/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230912.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, September 12, 2023, Vol. 27, No. 254 Headlines 2ND CHANCE INVESTMENTS: Sells Lakewood Property for $400,500 2ND CHANCE: Committee Says Amended Plan Disclosures Deficient 36TH STREET: Sept. 27 Bid Deadline for NY High-Rise Hotel Set 9TH & 10TH: Unsecureds Owed $3.2M to Get 100% of Claims ACCELERATED HEALTH: $875MM Bank Debt Trades at 17% Discount ADJ PROPERTIES: Disclosure Statement Gets Interim Approval ALPINE SUMMIT ENERGY: $83 Million Texas Well Sale Approved AMERICAN FEDERATED: A.M. Best Alters Ratings Outlook Stable AVISON YOUNG: S&P Cuts ICR to 'CCC' on Deteriorating Liquidity BARNES & NOBLE: Management Addresses Going Concern Doubt BCPE GRILL: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable BED BATH & BEYOND: 200-220 West 26 Says Disclosure Inadequate BELA FLOR: $5MM DIP Loan from Serene Investment Wins Interim OK BENEFYTT TECH: Unsecured Get Share of GUC Trust Beneficial Interest BENEFYTT TECHNOLOGIES: Plan Okayed Over TCPA Claim Objections BENITAGO INC: CoVenture Not Warned of Bankruptcy BENITAGO INC: Seeks Chapter 11 Bankruptcy with $94.6 Million Debt BLOCKFI INC: Federal Counsel Wants Alleged Scammers' Full Deposits BOXED INC: Court Confirms Liquidating Plan BOXED INC: Gets Court Okay for Chapter 11 Liquidation Plan BULLDOG PURCHASER: $125MM Bank Debt Trades at 15% Discount CANO HEALTH: $644MM Bank Debt Trades at 36% Discount CASTLE US HOLDING: $295MM Bank Debt Trades at 25% Discount CATALENT INC: S&P Downgrades ICR to 'B+', Outlook Negative CCS-CMGC HOLDINGS: $500MM Bank Debt Trades at 21% Discount CHRISTMAS TREE SHOPS: Workers Get Paid But Not Their Taxes CONDOR INVERSIONES: Reaches Deal to Deter Chapter 11 Dismissal CROCS INC: S&P Rates $1.18BB Term Loan Due 2029 'BB' CYXTERA DC HOLDINGS: $815MM Bank Debt Trades at 43% Discount DIGITAL MEDIA: $225MM Bank Debt Trades at 29% Discount DIOCESE OF CAMDEN: Court Rejects Plan Over Insurer Treatment DIOCESE OF ROCHESTER: Insurer's Plan Competes With Diocese's DISCOVERY INSURANCE: A.M. Best Cuts Fin. Strength Rating to B(Fair) ENTEC SERVICES: Seeks to Sell Equipment for $100,000 EYECARE PARTNERS: $300MM Bank Debt Trades at 44% Discount EYECARE PARTNERS: $440MM Bank Debt Trades at 25% Discount FTX GROUP: Robinhood Purchases Back $605Mil. Seized SBF Stock FURNITURE FACTORY: Claims vs. Directors in Ch. 11 Can Go to Trial G.L.A.D ENTERPRISES: Voluntary Chapter 11 Case Summary GAMESTOP CORP: Incurs $2.8 Million Net Loss in Second Quarter GB SCIENCES: Ed DeFrank Quits From Board of Directors GENESIS GLOBAL: $175M Settlement Faces Opposition from Lenders GLOBAL TELLINK: $475MM Bank Debt Trades at 14% Discount HI.Q INC: Health IQ Hits Chapter 7 Bankruptcy, Plans to Liquidate HIGHWOOD SENIOR: Voluntary Chapter 11 Case Summary INDRA HOLDINGS: $50MM Bank Debt Trades at 54% Discount INTERMEDIA HOLDINGS: $273MM Bank Debt Trades at 7% Discount IQOR US INC: $300MM Bank Debt Trades at 28% Discount JJB DC: Court OKs $13.5MM DIP Loan from White Oak JOURNEY PERSONAL CARE: S&P Upgrades ICR to 'B-', Outlook Stable LA SALLE UNIVERSITY: Fitch Affirms 'BB+' IDR, Outlook Negative LATAM AIRLINES: Creditors Sued Ares for Role in $575 Mil. Jet Sales LIFTOFF MOBILE: S&P Alters Outlook to Stable, Affirms 'B-' ICR MAD ENGINE: $275MM Bank Debt Trades at 28% Discount MALLINCKRODT PLC: $250MM DIP Loan from Acquiom and Seaport OK'd MALLINCKRODT PLC: Silver Point, Marathon, Eaton Own Debt MASTERS III LLC: Auction for Assets on Sept. 13 MERIDIAN RESTAURANTS: Seeks to Sell Assets to Winning Bidder MLN US HOLDCO: $576MM Bank Debt Trades at 67% Discount NAPA MANAGEMENT: $610MM Bank Debt Trades at 25% Discount NEPTUNE WELLNESS: Raises Going Concern Doubt OCEAN POWER: Awarded Three Multi-Year NOAA Contracts OFF-SPEC SOLUTIONS: Unsecureds Will Get 26% of Claims in 60 Months ORETEST INTERNATIONAL: Case Summary & Six Unsecured Creditors PERIMETER ORTHOPAEDICS: Sells Assets to Surgery Partners Affiliate PHUNWARE INC: Appoints Mike Snavely as Chief Revenue Officer PWM PROPERTY MGT: Closes Chapter 11 Sale of 50-Storey Office Tower QUALITY STERLING: Gets CCAA Initial Stay Order RAPID METALS: Selling Inventory to Mainline Metals for $7.1MM REMARK HOLDINGS: Falls Short of Nasdaq Bid Price Requirement SAMARCO MINERACAO: Judge Okays $1Bil. Payment Cap, Changes Decision SG-TMGC LLC: Hits Chapter 11 Bankruptcy Protection SINCLAIR TELEVISION: $740MM Bank Debt Trades at 28% Discount SINCLAIR TELEVISION: $750MM Bank Debt Trades at 31% Discount SOFT SURROUNDINGS: Case Summary & 35 Largest Unsecured Creditors SOUND INPATIENT: $215MM Bank Debt Trades at 83% Discount SOUND INPATIENT: $610MM Bank Debt Trades at 50% Discount STARRY GROUP: Confirmed Plan Declared Effective Aug. 31 STREAM TV: Oct. 23 Claims Filing Deadline Set SUNLAND MEDICAL: Seeks to Auction Assets on Nov. 15 TEAM HEALTH: $1.59BB Bank Debt Trades at 20% Discount VALIDUS POWER: Seeks CCAA Protection, To Sell Assets VANMOOF BV: McLaren Applied's Lavoie Purchases Company VENUS CONCEPT: Closes Sale of $1 Million Preferred Shares VERITAS FARMS: Chief Financial Officer Resigns WOPIRB LLC: Voluntary Chapter 11 Case Summary WP CPP HOLDINGS: $276MM Bank Debt Trades at 15% Discount [^] Large Companies with Insolvent Balance Sheet ********* 2ND CHANCE INVESTMENTS: Sells Lakewood Property for $400,500 ------------------------------------------------------------ 2nd Chance Investment Group, LLC asked the U.S. Bankruptcy Court for the Central District of California to approve the sale of its real property located at 8607 Custer Road, Lakewood, Wash. The company received an offer to purchase the property from Gustavo Alverez and Gabriela Yerena for $400,500. The property will be sold "free and clear" of liens, claims and interests. To get a higher and better offer, 2nd Chance Investments intends to implement an overbid process. Under the overbid process, any person interested in submitting an overbid on the property must attend the hearing on the proposed sale or be represented by an individual with authority to participate in the process. An overbid is an initial overbid of $10,000 above the purchase price, with each additional bid in $5,000 increments. Overbidders must deliver a deposit to 2nd Chance Investments' counsel by way of cashier's check made payable to the company in the amount of $20,000 and proof of ability to close escrow unconditionally in a form acceptable to the company at least seven days prior to the sale hearing. Overbidders must purchase the property on the same terms and conditions as the purchasers. In the event the winning overbidder cannot timely complete the purchase of the property, 2nd Chance Investments will proceed with the sale to the next highest overbidder. The deposit of the successful overbidder will be forfeited if it is unable to complete the purchase of the property within 15 days of entry of an order confirming the sale. From the net sale proceeds of the property, the bankruptcy estate is expected to receive $51,161.14 to be held in trust for the allowed unsecured claimants of the bankruptcy estate, according to the company's attorney, Richard Sturdevant, Esq., at Financial Relief Law Center, APC. "Based upon the current real estate market and the other sale transactions in the area, [2nd Chance Investments] believes that the sale price represents the fair market value of the property," Mr. Sturdevant said. A court hearing on the proposed sale is scheduled for Sept. 27. About 2ND Chance Investment Group 2ND Chance Investment Group, LLC owns in fee simple title 13 real properties located in various locations in California and Washington having an aggregate value of $7.02 million. 2ND Chance Investment Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-12142) on Dec. 21, 2022. In the petition signed by its managing member, Rayshon A. Foster, the Debtor disclosed $7,221,261 in assets and $11,002,949 in liabilities. Judge Scott C. Clarkson oversees the case. Amanda G. Billyard, Esq., at Financial Relief Law Center, APC and Grobstein Teeple, LLP serve as the Debtor's legal counsel and financial advisor, respectively. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Goe Forsythe & Hodges, LLP. 2ND CHANCE: Committee Says Amended Plan Disclosures Deficient ------------------------------------------------------------- The Official Committee of Unsecured Creditors for 2nd Chance Investment Group, LLC, filed its objection to the Debtor's First Amended Disclosure Statement Describing Chapter 11 Liquidating Plan Dated May 10, 2023. The Debtor filed the Amended Disclosure Statement to remedy defects in the prior version of a disclosure statement it filed in response to various objections, including those made by the Committee. Debtor has made very few substantive changes in the Amended Disclosure Statement and has not remedied a number of issues with the Plan and prior disclosure statement, nor has Debtor filed an amended Plan such that there are now further inconsistencies between the Plan and the Amended Disclosure Statement that undermine the adequacy of information Debtor is offering about the Plan even further. The Committee points out that the Amended Disclosure Statement insufficiently describes debtor's background and the events that led to this case: * Page 8 of the Amended Disclosure Statement includes a description of the Debtor's background that essentially attributed the filing of this case to a negative shift in the real estate market and/or interest rates. Debtor's description of the impetus for this case and the events leading to its filing remains woefully deficient. Additionally, no details are provided explaining the Debtor's insider transactions that the Committee believes caused the Debtor's demise. * The Committee is analyzing additional transactions that may support avoidance claims and upon receiving the information and documentation requested of the Debtor, or an adequate explanation for the lack thereof, the Committee intends to file complaints against the foregoing list of transferees. The cause of Debtor's financial woes is far more the looting of the Debtor by Mr. Foster and insiders, including lavish car payments to Porsche and other auto retailers, payments for private school tuition, extravagant jewelry purchases with Debtor's funds, massive cash transfers from Debtor's accounts to Mr. and Mrs. Foster, regular payments on countless third-party credit cards, among other things that will be revealed in the coming litigation. The Committee further points out that the Amended Disclosure Statement and Plan do not sufficiently establish the committee's authority under the plan to enact the stipulation. As the Committee previously raised, there is no description of the Plan provision (i.e. mechanism) by which the Committee is retaining the authority granted to it under the Stipulation, though such a provision should be included in the Plan and clearly and consistently described in the Amended Disclosure Statement. Nor is the "alternative" scenario referenced above being explained in a clear manner, nor does the alternative scenario by which the Committee may continue to pursue the claims or not make sense in this case. An amended Plan should provide, and a further amended disclosure statement should explain, that (1) the Committee shall remain in place post-confirmation, (2) the Committee's power to pursue avoidance actions conferred by stipulation and order thereon shall continue post-confirmation upon the same terms, including the exclusive scope of the standing granted to the Committee, and (3) the Committee shall continue to be represented by its present counsel on the same terms, with compensation to be paid from the Liquidating Trust and/or the Committee recoveries. Moreover, the Committee asserts that the need for a liquidating trust should be explained. THe Debtor's Plan proposes to create a liquidating trust from which creditors will be paid. Debtor does not explain in the Amended Disclosure Statement why this is necessary or beneficial. The Committee is concerned about additional layers of expense this will visit on the post-confirmation estate due to unneeded complexity. Debtor should support its proposal to create a liquidating trust with an analysis of why it such entity is the most efficient structure for the Plan. This Court has approved liquidating plans that did not entail the creation of a liquidating trust. Attorneys for the Official Committee of Unsecured Creditors: Robert P. Goe, Esq. Charity J. Manee, Esq GOE FORSYTHE & HODGES LLP 17701 Cowan, Bldg. D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: rgoe@goeforlaw.com cmanee@goeforlaw.com About 2ND Chance Investment Group 2ND Chance Investment Group, LLC owns in fee simple title 13 real properties located in various locations in California and Washington having an aggregate value of $7.02 million. 2ND Chance Investment Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12142) on Dec. 21, 2022. In the petition signed by its managing member, Rayshon A. Foster, the Debtor disclosed $7,221,261 in assets and $11,002,949 in liabilities. Judge Scott C. Clarkson oversees the case. Amanda G. Billyard, Esq., at Financial Relief Law Center, APC and Grobstein Teeple, LLP serve as the Debtor's legal counsel and financial advisor, respectively. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Goe Forsythe & Hodges, LLP. 36TH STREET: Sept. 27 Bid Deadline for NY High-Rise Hotel Set ------------------------------------------------------------- Hilco Real Estate, LLC, as the qualified bid deadline for the Chapter 11 bankruptcy sale of this 15-story high-rise hotel in New York, New York. Situated at 442 W 36th Street, this hotel presents a rare chance for investors to acquire a prime asset in one of the most sought-after locations in the city. This sale is being conducted by Order of the U.S. Bankruptcy Court District of Eastern New York, Bankruptcy Petition No. 22-bk-40563 (JMM), In re: 36th Street Property, Inc. and is subject to court approval. Qualified bids must be received on or before the deadline of September 27, 2023 at 5:00 p.m. (ET) and submitted on the approved Purchase and Sale Agreement in compliance with the terms of sale available for review and download from Hilco Real Estate's website. This sale offers investors an opportunity to acquire an unflagged, non-union core asset. Built in 1999, the 56-room hotel has a newly renovated lobby and a diverse spread of rooms, perfect for business and leisure travelers. With attractive assumable financing available at just 5.2%, the remaining 72-month term represents a cash-equivalent savings of $2.2 million. Nestled in the heart of Manhattan, the property has incredible proximity to major demand generators, including Hudson Yards, Madison Square Garden, Times Square, the Javits Center, the Empire State Building and more. Additionally, guests of the hotel have access to major transit in the form of Penn Station, the Lincoln Tunnel, multiple Metro stations and the NYC Ferry. The hotel's prime location presents immense potential for repositioning and capitalizing on the vibrant hospitality market in Manhattan. Jeff Azuse, executive vice president at Hilco Real Estate, states, "Considering that Hudson Yards sits within one of the highest real estate valued zip codes in the country, the bankruptcy sale of the Hudson River Hotel is a rare opportunity for a savvy investor to reimagine this property and capitalize on its prime location. In addition to Hudson Yards, there are several new projects on the same block as the property that adds to the long-term viability of the property." Interested buyers should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate's website. For further information, please contact Jamie Coté at (847) 418-2187 or jcote@hilcoglobal.com or Jonathan Cuticelli at (203) 561-8737 or jcuticelli@hilcoglobal.com. For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300. About 36th Street Property and HR 442 Corp. 36th Street Property Inc. is primarily engaged in renting and leasing real estate properties. Its affiliate, HR 442 Corp., operates in the traveler accommodation industry. 36th Street Property and HR 442 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 22-40563) on March 22, 2022, with up to $50,000 in assets and up to $50 million in liabilities. Ae Sook Choi, president, signed the petition. Judge Jil Mazer-Marino oversees the cases. Lawrence Morrison, Esq., at Morrison Tenenbaum, PLLC is the Debtors' counsel. 9TH & 10TH: Unsecureds Owed $3.2M to Get 100% of Claims ------------------------------------------------------- Judge David S. Jones has entered an order that the Disclosure Statement of 9th & 10th Street, L.L.C. is approved as containing adequate information within the meaning of Section 1125 of title 11 of the United States Code, 11 U.S.C. Secs. 101, et seq. That earlier versions and interim forms of the Disclosure Statement and Plan are of no force or effect. That service of the Disclosure Statement and Plan shall be effectuated on or before September 1, 2023, to all known creditors, the United States Trustee, the Debtor's taxing authorities and all parties in interest to be deemed sufficient notice pursuant to Bankruptcy Rules 3017 and 9006(c). The hearing to consider confirmation of the Plan will be held on October 4, 2023 at 10:00 a.m. or as soon thereafter as counsel may be heard, before the Honorable David S. Jones, United States Bankruptcy Judge, at the United States Bankruptcy Courthouse, Southern District of New York. The Court authorizes Erica Aisner, Esq. to act as the Balloting Agent. To be counted, Ballots for accepting or rejecting the Plan must be actually received at the addresses set forth in the ballot instructions by September 27, 2023 at 5:00 p.m. (Eastern Time). Objections to confirmation of the Plan pursuant to Bankruptcy Rule 3020(b)(1) shall be filed and served so as to be received on or before September 27, 2023 at 5:00 p.m. Third Amended Plan 9th & 10th Street, L.L.C submitted a Second Amended Disclosure Statement in support of Debtor's Third Amended Chapter 11 Plan. The Plan provides, among other things, for the implementation of a settlement reached by and between the Debtor and Lender regarding the resolution of Lender's senior mortgage on the Debtor's Property and the Claim relating thereto. This resolution is the driving force behind the Plan and has enabled the Debtor to move forward towards confirmation with the support of the Lender. An agreement providing for the terms of the settlement are set forth in the annexed Amended Plan Support Agreement. Among other terms, the Plan Support Agreement includes provisions that require confirmation of the Plan, Lender approval of various documents, entry of the order confirming the Plan on or before October 15, 2023, and filing and service of a motion to approve bid procedures ("Bid Procedures Motion") on or before 30 days before the first scheduled day of the hearing to confirm the Plan. In the event of a Termination Event (as that term is defined in the Amended Plan Support Agreement) or the Debtor fails to comply with other obligations and deadlines set forth in the Plan or the Plan Support Agreement, the Lender will be vested with the power and authority to continue the pursuit of confirmation and effectiveness of the Plan. The Entry of an Order approving this Disclosure Statement shall include approval of the Plan Support Agreement, including such conditional termination of exclusivity. The Debtor owns a 5-story, 152,075 rentable square feet historic property built in the early 1906 and operated as a public elementary school (P.S. 64) from 1907 to 1977. The day after Adelphi terminated the lease, on October 12, 2017, former Mayor De Blasio announced publicly that the City was interested in purchasing the Property and that it was a mistake for the City (under a prior administration) to have sold it. Lacking a budget, lacking a specific use for the building, and after many fruitless attempts to find a city agency who would be interested in the property – then, lacking any support from his own staff, DeBlasio's public statement was demonstrably false when it was made. Nevertheless, this public statement clearly evinced the Mayor's determination to deter any would-be tenant, lender or investor from investing or lending to the Debtor or, or taking space in the Property. Tellingly, notwithstanding the Mayor's public statement, the City never made any offer to purchase the Property. Under the Plan, Class 4 shall consist of Allowed General Unsecured Claims which shall be paid up to 100% of their Allowed amounts, without interest. The Debtor estimates that the Class 4 Claims total approximately $3.2 million in the aggregate. Class 4 includes, but is not limited to, any Claims of service providers, unsecured lenders, vendors. Holders of Allowed Class 4 Claims shall receive, up to 100% of the Allowed Claims, without interest, as follows: a. If an Alternative Sale Process is not triggered, the holder may select one of the following options: i. Option 1: On the Closing of a Funding Transaction, such holder shall receive payment in the amount of 5% of their Allowed Class 4 Claim; or ii. Option 2: 100% of their Allowed Class 4 Claim, without interest, payable in 10 equal annual installments beginning 6 months after the issuance of a Certificate of Occupancy by the City; or b. In the event that an Alternative Sale Process is triggered, and the Property is sold in excess of the Lender's Total Claim, or such lower amount which it agrees to accept, the holders of Allowed Class 4 Claims shall collectively share, pro rata, up to 100% of their Allowed Claim, after the payment of all unclassified Claims and Allowed Class 1, 2 and 3 Claims. In the event that the Property is sold to the Lender pursuant to its credit bid, the holders of Allowed Class 3 or 4 Claims, other than any Claim which arises as a result of any deficiency due to Lender, shall be paid $250,000, pro rata, which shall be funded by Lender; and, c. Pro Rata payment, together with Class 3, from the Net Litigation Recovery, if any, after the payment in full of all unclassified Claims. Holders of Allowed Class 4 Claims are Impaired under this Plan. Payments under the Plan due on the Closing Date shall be paid from either, (i) a Funding Transaction, or (2) in the event of an Alternative Sale Process, from the proceeds of sale. Subsequent additional funding may come from the Net Litigation Recovery which shall be distributed in accordance with Article II of the Plan. Attorneys for the Debtor: Erica R. Aisner, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Tel: (914) 401-9500 E-mail: EAisner@kacllp.com A copy of the Order dated August 30, 2023, is available at https://tinyurl.ph/JLKen from PacerMonitor.com. A copy of the Disclosure Statement dated August 30, 2023, is available at https://tinyurl.ph/lwYyG from PacerMonitor.com. About 9th & 10th Street 9th & 10th Street LLC is a single asset real estate as defined in 11 U.S.C. Section 101(51B). 9th & 10th Street filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10423) on March 21, 2023, with $100 million to $500 million in both assets and liabilities. The petition was signed by Gregg Singer, president of Sing Fina Corp., manager of the Debtor. Judge David S. Jones oversees the case. The Debtor tapped Erica Feynman Aisner, Esq. at Kirby Aisner & Curley, LLP as bankruptcy counsel and HayesSchanzer, LLP, as special litigation counsel. ACCELERATED HEALTH: $875MM Bank Debt Trades at 17% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Accelerated Health Systems LLC is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, September 8, 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. ADJ PROPERTIES: Disclosure Statement Gets Interim Approval ---------------------------------------------------------- Judge Thomas J. Tucker has entered an order that the Disclosure Statement of ADJ Properties, LLC, et al. is granted preliminary approval, subject to any timely objections to final approval that are filed under the Court's "Order Establishing Dates and Deadlines," previously entered. The deadline to return ballots on the Third Amended Plan, as well as to file objections to final approval of the Disclosure Statement and objections to confirmation of the Third Amended Plan, is Oct. 2, 2023. No later than Oct. 6, 2023, the Debtors must file a signed ballot summary indicating the ballot count under 11 U.S.C. Secs. 1126(c) and 1126(d). The hearing on confirmation of the Third Amended Plan will be held on Wednesday, October 11, 2023 at 11:00 a.m. About ADJ Properties ADJ Properties LLC and ALJ Properties, LLC, are each a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). ADJ Properties LLC and ALJ Properties, LLC filed for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-48074 and 22-48075) on Oct. 17, 2022. In the petition filed by Anthony Jekielek, as member, ADJ reported assets and liabilities between $1 million and $10 million. The Debtors are represented by attorneys at Strobl Sharp PLLC. ALPINE SUMMIT ENERGY: $83 Million Texas Well Sale Approved ---------------------------------------------------------- Rick Archer of Law360 reports that a Texas bankruptcy judge gave oil and gas driller Alpine Summit Energy Partners permission Thursday, August 31, 2023, to sell some of its wells for $83 million, rejecting arguments the company should have driven a harder bargain. About Alpine Summit Energy Partners Alpine Summit Energy Partners Inc. and its affiliates develop, own, and operate oil and gas properties in several formations in Texas. Alpine Summit Energy Partners and its affiliates, including HB2 Origination, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90739) on July 5, 2023. In the petition filed by Craig Perry, CEO and Chairman of Alpine Summit Energy Partners' Board of Directors, Alpine Summit Energy Partners estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Affiliate Ageron Energy II, LLC estimated $100 million to $500 million in assets and $1 million to $10 million in liabilities. Affiliate HB2 Origination, LLC estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. The Honorable Bankruptcy Judge David R. Jones oversees the cases. The Debtors tapped PORTER HEDGES LLP as counsel; HOULIHAN LOKEY CAPITAL, INC., as investment banker; and HURON CONSULTING SERVICES LLC as financial advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the claims agent. AMERICAN FEDERATED: A.M. Best Alters Ratings Outlook Stable ----------------------------------------------------------- AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bb" (Fair) of American Federated Life Insurance Company (AFLIC). Concurrently, AM Best has affirmed the FSR of B (Fair) and the Long-Term ICR of "bb" (Fair) of American Federated Insurance Company (AFIC). The outlook of these Credit Ratings (ratings) is stable. Both companies are known collectively as American Federated Insurance Companies and are domiciled in Flowood, MS. The ratings of AFLIC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings also reflect drag from the parent holding company, First Tower Finance Company LLC (First Tower Finance). The ratings of AFIC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal ERM. The ratings also reflect drag from the parent holding company, First Tower Finance. The American Federated Insurance Companies are indirect, wholly owned subsidiaries of First Tower Finance, a multiline specialty finance company. Prospect Capital Corporation [NASDAQ: PSEC] has majority ownership in First Tower Finance and its subsidiaries. AFLIC provides credit life, credit accident and health insurance coverages for individuals that have personal loans originated by the consumer finance subsidiaries of First Tower Finance. AFIC provides credit insurance coverage on collateralized personal loans originated by the consumer finance subsidiaries of First Tower Finance, and credit involuntary unemployment insurance. Given the products offered by the two companies, AM Best will continue to monitor the impact of the macroeconomic environment on the business profiles and operations of AFIC and AFLIC. The drag on the ratings of AFIC and AFLIC reflects the high interest expenses and considerable financial leverage with a deficit in members' equity at First Tower Finance. AM Best's expectation is that the high financial leverage and interest expenses of First Tower Finance will not create additional pressure on American Federated Insurance Companies' balance sheets in the near or immediate term. The stable outlooks of AFIC and AFLIC reflect AM Best's expectation that the companies will maintain adequate operating results and overall balance sheet strength assessment. AVISON YOUNG: S&P Cuts ICR to 'CCC' on Deteriorating Liquidity -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Avison Young (Canada) Inc. to 'CCC' from 'CCC+'. S&P also lowered its rating on the company's secured term loan to 'CCC-' from 'CCC+', as well as revised our recovery rating to '5' from '4', indicating its expectation of modest (10%-30%; rounded estimate: 20%) recovery in the event of default. The negative outlook reflects S&P's view that the company's liquidity will be under stress for the next 6-12 months, and without additional sources of liquidity and amendments of the existing credit agreements, Avison Young is unlikely to meet its liquidity needs. The company won't likely be able to address the accelerated debt maturity, triggered by the drawdown of its second-lien liquidity facility. In third-quarter 2023, the company has drawn on the second-lien facility to shore up its liquidity. Based on credit agreements, the maturities of the revolver and the first-lien debt will likely be accelerated due to the springing covenant. S&P said, "We don't think that Avison Young will be able to address the accelerated debt maturity based on its existing liquidity sources although we note the company is in discussion with its lenders to obtain potential amendments. Furthermore, we believe the risk of Avison Young's failure to cover the ongoing interest payment on its debt has increased. As of June 30, 2023, the company's main liquidity sources include C$17 million in cash and the C$35 million second-lien facility (drawn in third-quarter 2023). The company's liquidity uses for the next 12 months also include interest payments on its debt, about C$20 million per quarter, as well as lease payment of about C$7 million per quarter." S&P said, "Apart from the debt acceleration, we expect the company's liquidity will be pressured for the next 6-12 months because of challenging CRE market conditions. We expect the slowdown in CRE transactions will likely persist through most of 2023, weakening Avison Young's earnings and straining its liquidity. For the six months ended June 30, 2023, the company had an EBITDA shortfall of C$9 million (based on our calculation), compared with C$26 million it generated in the same period last year, primarily because of lower capital markets and leasing revenues. Excluding cash interest payments, Avison Young had about C$23 million in net cash outflow from its operating activities in the first half of 2023. While the company's cash generation from operations may improve in the second half of 2023, owing to seasonality factors (CRE brokers tend to complete the transactions by calendar year-end), a delayed recovery of CRE activities in the next 6-12 months could further stress its liquidity, in our view. "The negative outlook reflects our view that the company's liquidity will be under stress for the next 6-12 months, and without additional sources of liquidity and amendments of the existing credit agreements (such as maturity extension and covenant waivers), Avison Young is unlikely to meet its liquidity needs. "We could lower the ratings if we believe a default event, which would include insufficient liquidity to fund interest payments, is likely in the subsequent six months. We could also lower the ratings if the company executes exchange offers or the restructuring of its senior secured term loan that we would view as distressed. "We could revise the outlook to stable if the company's liquidity improves such that we believe Avison Young could maintain sufficient liquidity for its operations for the subsequent 6-12 months." BARNES & NOBLE: Management Addresses Going Concern Doubt -------------------------------------------------------- Barnes & Noble Education, Inc. previously warned that the Company's liquidity level raised substantial doubt about its ability to continue as a going concern as of the year ended April 29, 2023. In a Form 10-Q filed with the U.S. Securities and Exchange Commission for the quarterly period ended July 29, 2023, Barnes & Noble said management has remediated this by implementing a plan to improve the Company's liquidity and successfully alleviate substantial doubt including (1) raising additional liquidity and (2) taking additional operational restructuring actions. BNED said, "On July 28, 2023, we amended our existing Credit Agreement to (i) extend the maturity date of the Credit Agreement to December 28, 2024, (ii) reduce advance rates with respect to the borrowing base by 1000 basis points on September 2, 2024 (in lieu of the reductions previously contemplated for September 2023), (iii) subject to the conditions set forth in such amendment, add a CARES Act tax refund claim to the borrowing base, from April 1, 2024 through July 31, 2024, (iv) amend the financial maintenance covenant to require Availability (as defined in the Credit Agreement) at all times greater than the greater of (x) 10% of the Aggregate Loan Cap (as defined in the Credit Agreement) and (y) (A) $32,500,000 minus, subject to the conditions set forth in such amendment, (B) (a) $7,500 for the period of April 1, 2024 through and including April 30, 2024, (b) $2,500,000 for the period of May 1, 2024 through and including May 31, 2024 and (c) $0 at all other times, (v) add a minimum Consolidated EBITDA financial maintenance covenant, and (vi) amend certain negative and affirmative covenants and add certain additional covenants, all as more particularly set forth in such amendment. "On July 28, 2023, we amended our Term Loan to (i) extend the maturity date of the Term Loan Agreement to April 7, 2025, (ii) allow for interest to be paid in kind until September 2, 2024, (iii) amend the 1.50% anniversary fee to recur on June 7 of each year that the Term Loan Agreement remains outstanding, with 2024 fee deferred to the earlier of September 2, 2024 and the Termination Date and (iv) amend certain negative covenants and affirmative and add certain additional covenants. We must pay a fee of $50,000 to the lenders under the Term Loan Agreement on the earlier of September 2, 2024, and the Termination Date." BNED's management believes that the expected impact on the Company's liquidity and cash flows resulting from the debt amendments and the operational initiatives as outlined are sufficient to enable the Company to meet its obligations for at least the next 12 months and to continue to alleviate the conditions that initially raised substantial doubt. For the 13 weeks ended July 29, 2023, BNED posted a net loss of $50,388,000 compared to a net loss of $52,707,000 on July 30, 2022. About Barnes & Noble Education, Inc. Basking Ridge, New Jersey-based Barnes & Noble Education, Inc. ("BNED") is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. It is one of the largest textbook wholesalers, inventory management hardware and software providers that operates 1,289 physical, virtual, and custom bookstores and serve more than 5.8 million students, delivering essential educational content, tools and general merchandise within a dynamic omnichannel retail environment. As of July 29, 2023, BNED has $1,070,817,000 in total assets and $989,758,000 in total liabilities. BCPE GRILL: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to the newly formed parent company and borrower, BCPE Grill Parent Inc., reflecting its high leverage and small scale. At the same time, S&P assigned its 'B-' issue-level rating and '3' recovery rating to the company's proposed senior secured credit facilities, consisting of a five-year $75 million revolving credit facility and seven-year $550 million first-lien term loan. The stable outlook reflects S&P's expectation that the company's elevated leverage will gradually improve through earnings growth achieved through consistent operating performance and expansion of its small but profitable restaurant base. U.S.-based full-service restaurant company Fogo de Chao Inc. is being acquired by Bain Capital Private Equity from Rhone Capital for $1.1 billion, funding the transaction with a $550 million term loan, $509 million of combined equity, and $100 million of preferred equity. BCPE Grill Parent Inc. (Fogo) is a single-concept full-service restaurant company with significant financial risk stemming from its high leverage and aggressive growth strategy. S&P said, "Our rating on Fogo reflects its high leverage and position as a small, single-brand restaurant operator pursuing elevated new unit growth. The sponsor-to-sponsor sale adds approximately 2.3 turns of leverage on an S&P Global Ratings-adjusted basis, inclusive of the preferred equity, which we treat as debt. We project S&P Global Ratings-adjusted leverage will be around 6.5x at the end of fiscal 2023 before approaching 6x in fiscal 2024 and expect S&P Global Ratings-adjusted EBITDA interest coverage will remain in the 2.0x-2.5x range over the next two years. The company is accelerating new restaurant openings, with plans to open 10 new company operated locations during the second half of 2023. We forecast negative free operating cash flow (FOCF) this year, inclusive of proforma full year interest expense, with FOCF turning positive in 2024 as capex spending moderates slightly." Fogo's upscale Brazilian churrascaria restaurants have carved out a successful niche in the highly fragmented and competitive full-service restaurant industry. Fogo's differentiated concept appeals to a broad customer base and its restaurants generate above-average unit economics. Fogo's core fixed price Churrasco menu offering, featuring continuous tableside service of carved meats, enables the company to turn tables quickly and serve more guests, driving high sales volumes. The company's average unit volumes (AUV) of its U.S. restaurants hovered around $10 million based on last 12 months results as of July 1, 2023, exceeding casual dining and steakhouse peers. The company owns and operates all its domestic and Brazilian restaurants, representing about 90% of its locations, exposing it directly to commodity, labor, occupancy, and other operating expenses. While meat accounts for roughly 55% of Fogo's cost of goods sold, the company's ability to interchange different cuts of protein enables it to better manage commodity cost volatility. Additionally, Fogo generates above-average profit margins due to its high sales volumes and unique service model, which has lower labor costs. S&P said, "We believe Fogo has capitalized on the pent-up demand for dining out over the past two years, generating solidly positive comparable restaurant sales led by traffic growth. In the most recent quarter, however, comparable restaurant sales at its U.S. locations declined 4.5%, due to moderating traffic from elevated levels last year. Our base-case forecast projects Fogo will generate modestly positive comparable sales in 2023 and 2024, supported by ongoing menu innovation, expansion of its bar offering, marketing efforts, and remodels. However, thinning discretionary income from high inflation and interest rates remains a key risk to restaurant spending, in our view." Fogo's aggressive growth strategy heightens execution risk and will consume operating cash. The company is on target to accelerate new company-owned restaurant openings by more than 20% this year, with plans to expand openings by roughly 15% annually over the next three years. Fogo believes it can grow to over 300 restaurants domestically, from roughly 60 today, as it adds locations across its existing national footprint. S&P said, "We believe the company's strategic shift in recent years to opening smaller footprint locations by targeting existing restaurant spaces will lead to improved capital expenditure (capex) efficiency. Still, we expect capex to remain elevated as the company executes its expansion strategy which will constrain FOCF. Fogo's plans to expand its international footprint carries less risk in our view given the capital-light franchise model. Our forecast assumes Fogo's U.S. AUV contracts modestly in the low- to mid-single-digit range over the next two years as customer traffic moderates and smaller footprint restaurants open." Fogo's modest maintenance capex needs, ability to slow openings, and new undrawn $75 million revolving credit facility support liquidity. Pro forma for the acquisition, Fogo will have approximately $100 million of liquidity, including $25 million of cash. S&P said, "We project Fogo will burn approximately $15 million-$20 million of cash this year, inclusive of proforma full year interest expense, as capex approaches $70 million to fund new restaurant openings. We forecast modestly positive FOCF of about $10 million in 2024 primarily from lower capital spending and higher cash from operations. Although we expect cash flow and credit metrics to improve, we believe the company's financial policy will remain aggressive due to its financial sponsor ownership." S&P expects to discontinue the issuer credit ratings on Fogo de Chao Inc. when the debt at that entity is repaid as part of this transaction. The stable outlook reflects S&P's expectation that the company's elevated leverage will gradually improve through earnings growth achieved through consistent operating performance and expansion of its small but profitable restaurant base. S&P could lower its rating if: -- Operating performance is weaker than expected, including weaker sales and EBITDA margin trends, such that credit protection metrics deteriorate; and -- The company sustains negative FOCF generation, pressuring liquidity and leading us to view its capital structure as unsustainable. S&P could raise its rating if: -- The company successfully executes its growth strategy while demonstrating consistent operating performance across its existing restaurant base resulting in stable profit margins and improving cash generation; and -- S&P expects S&P Global Ratings-adjusted leverage will remain below 6x on a sustained basis. BED BATH & BEYOND: 200-220 West 26 Says Disclosure Inadequate ------------------------------------------------------------- 200-220 West 26 LLC filed an objection to the final approval of the Amended Disclosure Statement and to the confirmation of the Amended Joint Chapter 11 Plan of Bed Bath & Beyond Inc. and Its Debtor Affiliates, respectfully sets forth the following: 200-220 West 26 is the landlord of the premises leased by Buy Buy Baby Inc. ("Buy Buy Baby"), one of the jointly administered debtors, located at 200-220 West 26th Street, New York, New York. The obligations of Buy Buy Baby under the lease were guaranteed by Bed Bath & Beyond Inc. ("BBBY"). This lease has been rejected by the Debtors and the rejection has been approved by this Court. 200-220 West 26 has filed proofs of claim against Buy Buy Baby and BBBY and will file an additional proof of claim against Buy Buy Baby for rejection damages prior to the deadline for doing so. 200-220 West 26 objects to the Disclosure Statement and the Plan because the Plan provides for what has been described as "de facto substantive consolidation" even though the Plan and Disclosure Statement expressly state that no substantive consolidation is provided. The reason the Plan provides for "de facto substantive consolidation" is that the unsecured claims against all of the Debtors -- all 74 of them -- are classified in a single class and receive the same treatment under the Plan, irrespective of the Debtors against which the claims are asserted. In essence, the assets and liabilities of the Debtors have been pooled for purposes of distribution. According to the Landlord, the Disclosure Statement contains no information regarding the separate assets and liabilities of each Debtor and whether a creditor with a claim against one or more particular Debtors will be harmed or benefited from this pooling of assets for distribution. This does not allow 200-220 West 26 to make an informed decision whether to accept or reject the Plan. Because the Plan pools the assets and liabilities of all the Debtors for purposes of distribution while at the same time purporting to preserve the separate identities of the Debtors for other purposes, including avoidance actions, such as constructive fraudulent transfer actions in which one related Debtor paid the debt owed by a different related Debtor ("Wrong Debtor Paid Avoidance Actions"), the Landlord says the Plan represents an abuse and has not been proposed in good faith. Attorneys for 200-220 West 26 LLC: Alec P. Ostrow, Esq. Walter E. Swearingen, Esq. BECKER, GLYNN, MUFFLY, CHASSIN & HOSINSKI LLP 299 Avenue, 16th Floor New York, NY 10171 Phone: (212) 888-3033 E-mail: aostrow@beckerglynn.com wswearingen@beckerglynn.com About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing chapter 11 cases, implementing full scale winddowns of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind down of operations. The cases are pending before the Honorable Vincent F. Papalia and have requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BELA FLOR: $5MM DIP Loan from Serene Investment Wins Interim OK --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, authorized Bela Flor Nurseries, Inc. and affiliates to use cash collateral and obtain postpetition financing, on an interim basis. The Debtors are permitted to obtain post-petition financing of $1.5 million on an interim basis from Serene Investment Management, LLC. The DIP lender has committed to provide up to $5 million in loans on a final basis. The DIP facility will terminate one year after origination. The Debtors' pre-bankruptcy obligations include: Debtor Creditor Total Amount Owed ------ -------- ----------------- Bela Flor Nurseries Agrifund, LLC $6,825,814 Amount is owed under a Demand Promissory Note, dated August 4, 2022, as well as certain modifications and amendments thereto, including but not limited to, a Forbearance Agreement finally executed on July 7, 2023. The Debtors allege that non-Debtor persons James Scott Larsen, Steven Michael Bateski, and Brian Robert Aguiar, each signed a personal guaranty under the ARM Pre-Petition Loan Agreement. Bela Flor granted ARM security interests and liens on certain property of Bela Flor and the proceeds thereof, including cash collateral, specifically Bela Flor's crops, farm products, equipment, inventory, accounts, general intangibles, and chattel paper. Debtor Creditor Total Amount Owed ------ -------- ----------------- MFAF Holdings LLC Guaranty Bank, NA $3,472,300 Amount is owed under a Commercial Promissory Note, dated November 21, 2014, and Business Loan Agreement, dated November 21, 2014. MFAF granted Guaranty blanket security interests and liens on certain real and personal property of MFAF and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the 28615 Outer Road Mortgage. Debtor Creditor Total Amount Owed ------ -------- ----------------- SMB Holdings LLC Guaranty Bank, NA $3,237,600 Amount is owed under a Commercial Promissory Note, dated April 25, 2013, and Business Loan Agreement dated April 25, 2013, a Commercial Promissory Note, dated March 2, 2017, and Business Loan Agreement dated March 2, 2017. SMB granted Guaranty blanket security interests and liens on certain real and personal property of SMB and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the 1030 East 13th Mortgage. Debtor Creditor Total Amount Owed ------ -------- ----------------- SMB Holdings LLC Old Missouri Bank $548,211 Amount is owed under a Promissory Note, dated December 20, 2022. SMB granted OMB a security interests and liens on certain real and personal property of SMB and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the Harrison House Mortgage. Debtor Creditor Total Amount Owed ------ -------- ----------------- Bela Flor Nurseries Old Missouri Bank $_______ Amount is owed under a Business Loan Agreement, dated June 24, 2022. Bela Flor granted OMB a security interests and liens on certain personal property of Bela Flor and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the OMB Loan. Debtor Creditor Total Amount Owed ------ -------- ----------------- CHIC Holdings LLC Texas Bank, NA $962,000 Amount is owed under a Deed of Trust, Security Agreement, and Financing Agreement, dated June 13, 2016. CHIC granted Texas Bank a security interests and liens on certain real property of CHIC and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the Henderson Mortgage. Debtor Creditor Total Amount Owed ------ -------- ----------------- SMB Holdings LLC Capital Farm $274,000 Credit, FLCA Amount is owed under a Promissory Note, dated August 5, 2011. SMB granted FLCA a security interests and liens on certain real property of SMB and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the Austin Loan. Debtor Creditor Total Amount Owed ------ -------- ----------------- Bela Flor Nurseries AG Credit, $2,291,239 Agricultural Credit Association Amount is owed under a Credit Agreement dated October 25, 2017, and a Term Note dated October 25, 2017. Bela Flor granted AG Credit a blanket security interests and liens on certain personal property of Bela Flor and the proceeds thereof, including the Cash Collateral, as described and defined as "Collateral" in the AG Credit Loan. The DIP Lender's lending of the Initial DIP Loan is conditioned upon the grant of liens that will be a first priming priority, secured and perfected lien in Debtors' Employee Retention Credit and all proceeds thereof. The DIP Lien will otherwise constitute a junior lien in all Real Property Collateral, subject only to: (i) any valid, binding, enforceable and perfected Pre-Petition Liens as of the Petition Date; and (ii) the Carve-Out consisting (a) an aggregate amount not to exceed the sum of (i) the unpaid dollar amount of the fees and expenses of professionals retained by the Debtors or a Committee, if any, to the extent (A) provided for under the Budget and (B) incurred or accrued prior to and remaining unpaid at such time as the DIP Lender delivers written notice of an Event of Default, plus (ii) the dollar amount of the fees and expenses of the professionals retained by the Debtors to the extent incurred or accrued after delivery of a Carve-Out Notice, in an aggregate amount not to exceed $350,000, to the extent allowed by the Bankruptcy Court at any time, whether by interim order, procedural order, or otherwise, plus (b) the statutory fees of the United States Trustee pursuant to 28 U.S.C. section 1930 and the fees of the Clerk of this Court plus any interest at the statutory rate; provided however that the Carve-Out shall be subject to approval on a final basis. The Prepetition Secured Parties will receive customary adequate protection in exchange for its consent to the Debtors' use of cash collateral and for the priming of its liens by the liens securing the DIP Loan, including, replacements liens against the Collateral, Superpriority Claims (in the amount of diminution of value) senior to all other liens and administrative expense claims, other than those held by the DIP Lender and subject to the Post-Petition Liens and Carve-Out. The Debtors will also make interest-only payments on the Secured Parties' Prepetition Obligations during the pendency of the Chapter 11 Cases. A final hearing on the matter is set for September 25, 2023 at 9:30 p.m. A copy of the order is available at https://urlcurt.com/u?l=VxPuEE from PacerMonitor.com. About Bela Flor Nurseries, Inc. Bela Flor Nurseries, Inc. operates in the horticulture and retail gardening industry. The Company currently grows from seed and cutting annual flowers, vegetables, bulbs, and floral items for wholesalers, landscapers and retailers. Bela Flor Nurseries, Inc., and several affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 23-42469) on August 22, 2023. In the petition signed by Mark Shapiro, chief restructuring officer, Bela Flor disclosed up to $50 million in both assets and liabilities. Bela Flor Nurseries is the operating company and SMB Holdings, LLC, is the primary real estate holding company. MFAF Holdings, LLC, and CHIC Holdings, LLC are wholly owned subsidiaries of SMB Holding, LLC. SMB Holdings, LLC, owns several greenhouses located in Austin, Texas, Carthage, Missouri, and Jasper, Missouri; small lots in Henderson, Texas; and two corporate houses in Harrisonville, Missouri. MFAF Holdings, LLC, holds two parcels of land in Harrisonville, Missouri. CHIC Holdings, LLC, holds parcels of land located in Henderson, Texas. On the real property, the Debtors own and operate several nurseries. Judge Mark X. Mullin oversees the cases. Buffey E. Klein, Esq., at Husch Blackwell, LLP, represents the Debtor as legal counsel. B. Riley Advisory Services is the Debtor's chief restructuring officer. Counsel to Serene Investment Management, LLC, as DIP Lender: Vadim J. Rubinstein, Esq. Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 E-mail: vrubinstein@loeb.com BENEFYTT TECH: Unsecured Get Share of GUC Trust Beneficial Interest ------------------------------------------------------------------- Benefytt Technologies, Inc., et al., submitted a First Amended Joint Chapter 11 Plan. Under the Plan, Class 5 General Unsecured Claims are impaired. Each General Unsecured Claim shall be discharged and released, and each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the GUC Trust Beneficial Interests; provided that (i) Each Holder of an Allowed General Unsecured Claim who is a Cash Out Holder shall receive the Cash Out Recovery, in lieu of any distributions from any other GUC Trust Assets; provided that such recovery shall be capped at 25% of such Holders' respective Allowed Claim. (ii) Each Holder of an Allowed General Unsecured Claim who (A) is not a Cash Out Holder and (B) does not "opt out" of the Third-Party Release shall receive its Pro Rata share of the proceeds of the Initial Trust Assets and the Upside Recovery. (iii) Each Holder of an Allowed General Unsecured Claim who (A) is not a Cash Out Holder and (B) does "opt out" of the Third-Party Release shall receive its Pro Rata share of the proceeds of the Initial Trust Assets. "Cash Out Holders" means any Holder of a General Unsecured Claim (x) whose Allowed Claim is less than or equal to the Cash Out Cap or (y) who irrevocably elects the Cash Out Election by submitting a Cash Out Election Form by the Cash Out Election Deadline, in each case only with respect to such Holders of General Unsecured Claims who do not "opt out" of the Third-Party Release. "Cash Out Recovery" means Cash in an amount equal to the lesser of (a) 25% of such Holder's Allowed General Unsecured Claim or (b) such Holder's Pro Rata share of the Cash Out Recovery Pool, in each case in full and final satisfaction of such Cash Out Holder's Allowed General Unsecured Claim; provided, further, that each Cash Out Holder shall receive distributions solely from the Cash Out Recovery Pool, and shall not receive distributions from any other GUC Trust Assets. "GUC Trust Beneficial Interest" means a non-certificated beneficial interest in the GUC Trust granted to each beneficiary of the GUC Trust, which shall entitle such Holder to a Pro Rata share of the GUC Trust, subject to the terms of the Plan and the GUC Trust Agreement. "Upside Recovery" means, collectively, (a) the New OpCo Contribution, (b) the CFCo Contribution, (c) the CV Funds, (d) the GUC Litigation Claims and any proceeds thereof, and (e) the Retained Preference Actions and any proceeds thereof. The Debtors shall fund distributions under the Plan with (1) the issuance of or borrowings under the New First Lien Term Loan Facility; (2) the GUC Trust Assets; and (3) Cash on hand. Each distribution and issuance referred to in Article IV and Article VI of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. On the Effective Date, the Reorganized Debtors or CFCo, as applicable, shall enter into the New First Lien Term Loan Facility (the terms of which will be set forth in the New First Lien Term Loan Facility Documents). To the extent applicable, Confirmation of the Plan shall be deemed (a) approval of the New First Lien Term Loan Facility (including the transactions and related agreements contemplated thereby, and all actions to be taken, undertakings to be made, and obligations to be incurred and fees and expenses to be paid by the Debtors, the Reorganized Debtors, or CFCo, as applicable, in connection therewith), to the extent not approved by the Bankruptcy Court previously, and (b) authorization for the Debtors, the Reorganized Debtors, or CFCo, as applicable, to, without further notice to or order of the Bankruptcy Court, (i) execute and deliver those documents and agreements necessary or appropriate to pursue or obtain the New First Lien Term Loan Facility, including the New First Lien Term Loan Facility Documents, and incur and pay any fees and expenses in connection therewith, and (ii) act or take action under applicable law, regulation, order, or rule or vote, consent, authorization, or approval of any Person, subject to such modifications as the Debtors, the Reorganized Debtors, or CFCo as applicable, may deem to be necessary to consummate the New First Lien Term Loan Facility. Co-Counsel to the Debtors: Matthew D. Cavenaugh, Esq. Jennifer F. Wertz, Esq. J. Machir Stull, Esq. Victoria N. Argeroplos, Esq. JACKSON WALKER LLP 1401 McKinney Street, Suite 1900 Houston, TX 77010 Telephone: (713) 752-4200 Facsimile: (713) 752-4221 Email: mcavenaugh@jw.com jwertz@jw.com mstull@jw.com vargeroplos@jw.com - and - Patrick J. Nash, Jr., P.C. John R. Luze, Esq. Jeffrey T. Michalik, Esq. Yusuf Salloum, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, IL 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 E-mail: patrick.nash@kirkland.com john.luze@kirkland.com jeff.michalik@kirkland.com yusuf.salloum@kirkland.com A copy of the First Amended Joint Chapter 11 Plan dated August 30, 2023, is available at https://tinyurl.ph/UOdTm from PacerMonitor.com. About Benefytt Technologies Benefytt Technologies, Inc., is a technology-driven distributor of insurance products covering Medicare-related insurance plans as well as other types of health insurance and supplemental products. It operates in 44 states including Texas, New York, California, and Florida. On May 23, 2023, Benefytt Technologies and 17 affiliated debtors, including American Service Insurance Agency LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90566). Benefytt Technologies disclosed assets of $1 billion to $10 billion and liabilities of $500 million to $1 billion as of the bankruptcy filing. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Jackson Walker, LLP as local and conflicts counsel; Ankura Consulting Group, LLC as financial advisor; and Jefferies Group, LLC as investment banker. Stretto, Inc. is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors 'Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Lowenstein Sandler, LLP as bankruptcy counsels; AlixPartners, LLP as financial advisor; and Province, LLC as restructuring advisor. BENEFYTT TECHNOLOGIES: Plan Okayed Over TCPA Claim Objections ------------------------------------------------------------- Emily Lever of Law360 reports that health insurance distributor Benefytt Technologies on Wednesday got the approval of a Texas bankruptcy judge for its Chapter 11 reorganization plan over the objections of litigation claimants who slammed the plan's third-party releases. About Benefytt Technologies Benefytt Technologies, Inc., is a technology-driven distributor of insurance products covering Medicare-related insurance plans as well as other types of health insurance and supplemental products. It operates in 44 states including Texas, New York, California, and Florida. On May 23, 2023, Benefytt Technologies and 17 affiliated debtors, including American Service Insurance Agency LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90566). Benefytt Technologies disclosed assets of $1 billion to $10 billion and liabilities of $500 million to $1 billion as of the bankruptcy filing. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Jackson Walker, LLP as local and conflicts counsel; Ankura Consulting Group, LLC as financial advisor; and Jefferies Group, LLC as investment banker. Stretto, Inc. is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors 'Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Lowenstein Sandler, LLP as bankruptcy counsels; AlixPartners, LLP as financial advisor; and Province, LLC as restructuring advisor. BENITAGO INC: CoVenture Not Warned of Bankruptcy ------------------------------------------------ Jonathan Randles of Bloomberg Law reports that investment management firm CoVenture said it was preparing to discuss restructuring options for Benitago, a struggling e-commerce startup it funded, when it was surprised to learn the business which rolls up popular brands sold on Amazon.com Inc. instead filed bankruptcy. CoVenture lawyer Oscar Pinkas said Friday, September 1, 2023, during a bankruptcy hearing in New York the firm consented to waivers and forbearances on a loan it provided Benitago to aid the startup’s turnaround efforts. CoVenture invested in Benitago and is owed roughly $85 million in principal and deferred interest payments on its loan, according to court documents. About Benitago Inc. Benitago Inc. is a New York-based company, which operates an e-commerce aggregator platform intended to create, acquire and grow businesses. Benitago and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 23-11394) on Aug. 30, 2023. In the petition signed by its chief restructuring officer, Thomas Studebaker, Benitago disclosed $50 million to $100 million in both assets and liabilities. Judge Sean H. Lane oversees the cases. Kyle J. Ortiz, Esq., at Togut Segal & Segal LLP, represents the Debtors as legal counsel. The Debtors tapped Portage Point Partners as financial advisor and Stretto Inc. as notice, claims, and balloting agent. BENITAGO INC: Seeks Chapter 11 Bankruptcy with $94.6 Million Debt ----------------------------------------------------------------- Rick Archer of Law360 reports that Amazon brand aggregator Benitago Inc. has filed for Chapter 11 protection in New York bankruptcy court with $94.6 million in debt, saying it can't keep up with the loans it took out during the online shopping heyday of the early COVID-19 pandemic. About Benitago Inc. Benitago Inc. operates an e-commerce aggregator platform intended to create, acquire and grow businesses. Benitago Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11394) on August 30, 2023. In the petition filed by Thomas Studebaker, as chief restructuring officer, the Debtor reports estimated assets and liabilities (on a consolidated basis) between $50 million and $100 million. Benitago Inc. is a New York-based company, which operates an e-commerce aggregator platform intended to create, acquire and grow businesses. Benitago and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 23-11394) on Aug. 30, 2023. In the petition signed by its chief restructuring officer, Thomas Studebaker, Benitago disclosed $50 million to $100 million in both assets and liabilities. Judge Sean H. Lane oversees the cases. Kyle J. Ortiz, Esq., at Togut Segal & Segal LLP, is the Debtors' legal counsel. The Debtors tapped Portage Point Partners as financial advisor and Stretto Inc. as notice, claims, and balloting agent. BLOCKFI INC: Federal Counsel Wants Alleged Scammers' Full Deposits ------------------------------------------------------------------ Rick Archer of Law360 reports that counsel for the federal government told a New Jersey bankruptcy judge federal prosecutors should be allowed to seize the full amount a pair of alleged scammers deposited with BlockFi, even if other depositors will be receiving less in the crypto platform's Chapter 11 case. About BlockFi Inc. BlockFi is building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. BOXED INC: Court Confirms Liquidating Plan ------------------------------------------ Judge Brendan L. Shannon has entered an order granting final approval of Disclosure Statement and confirming Boxed, Inc., et al.'s Joint Chapter 11 Plan of Liquidation. As set forth more fully in the Plan, the Post-Effective Estate Representative and the Liquidation Trust, or the Liquidation Trustee, as applicable, will be responsible for making distributions under the Plan that are designated for them. All objections or informal comments to the confirmation of the Plan and final approval of the Disclosure Statement are overruled in all respects for the reasons set forth in the record of the Combined Hearing, which record is incorporated herein, and all remaining objections or informal comments, if any, are deemed withdrawn with prejudice. All procedures used to tabulate the Ballots were fair and conducted in accordance with the Solicitation Procedures Order, the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and all other applicable rules, laws, and regulations. As evidenced by the Epiq Declaration, Class 2, 3, 4 and Class 6 each voted to accept the Plan. Liquidating Plan Boxed, Inc., et al., submitted a Second Amended Combined Joint Chapter 11 Plan of Liquidation and Disclosure Statement. On June 1, 2023, the Debtors filed the Debtors' Motion for Entry of an Order, Pursuant to Sections 105 and 363 of the Bankruptcy Code, (I) Authorizing the Sale of Certain Intangible Assets Free and Clear of Liens, Claims, Encumbrances, and Other Interests, and (II) Granting Related Relief (the "IP Sale Motion"). On July 10, 2023, an auction was held for the IP Assets. MSG Distributors, Inc. was declared to be the highest and best bidder for the IP Assets with a sales price of $1,600,000 and on July 12, 2023, the Bankruptcy Court approved the sale of the IP Assets. A closing is expected to occur on or before August 15, 2023. Under the Plan, Class 6 Unsecured Claims total $63,100,000.00 - $76,100,000.00 and will recover 0-100%. Each Holder of an Allowed Unsecured Claim shall receive a beneficial interest in the Liquidation Trust entitling such Holder to such treatment as set forth below in Article X.E with respect to the Liquidation Trust Distribution Proceeds. Class 6 is impaired. The Liquidation Trust Distribution Proceeds will be distributed as follows: (i) first, Holders of Allowed Prepetition First Lien Lenders Secured Claim in Class 2 shall be repaid the amount of the Liquidation Trust Funding Payment, (ii) second, after the amount of the Liquidation Trust Funding Payment has been Paid in Full to Holders of Allowed Prepetition First Lien Lender Secured Claims in Class 2, Holders of Allowed Unsecured Claims in Classes 3 (Allowed Prepetition Second Lien Term Loan Deficiency Claims and Allowed Prepetition Second Lien Term Loan Unsecured Claims) and 6 (Allowed Unsecured Claims) shall share the distribution of any Liquidation Trust Distribution Proceeds on 50/50 basis (i.e., 50 percent to Class 2 and 50 percent going to Classes 3 and 6) until such time as the Allowed Prepetition First Lien Lender Secured Claims in Class 2 have been Paid in Full, (iii) once the Allowed Prepetition First Lien Lender Secured Claims in Class 2 have been Paid in Full, all further distributions of Liquidation Trust Distribution Proceeds shall be made on a Pro Rata basis to Holders of Allowed Unsecured Claims in Classes 3 (Allowed Prepetition Second Lien Term Loan Deficiency Claims and Allowed Prepetition Second Lien Term Loan Unsecured Claims) and 6 (Allowed Unsecured Claims). As detailed herein, the projected recoveries for the Beneficiaries range from 0-100%. The Debtors have provided this estimated range because it would be mere speculation to assess any value to the Retained Causes Action and any potential recovery therefrom for Beneficiaries. Recoveries for Beneficiaries will depend significantly on the value of the Liquidation Trust Assets, including the Trust Retained Causes of Action. This value is not reasonably calculable at this time and will depend on, among other things, the viability of any such Trust Retained Causes of Action, the creditworthiness of any defendants of such Retained Causes Action, and the cost to investigate and bring causes of action on behalf of the Liquidation Trust. Counsel for the Debtors: Madlyn Gleich Primoff, Esq. Scott D. Talmadge, Esq. Alexander Adams Rich, Esq. FRESHFIELDS BRUCKHAUS DERINGER US LLP 601 Lexington Avenue, 31st Floor New York, NY 10022 Telephone: (212) 277-4000 Facsimile: (212) 277-4001 E-mail: madlyn.primoff@freshfields.com scott.talmadge@freshfields.com alexander.rich@freshfields.com - and - M. Blake Cleary, Esq. Jeremy W. Ryan, Esq. Katelin A. Morales, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 E-mail: bcleary@potteranderson.com jryan@potteranderson.com kmorales@potteranderson.com A copy of the Order dated August 30, 2023, is available at https://tinyurl.ph/OcDXI from epiq11, the claims agent. About Boxed Inc. Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an e-commerce retailer and an e-commerce enabler in New York. It operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a "big-box" store membership. This service is powered by the company's own purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed further enables e-commerce through its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology. Boxed and four affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on April 2, 2023. In the petition signed by its chief executive officer, Chieh Huang, Boxed disclosed $100 million to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting, Inc. as financial advisor; and Solomon Partners, L.P. as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Fox Rothschild, LLP and Alvarez & Marsal North America, LLC, serve as the committee's legal counsel and financial advisor, respectively. BOXED INC: Gets Court Okay for Chapter 11 Liquidation Plan ---------------------------------------------------------- Leslie A. Pappas of Law360 reports that online bulk pantry supply company Boxed Inc. on Wednesday, August 30, 2023, won a Delaware bankruptcy court's approval of its Chapter 11 plan of liquidation after overcoming all objections and getting what the court called "overwhelming" support from its creditors. About Boxed Inc. Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an e-commerce retailer and an e-commerce enabler in New York. It operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a "big-box" store membership. This service is powered by the company's own purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed further enables e-commerce through its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology. Boxed and four affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on April 2, 2023. In the petition signed by its chief executive officer, Chieh Huang, Boxed disclosed $100 million to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting, Inc., as financial advisor; and Solomon Partners, L.P. as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Fox Rothschild, LLP and Alvarez & Marsal North America, LLC serve as the committee's legal counsel and financial advisor, respectively. BULLDOG PURCHASER: $125MM Bank Debt Trades at 15% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Bulldog Purchaser Inc is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $125 million facility is a Term loan that is scheduled to mature on September 5, 2026. The amount is fully drawn and outstanding. Bulldog Purchaser Inc. owns and operates fitness and recreational centers. The Company offers its services in the United States. CANO HEALTH: $644MM Bank Debt Trades at 36% Discount ---------------------------------------------------- Participations in a syndicated loan under which Cano Health LLC is a borrower were trading in the secondary market around 63.9 cents-on-the-dollar during the week ended Friday, September 8, 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 $628.3 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. CASTLE US HOLDING: $295MM Bank Debt Trades at 25% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Castle US Holding Corp is a borrower were trading in the secondary market around 75.5 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $295 million facility is a Term loan that is scheduled to mature on January 29, 2027. The amount is fully drawn and outstanding. Castle US Holding Corporation provides database tools and software to public relations and communications professionals. CATALENT INC: S&P Downgrades ICR to 'B+', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Jersey-based contract development and manufacturing organization (CDMO) Catalent Inc. to 'B+' from 'BB-', its issue-level rating on its senior secured debt to 'BB' from 'BB+', and its rating on its senior unsecured debt to 'B' from 'B+'. S&P's '1' recovery rating on the senior secured debt and '5' recovery rating on the senior unsecured debt are unchanged. S&P's negative outlook on Catalent reflects the risk to our base case that its S&P Global Ratings-adjusted leverage will decline below 6x by the end of the next 12-18 months. The downgrade reflects S&P's expectation that Catalent's leverage will be elevated and recovery will be slower than previously expected. Growth in the company's biologics business was lower than anticipated in 2023, and operational issues caused EBITDA to decline and leverage to rise to about 7x. COVID-19 revenue will continue to decline in fiscal 2024, leading to further trailing 12-month EBITDA decreases in the first half of fiscal 2024 and elevated leverage of more than 6x throughout the year. However, S&P believes Catalent has made progress in addressing some of the underlying issues that caused underperformance and believe revenue, excluding COVID-19 sales, will grow about 15%. Enterprise resource planning issues at the company's BWI plant caused underperformance, but it reports the plant is now operating at acceptable levels. The company also reports that the Brussels plant, which also received FDA Form 483 observations, reducing production, has increased production levels. Management stated that at the Bloomington plant, where a client received a complete response letter, it worked with the sponsor and believes it has sufficiently resolved the FDA's concerns such that products are now being approved. S&P said, "We anticipate growth of non-COVID-19 business will be driven by expansion of a large customer and recent technology transfer completions as well as the underlying stability of pharmaceutical manufacturing. We expect the biologics segment to decline in the mid-single-digit percent area in fiscal 2024 as strong growth in its gene therapy business, the completion of some of its technology transfers, and improved performance at Bloomington, Brussels, and BWI plants will be offset by about a $500 million decline in COVID-19 revenue. "We anticipate the pharma and consumer health segment to rebound and to grow in the mid- to high- single-digit percent area in fiscal 2024 from an organic decline in fiscal 2023. We expect organic revenue growth will resume primarily because of recent product approvals and the resolution of supply chain disruptions. In total, we expect the company's revenue will grow 0%-2% in fiscal 2024, improving to 5%-7% in fiscal 2025. "We anticipate management cost actions will benefit Catalent's margins towards the second half of fiscal 2024 and into fiscal 2025. Initially, we believe these actions will be partially offset by low facility utilization as COVID-19 sales decline. However, we expect its margins to improve when non-COVID-19 sales ramp up as the company aligns its cost structure. We now expect the company's S&P Global Ratings-adjusted EBITDA margin to be 15%-17% by the end of fiscal 2024, improving from about 15% at the end of fiscal 2023. We anticipate these cost-saving actions and increased utilization will further improve its margins to 18%-20% in fiscal 2025. "We forecast the company's EBITDA will improve sequentially in the first two quarters of fiscal 2024 but decline year over year such that its S&P Global Ratings-adjusted leverage will peak in the second quarter of fiscal 2024, improving to 6x-7x by the end of fiscal 2024 and 5x-6x by the end of fiscal 2025. "Our negative outlook reflects risks to our base-case expectations. We believe Catalent's revenue and EBITDA will begin to improve in the second half of fiscal 2024 and its leverage will trend below 6x by the end of the next 12-18 months. Still, delays in decision making by clients, softer consumer spending, further supply chain issues, or other plant disruptions could cause the company's performance to deviate from our base case. "We could lower our rating on Catalent if we anticipate its S&P Global Ratings-adjusted leverage will remain above 6x for longer than 12-18 months." S&P could revise its outlook to stable if: -- Catalent's S&P Global Ratings-adjusted leverage declines and S&P expects it will be sustained below 6x; and -- The business continues to show improvement and growth. Governance factors are a moderately negative consideration in S&P's credit analysis because of delays in Catalent's filings of its past two financial statements and because of an error that caused management to restate its fiscal 2022 audit and determine there were material weaknesses in its internal controls. CCS-CMGC HOLDINGS: $500MM Bank Debt Trades at 21% Discount ---------------------------------------------------------- Participations in a syndicated loan under which CCS-CMGC Holdings Inc is a borrower were trading in the secondary market around 79.1 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $500 million facility is a Term loan that is scheduled to mature on October 1, 2025. The amount is fully drawn and outstanding. CCS-CMGC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides health care services. CHRISTMAS TREE SHOPS: Workers Get Paid But Not Their Taxes ---------------------------------------------------------- Hilary Russ of Law360 reports that Christmas Tree Shops employees who worked during the discount retailer's last days are finally starting to get the wages they are owed, but payroll taxes have gone unpaid because of a "glitch," lawyers for the liquidating trustee said during a Delaware bankruptcy court hearing on Thursday, August 31, 2023. About Christmas Tree Shops Christmas Tree Shops is a home-decor retailer that was spun off from Bed Bath & Beyond in 2020. Christmas Tree Shops Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10576) on May 5, 2023. In its petition, the Debtor reports between $50 million and $100 million in assets and between $100 million and $500 million in debt. The Debtor's counsel: Evelyn J. Meltzer Troutman Pepper Hamilton Sanders, LLP 302-777-6500 evelyn.meltzer@troutman.com CONDOR INVERSIONES: Reaches Deal to Deter Chapter 11 Dismissal -------------------------------------------------------------- Vince Sullivan of Law360 reports that Chilean power producer Condor Inversiones SpA has reached a deal with its mezzanine lenders and equity sponsor, which the parties say resolves disputes over motions to dismiss Condor's Chapter 11 case and the debtor's motion to halt restructuring actions in Chile. About Condor Inversiones SpA Condor Inversiones SpA is in the business of electric power generation, transmission, and distribution. Condor Inversiones SpA and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90761) on Aug. 11, 2023. In the petition filed by Mark A. McDermott, as administrator, Condor Inversiones reported estimated assets (on a consolidated basis) between $100 million and $500 million and estimated liabilities (on a consolidated basis) between $100 million and $500 million. The Debtors tapped JONES DAY and JACKSON WALKER LLP as counsel. CROCS INC: S&P Rates $1.18BB Term Loan Due 2029 'BB' ---------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to U.S.-based footwear seller Crocs Inc.'s $1.18 billion term loan due 2029. The recovery rating is '2', indicating its expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. The company is using the net proceeds from the issuance to refinance the prior $2 billion term loan ($1.18 billion outstanding at June 30, 2023). The transaction is leverage neutral. The company had about $2.1 billion of total debt outstanding as of June 30, 2023. The improved recovery prospect for the senior secured debt holders is due to Crocs' debt repayment, which has reduced the amount of secured term loan debt outstanding at emergence under our simulated default scenario. S&P said, "All of our existing ratings on the company, including our 'BB-' issuer credit rating and 'B' senior unsecured debt rating, are unchanged by the transaction. The outlook is stable. Our ratings continue to incorporate Crocs' leading brand recognition in the niche clogs footwear market, narrow product focus, and high exposure to fashion trends. "We expect strong sales momentum to continue through the rest of the year for its Crocs brand from volume growth. Despite lower expectations for Heydude for 2023, we still see growth opportunities for the brand through distribution gains. We forecast leverage in the low-2x area at the end of fiscal 2023." ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors The capital structure consists of: -- $750 million secured cash revolver facility maturing in Nov. 30, 2027 (not rated); -- One uncommitted Asia revolver totals around $15 million (not rated) -- $1.18 billion term loan due 2029 -- $350 million senior unsecured notes due 2029; and -- $350 million senior unsecured notes due 2031. S&P said, "The company is a U.S.-based corporation. In the event of an insolvency proceeding, we anticipate that the company would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and would not involve other foreign jurisdictions. We believe creditors would receive maximum recovery in a payment default scenario if the company reorganized instead of being liquidated. This is because of the company's leading casual footwear brand, combining comfort and style with a value that consumers want; recognized globally for the iconic clog silhouette. "Therefore, in evaluating the recovery prospects for debtholders, we assume the company continues as a going concern and arrive at our emergence enterprise value by applying a multiple to our assumed emergence EBITDA." Simulated default assumptions S&P's simulated default scenario contemplates a default in 2027 resulting from competitive pressures and resulting significant loss in market share, a reputation-damaging event, or a spike in input costs that cannot be passed along to consumers. A combination of these factors could result in revenue and cash flows deteriorate substantially, triggering a payment default. -- Debt service assumption: $158.8 million (assumed default year interest) -- Minimum capex assumption: $71.1 million -- Preliminary emergence EBITDA: $229.9 -- Operational adjustment: 35% -- Emergence EBITDA: $310.4 million -- Multiple: 5.5x -- Gross enterprise value: $1.7 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.62 billion -- Obligor/nonobligor valuation split: 90%/10% -- First-lien claims: $1.8 billion -- Collateral value available to first-lien claims: $1.56 billion Recovery expectation: 70%-90% (rounded estimate: 85%) -- Total unsecured claims: $959.5 million -- Collateral value available to unsecured claims: $51.7 million -- Recovery expectations: (0%-10%; rounded estimate: 5%) CYXTERA DC HOLDINGS: $815MM Bank Debt Trades at 43% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Cyxtera DC Holdings Inc is a borrower were trading in the secondary market around 57.2 cents-on-the-dollar during the week ended Friday, September 8, 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. DIGITAL MEDIA: $225MM Bank Debt Trades at 29% Discount ------------------------------------------------------ Participations in a syndicated loan under which Digital Media Solutions LLC is a borrower were trading in the secondary market around 71.2 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $225 million facility is a Term loan that is scheduled to mature on May 25, 2026. About $220.5 million of the loan is withdrawn and outstanding. Headquartered in Clearwater, Florida, Digital Media Solutions, Inc.is a provider of data-driven, technology-enabled digital performance advertising solutions connecting consumers and advertisers within the auto, home, health, and life insurance, plus a long list of top consumer verticals. DIOCESE OF CAMDEN: Court Rejects Plan Over Insurer Treatment ------------------------------------------------------------ James Nani of Bloomberg Law reports that the bankrupt Diocese of Camden's plan to create an $87.5 million trust for sexual abuse victims was rejected by a New Jersey bankruptcy judge over concerns that it's unfair to insurers. The diocese's proposed bankruptcy plan and procedures for distributing funds to survivors needs more clarity on how the insurers' rights would be treated, Judge Jerrold N. Poslusny Jr. of the US Bankruptcy Court for the District of New Jersey ruled Tuesday. The opinion is a setback for the diocese and more than 300 survivors who say they were sexually abused by the church's clergy. About The Diocese of Camden, NJ The Diocese of Camden, New Jersey is a nonprofit religious corporation organized pursuant to Title 16 of the Revised Statutes of New Jersey. The Diocese is the secular legal embodiment of the Roman Catholic Diocese of Camden, a juridic person recognized under Canon Law. The Diocese of Camden sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020. The petition was signed by Reverend Robert E. Hughes, vicar General and vice president. At the time of the filing, the Debtor had total assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann, LLC, is the Debtor's legal counsel. DIOCESE OF ROCHESTER: Insurer's Plan Competes With Diocese's ------------------------------------------------------------ James Nani of Bloomberg Law reports that Continental Insurance Co. submitted a restructuring plan proposal for the bankrupt Catholic Diocese of Rochester, New York that would create a sex abuse victims trust with more than $200 million. The Rochester diocese insurer's Chapter 11 reorganization plan, which would compete with the diocese's own proposal, would have it contribute $75 million to a trust for clergy abuse victims, according to the filing Thursday, August 31, 2023 in the US Bankruptcy Court for the Western District of New York. The diocese and parishes would contribute $55 million, and roughly $71 million would come from three other diocese insurers under Continental's proposal. About The Diocese of Rochester The Diocese of Rochester in upstate New York provides support to 86 Roman catholic parishes across 12 counties in upstate New York. It also operates a middle school, Siena Catholic Academy. The diocese has 86 full-time employees and six part-time employees and provides medical and dental benefits to an additional 68 retired priests and two former priests. The diocese generated $21.88 million of gross revenue for the fiscal year ending June 30, 2019, compared with a gross revenue of $24.25 million in fiscal year 2018. The Diocese of Rochester filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave of lawsuits over alleged sexual abuse of children. In the petition, the diocese was estimated to have $50 million to $100 million in assets and at least $100 million in liabilities. Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the diocese's legal counsel and accountant, respectively. Stretto is the claims and noticing agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the diocese's Chapter 11 case. Pachulski Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as the committee's legal counsel and financial advisor, respectively. DISCOVERY INSURANCE: A.M. Best Cuts Fin. Strength Rating to B(Fair) ------------------------------------------------------------------- AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb+" (Fair) from "bbb-" (Good) of Discovery Insurance Company (Discovery) (Kinston, NC). AM Best has revised the outlook of the FSR to stable from negative, while the outlook for the Long-Term ICR is negative. The Credit Ratings (ratings) reflect Discovery's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The rating downgrades reflect the decline in Discovery's operating performance and earnings over the last year and a half, which has led to a 49% decline in policyholders' surplus through June 30, 2023. This decline is due primarily to deteriorating underwriting results from lack of adequate pricing owing to inflationary pressures on loss costs and increased competition of market entrants into the non-standard automobile insurance marketplace in North Carolina. Underwriting results have been impacted negatively by the challenges in the automobile market, which includes supply chain issues for parts, labor shortages and significantly elevated used car prices. While management has taken various pricing actions to return to profitable underwriting performance, it is uncertain whether or not these actions will be sufficient to return Discovery to operating profitability over the intermediate term. AM Best will continue to monitor the execution of management's plans and their impact on alleviating pressure on Discovery's operating performance. The negative Long-Term ICR outlook reflects Discovery's weakening balance sheet metrics and corresponding decline in overall risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). A continuation of these results could lead to a downward revision of the company's balance sheet strength assessment. The marginal operating performance assessment reflects the deterioration in key operating and return ratios over the last year and a half. The business profile assessment reflects the company's concentration of non-standard automobile insurance business in North Carolina. The marginal ERM reflects the company's evolving ERM practices, which have less capability to manage pricing risk adequately in a timely manner. ENTEC SERVICES: Seeks to Sell Equipment for $100,000 ---------------------------------------------------- EnTec Services, LLC asked the U.S. Bankruptcy Court for the Southern District of Mississippi to approve the sale of its equipment to Mark Ainsworth for $100,000. The equipment, which consists of a drilling rig and a workover rig, will be sold "free and clear" of liens, claims and interests. A court hearing on the proposed sale is scheduled for Oct. 3. About EnTec Services EnTec Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-01141) on May 15, 2023, with $1 million to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. The Debtor is represented by Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC. EYECARE PARTNERS: $300MM Bank Debt Trades at 44% Discount --------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 56.2 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a Term loan that is scheduled to mature on November 15, 2029. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $440MM Bank Debt Trades at 25% Discount --------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 75.3 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $440 million facility is a Term loan that is scheduled to mature on November 15, 2028. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. FTX GROUP: Robinhood Purchases Back $605Mil. Seized SBF Stock ------------------------------------------------------------- Al Barbarino of Law360 reports that Robinhood said Friday, September 1, 2023, it has repurchased about $605. 7 million worth of its shares that had been seized by the U. S. government from an entity controlled by Sam Bankman-Fried, the now-jailed ex-CEO of cryptocurrency exchange FTX. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FURNITURE FACTORY: Claims vs. Directors in Ch. 11 Can Go to Trial ----------------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge has found the liquidating trustee of Furniture Factory Outlet can go to trial with his claims the furniture retailer's board of directors and controlling investor Sun Capital Partners drove the company into Chapter 11. About Furniture Factory Outlet Furniture Factory Outlet, LLC, retailed furniture and accessories products. The Company retails reclining and sectional sofas, chairs, tables, ottomans, recliners, bedroom sets, beds, dressers, mirrors, chests, dining sets, and accessories. As of November 2020, FFO had 31 stores in Arkansas, Indiana, Kentucky, Missouri and Oklahoma. Furniture Factory was founded in 1984 in Muldrow, Oklahoma around an original concept of providing quality furniture at highly competitive prices with the Company's"lowest price every day" guarantee, a differentiator from the competition. Furniture Factory Ultimate Holding, LP, including Furniture Factory Outlet, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12816) on Nov. 5, 2020. Furniture Factory was estimated to have $10 million to $50 million in assets and liabilities. The Hon. John T. Dorsey is the case judge. The Debtors tapped KLEHR HARRISON HARVEY BRANZBURG LLP as general counsel; FOCALPOINT SECURITIES, LLC as investment banker; and RAS MANAGEMENT ADVISORS, LLC, as restructuring advisor. STRETTO is the claims agent. G.L.A.D ENTERPRISES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: G.L.A.D Enterprises, LLC 57 Weschester Ave Pound Ridge, NY 10576 Chapter 11 Petition Date: September 11, 2023 Court: United States Bankruptcy Court Southern District of New York Case No.: 23-22660 Judge: Hon. Sean H. Lane Debtor's Counsel: Kenneth A. Beck, Esq. BECK & BECK LLC 83 Booth St. Stratford, CT 06614 Tel: 203-375-2222 Email: kabecesq@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Glenn L. Manigault as member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LW7ESNA/GLAD_Enterprises_LLC__nysbke-23-22660__0001.0.pdf?mcid=tGE4TAMA GAMESTOP CORP: Incurs $2.8 Million Net Loss in Second Quarter ------------------------------------------------------------- GameStop Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.8 million on $1.16 billion of net sales for the three months ended July 29, 2023, compared to a net loss of $108.7 million on $1.14 billion of net sales for the three months ended July 30, 2022. For the six months ended July 29, 2023, the Company reported a net loss of $53.3 million on $2.40 billion of net sales compared to a net loss of $266.6 million on $2.51 billion of net sales for the six months ended July 30, 2022. As of July 29, 2023, the Company had $2.80 billion in total assets, $1.53 billion in total liabilities, and $1.26 billion in total stockholders' equity. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1326380/000132638023000047/gme-20230729.htm About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. GameStop reported a net loss of $313.1 million for the fiscal year ended Jan. 28, 2023, a net loss of $381.3 million for the fiscal year ended Jan. 29, 2022, a net loss of $215.3 million in 2020, a net loss of $470.9 million in 2019, and a net loss of $673 million in 2018. As of April 29, 2023, the Company had $3.07 billion in total assets, $1.79 billion in total liabilities, and $1.27 billion in total stockholders' equity. GB SCIENCES: Ed DeFrank Quits From Board of Directors ----------------------------------------------------- Ed DeFrank resigned his position as a member of the board of directors of GB Sciences, Inc. on Sept. 1, 2023. Mr. DeFrank will continue to serve as a consultant to the Company. Meanwhile, on Sept. 1, 2023, the Company issued options for the purchase of 23,000,000 common shares to a total of seven persons who serve as officers, directors and/or consultants to the Company. The options have an exercise price of $0.01 per share, the closing price of the Company's common stock on the date of issuance and have a term of 10 years. The options were issued in exchange for services. 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. GENESIS GLOBAL: $175M Settlement Faces Opposition from Lenders -------------------------------------------------------------- Aislinn Keely of Law360 reports that a proposed $175 million settlement between the bankrupt crypto firms Genesis Global Holdco and FTX is facing fresh opposition from Genesis's lenders and Tyler and Cameron Winklevoss's Gemini Trust Co., which blasted the deal as "an attempt to manipulate the plan voting process." About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global Markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GLOBAL TELLINK: $475MM Bank Debt Trades at 14% Discount ------------------------------------------------------- Participations in a syndicated loan under which Global Tel*Link Corp is a borrower were trading in the secondary market around 86.0 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $475 million facility is a Term loan that is scheduled to mature on November 29, 2026. The amount is fully drawn and outstanding. Global Tel*Link provides integrated technology solutions. The Company offers communication, intelligence, education, enterprise management, payment and deposit solutions, as well as inmate services. HI.Q INC: Health IQ Hits Chapter 7 Bankruptcy, Plans to Liquidate ----------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that Health IQ, a life insurance startup backed by prominent investors including venture capital firm Andreessen Horowitz and a growth fund managed by Aquiline Capital Partners, has filed bankruptcy with plans to liquidate. Hi.Q Inc. filed for Chapter 7 liquidation listing estimated assets of no more than $10 million and estimated liabilities of at least $100 million, according to a bankruptcy petition filed Wednesday, August 30, 2023, in Delaware. Health IQ also listed dozens of pending lawsuits against the company, including complaints seeking unpaid wages and benefits tied to the dismissal of hundreds of employees in December 2023. About Health IQ Plano-Texas-based Health IQ is a life insurance startup backed by prominent investors including venture capital firm Andreessen Horowitz and a growth fund managed by Aquiline Capital Partners. Hi.Q, Inc., sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 1:23-bk-11361) on August 30, 2023. In its petition, it listed estimated assets of no more than $10 million and estimated liabilities of at least $100 million. The Debtor's counsel: Jody C. Barillare Morgan, Lewis & Bockius LLP Tel: (302) 574-7294 E-mail: jody.barillare@morganlewis.com HIGHWOOD SENIOR: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Highwood Senior Residence Holding LLC 700 Sheridan Road Highwood, IL 60040 Business Description: Highwood Senior is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: September 11, 2023 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 23-12002 Judge: Hon. Timothy A. Barnes Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 Email: greg@gregstern.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Branko Tipanjac as manager. The Debtor stated it has no unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SY7EDSY/Highwood_Senior_Residence_Holding__ilnbke-23-12002__0001.0.pdf?mcid=tGE4TAMA INDRA HOLDINGS: $50MM Bank Debt Trades at 54% Discount ------------------------------------------------------ Participations in a syndicated loan under which Indra Holdings Corp is a borrower were trading in the secondary market around 46.3 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $50 million facility is a Term loan that is scheduled to mature on December 23, 2024. The amount is fully drawn and outstanding. Indra Holdings Corp was founded in 2014. The company's line of business includes holding or owning securities of companies other than banks. INTERMEDIA HOLDINGS: $273MM Bank Debt Trades at 7% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Intermedia Holdings Inc is a borrower were trading in the secondary market around 93.2 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $273 million facility is a Term loan that is scheduled to mature on July 19, 2025. The amount is fully drawn and outstanding. Based in Sunnyvale, Calif., Intermedia is a provider of cloud-based communications, collaboration, security and productivity software solutions for businesses. Products include cloud voice, Contact Center as a Service (CCaaS), web/video/content sharing and conferencing, file backup, sync and share, business e-mail, archiving and security. IQOR US INC: $300MM Bank Debt Trades at 28% Discount ---------------------------------------------------- Participations in a syndicated loan under which iQor US Inc is a borrower were trading in the secondary market around 72.5 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a payment-in-kind Term loan that is scheduled to mature on November 19, 2025. The amount is fully drawn and outstanding. iQor is a global provider of customer engagement and technology enable business process outsourcing solutions. Solutions include customer service, third-party collections and accounts receivable management to world's largest brands. The company uses integrated digital capabilities and proprietary technology and analytics to enhance the customer experience lifecycle. JJB DC: Court OKs $13.5MM DIP Loan from White Oak ------------------------------------------------- The U.S. Bankruptcy Court for the District of Columbia authorized JJB D.C., Inc. to use cash collateral and obtain postpetition financing, on a final basis. As previously reported by the Troubled Company Reporter, White Oak Commercial Finance, LLC has agreed to provide the Debtor with a revolving credit facility in the maximum amount of $13.5 million. The borrowings will be used to (i) refinance the Debtor's existing obligations to White Oak in the amount of approximately $12.25 million, and (ii) provide working capital advances of up to approximately $1.3 million. The loan is due and payable on October 31, 2023. Prior to the Petition Date, White Oak purchased certain of the Debtor's accounts receivable, made loans and advances and provided other financial or credit accommodations to the Debtor, secured by substantially all of the Debtor's assets and property, as set forth in the Existing Loan Documents. The Loan Documents include the Master Factoring Agreement, dated as of October 1, 2003, as amended and/or the Capital Loan Agreement and Promissory Note, dated May 14, 2008, as further amended and/or the Omnibus Amendment to Master Factoring Agreement and Security Agreement, dated November 9, 2021. The Loan Documents also include the Security Agreement, dated as of October 1, 2003. As adequate protection for the use of cash collateral, White Oak is granted valid, binding, enforceable and perfected replacement liens upon and security interests in all Collateral. The Replacement Lien will be junior and subordinate only to the Carve-Out Expenses and the liens and security interests granted to White Oak, in the Collateral securing the Post-Petition Liabilities and will otherwise be senior to all other security interests in, liens on, or claims against any of the Collateral. As adequate protection for the diminution in value of its interests in the Pre-Petition Collateral on account of the Debtor's use of Pre-Petition Collateral, the imposition of the automatic stay and the subordination to the Carve-Out-Expenses, White Oak is granted as and to the extent provided by 11 U.S.C. Section 507(b) an allowed superpriority administrative expense claim in the Case and any Successor Case. The Adequate Protection Superpriority Claim will be junior only to the Carve-Out Expenses and will otherwise 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. A copy of the order is available at https://urlcurt.com/u?l=Gz4Brj from PacerMonitor.com. About JJB D.C., Inc. JJB D.C., Inc. is a telecommunications contracting group predominantly serving Maryland, Virginia, and the District of Columbia. It also performs services in surrounding states upon request. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 23-00214) on August 2, 2023. In the petition signed by Bruce Stuart Boone, Sr., its president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Whiteford, Taylor, and Preston LLP is the Debtor's legal counsel; Martin Law Group, PC is its conflicts counsel; and Meridian Management Partners is its financial advisor. Counsel to White Oak Commercial Finance, LLC, as DIP Lender: Jeremy S. Friedberg, Esq. FRIEDBERG PC 10045 Red Run Boulevard, Suite 160 Baltimore, MD 21117 Tel: 410-581-7400 E-mail: jeremy@friedberg.legal - and - Jeffrey M. Rosenthal, Esq. Vincent J. Roldan, Esq. MANDELBAUM BARRETT PC 3 Becker Farm Road, Suite 105 Roseland, NJ 07068 Tel: 973-396-8378 E-mail: jrosenthal@mblawfirm.com vroldan@mblawfirm.com JOURNEY PERSONAL CARE: S&P Upgrades ICR to 'B-', Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Raleigh, N.C.-based personal care products manufacturer Journey Personal Care (JPC) to 'B-' from 'CCC+' and revised its liquidity assessment to adequate from less than adequate. S&P said, "At the same time, we raised our issue-level rating on the term loan to 'B-' from 'CCC+'. The '3' recovery rating on the term loan is unchanged, reflecting our view of meaningful (50%-70%, rounded estimate: 55%) recovery in an event of default. "The stable outlook reflects our expectation that JPC will sustain its improved operating performance and EBITDA levels over the next 12 months such that debt to EBITDA improves to the mid-6x area. The outlook also incorporates our expectation that in the case of unexpected cost headwinds, JPC will maintain sufficient liquidity cushion for the next 12 months. "We forecast JPC to sustain the rebound in its operating performance for the next 12 months. JPC's operating performance for year-to-date June 2023 was significantly better than the same period last year. Revenue grew 10% and EBITDA improved substantially from the lowest levels in 2022. The EBITDA recovery stems largely from successful realization of pricing initiatives that were put in place in mid-2022. Furthermore, some of the cost pressures, namely ocean freight and utilities, have eased significantly, which has had positive affect on EBITDA Finally, JPC had also enacted cost-efficiency measures that accreted to operating performance. We believe the company's pricing initiatives will remain stable in the near term because key raw materials are still elevated compared with historical levels and industry conditions support continued volume growth. We believe JPC will sustain the improved operating performance through remainder of 2023 and 2024 such that the debt-to-EBITDA ratio improves to about 6x-6.5x. We also estimate that JPC can comfortably cover its fixed charges of interest, debt amortization, and maintenance capital expenditure (capex) of about $70 million-$75 million with EBITDA. As such, we believe JPC has sufficient financial flexibility to navigate through an elevated interest rate environment. "We expect JPC will maintain sufficient liquidity cushion. We forecast a meaningful improvement in company's EBITDA and forecast capex to be about $15 million-$18 million for 2023. In the past few years, JPC had made significant capex investments in its manufacturing capabilities, which are now fully operational for the past two quarters. As a result, we estimate positive free cash flows in the range of $20 million-$25 million for the next 12 months." Finally, JPC has about $12 million cash on balance and availability under its asset-based lending (ABL) facility to maintain sufficient liquidity cushion for the next 12 months. Pricing negotiations and volatility in input costs could cause volatility in EBITDA and credit measures. JPC generates about 50% of total revenue from health care customers such as hospitals, pharmacies, long-term care institutions, nursing homes and home care. The other 50% is generated from big-box retailers and direct-to-consumers. Given the largely fixed pricing and lengthy contracts with these customers, the company has limited ability to immediately pass on the effect of cost inflation. S&P said, "Furthermore, we note that there is a significant time lag between increased raw material costs and when associated pricing increases is reflected in revenue and cash flow. On the other hand, should costs decrease significantly, JPC might be required to give back discounts to customers, which could adversely affect revenue if the company were not able to keep up and increase its volumes. We view these as a key risks that could bring about sharp volatility in EBITDA and credit measures." S&P said, "The stable outlook reflects our expectation that JPC will sustain its improved operating performance and EBITDA levels over the next 12 months such that debt to EBITDA improves to the mid-6x area. The outlook also incorporates our expectation that in the case of unexpected cost headwinds JPC will maintain sufficient liquidity cushion for the next 12 months. "We could lower the ratings if the company's operating performance deteriorated owing to poor pricing or a loss of key customers and volumes causing a precipitous drop in EBITDA that weakens free cash flow to debt to the low-single-digit area and causes liquidity to deteriorate. Under this situation, we could assess JPC's capital structure as unsustainable." S&P could consider an upgrade if: -- The company's operating performance continued to improve such that debt to EBITDA approached 5x, or -- The company strengthened its competitive position by sustaining pricing power and expanding scale. LA SALLE UNIVERSITY: Fitch Affirms 'BB+' IDR, Outlook Negative -------------------------------------------------------------- Fitch Ratings has affirmed La Salle University's (La Salle) Issuer Default Rating (IDR) at 'BB+' and has affirmed the ratings on the following bonds issued on behalf of La Salle: - $40,050,000 Philadelphia Industrial Development Authority, La Salle University revenue bonds series 2017 at 'BB+'; - $94,975,000 Pennsylvania Higher Educational Facilities Authority, La Salle University revenue bonds series 2012 at 'BB+'. The Rating Outlook remains Negative. Entity/Debt Rating Prior ----------- ------ ----- La Salle University (PA) LT IDR BB+ Affirmed BB+ La Salle University (PA) /General Revenues/1 LT LT BB+ Affirmed BB+ The ratings and Outlook reflect significant declines in net student-generated revenues over several years and as expected through fiscal 2023 (unaudited) as a result of multi-year downward enrollment trends at La Salle (4,430 full time equivalents [FTEs] in Fall 2018 to 3,028 FTEs in Fall 2022), while La Salle executes plans to right-size operations to match the university's recurring revenue base, increase enrollment modestly, and monetize non-core assets. Fitch's rating affirmation is anchored by La Salle's sizable, but reduced financial asset base that is expected to remain relatively stable through a Fitch-modeled forward-looking scenario, if La Salle successfully continues to execute on its financial rightsizing plans. However, the Outlook remains negative considering the significant amount of execution risk, an expected drop in incoming freshman in Fall 2023 relative to the prior year, and historical reliance on unsustainable levels of draws from the investment portfolio to balance operations that will persist into fiscal 2024. Further, while La Salle has amortized its debt load over time, the university carries debt totaling about $116 million outstanding at FYE 2023 (unaudited), and the debt burden is significant against a contracted revenue base. La Salle has communicated to Fitch that they have no plans for additional debt. SECURITY The series 2012 and 2017 revenue bonds are secured as general obligations of the university. Through intercreditor agreements, the bonds are also secured, on a parity basis, by a lien on unrestricted gross revenues of the university. KEY RATING DRIVERS Revenue Defensibility - 'bb' Fundraising and Endowment Support Only Partially Counter Weak Enrollment; Unsustainable Draws La Salle's 'bb' revenue defensibility reflects enrollment pressure over several years, coupled with some erosion in key demand metrics. Net tuition revenue has fallen almost 30% from fiscal year 2019 to fiscal year 2023 (unaudited); auxiliary revenues have rebounded, but remain below pre-pandemic levels. La Salle has been able to counter some of the volatility from its student-dependent revenue base by increasing fundraising and use endowment draws, but has also relied on pandemic aid, use of reserves, and increased endowment draws to 7% through at least fiscal 2024, which Fitch does not consider to be sustainable. La Salle's FTE enrollment fell from 4,430 FTEs in Fall 2018 to 3,028 FTEs in Fall 2022. The yoy decline in FTEs from Fall 2021 was over 8%, with over a 9% decline among undergraduates that make up about 75% of La Salle's student base, and about a 3% decline in graduate FTEs. The Fall 2022 undergraduate decline was partially attributed to a one-time operational mishap, with staff turnover resulting in late recruitment materials sent to Fall 2022 prospects. For Fall 2023, first-time matriculants are projected to be lower than Fall 2022, but ahead of budgeted expectations. Management plans to stabilize enrollment in the coming years, with modest increases, while applying upward sticker price adjustments in part to correct for a tuition price reset that was executed in fiscal 2017. The execution challenges of stabilizing LaSalle's enrollment plans are substantial, given the competitive environment for students in which La Salle operates, the university's regional draw in a demographically unfavorable area and the compounding pressure of smaller class cohorts progressing through the institution replacing larger graduating classes. Demonstrating LaSalle's weak competitive demand position, freshman acceptance rates are above 80% while matriculation hovers around 10%. Further, Fitch acknowledges additional challenges that resulted from multiple senior leadership turnover or vacancies over the past several years. The appointment this fall of a permanent Vice President of Enrollment Management, who replaced the interim appointee from the prior year, should support La Salle's longer-term enrollment strategies. Operating Risk - 'bbb' Variable Cash Flow Supports High Debt Burden Only When Incorporating Extraordinary Income Inclusive of its use of reserves, non-recurring revenues, and supplemental endowment draws, La Salle has generated Fitch-calculated operating cash flow margins between 9.5% and 12.5% based on audited results from fiscal years 2018 to 2022, which could be considered consistent with a higher operating risk assessment. However, Fitch's operating risk assessment is tempered by La Salle's relatively high debt burden (maximum annual debt service [MADS] above 10%), elevated average age of plant, and a pattern of extraordinary endowment support. Under direction of a new president who took the helm of La Salle in April 2022, the university successfully completed its 'Charter Challenge' campaign, reaching its fundraising goal of $10 million in FY 2023. In addition, La Salle received a $3.5 million grant from Pennsylvania's Redevelopment Assistance Capital Program. La Salle's internally funded capital plans for the coming years are limited to repair and replacement costs, with any additional funds from external sources to be focused on student-enhancing projects. La Salle's planned divestitures of several excess real estate parcels will also support the university's right-sizing and operational efficiency objectives. Financial Profile - 'bb' Sufficient Available Funds Provide Flexibility through Projected Performance The 'bb' financial profile assessment reflects the strain on La Salle's leverage profile. While currently adequate for the rating level, sufficiency of La Salle's future leverage profile is dependent on La Salle's successful execution of their asset monetization, revenue enhancement and expense management plans. Fitch has incorporated expectations of continued excess reserve and endowment draws through fiscal 2024, with rapid reduction of these unsustainable draws through fiscal 2027. Absent improvements in recurring operating performance and a fully successful execution of La Salle's plans, La Salle remains susceptible to further deterioration in available funds over the intermediate term, consistent with a lower rating. Fitch calculated Available Funds (AF: cash and investments less permanently restricted net assets) as of FYE 2023 (unaudited), are projected to be about $59 million, significantly lower than prior years but in line with Fitch's previous expectations. La Salle has approximately $116 million in debt (100% fixed rate) outstanding, which has steadily declined over the years through planned amortization and repayment of debt, and no debt-equivalent leases. The resulting approximately 51% AF-to-adjusted debt at FYE 2023 (unaudited) is lower than historical ratios but remains in line with the current rating. Debt service is level, with MADS of $10.8 million. La Salle has no plans for additional debt. An undrawn $7.5 million line of credit provides supplemental liquidity. Asymmetric Additional Risk Considerations Fitch's assessment includes no asymmetric additional risk considerations. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Continued enrollment declines beyond fall 2023 that pressures net tuition and student fee revenue; - Erosion in operating performance that persists beyond fiscal 2024, particularly at levels requiring ongoing extraordinary and unsustainable endowment support; - Unfavorable shift in leverage (as measured by AF/adjusted debt) either from additional debt or erosion in liquidity, to levels persisting below 45%-50%; - Further instability in management and enrollment staff, or lack of evidence that the new management team is making significant progress toward the execution of financial plans. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Signs of stabilization or recovery in enrollment and retention levels in fall 2024, correlating with the same for student fee revenues, could support an Outlook revision to Stable; - Execution of La Salle's asset monetization, revenue enhancement, and expense reductions better than current projections, resulting in significant and sustained improvement in leverage ratios above 80% AF-to-adjusted debt; - A return to a normalized level of endowment support that persists over several years, as supported by sustainable operating performance and solid debt service coverage on a recurring basis. PROFILE La Salle University, founded in 1863 by the Institute of the Brothers of the Christian Schools (Christian Brothers), is a private, co-educational university located on a 133-acre campus in the Germantown area of Philadelphia, 10 miles from Center City. La Salle is one of six Lasallian colleges in the U.S. and numerous colleges and educational institutions in the Lasallian network worldwide. La Salle was granted university status in 1984. The Christian Brothers' residence is co-located on the campus of the university. Total headcount enrollment in fall 2022 was 4,049, and was 3,028 on an FTE basis. La Salle offers undergraduate and graduate degrees at its three schools: Arts and Sciences, Business, and Nursing and Health Sciences. Approximately 75% of students are undergraduates. Approximately 80% are Pennsylvania residents. With several NCAA Division I men's and women's athletics programs and several hundred student-athletes, athletics is an important component of La Salle's operations. A new President of the university was inaugurated in April 2022. In Spring 2023, a new Vice President for Finance and Administration replaced the predecessor who joined about a year prior. Other new management staff who have joined the university over the past two years include Chief of Staff, Vice President of Enrollment Management, Provost, and Vice President of Athletics and Recreation. La Salle is accredited by the Middle States Commission on Higher Education, last affirmed in 2016 for a 10-year period. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from Lumesis. 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. LATAM AIRLINES: Creditors Sued Ares for Role in $575 Mil. Jet Sales ------------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that Ares Management has been accused in a lawsuit of improperly influencing a $575 million sale of aircraft used by Latam Airlines Group SA, allegedly netting an Ares affiliate a fleet of valuable aircraft at a bargain price to the detriment of junior creditors. A complaint was filed Thursday, August 31, 2023, in New York state court by creditors that own junior Latam Air notes backed by more than a dozen Airbus and Boeing aircraft, which served as collateral for the debt. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The ad hoc group of LATAM bondholders tapped White & Case, LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the ad hoc committee of shareholders. LIFTOFF MOBILE: S&P Alters Outlook to Stable, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed all ratings on Liftoff Mobile Inc., including its 'B-' issuer credit rating. S&P said, "The stable outlook reflects our expectations that Liftoff's S&P Global Ratings-adjusted gross leverage will decline to the mid-6x area over the next 12 months, supported by low-double-digit EBITDA growth. The outlook also reflects our expectation for free cash flow to debt in the mid-single-digit percent area over the next year." Liftoff has continued to demonstrate improved operating performance following a difficult 2022. The company recorded year-over-year revenue growth of over 28% in the second quarter of 2023, marking the third consecutive quarter of improving operating performance. Liftoff faced difficulty in the middle of 2022 from a softening advertising environment, the migration to in-app bidding, and elevated costs related to the merger with Vungle. S&P said, "All of the identified cost and revenue synergies related to the merger have now been realized, helping to drive the company's improved profitability in the first half of 2023, and we believe the digital advertising market has largely stabilized. We expect these trends to continue for the remainder of 2023, resulting in total revenue growth of about 20% and free operating cash flow (FOCF) to debt of 4%-5%." The company has largely migrated to in-app bidding. In-app bidding is an advanced advertising method where mobile publishers can sell their ad inventory in an auction so that all advertisers are simultaneously bidding against one another. As a result of this shift in the middle of 2022, Liftoff incurs higher infrastructure and technology costs to support the computing power required to participate in real-time programmatic auctions. While this reduces its gross margins to the mid-80% area (compared to the high-80% area with waterfall bidding), accelerated revenue growth from new product releases and cost discipline have supported EBITDA margin expansion. S&P said, "We expect secular tailwinds to support continued growth, although the mobile advertising market remains highly competitive. While we expect advertising trends to remain soft for the rest of 2023, we expect digital advertising revenue to still grow around 8.5% as the industry continues to benefit from consumer migration toward digital platforms, and we expect revenue growth to accelerate to around 10.5% in 2024 as economic conditions improve. Still, the digital and mobile advertising industry remains fragmented and competitive, and customers do not sign long-term contracts with Liftoff, providing a risk that they could potentially move their advertising budgets to other platforms. "The stable outlook reflects our expectations that Liftoff's S&P Global Ratings-adjusted gross leverage will decline to the mid-6x area over the next 12 months, supported by low-double-digit EBITDA growth. The outlook also reflects our expectation for free cash flow to debt in the mid-single-digit percent area over the next year. "We could lower our rating if a severe or prolonged recession or increased competition result in poor revenue growth and an inability to generate sustainably positive free cash flow." S&P could raise its rating if: -- Liftoff reduces and maintains S&P Global Ratings-adjusted gross leverage below 6x; and -- The company can generate FOCF to debt in excess of 5% on a sustained basis. S&P said, "Social factors are a moderately negative consideration in our credit rating analysis of Liftoff. While we believe the impact from changes in Apple's identifier for advertisers (IDFA) in 2021 has mostly subsided, the evolving digital privacy landscape and other possible privacy mandates in the mobile industry could limit the expansion of its advertising revenue. Governance factors are a moderately negative consideration in our credit rating analysis, as is the case for most rated entities owned by private-equity sponsors. We believe the company's highly leveraged financial risk profile points to corporate decision-making that prioritizes the interests of the controlling owners. This also reflects financial sponsors' generally finite holding periods and focus on maximizing shareholder returns." MAD ENGINE: $275MM Bank Debt Trades at 28% Discount --------------------------------------------------- Participations in a syndicated loan under which Mad Engine Global LLC is a borrower were trading in the secondary market around 71.9 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $275 million facility is a Term loan that is scheduled to mature on July 16, 2027. About $263 million of the loan is withdrawn and outstanding. Mad Engine is engaged in the design, manufacture and wholesale distribution of licensed and branded apparel to retailers throughout the United States. MALLINCKRODT PLC: $250MM DIP Loan from Acquiom and Seaport OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Mallinckrodt PLC and its debtor-affiliates to use cash collateral and obtain postpetition financing, on an interim basis. Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC are permitted to obtain a priming, senior secured, superpriority debtor-in-possession term loan facility pursuant to a Superpriority Senior Secured Debtor-In-Possession Credit Agreement, by and among the DIP Borrowers, the Guarantors, and the DIP Secured Parties and substantially consistent with the DIP Term Sheet. The DIP Loan consists of a "new money" multiple draw term loan facility in an aggregate principal amount (exclusive of capitalized fees) of $250 million, of which: (i) up to $150 million will be made available in a single draw upon entry of the interim order and satisfaction of other applicable conditions to any Initial DIP Loans set forth in the DIP Credit Agreement, and (ii) an additional amount of up to $100 million in delayed draw DIP loan will be made available in a single draw upon entry of the Final Order and satisfaction of other applicable conditions as set forth in the DIP Credit Agreement. Acquiom Agency Services LLC and Seaport Loan Products LLC, are co-administrative agents for the DIP Lenders. Acquiom also serves as collateral agent for the DIP Lenders and Required Lenders. Unless converted to New First Priority Takeback Term Loans or repaid in cash on the Plan Effective Date, in each case as set forth in the Plan, all obligations under the DIP Loan Documents will be due and payable in full in cash on the earliest of: (a) The date that is 12 months after the Petition Date; (b) 50 calendar days after the Petition Date if the Final Order has not been entered by such date; (c) The date of acceleration of such obligations in accordance with the DIP Credit Agreement and the other DIP Loan Documents; (d) The effective date of any plan of reorganization or liquidation in the Chapter 11 Cases; (e) The date on which the sale of all or substantially all of the Debtors' assets is consummated; (f) The date on which termination of the RSA occurs; (g) The date the Bankruptcy Court converts any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code; (h) The date the Bankruptcy Court dismisses any of the Chapter 11 Cases; (i) The date an order is entered in any Chapter 11 Case appointing a Chapter 11 trustee or examiner with enlarged powers; and (j) other customary circumstances to be mutually agreed. The Debtors are required to comply with these milestones: 1. No later than 3 business days after the Petition Date, the Bankruptcy Court will have entered the Interim Order; 2. No later than 50 days after the Petition Date, the Bankruptcy Court will have entered the Final Order; 3. No later than 50 days after the Petition Date, the Bankruptcy Court will have entered an order confirming a plan of reorganization that is in form and substance reasonably acceptable to the Required DIP Lenders and approving the related disclosure statement; provided that the Plan will constitute an Acceptable Plan; and 4. No later than 90 days after the Petition Date, the effective date of the Acceptable Plan will have occurred. The Debtors require the use of cash collateral and postpetition financing to, among other things, (i) permit the orderly continuation of their businesses, (ii) pay certain Adequate Protection Payments; and (iii) pay the costs of administration of their estates and satisfy other working capital and general corporate purposes of the Debtors. The Debtors' pre-bankruptcy obligations include: -- Not less than $1.72 billion under the Credit Agreement, dated as of June 16, 2022, among Mallinckrodt plc, Mallinckrodt International Finance S.A., Mallinckrodt CB LLC, the lenders party thereto from time to time, Acquiom and Seaport as co-administrative agents, Deutsche Bank AG New York Branch, as collateral agent. -- Not less than $495 million under an Indenture, dated as of April 7, 2020, by and among Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC, as issuers, the guarantors party thereto from time to time, Wilmington Savings Fund Society, FSB, as indenture trustee, and Deutsche Bank AG New York Branch, as collateral agent, with respect to the issuance of 10.00% First Lien Senior Secured Notes due 2025. -- Not less than $650 million under an Indenture, dated as of June 16, 2022, by and among Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC, as issuers, the guarantors party thereto from time to time, Wilmington Savings Fund Society, FSB, as indenture trustee, and Deutsche Bank AG New York Branch, as collateral agent, with respect to the issuance of 11.500% First Lien Senior Secured Notes due 2028. -- Not less than $322 million under an Indenture, dated as of June 16, 2022, by and among Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC, as issuers, the guarantors party thereto from time to time, Wilmington Savings Fund Society, FSB, as indenture trustee and as collateral agent, with respect to the issuance of 10.00% Second Lien Senior Secured Notes due 2025 -- Not less than $328 million under an Indenture, dated as of June 16, 2022 by and among Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC, as issuers, the guarantors party thereto from time to time, Wilmington Savings Fund Society, FSB, as indenture trustee and as collateral agent, with respect to the issuance of 10.00% Second Lien Senior Secured Notes due 2029. The Prepetition Secured Parties are entitled, pursuant to 11 U.S.C. sections 105, 361, 362 and 363(e), as a condition for the use of their Prepetition Collateral, including the cash collateral, to adequate protection of their respective interests in the Prepetition Collateral, including the cash collateral, to the extent of any postpetition diminution in value of their respective interests in the Prepetition Collateral as of the Petition Date resulting from the Carve Out, the Debtors' use, sale, or lease of the Prepetition Collateral (including Cash Collateral), the grant of a lien under 11 U.S.C. section 364, and/or the imposition of the automatic stay pursuant to 11 U.S.C. section 362(a). A final hearing on the matter is set for September 20, 2023 at 11 a.m. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=aa1N9P from Kroll, the claims agent. The Debtors have prepared a 13-week DIP budget through the week ending November 24, 2023, projecting total operating disbursements of $445.5 million, including these projections for the weeks in September: $32,190,000 for the week ending September 8, 2023; $20,691,000 for the week ending September 15, 2023; $50,274,000 for the week ending September 22, 2023; and $53,133,000 for the week ending September 29, 2023. About Mallinckrodt plc Mallinckrodt plc is global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on August 28, 2023. Mallinckrodt plc disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Bryan M. Reasons, authorized signatory, signed the petition. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. ArentFox Schiff, LLP serves as counsel to the DIP Agents, Acquiom Agency Services LLC and Seaport Loan Products LLC. Gibson, Dunn & Crutcher LLP serves as counsel to the Ad Hoc First Lien Term Loan Group, Evercore Group L.L.C. as its financial advisor, McCann Fitzgerald LLP as Irish counsel, and Troutman Sanders LLP as local bankruptcy counsel. Paul, Weiss, Rifkind, Wharton & Garrison LLP serves as counsel to the Ad Hoc Crossover Group. Sullivan & Cromwell LLP acts as counsel to certain members of the Ad Hoc Crossover Group. Perella Weinberg Partners LP is the financial advisor to the Ad Hoc Crossover Group, Matheson LLP is its Irish counsel and Landis Rath & Cobb LLP is the local bankruptcy counsel. Davis Polk & Wardwell LLP serves as counsel to the Ad Hoc 2025 Noteholder Group, Morris, Nichols, Arsht & Tunnell LLP is the group's Delaware counsel, and Quinn Emmanuel Urquhart & Sullivan, LLP is counsel to the appellants in those certain pending appeals related to the 2025 First Lien Notes before the United States District Court for the District of Delaware related to the Debtors. Sullivan Hazeltine Allinson LLC is the Delaware counsel, to the appellants in those certain pending appeals related to the 2025 First Lien Notes before the Delaware District Court to the Debtors. MALLINCKRODT PLC: Silver Point, Marathon, Eaton Own Debt -------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that Silver Point Capital LP, fellow hedge fund Marathon Asset Management LP and investment firm Eaton Vance Management are among several large investors that own significant amounts of bankrupt drugmaker Mallinckrodt Plc's senior term loan debt, according to a court filing. Funds and accounts managed by Silver Point own roughly $239.6 million of Mallinckrodt's term loan debt and $12 million of the company's senior notes maturing in 2028, according to a disclosure made Wednesday, August 30, 2023, in Delaware bankruptcy court. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on August 28, 2023. Mallinckrodt plc disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MASTERS III LLC: Auction for Assets on Sept. 13 ----------------------------------------------- All of the assets of Masters III LLC in PBC Florida (5 locations) will be considered for sale at auction on Sept. 13, 2023, at 1:30 p.m., at a hearing before the U.S. Bankruptcy Court for the Southern District of Florida. Flagler Waterview Building: 1515 North Flagler Drive, Suite 801 - West Palm Beach, Florida 33401 (561) 514-4100 For more information and for copes of any relevant documents contact Julianne Frank, Esq. About Masters III LLC Masters III, LLC, is the operating entity for retail suntanning facilities. Masters III filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-14750) on June 19, 2023, with $118,372 in assets and $1,072,897 in liabilities. Stanley Olszewski, managing member, signed the petition. Julianne Frank, Esq., at Julianne Frank, Atty at Law, is the Debtor's counsel. MERIDIAN RESTAURANTS: Seeks to Sell Assets to Winning Bidder ------------------------------------------------------------ Meridian Restaurants Unlimited and its affiliates asked the U.S. Bankruptcy Court for the District of Utah for approval to sell most of their assets to the winning bidder at an auction scheduled for Sept. 19. The assets up for sale include inventory, intellectual property, leases, and fixed assets such as machinery, equipment and trade fixtures, which the companies use to operate their Burger King restaurants. The companies are among the largest franchisees of Burger King restaurants and operate at least 93 restaurants in nine states. The companies contemplate a sale of the assets "free and clear of liens, claims and encumbrances" and the assumption and assignment of executory contracts and unexpired leases to the winning bidder at the auction. Michael Johnson, Esq., attorney for Meridian, said selling the assets through an auction will provide the estate "with the best opportunity possible for maximizing the value of the acquired assets." "The [companies] have examined the alternatives to the auction sale of the assets and have determined that, in light of the [companies'] financial situation and value of the assets, a more viable alternative to sale of the assets does not exist," Mr. Johnson said in court papers. With the assistance of their investment banker Hilco Corporate Finance, LLC, the companies on Aug. 2 obtained a court order approving a bidding process governing the sale of their assets. The court order set a Sept. 15 deadline for potential buyers to place their bids on the assets, and a Sept. 22 deadline to file objections to the sale or auction. A court hearing to consider approval of the sale is scheduled for Sept. 26. 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. MLN US HOLDCO: $576MM Bank Debt Trades at 67% Discount ------------------------------------------------------ Participations in a syndicated loan under which MLN US Holdco LLC is a borrower were trading in the secondary market around 33.4 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $576 million facility is a Term loan that is scheduled to mature on October 18, 2027. The amount is fully drawn and outstanding. MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The company’s customer focus is on small and medium sized businesses. Mitel is majority-owned by private equity firm Searchlight Capital Partners. NAPA MANAGEMENT: $610MM Bank Debt Trades at 25% Discount -------------------------------------------------------- Participations in a syndicated loan under which NAPA Management Services Corp is a borrower were trading in the secondary market around 75.1 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $610 million facility is a Term loan that is scheduled to mature on February 18, 2029. About $0 million of the loan is withdrawn and outstanding. NAPA Management Services Corporation offers practice management services. The Company provides accounting, billing, consulting, medical personnel contracting, healthcare analyzes, financing, human resources, information technology, insurance, marketing, and operational support services. NEPTUNE WELLNESS: Raises Going Concern Doubt -------------------------------------------- Neptune Wellness Solutions Inc. disclosed in a Form 10-Q/A Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended June 30, 2023, that its management has concluded that substantial doubt exists about the Company's ability to continue as a going concern within the next 12 months. The Company explained it has incurred significant operating losses and negative cash flows from operations since inception. To date, the Company has financed its operations primarily through the public offering and private placement of Common Share units, consisting of Common Shares and warrants, convertible debt, the proceeds from research grants and research tax credits, and the exercises of warrants, rights and options. For the three-month period ended June 30, 2023, the Company incurred a net loss of $9.8 million and negative cash flows from operations of $5.3 million, and had an accumulated deficit of $392.0 million as of June 30, 2023. For the year ended March 31, 2023, the Company incurred a net loss of $88.8 million and negative cash flows from operations of $28.6 million. Furthermore, as at June 30, 2023, the Company's trade and other payables exceed its total current assets. The Company said it is required to actively manage its liquidity and expenses and payments of payables are not being made as the amounts become due. The Company also defaulted on certain conditions of its notes and while the defaults were subsequently waived, there is no assurance as to the Company's ability to continue to comply with the terms in fiscal 2024. Neptune said, "We are actively managing our liquidity and expenses, including by extending payables due and reducing investment in our businesses. There is substantial doubt about our ability to continue as a going concern. As of September 5, 2023, we had approximately $600,000 in cash and cash equivalents. We believe our current cash position will be sufficient to operate our business for approximately one month under our current business plan. In addition, we are pursuing several cash generating transactions as well as planning for further expense reductions. There can be no assurance that any cash generating transaction will be completed or that our expense reductions measures will be sufficient to allow as to continue operating our business. We need substantial additional funding to continue operating our business. If we are unable to continue as a going concern, we may have to liquidate our assets, and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected in our financial statements. We may have to liquidate our assets in the very near term if additional funding is not received in the upcoming months." For the three months ended on June 30, 2023, Neptune posted a net loss of $9,800,482 compared to a net loss of $6,504,495 for the same period in 2022. About Neptune Wellness Solutions Inc. Quebec-based Neptune Wellness Solutions Inc. is incorporated under the Business Corporations Act. The Company is domiciled in Canada and its registered office is located at 100-545 Promenade du Centropolis, Laval, Quebec. Neptune is a diversified and fully integrated health and wellness company. Through its flagship consumer-facing brands, Neptune Wellness, Forest Remedies(TM), Biodroga, MaxSimil(R), Sprout(R), Nosh(R) and NurturMe(R), Neptune has a broad portfolio of natural, plant-based, sustainable and purpose-driven lifestyle brands and consumer packaged goods products in key health and wellness markets, including nutraceuticals and organic baby food. As of June 30, 2023, Neptune has $30,537,650 in total assets and $66,042,221 in total liabilities. OCEAN POWER: Awarded Three Multi-Year NOAA Contracts ---------------------------------------------------- Ocean Power Technologies, Inc. announced the award of three separate Indefinite Delivery Indefinite Quantity (IDIQ) Multiple-Award Contracts (MAC) from the National Oceanic and Atmospheric Administration (NOAA). These awards further add to OPT's reputation as a reliable U.S. Government contractor and build on recent successes in the defense and national security space. NOAA has selected OPT as one of several Multiple Award IDIQ contract holders to provide Uncrewed Maritime Systems (UMS) Services to NOAA's Office of Marine and Aviation Operations (OMAO), Uncrewed Systems Operation Center (UxSOC). These contracts have the potential to result in millions of dollars of revenue for OPT, and the ordering period is set to span three years, commencing on Sept. 1, 2023, and concluding on Aug. 31, 2026. Under these contracts, OPT will bring its expertise to three crucial domains: 1. Living Marine Resource Surveys and Research: OPT will utilize cutting-edge Uncrewed Maritime Systems to support NOAA in conducting vital marine resource surveys and research. 2. Meteorological and Oceanographic Observations: OPT's innovative technology will play a pivotal role in enhancing NOAA's meteorological and oceanographic observations, further advancing the Company's understanding of the natural world. 3. Ocean Exploration and Characterization: OPT will collaborate with NOAA to explore and characterize the depths of oceans, contributing to the discovery and preservation of invaluable marine ecosystems. OPT's CEO Philipp Stratmann stated, "We are thrilled to be selected by NOAA for these significant and material contracts, which represent a pivotal moment in our company's history. OPT is committed to pushing the boundaries of technology and innovation in the marine industry, and these contracts underscore our dedication to creating sustainable and effective Uncrewed Maritime Systems and our capacity to deliver innovative and efficient solutions. We look forward to working closely with NOAA to achieve our shared goals of environmental stewardship and scientific advancement – while also generating value for our company and our shareholders in the process." About Ocean Power Technologies Headquartered in Monroe Township, New Jersey, Ocean Power Technologies, Inc. -- http://www.oceanpowertechnologies.com-- provides ocean data collection and reporting, marine power, offshore communications, and Maritime Domain Awareness ("MDA") products and consulting services. The Company offers its products and services to a wide-range of customers, including those in government and offshore energy, oil and gas, construction, wind power and other industries. The Company is involved in the entire life cycle of product development, from product design through manufacturing, testing, deployment, maintenance and upgrades, working closely with partners across its supply chain. Ocean Power reported a net loss of $26.33 million for the fiscal year ended April 30, 2023, a net loss of $18.87 million on $1.76 million for fiscal year ended April 30, 2022, a net loss of $14.76 million for the 12 months ended April 30, 2021, a net loss of $10.35 million for the 12 months ended April 30, 2020, and a net loss of $12.25 million for the 12 months ended April 30, 2019. As of Jan. 31, 2023, the Company had $59.04 million in total assets, $6.10 million in total liabilities, and $52.94 million in total shareholders' equity. OFF-SPEC SOLUTIONS: Unsecureds Will Get 26% of Claims in 60 Months ------------------------------------------------------------------ Off-Spec Solutions, LLC, d/b/a Cool Mountain Transport, submitted a Third Amended Subchapter V Plan of Reorganization dated September 5, 2023. Since the filing of the First Amended Plan, the Debtor has worked through solutions and plan treatment for multiple key parties in interest and is now prepared to move forward to emerge from bankruptcy as provided by this Third Amended Plan. As set forth in this Third Amended Plan, the Debtor has/will have further reduced its fleet of tractors from 41 to 14 and its employees from 54 to 26. The Debtor will continue to serve its customers by adding more owner operators, who pay their own operating expenses which minimizes the Debtor's costs. The Debtor's financial projections are based on projected sales of the Debtor's trucking operations and show that the Debtor will have projected disposable income of approximately $1,700,000 for payment to unsecured creditors, depending on the allowed nature of unsecured creditor claims. Based on the anticipated class of unsecured creditors, the Debtor projects general unsecured creditors will receive approximately 26% of their allowed claim amount, provided all claim objections are resolved, the estimates for lease rejection claims are not exceeded, and the disputed claims disallowed. The final Third Amended Plan Payment is expected to be paid on or around September 30, 2028. This Third Amended Plan of Reorganization under Chapter 11 of the Code proposes to pay the Debtor's creditors from cash flow from Cool Mountain's trucking operations. Class 14 shall consist of the allowed unsecured claims not entitled to priority and not expressly included in the definition of any other class. This Plan designates the Lafferty Claim as a Class 15 Claim; provided, however, if the Court determines that the Lafferty Claim was timely filed and allows the Lafferty Claim in some amount, the allowed Lafferty Claim shall be treated as a general unsecured claim in Class 14. The projected disposable income of the Debtor shall be paid during the life of this Third Amended Plan (60 months) to creditors holding allowed claims in this class, and on a pro rata basis, until such allowed claims are paid in full. Depending on the outcome of various claim objection proceedings, the Debtor projects payment of approximately 26% of the allowed claims in this class provided that the disputed claims are disallowed. This projection is a rough estimate, not a promise of payment and is based upon the Debtor's estimates provided all claim objections are resolved, the estimates for lease rejection claims are not exceeded, and the disputed claims disallowed. If the general unsecured claims are allowed in greater amounts, the rejection damages asserted in greater amounts or other assumptions, projections or estimates vary, the pro-rata recovery for general unsecured creditors is expected to decrease. The Debtor will continue to operate as a trucking company. The income from operating the Debtor's trucking company will be used to fund this Third Amended Plan. The funding for the Effective Date payments and certain operating expenses will be paid from a loan from Transportation Investors in an amount up to $1.4 million. Pursuant to the Loan Agreement, Transportation Investors has agreed to make up to $840,000 of the Credit Facility available to the Debtor as necessary to pay the Effective Date payments and certain operating expenses pursuant to the Third Amended Plan Budget, but only if the Court enters an order confirming the Third Amended Plan and if the Debtor continues to operate materially consistent with the Third Amended Plan Budget. As set forth in the projections, with these funds from Transportation Investors, the Debtor reasonably expects to be able to make the payments provided for by this Plan. A full-text copy of the Third Amended Plan dated September 5, 2023 is available at https://urlcurt.com/u?l=SOeey3 from PacerMonitor.com at no charge. Attorneys for Debtor: Matthew T. Christensen, Esq. Chad R. Moody, Esq. Johnson May 199 N. Capitol Blvd., Suite 200 Boise, ID 83702 Phone: (208) 384-8588 Fax: (208) 629-2157 Email: mtc@johnsonmaylaw.com crm@johnsonmaylaw.com - and - Jason E. Rios, Esq. Jennifer E. Niemann, Esq. Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP 500 Capitol Mall, Suite 2250 Sacramento, CA 95814 Telephone: (916) 329-7400 Facsimile: (916) 329-7435 Email: jrios@ffwplaw.com jniemann@ffwplaw.com About Off-Spec Solutions Off-Spec Solutions LLC, doing business as Cool Mountain Transport, is a trucking company located in Nampa, Idaho. Off-Spec Solutions filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code on (Bankr. D. Idaho Case No. 22-00346) on Aug. 5, 2022, with between $1 million and $10 million in both assets and liabilities. Matthew W. Grimshaw of Grimshaw Law Group, P.C., has been appointed as Subchapter V trustee. Judge Noah G. Hillen oversees the case. The Debtor tapped Matthew Todd Christensen, Esq., at Johnson May, PLLC, as legal counsel, and CFO Solutions, LLC, doing business as Ampleo, as consultant. ORETEST INTERNATIONAL: Case Summary & Six Unsecured Creditors ------------------------------------------------------------- Debtor: Oretest International, LLC 1108 West 4th Street Benson, AZ 85602 Business Description: The Debtor owns a commercial real property located at 1108 West 4th Street, Benson, Arizona valued at $450,000 based on Debtor's opinion. Chapter 11 Petition Date: September 11, 2023 Court: United States Bankruptcy Court District of Arizona Case No.: 23-06280 Judge: Hon. Scott H. Gan Debtor's Counsel: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: 602-264-4550 Fax: 602-277-0144 Email: anewdelman@adnlaw.net Total Assets: $1,331,500 Total Liabilities: $605,033 The petition was signed by David John Clare as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7BN7IHQ/ORETEST_INTERNATIONAL_LLC__azbke-23-06280__0001.0.pdf?mcid=tGE4TAMA PERIMETER ORTHOPAEDICS: Sells Assets to Surgery Partners Affiliate ------------------------------------------------------------------ Perimeter Orthopaedics, P.C. and Perimeter Outpatient Surgery Associates, Inc. asked the U.S. Bankruptcy Court for the Northern District of Georgia to approve the sale of their assets to an affiliate of Surgery Partners, Inc. Under the deal, Perimeter Orthopaedics will transfer all of the non-clinical assets at its ambulatory surgery center to Bone Management MSO, LLC and will enter into a long-term management arrangement with the buyer in exchange for $1,757,337, which will be paid as follows: (i) $1,591,691 in cash at the closing and (ii) $165,645 in units in Bone Management. The cash consideration will be paid in full at closing out of Surgery Partners' current cash on hand. Meanwhile, the value of the units in Bone Management represents the "fair market value" of those units as of the closing of the sale. Bone Management will make quarterly profit distributions of available cash to all owners of the company pro rata in proportion to their ownership percentage in the company, according to a letter of intent, which outlines the general terms of the deal. As part of the deal, each owner of Bone Management will enter into an employment agreement with Perimeter Orthopaedics at the closing. The employment agreements will each have an initial term of five years. Moreover, Perimeter Orthopaedics and Perimeter Outpatient will assume and assign to Bone Management certain executory contracts and leases, including real property leases with their landlord, RREEF America REIT II Corp., unless the landlord decides to enter into a new lease with the buyer as part of the sale. Bone Management will assume all obligations that arise after the closing date under each assigned contract. Caitlyn Powers, Esq., attorney for Perimeter Orthopaedics, said the proposed "would result in the best recovery for stakeholders." "Such a going concern sale will enable the purchaser to continue the business," Ms. Powers said in court papers. About Perimeter Orthopaedics Perimeter Orthopaedics, P.C. and Perimeter Outpatient Surgery Associates, Inc. are a physician practice that specializes in orthopedics. The Debtors filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 23-20554) on May 17, 2023. At the time of filing, Perimeter Orthopaedics reported as much as $50,000 in assets and $1 million to $10 million in liabilities. Perimeter Outpatient reported as much as $50,000 in assets and $500,001 to $1 million in liabilities. Judge James R. Sacca oversees the cases. The Debtors tapped William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC as bankruptcy counsel and Durrett Firm as special counsel. PHUNWARE INC: Appoints Mike Snavely as Chief Revenue Officer ------------------------------------------------------------ Phunware, Inc. announced that Mike Snavely has been hired as the Company's chief revenue officer, effective Sept. 12, 2023. "I am delighted to rejoin Phunware, bringing my experience in SaaS, enterprise software, and channel development at this stage of the Company's journey," said Mike Snavely, chief revenue officer of Phunware. "I look forward to working with the phenomenal people at Phunware to help the market reimagine how they engage their customers using our industry-leading, patented Location Services coupled with our hyperlocal mobile engagement platform." Mike most recently served as the general manager of Vidable AI in Madison, Wisconsin. Prior to joining Vidable, Mike held several revenue leadership and strategic business development roles in technology companies in Austin, Texas and San Mateo, California, including Mutual Mobile, Phunware, and Tile. Mike holds a BA from the College of Wooster in Wooster, Ohio and a J.D. from The Ohio State University. He is licensed (inactive) as an attorney at law in the State of Ohio. "Phunware is poised to accelerate the adoption of our Location Based Services Platform into our core markets and Mike brings exactly the skills and experience to help us reach more customers directly and through channel partners," said Russ Buyse, chief executive officer of Phunware. "His expertise in enterprise, mobile, and customer experience will help us expand the reach of our Platform to improve guest and patient experiences across hospitality, healthcare, and beyond." About Phunware Headquartered in Austin, Texas, Phunware, Inc. -- http://www.phunware.com-- offers a fully integrated software platform that equips companies with the products, solutions and services necessary to engage, manage and monetize their mobile application portfolios globally at scale. Phunware reported a net loss of $50.89 million for the year ended Dec. 31, 2022, compared to a net loss of $53.52 million for the year ended Dec. 31, 2021. As of March 31, 2023, the Company had $45.46 million in total assets, $23.55 million in total liabilities, and $21.90 million in total stockholders' equity. Houston, Texas-based Marcum LLP, Phunware Inc.'s auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PWM PROPERTY MGT: Closes Chapter 11 Sale of 50-Storey Office Tower ------------------------------------------------------------------ David Holtzman of Law360 reports that a 50-story office tower in Chicago's downtown Loop district was sold Thursday, August 31, 2023, after it was tied up for nearly two years in a bankruptcy case. About PWM Property Management PWM Property Management LLC, et al., are primarily engaged in renting and leasing real estate properties. They own two premium office buildings, namely 245 Park Avenue in New York City, a prominent commercial real estate assets in Manhattan's prestigious Park Avenue office corridor, and 181 West Madison Street in Chicago, Illinois. On Oct. 31, 2021, PWM Property Management LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). PWM estimated assets and liabilities of $1 billion to $10 billion as of the bankruptcy filing. The cases are pending before the Honorable Judge Mary F. Walrath and are being jointly administered for procedural purposes under Case No. 21-11445. The Debtors tapped White & Case LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP as local counsel; and M3 Advisory Partners, LP, as restructuring advisor. Omni Agent Solutions is the claims agent. QUALITY STERLING: Gets CCAA Initial Stay Order ---------------------------------------------- Quality Sterling Group, comprising Quality Rugs of Canada Limited, Timeline Floors Inc., Malvern Contract Interiors Limited, Ontario Flooring Ltd., Western Hardwood Design Centre, and various QSG holding companies ("Companies") sought and obtained from the Ontario Superior Court of Justice ("Court") an initial order under the Companies' Creditors Arrangement Act, as amended ("CCAA"). Pursuant to the Initial Order and the CCAA, RSM Canada Limited was appointed as a monitor, an officer of the Court ("Monitor"), to monitor the business and financial affairs of the Companies. A copy of the initial order is and additional publicly available materials will be posted on the Monitor's website at http://www.rsmcanada.com/qualitysterling-group During the CCAA Proceedings, the Companies, with the assistance of the Monitor, expect that they will continue to operate in the normal course as they determine next steps and contemplate a path forward to maximize value for the Companies and their stakeholders. Pursuant to the Initial Order, all proceedings against the Applicants, their directors and officers and the Monitor (among others) are stayed and no such proceedings may be commenced or continued without leave of the Court ("Stay"). The Stay also prohibits any contractual parties from ceasing to perform their contracts with the Companies on account of the CCAA filing or there being any outstanding amounts due as of Aug. 4, 2023. In addition, except as provided for in the Initial Order, all amounts owing by the Companies to their creditors for the period prior to Aug. 4, 2023 are stayed and cannot be paid at this time. If you have any questions in respect of these CCAA Proceedings, please contact the Monitor at: RSM CANADA LIMITED Attn: Arif Dhanani Monitor of Quality Rugs of Canada, Timeline Floors Inc., Ontario Flooring Ltd. Weston Hardwood Design Centre Inc., and Malvern Contract Interiors Limited RSM Place 700-11 King Street West, PO Box 27 Toronto ON M5H 4C7 Tel: +1 416-480-0160 Fax +1 416-480-2646 Email: arif.dhanani@rsmcanada.com Counsel for the Companies: Gardiner Roberts LLP Attn: Chris Besan Bay Adelaide Centre, East Tower 22 Adelaide St. W., Suite 3600 Toronto, ON M5H 4E3 Tel: 416-865-4022 Email: cbesant@grllp.com Monitor can be reached at: RSM Canada Limited 11 King Street West, Suite 700 Toronto, ON M5H 4C7 Bryan Tannenbaum Tel: 416-238-5055 Email: bryan.tannenbaum@rsmcanada.com Arif Dhanani Tel: 647-725-0183 Email: arif.dhanani@rsmcanada.com Quality Sterling Group provides distribution and coordinated installation services for developers and end users of various floor covering alternatives, and comprises by far the largest distribution and installation platform in Canada in terms of market share. RAPID METALS: Selling Inventory to Mainline Metals for $7.1MM ------------------------------------------------------------- Rapid Metals, LLC asked the U.S. Bankruptcy Court for the Eastern District of Michigan for approval to sell substantially all of its inventory to Mainline Metals, Inc. Mainline Metals offered $7.13 million for the inventory, which includes approximately 37 million pounds of steel owned by Rapid Metals. The inventory will be sold "free and clear" of all liens, claims, and encumbrances with all liens attaching to the sale proceeds with the same validity, extent, and priority as immediately prior to the sale. "The sale of the inventory in a bulk transaction will eliminate market fluctuations and a potential reduced sale price in the event of labor strikes by the United Auto Workers, which [Rapid Metals] believes will have a materially adverse impact on recovery," said the company's attorney, Elliot Crowder, Esq., at Stevenson & Bullock, P.L.C. About Rapid Metals Rapid Metals, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-46098) on July 12, 2023, with $10 million to $50 million in both assets and liabilities. Judge Maria L. Oxholm oversees the case. Charles D. Bullock, Esq., at Stevenson & Bullock, PLC is the Debtor's legal counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent the Debtor's unsecured creditors. The committee tapped Bernstein-Burkley, PC as bankruptcy counsel and Schafer and Weiner, PLLC as local counsel. REMARK HOLDINGS: Falls Short of Nasdaq Bid Price Requirement ------------------------------------------------------------ Remark Holdings, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Sept. 6, 2023, it received a letter from The Nasdaq Stock Market stating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), requiring listed securities to maintain a minimum bid price of $1.00 per share because the Company's closing bid price for the last 31 consecutive business days was below $1.00 per share. The notification received has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to its compliance with the other continued listing requirements. Pursuant to the Rule, the Company has 180 calendar days (until March 4, 2024) to regain compliance with the Rule. To regain compliance, the Company's closing bid price must be at least $1.00 for a minimum of ten consecutive business days at any time during the Compliance Period. If the Company does not regain compliance within the Compliance Period, the Company may be granted an additional 180 calendar day within which to comply with the Rule. If the Company fails to regain compliance with the Rule and Nasdaq provides notice that our common stock is subject to delisting, the Company will have the right to a hearing before Nasdaq's Hearing Panel. The Company intends to monitor the closing bid price of its common stock and, if appropriate, consider further available options to regain compliance with the Rule, including effecting a reverse stock split, if necessary. About Remark Holdings Remark Holdings, Inc. (NASDAQ: MARK) -- http://www.remarkholdings.com-- delivers an integrated suite of AI solutions that help organizations monitor, understand, and act on threats in real-time. Remark consists of an international team of sector-experienced professionals that have created video analytics. The Company's GDPR-compliant and CCPA-compliant solutions focus on market sectors including retail, federal and state governmental entities, public safety, hospitality, and transportation. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. Remark Holdings reported a net loss of $55.48 million for the year ended Dec. 31, 2022, compared to net income of $27.47 million for the year ended Dec. 31, 2021. As of March 31, 2023, the Company had $14.17 million in total assets, $39.95 million in total liabilities, and a total stockholders' deficit of $25.78 million. Los Angeles, California-based Weinberg & Company, P.A., the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities and has a negative working capital and a stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. SAMARCO MINERACAO: Judge Okays $1Bil. Payment Cap, Changes Decision ------------------------------------------------------------------- Vinícius Andrade and Cristiane Lucchesi of Bloomberg News report that Brazilian judge Adilon Claver de Resende changed his previous decision and approved a $1 billion limit on compensation payments related to a 2015 dam disaster by Samarco, according to a file obtained by Bloomberg. All debt restructuring plan that was agreed by Samarco, an iron-ore joint-venture between Vale and BHP, and most of its creditors is now authorized by court. About Samarco Mineracao SA Samarco Mineracao SA is a Brazilian mining joint venture between BHP Group and Vale SA. erves as an iron ore processing company. The company provides blast furnace, direct reduction, sinter feed, as well as low and normal silica content pellets. On April 9, 2021, the Debtor filed a voluntary petition for judicial reorganization in the 2nd Business State Court for the Belo Horizonte District of Minas Gerais in Brazil pursuant to Brazilian Federal Law No. 11,101 of February 9, 2005. Samarco Mineracao filed for Chapter 15 bankruptcy recognition (Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York, to seek U.S. recognition of its Brazilian proceedings. The Debtor's U.S. counsel: Thomas S. Kessler Cleary Gottlieb Steen & Hamilton LLP Tel: 212-225-2000 E-mail: tkessler@cgsh.com SG-TMGC LLC: Hits Chapter 11 Bankruptcy Protection -------------------------------------------------- Steven Church of Bloomberg News reports that private equity firm The Stephens Group put the holding company for its Mitchell Gold + Bob Williams brand into bankruptcy August 31, 2023, just days after the luxury furniture outlet announced it was shutting down. SG-TMGC filed for bankruptcy protection from creditors owed as much as $50 million, according to court papers filed in Wilmington, Delaware. Mitchell Gold was forced to cease operations after its lender withdrew support, according to a statement from the Stephens Group. The Stephens Group put $20 million into Mitchell Gold recently to try to restructure the company, but the furniture maker was unable to continue without help. About SG-TMGC LLC SG-TMGC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.: 23-11364) on August 31, 2023. In the petition filed by Kent Sorrells, as chairman, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein oversees the case. MORRIS, NICHOLS, ARSHT & TUNNELL LLP is the Debtor's counsel. ROSE LAW FIRM, A PROFESSIONAL CORPORATION, is the Debtor's corporate counsel. SINCLAIR TELEVISION: $740MM Bank Debt Trades at 28% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Sinclair Television Group Inc is a borrower were trading in the secondary market around 71.9 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $740 million facility is a Term loan that is scheduled to mature on April 1, 2028. About $725.5 million of the loan is withdrawn and outstanding. Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SINCLAIR TELEVISION: $750MM Bank Debt Trades at 31% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Sinclair Television Group Inc is a borrower were trading in the secondary market around 69.5 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on April 21, 2029. About $742.1 million of the loan is withdrawn and outstanding. Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SOFT SURROUNDINGS: Case Summary & 35 Largest Unsecured Creditors ---------------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. Soft Surroundings Holdings, LLC (Lead Case) 23-90769 1100 N. Lindbergh Blvd. Saint Louis, MO 63132 Triad Retail, L.L.C. 23-90768 Soft Surroundings Intermediate Holdings, LLC 23-90770 Triad Catalog Co., LLC 23-90771 Business Description: Operating under the Soft Surroundings brand, the Debtors are a direct-to- consumer nationwide company, selling women's apparel, accessories, beauty products, and home goods. The Debtors brand is centered around a direct to consumer business, which includes a robust e-commerce marketplace, which will continue after the Debtors emerge from these Chapter 11 Cases. Chapter 11 Petition Date: September 10, 2023 Court: United States Bankruptcy Court Southern District of Texas Debtors' General Bankruptcy Counsel: Cindi M. Giglio, Esq. Michael E. Comerford, Esq. Marc B. Roitman, Esq. Grace A. Thompson, Esq. KATTEN MUCHIN ROSENMAN LLP 50 Rockefeller Plaza New York, NY 10020-1605 Tel: (212) 940-8800 Email: cgiglio@katten.com michael.comerford@katten.com marc.roitman@katten.com grace.thompson@katten.com - and - William B. Freeman, Esq. 515 South Flower Street, Suite 4150 Los Angeles, CA 90071-2212 Phone: (213) 443-9003 Email: bill.freeman@katten.com Debtors' Local Bankruptcy Counsel: Elizabeth C. Freeman, Esq. LAW OFFICE OF LIZ FREEMAN PO Box 61209 Houston, TX 77208-1209 Phone: (832) 779-3580 Email: liz@lizfreemanlaw.com Debtors' Investment Banker: SSG CAPITAL PARTNERS, LLC Debtors' Provider of CRO Support: SIERRACONSTELLATION PARTNERS, LLC Debtors' Claims, Noticing & Solicitation Agent: STRETTO, INC. Lead Debtor's Estimated Assets: $0 to $50,000 Lead Debtor's Estimated Liabilities: $50 million to $100 million The petitions were signed by Curt Kroll as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BJ4L5ZA/Soft_Surroundings_Holdings_LLC__txsbke-23-90769__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 35 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Jiaxing Mengdi Import & Export $3,399,755 18th Floor, Longway Plaza Building No 960 Chengnan Road Jiaxing Zhejiang, China 2. Hangzhou Sino-Italy Apparel Co Ltd. $2,750,000 4340 Fulton Avenue, 3rd Floor Attn: Creditors Adjustment Bureau, Inc. Sherman Oaks, CA, 91423 3. Zhejiang Jiaxin Silk Corp Ltd $2,496,555 Jiaxin Silk Plaza, No 588 Zhejiang Road (West) Jiaxing, Zhejiang, China 4. Zhejiang Top Mondial Grmnt Co $1,052,695 Section A, Central Ave Changxing Economy Development Huzhou Zhejiang, China 5. Lsc Communications US, LLC $986,611 531 Roselane Street NW, Suite 400 Marietta, GA, 30060 6. Choi & Shin's Co., Ltd $736,741 8 Yangpyeong-Ro 25 Gil, Yeongdeungpo-GU Seoul, South Korea 7. Zhejiang Sanyuan Holding Group $704,947 10 F, No. 25 Juye Road, Binjiang District Hangzhou, Chin 8. Meta Platforms Inc $648,886 15161 Collection Center Dr. Chicago, IL, 60693 9. Maral Overseas Limited $623,132 12/4, Main Mathura Road Sector - 37 Faridabad, Haryana, 121003, India 10. Shanghai Sunwin Industry Group $619,069 2/F, NO.17, LANE 688 Hengnan, Minhang District Shanghai, China 11. Google LLC $566,769 Dept. 33654, PO BOX 39000 San Francisco, CA, 94139 12. Tolani Collection $548,557 1621 South Rancho Santa Fe Road, Suite B San Marcos, CA, 92078 13. World Textile Sourcing, Inc. $541,701 Calle Aldabas 540, 4th Floor, Lima 33 Santiago de Surco, 15023, Peru 14. Pitney Bowes Global Ecommerce $516,885 3001 Summer Street Stamford, CT, 06926 15. Tillsonburg Company Limited $504,763 18/F Corporation Square, 8 Lam Lok Street Kowloon Bay, Hong Kong 16. Gtig Hubo Industrial Co., Ltd. $501,296 21F, Tower B, Guotai Financial Plaza Building No 960 Chengnan Road, Jiaxing Zhejiang, 0, 314001, China 17. Lindenmeyr Central $396,726 Three Manhattanville Road, Purchase, NY, 10577 18. Ahujas Web Private Limited $370,133 D-80 Okhla Industrial Area Phase-I New Delhi, 110 020, India 19. Wpromote, LLC $365,101 2100 East Grand Avenue, 1st Floor El Segundo, CA, 90245 20. Asya Tekstil $319,802 Yildirm Beyazit CAD. No 29 Kat 3 Bahcelievler Istanbul, Turkey 21. Royal Concepts Inc. $303,583 505 N. Pacific Avenue San Pedro, CA, 92078 22. Listrak $302,723 100 W. Millport Rd. Lititz, PA, 17543 23. Jiva Designs Pvt Ltd $300,454 Plot No 68/1, Phase 1 DL Haryana, 121003, India 24. Shanghai Yundi Trading Co $279,624 10-401 Huaqing Chuangzhi Park, Huishan Economic Development Zone, Wuxi, 214000, China 25. Jiaxing Vision Garment Co, Ltd $268,560 NO. 122 Tongde Road, Jiaxing City Zhejiang, 0, 314033, China 26. Zhejiang Xin'an Fashion Co Ltd. $245,983 27/F, King Palace Place, 55 King Yip Street, Kwun Tong Kowloon, Hong Kong 27. Fedex $234,470 PO BOX 371461, Pittsburg, PA, 15250-7461 28. Tua Fashion, Inc. $177,750 540 E 31st Street Los Angeles, CA, 90011 29. Muche Et Muchette, LLC $175,875 8020 NW 14 ST Doral, FL 33126 30. Royal Mechanical Services, Inc. $135,551 PO Box 23116 Overland Park, KS, 66283 31. Metro Creve Coeur, LLC $123,570 1100 North Lindbergh Blvd. Saint Louis, MO, 63132 32. Ahuja Overseas $122,695 B-8A Malviya Industrial Area Jaipur, India, 302017 33. Colortek Inc. $118,812 10625 Gateway Blvd. Saint Louis, MO, 63132 34. Bridgewater Commons Mall II LLC $112,953 1701 River Run Road, Suite 500 Fort Worth, TX, 76107 35. UPS Mail Innovations, Inc. $109,585 55 Glenway Parkway NE Atlanta, GA, 30328 SOUND INPATIENT: $215MM Bank Debt Trades at 83% Discount -------------------------------------------------------- Participations in a syndicated loan under which Sound Inpatient Physicians Holdings LLC is a borrower were trading in the secondary market around 17.4 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $215 million facility is a Term loan that is scheduled to mature on June 28, 2026. The amount is fully drawn and outstanding. Sound Inpatient Physicians, Inc. is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly owned subsidiaries and affiliated companies. Sound’s principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. SOUND INPATIENT: $610MM Bank Debt Trades at 50% Discount -------------------------------------------------------- Participations in a syndicated loan under which Sound Inpatient Physicians Holdings LLC is a borrower were trading in the secondary market around 49.7 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $610 million facility is a Term loan that is scheduled to mature on June 28, 2025. About $591.8 million of the loan is withdrawn and outstanding. Sound Inpatient Physicians, Inc. is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly owned subsidiaries and affiliated companies. Sound’s principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. STARRY GROUP: Confirmed Plan Declared Effective Aug. 31 ------------------------------------------------------- The Third Amended Joint Chapter 11 Plan of Reorganization of Starry Group Holdings Inc. and its debtor-affiliates is effective on Aug. 31, 2023, and all conditions precedent to the effective date were satisfied or waived in accordance with the Debtors' plan. On May 26, 2023, the U.S. Bankruptcy Court for the District of Delaware confirmed the Debtor's amended joint Chapter 11 plan. Copies of the confirmation order, the plan, and any pleadings filed in the Chapter 11 cases may be obtained by (a) visiting the Debtors' restructuring website at https://www.kccllc.net/Starry; (b) sending an email inquiry at https://www.kccllc.net/Starry/inquiry; and (c) calling the Debtors' restructuring hotline at +1-866-480-0830 or +1-781-575-2049 (international calls). Reorganization Plan The Debtors proposed the Plan following extensive arm's-length, good-faith discussions with certain of their key stakeholders. These discussions have resulted in significant majorities of the Holders of the Debtors' funded indebtedness agreeing to support the restructuring contemplated by the Plan and vote to accept the Plan pursuant to a Restructuring Support Agreement entered into immediately prior to the commencement of the Chapter 11 Cases by and among the Debtors and certain Holders of Prepetition Term Loan Claims (collectively, the "Consenting Prepetition Lenders"). In connection with negotiating the Restructuring Support Agreement, the Debtors and Holders of the Debtors' funded indebtedness exchanged several proposals and counter-proposals regarding the terms of a comprehensive restructuring, and the parties conferred on numerous occasions in an attempt to achieve consensus with respect to the same. The Plan reflects such a consensus, and the Debtors and the Consenting Prepetition Lenders believe the Plan represents the best available option for all creditors and parties in interest. Having agreed with their key creditor constituencies on the principal terms of the Restructuring, which enjoys broad-based support, as reflected in the Restructuring Support Agreement, the Debtors are also pursuing a competitive sale process for their assets (or reorganized equity) as permitted by the Restructuring Support Agreement. To that end, on February 20, 2023, the Debtors filed a motion with the Bankruptcy Court (the "Bidding Procedures Motion"), seeking authorization to conduct a competitive and robust sale process, which the Debtors believe will ensure that they maximize the value of their assets (or reorganized equity). On March 21, 2023, the Bankruptcy Court entered the Bidding Procedures Order [Docket No. 185]. Under the Bidding Procedures and the Plan, the reorganized equity or assets of the Debtors will be marketed pursuant to the Bidding Procedures Order, which shall permit bids to acquire all or substantially all of the assets (or reorganized equity) of the Debtors. To be a qualified bid, a third party bid must exceed $170,000,000 (the "Minimum Qualified Bid") and meet the other requirements established in the Bidding Procedures for the submission of qualified bids. In the event that at least one Minimum Qualified Bid is obtained, the Debtors shall conduct an auction to determine the highest or otherwise best bid for the Debtors' assets (or reorganized equity). Any Qualified Bidder (as defined in the Bidding Procedures Motion), including the DIP Agent and the Prepetition Agent, that has a valid and perfected lien on any assets of the Debtors' estates shall be entitled to credit bid all or a portion of the face value of such secured party's claims against the Debtors. Each of the DIP Agent and the Prepetition Agent shall be deemed to be a Qualified Bidder and, subject to section 363(k) of the Bankruptcy Code and to such party's compliance with the Bidding Procedures, may submit a credit bid of all or any portion of the aggregate amount of their respective secured claims, including any postpetition financing claims, pursuant to section 363(k) of the Bankruptcy Code at any time during the auction, and any such credit bid will be considered a Qualified Bid. In full and final satisfaction, settlement, release and discharge of and in exchange for release of all Allowed DIP Facility Claims, on the Effective Date, the unpaid Allowed DIP Facility Claims shall be (i) if the Restructuring is consummated, converted on dollar-for-dollar basis into Rollover Exit Term Loans and shall receive New Warrants in accordance with the Exit Facility Term Sheet (which is attached as Exhibit F to the Restructuring Support Agreement), or (ii) if a Sale Transaction is consummated, unless otherwise agreed to by the Required DIP Lenders and Birch Grove, indefeasibly paid in full in Cash from Sale Transaction Proceeds. Under the Plan, Class 4 General Unsecured Claims total $50,000 to $70,000 and will recover under Restructuring and Sale Transaction 0.4% to 4.0% of claims. Each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of its Allowed General Unsecured Claim: * In the event of a Restructuring, each Participating GUC Holder shall receive in full and final satisfaction of its Allowed General Unsecured Claim, its Pro Rata Share of the greater of (a) $250,000; and (b) the difference between (i) the amount of professional fees of the Debtor Professionals and Committee Professionals set forth in the Initial Budget minus (ii) the actual amount of professional fees and expenses Allowed to such Retained Professionals at any time, subject to a cap of $2,000,000; and Each Non-Participating GUC Holder shall receive no consideration on account of its General Unsecured Claims. * In the event of a Sale Transaction, each Participating GUC Holder shall receive in full and final satisfaction of its Allowed General Unsecured Claim, its Pro Rata Share of the greatest of (a) $250,000; (b) the difference between (i) the amount of professional fees of the Debtor Professionals and Committee Professionals set forth in the Initial Budget minus (ii) the actual amount of professional fees and expenses Allowed to such Retained Professionals at any time, subject to a cap of $2,000,000; and (c) except as otherwise provided in and giving effect to any applicable Sale Order, after the Holders of Allowed Prepetition Term Loan Claims and the Holders of Allowed Claims entitled to priority of payment under 11 U.S.C. Â§ 507 have been satisfied in full in Cash, the amount of Cash, if any, to which Allowed General Unsecured Claims are legally entitled under the Bankruptcy Code; and Each Non-Participating GUC Holder shall receive, except as otherwise provided in and giving effect to any applicable Sale Order, after the Holders of Allowed Prepetition Term Loan Claims and the Holders of Allowed Claims entitled to priority of payment under 11 U.S.C. Â§ 507 have been satisfied in full in Cash, the amount of Cash, if any, to which Allowed General Unsecured Claims are legally entitled under the Bankruptcy Code. These Claims are impaired under the Plan and are entitled to vote. Counsel for the Debtors: Jeffrey E. Bjork, Esq. Ted A. Dillman, Esq. Jeffrey T. Mispagel, Esq. LATHAM & WATKINS LLP 355 South Grand Avenue, Suite 100 Los Angeles, CA 90071 Telephone: (213) 485-1234 Facsimile: (213) 891-8763 E-mail: jeff.bjork@lw.com ted.dillman@lw.com jeffrey.mispagel@lw.com - and - Jason B. Gott, Esq. 330 North Wabash Avenue, Suite 2800 Chicago, IL 60611 Telephone: (312) 876-7700 Facsimile: (312) 993-9767 E-mail: jason.gott@lw.com Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Joseph M. Mulvihill, Esq. Timothy R. Powell, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 E-mail: mnestor@ycst.com kcoyle@ycst.com jmulvihill@ycst.com tpowell@ycst.com A copy of the Order dated March 31, 2023, is available at https://bit.ly/3KqGz0N from PacerMonitor.com. A copy of the Disclosure Statement dated March 31, 2023, is available at https://bit.ly/3JXPjtQ from PacerMonitor.com. About Starry Group Boston-based Starry Group Holdings, Inc. (NYSE: STRY) is a licensed fixed wireless technology developer and internet service provider. The Company is an early-stage growth company. Starry Group Holdings, Inc. and 11 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10219) on Feb. 20, 2023. The petitions were signed by William J. Lundregan as authorized officer. As of Sept. 30, 2022, Starry Group had $270.6 million in total assets against $309.7 million in total liabilities. The Hon. Karen B. Owens oversees the cases. Young Conaway Stargatt & Taylor, LLP and Latham & Watkins LLP serve as counsel to the Debtors; PJT Partners LP serves as their investment banker; and FTI CONSULTING, INC. as their financial advisors. Kurtzman Carson Consultants LLC is the claims and noticing agent. STREAM TV: Oct. 23 Claims Filing Deadline Set --------------------------------------------- All creditors holding claims against Stream TV Networks Inc. arising prior to Feb. 24, 2021, must submit proof of claim by submitting an official Stream Networks Inc. Trust claim form with supporting documentation. The STV claim form and submission instruction may only be obtained by emailing contact@streamtvclaims.com. Completed STV claim forms must be received by Oct. 23, 2023. About Stream TV Networks Stream TV Networks Inc. develops technology intended to display three-dimensional content without the use of 3D glasses. Stream TV Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-10763) on March 15, 2023. In the petition filed by Mathu Rajan, as director, the Debtor reported assets between $500 million and $1 billion and estimated liabilities between $10 million and $50 million. The case is overseen by Honorable Bankruptcy Judge Magdeline D. Coleman. The Debtor is represented by Rafael X. Zahralddin-Aravena, Esq., at Lewis Brisbois Bisgaard & Smith. SUNLAND MEDICAL: Seeks to Auction Assets on Nov. 15 --------------------------------------------------- The owners of Trinity Regional Hospital asked the U.S. Bankruptcy Court for the Northern District of Texas to approve a bidding process to be used in connection with the sale of their assets. Trinity Regional Hospital is a community-focused acute care hospital in Sachse, Texas, that provides care to the residents of the city and surrounding communities. It is owned by Sunland Medical Foundation, a healthcare organization, and 4750 GHW Bush Land Holdings, LLC. Under the proposed bidding process, potential buyers must submit their offers for the assets by Oct. 12, which is the initial bid deadline. From the pool of these bids, one or more stalking horse bidders will be selected. A stalking horse bidder sets the price floor for bidding in an auction. After the initial bid deadline, Sunland and 4750 GHW Bush will solicit binding overbids by the overbid deadline, which is Nov. 13. To be deemed a qualified bid, a bid must identify the purchase price to be paid; must be accompanied by a cash deposit in an amount equal to 5% of the cash purchase price of the bid; and must include sufficient evidence of the buyer's ability to consummate a sale transaction. An auction will be held on Nov. 15, 9:00 a.m. (prevailing Central Time). The identity of the winning bidder and the backup bidder at the auction will be announced through a notice to be filed with the court on Nov. 18. Judge Michelle Larson will consider approval of the sale of the assets to the winning bidder at a hearing scheduled for Nov. 29. The deadline for filing objections to the sale is Nov. 27. About Trinity Regional Hospital Sachse Trinity Regional Hospital Sachse is a full-service hospital and emergency room near Dallas, Texas. It is a not-for-profit, 32-bed, community-focused acute care hospital providing care to the residents of Sachse, Murphy, Wylie, Rowlett, Garland, Plano, Richardson, and surrounding communities. Owners of the hospital, Sunland Medical Foundation and 4750 GHW Bush Land Holdings LLC sought Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 23-80000) on Aug. 29, 2023. The Debtors estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. The Hon. Michelle V. Larson is the case judge. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; and Meadowlark Advisors, LLC, as financial advisor. Stretto Inc. is the claims agent. TEAM HEALTH: $1.59BB Bank Debt Trades at 20% Discount ----------------------------------------------------- Participations in a syndicated loan under which Team Health Holdings Inc is a borrower were trading in the secondary market around 79.8 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.59 billion facility is a Term loan that is scheduled to mature on February 2, 2027. The amount is fully drawn and outstanding. Team Health Holdings, Inc. is a provider of physician staffing and administrative services to hospitals and other healthcare providers in the U.S. VALIDUS POWER: Seeks CCAA Protection, To Sell Assets ---------------------------------------------------- The Ontario Superior Court of Justice (Commercial List) ("Court") made an order granting Validus Power Corp. and its affiliates protection pursuant to the Companies' Creditors Arrangement Act ("CCAA") and extending the stay, the benefits and protections afforded by this initial order to Validus Power Corp., et al. Pursuant to the Initial Order, KSV was appointed as monitor ("Monitor"). Pursuant to the Initial Order, there is a stay of proceedings in the CCAA proceedings until Sept. 8, 2023. A motion was scheduled to be heard on September 8, 2023 (the "Comeback Application") to, among other matters, extend the stay of proceedings to Dec. 1, 2023. The stay of proceedings may be extended, as necessary thereafter, pursuant to further orders of the Court. According to Court Documents, the primary purpose of the CCAA application is to provide a forum for the conduct of a sale and investment solicitation process ("SISP") in respect of the Validus Entities' assets and business operations. Given, among other things, the highly regulated nature of the Validus Entities' business, a SISP conducted through a CCAA will provide the greatest degree of deal structure flexibility including the possibility of a reverse vesting order ("RVO") transaction, certain tax-related benefits and a corporate arrangement A copy of the Initial Order is available on the Monitor's Web site at https://www.ksvadvisory.com/experience/case/validus-power-corp. The Monitor will also post on its website any orders issued at the Comeback Application, as well as other materials filed with the Court in these proceedings. Counsel to Validus Power Corp: Minden Gross LLP Barristers & Solicitors 145 King Street West, Suite 2200 Toronto, ON M5H 4G2 Fax: 416-864-9223 Catherine Francis Tel: 416-369-4137 Email: cfrancis@mindengross.com A. Irvin Schein Tel: 416-369-4136 Email: ischein@mindengross.com Tamara Markovic Tel: 416-369-4150 Email: tmarkovic@mindengross.com Ryan Gelbart Tel: 416-369-4172 Email: rgelbart@mindengross.com KSV Restructuring Inc. can be reached at: KSV Restructuring Inc. 220 Bay Street, Suite 1300 Toronto Ontario M5J 2W3 Bobby Kofman Tel: 416-932-6228 Email: bkofman@ksvadvisory.com David Sieradzki Email: dsieradzki@ksvadvisory.com Jordan Wong Email: Jwong@ksvadvisory.com Counsel for KSV Restructuring Inc.: Norton Rose Fulbright Canada LLP 222 Bay Street, Suite 3000, P.O. Box 53 Toronto, ON M5K 1E7 Jennifer Stam Tel: 416-202-6707 Email: Jennifer.stam@nortonrosefulbright.com Evan Cobb Tel: 416-216-1929 Email: evan.cobb@nortonrosefulbright.com Katie Parent Tel: 416-216-4838 Email: katie.parent@nortonrosefulbright.com Validus Entities are a group of entities that own and operate four power plants located in North Bay, Kapuskasing, Iroquois Falls and Kingston, Ontario, the latter two of which provide electricity generation capacity to Ontario’s electricity grid, controlled by Ontario's Independent Electricity System Operator ("IESO"). VANMOOF BV: McLaren Applied's Lavoie Purchases Company ------------------------------------------------------ April Roach of Bloomberg Law reports that McLaren Applied Ltd's e-mobility unit has agreed to buy Dutch e-bike maker VanMoof BV which went bankrupt after failing to pay back loans to investors. Lavoie, which makes EUR1,990 ($2,160) e-scooters, plans to "inject stability" into VanMoof's operations and expand its e-mobility business with the acquisition, according to a statement. No financial terms have been disclosed. Appointed trustees were set up to investigate whether the activities of VanMoof could continue after the Dutch electric-bicycle company was declared bankrupt in July 2023. About Vanmoof BV Vanmoof is a Dutch electric bicycle manufacturer. VANMOOF B.V. sought relief under Chapter 15 of the U.S. Bankruptcy Code to protect its assets in the U.S. (Bankr. E.D.N.Y. Case No. 23-42965) on Aug. 18, 2023. The Debtor's U.S. counsel: Albena Petrakov Offit Kurman 212-380-4106 apetrakov@offitkurman.com VENUS CONCEPT: Closes Sale of $1 Million Preferred Shares --------------------------------------------------------- Venus Concept Inc. and certain of its investors consummated the third sale in the Private Placement, under which the Company sold the Investors an aggregate of 292,398 shares of Senior Preferred Stock for an aggregate purchase price of $1,000,000. The Third Placement was consummated in reliance on the private placement exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Registration D, promulgated by the Securities and Exchange Commission, as well as similar exemptions under applicable state laws. The Company expects to use the proceeds of the Third Placement, after the payment of transaction expenses, for general working capital purposes. As previously disclosed, Venus Concept entered into a Stock Purchase Agreement, dated May 15, 2023, as amended on July 6, 2023, with EW Healthcare Partners, L.P. and EW Healthcare Partners-A, L.P. Under the Stock Purchase Agreement, the Company may issue and sell to the Investors up to $9,000,000 in shares of newly-created senior convertible preferred stock, par value $0.0001 per share, in multiple tranches from time to time until Dec. 31, 2025, subject to a minimum aggregate purchase amount of $500,000 in each tranche. The initial sale in the Private Placement occurred on May 15, 2023, under which the Company sold to the Investors an aggregate of 280,899 shares of Senior Preferred Stock for an aggregate purchase price of $2,000,000. The second sale in the Private Placement occurred on July 12, 2023, under which the Company sold to the Investors an aggregate of 500,000 shares of Senior Preferred Stock for an aggregate purchase price of $2,000,000. About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related practice enhancement services. The Company's aesthetic systems have been designed on a cost-effective, proprietary and flexible platform that enables the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family and general practitioners and aesthetic medical spas. Venus Concept reported a net loss of $43.58 million in 2022 compared to a net loss of $22.14 million in 2021. As of Dec. 31, 2022, the Company had $125.38 million in total assets, $116.64 million in total liabilities, and $8.74 million in stockholders' equity. Toronto, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 27, 2023, citing that the Company has reported recurring net losses and negative cash flows from operations, that raise substantial doubt about its ability to continue as a going concern. VERITAS FARMS: Chief Financial Officer Resigns ---------------------------------------------- Ramon A. Pino notified Veritas Farms, Inc. on Sept. 7, 2023, of his resignation as chief financial officer and from any and all other positions he holds with the Company and its subsidiary effective on or about Nov. 15, 2023. Except for certain restrictive covenants, including non-disclosure, non-compete, and non-solicitation covenants, contained in the Employment Agreement dated Aug. 11, 2021 between the Company and Mr. Pino, the Employment Agreement will terminate effective on the Effective Date. Mr. Pino has indicated to the Company that his resignation is not due to a disagreement with the Company on any matter relating to the Company's financial, operational, accounting or reporting policies, or practices. Additionally, the Company and Mr. Pino have agreed to reduce his annual base salary from $190,000 to $120,000 for the remaining duration of Mr. Pino's tenure. The Board of Directors of the Company intends to conduct a search of potential internal and external candidates to replace Mr. Pino. In the event a replacement for Mr. Pino is not engaged by the Effective Date, in the interim the Company's interim chief executive officer and Interim President, Thomas E. Vickers, will assume the duties as principal financial officer and principal accounting officer of the Company. About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- www.TheVeritasFarms.com -- is a vertically-integrated agribusiness focused on growing, producing, marketing, and distributing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140 acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Veritas Farms reported a net loss of $5.14 million for the year ended Dec. 31, 2022, compared to a net loss of $7.07 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $6.79 million in total assets, $7.40 million in total liabilities, and a total shareholders' deficit of $606,277. Hackensack, NJ-based Prager Metis CPAs LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2022, the Company had an accumulated deficit of $39,474,622, and a net loss of $5,543,908. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern within a year from the date the financial statements are issued. Continuation as a going concern is dependent on the ability to raise additional capital and financing, though there is no assurance of success. WOPIRB LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: WOPIRB, LLC 2528 S 13th St Philadelphia, PA 19148-4306 Business Description: WOPIRB, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: September 11, 2023 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 23-12722 Judge: Hon. Magdeline D. Coleman Debtor's Counsel: Michael A. Cibik, Esq. CIBIK LAW, P.C. 1500 Walnut Street Suite 900 Philadelphia, PA 19102 Tel: (215) 735-1060 Email: mail@cibiklaw.com Total Assets: $1,050,000 Total Liabilities: $521,403 The petition was signed by Michael F. Powles as sole member. The Debtor filed an empty list of its 20 largest unsecured creditors. https://www.pacermonitor.com/view/XZEUQ5I/WOPIRB_LLC__paebke-23-12722__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XU55KRY/WOPIRB_LLC__paebke-23-12722__0001.0.pdf?mcid=tGE4TAMA WP CPP HOLDINGS: $276MM Bank Debt Trades at 15% Discount -------------------------------------------------------- Participations in a syndicated loan under which WP CPP Holdings LLC is a borrower were trading in the secondary market around 85.2 cents-on-the-dollar during the week ended Friday, September 8, 2023, according to Bloomberg's Evaluated Pricing service data. The $276 million facility is a Term loan that is scheduled to mature on April 30, 2026. The amount is fully drawn and outstanding. Headquartered in Cleveland, Ohio, WP CPP Holdings, LLC, d/b/a Consolidated Precision Products, is a castings manufacturer of engineered components and subassemblies for the commercial aerospace, military and defense and energy markets. The company is majority-owned in equal parts by private equity firm Warburg Pincus and Berkshire Partners. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($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 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 AH91 GR 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AMC4EUR EU 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 TH 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 QT 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AMC* MM 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 GZ 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 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 AH9 BU 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) AULT DISRUPTIVE ADRT/U US 2.9 (3.0) (1.7) 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 5,195.0 (2,154.0) 680.0 BATH & BODY WORK LTD0 TH 5,195.0 (2,154.0) 680.0 BATH & BODY WORK BBWI US 5,195.0 (2,154.0) 680.0 BATH & BODY WORK LBEUR EU 5,195.0 (2,154.0) 680.0 BATH & BODY WORK BBWI* MM 5,195.0 (2,154.0) 680.0 BATH & BODY WORK LTD0 QT 5,195.0 (2,154.0) 680.0 BATH & BODY WORK BBWI AV 5,195.0 (2,154.0) 680.0 BATH & BODY WORK LBEUR EZ 5,195.0 (2,154.0) 680.0 BATH & BODY WORK LTD0 GZ 5,195.0 (2,154.0) 680.0 BATH & BODY WORK BBWI-RM RM 5,195.0 (2,154.0) 680.0 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 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 (15,493.0) 15,336.0 BOEING CO-CED BA AR 134,774 (15,493.0) 15,336.0 BOEING CO-CED BAD AR 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA EU 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCO GR 134,774 (15,493.0) 15,336.0 BOEING CO/THE BAEUR EU 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA TE 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA* MM 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA SW 134,774 (15,493.0) 15,336.0 BOEING CO/THE BOEI BB 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA US 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCO TH 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA PE 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA CI 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCO QT 134,774 (15,493.0) 15,336.0 BOEING CO/THE BAUSD SW 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCO GZ 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA AV 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA-RM RM 134,774 (15,493.0) 15,336.0 BOEING CO/THE BAEUR EZ 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA EZ 134,774 (15,493.0) 15,336.0 BOEING CO/THE BACL CI 134,774 (15,493.0) 15,336.0 BOEING CO/THE BA_KZ KZ 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCOD EB 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCOD IX 134,774 (15,493.0) 15,336.0 BOEING CO/THE BCOD I2 134,774 (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 BKNG-RM RM 26,558.0 (665.0) 6,868.0 BOX INC- CLASS A BOX US 1,068.1 (45.9) 99.4 BOX INC- CLASS A 3BX GR 1,068.1 (45.9) 99.4 BOX INC- CLASS A 3BX TH 1,068.1 (45.9) 99.4 BOX INC- CLASS A 3BX QT 1,068.1 (45.9) 99.4 BOX INC- CLASS A BOXEUR EU 1,068.1 (45.9) 99.4 BOX INC- CLASS A BOXEUR EZ 1,068.1 (45.9) 99.4 BOX INC- CLASS A 3BX GZ 1,068.1 (45.9) 99.4 BOX INC- CLASS A BOX-RM RM 1,068.1 (45.9) 99.4 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 10,973.0 (764.0) (3,410.0) BROOKFIELD INF-A BIPC US 10,973.0 (764.0) (3,410.0) 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 TH 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 DELEK LOGISTICS DKL US 1,692.6 (129.5) 29.0 DELL TECHN-C DELL US 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C 12DA TH 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C 12DA GR 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C 12DA GZ 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C DELL1EUR EU 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C DELLC* MM 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C 12DA QT 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C DELL AV 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C DELL1EUR EZ 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C DELL-RM RM 85,658.0 (2,677.0) (11,943.0) DELL TECHN-C-BDR D1EL34 BZ 85,658.0 (2,677.0) (11,943.0) 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 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) 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 212.1 (151.8) (84.3) DOMO INC- CL B 1ON GR 212.1 (151.8) (84.3) DOMO INC- CL B 1ON GZ 212.1 (151.8) (84.3) DOMO INC- CL B DOMOEUR EU 212.1 (151.8) (84.3) DOMO INC- CL B 1ON TH 212.1 (151.8) (84.3) DOMO INC- CL B 1ON QT 212.1 (151.8) (84.3) DROPBOX 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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 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 386.9 (64.3) - NINE ENERGY SERV NINE US 438.5 (13.4) 124.1 NINE ENERGY SERV NEJ GR 438.5 (13.4) 124.1 NINE ENERGY SERV NEJ TH 438.5 (13.4) 124.1 NINE ENERGY SERV NEJ QT 438.5 (13.4) 124.1 NIOCORP DEVELOPM NB CN 33.1 (13.9) 3.5 NOVAVAX INC NVV1 GR 1,685.0 (754.5) (468.7) NOVAVAX INC NVAX US 1,685.0 (754.5) (468.7) NOVAVAX INC NVV1 TH 1,685.0 (754.5) (468.7) NOVAVAX INC NVV1 QT 1,685.0 (754.5) (468.7) NOVAVAX INC NVAXEUR EU 1,685.0 (754.5) (468.7) NOVAVAX INC NVV1 GZ 1,685.0 (754.5) (468.7) NOVAVAX INC NVV1 SW 1,685.0 (754.5) (468.7) NOVAVAX INC NVAX* MM 1,685.0 (754.5) (468.7) NOVAVAX INC 0A3S LI 1,685.0 (754.5) (468.7) NOVAVAX INC NVV1 BU 1,685.0 (754.5) (468.7) NUTANIX INC - A NTNX US 2,526.9 (707.4) 725.6 NUTANIX INC - A 0NU GR 2,526.9 (707.4) 725.6 NUTANIX INC - A NTNXEUR EU 2,526.9 (707.4) 725.6 NUTANIX INC - A 0NU TH 2,526.9 (707.4) 725.6 NUTANIX INC - A 0NU QT 2,526.9 (707.4) 725.6 NUTANIX INC - A 0NU GZ 2,526.9 (707.4) 725.6 NUTANIX INC - A NTNXEUR EZ 2,526.9 (707.4) 725.6 NUTANIX INC - A NTNX-RM RM 2,526.9 (707.4) 725.6 NUTANIX INC-BDR N2TN34 BZ 2,526.9 (707.4) 725.6 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) OCEAN BIOMEDICAL OCEA US 20.9 (8.4) (24.5) 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 2,769.1 (295.1) 877.7 PELOTON INTERA-A 2ON GR 2,769.1 (295.1) 877.7 PELOTON INTERA-A 2ON GZ 2,769.1 (295.1) 877.7 PELOTON INTERA-A PTONEUR EZ 2,769.1 (295.1) 877.7 PELOTON INTERA-A PTONEUR EU 2,769.1 (295.1) 877.7 PELOTON INTERA-A 2ON QT 2,769.1 (295.1) 877.7 PELOTON INTERA-A 2ON TH 2,769.1 (295.1) 877.7 PELOTON INTERA-A PTON* MM 2,769.1 (295.1) 877.7 PELOTON INTERA-A 0A46 LI 2,769.1 (295.1) 877.7 PELOTON INTERA-A PTON AV 2,769.1 (295.1) 877.7 PELOTON INTERA-A 2ON SW 2,769.1 (295.1) 877.7 PELOTON INTERA-A PTON-RM RM 2,769.1 (295.1) 877.7 PELOTON INTERACT PTON TE 2,769.1 (295.1) 877.7 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 PBI-RM RM 4,423.4 (75.5) (241.9) PLANET FITNESS I P2LN34 BZ 2,848.2 (216.0) 230.9 PLANET FITNESS I PLNT* MM 2,848.2 (216.0) 230.9 PLANET FITNESS-A PLNT US 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL TH 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL GR 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL QT 2,848.2 (216.0) 230.9 PLANET FITNESS-A PLNT1EUR 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) PREVENTION INS.C PVNC US 0.0 (0.2) (0.2) 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 RH RH US 4,212.8 (284.6) 483.9 RH RS1 GR 4,212.8 (284.6) 483.9 RH RH* MM 4,212.8 (284.6) 483.9 RH RHEUR EU 4,212.8 (284.6) 483.9 RH RS1 TH 4,212.8 (284.6) 483.9 RH RS1 GZ 4,212.8 (284.6) 483.9 RH RHEUR EZ 4,212.8 (284.6) 483.9 RH RS1 QT 4,212.8 (284.6) 483.9 RINGCENTRAL IN-A RNG US 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA GR 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A RNGEUR EU 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA TH 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA QT 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A RNGEUR EZ 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A RNG* MM 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA GZ 1,960.4 (272.4) 211.2 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 1,783.2 (12.6) (23.8) 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 S1TX34 BZ 7,556.0 (1,199.0) 313.0 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 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 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U GR 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U TH 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U QT 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLKEUR EU 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLK* MM 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLKEUR EZ 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U GZ 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLK-RM RM 6,076.9 (39.0) 1,040.2 SPLUNK INC - BDR S1PL34 BZ 6,076.9 (39.0) 1,040.2 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 TAYSHA GENE THER TSHA US 81.5 (37.1) 3.5 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 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 1,406.4 (115.7) 815.2 UBIQUITI INC UI US 1,406.4 (115.7) 815.2 UBIQUITI INC UBNTEUR EU 1,406.4 (115.7) 815.2 UBIQUITI INC 3UB TH 1,406.4 (115.7) 815.2 UNITED HOMES GRO UHG US 246.9 (117.1) 200.1 UNITED HOMES GRO 6PO GR 246.9 (117.1) 200.1 UNITED HOMES GRO DHHCEUR EU 246.9 (117.1) 200.1 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 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) WEWORK INC-CL A 9WEA GR 15,063.0 (3,593.0) (1,445.0) WEWORK INC-CL A 9WEA TH 15,063.0 (3,593.0) (1,445.0) WEWORK INC-CL A WE1EUR EU 15,063.0 (3,593.0) (1,445.0) WEWORK INC-CL A 9WEA QT 15,063.0 (3,593.0) (1,445.0) WEWORK INC-CL A 9WEA GZ 15,063.0 (3,593.0) (1,445.0) WEWORK INC-CL A WE* MM 15,063.0 (3,593.0) (1,445.0) WEWORK INC-CL A 1WE IM 15,063.0 (3,593.0) (1,445.0) WINGSTOP INC WING US 451.2 (365.4) 179.4 WINGSTOP INC EWG GR 451.2 (365.4) 179.4 WINGSTOP INC WING1EUR 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 YUM! BRANDS INC YUM US 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR GR 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR TH 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUMEUR EU 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR QT 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM SW 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUMUSD SW 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR GZ 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM* MM 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM AV 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUMEUR EZ 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM-RM RM 5,848.0 (8,436.0) 28.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***