/raid1/www/Hosts/bankrupt/TCR_Public/230822.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 22, 2023, Vol. 27, No. 233
Headlines
104 POWER LIMITED: Taps Nixon Peabody as Legal Counsel
502 E JED: Taps Friedman-Roth Realty Services as Real Estate Broker
911 MGB: Lender Seeks to Prohibit Cash Collateral Access
ACCELERATED HEALTH: $875MM Bank Debt Trades at 21% Discount
ACCURIDE CORP: Guggenheim SOF Marks $6.3MM Loan at 19% Off
ADVOCATE HEALTH: Seeks to Tap Blanchard Law as Bankruptcy Counsel
AKUMIN INC: S&P Downgrades ICR to 'CCC', Outlook Negative
ALEAFIA HEALTH: Obtains CCAA Initial Stay Until Sept. 1
ALGONQUIN POWER: Fitch Affirms 'BB+' Rating on Jr. Sub. Debt
ALROD LOGISTICS: Seeks to Hire Bryan Mickler as Bankruptcy Counsel
AMC ENTERTAINMENT: $2BB Bank Debt Trades at 20% Discount
AMERICAN SCREENING: Taps Hilburn & Hilburn as Litigation Counsel
ANCHOR GLASS: $647MM Bank Debt Trades at 20% Discount
APPHARVEST PRODUCTS: Seeks to Hire Jefferies as Investment Banker
APPHARVEST PRODUCTS: Seeks to Hire Sidley Austin as Counsel
APPHARVEST PRODUCTS: Taps Triple P RTS as Financial Advisor
AQUA SHIELD: Seeks to Hire Bruce Arthur Lean as Accountant
ARCHBISHOP OF SAN FRANCISCO: Voluntary Chapter 11 Case Summary
ASCEND PERFORMANCE: Moody's Alters Outlook on Ba3 CFR to Negative
ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 22% Discount
ASTRA ACQUISITION: $500MM Bank Debt Trades at 38% Discount
AVEANNA HEALTHCARE: $200MM Bank Debt Trades at 23% Discount
BADGER FINANCE: $268MM Bank Debt Trades at 21% Discount
BELLE ISLE: Court OKs Cash Collateral Access Thru Sept 21
BERGIO INTERNATIONAL: Incurs $529K Net Loss in Second Quarter
BIJOU HILL: U.S. Trustee Appoints Creditors' Committee
BISCAYNE BEACH: Lender Seeks to Prohibit Cash Collateral Access
BLUE DOLPHIN: Incurs $1.6 Million Net Loss in Second Quarter
BRIGHT MOUNTAIN: Incurs $6.1 Million Net Loss in Second Quarter
CAMP DOG: Case Summary & Five Unsecured Creditors
CANO HEALTH: $644MM Bank Debt Trades at 29% Discount
CANOPY GROWTH: Lord Abbett CB Marks $6.5MM Loan at 20% Off
CAREVIEW COMMUNICATIONS: Incurs $45K Net Loss in Second Quarter
CELL-NIQUE CORPORATION: Seeks Cash Collateral Access
CENTER FOR ASBESTOS: Seeks Approval to Hire Bankruptcy Counsel
CENTERPOINT PRODUCTIONS: Files Emergency Bid to Use Cash Collateral
CENTURY AIR: Files Emergency Bid to Use Cash Collateral
CENTURYLINK INC: Lord Abbett CB Marks $21MM Loan at 31% Off
CHECKERS DRIVE-IN: Guggenheim SOF Marks $1.7MM Loan at 58% Off
CHESANING MFG: Court OKs Interim Cash Collateral Access
CHINAH USA: Seeks to Hire Kirby Aisner & Curley as Legal Counsel
CHINAH USA: Seeks to Hire Klinger & Klinger CPAs as Accountant
CHIPLEY'S FAMILY: Seeks to Tap Boyer Terry as Bankruptcy Counsel
CNG HOLDINGS: S&P Upgrades ICR to 'CCC+' Then Withdraws Rating
CONCRETE SOLUTIONS: Court OKs Cash Collateral Access Thru Dec 29
CORNER OYSTER: Seeks to Hire Boyer Terry as Bankruptcy Counsel
CP IRIS HOLDCO: $210MM Bank Debt Trades at 17% Discount
CREATING SCHOLARS: Court OKs Cash Collateral Access Thru Sept 14
CUMBERLAND SERVICENTER: Case Summary & Seven Unsecured Creditors
CURIA GLOBAL: Lord Abbett CB Marks $9.5MM Loan at 15% Off
CWI CHEROKEE: Wins Cash Collateral Access on Final Basis
CYXTERA DC HOLDINGS: $815MM Bank Debt Trades at 37% Discount
CYXTERA DC: $100MM Bank Debt Trades at 39% Discount
CYXTERA TECHNOLOGIES: Unsecureds to Get Share of GUC Recovery Pool
DAWN ACQUISITIONS: $550MM Bank Debt Trades at 19% Discount
DEAN GUTIERREZ: Court OKs Interim Cash Collateral Access
DEXTER GROUP: Gets OK to Tap Kosto & Rotella as Bankruptcy Counsel
DIRECT MARKETING: Bankr. Administrator Unable to Appoint Committee
DIVISION SEVEN: Gets OK to Hire J M Sanfilippo as Accountant
DRIVEN BRANDS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
E.R. BAKEY: Wins Cash Collateral Access Thru Sept 19
EXIGENT LANDSCAPING: Mark Shapiro Named Subchapter V Trustee
FANJOY CO: Tamara Miles Ogier Named Subchapter V Trustee
FGI OPERATING: 87% Markdown for $634,000 Lord Abbett HY Loan
GARCIA GRAIN: Court OKs Access to Cash Collateral Thru Sept 20
GB SCIENCES: Incurs $273K Net Loss in First Quarter
GEMINI HDPE: Moody's Affirms 'Ba2' Rating on 2027 Secured Term Loan
GENESIS CARE: Seeks to Hire Clayton Utz as Special Counsel
GGG INVESTMENTS: Has Deal on Cash Collateral Access
GIBSON BRANDS: Guggenheim SOF Marks $4.8MM Loan at 21% Off
GIGA-TRONICS INC: Posts $2.6 Million Net Loss in Second Quarter
GLOBAL MEDICAL: $1.94BB Bank Debt Trades at 31% Discount
GLOBAL MEDICAL: $1.98BB Bank Debt Trades at 31% Discount
GLOBAL MEDICAL: Lord Abbett CB Marks $18MM Loan at 30% Off
GLOBAL PREMIER: Gets OK to Hire Winthrop as Legal Counsel
GOLDEN DEVELOPING: Taps Anthony L.G. as Special Counsel
GOLDEN DEVELOPING: Taps The Associates as Bankruptcy Counsel
GOOD HANDS: Court OKs Cash Collateral Access on Final Basis
GUARDIAN BASEBALL: Michael Wheatley Named Subchapter V Trustee
GULFSLOPE ENERGY: Posts $178K Net Loss in Third Quarter
GUNTHER CHARTERS: Business Income & New Contribution to Fund Plan
HAWAIIAN ELECTRIC: Moody's Cuts Rating on Unsecured Notes to Ba3
HAYDEN GATEWAY: Public Sale Auction Slated for Sept. 6
HEARTHSIDE GROUP: Guggenheim SOF Marks $1.3MM Loan at 19% Off
HTG MOLECULAR: Court OKs Cash Collateral Access on Final Basis
ICU MEDICAL: Fitch Affirms 'BB' IDR & Alters Outlook to Stable
IHEARTCOMMUNICATIONS: Lord Abbett CB Marks $2.8MM Loan at 21% Off
IVANTI SOFTWARE: $1.75BB Bank Debt Trades at 16% Discount
IVANTI SOFTWARE: $465MM Bank Debt Trades at 17% Discount
J & D RESTAURANT: Taps Allan D. NewDelman as Legal Counsel
JOHNSON'S ALL-SCAPES: Court OKs Interim Cash Collateral Access
JUSTICE SAND: Gets OK to Hire Green & McElreath as Accountant
K & H AUTOMOTIVE: Unsecureds to Get $1,800 per Month for 60 Months
LABRUZZO COMMERCIAL: Court OKs Cash Collateral Access Thru Sept 14
LABRUZZO WOODLANDS: Court OKs Cash Collateral Access Thru Sept 14
LACKAWANNA ENERGY: S&P Assigns 'BB-' Rating on Senior Secured Debt
LAKE DISTRICT: Amends Plan to Include Taxing Authorities Claim
LEMONKIND LLC: Seeks Cash Collateral Access
LEX1885 LLC: Case Summary & One Unsecured Creditor
LIFESCAN GLOBAL: $275MM Bank Debt Trades at 38% Discount
LONE WOLF: Wins Cash Collateral Access Thru Sept 11
LORDSTOWN MOTORS: Gets OK to Hire KPMG as Auditor
LORDSTOWN MOTORS: Taps Baker & Hostetler as Special Counsel
LUZ MA: Court OKs Cash Collateral Access Thru Nov 9
LYONS MAGNUS: Guggenheim SOF Marks $6.3MM Loan at 19% Off
MATEO ENTERPRISE: Court OKs Cash Collateral Access Thru Aug 31
MEDASSETS SOFTWARE: Lord Abbett CB Marks $12.5MM Loan at 16% Off
MEDIAMATH HOLDINGS: Deadline to File Claims Set for Sept. 5
MEHR GROUP: Court OKs Appointment of Chapter 11 Trustee
MEJJM INC: Seeks Cash Collateral Access
MERIDIAN RESTAURANTS: Court Okays Sept. 19 Auction for Assets
MID-KANSAS REAL ESTATE: Wins Interim Cash Collateral Access
MORAN FOODS: Guggenheim SOF Marks $603,044 Loan at 32% Off
MULEHOUSE GROUP: Wins Interim Cash Collateral Access
N. F. INTERNATIONAL: Court OKs Cash Collateral on Final Basis
NATIONAL MENTOR: Guggenheim SOF Marks $4.3MM Loan at 26% Off
NATIONAL MENTOR: Lord Abbett CB Marks $5.8MM Loan at 48% Off
NAUTICAL MARINE: Seeks Cash Collateral Access
NAUTILUS POWER: $728MM Bank Debt Trades at 24% Discount
NEEDS LLC: Case Summary & Nine Unsecured Creditors
NEW ERA CAP: S&P Withdraws 'B' Issuer Credit Rating
NEWMARK GROUP: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
NIKOFAM INC: Court OKs Cash Collateral Access Thru Oct 18
OKAYSOU CORP: Court OKs Cash Collateral Access on Final Basis
PACIFIC BEND: Unsecureds Owed $7M to be Paid in Full in Plan
PACKERS HOLDINGS: Guggenheim SOF Marks $6.3MM Loan at 19% Off
PARADOX RESOURCES: Committee Taps Gray Reed as Legal Counsel
PATHWAY VET: Lord Abbett CB Marks $11.4MM Loan at 15% Off
POWER STOP: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
PROPEL SCHOOLS: S&P Affirms 'BB+' Rating on 2013 Revenue Bonds
PROPPANT TECH: Taps Lain Faulkner & Co. as Forensic Accountant
RACKSPACE TECHNOLOGY: S&P Upgrades ICR to 'CCC+', Outlook Negative
RADIATE HOLDCO: Lord Abbett CB Marks $13MM Loan at 17% Off
RADIOLOGY PARTNERS: $1.64BB Bank Debt Trades at 24% Discount
RETROVISION LLC: Case Summary & Five Unsecured Creditors
RIHH LLC: Case Summary & 20 Largest Unsecured Creditors
RODAN & FIELDS: $600MM Bank Debt Trades at 64% Discount
SEMRAD LAW: Amends Plan to Include Other Secured Claims Details
SHO HOLDING I: Guggenheim SOF Marks $1.9MM Loan at 30% Off
SKINNY & CO: Court OKs Cash Collateral Access Thru Oct 7
SOUL HEAVEN: D. Parker Sweet Named Subchapter V Trustee
SOUTHWESTERN ENERGY: Fitch Affirms BB+ LongTerm IDR, Outlook Pos.
SP PF BUYER: Guggenheim SOF Marks $5.8MM Loan at 36% Off
SPIN HOLDCO: $2BB Bank Debt Trades at 15% Discount
SUN VALLEY: Files Emergency Bid to Use Cash Collateral
SUPERIOR PLUS: S&P Affirms 'BB-' ICR, Outlook Stable
TABULA RASA: Bankruptcy Administrator Unable to Appoint Committee
TAGRISK LLC: Case Summary & 20 Largest Unsecured Creditors
TANTUM COMPANIES: Committee Taps Moon Wright & Houston as Counsel
TEAM HEALTH: Lord Abbett CB Marks $6.8MM Loan at 38% Off
TELESAT LLC: $1.9BB Bank Debt Trades at 30% Discount
TENNECO INC: $1.75BB Bank Debt Trades at 16% Discount
UNITED PF: $525MM Bank Debt Trades at 21% Discount
VIASAT INC: Moody's Affirms 'B2' CFR, Outlook Remains Stable
VYERA PHARMACEUTICALS: Taps Epiq as Administrative Advisor
WEWORK COMPANIES: Fitch Lowers LongTerm IDR to 'CC'
WYTHE BERRY: Court OKs Deal on Cash Collateral Access
YARDBOYS & YARDGIRLS: Bankr. Administrator Unable to Appoint Panel
YELLOW CORP: U.S. Trustee Appoints Creditors' Committee
ZAYO GROUP: EUR750MM Bank Debt Trades at 25% Discount
[^} Large Companies with Insolvent Balance Sheet
*********
104 POWER LIMITED: Taps Nixon Peabody as Legal Counsel
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104 Power Limited Partnership and 1046533 B.C. Ltd. seek approval
from the U.S. Bankruptcy Court for the District of Massachusetts to
employ Nixon Peabody, LLP as their legal counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and
duties in the continued operation of their businesses;
b. advising the Debtors with respect to all general bankruptcy
matters;
c. preparing legal papers;
d. representing the Debtors at court hearings;
e. prosecuting and defending litigated matters that may arise
during the Debtors' Chapter 11 cases;
f. preparing and filing a disclosure statement and
negotiating, presenting, and implementing a plan of
reorganization;
g. negotiating transactions and preparing any necessary
documentation related thereto;
h. representing the Debtors on matters relating to the
assumption or rejection of executory contracts and unexpired
leases;
i. advising the Debtors with respect to general corporate,
securities, real estate, litigation, environmental, labor,
regulatory, tax, healthcare, and other legal matters which may
arise during the pendency of the cases; and
j. other legal services.
Nixon Peabody will be paid at these rates:
Attorneys $650 to $700 per hour
Paralegals $300 and $600 per hour
The firm received from the Debtors a retainer of $49,980.
Richard Pedone, Esq., a partner at Nixon Peabody, 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:
Richard C. Pedone, Esq.
Nixon Peabody, LLP
53 State Street
Boston, MA 02109-2835
Tel: (617) 345-1305
Email: rpedone@nixonpeabody.com
About 104 Power Limited Partnership
104 Power Limited Partnership and 1046533 B.C. Ltd. filed voluntary
petitions for Chapter 11 protection (Bankr. D. Mass. Lead Case No.
23-11201) on July 27, 2023. Samuel Morrow, chief transformation
officer, signed the petitions.
At the time of the filing, 104 Power reported as much as $50,000 in
assets and $10 million to $50 million in liabilities while 1046533
reported $50,001 to $100,000 in assets and $10 million to $50
million in liabilities.
Nixon Peabody, LLP serves as the Debtor's legal counsel.
502 E JED: Taps Friedman-Roth Realty Services as Real Estate Broker
-------------------------------------------------------------------
502 E Jed Realty Corp. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Friedman-Roth
Realty Services LLC as real estate broker.
The Debtor needs a broker to assist in the marketing and sale of
its real property located at 231 Brook Avenue, Bronx, N.Y.
The broker will receive a commission of 3 percent of the amount of
any sale proceeds.
George Niblock, managing partner at Friedman-Roth Realty Services,
disclosed in a court filing that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
George Niblock
Friedman-Roth Realty Services LLC
44 East 32th Street, 9th Floor
New York, NY 10016
Telephone: (212) 889-4400
Email: gniblock@friedmanroth.com
About 502 E Jed Realty Corp.
502 E Jed Realty Corp., a company in Astoria, N.Y., filed its
voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case
No. 23-41316) on April 18, 2023, with $1 million to $10 million in
both assets and liabilities.
Judge Nancy Hershey Lord oversees the case.
Lawrence F. Morrison, Esq., at Morrison Tenenbaum, PLLC serves as
the Debtor's legal counsel.
911 MGB: Lender Seeks to Prohibit Cash Collateral Access
--------------------------------------------------------
Deutsche Bank National Trust Company, as Trustee for New Century
Home Equity Loan Trust, Series 2005-D, Asset Backed Pass-Through
Certificates, by and through its loan servicer, Ocwen PHH Mortgage
Corporation asks the U.S. Bankruptcy Court for the Eastern District
of New York, Brooklyn Division, to require 911 MGB LLC to turnover
cash collateral, commence adequate protection payments; and provide
an accounting of rental income with respect to certain real
property of the Debtor having an address of 911 Mother Gaston Blvd,
Brooklyn, NY 11212.
On November 21, 2005, Fernando Hart executed and delivered or are
otherwise obligated with respect to that certain promissory note in
the original principal amount of $452,000.
Pursuant to the Mortgage, all obligations of the Borrower under and
with respect to the Note and Mortgage are secured by the Property.
The Mortgage contains an Assignment of Rents provision.
The Borrower defaulted under the terms of the Loan Documents and
Creditor commenced a Foreclosure proceeding. On December 16, 2022,
Creditor obtained a Final Foreclosure Judgment for $981,112.
On June 21, 2023, Creditor issued the most recent Notice of
Foreclosure Sale scheduling a sale for July 27, 2023.
On September 6, 2022, an unauthorized Bargain and Sale Deed was
recorded with the County Recorder's Office wherein the Borrower,
Fernando art, purported to transfer interest in the Property to
Koznitz I LLC for little to no consideration.
On September 6, 2022, an unauthorized Bargain and Sale Deed was
recorded with the County Recorder's Office wherein Koznitz,
purported to transfer interest in the Property to 911 MGB LLC, the
Debtor therein, for little to no consideration.
On July 27, 2023, the same day as the scheduled foreclosure sale,
the Debtor, 911 MGB LLC filed the instant Chapter 11 Case in the
Eastern of New York and was assigned case number 1-23-42667-ess.
Notably, the Debtor is not the Borrower under the Note. The
Borrower is not a party to the Bankruptcy Case. Creditor is listed
as the only creditor.
To date, Debtor has yet to file a Motion to Use Cash Collateral to
use the rental income generated by the Property.
Creditor objects to any use of the cash collateral unless Debtor
commences adequate protection payments. To the extent the Property
has been producing rental income, it appears Debtor has been using
cash collateral in violation of the Bankruptcy Code. Creditor is
being harmed by the Debtor's use of cash collateral as the Subject
Loan remains in default while Creditor maintain taxes and insurance
for the Property. Based on the foregoing, Creditor requests an
immediate accounting and turnover of all income generated by the
Property from the petition date to present. At a minimum, Creditor
asserts it is entitled to adequate protection payments equal to the
gross income less expenses.
Creditor also requests clarification regarding the amount of income
produced by the Property and the turnover of any cash collateral
generated from the petition date to present.
A hearing on the matter is set for September 15, 2023 at 10:30
a.m.
A copy of the motion is available at https://urlcurt.com/u?l=ZfFQa6
from PacerMonitor.com.
About 911 MGB LLC
911 MGB LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-23-42667-ess) on July
2, 2023. In the petition signed by Morris Moskovits, member, the
Debtor disclosed up to $1 million in both assets and liabilities.
Solomon Rosengarten, Esq. represents the Debtor as legal counsel.
ACCELERATED HEALTH: $875MM Bank Debt Trades at 21% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Accelerated Health
Systems LLC is a borrower were trading in the secondary market
around 79.2 cents-on-the-dollar during the week ended Friday,
August 18, 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.
ACCURIDE CORP: Guggenheim SOF Marks $6.3MM Loan at 19% Off
----------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $6,305,603
loan extended to Accuride Corp to market at $5,109,808 or 81% of
the outstanding amount, as of May 31, 2023, according to Guggenheim
SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Accuride Corp.
The loan accrues interest at a rate of 10.49% (1 Month USD LIBOR +
5.25%, Rate Floor: 6.25%) per annum. The loan matures on November
17, 2023.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. The Fund is registered as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
Accuride Corporation is a diversified manufacturer and supplier of
commercial vehicle components in North America. Based in Livonia,
Michigan, the company designs, manufactures and markets commercial
vehicle components. Accuride's brands are Accuride Wheels, Gunite
Wheel End Components, and KIC Wheel End Components.
ADVOCATE HEALTH: Seeks to Tap Blanchard Law as Bankruptcy Counsel
-----------------------------------------------------------------
Advocate Health Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Blanchard Law, PA as counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;
(b) prepare legal papers; and
(c) perform all other legal services for the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Jake Blanchard, Esq. $350
Associate Attorney $275
Paralegal $100
The Debtor has agreed to pay the firm a general retainer of $10,000
plus the filing fee of $1,738.
Jake Blanchard, Esq., an attorney at Blanchard Law, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jake C. Blanchard, Esq.
Blanchard Law, PA
8221 49th Street N.
Pinellas Park, FL 33781
Telephone: (727) 531-7068
Facsimile: (727) 535-2068
Email: jake@jakeblanchardlaw.com
About Advocate Health Partners
Advocate Health Partners, LLC filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-03307) on Aug. 1, 2023, with up to $10 million in both assets
and liabilities. Judge Catherine Peek McEwen oversees the case.
Jake C. Blanchard, Esq., at Blanchard Law, PA serves as the
Debtor's counsel.
AKUMIN INC: S&P Downgrades ICR to 'CCC', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered all of its ratings on Akumin Inc.,
including its issuer credit rating on the company to 'CCC' from
'B-'.
The negative outlook reflects the risk that, absent a significant
operating improvement, the company's debt might not be
sustainable.
Akumin's significant headwinds have contributed to weaker growth
prospects and raise the risk that the company's capital structure
might be unsustainable.
The company's weak second-quarter earnings, coupled with lowered
guidance, suggest that Akumin will continue to face significant
headwinds. Major labor and supply challenges, delays in recognizing
synergies, and relatively soft patient volume are some factors
contributing to weaker-than-expected margins, very limited revenue
growth, and cash flow deficits.
S&P expects cash flow will remain weak, further compounded by the
upcoming increase in cash interest expense.
S&P said, "We forecast little improvement in Akumin's discretionary
cash flow in 2023, and possibly into 2024, after the company posted
a $7.5 million deficit in 2022. As of Sept. 1, 2023, Akumin's
interest obligation on subordinated debt converts to cash pay at
11% from the current 13% PIK, increasing annual interest expense
requirements by an estimated $50 million. The company's first cash
payment on the subordinated debt is due Sept. 29, 2023. In addition
to the risk that Akumin might not be able to generate enough to
cover its existing cash interest requirements, the imminent large
increase in these requirements further raises our view of risk
regarding the sustainability of the company's current capital
structure.
"We believe the formation of a special committee of the board
indicates a high likelihood of a restructuring.
"We forecast a cash flow deficit of about $45 million in 2024,
which includes a full-year cash interest requirement on the
subordinated debt. We do not see any path where the company can
service its current capital structure given Akumin's interest
expense requirements under any reasonable set of assumptions for
operating improvement. This leads to our conclusion of the
inevitability of a debt restructuring, which could include a
distressed transaction.
"The negative outlook on Akumin reflects our view of the
unsustainability of its capital structure and highly likely
near-term restructuring.
"We could lower our ratings on Akumin if the company pursues a debt
restructuring that includes a distressed exchange within the next
12 months.
"We could raise the rating if the company successfully restructures
its debt without any distressed exchanges and we believe it will
have adequate liquidity over the next 12 months."
ALEAFIA HEALTH: Obtains CCAA Initial Stay Until Sept. 1
-------------------------------------------------------
The Ontario Superior Court of Justice (Commercial List) entered an
initial order granting Aleafia Health Inc., Emblem Corp., Emblem
Cannabis Corporation, Emblem Realty Ltd., Growwise Health Limited,
Canabo Medical Corporation, Aleafia Inc., Aleafia Farms Inc.,
Aleafia Brands Inc., Aleafia Retail Inc., 2672533 Ontario Inc. and
2676063 Ontario Inc. protection under the Companies' Creditors
Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA").
Pursuant to the terms of the Initial Order, among other things, the
Court granted a stay of proceedings in favour of each of the
Applicants to and including August 4, 2023. On Aug. 4, 2023, the
Court issued an Amended and Restated Initial Order extending the
stay period until and including Sept. 1, 2023.
Documents are available on the Monitor's Website at:
https://www.ksvadvisory.com/insolvency-cases/case/aleafia.
The Monitor can be reached at:
KSV Restructuring Inc.
220 Bay Street, 13th Floor, PO Box 20,
Toronto, ON M5J 2W4
Noah Goldstein
Tel: 416-932-6207
Email: ngoldstein@ksvadvisory.com
Murtaza Tallat
Tel: 416-932-6031
Email: mtallat@ksvadvisory.com
Lawyers for the Monitor:
Osler, Hoskin & Harcourt LLP
100 King Street West
1 First Canadian Place
Suite 6200, P.O. Box 50
Toronto, ON M5X 1B8
Marc Wasserman
Tel: 416-862-4908
Email: mwasserman@osler.com
Martino Calvaruso
Tel: 416-862-6665
Email: mcalvaruso@osler.com
Ben Muller
Tel: 416-862-5923
Email: bmuller@osler.com
Lawyers for the Companies:
Aird & Berlis LLP
Brookfield Place
181 Bay Street, Suite 1800
Toronto, ON M5J 2T9
Miranda Spence
Tel: 416-865-3414
Email: mspence@airdberlis.com
Kyle Plunkett
Tel: 416-865-3406
Email: kplunkett@airdberlis.com
Tamie Dolny
Tel: 647-426-2306
Email: tdolny@airdberlis.com
Samantha Hans
Tel: 437-880-6105
Email: shans@airdberlis.com
The Aleafia Group is a federally licensed Canadian cannabis
organization which operates two primary lines of business, being:
(i) cannabis production and resale; and (ii) virtual cannabis
clinics. The Aleafia Group sells cannabis products primarily
through three core sales channels: adult-use, medical and
international.
ALGONQUIN POWER: Fitch Affirms 'BB+' Rating on Jr. Sub. Debt
------------------------------------------------------------
Fitch Ratings has placed the 'BBB' Long-Term Issuer Default Rating
(IDR) and the 'F2' Short-Term IDR of Algonquin Power Co (APCo) as
well as issue-level rating on Rating Watch Evolving following its
parent Algonquin Power & Utilities Corp.'s (APUC) announcement of
the plan to sell its renewable subsidiary APCo. Fitch expects to
resolve the Rating Watch when the company provides more details on
the transaction, including the buyer, capitalization post sale, and
whether any of the proceeds will be used to paydown current
outstanding debts at APCo.
Fitch has affirmed the Long-Term IDR of Algonquin Power & Utilities
Corp. (APUC) at 'BBB'. The Rating Outlook is Stable. Fitch has
additionally affirmed at 'BBB' the rating of APUC's senior
unsecured debt and 'BB+' of its Junior sub. debt. Fitch has also
affirmed the company's Short-Term IDR at 'F2'.
APUC's rating affirmation and Stable Outlook reflect the
expectation that FFO leverage will stay below the negative
sensitivity threshold following divestiture of non-regulated
businesses. Fitch views the transition of APUC to a fully regulated
business model as a credit positive, and has adjusted its positive
and negative FFO leverage thresholds to reflect lower risk business
profile.
KEY RATING DRIVERS
Algonquin Power & Utilities Corp.
Fully Regulated Business: APUC's business risk profile is supported
by stable and predictable earnings from Liberty Utilities Co's
(LUCo) regulated utility operations, which are expected to
contribute about 85% of EBITDA post non-regulated assets
divestiture. The remainder of EBITDA is coming from regulated
businesses in Canada, Bermuda and Chile, supporting fully regulated
low risk business profile.
Diversified Asset Base: LUCo benefits from its diversified
portfolio of regulated utility operations across 13 states. LUCo
was built from several acquisitions, most significantly of The
Empire District Electric Company, a Missouri electric utility, on
Jan. 1, 2017. Empire District accounts for more than 40% of LUCo's
EBITDA.
APUC's integrated electric operations account for approximately 60%
of regulated EBITDA, natural gas distribution operations account
for approximately 23%, and water and wastewater operations account
for approximately 17% of EBITDA. This asset diversification
mitigates the company's exposure to any regional or state specific
shocks that could affect cash flows. Although, APUC benefits from
regulatory diversification, it owns utilities that operate in
somewhat less constructive regulatory environments, in Fitch's
view, with APUC's largest utility operating in Missouri.
Improving Consolidated Leverage: 2022 FFO leverage modestly
improved vs. 2021, but remained high for the rating at 6.6x
primarily due to the financing of recent acquisitions. Fitch
expects APUC's FFO leverage to improve in 2023 following
termination of the Kentucky deal in April 2023. Fitch has viewed
the acquisition as negatively impacting APUC's credit metrics in
near term due to the higher than expected financing costs driven by
a material increase in interest rates following the deal
announcement in late 2021.
Successful execution of the renewable business sale, including
APUC's ownership in Atlantica Sustainable Infrastructure
(Atlantica) and APCo should lead to further leverage improvement,
as the proceeds from asset sales offset some of the financing needs
and lower parent level debt. Fitch expects APUC should be able to
execute renewable asset divestiture, as the demand for those assets
remains relatively strong. Higher cash flow contribution following
several rate case filings should provide additional improvement in
leverage in 2025.
Algonquin Power Co.
Renewable Business Sale: The Rating Watch reflects uncertainty
surrounding APUC's recently announced plan to sell APCo. Fitch
believes APCo's standalone credit profile will remain solid,
reflecting its diversified power assets and a strong development
pipeline. However, the creditworthiness of the ultimate buyer,
business capitalization post sale and the parent-subsidiary linkage
relationship with the buyer will guide its rating construction.
Fitch expects to have more clarity on the transaction in the next
six to nine months.
Solid Cash Flow Visibilities: Approximately 81% of APCo's
electrical output is sold pursuant to long-term contractual
arrangements with a production-weighted average remaining contract
life of 10 years as of June 30, 2023, providing a long timeline of
high profitability margins and relatively stable and robust cash
flows. APCo owns and operates 46 power facilities totaling 2.7GW
net generation capacities, which provides for meaningful asset
diversification. Three-quarters of APCo's EBITDA is derived from
U.S.-based assets, with the remainder mostly from Canadian assets.
Robust Development Pipeline: APCo has a strong pipeline of over 6GW
of solar and wind projects, more than half of which have site
certainty and are in interconnection queues. APCo also has over
3GWh of storage facilities in development. Approximately 452MW of
solar projects and 196MW wind projects in various stages are under
construction. Fitch believes a robust development pipeline will
support its growth in the medium term.
Current Leverage In-line with Ratings: APCo's financial profile is
supported by strong cash flows from the company's power generation
business. APCo's FFO leverage improved to 4.6x in 2022, from 8.1x
in 2021 with around 20% year-on-year growth of power generation
volume as several new projects came online. Ultimate capitalization
post sale will be determined by the new owner. Current unsecured
debt could be assumed by the new owner or repaid with the proceeds
from the sale.
DERIVATION SUMMARY
Algonquin Power & Utilities Corp:
APUC is comparably positioned vs. other 'BBB' rated holding
companies in the Fitch's coverage universe such as CMS Energy, Inc.
(BBB/Stable) and American Electric Power Inc. (AEP; BBB/Stable),
but stronger than Emera Incorporate (BBB/Negative). APUC's
proportion of consolidated EBITDA from regulated utility
operations, following renewable assets divestiture is expected to
be in-line with its peers CMS Energy, AEP and Emera, where 95% or
more of the earnings come from regulated operations.
FFO leverage metrics are currently weaker than those of CMS Energy,
and AEP's which are projected to average around 5.0x and 5.4x,
respectively, over the next couple of years. Emera's FFO leverage
is projected to remain elevated at approximately 6.5x in 2023-2024.
Fitch projects APUC's FFO leverage will improve to around 5.5x in
2025-2026, as the company transitions to the fully regulated
business and uses some of the divestiture proceeds to reduce parent
level debt.
APUC has the most geographically diverse asset mix compared its
peers as it operates across more than dozen states in the US,
Canada, Bermuda and Chile. APUC also benefits from industry
diversification as it owns electric, natural gas, and water
utilities. The portfolio compares favorably with larger
single-state utilities from a diversification perspective, although
its larger peers may benefit more from efficiencies of scale. At
the same time, it owns utilities that operate in somewhat less
constructive regulatory environments, in Fitch's view, with APUC's
largest utility operating in Missouri.
AEP is also well geographically diversified with a much larger
scale of operations that APUC. CMS Energy owns a single state
utility in a constructive regulatory environment in Michigan. Emera
operates in a couple of states in the U.S., Canada and also in the
Caribbean, with primary driver of earnings coming from its largest
utility operating in a very constructive Florida regulatory
environment with strong customer growth.
AEP's and CMS's parent level debt is expected to be approximately
20% over the forecast period. Emera's parent level debt is expected
to be higher at around 40%. APUC parent debt is also elevated at
around 40% of total debt as of 6/30/2023 and is projected to remain
elevated over the forecast period.
Algonquin Power Co.:
APCo benefits from having approximately 81% of its generation under
long-term contractual arrangements with investment-grade
counterparties, mitigating some of the risk associated with its
unregulated operations. The average length of its long-term
contractual arrangements is approximately 10 years, which provides
APCo with a good runway of relatively stable and predictable cash
flows.
Southern Power Company (BBB+/Stable) has a similarly strong
percentage of generation under long-term contracts. APCo owns and
operates approximately 2.7GW of net generation capacity spread
across nine U.S. states and six Canadian provinces, providing
beneficial geographic diversification. Southern Power has a much
larger generation portfolio with more than 12.49GW of generation
capacity in 14 states across U.S.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
-- Divestiture of renewable businesses in 2023-2024 ;
-- Consolidated capital plan of about $3.9 billion over 2023-
2026;
-- No new equity financings over the forecast period apart from
$1.15 billion of convertible equity in 2024;
-- Securitization debt and related revenue to serve the debt is
excluded from the FFO Leverage calculation.
RATING SENSITIVITIES
Algonquin Power & Utilities Corp.
Factors that could, individually or collectively, lead to a
positive rating action/upgrade:
-- APUC's ratings are capped by the ratings on LUCo. LUCo's Long-
Term IDR would need to be upgraded in order for APUC's Long-
Term IDR to be upgraded;
-- Consolidated FFO leverage expected to remain at less than 4.8x
on a sustained basis following full divestiture of the non-
regulated operations.
Factors that could, individually or collectively, lead to a
negative rating action/downgrade:
-- Consolidated FFO leverage expected to exceed 5.8x on a
sustained basis following full divestiture of the non-regulated
operations;
-- An additional increase to the ratio of parent-level debt to
consolidated debt;
-- A downgrade of LUCo's Long-Term IDR would result in a
commensurate downgrade of APUC's Long-Term IDR.
Algonquin Power Co.
Fitch expects to resolve the Rating Watch Evolving upon receiving
further clarity on APCo's capitalization and financial policy after
the sale.
Factors that could, individually or collectively, lead to a
positive rating action/upgrade
-- FFO leverage expected to remain at less than 3.5x on a
sustained basis.
Factors that could, individually or collectively, lead to a
negative rating action/downgrade
-- FFO leverage expected to exceed 5.0x on a sustained basis;
-- A significant decrease in the percentage of generation under
long-term contracts.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch considers the liquidity for APUC to be
adequate. On March 31, 2023, APUC's senior unsecured revolving
credit facility was amended and restated to increase the borrowing
capacity from $500.0 million to $1.0 billion with a new maturity
date of March 31, 2028. As at June 30, 2023, APUC's $1.0 billion
senior unsecured corporate revolving credit facility had $479.5
million drawn and had $3.5 million of outstanding letters of
credit. As at June 30, 2023, the company had also issued $35.3
million of letters of credit from its $75.0 million uncommitted
letter of credit facility.
ISSUER PROFILE
APUC is a diversified international generation, transmission and
distribution utility and power holding company. APUC is domiciled
in Ontario, Canada, but more than 90% of APUC's consolidated EBITDA
is derived from the company's U.S. operations.
ESG CONSIDERATIONS
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.
ENTITY/DEBT RATING PRIOR
----------- ------ -----
Algonquin Power Co.
LT IDR BBB Rating Watch On BBB
ST IDR F2 Rating Watch On F2
senior unsecured LT BBB Rating Watch On BBB
Algonquin Power & Utilities Corp.
LT IDR BBB Affirmed BBB
ST IDR F2 Affirmed F2
junior subordinated LT BB+ Affirmed BB+
senior unsecured LT BBB Affirmed BBB
ALROD LOGISTICS: Seeks to Hire Bryan Mickler as Bankruptcy Counsel
------------------------------------------------------------------
Alrod Logistics, Inc. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Bryan Mickler, Esq.,
an attorney practicing in Jacksonville, Fla., to handle its Chapter
11 case.
The hourly rates of the attorney range from $300 to $400.
Mr. Mickler disclosed in a court filing that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Bryan K. Mickler, Esq.
Law Offices of Mickler & Mickler, LLP
5452 Arlington Expy.
Jacksonville, FL 32211
Telephone: (904) 725-0822
Facsimile: (904) 725-0855
Email: bkmickler@planlaw.com
About Alrod Logistics
Alrod Logistics, Inc., a company that offers pipe lining services,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Case No. 23-01820) on Aug. 3, 2023, with $922,927
in assets and $3,732,863 in liabilities. Alejandro Echeverria,
president, signed the petition.
Judge Jason A. Burgess oversees the case.
Bryan K. Mickler, Esq., at Law Offices of Mickler & Mickler, LLP,
represents the Debtor as legal counsel.
AMC ENTERTAINMENT: $2BB Bank Debt Trades at 20% Discount
--------------------------------------------------------
Participations in a syndicated loan under which AMC Entertainment
Holdings Inc is a borrower were trading in the secondary market
around 80.3 cents-on-the-dollar during the week ended Friday,
August 18, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $2 billion facility is a Term loan that is scheduled to mature
on April 22, 2026. About $1.92 billion of the loan is withdrawn
and outstanding.
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.
AMERICAN SCREENING: Taps Hilburn & Hilburn as Litigation Counsel
----------------------------------------------------------------
American Screening, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to employ Hilburn &
Hilburn, APLC as special litigation counsel.
The firm will render these services:
(a) advise the Debtor in connection with the issues in the
lawsuit styled Federal Trade Commission v. American Screening, LLC
et al., 4:20-CV-1021-RLW, United States District Court for the
Middle District of Missouri, St. Louis Division, wherein an appeal
was filed to the United States Court of Appeals for the Eighth
Circuit;
(b) brief and argue the issues in the FTC appeal;
(c) attend hearings, file and respond to motions; and
(d) represent the Debtor in non-bankruptcy litigation
matters.
The firm's applicable rate for this engagement is $350 per hour.
Cary Hilburn, Esq., an attorney at Hilburn & Hilburn, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Cary A. Hilburn, Esq.
Hilburn & Hilburn, APLC
220 Carroll Street, Building B
Shreveport, LA 71105
Telephone: (318) 868-8810
Facsimile: (877) 462-6796
About American Screening
American Screening, LLC is an ISO 13485 Certified distributor of
rapid drug and alcohol tests, infectious disease tests, and cardiac
tests, and supplies to the United States, South America, Asia,
Africa, Europe, and Australia. The company leases its corporate
office and warehouse space from an affiliated nondebtor, Kilgarlin
Holdings, LLC.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 23-10350) on April 7,
2023, with $9,100,921 in assets and $27,251,799 in liabilities.
Ronald Kilgarlin, Jr., managing member, signed the petition.
Judge John S. Hodge oversees the case.
The Debtor tapped Kell C. Mercer, Esq., at Kell C. Mercer, PC as
bankruptcy counsel and Cary A. Hilburn, Esq., at Hilburn & Hilburn,
APLC as special litigation counsel.
ANCHOR GLASS: $647MM Bank Debt Trades at 20% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Anchor Glass
Container Corp is a borrower were trading in the secondary market
around 80.2 cents-on-the-dollar during the week ended Friday,
August 18, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $647 million facility is a Term loan that is scheduled to
mature on December 7, 2023. About $608.2 million of the loan is
withdrawn and outstanding.
Anchor Glass Container Corporation manufactures containers. The
Company produces glass containers for the food, beverage, beer,
liquor, and consumer product industries.
APPHARVEST PRODUCTS: Seeks to Hire Jefferies as Investment Banker
-----------------------------------------------------------------
AppHarvest Products, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Jefferies LLC as their investment banker.
Jefferies will render these services:
(a) provide the Debtors with financial advice and assistance
in connection with a possible sale, disposition, or other business
transactions;
(b) render in accordance with its customary practices an
opinion, in writing if so requested, to the board of directors or
appropriate committee thereof; and
(c) provide advice and assistance to the Debtors in connection
with analyzing, structuring, negotiating, and effecting, and acting
as exclusive financial advisor to the Debtors in connection with,
any restructuring of the Debtors' outstanding indebtedness.
Jefferies will be compensated as follows:
(a) a monthly fee equal to $125,000 until the termination of
the engagement;
(b) a debt financing fee;
(c) an equity financing fee in an amount equal to 5 percent of
the aggregate gross proceeds received or to be received from the
sale of equity securities;
(c) a mergers and acquisition (M&A) transaction fee equal to 2
percent of transaction value, subject in all cases to a minimum fee
of $2,250,000;
(d) an opinion fee equal to $750,000;
(e) a restructuring fee in an amount equal to $2,250,000 upon
consummation of a restructuring; and
(f) reimbursement for out-of-pocket expenses incurred.
Richard Morgner, a managing director at Jefferies, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Richard Morgner
Jefferies LLC
520 Madison Avenue
New York, NY 10022
Telephone: (212) 284-2300
About AppHarvest Products
AppHarvest Products, LLC and affiliates, including AppHarvest,
Inc., are a sustainable food company founded as a public benefits
corporation and based in Appalachia that develop and operate some
of the world's largest high-tech indoor farms, all of which use
robotics and artificial intelligence to build a reliable,
climate-resilient food system.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90745) on July
23, 2023. In the petition signed by its chief restructuring
officer, Gary Broadbent, AppHarvest, Inc. disclosed $609,804,000 in
assets and $341,060,000 in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Sidley Austin, LLP as general bankruptcy
counsel; Jackson Walker, LLP as local bankruptcy counsel; Triple P
RTS, LLC as financial advisor; Jefferies, LLC as investment banker;
and Stretto, Inc. as claims agent.
The DIP Lender is represented by Rusty Brewer, Esq., at Amis, Patel
& Brewer, LLP.
APPHARVEST PRODUCTS: Seeks to Hire Sidley Austin as Counsel
-----------------------------------------------------------
AppHarvest Products, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Sidley Austin, LLP as counsel.
The firm will render these services:
(a) advise the Debtors with respect to their powers and duties
in the continued operation of their business;
(b) take all necessary action to protect and preserve the
Debtors' estates;
(c) prepare legal papers;
(d) advise the Debtors concerning, and prepare responses to,
legal papers that may be filed by other parties in these Chapter 11
cases;
(e) attend meetings and negotiate with representatives of
creditors and other parties in interest, attend court hearings, and
advise the Debtors on the conduct of their Chapter 11 cases;
(f) advise, negotiate, and assist with any sale or other
disposition of the Debtors' assets;
(g) prepare and refine on behalf of the Debtors a Chapter 11
plan, disclosure statement, and/or all related agreements and
documents necessary to facilitate an exit from these Chapter 11
cases, take appropriate action on behalf of the Debtors to obtain
confirmation of such plan, and take such further actions as may be
required in connection with the implementation of such plan;
(h) provide legal advice and perform legal services with
respect to matters relating to corporate governance, the
interpretation, application or amendment of the Debtors'
organizational documents, material contracts, and matters involving
the Debtors with their officers, directors, and managers;
(i) provide legal advice and legal services with respect to
litigation, tax, and other general legal issues for the Debtors to
the extent requested by the Debtors; and
(j) perform all other necessary legal services in connection
with the prosecution of these Chapter 11 cases.
The hourly rates of the firm's counsel and staff are as follows:
Partners $1,500 - $1,950
Associates $700 - $1,230
Paraprofessionals $540 - $570
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, Sidley received $250,000 from the
Debtors as a retainer.
Anthony Grossi, Esq., a partner at Sidley Austin, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Anthony Grossi, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
Email: agrossi@sidley.com
About AppHarvest Products
AppHarvest Products, LLC and affiliates, including AppHarvest,
Inc., are a sustainable food company founded as a public benefits
corporation and based in Appalachia that develop and operate some
of the world's largest high-tech indoor farms, all of which use
robotics and artificial intelligence to build a reliable,
climate-resilient food system.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90745) on July
23, 2023. In the petition signed by its chief restructuring
officer, Gary Broadbent, AppHarvest, Inc. disclosed $609,804,000 in
assets and $341,060,000 in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Sidley Austin, LLP as general bankruptcy
counsel; Jackson Walker, LLP as local bankruptcy counsel; Triple P
RTS, LLC as financial advisor; Jefferies, LLC as investment banker;
and Stretto, Inc. as claims agent.
The DIP Lender is represented by Rusty Brewer, Esq., at Amis, Patel
& Brewer, LLP.
APPHARVEST PRODUCTS: Taps Triple P RTS as Financial Advisor
-----------------------------------------------------------
AppHarvest Products, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Triple P RTS, LLC, also known as Portage Point, as financial
advisor.
The firm will render these services:
(a) assist in the evaluation and/or development of a
short-term cash flow model and/or related liquidity management
tools for the Debtors for such purpose(s) as they may require;
(b) assist in the evaluation and/or development of a business
plan and/or such other related forecasts and analyses for the
Debtors for such purpose(s) as they may require;
(c) assist in the evaluation and/or development of various
strategic and/or financial alternatives and financial analyses for
such purpose(s) as the Debtors may require;
(d) assist the Debtors in their engagement and negotiations
with their various constituents;
(e) assist in the development and distribution of other
information that may be required by the Debtors or the
constituents;
(f) assist in the evaluation and implementation of contingency
planning related to the Debtors' Chapter 11 cases;
(g) assist in obtaining and presenting information required by
parties in interest in these Chapter 11 cases;
(h) assist in the preparation of other business, financial
and/or other reporting related to the Chapter 11 cases; and
(i) assist with such other matters as may be requested by the
Debtors that are within Portage Point's expertise and otherwise
mutually agreeable to Portage Point and the Debtors.
The hourly rates of the firm's counsel and staff are as follows:
Managing Partner $985
Service Line Leader $925
Senior Advisor $800 – $925
Managing Director $800 – $885
Director $660 – $740
Vice President $535 – $645
Associate $395 – $435
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, Triple P RTS received payments totaling
$1,019,016 in aggregate for services performed and expenses
incurred. As of the petition date, the firm holds an unapplied
residual retainer of $80,984.
Thomas Studebaker, a managing director at Triple P RTS, disclosed
in a court filing that the firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas Studebaker
Triple P RTS, LLC
300 North LaSalle, Suite 1420
Chicago, IL 60654
Telephone: (312) 781-7520
About AppHarvest Products
AppHarvest Products, LLC and affiliates, including AppHarvest,
Inc., are a sustainable food company founded as a public benefits
corporation and based in Appalachia that develop and operate some
of the world's largest high-tech indoor farms, all of which use
robotics and artificial intelligence to build a reliable,
climate-resilient food system.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90745) on July
23, 2023. In the petition signed by its chief restructuring
officer, Gary Broadbent, AppHarvest, Inc. disclosed $609,804,000 in
assets and $341,060,000 in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Sidley Austin, LLP as general bankruptcy
counsel; Jackson Walker, LLP as local bankruptcy counsel; Triple P
RTS, LLC as financial advisor; Jefferies, LLC as investment banker;
and Stretto, Inc. as claims agent.
The DIP Lender is represented by Rusty Brewer, Esq., at Amis, Patel
& Brewer, LLP.
AQUA SHIELD: Seeks to Hire Bruce Arthur Lean as Accountant
----------------------------------------------------------
Aqua Shield, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ Bruce Arthur Lean, CPA
as its accountant.
The firm will render these services:
(a) gather and verify all pertinent information required to
compile and prepare monthly operating reports; and
(b) prepare monthly operating reports for the Debtor in
bankruptcy case.
Mr. Lean's fee is $450.00 per report and balance sheet, cash flow
statement and statement of operations.
Mr. Lean disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Bruce Arthur Lean
Bruce Arthur Lean, CPA
1948 Leonard Ln
Merrick, NY 11566
Telephone: (516) 868-3330
About Aqua Shield
Aqua Shield, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-73191) on Oct. 16,
2020. The case was eventually transferred to the appropriate office
under Case No. 20-43635. At the time of the filing, the Debtor had
estimated assets of between $100,001 and $500,000 and liabilities
of between $500,001 and $1 million.
Judge Nancy Lord oversees the case.
The Debtor is represented by the Law Offices of Alla Kachan, P.C.
Bruce Arthur Lean, CPA serves as the Debtor's accountant.
ARCHBISHOP OF SAN FRANCISCO: Voluntary Chapter 11 Case Summary
--------------------------------------------------------------
Debtor: The Roman Catholic Archbishop of San Francisco
Archdiocese of San Francisco
One Peter Yorke Way
San Francisco, CA 94109
Business Description: The Debtor is a tax-exempt religious
organization.
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
Northern District of California
Case No.: 23-30564
Judge: Hon. Dennis Montali
Debtor's Counsel: Paul J. Pascuzzi, Esq.
FELDSERSTEIN FITZGERALD WILLOUGHBY
PASCUZZI & RIOS LLP
500 Capitol Mall
Suite 2250
Sacramento, CA 95814
Tel: (916) 329-7400
Email: ppascuzzi@ffwplaw.com
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petition was signed by Fr. Patrick Summerhays as Vicar General
and Moderator of the Curia.
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/U2VATKA/The_Roman_Catholic_Archbishop__canbke-23-30564__0001.0.pdf?mcid=tGE4TAMA
ASCEND PERFORMANCE: Moody's Alters Outlook on Ba3 CFR to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of Ascend
Performance Materials Operations LLC to negative from stable. At
the same time, Moody's has affirmed Ascend's Ba3 Corporate Family
Rating, Ba3-PD Probability of Default Rating and the company's
senior secured term loan at Ba3.
Affirmations:
Issuer: Ascend Performance Materials Operations LLC
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Backed Senior Secured Bank Credit Facility, Affirmed Ba3
Outlook Actions:
Issuer: Ascend Performance Materials Operations LLC
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
Ascend's negative outlook reflects its weaker than expected
earnings and high debt leverage relative to the rating trigger
given the extended destocking cycle and lackluster demand for Nylon
6,6 and intermediates.
Moody's expects the company to sequentially improve its earnings in
the second half of 2023 from the recent trough, as market
conditions begin to bottom out and raw material costs have
declined. However, credit metrics will remain weak for the Ba3
rating in the rest of 2023 and early 2024, given the challenging
economies in Europe and China, higher interest rate environment and
pricing pressure from new supplies in China.
Cost savings, fiscal prudence and liquidity management will be
critical to the rating. Management has already laid out its plan to
reduce manufacturing and administrative costs, slow down capital
spending and tighten working capital. Subject to the execution of
its business plans and the strength of an expected recovery in
demand, the company has the potential to improve its adjusted
leverage towards 4.0x, which is required for its Ba3 CFR, by the
end of 2024.
The drastic destocking caused a severe decline in Ascend's earnings
in Q4 2022 and Q1 2023. The extended destocking and raw material
costs continued to carry a negative impact on Q2 2023, which
improved sequentially from Q1 2023. As customer stock levels have
come down significantly, a pickup in demand in the downstream
automotive and electronics markets, coupled with lower raw material
costs, could lead to higher production rates and improved
earnings.
Liquidity remains adequate, as the company has shifted its focus to
cost savings, reduced inventory and rationalized capital spending.
As of June 30, 2023, Ascend had $234 million of liquidity,
including $46 million in cash and $188 million available under its
$500 million asset-based revolving credit facility, which will be
due on the earlier of 91 days before the term loan maturity (August
2026) or October 2027. The company will rely on its asset-based
revolving credit facility to cover working capital needs during the
year. The revolver contains a springing fixed charge coverage ratio
set at 1.00x, which will only be tested if the availability under
the revolver falls below 10% of the borrowing base. Moody's expects
the company to comply with the covenant. Free cash flow is likely
to be slightly negative in 2023 due to the depressed earnings and
increased interest expense, partly offset by a substantial decline
in capital spending.
The affirmation of the Ba3 CFR reflects Ascend's leading market
position in the Nylon 6,6 industry, its vertically integrated
production of ADN, a key intermediate for Nylon 6,6 with high entry
barriers, as well as recent investments made to improve operational
reliability and meet future demand. Ascend benefits from the
increased share of value-added engineering resins in its sales mix,
value based pricing for Nylon 6,6 customer contracts and the
penetration of electric vehicles that use more Nylon 6,6 than
conventional vehicles. Moody's expect Ascend's mid-cycle earnings
to support an adjusted debt leverage of about 4.0x and operating
cash flows to cover capital expenditure.
Ascend's rating is constrained by its business concentration in
Nylon 6,6 chain products, the cyclical nature of the industry, as
well as potential acquisitions or dividends under the private
equity ownership. The company has a volatile earnings profile due
to its large exposure to the automotive and electronics industries,
unplanned outages at its own or competitors production facilities
and differences in feedstock prices and availability. The rising
interest rates will result in lower interest coverage and reduce
free cash flow.
ESG factors have a highly negative (CIS-4) impact on Ascend's
rating, due to the risks associated with the company's elevated
debt level, opportunistic dividends, and investments needed to
improve safety and reliability as well as to reduce air emissions,
waste and pollution from its energy-intensive petrochemical
production in order to comply with environmental regulations,
reduce downtime and meet customer demands.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could downgrade the rating, if the company fails to sustain
its strong market position and exhibits a prolonged period of
earnings weakness, or pursues more aggressive financial policies.
Adjusted debt leverage above 4x over a cycle or above 5x during a
downturn, or diminishing free cash flow or a weakened liquidity
profile would trigger a downgrade.
An upgrade is unlikely given the negative outlook. However, Moody's
could consider upgrading the rating, if Ascend improves its
business scale, diversity and reduces its earnings volatility,
maintains its adjusted debt leverage consistently below 3x,
generates strong positive free cash flows and is committed to more
conservative financial policies.
Ascend Performance Materials Operations LLC ("Ascend") is an
integrated propylene based producer of Nylon 6,6. SK Titan Holdings
LLC bought the company from Solutia Inc. in 2009 and a small
remaining equity interest in 2011. Headquartered in Houston, Texas,
Ascend generated about $3 billion of revenues in 2022.
The principal methodology used in these ratings was Chemicals
published in June 2022.
ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 22% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 78.0
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.30 billion facility is a Term loan that is scheduled to
mature on October 25, 2028. The amount is fully drawn and
outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRA ACQUISITION: $500MM Bank Debt Trades at 38% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 62.5
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $500 million facility is a Term loan that is scheduled to
mature on October 25, 2029. The amount is fully drawn and
outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
AVEANNA HEALTHCARE: $200MM Bank Debt Trades at 23% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Aveanna Healthcare
LLC is a borrower were trading in the secondary market around 77.4
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $200 million facility is a Delay-Draw Term loan that is
scheduled to mature on July 15, 2028. About $59.7 million of the
loan is withdrawn and outstanding.
Aveanna Healthcare LLC provides health care services. The Company
offers pediatric skilled nursing, therapy, autism, enteral
nutrition, and adult services.
BADGER FINANCE: $268MM Bank Debt Trades at 21% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Badger Finance LLC
is a borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $268.7million facility is a Term loan that is scheduled to
mature on September 28, 2024. About $255.2 million of the loan is
withdrawn and outstanding.
Based in Little Chute, Wisconsin, Badger Finance, LLC is an
intermediate holding company of Trilliant Food and Nutrition, LLC,
Horseshoe Beverage Company, LLC, and affiliated companies. The
company is a U.S. manufacturer of private label and value branded
beverage products, mainly single serve coffee pods. The company’s
branded coffee products are primarily sold under its Victor Allen
brand. Badger also recently expanded into ready-to-drink (RTD)
coffee beverages through its Horseshoe Beverages subsidiary. Badger
is sponsored by private equity firm Blackstone Group, which
acquired the company in 2017 and holds a majority equity interest
in the company.
BELLE ISLE: Court OKs Cash Collateral Access Thru Sept 21
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Belle Isle Furniture, LLC to use cash
collateral on an interim basis in accordance with the budget
through September 21, 2023.
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 10% for each line item; and (c) the additional amounts as may be
expressly approved in writing by Cogent Bank.
In exchange for the Debtor's use of Cogent's Bank's cash collateral
on an interim basis through September 21, 2023 and pursuant to the
agreement of Debtor and Cogent Bank, Cogent Bank will be entitled
to a total of $24,733 payable as set forth therein. The Court
approves Cogent Bank's retention of $16,733 which Cogent Bank
received on July 26, 2023. In addition, on or before September 5,
2023, the Debtor will remit the sum of $8,000 to Cogent Bank as an
interim adequate protection payment for the period covering the
Debtor's authorized use of cash collateral through September 21,
2023. Cogent Bank and the Debtor reserve their respective rights
with respect to adequate protection requirements for any period
beyond September 21, 2023.
The Secured Creditors 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 preliminary hearing on the matter is set for September
21 at 10 a.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=IKISXO from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$53,614 for the week of August 27, 2023;
$53,614 for the week of September 10, 2023;
$53,614 for the week of September 17, 2023; and
$53,614 for the week of September 24, 2023.
About Belle Isle Furniture
Belle Isle Furniture, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code ((Bankr. M.D. Fla. Case No.
23-02933) on July 24, 2023, with $1 million 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 is
the Debtor's legal counsel.
BERGIO INTERNATIONAL: Incurs $529K Net Loss in Second Quarter
-------------------------------------------------------------
Bergio International, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $528,526 on $1.41 million of total net revenues for the three
months ended June 30, 2023, compared to a net loss of $185,380 on
$2.46 million of total 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 $1.51 million on $2.80 million of total net revenues
compared to a net loss of $2.26 million on $4.55 million of total
net revenues for the six months ended June 30, 2022.
As of June 30, 2023, the Company had $9.14 million in total assets,
$5.60 million in total liabilities, $317,000 in preferred stock -
series E, and $3.22 million in total stockholders' eqiuty.
Bergio said, "The Company has suffered recurring losses and has an
accumulated deficit of $20,844,140 as of June 30, 2023. As of June
30, 2023, the Company has $245,873 in principal amounts of
convertible notes, notes payable (current and long-term portion) of
$1,028,870, loans and advances payable of $1,379,567, and advances
from CEO including interest of $260,861. These factors raise
substantial doubt about the Company's ability to continue as a
going concern. The recoverability of a major portion of the
recorded asset amounts shown in the accompanying unaudited
condensed consolidated balance sheet is dependent upon continued
operations of the Company, which in turn, is dependent upon the
Company's ability to raise capital and/or generate positive cash
flows from operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1431074/000139390523000311/brgo-20230630.htm
About Bergio International
Based in Fairfield, New Jersey, Bergio International, Inc. --
www.bergio.com -- designs, manufactures, and retails, jewelry
products.
Bergio International reported a net loss of $3.26 million for the
year ended Dec. 31, 2022, compared to a net loss of $3.56 million
for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company
had $9.47 million in total assets, $4.52 million in total
liabilities, and $4.95 million in total stockholders' equity.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 30, 2023, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.
BIJOU HILL: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 19 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Bijou Hill
Dairy, Inc.
The committee members are:
1. Keith Bath Farms
c/o Andrew B. Edson
16134 CR 23
Ft. Morgan, CO 80701
Tel: (970) 867-6882
Email: andye@Bath Farms.com
2. Quality Liquid Feeds, Inc.
c/o Brent Molldrem
P.O. Box 240
Dodgeville, WI 53533
Tel.: (608) 935-2345
Email: brent@QLF.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Bijou Hill Dairy
Bijou Hill Dairy, Inc. sought Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 23-13238) on July 21, 2023, with
$3,650,705 in total assets and $4,486,904 in total liabilities.
Larry Pearson, president, signed the petition.
Judge Michael E. Romero oversees the case.
Allen Vellone Wolf Helfrich & Factor PC serves as the Debtor's
legal counsel.
BISCAYNE BEACH: Lender Seeks to Prohibit Cash Collateral Access
---------------------------------------------------------------
842 84 St Lender LLC asks the U.S. Bankruptcy Court for the
Southern District of Florida, Miami Division, to prohibit Biscayne
Beach Apartments, LLC from using cash collateral.
Creditor owns and holds a loan to Debtor in the amount of $800,000,
made on September 27, 2019. The loan is evidenced by an Interest
Only Promissory Note in the amount of $800,000, which matured on
October 1, 2022. The loan is secured by a Mortgage, Collateral
Assignment of Leases, Security Agreement and Fixture Filing,
recorded in Official Records Book 31638, at Page 2277, in the
Public Records of Miami-Dade County, Florida, which encumbers the
Debtor's real property, personal property, and rents.
The Debtor defaulted on the Note and Mortgage. Creditor sued the
Debtor to foreclose the lien of the Mortgage and obtained a Final
Judgment of Foreclosure, in the total amount of $1.042 million,
entered on June 15, 2023, in Case No. 2022-021545-CA-01, in the
Circuit Court of the Eleventh Judicial Circuit in and for
Miami-Dade County, Florida.
The Debtor filed this case on July 27, 2023, on the eve of the
foreclosure sale that was scheduled to take place on July 31,
2023.
This case is designated as a single asset real estate case and
presents a two-party dispute between Debtor and Creditor.
The Debtor should have collected monthly rent on August 1, 2023.
There is no statement in the Motion as to what Debtor has done with
the monthly rent. The Debtor did not seek Creditor's permission and
Creditor has not given Debtor permission to use the rental income.
The Debtor's claims about the rental income are contradicted by a
spreadsheet it produced in state court pursuant to court order, and
which shows that the Debtor never collected more than $6,100 in a
given month over the past year, and only $4,500 in the most recent
months. The Debtor's claims about the real property being under
renovation are disproven by a property condition assessment report
completed on March 17, 2023, which shows one of the two four-unit
buildings in complete disrepair with no active work being done.
The Debtor's interest-only monthly payments to Creditor on the
unpaid principal balance of $675,000, at the pre-default,
pre-maturity rate of 10% per annum, were $5,625. The Debtor, by its
own state court admission, has been collecting just $4,500 per
month, which is not enough to cover the monthly loan payments, let
alone the expenses, taxes, and insurance required to protect and
maintain the property.
The Debtor had only $621 in its checking account as of the petition
date. The Debtor has not paid the 2021 or 2022 real estate taxes
for the real property and owes $52,121 to the tax collector. The
Debtor's only unsecured creditor is its owner, Benjamin Shames, who
allegedly loaned $76,000 to the Debtor.
The U.S. Trustee filed a motion to dismiss as a result of the
Debtor's failure to provide proof of insurance.
The creditor asserts that the case should be dismissed or it should
be granted relief from stay to complete the state court
foreclosure. The Debtor has not proposed a budget or produced any
financial records whatsoever. Even if it had proposed a budget and
produced financial records, such efforts would be futile because
the Debtor's property does not generate enough income to cover its
expenses and the Debtor has little cash, no other assets, and no
other source of income. The Debtor does not have the ability to pay
adequate protection to Creditor.
A copy of the motion is available at https://urlcurt.com/u?l=aME9xT
from PacerMonitor.com.
About Biscayne Beach Apartments, LLC
Biscayne Beach Apartments, LLC owns an eight-unit apartment
building located at 834-842 84 St, Miami Beach, FL valued at $1.6
million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-15904) on July 27,
2023. In the petition signed by Benjamin Shames, manager, the
Debtor disclosed $1,600,621 in assets and $1,182,040 in
liabilities.
Judge Corali Lopez-Castro oversees the case.
Michael A. Frank, Esq., at LAW OFFICES OF FRANK & DE LANA GUARDIA,
represents the Debtor as legal counsel.
BLUE DOLPHIN: Incurs $1.6 Million Net Loss in Second Quarter
------------------------------------------------------------
Blue Dolphin Energy Company filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.56 million on $68.88 million of total revenue from operations
for the three months ended June 30, 2023, compared to net income of
$13.41 million on $136.12 million of total revenue from operations
for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported net
income of $15.19 million on $185.54 million of total revenue from
operations compared to net income of $16.89 million on $246.80
million of total revenue from operations for the six months ended
June 30, 2022.
As of June 30, 2023, the Company had $96.02 million in total
assets, $70.24 million in total liabilities, and $25.78 million in
total stockholders' equity.
"Although second quarter 2023 results were impacted by considerably
lower refining margins and a challenging operating environment, our
first half 2023 performance remained strong," said Jonathan P.
Carroll, chief executive officer of Blue Dolphin Energy Company.
"So far in the third quarter 2023, refining margins have reversed
course, rebounding higher and setting the stage for what we believe
will be a brighter current quarter."
As of June 30, 2023, Blue Dolphin had $0.6 million of cash and cash
equivalents compared to $0.5 million at Dec. 31, 2022. Blue
Dolphin had $16.5 million and $45.2 million in working capital
deficits at June 30, 2023 and Dec. 31, 2022, respectively,
representing a $28.7 million improvement. Excluding the current
portion of long-term debt, Blue Dolphin had $20.7 million and $2.1
million in working capital at June 30, 2023 and Dec. 31, 2022,
respectively, representing an improvement of $18.6 million. The
significant improvement in working capital over the past six months
was due to decreased long-term debt, current portion and an
improvement in accounts payable.
Mr. Carroll continued, "During the second quarter of 2023, we
entered into forbearance agreements with two additional lenders.
As a result of lender payments, Blue Dolphin decreased net debt and
associated accrued interest by $2.7 million during the first 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/0000793306/000165495423010790/bdco_10q.htm
About Blue Dolphin
Headquartered in Houston, Texas, Blue Dolphin Energy Company --
http://www.blue-dolphin-energy.com-- is an independent downstream
energy company operating in the Gulf Coast region of the United
States. The Company's subsidiaries operate a light sweet-crude,
15,000-bpd crude distillation tower with approximately 1.2 million
bbls of petroleum storage tank capacity in Nixon, Texas. Blue
Dolphin was formed in 1986 as a Delaware corporation and is traded
on the OTCQX under the ticker symbol "BDCO."
Sterling Heights, Michigan-based UHY LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated April 3, 2023, citing that the Company is in default under
secured and related party loan agreements and has a net working
capital deficiency. These conditions raise substantial doubt about
the Company's ability to continue as a going concern.
BRIGHT MOUNTAIN: Incurs $6.1 Million Net Loss in Second Quarter
---------------------------------------------------------------
Bright Mountain Media, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $6.07 million on $12.62 million of revenue for the three months
ended June 30, 2023, compared to a net loss of $1.46 million on
$5.72 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 $9.87 million on $14.11 million of revenue compared to a
net loss of $3.57 million on $9.17 million of revenue for the six
months ended June 30, 2022.
As of June 30, 2023, the Company had $61.23 million in total
assets, $82.35 million in total liabilities, and a total
shareholders' deficit of $21.12 million.
Matt Drinkwater, chief executive officer of the Company stated,
"Bright Mountain Media completed its acquisition of Big Village
Insights and Big Village Agency on April 20th, 2023. The resulting
company is now a global holding company with current investments in
digital publishing, advertising technology, consumer insights, and
creative and media services. The addition of Big Village evolves
Bright Mountain to meet and lead the current media market,
transforming the company from a simple media publishing
organization to a complete media solutions provider that pairs
publishing, creative media, data-driven research that creates
in-depth customer insights, and technology-enhanced optimization
and targeting. Big Village allows Bright Mountain to refer to
internal opportunities providing overlap across our varied customer
bases. With this overlap, Bright Mountain can monetize existing
customer relationships multiple times, creating a flywheel
effect."
Mr. Drinkwater concluded: "We believe we are now beginning to
leverage the combined abilities of our advertising technology with
our digital publishing businesses. Our first brand briefing event
was held in June, which was a great use case study to leverage
publishing and insights to create valuable media solutions to a
growing customer base. Attendees of these brand events are
provided access to proprietary and valuable data about the buying
power and influence of younger generations. Because of increased
regulatory scrutiny of data and privacy, companies across the
spectrum continue to look for impactful data to understand their
target audiences. We intend to leverage the platform we have built
to scale to profitability and drive increased 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/1568385/000162828023029384/bmtm-20230630.htm
About Bright Mountain
Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
www.brightmountainmedia.com -- is engaged in operating a
proprietary, end-to-end digital media and advertising services
platform designed to connect brand advertisers with
demographically-targeted consumers -- both large audiences and more
granular segments -- across digital, social and connected
television publishing formats. The Company defines "end-to-end" as
its process for taking ad buying from beginning to end, delivering
a complete functional solution, usually without requiring any
involvement from a third party.
Bright Mountain reported a net loss of $8.13 million for the year
ended Dec. 31, 2022, compared to a net loss of $12 million for the
year ended Dec. 31, 2021. For the three months ended Dec. 31, 2022,
the Company reported a net loss of $2.32 million. As of Dec. 31,
2022, the Company had $29.20 million in total assets, $43.27
million in total liabilities, and a total stockholders' deficit of
$14.07 million.
East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2021, issued a "going concern"
qualification in its report dated March 28, 2023, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.
CAMP DOG: Case Summary & Five Unsecured Creditors
-------------------------------------------------
Debtor: Camp Dog Inc.
d/b/a Camp Bow Wow
f/d/b/a Camp Dog LLC
5175 S. Valley View Blvd.
Las Vegas, NV 89118
Business Description: The Debtor is a dog day care center in
Nevada.
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
District of Nevada
Case No.: 23-13510
Debtor's Counsel: Corey B. Beck, Esq.
COREY B. BECK, ESQ.
425 South Sixth Street
Las Vegas, NV 89101
Tel: 702-678-1999
Fax: 702-678-6788
Email: becksbk@yahoo.com
Total Assets: $64,348
Total Liabilities: $1,482,040
The petition was signed by Mari Kaups as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/NOYUGDQ/CAMP_DOG_INC__nvbke-23-13510__0001.0.pdf?mcid=tGE4TAMA
CANO HEALTH: $644MM Bank Debt Trades at 29% Discount
----------------------------------------------------
Participations in a syndicated loan under which Cano Health LLC is
a borrower were trading in the secondary market around 71.1
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $644.4 million facility is a Term loan that is scheduled to
mature on November 23, 2027. About $634.8 million of the loan is
withdrawn and outstanding.
Cano Health, LLC operates primary care centers and supports
affiliated medical practices. The Company specializes in primary
care for seniors, as well as promotes activities and care to
improve both physical health and well-being and offers population
health management programs. Cano Health serves patients in the
United States.
CANOPY GROWTH: Lord Abbett CB Marks $6.5MM Loan at 20% Off
----------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $6,551,288 loan
extended to Canopy Growth Corp to market at $5,232,842 or 80% of
the outstanding amount, as of May 31, 2023, according to Lord
Abbett CB'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.
Lord Abbett CB is a participant in a Term Loan (Canada) to Canopy
Growth Corp. The loan accrues interest at a rate of 13.63% (3 mo.
USD LIBOR + 8.50%) per annum. The loan matures on March 18, 2026.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
Canopy Growth is a producer of medical marijuana. The Company's
group of brands represents distinct voices and market positions
designed to appeal to an array of customers, doctors and strategic
industry partners.
CAREVIEW COMMUNICATIONS: Incurs $45K Net Loss in Second Quarter
---------------------------------------------------------------
Careview Communications, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $44,807 on $3.71 million of total revenue for the three
months ended June 30, 2023, compared to a net loss of $2.50 million
on $1.70 million 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 $1.39 million on $5.49 million of total revenue compared to
a net loss of $4.85 million on $4.01 million of total revenue for
the six months ended June 30, 2022.
As of June 30, 2023, the Company had $5.07 million in total assets,
$38.81 million in total liabilities, and a total stockholders'
deficit of $33.73 million.
CareView said, "The Company's net losses, cash outflows, and
working capital deficit 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/1377149/000138713123009766/crvw-10q_063023.htm
About CareView Communications
Headquartered in Lewisville, Texas, CareView Communications, Inc.
-- http://www.care-view.com-- is a provider of products and
on-demand application services for the healthcare industry,
specializing in bedside video monitoring, software tools to
improve
hospital communications and operations, and patient education and
entertainment packages.
Careview Communications reported a net loss of $6.04 million for
the year ended Dec. 31, 2022, compared to a net loss of $10.08
million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the
Company had $3.95 million in total assets, $80.61 million in total
liabilities, and a total stockholders' deficit of $76.66 million.
Somerset, New Jersey-based Rosenberg Rich Baker Berman P.A., the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated May 19, 2023, citing that the
Company has suffered recurring losses from operations and has
accumulated losses since inception that raise substantial doubt
about its ability to continue as a going concern.
CELL-NIQUE CORPORATION: Seeks Cash Collateral Access
----------------------------------------------------
Cell-Nique Corporation asks the U.S. Bankruptcy Court for the
Northern District of New York for authority to use the cash
collateral of Berkshire Bank and provide adequate protection.
The Debtor seeks authorization to continue its use of cash
consistent with its prepetition management practices and
operations. Continued use of cash collateral provides significant
benefits to the Debtor and its Estate: (a) permits the Debtor's
business operation to survive pending consummation of a proposed
sale (b) permits fulfillment of outstanding orders and (c) keeps
Cell-Nique's work force employed.
The Debtor financed its prepetition business activities with
various debt instruments and security agreements with Berkshire
Bank which lender holds first liens and security interests in all
of the Debtor's assets as set forth below:
a) Certain promissory notes in the original face amounts of
$2.150 million and $325,000, with balances of $1.7 million and
$357,461 respectively.
b) Various UCC-1 filed financing statements.
c) Judgment in the approximate sum of $1.970 million.
The Debtor's use of cash collateral should be permitted but not at
the expense of Berkshire Bank's secured claim. Berkshire Bank
should be allowed a roll-over lien on all of the Debtor's assets in
which it had pre-petition security interest.
A copy of the motion is available at https://urlcurt.com/u?l=LszDAs
from PacerMonitor.com.
About Cell-Nique Corporation
Cell-Nique Corporation is a grocery and related product merchant
wholesaler.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. N.Y. Case No. 23-10815) on August 10,
2023. In the petition signed by Daniel Ratner, president, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Robert E. Littlefield Jr. oversees the case.
Peter A. Pastore, Esq., at O'Connell and Aronowitz, P.C.,
represents the Debtor as legal counsel.
CENTER FOR ASBESTOS: Seeks Approval to Hire Bankruptcy Counsel
--------------------------------------------------------------
Center for Asbestos Related Disease, Inc. seeks approval from the
U.S. Bankruptcy Court for the District of Montana to employ Patten,
Peterman, Bekkedahl & Green, PLLC as its counsel.
The firm will render these services:
(a) prepare Chapter 11 bankruptcy petition and schedules;
(b) advise the Debtor on all aspects of the Chapter 11
bankruptcy; and
(c) negotiate and prepare motions for cash collateral, a
Chapter 11 plan, and other similar services.
The hourly rates of the firm's counsel and staff are as follows:
James A. Patten, Esq. $400
Molly S. Considine, Esq. $275
Other attorneys $175 - $350
Diane S. Kephart, Paralegal $195
April J. Boucher, Paralegal $160
Amanda Bruton, Paralegal $110
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $45,778.63 from the Debtor.
James Patten, Esq., a partner at Patten, Peterman, Bekkedahl &
Green, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
James A. Patten, Esq.
Molly S. Considine, Esq.
Patten, Peterman, Bekkedahl & Green, PLLC
2817 2nd Avenue North, Ste. 300
P.O. Box 1239
Billings, MT 59103
Telephone: (406) 252-8500
Facsimile: (406) 294-9500
Email: apatten@ppbglaw.com
mconsidine@ppbglaw.com
About Center for Asbestos Related Disease
Center for Asbestos Related Disease, Inc. addresses healthcare
issues associated with Libby amphibole (previously called
tremolite) asbestos.
Center for Asbestos Related Disease sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 23-90135)
on Aug. 7, 2023. In the petition signed by Tracy J. McNew,
executive director, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Patten, Peterman, Bekkedahl & Green, PLLC serves as the Debtor's
counsel.
CENTERPOINT PRODUCTIONS: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, authorized Centerpoint Productions, Inc. to use
cash collateral on an interim basis in accordance with the budget.
As previously reported by the Troubled Company Reporter, a number
of potential creditors have filed UCC-1's claiming a lien on the
Debtor's accounts receivable and or inventory.
According to the Secretary of State of Texas the following UCC-1's
have been filed:
1. The First National Bank of tom Beam file number 14-0040174900
filed December 24, 2014 with continuation at 19-00455811 filed
December 4, 2019.
2. CHTD Company file number 20-00600299836 filed on December 7,
2020.
3. Global Merchant Cash, Inc. file number 22-0054056438 filed
November 4, 2022.
4. CSC file number 22-0056522923 filed November 19, 2022.
5. Highland Hill Capital, LLC filed number 23-0021015115 filed May
12, 2023
6. Merk Funding file number 23-0029987989 filed July 10, 2023.
The court ruled as adequate protection the Secured Creditors is
granted replacement liens under 11 U.S.C. Section 552, to the
extent of any diminishment in the value of Secured Creditors'
interest in such cash collateral, in accordance with its existing
existing priority.
A hearing on the matter is set for August 29 at 9:30 a.m.
A copy of the order is available at https://urlcurt.com/u?l=MzS4ZP
from PacerMonitor.com.
About Centerpoint Productions, Inc.
Centerpoint Productions, Inc. is a manufacturer of commercial
cabinetry. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-31716-sgj11) on
August 10, 2023.
In the petition signed by David Horowitz, president, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Eric A. Liepins, Esq. represents the Debtor as legal counsel.
CENTURY AIR: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------
Century Air Solutions, LLC asks the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division, for authority to use
cash collateral in accordance with the budget, with a 5% variance.
Emergency consideration is requested because the Debtor depends on
the use of cash collateral for payroll, purchase of HVAC equipment
and equipment, truck maintenance, supplies, rent, fuel and other
general operating expenses.
A search in the Texas Secretary of State shows that allegedly
secured positions is held by Community Bank of Texas, N.A.
As adequate protection for the use of cash collateral, all
creditors will be 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.
A copy of the motion is available at https://urlcurt.com/u?l=PYkguG
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=l5MugP
from PacerMonitor.com.
The Debtor projects $60,000 in cash receipts and $55,173 in cash
disbursements for 30 days.
About Century Air Solutions, LLC
Century Air Solutions, LLC provides heating, air condition
installation, repair and maintenance services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33123) on August 17,
2023. In the petition signed by Phat Bui, manager, the Debtor
disclosed $523,162 in assets and $1,119,313 in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C. Lane, Esq., at THE LANE LAW FIRM, represents the Debtor
as legal counsel.
CENTURYLINK INC: Lord Abbett CB Marks $21MM Loan at 31% Off
-----------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $21,073,581 loan
extended to CenturyLink, Inc to market at $14,603,676 or 69% of the
outstanding amount, as of May 31, 2023, according to Lord Abbett
CB'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.
Lord Abbett CB is a participant in a 2020 Term Loan B to
CenturyLink, Inc. The loan matures on March 15, 2027.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
CenturyLink, Inc., headquartered in Monroe, Louisiana, is an
integrated communications company that provides an array of
communications services to residential, business, governmental and
wholesale customers.
CHECKERS DRIVE-IN: Guggenheim SOF Marks $1.7MM Loan at 58% Off
--------------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its
$1,737,754,603 loan extended to Checkers Drive-In Restaurants, Inc
to market at $729,857 or 42% of the outstanding amount, as of May
31, 2023, according to Guggenheim SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Checkers Drive-In
Restaurants, Inc. The loan accrues interest at a rate of 11.50%
(Commercial Prime Lending Rate + 3.25%, Rate Floor: 4.25%) per
annum. The loan matures on April 25, 2024.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
Checkers Drive-in Restaurants, Inc. owns, operates, and franchises
hamburger quick service restaurants under the brand names Checkers
and Rally's Hamburgers.
CHESANING MFG: Court OKs Interim Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Northern Division, authorized Chesaning Mfg. Co., Inc. to use cash
collateral on an interim basis in accordance with the budget.
The Debtor is granted leave to use funds in accordance with the
budget and in a total amount not greater than $74,469 in the first
week and $39,548 in subsequent weeks until the final hearing is
held.
As previously reported by the Troubled Company Reporter, the
entities which may claim an interest in the cash collateral are
Citizens Bank, N.A. and NewLane Finance Co.
In addition, General Electric Capital Corporation, GE Capital Trade
Payables Services, LLC, MUFG Union Bank, N.A., and MUFG Bank, Ltd
filed financing statements. The Debtor does not owe any money to
these entities and does not believe that these financing statements
relate to any debt owed by the Debtor.
The first to file creditor which has an interest in cash collateral
is Citizens Bank, N.A. While Citizens Bank, N.A. appears to hold a
perfected lien as a result of their financing statement, the Debtor
asserts that Citizens Bank N.A. does not hold a lien on the funds
in the Debtor's bank account at PNC bank as Citizens Bank lacks
custody and control of the funds therein.
A secured claim will be asserted by NewLane Finance Company.
NewLane Finance Company holds a claim relative to certain equipment
purchased by the Debtor. NewLane Finance Company has filed a
financing statement which also asserts an interest in the proceeds
and accounts from the financed equipment. These proceeds and
accounts are not identifiable, as such the Debtor asserts that
NewLane Finance Company does not have an interest in cash
collateral. However, NewLane Finance Company may claim to be the
holder of an interest in cash collateral as a result of their
financing statement.
A secured claim will, on information and belief, be asserted by CNC
Associates, Inc. CNC Associates, Inc. holds a claim relative to
certain equipment purchased by the Debtor. CNC Associates, Inc. may
claim an interest in cash collateral, but the financing statement
does not identify proceeds or accounts related to the subject
equipment. As such, any alleged interest in cash collateral would
be unperfected and avoidable.
The Debtor previously entered into agreements with several lenders
which provided financing at an extremely high rate of interest. One
of these lenders is Funding Metrics, LLC. This lender did provide
identifying information in its financing statement, however Funding
Metrics, LLC was the last to file a financing statement and as such
holds an entirely unsecured claim.
The Debtor also entered into similar high interest loan agreements
with Family Business Funding, LLC, FundKite, LIV Funding, LLC,
Ondeck and Rapid Finance. Some of these lenders may attempt to
characterize the loans as purchases. These entities likely caused
the filing of the financing statements which do not identify the
secured party. These entities may also claim an interest in cash
collateral based on these agreements. Any such claim would be
disputed, but more importantly as of the Petition Date and long
before the Petition Date there was no unencumbered equity in the
Debtor's assets, leaving the vast majority of these claims
unsecured.
The US Small Business Administration, Daniel Brettrager, Ron
Brettrager, and Janet Stroll may assert a secured claim in the case
based on information available to the Debtor. However, these
parties, on information and belief, did not file financing
statements. As such they do not have a perfected interest in the
Debtor's property.
The Debtor estimates that the total value of its cash, negotiable
instruments, documents of title, securities, deposit accounts, or
other cash equivalents as of the Petition Date is approximately
$275,000. This is inclusive of unpaid accounts receivable owed to
the Debtor and the Debtor's work in progress.
The court ruled as adequate protection, the secured creditors are
granted a replacement lien upon the Debtor's post filing cash
collateral as adequate protection and as a replacement lien for the
Debtor's use of pre-petition cash collateral. The priority of any
replacement liens in the postpetition cash collateral will be the
same as the priority of the liens that existed in prepetition cash
collateral, and replacement liens will be granted only to the
extent that a valid and perfected pre-petition lien has been
diminished in value by the Debtor's use of cash collateral
post-petition.
The Debtor will also pay all post-petition taxes or charges
assessed to avoid any priming liens and shall not engage in any
sales or other disposition of its assets not in the ordinary course
of business without prior authorization by the Court.
A final hearing on the matter is set for August 31, 202 at 10 a.m.
A copy of the order is available at https://urlcurt.com/u?l=Pdhp0s
from PacerMonitor.com.
About Chesaning Mfg. Co., Inc.
Chesaning Mfg. Co., Inc. is a custom machining, fabrication and
assembly partner that works with aerospace, defense, and niche
manufacturers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-20898) on August 8,
2023. In the petition signed by Christophor M. Soule, sole
shareholder and president, the Debtor disclosed up to $500,000 in
assets and up to $10 million in liabilities.
Judge Daniel S. Opperman oversees the case.
Zachary R. Tucker, Esq., at Winegarden, Haley, Lindholm, Tucker and
Himelhoch PLC, represents the Debtor as legal counsel.
CHINAH USA: Seeks to Hire Kirby Aisner & Curley as Legal Counsel
----------------------------------------------------------------
Chinah USA, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Kirby Aisner & Curley, LLP as counsel.
The firm will render these services:
(a) advise the Debtors with respect to their powers, duties,
and responsibilities in the continued management of their property
and affairs;
(b) negotiate with creditors of the Debtors and work out a
plan of reorganization and take the necessary legal steps to
effectuate such a plan;
(c) prepare legal papers;
(d) appear before the Bankruptcy Court to protect the interest
of the Debtors and to represent the Debtors in all matters pending
before the court;
(e) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(f) take any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and
(i) perform all other legal services for the Debtors.
The hourly rates of the firm's counsel and staff are as follows:
Partners $475 - $575
Associates $295 - $325
Paraprofessionals/Law Clerks $150 - $200
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a pre-bankruptcy retainer in the amount of $5,000
on June 12, of which it debited $4,805 on July 12, for legal
services rendered in the prior month. On July 12, an additional
retainer in the amount of $43,690 was received by the firm. The
retainers have been paid by Chinah USA.
Erica Aisner, Esq., an attorney at Kirby Aisner & Curley, disclosed
in a court filing that the firm is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Erica R. Aisner, Esq.
Kirby Aisner & Curley LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Telephone: (914) 401-9500
Email: eaisner@kacllp.com
About Chinah USA
Chinah USA, LLC operates a full-service restaurant business
specializing in Chinese food. The company is based in Jersey City,
N.J.
Chinah USA and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11157)
on July 24, 2023. In the petition signed by its chief executive
officer, Hegel Hei, Chinah USA reported as much as $50,000 in
assets and $1 million to $10 million in liabilities.
Judge David S. Jones oversees the cases.
The Debtors tapped Erica Aisner, Esq., at Kirby Aisner and Curley,
LLP as legal counsel and Klinger & Klinger, CPAs as accountant.
CHINAH USA: Seeks to Hire Klinger & Klinger CPAs as Accountant
--------------------------------------------------------------
Chinah USA, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Klinger & Klinger, CPAs as accountant.
The firm will render these services:
(a) prepare or review of monthly debtor-in-possession
operating reports and statements of cash receipts and
disbursements;
(b) review existing accounting systems and procedures and
establish new systems and procedures, if necessary;
(c) assist the Debtors in the development of a plan of
reorganization;
(d) assist the Debtors in the preparation of a liquidation
analysis;
(e) appear at creditors' committee meetings, 341(a) meetings,
and court hearings, if required;
(f) assist the Debtors in the preparation of cash flow
projections;
(g) consult with counsel for the Debtors in connection with
operating, financial and other business matters related to the
ongoing activities of the Debtors; and
(h) perform such other duties as are normally required of an
accountant.
The hourly rates of the firm's professionals are below:
Partner $400
Staff Accountant $275
Paraprofessional $150
The firm has received a pre-bankruptcy retainer in the amount of
$10,000 which was paid by Chinah USA.
Lee Klinger, a member of Klinger & Klinger, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lee Klinger
Klinger & Klinger, LLP
370 Lexington Avenue, Suite 2008
New York, NY 10017
Telephone: (212) 661-6200
About Chinah USA
Chinah USA, LLC operates a full-service restaurant business
specializing in Chinese food. The company is based in Jersey City,
N.J.
Chinah USA and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11157)
on July 24, 2023. In the petition signed by its chief executive
officer, Hegel Hei, Chinah USA reported as much as $50,000 in
assets and $1 million to $10 million in liabilities.
Judge David S. Jones oversees the cases.
The Debtors tapped Erica Aisner, Esq., at Kirby Aisner and Curley,
LLP as legal counsel and Klinger & Klinger, CPAs as accountant.
CHIPLEY'S FAMILY: Seeks to Tap Boyer Terry as Bankruptcy Counsel
----------------------------------------------------------------
Chipley's Family Restaurant, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ Boyer
Terry, LLC as its legal counsel.
Boyer Terry will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued operation of its business and management of its
property;
(b) prepare legal papers;
(c) continue existing litigation to which the Debtor may be a
party and conduct examinations incidental to the administration of
the Debtor's estate;
(d) take any and all necessary action for the proper
preservation and administration of the estate;
(e) assist the Debtor with the preparation and filing of a
Statement of Financial Affairs and schedules and lists;
(f) take whatever action is necessary with reference to the
use by the Debtor of its property pledged as collateral;
(g) assert, as directed by the Debtor, claims that the Debtor
may have against others;
(h) assist the Debtor in connection with claims for taxes made
by governmental units; and
(i) perform other necessary legal services for the Debtor.
The hourly rates of Boyer Terry's counsel and staff are as
follows:
Attorneys $350 - $370
Research Assistants and Paralegals $100
The Debtor paid Boyer Terry a prepetition advance deposit of
$2,405.
Wesley Boyer, Esq., an attorney at Boyer Terry, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Wesley J. Boyer, Esq.
Boyer Terry, LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Telephone: (478) 742-6481
Email: Wes@BoyerTerry.com
About Chipley's Family Restaurant
Chipley's Family Restaurant, LLC owns and operates restaurants
known as Eddie Mae's Country Kitchen and Louise's Cafeteria.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-40451) on Aug. 4,
2023, with up to $100,000 in assets and up to $500,000 in
liabilities.
Boyer Terry, LLC represents the Debtor as legal counsel.
CNG HOLDINGS: S&P Upgrades ICR to 'CCC+' Then Withdraws Rating
--------------------------------------------------------------
On Aug. 18, 2023, S&P Global Ratings raised its issuer credit
rating on CNG Holdings Inc. to 'CCC+' from 'SD'.
S&P subsequently withdrew its issuer credit and issue ratings on
CNG at the company's request. The outlook was stable at the time of
the withdrawal.
The upgrade reflects CNG's revised capital structure following a
debt exchange, as well as its ability to meet its obligations over
the next 12 months. CNG completed a transaction that we viewed as a
distressed exchange. The company exchanged its outstanding senior
notes due June 2024 for new senior notes due June 2026, thereby
addressing its near-term refinancing risk.
S&P said, "The 'CCC+' issuer credit rating reflects our view that
CNG's credit metrics will remain under pressure, with EBITDA
interest coverage at about 1x in 2023. While we believe CNG's
capital structure is unsustainable over the longer term because of
the company's limited options to reduce its debt burden, we expect
CNG to meet its payment obligations over the next 12 months.
"In our view, CNG's business model is vulnerable to competition,
recessionary risks, and regulatory changes. While CNG has made
concerted efforts over the past few years to shift toward
longer-term loans and online lending from short-term payday loans,
the company's profitability has been relatively weak--though it has
improved during the first half of 2023."
CONCRETE SOLUTIONS: Court OKs Cash Collateral Access Thru Dec 29
----------------------------------------------------------------
The U.S. Bankruptcy Court for Central District of California,
Northern Division, authorized Concrete Solutions & Supply to use
cash collateral on an interim basis in accordance with the budget,
with a 15% variance, through December 29, 2023.
MUFG Union Bank, N.A. holds a senior priority lien in cash
collateral and the U.S. Small Business Administration appears to
hold a junior priority.
The Debtor will make monthly adequate protection payments to Bank
in the amount of $1,500 due the 15th day of each month at a
physical or electronic address specified by Bank. If the Debtor's
bank charges a fee to make an electronic payment, then the Debtor
may pay the adequate protection payment by physical check to an
address provided by Bank. In addition, the Debtor is directed to
pay the agreed upon $500 payment to Bank, with the payment due by
August 31, 2023.
As further adequate protection, the Secured Creditors are granted
replacement liens in the Debtor's assets to the extent their
prepetition liens attached to property of the Debtor prepetition
and with the same validity, priority, extent and description of
collateral. The Debtor is not waiving any challenge it or any other
party-in-interest may have to the Secured Creditors' security
interests.
A further hearing on the matter is set for December 12 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=Nq81so
from PacerMonitor.com.
About Concrete Solutions & Supply
Concrete Solutions & Supply sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
9:23-bk-10314-RC) on April 25, 2023. In the petition signed by
Alton Anderson, president, the Debtor disclosed up to $500,000 in
assets and up to $1 million in liabilities.
Judge Ronald A. Clifford III oversees the case.
Steven R. Fox, Esq., at The Fox Law Corporation Inc., represents
the Debtor as legal counsel.
CORNER OYSTER: Seeks to Hire Boyer Terry as Bankruptcy Counsel
--------------------------------------------------------------
Corner Oyster House, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Georgia to employ Boyer Terry LLC
as its legal counsel.
Boyer Terry will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued operation of its business and management of its
property;
(b) prepare legal papers;
(c) continue existing litigation to which the Debtor may be a
party and conduct examinations incidental to the administration of
the Debtor's estate;
(d) take any and all necessary action for the proper
preservation and administration of the estate;
(e) assist the Debtor with the preparation and filing of a
Statement of Financial Affairs and schedules and lists;
(f) take whatever action is necessary with reference to the
use by the Debtor of its property pledged as collateral;
(g) assert, as directed by the Debtor, claims that the Debtor
may have against others;
(h) assist the Debtor in connection with claims for taxes made
by governmental units; and
(i) perform other necessary legal services for the Debtor.
The hourly rates of Boyer Terry's counsel and staff are as
follows:
Attorneys $350 - $370
Research Assistants and Paralegals $100
The Debtor paid Boyer Terry a prepetition advance deposit of
$2,405.
Wesley Boyer, Esq., an attorney at Boyer Terry, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Wesley J. Boyer, Esq.
Boyer Terry LLC
348 Cotton Avenue, Suite 200
Macon, GA 31201
Telephone: (478) 742-6481
Email: Wes@BoyerTerry.com
About Corner Oyster House
Corner Oyster House, LLC owns and operates a restaurant known as
Oyster House.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-40452) on Aug. 4,
2023. In the petition signed by Peter Brochu, the Debtor disclosed
up to $100,000 in assets and up to $1 million in liabilities.
Boyer Terry, LLC represents the Debtor as legal counsel.
CP IRIS HOLDCO: $210MM Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which CP Iris Holdco I
Inc is a borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $210 million facility is a Term loan that is scheduled to
mature on October 5, 2029. The amount is fully drawn and
outstanding.
The Company's country of domicile is the United States.
CREATING SCHOLARS: Court OKs Cash Collateral Access Thru Sept 14
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia,
Newport News Division, to use cash collateral on an interim basis
in accordance with the budget, with a 10% variance, through
September 14, 2023.
CSTT has an immediate need to authorize the use of cash collateral
to (i) provide adequate protection to the U.S. Small Business
Administration; (ii) meet its August 15, 2023 payroll; and (iii)
operate in the near term while it stabilizes its operations and
formulates a plan of reorganization.
The Debtor's available cash in its deposit accounts at Wells Fargo
Bank, N.A. and Navy Federal Credit Union total approximately
$101,170.
Accounts receivable in the form of insurance claims being processed
total approximately $190,046 as of the filing of the case.
CSTT's cash, accounts receivable, and proceeds are subject to a
lien in favor of the SBA, perfected by a UCC-1 financing statement
filed June 27, 2020, securing repayment of a note dated June 15,
2020, in the original principal amount of $150,000, increased to
$300,000 by a loan modification dated October 1, 2021, evidencing
loans to CSTT in that amount.
Adequate protection for the debtor's postpetition use of cash
collateral the SBA is granted a postpetition replacement lien and
will receive regular monthly payments, beginning September 1, 2023,
with interest at 7% per annum accruing from the Petition Date.
SBA is also granted as security a valid, perfected, and enforceable
security interest and without the necessity of execution by the
Debtor (or recordation or other filing) of mortgages, security
agreements, financing statements, or other documents, or the
possession or control by SBA of any property in and upon the SBA's
Collateral in existence as of the Petition Date or thereafter
acquired, including, without limitation, (i) postpetition accounts
receivable, (ii) any diminution in value resulting from the use
(including, without limitation, use in accordance with this Interim
Order) by the Debtor of the cash collateral and any other Lender's
Collateral and the imposition of the automatic stay pursuant to 11
U.S.C. Section 362, and (iii) to the same extent, nature, and
priority of any security interests held by the Lender as of the
Petition Date.
These events constitute an "Event of Default":
a. the Debtor fails to perform any of its obligations in
compliance with the terms of the Order, including, without
limitation, the Debtor's failure to use cash collateral in
accordance with the budget;
b. any representation or warranty made by the Debtor under the
Order or any pleading, certificate, report or financial statement
delivered to SBA in the chapter 11 case proves to have been false
or misleading in any material respect as of the time made or given
(including by omission of material information or fact necessary to
make such representation, warranty or statement not misleading);
or
c. the chapter 11 case is converted to a case under chapter
7.
A copy of the order is available at https://urlcurt.com/u?l=31PLgJ
from PacerMonitor.com.
About Creating Scholars Through Therapy Corporation
Creating Scholars Through Therapy Corporation is a community based
behavioral health provider dedicated to reshaping individuals'
mental state through mental health services in the form of
individual, group, family, and outpatient counseling.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 23-50562) on August 10,
2023. In the petition signed by Nabila S. White, president and
chief executive officer, the Debtor disclosed up to $500,000 in
assets and up to $10 million in liabilities.
Judge Frank J. Santoro oversees the case.
Paul Driscoll, Esq., at Zemanian Law Group, represents the Debtor
as legal counsel.
CUMBERLAND SERVICENTER: Case Summary & Seven Unsecured Creditors
----------------------------------------------------------------
Debtor: Cumberland Servicenter, Inc.
2407 East Oakton Street
Unit C1
Arlington Heights, IL 60005
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 23-10920
Judge: Hon. Janet S. Baer
Debtor's Counsel: Scott R. Clar, Esq.
CRANE, SIMON, CLAR & GOODMAN
Suite 3950
135 South LaSalle Street
Chicago, IL 60603-4297
Tel: 312-641-6777
Fax: 312-641-7114
Email: sclar@cranesimon.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by David Lopina as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/JVBVRUI/Cumberland_Servicenter_Inc__ilnbke-23-10920__0001.0.pdf?mcid=tGE4TAMA
CURIA GLOBAL: Lord Abbett CB Marks $9.5MM Loan at 15% Off
---------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $9,560,981 loan
extended to Curia Global, Inc to market at $8,104,652 or 85% of the
outstanding amount, as of May 31, 2023, according to Lord Abbett
CB'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.
Lord Abbett CB is a participant in a 2021 Term Loan to Curia
Global, Inc. The loan accrues interest at a rate of 8.895% (3 mo.
USD LIBOR + 3.75%) per annum. The loan matures on August 30, 2026.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
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
CWI CHEROKEE: Wins Cash Collateral Access on Final Basis
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, authorized CWI Cherokee LF LLC to use cash
collateral on a final basis, in accordance with the revised
budget.
As previously reported by the Troubled Company Reporter, the Debtor
has an immediate need to access prepetition collateral, including
cash collateral, in order to, among other things, (i) permit the
orderly continuation of its business, (ii) pay certain Adequate
Protection Payments; (iii) pay the costs of administration of its
estate and satisfy other working capital and general corporate
purposes of the Debtor; and (iv) engage in a sale process for the
assets of the Debtor's estate.
The Debtor is a lessee under the Lease Agreement, dated June 23,
2020, between the Solid Waste Disposal Authority of the Cities of
Muscle Shoals, Sheffield, and Tuscumbia, Alabama, as Lessor, and
the Debtor. The Authority assigned all of its interest in the Lease
to UMB Bank, N.A., as Bond Trustee in connection with the
Authority's issuance of certain bonds. The Debtor absolutely and
unconditionally guaranteed to the Bond Trustee, for the benefit of
the beneficial holders of the Bonds, the full and prompt payment of
principal and interest on the Bonds, pursuant to the Guaranty
Agreement dated June 23, 2020, between the Debtor and the Prior
Trustee.
Specifically, UMB Bank is the successor trustee under the Trust
Indenture dated June 23, 2020, by and between Solid Waste Disposal
Authority of the Cities of Muscle Shoals, Sheffield, and Tuscumbia,
Alabama, and Regions Bank, as original trustee, pursuant to which
the Authority issued $14.1 million Solid Waste Disposal Revenue
Bonds (Cherokee Industrial Landfill Project) Series 2020-A and
$4.53 million Taxable Solid Waste Disposal Revenue Bonds, Series
2020-B.
As of the Petition Date, the Debtor was indebted to the Bond
Trustee, as follows:
(i) unpaid principal on the Bond in the amount of $18.340
million;
(ii) unliquidated, accrued and unpaid fees and expenses of the
Bond Trustee and its professionals incurred through the Petition
Date; and
(iii) any applicable premiums, indemnities and all other
obligations arising under or related to the Bond Documents through
the Petition Date.
The Bond Trustee holds a valid, enforceable, binding, nonavoidable
and perfected lien on assets of the Debtor.
The court said if Debtor determines, subject to the consent of the
Bond Trustee, that there are two or more Qualified Bids, on or
before September 11, 2023, the Debtor will conduct an auction
pursuant to the Order on Debtor's Motion to Sell Assets Free and
Clear of Liens, Claims, and Encumbrances, Directing Bidding
Procedures, and Setting Preliminary and Final Hearings. The
requirement of an auction may be waived subject to the consent of
the Bond Trustee.
On or before September 15, 2023, Debtor will announce its
determination, subject to the consent of the Bond Trustee which
consent will not be unreasonably withheld, as to the bidder
submitting the highest and best bid for the Subject Assets.
On or before September 29, 2023, the Court will hold a sale hearing
on the Sale Transaction.
As adequate protection, the Bond Trustee was granted valid,
binding, enforceable, and perfected replacement liens upon and
security interests in all Collateral.
The Bond Trustee was granted an allowed superpriority
administrative expense claim in the Case. The Bond Trustee's
Adequate Protection Superpriority Claims will have priority over
all administrative expense claims and unsecured claims against the
Debtor and its estate now existing or hereafter arising, of any
kind or nature whatsoever.
The Debtor's authorization to use cash collateral will
automatically terminate on the date that is the earlier of:
(i) October 3, 2023;
(ii) the effective date of any chapter 11 plan with respect to
the Debtor confirmed by the Court;
(iii) the date on which all or substantially all of the assets of
the Debtor are sold in a sale under any chapter 11 plan or pursuant
to Section 363 of the Bankruptcy Code,
(iv) the occurrence of a Termination Event, or
(v) five business days from the date on which written notice of
the occurrence of any other Termination Event is given (which
notice may be given by email or other electronic means) by the Bond
Trustee to counsel to the Debtor, the U.S. Trustee, and counsel to
the Authority.
A copy of the Court's order and the Debtor's revised budget is
available at https://urlcurt.com/u?l=5iTphM from PacerMonitor.com.
The Debtor projects total operating disbursements, on a weekly
basis, as follows:
$59,797 for August 23, 2023;
$70,797 for August 30, 2023;
$50,797 for September 6, 2023;
$50,797 for September 13, 2023; and
$69,297 for September 20, 2023.
About CWI Cherokee LF
CWI Cherokee LF, LLC is an Atlanta-based company that provides
waste treatment and disposal services.
CWI Cherokee LF filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-52262) on March 7, 2023, with $10 million to $50 million in both
assets and liabilities.
Judge Sage M. Sigler oversees the case.
John A. Christy, Esq., at Schreeder, Wheeler & Flint, LLP
represents the Debtor as counsel.
CYXTERA DC HOLDINGS: $815MM Bank Debt Trades at 37% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Cyxtera DC Holdings
Inc is a borrower were trading in the secondary market around 62.6
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $815 million facility is a Term loan that is scheduled to
mature on May 1, 2024. About $768.1 million of the loan is
withdrawn and outstanding.
Cyxtera DC Holdings, Inc. provides data center services.
CYXTERA DC: $100MM Bank Debt Trades at 39% Discount
---------------------------------------------------
Participations in a syndicated loan under which Cyxtera DC Holdings
Inc is a borrower were trading in the secondary market around 61.1
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $100 million facility is a Term loan that is scheduled to
mature on May 1, 2024. About $97.5 million of the loan is
withdrawn and outstanding.
Cyxtera DC Holdings, Inc. provides data center services.
CYXTERA TECHNOLOGIES: Unsecureds to Get Share of GUC Recovery Pool
------------------------------------------------------------------
Cyxtera Technologies, Inc. and its affiliated debtors filed with
the U.S. Bankruptcy Court for the District of New Jersey a
Disclosure Statement relating to Joint Plan of Reorganization dated
August 15, 2023.
Founded in 2017 through a carve-out acquisition from Lumen
Technologies, Inc. (f/k/a CenturyLink, Inc.), Cyxtera is a global
leader in data center colocation and interconnection services.
The Company, with the assistance of Kirkland & Ellis, LLP
("Kirkland") as legal counsel, Guggenheim Securities, LLC
("Guggenheim Securities") as investment banker, and, later,
AlixPartners, LLP ("AlixPartners," and together with Kirkland and
Guggenheim Securities, the "Advisors") as financial advisor,
engaged with an ad hoc group of First Lien Lenders (the "Ad Hoc
Group"), represented by Gibson, Dunn & Crutcher LLP as legal
counsel and Houlihan Lokey, Inc. as financial advisor, to chart a
value-maximizing path forward.
On March 27, 2023, the Company, with the assistance of Guggenheim
Securities, launched a marketing process (the "Marketing Process")
to engage potential interested parties concerning a significant
investment in or purchase of some or all of the Company's assets
and/or equity (the "Sale Transaction").
These discussions with the Ad Hoc Group proved successful,
culminating in the entry into a restructuring support agreement
(the "RSA") on May 4, 2023, which enjoys the broad support of
Holders whose claims represent approximately 86 percent of the
claims arising on account of obligations under the First Lien
Credit Agreement, as well as the Consenting Sponsors. Concurrently
with the entry into the RSA, members of the Ad Hoc Group provided
Cyxtera with a new money, $50 million term loan Bridge Facility, of
which $36 million was drawn prior to the Petition Date, to bridge
the Company's financing needs, continue the prepetition Marketing
Process, provide time to prepare for a potential chapter 11 filing,
and otherwise avoid a value destructive, free fall bankruptcy
filing.
The Plan incorporates a sale toggle mechanism whereby the Debtors
will pursue a Recapitalization Transaction unless a higher or
otherwise better transaction materializes as a result of the
ongoing Marketing Process. The Recapitalization Transaction would
result in (i) Holders of First Lien Claims receiving their pro rata
share of one hundred percent of the New Common Stock, subject to
dilution by the Management Incentive Plan, (ii) the conversion of
all DIP Claims on the Effective Date on a dollar-for-dollar basis
into New Takeback Facility Loans (unless such DIP Claims are paid
in full in cash), (iii) the elimination of more than $950 million
of Cyxtera's prepetition indebtedness, and (iv) enhanced
flexibility for Cyxtera to invest in its business.
The proposed Plan contemplates the Debtors pursuing two parallel
paths to maximize value and creditor recoveries. Under this toggle
approach, the Debtors will pursue a balance sheet recapitalization
unless the Debtors, in consultation with the Consultation Parties,
determines that the Sale Transaction presents a higher and/or more
value-maximizing opportunity. If the Recapitalization Transaction
is consummated, more than $950 million of the Debtors prepetition
funded debt obligations would be eliminated—Holders of First Lien
Claims would receive, in full and final satisfaction of their First
Lien Claims, 100 percent of the Reorganized Cyxtera's New Common
Stock, subject to dilution by a Management Incentive Plan.
As the Debtors pursue the Recapitalization Transaction, the Debtors
will continue their Marketing Process of a sale transaction for the
Sale Package. Should the Marketing Process prove more value
maximizing, the Debtors will toggle and pursue such a sale. The
Debtors' sale process is currently ongoing, and the Company has
received multiple non-binding written proposals to date.
Class 6 consists of General Unsecured Claims. Except to the extent
that a Holder of a General Unsecured Claim agrees to less favorable
treatment or such General Unsecured Claim has been paid prior to
the Effective Date, each General Unsecured Claim shall receive, in
full and final satisfaction of such Claim, its pro rata share of
the GUC Recovery Pool. The allowed unsecured claims total
$80,000,000 to $90,000,000.
On the Effective Date, all Existing Equity Interests shall be
cancelled, released, extinguished, and discharged and will be of no
further force or effect. Holders of Interests shall receive no
recovery or distribution on account of their Existing Equity
Interests.
The Debtors shall fund distributions under the Plan, as applicable,
with: (i) the issuance of New Takeback Facility Loans under the New
Takeback Facility, (ii) the proceeds from the sale of the Plan
Sponsor Equity Share; (iii) the New Common Stock, and (iv) the
Debtors' Cash on hand.
A full-text copy of the Disclosure Statement dated August 15, 2023
is available at https://urlcurt.com/u?l=8QMGQ5 from Kurtzman Carson
Consultants LLC, claims agent.
Co-Counsel for Debtors:
Edward O. Sassower, P.C.
Christopher Marcus, P.C.
Derek I. Hunter, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: edward.sassower@kirkland.com
christopher.marcus@kirkland.com
derek.hunter@kirkland.com
Michael D. Sirota, Esq.
Warren A. Usatine, Esq.
Felice R. Yudkin, Esq.
COLE SCHOTZ P.C.
Court Plaza North, 25 Main Street
Hackensack, New Jersey 07601
Tel: (201) 489-3000
Email: msirota@coleschotz.com
wusatine@coleschotz.com
fyudkin@coleschotz.com
About Cyxtera Technologies
Headquartered in Coral Gables, Fla., Cyxtera Technologies, Inc. --
https://www.cyxtera.com -- is a global data center
companyproviding retail colocation and interconnection services.
The Company provides a suite of connected and automated
infrastructure and interconnection solutions to more than 2,300
enterprises, service providers and government agencies around the
world -- enabling them to scale faster, meet rising consumer
expectations and gain a competitive edge.
Cyxtera and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-14853) on
June 4, 2023. In the petition signed by Eric Koza, chief
restructuring officer, the Debtor disclosed up to $131 million in
assets and up to $2.679 billion in liabilities.
Judge John K. Sherwood oversees the case.
The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis
International LLP as general bankruptcy counsel, Cole Schotz P.C.
as co-bankruptcy counsel, Guggenheim Securities, LLC as investment
banker, AlixPartners LLP as restructuring advisor, and Kurtzman
Carson Consultants LLC as noticing and claims agent.
An ad hoc group of first lien lenders is represented by Gibson,
Dunn & Crutcher LLP as legal counsel and Houlihan Lokey, Inc. as
financial advisor.
On June 20, 2023, the U.S. Trustee for Region 3 appointed an
official committee to represent unsecured creditors. The committee
tapped Pachulski Stang Ziehl & Jones, LLP as its legal counsel and
Alvarez & Marsal North America, LLC, as financial advisor.
DAWN ACQUISITIONS: $550MM Bank Debt Trades at 19% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Dawn Acquisitions
LLC is a borrower were trading in the secondary market around 81.2
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on December 31, 2025. The amount is fully drawn and
outstanding.
Dawn Acquisitions LLC, doing business as Evoque Data Center
Solutions, provides digital infrastructure and data center
solutions. The Company offers multi-generational infrastructure,
colocation, connectivity, build-to-suit, and cloud engineering
solutions.
DEAN GUTIERREZ: Court OKs Interim Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Brownsville Division, authorized Dean Gutierrez Investments, LP to
use cash collateral on an interim basis in accordance with the
budget.
The cash collateral consists of post-petition net proceeds, after
deducting normal fixed and variable costs, from the sales of the
restaurant products at Trevinos Tortilla Factory and Restaurant.
Mantis Funding LLC has and will continue to have pursuant to 11
U.S.C. Sections 361 and 363(e), security interests in the cash
collateral, subject to the right of the Debtor to assert any
avoidance or other action to determine the extent of the lien or
concerning lack of perfection against Mantis Funding LLC or QFS
Capital LLC.
Mantis Funding LLC will also receive $500 as adequate protection
payment.
The Debtor's right to use cash collateral will terminate on the
earliest to occur of:
a. failure of the Debtor to abide by the material terms,
covenants, and conditions of the Order;
b. the dismissal of the Chapter 11 Case, the conversion of the
Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code,
the appointment in the Chapter 11 Case of a trustee (other than the
Subchapter V Trustee) or examiner with expanded powers, or the
removal of the debtor in possession in accordance with Section 1185
of the Bankruptcy Code; or;
c. an order of the Court is entered reversing, staying,
vacating, or otherwise modifying in any material respect the terms
of the Order.
The Debtor will provide Mantis Funding LLC or QFS Capital LLC with
a timely copy of Debtor's chapter 11 monthly operating reports and
any other reports requested and reasonably required by Mantis
Funding LLC and QFS Capital LLC.
A final hearing on the matter is set for September 6, 2023 at 10:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=ixaAOP
from PacerMonitor.com.
About Dean Gutierrez Investments, LP
Dean Gutierrez Investments, LP's business is in operating a food
restaurant in Brownsville, Cameron County, Texas and in
constructing residences on subdivision lots in Cameron County,
Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-10116) on July 3,
2023. In the petition signed by Melissa Gutierrez, general partner,
the Debtor disclosed up to $1 million in both assets and
liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Antonio Martinez Jr., Esq., at Law Office of Antonio Martinez, Jr.
PC, represents the Debtor as legal counsel.
DEXTER GROUP: Gets OK to Tap Kosto & Rotella as Bankruptcy Counsel
------------------------------------------------------------------
Dexter Group Investments, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Kosto
& Rotella, PA as its bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor's rights and duties in this case;
(b) prepare pleadings related to this case; and
(c) take any and all other necessary action incident to the
proper preservation and administration of this estate.
The Debtor paid the firm a retainer of $15,000.
The hourly rates of the firm's counsel and staff are as follows:
Attorneys $450
Junior Paraprofessionals $200
Raymond Rotella, Esq., an attorney at Kosto & Rotella, disclosed in
a court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Raymond J. Rotella, Esq.
Kosto & Rotella, PA
P.O. Box 113
Orlando, FL 32802
Telephone: (407) 425-3456
Facsimile: (407) 423-9002
Email: rrotella@kostoandrotella.com
About Dexter Group Investments
Dexter Group Investments, Inc. owns a multiple-unit commercial
building consisting of retail stores located at 319 Brevard Avenue,
Cocoa, Fla.; and residential real property located at 2909 Carver
St., Mims, Fla., with a 1,218-square-foot multiple living unit
(duplex).
Dexter Group Investments filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 22-04113) on Nov. 18, 2022, with between $1 million and
$10 million in both assets and liabilities. Aaron R. Cohen has been
appointed as Subchapter V trustee.
Judge Grace E. Robson oversees the case.
Raymond J. Rotella, Esq., at Kosto & Rotella, PA and Duerr & Cullen
CPAs, P.A. serve as the Debtor's legal counsel and accountant,
respectively.
DIRECT MARKETING: Bankr. Administrator Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Direct Marketing Group, LLC.
About Direct Marketing Group
Direct Marketing Group, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-01891) on July 7, 2023, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities. Judge Joseph N. Callaway
presides over the case.
Danny Bradford, Esq., at Bradford Law Offices represents the Debtor
as bankruptcy counsel.
DIVISION SEVEN: Gets OK to Hire J M Sanfilippo as Accountant
------------------------------------------------------------
Division Seven Contracting, Inc. received approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ J M
Sanfilippo CPA, PC.
The Debtor requires an accountant to:
-- prepare financial forecasts and projection and liquidation
analysis;
-- assist with financial models for creating the Debtor's
workout plan;
-- assist in vendor discussions regarding terms, cash flows and
security interests in receivables;
-- prepare annual income tax filings and tax projections;
-- review financials; and
-- attend court hearings and meetings with the Debtor and other
professionals when necessary.
The firm will be paid at these rates:
Partners $350 per hour
Managers $250 per hour
Staff Accountants $125 per hour
Joseph Sanfilippo, CPA, a partner at J M Sanfilippo, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Joseph M. Sanfilippo, CPA
J M Sanfilippo CPA, PC
2 Roosevelt Ave
Port Jefferson Station, NY 11776
Tel: (631) 331-0192
Fax: (631) 331-0583
About Division Seven
Division Seven Contracting, Inc. is a foundation, structure, and
building exterior contractor in Ridge, N.Y.
Division Seven Contracting filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y Case No.
23-71998) on June 5, 2023, with $500,000 to $1 million in assets
and $1 million to $10 million in liabilities. Salvatore LaMonica,
Esq., at LaMonica Herbst & Maniscalco, LLP, has been appointed as
Subchapter V trustee.
Judge Louis A. Scarcella oversees the case.
The Debtor tapped Robert J. Spence, Esq., at Spence Law Office,
P.C. as legal counsel and J M Sanfilippo CPA, PC as accountant.
DRIVEN BRANDS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its ratings outlook to negative from
stable and affirmed all ratings, including its 'B+' issuer credit
rating on North Carolina-based automotive services provider Driven
Brands Holdings Inc.
The negative outlook reflects the risk that competitive pressures
intensify and integration challenges persist, resulting in lower
than expected earnings and cash flow.
S&P said, "Our negative outlook reflects heightened performance
uncertainty amid tougher operating conditions, ongoing integration
challenges, and recent management changes. Driven's S&P Global
Ratings-adjusted EBITDA margins contracted 140 basis points versus
the year-ago period to 30.7% during the second quarter of fiscal
2023 and are tracking below our previous base-case forecast. While
sales grew 19% year over year, comparable sales within its car wash
segment contracted 4% during the quarter following an 11% decline
in the first quarter of 23. We expect performance within the car
wash segment, which is company operated, will remain pressured by a
soft macroeconomic environment and increased competition. The
weaker results have also been driven by slower-than-anticipated
integration of its recently acquired glass businesses.'
At the same time, management lowered its full-year 2023 sales
guidance by 2% and company-defined adjusted EBITDA by 9%. In S&P's
view, heightened competitive pressures, integration challenges, and
reduced earnings guidance following the recent and abrupt
management changes in May 2023 could indicate Driven will
experience greater operating performance volatility than S&P
originally anticipated.
S&P said, "We expect more muted earning growth relative to our
prior projections and believe performance challenges will persist.
Our revised forecast considers continued sales growth, including
12% this year and about 10% in 2024, as Driven's platform of
automotive services businesses grows through acquisitions and
benefits from favorable industry dynamics. That said, we expect
results in Driven's more discretionary segments, including car
wash, to experience pressure as consumers reduce nondiscretionary
spending. Additionally, we believed heightened industry competition
within the car wash business will weigh on earnings. Approximately
50% of Driven's U.S. car wash revenue is generated through its
subscription membership program, which trails its direct competitor
Mister Car Wash's 70% penetration.
"Our forecast also reflects a more cautious consumer environment,
leading customers to defer spending on many services that are all
but necessities. In addition, we expect lower profitability from
operating inefficiencies, including a slower-than-anticipated
integration of recently acquired businesses. This includes the
significant number of glass operations acquired over the last year
and the slow progress of getting these operations on Driven's
operating platform. This leads us to project S&P Global
Ratings-adjusted EBITDA margins will fall to about 29% compared
with 30.9% at the end of 2022. Still, we expect a modest
improvement in operating efficiency through the end of 2024 and
project its S&P Global Ratings-adjusted EBITDA margins improve to
29.6% in 2024.
"Our lower earnings forecast leads us to forecast a cash flow
deficit of about $240 million and S&P Global Ratings-adjusted
leverage remaining elevated this year.Our forecast includes our
expectations for S&P Global Ratings-adjusted leverage of about 6.8x
this year, before improving to the low-6x area by the end of next
year. This compares with prior forecasts for leverage tracking into
the high-5x area in 2024. In addition to lower expectations, our
leverage projections consider management's growth strategy. Driven
has historically operated at greater S&P Global Ratings-adjusted
leverage compared with similarly rated peers. The company has
employed an aggressive acquisition and growth strategy, utilizing
debt to fund these investments."
Further, the company has ramped up capital expenditures (capex)
over the past two years to accelerate its greenfield development
strategy, pressuring free operating cash flow (FOCF) generation.
S&P expects capex will moderate next year, supporting positive FOCF
generation. Moreover, our projections include an increase in
operating leases from both new stores and sale-leaseback
transactions.
S&P said, "Despite near-term performance uncertainty, we believe
Driven maintains a solid position in the automotive services
market. Driven maintains about a 5% market share in a highly
fragmented market, operating as one of largest providers of
automotive services in the U.S. and Canada. We view this position
as a positive and believe it sets up the company for potential
long-term growth. This includes the company's brands, such as
Meineke, Maaco, Take 5, and others. Driven's management has used
this position to drive overall sales growth over the past few years
while diversifying. Moreover, we view the company's geographic
diversification as a strength that helps smooth regional
performance and seasonal volatility. We expect Driven's platform
businesses will benefit from an aging car parc, growing vehicle
miles traveled, and increasing vehicle complexity that requires
professional servicing."
The negative ratings outlook reflects the potential for a lower
rating over the next 12 months if Driven's operating performance
prospects deteriorate.
S&P could lower its rating on Driven if:
-- Demand for the company's nondiscretionary services weakens,
leading to pressure on sales, profitability, and FOCF;
-- Integration issues linger, resulting in heightened operating
performance volatility; or
-- The company pursues a large, debt-funded acquisition or
shareholder distribution.
These scenarios would likely correspond with S&P Global
Ratings-adjusted leverage being sustained above 6.5x.
S&P said, "We could revise the outlook to stable if Driven performs
in line with our base-case forecast, suggesting that operating
pressures have subsided and management is successfully executing on
its growth initiatives. This scenario would likely coincide with
S&P Global Ratings-adjusted leverage being maintained below 6.5x.
"Management execution has a moderately negative influence on our
rating for Driven. Risk management, culture, and oversight are
negative factors for the company's governance. We believe recent
volatility in Driven's performance partially stems from an
inability to adequately respond to heightened competitive
pressures, especially for more discretionary services like car
wash. In addition, we believe the slow integration of an aggressive
number of acquisitions have resulted in operating inefficiencies
that will likely weigh on profitability. Further, we believe recent
management changes may have contributed to the organization's
effectiveness over the short term along with the quality of
communication with market participants."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Risk management, culture, and oversight
E.R. BAKEY: Wins Cash Collateral Access Thru Sept 19
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized E.R. Bakey, Inc. to use cash
collateral on an interim basis in accordance with the budget,
through September 19, 2023.
Barrington Bank & Trust Company has a valid blanket lien on the
Debtor's assets as of the bankruptcy filing date and the cash
proceeds thereof. The Prepetition Secured Lender holds a security
interest in all of the Debtor's assets by way of a valid lien duly
filed. The Bank asserts the amount due and owing totals no less
than $40,268.
Other potential lien holders are:
a) Ace Funding Source
b) U.S Small Business Administration
c) On Deck Capital
d) Pay Pal Credit
e) WebBank
As adequate protection for its interest in the collateral, the
Debtor will make monthly payments commencing on July 31 to these
secured creditors in the following amount:
i) Barrington Bank and Trust Company - $1,461
ii) Pay Pal - $500
In return for the Debtor's continued interim use of cash
collateral, and for any diminution in value of lien holders'
interest in the cash collateral from and after the petition date,
the Prepetition Secured Lender and all Additional Lien Holders will
receive an administrative expense claim pursuant to 11 U.S.C.
Section 507(b).
In further return for the Debtor's continued interim use of cash
collateral, the Prepetition Secured Lender and all Additional Lien
Holders are granted a replacement lien in substantially all of the
Debtor's assets, including cash collateral equivalents and the
Debtor's cash and accounts receivable, among other collateral to
the extent and validity as held pre-petition.
The Debtor must maintain and pay premiums for insurance to cover
the Collateral from fire, theft, and water damage, and the
Prepetition Secured Lender and Additional Lien Holders consent to
the payment of such premiums from their cash collateral.
The Prepetition Secured Lender and all other Additional Lien
Holders are granted replacement liens, attaching to the Collateral,
but only to the extent of their pre-petition liens and only to the
extent of priority that existed on the date of filing. This order
is without prejudice to any future avoidance of any of the liens.
A further hearing on the matter is set for September 19, 2023 at
1:30 p.m.
A copy of the Court's order is available at
https://urlcurt.com/u?l=CC4JV2 from PacerMonitor.com.
About E.R. Bakey, Inc.
E.R. Bakey, Inc. is a subcontractor involved in material hauling
for road projects involving the Illinois toll way system.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06297) on May 12,
2023. In the petition signed by Eric Bakey, president, the Debtor
disclosed up to $50,000 in assets and up to $1 million in
liabilities.
Judge Jacqueline Cox oversees the case.
Richard G Larsen, Esq., at SpringerLarsenGreene, LLC, represents
the Debtor as legal counsel.
EXIGENT LANDSCAPING: Mark Shapiro Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Shapiro of
Steinberg, Shapiro & Clark as Subchapter V trustee for Exigent
Landscaping, LLC.
Mr. Shapiro 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. Shapiro declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark H. Shapiro
Steinberg, Shapiro & Clark
25925 Telegraph Rd., Ste. 203
Southfield, MI 48033
Phone: (248) 352-4700
Email: shapiro@steinbergshapiro.com
About Exigent Landscaping
Exigent Landscaping, LLC is a full-service design and build outdoor
construction company specializing 3D designs, pools, hardscaping,
landscaping, patios, pergolas, and outdoor kitchens. The company is
based in Shelby Township, Mich.
Exigent Landscaping sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-46912) on Aug. 7,
2023, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Brandon Heitman, president and sole member,
signed the petition.
Judge Thomas J. Tucker oversees the case.
Ernest M. Hassan, Esq., at Stevenson & Bullock, P.L.C. represents
the Debtor as legal counsel.
FANJOY CO: 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
Fanjoy Co.
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 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, Ga.
Fanjoy filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-57565) on Aug. 8,
2023, with up to $500,000 in assets and up to $10 million in
liabilities. Christopher Vaccarino, president, signed the
petition.
Judge Paul W. Bonapfel oversees the case.
Leslie Pineyro, Esq., at Jones and Walden, LLC, represents the
Debtor as legal counsel.
FGI OPERATING: 87% Markdown for $634,000 Lord Abbett HY Loan
------------------------------------------------------------
Lord Abbett High Yield Fund has marked its $634,319 loan extended
to FGI Operating Co. LLC to market at $79,607 or 13% of the
outstanding amount, as of May 31, 2023, according to High Yield'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.
Lord Abbett High Yield Fund is a participant in an Exit Term Loan
to FGI Operating Co. LLC. The loan matures on May 16, 2024.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
fourteen funds as of May 31, 2023. This report covers the following
twelve funds namely; Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
FGI Operating Company, LLC manufactures small firearms. It is an
affiliate of Remington Outdoor Company.
GARCIA GRAIN: Court OKs Access to Cash Collateral Thru Sept 20
--------------------------------------------------------------
Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the
Southern District of Texas, McAllen Division, authorized Garcia
Grain Trading Corp.'s use of cash collateral related to the
purchase and sale of edible beans, through September 20, 2023.
Since the entry of the Order Assuming Executory Contracts on May
17, 2023, the Debtor has been purchasing the beans from Stony Ridge
and currently there are 5,303 units remaining on Contract #891 and
15,265 units remaining on Contract #914.
The Debtor desires to continue to purchase beans from Stony Ridge
and has prepared a budget reflecting sources and uses of funds from
August 2023 through the end of the year.
The Debtor asserts that the sources and uses of funds reflected in
the Bean Budget provide the suppliers of the beans as well as the
affected creditors and parties in interest in this case adequate
protection and adequate assurance of future performance.
To provide continued adequate assurance of future performance the
Debtor will comply with the following procedures with respect to
the purchase of the beans:
a. To provide adequate assurance of future payments for
shipments of beans by Stony Ridge the Debtor will maintain a
minimum balance in the Debtor in Possession PACA Reserve Account of
$400,000, replenished with monies from sale of bean inventory
purchased post-petition, through the completion of the existing
supply contracts with Stony Ridge or September 20, 2023, whichever
is the later date;
b. Provided all future shipments of beans from Stony Ridge or
any other bean supplier having contracts with the Debtor comply
with the statutory notice requirements of PACA then the
post-petition claims of such suppliers for payment from monies
received from sale of bean inventory purchased post-petition will
continue to receive priority payment in accord with the provisions
of such statute; and
c. Stony Ridge will invoice the Debtor upon the shipment of
beans, and the Debtor will have five business days to make payment
on the invoice. In the event the Debtor does not make full payment
for a shipment of beans from Stony Ridge, or any other supplier of
beans, within five business days of its notification of the
shipment, then in such event, Stony Ridge or any other supplier
will cease delivery of future bean sales until the past due payment
is received from the Debtor and may file a Notice of Default with
the Bankruptcy Court. The Debtor will have five days from the date
of the filing to either cure the default from available funds
received from the sale of bean inventory purchased post-petition by
the Debtor in its operating accounts or shall withdraw the funds
from the Debtor in Possession PACA Reserve Account and pay over
such amount to Stony Ridge or any other supplier providing the
Notice of Default the amount necessary to cover the invoice related
to the shipment, at which point the Debtor will be obligated to
replenish the PACA Reserve Account back up to the minimum amount of
$400,000, from monies received from the sale of bean inventory
purchased post-petition. If the default has not been cured within
15 days Stony Ridge, or any other bean supplier, may cease delivery
of any future shipments and the obligation to ship any beans under
the assumed contracts will end.
Vantage claims a security interest in the Debtor's inventory of
beans, cash derived from bean sales, and accounts receivable from
the sale of beans, and, therefore, claims it is entitled to
adequate protection for any diminution in the value of such assets
over and above the amount of the valid PACA claims.
As adequate protection for Vantage's asserted interest in cash
collateral it will be granted continuing replacement like kind
liens in all of the Debtor's inventory of beans, cash derived from
bean sales (including but not limited to the PACA Reserve of
$400,000), and accounts receivable from the sale of beans securing
the indebtedness owing to Vantage in accordance with 11 U.S.C.
Section 361(2) in the same priority and in the same nature, extent,
and validity as such liens existed prior to the Petition Date.
To the extent that the replacement liens prove inadequate to
protect Vantage's interest in the cash collateral from a
demonstrated diminution in the value of its collateral positions
from the date of the Debtor's authorization to use its cash
collateral, then Vantage will be granted an administrative expense
claim under Code Section 503(b) with priority in payment under Code
Section 507(b).
A hearing on continued use of cash collateral is set for September
21, 2023, at 3 p.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=RN5s3Y from PacerMonitor.com free of
charge.
The Debtor projects total operating expenses, on a monthly basis,
as follows:
$21,970 for August 2023;
$74,882 for September 2023;
$73,997 for October 2023;
$74,957 for November 2023; and
$73,997 for December 2023.
About Garcia Grain Trading Corp.
Garcia Grain Trading Corp.'s line of business includes buying or
marketing grain, dry beans, soybeans, and inedible beans. Garcia
Grain sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 23-70028) on February 17, 2023. In
the petition signed by Octavio Garcia, its CEO and president, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Eduardo V. Rodriguez oversees the case.
David R. Langston, Esq., at Mullin Hoard & Brown, LLP, represents
the Debtor as legal counsel.
GB SCIENCES: Incurs $273K Net Loss in First Quarter
---------------------------------------------------
GB Sciences, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $273,121
on $0 of sales revenue for the three months ended June 30, 2023,
compared to a net loss of $498,089 on $0 of sales revenue for the
three months ended June 30, 2022.
As of June 30, 2023, the Company had $229,203 in total assets,
$4.91 million in total liabilities, and a total stockholders'
deficit of $4.68 million.
GB Sciences said, "The Company has sustained net losses since
inception, which have caused an accumulated deficit of $108,978,436
at June 30, 2023. The Company had a working capital deficit of
$4,655,504 at June 30, 2023, compared to a deficit of $4,450,202 at
March 31, 2023. In addition, the Company has consumed cash in its
operating activities of $105,301 for the three months ended June
30, 2023, compared to $292,043 used in operating activities for the
three months ended June 30, 2022. These factors, among others,
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/1165320/000143774923023595/gblx20230630_10q.htm
About GB Sciences
Headquartered in Las Vegas, Nevada, GB Sciences, Inc. is a
plant-inspired, biopharmaceutical research and development company
creating patented, disease-targeted formulations of cannabis- and
other plant-inspired therapeutic mixtures for the prescription drug
market through its wholly owned Canadian subsidiary, GbS Global
Biopharma, Inc.
GB Sciences reported a net loss of $4.13 million for the year ended
March 31, 2023, compared to a net loss of $530,873 for the year
ended March 31, 2022. As of March 31, 2023, the Company had
$352,323 in total assets, $4.76 million in total liabilities, and a
total stockholders' deficit of $4.41 million.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated July 14, 2023, citing that the Company incurred a net loss of
$4,125,194 and cash used in operations of $1,526,861 for the year
ended March 31, 2023. In addition, the Company had an accumulated
deficit of $108,705,315 and working capital deficit of $4,450,202
at March 31, 2023. These factors raise substantial doubt about the
Company's ability to continue as a going concern.
GEMINI HDPE: Moody's Affirms 'Ba2' Rating on 2027 Secured Term Loan
-------------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 rating on Gemini HDPE
LLC's senior secured term loan due 2027, which has approximately
$543 million of debt outstanding. The outlook was revised to
negative from stable.
Affirmations:
Issuer: Gemini HDPE LLC
Senior Secured Term Loan, Affirmed Ba2
Outlook Actions:
Issuer: Gemini HDPE LLC
Outlook, Changed To Negative From Stable
RATINGS RATIONALE
The rating action reflects the degradation in the credit quality of
Gemini's sole owner and offtaker, INEOS Group Holdings S.A. (INEOS:
Ba2 negative). Earlier this month, INEOS' Ba2 rating was affirmed
and its rating outlook was changed to negative from stable owing to
increasing leverage driven by global chemical markets softening
from 2022 peaks and higher debt loads from related-party loans.
INEOS also suffered an unexpected setback when its construction
permit was revoked for its EUR4 billion cracker development project
in Belgium that commenced construction earlier this year. INEOS'
leverage was 5.6x for the twelve month period ending June 30, 2023
relative to 3.3x at the end of 2022 and Moody's expects it to reach
6x by the end of 2023.
Offtaker credit quality is the primary driver of Gemini's credit
profile because INEOS wraps operational and market risk under its
Tolling Agreement. Additionally, INEOS is deeply involved in the
project as owner, operator, technology provider, and facility
coordinator given Gemini's location within INEOS's manufacturing
complex. INEOS provides guaranties under long-term Tolling
Agreements that are structured to achieve a low but stable 1.0x
debt service coverage ratio. The toll payment obligation is
absolute, unconditional, and not subject to abatement or set-off.
Moody's expect the plant will maintain its strong cost position and
will produce solid operational results through the remainder of
2023 and beyond with production output above nameplate capacity.
Other key credit considerations include Gemini's highly competitive
cost position; weak project finance protections particularly the
lack of reserves such as a debt service reserve; as well as
refinancing risk with 70% of the debt scheduled to be outstanding
at maturity. This refinancing risk is mitigated by the terms of the
Tolling Agreements that extend well past the debt maturity and
provide for sufficient cash flow to repay the expected refinancing
amount by the maturity of the Toll Agreements in December 2035.
There is minimal liquidity retained at the asset and Gemini had
$6.13 million in cash and equivalents as of March 31, 2023.
RATING OUTLOOK
The negative outlook considers the degradation in credit quality of
Gemini's offtaker/owner owing in part to the recent outlook change
of INEOS.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
In light of the negative outlook, there are limited prospects for a
positive rating action at the project. Gemini HDPE's rating could
be stabilized should INEOS' credit profile stabilize or upgraded if
there is improvement in INEOS's credit quality as long as the
project maintains solid operational performance.
Gemini HDPE's rating could be downgraded if there is deterioration
of INEOS's credit quality, if the key underlying contracts are
challenged or violated or if the project encounters extensive
operating problems.
PROFILE
Gemini HDPE LLC (Gemini) is a high-density polyethylene (HDPE)
manufacturing plant within INEOS's Battleground Manufacturing
Complex (BMC) located in La Porte, Texas. The project uses INEOS'
licensed proprietary Innovene-S process and is operating above its
nameplate capacity of 1 billion pounds of HDPE per year.
METHODOLOGY
The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.
GENESIS CARE: Seeks to Hire Clayton Utz as Special Counsel
----------------------------------------------------------
Genesis Care Pty Limited and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Clayton Utz as special counsel.
Clayton Utz will represent the Debtors in connection with an
internal investigation into certain potential issues related to the
Debtors' "EasyPay" program and potential operational issues related
to the use of grants funded by Radiation Oncology Health Program
Grants.
As of the petition date, Clayton Utz is owed AUD $733,911.48 for
professional services performed relating to the investigation and
related costs.
The hourly rates of the firm's counsel and staff are as follows:
Fred Prickett, Partner A$1,060
Katie Wood, Partner A$920
Vincent Giang, Special Counsel A$860
Lucy Groenewegen, Senior Associate A$760
Phoebe Cuttler, Lawyer A$445
Carla Strazdins, Lawyer A$445
In addition, the firm will seek reimbursement for expenses
incurred.
Fred Prickett, Esq., a partner at Clayton Utz, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Fred Prickett, Esq.
Clayton Utz
18/333 Collins St.
Melbourne, VIC 3000
Telephone: +61 3 9286 6000
Facsimile: +61 3 9629 8488
Email: fprickett@claytonutz.com
About GenesisCare
One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.
Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.
On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.
GGG INVESTMENTS: Has Deal on Cash Collateral Access
---------------------------------------------------
GGG Investments, Inc. and Banco Popular de Puerto Rico advised the
U.S. Bankruptcy Court for the District of Puerto Rico that they
have reached agreement regarding the Debtor's use of cash
collateral and now desire to memorialize the terms of this
agreement into an agreed order.
BPPR consents to the Debtor's limited use of the cash collateral,
to satisfy certain operating and other expenses solely under and
pursuant to the terms of the Stipulation and the adequate
protection provided herein. After some negotiations, the Debtor and
BPPR have agreed to enter into the Stipulation, to allow the Debtor
to use the cash collateral, on an interim basis, from August 21,
2023 through November 21, 2023, so that the parties can explore the
possibility of a potential consensual resolution during this period
and preserve the going concern value of the Debtor.
Prior to the Petition Date, the Debtor and BPPR entered into a
credit facility.
Specifically, on September 15, 2008, WesternBank Puerto Rico and
the Debtor entered into a financing agreement, pursuant to which WB
provided to the Debtor a commercial loan in the aggregate principal
amount of $225,000.
The Loan is evidenced by a promissory note dated September 15,
2008, executed by the Debtor in favor of WB, later endorsed in
favor of BPPR in the principal amount of $225,000.
On February 17, 2009, the Debtor and WB, now BPPR, executed an
"Agreement for a Commercial Line Reserve" whereas WB provided a
maximum commercial line reserve of $10,000.
To secure the payment and performance of the Debtor under the Loan,
the Debtor granted to BPPR a first priority lien and security
interest over property 14,177 recorded at page 115 of volume 376
of Cidra, Property Registry of Puerto Rico, Second Section of
Caguas. To that end, on September 15, 2008, the Debtor executed a
mortgage note in favor of WB, subsequently endorsed in favor of
BPPR in the amount of $176,250, under affidavit number 17, 714 of
Notary Public José A. Amador López.
On September 15, 2008, the Debtor and Other Debtor Parties executed
a "Pledge and Security Agreement" under affidavit number 17,715 of
Notary Public José A. Amador López whereas the Debtor pledged
the Mortgage Note in favor of WB, now BPPR.
On March 27, 2014, BPPR, the Debtor and the Other Debtor Parties
and/or Guarantors entered into an amendment to the Credit Agreement
whereas the principal of the Loan was restructured to the amount of
$148,320.
Furthermore, in connection with the First Amendment to the Credit
Agreement, on March 27, 2014, the Debtor executed a "Security
Agreement" under affidavit 9,703, by virtue of which the Debtor
pledged in favor of BPPR the Mortgage Note.
BPPR duly perfected its security interest in connection with the
Security Agreements and the Assignment of Rent by filing a UCC
Financing Statement on April 1, 2014 under Financing Statement
#2014001568.
The Other Debtor Parties executed various Unlimited and Continuing
Guaranty on September 15, 2008 and March 27, 2014 in connection
with the Credit Agreement.
The Debtor and Other Debtor Parties defaulted on their obligations
under the Credit Agreement and other loan documents.
As a result of the Debtor's default, on April 26, 2019, BPPR, the
Debtor and the Other Debtor Parties entered into a "Settlement and
Release Agreement" under affidavit 916 and 917 of Notary Public
Yesenia Medina Torres whereas the Debtor acknowledged the amounts
owed to BPPR, acknowledged their default and agreed to issue a
discounted payment on or before May 26, 2019.
On June 11, 2019, BPPR, the Debtor, and the Other Debtor Parties,
executed an amendment to the Settlement Agreement whereas the
Debtor and Other Debtor Parties ratified the previous Settlement
Agreement and whereas the date for the Debtor and Other Debtor
Parties to issue the corresponding payment to BPPR was extended
through June 28, 2019.
As of the Petition Date, BPPR is the holder of a valid, perfected,
secured claim in the amount of $205,350 and of unsecured claim of
$2,632, representing the amounts due as of the Petition Date under
the Loan Documents.
As adequate protection for BPPR, the Debtor will pay to BPPR the
amount of $1,615 each month, on or before the 15th day of each
month during the Stipulation Period.
As additional adequate protection for BPPR, the Debtor grants to
BPPR a replacement lien and a post-petition security interest on
all of the assets and Collateral acquired by the Debtor on and
after the Petition Date. The Replacement Liens will be deemed
effective and perfected as of the Petition Date without the need of
the execution or filing by the Debtor or BPPR of any additional
security agreements, pledge agreements, financing statements or
other agreements.
As additional adequate protection, BPPR is granted a super-priority
claim in an amount equal to any diminution in value of the
pre-petition cash collateral, resulting from the Debtor's use of
the cash collateral and the imposition of the automatic stay,
having priority over all administrative expenses specified in 11
U.S.C. Sections 503(b) and 507.
These events constitute an "Event of Default":
(1) the finding and/or determination that any representation,
warranty or other written statement made by the Debtor, or by an
authorized representative of the Debtor, to BPPR with regards to
the initiation, negotiation, discussion, and/or execution of this
Stipulation proves to be false or misleading in any material
respect when made; or
(2) Debtor's breach as to any covenant or obligation contained in
the Stipulation, or failure to perform any of the terms, conditions
or covenants or obligations set forth in this Stipulation; or
(3) the challenge in any form, way, or manner by the Debtor, by any
authorized representative of the Debtor of any of the Loan
Documents, or the dispute of the enforceability of the obligations
thereunder, or the perfection or priority of any lien granted to
BPPR, or if any of the Loan Documents ceases to be in full force or
effect; or
(4) the appointment in the Bankruptcy Case of a trustee or an
examiner with enlarged powers relating to the operation of Debtor's
businesses (powers beyond those set forth in 11 U.S.C. Sections
1106(a)(3) and (a)(4); or
(5) the granting by Debtor of any lien on any of the Collateral or
super-priority claim which is pari passu with or senior to the
claims of BPPR or the Debtor's motion seeking approval of any such
lien or super-priority claim, without the prior written approval of
BPPR; or
(6) the Debtor's failure to comply with any of its adequate
protection obligations to BPPR under the Stipulation; or
(7) the captioned bankruptcy case will be dismissed or converted
into a chapter 7 case; or
(8) any amount of the cash collateral used is found to have been
used for any expense other than the Permitted Expenditures, without
BPPR's express written concern; or
(9) the commencement of any challenge against BPPR's liens, claims,
and/or security interests.
A copy of the order is available at https://urlcurt.com/u?l=z7rLKi
from PacerMonitor.com.
About GGG Investments, Inc.
GGG Investments, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02407-11) on
August 4, 2023. In the petition signed by William Rodriguez
Garcia, president, the Debtor disclosed up to $100 million in
assets and up to $500 million in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC,
represents the Debtor as legal counsel.
GIBSON BRANDS: Guggenheim SOF Marks $4.8MM Loan at 21% Off
----------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $4,863,438
loan extended to Gibson Brands, Inc to market at $3,858,311 or 79%
of the outstanding amount, as of May 31, 2023, according to
Guggenheim SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Gibson Brands,
Inc. The loan accrues interest at a rate of 10.25% (3 Month Term
SOFR + 5.00%, Rate Floor: 5.75%)per annum. The loan matures on
August 11, 2028.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
Gibson Brands, Inc. is an American manufacturer of guitars, other
musical instruments, and professional audio equipment from
Kalamazoo, Michigan, and now based in Nashville, Tennessee.
GIGA-TRONICS INC: Posts $2.6 Million Net Loss in Second Quarter
---------------------------------------------------------------
Giga-Tronics Incorporated filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.6 million on $8.78 million of revenues for the three months
ended June 30, 2023, compared to a net loss of $1.95 million on
$6.50 million of revenues for the three months ended June 30,
2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $5.05 million on $17.50 million of revenues compared to a
net loss of $2.46 million on $13.75 million of revenues for the six
months ended June 30, 2022.
As of June 30, 2023, the Company had $37.21 million in total
assets, $29.54 million in total liabilities, and $7.67 million in
total stockholders' equity.
Giga-Tronics said, "The Company has incurred recurring net losses
and operations have not provided cash flows. In view of these
matters, there is substantial doubt about our ability to continue
as a going concern. The Company intends to finance its future
development activities and its working capital needs largely
through the sale of equity securities with some additional funding
from other sources, including term notes until such time as funds
provided by operations are sufficient to fund working capital
requirements. The unaudited condensed consolidated financial
statements of the Company do not include any adjustments relating
to the recoverability and classification of recorded assets, or the
amounts and classifications of liabilities that might be necessary
should the Company be unable 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/719274/000095017023042365/giga-20230630.htm
About Giga-tronics Inc.
Headquartered in Dublin, California, Giga-Tronics Inc. is a
publicly held company, traded on the OTCQB Capital Market under the
symbol "GIGA". Giga-tronics -- http://www.gigatronics.com--
manufactures specialized electronic equipment for use in both
military test and airborne operational applications. The Company's
operations consist of two business segments, those of its wholly
owned subsidiary, Microsource Inc., and those of its Giga-tronics
Division. The Company's Microsource segment designs and
manufactures custom microwave products for military airborne
applications while the Giga-tronics Division designs and
manufactures real time solutions for RADAR/EW test applications.
Giga-Tronics reported a net loss of $18.42 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.86 million for
the year ended Dec. 31, 2021.
New York, New York-based Marcum LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 11, 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.
GLOBAL MEDICAL: $1.94BB Bank Debt Trades at 31% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 68.6 cents-on-the-dollar during the week ended Friday,
August 18, 2023, according to Bloomberg's Evaluated Pricing service
data.
The $1.94 billion facility is a Term loan that is scheduled to
mature on March 14, 2025. About $1.85 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GLOBAL MEDICAL: $1.98BB Bank Debt Trades at 31% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Global Medical
Response Inc is a borrower were trading in the secondary market
around 69.5 cents-on-the-dollar during the week ended Friday,
August 18, 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.
GLOBAL MEDICAL: Lord Abbett CB Marks $18MM Loan at 30% Off
----------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $18,219,499 loan
extended to Global Medical Response, Inc to market at $12,810,586
or 70% of the outstanding amount, as of May 31, 2023, according to
Lord Abbett CB'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.
Lord Abbett CB is a participant in a 2020 Term Loan B to Global
Medical Response, Inc. The loan accrues interest at a rate of 9.24%
(3 mo. USD LIBOR + 4.25%) per annum. The loan matures on May 15,
2028.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GLOBAL PREMIER: Gets OK to Hire Winthrop as Legal Counsel
---------------------------------------------------------
Global Premier Regency Palms Colton, LP received approval from the
U.S. Bankruptcy Court for the Central District of California to
employ Winthrop Golubow Hollander, LLP.
The Debtor requires legal counsel to:
(a) Give advice and assist the Debtor with respect to
compliance with the requirements of the Office of the U.S.
Trustee;
(b) Advise the Debtor regarding matters of bankruptcy law;
(c) Represent the Debtor in any proceedings or hearings in the
bankruptcy court and in any proceedings in any other court where
the Debtor's rights may be litigated or affected;
(d) Conduct examinations of witnesses, claimants or adverse
parties and prepare legal papers;
(e) Advise the Debtor concerning the requirements of the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and the
Local Bankruptcy Rules;
(f) File legal papers;
(g) Review claims filed in the Debtor's Chapter 11 case and,
if appropriate, prepare and file objections to disputed claims;
(h) Assist the Debtor in the negotiation, formulation,
confirmation and implementation of its Chapter 11 plan;
(i) Address any other bankruptcy-related issues that may arise
in the Debtor's case; and
(j) Provide other necessary legal services.
The firm will be paid at these rates:
Marc J. Winthrop $895 per hour
Robert E. Opera $895 per hour
Sean A. O'Keefe $895 per hour
Richard H. Golubow $795 per hour
Garrick A. Hollander $795 per hour
Peter W. Lianides $795 per hour
Matthew J. Stockl $525 per hour
Jeannie Martinez $275 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Winthrop received $30,000 from UPC 810 Pine Avenue, LLC in
satisfaction of the balance owing by the Debtor to the firm as of
the petition date.
Garrick Hollander, Esq., a partner at Winthrop, 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:
Garrick A. Hollander, Esq.
Matthew J. Stockl, Esq.
Winthrop Golubow Hollander, LLP
1301 Dove Street, Suite 500
Newport Beach, CA 92660
Telephone: (949) 720-4100
Facsimile: (949) 720-4111
Email: ghollander@wghlawyers.com
mstockl@wghlawyers.com
About Global Premier Regency Palms Colton
Global Premier Regency Palms Colton, LP, a limited partnership in
Irvine, Calif., filed its voluntary petition for Chapter 11
protection (Bankr. C.D. Calif. Case No. 23-11271) on June 22, 2023.
The case was transferred from the Santa Ana Division to the
Northern Division on June 26, 2023, and was assigned a new case
number (Case No. 23-10517). Judge Ronald A. Clifford III oversees
the case.
At the time of the filing, the Debtor reported $10 million to $50
million in both assets and liabilities.
Winthrop Golubow Hollander, LLP serves as the Debtor's legal
counsel.
GOLDEN DEVELOPING: Taps Anthony L.G. as Special Counsel
-------------------------------------------------------
Golden Developing Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Anthony L.G. PLLC as special counsel.
The firm will perform ordinary and necessary legal services related
to SEC filings and internal general counsel work.
The firm will be paid at these rates:
Attorneys $350 to $450 per hour
Associates $300 per hour
Paralegals $150 per hour
The firm will be paid a retainer in the amount of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Laura Anthony, Esq., a partner at Anthony L.G. PLLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Laura Anthony, Esq.
Anthony L.G. PLLC
330 Clematis Street #217
West Palm Beach, FL 33401
Tel: (561) 514-0936
Fax: (561) 514-0832
About Golden Developing Solutions
Golden Developing Solutions, Inc. filed Chapter 11 petition (Bankr.
S.D. Fla. Case No. 23-14893) on June 22, 2023, with $1 million to
$10 million in both assets and liabilities. Judge Scott M. Grossman
oversees the case.
The Associates and Anthony L.G., PLLC serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
GOLDEN DEVELOPING: Taps The Associates as Bankruptcy Counsel
------------------------------------------------------------
Golden Developing Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ The
Associates as its legal counsel.
The Debtor requires legal counsel to:
a. Give advice with respect to the powers and duties of the
Debtor in the continued management of its business operations;
b. Advise the Debtor with respect to its responsibilities in
complying with the U.S. trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. Prepare legal documents;
d. Protect the interest of the Debtor in all matters pending
before the court; and
e. Represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.
The Associates will receive a retainer of $50,000 for its
services.
As disclosed in court filings, The Associates is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Lloyd Merrill, Esq.
The Associates
2401 PGA Boulevard 280M
Palm Beach Gardens, FL 33410
Tel: 561-877-1111
Email: dlm@theassociates.com
About Golden Developing Solutions
Golden Developing Solutions, Inc. filed Chapter 11 petition (Bankr.
S.D. Fla. Case No. 23-14893) on June 22, 2023, with $1 million to
$10 million in both assets and liabilities. Judge Scott M. Grossman
oversees the case.
The Associates and Anthony L.G., PLLC serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
GOOD HANDS: Court OKs Cash Collateral Access on Final Basis
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Good Hands Medical Transportation, LLC
to use cash collateral on a final basis in accordance with the
budget, with a 10% variance.
A search in the Texas Secretary of State shows that allegedly
secured positions are held by the U.S. Small Business
Administration (UCC Filing 20-0022568893) and E Advance Services
(UCC Filing 23-0011057342).
As adequate protection for the use of cash collateral, all
creditors in the UCC list are granted replacement liens on all
post-petition cash collateral and post-petition acquired property
to the same extent and priority they possessed as of the Petition
Date.
A copy of the order is available at https://urlcurt.com/u?l=HLNLed
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=MuaLBP
from PacerMonitor.com.
The Debtor projects $163,585 in cash receipts and $158,400 in cash
disbursements for 30 days.
About Good Hands Medical Transportation, LLC
Good Hands Medical Transportation, LLC provides non-emergency
medical transportation in Houston, Texas. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Tex. Case No. 23-32634) on July 13, 2023. In the petition
signed by Hazem Anwar Bataineh, owner/director, the Debtor
disclosed $166,380 in assets and $2,326,632 in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as
legal counsel.
GUARDIAN BASEBALL: Michael Wheatley Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as
Subchapter V trustee for Guardian Baseball, LLC.
Mr. Wheatley will be paid an hourly fee of $275 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Wheatley declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael E. Wheatley
P.O. Box 1072
Prospect, KY 40059
Phone: 502-744-6484
Email: mwheatleytr@gmail.com
About Guardian Baseball
Guardian Baseball, LLC is a manufacturer and retailer of sporting
goods and equipment. The company is based in Louisville, Ky.
Guardian Baseball sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ky. Case No. 23-31813) on Aug. 3,
2023, with $500,001 to $1 million in assets and $1 million to $10
million in liabilities. Zev Bernard, chief operating officer,
signed the petition.
Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP,
represents the Debtor as legal counsel.
GULFSLOPE ENERGY: Posts $178K Net Loss in Third Quarter
-------------------------------------------------------
Gulfslope Energy, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $178,302 on $0 of revenues for the three months ended June 30,
2023, compared to a net loss of $272,640 on $0 of revenues for the
three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $938,735 on $0 of revenues compared to a net loss of $4.63
million on $0 of revenues for the six months ended June 30, 2022.
As of June 30, 2023, the Company had $5.37 million in total assets,
$14.71 million in total liabilities, and a total stockholders'
deficit of $9.35 million.
The Company has incurred accumulated losses as of June 30, 2023 of
$69.8 million, has negative working capital of $14.7 million and
for the nine months ended June 30, 2023 generated losses of $0.94
million.
Gulfslope said, "Further losses are anticipated in developing our
business. As a result, there exists substantial doubt about our
ability to continue as a going concern. As of June 30, 2023, we
had approximately $2,200 of unrestricted cash on hand. The Company
estimates that it will need to raise a minimum of $10.0 million to
meet its obligations and planned expenditures. The $10.0 million
is comprised primarily of capital project expenditures as well as
general and administrative expenses. It does not include any
amounts due under outstanding debt obligations, which amounted to
$13.1 million of current principal and accrued interest as of June
30, 2023. The Company plans to finance operations and planned
expenditures through the issuance of equity securities, debt
financings and farm-out agreements, asset sales or mergers. The
Company also plans to extend the agreements associated with all
loans, the accrued interest payable on these loans, as well as the
Company's accrued liabilities. There are no assurances that
financing will be available with acceptable terms, if at all, or
that obligations can be extended. If the Company is not successful
in obtaining financing or extending obligations, operations would
need to be curtailed or ceased, or the Company would need to sell
assets or consider alternative plans up to and including
restructuring."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1341726/000138713123009781/gspe-10q_063023.htm
About Gulfslope
Headquartered in Houston, Texas, Gulfslope Energy, Inc. --
http://www.gulfslope.com-- is an independent crude oil and natural
gas exploration and production company whose interests are
concentrated in the United States Gulf of Mexico federal waters.
GulfSlope Energy commenced commercial operations in March 2013.
Gulfslope Energy, Inc. reported a net loss of $8.70 million for the
year ended Sept. 30, 2022, compared to a net loss of $2.23 million
for the year ended Sept. 30, 2021. As of Sept. 30, 2022, the
Company had $5.47 million in total assets, $13.99 million in total
liabilities, and a total stockholders' deficit of $8.52 million.
Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated Dec. 29, 2022, citing that the
Company has a net capital deficiency, and further losses are
anticipated in developing the Company's business, which raise
substantial doubt about its ability to continue as a going concern.
GUNTHER CHARTERS: Business Income & New Contribution to Fund Plan
-----------------------------------------------------------------
Gunther Charters, Inc., filed with the U.S. Bankruptcy Court for
the District of Maryland a Disclosure Statement in support of
Chapter 11 Plan dated August 14, 2023.
Gunther Charters, Inc. was formed in 1989 by Martin and Laurie
Gunther, the sole owners of its stock. A key component of its
operations and growth has been package tours. It develops over 200
group and retail tours per year to a variety of destinations.
The revenue for 2020 and the majority of 2021 was decimated by the
pandemic. Charter rentals and tours stopped. There were a crippling
amount of refunds from canceled rentals and tours. Although
business began to slowly improve in late 2021 and 2022, Gunther's
ability to resume full operations was restricted by a national
driver shortage, resulting it its being only to operate 25 out of
its 40 busses while making payments for all 40.
Facing the inability to service its debt and to avoid the
repossession of its busses, Gunther consulted with counsel about
the possible filing of a Chapter 11 case.
The Plan provides for payment of administrative expenses, priority
claims, and secured creditors in full or in part, either in cash or
in deferred cash payments, and provides for payments to unsecured
creditors in an amount equal to or greater than they would receive
in the event of a Chapter 7 liquidation. Funds for implementation
of the Plan will be derived from the Debtor's income from its
business operations.
Class C consists of all allowed general unsecured claims against
the Debtor. Holders of Class C claims shall be paid in full, as
follows: (a) If the provisions of Section XII apply, $10,000.00 on
the GUC Payment Date, defined below, and (b) such sum per quarter,
for 20 quarters, beginning on the GUC Payment Date, as shall be
sufficient to pay all allowed Class C claims in full, without
interest. The Effective Date payment, if required, shall be paid
from the funds contributed under Section XII(C).
Any creditor that has already filed a timely Proof of Claim wishing
to assert an amended claim as a general unsecured creditor, except
for the Class B-13 creditor, whose rights hereunder are governed by
the treatment stated infra, shall file an amended Proof of Claim
asserting a claim as a general unsecured creditor within 60 days
following the Confirmation of the Plan or it shall be barred from
doing so (the "GUC Bar Date"). Following the latest to occur (the
"GUC Date") of the GUC Bar Date, the date the Class B-13 creditor
files an amended Proof of Claim as a general unsecured creditor, or
the termination of the time period for the Class B-13 creditor to
file an amended Proof of Claim as a general unsecured creditor
without such amended claim being filed, the Debtor shall determine
the total general unsecured debt to be paid through this Plan based
on such timely amended Proofs of Claim and shall, within 30 days of
the GUC Date, file a Notice to that effect with the Court (the "GUC
Notice"). Payments to such creditors pursuant to the GUC Notice
shall begin on the date which is 90 days after the GUC Date (the
"GUC Payment Date").
The pro rata share of the claimed amount of any claims which are
then subject to objections as to which a Final Order has not been
entered shall be deposited in an interest bearing bank account
until a Final Order is entered. When Final Orders are entered
disallowing or allowing and liquidating all Class C claims, the
remaining funds in the bank account shall be distributed to the
holders of all Class C claims pro rata. Payments on Class C claims
shall be mailed to the address of the creditor on the proof of
claim (or, if allowed pursuant to the schedules, to the address on
the schedules), unless the creditor files a change of address
notice with the Court. Any check mailed to the proper address and
returned by the post office as undeliverable, or not deposited
within 180 days, shall be void and the funds may be retained by the
Debtor. This class is impaired.
With the end of Covid restrictions and the public's retirement and
recreation activities returning to normal, sales volume has
returned to a healthy level, allowing Gunther to manage and operate
a somewhat reduced fleet. Revenue has substantially increased. 2023
bookings are looking good and Gunther expects to return to
profitability.
Accordingly, Gunther shall fund this Plan with income from its
business operating, and from the new value contribution.
On the Effective Date of the Plan, the Debtor's existing equity
interests in the Estate shall be cancelled. Debtor will pay the sum
of $10,000.00 as new value to reacquire the equity in the Estate,
which new value will come from property that is not property of the
estate. That amount will be paid to the estate to fund payments due
under the Plan, including administrative expenses.
A full-text copy of the Disclosure Statement dated August 14, 2023
is available at https://urlcurt.com/u?l=8ZcoqI from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Brett Weiss, Esq.
THE WEISS LAW GROUP, LLC
8843 Greenbelt Road, Suite 299
Greenbelt, MD 20770
Telephone: (301) 924-4400
Facsimile: (240) 627-4186
E-mail: brett@BankruptcyLawMaryland.com
- and -
Daniel A. Staeven, Esq.
FROST LAW
839 Bestgate Road, Suite 400
Annapolis, MD 21401
Telephone: (410) 497-5947
E-mail: Daniel.Staeven@frosttaxlaw.com
About Gunther Charters
Since 1985, Gunther Charters, Inc., has been providing motor coach
transportation services, specializing in a variety of professional
transportation services. Based in Harmans, Md., Gunther Charters
provides corporate and business transportation, convention shuttle
service, airport transfers, military reunion tours, school groups,
group charters, and tour operator transportation services.
Gunther Charters filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23 10416)
on Jan. 20, 2023, with $9,677,008 in assets and $13,495,288 in
liabilities. Martin Gunther, president of Gunther Charters, signed
the petition.
Judge Michelle M. Harner oversees the case.
Daniel Alan Staeven, Esq., at Frost & Associates, LLC, and The
Weiss Law Group, LLC, represent the Debtor.
HAWAIIAN ELECTRIC: Moody's Cuts Rating on Unsecured Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Hawaiian
Electric Company, Inc., including its senior unsecured notes to Ba3
from Baa1, its preferred stock rating to B3 from Baa3 and its
short-term rating for commercial paper to Not Prime from Prime-2.
Moody's downgraded the short-term commercial paper rating of
Hawaiian Electric Industries, Inc. (HEI) to Not Prime from
Prime-2.
In accordance with Moody's ratings of speculative grade companies,
the rating agency has downgraded Hawaiian Electric's Issuer rating
to Ba3 and will subsequently withdraw it and has assigned a B1
Corporate Family Rating, a B2-PD Probability of Default rating and
an SGL-3 Speculative Grade Liquidity rating to HEI. All ratings
have been placed on review for further downgrade except the
Commercial Paper.
RATINGS RATIONALE
"The downgrade of Hawaiian Electric is prompted by the heightened
uncertainty facing the company in the wake of catastrophic
wildfires on Maui that could result in significant financial
liabilities if the utility is found to be at fault once
investigations are completed, as well as regulatory risk related to
cost recovery for system rebuilding", said Nati Martel, a Moody's
Vice President – Senior Analyst. The B2-PD and B1 CFR reflect
the significantly increased probability of default as a result of
these developments while the Ba3 senior unsecured rating balances
Moody's expectation of good recovery based on regulated utility
industry default and recovery experience.
The cause and source of ignition of the fires have not yet been
officially determined, which could take weeks or months, but
several lawsuits have been filed against the utility related to its
actions both before and during the fires, which could have
substantial financial implications if successful. Hawaiian Electric
is still assessing the damage to its transmission and distribution
system but, in an emergency filing with its primary regulator, the
Hawaii Public Utilities Commission (HPUC) to transfer assets from
Oahu and Hawaii island to quickly assist with restoration, the
company estimated extensive damage to its facilities and equipment
in Lahaina, Maui. The utility will need to recover costs
associated with both the immediate restoration of power to the area
and the rebuilding and potential strengthening of the transmission
and distribution lines and related equipment damaged, much of which
is along the west coast of Maui. The utility's roughly $400
million of annual capital expenditures could increase and Hawaiian
Electric may consider requesting recovery under the "Z-factor"
extraordinary cost provision of its Performance Based Regulation
framework.
The review for downgrade will consider whether Hawaiian Electric's
equipment is determined by state and local government investigators
to be the source of ignition of one or more of the wildfires, and
if the company's actions before, during or after the wildfires are
determined to be negligent and subject the utility to substantial
liabilities. Moody's will monitor the company's liquidity and
financial resources and the potential that it could pursue a
strategic restructuring in the face of these challenges.
Moody's incorporate a view that regulatory supportiveness will
remain strong, and that extraordinary intervention by the state is
possible. The ratings also reflect Moody's view that Hawaiian
Electric will take several material self-help measures, such as
suspending its dividend (approximately $130 million) and securing
incremental sources of capital.
Federal and local authorities have put out an initial estimate of
the cost of rebuilding in the areas affected in Maui of around $5.5
billion. If Hawaiian Electric is found liable for even a portion of
these costs or responsible for fatalities attributed to the fires,
the liabilities could far exceed the financial resources of a
utility with $3.4 billion of revenues, a rate base of around $3.8
billion and $2.3 billion of equity as of FYE 2022.
As is typical of utilities, Hawaiian Electric does not maintain
insurance on its transmission and distribution system (except for
substations and the area immediately around substations) so will be
relying on regulatory support from the HPUC for eventual recovery.
None of the utility's major generating plants on the island,
including the Maalaea oil, Kahului oil, Kaheawa wind and Auwahi
wind facilities, or any of the wind and solar projects currently
under development, were affected by the fires, which should help
keep restoration costs down.
Hawaiian Electric also does not have a power shutoff program that
would pre-emptively de-energize power lines in the event of severe
wind, drought, or wildfire conditions, unlike utilities in
California, Nevada and Oregon. As a result, the utility's power
lines remained energized when they were hit by high winds and some
of the lawsuits include assertions that downed power lines
contributed to fire ignition. Unlike California, the state of
Hawaii does not apply the legal doctrine of inverse condemnation to
utilities. This legal structure holds utilities strictly liable for
damages caused by utility equipment in a wildfire, regardless of
fault or the reasonableness of its conduct. However, there could
be findings of negligence or even gross negligence against the
utility as the investigations and legal cases progress and these
could have severe financial consequences.
The rating action also considers the modest longer-term impact on
the utility's revenues and cash flow due to the loss of electric
load from the residences and commercial businesses destroyed, as
well as the adverse effect on the Maui tourism industry, although
the utility has a decoupling mechanism to mitigate this risk.
Maui Electric's 74,000 customers represent about 16% of the
Hawaiian Electric system's 470,000 total customers. Approximately
80% of customer outages have been restored, leaving about 2,000
customers without power, less than 1% of total Hawaiian Electric
customers. Hawaiian Electric is the operating utility parent
company of Maui Electric Company, Limited (unrated), the operating
utility affected by the fires, and guarantees all of Maui
Electric's outstanding debt.
Moody's changed Hawaiian Electric's Environmental, Social and
Governance Issuer Profile Scores (IPS) to reflect the increased
exposure to these risks driven by the impact of the wildfires.
Moody's revised Hawaiian Electric's social issuer profile score to
S-5 to reflect the increased exposure to responsible production and
customer relations risks stemming from the utility equipment's
potential involvement in wildfire ignitions and the pending
litigation. Moody's revised Hawaiian Electric's environmental
issuer profile score to E-4 to incorporate higher physical climate
risks due to wildfire exposure. Its governance issuer profile score
was also changed to G-3 to reflect the potential for a more
aggressive financial strategy aimed at maintaining sufficient
liquidity and resources to manage these risks. As a result, Moody's
changed Hawaiian Electric's credit impact score to a CIS-5, which
indicates that the rating is discernably lower than it would be if
these ESG risk exposures did not exist.
Liquidity
The SGL-3 rating reflects Hawaiian Electric's currently adequate
liquidity, which could weaken longer term depending on how the
utility finances the cost of rebuilding and whether the utility is
found liable for financial damages related to the wildfires.
Hawaiian Electric currently generates enough cash flow from
operations to cover most traditional capital expenditures, but that
cash flow by itself may not be sufficient to cover incremental
capital expenditures associated with the rebuilding of its
transmission and distribution system. In addition, Hawaiian
Electric has access to a $200 million revolving credit facility and
HEI has access to a $175 million revolving credit facility, both of
which expire in 2027. On June 30, 2023, both credit facilities were
undrawn, but HEI had approximately $46 million of commercial paper
outstanding.
The revolving credit facilities do not contain any rating triggers
that would affect access to the commitments and do not require a
material adverse change (MAC) representation for borrowings, so
they remain fully available to the company. HEI's credit facility
contains a financial covenant requiring HEI to maintain a
debt-to-capitalization ratio (on a non-consolidated basis) of less
than 50%. The requirement for Hawaiian Electric's revolving credit
facility is to maintain at least 35% equity at the utility. HEI and
Hawaiian Electric have capitalization ratios well within their
covenant requirements which could be affected if there are material
write-offs negatively affecting equity levels.
On June 30, 2023, HEI had an unrestricted cash balance of $314
million on a consolidated basis, of which $144 million was at
Hawaiian Electric. The utility has $100 million of long-term debt
due this year with no holdco debt maturities in 2023 or 2024.
Moody's adequate liquidity assessment incorporates a view that the
company will consider cutting its dividend to conserve its
liquidity and maintain its financial flexibility.
Assignments:
Issuer: Hawaiian Electric Industries, Inc.
Corporate Family Rating, Assigned B1; Placed Under Review for
further Downgrade
Probability of Default Rating, Assigned B2-PD; Placed Under Review
for further Downgrade
Speculative Grade Liquidity Rating, Assigned SGL-3
Downgrades, Placed On Review for further Downgrade:
Issuer: Hawaii Department of Budget & Finance
Backed Senior Unsecured Revenue Bonds, Downgraded to Ba3 from
Baa1; Placed Under Review for further Downgrade
Underlying Senior Unsecured Revenue Bonds, Downgraded to Ba3 from
Baa1; Placed Under Review for further Downgrade
Issuer: Hawaiian Electric Company, Inc.
Issuer Rating, Downgraded to Ba3 from Baa1
Pref. Stock, Downgraded to B3 from Baa3; Placed Under Review for
further Downgrade
Downgrades:
Issuer: Hawaiian Electric Industries, Inc.
Commercial Paper, Downgraded to NP from P-2
Issuer: Hawaiian Electric Company, Inc.
Commercial Paper, Downgraded to NP from P-2
Outlook Actions:
Issuer: Hawaiian Electric Company, Inc.
Outlook, Changed To Rating Under Review From Stable
Issuer: Hawaiian Electric Industries, Inc.
Outlook, Changed To Rating Under Review From Stable
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade
An upgrade is unlikely while there remains significant uncertainty
related to the financial liabilities and cost recovery prospects
related to the wildfires. The outlook could be stabilized if it
becomes clear that any liabilities associated with the wildfires
will remain manageable and if there is adequate regulatory support
for cost recovery that is sufficient to maintain the financial
integrity of the utility.
Factors that could lead to a downgrade
The ratings could be downgraded if Hawaiian Electric's equipment is
determined to be the source of ignition for one or more of the
wildfires; if the utility is found to be negligent or grossly
negligent with regard to any its actions; if the utility incurs
substantial financial liabilities associated with the fires; if
there is inadequate regulatory support for electric system
restoration cost recovery; or if these challenges results in a
significant deterioration of the utility's financial condition or
increases the likelihood of a strategic restructuring.
Hawaiian Electric Company, Inc. is an operating utility with two
operating utility subsidiaries - Maui Electric Company, Limited
(MECO) and Hawaii Electric Light Company, Inc. (HELCO). It is a
subsidiary of Hawaiian Electric Industries, Inc., which also own
American Savings Bank FSB (unrated) and Pacific Current, LLC
(unrated), an unregulated green energy and sustainable
infrastructure business. Hawaiian Electric and its subsidiaries are
regulated public utilities that provide electricity to 95% of
Hawaii's 1.44 million residents on the islands of Oahu, Maui,
Hawaii, Lanai and Molokai. Hawaiian Electric serves the island of
Oahu; MECO serves the islands of Maui, Molokai and Lanai; and HELCO
serves the island of Hawaii.
The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.
HAYDEN GATEWAY: Public Sale Auction Slated for Sept. 6
------------------------------------------------------
AFC Agent LLC as secured party will sell the collateral of Hayden
Gateway LLC dba Justice Grown by public auction on Sept. 6, 2023,
at 10:00 a.m. ET in accordance with the New York Uniform Commercial
Code. Further information on the sale, contact Barret Athur, PPL
Group, at 224-927-5318, or email at barret@pplgroupllc.com.
Hayden Gateway LLC is a medical marijuana dispensary in a shopping
center.
HEARTHSIDE GROUP: Guggenheim SOF Marks $1.3MM Loan at 19% Off
-------------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $1,388,375
loan extended to Hearthside Group Holdings LLC to market at
$1,126,666 or 81% of the outstanding amount, as of May 31, 2023,
according to Guggenheim SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Hearthside Group
Holdings LLC. The loan accrues interest at a rate of 9.58% (3 Month
USD LIBOR + 4.00%, Rate Floor: 4.00%) per annum. The loan matures
on May 23, 2025.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
Hearthside Group Holdings LLC is a contract manufacturer and
packager of packaged food products in North America and to a lesser
extent Europe. It supplies companies such as General Mills,
Kellogg's, Kraft Heinz, PepsiCo, and Mondelez. The company is owned
by affiliates of The Goldman Sachs Group, Inc.
HTG MOLECULAR: Court OKs Cash Collateral Access on Final Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
HTG Molecular Diagnostics, Inc. to use cash collateral on a final
basis in accordance with the budget and its agreement with Silicon
Valley Bank, through September 30, 2023.
An immediate need exists for the Debtor to obtain access to the
cash collateral to continue operations, fund payroll and operating
expenses, and administer and preserve the value of its estate.
On June 24, 2020, the Debtor entered into the Term Loan and
Security Agreement with Silicon Valley Bank for $10 million. The
Term Loan was secured by certain of the Debtor's personal property.
On July 7, 2022, the Debtor and SVB entered into a First Amendment
to the Term Loan, whereby the Debtor made a pre-payment of $2.5
million. On September 8, 2022, the Debtor and SVB entered into a
Second Amendment to the Term Loan whereby SVB agreed to
proportionately reduce each of the Debtor's subsequent Term Loan
payments.
HTG's only secured debt consists of a secured term loan from SVB
with a current balance of $2.687 million, which includes an
$800,000 final fee premium. After SVB's collapse, the Debtor is
advised that First Citizens Bank owns the loan. The loan is secured
by all of the company assets with the exception of the company's
intellectual property.
As adequate protection, SVB is granted continuing, valid, binding,
enforceable, non-avoidable, and automatically and properly
perfected postpetition security interests in and liens on all
prepetition and postpetition tangible and intangible property and
assets, whether real or personal of the Debtor.
SVB is also granted an allowed superpriority administrative expense
claim in the Chapter 11 Case and any successor cases.
Beginning on July 28, 2023, and continuing on each Friday
thereafter, the Debtor will pay to SVB in cash an amount equal to
all cash and cash equivalents held by the Debtor on such date less
$250,000, which payments will be applied to the SVB Loan
Obligations, including without limitation, unpaid and accrued
interest and SVB's legal fees and expenses.
A copy of the order is available at https://urlcurt.com/u?l=iby4hs
from PacerMonitor.com.
About HTG Molecular Diagnostics, Inc.
HTG Molecular Diagnostics, Inc. is a commercial-stage company that
develops and markets a technology platform to facilitate the
routine use of complex molecular profiling. The Tucson,
Arizona-based Company's HTG Edge and HTG EdgeSeq platforms, which
is comprised of instrumentation, consumables and software
analytics, automates the molecular profiling of genes and gene
activity.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10732) on June 5, 2023.
In the petition signed by Shaun McMeans, senior vice president and
chief financial officer, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Kate Sickles oversees the case.
Frederick B. Rosner, Esq., at The Rosner Law Group, LLC, represents
the Debtor as legal counsel.
Silicon Valley Bank, as lender, is represented by Alex Rheaume,
Esq., at Morrison & Foerster LLP.
ICU MEDICAL: Fitch Affirms 'BB' IDR & Alters Outlook to Stable
--------------------------------------------------------------
Fitch Ratings has affirmed ICU Medical, Inc.'s Long-Term Issuer
Default Rating (IDR) at 'BB'. The Rating Outlook is revised to
Stable from Negative. Fitch has also downgraded the rating of the
senior secured term loan B to 'BB+'/'RR2' from 'BBB-'/'RR1'.
The Stable Outlook reflects ICU Medical's significant progress in
remediating production and fulfilment issues and deployment of a
less aggressive inventory investment strategy in the medium term.
These developments strengthen Fitch's expectation of incremental
margin improvement and positive FCF generation post-2023. Despite
near-term headwinds and Fitch's projection of EBITDA leverage
remaining just above 4.0x by YE 2024, favorable patient volume
trends, ICU Medical's improved capacity to serve its customers, and
the potential for positive FCF support the Stable Outlook.
Fitch has downgraded the rating of the senior secured term loan B
as ICU Medical now maintains an accounts receivable purchase
program, which Fitch considers to be senior to the senior secured
credit facilities in a bankruptcy scenario.
KEY RATING DRIVERS
Growth Prospects Remain Positive: Fitch expects revenue to decline
by 1% in 2023 despite continued growth of legacy ICU Medical's
product portfolio in recent periods. Revenue shortfalls in 2023
will be driven by underperforming vascular access products
portfolio, resulting in Fitch's expectation of flat to modest
revenue growth for the Consumables segment, and a weaker
performance of the Vital Care segment in 2H23, partially as a
result of the damages caused by a tornado to Pfizer's manufacturing
plant in Rocky Mount, NC. However, Fitch sees positive momentum
from ICU Medical re-establishing itself as a reliable supplier with
a solid portfolio of infusion systems and consumables.
Fitch believes a rebound in hospital census and a more favorable
labor market should ease customer hesitation on making purchase
decisions. Fitch continues to see healthy demand from both domestic
and international markets for medical products and devices in the
near term despite some macroeconomic volatility. Fitch also
believes ICU Medical will continue to invest and innovate its
systems to remain competitive, and there are opportunities for the
company to recapture loss revenues from acquired products
portfolio. Post-2023, Fitch expects revenue to grow 2%-4% annually,
driven primarily by growth in both Infusion Systems and Consumables
segments.
Margin Expansion in Focus: Fitch expects EBITDA margin to expand in
2023 by 170bps from 15.4% in 2022 before gradually increasing to
the high-teens. As ICU Medical spared no expenses on supply chain
in 2022, Fitch expects margin expansion in 2023 will come from
improvement in freight costs and relief in fuel surcharges, as well
as from recently implemented price increases and higher
manufacturing absorption rate in 1H23. Margin expansion post-2023
will be driven by a combination of price increases, cost
management, operational synergies and a more stable macroeconomic
environment.
However, Fitch notes that near-term profitability will fluctuate
due to lower production level and some duplicate IT costs as ICU
Medical exits all Transition Service Agreements (TSAs) with Smith
Group. While Fitch-defined gross margin improved sequentially by
280 bps from 2H22 to 1H23, Fitch expects gross margin to decline
125bps-175bps in 2H23 as ICU Medical slows down its inventory build
to improve FCF generation, resulting in lower manufacturing
absorption rate. Also, there will be scheduled plant shutdowns
related to TSA separation, as well as the annual maintenance
shutdown of the Austin manufacturing plant.
FCF Generation to Improve: Excluding the benefits of accounts
receivable purchase program, Fitch expects FCF to remain negative
in the range of $30 million-$40 million in 2023. Following 1Q22,
inventory increased by $160 million towards YE 2022 as ICU Medical
stepped up its efforts to secure raw materials and build finished
goods safety stock to protect its manufacturing operations and
distribution channels from supply chain disruptions.
While inventory further increased by about $80 million in 1H23,
Fitch believes the current inventory level should be sufficient to
sustain appropriate service levels, and Fitch does not expect any
material investment in the near term that would deteriorate ICU
Medical's ability to generate positive FCF post-2023. Fitch
forecasts positive FCF generation of $150 million-$240 million per
year for the 2024-2026 period.
Deleveraging Remains a Priority: While Fitch forecasts EBITDA
leverage to be at 4.4x by YE 2023 and just above 4.0x by YE 2024,
Fitch expects gross leverage to sustain below 4.0x, a level
commensurate with the 'BB' rating, post-2024 through a combination
of EBITDA growth and term loan amortization. Fitch notes that ICU
Medical can accelerate its plan to reduce debt outstanding by
allocating the projected positive FCF towards voluntary debt
repayments, which Fitch has not assumed the company to do so in the
base case.
Fitch further expects ICU Medical, over the rating horizon, to have
sufficient level of liquidity, which includes $196 million of cash
on hand and an undrawn revolving facility of $500 million as of
June 30, 2023. ICU Medical maintains a long-term net leverage
target of 1.5x-2.0x and plans to direct any FCF towards investments
and shareholder-friendly activities once such target is achieved.
DERIVATION SUMMARY
The 'BB' IDR reflects ICU Medical's top-three position in the
infusion therapy market, significant portion of recurring revenue,
and the essentiality of its products in patient care. While ICU
Medical has benefited from international operations and
manufacturing sites, it is heavily relied on the U.S. market and
less diversified in terms of product offerings than its public
peers.
ICU Medical's public peers have greater geographic and product
diversification, larger operations, higher level of profitability
and lower gross leverage. Baxter International (BBB/Negative Watch)
historically maintained a conservative capital structure, but the
acquisition of Hill-Rom has significantly pushed leverage beyond
historical levels.
Becton, Dickinson & Company (BBB/Stable) and Boston Scientific
(BBB+/Stable) have broad medical devices and products portfolios
that enable them to remain competitive in domestic and
international markets. The former has demonstrated willingness to
deleverage after the C.R. Bard acquisition in late 2017. B. Braun,
a direct competitor of ICU Medical and not rated by Fitch, is a
well-known German healthcare company and a leader in infusion
therapy and pain management in Europe.
Corporate Recovery Ratings and Instrument Ratings
Fitch previously assigned Recovery Rating of 'RR1' to ICU Medical's
senior secured term loan B as it was not contractually,
structurally or practically junior to ABL facilities.
In early 2023, ICU Medical entered into a revolving $150 million
uncommitted receivables purchase agreement with Bank of The West.
Fitch has downgraded the Recovery Rating of ICU Medical's senior
secured term loan B to 'RR2' from 'RR1' as Fitch considers the
senior secured term loan B to be junior to the aforementioned
accounts receivable purchase program in a bankruptcy scenario.
KEY ASSUMPTIONS
-- Revenue of $2.260 billion-$2.270 billion in 2023 and EBITDA
margin around 17%;
-- Post-2023, revenue growth in the low-single digits and EBITDA
margin gradually increases to high-teens;
-- Effective interest rates of 6.5%-7.5% over the forecast
period, moving with SOFR;
-- Capex of 4%-5% of revenue over the forecast period;
-- Excluding the benefits of accounts receivable purchase
program, negative FCF of $30 million-$40 million in 2023 and
positive FCF of $150 million-$240 million per year thereafter;
-- No allocation of discretionary FCF towards voluntary debt
repayments, acquisitions and/or shareholder-friendly actions.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Improved growth prospects and profit margin expansion that
result in EBITDA Leverage durably below 3.0x;
-- Fitch's expectation that (CFO-Capex)/Debt will be sustained
above 15%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Diminished growth prospects and profit margin contraction that
result in EBITDA Leverage durably above 4.0x;
-- Fitch's expectation that (CFO-Capex)/Debt will be sustained
below 10%.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Sources of liquidity include $196 million of
cash on hand and an undrawn revolving facility of $500 million as
of June, 30, 2023. Excluding the benefits from accounts receivable
purchase program, Fitch forecasts negative FCF of $30 million-$40
million in 2023 as inventory increased by almost $80 million in
1H23. Fitch does not expect any material inventory investment for
the remainder of 2023 and forecasts positive FCF generation of $150
million-$240 million per year for the 2024-2026 period.
In the near term, ICU Medical will have no meaningful debt
maturities beyond term loan amortization. Fitch has not assumed
that FCF will be directed towards acquisitions and
shareholder-friendly actions. Fitch notes that the aforementioned
positive FCF can also be used to accelerate the balance sheet
deleveraging process through voluntary debt repayments.
Debt Maturities: The senior secured revolving facility and term
loan A mature in January 2027, and the senior secured term loan B
matures in January 2029. Term loan amortization is $30 million in
2023 and $51 million per year thereafter.
ISSUER PROFILE
ICU Medical, Inc. develops, manufactures and sell infusion systems,
infusion consumables and critical care products used in hospital,
alternate site and home care settings. The company is based in San
Clemente, CA and serves customers in over 100 countries.
ESG CONSIDERATIONS
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.
IHEARTCOMMUNICATIONS: Lord Abbett CB Marks $2.8MM Loan at 21% Off
-----------------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $2,817,798 loan
extended to iHeartCommunications, Inc to market at $2,214,972 or
79% of the outstanding amount, as of May 31, 2023, according to
Lord Abbett CB'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.
Lord Abbett CB is a participant in a 2020 Term Loan to
iHeartCommunications, Inc. The loan accrues interest at a rate of
8.15% per annum. The loan matures on May 15, 2028.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
iHeartCommunications, Inc. operates as a media company. The Company
offers radio and television stations, outdoor advertising displays,
and live entertainment venues such as music, news, talk, sports,
and other stations.
IVANTI SOFTWARE: $1.75BB Bank Debt Trades at 16% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 83.6
cents-on-the-dollar during the week ended Friday, August 18, 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 17% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 83.1
cents-on-the-dollar during the week ended Friday, August 18, 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.
J & D RESTAURANT: Taps Allan D. NewDelman as Legal Counsel
----------------------------------------------------------
J & D Restaurant Group, LLC received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Allan D.
NewDelman, P.C. to serve as legal counsel in its Chapter 11 case.
The firm will be paid at these rates:
Allan D. NewDelman, Esq. $475 per hour
Roberta J. Sunkin, Esq. $395 per hour
Paralegals $150 to $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm an initial retainer of $7,500.
Allan NewDelman, Esq., a partner at Allan D. Newdelman, P.C.,
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:
Allan D. NewDelman, Esq.
Allan D. Newdelman, P.C.
80 East Columbus Avenue
Phoenix, AZ 85012
Tel: (602) 264-4550
Email: anewdelman@adnlaw.net
About J & D Restaurant Group
J & D Restaurant Group, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
23-05054) on July 27, 2023, with $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities. Jody Corrales, Esq., at
Deconcini McDonald Yetwin & Lacy, P.C. has been appointed as
Subchapter V trustee.
Judge Daniel P. Collins oversees the case.
Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C. represents
the Debtor as legal counsel.
JOHNSON'S ALL-SCAPES: Court OKs Interim Cash Collateral Access
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland, Baltimore
Division, authorized Johnson's All-Scapes, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance, nunc pro tunc to June 2, 2023.
The Debtor requires the use of cash collateral to among other
things, purchase supplies for its operations, fund payroll
obligations, the fund on-going business operations and other
working capital needs.
The Cash Collateral Creditors are IOU Central , Inc., Velocity
Capital Group, Rocket Capital NY, LLC, Pearl Delta Funding LLC and
Westwood Funding Solutions, LLC.
In July of 2022, the Debtor obtained a commercial funding loan from
IOU Central, LLC in the amount of $560,000, in exchange for which
the Debtor pledged a security interest in the cash collateral among
other things, including the Debtor's accounts receivable, which
secured interest is evidenced by a filed UCC Financing Statement
with the Maryland Department of Assessments and Taxation. IOU has
not yet filed a claim in the Chapter 11 case; according to the
Debtor's books and records, the outstanding secured debt on the
loan is $86,004.
In January, 2023, the Debtor obtained a commercial funding loan
from Pearl Delta Funding LLC in the amount of $329,875, in exchange
for which the Debtor pledged a security interest in the cash
collateral among other things, including the Debtor's accounts
receivable, which secured interest is evidenced by a filed UCC
Financing Statement with the Maryland Department of Assessments and
Taxation. Pearl has not yet filed a claim in the Chapter 11 case;
according to the Debtor's books and records, the outstanding
balance on the secured loan is $65,975.
In March of 2023, the Debtor obtained a commercial funding loan
from Velocity Capital Group, LLC in the amount of in the amount of
$286,000 in exchange for which the Debtor pledged a security
interest in the cash collateral among other things, including the
Debtor's accounts receivable, which secured interest is evidenced
by a filed UCC Financing Statement with the Maryland Department of
Assessments and Taxation.
Velocity filed Proof of Claim #4-1 in the Claims Registry of the
Chapter 11 case in a secured amount of $319,562.
In March of 2023, the Debtor obtained a commercial funding loan
from Velocity Capital Group, LLC in the amount of in the amount of
$286,000 in exchange for which the Debtor pledged a security
interest in the cash collateral among other things, including the
Debtor's accounts receivable, which secured interest is evidenced
by a filed UCC Financing Statement with the Maryland Department of
Assessments and Taxation. Velocity filed Proof of Claim #4-1 in the
Claims Registry of this Chapter 11 case in a secured amount of
$319,562.
Finally, in April, 2023, the Debtor obtained two commercial funding
loan from Westwood Funding Solutions, LLC in the amount of
$216,000, in exchange for which the Debtor pledged a security
interest in the cash collateral to the extent of the Debtor's
accounts receivable. Westwood has not yet filed a claim in the
Chapter 11 case; according to the Debtor's books and records, the
outstanding balance on the secured loan is $195,429.
The Cash Collateral Creditors, are granted, as additional assurance
of adequate protection:
a. replacement liens in post-petition assets acquired using
the cash collateral to the same extent and priority as existed
pre-petition; and,
b. the Debtor's monthly interest-only payments as they are
defined in the Motion, and the Debtor is authorized herein to make
such payments.
A final hearing on the matter is set for September 18, 2023 at 2:30
p.m.
A copy of the motion is available at https://urlcurt.com/u?l=T3jyKt
from PacerMonitor.com.
A copy of the order is available at https://urlcurt.com/u?l=YCmr0W
from PacerMonitor.com.
About Johnson's All-scapes
Johnson's All-scapes, LLC builds pools and patios and offers
landscaping and fencing services. The company is based in
Fruitland, Md.
Johnson's All-scapes filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D. Md. Case No. 23-13911) on June
2, 2023, with $1 million to $10 million in both assets and
liabilities. Thomas E. Johnson, Jr., managing member, signed the
petition.
Judge David E. Rice oversees the case.
The Debtor tapped George R. Roles, Esq., at RLC Lawyers &
Consultants, LLC as bankruptcy counsel and Tyler Accounting & Tax
Services, LLC as accountant.
JUSTICE SAND: Gets OK to Hire Green & McElreath as Accountant
-------------------------------------------------------------
Justice Sand Co., Inc. received approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Green &
McElreath CPAs, PLLC to assist with the filing of its 2022 federal
taxes.
Green & McElreath will be paid on a fixed fee basis. The fixed
minimum fee is $1,600.
As disclosed in court filings, Green & McElreath is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Brent Ripple
Green & McElreath CPAs, PLLC
20405 SH 249, Suite 150
Houston, TX 77070
Phone: 713-228-1040
Fax: 713-228-0028
Email: info@1cpa.com
About Justice Sand Co.
Justice Sand Co., Inc. is a family-owned and operated company that
manufactures and provides construction materials and site work to
commercial and residential customers. The company is based in
Sweeny, Texas.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-80085) on May 8,
2023, with $1,800,713 in assets and $2,975,864 in liabilities.
Brendon Singh, Esq., at Tran Singh, LLP has been appointed as
Subchapter V trustee.
Judge Jeffrey P. Norman oversees the case.
The Debtor tapped The Lane Law Firm as bankruptcy counsel and Green
& McElreath CPAs, PLLC as accountant.
K & H AUTOMOTIVE: Unsecureds to Get $1,800 per Month for 60 Months
------------------------------------------------------------------
K & H Automotive Services, LLC, filed with the U.S. Bankruptcy
Court for the Middle District of Louisiana a Subchapter V Plan of
Reorganization dated August 14, 2023.
The Debtor is a Baton Rouge, LA based automotive service business.
The Debtor offers engine repair, preventative maintenance, tire
care, air conditioning repair, brake repair and care, alignments,
and front-end work for vehicle.
The Debtor is a former Midas franchisee. The Debtor terminated its
franchise, i.e., deidentified as a franchise, in 2022 because the
franchise fees and other related expenses were high and outweighed
any benefit the Debtor received from being a Midas franchisee.
Midas sued the Debtor in the 19th JDC. See MIDAS International LLC
v. K & H Automotive, LLC et al, C-731633.
Like many small businesses, the Debtor experienced financial
difficulties during the COVID-19 pandemic. To fund its operations
during a difficult financial time, the Debtor turned to several
merchant cash advance ("MCA") lenders. Although the Debtor did
receive some short-term relief, the interest charged by and the
demands of the MCA lenders became untenable.
The Debtor estimates that the Effective Date will be November 1,
2023. The Debtor further estimates that all distributions under
this plan will be complete not later than October 31, 2028.
The Plan proposes to pay holders of Allowed Claims with the
Debtor's available Cash and Projected Disposable Income which
includes sums from future services and future contracts.
Class 1 consists of holders of Allowed General Unsecured Claims.
Holders of Allowed General Unsecured Claim shall receive in full
satisfaction, settlement, release, and discharge of and in exchange
for such Allowed Claim, a Pro Rata share of 60 consecutive monthly
payments of $1,788.75 commencing on the Effective Date. The unpaid
principal balance of each Allowed General Unsecured Claims shall
accrue interest at the rate of 2.75% per annum.
Class 2 consists of EBF Disputed Secured Claim. EBF shall receive
in full satisfaction, settlement, release, and discharge of and in
exchange for its Claim, whether Secured or Unsecured, 60
consecutive monthly payments of $494.80 commencing on the Effective
Date. The unpaid principal balance of EBF's Claim, whether Secured
or Unsecured, shall accrue interest at the rate of 2.75% per
annum.
Class 2 consists of the members of the Debtor: Alan Knight and
Kevin Hendrix. Holders of Membership Interests in the Debtor will
retain their interests in Reorganized Debtor.
The Debtors estimates that it will have $60,000 in Cash on hand on
the Effective Date. The Debtor estimates that the amount of
Effective Date payments will be $41,988.24, which includes
Administrative Claims ($30,000.00 est.) and Priority Tax Claims
($11,988.24). The remaining Cash on hand after making the Effective
Date payments is sufficient to fund future operations and make
periodic plan payments to, among others, holders of Allowed
Priority Tax Claims and General Unsecured Claims.
The Debtor shall continue to operate as debtor-in-possession during
the period from the Confirmation Date through and until the
Effective Date.
A full-text copy of the Subchapter V Plan dated August 14, 2023 is
available at https://urlcurt.com/u?l=ogz2Zi from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Ryan J. Richmond, Esq.
Ashley M. Caruso, Esq.
Sternberg Naccari & White, LLC
251 Florida Street, Suite 203
Baton Rouge, LA 70801-1703
Tel: (225) 412-3667
Fax: (225) 286-3046
Email: ryan@snw.law
ashley@snw.law
About K & H Automotive Services
K & H Automotive Services, LLC filed a Chapter 11 bankruptcy
petition (Bankr. M.D. La. Case No. 23-10314) on May 16, 2023, with
as much as $50,000 in assets and $100,001 to $500,000 in
liabilities. Judge Michael A. Crawford oversees the case.
The Debtor tapped Sternberg Naccari & White, LLC as legal counsel
and Going, Sebastian, Fisher and Lebeouf, LLP as accountant.
LABRUZZO COMMERCIAL: Court OKs Cash Collateral Access Thru Sept 14
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
authorized LaBruzzo Woodlands, LLC to use cash collateral on an
interim basis in the operation of its business until September 14,
2023.
The U.S. Small Business Administration asserts an interest in the
Debtor's cash collateral.
The court said the pre-petition liens of the Lender will be
continued post-petition as to both pre-petition and post-petition
assets, but the value of the Lender's lien will not be greater
post-petition than the value thereof at the time of the filing of
the bankruptcy Petition initiating the case, plus accruals and
advances thereafter, and minus payments to the Lender thereafter.
No additional financing statements or mortgages need be filed to
perfect such post-petition liens and security interests.
The Debtor will continue to make adequate protection payments to
Lender in the monthly amount of $234 at 3.75% interest, payable the
21st of each month, until such time as a plan is confirmed.
The Debtor will make quarterly payments to the U.S. Trustee in the
estimated amount of $250.
The Debtor will provide the Lender such access to the Debtor's
records and financial information as the Lender may request, in
addition to the monthly financial reports required by the U.S.
Trustee.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=Z4sC31 from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$7,165 for August 2023;
$7,097 for September 2023;
$6,858 for October 2023; and
$6,992 for November 2023.
About LaBruzzo Commerical Properties, LLC
Labruzzo Commerical Properties, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-10388)
on July 27, 2023. In the petition signed by Joseph Labruzzo,
president, the Debtor disclosed up to $50,000 in assets and up to
$500,000 in liabilities.
Judge John C. Melaragno oversees the case.
Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents
the Debtor as legal counsel.
LABRUZZO WOODLANDS: Court OKs Cash Collateral Access Thru Sept 14
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
authorized LaBruzzo Woodlands, LLC to use cash collateral on an
interim basis in the operation of its business until September 14,
2023.
The U.S. Small Business Administration has a lien on certain
property of the Debtor by way of a security agreement. The lien was
perfected by the filing of a UCC Financing Statement, Filing #
2020052901477, with the Pennsylvania Secretary of State on April 2,
2019.
The court said the pre-petition liens of the Lender will be
continued post-petition as to both pre-petition and post-petition
assets, but the value of the Lender's lien will not be greater
post-petition than the value thereof at the time of the filing of
the bankruptcy Petition initiating the case, plus accruals and
advances thereafter, and minus payments to the Lender thereafter.
No additional financing statements or mortgages need be filed to
perfect such post-petition liens and security interests.
The Debtor will continue to make adequate protection payments to
Lender in the monthly amount of $1,199 at 3.75% interest, payable
the 21st of each month, until such time as a plan is confirmed.
The Debtor will make quarterly payments to the U.S. Trustee in the
estimated amount of $250.
The Debtor will provide the Lender such access to the Debtor's
records and financial information as the Lender may request, in
addition to the monthly financial reports required by the U.S.
Trustee.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=QLum8r from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$20,512 for August 2023;
$21,141 for September 2023;
$20,800 for October 2023; and
$19,257 for November 2023.
About LaBruzzo Woodlands, LLC
LaBruzzo Woodlands, LLC is engaged in activities related to real
estate. The Debtor offers duplexes, tri-plexes apartments, and
houses as well as commercial spaces.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-10389) on July 27,
2023. In the petition signed by Joseph LaBruzzo, president, the
Debtor disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge John C. Melaragno oversees the case.
Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents
the Debtor as legal counsel.
LACKAWANNA ENERGY: S&P Assigns 'BB-' Rating on Senior Secured Debt
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' rating, and '2' recovery
rating, to Lackawanna Energy Center LLC's (LEC) $730 million term
loan B (TLB), $82 million term loan C (TLC), and $120 million
revolving credit facility (RCF).
The TLB facility is split between a $350 million TLB-1 tranche and
$380 million floating rate TLB-2 tranche.
The '2' recovery rating indicates S&P's expectation for substantial
(70%-90%; rounded estimate: 75%) recovery in a default scenario.
LEC used the proceeds from the issuance to refinance debt that was
used to fund the construction and initial operations of the
project, and to pay transaction-related expenses.
LEC operates under a gas netback agreement (GNA) with the South
Jersey Research Group (SJR) that provides up to 210,000 dekatherms
per day under a firm supply agreement through December 2029. S&P
considers this type of hedge to be credit supportive because it
provides a degree of margin protection against falling power
prices.
Based on S&P's view of industry factors and market-driven
variables, such as power demand and the pace and magnitude of the
retirement of uneconomical units, as well as commodity and capacity
pricing, we forecast a minimum debt service coverage ratio (DSCR)
of 1.39x and a median DSCR of 1.75x for LEC (including the
post-refinancing period).
The stable outlook reflects S&P's expectation of high levels of
availability and dispatch, as well as spark spreads in the
low-to-mid teens over the next few years. Based on these
assumptions, S&P projects a total TLB balance of about $460 million
at maturity in 2029.
Lackawanna is a 1,483 MW combined-cycle natural gas-fired power
plant located in Jessup, Pa, in the Mid-Atlantic Area (MAAC)
sub-region of PJM. The plant commenced operations in 2019 and
benefits from stable long-term energy margins underpinned by a GNA.
The project was developed by Invenergy and has a partnership with
Blackrock Global Infrastructure Funds.
The project's highly efficient turbines put it at the bottom of the
dispatch stack, which leads to very high-capacity factors.
LEC is a newly built 1,483-megawatt (MW) natural gas fired combined
cycle gas turbine (CCGT) in Jessup, Pa., that includes three
General Electric (GE) 7HA.02 air-cooled, combustion turbines; three
heat recovery steam generators with integrated duct burners; and a
steam turbine. It is a highly efficient baseload asset with the
latest technology (GE 7HA.02) and one of the lowest heat rates in
the PJM. Since becoming operational, the plant has achieved an
average net heat rate of approximately 6,400 Btu/kWh. This
efficient heat rate allows the plant to dispatch under most market
conditions, which makes it a highly competitive generation resource
compared with other thermal plants. At the same time, these units
are expected to provide better operational flexibility that allows
the facility to respond rapidly to variations in energy demand,
complementing the continued growth of intermittent renewable
resources in the PJM.
GNA provides better energy margin stability compared with a fully
merchant facility.
The project has a GNA with SJR (guaranteed by parent South Jersey
Industries Corp.) for 85% of its capacity. S&P views this agreement
positively, as it provides a layer of downside protection when
power prices weaken, compared with a merchant plant with no hedging
structures. Under the structure, LEC's cost of fuel (that is,
natural gas) is linked to the price of power, effectively locking
in a fixed percentage margin per megawatt-hour (MWh) of energy
produced. Although margins are expected to remain intact because of
the GNA, the absolute dollar profitability of the plant's
generation is still subject to fluctuation (depending on power
prices). In other words, there is no minimum (floor) on revenues
(unlike revenue put) for a predefined number of years. At the same
time, since the cost of fuel under the agreement is based on LEC's
nodal power price, there is no basis risk. In contrast, under the
heat rate call option (HRCO), the generators are paid at the
generation node, but hedge at a trading hub. Therefore, there is
always some basis risk unless the generator sells at the generation
node. Also, in HRCO, the project gives up the potential upside that
it would otherwise realize from widening spark spreads, while the
GNA allows it to retain some upside.
The project is still exposed to market forces in the PJM, and the
broader merchant power space.
The project does not benefit from any long-term contractual sales,
which essentially exposes its profitability and cash generation to
market-related forces. Power prices exhibit volatility from period
to period due to demand and supply dynamics, weather conditions,
secular industry changes and trends, capacity additions and
retirements, and applicable regulations--adding uncertainty to cash
flows and forecasts. However, S&P notes that the GNA moderates this
type of risk to some extent. At the same time, the project will
receive capacity payments (25%-30% of forecast revenues). This,
combined with GNA, will provide some cash flow visibility and
certainty through the capacity cleared periods as well as the hedge
tenure (until 2029).
Efficient CCGTs should remain profitable owing to sizable share of
coal capacity in the MAAC region, which will continue to struggle
economically.
Higher prices were seen through much of 2022, spurred by resurgent
demand due to the pandemic. Conversely, daily on-peak prices in
several major PJM power hubs hovered in the mid-$30 per MWh area
recently. S&P said, "We continue to expect power prices in the
second half of 2023 and 2024 will fluctuate but ultimately decrease
from recent highs, as much of the price pressure observed last year
has abated after a relatively mild winter and declining natural gas
prices in TETCO M3, TGP Z4 300 Leg, and so forth. Consequently, we
forecast LEC will realize spark spread in the low-teen area over
the next few years--much lower than the $21/MWh realized in 2022."
However, LEC can offset the low spark spreads through higher
generation. Like other efficient operators--depending on the
economics--LEC can run at baseload around the clock with a marginal
decrease on dispatch overnight, resulting in higher capacity
factors and energy margins. The only time when most coal-based
generators could be competitive is when natural gas prices surge to
a degree that makes gas-to-coal switching more economical. With the
recent mild winter, and moderating power demand, relatively higher
variable-cost and inefficient coal-based generators are at the
highest risk based on their inability to compete with low-cost and
efficient CCGTs, such as LEC.
The level of deleveraging over time is also one of S&P's key credit
considerations because the project will be exposed to refinancing
risk toward the end of its debt term.
Similar to other projects financed with TLB structures, the project
will not have sufficient CFADS and cash on hand to repay debt
outstanding at maturity and will therefore be exposed to
refinancing risk and market. S&P said, "We understand that the
amount of additional debt paydown through excess cash can vary
because of the need to allocate cash for other uses such as working
capital and reserve funding. However, given the merchant nature of
the asset, the debt paydown via sweep is subject to financial
performance, which in turn is dictated by market fundamentals. We
project TLB debt outstanding at maturity of about $460 million (60%
of issuance amount). We assume LEC will fully repay its debt by
2043 and forecast a minimum DSCR of 1.39x, with median DSCRs of
about 1.75x. For the post-refinancing period, we model a fully
amortizing TLB due 2043, although the sponsor could choose
different refinancing alternatives."
S&P said, "The stable outlook reflects our expectation that LEC
would generate at least a minimum DSCR of 1.39x through the
project's life, which includes the post-refinancing period
(2028-2043). Based on our view of the current market environment,
we project the total TLB balance of about $460 million at maturity
in 2029.
"We would lower the rating if LEC is unable to maintain a minimum
DSCR of 1.35x on a sustained basis. This could result from
lower-than-expected capacity factors, weaker energy margins,
continued declines in capacity prices, and operational challenges
such as forced outages and lower plant availability. We could also
consider a negative rating action if the project's cash flow sweeps
were materially lower than our forecast, which would ultimately
lead to higher-than-expected debt balance at maturity, and
consequently a weaker minimum DSCR, absent any other mitigating
factors.
"Although unlikely during our outlook period, we would consider an
upgrade if we believed LEC could achieve a minimum DSCR of at least
1.8x including during the refinancing period. This outcome would
largely be a function of highly favorable business conditions,
which would lead to widening spark spreads, or higher-than-expected
capacity pricing."
LAKE DISTRICT: Amends Plan to Include Taxing Authorities Claim
--------------------------------------------------------------
The Lake District, LLC submitted a First Amended Disclosure
Statement describing Plan of Reorganization dated August 15, 2023.
Approximately 18 years ago, Yehuda Netanel had the opportunity to
purchase the old Belz Factory Outlet Mall located at 3536 Canada
Road, Lakeland, Tennessee (the "Property"). He purchased the
property and wound down what remained of the existing business with
plans to redevelop the mall.
With the Property greatly expanded, Mr. Netanel decided to develop
the Property for different uses as part of a multi-use development.
There would be a retail and commercial section, various residential
sections including multifamily, single family, and age-restricted,
and there would be common areas, including a park.
At the present, the Lake District has completed construction on
four buildings on the Property. Additionally, drainage for the
entire project has been completed as well as 65% of the streets,
70% of the sewers, and 70% of the electrical.
The Debtor has also completed construction of the 93,003 sq. ft.
shopping center and has begun leasing it out to tenants. The
shopping center is currently 65% leased.
To date, the Debtor has sold one outparcel to Starbucks and has
sold 19.1 acres to The Willows at the Lake-Townhomes, LLC, an
affiliate of the Debtor, for development of townhomes in accordance
with the master site plan. The Debtor has a pending contract to
sell three outparcels to Chick-fil-A. The The Debtor also has
letters of intent to sell outparcels 9, 10 and part of 11 to
Marshall Steakhouse and to sell outparcel number 8 to Sigma
Management for construction of a hotel. Additionally, the City of
Lakeland has passed a resolution authorizing the purchase of 7.3
acres of undeveloped land for the construction of a performing arts
center.
Class 2 consists of the allowed secured claims of various creditors
with materialman's liens against the Debtor’s property at 3536
Canada Road. Such claims are: Hamilton-Elles, Inc. in the amount of
$87,058.53; Linkous Construction Company, Inc. in the amount of
$603,822.39; Performance Contracting, Inc. in the amount of
$109,128.68; Moneymaker Contracting in the amount of $201,087.30;
Fossett Paving Company in the amount of $114,583.60; LRK Architects
in the amount of $140,248.06.
Under Tennessee law, each of these creditors and those creditors
are treated as having the same level of priority. Therefore, all
creditors in Class 2 will receive pro rata distributions.
The Debtor will retain a real estate broker(s) to market and sell
all or part of the Property in separate parcels based on the
entitlements each parcel of land has obtained; however, the Debtor
reserves the right to further subdivide the Property. As each
parcel is sold, the creditors in Class 2 will receive a pro rata
share of all proceeds generated after paying closing costs and
expenses and all senior liens. The creditors in Class 2 will apply
such proceeds to any outstanding interest and then to principal.
The Creditors in Class 2 will release their liens on such parcels
at closing.
Class 3 consists of Pre-petition Secured Claim of Taxing
Authorities. The Shelby County Trustee has filed secured proofs of
claims for 2023 real property taxes in the aggregate amount of
approximately $292,009.17. The City of Lakeland has filed secured
proofs of claim for 2023 real property taxes in the aggregate
amount of approximately $102,504.70. The Debtor shall pay such
claims with statutory interest out of the proceeds of property
sales.
Class 4 consists of Pre-petition General Unsecured Non-Priority
Claims. The Debtor will retain a real estate broker(s) to market
and sell all or part of the Property in pieces based on the
entitlements each parcel of land has obtained; however, the Debtor
reserves the right to further subdivide the Property. As each
parcel is sold, the unsecured creditors will receive pro rata
distributions from all proceeds generated after paying closing
costs and expenses and all senior liens.
Class 5 consists of the interests of the members of the Debtor.
Such members are Lake District Holdings TN, LLC, Lake District
Holdings, LLC, and MG Real Estate, LLC. In the event that the Plan
produces enough proceeds to pay all creditors in full, then the
members shall retain their membership interests in the Reorganized
Debtor. If the Plan fails to pay all creditors in full, either
because selling the Property does not net enough proceeds to do so
or because the Debtor is unable to sell all of the Property within
one year and Romspen forecloses, then the members will retain no
interests in the Debtor.
On the Effective Date, the Debtor shall continue to operate its
business of operating the shopping center located on the Property.
The Reorganized Debtor shall continue to explore the refinancing of
its secured debt, in whole or in part.
The Debtor shall retain the right to market and sell the assets of
the Reorganized Debtor during the term of the Plan. The term of the
Plan shall be twelve months from the Effective Date. The Debtor
will retain a real estate broker(s) to market all or part of the
Property and assist in the sale process on or before the Effective
Date. The Debtor intends to market and sell the Property in
separate parcels based on the entitlements: (1) the three
outparcels along Canada Road; (2) the seven outparcels along U.S.
Interstate. 40; (3) 7.32 acres on the south side of Lake District
Drive; (4) 7.7 Acres of Age Restricted Land; (5) 40.8 acres of
single-family residential land; (6) 26.7 acres of mixed-use land
plus 2 acres designated as office; and (7) the shopping center.
A full-text copy of the Amended Disclosure Statement dated August
15, 2023 is available at https://urlcurt.com/u?l=Vr64Er from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Michael P. Coury, Esq.
Ricky L. Hutchens, Esq.
Glankler Brown, PLLC
Suite 400, 6000 Poplar Avenue
Memphis, TN 38119
Tel: 901-576-1886
Email: mcoury@glankler.com
About The Lake District LLC
Lake District LLC is a retail and residential development in
Lakeland, Tenn.
Lake District LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 23-21496) on March 24,
2023. In the petition filed by Yehuda Netanel, as manager, the
Debtor listed total assets of $80,244,507 and total liabilities of
$47,247,115.
The case is overseen by Honorable Bankruptcy Judge Jennie D.
Latta.
The Debtor is represented by Michael P. Coury, Esq., at GLANKLER
BROWN PLLC.
LEMONKIND LLC: Seeks Cash Collateral Access
-------------------------------------------
LemonKind LLC asks the U.S. Bankruptcy Court for the Middle
District of Florida, Fort Myers Division, for authority to use cash
collateral in accordance with the budget, with a 10% variance.
The Debtor requires the use of cash collateral to (i) continue the
orderly operation of its business, avoiding an immediate total
shutdown of operations; (ii) meet its obligations for necessary
ordinary course expenditures, and other operating expenses; and
(iii) make payments authorized under other orders entered by the
Court, thereby avoiding immediate and irreparable harm to the
Debtor's estate.
Several purported creditors have asserted security interests in all
money in which the Debtor has an interest via UCC-1 Financing
Statements filed either in the Florida Secured Transaction Registry
and as to creditor Amazon Capital Services, Inc., also with the
California Secretary of State. The Debtor disputes that some of the
Claimants or other creditors hold valid liens upon the cash
collateral.
The entities that assert an interest in the Debtor's cash
collateral are Amazon Capital Services, Inc., Bank of Southern
California, N.A., and Crown Credit Company - Crown Equipment
Corporation.
As adequate protection for the use of the Collateral and the cash
collateral, the Debtor offers the Claimants:
a. Post-petition replacement liens to the same extent,
validity and priority as existed pre-petition;
b. The right, upon providing the Debtor five days' notice, to
inspect the cash collateral, provided that said inspection does not
interfere with the operations of the Debtor; and
c. Copies of monthly financial documents generated in the
ordinary course of business and other information as Claimants may
reasonably request with respect to the Debtor's operations.
A copy of the motion is available at https://urlcurt.com/u?l=j1DMT8
from PacerMonitor.com.
About LemonKind LLC
LemonKind LLC manufactures and distributes a wide array of health
conscious functional beverages and other nutraceutical snacks and
foods.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00933) on August 14,
2023. In the petition signed by Irene Rojas Stanbury, CEO, the
Debtor disclosed up to $10 million in both assets and liabilities.
Mike Dal Lago, Esq., at Dal Lago Law, represents the Debtor as
legal counsel.
LEX1885 LLC: Case Summary & One Unsecured Creditor
--------------------------------------------------
Debtor: Lex1885, LLC
d/b/a Great Wines for Cheap
1 Lincoln Plaza
New York, NY 10023
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-17192
Debtor's Counsel: Bruce Duke, Esq.
BRUCE J DUKE LLC
788 Shrewsbury Avenue
Eatontown, NJ 07724
Tel: (848) 208-1030
Email: brucedukeesq@gmail.com
Total Assets: $2,000,000
Total Liabilities: $353,965
The petition was signed by Stanley Wolfson as member.
The Debtor listed Veterans Drive BSD LLC as its sole unsecured
creditor holding a claim of $353,965.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/N7KZ4HY/Lex1885_LLC_dba_Great_Wines_for__njbke-23-17192__0001.0.pdf?mcid=tGE4TAMA
LIFESCAN GLOBAL: $275MM Bank Debt Trades at 38% Discount
--------------------------------------------------------
Participations in a syndicated loan under which LifeScan Global
Corp is a borrower were trading in the secondary market around 62.5
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on December 31, 2027. The amount is fully drawn and
outstanding.
Lifescan Global Corporation is a provider of blood glucose
monitoring systems for home and hospital use.
LONE WOLF: Wins Cash Collateral Access Thru Sept 11
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Lone Wolf Equipment Rental Inc. and
Blacklight Detail, LLC to use cash collateral on an interim basis
in accordance with the budget, through September 11, 2023.
The Debtor requires the use of the cash collateral of John Deere,
Wells Fargo Vendor Financial Services, and other lenders holding
pre-petition UCC-1 Financing Statements on file with the Texas
Secretary of State, in order to continue its ordinary course
business operations and to maintain the value of its bankruptcy
estate.
As adequate protection, the Secured Parties are granted replacement
liens encumbering all property of the Debtor's estate, including
all property and accounts receivable, acquired or generated by the
Debtor after the Petition Date to the same extent, validity, and
priority to which its liens attached prior to the Petition Date.
The Replacement Liens will be deemed automatically valid and
perfected with such priority as provided in the Order without any
further notice or act by any party that may otherwise be required
under any other law. Additionally, the Debtor will make weekly
adequate protection payments to John Deere of $606 and Wells Fargo
of $101 beginning August 21, 2023 with like payments due the same
successive day of each week. The Debtor must maintain full coverage
[at replacement cost] insurance on each piece of property held by
the debtor. Should the Debtor not maintain the weekly payments or
insurance use of cash collateral will be revoked.
The replacement liens in cash collateral are subject in all
respects to the Carve-Out in an amount equal to the sum of (i) all
fees required to be paid to the Clerk of Court; (ii) all reasonable
fees, costs, and expenses up to $3,000 incurred by a trustee under
11 U.S.C. Section 726(b); (iii) to the extent allowed by the Court
on an interim or final basis at any time, all unpaid fees, costs,
and expenses of the Subchapter V Trustee; and (iv) ) to the extent
allowed by the Court on an interim or final basis at any time, all
unpaid fees, costs, and expenses of the professionals retained by
the Debtor under Section 327 of the Bankruptcy Code.
A further hearing on the matter is set for September 12 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=C5vwqf
from PacerMonitor.com.
About Lone Wolf Equipment Rental Inc.
Lone Wolf Equipment Rental Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33015) on
August 7, 2023. In the petition signed by Chrasaun D Johnson,
president, the Debtor disclosed up to $500,000 in both assets and
liabilities.
Judge Jeffrey P. Norman oversees the case.
Susan Tran Adams, Esq., at TRAN SINGH, LLP, represents the Debtor
as legal counsel.
LORDSTOWN MOTORS: Gets OK to Hire KPMG as Auditor
-------------------------------------------------
Lordstown Motors Corp. and its affiliates received approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
KPMG, LLP as auditor.
The firm's services include an audit of consolidated balance sheets
of the Debtor as of Dec. 31, 2023 and 2022; the related
consolidated statements of operations; stockholders' equity and
cash flows for each year in the three-year period ended Dec. 31,
2023 and the related notes to the financial statements; and
quarterly reviews for the quarters ended June 30, and Sept. 30,
2023.
The firm will be paid at these rates:
Partner $500 per hour
Managing Partner $450 per hour
Director/Senior Manager $400 per hour
Manager $350 per hour
As disclosed in court filings, KPMG is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Scott Stelk
KPMG LLP
560 Lexington Avenue
New York, NY 10022
Telephone: (212) 872-6562
About Lordstown Motors Corp.
Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an
electric vehicle OEM developing innovative light duty commercial
fleet vehicles, with the Endurance all electric pickup truck as its
first vehicle. It has engineering, research and development
facilities in Farmington Hills, Mich. and Irvine, Calif.
On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases
are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Richards, Layton & Finger,
P.A. as bankruptcy counsels; Baker & Hostetler, LLP as special
counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor;
and Silverman Consulting as restructuring advisor. Kurtzman Carson
Consultants, LLC is the Debtors' claims and noticing agent and
administrative advisor.
LORDSTOWN MOTORS: Taps Baker & Hostetler as Special Counsel
-----------------------------------------------------------
Lordstown Motors Corp. and its affiliates received approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Baker & Hostetler, LLP as special litigation and corporate
counsel.
The firm's services include:
(a) addressing regulatory disclosures mandated by the Securities
and Exchange Commission and providing related securities law
compliance advice;
(b) attending, as necessary, board meetings and preparing
minutes related thereto, and providing related corporate law and
fiduciary duty advice;
(c) providing legal advice concerning labor, immigration and
other employment matters; and
(d) providing legal advice concerning compliance with
environmental laws, rules and regulations.
The firm will be paid at these rates:
Partners $555 to $1,345 per hour
Counsels $605 to $865 per hour
Associates $400 to $970 per hour
Paraprofessionals $250 to $360 per hour
Michael VanNiel, Esq., a partner at Baker & Hostetler, disclosed in
a court filing that the firm's attorneys neither hold nor represent
any interest adverse to the Debtors and their estates.
The firm can be reached at:
Michael A. VanNiel, Esq.
Baker & Hostetler, LLP
Key Tower 127 Public Square, Suite 2000
Cleveland, OH 44114-1214
Tel: +1.216.861.7698
Fax: +1.216.696.0740
Email: mvanniel@bakerlaw.com
About Lordstown Motors Corp.
Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an
electric vehicle OEM developing innovative light duty commercial
fleet vehicles, with the Endurance all electric pickup truck as its
first vehicle. It has engineering, research and development
facilities in Farmington Hills, Mich. and Irvine, Calif.
On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases
are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Richards, Layton & Finger,
P.A. as bankruptcy counsels; Baker & Hostetler, LLP as special
counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor;
and Silverman Consulting as restructuring advisor. Kurtzman Carson
Consultants, LLC is the Debtors' claims and noticing agent and
administrative advisor.
LUZ MA: Court OKs Cash Collateral Access Thru Nov 9
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami-Dade Division, authorized Luz Ma Aesthetics Inc. to use cash
collateral on an interim basis in accordance with the budget, with
10%, through November 9, 2023.
The Debtor is authorized to use the cash collateral with monthly
adequate protection payments to the U.S. Small Business
Administration in the amount of $244 per month on an interim basis.
Citizens Bank N.A. will receive $0.00 adequate protections
payments.
There will be a carve-out in the budget for the inclusion of fees
due the Clerk of Court and the U.S. Trustee pursuant to 28 U.S.C.
Section 1930, and to the extent not already included in the budget
for the adequate protection payments.
A final hearing on the matter is set for November 9, 2023 at 11
a.m.
About Luz Ma Aesthetics
Luz Ma Aesthetics Inc. filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-14986) on June 27, 2023. In the petition signed by Luz Marin,
president, the Debtor disclosed under $1 million in both assets and
liabilities.
Judge Corali Lopez-Castro oversees the case.
Chad Van Horn, Esq., at Van Horn Law Group, PA represents the
Debtor as counsel.
LYONS MAGNUS: Guggenheim SOF Marks $6.3MM Loan at 19% Off
---------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $6,305,603
loan extended to Lyons Magnus to market at $5,109,808 or 81% of the
outstanding amount, as of May 31, 2023, according to Guggenheim
SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Lyons Magnus. The
loan accrues interest at a rate of 7.55% (3 Month Term SOFR +
2.50%, Rate Floor: 5.05%), (in-kind rate was 4.25%) per annum. The
loan matures on May 10, 2027.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
Lyons Magnus Inc produces and markets food products.
MATEO ENTERPRISE: Court OKs Cash Collateral Access Thru Aug 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Fresno Division, authorized Mateo Enterprise, Inc. dba El Milagro
Market to use the cash collateral of Newtek Small Business Finance,
LLC on an interim basis in accordance with the budget, through
August 31, 2023.
Newtek is granted the adequate protection of its interest required
by the law by, among other things:
a. the Debtor making the adequate protection payment of $1,454
to Newtek,
b. Salvador Carrera making payment of $7,586 to Newtek in
August 2023 on Newtek's claims against Debtor and Mr. Carrera
secured by liens against the Debtor's personal property and Deeds
of Trust against real property owned by Mr. Carrera,
c. Newtek will be granted a replacement lien against all
assets to which Newtek's prepctition liens would have attached but
for the filing of the Debtor's bankruptcy petition. Newtek's
replacement lien will be in addition to any lien granted to it by
virtue of 11 U.S.C. Section 552(b),
d. Newtek will not be required to take any action to perfect
the liens granted and Newtek's replacement lien will have the same
validity, priority, and extent as Newtek's prepelitlon liens except
that the replacement lien will not extend to any claims for relief
that Debtor's bankruptcy estate possesses or may possess under 11
U.S.C. Sections 506(c), 544, 545, 547,548, 549,553(b), or 724(a),
and
e. Newtek's agents will be given access to the Debtor's
business to inspect and appraise the value of its personal property
collateral on a day and at a time that is convenience for all
parties concerned.
A final hearing on the matter is set for August 30, 2023 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=nmcz4F
from PacerMonitor.com.
About Mateo Enterprise, Inc.
Mateo Enterprise, Inc. owns and operates a super market and
convenience store. The Debtor sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-11623) on
July 28, 2023. In the petition signed by Salvador Carrera, chief
executive officer, the Debtor disclosed $249,375 in assets and
$2,857,056 in liabilities.
Judge Jennifer E. Niemann oversees the case.
Leonard K. Welsh, Esq., at Law Office of Leonard K. Welsh,
represents the Debtor as legal counsel.
MEDASSETS SOFTWARE: Lord Abbett CB Marks $12.5MM Loan at 16% Off
----------------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $12,573,653 loan
extended to MedAssets Software Intermediate Holdings, Inc to market
at $10,591,354 or 84% of the outstanding amount, as of May 31,
2023, according to Lord Abbett CB'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.
Lord Abbett CB is a participant in a 2021 Term Loan B to MedAssets
Software Intermediate Holdings, Inc. The loan accrues interest at a
rate of 9.15% per annum. The loan matures on December 18, 2028.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
Headquartered in Alpharetta, Ga., MedAssets Software Intermediate
Holdings, Inc. (dba nThrive) provides healthcare revenue cycle
management software-as-a-service (Saas) solutions, including
patient access, charge integrity, claims management, contract
management, analytics and education.
MEDIAMATH HOLDINGS: Deadline to File Claims Set for Sept. 5
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set Sept. 5,
2023, at 11:59 p.m. (prevailing Eastern Time) as the last date and
time by which each person or entity must file their proofs of claim
against MediaMath Holdings Inc. and its debtor-affiliates.
The Court also set Dec. 27, 2023, at 5:00 p.m. (prevailing Eastern
Time) as the deadline for governmental units to file their claims
against the Debtors.
All proofs of claim must be filed either (i) electronically through
the claims agent's website at https://dm.epiq11.com/MediaMath or
(ii) by first-class mail, overnight delivery service or hand
delivery at:
a) if by first-class mail:
MediaMath Holdings Inc.
Claims Processing Center
c/o Epiq Corporate Restructuring LLC
PO Box 4420
Beaverton, OR 97076-4420
b) if by hand delivery or overnight mail:
MediaMath Holdings Inc.
Claims Processing Center
c/o Epiq Corporate Restructuring LLC
10300 SW Allen Boulevard
Beaverton, OR 97005
If you require additional information regarding the content,
contact the Debtors' claims agent at 888-384-5650 (toll-free) or
submit an inquiry via email to MediaMath@epiqglobal.com.
About MediaMath Holdings, Inc.
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the Petition Date, the Debtors had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as legal
counsel, FTI CONSULTING, INC. as financial advisor, and EPIQ
CORPORATE RESTRUCTURING, LLC as claims and restructuring agent.
MEHR GROUP: Court OKs Appointment of Chapter 11 Trustee
-------------------------------------------------------
Judge Scott Clarkson of the U.S. Bankruptcy Court for the Central
District of California approved the appointment of Karen Sue
Naylor, Esq., as Chapter 11 trustee for Mehr Group of Companies
Holding Inc.
The appointment comes upon the application filed by Peter Anderson,
the U.S. Trustee for Region 16, to appoint a bankruptcy trustee in
Mehr Group's Chapter 11 case.
Ms. Naylor is a panel trustee in the Central District of California
and a partner at the law firm of Ringstad & Sanders, LLP.
Ms. Naylor disclosed in a court filing that she and her firm are
"disinterested persons" pursuant to Section 101(14) of the
Bankruptcy Code.
About Mehr Group
MEHR Group of Companies Holding, Inc., a company in Laguna Hills,
Calif., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-10760) on April 17, 2023. In
the petition signed by its chief executive officer, S. Javad K.
Mehrvijeh, the Debtor disclosed up to $10 million in assets and up
to $500,000 in liabilities.
Judge Scott C. Clarkson oversees the cases.
The Law Offices of Jaenam Coe PC serves as the Debtor's counsel.
MEJJM INC: Seeks Cash Collateral Access
---------------------------------------
MEJJM, Inc. asks the U.S. Bankruptcy Court for the Southern
District of Indiana, Indianapolis Division, for authority to use
cash collateral on an interim basis in accordance with the budget.
While the Budget contains a forecast for operations that exceed the
interim period, it demonstrates that the Debtor expects to use
$47,000 of cash collateral in the interim period of approximately
14 days.
The Debtor's financial issues began with turmoil in the retail
world with cancelled orders and uncollectible accounts driven by
customer bankruptcies. Reduction in its revenue stream quickly
consumed its operating cash flow and when that proved insufficient
it turned to more volatile sources of operating cash using internet
lenders. Despite the fundamentally unmanageable cash flow those
credit facilities present, the Debtor has a core operating
profitability that will allow it to reorganize, and that
profitability is what drives its ability to leverage cash
collateral for the benefit of all of its creditors.
Prior to the Commencement Date, the Debtor's liquidity needs were
met primarily through the daily operation of the business of the
Debtor and various financing options offered by trade vendors,
personal cash and internet lenders. The Debtor believes that First
Internet Bank is the superior properly perfected secured creditor
having an interest in substantially all of its assets but further
believes additional creditors may claim an interest in cash
collateral by virtue of UCC-1 financing statements.
The Debtor believes that the value of its cash collateral, which
comprises substantially all of the value of its assets, is less
than the amount of the claim of FIB so that subordinate creditors
have no interest in cash collateral.
A copy of the motion is available at https://urlcurt.com/u?l=99SLM0
from PacerMonitor.com.
About MEJJM, Inc.
MEJJM, Inc. employs 6 people and subcontracts with 2 others to run
a business that designs, imports and sells stationery, greeting
cards and holiday cards into the retail space via its wholesale
business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-03538) on August 14,
2023. In the petition signed by Michael Smith, president, the
Debtor disclosed $1,502,094 in assets and $2,887,831 in
liabilities.
Judge Jeffrey J. Graham oversees the case.
KC Cohen, Esq., at KC COHEN, LAWYER, PC, represents the Debtor as
legal counsel.
MERIDIAN RESTAURANTS: Court Okays Sept. 19 Auction for Assets
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Utah approved the
bidding procedures for the sale of substantially all of the assets
of Meridian Restaurants Unlimited LC and its debtor-affiliates free
and clear of all liens, claims and interests.
Interested bidders must submit their offer before Sept. 15, 2023,
at noon (prevailing Mountain Time) to:
i) Hilco Corporate Finance LLC
Attn: Teri Stratton, Investment Banker
401 N. Michigan, Suite 1630
Chicago, IL 60611
Email: tstratton@hilcocf.com
ii) James T. Markus
Counsel to Debtors
Markus Williams Young & Hunsicker LLC
Email: jmarkus@markuswilliams.com
iii) Michael Johnson
Counsel to Debtors
Ray Quinney & Nebeker PC
Email: mjohnson@rgn.com
The auction will take place on Sept. 19, 2023, at 10:00 a.m., at
the Offices of Ray Quinney & Nebeker PC, 36 South State Street,
14th Floor, Salt Lake City, Utah 84111, or such later date and time
or location as selected by the Debtors. A sale hearing will follow
on Sept. 25, 2023, at 10:00 a.m. (prevailing Mountain Time) before
the Hon. Kevin Anderson of the United State Bankruptcy Court via
Zoom.
Any creditor or party in interest who wishes to have its position
considered regarding the motion, must in addition to filing its
response or objection, appear at the scheduled hearing either by
zoom or by telephone. Parties who wish to participate in the sale
hearing should consult the bankruptcy court's website at
htts://www.utb.uscourts.gov/court-hearings-be-conducted-zoom for
the most up-to-date information regarding zoom participation a
hearing. Parties must log in to Zoom at www.zoomgov.com at least
10 minutes before the scheduled time for the sale hearing. The
meeting ID and passcode for the Hon. Kevin R. Anderson are: Meeting
ID: 160 3007 6397; Passcode: 6001201.
About Meridian Restaurants Unlimited
Meridian Restaurants Unlimited, LC, owner and operator of
restaurants in Utah, and its affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah
Case No. 23-20731) on March 2, 2023. At the time of the filing,
Meridian Restaurants Unlimited disclosed $10 million to $50 million
in both assets and liabilities.
Judge Kevin R. Anderson oversees the cases.
The Debtors tapped Markus Williams Young & Hunsicker, LLC as
bankruptcy counsel; Ray Quinney & Nebeker P.C. as local and
litigation counsel; Peak Franchise Capital, LLC as financial
advisor; Hilco Corporate Finance, LLC as investment banker; and
Keen-Summit Capital Partners, LLC as real estate advisor. BMC
Group, Inc. is the noticing agent.
The U.S. Trustee for Region 19 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Foley & Lardner, LLP.
MID-KANSAS REAL ESTATE: Wins Interim Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Kansas authorized
Mid-Kansas Real Estate Holdings, LC to use cash collateral on an
interim basis in accordance with the budget.
The Debtor requires the use of cash collateral to expenses of the
operation of its business in accordance with the Budget.
KS StateBank asserts an interest in the Debtor's cash collateral.
As of the Petition Date, KS StateBank is owed approximately
$2,547,689 by Mid-Kansas through various notes and mortgages.
As of the filing date, Mid-Kansas claims the value of its assets
totals $5.431 million. Among those assets, Mid-Kansas asserts the
value of its outstanding receivables is $21,000 as well as ongoing
rents which will be due from the tenants of the real estate
id-Kansas owns of approximately $46,850 a month. As of the
Petition, Mid-Kansas had bank balances in its lone operating
account at Southwest National Bank of approximately $28,690.
Sedgwick County maintains tax liens against the real estate owned
by Mid-Kansas. The total amount of those liens is approximately
$337,083.
Despite that, Sedgwick County does not have an interest in
Mid-Kansas cash collateral and its interests are adequate protected
by Mid-Kansas proposed payment to KS StateBank.
In addition to the adequate protection payments specified in the
Budget in the amount of $21,750, but subject to the exclusion
below, KS StateBank will receive an additional and replacement
security interest and lien that is in the same priority as existed
on the Petition Date to the extent KS StateBank hold a prepetition
valid, binding, enforceable, nonavoidable and perfected security
interest in the prepetition cash collateral, in the same categories
of assets acquired by Mid-Kansas post-petition in which KS
StateBank had pre-petition security interests and only to the
extent any cash collateral is diminished postpetition together
with any proceeds thereof as set forth in the loan documents.
To the extent KS StateBank has a claim against Mid-Kansas arising
from the diminution in value of their cash collateral, KS StateBank
reserves its rights to assert superpriority claims pursuant to 11
U.S.C. Sections 503(b) and 507(b).
These events constitute an "Event of Default":
1) the failure to make any adequate protection payments to KS
StateBank as set out on the Budget;
2) expenditures in excess of the Budget with the variances as
specified in the Motion;
3) expenditures not included in the Budget and not otherwise
approved by KS StateBank in writing;
4) the obtaining after the Petition Date of credit or the incurring
indebtedness that is (i) secured by a security interest, mortgage,
or other lien on all or any portion of KSB’s Collateral which is
equal or senior to any security interest or other lien of KS
StateBank, or (ii) entitled to priority administrative status which
is equal or senior to that granted to KS StateBank;
5) the entry of an order by the Court, other than the Interim
Order, granting relief from or modifying the automatic stay of 11
U.S.C. Section 362 (i) to allow any creditor to execute upon or
enforce a lien on or security interest in any cash collateral, or
(ii) with respect to any lien of or the granting of any lien on any
cash collateral to any state or local environmental or regulatory
agency or authority, which in either case would have a material
adverse effect on the business, operations, property, assets, or
condition, financial or otherwise, of Mid-Kansas;
6) dismissal of the case or conversion of the case to Chapter 7
case, or appointment of a Chapter 11 trustee or examiner with
enlarged powers or other responsible person;
7) upon written notice from KS StateBank of any material
misrepresentation of a material fact made after the Petition Date
by Mid-Kansas about its financial condition, the nature, extent,
location, or quality of any Collateral, or the disposition or use
of any Collateral, including cash collateral;
8) the sale after the Petition Date of any portion of any of
MidKansas' assets outside the ordinary course of its business
unless otherwise approved by KS StateBank in writing or by the
Bankruptcy Court;
9) the failure of Mid-Kansas to keep KSB's Collateral insured
against casualty loss, naming KS StateBank as loss payee;
10) the failure by Mid-Kansas to perform, after notice from KS
StateBank, in any respect, any of the material terms, provisions,
conditions, covenants, or obligations under the Interim Order; and
11) the failure by Mid-Kansas to perform, after notice from KS
StateBank, in any respect, any of the terms, provisions,
conditions, covenants, or obligations under KS StateBank's loan
documents (excluding the terms, provisions, conditions, covenants,
or obligations under any personal guaranty by the owners of
Mid-Kansas maintained by KS StateBank.
The Carve Out means:
1) any statutory fees payable to the UST;
2) pursuant to 11 U.S.C. Section 726(b), claims allowed by a final
order of the Bankruptcy Court under 11 U.S.C. Section 503(b) that
are incurred after the conversion of the Chapter 11 case to a case
under Chapter 7 of the Bankruptcy Code in an amount not to exceed
$25,000;
3) the allowed and paid professional fees and disbursements
incurred by Mid-Kansas in attorney fees in an amount not to exceed
$75,000; and
4) up to $25,000 of other professional fees and disbursements
incurred prior to the entry of the Final Order and, subsequent to
the entry of a Final Order, such amounts as are provided in the
Budget, by any professionals retained by final order of the Court
or for any certified public accountants retained by MidKansas and
appointed by the Court.
A final hearing on the matter is set for September 14 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=xlOtsT from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$37,448 for August 2023;
$37,448 for September 2023;
$37,448 for October 2023;
$37,448 for November 2023; and
$37,448 for December 2023.
About Mid-Kansas Real Estate Holdings, LC
Mid-Kansas Real Estate Holdings, LC is a lessor of real estate. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Kan. Case No. 23-10709) on July 19, 2023. In the
petition signed by Rickey E. Hodge Jr., manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Mitchell L. Herren oversees the case.
Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the
Debtor as legal counsel.
KS StateBank, as lender, is represented by:
Cody C. Branham, Esq.
ADAMS JONES LAW FIRM, P.A.
1635 N. Waterfront Pkwy, Suite 200
Wichita, Kansas 67206-6623
Tel: (316) 265-8591
Fax: (316) 265-9719
Email: cbranham@adamsjones.com
MORAN FOODS: Guggenheim SOF Marks $603,044 Loan at 32% Off
----------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $603,044
loan extended to Moran Foods LLC to market at $412,980 or 68% of
the outstanding amount, as of May 31, 2023, according to Guggenheim
SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Moran Foods LLC.
The loan accrues interest at a rate of 14.46% (6 Month Term SOFR +
9.50%, Rate Floor: 9.50%) per annum. The loan matures on December
31, 2026.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
Moran Foods, LLC does business as Save-A-Lot, Ltd., a discount
grocery store chain.
MULEHOUSE GROUP: Wins Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee,
Columbia Division, authorized Mulehouse Group, Inc. and Coalesce
Media, LLC to use cash collateral on an interim basis in accordance
with the budget.
The Debtor requires the use of cash collateral for ordinary and
necessary operating expenses of business operations.
The Debtors are indebted to First Horizon pursuant to promissory
notes executed by Debtor Coalesce and/or Debtor Mulehouse in favor
of First Horizon and guaranteed by Debtor Mulehouse pursuant to
guaranty agreements, which Notes are secured by property of both
Debtors, as evidenced by the following documents, among others:
1. U.S. Small Business Administration Note, dated February 26,
2020, in the original principal amount of $4.319 million executed
by Coalesce in favor of First Horizon, as modified by U.S. Small
Business Administration Note, dated February 26, 2021, executed by
Debtors Coalesce and Mulehouse;
2. Revolving Credit Note, dated September 14, 2022, executed by
Coalesce in favor of First Horizon;
3. U.S. Small Business Administration Unconditional Guarantee
agreement dated February 26, 2020, executed by Mulehouse
guaranteeing to First Horizon the indebtedness of Coalesce under
the SBA Note;
4. Guaranty and Suretyship Agreement dated September 14, 2022,
executed by Mulehouse guaranteeing to First Horizon the
indebtedness of Coalesce under the 2022 Note;
5. Deed of Trust dated February 26, 2020, executed by Debtor
Coalesce and recorded with the Register's Office of Maury County,
Tennessee, at Book R2615, Pages 1241-1261, as modified;
6. Assignment of Leases and Rents dated February 26, 2020, executed
by Debtor Coalesce and recorded with the Register's Office of Maury
County, Tennessee, at Book R2615, Pages 1262-1268;
7. Security Agreement - Commercial dated February 26, 2020,
executed by Debtor Coalesce;
8. Tennessee Deed of Trust dated September 14, 2022, executed by
Debtor Coalesce and recorded with the Register's Office of Maury
County, Tennessee, at Book R2875, Pages 872-880, as modified;
9. Security Agreement - Commercial dated February 26, 2021,
executed by Debtor Mulehouse; and
10. UCC Financing Statements filed with the Tennessee Secretary of
State as to both Debtors.
As adequate protection First Horizon is granted a post-petition
replacement lien on property of Debtors pursuant to and in
accordance with 11 U.S.C. Sections 361(2) and 552(b) to the extent
of cash collateral actually expended, on the same assets and in the
same order of priority to the extent validly held as of the
Petition Date.
Subject to a final hearing in which First Horizon or the Debtors
establish that First Horizon's collateral is depreciating at a rate
of $10,000 per month, the Debtors will make adequate protection
payments to First Horizon in the amount of $10,000 per month,
commencing on August 1, 2023, and continuing on the first of each
month thereafter until the Debtors' Chapter 11, Subchapter V, Plan
is confirmed by the Court.
The Debtors will continue to maintain, insure for its full value,
and otherwise preserve and protect the Collateral as long as the
Collateral serves as First Horizon's Collateral.
The Debtors' right to use any cash collateral will immediately
terminate upon the earlier of (i) 60 days from entry of the Order,
or (ii) the occurrence of any one or more of the following: a
trustee is appointed in the Chapter 11 case; the case is converted
to a Chapter 7 proceeding under the Bankruptcy Code; an order is
entered granting relief from the stay to any party other than First
Horizon as to any of the Collateral securing Debtors' obligations
to First Horizon; an order is entered in this case over the
objection of First Horizon granting a lien on any collateral
securing the Debtors' obligations to First Horizon; the Second
Interim Order is modified without First Horizon's consent, is
vacated, stayed or is for any reason not binding on Debtors; or the
Debtors use cash collateral other than as expressly authorized in
the Second Interim Order.
A final hearing on the matter is set for December 19 at 9:30 a.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=PkG0Uf from PacerMonitor.com.
The Debtor projects total operating expenses, on a weekly basis, as
follows:
$6,253 for the week ending August 26, 2023;
$27,965 for the week ending September 2, 2023;
$17,828 for the week ending September 9, 2023;
$26,819 for the week ending September 16, 2023;
$5,256 for the week ending September 23, 2023; and
$23,340 for the week ending September 30, 2023;
About Mulehouse Group
Mulehouse Group, Inc. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-02258) on
June 26, 2023, with $100,001 to $500,000 in assets and $500,001 to
$1 million in liabilities.
Judge Randal S. Mashburn oversees the case.
Griffin S. Dunham, Esq., at Dunham Hildebrand, PLLC is the Debtor's
legal counsel.
First Horizon Bank, as lender, is represented by:
Justin Sveadas, Esq.
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC
633 Chestnut Street
Suite 1900
Chattanooga, TO 37405-1800
Tel: (423) 209-4184
Fax: (423) 752-9589
Email: jsveadas@bakerdoneIson.com
N. F. INTERNATIONAL: Court OKs Cash Collateral on Final Basis
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, authorized N. F. International Inc. to use cash
collateral on a final basis.
The Debtor requires the use of cash collateral to fund critical
business operations.
Bank of America asserts a first priority security interest in all
accounts of Debtor. UCC Financing Statement filed October 14,
2021.
Itria Ventures LLC/Corporation Service Company as Representative
asserts a second priority interest in all accounts of the Debtor.
UCC Financing Statement filed September 7, 2022.
In accordance with the Budget, the Debtor will pay to BANA an
adequate protection payment in the amount of $3,736 as its June
2023 payment and will increase the payment to $5,736 for its July
2023 payment and will continue to pay this monthly payment to BANA
until further Order of the Court. Payments to BANA will be due on
the 8th of every month until further Order of the Court.
As adequate protection for the cash collateral extended pursuant to
the Final Order, the Secured Parties are granted a valid, attached,
choate, enforceable, perfected, and continuing security interests
in, and liens upon all post-petition assets of the Debtor of the
same character and type, to the same nature, extent, and validity
as the items and encumbrances of the Secured Parties attached to
the Debtors' assets pre-petition. The Secured Parties' security
interests in, and liens upon, the Post-Petition Collateral will
have the same validity as existed between the Secured Parties, the
Debtor, and all other creditors or claimants against the Debtor's
estate on the Petition Date.
The Secured Parties will hold allowed administrative claims under
11 U.S.C. Section 507(b) with respect to the adequate protection
obligations of the Debtor to the extent that the replacement liens
on Post-Petition Collateral do not adequately protect the
diminution in value of the interests of Secured Parties in their
prepetition collateral. Such administrative claims will be junior
and subordinate only to any superpriority claim of the kind ordered
by the Court and specified in 11 U.S.C. Section 364. The
administrative claims will be payable from and have recourse to all
prepetition and postpetition property of the Debtor and all
proceeds thereof.
By July 1, 2023, and on the first day of each month thereafter, the
Debtor:
(A) Will remit to the Trustee the amount of $1,000 to be held in
the Trustee's IOLTA account;
(B) Said funds should be transmitted to the Trustee by wire
transfer or by check;
(C) The parties acknowledge that if the funds are sent via wire,
the Trustee will incur a wire transfer fee of $15 fee with each
wire transfer received and that said amount may be added as an
expense to the Trustee's fee application;
(D) Said funds will be held by the Trustee until such time as an
Order is entered awarding her compensation pursuant to 11 U.S.C.
Section 330 or 331 or until such time as another Order of the Court
directs the use of said funds.
A copy of the order is available at https://urlcurt.com/u?l=Xf0TM3
from PacerMonitor.com.
About N. F. International Inc.
N. F. International Inc. manufactures aromatics and essential oil
products. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-54962) on May 28,
2023. In the petition signed by Nafisa Bijani, CEO, the Debtor
disclosed up to $100,000 in assets and up to $10 million in
liabilities.
Judge Sage M. Sigler oversees the case.
Milton Jones, Esq. represents the Debtor as legal counsel.
NATIONAL MENTOR: Guggenheim SOF Marks $4.3MM Loan at 26% Off
------------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $4,312,346
loan extended to National Mentor Holdings, Inc to market at
$3,203,346 or 74% of the outstanding amount, as of May 31, 2023,
according to Guggenheim SOF'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.
Guggenheim SOF is a participant in a Bank Loan to National Mentor
Holdings, Inc. The loan accrues interest at a rate of 8.95% ((1
Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%), Rate
Floor: 3.75%) per annum. The loan matures on March 2, 2028.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NATIONAL MENTOR: Lord Abbett CB Marks $5.8MM Loan at 48% Off
------------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $5,832,027 loan
extended to National Mentor Holdings, Inc to market at $3,032,654
or 52% of the outstanding amount, as of May 31, 2023, according to
Lord Abbett CB'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.
Lord Abbett CB is a participant in a 2021 Second Term Loan to
National Mentor Holdings, Inc. The loan accrues interest at a rate
of 12.25% (3 mo. USD LIBOR + 7.25%) per annum. The loan matures on
March 2, 2029.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NAUTICAL MARINE: Seeks Cash Collateral Access
---------------------------------------------
Nautical Marine Enterprises, LLC asks the U.S. Bankruptcy Court for
the Middle District of Florida, Tampa Division, for authority to
use cash collateral to fund its operating expenses and costs of
administration in the Chapter 11 case.
The following creditor may claim blanket liens against the Debtor's
assets:
Claimant Claim Amount
Northpoint Commercial Finance LLC $530,804
Centennial Bank $265,000
U.S. Small Business Administration $109,500
Wells Fargo Bank, N.A. $285,506
The Secured Creditors are secured by various personal property,
real estate , cash, and accounts receivable owned by the Debtor.
The Secured Creditor Assets include $22,823 in cash and non
floor-planned inventory having an approximate value of $20,000 as
of August 14, 2023. In addition, Northpoint Commercial Finance,
LLC's claim is secured by $332,529 in floor-planned inventory.
Wells Fargo Bank, N.A.'s claim is also secured by $206,036 in
floor-planned inventory. Finally, Centennial Bank's lien also
extends to real property located at 7211 N. 41 Street, Tampa,
Florida 33604 which is estimated to be worth $428,632. The Cash and
Inventory, Northpoint Collateral, and Wells Fargo Collateral
constitute cash collateral.
As adequate protection for the use of cash collateral, the Debtor
offers the Secured Creditor the following:
a. Post-petition replacement liens on the Secured Creditor
Assets to the same extent, validity, and priority as existed
pre-petition;
b. The right to inspect the Secured Creditor Assets on 48
hours notice, provided that said inspection does not interfere with
the operations of the Debtor; and
c. Copies of monthly financial documents generated in the
ordinary course of business and other information as the Secured
Creditor reasonably requests with respect to the Debtor's
operations.
A copy of the motion is available at https://urlcurt.com/u?l=NrUllP
from PacerMonitor.com.
About Nautical Marine Enterprises, LLC
Nautical Marine Enterprises, LLC provides boat engine repair, boat
upholstery, fiberglass repair, and boat trailer repair services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-03490) on August 14,
2023. In the petition signed by Francisco Ferrer, Jr., manager, the
Debtor disclosed $1,031,820 in total assets and $1,383,423 in total
liabilities.
Buddy D. Ford, Esq., at BUDDY D. FORD, P.A., represents the Debtor
as legal counsel.
NAUTILUS POWER: $728MM Bank Debt Trades at 24% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Nautilus Power LLC
is a borrower were trading in the secondary market around 76.5
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $728.6 million facility is a Term loan that is scheduled to
mature on May 16, 2024. About $11.2 million of the loan is
withdrawn and outstanding.
Nautilus Power, LLC provides utility services. The Company
generates, transmits, and distributes electric energy.
NEEDS LLC: Case Summary & Nine Unsecured Creditors
--------------------------------------------------
Debtor: Needs, LLC
3020 NW 16th Street
Oklahoma City, OK 73107
Business Description: The Debtor operates a grocery store.
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
Eastern District of Oklahoma
Case No.: 23-12223
Debtor's Counsel: Gary D Hammond, Esq.
HAMMOND LAW FIRM
512 N.W. 12th Street
Oklahoma City, OK 73103
Tel: (405) 216-0007
Email: gary@okatty.com
Total Assets: $1,421,006
Total Liabilities: $1,741,620
The petition was signed by Joseph Abbo as owner.
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/TQ2EUUQ/Needs_LLC__okwbke-23-12223__0001.0.pdf?mcid=tGE4TAMA
NEW ERA CAP: S&P Withdraws 'B' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings withdrew all of its ratings on New Era Cap LLC,
including its 'B' issuer credit rating on the company, at the
issuer's request. New Era Cap's existing debt was repaid following
the refinance transaction. S&P's rating outlook on the company was
stable at the time of the withdrawal.
NEWMARK GROUP: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Newmark Group Inc. to
stable from positive and affirmed its 'BB+' issuer credit and
unsecured debt ratings.
The stable outlook reflects S&P's expectation that the company will
operate with net debt to EBITDA of 2x-3x over the next 12 months,
despite pressure from slower CRE activity.
A rapid rise in interest rates has led to an industrywide decline
in commercial real estate (CRE) transactions, resulting in weaker
than expected earnings for Newmark in the first half of 2023.
S&P said, "We no longer expect Newmark's credit metrics will
support an upgrade over the next 12 months. We now expect the
slowdown in CRE transactions will likely persist through most of
2023, leading to weaker than expected earnings for Newmark.
Newmark's adjusted EBITDA was around $190 million in the first half
of 2023, compared with $339 million in the same period last year,
based on our calculations.
The decline in EBITDA was mainly driven by lower fee revenue from
investment sales and commercial mortgage origination, which we
expect to continue in the second half of 2023 and possibly in early
2024. Although elevated capital on the sideline sets the stage for
an ultimate recovery in CRE activities, uncertainty around interest
rates could affect the timing and path of the recovery.
"Newmark's business model relies more on transactional revenue than
most rated peers, in our view, as around 60% of fee revenue was
generated from investment sales and leasing businesses in 2022 and
the first half of 2023. However, we expect Newmark to continue
growing its stable and recurring fee revenue from management
services, which were up about 2% in the first half of 2023.
"We expect Newmark to operate with net debt to EBITDA of 2.0x-3.0x
over the next 12 months. The company's adjusted net debt increased
to around $1.4 billion as of June 30, 2023, from around $1.0
billion a year ago, mainly reflecting higher a drawdown on the
revolving credit facility. As a result, for the rolling 12 months
ended June 30, 2023, Newmark's net debt to adjusted EBITDA
increased to 3.0x, from 1.3x as of June 30, 2022. Our measure of
$1.4 billion net debt includes $550 million senior notes, $225
million revolver drawdown used to fund EBTIDA growth, and $740
million operating lease liabilities ($197 million of which is in
consolidated SPVs related to flexible workspace business with only
$37 million exposure to Newmark), against which we net the
company's surplus cash."
In July 2023, the company repaid $100 million of the outstanding
balance on its revolver with proceeds from redeeming the Real
Estate L.P. joint venture. While the company has implemented
initiatives to reduce its fixed cost base, S&P expects leverage to
stay elevated until CRE transactions recover.
S&P's base-case forecast assumes:
-- Excluding major acquisitions, Newmark's fee revenue will
decline by high-single digits to low-teens in 2023 and increase by
high-single digits to mid-teens in 2024.
-- Adjusted EBITDA margin will remain at the lower end of 20%-25%
in 2023 and improve in 2024, driven by higher investment sales and
leasing revenue.
Newmark is expected to refinance its unsecured notes through the
recently added delayed draw term loan (DDTL). In August 2023, the
company added a senior unsecured DDTL of $420 million (which may be
increased to $550 million subject to certain terms and conditions)
due 2026.
The proceeds will be used to repay the principal and interest
related to its $550 million senior notes due November 2023. The
financial covenants in the DDTL credit agreement are consistent
with the existing revolving credit agreement. S&P believes the
transaction reduced the company's refinancing risk and increased
its financial flexibility.
S&P said, "We continue to expect Newmark to maintain strong
liquidity. As of June 30, 2023, the company had $164 million of
cash on its balance sheet and around $375 million (increased to
$475 million in July 2023) of available capacity on its revolver.
We expect the company to comply with its financial covenants with
adequate cushion.
"The stable outlook reflects our expectation that the company will
likely operate with net debt to EBITDA of 2x-3x over the next 12
months, despite pressure from slower CRE activity. Our outlook also
considers the company's existing market position in CRE services,
strong liquidity, and lack of large debt-funded acquisitions.
"We could lower the ratings over the next 12 months if operating
performance materially weakens such that net debt to EBITDA exceeds
3x on a sustained basis.
"We could raise the rating if we expect net debt to EBITDA to
remain 1.5x-2.0x, and the company meaningfully increases its
recurring revenue streams."
NIKOFAM INC: Court OKs Cash Collateral Access Thru Oct 18
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Eastern Division, authorized Nikofam, Inc. to use cash collateral
on an interim basis in accordance with the budget, through October
18, 2023.
The court ruled that by October 10, 2023, the Debtor file a
reconciliation of budget to actual expenses with monthly totals and
cash balances for the period ending September 30, 2023.
As previously reported by the Troubled Company Reporter, the
Massachusetts Department of Revenue is the Debtor's only secured
creditor. The MDOR is owed approximately $240,000 in unpaid meals
taxes dating back to approximately June 2020.
On April 19, 2023, the MDOR levied upon an execution for unpaid
meals taxes and seized the Debtor's assets, including its
restaurant equipment, food inventory, cash and cash registers. The
Debtor has been locked out if its East Weymouth storefront since
the date of the Tax Seizure.
Prior to the Tax Seizure, the MDOR also seized funds from the
Debtor's operating account on at least two occasions.
The MDOR's enforcement actions precipitated the Debtor's Chapter 11
case.
The Debtor asserted that any cash collateral accessed will be used
solely to maintain business operations, and thus reduce the chance
of any possible diminution in value of the assets. The Debtor
proposed to grant to the MDOR the following as additional adequate
protection:
a. The Debtor will grant to the MDOR a continuing replacement
lien and security interest in the post-petition accounts receivable
generated from operations to the same validity, extent and priority
that it would have had in the absence of the bankruptcy filing;
b. The Debtor will remain within its Budget, within an overall
margin of 10%; and
c. The Debtor will make weekly adequate protection payments to
the MDOR in the amount of $1,500. This amount is intended to
represent principal and interest payments that would be due over 60
months to repay the MDOR, although the allocation of such payments
is reserved for further Court order.
A further hearing on the matter is set for October 17 at 11 a.m.
A copy of the order is available at https://urlcurt.com/u?l=mEcWbw
from PacerMonitor.com.
About Nikofam, Inc.
Nikofam, Inc. owns and operates the Athens Pizza pizzeria. Since
2005 the Restaurant has operated out of its leased storefront in
East Weymouth, Massachusetts.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 23-10719) on May 5, 2023.
In the petition signed by Kiriaki Nikolaidis, president, the Debtor
disclosed up to $500,000 in both assets and liabilities.
Judge Janet E. Bostwick oversees the case.
David B. Madoff, Esq., at Madoff & Khoury LLP, represents the
Debtor as legal counsel.
OKAYSOU CORP: Court OKs Cash Collateral Access on Final Basis
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Riverside Division, authorized Okaysou Corporation to use cash
collateral on a final basis in accordance with its agreement with
Amazon Capital Services, Inc. and Amazon.com Services, LLC.
The Debtor is permitted to use the cash collateral on a final basis
until September 29, 2023, on the terms set forth in the Stipulation
entered on July 24, 2023.
As previously reported by the Troubled Company Reporter, as
adequate protection to ACS, Amazon was granted valid, attached,
choate, enforceable, perfected, and continuing security interests
in, and liens upon, all postpetition assets of the Debtor of the
same character and type, to the same nature, extent, and validity
as the items and encumbrances of Amazon attached to the Debtor's
assets prior to the petition date.
ACS was entitled to deduct $80,381 as adequate protection payments
for its loan from the proceeds of sales conducted through Amazon.
Any sales proceeds in excess of the $80,381 paid to ACS as adequate
protection, and the amounts used as cash collateral, will be paid
to the Debtor by ACS and otherwise segregated by the Debtor
subsequent to further Court order.
After the ACS Loan is paid in full, Amazon will distribute the
proceeds of sales net of fees, expenses and reimbursements and
other charges due under the BSA to the Debtor's bank account as
registered in the Debtor's Seller Account.
A copy of the order is available at https://urlcurt.com/u?l=WOfVgP
from PacerMonitor.com.
About Okaysou Corporation
Okaysou Corporation is engaged in e-commerce sale of air purifiers
and accessories. Most of Okaysou's sales are through Amazon.com and
its websites that are managed though Shopify.com.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11535) on April 17,
2023. In the petition signed by Chief Executive Officer Hao Ma, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Judge Mark Houle oversees the case.
Vahe Khojayan, Esq., at YK LAW, LLP, represents the Debtor as legal
counsel.
PACIFIC BEND: Unsecureds Owed $7M to be Paid in Full in Plan
------------------------------------------------------------
Pacific Bend, Inc., submitted a First Amended Disclosure Statement
describing Plan of Reorganization.
The Plan is a reorganization plan, meaning that the Debtor intends
to stay in business and pay its creditors as described in the Plan.
The Plan will be funded by the Debtor's Equity Interest holders.
On or about June 16, 2023, Debtor filed an objection to the Big Dog
Properties, LLC Claim based on the alleged requirements contract.
On June 30, 2023, Big Dog amended its proof of claim so the
objection to the original proof of claim became moot. On July 5,
2023, Big Dog filed an opposition to the objection. On July 11,
2023, Debtor filed a voluntary dismissal of the claim objection on
July 11, 2023.
Class 1A consists of the Secured Claim of Performance Steel Inc.
Proof of Claim Total $3,087,713.20 plus an unknown amount for
damages related to the alleged requirements contract. The Allowed
Secured Claim in this Class has been paid in part pursuant to the
terms of its Payoff Agreement. To the extent the Proof of Claim for
this Secured Claim is not withdrawn or otherwise resolved, it is a
Disputed Claim and subject to the Claims Dispute Resolution
Process. Disputed Claims that later become Allowed Secured Claims
will be paid in full on the effective date.
Class 3 General Unsecured Claims total $7,424,479.44 and are
unimpaired. Allowed unsecured claims in this Class will be paid in
full, in Cash, on the Effective Date, with interest at the
applicable federal rate of interest in effect on the Effective Date
from the Petition Date until paid. The claims in this class will
be paid in full, in Cash, on the Effective Date.
To the extent the claims are otherwise disputed in part or whole,
the amount of any undisputed portion will be paid, in cash on the
Effective Date. The amount of any disputed portion will be held in
the Claims Reserve until the dispute is resolved pursuant to the
Claims Dispute Resolution Process. Disputed Claims that later
become Allowed Secured Claims will be paid in full on the later of:
(a) the Effective Date; or (b) the fifth Business Day after the
Claim becomes Allowed.
Class 5 consists of all customers of Debtor that may hold the
warranty of Debtor's products and/or other liability resulting from
Debtor's sale of products to these creditors. Debtor is unaware of
any such claims. To the extent such claims exist, Debtor has
insurance to cover these claims and the creditors shall receive
applicable insurance proceeds for any claims that may arise in this
Class.
The Plan is a reorganization Plan.The Plan will be funded by a Cash
contribution five days before the effective date by the Debtor's
Equity Interests holders. Based on the total claims, including
Disputed Claims, the total amount Impact 3-7-77, LLC will have
available on or before the Confirmation Date is at least
$11,492,094. To account for the unknown claim amounts that may be
higher than those listed in the Plan, Impact 3-7-77, LLC will have
at least $14,000,000 available but can obtain more if necessary.
Debtor will bring a motion to determine the amount of the Disputed
Claims Reserve prior to the Plan confirmation hearing. All amounts
paid by Impact 3-7-77 to fund the Plan will be in the form of
unsecured lending to Debtor. Repayment will be according to these
agreements between Impact 3-7-77 and Debtor. Under these
agreements, Debtor will pay Impact 3-7-77 when and as funds become
available, subject to further agreement between the parties.
A full-text copy of the First Amended Disclosure Statement dated
August 15, 2023 is available at https://urlcurt.com/u?l=G1SG3i from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
David R. Haberbush, Esq.
Vanessa M. Haberbush, Esq.
Lane K. Bogard, Esq.
HABERBUSH, LLP
444 West Ocean Boulevard, Suite 1400
Long Beach, CA 90802
Telephone: (562) 435-3456
Facsimile: (562) 435-6335
E-mail: dhaberbush@lbinsolvency.com
About Pacific Bend
Pacific Bend, Inc., is a manufacturer of pallet racking in Hemet,
Calif.
Pacific Bend sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-10761) on Feb. 28, 2023, with
up to $50 million in both assets and liabilities. Darlene Barios,
president and chief executive officer of Pacific Bend, signed the
petition.
Judge Wayne Johnson oversees the case.
The Debtor tapped Vanessa M. Haberbush, Esq., at Haberbush, LLP, as
legal counsel and Wilson Ivanova Certified Public Accountants,
Inc., APAC, as accountant.
PACKERS HOLDINGS: Guggenheim SOF Marks $6.3MM Loan at 19% Off
-------------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $6,305,603
loan extended to Packers Holdings LLC to market at $5,109,808 or
81% of the outstanding amount, as of May 31, 2023, according to
Guggenheim SOF'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.
Guggenheim SOF is a participant in a Bank Loan to Packers Holdings
LLC. The loan accrues interest at a rate of 8.42% (1 Month Term
SOFR + 3.25%, Rate Floor: 3.25%)per annum. The loan matures on
March 9, 2028.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
Packers Holdings, LLC, known as PSSI, founded in 1972 and
headquartered in Kieler, Wisconsin, is a provider of contract
sanitation services to the food processing industry in the U.S. and
Canada.
PARADOX RESOURCES: Committee Taps Gray Reed as Legal Counsel
------------------------------------------------------------
The official committee of unsecured creditors of Paradox Resources,
LLC and its affiliates seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Gray Reed as its
legal counsel.
The firm's services include:
(a) Advising the committee of its powers and duties under the
Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local
Rules;
(b) Assisting the committee in its consultation with the Debtors
relative to the administration of the Debtors' Chapter 11 cases;
(c) Attending meetings and negotiating with representatives of
the Debtors and other parties involved in their bankruptcy cases;
(d) Assisting the committee in its examination and analysis of
the conduct of the Debtors' affairs;
(e) Assisting the committee in connection with any sale of the
Debtors' assets;
(f) Assisting the committee in the review, analysis and
negotiation of any Chapter 11 plan of reorganization or liquidation
that may be filed;
(g) Taking all necessary actions to protect and preserve the
interests of the committee, including possible prosecution of
actions on its behalf, negotiations concerning all litigation in
which the Debtors are involved, and review and analysis of claims
filed against the Debtors' estates;
(h) Preparing legal papers;
(i) Appearing before the bankruptcy court, the appellate courts
and the Office of the U.S. Trustee; and
(j) Other necessary legal services.
The firm will be paid at these rates:
Attorneys $525 to $955 per hour
Paraprofessionals $75 to $310 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Jason Brookner, Esq., a partner at Gray Reed, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Brookner disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Not applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The firm expects to develop a prospective budget and
staffing plan to reasonably comply with the U.S. trustee's request
for information and additional disclosures, to which Gray Reed
reserves all rights.
The firm can be reached through:
Jason S. Brookner, Esq.
Gray Reed
1601 Elm Street, Suite 4600
Dallas, TX 75201
Tel: (214) 954-4135
Fax: (214) 953-1332
Email: jbrookner@grayreed.com
About Paradox Resources
Paradox Resources, LLC is a Houston-based integrated energy company
that now owns multiple producing oil and gas fields.
Paradox Resources and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90558) on May 22, 2023. In the petition signed by its chief
executive officer, Todd A. Brooks, Paradox Resources disclosed $50
million to $100 million in both assets and liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Okin Adams Bartlett Curry, LLP as legal counsel;
Stout Risius Ross, LLC as restructuring advisor; and Donlin, Recano
& Co., Inc. as notice, claims and balloting agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Gray Reed and Ankura Consulting Group, LLC serve as the
committee's
legal counsel and financial advisor, respectively.
PATHWAY VET: Lord Abbett CB Marks $11.4MM Loan at 15% Off
---------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $11,451,060 loan
extended to Pathway Vet Alliance LLC to market at $9,701,223 or 85%
of the outstanding amount, as of May 31, 2023, according to Lord
Abbett CB'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.
Lord Abbett Corporate Bond Fund is a participant in a 2021 Term
Loan to Pathway Vet Alliance LLC. The loan accrues interest at a
rate of 8.90% per annum. The loan matures on March 31, 2027.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
Headquartered in Austin, Texas Pathway Vet Alliance, LLC is a
national veterinary hospital consolidator, offering a full range of
medical products and services, and operating over 280 general,
specialty and emergency practice locations, 88 THRIVE Affordable
Vet Care locations, and the Management Services Organization,
Veterinary Growth Partners, which supports over 5,500 affiliated
and unaffiliated member hospitals, throughout the United Sates.
POWER STOP: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from negative
and affirmed its 'CCC+' issuer credit rating on aftermarket brake
kit supplier Power Stop LLC.
At the same time, S&P affirmed its 'CCC+' issue level rating and
'3' recovery rating on the company's senior secured debt.
The positive outlook reflects that Power Stop improved its
liquidity position and that S&P could upgrade it over the next 12
months if the company's sales volumes continue to recover, shipping
container costs stabilize, and it can better manage inventory
levels to sustainably generate positive FOCF.
S&P said, "Power Stop's sales, margins, and liquidity position have
improved, and we now expect it to reduce leverage and generate free
cash flow. Power Stop's sales and EBITDA increased during the first
half of 2023 compared to the prior year as its unit volumes grew
and shipping container freight costs fell; this led to better
operating leverage and margins. Although weaker consumer demand
could impair its credit metrics over the next 18 months, the
company should have easier comparisons in the back half of 2023,
and we now expect revenue growth of 7.5% this year. Given the much
stronger margins in the first half, we also expect EBITDA margins
to increase toward the mid- to high-teen percent range compared to
near 10% in 2022. Margin recovered from a trough in 2022, largely
attributable to a reduction in freight costs and a mix shift to
higher margin products.
"The increase in profitability combined with better inventory
management has translated into Power Stop generating positive FOCF
during the first half of 2023, which we forecast will continue
through year end and support reducing leverage to 8x from above 10x
in 2022.
"While we forecast performance to continue improving, we also
recognize that macroeconomic uncertainties linger, particularly
with respect to elevated inflation and higher benchmark interest
rates that could pressure discretionary consumer demand and the
company's free cash flows. So far, the company has been able to
restructure its business to focus on profitable channels and manage
working capital to preserve liquidity.
"The company's liquidity position improved by the end of its second
quarter in 2023, with balance sheet cash and revolver availability
exceeding $50 million and no near-term debt maturities. In addition
to maintaining adequate sources of liquidity, the company had
better covenant headroom under its springing 9x first-lien net
leverage test. However, we continue to view the long lead time
between its product fabrication in China and ultimate delivery to
U.S. consumers as an inherent risk that can cause wider swings in
working capital should sales fall much more than the company
forecasts. While the company is not capital intensive, large builds
in inventory could quickly reduce the company's modest liquidity
position.
"The positive outlook for Power Stop reflects the improved
liquidity position and a chance that we can upgrade it over the
next 12 months if the company's sales volumes continue to recover,
shipping container costs stabilize, and it can better manage
inventory levels to sustainably generate positive FOCF."
S&P could lower its rating or revise the outlook to negative on
Power Stop over the next 12 months if:
-- Sales volumes and EBITDA margins track below S&P's base case
expectations, leading to persistent cash burn;
-- Liquidity deteriorates due to working capital use or increased
interest burden; or
-- S&P expects an increased likelihood of the company engaging in
a distressed restructuring, which we would consider tantamount to a
default.
S&P could upgrade Power Stop if:
-- The company sustainably generates positive FOCF and maintains
adequate sources of liquidity; and
-- Sales volumes and working capital stabilize at improved levels,
which leads to lower leverage and further positive FOCF
generation.
PROPEL SCHOOLS: S&P Affirms 'BB+' Rating on 2013 Revenue Bonds
--------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' rating on Allegheny County Industrial
Development Authority, Pa.'s series 2013 charter school revenue
bonds, issued on behalf of School Facilities Development Inc. (SFD)
for Propel Schools-Braddock Hills.
S&P said, "The outlook revision reflects our view of the reduced
charter authorization risk with the recent full five-year renewal
of Propel-Braddock Hills' charter contract by its authorizer, the
Woodland Hills School District. Previously, the school had been
operating on an expired charter agreement since 2015. "Although we
understand charter schools are allowed to operate on an unsigned or
unresolved contract under commonwealth statute, we view the
resolution of the charter renewal positively and continue to
monitor the relationship between the school and its authorizer for
further signs of improvement," said S&P Global Ratings credit
analyst Jesse Brady.
"The rating reflects our view of the Propel network's
knowledgeable, capable, and stable management team, with a history
of conservative budgeting practices and strong budget management,
and healthy lease-adjusted MADS coverage in recent years, with
expectations that coverage will moderate but remain good for the
rating in the near term relative to a strong fiscal 2021 and 2022.
"The stable outlook reflects our expectation that the school will
sustain steady demand and enrollment levels, supporting positive
operations and good lease-adjusted MADS coverage, and will sustain
sufficient liquidity for the rating.
"We could take a negative rating action if the school's financial
performance deteriorates because of funding or cost pressures,
though management projects stable operations for fiscal years 2023
and 2024. While it is our understanding that charter revocation is
unlikely, we could also lower the rating if any Propel charters are
revoked, weakening the credit profile of the combined Propel
network.
"We could take a positive rating action if the network continues to
demonstrate improvement on successful and timely charter renewals,
which we believe would indicate an overall improvement in its
working relationship with its various authorizers strengthening its
overall enterprise profile. A positive rating action would also
hinge on Propel's ability to continue generating positive
operations and sufficient lease-adjusted MADS coverage, while
strengthening its cash and liquidity profile to levels commensurate
with a higher rating."
PROPPANT TECH: Taps Lain Faulkner & Co. as Forensic Accountant
--------------------------------------------------------------
Proppant Tech Services, LLC and NA Land Investments, LLC seek
approval from the U.S. Bankruptcy Court for the Western District of
Texas to employ Lain Faulkner & Co., P.C. as forensic accountant.
The firm's services include:
(a) Analysis of bank statements and other supporting
documentation involving all transfers made by the Debtors to IPE
Aggregate, LLC in the prior two years;
(b) Assistance in the evaluation of avoidance actions, including
fraudulent conveyances and preferential transfers;
(c) Preparation of expert reports regarding analysis of
fraudulent conveyances and preferential transfers;
(d) Attendance at meetings and assistance in discussions with
the Debtors, banks, other secured lenders, the U.S. trustee and
other parties involved in the Debtors' Chapter 11 cases; and
(e) Render other general business consulting services.
The firm will be paid at these rates:
Director $400 to $530 per hour
Accounting Professionals $220 to $325 per hour
IT Professionals $290 per hour
Staff Accountants $180 to $265 per hour
Supporting Personnel $95 to $125 per hour
As disclosed in court filings, Lain, Faulkner & Co. is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Brian Crisp
Lain, Faulkner & Co., P.C.
400 N. St. Paul, Suite 600
Dallas, TX 75201
Tel: (214) 720-1929
About Proppant Tech Services
Proppant Tech Services, LLC is a sand mining business in San
Antonio, Texas, that produces and sells special silica sands,
otherwise known as "frac sand." The frac sand, which is produced
through the wet sand method, is sold to oil and gas businesses
engaged in hydraulic fracturing or "fracking."
Proppant Tech Services and its affiliate, NA Land Investments, LLC,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Texas Lead Case No. 23-50734) on June 11, 2023.
Anirban Haldar, member, signed the petitions.
Proppant Tech Services had $8,622,400 in assets and $8,770,018 in
liabilities as of March 31, 2023, while NA Land Investments had
$2,011,340 in assets and $1,892,921 in liabilities as of June 10,
2023.
The Debtors tapped Brandon J. Tittle, Esq., at Glast, Phillips and
Murray, PC as legal counsel; Lain Faulkner & Co., P.C. as forensic
accountant; and Lane Gorman Trubitt, LLC as financial advisor.
Christopher Lang, a partner at Lane Gorman Trubitt, serves as the
Debtors' chief restructuring officer.
RACKSPACE TECHNOLOGY: S&P Upgrades ICR to 'CCC+', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings raised our issuer credit rating on Rackspace
Technology Global Inc. to 'CCC+' from 'SD' (selective default).
S&P said, "We also raised our ratings on the unsecured notes to
'CCC-' from 'D' and affirmed our 'CCC+' ratings on the company's
senior secured debt. Our recovery ratings on this debt are
unchanged.
"The negative outlook reflects the risk of lower ratings if
declining revenue and profitability trends persist with only
limited free operating cash flow (FOCF) improvements such that
liquidity appears insufficient to repay debt or if we believe the
company could pursue more below par debt repurchases."
Rackspace's capital structure remains unsustainable and until
performance improves, there will continue to be potential for
additional below-par debt repurchases. Rackspace is estimated to
have roughly $3.1 billion of outstanding debt principal, including
$2.25 billion on its term loan facility, $550 million on its 3.50%
senior secured notes, and $328 million on its 5.375% senior notes,
with an additional $50 million borrowed under its $375 million
revolving credit facility. S&P said, "Despite lower principal after
the open market repurchases, we still estimate Rackspace's leverage
to be above 10x, which we consider unsustainable. Even with reduced
interest requirements, ample liquidity, and no near-term
maturities, all of the debt continues to trade at deep discounts.
At these secondary trading levels and with management's appetite to
pursue additional opportunistic below-par repurchases, we see an
ongoing risk over the next 12 months, particularly if performance
stalls or continues to deteriorate."
S&P said, "Our forecast does not envision a liquidity shortfall or
involuntary default occurring within the next 18 months. We have
updated our forecast to incorporate the company's performance in
the second quarter of fiscal 2023 (which was above the high end of
its guidance), the impact of debt buybacks, Q3 guidance from the
company which underscores expectations for positive FOCF and
sequential improvement over the second quarter, as well as our own
projections. We are modeling revenue declines of about 7% in 2023
and 2.5% in 2024, S&P Global Ratings'-adjusted EBITDA margins of
around 10.4% and 13.6% respectively, and reported free cash flow
around break even in 2023 and $140 million in 2024. Even though
these metrics are weaker than what we previously contemplated in
May, at this trajectory, we don't envision a liquidity shortfall or
payment default in the near term."
Rackspace's recent restructuring strategy remains subject to high
execution risk. Rackspace revealed its plans to split its business
into two primary units, public cloud and private cloud, at the
beginning of 2023. S&P said, "While the move was aimed at
capitalizing on the unique competitive advantages of each division
and enhancing long-term growth prospects and profitability, we
believe this may have at least initially caused disruptions and
uncertainties for customers. Margins have come under pressure due
to the transition from resale to higher-margin services(public
cloud) and a decline in managed hosting and OpenStack businesses,
which are highly profitable. Still, the company intends for this to
be a longer term strategy, and we understand Rackspace is already
seeing growth in its sales pipeline and an uptick in private cloud
bookings. Considering it is early stages and that it will take time
for these booking to convert revenue, we anticipate operating
performance will remain constrained for at least the next few
quarters." Furthermore, the economic environment will likely limit
demand and elongate sales cycles, adding to the execution risk.
Despite these challenges, second-quarter performance was largely
consistent with management's previous guidance.
Cash balances and access to undrawn lines of credit provide a
sufficient buffer to fund required cash outlays for at least the
next year. Rackspace's cash balance as of June 30, 2023, and pro
forma for its unsecured note repurchases made in July is estimated
to be around $140 million, which is lower than the previous year's
balance of $228 million. However, this mainly reflects the
company's voluntary debt repurchases as it generated positive
levels of free cash flow over the first six months of the fiscal
year. Rackspace also has roughly $325 million available under its
revolving credit facility, but is not expected to require
incremental borrowings under it. Even if it needed to tap the
facility, the company would have access to at least $80 million
before testing its springing covenant during the year.
The negative outlook reflects the risk of lower ratings if
declining revenue and profitability trends persist with only
limited FOCF improvements such that liquidity appears insufficient
to reduce debt or if S&P believes the company could pursue more
below par debt repurchases.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of the company, as is
the case for most rated entities owned by private-equity sponsors.
We believe Rackspace's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."
RADIATE HOLDCO: Lord Abbett CB Marks $13MM Loan at 17% Off
----------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $13,173,737 loan
extended to Radiate Holdco LLC to market at $10,979,849 or 83% of
the outstanding amount, as of May 31, 2023, according to Lord
Abbett CB'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.
Lord Abbett CB is a participant in a 2021 Term Loan B to Radiate
Holdco LLC. The loan accrues interest at a rate of 8.40% per annum.
The loan matures on September 25, 2026.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
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.
RADIOLOGY PARTNERS: $1.64BB Bank Debt Trades at 24% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Radiology Partners
Inc is a borrower were trading in the secondary market around 76.1
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.64 billion facility is a Term loan that is scheduled to
mature on July 9, 2025. The amount is fully drawn and
outstanding.
Radiology Partners, Inc. operates as a health care testing center.
The Company offers diagnostic and interventional radiology services
by local radiologists. Radiology Partners serves customers in the
United States.
RETROVISION LLC: Case Summary & Five Unsecured Creditors
--------------------------------------------------------
Debtor: Retrovision, LLC
3424 W. Wisconsin Ave.
Milwaukee, WI 53208
Business Description: Retrovision is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
Eastern District of Wisconsin
Case No.: 23-23769
Judge: Hon. Beth E. Hanan
Debtor's Counsel: Evan P. Schmit, Esq.
KERKMAN & DUNN
839 N. Jefferson St., Ste. 400
Milwaukee, WI 53202-3744
Tel: 414-277-8200
Email: eschmit@kerkmandunn.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Brian R. Teclaw as manager.
A copy of the Debtor's list of five unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/7J3W5OQ/Retrovision_LLC__wiebke-23-23769__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/7BCW5LQ/Retrovision_LLC__wiebke-23-23769__0001.0.pdf?mcid=tGE4TAMA
RIHH LLC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: RIHH, LLC
DBA PFSP
DBA PFSP Specialty Pharmacy
398 W. Grand Avenue
Rahway, NJ 07065
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-17209
Debtor's Counsel: E. Richard Dressel, Esq.
LEX NOVA LAW, LLC
10 E. Stow Road
Suite 250
Marlton, NJ 08053
Tel: 856-382-8211
Fax: 856.406.7398
Email: rdressel@lexnovalaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Fabian A. Herrera 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/JPNKKKY/RIHH_LLC__njbke-23-17209__0001.0.pdf?mcid=tGE4TAMA
RODAN & FIELDS: $600MM Bank Debt Trades at 64% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Rodan & Fields LLC
is a borrower were trading in the secondary market around 36.5
cents-on-the-dollar during the week ended Friday, August 18, 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.
SEMRAD LAW: Amends Plan to Include Other Secured Claims Details
---------------------------------------------------------------
The Semrad Law Firm, LLC submitted a Subchapter V First Amended
Plan of Reorganization dated August 14, 2023.
Under the Plan, the Debtor will devote all of its projected
Disposable Income toward the payment of Creditors. The Plan will be
funded with the funds that are not for the payment of expenditures
necessary for the continuation, preservation, or operation of the
business of the Debtor.
The Plan provides for payment of Administrative Expenses, Priority
Tax Claims, and Allowed Secured Claims in accordance with the
Bankruptcy Code, and projects payment to Allowed General Unsecured
Claims. Furthermore, Holders of Equity Interests will retain their
Equity Interests as they existed on the Commencement Date.
Additionally, a Plan Administrator will be appointed pursuant to
the terms of this Plan. The Plan Administrator will primarily be
responsible for: (1) distributing the Plan Administrator Assets to
make distributions pursuant to this Plan; and (2) investigating and
prosecuting all Causes of Action, including Causes of Action
against Insiders, objecting to Claims, and resolving Disputed
Claims.
As of the Petition Date, and as noted in the Final Cash Collateral
Order, the Debtor has approximately $3,133,066.71 in secured debt
owed to Old National Bank, which holds security interests in and
liens (the "Old National's Liens") on substantially all of the
Debtor's assets. On July 5, 2023, Old National sent a letter to
Robert, seeking to enforce the guaranty that Robert provided on the
Debtor's obligations to Old National ("Robert's Guaranty").
In addition to the secured debt owed to Old National, the Debtor
has approximately $397,258.42 in secured debt owed to other
creditors, mostly related to car loans and holders of security
deposits. The Plan Administrator will be charged with reconciling
such Claims and determining whether such Claims stand as Allowed
Secured Claims.
Class 1 consists of Old National's Secured Claim. Payment in full
from the Plan Administrator Assets by quarterly installments over a
period of 60 months commencing in Q4 2025 and equaling $100,000.00
plus amounts totaling 25% of excess Disposable Income, with
consistent interest payments starting Q4 2023, provided, further,
that if Old National votes to accept the Plan, Old National's lien
shall remain in effect until all payments are made to Old National
as described herein despite the discharge provisions set forth in
this Plan.
Class 2 consists of Other Secured Claims. Depending on the
applicable Allowed Secured Claim, each Holder shall receive: (1)
reinstatement of the subject Allowed Secured Claim; or (2) value
that leaves such Allowed Secured Claim otherwise unimpaired.
Class 3 consists of General Unsecured Claims. Pro rata payment from
the Plan Administrator Assets in quarterly installments from
Disposable Income commencing in Q1 2028 and ending on the Last
Distribution Date.
The Plan will be funded by the proceeds realized from the
operations of the Debtor. On Confirmation of the Plan, all property
of the Debtor, tangible and intangible, including, without
limitation, will revert, free and clear of all Claims and Equitable
Interests except as provided in the Plan, to the Debtor.
Additionally, subject to the terms set forth in Article 3 of this
Plan, the Plan Administrator shall act for the Reorganized Debtor
in the same fiduciary capacity as applicable to a board of
managers, directors, and officers (and all certificates of
formation, membership agreements, and related documents are deemed
amended by the Plan to permit and authorize the same).
A full-text copy of the First Amended Plan dated August 14, 2023 is
available at https://urlcurt.com/u?l=FbzFRT from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Joseph C. Barsalona II, Esq.
Pashman Stein Walder Hayden, P.C.
1007 North Orange Street, 4th Floor, Suite 183
Wilmington, DE 19801-1242
Telephone: (302) 592-6496
Email: jbarsalona@pashmanstein.com
About Semrad Law Firm
Semrad Law Firm, LLC, is a debt relief agency, a bankruptcy law
firm offering legal relief to families struggling with debt.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10512) on April 26,
2023. In the petition signed by Patrick Semrad, manager, the Debtor
disclosed $8,267,344 in assets and $7,809,414 in liabilities.
Judge John T. Dorsey oversees the case.
Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, PC,
is the Debtor's legal counsel.
SHO HOLDING I: Guggenheim SOF Marks $1.9MM Loan at 30% Off
----------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $1,925,650
loan extended to SHO Holding I Corp to market at $1,347,955 or 70%
of the outstanding amount, as of May 31, 2023, according to
Guggenheim SOF'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.
Guggenheim SOF is a participant in a Bank Loan to SHO Holding I
Corp. The loan accrues interest at a rate of 10.52% (3 Month USD
LIBOR + 5.25%, Rate Floor: 6.25%) per annum. The loan matures on
April 26, 2024.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. Guggenheim SOF is registered
as a diversified, closed-end management investment company under
the Investment Company Act of 1940, as amended.
SHO Holding I Corp operates as a holding company. The Company,
through its subsidiaries, designs and manufactures athletic and
non-athletic footwear products.
SKINNY & CO: Court OKs Cash Collateral Access Thru Oct 7
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana,
Indianapolis Division, authorized Skinny & Co. Inc. to use cash
collateral on an interim basis through October 7, 2023.
The Debtor is permitted to use cash collateral to pay the limited,
ordinary and necessary expenses of operating the Debtor's
business.
The Debtor will pay when due, all taxes, insurance, assessments and
governmental and other charges accrued post-petition, including any
and all federal and state withholding taxes, and will provide to
the SBA and Breakout, on request, copies of depository receipts or
other satisfactory evidence of the same.
Unless extended by the Court upon the parties' written agreement,
the Debtor's access to cash collateral will immediately terminate
on the earlier to occur of:
(a) the date on which the SBA or Breakout provides, via
facsimile or overnight mail, written notice to the Debtor and the
Debtor's counsel of the occurrence of an Event of Default and the
expiration of a 14-day cure period; or
(b) October 7, 2023.
To the extent the SBA or Breakout has valid, enforceable,
perfected, and unavoidable prepetition liens on or security
interests in the cash collateral used by the Debtor, the SBA or
Breakout is granted replacement liens, to the extent the cash
collateral suffers a diminution in value, with such replacement
liens attaching to cash collateral generated post-petition by the
Debtor, to the same extent, validity and priority as the
prepetition liens.
In accordance with 11 U.S.C. section 507(b), the SBA and Breakout
will have allowed superpriority administrative expenses to the
extent that the replacement liens do not adequately protect them
against the diminution in value of their collateral.
A final hearing on the matter is set for October 5, 2023 at 2:30
p.m.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=OyjNKt from PacerMonitor.com.
The Debtor projects total payable costs and expenses, on a weekly
basis, as follows:
$240 for the week ending August 26, 2023;
$50 for the week ending September 2, 2023;
$0 for the week ending September 9, 2023;
$59 for the week ending September 16, 2023;
$240 for the week ending September 23, 2023; and
$50 for the week ending September 30, 2023.
About Skinny & Co.
Skinny & Co. is a skincare company offering chemical-free products
for skin, hair, and body.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-01410) on April 7,
2023. In the petition signed by Luke Geddie, president, the Debtor
disclosed $390,275 in assets and $2.954 million in liabilities.
Judge Jeffrey J. Graham oversees the case.
Wendy Brewer, Esq., at Fultz Maddox Dickens, PLC, represents the
Debtor as legal counsel.
SOUL HEAVEN: D. Parker Sweet Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Bankruptcy Administrator for the Southern District of
Alabama appointed D. Parker Sweet as Subchapter V trustee for Soul
Heaven Cafe, LLC.
About Soul Heaven Café
Soul Heaven Cafe, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 23-11742) on
Aug. 3, 2023, with as much as $50,000 in assets and $50,001 to
$100,000 in liabilities.
Judge Jerry C. Oldshue oversees the case.
Frances Hoit Hollinger, Esq., at Frances Hoit Hollinger, LLC
represents the Debtor as legal counsel.
SOUTHWESTERN ENERGY: Fitch Affirms BB+ LongTerm IDR, Outlook Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed Southwestern Energy Company's Long-Term
Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the
company's senior secured revolver at 'BBB-'/'RR1' and senior
unsecured notes at 'BB+'/'RR4'. The Rating Outlook remains
Positive.
Southwestern's ratings are supported by its production scale,
expectation of material FCF generation at current Strip prices,
current debt reduction efforts, strong exposure to liquified
natural gas plants (LNG) through its Haynesville operations, solid
hedging program, and ample liquidity. This is partially offset by
volatile natural gas prices, increasing differentials in the
Appalachian basin, and inflationary pressures on drilling and
completion costs which are moderating.
The Positive Outlook reflects Fitch's belief the company will
continue to reduce debt until it meets its goal of gross debt of
$3.5 billion.
KEY RATING DRIVERS
Expected Material Debt Reduction: Southwestern's gross debt target
of $3.5 billion should allow the company to maintain EBITDA
leverage below 2.0x under Fitch's long-term natural gas price
assumption of $2.75, which is consistent with investment grade
metrics. At Fitch's price deck, the company should generate
sufficient FCF to meet the target debt level by around the end of
2024. The company prepaid the Term Loan B debt with cash at
year-end 2022 and prepaid the entirety of the 7.75% senior notes
due 2027 in 1Q23 with $316 million of cash and $134 million of
revolver borrowings.
Marcellus and Haynesville Exposure: Southwestern is the largest
producer in the Haynesville and has strong exposure to the growing
LNG market, which is benefiting from higher exports to Europe and
Asia. Southwestern's acquisitions have allowed for scale in the
basin, which should have a positive impact on overall costs. In
addition, the basin could be a source of future production growth.
The company is the largest LNG supplier in the country and
currently sends approximately 1.5 billion cubic feet per day
(bcf/d) to existing LNG operators.
Fitch believes the Appalachian acreage continues to deliver
favorable operational results and believes development spending in
its liquids-weighted region combined with higher NGL prices should
help support netbacks. Widening differentials and takeaway capacity
remain long-term concerns for Appalachian operators. Netbacks in
Appalachia are typically lower than operators in the Haynesville.
Debt Reduction Prioritized: Southwestern has reiterated that debt
reduction remains the highest priority until it reaches its goal of
gross debt of $3.5 billion. The company announced a $1 billion
stock repurchase program in 2022, although the pace and timing of
that program will likely be determined by FCF. Fitch believes that
meaningful stock repurchases will not occur until the company
reaches its debt reduction target.
Hedge Program Remains Robust: The company maintains a strong hedge
policy, which decreases cashflow volatility. Southwestern has
hedged 70% of projected 2023 natural gas production at an average
price of $3.05 per thousand cubic feet of natural gas (mcf), 42% of
projected 2024 production at an average price of $3.49/mcf, and 12%
of projected 2025 natural gas production at an average price of
$3.65/mcf. Fitch believes that as debt reduction efforts continue,
the percentage of hedged production is likely to move lower,
although this should not have a material impact on the credit.
There was a timing mismatch between the closing of hedge contracts
with the receipt of cash from the production sold, which could
drive large working capital usage during periods of volatility
coupled with high commodity prices. Although this is a timing issue
and has no impact on profitability, the required revolver draws
could have an impact on liquidity and the timing of overall debt
reduction. Fitch believes liquidity is adequate to meet these
swings. Furthermore, Southwestern has synchronized the settling of
new gas hedges with the receipt of cash from production sold,
although there are still legacy hedges that continue to present the
timing mismatch.
DERIVATION SUMMARY
Southwestern is one of the largest U.S. natural gas E&P companies
at approximately 4.6 billion cubic feet of natural gas equivalent
per day (bcfe/d) as of March 31, 2023, which is larger than Antero
Resources (AR: BBB-/Stable) at 3.3 bcfe/d, CNX Resources (CNX:
BB+/Stable) at 1.5 bcfe/d, and Chesapeake Energy Corporation (CHK:
BB+/Positive) at 4.1 bcfe/d, but below EQT Corporation (EQT;
BBB-/Stable) at 5.1bcfe/d.
Fitch estimates 2023 EBITDA leverage at 1.7x, which is lower than
CNX (2.0x), but higher than AR (0.8x), CHK (0.8x) and EQT (1.5x)
based on Fitch's current price deck. Fitch calculated unhedged
netbacks for 1Q23 production for Southwestern at $2.1/mcfe are
towards the mid point of the range of its peers which range from
$1.4/mcfe for AR to $2.6/mcfe for EQT.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within The Rating Case for the Issuer:
-- WTI oil price of $75/barrel (bbl) in 2023, $70/bbl in 2024,
$65/bbl in 2025, and $60/bbl in 2026;
-- Henry Hub natural gas price of $3.00/thousand cubic feet (mcf)
in 2023, $3.50/mcf in 2024, $3.00/mcf in 2025 and $2.75 in the
long term;
-- Low single digit production declines in 2023 and 2024 and low
single digit increases in out years;
-- Liquids mix of 13%-14% over the forecast horizon;
-- Annual Capex of approximately $2.0 billion throughout forecast
period;
-- FCF is used to reduce debt until the $3.5 billion gross debt
target is reached. No assumptions made for dividends,
acquisitions, or divestitures.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Further debt reduction beyond the $3.5 billion gross debt
target;
-- Mid-cycle EBITDA leverage approaching 1.5x on a sustained
basis;
-- Improvement in netbacks relative to peers.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Mid-cycle EBITDA leverage above 2.0x on a sustained basis;
-- Change in stated financial policy that leads to weaker credit
metrics;
-- Weakening in differential trends and the unit cost profile.
LIQUIDITY AND DEBT STRUCTURE
Ample Liquidity: Southwestern's liquidity consists of $25 million
of cash on hand and a $2.0 billion secured credit facility with
availability of $1.7 billion after $310 million drawn and $25
million in letters of credit as of June 30, 2023. The borrowing
base is $3.5 billion and elected commitments are $2.0 billion. The
revolver matures in April 2027.
The next material bond maturity is in 2025 of approximately $389
million. Southwestern paid off a 2027 maturity in 2023. Fitch
anticipates FCF will be used to reduce outstanding revolver
borrowings in the near term.
ISSUER PROFILE
Southwestern Energy is an independent energy company engaged in
exploration and development of, principally, natural gas. E&P
operations are primarily comprised of Northeast Appalachia in
Pennsylvania (dry gas), Southwest Appalachia in West Virginia (wet
gas), and the Haynesville Basin in Louisiana.
ESG CONSIDERATIONS
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.
SP PF BUYER: Guggenheim SOF Marks $5.8MM Loan at 36% Off
--------------------------------------------------------
Guggenheim Strategic Opportunities Fund has marked its $5,811,971
loan extended to SP PF Buyer LLC to market at $3,719,662 or 64% of
the outstanding amount, as of May 31, 2023, according to Guggenheim
SOF'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.
Guggenheim SOF is a participant in a Bank Loan (1 Month USD LIBOR +
4.50%, Rate Floor: 4.50%) to SP PF Buyer LLC. The loan accrues
interest at a rate of 10.49% per annum. The loan matures on
December 22, 2025.
Guggenheim Strategic Opportunities Fund was organized as a Delaware
statutory trust on November 13, 2006. The Fund is registered as a
diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended.
SP PF Buyer LLC does business as Pure Fishing, a Columbia, South
Carolina-based company that primarily designs, manufactures and
sells fishing equipment, including rods, reels, lures, artificial
bait, and related fishing tackle, across the globe. Since December
2018, the company is owned by private equity sponsor Sycamore
Partners.
SPIN HOLDCO: $2BB Bank Debt Trades at 15% Discount
--------------------------------------------------
Participations in a syndicated loan under which Spin Holdco Inc is
a borrower were trading in the secondary market around 84.6
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2 billion facility is a Term loan that is scheduled to mature
on March 4, 2028. The amount is fully drawn and outstanding.
Spin Holdco Inc. provides laundry solutions. The Company offers
residential and commercial laundry solutions, as well as tire
inflation and vacuum vending services at convenience stores and gas
stations. Spin Holdco serves clients in North America and Europe.
SUN VALLEY: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------
Sun Valley Recovery LLC and affiliates ask the U.S. Bankruptcy
Court for the District of Arizona for authority to use cash
collateral.
Specifically, the Debtors need to use the revenue generated from
operations to maintain their values and relationships with
suppliers to continue day to day operations.
In February of 2020, Sun Valley was licensed with the DDD to open
two group homes. Unfortunately, only one month later the COVID
pandemic resulted in the State delaying the opening of any new
group home until new policies and procedures could be put in place
to address the issue of caring for individuals in a residential
setting with the rising cases of COVID spreading Sun Valley had to
use savings and all available credit to fund the business, pay
property rent and utilities and complete the licensing for the
group homes all while they waited for the state to allow clients to
move into the facilities. It was not until June of 2020 that Sun
Valley was able to welcome clients into the homes, but by that time
its savings was depleted and its credit cards were maxed out. Sun
Valley was targeted by multiple brokers offering "same day capital"
for the business and "payroll advances". These companies were often
predatory lenders offering merchant cash advances. The lenders did
not fully explain how these advances were not loans but claims
against future receivables. Between the credit card payments,
capital contributions to the business and the payments made on the
MCA loans, Sun Valley was struggling to make all the payments. The
MCA companies would offer to "consolidate" or "refinance", but
these "opportunities" would only compound the problem. Although,
Sun Valley was able to launch the group homes in the summer of 2020
and the day program in January 2022, all income was going to pay
the interest on the credit card debt and the high fees charged by
the MCA companies. Over the next 24 months Sun Valley continued to
attempt to make all my payments, while at the same time manage the
company and caring for its clients. By the middle of 2022, Sun
Valley was falling behind with multiple creditors and began
receiving threatening phone calls from the MCA companies; some of
which were able to put temporary restraining orders (TROs) on bank
accounts causing even for financial issues. By the Spring of 2023,
Sun Valley realized it could not continue this way, so it consulted
with a bankruptcy attorney. While Sun Valley was still hesitant to
have to go the bankruptcy route and through the Spring and Summer
of 2023, it still tried to work with creditors, but with no avail.
Modern Farm was originally created in 2016 by Cooke. Modern Farm
owned and renovated a home situated on a piece of horse property in
the heart of Gilbert. Modern Farm offered the backyard to friends
and family to use for personal parties and events and quickly grew
in popularity. Modern Farm decided to go through the entitlement
process to gain the ability to host weddings and events on a
regular basis, but after a two year long battle with the county it
was ultimately denied.
In 2018, Modern Farm decided they would offer the property on
Airbnb and again, the property gained in popularity. Modern Farm
continued to invest in the home and make it more desirable for its
guests. The home was featured on Fox 10's "Cool House" segment.
In 2020, the global COVID pandemic resulted in tens of thousands of
dollars in reservation cancelations and refunds on rental deposits.
In an attempt to pivot and remain profitable, Cooke used the
popularity gained on various social media sites to attract clients
that were fond of the "Modern Farm" design. In March of 2020 Cooke
became licensed as a general contractor with the Arizona Registrar
of Contractors and changed the business activity of Modern Farm
from an Airbnb to a design and remodel company. Initially, not
knowing how long the pandemic would last, the Debtors were
hopefully that things would go back to "normal" within the year,
but by the end of 2020 the Debtors decided to pursue commercial
contracting and remodeling.
Presently Modern Farms is focusing its work on construction
projects for Sun Valley. While it hopes to increase construction
activity in the future, the projections assume only the work
associated for Sun Valley and hence are decreasing over time.
In 2021 the need for larger construction equipment lead the Debtors
to search for financing options online. The Debtors were targeted
by multiple brokers offering "same day capital" for the business.
These companies were predatory lenders offering merchant cash
advances. The lenders did not fully explain how these advances were
not loans but claims against future receivables. Between the credit
card payments, capital contributions to the business and the
payments made on the MCA loans, the Debtors were struggling to make
all the payments. The MCA companies would offer to "consolidate" or
"refinance", but these "opportunities" would only compound the
problem.
Although, Modern Farm was able to stay relatively busy with
construction projects, Modern Farm's income was going to pay the
interest on the credit card debt and the high fees charged by the
MCA companies. Over the next 12 months Modern Farm continued to
attempt to make all payments, while at the same time manage the
operations of the company.
By the middle of 2022, Modern Farm was falling behind with multiple
creditors and began receiving threatening phone calls from the MCA
companies; some of which were able to put temporary restraining
orders (TROs) on Modern Farm's accounts and caused even more
financial trouble. By the Spring of 2023, Modern Farm knew that it
could not continue this way, so it consulted with a bankruptcy
attorney. While Modern Farm was still hesitant to have to go the
bankruptcy route and through the Spring and Summer of 2023, it
still tried to work with creditors, but with no avail.
Sean Cooke runs both Sun Valley and Modern Farm. Cooke also became
a licensed pilot and also makes income flying to help supplement
the income to the family.
In February of 2020 Sean Cooke was hired by Alia, an air ambulance
company, as a second in command. At the same time, he was just
awarded a contract with the Arizona Division of Developmental
Disabilities (DDD) to open two group homes. He had planned on using
savings to fund the DDD business, Sun Valley, and support his wife
and six children with his income from the new flying job.
Unfortunately, only one month later the COVID pandemic resulted in
his new employer laying off its pilots and Sean was without a job.
Cooke had to use their saving and all available credit to fund the
business and license of the group homes. As their savings was
depleted and their credit cards were maxed out, they were targeted
by multiple brokers offering "same day capital" for my business.
These companies offered Merchant Cash Advances (MCA) and did not
fully explain how these advances were not loans, but claims against
future receivables. Between their credit card payments, capital
contributions to the business and the payments made to the MCA
companies, Cooke found themselves struggling to make all the
payments. The MCA companies would offer to “consolidate" or
"refinance", but these "opportunities" would only compound the
problem. Although, Sun Valley was able to launch the group homes in
the summer of 2020 and the day program in January 2022, Cooke found
that all their income was going to pay the interest on the credit
card debt and the high fees charged by the MCA companies. Over the
next 24 months Cooke continued to attempt to make all payments,
while at the same time manage the companies and caring for clients.
By the middle of 2022, the companies and Cooke was falling behind
with multiple creditors and began receiving threatening phone calls
from the MCA companies; some of which were able to put temporary
restraining orders (TROs) on their accounts and caused even more
financial trouble. By the Spring of 2023, Cooke knew that they
could not continue this way, so they consulted with a bankruptcy
attorney. Cooke was still hesitant to have to go the bankruptcy
route and through the Spring and Summer of 2023, still tried to
work with creditor, but with no avail. Filing for bankruptcy was
the last resort option in order for the Cooke family to get back on
track.
Cooke have also personally guaranteed much of the debt of Sun
Valley and Modern Farm.
The following entities have current UCC Financing Statements filed
against the Debtors:
Sun Valley:
1. US Small Business Administration - $70,100;
2. Swift Financial, LLC - $152,343;
3. FundFi Merchant Funding, LLC - $24,500;
4. The Business Backer LLC - $146,850; and
5. ODK Capital, LLC a/k/a OnDeck - $138,840
Sun Valley calculates the cash collateral has a value as of the
petition date of $46,310. Sun Valley asserts the SBA is in first
position on cash collateral. The budget provides adequate
protection payments to the SBA calculated as the standard monthly
payment to the SBA of $342.
CIT Equipment Finance financed the purchase of various equipment
and the ongoing monthly payment is $1,830 per month. The Debtor
intends to stay current so that it can keep this equipment for its
operations.
Modern Farm:
1. US Small Business Administration - $38,000
2. Swift Financial, LLC - $115,940
3. FundFi Merchant Funding, LLC - $24,500
Modern Farm calculates the cash collateral has a value as of the
petition date of $1,000. Modern Farm asserts the SBA is in first
position on cash collateral. The budget provides adequate
protection payments to the SBA as the standard monthly payment of
$186.
CIT Equipment Finance, CPC Equipment Finance, and Air Capital
Nevada Financing all provided financing of equipment. The Debtor
intends to stay current so that it can keep this equipment for its
operations.
Cooke:
1. FundFi Merchant Funding, LLC $24,500.
Cooke does not own any of the cash collateral; it is owned by Sun
Valley and Modern Farm.
The Lenders will be adequately protected as follows:
a. By the Debtors' continuation and preservation of the going
concern value of the businesses.
b. By the equity cushion in the value of the businesses.
c. By a replacement lien in the Debtors' assets.
d. Finally, by making adequate protection payments as set
forth in the Budget and as will be negotiated once the Debtors
establish which secured creditor(s) is/are in first position on the
collateral.
A copy of the motion is available at https://urlcurt.com/u?l=OeYQlF
from PacerMonitor.com.
About Sun Valley Recovery LLC
Sun Valley Recovery LLC and affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No.
2:23-bk-05552-DPC) on August 15, 2023. In the petition signed by
Sean Cooke, manager, the Debtor disclosed up to $1 million in both
assets and liabilities.
D. Lamar Hawkins, Esq., at Guidant Law, PLC, represents the Debtor
as legal counsel.
SUPERIOR PLUS: S&P Affirms 'BB-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on the
company and 'BB-' issue-level rating, with a '4' recovery rating,
on Superior Plus Corp.'s senior unsecured notes.
The stable outlook reflects S&P's view that the company's projected
cash flow generation and shift toward more moderate financial
policies should help Superior maintain leverage below 5.0x.
S&P said, "While leverage was meaningfully higher in 2022, we
expect it to remain consistent with our current rating. Superior
Plus Corp.'s adjusted debt to EBITDA was materially higher than our
previous expectation, at almost 7x as of year-end 2022. While
reported EBITDA was in line with the public guidance, our adjusted
EBITDA of C$366 million reflected higher restructuring and
transaction costs than previously anticipated. We note that the
higher pace of acquisition activity during 2022 (approximately
C$525 million of acquisitions) and costs related to terminating the
acquisition of Canexus (C$27 million) drove most of the difference.
In the future, we believe corporate costs should revert to
historical levels as the company focuses on growing organically and
investing in the mobile storage units (MSU's) at Certarus
(transaction closed end of May 2023) while also slowing down the
pace of acquisition activity.
"Although projected 2023 leverage will be higher at 5.6x, this only
accounts for a partial year contribution from Certarus and
accordingly, on a pro forma basis we believe leverage will be just
below 5x. Beyond the current year, we believe leverage will
modestly improve from increasing cash flows and will be in the
4.7x-4.8x range in 2024 and 2025, in line with our current
expectation for the rating. Further underpinning our affirmation is
management's commitment to stay within its targeted leverage in the
3.5x-4.0x range (a key difference with our calculation is treatment
of US$260 million in preferred shares as 100% debt under S&P Global
Ratings' adjustments). That said, with leverage expected to remain
near the higher end of the range for the 'BB-' credit rating, in
our view, the company has limited cushion to absorb unanticipated
adverse operational or market events without compromising its
credit quality.
"We project the company to generate modest but positive
discretionary cash flows in 2024 and 2025. Based on our
projections, we expect the company will generate strong operating
cash flows averaging about C$450 million-C$470 million in 2024 and
2025. However, unlike previous periods, Superior intends to focus
on growing organically by investing in MSUs, with acquisitions
becoming less of a priority. Accordingly, we estimate capital
spending will increase significantly, with annual total spend in
the C$200 million to C$225 million range, with 65% estimated to be
toward growth objectives, which also includes continued system
enhancements in the propane segment. Although we continue to
project meaningful free cash flows averaging C$250 million over
this period, we believe the company will use most of these cash
flows for dividends and small tuck-in acquisitions. In recent
years, the company has outspent free cash flow, but going forward,
we assume discretionary spending will be within cash flow
generation, such that the company generates positive discretionary
cash flows, albeit at modest levels. As a result, we don't estimate
any debt reductions over our forecast period but believe
deleveraging will result from EBITDA increases.
"Our business risk assessment reflects the company's improved
market position as a propane and low carbon energy distributor.
Superior has a leading market position as a propane distributor in
Canada, with an estimated 40% market share. The company's growth
strategy in recent years focused on expanding the company's
presence in the U.S., a highly fragmented market. The company is
present predominantly in the Northeastern U.S. but has also
expanded its presence in California, given its favorable growth
prospects. The latest acquisition of Certarus, a distributor of
compressed natural gas (CNG), renewable natural gas (RNG), and
hydrogen to industrial customers in the U.S. and Canada, further
expands the company's product mix, providing incremental product
and geographic diversification. Given limitations on pipeline
infrastructure and growing demand for low carbon fuels, we believe
growth prospects for Certarus to be positive in the near to medium
term. In addition, earnings at Certarus are less seasonal relative
to the propane segment. We view the product diversification and
growing geographical diversification favorably as it helps tempers
Superior's earnings sensitivity to volatile weather patterns.
"In addition, Superior has been able to sustain relatively steady
margins in the past. Most of its costs are variable (about 70%) and
Superior, similar to peers, has limited commodity price risk
because of fixed price contracts with customers and suppliers. Even
in the current inflationary environment, the company has been able
to pass on costs and price increases to customers. We expect
Superior's profitability to strengthen as the company focuses on
increasing the scale of MSUs at Certarus, which have relatively
higher margins (25% in 2022), while continuing to invest in
improving operational efficiencies (such as its digital platform
and installing sensors in propane tanks). We estimate EBITDA
margins for the company to be in the high teens area.
"The stable outlook reflects our expectation that the company's
cash flows will continue growing from synergy realization and MSU
investments. The stable outlook also reflects our expectation that
the company will begin pursuing more moderate financial policies
that ensure total nondiscretionary and discretionary spending
remains within cash flow generation. We project leverage will
remain high in the 4x area over our forecast period as the company
continues its growth strategy. However, we believe it will remain
below 5x range on a pro forma basis.
"Environmental factors are a moderately negative consideration in
our credit rating analysis of Superior, reflecting increasing risks
posed by climate change and greenhouse gas (GHG) emissions, and the
threat these risks pose to the future production and use of
hydrocarbons in the long term. While propane is more
environmentally friendly than other hydrocarbons, Superior
distributes gas by trucks and generates higher GHG emissions
compared to peers using pipelines. The company has implemented
initiatives to reduce scope 1 GHG emissions, which include
upgrading its fleet to a dual-fuel system and installing tank
sensors, which increase delivery efficiency as well is piloting
displacement of diesel in its heavy-duty trucks with clean-burning
hydrogen fuel solutions. The distribution of CNG, RNG and hydrogen
would enable the company's customers to achieve emissions reduction
as they transition to these products from diesel. The company's
safety and governance practices are aligned with that of the
broader industry, with compensation linked to ESG-related
metrics."
TABULA RASA: Bankruptcy Administrator Unable to Appoint Committee
-----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Tabula Rasa Co.
About Tabula Rasa
Tabula Rasa, Co. is a North Carolina corporation that has operated
for the past four years as a licensed distillery in the Raleigh and
Garner, North Carolina area. It also operates a small bar at its
facility on Rand Mill Road in Garner.
Tabula Rasa sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-01911) on July 10,
2023, with up to $500,000 in assets and up to $1 million in
liabilities. Paul Jacob Howland, president, signed the petition.
Judge David M. Warren oversees the case.
Danny Bradford, Esq., at Bradford Law Offices represents the Debtor
as bankruptcy counsel.
TAGRISK LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Tagrisk, LLC
17011 Beach Blvd.
Suite 0205
Huntington Beach, CA 92647
Business Description: Tagrisk is an insurance agency in Huntington
Beach, California.
Chapter 11 Petition Date: August 21, 2023
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 23-58024
Debtor's Counsel: J. Robert Williamson, Esq.
SCROGGINS & WILLIAMSON, P.C.
4401 Northside Parkway
Suite 450
Atlanta, GA 30327
Tel: 404-893-3880
Email: rwilliamson@swlawfirm.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Larry Anaya as executive vice
president.
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/US3SYLY/Tagrisk_LLC__ganbke-23-58024__0001.0.pdf?mcid=tGE4TAMA
TANTUM COMPANIES: Committee Taps Moon Wright & Houston as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Tantum Companies,
LLC received approval from the U.S. Bankruptcy Court for the
Western District of North Carolina to employ Moon Wright & Houston,
PLLC as its legal counsel.
The firm's services include:
(a) Assisting the committee in its consultations with Tantum
Companies and its affiliated debtors regarding the administration
of their Chapter 11 cases;
(b) Assisting the committee in analyzing the Debtors' assets and
liabilities, investigating the extent and validity of liens and
participating in and reviewing any proposed asset sales, any asset
dispositions, financing arrangements and cash collateral
stipulations or proceedings;
(c) Assisting the committee in any manner relevant to reviewing
and determining the Debtors' rights and obligations under leases
and other executory contracts;
(d) Assisting the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtors, the
Debtors' operations and the desirability of the continuance of any
portion of those operations, and any other matters relevant to the
cases or to the formulation of a Chapter 11 plan;
(e) Representing the committee in the negotiation, formulation
and drafting of a plan of liquidation or reorganization;
(f) Advising the committee on issues concerning the appointment
of a trustee or examiner under Section 1104 of the Bankruptcy
Code;
(g) Advising the committee of its powers and duties under the
Bankruptcy Code and the Bankruptcy Rules;
(h) Assisting the committee in the analysis, estimation and
evaluation of claims;
(i) Advising the committee with regards to avoidance actions and
claims against directors, officers, affiliates and other parties;
and
(j) Other necessary legal services.
The firm will be paid at these rates:
Richard S. Wright $575 per hour
Andrew T. Houston $550 per hour
Caleb Brown $375 per hour
Shannon L. Myers $185 per hour
Jaime Schaedler $150 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Andrew Houston, Esq., a partner at Moon Wright & Houston, 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:
Andrew T. Houston, Esq.
Moon Wright & Houston, PLLC
212 N. McDowell Street, Suite 200
Charlotte, NC 28204
Telephone: (704) 944-6560
Facsimile: (704) 944-0380
Email: ahouston@mwhattorneys.com
About Tantum Companies
Tantum Companies, LLC operates in the restaurant industry. The
company is based in Charlotte, N.C.
Tantum Companies and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Lead Case No.
23-30407) on June 26, 2023. In the petition signed by CEO Mark
Cote, Tantum Companies disclosed $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
Judge Craig Whitley oversees the cases.
Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin,
PLLC and Blystone and Donaldson serve as the Debtors' legal counsel
and financial advisor, respectively.
Moon Wright & Houston, PLLC represents the official committee of
unsecured creditors appointed in the Debtors' Chapter 11 cases.
TEAM HEALTH: Lord Abbett CB Marks $6.8MM Loan at 38% Off
--------------------------------------------------------
Lord Abbett Corporate Bond Fund has marked its $6,865,773 loan
extended to Team Health Holdings, Inc to market at $4,229,797 or
62% of the outstanding amount, as of May 31, 2023, according to
Lord Abbett CB'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.
Lord Abbett CB is a participant in a 2022 Term Loan B to Team
Health Holdings, Inc. The loan accrues interest at a rate of 10.40%
per annum. The loan matures on March 2, 2027.
Lord Abbett Investment Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company and was organized as a Delaware
statutory trust on August 16, 1993. The Trust currently consists of
14 funds as of May 31, 2023. The semi-annual report covers 12 of
the funds namely: Lord Abbett Convertible Fund, Lord Abbett Core
Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett
Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett
High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation
Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord
Abbett Total Return Fund, Lord Abbett Ultra Short Bond Fund.
Team Health Holdings, Inc. provides physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TELESAT LLC: $1.9BB Bank Debt Trades at 30% Discount
----------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 70.1
cents-on-the-dollar during the week ended Friday, August 18, 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: $1.75BB Bank Debt Trades at 16% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Tenneco Inc is a
borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.75 billion facility is a Bridge Term loan that is scheduled
to mature on November 17, 2023. The amount is fully drawn and
outstanding.
Tenneco Inc. (NYSE: TEN) designs, manufactures, and sells clean
air, and powertrain products and systems for light vehicle,
commercial truck, off-highway, industrial, motorsport, and
aftermarket customers worldwide. The company was formerly known as
Tenneco Automotive Inc. and changed its name to Tenneco Inc. in
2005. Tenneco Inc. was incorporated in 1996 and is based in Skokie,
Illinois.
UNITED PF: $525MM Bank Debt Trades at 21% Discount
--------------------------------------------------
Participations in a syndicated loan under which United PF Holdings
LLC is a borrower were trading in the secondary market around 79.2
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $525 million facility is a Term loan that is scheduled to
mature on December 30, 2026. The amount is fully drawn and
outstanding.
United PF Holdings, LLC operates fitness and recreation centers.
VIASAT INC: Moody's Affirms 'B2' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service affirmed Viasat, Inc.'s B2 corporate
family rating, B2-PD probability of default rating, Ba3 senior
secured first lien term loan B and senior secured notes rating, and
Caa1 senior unsecured notes rating, and raised the company's
speculative grade liquidity rating to SGL-1 from SGL-3. The outlook
remains stable.
On May 31, 2023, Viasat closed the acquisition of Inmarsat [1]. In
the Inmarsat restricted group, Connect Finco Sarl (Connect Finco)
is the borrower of the $700 senior secured revolving credit
facility that expires in 2024 and the $1.7 billion senior secured
term loan B due in 2026, with Connect U.S. Finco LLC as a
co-borrower. Connect Finco is also the issuer of the $2.075 billion
senior secured notes due in 2026, with Connect U.S. Finco LLC as a
co-issuer. In this rating action, Moody's affirmed the B1 rating on
Connect Finco's senior secured revolving credit facility, senior
secured term loan B and senior secured notes. The outlook remains
stable. Also, Moody's withdrew the B1 CFR, B1-PD PDR and stable
outlook at Connect Bidco Limited, the top entity of the restricted
group as the combined company will be covered under one CFR.
"The CFR was affirmed because Moody's expect the company to manage
its combination with Inmarsat well and increase EBITDA despite the
anomaly with its Viasat-3 F1 satellite", said Peter Adu, Moody's
Vice President and Senior Credit Officer. "The liquidity rating
improved because of the company's strong cash position", Adu
added.
Affirmations:
Issuer: Viasat, Inc.
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Senior Secured 1st Lien Bank Credit Facility, Affirmed Ba3
Senior Secured Regular Bond/Debenture, Affirmed Ba3
Senior Unsecured Regular Bond/Debenture, Affirmed Caa1
Issuer: Connect Finco Sarl
Backed Senior Secured Bank Credit Facility, Affirmed B1
Backed Senior Secured Regular Bond/Debenture, Affirmed B1
Upgrades:
Issuer: Viasat, Inc.
Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-3
Withdrawals:
Issuer: Connect Bidco Limited
Corporate Family Rating, Withdrawn, previously rated B1
Probability of Default Rating, Withdrawn, previously rated B1-PD
Outlook Actions:
Issuer: Viasat, Inc.
Outlook, Remains Stable
Issuer: Connect Finco Sarl
Outlook, Remains Stable
Issuer: Connect Bidco Limited
Outlook, Changed To Rating Withdrawn From Stable
RATINGS RATIONALE
Viasat's B2 CFR is constrained by: (1) the anomaly with its
Viasat-3 F1 satellite, which limits its ability to combat
competitive pressures in the fixed broadband business together with
potential delayed launch and operational risks of its Viasat-3 F2
and F3 satellites; (2) ongoing negative free cash flow generation
due to periodic satellite construction in order to remain
competitive while business risk is rising from evolving technology
and increasing supply of satellites; (3) high consolidated
financial leverage (starting Debt/EBITDA of 5.8x for the
combination with Inmarsat), although Moody's expects the metric to
be sustained below 5.5x by the end of fiscal 2025 (ending March 31,
2025) despite uncertain global macroeconomic growth; and (4)
increasing competition in the aviation and maritime businesses. The
rating benefits from: (1) its largest scale among rated peers in
the satellite space, which is further enhanced by the Inmarsat
acquisition; (2) increased recurring revenue and margins, together
with improved segment and geographic diversification; (3) good long
term growth prospects due to rising demand for voice and data
connectivity globally; and (4) very good liquidity.
Viasat standalone has three classes of debt - (1) unrated
Export-Import Bank (Ex-Im) credit facility ($49 million remaining)
that expires in October 2025; (2) Ba3-rated $600 million secured
notes due in 2027 and $700 million secured term loan B due in 2029,
and unrated $512.5 million revolving credit facility that expires
in 2028; and (3) Caa1-rated unsecured notes ($700 million due in
2025 and 400 million due in 2028). The Ex-Im facility is secured by
first-priority lien on the ViaSat-2 satellite. The secured term
loan, notes and revolving credit facility benefit from a security
package that provides first access to realization proceeds other
than those coming from the ViaSat-2 satellite, but with secondary
claims on the satellite. Moody's rates these instruments Ba3, two
notches above the CFR due to their preferential access to
realization proceeds and loss absorption cushion provided by the
unsecured notes. In turn, Moody's rates the unsecured notes Caa1,
two notches below the CFR, to reflect their junior ranking and the
size of secured debt ranking above them in the capital structure.
There is no cross guarantee or cross default between Viasat and
Inmarsat debt. Inmarsat is ring-fenced, with no upstream
distribution of cash flow to Viasat, and that allows the revolving
credit facility, term loan B and notes to retain their B1 rating.
Also, Inmarsat's debt does not benefit from loss absorption cushion
provided by Viasat's unsecured notes.
Viasat has very good liquidity (SGL-1) through the next twelve
months to July 31, 2024 with sources approximating $3.3 billion
while it has uses of about $445 million in this timeframe. Sources
include cash and cash equivalents of $2.1 billion at June 30, 2023,
full availability under Inmarsat's $700 million revolving credit
facility that expires in December 2024 and full availability under
Viasat's revolving credit facility. Viasat has an undrawn $700
million revolving credit facility but Moody's has not considered
the facility in the liquidity assessment as it is current (expires
in January 2024). Instead, Moody's has considered Viasat's
five-year revolving credit facility extension amendment, with
commitments totaling $512.5 million that the company expects to
complete by August 28, 2023. Cash uses comprise Moody's expected
free cash flow consumption of about $415 million through the next
twelve months, mainly due to capital spending on new satellite
construction and customer premise equipment, and about $30 million
amortization payment on its Ex-Im credit facility and term loan B.
Viasat is subject to leverage and coverage covenants and Moody's
expects cushion to exceed 15% through the next four quarters.
Inmarsat's revolver is subject to a leverage covenant when drawings
exceed 40% of the commitment and Moody's does not expect the
covenant to be applicable through the next four quarters. The
combined company has limited flexibility to generate liquidity from
asset sales.
The outlook is stable because Moody's expects the company to
demonstrate good operating performance and sustain consolidated
financial leverage below 5.5x within 24 months after closing the
Inmarsat acquisition despite the potential that the Viasat-3 F1
satellite may not provide any contribution. The stable outlook also
assumes that the company will complete construction and launch of
the Viasat-3 F2 and F3 satellites by the end of calendar 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Viasat's ratings could be upgraded if it successfully constructs,
launches and obtains normal operation of its Viasat-3 F2 and F3
satellites, and sustains consolidated FCF/Debt towards 5%,
Debt/EBITDA below 5x and EBITDA-Capex/Interest towards 2x.
Viasat's ratings could be downgraded if there is significant
deterioration in the Inmarsat or Viasat businesses, or if it
sustains consolidated Debt/EBITDA above 6.5x, EBITDA-Capex/Interest
below 1x or FCF/Debt below 0%.
The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
Viasat, headquartered in Carlsbad, California, operates a consumer
satellite broadband internet business, an in-flight connectivity
business, and provides satellite and related communications,
networking systems and services to government and commercial
customers. Inmarsat operates a satellite communications network
using L-band, Ka-band and S-band spectrum, and provides voice and
data services to customers on land, at sea and in the air.
VYERA PHARMACEUTICALS: Taps Epiq as Administrative Advisor
----------------------------------------------------------
Vyera Pharmaceuticals, LLC and its affiliates received approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Epiq Corporate Restructuring, LLC.
The Debtor requires an administrative advisor to:
(a) Assist with, among other things, solicitation, balloting and
tabulation of votes, prepare any related reports in support of
confirmation of a Chapter 11 plan, and process requests for
documents;
(b) Prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) Assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) Provide a confidential data room, if requested;
(e) Manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
(f) Provide other administrative services.
The firm will be paid at these rates:
Clerical/Administrative Support Waived
IT / Programming $55 to $75 per hour
Project Managers/Consultants/Directors $75 TO $180 per hour
Solicitation Consultant $180 per hour
Executive Vice President, Solicitation $190 per hour
Executives No Charge
The Debtor paid the firm the amount of $25,000.
Brian Hunt, consulting director at Epiq, disclosed in a court
filing that he is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Brian Hunt
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: +1 917 359 4553
Email: bhunt@epiqglobal.com
About Vyera Pharmaceuticals
Vyera Pharmaceuticals, LLC is a New York-based biopharmaceutical
company. It focuses on developing and commercializing innovative
treatments for patients with unmet medical needs.
Vyera and its affiliates filed petitions under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
23-10605) on May 9, 2023. David Klauder has been appointed as
Subchapter V trustee.
In its petition, Vyera reported between $10 million and $50 million
in assets and between $1 million and $10 million in liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped DLA Piper, LLP as bankruptcy counsel; Sierra
Constellation Partners, LLC as financial advisor; and Alvarez &
Marsal Securities, LLC as investment banker. Epiq Corporate
Restructuring, LLC is the claims and noticing agent and
administrative advisor.
WEWORK COMPANIES: Fitch Lowers LongTerm IDR to 'CC'
---------------------------------------------------
Fitch Ratings has downgraded WeWork Companies, LLC and WeWork
Inc.'s (collectively WeWork) Long-Term Issuer Default Ratings
(IDRs) to 'CC' from 'CCC-' following worse than expected Q2
financial results, a public warning that the company's ability to
continue as a going concern over the next 12 months will be
contingent on improving its liquidity, resignations of key
executives and board members, and the replacement of board members
with restructuring experts.
Fitch has also downgraded the company's issue-level ratings of
first-lien bonds to 'CCC-'/'RR3' from 'CCC'/'RR3' and affirmed its
second-lien and unsecured bonds at 'C'/'RR6'. The ratings impact
approximately $1.4 billion of WeWork's debt.
KEY RATING DRIVERS
Liquidity and Funding Plan: In its previous rating action
commentary in May, Fitch stated that WeWork's adequate liquidity
depended on the company's continued improvement in operating
performance. However, the necessary improvements have not
materialized and WeWork continues to burn through cash. As of March
31, 2023, the company reported $422 million of cash on the balance
sheet, which was down to $205 million as of June 30, 2023.
In July, WeWork drew $175 million on its delayed draw facility of
$475 million, leaving $300 million available. This facility is a
private placement, and Fitch has not confirmed details such as
conditions precedent that might reduce or eliminate it as a source
of liquidity.
Operating Performance: WeWork released projections in 2021 and 2022
for growth and cost reductions that would at least lead to
breakeven results. But operating performance has been consistently
worse than the projections. In its most recent public comments, the
company warned that churn has increased, and cash burn continues.
Since the pandemic, WeWork has indicated that the turmoil in
commercial real estate markets provides them with an opportunity
both in demand for flexible workspace and in their pricing power;
however, the company's performance has yet to reflect this.
Flexible Workspace Demand: WeWork's occupancy rate improved from
46% at the end of 2020 to 73% at the end of Q1 2023. Physical
memberships reached 664,000, which was a slight dip since Q4 2022.
All Access Memberships are also at the highest reported number over
the past two years at 75,000. However, churn during Q2 2023 was a
bad sign, and if it continues, WeWork will struggle to quench the
cash burn. Brokers such as JLL project that flexible office space
use will grow but perhaps not soon enough for WeWork. The company
is targeting a return to pre-pandemic occupancy levels of low- to
mid-80% range, but achieving this goal in 2023 seems beyond reach.
DERIVATION SUMMARY
Fitch considers WeWork's profile to be most aligned with business
services companies, given the nature of its value proposition as a
services platform targeted at businesses of all sizes. WeWork's
rating reflects a combined consideration of business and financial
profile rating factors (consistent with the factors associated with
Fitch's Business Services Ratings Navigator), both on a current and
prospective basis given its relatively early stage of development
as a company.
KEY ASSUMPTIONS
-- Revenue: Fitch assumes challenging macro conditions will lead to
2023 revenue being flat and growth of only 2% in 2024. An important
driver of this will be WeWork's pricing power, which Fitch expects
will remain an ongoing challenge, especially if the broader economy
contracts.
-- EBITDA: With limited growth, Fitch believes WeWork will not be
EBITDA positive in the next 12 to 18 months, although the trend
continues to improve.
KEY RECOVERY RATING ASSUMPTIONS
-- The recovery analysis assumes that WeWork would be reorganized
as a going-concern (GC) in bankruptcy rather than liquidated;
-- Fitch has assumed a 10% administrative claim.
Going Concern Approach
-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which we base the valuation
of the company;
-- Fitch estimates WeWork's going concern EBITDA by assuming a
substantially smaller footprint of continuing operations in line
with the assumptions regarding rejected leases. Fitch assumes 60%
of current domestic revenue and 40% of non-domestic revenue,
resulting in approximately $1.5 billion. Using a normalized 33%
location gross margin and an estimate of restructured overhead
expense of approximately $200 million results in an EBITDA margin
of approximately 20% or $315 million.
EV Multiple Approach
An EV multiple of 5x is used to calculate a post-reorganization
valuation. The estimate considered the following factors:
-- The historical bankruptcy exit multiple for companies WeWork's
sector ranged from 4x-7x, with a median reorganization multiple of
6x;
-- Current EV multiples of public companies in the Business
Services sector trade well above the historical reorganization
range. The median forward EV multiple for this sector is about 10x.
Historical multiples ranged from 6x-12x;
-- WeWork does have unique characteristics that would allow for a
higher multiple in its unique brand and stake in JVs;
-- However, uncertainty surrounding WeWork's business model and the
high degree of strategy and execution risk leads Fitch to utilize a
recovery multiple that is below the sector median.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- FCF margin expected to be sustained neutral;
-- Interest coverage sustained above 1.0x;
-- Confidence in flexible office demand environment
sustainability;
-- Operational metrics including occupancy, ARPPM and desk adds
that show evidence of consistency with Fitch's base case scenario.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Accelerating negative FCF margin and ongoing liquidity
concerns;
-- (CFO-capex)/debt expected to be sustained negative;
-- Worsening of office demand environment, potentially
structurally.
ISSUER PROFILE
WeWork provides space and amenities for today's hybrid and flexible
workforces. The company also markets technology for managing
workspace that can be used by landlords or tenants. WeWork has more
than 700 locations in 39 countries.
ESG CONSIDERATIONS
WeWork has an ESG Relevance Score of '4' for Management Strategy
due to ongoing challenges to implement a strategy to achieve
sustainable profitability, which has a negative impact on the
credit profile, and is relevant to the rating[s] in conjunction
with other factors.
WeWork has an ESG Relevance Score of '4' for Governance Structure
due to SoftBank ownership concentration, which has a negative
impact on the credit profile, and is relevant to the rating[s] in
conjunction with other factors.
WeWork has an ESG Relevance Score of '4' for Group Structure due to
the complexity of its structure and related-party transactions with
SoftBank, which has a negative impact on the credit profile, and is
relevant to the rating[s] in conjunction with other factors.
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.
WYTHE BERRY: Court OKs Deal on Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Wythe Berry Fee Owner LLC to use cash collateral on an
interim basis in accordance with its agreement with Mishmeret Trust
Company Ltd., solely in its capacity as Trustee of the Series C
Bonds.
As previously reported by the Troubled Company Reporter, Fee Owner
is the owner of the William Vale Hotel.
On February 28, 2017, the Debtor and Wythe Berry LLC, with Zelig
Weiss and Yoel Goldman as guarantors, entered into a February 28,
2017 Lease Agreement, pursuant to which the WV Complex was leased
to Wythe Berry LLC.
Pursuant to the Decision and Order dated December 1, 2021 and
entered on December 6, 2021 in Wythe Berry Fee Owner LLC v. Wythe
Berry LLC, Index No. 514152/2021 (Kings County Supreme Court), on
August 2, 2023, Lessee made a Use and Occupancy payment to the
Debtor in the amount of $7.5 million for possession of the WV
Complex for the period from August 1, 2023 through and including
January 31, 2024.
On October 6, 2022, Mishmeret Trust, Yelin Lapidot Provident Funds
Management Ltd., The Phoenix Insurance Company Limited and Klirmark
Opportunity Fund III L.P. filed an involuntary petition seeking an
Order for Relief pursuant to 11 U.S.C. Section 303.
On August 8, 2023, 2023, the Debtor, the Trustee, and Lessee
reached certain agreements with respect to the August U&O Payment.
The terms of their agreements are reflected in the Stipulation and
Order Regarding Cash Collateral.
Under the Stipulation, the Trustee waives the Termination Event
resulting from the Debtor's failure to comply with any of the
Milestones set forth in Sections 15(l)(2) and 15(l)(3) of the Cash
Collateral Order.
The Stipulation modifies certain provisions of the Cash Collateral
Order and adds new agreements among the parties with respect to the
August U&O Payment. The Debtor, Trustee, and Lessee agree that the
Court's prompt approval of the Stipulation is critical to ensure an
orderly transition of management should the Debtor or Lessee
terminate the Lease and benefits the Debtor by effecting the
Trustee's waiver of the Termination Event.
The Stipulation will facilitate the Debtor's restructuring and is
in the best interests of the Debtor's estate. The Stipulation is
essential to the restructuring and to preserve value for the
Debtor's estate because it serves to ensure an orderly transition
of management should the Debtor or Lessee terminate the Lease. In
the event of a termination of the Lease prior to January 31, 2024,
Lessee would be entitled to a pro rata refund of the August U&O
Payment.
The Debtor acknowledges that Lessee having made the August U&O
Payment, Lessee may be entitled to remain in possession of the WV
Complex for the period from August 1, 2023 through and including
January 31, 2024.
The Debtor acknowledges the possibility exists that it may
consummate a sale or other transfer of the WV Complex prior to the
expiration of the Current U&O Period, and has so advised Lessee.
The Debtor, Lessee, and Mishmeret Trust Company Ltd., in its
capacity as trustee of the bondholders of the Series C Bonds of All
Year Holdings Ltd., accordingly have reached certain agreements
with respect to the August U&O Payment and the Current U&O Period,
as set forth therein.
The Debtor requires immediate access to liquidity to ensure it is
able to continue operating its business during the Chapter 11 Case,
to preserve the value of its estate for the benefit of all
parties-in-interest, and most importantly, to maximize value for
all constituents in the Chapter 11 proceeding by resolving key
issues under the Lease, conducting a sales process or negotiating a
plan of reorganization.
As adequate protection, the Trustee will be granted a post-petition
claim against the Debtor's estate and (i) Adequate Protection
Liens, (ii) a Section 507(b) Claim, and (iii) Information and Right
to Access.
A copy of the order is available at https://urlcurt.com/u?l=xrkZKp
from PacerMonitor.com.
About Wythe Berry Fee Owner LLC
Wythe Berry Fee Owner LLC is the titular owner of a commercial real
property complex located in Brooklyn, New York, that includes The
William Vale Hotel, one of Brooklyn's few luxury hotels. Wythe
Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV
LLC, a wholly owned, direct subsidiary of All Year Holdings
Limited, which is a debtor in a chapter 11 case also pending before
Judge Martin Glenn.
Weiss and YGWV each hold 50% of the membership interests in Member
LLC, which, in turn, is the direct parent, and sole member, of
Wythe Berry Fee Owner. YGWV purports to be the designated managing
member of Member LLC and, thus, purports to control Wythe Berry Fee
Owner.
A group of noteholders, Mishmeret Trust Company Ltd., solely in its
capacity as Trustee for the Series C Notes; Yelin Lapidot Provident
Funds Management Ltd.; The Phoenix Insurance Company Limited; and
Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11
bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr.
S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022. The creditors are
represented by Michael Friedman, Esq.,. at Chapman and Cutler LLP.
Bankruptcy Judge Martin Glenn, who presides over the case, entered
an Order for Relief in January 2023, allowing the bankruptcy
proceedings against Wythe Berry Fee Owner LLC to proceed. Judge
Glenn denied a request by hotel operator Zelig Weiss to dismiss the
involuntary petition.
Wythe Berry Fee Owner LLC is represented by law firm Herrick,
Feinstein LLP.
All Year Holdings Limited filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021,
and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal &
Manges LLP.
Weiss is represented by lawyers at Paul Hastings LLP.
YARDBOYS & YARDGIRLS: Bankr. Administrator Unable to Appoint Panel
------------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Yardboys and Yardgirls, LLC.
About Yardboys and Yardgirls
Yardboys and Yardgirls, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-01858) on
July 5, 2023, with up to $100,000 in assets and up to $500,000 in
liabilities. Victor Scott, member, signed the petition.
Judge David M. Warren oversees the case.
Danny Bradford, Esq., at Bradford Law Offices represents the Debtor
as legal counsel.
YELLOW CORP: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Yellow
Corporation and its affiliates.
The committee members are:
1. BNSF Railway
Attn: Jill Rugema
2500 Lou Menk Drive
Forth Worth, TX
Phone: 817-352-2359
Email: jill.rugema@bnsf.com
2. Michelin North America, Inc.
Attn: Brian Gutbrod
One Parkway South
Greenville, SC 29615
Phone: 864-458-5000
Email: brian.gutbrod@michelin.com
3. Daimler Trucks, N.A.
Attn: Kirstin Abel
4555 North Channel Ave.
Portland, OR 97217
Phone: 503-745-9040
Email: kirstin.abel@daimlertruck.com
4. RFT Logistics LLC
Attn: Chris Mejia
14439 NW Military Hwy, Ste 108-607
San Antonio, TX 78231
Phone 512-999-1979
Email: chris.mejia@rftlogistics.com
5. Pension Benefit Guaranty Corporation
445 12th St. S.W.
Washington, DC 20024
Attn: Sven V. Serspinski and Donika Hristova
Phone: 202-229-3516
Email: Serspinski.Sven@pbgc.gov
Hristova.Donika@pbgc.gov
6. International Brotherhood of Teamsters
Attn: Fred Zuckerman
25 Louisiana Avenue, N.W.
Washington, DC 20001
Phone: 202-628-6800
Email: fzuckerman@teamster.org
7. Central States, Southeast and Southwest Areas Pension Fund
8647 W. Higgins Road, Floor 8
Chicago, IL 60631
Phone 847-939-2478
Email: bberline@centralstatesfunds.org
8. New York State Teamsters Pension and Health Funds
Attn: Kenneth R. Stilwell
P.O. Box 4929
Syracuse, NY 13221-4928
Phone 315-455-4640
Email: krgstil@nytfund.org
9. Mr. Armando Rivera
c/o Raisner Roupinian LLP
270 Madison Ave., Suite 1801
New York, NY 10016
Phone: 212-221-1747
Email: rsr@raisnerroupinian.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Yellow Corp
Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout. Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had
$2,152,200,000 in total assets against $2,588,800,000 in total
liabilities. The petitions were signed by Matthew A. Doheny as
chief restructuring officer.
Kirkland & Ellis LLP is serving as the Company's restructuring
counsel, Pachulski Stang Ziehl & Jones LLP is serving as the
Company's Delaware local counsel, Kasowitz, Benson and Torres LLP
is serving as special litigation counsel, Goodmans LLP is serving
as the Company's special Canadian counsel, Ducera Partners LLC is
serving as the Company's investment banker, and Alvarez and Marsal
is serving as the Company's financial advisor. Epiq Bankruptcy
Solutions serves as claims and noticing agent.
Milbank LLP, serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
White & Case LLP, serves as counsel to Beal Bank USA.
Arnold & Porter Kaye Scholer LLP, serves as counsel to the United
States Department of the Treasury.
Alter Domus Products Corp., the Administrative Agent to the DIP
Lenders, is represented by Holland & Knight LLP.
ZAYO GROUP: EUR750MM Bank Debt Trades at 25% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 75.5
cents-on-the-dollar during the week ended Friday, August 18, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR750 million facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
[^} Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX* MM 49.9 (38.7) (11.5)
AEMETIS INC AMTX US 212.6 (238.9) (88.0)
AEMETIS INC DW51 GR 212.6 (238.9) (88.0)
AEMETIS INC AMTXGEUR EZ 212.6 (238.9) (88.0)
AEMETIS INC AMTXGEUR EU 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 TH 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 EU 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL AV 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL TE 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G SW 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE 0HE6 LI 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL11EUR EZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL-RM RM 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL_KZ KZ 67,260.0 (4,385.0) (6,096.0)
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
BABCOCK & WILCOX UBW1 TH 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 EU 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 (388.7) 417.6
BIOCRYST PHARM BCRX US 529.9 (388.7) 417.6
BIOCRYST PHARM BO1 GR 529.9 (388.7) 417.6
BIOCRYST PHARM BO1 QT 529.9 (388.7) 417.6
BIOCRYST PHARM BCRXEUR EU 529.9 (388.7) 417.6
BIOCRYST PHARM BCRX* MM 529.9 (388.7) 417.6
BIOCRYST PHARM BCRXEUR EZ 529.9 (388.7) 417.6
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 EU 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 EU 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 EZ 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
BRIACELL THERAPE BCT CN 40.3 (8.0) 38.1
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 2,487.0 (144.3) (352.6)
BRINKER INTL BKJ GR 2,487.0 (144.3) (352.6)
BRINKER INTL BKJ QT 2,487.0 (144.3) (352.6)
BRINKER INTL EAT2EUR EU 2,487.0 (144.3) (352.6)
BRINKER INTL BKJ TH 2,487.0 (144.3) (352.6)
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 2,804.2 (297.8) (350.8)
CARDINAL HEA BDR C1AH34 BZ 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAH US 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH GR 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH TH 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH QT 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAHEUR EU 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH GZ 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAH* MM 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAHEUR EZ 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAH-RM RM 43,417.0 (2,851.0) 127.0
CARDINAL-CEDEAR CAH AR 43,417.0 (2,851.0) 127.0
CARDINAL-CEDEAR CAHC AR 43,417.0 (2,851.0) 127.0
CARDINAL-CEDEAR CAHD AR 43,417.0 (2,851.0) 127.0
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 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU TH 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU GR 762.0 (32.5) 197.2
CENTRUS ENERGY-A LEUEUR EU 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU GZ 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU QT 762.0 (32.5) 197.2
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 181.1 (271.9) 61.3
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 EU 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELLC* MM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C 12DA QT 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL AV 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL1EUR EZ 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C DELL-RM RM 84,094.0 (2,924.0) (9,433.0)
DELL TECHN-C-BDR D1EL34 BZ 84,094.0 (2,924.0) (9,433.0)
DENNY'S CORP DE8 GR 465.6 (42.6) (49.9)
DENNY'S CORP DENN US 465.6 (42.6) (49.9)
DENNY'S CORP DENNEUR EU 465.6 (42.6) (49.9)
DENNY'S CORP DE8 TH 465.6 (42.6) (49.9)
DENNY'S CORP DE8 GZ 465.6 (42.6) (49.9)
DIEBOLD NIXDORF DBD SW 3,405.5 (2,130.6) (953.4)
DIEBOLD NIXDORF DBD US 3,405.5 (2,130.6) (953.4)
DIGITALOCEAN HOL DOCN US 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU GR 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU TH 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL DOCNEUR EU 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU GZ 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU QT 1,497.9 (267.6) 474.8
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
EALIXIR INC EAXR US 9.3 (9.0) (15.9)
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 EZ 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR EU 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
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 (0.8) (0.3)
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)
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 201.2 (39.3) 78.6
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
INHIBRX INC INBX US 213.2 (24.8) 172.0
INHIBRX INC 1RK GR 213.2 (24.8) 172.0
INHIBRX INC 1RK TH 213.2 (24.8) 172.0
INHIBRX INC INBXEUR EU 213.2 (24.8) 172.0
INHIBRX INC 1RK QT 213.2 (24.8) 172.0
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 365.4 (122.9) (173.8)
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 95.8 (72.8) (58.1)
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 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 EU 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 EZ 2,951.8 (705.4) (228.5)
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
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 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GR 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSG1EUR EU 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 TH 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 QT 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GZ 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSGE US 1,401.2 (69.5) (245.4)
MADISON SQUARE G MSGE1* MM 1,401.2 (69.5) (245.4)
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 EU 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 MCDUSD EZ 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) -
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 EU 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 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 EU 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT1EUR EZ 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
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
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
RINGCENTRAL-BDR R2NG34 BZ 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)
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 1,607.9 (136.6) (43.4)
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 355.9 (78.1) 53.0
TABULA RASA HEAL 43T GR 355.9 (78.1) 53.0
TABULA RASA HEAL TRHCEUR EU 355.9 (78.1) 53.0
TABULA RASA HEAL 43T TH 355.9 (78.1) 53.0
TABULA RASA HEAL 43T GZ 355.9 (78.1) 53.0
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 SW 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 (138.4) 54.6
UROGEN PHARMA LT UR8 GR 95.4 (138.4) 54.6
UROGEN PHARMA LT URGNEUR EU 95.4 (138.4) 54.6
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 INC-BDR VRSN34 BZ 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)
WINGSTOP INC WING US 451.2 (365.4) 179.4
WINGSTOP INC EWG GR 451.2 (365.4) 179.4
WINGSTOP INC WING1EUR EU 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 WYNN SW 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 2,147.6 (447.8) (1,098.0)
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
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sell any security of any kind. It is likely that some entity
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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
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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
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.
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Point your Web browser to http://TCRresources.bankrupt.com/and use
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
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Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
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