. USI Insurance Services, Inc. Trade Claim $45,000
1 Concourse Pkwy Ne
Suite 700
Atlanta, GA 30328
Matthew Bryant
Phone: 914-749-8500
Email: matthew.bryant@usi.com
8. AFCO Credit Corporation Trade Claim $44,614
310 Grant Street
Suite 1600
Pittsburgh, PA 15219
Robert Pinkerton
Phone: 877-701-1212
Email: pfa@afco.com
9. Travelers Property Casualty Trade Claim $29,757
Company of America
1 Town Square
Hartford, CT 0681
Travelers CL Remittance Center
Phone: 866-336-2077
Email: custavo@travelers.com
10. Phoenix Park ATL Property LP Rent $17,843
700 N Pearl St Ste N1650
Dallas, TX 75201
Keysha Maxberry (Manager,
Westmount Realty Capital)
Email: kmaxberry@westmountrc.com
11. Internal Revenue Services Tax $11,580
550 Main Street
#10
Cincinnati, OH 45999-0039
Tel: 800-829-1040
12. IntelligIS, Inc. Trade Claim $11,141
107 Technology Parkway
Peachtree Corners, GA 30092
Phone: 770-478-6777
Emial: accounting@intelligis.com
13. Smith Schafer & Associates, Ltd. Trade Claim $6,156
7500 Highway 55
Suite 350
Minneapolis, MN 55427
Phone: 952-920-1455
Email: info@smithschafer.com
14. Wells Fargo Equipment Finance Machine Lease $5,934
Company
733 Marquette Avenue
Suite 700
Minneapolis, MN 55480-7796
Phone: 612-667-9876
Email: dallasmiller@wellsfargo.com
15. Computershare Inc. Trade Claim $5,476
DEPT CH 19228
Palatine, IL 60055-9228
Christal Goldman
Phone: 1-866-524-0690
Email: christal.goldman@computershare.com
16. Solvo Solutions Inc. Trade Claim $4,875
2425 Commerce Avenue
Suite 200
Duluth, GA 30096
Sebastian Bueno
Phone: 833-413-1546
Email: sebastian.bueno@solvoglobal.com
17. New Horizons Behavioral Health Expense $4,818
2100 Comer Avenue Reimbursement
Columbus, GA 31904
Shannon Robertson
Tel: 706-596-5500
Fax: 706-596-5589
Email: srobertson@nhbh.org
18. Reese & Company, Inc. Rent $4,410
2000 Business Center. Dr
Ste 230
Savannah, GA 31405
Cindy Bragg
Tel: 912-236-4233
Fax: 912-236-4234
Email: cindyb@reeseandco.com
19. Quadient Leasing USA, Inc. Machine Lease $4,000
P.O. Box 123682
Department 3682
Dallas, TX 75312-3682
Phone: 203-301-3400
Email: us.CollectionsInquires@quadient.com
20. AGH Wealth Advisors, LLC ERISA $3,723
301 N. Main Street
Suite 1700
Wichita, KS 67202-4868
Tim A. Penner
Tel: 316-267-3220
Fax: 316-291-4115
Email: tim.penner@aghwealth.com
NUOVO CIAO-DI: DCC Plan Proposes Liquidation of Debtor
------------------------------------------------------
Creditor DCC Vigilant, LLC, submitted an Amended Disclosure
Statement with respect to its Plan of Liquidation for debtor Nuovo
Ciao-Di LLC.
The Debtor is owned by Ciao-Di Restaurant Corporation, which is
owned by several members of the Rainero family. The Rainero family
has been in the real estate management business and restaurant
business for many years. The Rainero family is the beneficial owner
of the Debtor as well as other several other properties in the
Greenwich Village area of New York City.
The Debtor is the owner of certain real property located at 350-354
6th Avenue, New York, New York 10011, known as Commercial Unit 1
a/k/a 1FLR ("1FLR") and Commercial Unit 2 a/k/a 2FLR ("2FLR)
(collectively, the "Premises"), in the premises known as 88
Washington Place Condominium (the "Condominium"). The Premises, a
two-level, 16,121 SF retail condo, secures a loan having a face
amount of $15,850,000, of which $14,600,000 has been advanced to
date (the "Loan"). The Loan, initially between Debtor and Argentic
Real Estate Investment, LLC ("Argentic"), matured on February 6,
2020 ("Maturity Date"). Debtor defaulted under the Loan by, among
other things, not paying the sums owed on the Maturity Date.
DCC is a creditor of the Debtor as it is the owner by assignment
from Argentic and holder of a Consolidated, Amended and Restated
Promissory Note dated January 25, 2018, with a principal amount of
$15,850,000. In addition, DCC is the owner by assignment of a
Consolidated, Amended and Restated Mortgage, Assignment of Leases
and Rents and Security Agreement (the "Mortgage"), dated January
25, 2018. Under the Mortgage, DCC holds a first-priority lien on
the entirety of the Premises, together with all of Borrower's
personal property. The Premises serves as security for the Loan.
The Mortgage was executed, acknowledged, and delivered by Debtor,
as mortgagor, to Argentic, as mortgagee, and duly filed in the
Office of the New York City Register, State of New York, February
2, 2018 as CRFN 2018000041142.
According to DCC, the Plan provides for the orderly liquidation of
the Business Assets of the Debtor and the distribution of the
proceeds of the liquidation of the Debtor's Business Assets
according to the priorities set forth in the Bankruptcy Code.
Under the Plan, Class 5 General Unsecured Claims total $23,000.
Provided that the Face Amount of all Administrative Claims,
Priority Claims and Miscellaneous Secured Claims have been paid in
full or, to the extent not paid in full, funds sufficient to
satisfy the Face Amount of all such Claims have been placed in a
segregated reserve, and subject to the occurrence of the Effective
Date, on, or as soon as reasonably practicable after, the earlier
of (a) the Distribution Date immediately following the date a
General Unsecured Claim becomes an Allowed General Unsecured Claim
or (b) the date that is 90 days after the date on which such
General Unsecured Claim becomes an Allowed General Unsecured Claim,
each Holder of an Allowed General Unsecured Claim will receive from
the Liquidating Trustee, in full and final satisfaction, settlement
and release of and in exchange for such Allowed General Unsecured
Claim, its Pro Rata share of the Class 8 Distribution Amount, if
any, and, on each Periodic Distribution Date, each Holder of an
Allowed General Unsecured Claim will receive its Pro Rata share of
the Class 8 Distribution Amount, if any. Class 5 will be paid pari
passu with Class 6. Creditors will recover 0% of their claims.
Class 5 is impaired.
Class 6 Deficiency Unsecured Claims of 88 Washington Place
Condominium and DCC total $5,000,000. Provided that the Face Amount
of all Administrative Claims, Priority Claims, and Miscellaneous
Secured Claims have been paid in full or, to the extent not paid in
full, funds sufficient to satisfy the Face Amount of all such
Claims have been placed in a segregated reserve, and subject to the
occurrence of the Effective Date, on, or as soon as reasonably
practicable after, the Distribution Date the Holder of the
Deficiency Unsecured Claims of 88 Washington Place Condominium and
DCC will receive from the Liquidating Trustee, in full and final
satisfaction, settlement and release of and in exchange for such
Deficiency Unsecured Claims of 88 Washington Place Condominium and
DCC its Pro Rata share of the Class 5 Distribution Amount, if any,
and, on each Periodic Distribution Date, the Holder of the
Deficiency Unsecured Claims of 88 Washington Place Condominium and
DCC will receive its Pro Rata share of the Class 5 Distribution
Amount, if any. Class 6 will be paid pari passu with Class 5.
Creditors will recover 0% of their claims. Class 6 is impaired.
All Cash necessary for the Liquidating Trustee to make payments of
Cash pursuant to the Plan shall be obtained from the following
sources: (a) the Debtor's Cash on hand, which shall be transferred
to the Liquidating Trustee on the Effective Date, (b) the Security
Deposit, (c) Cash received in liquidation of the assets of the
Liquidating Trust and (d) proceeds of the Causes of Action.
Counsel for DCC Vigilant, LLC
Jeremy S. Friedberg, Esq.
10045 Red Run Boulevard, Suite 160
Baltimore, MD 21117
Telephone: (410) 581-7400
E-mail: jeremy@friedberg.legal
A copy of the Disclosure Statement dated August 4, 2023, is
available at bit.ly/3OKD4Ep from PacerMonitor.com.
About Nuovo Ciao-Di
Nuovo Ciao-Di LLC is owned by Ciao-Di Restaurant Corporation, which
is owned by several members of the Rainero family. The Rainero
family has been in the real estate management business and
restaurant business for many years. The Rainero family is the
beneficial owner of the Debtor as well as other several other
properties in the Greenwich Village area of New York City.
Nuovo Ciao-Di is the owner of certain real property located at
350-354 6th Avenue, New York, New York 10011, known as Commercial
Unit 1 a/k/a 1FLR and Commercial Unit 2 a/k/a 2FLR.
Nuovo Ciao-Di filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10068) on Jan. 20,
2023. In the petition filed by Michael Rainero, as manager, the
Debtor reported assets and liabilities between $10 million and $50
million each.
The Debtor is represented by H. Bruce Bronson, Jr., Esq. at Bronson
Law Offices, P.C.
NUTRITION 53: Case Summary & 16 Unsecured Creditors
---------------------------------------------------
Debtor: Nutrition 53, Inc.
497 Edison Ct. Suite B
Fairfield CA 94534
Business Description: The Debtor is engaged in in retailing food
supplement products.
Chapter 11 Petition Date: August 11, 2023
Court: United States Bankruptcy Court
Northern District of California
Case No.: 23-40997
Debtor's Counsel: Miles Archer Woodlief, Esq.
ARCHER
775 East Blithedale Avenue, Suite 514
Mill Valley CA 94941
Tel: 415-730-3032
Email: miles@thearcherfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Kristine Manlapaz as CEO.
A copy of the Debtor's list of 16 unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/ESBI6OA/Nutrition_53_Inc__canbke-23-40997__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QU4ZTMY/Nutrition_53_Inc__canbke-23-40997__0001.0.pdf?mcid=tGE4TAMA
OPTION CARE: S&P Upgrades ICR to 'BB-' on Sustained Deleveraging
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Option Care
to 'BB-' from 'B+', its issue-level rating on its secured debt to
'BB' from 'BB-', and its issue-level rating on its unsecured debt
to 'B' from 'B-'. S&P's '2' recovery rating on the secured debt and
'6' recovery rating on the unsecured debt are unchanged.
S&P said, "The stable outlook reflects our expectation that the
company will continue to steadily increase its revenue and EBITDA,
enabling it to maintain S&P Global Ratings-adjusted leverage of
less than 4.0x over the next 12 months, despite our assumption of
continued tuck-in acquisitions and share buybacks.
"The upgrade reflects our expectation for a sustained improvement
in the company's S&P Global Ratings-adjusted leverage to the low-3x
area over the next 12 months.Option Care continued to reduce its
leverage in line with our expectations, with S&P Global
Ratings-adjusted leverage falling to 2.9x as of the 12 months ended
June 30, 2023, from 3.4x one year prior. This improvement stems
from the company's strong revenue growth, steadily improving EBITDA
margins, and stable debt levels. We expect Option Care will
modestly improve its leverage through the end of the year as
favorable procurement dynamics and utilization trends provide a
short-term boost to its EBITDA margins. However, we view any
further improvement in its leverage as unlikely, given our
expectation for moderating EBITDA margins, management's expressed
leverage target range of 3.0x-4.0x (roughly equivalent to S&P
Global Ratings-adjusted leverage in the 3.5x-4.5x range), and the
potential for tuck-in acquisitions and share repurchases. We
believe that, in the event of a large acquisition, the related
increase in the company's S&P Global Ratings-adjusted leverage
would be temporary and anticipate management would take steps to
reduce leverage to its typical operating range of under 4.0x."
Option Care has benefited from robust demand for home and alternate
site infusion services. However, its increasing proportion of
revenue from chronic therapies could pressure its margins despite
offerring more stability.The company delivered strong operating
results in the second quarter, with revenue increasing 9% year over
year despite the exit of two therapies (Radicava and Makena) and a
tough prior-year comparison. S&P expects Option Care will continue
to expand is revenue by the high single digit percent area over the
next couple years, supported by solid demand for its core therapies
(such as chronic inflammatory) and contributions from its tuck-in
acquisitions.
S&P said, "We expect the company will continue to increase its
revenue from chronic therapies at a faster pace than its acute
therapy revenue, which will modestly pressure its EBITDA margins in
the coming years (by between 20 basis points [bps] and 30 bps per
year). This is because chronic therapies typically use costlier
branded drugs as opposed to generics. However, we still view the
shift to chronic therapies as net positive because we believe it
provides higher revenue per patient, greater revenue visibility,
and longer treatment durations. Furthermore, we expect the
improvement in its operating leverage, stemming from increased
utilization of ambulatory infusion centers, to partially offset the
drag on its EBITDA margins.
"We expect strong cash flow generation, which will provide the
company with the flexibility to step-up its share buybacks and
tuck-in acquisitions. We expect Option Care will generate about
$220 million of free operating cash flow (FOCF) in 2023 (excluding
the $86 million fee it received because of termination of the
Amedisys transaction) and about $240 million in 2024, supported by
its expanding EBITDA base and low maintenance capital expenditure
(capex) requirements (less than 1% of revenue). We expect the
company will allocate a portion of its excess cash toward share
repurchases and tuck-in acquisitions. Management recently announced
their intention to deploy an additional $100 million for share
repurchases, leading us to forecast cumulative repurchases of
between $175 million and $200 million through the end of the year.
Moreover, we anticipate annual tuck-in acquisitions of between $150
million and $200 million, though this amount will likely be lower
in 2023 due to management's emphasis on share repurchases.
"Option Care's proposed merger with Amedisys was terminated, though
we believe it will likely engage in further M&A activity.In May,
the company entered into a merger agreement with home health
provider Amedisys that was later terminated after it was outbid by
UnitedHealthcare. We believe this move highlights management's
desire to eventually reshape Option Care into a more diversified
home health care provider. However, over the next 12 months, we
expect the company will focus on smaller acquisition intended to
strengthen its core home infusion business. We believe management
has a strong track record of identifying and integrating
complementary businesses, which has allowed the company to
efficiently expand its top-line revenue, capacity, and referral
base.
"The stable outlook on Option Care reflects our expectation that it
will continue to steadily increase its revenue and EBITDA growth,
enabling it to maintain S&P Global Ratings-adjusted leverage of
less than 4.0x over the next 12 months, despite our assumption of
continued tuck-in acquisitions and share buybacks. It also reflects
our expectation that the company's revenue growth and solid FOCF
generation will provide it with the capacity to fund growth
initiatives and shareholder returns."
S&P could lower its rating on Option Care in the next 12 months if
S&P believes its S&P Global Ratings-adjusted leverage will increase
and remain above 4x. This could most likely occur if:
-- The company's EBITDA falls significantly due to reimbursement
pressure or the loss of key managed care organization (MCO)
relationships; or
-- The company pursues transformative M&A that raise its debt
levels or entail substantial integration risk.
S&P could raise its rating on Option Care in the next 12 months if
S&P believes it will sustain S&P Global Ratings-adjusted leverage
of below 3x. This would likely entail management committing to a
leverage target of below 3x (after incorporating its
acquisitions).
P & P ENTERPRISES: Jolene Wee Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW
Infinity Consulting, LLC as Subchapter V trustee for P & P
Enterprises, Inc.
Ms. Wee will be paid an hourly fee of $595 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Wee declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jolene E. Wee
JW Infinity Consulting, LLC
447 Broadway 2nd Fl #502
New York, NY 10013
E-mail: jwee@jw-infinity.com
Phone: (929) 502-7715
Fax: (646) 810-3989
Email: jwee@jw-infinity.com
About P & P Enterprises
P & P Enterprises, Inc. filed Chapter 11 petition (Bankr. E.D. Va.
Case No. 23-11236) on July 31, 2023, with $50,001 to $100,000 in
assets and $500,001 to $1 million in liabilities.
Christopher S. Moffitt, Esq., at the Law Offices of Christopher S.
Moffitt represents the Debtor as legal counsel.
PACK LIQUIDATING: Seeks to Extend Plan Exclusivity to November 20
-----------------------------------------------------------------
Pack Liquidating, LLC and its affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to extend their exclusive
filing period from July 21, 2023 to November 20, 2023, and their
exclusive solicitation period from September 22, 2023 to January
22, 2024. This is the Debtors' fourth motion for extension.
The Debtors claim that they have made significant progress in
moving their Chapter 11 cases to a successful completion,
including:
(a) liquidating the bulk of the Debtors' assets, including
through various asset sales;
(b) rejecting leases and abandoning personal property to
eliminate burdensome expenses for the Debtors' estates;
(c) preparing and filing the schedules of assets and
liabilities and statements of financial affairs;
(d) resolving various contested matters;
(e) pursuing valuable estate causes of action; and
(f) engaging in negotiations with certain key constituents
regarding the structure and feasibility of a chapter 11
plan.
The Debtors explained that even though they have sold
substantially all of their assets, they require additional time
to work with the Official Committee of Unsecured Creditors and
the ABL Agent on monetizing additional assets, reconciling
claims, and engaging in discussions with key stakeholders
regarding an appropriate exit strategy.
Pack Liquidating, LLC and its affiliates are represented by:
Christopher M. Samis, Esq.
L. Katherine Good, Esq.
Aaron H. Stulman, Esq.
Katelin A. Morales, Esq.
POTTER ANDERSON & CORROON LLP
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Tel:(302) 984-6000
Email: csamis@potteranderson.com
kgood@potteranderson.com
astulman@potteranderson.com
kmorales@potteranderson.com
- and -
Michael Klein, Esq.
Erica Richards, Esq.
COOLEY LLP
55 Hudson Yards
New York, NY 10001
Tel: (212) 479-6000
Email: mklein@cooley.com
erichards@cooley.com
- and –
Cullen Drescher Speckhart, Esq.
COOLEY LLP
1299 Pennsylvania Avenue, NW Suite 700
Washington, DC 20004
Tel: (202) 842-7800
Email: cspeckhart@cooley.com
PEAR THERAPEUTICS: Seeks to Extend Plan Exclusivity to August 7
---------------------------------------------------------------
Pear Therapeutics, Inc. and Pear Therapeutics (US), Inc. ask the
U.S. Bankruptcy Court for the District of Delaware to extend the
exclusive period to file a chapter 11 plan and solicit
acceptances thereof to November 6, 2023 and January 2, 2024,
respectively.
The Debtors claimed that they have devoted a significant amount
of time and effort in preserving and maximizing the value of
their estates for the benefit of all stakeholders. The Debtors
also claimed that they have timely filed their schedules of
assets and liabilities and statements of financial affairs as
well as their monthly operating reports. The Debtors also said
that they have resolved various contested matters in the Chapter
11 cases and that they have established the Bar Date for general
unsecured claims and administrative claims to facilitate the
formulation of a chapter 11 plan.
The Debtors explained, however, that they require additional time
to review the administrative claims and proofs of claim filed by
the Bar Date before filing their chapter 11 plan and to address
and seek resolution, if possible, of the adversary proceeding.
Unless extended, their exclusive filing period expires on August
7, 2023 and their exclusive solicitation period on October 4,
2023.
Pear Therapeutics, Inc. and Pear Therapeutics (US), Inc. are
represented by:
Chantelle D. McClamb, Esq.
GIBBONS P.C.
300 Delaware Avenue, Suite 1015
Wilmington, DE 19801
Tel: (302) 518-6300
Email: cmcclamb@gibbonslaw.com
- and -
Robert K. Malone, Esq.
Kyle P. McEvilly, Esq.
GIBBONS P.C.
One Gateway Center
Newark, NJ 07102
Tel: (973) 596-4500
Email: rmalone@gibbonslaw.com
kmcevilly@gibbonslaw.com
- and -
Alison D. Bauer, Esq.
Jiun-Wen Bob Teoh, Esq.
FOLEY HOAG LLP
1301 Avenue of the Americas, 25th Floor
New York, NY 10019
Tel: (212) 812-0400
Email: abauer@foleyhoag.com
jteoh@foleyhoag.com
- and -
Euripides Dalmanieras, Esq.
Christian Garcia, Esq.
Jasmine N. Brown, Esq.
FOLEY HOAG LLP
155 Seaport Boulevard
Boston, MA 02210
Tel: (617) 832-1000
Email: edalmani@foleyhoag.com
cgarcia@foleyhoag.com
jnbrown@foleyhoag.com
About Pear Therapeutics
Pear Therapeutics, Inc. is a commercial-stage healthcare company
pioneering a new class of software-based medicines, sometimes
referred to as Prescription Digital Therapeutics, which uses
software to treat diseases directly.
Pear Therapeutics, Inc. and Pear Therapeutics (US), Inc. filed
their voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10429) on April
7, 2023. Christopher Guiffre, chief financial officer and chief
operating officer, signed the petitions. In the petitions, the
Debtors reported $10 million to $50 million in both assets and
liabilities.
Judge Thomas M. Horan oversees the cases.
The Debtors tapped Foley Hoag, LLP as general bankruptcy counsel;
Gibbons, P.C. as Delaware counsel; Wilmer Cutler Pickering Hale
and Dorr, LLP as special counsel; and Sonoran Capital Advisors,
LLC and MTS Health Partners, L.P. as financial advisors.
Stretto, Inc. is the administrative advisor and claims and
noticing agent.
PERIMETER ORTHOPAEDICS: Court OKs Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, authorized Perimeter Orthopaedics, P.C. and
affiliates to use cash collateral on an interim basis in accordance
with the budget, with a 10% variance.
As previously reported by the Troubled Company Reporter, Truist
Bank assert a first priority lien on Perimeter Orthopaedics' cash
collateral pursuant to UCC Financing Statement No. 0602012-10598,
as subsequently continued and amended.
McKesson Corporation asserts a first priority lien on all of the
Surgery Center's tangible and intangible assets pursuant to UCC
Financing Statement No. 038-2021-025981.
As adequate protection, the Lenders are granted a valid and
properly perfected replacement lien on all property acquired by the
Debtors after the Petition Date that is the same or similar nature,
kind, or character as the Lenders' respective pre-petition
collateral, except that no such replacement lien will attach to the
proceeds of any avoidance actions under Chapter 5 of the Bankruptcy
Code. The Adequate Protection Lien will be deemed automatically
valid and perfected upon entry of the Order.
A final hearing on the matter is set for September 7, 2023 at 10:30
a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=GdNTaA from PacerMonitor.com.
The Debtor projects total outflows, on a weekly basis, as follows:
$97,536 for the week beginning August 21, 2023;
$78,793 for the week beginning August 28, 2023;
$89,836 for the week beginning September 4, 2023; and
$68,616 for the week beginning September 11, 2023.
About Perimeter Orthopaedics
Perimeter Orthopaedics, P.C. and Perimeter Outpatient Surgery
Associates, Inc. are a physician practice that specializes in
orthopedics.
The Debtors filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 23-20555) on May 17,
2023. At the time of filing, Perimeter Orthopaedics reported as
much as $50,000 in assets and $1 million to $10 million in
liabilities. Perimeter Outpatient reported as much as $50,000 in
assets and $500,001 to $1 million in liabilities.
Judge James R. Sacca oversees the case.
The Debtors are represented by William A. Rountree, Esq., at
Rountree Leitman Klein & Geer, LLC.
PHUNWARE INC: Sues UBS Securities Over Stock Manipulation
---------------------------------------------------------
Phunware, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that it filed a lawsuit against UBS
Securities, LLC alleging repeated manipulation of the Company's
stock over a two-year period.
Phunware said, "Specifically, we have alleged that UBS engaged in a
deceptive market manipulation tactic known as spoofing, in which
UBS placed huge quantities of sell orders to fool the market into
devaluing the Company's stock so that it could then buy the
Company's stock at a lower price. UBS then immediately cancelled
the sell orders, so it could reap profits at the expense of the
Company and our investors. As a consequence, UBS artificially and
negatively impacted the price of our stock in the market, causing
the Company to suffer significant losses when we sold shares at the
manipulated and devalued prices."
About Phunware
Headquartered in Austin, Texas, Phunware, Inc. --
http://www.phunware.com-- offers a fully integrated software
platform that equips companies with the products, solutions and
services necessary to engage, manage and monetize their mobile
application portfolios globally at scale.
Phunware reported a net loss of $50.89 million for the year ended
Dec. 31, 2022, compared to a net loss of $53.52 million for the
year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$45.46 million in total assets, $23.55 million in total
liabilities, and $21.90 million in total stockholders' equity.
Houston, Texas-based Marcum LLP, Phunware Inc.'s auditor since
2018, issued a "going concern" qualification in its report dated
March 31, 2023, citing that the Company has a significant working
capital deficiency, has incurred significant 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.
PLASTIQ INC: Court OKs Deal on Post-Closing Use of Cash Collateral
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered an
order approving the stipulation filed by Plastiq Inc. and
affiliates and Prepetition Secured Parties regarding the
post-closing use of cash collateral.
On June 22, 2023, the Bankruptcy Court entered the Final Order
authorizing the Debtors to obtain senior secured superpriority
postpetition financing pursuant to which proceeds of the DIP Loans
have been funded into the DIP Escrow Account. Pursuant to the terms
of the Final DIP Order, the DIP Escrow Account and all amounts on
deposit therein constitute DIP Collateral and cash collateral, are
subject to the Adequate Protection Liens of the Prepetition Secured
Parties.
On June 21, 2023, the Bankruptcy Court entered the Order (I)
Approving Bidding Procedures in Connection With the Sale of the
Debtors' Assets and Related Bid Protections; (II) Approving Form
and Manner of Notice; (III) Scheduling Auction and Sale Hearing;
(IV) Authorizing Procedures Governing Assumption and Assignment of
Certain Contracts and Unexpired Leases; and (V) Granting Related
Relief pursuant to which the Debtors were authorized to market and
sell their assets.
On July 21, 2023 the Debtors' filed the Notice of Cancellation of
Auction in accordance with the Bidding Procedures Order and
announced Plastiq, Powered by Priority, LLC as the party having
submitted the highest and best offer for the Debtors' assets that
are identified in the Purchase Agreement.
Following entry of the Sale Order and the occurrence of the Closing
Date, the Debtors' anticipate having outstanding administrative
expenses that arose prior to the Closing Date.
It is anticipated that the DIP Loans will be satisfied in full from
the cash consideration payable by the Purchaser pursuant to the
Purchase Agreement, but that the Prepetition Obligations will not
be satisfied in cash in full. As a result, the Prepetition Secured
Parties will retain their Adequate Protection Lien with respect to
the DIP Escrow Account and the cash collateral on deposit therein.
The DIP Agent has funded the full amount of the DIP Loans into the
DIP Escrow Account; however, the Debtors have not made Withdrawals
up to the full amount of the DIP Loans.
The Parties have engaged in good faith negotiations to consensually
allow for the use of cash collateral on deposit in the DIP Escrow
Account from and after the Closing Date and Withdrawals for the
sole purpose of satisfying pre-Closing Date administrative expenses
and payment of post-Closing Date wind-down expenses, and desire to
memorialize certain other agreements and understandings.
The parties agreed that the Debtors will be permitted to make
Withdrawals and use cash collateral from the DIP Escrow Account
upon submission of a Withdrawal Notice to the Prepetition Agent and
the Escrow Agent that certifies, among other things, that the
proceeds of the requested Withdrawal will be used solely for the
purpose of paying administrative expenses arising prior to the
Closing Date and costs of the wind-down of the Debtors' estates in
accordance with the budget.
Any unused funds remaining in the DIP Escrow Account after
satisfaction of the administrative expense incurred prior to the
Closing Date and set forth in the Post-Sale Budget will be returned
by the Escrow Agent to the Prepetition Agent for the benefit of the
Prepetition Lenders.
A copy of the order is available at https://urlcurt.com/u?l=bpHAuC
from PacerMonitor.com.
A copy of the stipulation is available at
https://urlcurt.com/u?l=74vv0m from PacerMonitor.com.
About Plastiq Inc.
Founded in 2012, Plastiq Inc. is a B2B payments company for SMBs.
It has helped tens of thousands of businesses improve cash flow
with instant access to working capital while automating and
enabling control over all aspects of accounts payable and
receivable. Plastiq provides growing finance teams with technology
and know-how once reserved for only large enterprises.
The flagship product, Plastiq Pay, pioneered a way for businesses
to pay suppliers by credit card regardless of acceptance as an
alternative to expensive, scarce bank loan options. Plastiq Accept
offers an alternative to expensive merchant services, enabling
businesses to accept credit cards with no merchant fees and get
paid across any customer touch point, including a website, invoice,
checkout process, and in person via QR code.
Plastiq Inc. and affiliates sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10671) on May 24,
2023. In the petition filed by its chief restructuring officer,
Vladimir Kasparov, Plastiq Inc. reported $50 million to $100
million in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the cases.
The Debtors tapped Young, Conaway, Stargatt & Taylor, LLP as
counsel; and Portage Point Partners, LLC as restructuring advisor.
Vladimir Kasparov of Portage Point Partners serves as the Debtors'
chief restructuring officer. Kurtzman Carson Consultants, LLC is
the claims agent and administrative advisor.
POLYMER INSTRUMENTATION: Lender Seeks to Prohibit Cash Access
-------------------------------------------------------------
Fulton Bank, N.A. asks the U.S. Bankruptcy Court for the Middle
District of Pennsylvania to prohibit Polymer Instrumentation and
Consulting Services, Ltd. from using cash collateral.
On March 7, 2014, the Debtor executed and delivered to Fulton a
Promissory Note in the original principal sum of $950,000. The Note
required the Debtor to make monthly payments of all accrued unpaid
interest as of each payment date, beginning April 7, 2014, and all
subsequent payments to be due on the same day of each month
thereafter.
On July 31, 2014, the Debtor executed and delivered to Fulton a
Supplement to Promissory Note which increased the principal sum
evidenced by the Note to $1.5 million.
On August 19, 2014, the Debtor executed and delivered to Fulton a
Supplement to Promissory Note which increased the principal sum
from $1.5 million to $2.1 million.
On December 1, 2016, the Debtor executed and delivered to Fulton a
Supplement to Promissory Note which increased the principal sum
from $2.1 million to $2.85 million.
The Debtor's indebtedness to Fulton was also secured by a
Commercial Security Agreement in connection with the Note executed
by the Debtor on March 7, 2014.
Per the terms of the Security Agreement, Fulton was granted a
security interest as an all asset security interest to include,
among other things, all of the Debtor's inventory, chattel paper,
accounts, equipment, and general intangibles.
The Debtor defaulted under the Note by failing to make payments
when due.
Based upon the Debtor's default, Fulton filed Complaints for
Confession of Judgment against the Debtor, its principal and
commercial guarantor Ti Chung Hsu, and commercial guarantor Emily
Chiang.
A Plan of Reorganization and Amended Plan of Reorganization were
filed on behalf of the Debtor on March 9, 2022. On June 9, 2022,
the Court entered an Order Confirming the Amended Plan of
Reorganization. The Plan required the sale of the Debtor's Personal
Property consisting of only machinery, equipment, inventory, and
intellectual property by June, 2023.
The Court entered an Order dated June 8, 2023, authorizing the
Debtor to accept offers for sale of the Personal Property until
noon on June 19, 2023. It further scheduled a final hearing on the
approval of the buyer for June 27, 2023.
Per the Debtor's Motion to Approve Auction Purchaser of Personal
Property and to Approve Distributions on June 23, 2023, the highest
bidder was "Nittany Materials, LLC" with an offer to purchase the
Personal Property in exchange for payment of $400,000. It proposed
payment to creditor SEDA-COG Equipment in the amount of $18,000
less costs and expenses with the remaining proceeds payable to
Fulton.
The Court entered an Order on June 28, 2023, approving the sale of
the Personal Property free and clear of all liens, claims,
encumbrances, and other interests. Upon receipt of payment from the
sale of the Personal Property, counsel for Fulton wrote to the
Debtor's counsel requesting status of the Debtor's Excluded
Personal Property, specifically cash and accounts receivables. The
statements indicate that, as of July 18, 2023, the value of the
accounts receivable was $582,068 and cash was $138,068.
Fulton notified the Debtor of its objection to any further use of
cash collateral. As the sale was a sale of Personal Property via
Asset Purchase Agreement, the purchaser of the Personal Property
has no basis or rights to utilize the Debtor's cash collateral in
its operations. The purchaser of the Personal Property is related
to Hsu, and the purchaser and Hsu intend to run a new company
utilizing the Personal Property.
Fulton has no adequate security with respect to the cash
collateral. The Debtor is no longer operating. It sold its Personal
Property to a third party pursuant to an Asset Purchase Agreement.
There is no basis under Federal law for the new owner to utilize
the Debtor's cash collateral to operate a different business.
The peril is not the Debtor's receivables which belong to Fulton,
but instead, a risk that vendors of the Debtor and now perceivably
the new entity, will not agree to continue to work with the new
entity.
A copy of the motion is available at https://urlcurt.com/u?l=CirDaF
from PacerMonitor.com.
About Polymer Instrumentation
& Consulting Services Ltd.
Polymer Instrumentation & Consulting Services, Ltd., a State
College, Pa.-based firm that conducts business under the name
Polymics, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No.
21-01056) on May 10, 2021, listing as much as $10 million in both
assets and liabilities. Tim T. Hsu, president of Polymer, signed
the petition.
Judge Mark J. Conway oversees the case.
The Debtor tapped Robert E. Chernicoff, Esq., at Cunningham
Chernicoff & Warshawsky, P.C. as bankruptcy counsel; Beard Law
Company and Morgan, Lewis & Bockius, LLP as special counsel; Chen &
Fan Accountancy Corp. as accountant; Strategic Resource as
management and financial advisor; and Three Twenty-One Capital
Partners, LLC as investment banker.
PURDUE PHARMA: SRZ's Michael Cook Discusses Second Circuit Ruling
-----------------------------------------------------------------
Michael L. Cook, Esq., of Schulte Roth & Zabel LLP, in his recent
article for Pratt's Journal of Bankruptcy Law titled "Purdue Pharma
Ruling by U.S. Court of Appeals for the Second Circuit: Not the
Last Word," Schulte Roth & Zabel of counsel Michael L. Cook
discusses the U.S. Court of Appeals for the Second Circuit's recent
decision regarding the nonconsensual releases of direct claims
against third-party non-debtors in a Chapter 11 reorganization
plan.
The U.S. Court of Appeals for the Second Circuit, in In re Purdue
Pharma L.P., recently affirmed a bankruptcy court's confirmation of
a reorganization plan with nonconsensual releases of direct claims
against third-party non-debtors, the debtor's controlling owners.
Reversing the forceful opinion of the district court in In re
Purdue Pharma L.P., the Second Circuit held that releases of direct
claims are permitted under both Bankruptcy Code Sections 105 (a)
and 1123(b)(6) and under "this Court's case law."
One judge on the three-judge panel, though, "reluctantly" concurred
with the majority's holding only because of "binding" Second
Circuit precedent, citing In re Drexel Burnham Lambert Group, Inc.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other for across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
QOURUM HEALTH: Pioneer Floating Marks $1.4MM Loan at 37% Off
------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,404,771 loan
extended to Quorum Health Corporation to market at $877,000 or 63%
of the outstanding amount, as of May 31, 2023, according to
Pioneer's semi-annual report on Form N-CSR for the period from
December 1, 2022 to May 31, 2023, filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in an Exit Term Loan to Quorum
Health Corporation. The loan accrues interest at a rate of 13.245%
(Term SOFR+825 bps) per annum. The loan matures on April 29, 2025.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Quorum Health Corporation is an operator and manager of hospitals
and outpatient services in non urban areas of the US.
RACKSPACE TECHNOLOGY: Pioneer Marks $1.02MM Loan at 61% Off
-----------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,029,000 loan
extended to Rackspace Technology Global, Inc to market at $405,651
or 39% of the outstanding amount, as of May 31, 2023, according to
Pioneer's semi-annual report on Form N-CSR for the period from
December 1, 2022 to May 31, 2023 filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in a First Lien 2021 Term B Loan
to Rackspace Technology Global, Inc. The loan accrues interest at a
rate of 7.915% (Term SOFR+275 bps) per annum. The loan matures on
February 15, 2028.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Rackspace Technology Global, Inc., supports and manages cloud
platforms, as well as offers managed hosting, colocation, security,
data processing, and enterprise application development.
RACKSPACE TECHNOLOGY: S&P Downgrades Issuer Credit Rating to 'SD'
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Rackspace
Technology Global Inc. to 'SD' (selective default) from 'CCC+'. S&P
also lowered its issue-level rating on its senior unsecured notes
due in 2028 to 'D' from 'CCC-' and affirmed its 'CCC+' ratings on
the company's senior secured debt. S&P's recovery ratings on this
debt are unchanged.
Over the next few business days, S&P expect to raise the issuer
credit rating to the 'CCC' category from 'SD'.
The rating action follows Rackspace's below-par debt repurchases
and reflects S&P's belief that they are distressed and tantamount
to a default under our criteria. This is because of operational
challenges and financial strain facing the company despite it
pursuing the repurchases in the open market and lacking near-term
maturities.
Rackspace has repurchased the equivalent of roughly $199 million of
original principal at a deep discount to what the company
originally promised lenders. Since March 31, Rackspace has pursued
increasing open market repurchases of its senior unsecured notes.
In the second quarter and continuing into July, it spent about $67
million to repurchase roughly $199 million (36% of the original
$550 million) of principal issued under its senior unsecured notes,
funded with a combination of cash on hand and revolver drawings.
Accordingly, the reduced leverage and ongoing expected annual
interest is at the detriment of lenders who received materially
less value than promised under the terms of the original
securities. Thus, this constitutes a default under our criteria.
S&P said, "These below-par unsecured debt repurchases are
distressed, and tantamount to a default under our criteria. We
think they are prompted by Rackspace's recent operating challenges,
execution risks hanging over its turnaround strategy, and limited
prospects to improve its weak credit metrics and reduce leverage
over the near term. We also believe, that at current interest
rates, it could be difficult for Rackspace to refinance its debt in
2028, all else equal."
Rackspace provides information technology (IT) services primarily
to customers in the midmarket (annual revenue of $300 million-$1
billion). The company's public cloud segment accounted for 59% of
its first-quarter 2023 revenue. Through this segment, Rackspace
offers public cloud services and helps customers manage multicloud
IT infrastructure. It also provides customers with tools to manage
software-as-a-service applications, monitor cyber security, and
extract data. Rackspace's private cloud segment accounted for 41%
of its first-quarter 2023 revenue. Through this segment, Rackspace
provides compute, storage, and applications accessed by a specific
customer, either with a cloud management layer (in private cloud)
or without one (in managed hosting). It also provides its
proprietary cloud, OpenStack. Rackspace's 2022 annual revenue was
$3.1 billion. The company is about 60% owned by Apollo Global
Management LLC as of the end of April 2023.
RADIATE HOLDCO: Pioneer Floating Marks $1.03MM Loan at 17% Off
--------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $1,036,999 loan
extended to Radiate Holdco LLC to market at $864,454 or 83% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in an Amendment No. 6 Term Loan
to Radiate Holdco LLC. The loan accrues interest at a rate of
8.404% (Term SOFR+325 bps) per annum. The loan matures on September
25, 2026.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a
newly-established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Radiate Holdco LLC, also known as Astound Broadband, and backed by
Stonepeak, is a broadband communications services provider and
cable operator doing business via regional providers RCN, Grande
Communications, Wave Broadband and enTouch Systems.
RAKKI LLC: Court OKs Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized Rakki LLC to use the cash collateral on
an interim basis in accordance with the provisions in the projected
budget, with a 10% variance.
As previously reported by the Troubled Company Reporter, a search
in the Texas Secretary of State shows that allegedly secured
positions are held by:
-- On Deck (UCC Filing No. 22-0032336344);
-- MCA Servicing Company (UCC Filing No. 22-0033184326);
-- Kalamata (UCC filing No. 22-0036657667);
-- LiquidBee (UCC filing No. 22-0047333701);
-- Torro (UCC filing No. 22-0047399167);
-- Family Business Fund (UCC filing No. 22-0048507725);
-- Gel Funding/Bridge Funding (UCC filing No. 22-0051894152);
and
-- Spring Funding (UCC filing No. 22-0053533992).
As adequate protection for the use of cash collateral, the parties,
to the extent they have a valid and perfected lien, are granted
replacement liens on all post-petition cash collateral and
post-petition acquired property to the same extent and priority
they possessed as of the Petition Date only as to the diminution in
value of their lien.
A final hearing on the matter is set for August 30 at 9:30 am.
A copy of the order is available at https://urlcurt.com/u?l=Bk1lUl
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=Bk1lUl
from PacerMonitor.com.
The Debtor projects $285,000 in cash receipts and $262,900 in total
cash disbursements for 30 days.
About Rakki LLC
Rakki LLC sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 22-42669) on November 4, 2022. In
the petition signed by Viet Nguyen, managing member, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Mark X. Mullin oversees the case.
Robert C. Lane, Esq., at The Lane Law Firm, is the Debtor's legal
counsel.
RAKKI LLC: Katharine Battaia Clark Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of
Thompson Coburn, LLP as Subchapter V trustee for Rakki, LLC, Kyodai
Handroll & Seafood Bar, LLC and Kyodai Sushi & Handroll Bar, LLC.
Ms. Clark will be paid an hourly fee of $495 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Clark declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Katharine Battaia Clark
Thompson Coburn LLP
2100 Ross Avenue, Ste. 3200
Dallas, TX 75201
972-629-7100
972-629-7171-fax
214-557-9180-mobile
Email: kclark@thompsoncoburn.com
About Rakki LLC
Rakki, LLC, Kyodai Handroll & Seafood Bar, LLC and Kyodai Sushi &
Handroll Bar, LLC filed petitions under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 23-42227) on
July 31, 2023. At the time of the filing, Rakki reported up to
$500,000 in assets and up to $1 million in liabilities.
Judge Mark X. Mullin oversees the cases.
Robert C. Lane, Esq., at the Lane Law Firm, LLC represents the
Debtors as counsel.
RAPID METALS: Court OKs Interim Cash Collateral Access
------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, Detroit, authorized Rapid Metals, LLC to use
cash collateral on an interim basis in accordance with the budget.
The Order will remain in effect during the period commencing on the
date of the Order through the earlier of: (i) the date of the final
hearing; (ii) the date the order becomes a final order in the
absence of a timely objection and final hearing; or (iii) the date
of the termination date in an amount not to exceed at any time the
aggregate amount of disbursements projected in the "Total
Disbursements" line item of the Budget, subject to the applicable
Permitted Variance.
Pursuant to the Loan and Security Agreement, by and among the
Debtor, as borrower, and Bank of America, N.A., as lender, dated as
of November 9, 2022, the ABL Lender provided a $30 million senior
secured revolving credit facility to the Debtor.
As of the Petition Date, the Debtor was indebted and liable to the
ABL Lender under the ABL Loan Documents in an aggregate principal
amount not less than $19.486, plus all interest accrued and
accruing thereon, together with all costs, fees, expenses and all
other Obligations.
Pursuant to the ABL Credit Agreement and other ABL Loan Documents,
the Debtor granted senior liens on and security interests in
substantially all of the Debtor's assets to the ABL Lender as
security for the ABL Obligations. The ABL Prepetition Liens granted
to the ABL Lender in the ABL Collateral pursuant to and in
connection with the ABL Loan Documents are valid, binding,
perfected, enforceable and non-avoidable first-priority liens and
security interests in substantially all of the Debtor's assets.
As adequate protection, the ABL Lender is granted valid, binding,
enforceable and perfected replacement liens upon and security
interests in all of the Debtor's presently owned or hereafter
acquired property and assets.
Further, ABL Lender is granted an allowed superpriority
administrative-expense claim in the Case and any Successor Case.
The ABL Adequate Protection Superpriority Claim will be subordinate
to the Carve Out solely to the extent set forth in the Order, but
otherwise will have priority over all administrative expense
claims.
The Debtor is required to comply with these milestones:
(a) On or prior to August 8, 2023, the Court will have entered
Orders inform and substance satisfactory to the ABL Lender,
authorizing the Debtor (i) to use cash collateral on terms and
conditions acceptable to the ABL Lender; and (ii) to use and
continue to operate the cash management system in the Case on terms
and conditions satisfactory to the ABL Lender;
(b) On or prior August 31, 2023, the Court will have entered final
orders in form and substance satisfactory to the ABL Lender,
authorizing the Debtor (i) to use cash collateral on terms and
conditions acceptable to the ABL Lender; and (ii) to use and
continue to operate the cash management system in the Case on terms
and conditions satisfactory to the ABL Lender; and
(c) On or prior to October 17, 2023, the Debtor will have made
repayment of the ABL Obligations in accordance with the Budget.
A final hearing on the matter is set for August 21 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=AZfHMH
from PacerMonitor.com.
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.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent the Debtor's unsecured creditors. The
committee tapped Bernstein-Burkley, PC as bankruptcy counsel and
Schafer and Weiner, PLLC as local counsel.
RECESS HOLDINGS: S&P Rates New $640MM First-Lien Term Loan 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Recess Holdings Inc.'s (d/b/a PlayCore) proposed
$640 million first-lien term loan due in 2027.
The company plans to use the proceeds to repay its first-lien term
loan due in 2024 ($396 million outstanding), second-lien term loan
due in 2027 ($145 million outstanding), fund cash on the balance
sheet potentially for acquisitions, and cover transaction fees and
expenses. Additionally, PlayCore plans to upsize its unrated
asset-based lending (ABL) revolver commitment to $125 million and
extend the maturity to 2026 (undrawn).
S&P said, "Our 'B' issuer credit rating and stable outlook on
PlayCore are unchanged. We expect pro forma S&P Global
Ratings-adjusted total leverage to increase modestly because of
incremental debt to the low- to mid-3x area, depending upon the
amount of potentially acquired EBITDA this year. However, this
provides ample cushion relative to our 6.5x downgrade threshold and
improves PlayCore's debt maturity profile. Despite the significant
anticipated leverage cushion this year, an upgrade is currently
unlikely given PlayCore's financial sponsor ownership and tolerance
for periodic debt-financed acquisitions. We could, however, raise
the rating if we expect the company to sustain S&P Global
Ratings-adjusted debt to EBITDA of less than 5x, incorporating
potential acquisitions and dividends."
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
-- S&P assigned its 'B' issue-level rating and '3' recovery rating
to the company's proposed $640 million senior secured term loan due
in 2027. The '3' recovery rating indicates its expectation for
substantial (50%-70%; rounded estimate: 55%) recovery in the event
of a default.
-- S&P's simulated default scenario considers a default in 2026,
reflecting a significant decline in EBITDA as the result of
prolonged economic weakness in the U.S., reduced municipal budgets
for playground equipment, and lower discretionary spending in the
outdoor recreational equipment market.
-- S&P does not rate the ABL revolver.
-- S&P's simulated default scenario assumes lenders would pursue
reorganization as opposed to liquidation to maximize recovery.
-- The ABL revolver has a first-priority perfected lien on cash,
accounts receivable, and inventory as well as a third-priority lien
on term loan collateral.
-- The first-lien debt has a first-priority perfected lien on
substantially all assets except to the extent they constitute ABL
collateral, as well as a second-priority lien on ABL collateral.
Simulated default assumptions
-- S&P's simulated default scenario considers a default by 2026.
-- The ABL revolving credit facility is 60% drawn at default.
-- Emergence EBITDA: $80 million
-- EBITDA multiple: 5.5x
Simplified waterfall
-- Gross recovery value: $439 million
-- Net recovery value for waterfall after 5% administrative
expenses: $417 million
-- Priority claims (ABL revolver): $55 million
-- Value available to first-lien debt: $347 million
-- Estimated secured debt: $635 million
--Recovery expectations: 50%-70% (rounded estimate: 55%)
All debt amounts include six months of prepetition interest.
REVERE POWER: $445MM Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Revere Power LLC is
a borrower were trading in the secondary market around 82.5
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $445 million facility is a Term loan that is scheduled to
mature on March 29, 2026. About $422 million of the loan is
withdrawn and outstanding.
Revere Power LLC is a project-financed entity that wholly owns and
controls three combined cycle gas plants in New England with a
combine winter capacity of 1,143 megawatts.
RIVERSIDE MILK: Seeks to Tap Kutner Brinen Dickey Riley as Counsel
------------------------------------------------------------------
Riverside Milk, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to hire Kutner Brinen Dickey Riley,
P.C. as its legal counsel.
The Debtor requires legal counsel to:
a. Give advice with respect to the powers and duties of the
Debtor under the Bankruptcy Code;
b. Assist the Debtor in the development of a plan of
reorganization under Chapter 11;
c. File the necessary pleadings, reports and actions that may
be required in the continued administration of the Debtor's
property under Chapter 11;
d. Take necessary actions to enjoin and stay until a final
decree the continuation of pending proceedings, and enjoin and stay
until a final decree the commencement of lien foreclosure
proceedings and all matters as may be provided under Section 362;
and
e. perform all other necessary legal services for the Debtor.
The firm will be paid at these rates:
Jeffrey S. Brinen $500 per hour
Jenny M. Fujii $410 per hour
Keri L. Riley $350 per hour
Jonathan M. Dickey $350 per hour
Law Clerk $100 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $21,187.50.
Jonathan Dickey, Esq., a partner at Kutner, 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:
Jonathan M. Dickey, Esq.
Kutner Brinen Dickey Riley, P.C.
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel:303-832-2400
Email: jmd@kutnerlaw.com
About Riverside Milk
Riverside Milk, LLC filed its voluntary Chapter 11 petition (Bankr.
D. Colo. Case No. 23-13267) on July 25, 2023, with $1,161,130 in
assets and $18,999,089 in liabilities. A. Foy Chapin signed the
petition as authorized representative.
Judge Michael E. Romero oversees the case.
Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C.
represents the Debtor as counsel.
ROBS BAR: Wins Cash Collateral Access Thru Aug 27
-------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Robs Bar & Grill, LLC to use cash
collateral on an interim basis in accordance with the budget.
As previously reported by the Troubled Company Reporter, a search
in the Texas Secretary of State shows that allegedly secured
positions are held by Alternative Funding Group Corp (UCC Filing
22-0044318498) and DMKA LLC dba The Smarter Merchant (UCC Filing
23-0020788515).
The court ruled that as adequate protection for the use of cash
collateral, secured parties are granted replacement liens on all
post-petition cash collateral and post-petition acquired property
to the same extent and priority they possessed as of the Petition
Date.
The holders of allowed secured claims with a perfected security
interest in cash collateral, if any, as that term is defined in the
Code, will be entitled to a replacement lien in post-petition
accounts receivable, contract rights, and deposit accounts to the
same extent allowed and in the same priority as those interests
held as of the Petition Date.
A final hearing on the matter is set for August 25, 2023 at 10:30
am.
A copy of the order is available at https://urlcurt.com/u?l=I8m1wB
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=BJ6QUZ
from PacerMonitor.com.
The Debtor projects $29,807 in cash receipts and $27,673 in cash
disbursements for 13 days.
About Robs Bar & Grill, LLC
Robs Bar & Grill, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32814) on July
28, 2023. In the petition signed by Robert Curry, owner, the Debtor
disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Jeffrey P. Norman oversees the case.
Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
legal counsel.
RODAN & FIELDS: $600MM Bank Debt Trades at 78% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Rodan & Fields LLC
is a borrower were trading in the secondary market around 22.5
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $600 million facility is a Term loan that is scheduled to
mature on June 15, 2025. About $570 million of the loan is
withdrawn and outstanding.
Rodan & Fields, LLC, known as Rodan + Fields or R+F, is an American
multi-level marketing company specializing in skincare products.
RUNNER BUYER: Pioneer Floating Marks $990,000 Loan at 24% Off
-------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $990,000 loan
extended to Runner Buyer, Inc to market at $753,637 or 76% of the
outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in an Initial Term Loan to Runner
Buyer, Inc. The loan accrues interest at a rate of 10.654%
(LIBOR+550 bps) per annum. The loan matures on October 20, 2028.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Runner Buyer, Inc. is an e-commerce provider of rugs and home decor
products through its website rugsausa.com and e-commerce
marketplaces.
SAFE ELECTRIC: Wins Cash Collateral Access Thru Sept 7
------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Safe Electric, LLC to use cash
collateral on an interim basis in accordance with the budget,
through September 7, 2023.
As previously reported by the Troubled Company Reporter, prior to
the Petition Date, the Debtor obtained financing from Regions Bank,
which is purportedly secured by a lien on the Debtor's cash and
cash equivalents. Regions may assert a first priority security
interest in the Debtor's cash and cash equivalents by virtue of a
UCC-1 Financing Statement filed with the State of Florida on
February 8, 2018. In addition, there may be other parties that
assert their interest on the Debtor's cash equivalents, which
interests are inferior to Regions.
The Debtor is permitted to use cash collateral to pay:
(a) the amounts expressly authorized by the Court, including
payments to the Subchapter V Trustee and payroll obligations
incurred post-petition in the ordinary course of business;
(b) the current and necessary expenses set forth in the
budget, plus an amount not to exceed 10% for each line item; and
(c) the additional amounts as may be expressly approved in
writing by Regions Bank.
The Court said Regions Bank and those creditors retaining inferior
security interests with respect to the Debtor's cash and cash
equivalents will have a perfected post-petition lien against cash
collateral to the same extent and with the same validity and
priority as the prepetition lien, without the need to file or
execute any documents as may otherwise be required under applicable
non-bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under all applicable loan and
security documents.
A continued hearing on the matter is set for September 7 at 11:30
a.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=E6Ba6l from PacerMonitor.com.
The Debtor projects total expenses of $3,080 for the week of August
20, 2023.
About Safe Electric, LLC
Safe Electric, LLC is an electrical contractor serving commercial
and residential clients.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02185) on June 2,
2023. In the petition signed by Jesus A. Castro, sole managing
member, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Tiffany P. Geyer oversees the case.
Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
SAN JORGE CHILDREN'S: Unsecured Creditors to Split $875K in Plan
----------------------------------------------------------------
San Jorge Children's Hospital, Inc. filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a Disclosure Statement for
Chapter 11 Plan dated August 7, 2023.
Debtor is a Puerto Rico for-profit corporation, that operates the
San Jorge Children & Women's Hospital in San Juan, Puerto Rico (the
"Hospital"). The Debtor is a wholly owned subsidiary of San Jorge
Children's Healthcare, Inc.
Based on operating experience and while monitoring the current
conditions present in the Puerto Rico Healthcare System, and even
after the effects of the pandemic slowly subsided, management
determined that San Jorge will not have sufficient liquidity to
satisfy all of the future financial obligations, comply with the
secured debt covenants, and execute the intended business plan to
improve operating results.
Upon evaluating the bankruptcy estate's composition and examining
the financial forecasts of the Hospital, the Debtor's management
has concluded that the sale of all of the Hospital's assets is the
reorganization strategy that would render more beneficious results
for the creditors while also ensuring the continuity of its
operations in benefit of the community it serves.
The Debtor is currently working with what it considered to be the
best proposal received to date for the sale of all or substantially
all of the assets of the Debtor that are related to the operation
of the Hospital, including the Real Property and the Personal
Property. However, regardless of the efforts employed and that
Debtor continues engaged with potential buyers, to date, no asset
purchase agreement has been executed nor stalking horse selected.
The Debtor will continue its efforts to identify a stalking horse
and execute a Conditional Asset Purchase Agreement (hereafter the
"CAPA"). In sum, the Debtor will move to confirmation under one of
three scenarios.
* First, at the conformation date, if a CAPA has been executed
with a stalking horse, and if no competing bidding is received, the
debtor will request the approval of the intended CAPA at
confirmation hearing as the authorized sale transaction being the
debtor in position to employ all efforts towards the closing and
transfer after confirmation.
* Second, at the conformation date, if a CAPA has been
executed with a stalking horse, and a competing bidding is
received, the debtor will seek the approval of the CAPA with the
identified buyer as the stalking horse as the leading bid only to
be bested after confirmation at a public auction. Under such
circumstances, the debtor will move to confirmation with CAPA and
the stalking horse as the baseline for the plan distributions.
* Finally, at confirmation, if no stalking horse has been
selected, but competing biddings are received, a public auction
will be scheduled after confirmation.
Class 3 consists of General Unsecured Claims. Each Allowed General
Unsecured Claim and of and in exchange for each Allowed General
Unsecured Claim, each such Holder shall be paid as follows:
* Free and Clear Assets Pro-Rata Dividend. Debtor has
identified unencumbered assets that it may possess and upon
confirmation will make efforts to sell them. Allowed claimants
shall receive from the Debtor distributions on the aggregate amount
of free and clear assets. Any net proceeds realized or collected by
the Debtor, after deducting necessary liquidation expenses, will be
paid pro-rata among all allowed claimants under this Class up to
the full amount of principal owed.
* Carve-Out Pro-Rata Dividend. Beginning on the effective date
of the plan allowed claimants shall receive from the Debtor
quarterly dividend payments for a period of two years from the
effective date of the Plan to be paid pro-rata among all allowed
claimants under this Class. The funds to pay this dividend shall be
from a Carve-Out on accounts receivables and any additional agreed
carveout to be obtained upon approval of the Secured Lender in
Class 1, to be distributed when collected, no less than every 90
days, to the extend there are funds available for distribution.
As of this date, the aggregate distributions to this class are
estimated at the amount of $875,000.00, subject to several
assumptions or risk factors. Class 3 is Impaired under the Plan.
Class 4 consists of any and all general unsecured claims that are
objected to by debtor before the Claims Objection Deadline. Class 4
claims are to be considered general unsecured claims potentially
entitled to the treatment provided under Class 3, but for the
qualifications set forth herein. In a good faith effort by the
Debtor to allow the bankruptcy case to move forward while allowing
the creditors to pursue the final adjudication of their claim, if
any, and in compliance with Section 502(c), the Debtor will
estimate the claims within this class in the amounts claimed as a
potential claim against the estate.
Class 5 consists of all Equity Security Interests of the Debtor.
The current stockholders of all the equity interest are Mr. Donald
R. Dizney via Dizco Properties, Inc. with a 70% interest and Mr.
David A. Dizney via Fourth Letter Inc. with a 30% interest vested
in the San Jorge Children's Healthcare, Inc., the holding company.
On the Effective Date, or as soon thereafter as reasonably
practicable, all San Jorge stock Interests will be extinguished,
and the holders of San Jorge Interests shall not receive or retain
any distribution, property, or other value on account of their
interest on the Debtor.
On the Effective Date, or as soon as reasonably practicable
thereafter, the Reorganized Debtor, shall undertake efforts for the
sale of all the Hospital's assets, including those encumbered by
the secured creditor.
A full-text copy of the Disclosure Statement dated August 7, 2023
is available at https://urlcurt.com/u?l=ZfO1dK from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Lugo Mender Group, LLC
Wigberto Lugo Mender, Esq.
Alexis A. Betancourt Vincenty, Esq.
Amarys Vellise Bolorin Solivan, Esq.
100 Carr. 165 Suite 501
Guaynabo, PR 00968-8052
Tel.: (787) 707-0404
Fax: (787) 707-0412
Email: wlugo@lugomender.com
About San Jorge Children's Hospital
San Jorge Children's Hospital, Inc. operates a hospital in San
Juan, P.R., which specializes in pediatrics.
San Jorge Children's Hospital filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 22-02630) on Sept. 1, 2022, with between $10 million and $50
million in both assets and liabilities. Edward P. Smith, chief
operating officer, signed the petition.
Judge Maria De Los Angeles Gonzalez presides over the case.
The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as bankruptcy counsel and Galindez, LLC as external auditor.
Cardona Jimenez Law Offices, P.S.C. represents the official
committee of unsecured creditors appointed in the Debtor's case
while RSM Puerto Rico serves as the committee's financial advisor.
SCF LLC: Seeks to Extend Plan Exclusivity to October 23
-------------------------------------------------------
SCF, LLC asks the U.S. Bankruptcy Court for the Western District
of Tennessee to extend its exclusivity periods to file a chapter
11 plan and solicit votes on the plan to October 23, 2023 and
November 22, 2023, respectively.
This is the Debtor's fourth motion for extension. Unless
extended, the Debtor's exclusive filing period ends on July 24,
2023.
The Debtor stated that it obtained authority to sell its assets
to Johnson-Lancaster and Associates, Inc., the same company
currently operating at the Debtor's business location pursuant to
a Management Agreement. The Debtor claimed that the sale recently
closed.
The Debtor also explained that there are several pending
adversary proceedings including an interpleader adversary
proceeding which could impact the plan and distribution to
creditors.
The Debtor further explained that the plan has been complicated
by the death of the principal in December 2021; the subsequent
cessation of the Debtor's operations; the reopening of the plant
through an agreement with also the purchaser of the personal
property of the Debtor; the probate estate of Nathanial Sparks
having an ownership interest in the real property but the Debtor
owning all personal property; and negotiations with potential
purchasers for the purchase of the assets.
SCF, LLC is represented by:
Steven N. Douglass, Esq.
HARRIS SHELTON HANOVER WALSH, PLLC
40 S. Main Street, Suite 2210
Memphis, TN 38103-2555
Tel: (901) 525-1455
About SCF LLC
SCF, LLC provides integrated logistics and barge transportation
services on the U.S. The company is based in Adamsville, Tenn.
SCF sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Tenn. Case No. 22-10809) on July 27, 2022. In
the petition filed by its chief financial officer, Doug Blaylock,
the Debtor listed $1 million to $10 million in assets and $10
million to $50 million in liabilities.
Judge Jimmy L. Croom oversees the case.
Steven N. Douglass, Esq., at Harris Shelton Hanover & Walsh, PLLC
is the Debtor's counsel.
EmergeLaw, PLLC represents the official committee of unsecured
creditors appointed in the Debtor's Chapter 11 case.
SCOTTS MIRACLE-GRO: S&P Downgrades ICR to 'B+', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating to 'B+' from
'BB-' on U.S.-based The Scotts Miracle-Gro Co. (Scotts) because
multiple downward performance revisions have left the highly
seasonal, weather-dependent company with historically weak credit
ratios, tight covenants, and the need to materially improve profits
in a fragile economy.
S&P said, "At the same time, we lowered our rating on Scott's
senior unsecured notes to 'B-' from 'B'. The recovery rating on the
notes remains '6', reflecting our expectation for negligible
(0-10%; rounded estimate 0%) recovery in the event of a payment
default."
The negative outlook reflects Scotts' tight covenant cushion and
need to materially improve performance--including reducing S&P
Global Ratings-adjusted leverage to below 5x in fiscal 2024 from
about 7x projected for fiscal 2023.
S&P lowered its rating because Scotts' continued underperformance
has delayed its expected credit ratio improvement and necessitated
another credit agreement amendment.
S&P said, "We forecast S&P Global Ratings-adjusted leverage of
about 7x as of the fiscal year ending Sept. 30, 2023, unchanged
from fiscal 2022. Retailers are aggressively reducing inventories
by cutting typical summer reorder behavior, and we expect the weak
sales trends reported by Scotts in the third quarter of 2023 to
continue into the next couple of quarters. The company's near-term
performance deterioration is driven by lower consumer takeaway
caused by a combination of an inflation-stressed consumer
redirecting spending to entertainment and travel and another poor
weather season. Scotts' anticipated price reductions and
accelerated expensing of high-cost inventory will exacerbate the
negative profit impact from lower unit demand.
"We expect these actions will position Scotts for a profit rebound
in 2024 with strong cash flow generation if weather conditions
improve. However, our base-case forecast assumes a 2024 profit
rebound back to 2019 levels (implying a 40% increase compared with
2023), which may be optimistic given an increasingly stressed
consumer that has private-label options in lawn and garden."
The credit agreement amendments relaxed Scotts' financial covenant
requirements (although the company only has about 10% EBITDA
cushion over the near term with contractual steps, which require
credit ratio improvement) while adding several lender protections.
Scotts' setbacks are primarily economic and weather-related and not
indicative of a weaker competitive position.
The company says it has gained share across major retailers while
household penetration for the lawn and garden sector is up about 6%
compared with before the pandemic. Moreover, point-of- sale volume
for the company's brands has outpaced retailer foot traffic.
S&P said, "In addition, we believe Scotts has made strides reducing
excess capacity, which it added as the lawn and garden industry
boomed during the pandemic, and prior to that in the Hawthorne
hydroponics segment when demand from cannabis cultivators was
strong. In particular, Scotts closed a sizable portion of
Hawthorne's facilities, reduced employee headcount, and accelerated
inventory reductions and supply chain facilities across both core
businesses.
"We do not assume a contribution of the Hawthorne business into a
joint venture."
Management has stated its desire to contribute, on a noncash basis,
its Hawthorne business into a joint venture with other
cannabis-related operators to enhance scale. S&P believes it would
take a year or so to close such a transaction should it occur. It
is unlikely a transaction would have an immediate impact on our
ratings since the business generates about break-even operating
profits and presumably no cash would change hands.
The negative outlook reflects Scotts' very high 7x leverage
projected for fiscal 2023, tight covenant cushion, and need to
materially improve performance.
S&P could lower the rating if it forecasts Scotts' S&P Global
Ratings-adjusted leverage will remain at or above 5x, which could
result from:
-- Poor weather conditions in the key lawn and garden seasons;
-- Weaker-than-expected reordering in fiscal 2024 if retailers
further reduce inventories amid lower consumer take away; or
-- High and volatile input costs, which the company cannot quickly
pass through to customers due to store brand competition.
S&P could also lower the rating if it projects that the company
might violate a financial covenant or if it unfavorably reassess
S&P's view of the business risk, potentially due to a lower profit
assessment if there are sustained adverse weather patterns.
S&P could take a positive rating action if it forecast it will
sustain S&P Global Ratings-adjusted leverage below 5x and its
covenant cushion will expand materially, which could result from:
-- A return to typical seasonal weather patterns that reduce
Scotts' recent profit and cash flow volatility;
-- Better economic conditions that promote higher consumer take
away and retailer inventory restocking;
-- Moderating input cost inflation; and
-- S&P's expectation that its financial policy will preclude any
materially leveraging transactions, including with respect to a
potential transaction involving Hawthorne.
S&P said, "Social and governance factors are a moderately negative
consideration in our credit rating analysis of Scotts. Scotts' core
lawn and garden business exposes the company to a higher degree of
social risks than the bulk of the consumer products industry, given
that its products contain chemicals that may have unfavorable
public health effects. Scotts is Monsanto's exclusive U.S. agent
for marketing and distributing its Roundup weed-killer products.
Litigation against Monsanto alleges that glyphosate causes cancer.
We assume Scotts will remain free of direct litigation, but believe
Roundup still presents a low-probability, high-impact risk to
Scotts. We incorporate risk that the CEO has exhibited
higher-than-average influence over the management teams, as
evidenced by significant top management turnover several years
ago."
SECURED COMMUNICATIONS: William Homony Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed William Homony of
Miller Coffey Tate, LLP as Subchapter V trustee for Secured
Communications, Inc.
Mr. Homony will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Homony declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
William A. Homony, CIRA
Miller Coffey Tate, LLP
1628 John F. Kennedy Boulevard, Suite 950
Philadelphia, PA 19103
Telephone: (215) 561-0950 ext. 26
Fax: (215) 561-0330
Email: bhomony@mctllp.com
About Secured Communications
Secured Communications, Inc. is a global technology company
specializing in safeguarding communications. The company is based
in Savannah, Ga.
Secured Communications sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11043) on Aug. 1,
2023, with $819,354 in assets and $2,794,128 in liabilities. Damien
Fortune, chief financial officer and chief operating officer,
signed the petition.
Judge Thomas M. Horan oversees the case.
William E. Chipman, Jr., Esq., at Chipman Brown Cicero & Cole, LLP,
represents the Debtor as legal counsel.
SHUTTERFLY FINANCE: $968MM Bank Debt Trades at 33% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Shutterfly Finance
LLC is a borrower were trading in the secondary market around 67.0
cents-on-the-dollar during the week ended Friday, August 11, 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.
SIMPLETECH REPAIR: Court OKs Interim Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of New York
authorized Simpletech Repair LLC to use cash collateral on an
interim basis in accordance with the budget through August 30,
2023.
The Debtor requires the use of cash collateral to fund payroll and
the operating business expenses.
As previously reported by the Troubled Company Reporter, the
prepetition secured lender who has an interest in the cash
collateral are Lyons National Bank, Stor RB One Limited, and UCC
Rep.
On October 2, 2017 the Debtor and Lyons entered into a secured line
of credit of which allegedly has $100,000 due and owing as of which
is secured by the Debtor's interest inventory, chattel, paper,
accounts, equipment and general intangibles.
On May 22, 2023 the Debtor and Stor RB One entered into secured
agreement which was filed on May 22, 2023 and the UCC statement is
not available to ensure what this obligation is secured by, but the
Debtor assumes that this secured creditor has a security in the
same collateral as Lyons.
On June 30, 2023 the Debtor and UCC Rep entered into a secured
agreement which was filed on June 30 2023 and the UCC statement is
not available to ensure which this obligation is secured by, but
the Debtor also assumes that this secured creditor has the security
in the same collateral as Lyons.
The court ruled that the parties that assert liens or interests in
the Debtor's assets as of the Petition Date are granted roll- over
or replacement liens or interests of the same kind, in the same
assets, and to the same extent and with the same priority as they
had prepetition pursuant to 11 U.S.C. sections 361 and 363 pending
conclusion of the Interim Hearing.
An interim telephonic hearing on the matter is set for August 30 at
11:30 a.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=Gpu1lI from PacerMonitor.com.
The Debtor projects total income, on a weekly basis, as follows:
$133,721 for the week starting August 15, 2023; and
$133,721 for the week starting August 22, 2023.
About Simpletech Repair LLCs
Simpletech Repair LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 23-30542-5-wak) on
August 4, 2023. In the petition signed by Jeffrey VanDusen, sole
and controlling member, the Debtor disclosed up to $500,000 in
assets and up to $1 million in liabilities.
Judge Wendy A. Kinsella oversees the case.
Maxsen D. Champion, Esq. represents the Debtor as legal counsel.
SOUND INPATIENT: $200MM Bank Debt Trades at 44% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 56.1 cents-on-the-dollar during the week ended
Friday, August 11, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $200 million facility is a Term loan that is scheduled to
mature on June 28, 2025. About $184 million of the loan is
withdrawn and outstanding.
Sound Inpatient Physicians, Inc. provides physician services in
acute, post-acute, emergency medicine, and intensivist facilities
through its wholly owned subsidiaries and affiliated companies.
Sound’s principal business is to provide hospitalist services to
hospitals and health plans designed to improve the well-being of
patients while reducing their associated costs through the
management of medical care. The company is primarily owned by
private equity sponsor Summit Partners and Optum Health.
SOUND INPATIENT: $215MM Bank Debt Trades at 77% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Sound Inpatient
Physicians Holdings LLC is a borrower were trading in the secondary
market around 22.6 cents-on-the-dollar during the week ended
Friday, August 11, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $215 million facility is a Term loan that is scheduled to
mature on June 28, 2026. The amount is fully drawn and
outstanding.
Sound Inpatient Physicians, Inc. is a provider of physician
services in acute, post-acute, emergency medicine, and intensivist
facilities through its wholly owned subsidiaries and affiliated
companies. Sound’s principal business is to provide hospitalist
services to hospitals and health plans designed to improve the
well-being of patients while reducing their associated costs
through the management of medical care. The company is primarily
owned by private equity sponsor Summit Partners and Optum Health.
STAT EMERGENCY: Seeks to Hire Wesler & Associates as Accountant
---------------------------------------------------------------
Stat Emergency Medical Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Wesler & Associates, CPA PC.
The Debtor requires an accountant to prepare and file its 2022 tax
return, 940 and 941 returns, and any other tax forms and
information.
The firm will receive a retainer in the amount of $8,000.
Cheryl Wesler, CPA, president of Wesler & Associates, disclosed in
a court filing that her firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Cheryl G. Wesler, CPA
Wesler & Associates, CPA PC
6523 Stadium Drive
Kalamazoo, MI 49009
Phone: +1 269-482-1015
Email: Cheryl@weslercpa.com
About STAT Emergency
STAT Emergency Medical Services, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich.
Case No. 23-31085) on July 5, 2023, with as much as $50,000 in
assets and $1 million to $10 million in liabilities. Charles
Mouranie of CMM & Associates has been appointed as Subchapter V
trustee.
Judge Joel D. Applebaum oversees the case.
The Debtor tapped Kim K. Hillary, Esq., at Schafer and Weiner, PLLC
as legal counsel and Wesler & Associates, CPA, PC as accountant.
SUREFUNDING LLC: Unsecureds Owed $625K to Get 100% of Claims
------------------------------------------------------------
Judge Laurie Selber Silverstein has entered an order approving on
an interim basis the adequacy of Disclosures in the Combined
Disclosure Statement and Plan of Liquidation of SureFunding, LLC.
Any objections to the adequacy of the information contained in the
Disclosures are expressly reserved for consideration at the
Confirmation Hearing.
The Debtor may file a supplement to the Plan no later than Aug. 28,
2023.
In order to be counted as votes to accept or reject the Plan,
Ballots must be properly executed, completed and delivered to the
Voting Agent so that the Ballots are actually received no later
than Sept. 5, 2023, at 4:00 p.m. (prevailing Eastern time), unless
extended by the Debtor in writing, after consultation with the
Committee.
On or before Sept. 8, 2023, the Voting Agent will file a signed
declaration setting forth the final voting results and methodology
used to tabulate the votes.
Objections to final approval and confirmation of the Plan on any
ground, including adequacy of the Disclosures therein, if any, must
be filed and served no later than Sept. 5, 2023 at 4:00 p.m.
No later than Sept. 12, 2023 at noon any party in interest may file
a brief in support and submit any evidence in support of
confirmation of the Plan, as well as respond to any objections or
responses filed in opposition to the Plan.
The Bankruptcy Court will conduct the Confirmation Hearing for (i)
final approval of the Plan and (ii) confirmation of the Plan. The
Confirmation Hearing is hereby scheduled for Sept. 14, 2023 at
10:00 a.m.
Liquidating Plan
SureFunding, LLC submitted a Combined Disclosure Statement and Plan
of Liquidation dated August 4, 2023.
As of July 31, 2023, the Debtor was in possession of $3,046,318.94,
including $181,972.17 received by the Receiver to which the
Abernathys have asserted that they are entitled. Further, some or
all of the Cash currently in the Debtor's possession may be subject
to a security interest by the Noteholders. The Cash in hand on the
Effective Date shall be used to pay Allowed Administrative Expenses
and Allowed Priority Claims.
The Cash on hand on the Effective Date will be used to pay all
Allowed Administrative Expenses and Allowed Priority Claims in
full. Any remaining Cash on Hand after payment of all Allowed
Administrative Expenses (after accounting for the Administrative
Claim Reserves) and Allowed Priority Claims will be used to pay
Allowed Noteholder Claims. The Unsecured Distribution Assets will
be available for payment of Allowed Unsecured Claims in the first
instance, and in the event that there are sufficient funds to pay
Allowed Unsecured Claims in full, including interest, the balance
of the Unsecured Distribution Assets will be available for payment
of Allowed Noteholder Claims. The Net Collection Interest Proceeds
will be available for payment of Allowed Noteholder Claims in the
first instance, and in the event that there are sufficient funds to
pay Allowed Noteholder Claims in full, including interest, the
balance of the Net Collection Interest Proceeds will be available
for payment of Allowed Noteholder Claims.
Only if all Allowed Priority Claims, Allowed Unsecured Claims and
Allowed Noteholder Claims are paid in full, will Holders of
Interest receive a distribution from the Liquidating Trust Assets.
Holders of Interests shall receive a distribution only after all
Allowed Administrative Expenses and Allowed Claims are paid in
full.
Under the Plan, Class 2 General Unsecured Trade Claims total
$625,000. Each Holder of an Allowed General Unsecured Claim will
receive a pro rata distribution from the Unsecured Distribution
Assets. Additionally, and solely to the extent that the Unsecured
Distribution Assets is insufficient to pay all Allowed General
Unsecured Claims in full, including interest, and all Allowed
Noteholder Claims are paid in full, including interest, Holders of
Allowed General Unsecured Claims shall receive proceeds from the
Net Collection Interest Proceeds on a pro rata basis until such
Allowed General Unsecured Claims are paid in full. Creditors will
recover 100% of their claims. Class 2 is impaired.
"Net Collection Interest Proceeds" shall mean proceeds from the
collection from the following assets (i) TradePay Litigation, (ii)
MSB Litigation, (iii) Euler Hermes Litigation, (iv) Conversion Labs
Collections (proceeds from the Receiver's exercise of warrants for
common stock of Conversion Labs and the subsequent sale of that
stock), (v) NCM Wireless Collections, (vi) Great American Power
Holdings, LLC, (vii) Scidera, Inc. collection, (viii) Credit Point
Financial Collections, (ix) Business Advance Participations, and
(xi) unencumbered proceeds collected from (i) – (ix) in the
possession of the Debtor on the Plan Effective Date.
"Unsecured Distribution Assets" shall mean (i) proceeds of the
estate's Causes of Action against the Abernathys and any Affiliates
and against Goodwin Proctor, (ii) all other unencumbered assets;
and (iii) any remaining Net Collection Interest Proceeds after
payment of Allowed Class 3 Claims in full, including interest.
On the Effective Date the Debtor will transfer all of its Assets to
the Liquidation Trust for Distribution in accordance herewith. The
Confirmation Order shall be deemed to, pursuant to sections 363 and
1123 of the Bankruptcy Code, authorize, among other things, all
actions as may be necessary or appropriate to effect any
transaction described in, approved by, contemplated by, or
necessary to effectuate the Plan. Following the Effective Date, the
Liquidation Trustee shall take all actions reasonably necessary to
dissolve the Debtor under any applicable laws.
Counsel to the Debtor:
Carl N. Kunz, III, Esq.
Jeffrey R. Waxman, Esq.
Tara C. Pakrouh, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-6800
E-mail: ckunz@morrisjames.com
jwaxman@morrisjames.com
tpakrouh@morrisjames.com
A copy of the Order dated August 4, 2023, is available at
bit.ly/3YsPbcz from PacerMonitor.com.
A copy of the Combined Disclosure Statement and Plan of Liquidation
dated August 4, 2023, is available at bit.ly/45gIGf9 from
PacerMonitor.com.
About SureFunding LLC
Las Vegas-based SureFunding, LLC, was founded by Jason and Justin
Abernathy in 2014 as a private investment vehicle. It opened in
2015 to outside investors, many of which were family, friends and
business acquaintances. Its investments are in short-term,
high-yield assets.
SureFunding sought Chapter 11 protection (Bankr. D. Del. Case No.
20-10953) on April 14, 2020, with $10 million to $50 million in
both assets and liabilities. Judge Laurie Selber Silverstein
oversees the case.
The Debtor tapped Carl N. Kunz, III, Esq., and Jeffrey R. Waxman,
Esq., at Morris James, LLP as bankruptcy attorneys; Carlyon Cica
Chtd. as special litigation counsel; and Ted Gavin of
Gavin/Solmonese, LLC as chief restructuring and liquidation
officer.
Bayard, P.A., represents the ad hoc committee of SureFunding
noteholders.
T-ROLL CONSTRUCTION: Court OKs Interim Cash Collateral Access
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado entered an
order authorizing T-Roll Construction, Inc. from using cash
collateral to pay its ordinary and necessary operating expenses
that have arisen after the petition date excluding payment to any
creditors, other than Commercial Credit Group Inc., holding
prepetition claims against the Debtor.
The Debtor is indebted to CCG as follows: (a) Negotiable Promissory
Note and Security Agreement dated July 26, 2021, as amended from
time to time, in the face amount of $810,450; (b) Negotiable
Promissory Note and Security Agreement dated June 29, 2022, as
amended from time to time, in the face amount of $74,328; and (c)
Negotiable Promissory Note and Security Agreement dated November
16, 2022, in the face amount of $649,964. As of the Petition Date,
the Prepetition Obligations were in an amount not less than $1.151
million.
To the extent there is a diminution in value of the interests of
CCG in its cash collateral, from and after the Petition Date,
whether or not resulting from the use of CCG's cash collateral, CCG
is granted, pursuant to 11 U.S.C. Sections 361, and 363(e),
replacement liens upon all post-petition property of the Debtor,
now existing or hereinafter acquired, and proceeds thereof to the
same extent as provided in the Notes and in the same priority as
existed prior to the Petition Date.
To the extent there is a diminution in value of the interests of
CCG in its cash collateral, CCG is further granted an allowed
superpriority administrative claim, pursuant to 11 U.S.C. Section
507(b).
As additional adequate protection, pursuant to Section 361(1) of
the Bankruptcy Code, for: (i) the continued use of cash collateral
the Debtor will make monthly payments to CCG in the amount of
$5,000, and (ii) the continued use of the Construction Equipment
and Vehicles the Debtor will make monthly payments to CCG in the
amount of $12,500.
No later than July 30, 2023, the Debtor will pay CCG $20,000 as
adequate protection for the Debtor's prior unauthorized use of cash
collateral for the months of April, May, June and July 2023. No
later than August 30, 2023, the Debtor will pay CCG $20,000 as
adequate protection for the Debtor's use of the Construction
Equipment and Vehicles for the months of May, June and July. All
monthly regular Adequate Protection Payments will be made no later
than the 30th day of the month starting August 1, 2023.
Adequate Protection Payments received by CCG will be applied to the
Prepetition Obligations in accordance with the Notes.
A copy of the Court's order is available at
https://urlcurt.com/u?l=oLPNZQ from PacerMonitor.com.
About T-Roll Construction, Inc.
T-Roll Construction, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-11154) on March
24, 2023. In the petition signed by Seth Cvancara, owner and chief
executive officer, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Elizabeth E. Brown oversees the case.
Stephen Berken, Esq., at Berken Cloyes, PC, represents the Debtor
as legal counsel.
TELESAT LLC: $1.91BB Bank Debt Trades at 36% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 64.3
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.91 billion facility is a Term loan that is scheduled to
mature on December 6, 2026. About $1.54 billion of the loan is
withdrawn and outstanding.
Telesat LLC operates as a satellite operator. The Company offers
satellite delivered communications solutions to broadcast, telecom,
corporate, and government customers, as well as provides technical
consultancy services. Telesat serves clients worldwide.
TENNECO INC: S&P Rates New $1.75BB Senior Secured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Tenneco Inc.'s proposed $1.75 billion senior
secured notes due 2028. The '3' recovery rating indicates its
expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery for creditors in its hypothetical default scenario.
Tenneco intends to use proceeds from the issuance of its new senior
secured notes to repay its existing interim senior secured bridge
loans associated with the company's buyout by Apollo Global
Management Inc. that closed in November 2022. S&P's 'B' issuer
credit rating and stable outlook on Tenneco are unchanged because
the proposed transaction does not affect the company's credit
metrics.
TGPC PROPERTIES: Seeks Cash Collateral Access
---------------------------------------------
TGPC Properties, LLC asks the U.S. Bankruptcy Court for the
District of California for authority to use cash collateral and to
determine that it is not required to continue making any adequate
protection payments to 4 LLC, or alternatively, that the Court
substantially decrease the amount of any required payments.
The Court previously ordered the Debtor to make the payments
through June 2023, however it did not order continued payments
beyond that date.
The rents received from its member and tenant, The Gathering Place
Church, are the cash collateral of both creditors, 4 LLC and
Charles and Antonette Artinos.
The Debtor wants to use the rent payments it receives from the
church to make monthly adequate protection payments of $6,532 to
Charles Artino, Antonette Artino, Salvatore Artino, and Nicole
Artino, who hold the second-position deed of trust on the Debtor's
property. The payment amount is based on a five-year amortization
of the $297,000 agreed amount of the Artinos' claims at 11.5%
interest.
4 LLC is the beneficiary under the senior deed of trust on the
Property and the Cafe. The deed of trust secures a promissory note
signed by the Debtor in favor of 4 LLC's predecessor Capital Fund
I, LLC in the stated amount of $1.581 million. 4 LLC claims that
the balance of the 4 LLC Note as of the Filing Date was $2.577
million, but the Debtor has filed an objection asserting that,
among other things, the default interest that 4 LLC has included in
its claim is unenforceable as a penalty under Arizona law and that
the charging of amounts in excess of what Debtor agreed to pay
constitutes usury and requires forfeiture of all interest. The
objection remains pending.
The Artinos sold the Cafe to 7th Street. Their claim arises out of
a promissory note in the amount of $350,000 signed by Debtor, 7th
Street, and the Church and secured by second-position deeds of
trust on the Property and the Cafe.
The tax assessed values for both the Church and Cafe (which the
Maricopa County Assessor has assessed as a single parcel) for 2023
and 2024 are $3.619 million and $3.769 million, respectively, as
shown in the assessor records. While the Debtor's preference is to
retain title to the Church, the Debtor has listed the Property for
sale at an asking price of $3.5 million and has listed the Cafe for
sale at an asking price of $1.750 million, which the Debtor
believes to be reflective of the fair market value of the
properties. Both properties are listed with Jason Miszuk of the
brokerage Realty One Group. The Debtor does not believe that either
property is depreciating in value. To the contrary, the
year-over-year increase in tax assessed value reflects that they
are appreciating in value.
The Debtor has only nominal operating costs. Its Lease requires the
Church to maintain the Property and keep it in good repair during
the lease term and pay its own utility costs. The Church has been
discharging its duty to keep the Property in good repair and, to
the best of the Debtor's knowledge, is current on utility payments.
The Property is exempt from taxation. The Debtor's only real
operating cost is its annual property insurance premium, which cost
the Debtor $7,205 at its most recent renewal in May 2023.
While 4 LLC has already objected to the Debtor's proposed use of
cash collateral to make payments to the Artinos, 4 LLC already has
substantial adequate protection. It holds the senior deed of trust
on both the debtor's real property and another property owned by
the Debtor's affiliate, and is already adequately protected by a
substantial equity cushion and by the over $98,000 in adequate
protection payments it has already received to date. Unlike the
Artinos, whose junior lien priority leaves them exposed to the risk
that they will recover nothing if 4 LLC were to foreclose on its
senior lien, 4 LLC has minimal risk of loss.
As 4 LLC has pointed out, the Church is delinquent in payment on
some of its rental obligations to the Debtor. While the monthly
rental payment under the Lease was set at an amount that was
sufficient to cover the monthly debt service obligations to both 4
LLC and the Artinos under their respective promissory notes, up to
this point in the case, the only adequate protection payments the
Court ordered to be paid were to 4 LLC.
Accordingly, while Debtor received rents from the Church in an
amount sufficient to pay the adequate protection payments to 4 LLC,
the Debtor did not strenuously enforce its rights to payment of the
full amount of the rent from the Church (the amount in excess of
what was necessary to make the adequate protection payments and to
pay other expenses like insurance premiums). Instead, it
accumulated an accunt receivable from the Church for the balance of
the rent payments. Going forward, the Church will pay the full
amount of rent owed under the Lease as it comes due, and will make
payments on account of the delinquent rent in an amount that is at
least sufficient to cover the Debtor's monthly expenses, including
adequate protection payments to both 4 LLC and the Artinos.
The Debtor asserts that it should not be required to continue
making adequate protection payments to 4 LLC when it already has
ample adequate protection. There is no evidence that the Property
is depreciating in value. To the contrary, the year-over-year
increases in tax assessed value show that it is appreciating. 4 LLC
also has a substantial equity cushion in its collateral, which
consists of both the Property owned by Debtor and the Cafe owned by
its affiliate. And, it has already received over $98,000 in
adequate protection payments to date. , 4 LLC already has all of
the adequate protection it needs, and then some.
4 LLC may argue that it is entitled to interest payments under 11
U.S.C. Section 362(d)(3), which applies to single asset real estate
cases. But that section only requires stay relief if, within 90
days of the petition date, the debtor has either: (a) "filed a plan
of reorganization that has a reasonable possibility of being
confirmed within a reasonable time; or (b) commences making monthly
interest payments at the non-default contract rate of interest. At
the time Debtor began making payments to 4 LLC, it had not filed a
plan. But that has changed. The Debtor has since filed a plan that
has a reasonable possibility of being confirmed within a reasonable
time. Thus, the monthly interest payments should no longer be
necessary under Section 362(d)(3). The Court should eliminate the
Debtor's requirement to make the payments or at least substantially
reduce the amount of payments required.
In contrast to 4 LLC, the position of the Artinos is more
precarious. Their liens on their collateral are junior in priority
to those of an extremely aggressive lender insistent on receiving
payment at the rate of 29% per annum. If 4 LLC were to foreclose on
its deed of trust, the most likely outcome would be that 4 LLC
would credit bid the amount of its (substantially inflated) claim
against the Debtor, take title to the Property, and extinguish the
Artinos' lien. The odds of the Property being sold for something
approximating fair market value at a trustee's sale, and thereby
generating excess proceeds that could be distributed to the
Artinos, is almost nil. Any third-party bidders would be required
to pay the full purchase price in cash by 5pm the day after the
trustee's sale. A.R.S. Section 33-811. Even if the Property is
worth substantially more than the indebtedness to 4 LLC, it is
extremely unlike that anyone would be willing to pay upward of $2.5
million in cash within one business day after a trustee's sale.
Thus, 4 LLC would acquire Property that it can sell at a massive
profit, and the Artinos would be left with no collateral at all.
The Artinos—who have cooperated with the Debtor's restructuring
efforts despite not being paid anything since the Filing Date—are
deserving of some form of adequate protection against this risk.
A copy of the motion is available at https://urlcurt.com/u?l=THpUdj
from PacerMonitor.com.
About TGPC Properties
TGPC Properties, LLC, is primarily engaged in renting and leasing
real estate properties.
TGPC Properties filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 22-08374) on Dec. 19,
2022, with $1 million to $10 million in both assets and
liabilities. Paul Johnson, manager, signed the petition.
Judge Madeleine C. Wanslee oversees the case.
The Debtor is represented by D. Lamar Hawkins, Esq., at Guidant
Law, PLC as legal counsel and Carel Marbry of The Gathering Place
Church as bookkeeper.
TOMIA BEAUTY: Case Summary & Eight Unsecured Creditors
------------------------------------------------------
Debtor: Tomia Beauty Brands LLC
126 5th Avenue, 15th Floor
New York, NY 10011
Case No.: 23-16967
Chapter 11 Petition Date: August 13, 2023
Court: United States Bankruptcy Court
District of New Jersey
Debtor's Counsel: Todd E. Duffy, Esq.
DUFFYAMEDEO LLP
132 West 31st Street
9th Floor
New York, NY 10001
Tel: (212) 729-5832
Email: tduffy@duffyamedeo.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jennifer Kapahi as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/OC6QGFY/Tomia_Beauty_Brands_LLC__njbke-23-16967__0001.0.pdf?mcid=tGE4TAMA
TORTOISE BORROWER: $342MM Bank Debt Trades at 57% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Tortoise Borrower
LLC is a borrower were trading in the secondary market around 43.3
cents-on-the-dollar during the week ended Friday, August 11, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $341.8 million facility is a Term loan that is scheduled to
mature on January 31, 2025. About $325.6 million of the loan is
withdrawn and outstanding.
Tortoise Borrower, LLC, was formed by Lovell Minnick Partners to
facilitate its acquisition of Tortoise Investments.
ULTRA SEAL: Unsecureds Owed $3.6M to Get 15% in Plan
----------------------------------------------------
Ultra Seal Corporation submitted an Amended Disclosure Statement
describing Plan of Reorganization dated August 7, 2023.
The Plan is based on the Debtor's belief that the estimated current
forced liquidation value of its assets is so small as to offer the
potential of little recovery to its general unsecured creditors,
and that such cash liquidation would be an economic waste to
itself, its creditors and the community in which it is located.
Class 1 consists of costs and expenses of administration as defined
in the Bankruptcy Code, including, but not necessarily limited to,
Debtor's counsel fees, accounting fees and consultant fees, post
petition accounts payable and post-petition taxes, will be paid in
full or in accordance with an agreement with said creditor. At the
present time, it is estimated that administration expenses will
total approximately $52,350.00 and consists of the following:
* Genova, Malin & Trier, LLP – attorneys' fees, expenses and
disbursements to counsel for the Debtor in the approximate total
amount of $25,000.00, in addition to the interim fees and expenses
requested in the application before the Court for hearing May 9,
2023;
* RBT CPAs, LLP - accounting fees for the Debtor in the
approximate total of $7,350.00;
* Timothy Dittenhoefer, RPH - consultant to the Debtor in the
approximate amount of $10,000.00;
* TIMOTHY STEWART, d/b/a T.S. Essential Consulting -
consultant to the Debtor in the approximate amount of $10,000.00;
and
* U.S. Trustee quarterly fees, if any, shall be paid on the
effective date of the Plan and shall continue to be paid post
confirmation until such time as the Court enters a final decree
closing the case.
Class 3 consists of allowed claims of all other creditors of the
Debtor, including pre-petition unsecured creditors, subject to an
allowance of their claims by the Court, will be paid in cash, an
amount equal to 15% of the allowed amount of such creditors' claim
payable as follows: Cash payment upon the effective date (totaling
3%) and quarterly cash payments thereafter (totaling 3% per year)
for four years, with the first quarterly payment being made one
year after the Effective Date and continuing for 16 quarters
thereafter. The initial payment, upon the Effective Date of the
Plan, shall be in the approximate amount of $108,875.00. The claims
in this class total approximately $3,629,150.00. This class is
impaired and its vote will be solicited.
The funds necessary for the satisfaction of creditors' claims shall
be generated from revenues received in the ordinary course of the
Debtor's business operations. In addition, the Debtor has filed an
Application to liquidate its whole life insurance policy with
Prudential, along with Prudential stocks.
A full-text copy of the Amended Disclosure Statement dated August
7, 2023 is available at https://urlcurt.com/u?l=642efS from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Andrea B. Malin, Esq.
Michelle L. Trier, Esq.
GENOVA, MALIN & TRIER, LLP
Hampton Business Center, 1136 Route 9
Wappingers Falls, NY 12590
Tel: (845) 298-1600
About Ultra Seal Corporation
Ultra Seal Corporation is a privately owned and operated contract
packager of pharmaceutical products, nutritional supplements and
personal care products located in the heart of New York's Hudson
Valley. Affiliate, Ultra-Tab Laboratories, Inc., is a bulk
manufacturer of those products. Both are regulated by the U.S. Food
and Drug Administration.
Ultra Seal and Ultra-Tab sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-35630) on
Oct. 6, 2022. At the time of the filing, Ultra Seal listed
$8,861,955 in assets and $5,757,027 in liabilities while Ultra-Tab
listed up to $10 million in both assets and liabilities.
Judge Cecelia G. Morris oversees the cases.
The Debtors tapped Michelle L. Trier, Esq., at Genova, Malin &
Trier, LLP as legal counsel; RBT CPAs, LLP as accountant; and
Timothy Stewart at T.S. Essential Consulting as consultant.
UNAGI INC: Horizon Tech Marks $1.1MM Loan at 22% Off
----------------------------------------------------
Horizon Technology Finance Corporation has marked its $1,108,000
loan extended to Unagi, Inc to market at $868,000 or 78% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to
Unagi, Inc. The loan accrues interest at a rate of 16% (Prime+
7.75%, 11% Floor) per annum. The loan matures May 1, 2027.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Unagi Inc is a start-up behind the portable, design-centric
electric scooters.
UNAGI INC: Horizon Tech Marks $554,000 Loan at 22% Off
------------------------------------------------------
Horizon Technology Finance Corporation has marked its $554,000 loan
extended to Unagi, Inc to market at $434,000 or 78% of the
outstanding amount, as of June 30, 2023, according to a disclosure
contained in Horizon's Form 10-Q for the quarterly period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Horizon Technology Finance is a participant in a Term Loan to
Unagi, Inc. The loan accrues interest at a rate of 16% (Prime+
7.75%, 11% Floor) per annum. The loan matures May 1, 2027.
Horizon Technology Finance was organized as a Delaware corporation
on March 16, 2010 and is an externally managed, non-diversified,
closed-end investment company. Horizon Technology Finance
Corporation has elected to be regulated as a business development
company under the 1940 Act. In addition, for tax purposes, has
elected to be treated as a regulated investment company as defined
under Subchapter M of the Internal Revenue Code of 1986, as
amended.
Unagi Inc is a start-up behind the portable, design-centric
electric scooters.
UNION FUND LLC: Case Summary & Two Unsecured Creditors
------------------------------------------------------
Debtor: Union Fund LLC
110-02 Rockaway Beach Blvd.
Rockaway Park, NY 11694
Business Description: The Debtor owns a 14-unit residential
apartment building located at 217 Union
Street, Schenectady, NY 12305 valued at
$1.25 million.
Chapter 11 Petition Date: August 14, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-42902
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Charles Wertman, Esq.
THE LAW OFFICES OF CHARLES WERTMAN
100 Merrick Road
Suite 304W
Rockville Centre, NY 11570
Tel: (516) 284-0900
Email: charles@cwertmanlaw.com
Total Assets: $1,260,168
Total Liabilities: $560,300
The petition was signed by Ruth Cohen as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XGFKSHY/Union_Fund_LLC__nyebke-23-42902__0001.0.pdf?mcid=tGE4TAMA
UPSTREAM NEWCO: Pioneer Floating Marks $2.1MM Loan at 20% Off
-------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $2,184,890 loan
extended to Upstream Newco, Inc to market at $1,758,836 or 80% of
the outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in a First Lien August 2021
Incremental Term Loan to Upstream Newco, Inc. The loan accrues
interest at a rate of 9.41% (Term SOFR+425 bps) per annum. The loan
matures on November 20, 2026.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Upstream Newco, Inc., headquartered in Birmingham, Alabama,
provides outpatient rehabilitation services, primarily physical
therapy. Through its subsidiaries, Upstream operates about 1,150
clinics in 28 states, with a strong presence in the Southeast.
US RENAL: Pioneer Floating Marks $2.02MM Loan at 46% Off
--------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $2,028,149 loan
extended to US Renal Care, Inc to market at $1,098,582 or 54% of
the outstanding amount, as of May 31, 2023, according to Pioneer's
semi-annual report on Form N-CSR for the period from December 1,
2022 to May 31, 2023, filed with the Securities and Exchange
Commission.
Pioneer Floating is a participant in an Initial Term Loan to US
Renal Care, Inc. The loan accrues interest at a rate of 10.188%
(LIBOR+500 bps) per annum. The loan matures on June 26, 2026.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
U.S. Renal Care is a dialysis provider available for people living
with chronic and acute renal disease.
VR PHASE III: Unsecureds Will Get 100% of Claims over 60 Months
---------------------------------------------------------------
VR Phase III Homeowners Association, Inc., submitted a Plan of
Reorganization under Subchapter V dated August 8, 2023.
The Debtor is a homeowner's association for residential properties
located in Irving, Texas.
The Debtor was facing litigation from a homeowner which led to the
Debtor's inability to fully service its debt and ultimately the
filing of this case.
The Debtor scheduled total Unsecured Claims of $116,018.78.
FirstService Residential Texas, Inc. filed an Unsecured Proof of
Claim in the amount of $100,151.49. The Debtor intends to file an
objection to this Claim. The Debtor has no financial obligation
owed to FirstService Residential Texas, Inc.
Class 1 consists of Allowed General Unsecured Claims: Class 1
Claimants shall be paid 100% of their Allowed Claims over 60 months
from the Effective Date, with 2% interest per annum. These Claims
will be paid in equal monthly installments commencing on the first
day of the first month following the Effective Date and continuing
on the first day of each month thereafter until the expiration of
60 months. These Claims are Impaired, and the holders of these
Claims are entitled to vote to accept or reject the Plan.
Class 2 Equity Interests shall be retained. These Interests are
unimpaired.
The Debtor intends to make all payments required under the Plan
from available cash and income from the business operations of the
Debtor.
A full-text copy of the Subchapter V Plan dated August 8, 2023 is
available at https://urlcurt.com/u?l=M01QbC from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Phone: (972) 503-4033
Fax: (972) 503-4034
Email: joyce@joycelindauer.com
About VR Phase III Homeowners Association
VR Phase III Homeowners Association, Inc., is a homeowner's
association for residential properties located in Irving, Texas.
The Debtor sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Texas Case No. 23-40838) on May 10,
2023, with as much as $1 million in both assets and liabilities.
Judge Brenda T. Rhoades oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is
the Debtor's counsel.
WERNER FINCO: S&P Upgrades ICR to 'B-', Off CreditWatch Positive
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Itasca,
Ill.-based Werner FinCo L.P. to 'B-' from 'CCC+' and removed all
its ratings from CreditWatch, where S&P placed them with positive
implications on May 23, 2023.
S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' (60%) recovery rating to the company's $400 million
senior secured notes due 2028 and our 'CCC' issue-level rating and
'6' (0%) recovery rating to the $251 million junior-lien exchange
notes due 2028. We also raised our issue-level rating on the
company's $14 million senior unsecured notes due 2025 to 'CCC' from
'CCC-'. The '6' recovery rating remains unchanged.
"The negative outlook reflects our expectation that Werner's S&P
Global Ratings-adjusted debt to EBITDA will remain above 8x over
the next 12 months due to weak demand exacerbated by a challenging
macroenvironment."
The successful refinancing improves Werner's debt maturity schedule
and liquidity. The upgrade reflects Werner's extended debt maturity
schedule and increased liquidity following the issuance of its $400
million senior secured notes due 2028, as well as the $251 million
junior-lien notes due 2028, which were exchanged for $251 million
of senior unsecured notes due 2025. The proceeds from the $400
million senior secured notes successfully refinanced the company's
$355 million term loan B due 2024, which if not refinanced, would
have triggered a springing maturity of the company's $150 million
ABL credit facility. S&P expects most of the remaining proceeds
from the $400 million senior secured notes to be used to partially
pay down its ABL facility. S&P continues to assess Werner's
liquidity as adequate.
S&P said, "We expect Werner's S&P Global Ratings-adjusted leverage
to remain above 8x due to weak demand, exacerbated by a challenging
macroeconomic environment. We expect weak demand across end markets
to adversely impact Werner's revenue and pressure its margins
through the second half of 2023. While we expect the company's
focus on operating efficiency initiatives and working capital
management will partially offset top-line and margin pressure, we
still believe its S&P Global Ratings-adjusted leverage will remain
above 8x in the next 12 months. The company's S&P Global
Ratings-adjusted debt leverage as of March 31, 2023, on a rolling
12-month basis was 9.7x, which leaves limited cushion relative to
our downside trigger for debt leverage. However, our assumption for
EBITDA interest coverage of about 1.5x and positive operating cash
flow somewhat offsets our elevated leverage expectations. We also
recognize that if macroeconomic conditions deteriorate, it could
pose downside risks to our forecast.
"The negative outlook reflects our expectation that Werner's S&P
Global Ratings-adjusted debt to EBITDA will remain above 8x over
the next 12 months due to weak demand, exacerbated by a challenging
macroenvironment."
S&P could lower its ratings on Werner in the next 12 months if:
-- Its operating performance does not improve so that debt to
EBITDA approaches 10x, EBITDA interest coverage approaches 1x, or
free operating cash flow (FOCF) turns negative; or
-- S&P views the company's capital structure as unsustainable.
S&P said, "Although unlikely in the next 12 months, we could revise
our outlook on Werner to stable if the company demonstrates a
significant increase in its earnings such that its debt to EBITDA
improves to well below 8x and its EBITDA interest coverage remains
above 1.5x on a sustained basis.
"Governance is a moderately negative consideration in our credit
rating analysis of Werner FinCo. 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 most rated entities owned by
private-equity sponsors. Our assessment also reflects its generally
finite holding periods and a focus on maximizing shareholder
returns. Furthermore, we view environmental factors as an overall
neutral influence on our credit rating analysis since its
operations are less energy intensive as a ladder and access
equipment manufacturer than heavy producers of materials."
WESTERN GLOBAL: Aug. 15 Deadline Set for Panel Questionnaires
-------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Western Global
Airlines, Inc.
If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://tinyurl.com/56tdcuan and return by email it to
Linda Richenderfer - Linda.Richenderfer@usdoj.gov - at the Office
of the United States Trustee so that it is received no later than
12:00 p.m., on Aug. 15, 2023.
If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.
About Western Global
Headquartered in Estero, Florida, with an MRO in Shreveport,
Louisiana, Western Global Airlines provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale.
Western Global Airlines, Inc. (Lead Case) sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del Lead Case No.
23-11093) on Aug. 7, 2023. In the petition signed by James K. Neff
as chief executive officer as authorized signatory, the Debtor
disclosed up to $100 million to $500 million in assets and $500
million to $1 billion in liabilities.
Hon. Karen B. Owens oversees the case.
The Debtors tapped RICHARDS, LAYTON & FINGER, P.A. as Local
Bankruptcy Counsel, WEIL, GOTSHAL & MANGES LLP as Debtors' General
Bankruptcy Counsel, EVERCORE GROUP L.L.C. as
Investment Banker, FTI CONSULTING, INC. as Provider of Interim
Management and Financial Advisory Services, and STRETTO, INC. as
Claims, Noticing & Solicitation Agent.
WESTERN GLOBAL: Court OKs $75MM DIP Loan from DKB Partners
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Western Global Airlines, Inc. and affiliates to use cash collateral
and obtain postpetition financing, on an interim basis.
The Debtors obtained up to $75 million in principal amount of
senior secured postpetition financing from DKB Partners LLC on a
superpriority basis in respect of a new money delayed draw term
loan facility. The loan commitment includes a "roll up" on a
cashless dollar-for-dollar basis of $25.7 million that was borrowed
and incurred by the Debtors, and is due and owing, as a result of
the DKB Amendments under the Prepetition Credit Agreement, on the
terms and conditions set forth in the Interim Order and the DIP
Facility Term Sheet.
DKB Partners LLC, or an institution selected by the Required DIP
Lenders and reasonably acceptable to the Borrower, is the DIP Agent
under the DIP Facility.
Up to $61 million of DIP Loans will be available and funded
following the entry of the Interim Order. The amount will include
the Prepetition Credit Agreement Roll-Up, with the remaining $14.3
of DIP Commitments to be available and funded following entry of
the Final Order.
The DIP facility is due and payable through the earliest of:
1. 120 days from the Petition Date;
2. 35 days after the entry of the Interim DIP Order unless the
Final DIP Order is entered approving the DIP Facility;
3. The date on which all or substantially all of the assets of
the Debtors are sold (pursuant to section 363 of the Bankruptcy
Code or otherwise);
4. The effective date of a chapter 11 plan in the Cases;
5. The date the Bankruptcy Court orders the conversion of the
Cases of any of the Debtors to a chapter 7 liquidation or the
dismissal of the Case of any Debtor; and
6. As directed by the Required DIP Lenders, during the
occurrence and continuance of an Event of Default.
Interest at a rate per annum equal to Adjusted Term SOFR + 9.0%
will accrue from and including the date the DIP Loans are made to
but excluding the date of any repayment thereof and will be payable
in arrears on the last business day of each month. Interest will
also be payable (i) concurrently with any prepayment of any
principal amount, whether voluntary or mandatory, to the extent
accrued and unpaid on the principal amount prepaid, and (ii) at
maturity, including on the Scheduled Maturity Date.
The Debtors are required to comply with several milestones,
including:
1. No later than the Petition Date, the Debtors will file with
the Bankruptcy Court a motion in form and substance acceptable to
the Required DIP Lenders seeking approval of the DIP Facility, this
Term Sheet, the DIP Loans, and all fees, expenses, indemnification,
and other obligations contemplated thereunder;
2. On or before the date that is 3 calendar days after the
Petition Date, the Bankruptcy Court will have entered the Interim
DIP Order in form and substance acceptable to the Required DIP
Lenders;
3. As promptly as possible, but in no event later than 5
business days after the Petition Date, the Debtors will have filed
any necessary pleadings or motions to obtain an order or orders
from the Bankruptcy Court in form and substance acceptable to the
Required DIP Lenders finding and determining that none of the funds
held in the Debtors' deposit accounts are subject to garnishment on
account of the action styled Trans-Caribbean Cargo Corporation v.
Western Global Airlines, LLC, Case No. 2023-014843-CA-01 and all
such funds are available for the Debtors to use as cash collateral
in the ordinary course of business, consistent with past
practices;
4. No later than 15 calendar days after the Petition Date, the
Debtors will have filed the joint chapter 11 plan of the Debtors
and accompanying disclosure statement, in each case in form and
substance acceptable to the Required DIP Lenders and, if
applicable, the DIP Agent (solely as to its rights, indemnities,
duties and obligations thereunder); and
5. No later than 35 calendar days after the Petition Date, the
Bankruptcy Court will have entered the Final DIP Order (the
“Final DIP Order Milestone”) in form and substance acceptable
to the Required DIP Lenders and, if applicable, the DIP Agent
(solely as to its rights, indemnities, duties and obligations
thereunder).
The events that constitute an "Event of Default" includes:
1. Failure to pay any principal of any DIP Loan when due;
2. Failure to pay interest, fees or other amounts owed under
the DIP Facility within three business days of when due; and
3. Failure to comply with affirmative covenants relating to
maintaining the existence of the Borrower, the Milestones, the
negative covenants or compliance with the the applicable Budget
(subject to Permitted Variances).
The Debtors have an immediate and critical need to obtain
postpetition financing under the DIP Facility and to use cash
collateral, among other things, to fund working capital
requirements, costs, and expenses of administration of the Chapter
11 Cases and fees and expenses relating to the DIP Facility during
the pendency of the Chapter 11 Cases.
The Debtors are authorized to utilize the proceeds of the DIP
Facility to (i) pay general corporate or working capital
requirements, (ii) pay the costs and expenses of administration of
the Chapter 11 Cases, including the fees and expenses of
professionals associated with the Chapter 11 Cases, including the
Upfront Fee and Exit Fee, (iii) pay fees and expenses relating to
the DIP Facility during the pendency of the Chapter 11 Cases, (iv)
provide Adequate Protection, and (v) to effectuate the Prepetition
Credit Agreement Roll-Up on a cashless basis.
The Prepetition Lenders will receive, to the extent of diminution
in value of their Prepetition Collateral, as adequate protection:
1. Payment of accrued and unpaid reasonable and documented
fees and expenses of the Prepetition Lenders' professionals,
including, but not limited to, Young Conaway Stargatt & Taylor,
LLP, Daugherty, Fowler, Peregrin, Haught & Jenson, P.C., as FAA
counsel, and, if deemed necessary by the Prepetition Lenders, a
financial advisor;
2. Section 507(b) claim against the DIP Collateral that is
junior to the DIP Claims and the Carve-Out;
3. Replacement liens on the Prepetition Collateral that are
junior to the DIP Liens and the Carve-Out; and
4. Additional liens on the DIP Collateral that is not
Prepetition Collateral that are junior to the (i) DIP Liens, (ii)
the Prior Liens and (iii) and the Carve-Out.
A final hearing on the matter is set for September 7, 2023 at 1:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=PHIUtP
from PacerMonitor.com.
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale.
WGA is a high-tech air cargo platform serving customers in
e-commerce, express, freight forwarding, logistics, nonprofit, and
governmental organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by:
Pauline K. Morgan, Esq.
Craig D. Grear, Esq.
Sean T. Greecher, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Wilmington, De 19801
E-mail: pmorgan@ycst.com
cgrear@ycst.com
sgreecher@ycst.com
The Ad Hoc Group of DIP Lenders and Certain Creditors are
represented by:
Alice Eaton, Esq.
Sean Mitchell, Esq.
Douglas Keeton, Esq.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
E-mail: aeaton@paulweiss.com
smitchell@paulweiss.com
dkeeton@paulweiss.com
Co-counsel for the Ad Hoc Group of DIP Lenders and Certain
Creditors:
Richard Cobb, Esq.
Nicolas E. Jenner, Esq.
LANDIS RATH & COBB LLP
919 North Market Street, # 1800
Wilmington, DE 19801
E-mail: cobb@lrclaw.com
jenner@lrclaw.com
XPLORNET COMMS: Pioneer Floating Marks $350,000 Loan at 38% Off
---------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $350,000 loan
extended to Xplornet Communications, Inc to market at $215,250 or
62% of the outstanding amount, as of May 31, 2023, according to
Pioneer's semi-annual report on Form N-CSR for the period from
December 1, 2022 to May 31, 2023, filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in a Second Lien Initial Term
Loan to Xplornet Communications, Inc. The loan accrues interest at
a rate of 12.268% (Term SOFR+700 bps) per annum. The loan matures
on October 1, 2029.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a
newly-established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Xplornet Communications Inc operates as a broadband service
provider. The Company offers voice and data communication services
through wireless and satellite networks. Xplornet Communications
serves customers in Canada.
XPLORNET COMMS: Pioneer Floating Marks $738,750 Loan at 19% Off
---------------------------------------------------------------
Pioneer Floating Rate Fund, Inc has marked its $738,750 loan
extended to Xplornet Communications, Inc to market at $599,311 or
81% of the outstanding amount, as of May 31, 2023, according to
Pioneer's semi-annual report on Form N-CSR for the period from
December 1, 2022 to May 31, 2023, filed with the Securities and
Exchange Commission.
Pioneer Floating is a participant in a First Lien Refinancing Term
Loan to Xplornet Communications, Inc. The loan accrues interest at
a rate of 9.154% (Term SOFR+400 bps) per annum. The loan matures on
October 2, 2028.
Pioneer Floating Rate Fund, Inc is organized as a Maryland
corporation. Prior to April 21, 2021, the Fund was organized as a
Delaware statutory trust. On April 21, 2021, Pioneer Floating
redomiciled to a Maryland corporation through a statutory merger of
the predecessor Delaware statutory trust with and into a newly
established Maryland corporation formed for the purpose of
effecting the redomiciling. Pioneer Floating Rate Fund, Inc was
originally organized on October 6, 2004. Prior to commencing
operations on December 28, 2004, it had no operations other than
matters relating to its organization and registration as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Xplornet Communications Inc operates as a broadband service
provider. The Company offers voice and data communication services
through wireless and satellite networks. Xplornet Communications
serves customers in Canada.
YACHTBRASIL MOTOR: Seeks Approval to Hire Real Estate Agent
-----------------------------------------------------------
YachtBrasil Motor Boats and Charters, LLC seeks approval from the
U.S. Bankruptcy Court for the Southern District of Florida to hire
Jacob Abdala, a real estate agent at Legacy Plus Realty.
The Debtor requires the services of a real estate agent to sell a
homestead located at 13255 Bay Drive, North Miami, Fla.
Mr. Abdala will receive a commission equal to 6 percent of the net
sale proceeds.
In court filings, Mr. Abdala disclosed that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
Mr. Abdala can be reached at:
Jacob Abdala
Legacy Plus Realty
2999 N.E. 191st Street, Suite 601
Aventura, FL 33180
Phone: (305) 777-3545
Email: Jacob@legacyplusrealty.com
About YachtBrasil Motor
YachtBrasil Motor Boats and Charters, LLC is a family-owned
business specializing in premier yachts. It is an authorized dealer
for the CCN, Maestro, Maori, Rio Yachts and Comitti.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15357) on July 9,
2023, with $1 million to $10 million in assets and liabilities.
Aleida Martinez Molina, Esq., has been appointed as Subchapter V
trustee.
Judge Laurel M. Isicoff oversees the case.
Geoffrey Aaronson, Esq., at Aaronson Schantz Beiley, P.A. is the
Debtor's legal counsel.
ZAYO GROUP: S&P Alters Outlook to Negative, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based fiber
infrastructure provider Zayo Group Holdings Inc. to negative from
stable and affirmed all the ratings, including the 'B-' issuer
credit rating.
The negative outlook reflects limited cushion for operational
disruptions over the next year, given the company's elevated
leverage and narrowing liquidity.
S&P said, "Zayo's cash burn will be greater than we expected for
the first half of 2023. We believe higher network, transaction, and
consulting costs will drive lower-than-expected earnings compared
to our previous base-case forecast, resulting in an FOCF deficit of
about $450 million. In 2023 we expect capital expenditures (capex)
to decrease to about $900 million-$950 million from about $1.1
billion in 2022, as spending decreases toward a long-term term rate
in the 30% area from about 46% in 2022. Still, we expect capex will
remain elevated, prompting the company to continuously draw on its
$1.05 billion revolver due 2026. In particular, we expect the
company will draw about $650 million of the facility by the end of
2023, higher than our previous forecast of about $500 million.
"We believe that the company can grow earnings in 2024 around 8% on
continued organic revenue growth of around 2% and lower transaction
and consulting costs. This improvement, combined with lower capital
spending, which will be around $200 million lower next year, should
enable the company to reduce its FOCF deficit to less than $120
million. Longer term, we believe the company can achieve breakeven
FOCF, such that revolver draw stays below 80%, which would still
support Zayo's liquidity position. However, if it is unable to
increase earnings to the 8% area, FOCF deficits could remain high
and ultimately render the capital structure unsustainable."
The negative outlook reflects limited cushion for operational
missteps over the next year. If Zayo is unable to materially reduce
its FOCF deficits, its capital structure may be unsustainable long
term.
S&P said, "We could lower the rating if we conclude that the
capital structure is unsustainable long term. Although less likely,
we could lower the rating if the company's liquidity position
deteriorates to the point where the company would depend on
favorable business, financial, and economic conditions to meet its
financial commitments absent support from its private equity
sponsor.
"We could revise the outlook to stable if the company materially
reduces its cash burn such that FOCF deficits are on a trajectory
to reach breakeven FOCF. This would likely be driven by high
single-digit percent earnings growth on lower levels of capital
spending.
"Governance is a moderately negative consideration in our credit
ratings analysis of Zayo. 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."
[*] Criscito Appointed FTI Real Estate Restructuring Director
-------------------------------------------------------------
FTI Consulting, Inc. (NYSE: FCN) on Aug. 9 announced the
appointment of Michael A. Criscito as a Senior Managing Director
and Co-Leader of the firm's Real Estate Restructuring Advisory
Services offering. Senior Managing Director Cynthia A. Nelson has
also been named Co-Leader of the offering.
With more than 30 years of global banking experience, including an
extensive background in restructuring and distressed real estate,
Mr. Criscito has advised companies in a broad range of industries
and creditor classes worldwide, guiding creditors through the
restructuring process to maximize recovery. He has also represented
principals in matters involving distressed real estate assets.
"Real estate owners and lenders are facing unprecedented challenges
in the current economic environment, which has been impacted by the
pandemic and the subsequent threats to operating paradigms, rising
interest rates, maturing debt, complex capital structures and
dissenting perceptions of value and projected cash flow," Ms.
Nelson said. "Our growing real estate restructuring team serves
myriad stakeholders -- including owners, investors, secured lenders
and unsecured creditors -- who are increasingly considering
restructuring options to preserve and create future value."
Ingrid Rivera Noone, Co-Leader of the Real Estate Solutions
practice at FTI Consulting, added, "Mike brings noteworthy
experience across a wide range of sectors, particularly within the
real estate industry, to our growing practice at a crucial time.
Having represented both creditors and principals, he will be a
tremendous asset to our team as we work to develop creative
solutions to maximize recovery and mitigate loss on behalf of our
real estate clients."
Mr. Criscito previously was a senior managing director and
co-leader of Ankura Consulting Group, LLC's Real Estate Advisory
group. Prior to this, he was the global head of workouts at Credit
Suisse for more than two decades. He has held positions at HSBC
Markets; Bear, Stearns & Co.; McDonald & Company Securities, Inc.;
and Paine Webber Incorporated.
"FTI Consulting is known for its industry-leading real estate
practice and expertise in providing comprehensive solutions for
real estate challenges," Mr. Criscito said. "With the commercial
real estate sector facing uncertainty and stress, this was the
ideal time to join FTI Consulting's dynamic team."
Ms. Nelson has more than 30 years of experience advising
stakeholders with interests in real estate and assists clients in
developing and implementing turnaround plans and restructurings.
Prior to joining FTI Consulting, Ms. Nelson was a partner in the
Business Recovery Services practice of PricewaterhouseCoopers and
has held positions with Jones Lang Wootton, Laventhol & Horwath and
Valencia Company (Newhall Land & Farming).
About the FTI Consulting Real Estate Restructuring
Advisory Services
The Real Estate Restructuring Advisory practice is part of FTI
Consulting's Corporate Finance & Restructuring segment, a leading
provider of industry-focused restructuring, business transformation
and transaction services. For more than 15 years, The Deal's
Bankruptcy League Table has consistently ranked FTI Consulting as
one of the top restructuring advisors. FTI Consulting has
approximately 60 Certified Insolvency and Restructuring Advisor
professionals; its roster includes former chief operating and
financial officers, treasurers, trustees, examiners, advisors,
bankers and board members, as well as Certified Turnaround
Professionals. Services include company-owner advisory services;
interim management services; creditor advisory; asset/debt/REO
acquisitions and dispositions; trustee, receivership and fiduciary
services; dispute advisory, and valuation services.
About FTI Consulting
FTI Consulting, Inc. -- http://www.fticonsulting.com/-- is a
global business advisory firm dedicated to helping organizations
manage change, mitigate risk and resolve disputes: financial,
legal, operational, political & regulatory, reputational and
transactional. With more than 7,800 employees located in 31
countries, FTI Consulting professionals work closely with clients
to anticipate, illuminate and overcome complex business challenges
and make the most of opportunities. The Company generated $3.03
billion in revenues during fiscal year 2022. In certain
jurisdictions, FTI Consulting's services are provided through
distinct legal entities that are separately capitalized and
independently managed.
[*] GSE Litigation Revolves Around Financial Illiteracy
-------------------------------------------------------
Berkley Insurance v. FHFA Shows How GSE Litigation Revolved Around
Financial Illiteracy
By David Fiderer
The verdict in Berkley Insurance v. FHFA illustrates a truism of
modern life. A clever professional, starting from a false premise,
can rationalize away anything. Which is why most of us are better
off relying on our common sense. The jury in Berkeley saw through a
decade's worth of verbal noise -- thousands of litigation pages --
to conclude that the notorious net worth sweep applied to the two
government sponsored enterprises, Fannie Mae and Freddie Mac,
reflected bad faith. The net worth sweep was a contract provision
declaring that all positive income shall be forever distributed as
cash dividends to the U.S. Treasury and assure that GSE equity
never exceeds zero.
You don't need a CPA or a fancy law degree to figure out that the
rationale for the net worth sweep was always absurd. Nobody is
clairvoyant and stuff happens, which is why you always need to set
aside something for a rainy day. Even if you're in the process of
winding down a business, you never know when you may incur some
unexpected expenses. Which is why you always keep something in
reserve until you're certain that every fixed obligation can be
repaid.
The initial false premise proved to be the massive non-cash
accounting provisions declared by the GSEs' accountants after the
government takeover in September 2008. If accountants had
estimated future cash credit losses with uncanny accuracy, the
government's "bailout" of the GSEs would have approximated zero,
and senior preferred dividends would have been nominal. The initial
errors, of vastly overinflated loan loss provisions, fueled the
broader false premise that the GSEs had a fatally flawed business
model, which is why the government advocated winding down two home
lenders with loan performance that is airways exponentially
superior to any other segment of the market. Nonetheless, the GSE
regulator/conservator, the Federal Housing Finance Agency, and the
U.S. Treasury were determined to prove that their first impressions
are never wrong. In August 2012, right after Fannie management
informed Treasury that a big chunk of those initial accounting
provisions was about to be reversed, FHFA and Treasury revised the
terms of Treasury's senior preferred shares. The dividend coupon
changed, from 10% cash or 12% PIKs, to 100% of all positive income
or zero for any quarter with negative income. As the press release
announced, "Treasury Department Announces Further Steps to Expedite
Wind Down of Fannie Mae and Freddie Mac."
Money talks. By the end of 2013, the massive GSE "bailout" had been
repaid. How did the government rationalize keeping the net worth
sweep? With an extended word salad that duped a lot of seasoned
jurists by pandering to financial illiteracy. In Collins v. Yellen
-- https://tinyurl.com/3z2sdjzx -- Justice Samuel Alito failed to
distinguish between debt and equity, and failed to connect the
proper noun with the proper modifier. His flawed reasoning was
carried forward by Judge Royce Lamberth in Berkley. The difficulty
of parsing through the text of an author who ignores the tenets of
financial literacy is encapsulated in Brandolini's Law --
https://tinyurl.com/y6jyjfc3 -- "the amount of energy needed to
refute bullshit is an order of magnitude bigger than to produce
it."
Cash Dividends Are Always Contingent
Because some people with highfalutin credentials forgot some basic
definitions, we must belabor the obvious distinction between fixed
and conditional obligations. Debt is a fixed obligation to repay
cash, both interest and principal, on dates certain. Whereas equity
is always a conditional obligation to return cash out of a surplus,
known as shareholder equity. Debt claims have priority; so every
cash dividend is subject to a condition precedent, some
demonstration that the company will be able repay its debt. If
that condition is never met, cash dividends will never be paid out.
If a company is in conservatorship, we know that the condition has
not been met. So the idea that a company in conservatorship would
ever pay out cash dividends is oxymoronic. After announcing the
net worth sweep, the government argued that cash dividends were
part of its plan to segue from GSE conservatorship into GSE
receivership; but that pretext was nonsensical, because no one
knows if there would be sufficient cash to cover unexpected
expenses until the final stages of liquidation.
Though preferred shares may have attributes that seem similar to
debt -- with contractually fixed dividend rates payable on
scheduled dates -- they are still equity. If the company doesn't
meet the condition of sufficient capitalization, those preferred
dividends are not paid in cash; they must be held as accounting
accruals, or distributed as payments in kind. Distribution of cash
dividends reduces a company's shareholder equity, whereas accrual
of preferred dividends does not. Which is why all preferred
dividends should accrue until the GSEs emerged from
conservatorship.
The government extended a commitment to the GSEs to fund future
equity shortfalls. But that commitment does not obviate the
condition precedent for all cash dividends; quite the opposite. The
government commitment is finite; so payment of any cash dividend
reduces total resources to cover any future shortfall.
One might argue that the government's unfunded commitment made the
GSEs sort of quasi-solvent, thereby making payment of cash
dividends a legally viable option. Maybe. The GSEs did pay out cash
dividends before 2013, and some of those dividends were funded by
draws under the government commitment. But those payouts were
antithetical to the obligation of the regulator/conservator, which
is to preserve the safety and soundness of the two institutions. In
any event, the pre-2013 cash dividends were an exercise of an
option, a choice to disregard the more prudent PIK alternative;
there was never a fixed obligation to pay out cash by a certain
date.
Yet Justice Alito and his colleagues simply ignored the essential
condition for all cash dividends, as reflected in this key passage
in Collins v. Yellen:
[T]he shareholders claim that the FHFA could have protected
Treasury's capital commitment by ordering the companies to
pay the dividends in kind rather than in cash. This argument
rests on a misunderstanding of the agreement between the
companies and Treasury. Paying Treasury in kind would not
have satisfied the cash dividend obligation; it would only
have delayed that obligation, as well as the risk that the
companies' cash dividend obligations would consume
Treasury's capital commitment.
False. There never was an obligation, or risk of future
obligations, to consume Treasury's capital commitment with cash
dividends. Again -- sorry for being redundant but a lot of smart
people miss this point -- Treasury's commitment was intended to
fund capital shortfalls; whereas cash dividends are supposed to be
funded out of capital surpluses. If the GSEs never attained
sufficient capital to pay out preferred dividends, the government
would never recover its investment. Equity is never a guarantee of
any return, and never a fixed obligation to repay cash.
Lack of Consideration
Because Treasury never had a legally binding right to receive cash
dividends in the absence of a surplus, Treasury never gave up
anything of value in the famous Third Amendment to the senior
preferred stock agreement, which imposed the net worth sweep.
Because Treasury never gave up anything of value, there was no
consideration, which, as Justice Alito should remember, is a
required element of an enforceable contract.
The Third Amendment transformed Treasury's senior preferred shares,
which represented a conditional obligation to pay out at a fixed
coupon rate, into to a fixed obligation to pay cash at a variable
rate, designed to fix the end result. Under the revised deal, the
GSEs must distribute all positive income as a cash dividend, so
that GSEs must fix their equity levels at zero.
How was this legally possible? It wasn't, under the applicable law.
So Justice Alito transposed which phrases modified which nouns in
the statutes. Consider this key passage, referring to the Federal
Housing Finance Agency, the regulator/conservator of the GSEs:
An FHFA conservatorship, however, differs from a typical
conservatorship in a key respect. Instead of mandating that
the FHFA always act in the best interests of the regulated
entity, the Recovery Act authorizes the Agency to act in
what it determines is "in the best interests of the
regulated entity or the Agency." Thus, when the FHFA acts
as a conservator, it may aim to rehabilitate the regulated
entity in a way that, while not in the best interests of the
regulated entity, is beneficial to the Agency and, by
extension, the public it serves.
Here we encounter Brandolini's Law, the need to untangle word games
used to obscure the truth. An action may be beneficial even if it
is not necessarily in the best interests of a party, for the same
reason that Oxycontin, while offering beneficial pain relief, may
not be in the best interests of one's overall health. And the net
worth sweep offered nothing beneficial and nothing in the best
interests of the GSEs or FHFA, which are left with fewer financial
resources to work with. The net worth sweep is only beneficial to
Treasury, which, for those who know how to read a statute, is the
not relevant Agency, which is FHFA. Since FHFA received no
benefit, nothing beneficial can be afforded, "by extension, the
public it serves." The history of the United States is replete with
abuses of power, which are rationalized on the pretext that they
are beneficial to the public. Alito offers us another one.
Timing Differences Under GAAP
The entire controversy is framed by timing differences under GAAP,
the disconnect between cash accounting and accrual accounting.
Timing differences can be very complicated; but the basic concept
is rather simple. Nobody is clairvoyant. So when lenders
guesstimate their cash recovery on outstanding loans, they are
supposed to err on the side of caution. Eventually loan loss
guesstimates must be reconciled with actual results. It turned out
that the GSE accountants' extreme errors added up to about $160
billion.
Everything flowed out of those initial errors. One of the tenets of
financial literacy is that you cannot put on blinders, for the same
reason that you cannot judge the Titanic's safety record based on
the first four days at sea. You must look at all the numbers over
the duration of an economic and industry cycle, and figure out how
the numbers fit together. Defenders of the net worth sweep reject
this idea; an acknowledgement of the erroneous accounting
assumptions, made immediately after the government takeover, might
compel Treasury to reconsider its policy goal --
https://tinyurl.com/bdfhz8bn -- to prevent the GSEs from emerging
out of conservatorship.
FHFA Doubles Down on Illiteracy
In Berkley Insurance v. FHFA, the latest incarnation of private
litigation challenging the net worth sweep, FHFA doubled down on
illiteracy, by extending Alito's twisted logic. Since the payout of
cash dividends prior to 2013 was no longer conditional, FHFA
inferred that they must be mandatory. And since the payout is
mandatory, the payout cannot be optional. And since there is no
option, the Court should instruct the jury that there was no
payment-in-kind option was legally available, as if the words in
the contract never existed. U.S. District Court Judge Royce
Lamberth, who knows how to read, declined to go that far. But FHFA
also wanted to banish the word "option" as it applied to the choice
to pay cash dividends prior to the net worth sweep. Bound by the
warped reasoning of Collins v. Yellen, which he endorses, Lamberth
struggled to square the circle. He got confused over the
definitions of "option" and "penalty," and imagined that the words
were antonyms, like an either/or proposition. Here's an explainer
for those who don't see the absurdity. When you buy a car, you have
an option of paying cash, or paying for it later, over time, which
incurs a penalty that most people call interest. If you choose not
to pay installments on time, you incur a penalty rate on interest.
The option always exists, no matter which choice you make.
Lamberth's comments and rulings also reflect a lack of awareness of
timing differences under GAAP, and the conditionality of all
dividends, and a willful blindness to the critical fact that cash
dividends reduce equity and impair the GSEs, whereas PIKs do not.
He writes:
[P]rior to the Third Amendment, if the GSEs had insufficient
net profits to pay their 10 percent cash dividend to
Treasury, two courses of action were possible: (1) draw on
the Treasury Commitment to satisfy the dividend obligation
at the normal 10 percent rate or (2) flout the dividend
obligation and incur the associated penalty of adding the
amount of that obligation to the Liquidation Preference and
increasing the rate to 12 percent until all dividend
obligations are satisfied.2
Defendants [FHFA] argue, and this Court has agreed in a
prior opinion, see Perry Capital LLC v. Lew, 70 F. Supp. 3d
208,216 n.7 (D.D.C. 2014), aff'd in part, rev'd in part on
other grounds sub nom. Perry Capital LLC v. Mnuchin, 864
F.3d 591 (D.C. Cir. 2017), that the second course of action
was better characterized as a "penalty" than an "option" in
the legal sense -- that is, it would not satisfy the GSEs'
cash dividend obligations to Treasury under the contract.
However, that does not mean it was not an "option" in the
colloquial sense -- that is, it was a possible course of
action. In other words, there is nothing logically or
legally incoherent about describing a contractual mechanism
as a "penalty" for failing to meet a party's obligations and
recognizing as a practical matter that that party has the
"option" of shrugging and accepting -- the associated
penalty instead of doing everything in its power to meet
those obligations.
Thus, the parties' quibbling over whether adding to the
Liquidation Preference is better characterized as a
"penalty" or a "payment-in-kind option" obscures the real
issue facing FHFA prior to the Third Amendment: Although
FHFA as a practical matter could have flouted its cash
dividend obligations and incurred the associated contractual
penalty, that was a temporary solution that merely would
have kicked the can down the road. Defendants have
repeatedly asserted in these cases and others that part of
the rationale for the Net Worth Sweep was preventing erosion
of the Treasury Commitment. As the Supreme Court put it in
Collins, "paying Treasury in kind would not have satisfied
the cash dividend obligation, and the risk that the
companies' cash dividend obligations would consume
Treasury's capital commitment in the future would
have remained."
"This raises serious questions," seems like a tiresome cliche when
the answers are so obvious. Why did FHFA pay out cash dividends
during conservatorship? Why did FHFA impose the net worth sweep
just before the GSEs changed their accounting assumptions, and the
losses that triggered the initial bailout were reversed? Why did
FHFA falsely claim that cash dividends in conservatorship were
mandatory, and that cash dividends threatened to use up the
government commitment to fund capital shortfalls? How does the net
worth sweep jibe with Treasury's stated goal of winding down the
GSEs? How does it jibe with FHFA Director Edward DeMarco's
declaration that the GSEs cannot be rehabilitated by being
recapitalized? The overarching answer is that few want to open up
a can of worms, and evaluate whether prior decisions stand the test
of time.
[*] PCP Buys Assisted Living Facility Through Bankruptcy Process
----------------------------------------------------------------
Phorcys Capital Partners, LLC ("PCP") together with its capital
partner, announced the acquisition of a standalone 149-unit
assisted living facility in Lewisville, TX. The venture acquired
the facility through its role as the stalking horse bidder through
a bankruptcy process for $26 million. The facility, re-branded as
The Pearl, will be operated by SilverPoint Senior Living
("SilverPoint").
The Pearl
"The acquisition of The Pearl is a continuation of what PCP has
worked on all along on the credit side and will act as the
launchpad of our new venture, Phorcys Senior Housing Recovery Fund
("SHRF")," said Vasileios Sfyris, Managing Partner of PCP. "We are
thrilled to add The Pearl to our growing senior living portfolio,
especially in a location as vibrant as Lewisville. We will continue
to be opportunistic, and target value-add senior housing assets in
high-growth markets throughout the United States."
PCP's acquisition strategy focuses on distressed and/or
overleveraged senior housing properties located throughout the
United States. Acquisitions are typically newer vintage assets that
require limited rehabilitation costs. PCP focuses on markets with
attractive demographics and properties with significant value-add
potential.
The Pearl consists of 149 units in Lewisville, TX, a growing suburb
in the Dallas-Fort Worth metroplex. The venture will invest
approximately $1.3 million into the facility. SilverPoint will also
work to improve assisted living and memory care offerings to
improve the care and entertainment provided to residents.
About Phorcys Capital Partners
PCP is an alternative asset manager with a focus on investing in
distressed municipal bonds and/or acquiring the real assets secured
by municipal bonds. PCP has historically focused on senior living,
multifamily housing, student housing, and hospitality. Since
inception, PCP has invested approximately $120 million in senior
living and approximately $400 million across all sectors.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX* MM 51.0 (38.7) (25.3)
AEMETIS INC AMTX US 212.6 (238.9) (88.0)
AEMETIS INC DW51 GR 212.6 (238.9) (88.0)
AEMETIS INC AMTXGEUR E 212.6 (238.9) (88.0)
AEMETIS INC AMTXGEUR E 212.6 (238.9) (88.0)
AEMETIS INC DW51 GZ 212.6 (238.9) (88.0)
AEMETIS INC DW51 TH 212.6 (238.9) (88.0)
AEMETIS INC DW51 QT 212.6 (238.9) (88.0)
AIR CANADA AC CN 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 GR 30,783.0 (581.0) (227.0)
AIR CANADA ACEUR EU 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 TH 30,783.0 (581.0) (227.0)
AIR CANADA ACDVF US 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 QT 30,783.0 (581.0) (227.0)
AIR CANADA ACEUR EZ 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 GZ 30,783.0 (581.0) (227.0)
ALNYLAM PHAR-BDR A1LN34 BZ 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNY US 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL GR 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL QT 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNYEUR EU 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL TH 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL SW 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNY* MM 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL GZ 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNYEUR EZ 3,402.4 (408.1) 1,735.4
ALPHATEC HOLDING L1Z1 GR 628.2 (4.6) 160.9
ALPHATEC HOLDING ATEC US 628.2 (4.6) 160.9
ALPHATEC HOLDING ATECEUR EU 628.2 (4.6) 160.9
ALPHATEC HOLDING L1Z1 GZ 628.2 (4.6) 160.9
ALTICE USA INC-A ATUS US 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA GR 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA TH 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUSEUR EU 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA GZ 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS* MM 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS-RM RM 32,107.7 (381.5) (2,271.1)
ALTIRA GP-CEDEAR MOC AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MOD AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MO AR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 GR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO* MM 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO US 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO SW 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOEUR EU 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO TE 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 TH 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO CI 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 QT 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOUSD SW 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 GZ 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC 0R31 LI 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC ALTR AV 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOEUR EZ 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO-RM RM 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 BU 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7D EB 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7D IX 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7D I2 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP-BDR MOOO34 BZ 37,151.0 (3,777.0) (7,326.0)
AMC ENTERTAINMEN AMC US 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH9 GR 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMC4EUR EU 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH9 TH 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH9 QT 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMC* MM 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH9 GZ 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH9 SW 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMC-RM RM 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN A2MC34 BZ 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN APE* MM 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMCE AV 8,669.7 (2,582.6) (846.6)
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 E 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 E 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)
ARBOR METALS COR ABR CN 0.3 (0.6) (0.2)
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 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD GR 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD TH 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD GZ 293.8 (119.0) 9.4
AVIS BUD-CEDEAR CAR AR 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GR 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR US 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA QT 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR2EUR EU 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR* MM 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR2EUR EZ 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA TH 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GZ 31,395.0 (125.0) (611.0)
BABCOCK & WILCOX BW US 986.9 (13.0) 192.6
BABCOCK & WILCOX UBW1 GR 986.9 (13.0) 192.6
BABCOCK & WILCOX BWEUR EU 986.9 (13.0) 192.6
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 722.4 (364.7) 282.4
BELLRING BRANDS D51 TH 722.4 (364.7) 282.4
BELLRING BRANDS BRBR2EUR E 722.4 (364.7) 282.4
BELLRING BRANDS D51 GR 722.4 (364.7) 282.4
BELLRING BRANDS D51 QT 722.4 (364.7) 282.4
BEYOND MEAT INC BYND US 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 GR 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 GZ 968.6 (299.1) 442.8
BEYOND MEAT INC BYNDEUR EU 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 TH 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 QT 968.6 (299.1) 442.8
BEYOND MEAT INC BYND AV 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 SW 968.6 (299.1) 442.8
BEYOND MEAT INC 0A20 LI 968.6 (299.1) 442.8
BEYOND MEAT INC BYNDEUR EZ 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 TE 968.6 (299.1) 442.8
BEYOND MEAT INC BYND* MM 968.6 (299.1) 442.8
BEYOND MEAT INC B2YN34 BZ 968.6 (299.1) 442.8
BEYOND MEAT INC BYND-RM RM 968.6 (299.1) 442.8
BIOCRYST PHARM BO1 TH 529.9 (1,583.3) 405.7
BIOCRYST PHARM BCRX US 529.9 (1,583.3) 405.7
BIOCRYST PHARM BO1 GR 529.9 (1,583.3) 405.7
BIOCRYST PHARM BO1 QT 529.9 (1,583.3) 405.7
BIOCRYST PHARM BCRXEUR EU 529.9 (1,583.3) 405.7
BIOCRYST PHARM BCRX* MM 529.9 (1,583.3) 405.7
BIOCRYST PHARM BCRXEUR EZ 529.9 (1,583.3) 405.7
BIOTE CORP-A BTMD US 139.1 (73.2) 90.4
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 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BDRAF US 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD GR 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD/AEUR E 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD GZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/B CN 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC GR 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BDRBF US 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC TH 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDBN MM 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/BEUR E 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC GZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/BEUR E 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC QT 12,544.0 (2,490.0) (285.0)
BOOKING HLDG-BDR BKNG34 BZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 GR 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG US 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG* MM 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 TH 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG CI 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG SW 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 QT 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNGUSD SW 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCLNEUR EU 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 GZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BOOK AV 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1U TE 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCLNEUR EZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNGCL CI 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG-RM RM 26,558.0 (665.0) 6,868.0
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 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA 2CL GR 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA 2CL GZ 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA BBIOEUR EU 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA 2CL TH 503.7 (1,349.6) 322.8
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 2,316.4 (762.7) (233.6)
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 19,557.0 (1,046.0) (139.0)
CINEPLEX INC CGX CN 2,234.8 (62.6) (293.6)
CINEPLEX INC CX0 GR 2,234.8 (62.6) (293.6)
CINEPLEX INC CPXGF US 2,234.8 (62.6) (293.6)
CINEPLEX INC CX0 TH 2,234.8 (62.6) (293.6)
CINEPLEX INC CGXEUR EU 2,234.8 (62.6) (293.6)
CINEPLEX INC CGXN MM 2,234.8 (62.6) (293.6)
CINEPLEX INC CX0 GZ 2,234.8 (62.6) (293.6)
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 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 GR 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 TH 469.6 (174.8) 216.0
COHERUS BIOSCIEN CHRSEUR EU 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 QT 469.6 (174.8) 216.0
COHERUS BIOSCIEN CHRSEUR EZ 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 GZ 469.6 (174.8) 216.0
COMMSCOPE HOLDIN COMM US 11,165.7 (485.1) 1,703.3
COMMSCOPE HOLDIN CM9 GR 11,165.7 (485.1) 1,703.3
COMMSCOPE HOLDIN COMMEUR EU 11,165.7 (485.1) 1,703.3
COMMSCOPE HOLDIN CM9 TH 11,165.7 (485.1) 1,703.3
COMMUNITY HEALTH CYH US 14,648.0 (820.0) 1,116.0
COMMUNITY HEALTH CG5 GR 14,648.0 (820.0) 1,116.0
COMMUNITY HEALTH CG5 TH 14,648.0 (820.0) 1,116.0
COMMUNITY HEALTH CG5 QT 14,648.0 (820.0) 1,116.0
COMMUNITY HEALTH CYH1EUR EU 14,648.0 (820.0) 1,116.0
COMMUNITY HEALTH CG5 GZ 14,648.0 (820.0) 1,116.0
COMPOSECURE INC CMPO US 185.8 (291.2) 58.1
CONSENSUS CLOUD CCSI US 667.1 (217.4) 90.9
CONTANGO ORE INC CTGO US 17.5 (5.7) 3.5
COOPER-STANDARD CPS US 1,870.8 (61.7) 208.5
COOPER-STANDARD C31 GR 1,870.8 (61.7) 208.5
COOPER-STANDARD CPSEUR EU 1,870.8 (61.7) 208.5
COOPER-STANDARD C31 GZ 1,870.8 (61.7) 208.5
COOPER-STANDARD C31 TH 1,870.8 (61.7) 208.5
CPI CARD GROUP I PMTS US 300.1 (63.0) 116.3
CPI CARD GROUP I CPB1 GR 300.1 (63.0) 116.3
CPI CARD GROUP I PMTSEUR EU 300.1 (63.0) 116.3
CUTERA INC TJ9 GR 463.8 (69.1) 266.9
CUTERA INC CUTR US 463.8 (69.1) 266.9
CUTERA INC TJ9 TH 463.8 (69.1) 266.9
CUTERA INC CUTREUR EU 463.8 (69.1) 266.9
CUTERA INC TJ9 QT 463.8 (69.1) 266.9
CUTERA INC CUTREUR EZ 463.8 (69.1) 266.9
CYTOKINETICS INC CYTK US 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A GR 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A QT 779.9 (333.1) 521.0
CYTOKINETICS INC CYTKEUR EU 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A TH 779.9 (333.1) 521.0
CYTOKINETICS INC CYTKEUR EZ 779.9 (333.1) 521.0
DELEK LOGISTICS DKL US 1,692.6 (129.5) 29.0
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 E 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 E 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 3,405.5 (2,130.6) (953.4)
DINE BRANDS GLOB DIN US 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP GR 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP TH 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP GZ 1,666.6 (281.0) (130.4)
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 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 GR 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 SW 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 TH 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 QT 2,938.6 (411.9) 203.3
DROPBOX INC-A DBXEUR EU 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX AV 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX* MM 2,938.6 (411.9) 203.3
DROPBOX INC-A DBXEUR EZ 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 GZ 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX-RM RM 2,938.6 (411.9) 203.3
EMBECTA CORP EMBC US 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC* MM 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 GR 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 QT 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR E 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR E 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 GZ 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 TH 1,252.1 (809.4) 401.7
ETSY INC ETSY US 2,568.8 (464.2) 910.5
ETSY INC 3E2 GR 2,568.8 (464.2) 910.5
ETSY INC 3E2 TH 2,568.8 (464.2) 910.5
ETSY INC 3E2 QT 2,568.8 (464.2) 910.5
ETSY INC 2E2 GZ 2,568.8 (464.2) 910.5
ETSY INC 300 SW 2,568.8 (464.2) 910.5
ETSY INC ETSY AV 2,568.8 (464.2) 910.5
ETSY INC ETSYEUR EZ 2,568.8 (464.2) 910.5
ETSY INC ETSY* MM 2,568.8 (464.2) 910.5
ETSY INC ETSY-RM RM 2,568.8 (464.2) 910.5
ETSY INC ETSY TE 2,568.8 (464.2) 910.5
ETSY INC - BDR E2TS34 BZ 2,568.8 (464.2) 910.5
ETSY INC - CEDEA ETSY AR 2,568.8 (464.2) 910.5
EVELO BIOSCIENCE EVLO US 42.0 (27.4) (27.2)
EVOLUS INC EOLS US 169.0 (7.0) 55.1
EVOLUS INC EVL GR 169.0 (7.0) 55.1
EVOLUS INC EOLSEUR EU 169.0 (7.0) 55.1
EVOLUS INC EVL TH 169.0 (7.0) 55.1
EVOLUS INC EVL QT 169.0 (7.0) 55.1
EVOLUS INC EVL GZ 169.0 (7.0) 55.1
FAIR ISAAC - BDR F2IC34 BZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI GR 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICO US 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICOEUR EU 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI QT 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICOEUR EZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICO1* MM 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI GZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI TH 1,584.6 (704.0) 182.1
FENNEC PHARMACEU FRX CN 19.4 (9.7) 15.6
FENNEC PHARMACEU FENC US 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 TH 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 GR 19.4 (9.7) 15.6
FENNEC PHARMACEU FRXEUR EU 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 GZ 19.4 (9.7) 15.6
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 515.1 (60.3) 217.3
FIBROGEN INC FGEN-RM RM 515.1 (60.3) 217.3
FOGHORN THERAPEU FHTX US 339.6 (49.4) 233.9
FUSE GROUP HOLDI FUST US 0.1 (0.7) (0.2)
GCM GROSVENOR-A GCMG US 450.8 (100.9) 89.4
GEN RESTAURANT G GENK US 139.5 (3.8) (23.4)
GODADDY INC -BDR G2DD34 BZ 6,793.9 (664.5) (1,204.8)
GODADDY INC-A GDDY US 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D GR 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D QT 6,793.9 (664.5) (1,204.8)
GODADDY INC-A GDDY* MM 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D TH 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D GZ 6,793.9 (664.5) (1,204.8)
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 127.5 (1.5) 3.5
GROUPON INC G5NA GR 587.2 (24.8) (171.8)
GROUPON INC G5NA TH 587.2 (24.8) (171.8)
GROUPON INC GRPN US 587.2 (24.8) (171.8)
GROUPON INC G5NA QT 587.2 (24.8) (171.8)
GROUPON INC GRPNEUR EU 587.2 (24.8) (171.8)
GROUPON INC G5NA GZ 587.2 (24.8) (171.8)
GROUPON INC GRPN AV 587.2 (24.8) (171.8)
GROUPON INC GRPN* MM 587.2 (24.8) (171.8)
GROUPON INC GRPNEUR EZ 587.2 (24.8) (171.8)
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 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 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HLF US 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HLFEUR EU 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO QT 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO GZ 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO SW 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO TH 2,770.6 (1,150.4) 130.6
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)
IHEARTMEDIA-CL A IHRT US 6,983.8 (403.5) 605.6
INSEEGO CORP INSG-RM RM 153.7 (70.8) 22.9
INSMED INC INSM US 1,439.1 (155.7) 848.2
INSMED INC IM8N GR 1,439.1 (155.7) 848.2
INSMED INC IM8N TH 1,439.1 (155.7) 848.2
INSMED INC INSMEUR EU 1,439.1 (155.7) 848.2
INSMED INC INSM* MM 1,439.1 (155.7) 848.2
INSPIRATO INC ISPO* MM 406.3 (80.0) (159.2)
INSPIRED ENTERTA INSE US 353.5 (50.3) 64.4
INSPIRED ENTERTA 4U8 GR 353.5 (50.3) 64.4
INSPIRED ENTERTA INSEEUR EU 353.5 (50.3) 64.4
INTUITIVE MACHIN LUNR US 99.7 (121.1) (42.5)
INVITAE CORP NVTA* MM 1,523.0 (200.8) 299.3
INVITAE CORP NVTA-RM RM 1,523.0 (200.8) 299.3
IRONWOOD PHARMAC I76 GR 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWD US 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 TH 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 QT 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWDEUR EU 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWDEUR EZ 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 GZ 603.2 (346.8) 12.2
JACK IN THE BOX JBX GR 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK US 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR E 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX GZ 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX QT 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR E 2,951.8 (705.4) (228.5)
JAWS MUSTANG A-A JWSM US 22.7 (0.5) (3.8)
JAWS MUSTANG ACQ JWSM/U US 22.7 (0.5) (3.8)
L BRANDS INC-BDR B1BW34 BZ 5,363.0 (2,170.0) 803.0
LESLIE'S INC LESL US 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 GR 1,137.4 (179.8) 221.4
LESLIE'S INC LESLEUR EU 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 TH 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 QT 1,137.4 (179.8) 221.4
LIFEMD INC LFMD US 33.9 (7.4) (7.9)
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 1,481.8 (2,860.1) (3,545.5)
LUMINE GROUP INC LMGIF US 1,481.8 (2,860.1) (3,545.5)
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 313.4 (260.5) 133.3
MANNKIND CORP MNKD US 313.4 (260.5) 133.3
MANNKIND CORP NNFN TH 313.4 (260.5) 133.3
MANNKIND CORP NNFN QT 313.4 (260.5) 133.3
MANNKIND CORP MNKDEUR EU 313.4 (260.5) 133.3
MANNKIND CORP NNFN GZ 313.4 (260.5) 133.3
MARKETWISE INC MKTW* MM 445.6 (257.3) (50.3)
MARRIOTT - BDR M1TT34 BZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD EB 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD IX 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD I2 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ TH 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GR 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR US 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ QT 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EU 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR AV 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR TE 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ SW 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR* MM 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR-RM RM 25,087.0 (224.0) (4,076.0)
MATCH GROUP -BDR M1TC34 BZ 4,339.0 (177.5) 594.8
MATCH GROUP INC 0JZ7 LI 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH US 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH1* MM 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN TH 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GR 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN QT 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN SW 4,339.0 (177.5) 594.8
MATCH GROUP INC MTC2 AV 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GZ 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH-RM RM 4,339.0 (177.5) 594.8
MBIA INC MBI US 3,257.0 (988.0) -
MBIA INC MBJ GR 3,257.0 (988.0) -
MBIA INC MBJ TH 3,257.0 (988.0) -
MBIA INC MBJ QT 3,257.0 (988.0) -
MBIA INC MBI1EUR EU 3,257.0 (988.0) -
MBIA INC MBJ GZ 3,257.0 (988.0) -
MCDONALD'S - CDR MDO0 GR 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD EB 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD IX 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD I2 50,442.0 (4,999.1) 1,271.7
MCDONALDS - BDR MCDC34 BZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO TH 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD TE 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO GR 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD* MM 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD US 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD SW 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD CI 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO QT 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD SW 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDEUR EU 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO GZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD AV 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDEUR EZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP 0R16 LN 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD-RM RM 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDCL CI 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCDD AR 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCDC AR 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCD AR 50,442.0 (4,999.1) 1,271.7
MCKESSON CORP MCK* MM 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK GR 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK US 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK TH 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK1EUR EU 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK QT 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK GZ 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK1EUR EZ 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK-RM RM 64,096.0 (1,240.0) (2,883.0)
MCKESSON-BDR M1CK34 BZ 64,096.0 (1,240.0) (2,883.0)
MEDIAALPHA INC-A MAX US 140.2 (94.4) (3.7)
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
NANOSTRING TECHN NSTGEUR EZ 289.0 (21.5) 159.0
NANOSTRING TECHN NSTG* MM 289.0 (21.5) 159.0
NATHANS FAMOUS NATH US 65.8 (39.2) 36.2
NATHANS FAMOUS NFA GR 65.8 (39.2) 36.2
NATHANS FAMOUS NATHEUR EU 65.8 (39.2) 36.2
NATIONAL CINEMED NCMI US 43.4 (19.3) 14.0
NEW ENG RLTY-LP NEN US 385.0 (64.9) -
NINE ENERGY SERV NINE US 438.5 (13.4) 124.1
NINE ENERGY SERV NINE1EUR E 438.5 (13.4) 124.1
NINE ENERGY SERV NEJ TH 438.5 (13.4) 124.1
NINE ENERGY SERV NEJ QT 438.5 (13.4) 124.1
NIOCORP DEVELOPM NB CN 33.1 (13.9) 3.5
NOVAVAX INC NVV1 GR 1,685.0 (754.5) (468.7)
NOVAVAX INC NVAX US 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 TH 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 QT 1,685.0 (754.5) (468.7)
NOVAVAX INC NVAXEUR EU 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 GZ 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 SW 1,685.0 (754.5) (468.7)
NOVAVAX INC NVAX* MM 1,685.0 (754.5) (468.7)
NOVAVAX INC 0A3S LI 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 BU 1,685.0 (754.5) (468.7)
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 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 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP TH 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN-WEUR E 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP GR 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN* MM 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP GZ 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP QT 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN-RM RM 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN TE 10,979.0 (555.0) 1,571.0
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 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 GR 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PZZAEUR EU 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 GZ 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 TH 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 QT 873.6 (464.5) (54.8)
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
PELOTON INTERACT PTON TE 3,016.3 (127.0) 1,004.4
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)
PITNEY BOW-CED PBI AR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI US 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW TH 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBIEUR EU 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW QT 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GZ 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI-RM RM 4,423.4 (75.5) (241.9)
PLANET FITNESS I P2LN34 BZ 2,848.2 (216.0) 230.9
PLANET FITNESS I PLNT* MM 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT US 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL TH 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GR 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL QT 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT1EUR E 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT1EUR E 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GZ 2,848.2 (216.0) 230.9
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 1,338.1 (577.8) 113.3
PTC THERAPEUTICS BH3 GR 1,338.1 (577.8) 113.3
PTC THERAPEUTICS P91 TH 1,338.1 (577.8) 113.3
PTC THERAPEUTICS P91 QT 1,338.1 (577.8) 113.3
PULSE BIOSCIENCE PLSE US 70.2 (10.7) 48.0
PULSE BIOSCIENCE 6L8 GZ 70.2 (10.7) 48.0
RAPID7 INC RPD US 1,355.7 (111.0) 4.5
RAPID7 INC R7D GR 1,355.7 (111.0) 4.5
RAPID7 INC RPDEUR EU 1,355.7 (111.0) 4.5
RAPID7 INC R7D TH 1,355.7 (111.0) 4.5
RAPID7 INC RPD* MM 1,355.7 (111.0) 4.5
RAPID7 INC R7D GZ 1,355.7 (111.0) 4.5
RAPID7 INC R7D QT 1,355.7 (111.0) 4.5
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
RINGCENTRAL IN-A RNG US 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA GR 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A RNGEUR EU 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA TH 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA QT 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A RNGEUR EZ 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A RNG* MM 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA GZ 1,960.4 (272.4) 211.2
SABRE CORP SABR US 4,924.6 (1,068.6) 446.5
SABRE CORP 19S GR 4,924.6 (1,068.6) 446.5
SABRE CORP 19S TH 4,924.6 (1,068.6) 446.5
SABRE CORP 19S QT 4,924.6 (1,068.6) 446.5
SABRE CORP SABREUR EU 4,924.6 (1,068.6) 446.5
SABRE CORP SABREUR EZ 4,924.6 (1,068.6) 446.5
SABRE CORP 19S GZ 4,924.6 (1,068.6) 446.5
SAVERS VALUE VIL SVV US 1,705.1 (48.4) (59.5)
SBA COMM CORP 4SB GR 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBAC US 10,604.5 (5,054.8) (219.8)
SBA COMM CORP 4SB TH 10,604.5 (5,054.8) (219.8)
SBA COMM CORP 4SB QT 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBACEUR EU 10,604.5 (5,054.8) (219.8)
SBA COMM CORP 4SB GZ 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBAC* MM 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBACEUR EZ 10,604.5 (5,054.8) (219.8)
SBA COMMUN - BDR S1BA34 BZ 10,604.5 (5,054.8) (219.8)
SCPHARMACEUTICAL SCPH US 114.2 (251.9) 102.9
SCPHARMACEUTICAL SCPHEUR EU 114.2 (251.9) 102.9
SCPHARMACEUTICAL 2SX TH 114.2 (251.9) 102.9
SCPHARMACEUTICAL 2SX GR 114.2 (251.9) 102.9
SCPHARMACEUTICAL 2SX GZ 114.2 (251.9) 102.9
SCPHARMACEUTICAL 2SX QT 114.2 (251.9) 102.9
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 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GR 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L TH 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA SEASEUR EU 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L QT 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GZ 2,505.2 (377.5) (176.9)
SIRIUS XM HO-BDR SRXM34 BZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI US 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO TH 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GR 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI SW 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO QT 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI AV 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI* MM 10,078.0 (3,111.0) (2,196.0)
SIX FLAGS ENTERT SIX US 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE GR 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT SIXEUR EU 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE TH 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE QT 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT S2IX34 BZ 2,713.6 (450.7) (342.5)
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 498.7 (490.1) 100.8
SONDER HOLDINGS SOND* MM 1,521.5 (96.8) (8.4)
SPIRIT AEROSYS-A S9Q GR 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPR US 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q TH 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPREUR EU 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q QT 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPREUR EZ 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q GZ 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPR-RM RM 6,545.2 (628.9) 1,105.5
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 766.4 (291.2) (113.9)
SQUARESPACE IN-A SQSP US 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT GR 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT GZ 766.4 (291.2) (113.9)
SQUARESPACE IN-A SQSPEUR EU 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT TH 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT QT 766.4 (291.2) (113.9)
STARBUCKS CORP SBUX US 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX* MM 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB TH 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB GR 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX CI 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX SW 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB QT 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX PE 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXUSD SW 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB GZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX AV 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX TE 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXEUR EU 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP 1SBUX IM 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXEUR EZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP 0QZH LI 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX-RM RM 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXCL CI 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX_KZ KZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD BQ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD EB 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD IX 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD I2 28,733.0 (8,341.6) (2,043.9)
STARBUCKS-BDR SBUB34 BZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS-CEDEAR SBUX AR 28,733.0 (8,341.6) (2,043.9)
STARBUCKS-CEDEAR SBUXD AR 28,733.0 (8,341.6) (2,043.9)
SYNDAX PHARMACEU SNDX US 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 GR 431.3 (378.7) 378.9
SYNDAX PHARMACEU SNDXEUR EU 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 TH 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 QT 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 GZ 431.3 (378.7) 378.9
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 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP T7D GR 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDG US 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP T7D QT 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDGEUR EU 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP T7D TH 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDG* MM 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDGEUR EZ 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDG-RM RM 19,555.0 (2,387.0) 4,719.0
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 1,649.9 (751.9) 518.3
TRIUMPH GROUP TGI US 1,649.9 (751.9) 518.3
TRIUMPH GROUP TGIEUR EU 1,649.9 (751.9) 518.3
TRIUMPH GROUP TG7 TH 1,649.9 (751.9) 518.3
TRIUMPH GROUP TG7 GZ 1,649.9 (751.9) 518.3
TUPPERWARE BRAND TUP US 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP GR 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP QT 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP GZ 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP TH 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP1EUR EU 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP SW 952.2 (187.5) 102.9
TUPPERWARE BRAND TUP1EUR EZ 952.2 (187.5) 102.9
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 5,034.6 (2,331.2) -
UNITI GROUP INC 8XC GR 5,034.6 (2,331.2) -
UNITI GROUP INC 8XC TH 5,034.6 (2,331.2) -
UNITI GROUP INC 8XC GZ 5,034.6 (2,331.2) -
UROGEN PHARMA LT URGN US 95.4 (116.6) (178.5)
UROGEN PHARMA LT UR8 GR 95.4 (116.6) (178.5)
UROGEN PHARMA LT URGNEUR EU 95.4 (116.6) (178.5)
VECTOR GROUP LTD VGR GR 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR US 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR QT 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGREUR EU 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGREUR EZ 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR TH 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR GZ 1,033.2 (797.1) 332.8
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 230.0 (43.8) 44.5
WAVE LIFE SCIENC WVEEUR EU 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 GR 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 TH 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 GZ 230.0 (43.8) 44.5
WAYFAIR INC- A W US 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF GR 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF TH 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A WEUR EU 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF QT 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A WEUR EZ 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF GZ 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A W* MM 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- BDR W2YF34 BZ 3,382.0 (2,698.0) (200.0)
WEWORK INC-CL A WE* MM 15,063.0 (3,593.0) (1,445.0)
WINGSTOP INC WING US 451.2 (365.4) 179.4
WINGSTOP INC EWG GR 451.2 (365.4) 179.4
WINGSTOP INC WING1EUR E 451.2 (365.4) 179.4
WINGSTOP INC EWG GZ 451.2 (365.4) 179.4
WINGSTOP INC EWG TH 451.2 (365.4) 179.4
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 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 GR 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 TH 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTWEUR EU 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 QT 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 GZ 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 SW 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTW AV 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTWEUR EZ 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW-RM RM 1,001.5 (716.3) (23.5)
WYNN RESORTS LTD WYR GR 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN* MM 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN US 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR TH 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR QT 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNNEUR EU 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR GZ 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNNEUR EZ 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN-RM RM 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS-BDR W1YN34 BZ 13,783.7 (1,507.2) 3,005.7
YELLOW CORP YEL TH 2,152.2 (436.6) 166.2
YUM! BRANDS INC YUM US 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GR 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR TH 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EU 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR QT 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMUSD SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM* MM 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM AV 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM-RM RM 5,848.0 (8,436.0) 28.0
*********
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
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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.
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*** End of Transmission ***