/raid1/www/Hosts/bankrupt/TCR_Public/230919.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 19, 2023, Vol. 27, No. 261
Headlines
265 LAUREL AVENUE: Unsecured Creditors to Get Nothing in Plan
5 STAR PROPERTY: Tamara Miles Ogier Named Subchapter V Trustee
AEROFARMS INC: Completes Restructuring Process, Exits Chapter 11
ALBANY DIOCESE: Unsecured Creditors Want $3.75-Bil. Sale Records
ALPINE 4: Unit Awarded $7.2M Contracts for Beacon Health's Project
AMERIFIRST FINANCIAL: U.S. Trustee Appoints Creditors' Committee
AVANTOR FUNDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive
BENITAGO INC: U.S. Trustee Appoints Creditors' Committee
BERTRAMS PAINTING: U.S. Trustee Unable to Appoint Committee
BLINK CHARGING: Mark Pastrone Quits as COO; Replacement Named
BPI SPORTS: Case Summary & 20 Largest Unsecured Creditors
CALCEUS ACQUISITION: S&P Withdraws 'B' Issuer Credit Rating
CANADA GOOSE: Moody's Cuts CFR to Ba3 & First Lien Term Loan to B1
CARBONLITE HOLDINGS: Court Rejects Trustee Clawback Claim in Ch.11
CELULARITY INC: Appoints Dr. Geoffrey Shiu Fei Ling as Director
CHOPRA REALTY: Case Summary & One Unsecured Creditor
COMM 2019-GC44: Moody's Affirms B3 Rating on Cl. 180W-C Certs
CPM HOLDINGS: S&P Affirms 'B' ICR on Refinancing, Outlook Stable
CYTODYN INC: Posts $79.8 Million Net Loss in FY Ended May 31
DECATUR HOSPITAL: S&P Lowers Long-Term Revenue Bond Rating to 'B-'
DECURTIS HOLDINGS: App Changes Order May Cost Passengers Lives
DEPENDABLE LAWN: Neema Varghese Named Subchapter V Trustee
DIGICEL GROUP: Hits Chapter 15 Bankruptcy Protection
DINARDO LAW FIRM PC: Seeks Chapter 11 Bankruptcy Protection
ELENAROSE CAPITAL: Hits Chapter 11 Bankruptcy in Indiana
ENDO INTERNATIONAL: Annual Meeting in Dublin Adjourned
FOOT LOCKER: S&P Downgrades ICR to 'BB' on Performance Challenges
FOSSIL GROUP: S&P Downgrades ICR to 'CCC+', Outlook Negative
FREDDIE MAC: DeVito to Step Down as CEO
FREEDOM MORTGAGE: S&P Rates New $500MM Senior Unsecured Notes 'B'
FTX GROUP: Wants $45 Million LayerZero Loan Deal Reversed
GUARDIAN FUND: Seeks 120-Day Extension to Exclusivity Period
HIGHPEAK ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
HILTON GRAND: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
INTOUCH FOOTWEAR: Robert Goe Named Subchapter V Trustee
JAMAICAN SPOT: Alexandra Garrett Named Subchapter V Trustee
JENKAM BUILDERS: Brad Odell Named Subchapter V Trustee
KINGDOM CONCEPTS: Scott Seidel Named Subchapter V Trustee
KLX ENERGY: Greene's Investment, et al. Report 12.6% Equity Stake
LEARFIELD COMMUNICATIONS: Moody's Hikes CFR to Caa1, Outlook Stable
LEARFIELD COMMUNICATIONS: S&P Upgrades ICR to 'B-', Outlook Stable
LIVEONE INC: Signs Business Loan Agreement With East West Bank
LJF INC: Seeks $148,189 DIP Loan from KF Holdings
LOUISVILLE LUSH: Charity Bird Named Subchapter V Trustee
LUCENA DAIRY: Files for Chapter 11 Bankruptcy
MALLINCKRODT: Latham, Quinn Emanuel Pressed for Antitrust Case Docs
MDWERKS INC: Signs Second Amendment to Two Trees Merger Agreement
MERCURITY FINTECH: Schedules Annual General Meeting for Oct. 2
MERIDIEN ENERGY: Unsecureds to Recover 4.75% to 100% in Plan
MITCHELL GOLD: Seeks Chapter 11 Bankruptcy Protection
MULLEN AUTOMOTIVE: Named as Vendor for More BA Airport Locations
NOVA WILDCAT: Wants Chapter 11 Converted to Chapter 7 Liquidation
NUSTAR ENERGY: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
OFF LEASE: Reaches Deal With Ally Bank for Cash Use in Chapter 11
OHA CREDIT 16: Moody's Assigns (P)B3 Rating to Class F Notes
PADAGIS LLC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
PHASEBIO PHARMA: Seeks to Extend Plan Exclusivity to October 20
PHASEBIO PHARMACEUTICALS: Biovectra Steps Down as Committee Member
PHAT RIDES: Michael Carmel Named Subchapter V Trustee
PILL CLUB: Seeks to Extend Plan Exclusivity to October 1
PLATINUM BEAUTY: Robert Matson Named Subchapter V Trustee
PLX PHARMA: Seeks to Extend Plan Exclusivity to November 9
PROPERTY ADVOCATES: Files for Chapter 11 Restructuring
PYRAMID MOVING: G. Matt Barberich Jr. Named Subchapter V Trustee
QURATE RETAIL: Falls Short of Nasdaq Bid Price Requirement
RA CUSTOM DESIGN: John Whaley Named Subchapter V Trustee
REPLICEL LIFE: Granted Until Oct. 30 to Submit Interim Filings
REPLICEL LIFE: Updates Arbitration Proceedings With Shiseido Group
RIALTO BIOENERGY: Court OKs $30MM DIP Loan from UMB Bank
RIALTO BIOENERGY: Seeks to Extend Plan Exclusivity to December 21
ROCK RIDGE: Unsecured Creditors Will Get 25% of Claims in Plan
RUSSELL INVESTMENTS: Moody's Cuts CFR & First Lien Term Loan to B1
SANIBEL REALTY: Seeks 60-Day Extension to Plan Exclusivity
SAS AB: Exclusivity Period Extended to November 8
SILICON VALLEY BANK: FDIC Wants Venture Capitalist Lawsuit Tossed
SORRENTO THERAPEUTICS: Scilex Declared Successful Bidder for Shares
STANADYNE LLC: Creditors Seek Ch. 11 Plan to Quickly Wrap Up
STONY POINT AMBULANCE: Hits Chapter 11 Bankruptcy Protection in NY
SUREFUNDING LLC: Seeks to Extend Plan Exclusivity to September 24
TRINSEO PLC: Obtains $1-Bil. Loan to Repay 2024 and 2025 Debts
TYP MANAGEMENT: Cameron McCord Named Subchapter V Trustee
UNITED AIRLINES: Egan-Jones Retains BB- Senior Unsecured Ratings
UNIVERSAL SOLAR: Voluntary Chapter 11 Case Summary
VENUS CONCEPT: Gets 510(k) Clearance for Venus Versa Pro System
VITAL PHARMACEUTICALS: Plan Acceptances Extended to Nov. 6
VOYAGER: Post-Confirmation Deal Solves Intercompany Litigation
WASTEPLACE LLC: Voluntary Chapter 11 Case Summary
WAYFORTH LLC: Hits Chapter 11 Bankruptcy Protection
WAYSTAR TECHNOLOGIES: Fitch Affirms 'B' IDR & Alters Outlook to Pos
WESTPACK HOLDINGS: Hits Chapter 11 Bankruptcy Protection
WHITTAKER CLARK: Exclusivity Period Extended to November 22
YELLOW CORPORATION: Delisted from Nasdaq
[^] Large Companies with Insolvent Balance Sheet
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265 LAUREL AVENUE: Unsecured Creditors to Get Nothing in Plan
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265 Laurel Avenue, LLC, filed with the U.S. Bankruptcy Court for
the District of New Jersey a Disclosure Statement describing
Chapter 11 Plan dated September 12, 2023.
The Debtor is a New Jersey Limited Liability Company whose primary
asset is real property located at 265 Laurel Avenue, Lakewood, New
Jersey 08701 (the "Property").
The Debtor filed Chapter 11 because the Property is in disrepair,
and the Debtor wishes to reduce the amounts owed to its two secured
creditors and rehabilitate the Property so that it can be renovated
and marketed as a higher scale rental property.
Class 1 consists of the Secured Claim of Wilmington Savings Funds
Society, FSB, d/b/a Christiana Trust in the amount of $420,618.47.
The secured claim of this creditor shall be bifurcated in to
secured and unsecured pursuant to Sections 506(a) and (d) of the
Bankruptcy Code, its lien partially avoided, and the mortgage
partially unsecured. The secured portion of this claim is in the
amount of $400,000.00 and the Debtor proposes to cure prepetition
arrears by making 60 monthly payments on this claim in the amount
of $5,225.00. This figure includes the monthly base mortgage
payment as well as the cure payment at 4.5% interest pursuant to
the Wilmington proof of claim. The Debtor values collateral at
$400,000. Upon completion of the Plan the Debtor's mortgage shall
be reinstated at which point it shall return to making base monthly
mortgage payments of $1,795.00.
The holder of the Claim in this Class shall retain its prepetition
lien, and all rights of the holder of the Claim in this Class, to
the extent not inconsistent with the Plan shall remain as set forth
in the prepetition loan documents and as provided by applicable
nonbankruptcy law. In the event of default the Debtor shall have a
30-day grace period to cure default after which the Debtor shall
market and sell the property within 9 months.
Class 2 consists of the claim of Santander Bank. The real property
securing this claim is worth $400,000. The lien of first position
creditor Wilmington is greater than the value of the Property and
superior to the lien of this creditor. The creditor has not filed a
proof of claim. In the event it does file a secured claim its claim
will be modified to an unsecured claim pursuant to 506(a) and (d)
and the lien shall be void.
Class 3 consists of General unsecured claims in the amount not
lesser than $420,618.47, which represents the difference between
the value of the Property and the aggregate liens of both secured
creditors. The Claims in this Class shall receive nothing as the
Debtor's assets do not support payments of any kind.
Class 4 shall retain ownership of its equity interests in the
Debtor.
The managing member of the Debtor, Marcel Katz, has pledged to fund
the plan through capital contributions. To the extent Mr. Katz is
unable to fund the plan, the Debtor has obtained an outside funding
source. Ms. Malka Rubin, has pledged to assist in funding the Plan
for its duration from Effective Date until the Plan is completed.
Ms. Rubin is the owner of an entity called Atlantic Equities, LLC
and has provided a commitment letter and bank statement showing the
wherewithal to fund the plan in its entirety.
A full-text copy of the Disclosure Statement dated September 12,
2023 is available at https://urlcurt.com/u?l=LxpUD7 from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Timothy P. Neumann, Esq.
Geoffrey P. Neumann, Esq.
Broege, Neumann, Fischer & Shaver, LLC
25 Abe Voorhees Drive
Manasquan, New Jersey 08736
(732) 223-8484
Email: timothy.neuman25@gmail.com
geoff.neumann@gmail.com
About 265 Laurel Avenue
265 Laurel Avenue, LLC, is a New Jersey Limited Liability Company
whose primary asset is real property located at 265 Laurel Avenue,
Lakewood, New Jersey 08701.
The Debtor filed a Chapter 11 petition (Bankr. D.N.J. Case No.
23-13970) on May 9, 2023, with $500,001 to $1 million in assets and
liabilities.
Judge Christine M. Gravelle oversees the case.
Broege, Neumann, Fischer & Shaver is the Debtor's legal counsel.
5 STAR PROPERTY: Tamara Miles Ogier Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq.,
at Ogier, Rothschild & Rosenfeld, PC, as Subchapter V trustee for 5
Star Property Group, LLC.
Ms. Ogier will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Ogier declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tamara Miles Ogier, Esq.
Ogier, Rothschild & Rosenfeld, PC
P.O. Box 1547
Decatur, GA 30031
Phone: (404) 525-4000
Email: tmo@orratl.com
About 5 Star Property
5 Star Property Group, LLC filed Chapter 11 petition (Bankr. N.D.
Ga. Case No. 23-58600) on Sept. 5, 2023.
AEROFARMS INC: Completes Restructuring Process, Exits Chapter 11
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AeroFarms, Inc., a Certified B Corporation and market leader for
indoor vertical farming and microgreens, on Sept. 18 announced the
successful completion of its restructuring process and exit of its
business from Chapter 11 (Case No. 23-10737). AeroFarms' emergence
from Chapter 11 includes the approval from the bankruptcy court for
its Asset Purchase Agreement ("APA") with a group of existing
investors, led by Grosvenor Food & AgTech (GFA), including an
expanded relationship with Doha Venture Capital.
This restructuring substantially strengthens AeroFarms' balance
sheet, injecting the necessary funds to reach profitability at the
flagship operation in Danville, Virginia. The Company has
eliminated spending on all projects that do not contribute to the
ramp-up of the Danville Farm, thereby accelerating its path to
profitability. Since the Danville Farm began shipping product to
customers in September 2022, revenues have continuously climbed to
meet growing demand. More recently, the completion of several
automation projects has further increased the throughput and
efficiency of the farm. The Company targets completing the ramp-up
of its Danville operation by the end of 2023 and reaching
profitability at the farm soon thereafter.
Consumer demand and sell-through for AeroFarms microgreens products
are extremely strong. At the Danville Farm, the Company grows and
distributes high-quality microgreens on a consistent, year-round
basis with robust flavor and higher nutrient density than its more
mature green counterparts. Currently, AeroFarms microgreens can be
found in over 2,000 retail locations throughout the United States,
including nationwide at Whole Foods Market stores and in regional
locations of Ahold Delhaize, Harris Teeter, H-E-B, and others.
"This marks a new chapter in the maturity and growth of AeroFarms,"
stated Stephan Dolezalek, Managing Partner, Grosvenor Food & AgTech
(GFA). "AeroFarms' founders established the world's most advanced
vertical farming technology. We have now put in place changes
needed to deliver on their vision. As an investor dedicated to
creating a more sustainable global food supply chain, we see
vertical farms as a critical part of the solution and are now
focused on efficiently scaling our operations to deliver a
market-leading product through a profitable business model."
To lead AeroFarms through its next stage of growth, Molly
Montgomery, a veteran of the food and agricultural industry and a
Venture Partner with Grosvenor Food & AgTech, has been appointed
Acting CEO and Executive Chairperson of the AeroFarms Board of
Directors. Ms. Montgomery currently serves as a board director for
companies across the agricultural supply chain, including
Wilbur-Ellis, The Wine Group, Custom Made Meals (CMM), and Benson
Hill. Ms. Montgomery brings invaluable operational experience from
successfully scaling profitable businesses within the fresh food
sector. Most recently, she served as a CEO of CMM, a private-equity
owned company in the fresh protein sector. Prior to CMM, she served
as CEO of Landec Corporation, a public company with Curation Foods,
Landec's largest business unit, a provider of fresh, packaged
vegetables and salad kits.
"As we face the mounting challenges of climate change and food
insecurity, we need to rethink our global food supply chain," said
Molly Montgomery. "AeroFarms is a testament to the innovative
thinking required to deliver highly nutritious food in a more
sustainable and cost-efficient manner. The Danville Farm is an
impressive operation, leveraging proprietary technology to deliver
a fresh product that is less vulnerable to climate-related threats.
I am looking forward to working with Guy Blanchard, the newly named
AeroFarms President, and the rest of the AeroFarms team to complete
the ramp-up of the Danville facility and to deliver a profitable
operation that will enable future growth."
According to Nielsen syndicated data, AeroFarms is the fastest
growing packaged salad greens brand by revenue at retail in the
United States.* AeroFarms microgreens are safely grown indoors in
its Danville Farm, a state-of-the art facility certified for USDA
Good Agricultural Practices, SQF Level 2 Good Manufacturing
Practices, Non-GMO Project Verification, OU Kosher, and the
industry-leading CEA Food Safety Seal that was developed to
differentiate indoor clean growing practices from traditional
challenges in the field. AeroFarms microgreens are completely
pesticide free and are ready to eat without any need to wash,
providing a major benefit to customers looking for safety and
convenience.
Court filings and other documents related to the reorganization
proceedings are available on a separate website administered by the
Company's claims agent, Omni, at
www.omniagentsolutions.com/aerofarms or www.deb.uscourts.gov, the
official Bankruptcy Court website. The Company will continue to
provide regular updates as specific elements of its strategic plan
and Chapter 11 filing meet targeted milestones.
About AeroFarms Inc.
AeroFarms, Inc. is engaged in large-scale commercial indoor
vertical farming, using proprietary aeroponic technology to grow
differentiated leafy greens products while using up to 95 percent
less water and zero pesticides. AeroFarms operates two commercial
farms, which are located in Danville, Virginia and Newark, New
Jersey, where they also have their Company headquarters.
AeroFarms and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10737) on
June 8, 2023. In the petition signed by Guy Blanchard, president
and CEO, the Debtor disclosed up to $500 million in assets and up
to $100 million in liabilities.
Judge Mary F. Walrath oversees the case.
The Debtors tapped DLA Piper LLP (US) as general bankruptcy
counsel, CloudPoint Capital LLC as investment banker, ICR, LLC as
communications and consulting services provider, Omni Agent
Solutions as notice and claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Fox Rothschild, LLP and Dundon Advisers, LLC serve as the
committee's legal counsel and financial advisor, respectively.
ALBANY DIOCESE: Unsecured Creditors Want $3.75-Bil. Sale Records
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Alex Wittenberg of Law360 reports that unsecured creditors in the
Chapter 11 case of the Roman Catholic Diocese of Albany on Monday,
September 11, 2023, filed a response supporting its request for
discovery of corporate records tied to the $3.75 billion sale of a
diocesan health system, saying the debtor's arguments against such
discovery are mere hyperbole.
About The Roman Catholic Diocese of Albany
The Roman Catholic Diocese of Albany is a religious organization in
Albany, N.Y. It covers 13 counties in Eastern New York, including a
portion of the 14th county. Its Mother Church is the Cathedral of
the Immaculate Conception in the city of Albany.
New York's Child Victims Act, which took effect in August 2019,
temporarily sets aside the usual statute of limitations for
lawsuits to give victims of childhood sexual abuse a year to pursue
even decades-old claims. Hundreds of new lawsuits have been filed
against churches and other institutions since the law took effect
on Aug. 14, 2019.
Facing the financial weight of new sexual misconduct lawsuits, at
least four of the eight Roman Catholic dioceses in the state, has
already sought Chapter 11 protection. The dioceses that have
declared bankruptcy include the Diocese of Rochester and the
Diocese of Rockville Centre on Long Island.
The Catholic Diocese of Albany sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on
March 15, 2023. In the petition filed by Fr. Robert P. Longobucco,
the Debtor estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.
Judge Robert E. Littlefield, Jr. oversees the case.
The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel;
Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott
& Associates, PC as financial advisor; and Bonadio & Co., LLP as
accountant. Donlin, Recano & Company, Inc. is the claims and
noticing agent.
On April 17, 2023, the U.S. Trustee for Region 2 appointed two
separate committees to represent unsecured creditors and tort
claimants in the Debtor's Chapter 11 case.
The unsecured creditors' committee tapped Lemery Greisler, LLC, as
legal counsel; Dundon Advisors, LLC as financial advisor; and
OneDigital Investment Advisors, LLC as special investment
consultant.
Stinson, LLP and OneDigital Investment Advisors serve as the tort
committee's legal counsel and special investment consultant,
respectively.
ALPINE 4: Unit Awarded $7.2M Contracts for Beacon Health's Project
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Alpine 4 Holdings, Inc. and its subsidiary, Morris Sheet Metal
(MSM), announced $7.2 million in new work for Beacon Health's $232
million Memorial Hospital tower project. This is the largest
construction project in the 129-year history of Memorial Hospital
and will comprise of 300,000 square feet and will expand adult
acute care beds to 302 from 249.
Contract Details:
This contract is for the fabrication and installation of the HVAC
ductwork and providing of ventilation equipment for the hospital
tower.
Tom Laubhan, president of MSM commented: "Being awarded this
contract allows us to continue building upon our previous successes
with improved margins and a steady pipeline of work for our skilled
team. This new contract further demonstrates MSM's ability to
fulfill the infrastructure needs of our growing local
communities."
About Alpine 4
Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a
publicly traded conglomerate that is acquiring businesses that fit
into its disruptive DSF business model of drivers, stabilizers, and
facilitators.
Alpine 4 Holdings reported a net loss of $12.87 million for the
year ended Dec. 31, 2022, compared to a net loss of $19.48 million
for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company
had $145.63 million in total assets, $75.64 million in total
liabilities, and $69.99 million in total stockholders' equity.
Phoenix, Arizona-based RSM US LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 5, 2023, citing that the Company has suffered recurring losses
from operations and recurring negative cash flows from operations.
This raises substantial doubt about the Company's ability to
continue as a going concern.
AMERIFIRST FINANCIAL: U.S. Trustee Appoints Creditors' Committee
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The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of AmeriFirst
Financial, Inc. and Phoenix 1040, LLC.
The committee members are:
1. Kristen Rahn
Phone: 480-636-6126
Email: Krisrahn@gmail.com
2. Mortgageshots, LLC
Attn: Kian Ramsay
479 Mason St., Suite 213
Vacaville, CA 95688
Phone: 925-818-1167
Email: kian@mortgageshots.com
3. Paragon Micro, Inc.
Attn: Todd Cowen
2 Corporate Drive, Suite 105
Lake Zurich, IL 60047
Phone: 874-644-3401
Email: tcowen@paragonmicro.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About AmeriFirst
AmeriFirst Financial Inc. is a mid-sized independent mortgage
company.
AmeriFirst and its affiliate Phoenix 1040, LLC filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023,
with $50 million to $100 million in both assets and liabilities. T.
Scott Avila, chief restructuring officer, signed the petitions.
Judge Thomas M. Horan oversees the cases.
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP is
the Debtors' counsel.
AVANTOR FUNDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Positive
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Fitch Ratings has affirmed Avantor, Inc.'s and Avantor Funding,
Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB', the Rating
Outlook remains Positive. Fitch has also affirmed Avantor Funding's
secured credit facilities at 'BB+'/'RR2', secured notes at
'BB+'/'RR2' and unsecured notes at 'BB'/'RR4'.
The Positive Outlook reflects Fitch's continued expectation of the
company's commitment and ability to reduce EBITDA leverage to below
4.0x over the next 12 months. Fitch continues to expect Avantor
will delever despite customers' conservative capital spending and
softness in demand across several end-markets, assuming incremental
debt repayments via ample FCF offset by lower revenues in 2023.
Avantor's 'BB' IDR is further supported by its competitive market
position and good diversification.
Fitch could consider revising the Outlook to Stable if current
end-market softness were to persist or further deteriorate from the
2Q23 level. The ratings apply to roughly $5.9 billion of debt
outstanding at June 30, 2023.
KEY RATING DRIVERS
Increased End-Market Pressures: Fitch views Avantor's business
profile as generally resilient because of good end-market
diversification, non-cyclical demand for health care products, and
its large share of recurring revenues. Demand from Biopharma
end-markets has remained robust through the pandemic and amid a
challenging macroeconomic environment in 2022. However, starting in
1Q23, life sciences players including Avantor began to experience
varying degrees of inventory destocking and cautionary capital
spending adopted by Biopharma end-market, resulting in an industry
wide slowdown. Fitch recognizes the near-term volatilities, but
expects the underlying market to remain healthy in the medium to
longer term driven by favorable demographics and demand for
increasingly advanced and complex therapeutics.
Declines were also seen in the Advanced Technologies & Applied
Materials end-market in the first half of 2023 driven by softness
in demand for semiconductor and electronic device offerings,
partially offset by growth in Education and Government as a result
of robust funding and focused commercial executions, and uptick in
biomaterials in Healthcare.
Competitive Market Position and Good Diversification: Avantor is
well-diversified through end-market and product categories, with
biopharma representing about 52% of sales. Advanced Technologies &
Applied Materials end-markets contribute approximately 26% of sales
and include a mix of more-cyclical end-markets that benefit from
highly-recurring consumable sales. Consistent cash generation is
supported through highly-diversified consumables- and
service-focused revenues representing roughly 85% of sales, and
more limited exposure to equipment and instrumentation (roughly 13%
of sales) versus peers.
Near-term Revenue and Margin Setback: Avantor has consistently
delivered revenue growth and margin expansion since its IPO driven
by end-market demands, a continuing shift in mix toward proprietary
products, acquisition of higher-margin assets, contribution of
Covid-related sales during the pandemic, and commercial
excellence.
Fitch now forecasts the company's revenue growth to decline by 8%
in 2023 and to grow only modestly in 2024 as a result of end-market
headwinds stated above. In addition, Fitch forecasts the EBITDA
margin to compress by 190bps in 2023 due largely to negative mix
impacts of lower bioprocessing and semiconductor revenue, and the
roll off of margin rich COVID-19 revenues. These compared to
high-single digits revenue growth and consistent expansion of
margins assumed in Fitch's previous forecast result in roughly a
$600 million reduction in Fitch's forecasted EBITDA in 2024, the
impact of which on leverage is anticipated to be offset by
incremental debt repayment.
Over the medium to longer term, Fitch expects revenue growth to
return to mid-single digits and EBITDA margin to expand, driven by
improvement in market conditions, the company's strength and
diversification in high-growth end-markets, and continued
commercial excellence.
Updated Financial Policy: Avantor recently tightened the high end
of its net leverage target to 2.0x-3.0x from 2.0x-4.0x at its 2Q23
earnings call, demonstrating a commitment to further delever and
its willingness to operate with a more conservative capital
structure.
Avantor has consistently delevered following the 2017 LBO of VWR,
2019 IPO, and roughly four billion in acquisitions in 2021, via
both disciplined debt reduction and EBITDA growth. EBITDA leverage
declined from 5.0x at YE 2019 to 3.9x at YE 2022, and Fitch
forecasts it to tick up to 4.2x at YE2023 due to contracting EBITDA
then decline to below 4.0x in 2024 primarily through debt
repayment.
Fitch forecasts the company to generate annual free cash flow
ranges between $600 million-$900 million over the forecast period,
and assumes the company will deploy the majority of FCF towards
voluntary debt repayments in 2023 and 2024. No sizable M&A activity
is expected or assumed in the near to medium future, but is
expected to resume post 2024.
DERIVATION SUMMARY
Avantor's strongest competitors are significantly larger, with
leading positions in the broader life sciences industry and greater
financial flexibility. Thermo Fisher (A-/Stable) is Avantor's
closest peer within the lab products industry. Thermo Fisher, a
direct distribution competitor, is materially larger than Avantor,
has an industry-leading manufacturing business, and is more
conservatively capitalized. Other low to mid-'BB' rated health care
companies operating in different industry subsectors typically have
leverage sensitivities in the 4.0x-5.0x range.
Corporate Recovery Ratings and Instrument Ratings
Avantor's senior secured debt instruments have been assigned
Recovery Ratings of 'RR2' because Avantor maintains an accounts
receivables facility, which Fitch considers to be senior to the
senior secured debt instruments in a bankruptcy scenario.
Parent Subsidiary Linkage
The approach taken is a weak parent (Avantor, Inc.)/strong
subsidiary (Avantor Funding, Inc.). Using Fitch's PSL criteria,
Fitch concludes there is open ring fencing and open access &
control. As such, Fitch rates the parent and subsidiary at the
consolidated level with no notching between the two.
KEY ASSUMPTIONS
- Revenue of $6.9 billion-$7.0 billion and Fitch-adjusted EBITDA
margin of 19.3% in 2023;
- Organic revenue growth in the low-single digits in 2024 and in
the mid-single digits thereafter;
- Annual EBITDA margin expansion of 40bps-60bps post-2023;
- Annual capex of $120 million-$140 million;
- Annual FCF of at least $600 million over the rating horizon;
- FCF largely deployed towards voluntary debt repayment in 2023 and
2024;
- $1.8 billion in M&A funded with cash on hand post-2024.
RATING SENSITIVITIES
The Outlook could be revised to Stable if current end-market
softness were to persist or further deteriorate resulting in
reduced visibility into the company's ability to delever to below
4.0x within 12 months.
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Operating with EBITDA leverage sustained below 4.0x;
- Continued operational strength that results in (cash flow from
operations - capex)/total debt around or above 9%.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Operating with EBITDA leverage sustained above 4.5x;
- Operational weakness that results in (cash flow from operations -
capex)/total debt sustained below 7.5%.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Liquidity is supported by cash on hand of
$236 million and full availability of its $975 million first-lien
secured revolver due 2028 as of June 30, 2023. Avantor's senior
secured credit facilities do not include financial maintenance
covenants aside from a springing first lien net leverage covenant
of 7.35x if 35% of the revolver is drawn. Additionally, working
capital needs are supported by a $400 million accounts receivable
securitization facility, of which $29 million was available at June
30, 2023, though this facility is not considered a source of
liquidity in Fitch's calculations.
Manageable Debt Maturities: The company's debt maturities and
amortization are manageable, with no debt due in the next 12 months
other than required term loan payments of roughly $30 million and
receivables facility debt of $276 million. In light of Avantor's
recently updated net leverage target of 2.0x-3.0x, Fitch expects
the company to continue to deploy the majority of its free cash
flow towards voluntary debt repayments in 2023 and 2024.
ISSUER PROFILE
Avantor, Inc. is a leading global provider of mission critical
products and services to customers in the biopharma, healthcare,
education & government, and advanced technologies & applied
materials industries. Offerings include materials & consumables,
equipment & instrumentation and services & specialty procurement.
SUMMARY OF FINANCIAL ADJUSTMENTS
Adjustments were made to exclude charges from EBITDA for
stock-based compensation, loss on extinguishment of debt, and
restructuring and integration related expenses.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Avantor Funding,
Inc. LT IDR BB Affirmed BB
senior
unsecured LT BB Affirmed RR4 BB
senior secured LT BB+ Affirmed RR2 BB+
Avantor, Inc. LT IDR BB Affirmed BB
BENITAGO INC: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Benitago
Inc. and its affiliates.
The committee members are:
1. Stefano Veronica Sticlaru
Aleea Soldat Barbu Nicolae 6
BL 13, SC 1, AP4
Bucharest, Romania
Tel: +40 763 611 331
Email: veronica@amaels.com
office@veronicasticlaru.ro
2. CalMyotis (HK) Limited
12th Floor, Santai Building, 137-139
Connaught Road Central
Hong Kong
Tel: 13715368981
Email: powww123123@163.com
3. Daniel Simimi
996 Haverstraw Road
Suffern, NY 10901
Tel: (516) 770-0074
Email: 7700074@gmail.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About 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.
BERTRAMS PAINTING: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Bertrams Painting Services, Inc., according to court
dockets.
About Bertrams Painting Services
Bertrams Painting Services Inc., a company in Fort Lauderdale,
Fla., filed its voluntary Chapter 11 petition (Bankr. S.D. Fla.
Case No. 23-16418) on Aug. 15, 2023, with $2,463,550 in assets and
$2,279,441 in liabilities. Camiel Bertram, president, signed the
petition.
Judge Peter D. Russin oversees the case.
Van Horn Law Group, P.A. serves as the Debtor's legal counsel.
BLINK CHARGING: Mark Pastrone Quits as COO; Replacement Named
-------------------------------------------------------------
Blink Charging Co. was notified of the amicable departure of Mark
Pastrone, the Company's chief operating officer.
Mr. Pastrone will serve as an advisor to the Company for the
remainder of his employment through Oct. 5, 2023. As disclosed in
a Form 8-K filed by the Company with the Securities and Exchange
Commission, Mr. Pastrone has chosen to leave the Company to pursue
personal interests and new opportunities. There was no
disagreement or dispute with the Company concerning Mr. Pastrone's
resignation.
Michael C. Battaglia, the Company's current chief revenue officer,
was appointed by the Company's Board of Directors as the new chief
operating officer of the Company, effective Sept. 15, 2023.
Mr. Battaglia, 52, joined the Company in July 2020 as the vice
president of Sales. In January 2021, Mr. Battaglia was promoted to
Senior vice president of Sales and Business Development of the
Company. In December 2022, Mr. Battaglia was again promoted to
chief revenue officer of the Company. Prior to joining the
Company, Mr. Battaglia served in various management positions for
J.D. Power & Associates from March 2006 to July 2020, assisting
dealerships and automotive OEMs improve operations by utilizing
data-driven insights and conducting comprehensive analyses. Mr.
Battaglia is an automotive and EV charging veteran with more than
25 years of experience in the industry and has expertise in
building high performing sales and operations teams. Throughout
his time with the Company, Mr. Battaglia has worked closely with
the operations teams to streamline systems and processes related to
order processing and fulfillment, customer support structures, and
new product procurement, which has led to increases in the
Company's operational efficiency. Mr. Battaglia led the effort to
implement Salesforce CRM, tying together field service and
accounting functions globally for the Company. Additionally, Mr.
Battaglia has led the Company's sales and business development
efforts for over three years, resulting in record-high sales and
revenue each of the last three years. Mr. Battaglia received a
B.S. degree in finance from the Carroll School of Management at
Boston College.
About Blink Charging
Based in Miami Beach, Florida, Blink Charging Co. (OTC: CCGID)
f/k/a Car Charging Group Inc. -- http://www.CarCharging.com-- is
an owner and operator of electric vehicle (EV) charging equipment
and has sold or deployed over 66,000 chargers, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of Blink's charging locations worldwide. Blink's
principal line of products and services is its nationwide Blink EV
charging networks and Blink EV charging equipment, also known as
electric vehicle supply equipment ("EVSE"), and other EV related
services, and the products and services of recent acquisitions,
including SemaConnect, EB Charging, Blue Corner and BlueLA.
Blink Charging reported a net loss of $91.56 million in 2022, a net
loss of $55.12 million in 2021, a net loss of $17.85 million in
2020, a net loss of $9.65 million in 2019, and a net loss of $3.42
million in 2018.
BPI SPORTS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: BPI Sports, LLC
3149 SW 42nd Street
Suite 200
Fort Lauderdale, FL 33312
Business Description: BPI Sports is a sports nutrition company
offering supplements, pre-workouts, diets,
and fitness advice.
Chapter 11 Petition Date: September 18, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 23-17463
Debtor's Counsel: Eyal Berger, Esq.
AKERMAN LLP
201 East Las Olas Blvd.
Suite 1800
Fort Lauderdale, FL 33301
Tel: 954-463-2700
Email: eyal.berger@akerman.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Derek Ettinger as authorized
representative.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HXYB3WI/BPI_SPORTS_LLC__flsbke-23-17463__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HMUBMUI/BPI_SPORTS_LLC__flsbke-23-17463__0001.0.pdf?mcid=tGE4TAMA
CALCEUS ACQUISITION: S&P Withdraws 'B' Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew all of its ratings on Calceus
Acquisition Inc., including its 'B' issuer credit rating, at the
issuer's request. S&P's rating outlook on the company was stable at
the time of the withdrawal.
CANADA GOOSE: Moody's Cuts CFR to Ba3 & First Lien Term Loan to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded Canada Goose Inc's corporate
family rating to Ba3 from B1, its probability of default rating to
Ba3-PD from B1-PD and its senior secured 1st lien term loan B
rating to B1 from B2. The company's speculative grade liquidity
rating was downgraded to SGL-2 (good) from SGL-1 (very good). The
outlook is stable.
"The upgrade reflects Canada Goose's resilient operating
performance and strong brand recognition that has kept credit
metrics conservative over the past two years", said Dion Bate
Moody's analyst. "Moody's expect revenue and EBITDA growth to
benefit from a modest demand recovery in mainland China and growth
from its high margin Direct-to-Consumer (DTC) channel as Canada
Goose expands its store footprint and broadens its product
categories."
Upgrades:
Issuer: Canada Goose Inc.
Corporate Family Rating, Upgraded to Ba3 from B1
Probability of Default Rating, Upgraded to Ba3-PD from B1-PD
Senior Secured 1st Lien Term Loan B, Upgraded to B1 from B2
Downgrades:
Issuer: Canada Goose Inc.
Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1
Outlook Actions:
Issuer: Canada Goose Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Canada Goose's Ba3 rating benefits from (1) conservative credit
metrics with debt/EBITDA expected to remain around 3x over the next
12 to 18 months, which provides buffer in the rating to absorb any
softness in consumer demand; (2) a strong global and well
established brand with sales in 62 countries evenly spread across
APAC, US, EMEA and Canada; (3) vertically integrated business model
and high proportion of Direct-to-Consumer (DTC) sales that support
strong margins; and (4) positive free cash flow and good
liquidity.
However the rating is constrained by: (1) its narrow and
discretionary luxury product and inherent seasonality in its down
apparel business, whose demand can decline in difficult economic
conditions or from shifts in consumer sentiment or preferences; (2)
small scale and manufacturing concentration in Canada; (3) large
private equity ownership that may take decisions that favor
shareholders over creditors; and (4) social concerns around the use
of down feather in its products.
Canada Goose has good liquidity (SGL-2). Sources total around C$570
million while uses in the form of term loan amortization total
about C$4 million in the next four quarters to September 2024.
Liquidity is supported by C$48 million of cash at July 3, 2023
(Q1/2024), free cash flow of about C$120 million through to
September 2024, and C$403 million (borrowing base as of Q1/2024) of
availability under its C$467.5 million asset-based lending (ABL)
facility expiring in May 2028. Canada Goose is subject to a
springing fixed charge coverage covenant under its ABL facility,
however the covenant is not likely to be applicable through the
next four quarters. The company has limited ability to generate
liquidity from non-core asset sales.
Canada Goose has three classes of debt: (1) unrated C$467.5 million
ABL facility; (2) B1-rated $300 million secured term loan B due in
2027; and (3) unrated C$93 million (equivalent) unsecured
facilities in Japan and mainland China of which C$44 million drawn
as of Q1/2024. The term loan is rated one notch below the CFR
(Ba3), to reflect its junior ranking behind the ABL facility. The
term loan benefits from first priority lien on PP&E and a second
priority lien on accounts receivable and inventory.
The stable outlook reflects Moody's expectation that the company's
performance will continue to improve as the company executes is DTC
strategy through new stores and expanding its non-parka product
offering while maintaining the current credit metrics and good
liquidity in the next 12 to 18 months.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Canada Goose continues to increase
its scale and product diversity while maintaining strong operating
performance and improving EBITDA margins. An upgrade would also
require conservative and clearly articulated financial policies,
that would translate into adjusted debt/EBITDA approaching 2.5x and
EBIT/Interest expense well above 5x.
The ratings could be downgraded if there is a shift to more
aggressive financial strategies or a significant weakening of its
liquidity position. Furthermore, the ratings could be downgraded if
there is a deterioration in Canada Goose's brand relevance and
operating results such that debt/EBITDA is sustained above 3.5x or
EBIT/Interest expense is sustainably below 3.5x.
Canada Goose Inc., headquartered in Toronto, Canada, is a designer,
manufacturer and retailer of luxury outerwear, knitwear and
accessories for men, women and children. The company reports its
results in two main segments: Direct-to-Consumer (DTC, 66% of
revenue) and Wholesale (31%).
The principal methodology used in these ratings was Retail
published in November 2021.
CARBONLITE HOLDINGS: Court Rejects Trustee Clawback Claim in Ch.11
------------------------------------------------------------------
Leslie A. Pappas of Law360 reports that a longtime business
associate of now-defunct Los Angeles plastics recycler CarbonLite
does not have to return $2. 7 million of loan repayments that the
company transferred before filing for bankruptcy in 2021 because he
is not an insider, a Delaware bankruptcy judge ruled Tuesday,
September 5, 2023, denying a trustee's motion to claw back the
funds.
About CarbonLite Holdings
Los Angeles-based CarbonLite Holdings, LLC processes post-consumer
recycled polyethylene terephthalate (rPET) plastic products and
produces rPET and polyethylene terephthalate (PET) beverage and
food packaging products through its two business segments, the
Recycling Business and PinnPack.
CarbonLite Holdings and 10 affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-10527) on March 8, 2021.
CarbonLite P, LLC, an affiliate, disclosed assets of $100 million
to $500 million and debt of $50 million to $100 million.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel, Reed Smith LLP as corporate counsel, and Jefferies LLC as
investment banker. Stretto is the claims agent.
On March 23, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Hogan Lovells US, LLP and Blank Rome, LLP serve as the
committee's legal counsel. Province, LLC is the financial
advisor.
Elise S. Frejka is the fee examiner appointed in the Debtors'
case.
CELULARITY INC: Appoints Dr. Geoffrey Shiu Fei Ling as Director
---------------------------------------------------------------
Celularity Inc. announced the appointment of Geoffrey Shiu Fei
Ling, M.D., Ph.D. to its Board of Directors. Dr. Ling, a
distinguished academic and military physician-scientist with a
strong background in regenerative medicine and a deep commitment to
advancing healthcare, will bring invaluable expertise and insights
to Celularity as it continues to pioneer innovative therapies for
patients in need.
The Company said that throughout his career, Dr. Ling has made
significant contributions to regenerative medicine and stem cell
therapy, earning him recognition as a thought leader in these
areas. He has published numerous research papers on innovative
cellular therapies. His profound understanding of the intricate
biological processes underpinning cell-based treatments makes him
an ideal addition to Celularity's Board of Directors. Leveraging
Dr. Ling's outside perspective and deep expertise in stem cell
therapy, Celularity hopes to unlock the full potential of
placental-derived cells and tissues.
"We are honored to welcome Geoff to the Celularity Board of
Directors," said Robert J. Hariri, M.D., Ph.D., founder, Chairman
and chief executive officer of Celularity. "We believe Geoff's
decades-long success record in academia, the military, government
and the biopharmaceutical industry will serve Celularity well as we
look to progress our pipeline of investigational products to
deliver 'off-the-shelf' cellular and regenerative therapies faster,
more reliably, and at greater scale to more patients. I have long
admired Geoff's career and contributions to medicine and
biotechnology, his service to our nation, and have been privileged
to share some common background in our careers."
Dr. Ling commented on his new role, "I am thrilled to join the
board of Celularity, a company known for its groundbreaking work in
cellular therapies. I look forward to collaborating with my fellow
board members and the talented team at Celularity to further
advance the development of transformative treatments that have the
potential to change lives."
Dr. Ling brings more than 30 years of experience in pharmaceutical,
governmental, and academic organizations to his new role. Most
recently, he co-founded On Demand Pharmaceuticals - developing
advanced, miniaturized, and automated pharmaceutical manufacturing
systems that create from precursors to final formulated drugs. He
also serves as a Professor of Neurology and an Attending
Neurocritical Care physician at Johns Hopkins University and
Hospital and the Uniformed Services University of the Health
Science (USUHS). Dr. Ling previously served as the Founding
Director of the Biological Technologies Office at the Defense
Advanced Research Projects Agency (DARPA) and as Assistant Director
for Medical Innovation of the Science Division in President Obama's
White House Office of Science and Technology Policy (OSTP). He is
a retired U.S. Army colonel who served for 27 years and was
deployed to Iraq and Afghanistan.
Dr. Ling obtained his medical degree from Georgetown University and
his doctorate in Pharmacology is from Cornell University. He was a
postdoctoral research fellow at Memorial Sloan Kettering Cancer
Center, completed his neurology residency at Walter Reed Army
Medical Center, and his Neuro Critical Care fellowship at Johns
Hopkins. Dr. Ling has published over two hundred peer-reviewed
articles, book chapters and reviews. He is a member of the honor
societies of Alpha Omega Alpha, Sigma Xi, and the Military Medical
Order of Merit. He is a fellow of the American Neurological
Association, American Academy of Neurology and Neurocritical Care
Society. Dr. Ling is a member of the Society for Critical Care
Medicine, the American Society of Pharmacology and Experimental
Therapeutics, and AMSUS (the Association of Military Surgeons of
the United States).
Celularity also announced that Andrew von Eschenbach, M.D., will
step down from his position on the Board of Directors. "I want to
thank Andy for his service as a director since Celularity's
formation and for his advice and guidance during this important
period of the company," said Hariri. "Celularity would not exist
had I not had the support and counsel of Dr. von Eschenbach and for
that I am deeply grateful. We have made significant clinical and
therapeutic advancements in the last six years and are indebted for
the role he helped to play in positioning Celularity for continued
success."
Dr. Ling will receive compensation as a non-employee director in
accordance with Celularity's non-employee director compensation
practices as described in Celularity's definitive proxy statement
for the 2023 Annual Meeting of Stockholders, filed with the
Securities and Exchange Commission on May 1, 2023. In this regard,
Dr. Ling was granted an option to purchase shares of Celularity's
Class A common stock having a value of $300,000 on the grant date,
or 1,250,000 shares, under Celularity's 2021 Equity Incentive Plan.
The shares underlying the option will vest in three successive
equal annual installments measured from the date of grant, subject
to Dr. Ling's continuous service (as defined in the 2021 Plan)
through the applicable vesting dates. The option has an exercise
price of $0.324 per share (the closing sales price of Celularity's
Class A common stock on Aug. 31, 2023 as reported on the Nasdaq
Capital Market) and a term of 10 years, subject to earlier
termination following Dr. Ling's cessation of continuous service.
About Celularity
Celularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J.,
is a biotechnology company leading the next evolution in cellular
and regenerative medicine by developing allogeneic cryopreserved
off-the-shelf placental-derived cell therapies, including
therapeutic programs using mesenchymal-like adherent stromal cells
(MLASCs), T-cells engineered with CAR (CAR T-cells), and
genetically modified and unmodified natural killer (NK) cells.
These therapeutic programs target indications in autoimmune,
infectious and degenerative diseases, and cancer. In addition,
Celularity develops, manufactures and commercializes innovative
biomaterial products also derived from the postpartum placenta.
Celularity believes that by harnessing the placenta's unique
biology and ready availability, it can develop therapeutic
solutions that address significant unmet global needs for
effective, accessible, and affordable therapies.
Morristown, New Jersey-based Deloitte & Touche LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated March 31, 2023, citing that the Company has suffered
recurring losses from operations since inception that raise
substantial doubt about its ability to continue as a going concern.
CHOPRA REALTY: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Chopra Realty Inc.
135 Lawrenceville Rd
Lawrence Township, NJ 08648
Business Description: Chopra Realty is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: September 18, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-18127
Debtor's Counsel: Geoffrey P. Neumann, Esq.
BROEGE NEUMANN FISCHER SHAVER LLC
25 Abe Voorhees Dr.
Manasquan, NJ 08736-3560
Tel: (732) 228-8484x212
Fax: (732) 223-2416
Email: geoff.neumann@gmail.com
Total Assets: $1,630,800
Total Liabilities: $1,874,714
The petition was signed by Gagan Chopra and Morhit Chopra as
president and secretary, respectively.
The Debtor listed Sedita, Campasano & Campasano LLC as its sole
unsecured creditor holding a claim of $513,330.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/U4NLHNI/CHOPRA_REALTY_INC__njbke-23-18127__0001.0.pdf?mcid=tGE4TAMA
COMM 2019-GC44: Moody's Affirms B3 Rating on Cl. 180W-C Certs
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on ten classes
in COMM 2019-GC44 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2019-GC44 as follows:
Cl. A-1, Affirmed Aaa (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aaa (sf)
Cl. A-2, Affirmed Aaa (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aaa (sf)
Cl. A-3, Affirmed Aaa (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aaa (sf)
Cl. A-4, Affirmed Aaa (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aaa (sf)
Cl. A-5, Affirmed Aaa (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aaa (sf)
Cl. A-SB, Affirmed Aaa (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aaa (sf)
Cl. A-M, Affirmed Aa3 (sf); previously on Dec 20, 2019 Definitive
Rating Assigned Aa3 (sf)
Cl. 180W-A***, Affirmed Baa3 (sf); previously on Feb 9, 2022
Confirmed at Baa3 (sf)
Cl. 180W-B***, Affirmed Ba3 (sf); previously on Feb 9, 2022
Confirmed at Ba3 (sf)
Cl. 180W-C***, Affirmed B3 (sf); previously on Feb 9, 2022
Confirmed at B3 (sf)
*** Reflects Rake Bond Classes
RATINGS RATIONALE
The ratings on the seven pooled principal and interest (P&I)
classes were affirmed because of their credit support and the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges.
The ratings on the non-pooled rake classes, Class 180W-A, Class
180W-B, and Class 180W-C, were affirmed based on the 180 Water
loan's key metrics, including Moody's LTV and Moody's stressed
DSCR. The rake classes are supported by the subordinate debt
associated with the 180 Water loan, secured by a 573-unit
residential property located in the Financial District in New York,
NY.
Moody's rating action reflects a base expected loss of 4.9% of the
current pooled balance. Moody's base expected loss plus realized
losses is now 4.8% of the original pooled balance.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:
The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected. Additionally, significant
changes in the 5-year rolling average of 10-year US Treasury rates
will impact the magnitude of the interest rate adjustment and may
lead to future rating actions.
Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase in
the pool's share of defeasance or an improvement in pool
performance.
Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.
METHODOLOGY UNDERLYING THE RATING ACTION
The principal methodology used in rating all classes except rake
bond classes was "US and Canadian Conduit/Fusion Commercial
Mortgage-Backed Securitizations Methodology" published in July
2022.
DEAL PERFORMANCE
As of the August 17, 2023 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 1.6% to $1.01
billion from $1.02 billion at securitization. The pooled
certificates are collateralized by 43 mortgage loans ranging in
size from less than 1% to 7.4% of the pool, with the top ten loans
(excluding defeasance) constituting 48.2% of the pool. Three loans,
constituting 16.9% of the pool, have investment-grade structured
credit assessments. One loan, constituting 0.7% of the pool, has
defeased and is secured by US government securities.
Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 28, unchanged from securitization.
As of the August 2023 remittance report, all loans were current on
their debt service payments.
Eleven loans, constituting 31.0% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.
No loans have been liquidated from the pool since securitization
and no loans are currently in special servicing.
The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.
As described in the CMBS methodology used to rate this
transaction, Moody's make various adjustments to the MLTV. Moody's
adjust the MLTV for each loan using a value that reflects
capitalization (cap) rates that are between Moody's sustainable cap
rates and market cap rates. Moody's also use an adjusted loan
balance that reflects each loan's amortization profile. The MLTV
reported in this publication reflects the MLTV before the
adjustments described in the methodology.
Moody's received full year 2022 operating results for 98% of the
pool, and partial year 2023 operating results for 40% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 119%, compared to 113% at securitization.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 17% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.4%.
Moody's actual and stressed conduit DSCRs are 1.94X and 0.88X,
respectively, compared to 2.03X and 0.92X at securitization.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.
The first loan with a structured credit assessment is the Century
Plaza Towers Loan ($75.0 million – 7.4% of the pooled balance),
which represents a pari passu portion of a $900 million mortgage
loan. The property is also encumbered by a $300 million B-note.
The loan is secured by two class A, 44-story office towers which
contain 2,401,641 SF of office space and a lower-level retail
concourse. It is located in the Century City district of Los
Angeles, CA. As of December 2022, the property was 91% occupied,
compared to 89% in December 2021 and 93% at securitization. The
loan benefits from a diverse tenant roster comprised over 100
distinct tenants, including financial institutions, global law
firms and entertainment companies. The year-end 2022 NOI was
in-line with expectation at securitization and reported the total
mortgage (including B note) NOI DSCR at 3.11X. The loan is
interest only for its entire term and Moody's structured credit
assessment and stressed DSCR on the senior trust portion are a2
(sca.pd) and 1.23X, respectively.
The second loan with a structured credit assessment is the 180
Water Loan ($62.5 million – 6.2% of the pooled), which represents
a pari passu portion of a $137.5 million mortgage loan. The
property is also encumbered by a $127.5 million B-note which
contributes to the transaction as non-pooled rake bonds, and the
mezzanine debt of a $100 million. The loan is secured by a
29-story, 573-unit residential property in New York, NY. Situated
in the Financial District, the property fronts Water Street and is
four blocks south of the Brooklyn Bridge entrance. As of March
2023, the property was 99% leased with an A Note NOI DSCR at 3.13X
and the annualized March 2023 cash flow was in line with
expectations at securitization. The loan is interest only for its
entire term and Moody's structured credit assessment and stressed
DSCR on the pooled portion of the loan are a2 (sca.pd) and 1.11X,
respectively. Moody's LTV ratio for the total mortgage balance
(including the $127.5 million B-note) is 136% based on Moody's
Value and the Adjusted Moody's LTV ratio for the first mortgage
balance is 120% based on Moody's Value using a cap rate adjusted
for the current interest rate environment. Moody's stressed DSCR is
0.58x for the first mortgage balance.
The third loan with a structured credit assessment is the Midtown
Center Loan ($32.5 million – 3.2% of the pooled), which
represents a pari passu portion of a $382.0 million mortgage loan.
The property is also encumbered by a $143.0 million B-note. The
loan is secured by a newly constructed, LEED Gold certified,
867,654 SF, trophy office building with ground floor retail at the
intersection of 15th Street and L Street in Washington, DC. As of
June 2023, the property was 100% leased with a NOI DSCR on the
total mortgage loan of 3.00X. The largest tenant is Fannie Mae,
occupying 82% of NRA with a lease expiration in September 2033.
The loan is interest only for its entire term and Moody's
structured credit assessment and stressed DSCR on the senior trust
portion are a2 (sca.pd) and 1.19X, respectively.
The top three conduit loans represent 15.5% of the pool balance.
The largest conduit loan is the The Shoppes at Blackstone Valley
Loan ($53.3 million – 5.3% of the pool), which represents a pari
passu portion of a $158.9 million mortgage loan. The loan is
secured by a 787,071 SF, an open-air retail center located in
Millbury, MA, which is approximately five miles south of Worcester,
MA. The property was 98% leased as of March 2023, compared to 96%
at securitization. The year-end 2022 NOI DSCR was 1.79X, compared
to 1.61X at securitization. The loan has amortized by 3.1% since
securitization and the property's revenue and NOI has improved from
securitization. Moody's LTV and stressed DSCR are 105% and 0.93X,
respectively, compared to 108% and 0.90X at securitization.
The second conduit largest loan is the Weston Kentucky Portfolio
Loan ($52.2 million – 5.2% of the pool), which is secured by
three industrial flex properties located throughout Louisville, KY.
The borrower has owned the portfolio since 1988. Collateral
improvements primarily consist of 26 buildings, constructed in the
1970s and 1980s. Collectively, the portfolio contains a total of
1,446,261 SF of rentable area and 900 parking spaces. The portfolio
was 99% leased as of December 2022 compared to 98% at
securitization. The portfolio's NOI was in-line with expectation at
securitization. The loan is interest only for the entire 10-year
loan term. Moody's LTV and stressed DSCR are 103% and 1.02X,
respectively, unchanged from securitization.
The third conduit largest loan is 225 Bush Street Loan ($50.0
million – 5.0% of the pool), which represents a pari passu
portion of a $203.6 million mortgage loan. The property is also
encumbered by a $146.4 million B-note. The loan is secured by a
22-story, Class A office tower located in downtown San Francisco,
CA. The property is part of the city's South Financial District
submarket, approximately 13 miles north of the San Francisco
international airport. The property's performance has declined
since securitization and the loan is currently on the watchlist for
low DSCR. The reported 2022 NOI saw a decrease of 49% from the
securitization levels due to occupancy dropping to 55% in 2022
compared to 98% at securitization. Moody's LTV and stressed DSCR
are 145% and 0.67X, respectively.
CPM HOLDINGS: S&P Affirms 'B' ICR on Refinancing, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on CPM
Holdings Inc. Additionally, S&P assigned its 'B' issue-level rating
and a '3' recovery rating (50%-70%; rounded estimate: 50%) to the
company's proposed first-lien revolving credit facility and term
loan.
The stable outlook reflects S&P's expectation that CPM will
maintain S&P Global Ratings-adjusted leverage below 6.5x and good
free operating cash flow (FOCF) over the next 12 months.
S&P said, "Although CPM's proposed transaction significantly
increases debt, we expect leverage will remain in line with our 'B'
issuer credit rating. The transaction will increase S&P Global
Ratings-adjusted debt about 70%. However, our expectation of
continued growth in S&P Global Ratings-adjusted EBITDA will
partially offset the additional debt. We believe earnings growth
will primarily come from a combination of organic growth and
full-year contribution of recent acquisitions. Therefore, we expect
CPM will reduce S&P Global Ratings-adjusted leverage to the high-4x
area from the low-5x area in the 12 months following the
transaction.
"We expect moderate revenue growth over the next 12 months,
supported by healthy demand in most of CPM's end markets. We expect
continued growth in CPM's aftermarket sales, primarily driven by
demand generated from its expanding installed base and the recent
acquisitions of Dorssers and Idah, both of which have a strong
aftermarket presence. We also expect growth in original equipment
revenue across the company's three segments. In the Industrial
Solutions segment, key drivers of original equipment growth are
biomass and animal feed end markets, which will expand with GDP and
food consumption. In the Engineered Solutions segment, we expect
growth will stem from secular trends in demand for renewable diesel
and for oilseed crush, which is used in fast-growing products such
as protein powders. In the Process Solutions segment, we believe
growth will primarily come from end markets for plastic extrusion
equipment, animal feed, and ready-to-eat food, along with a partial
recovery in the aluminum can business.
"S&P Global Ratings-adjusted EBITDA margins will expand moderately
in fiscal 2023, then modestly decline in 2024. In 2023, we expect
an improvement in profitability of original equipment sales in
Industrial Solutions and Engineered Solutions and a greater share
of higher-margin aftermarket sales in Engineered Solutions and
Process Solutions. Margin expansion is further supported by
operational efficiencies and improved operating leverage on higher
volumes. In 2024, we expect S&P Global Ratings-adjusted EBITDA to
decline up to 100 basis points (bps), primarily due to a return to
a more normalized sales mix.
"Normalizing orders will drive down FOCF in 2023, however we expect
free cash flow will remain positive. In 2022, CPM benefited from
record bookings, which lifted cash inflow since the company
typically receives up-front, nonrefundable deposits from customers.
Orders have since returned to more normal levels in 2023, reducing
cash inflow from these deposits. Concurrently, we expect the
company will invest in working capital to support continued revenue
growth. As a result, we expect FOCF in fiscal 2023 will decline
meaningfully but remain positive. In fiscal 2024, FOCF generation
will likely increase moderately, primarily supported by a steadying
pace of orders.
"The stable outlook reflects our expectation CPM will maintain S&P
Global Ratings-adjusted leverage below 6.5x and good FOCF during
the next 12 months."
S&P could lower the rating if it expects the company to:
-- Increase leverage above 6.5x and keep it there, for example due
to deteriorating operating performance amid an economic slowdown,
debt-funded acquisitions, or shareholder returns;
-- Generate consistently weak FOCF, for example due to a
significant increase in working capital driven by a sharp decline
in new orders; or
-- See a significant deterioration in its liquidity position or
covenant headroom.
S&P views an upgrade as unlikely over the next 12 months given the
company's financial sponsor ownership and aggressive financial
policy. However, we could raise the rating if:
-- S&P expects it will sustain S&P Global Ratings-adjusted
leverage below 5x, even accounting for potential debt-funded
acquisitions, shareholder returns, and economic fluctuations; and
-- The financial sponsor commits to maintaining such credit
measures.
Governance factors are a moderately negative consideration in our
credit rating analysis of CPM, as is the case for most rated
entities owned by private-equity sponsors. We believe the company's
highly leveraged financial risk profile reflects corporate
decision-making that prioritizes the interests of controlling
owners." This also reflects the generally finite holding periods
and a focus on maximizing shareholder returns.
Environmental and social factors are an overall neutral
consideration in S&P's credit rating analysis. The company designs
and produces process systems and equipment for use in the oilseed,
animal feed, thermal and extrusion processing, and other end
markets. Weather conditions have a limited impact on CPM's
business. While the company faces some risk of farm commodity price
fluctuations, long-term demand for CPM's equipment is tied more
closely to consumer consumption and GDP trends.
CYTODYN INC: Posts $79.8 Million Net Loss in FY Ended May 31
------------------------------------------------------------
CytoDyn, Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss of $79.82 million
on $0 of revenue for the year ended May 31, 2023, compared to a net
loss of $210.82 million on $266,000 of revenue for the year ended
May 31, 2022.
As of May 31, 2023, the Company had $11.29 million in total assets,
$120.79 million in total liabilities, and a total stockholders'
deficit of $109.51 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Sept. 13, 2023, citing that the
Company incurred a net loss of approximately $70,146,000 for the
year ended May 31, 2023 and has an accumulated deficit of
approximately $832,012,000 through May 31, 2023, which raises
substantial doubt about its ability to continue as a going
concern.
CytoDyn said, "As of May 31, 2023, we had a total of approximately
$2.5 million in cash, $6.5 million in restricted cash, and
approximately $119.8 million in short-term liabilities consisting
primarily of approximately $45.0 million representing the principal
of and accrued interest on convertible notes payable, net of
unamortized debt discount, and approximately $69.4 million in
accounts payable and accrued liabilities and compensation. We will
continue to incur operating losses and the Company will require a
significant amount of additional capital in the future as we
continue to seek approval to commercialize leronlimab. Despite the
Company's negative working capital position, vendor relations
remain relatively accommodative given liquidity constraints. We
cannot be certain, however, that future funding will be available
to us when needed on terms that are acceptable to us, or at all.
We sell securities and incur debt when the terms of such agreements
are deemed favorable to both parties under then current
circumstances and as necessary to fund our current and projected
cash needs."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001175680/000155837023015718/cydy-20230531x10k.htm
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology
company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processes. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
DECATUR HOSPITAL: S&P Lowers Long-Term Revenue Bond Rating to 'B-'
------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating five notches to
'B-' from 'BB+' on the Decatur Hospital Authority (doing business
as Wise Health System, or Wise), Texas' series 2014A, 2021B, and
2021C hospital revenue bonds. At the same time, we lowered our
underlying rating (SPUR) to 'B-' from 'BB+' on Wise's series 2021A
insured hospital revenue bonds and insured portions of the series
2021B bonds. The outlook is negative.
"The rating action reflects our view of Wise's escalating operating
losses, with a negative 21% operating margin in the six-month
interim period, which have produced negative cash flow and continue
to erode unrestricted reserves at an unsustainable rate," said S&P
Global Ratings credit analyst Concy Richards.
The negative outlook reflects S&P's expectation that Wise Health
will continue to generate significantly negative operating
performance and cash flow, with year-end 2023 performance likely
worse than current levels and potentially resulting in an event of
default.
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Governance risk management, culture, and oversight
DECURTIS HOLDINGS: App Changes Order May Cost Passengers Lives
--------------------------------------------------------------
Alex Wittenberg of Law360 reports that lenders to cruise line
software firm DeCurtis Holdings asked a Delaware bankruptcy judge
to stay part of an injunction barring changes to the company's
passenger monitoring application, saying the tweaks to the tool's
source code that the order banned are needed to remove risks that
could "cost lives."
About Decurtis Holdings
DeCurtis Holdings LLC and affiliates provide guest experience and
operational management product-focused SaaS software solutions
designed to power any indoor, complex environment. DeCurtis is the
industry leader in transformational experience technology focused
on the cruise line industry, and DeCurtis makes software systems
used for providing guests a seamless experience with cruise ship
facilities through the use of wireless sensing technologies.
Beyond the cruise line industry, DeCurtis's products and services
are also applicable to restaurants, theme parks, and the extended
hospitality industry, with the potential to expand into healthcare
and other settings.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10548) on April
30, 2023. In the petition signed by Joseph J. Carino, chief
financial officer, the Debtor disclosed up to $50 million in assets
and up to $100 million in liabilities.
Judge Kate Stickles oversees the case.
Potter Anderson and Corroon LLP and Cooley LLP serve as the
Debtors' legal counsel. The Debtors tapped Groombrige, Wu,
Baughman & Stone LLP as special counsel, Province, LLC as financial
advisor, and Omni Agent
Solutions as claims, noticing, and administrative agent.
DEPENDABLE LAWN: Neema Varghese Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Neema Varghese of NV
Consulting Services as Subchapter V trustee for Dependable Lawn
Care, Inc.
Ms. Varghese will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Varghese declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Neema T. Varghese
NV Consulting Services
701 Potomac, Ste. 100
Naperville, IL 60565
Tel. (630) 697-4402
Email: nvarghese@nvconsultingservices.com
About Dependable Lawn Care
Dependable Lawn Care, Inc. is a lawn and garden service provider
based in Blue Island, Ill.
Dependable Lawn Care filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-11667) on
Sept. 1, 2023, with up to $50,000 in assets and $1 million to $10
million in liabilities. Robert D. Walker, president, signed the
petition.
Judge Deborah L. Thorne oversees the case.
Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as
bankruptcy counsel.
DIGICEL GROUP: Hits Chapter 15 Bankruptcy Protection
----------------------------------------------------
Jeremy Hill of Bloomberg News reports that Digicel Group Holdings
Ltd. filed for Chapter 15 protection from creditors, a move that
protects its US assets while restructuring proceedings play out in
another country.
The company's bankruptcy petition references restructuring
proceedings under way in Bermuda.
The case is Digicel Group Holdings Limited and Lawrence Hickey,
23-11479, US Bankruptcy Court for the Southern District of New York
(Manhattan).
About Digicel Group
Digicel Group Holdings Ltd. is the leading digital provider in 25
markets across the Caribbean, Central America, and Asia Pacific.
The company is owned by the Irish billionaire Denis O'Brien, is
incorporated in Bermuda, and based in Jamaica.
Digicel Group sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-114479). The petition was signed
by Lawrence Hickey, as foreign representative.
The Debtor's counsel in the Chapter 15 case is:
Timothy E. Graulich
Davis Polk & Wardwell LLP
212-450-4639
timothy.graulich@davispolk.com
DINARDO LAW FIRM PC: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
The DiNardo Law Firm, P.C. filed for chapter 11 protection in the
Western District of New York.
According to court filing, the Debtor reports between $1 million
and $10 million in assets and between $10 million and $50 million
in debt owed to 1 and 49 unsecured creditors. The petition states
funds will be available to unsecured creditors.
About The DiNardo Law Firm P.C.
De Bernardo Law Firm PC operates as a legal services firm. The Firm
provides legal consulting, paralegal services, and trial and legal
representation. De Bernardo Law Firm practice areas include general
litigation and corporate law.
The DiNardo Law Firm PC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 23-10865) on September 8,
2023. In the petition filed by Joseph DiNardo, as sole shareholder,
the Debtor listed assets between $1 million and $10 million and
liabilities between $10 million and $50 million.
The Debtor is represented by:
Daniel F. Brown, Esq.
Lippes Mathias LLP
c/o 5933 Main Street
Apartment 204
Williamsville, NY 14221
ELENAROSE CAPITAL: Hits Chapter 11 Bankruptcy in Indiana
--------------------------------------------------------
ElenaRose Capital LLC filed for chapter 11 protection in the
Southern District of Indiana.
According to court filing, ElenaRose Capital LLC estimates assets
up to $50,000 and liabilities between $1 million and $10 million
owed to between 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
About ElenaRose Capital
ElenaRose Capital LLC is a limited liability company in Indiana.
ElenaRose Capital LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-70665) on Sept. 8,
2023. In the petition filed by Louis Capolino, as president and
manager, the Debtor reports assets up to $50,000 and liabilities
between $1 million and $10 million.
The Debtor is represented by:
Anthony Thomas Carreri, Esq.
Kroger Gardis & Regas LLP
345 Bluewater Falls Ct.
Apollo Beach, FL 33572
ENDO INTERNATIONAL: Annual Meeting in Dublin Adjourned
------------------------------------------------------
Endo International plc held its 2023 Annual General Meeting of
Shareholders in Dublin, Ireland, on September 7, 2023.
During the Annual Meeting of Shareholders, none of the nominees to
the Board of Directors of the Company received a majority of votes
cast at the Annual Meeting in favor of their re-election. As no
shareholders had proposed alternative candidates for election to
the Board, with the consent of the Annual Meeting, the Annual
Meeting was adjourned to allow the Board to consider the voting
results and to take action(s) as the Board determined to be in the
best interests of the Company.
Given that Irish law requires the Company have at least two
directors and the potentially serious and damaging consequences to
the Company and its stakeholders if the Company did not have a
functioning Board, the Board resolved to re-appoint Jennifer M.
Chao and Blaise Coleman, being the two individuals who received the
greatest number of shareholder votes in favor of their re-election
at the Annual Meeting, as directors with effect from immediately
following the conclusion of the Annual Meeting to serve until the
next following annual general meeting of shareholders of the
Company or until their death, resignation, retirement,
disqualification or removal, if earlier.
Given that the Company's Memorandum and Articles of Association
require that the Company have at least five directors, following
the conclusion of the Annual Meeting, the Continuing Directors held
a meeting and resolved to appoint each of Shane M. Cooke, M.
Christine Smith, Ph.D. and Nancy J. Hutson, Ph.D., being the
individuals who after the Continuing Directors received the next
greatest number of votes in favor of their re-election at the
Annual Meeting to also serve as directors until the next following
annual general meeting of shareholders of the Company or until
their death, resignation, retirement, disqualification or removal,
if earlier.
The Initial Appointed Directors then held a subsequent meeting and
further resolved to appoint each of William P. Montague, Michael
Hyatt and Mark G. Barberio to serve as directors until the next
following annual general meeting of shareholders of the Company or
until their death, resignation, retirement, disqualification or
removal, if earlier. For each of the Appointed Directors, factors
were considered so that the composition of the Appointed Directors
appropriately reflects the right mix of perspectives, skills,
diversity and experience for the Company, including as it continues
through the Chapter 11 process. The Appointed Directors then
determined that each of Messrs. Barberio, Cook, Hyatt and Montague,
Ms. Chao and Drs. Hutson and Smith is an "independent director"
under Nasdaq Rule 5605(a)(2) and that each of Messrs. Barberio,
Cook and Montague and Ms. Chao is a "financially sophisticated
audit committee member" under Nasdaq Rule 5605(c)(2)(A) and an
"audit committee financial expert" under Item 407(d)(5)(ii) and
(iii) of Regulation S-K.
About Endo International
Endo International plc -- http://www.endo.com/-- is a generics and
branded pharmaceutical company. It develops, manufactures, and
sells branded and generic products to customers in a wide range of
medical fields, including endocrinology, orthopedics, urology,
oncology, neurology, and other specialty areas.
On Aug. 16, 2022, Endo International and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549). The cases are pending
before Judge James L. Garrity, Jr.
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as
legal counsel; PJT Partners, LP as investment banker; and Alvarez &
Marsal North America, LLC as financial advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor. A Web site dedicated to the restructuring
is at http://www.endotomorrow.com/
Roger Frankel, the legal representative for future claimants in the
Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsels, and Ducera Partners, LLC
as investment banker.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on Sept. 2, 2022. The committee tapped Kramer
Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC
as investment banker; and Dundon Advisers, LLC and Berkeley
Research Group, LLC as financial advisors.
Meanwhile, the official committee representing the Debtors' opioid
claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump
Strauss Hauer & Feld, LLP as special counsel; Province, LLC as
financial advisor; and Jefferies, LLC, as investment banker.
David M. Klauder, Esq., the court-appointed fee examiner, is
represented by Bielli & Klauder, LLC.
FOOT LOCKER: S&P Downgrades ICR to 'BB' on Performance Challenges
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on New
York-based footwear and apparel retailer Foot Locker Inc to 'BB'
from 'BB+'.
S&P also lowered its issue-level rating on the company's senior
unsecured notes to 'BB' from 'BB+'. The recovery rating remains
capped at '3', reflecting its expectation for meaningful (50%-70%;
rounded estimate: 60%) recovery in the event of default.
The negative outlook reflects the risk that operating performance
could remain challenged amid a soft operating environment, along
with execution risks related to Foot Locker's operating
initiatives.
The downgrade reflects Foot Locker's deteriorating operating
performance. For the second quarter ended July 29, 2023, Foot
Locker's total revenues decreased roughly 10%, with comparable
same-store sales down about 9.4% as discretionary spending within
the footwear and apparel sector continued to weaken. S&P said, "We
project total sales to be down roughly 9% in fiscal 2023 as Foot
Locker continues to navigate through its Nike reset and
repositioning of its Champs banner, combined with lower than
expected return-to-school sales volume. We expect sales to increase
in the low-single-digit percent in fiscal 2024 as weak consumer
discretionary spending trends and the resumption of student loan
repayments strain Foot Locker's customer base. Our negative
comparable rating analysis modifier incorporates a holistic view of
the stand-alone credit profile, factoring in Foot Locker's outsized
exposure to Nike, potential for long-term market share erosion
beyond its Nike reset, and its mall-based store composition."
S&P said, "We forecast S&P Global Ratings-adjusted leverage in the
high-2x area this year, moderating to the mid-2x area in fiscal
2024. We expect leverage to increase roughly half a turn in 2023 to
2.9x, compared to our previous leverage projection in the mid-2x
area, because the company's adjusted EBITDA margins contracted
below our base case. Foot Locker's S&P Global Ratings-adjusted
EBITDA margins declined roughly 400 basis points in the second
quarter of 2023 toward the mid-14% area, compared to the mid-18%
area in the prior-year period. We attribute this primarily to
aggressive markdowns as Foot Locker continued to reduce its excess
inventory. We forecast adjusted EBITDA margins will contract
further toward the high-12% area for fiscal 2023 as continued
promotional activity, increased occupancy costs, and ongoing retail
shrinkage pressure profitability.
"For the second quarter, Foot locker's inventory was 11% above the
prior-year period, a material improvement from the first quarter,
which was roughly 25% above the prior-year period. We anticipate
the company will remain promotional, allowing it to further reduce
elevated inventory and partially mitigate weaker customer traffic
trends.
"We forecast a free operating cash flow deficit this year, with
improvement in fiscal 2024. As of July 29, Foot locker had $180
million of balance sheet cash and an undrawn balance on its $600
million asset-based lending (ABL) facility. We anticipate the
recent pause in dividend payments and share repurchases will allow
Foot Locker to build its balance sheet cash over the next 12 months
and reduce reliance on its ABL facility under potentially worsened
operating conditions. Foot Locker had a cash burn of roughly $112
million of reported FOCF in the second quarter, a modest
improvement to the about $177 million deficit in the first quarter.
We project Foot Locker will burn roughly $120 million of FOCF this
year after accounting for capital spending of $290 million,
improving to roughly $130 million of positive FOCF in fiscal 2024,
driven by improved profitability prospects following its reset
year.
"Foot Locker has no near-term maturities, with an ABL facility
maturing in 2025 and $400 million of senior unsecured notes
maturing in 2029. We anticipate debt balances will be largely
unchanged over the next 12 months.
"The negative outlook reflects the heightened risk that Foot Locker
will not stabilize operating performance and improve cash flow
generation over the next 12 months, which could lead us to
downgrade the company further over that timeframe.
"We could lower our ratings on Foot Locker if operational missteps
or a worsening operating environment weaken its performance
relative to our base case, resulting in the company being unable to
sustain its market position. Under this scenario, we could view the
business risk profile as incrementally deteriorating and would
expect adjusted EBITDA margins to remain pressured and adjusted
FOCF to debt to remain below 15%."
S&P could revise the outlook on Foot Locker to stable if:
-- Operating performance and customer traffic trends improve above
S&P's base case, leading to an improved market position and a
meaningful rebound in adjusted EBITDA margins; and
-- The company increases its cash generation such that S&P expects
adjusted FOCF to debt sustained at 15% or better.
ESG factors have no material influence on S&P's credit rating
analysis of Foot Locker.
FOSSIL GROUP: S&P Downgrades ICR to 'CCC+', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on global
consumer fashion accessories company Fossil Group Inc. to 'CCC+'
from 'B-'. S&P also lowered its issue-level rating on Fossil's
senior unsecured notes to 'CCC+' from 'B-'. S&P's recovery rating
remains '4'.
The negative outlook reflects the potential for another downgrade
if S&P anticipates a default scenario within the subsequent 12
months. This could occur if Fossil fails to stabilize operations,
leading to a liquidity shortfall or sustained profit
deterioration.
The downgrade reflects continuing sales declines, depressed
profitability, and higher-than-expected cash burn, which has led to
very high leverage. Fossil's results have been weaker than expected
as significant declining sales continue to strain profitability and
cash flow generation. Global sales decreased 13% in its second
quarter ended July 1, 2023, with declines across all major
geographical regions and product categories. Moreover, S&P Global
Ratings-adjusted EBITDA was negative for the second consecutive
quarter.
Bloated retailer inventories in the U.S. and Europe have slowed
demand in Fossil's wholesale business. S&P also notes more than 30
net store closures since the prior-year period and Fossil's
strategic decision to stop future development of smartwatches,
which dropped more than 45% in the most recent quarter.
S&P said, "We expect that the continuation of these trends and the
decision to stop future development of new smartwatches and sell
through its existing product line, which accounted for
approximately 9% of sales in fiscal 2022, will lead to a nearly 10%
decline in sales in fiscal 2023. We anticipate additional store
closures, the sell through of smartwatches, and persistently soft
demand trends will lead to a roughly 7% decline in sales in fiscal
2024. These headwinds are partially offset by modest growth in
Asia.
"We view the company's capital structure as unsustainable,
forecasting negative to minimal free cash flow generation and S&P
Global Ratings-adjusted leverage remaining near 7x through fiscal
2024 (ending January 2024). Second quarter rolling-12-month S&P
Global Ratings-adjusted leverage increased to 8.8x from 2.5x in the
prior-year period due to lower sales and higher operating costs.
While we expect some improvement in margins over the next 12 months
from Fossil's transformation program, we do not anticipate these
benefits will materialize until 2024, leading to constrained EBITDA
generation through fiscal 2024. As a result, we forecast negative
free operating cash flow (FOCF) of about $50 million in fiscal 2023
before improving to modestly negative to flat FOCF in 2024, in
conjunction with elevated leverage. We believe the recent and sharp
deterioration in credit metrics indicate limited capacity to absorb
further deterioration under ongoing conditions.
"The company ended the second quarter with about $200 million of
liquidity, composed of $132 million of cash on the balance sheet
and $73 million of availability under its revolver. We also note
the company's limited funded debt ($150 million senior unsecured
notes due 2026) and lack of near-term maturities afford it some
time to stabilize operations.
"Fossil faces significant execution risk through its recently
expanded transformation plan. We view the company's Transform and
Grow initiative (which aims to reduce operating costs, improve
profitability, and position Fossil for sustainable growth)
favorably considering recent underperformance, though we see
significant execution risk. Following its second quarter earnings,
Fossil expanded the scope and duration of this program to
approximately $300 million of annualized operating income benefits
by the end of 2025 (previously $100 million of annualized operating
income benefits by 2024). Fossil plans to achieve these benefits
through initiatives surrounding product and transportation cost,
stock-keeping unit (SKU) rationalization, closures of
underperforming stores, and centralization of operations. Our
forecast incorporates more than $200 million of annualized savings
over the course of the program, which is partially offset by about
$100 million of restructuring charges included in our adjusted
EBITDA figures.
"The negative outlook reflects our expectation for continued weak
operating prospects, including top-line compression and depressed
profitability, amid a difficult environment. It also reflects our
uncertainty around Fossil's execution of its business
transformation plan.
"We could lower our rating on Fossil again within the next several
quarters if we envision a default scenario over the subsequent 12
months. This could occur if demand does not stabilize or the
company falters on its transformation plan, limiting prospects for
sustained positive free cash flow generation.
"We could revise the outlook to stable if the company's revenue
stabilizes and profitability recovers, leading to adjusted EBITDA
margins in the high single-digit percent area and positive FOCF
prospects. We believe this could result from improved macroeconomic
conditions, solid demand prospects across product categories, and
the successful realignment of its cost structure."
Governance factors are a moderately negative consideration.
Fossil's operational missteps in product innovation and lack of
effective strategy planning have resulted in the company
underperforming peers for the past several years. The company has
not demonstrated the ability to track, adjust, and control the
execution of its strategy in the face of changing industry dynamics
and a shift in consumer preferences toward electronic wearable
devices.
FREDDIE MAC: DeVito to Step Down as CEO
---------------------------------------
Michael J. DeVito, Chief Executive Officer of Federal Home Loan
Mortgage Corporation, notified Freddie Mac's Board of Directors of
his intention to retire as CEO and as a member of the company's
Board of Directors in the first quarter of 2024.
The Board will begin a search for a successor, and a smooth
transition is anticipated.
"We are very saddened to hear of Michael's departure, and the Board
expresses its profound appreciation for his strong leadership and
his many other contributions to Freddie Mac," said Sara Mathew,
Chair of Freddie Mac's Board of Directors. "Above all, Michael
demonstrated a true passion for the company's mission and drove
meaningful progress in making home possible for homebuyers and
renters in communities across the nation."
About Freddie Mac
McLean, Va.-based Freddie Mac is a GSE chartered by Congress in
1970. The Company's public mission is to provide liquidity,
stability, and affordability to the U.S. housing market. Freddie
Mac does this primarily by purchasing residential mortgage loans
originated by lenders. In most instances, it packages these loans
into guaranteed mortgage-related securities, which are sold in the
global capital markets and transfer interest-rate and liquidity
risks to third-party investors. In addition, the Company transfers
mortgage credit risk exposure to third-party investors through its
credit risk transfer programs, which include securities- and
insurance-based offerings. The Company also invests in mortgage
loans and mortgage-related securities. The Company does not
originate loans or lend money directly to mortgage borrowers.
Since September 2008, Freddie Mac has been operating under
conservatorship with FHFA as Conservator.
FREEDOM MORTGAGE: S&P Rates New $500MM Senior Unsecured Notes 'B'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to Freedom Mortgage Corp.'s (B/Stable/--) proposed $500
million senior unsecured notes due 2030. The '3' recovery rating
reflects its expectation for meaningful recovery (rounded estimate:
50%) in a simulated default scenario.
S&P said, "We expect the transaction and the company's recent
issuance of $800 million (increased from $600 million) senior
unsecured notes due 2028, to be leverage neutral. The company will
use the proceeds from both series to fully repay the senior
unsecured notes due 2024 and 2025 and the remaining proceeds will
be used to repay outstanding borrowings under the KeyBank revolving
line. Freedom Mortgage Corp. will initially issue the new senior
notes, and eventually Freedom Mortgage Holdings LLC will assume the
notes.
"The stable outlook reflects our expectation that over the next 12
months, Freedom will manage through low originations while
maintaining debt to EBITDA around 5x, debt to tangible equity below
1.5x, and EBITDA interest coverage above 2x. We also expect Freedom
will continue to build its servicing book organically and through
purchases, while maintaining sufficient liquidity."
Issue Ratings--Recovery Analysis
Key analytical factors
-- S&P's simulated default scenario contemplates a default in 2026
due to a rapid decline in mortgage servicing right (MSR)
valuations. Financial pressure could also arise from regulatory
changes or operational issues.
-- As the company approaches default, S&P assumes its assets will
shrink as it sells MSRs for additional liquidity to fund
operations.
-- Ultimately, S&P assumes the company will breach the advance
rates on its secured funding facilities, leading to covenant
violations. This would activate cross-acceleration provisions,
allowing unsecured creditors to submit a claim for excess
collateral after selling MSR assets pledged as collateral for
priority claims.
-- S&P believes that in a default scenario, creditors would
liquidate the company's assets. The challenge of selling assets
when the company is distressed incurs an additional realization
factor, or discount.
Simulated default assumptions
-- High delinquency rates leading to depressed MSR valuations
-- Sustained period of rapid amortization of MSRs with limited
ability to refinance the repayments
-- Limited new originations, an increase in borrower
delinquencies, and an increase in the discount rate to value MSRs
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $5.48
billion
-- Collateral value available to secured debt: $5.46 billion
-- Total first-lien debt at default: $4.20 billion
-- Collateral value available to senior unsecured note claims:
$1.26 billion
-- Total unsecured debt at default: $2.47 billion
-- Recovery expectations: 50% ('3')
Note: All debt amounts include six months of prepetition interest.
FTX GROUP: Wants $45 Million LayerZero Loan Deal Reversed
---------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that FTX Trading Ltd. is
suing blockchain company LayerZero Labs Ltd. to reverse an
allegedly improper loan forgiveness agreement made between the
companies in the days before FTX filed Chapter 11.
The dispute centers on a $45 million loan that LayerZero made to
FTX's sister hedge fund, Alameda Research. LayerZero took advantage
of Alameda's weak financial position when on November 7, 2022 it
asked for immediate repayment of the loan, FTX and Alameda said in
a court filing.
Alameda transferred to LayerZero a 5% equity stake it held in
LayerZero in exchange for forgiveness of the loan.
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.
GUARDIAN FUND: Seeks 120-Day Extension to Exclusivity Period
------------------------------------------------------------
Guardian Fund, LLC asks the U.S. Bankruptcy Court for the
District of Nevada to extend the exclusivity period in which it
may file a plan of reorganization for 120 days from August 9,
2023. The Debtor further requests that the Court to extend the
exclusive confirmation period by 60 days.
The Debtor pointed out that the Court recently appointed an
Examiner whose investigation and ultimate report may impact any
disclosure statement and plan. The Debtor also stated that its
regular operations were interrupted for over two months as a
result of its dispute with Mr. Christopher Burke, the Chapter 7
trustee of the Debtor's former manager, Hughes Private Capital.
The Debtor explained that they have only recently reached an
interim resolution reinstating the status quo regarding the
administration of 12 Bridges, Inc.'s properties under the Power
of Attorney. The Debtor stated that the parties will also be
participating in a settlement conference to attempt to arrive at
a final global resolution of their disputes. The Debtor claimed
that the outcome of any settlement will be an important part of
its plan because its claim against 12 Bridges is a significant
asset of its estate, and the it anticipates using the 12 Bridges
properties to fund the plan.
Guardian Fund, LLC is represented by:
Stephen R. Harris, Esq.
Norma Guariglia, Esq.
HARRIS LAW PRACTICE LLC
850 E. Patriot Blvd., Suite F
Reno, NV 89511
Tel: (775) 786-7600
Email: steve@harrislawreno.com
norma@harrislawreno.com
About Guardian Fund
The WendellLa and Nancy King Family Trust and several other
creditors represented by Jeffrey L. Hartman filed a Chapter 7
involuntary petition (Bankr. D. Nev. Case No. 23-50117) against
Guardian Fund, LLC, a company in Reno, Nev., on March 17, 2023.
On April 11, 2023, Guardian Fund filed a Chapter 11 voluntary
petition (Bankr. D. Nev. Case No. 23-50233). At the time of the
filing, Guardian Fund reported $10 million to $50 million in
assets and $50 million to $100 million in liabilities.
On April 27, 2023, the Nevada bankruptcy court approved the
stipulation filed in both cases by Guardian Fund and the
petitioning creditors. The order directed the consolidation of
the two cases, with Case No. 23-50177 as the lead case, and set
the Chapter 11 petition date to March 17, 2023. Judge Natalie M.
Cox oversees the case.
The Debtor tapped Harris Law Practice, LLC and Excelsis
Accounting Group as legal counsel and accountant, respectively.
On May 10, 2023, the U.S. Trustee for Region 17 appointed an
official committee to represent unsecured creditors. Sallie B.
Armstrong, Esq., at McDonald Carano, LLP serves as the
committee's legal counsel.
Jeffrey Golden, Esq., is the examiner appointed in the Debtor's
Chapter 11 case.
HIGHPEAK ENERGY: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed HighPeak Energy Inc.'s Long-Term Issuer
Default Rating (IDR) at 'B'. Fitch has assigned a rating of
'BB'/'RR1' to the proposed senior secured super priority revolving
facility and 'BB-'/'RR2'on the $1.2 billion senior secured term
loan. The Rating Outlook is Stable.
HighPeak's rating reflects their Permian asset base with high
liquids exposure and high netbacks, solid drilling inventory of
economic locations, increased size and scale, have addressed the
2024 maturity wall and the highly utilized RBL facility, have
improved their 12-month hedge coverage, and leverage is forecast to
remain below 1.5x through the cycle based on the Fitch price deck.
These factors are partially offset by the company's small but
increasing production size and reserve replacement.
The Stable Outlook reflects Fitch's expectation of positive FCF
going forward which will be used to reduce the term loan facility.
Fitch has withdrawn the issue-level ratings on HighPeak Energy
Inc.'s reserve-based lending facility and both of the 2024
unsecured notes ($225MM February 2024 notes and the $250MM November
2024 notes) following repayment.
KEY RATING DRIVERS
Refinancing Risk Reduced with Near-Term Transition to Positive FCF:
Fitch believes the refinancing of the 2024 notes and repayment of
the RBL facility with the $1.2 billion senior secured term loan
facility is positive and reduces near-term refinancing risk.
Following the refinancing, HighPeak will have approximately $200
million cash on the balance sheet and an undrawn $100 million
senior secured super priority revolving facility. The expected
transition to positive FCF in 3Q23 going forward will assist in
debt reduction. Fitch notes that the company is working through its
strategic alternatives evaluation to maximize shareholder value
including a potential sale of the company.
Overall, Fitch forecasts HighPeak to outspend cash flows in 2023
given the expected elevated capex levels incurred in 1H23. Fitch
expects the company will generate positive FCF in 2024 at Fitch's
$70/bbl WTI price assumption, which should allow for elevated
repayment of the term loan given the excess cash flow sweep in
place. Given the short-term nature of the company's rig contracts,
management could scale back its rig count to preserve liquidity in
a weakened oil price environment.
Small but Increased Size: HighPeak's ratings reflect the company's
small but increased production size concentrated in the Northern
Midland basin. The company's asset base (approximately 113,600 net
acres) is in the Northern Midland basin in two large contiguous
blocks (approximately 63,200 and approximately 50,400 in Flat Top
and Signal Peak, respectively), with opportunity for 12,000+ foot
laterals. The assets are liquids-oriented with 42.2 thousand
barrels of oil equivalent per day (mboepd) at 2Q23 production with
approximately 93% liquids and approximately 84% oil. Management has
identified approximately 2,500 total locations at 4Q22, and
estimates 61.3 MMboe total proved developed reserves at FYE 2022.
Minimal legacy development allows HighPeak to utilize industry
learning to optimize development patterning and completion across
their delineated formations. Much of the Midland basin is
well-developed, particularly the Lower Spraberry and Wolfcamp A and
B zones, which supports expected well results. Fitch believes
HighPeak Energy's acreage is less de-risked than other companies,
and well results could vary across the region.
Execution Risk Around Growth Strategy: Fitch believes there are
execution risks associated with HighPeak's growth strategy albeit
slightly reduced as production is currently in the 50 mboepd range.
HighPeak has front loaded its 2023 capex in 1H23 and has reduced
the rig count to two rigs from five rigs in June and have reduced
frac crews to two from three in April for the remainder of 2023
which is expected to result in quarter-on-quarter positive FCF from
3Q23 forward. Exit production at 4Q22 was 39.9 mboepd, and
managements 2023 production guidance is between 45 mboepd and 51
mboepd.
HighPeak operates in Flat Top, which is in Northeastern Howard
County, and Signal Peak, which is in Southeastern Howard County.
These areas are less developed than Western Howard County; however,
performance to date has been strong driven primarily by HighPeak's
high liquids mix (93% liquids, 84% oil) which has been higher than
other counties in the Midland basin. Additionally, the Fitch
calculated netbacks of $39.4 at 2Q23 is higher than its peer group.
While management was not able to complete the bond issuance earlier
in the year as expected, Fitch believes the new term loan facility
will require the company to transition to a normalized growth plan
in line with peers going forward. This reduces their execution risk
in an extended weakened pricing environment.
Improved Near-Term Hedge Book: Fitch believes HighPeak's current
hedge coverage reduces the company's downside risk from weakened
commodity prices. HighPeak's hedge program covers approximately 70%
of oil production for the remainder of 2023, which decreases to
approximately 35% of oil production hedged for 2024 which will
increase in the near-term.
Shortly after closing, the term loan requires a one-time minimum
hedging of 75% of forecasted PDP of crude oil production for each
calendar month to be hedged for 24 months with all incremental
hedges to be comprised of swaps, collars and puts, based on a
reserve report provided to the lenders prior to the close of the
$1.2 billion senior secured term loan facility. Currently, HighPeak
has used swaps and deferred premium puts as its hedging strategy
for 2023 and 2024 hedges.
Sub-1.5x Leverage Profile: Fitch forecasts HighPeak's leverage to
be approximately 1.5x at FYE 2023 and remain under 1.0x for the
remainder of the forecast. Management has stated its priorities are
balance sheet protection and conservative financial policy,
reinforced by equity contributions to-date of approximately $760
million excluding the $155 million equity issuance completed in
July 2023 (approximately 67% by management and largest
shareholders). Fitch expects further deleveraging over time as the
production profile stabilizes with FCF used to reduce gross debt in
the near term.
DERIVATION SUMMARY
HighPeak Energy is a relatively small, growth-oriented operator
with average daily production of approximately 42.2 mboepd in 2Q23
(2023 average production guidance range of 45 mboepd to 51 mboepd),
which is smaller than its Permian peers, Matador Resources Company
(BB-/Stable; 106.7 mboepd in 1Q23), Callon Petroleum
Company(B+/Stable, following the announcement of the Eagle Ford
divestitures, equity issuance and Percussion Petroleum II
acquisition; pre-announcement 100.0 mboepd in 1Q23), Crownrock,
L.P. (BB-/Stable; 140.0 mboepd in 3Q22) and SM Energy Company
(BB-/Stable; 146.4 mboepd in 1Q23).
In terms of cost structure at 1Q23, HighPeak's Fitch-calculated
unhedged cash netback of $44.5 per barrel of oil equivalent (boe;
67% margin) is stronger than its peers, Matador ($38.2/boe; 73%
margin), Callon Petroleum ($31.3/boe; 59% margin), SM Energy
($29.4/boe; 68% margin) and CrownRock ($32.9/boe; 73% margin).
The company's forecast sub-1.5x leverage which is similar to its
peer group in terms of leverage.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer:
- WTI oil price of $75/bbl in 2023, $70/bbl in 2024, $65/bbl in
2025, $60/bbl in 2026 and $57/bbl thereafter;
- Henry Hub natural gas price of $3.00/mcf in 2023, $3.50/mcf
in 2024, $3.00/mcf in 2025 and $2.75/mcf thereafter;
- Low- to mid-single digit organic production growth over the
forecast period;
- Refinancing of the 2024 $475 million senior unsecured notes
and RBL facility to 2026 as planned;
- Annual capex of $1.05 billion in 2023 reducing to $600 million
afterwards;
- Moderate opex efficiencies as production size increases,
tempered by increasing service cost environment from recent
lows.
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that HighPeak Energy would be
reorganized as a going-concern in bankruptcy rather than
liquidated.
Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
- Fitch assumed a bankruptcy scenario exit EBITDA of $370 million.
This GC EBITDA reflects Fitch's projections under a stressed case
price deck with a prolonged commodity price downturn ($65/WTI and
$2.50/mcf gas in 2023, decreasing to $32/bbl WTI and $2.25/mcf gas
in 2025).
- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch base the
enterprise valuation, which reflects the decline from current
pricing levels to stressed levels and then a partial recovery
coming out of a troughed pricing environment. Fitch believes that a
lower-for-longer price environment combined with continued
aggressive growth and consequent RBL-funded capital outspend and
liquidity erosion could pose a plausible bankruptcy scenario for
HighPeak.
- An enterprise value multiple of 3.0x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value. The
choice of this multiple considered the following factors:
- The historical bankruptcy case study exit multiples for peer
companies ranged from 2.8x to 7.0x, with an average of 5.2x and a
median of 5.4x;
- The lower multiple takes into consideration HighPeak's
oil-weighted Midland Permian asset base, which has increased risk
since it is less developed.
Liquidation Approach
- The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors;
- Fitch considers valuations such as SEC PV-10 and M&A transactions
for each basin including multiples for production per flowing
barrel, proved reserves valuation, value per acre and value per
drilling location;
- The revolver is assumed to be 100% drawn upon default. The senior
secured super priority revolving facility is senior to the senior
secured term loan in the waterfall;
- The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' for the senior secured super
priority revolving facility ($100 million) and 'RR2' for the senior
secured term loan ($1,200 million), which is consistent with
Fitch's Notching and Recovery Rating Criteria.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Consistent track record of reserve replacement and total
production above 70 Mboepd;
- Continued positive FCF generation that allows for gross debt
reduction;
- Proactive management of the capital structure that shows
sustained access to the capital markets and reduces refinancing
risks;
- Mid-cycle EBITDA leverage sustained below 2.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Material reduction in liquidity and/or negative FCF which
limits the ability to repay gross debt;
- Failure to complete the proposed revolver facility in a
timely manner;
- Failure to realize production growth resulting in production
sustained below 30 Mboepd;
- Mid-cycle EBITDA leverage sustained above 3.0x.
LIQUIDITY AND DEBT STRUCTURE
Improving Liquidity: Fitch notes the improving liquidity following
the repayment of the $475 million senior unsecured notes and RBL
facility with the new three-year $1.2 billion senior secured term
loan and $100 million super priority revolving facility. This
extends the 2024 near-term maturity wall to 2026.
Proforma for the refinancing, HighPeak's liquidity consists of
approximately $200 million of cash on its balance sheet and
expected full availability under their $100 million super priority
revolving facility. Fitch believes the company's capital structure
is appropriate given the ramp up in size and scale, the expected
positive FCF from 3Q23 onwards and the availability under the new
revolver facility.
ISSUER PROFILE
HighPeak is an independent energy exploration and production
company operating in Howard County in the Northern Midland Basin of
the Permian in west Texas. Its assets consist of approximately
63,200 net acres in Flat Top and 50,400 acres at Signal Peak.
ESG CONSIDERATIONS
HighPeak Energy Inc. has an ESG Relevance Score of '4' for Energy
Management that reflects the company's cost competitiveness and
financial and operational flexibility due to scale, business mix,
and diversification. These factors have a negative impact on the
credit profile and are relevant to the rating in conjunction with
other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
HighPeak
Energy Inc. LT IDR B Affirmed B
senior secured LT BB- New Rating RR2
USD 1.2 bln
Floating SOFR
7.5% term loan
05-Sep-2026 LT BB- New Rating RR2
senior
unsecured LT WD Withdrawn B+
USD 225 mln
10% bond/note
15-Feb-2024
43114QAA3 LT WD Withdrawn B+
USD 250 mln
10.625%
bond/note
15-Nov-2024
43114QAC9 LT WD Withdrawn B+
senior secured LT WD Withdrawn BB
USD 700 mln
3.25% ABL
01-Oct-2025 LT WD Withdrawn BB
super senior LT BB New Rating RR1
USD 100 mln
revolving
credit facility LT BB New Rating RR1
HILTON GRAND: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) for Hilton Grand Vacations, Inc. and Hilton Grand Vacations
Borrower LLC (collectively, HGV) to 'BB' from 'BB-'. Fitch has also
upgraded the senior secured revolver and term loan to 'BBB-/'RR1'
from 'BB+'/'RR1' and the unsecured notes to 'BB'/'RR4' from
'BB-'/'RR4'. The Rating Outlook is Stable.
The ratings reflect HGV's strong competitive position as one of the
largest timeshare operators and its strong profitability and cash
flow profile. This is offset by the potential for macroeconomic
headwinds and its impact on the cyclical nature of the timeshare
industry, including an increase in defaults of timeshare
receivables.
HGV has exhibited strong EBITDA growth and FCF generation since
2021, resulting in EBITDAR leverage below Fitch's upgrade
sensitivity. The Stable Outlook following the upgrade reflects
HGV's strong FCF growth and debt reduction despite the potential
for macroeconomic weakness.
KEY RATING DRIVERS
FCF Growth Driving De-Leveraging: Strong growth in HGV's EBITDA and
FCF since 2021 has resulted in debt reduction and improved leverage
metrics. Fitch's EBITDAR leverage has declined from 6.7x in 2021 to
3.6x in 2022 and is expected to remain in the low mid-3X range
during the forecast horizon. Fitch's EBITDAR calculation excludes
HGV's net interest margin from timeshare financing and the related
non-recourse debt but includes an adjustment to ensure proper
capitalization of the company's captive finance operations, which
is zero for 2023 given the abundance of timeshare receivable assets
over securitize receivable debt.
The forecasted deleveraging results from a combination of EBITDA
and FCF growth and anticipated further debt reduction despite an
assumption of material stock repurchases. Fitch expects HGV to
generate substantial FCF in the medium term due to limited
development spend under its 'just-in-time' model and modest
inventory spend.
HGV has a public net adjusted (company defined) EBITDA/Debt target
of 2.0x-3.0x, which includes financing income and nets gross debt
with cash, securitized debt, and gross receivables eligible for
securitization. HGV's net leverage as of June 30, 2023 was 2.7x.
Resiliency in Downturn: Despite a 71% drop in net sales of vacation
ownership interests (VOI) in 2020, HGV generated positive FCF from
recurring revenues sources including consumer financing, club
management and rental and property management fees. Recurring
revenues represented 42% of total revenues in 2Q23. Low capital
spending and the ability to manage inventory on a just-in-time
basis also provides flexibility during a downturn.
Timeshare receivables experienced a default rate of 8.9% in 2021
and 6.3% in 2020, and peaked at 6% during the global financial
crisis. In a default, HGV typically retains ownership of the VOI,
which it can rent or sell to another customer. Thus, loan losses
are relatively low despite high default rates. In addition, the
weighted average FICO score of 736 (out of a maximum potential of
850) as of June 30, 2023 is considered by Fitch to be of good
quality.
Increasing Focus on New Buyers: Fitch positively views HGV's
increasing focus on new owner sales and expects new owner sales as
a percentage of total sales to grow to over 30% through 2025. New
buyers, who contributed 29% of HGV's 2Q23 contract sales, are
particularly important in the timeshare industry given the heavy
reliance on existing owner purchases for revenue. New buyers result
in lower VPG and margins, but management expects these buyers will
purchase an estimated $1.19 in additional upgrades over every $1 of
initial purchase over 20 years. New customers also add to recurring
revenues as the average Club and Resort Management annual revenue
per member was $907 in 2022 with a 70% margin financing while
financing (approximately 62% of buyers finance their purchases) has
a 65% margin.
Diamond Integration Mostly Completed: The acquisition of Diamond in
2021 has mostly been integrated into the HGV system. The company
initially expected synergies of $125 million but has so far
achieved $150 million. HGV also reached its targeted leverage ratio
of 3x only six months since the close of the acquisition. The
benefits of the acquisition include integrating a large independent
timeshare with no hotel brand affiliation into the Hilton brand,
addition of excess developed inventory, and broadening the customer
segment along varying price points.
Inflationary Risks Manageable: Fitch's assumptions for the
timeshare industry include a heightened level of inflation and an
increasing prevalence of recessionary risks. However, Fitch expects
inflation risks to be manageable for the timeshare industry, and
for HGV, specifically. Rising inflation can improve the value
proposition for timeshare properties relative to the increased cost
of alternative products such as hotels and vacation rentals.
Moreover, wages and other expenses at the property level are borne
by the homeowners' associations and HGV's marketing and sales
positions are commission based.
Management also added approximately $750 million of fixed interest
rate swaps in 2020 and 2021 to hedger their floating rate debt.
Finally, Fitch expects inflation to have a limited impact on HGV's
development spending as the issuer has no material construction
projects underway and has ample excess inventory (approximately $12
billion, or six-year inventory) on its balance sheet with the
ability to reacquire low cost inventory.
Well Positioned in a Competitive Industry: HGV is a top three
timeshare operator based on owner families, which provides
economies of scale and facilitates third-party marketing
relationships. HGV is well positioned within the high-end spectrum
of the timeshare industry and has a diversified portfolio of
vacation ownership brands. The integration of Diamond Resorts
further broadens HGV's addressable market through an expanded
regional network in the U.S. as well as a wider range of products
and price points. HGV has exclusive rights to the Hilton name for
the timeshare business on a 100-year license and has access to 158
million members in the Hilton Honors program, which is one of the
strongest loyalty programs in the industry. Loyalty programs are
crucial for chains like Hilton, as these programs drive repeat
business which translates into repeat selling opportunities in the
timeshare industry.
Cyclicality of Timeshare Industry: The domestic timeshare market is
mature, with above average economic cyclical sensitivity owing to
the consumer discretionary nature of the product. During the Great
Financial Crisis, industry-wide VOI sales declined over 27%, which
exceeded most other Gaming, Lodging & Leisure sub-sectors' degrees
of cyclicality. The industry has a variety of competitive
alternatives, including the hotels and alternative lodging
accommodation businesses, such as Airbnb, Inc., Vrbo and FlipKey.
The consolidation of the industry into smaller, but well
capitalized companies has allowed the industry to sustain and
recover more quickly from economic downturns.
DERIVATION SUMMARY
HGV's ratings reflect its leading position in the timeshare
industry, its strong brand affiliation and network and its robust
liquidity due to limited near-term debt maturities. The
discretionary and cyclical nature of timeshare sales balance the
ratings.
HGV is one of the largest timeshare operators with approximately
519,000 members in its system. Travel + Leisure Co. (TNL;
BB-/Negative) is the largest with 816,000 owner families, followed
by Marriott Vacations Worldwide (VAC) with 700,000. HGV does
generate higher EBITDA than VAC and TNL and has a stronger
EBITDA-to-FCF conversion rate.
HGV's revenues are less diversified than TNL's and VAC, which own
the Resorts Condominium International and Interval International
timeshare exchange networks respectively. EBITDA leverage is in
line with TNL and VAC in the 2.0x-3.0x range.
Under Fitch's Corporate Rating Criteria treatment for corporate
issuers with captive finance subsidiaries, Fitch calculates an
appropriate target debt-to-equity ratio for the finance subsidiary
based on its asset quality, funding, and liquidity. If the finance
subsidiary's target debt-to-equity ratio, based on Fitch's
calculations, is lower than the actual ratio, Fitch assumes that
the parent injects additional equity into the finance subsidiary to
bring the debt-to-equity ratio down to the appropriate target
level. Fitch's Corporate Rating Criteria assumes that the corporate
entity (HGV) funds the capital injection either by an increase in
gross debt, a reduction in cash, or a combination of the two. On an
as-reported basis, Fitch considers the effect of this equity
injection in its analysis of HGV's credit profile vis-a-vis an
increase in gross debt.
For HGV's captive finance subsidiary, Fitch calculates an
appropriate target debt-to-equity ratio of 1.0x, which is in-line
with the actual ratio as of June 30, 2023. As a result, Fitch did
not make an adjustment to its adjusted leverage calculation for
HGV.
Given the strong FCF profile of HGV, Fitch expects cash will
accumulate through the forecast years despite an assumption for
share buybacks. HGV has historically maintained strong cash and
cash equivalents, which provides ample liquidity to fund working
capital requirements.
KEY ASSUMPTIONS
- Revenues and net VOI sales (pro forma for the Diamond
acquisition) reach approximately 100% of fiscal 2019 levels by
4Q 2023 and flat to low, single-digit growth in the forecast;
- EBITDA margins maintained in the 22% to 23% range through 2025;
- Financing income and expense not included in EBITDA;
- Base interest rates applicable to the company's outstanding
variable rate debt obligations reflects current SOFR forward
curve;
- Inventory spend of $200 million annually through 2026;
- Share buybacks of $300 million annually through 2026;
- No material acquisitions or dispositions occur through 2026.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Greater diversification by or business line and scale through
material increase in owner families.
- Adjusted EBITDA Leverage sustaining below 2.5x;
- Evidence of through-the-cycle sustainability in the company's
capital-light inventory sources such that it does not
materially affect HGV's financial flexibility and operational
strategy.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDA Leverage above 3.5x;
- Severe disruption in the ABS markets such that HGV needs to
provide material support to its captive finance subsidiary;
- Material decline in profitability, leading to EBITDA margins
sustaining around 15%;
- Consistently negative FCF.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity Profile, Limited Near-Term Debt Maturities: At
2Q23, HGV has $252 million in cash and cash equivalents on hand,
and $671 million of available capacity, net of letters of credits,
under its $1.0 billion revolving credit facility. The strength of
HGV's liquidity profile is further driven by a lack of meaningful
near-term debt maturities. HGV also has $336 million of restricted
cash.
Since HGV is reliant on the asset-backed securities (ABS) market to
help fund its timeshare customer lending activities, a significant
economic downturn resulting in tightened credit markets could
pressure HGV's securitization market access and potentially require
the company to provide support to its finance subsidiary. This risk
is mitigated by the company's $750 million receivable
securitization warehouse facility, which HGV upsized from $450
million, in May 2022, which had $710 million of available borrowing
capacity as of June 30, 2023.
HGV completed a $293 million securitization on Aug. 10, 2023 at an
overall weighted average coupon of 5.94% and an advance rate of
97%. Proceeds will be used to repay debt and other general
corporate purposes.
ISSUER PROFILE
Hilton Grand Vacations, Inc. (NYSE: HGV) is a global timeshare
company that develops, sells and manages timeshare resorts under
the Hilton Grand Vacations brand.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Hilton Grand
Vacations
Borrower LLC LT IDR BB Upgrade BB-
senior
unsecured LT BB Upgrade RR4 BB-
senior secured LT BBB- Upgrade RR1 BB+
Hilton Grand
Vacations Inc. LT IDR BB Upgrade BB-
INTOUCH FOOTWEAR: Robert Goe Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a
practicing attorney in Irvine, Calif., as Subchapter V trustee for
Intouch Footwear, Inc.
Mr. Goe will be paid an hourly fee of $545 for his services as
Subchapter V trustee while his case administrator, Arthur Johnston,
will be paid an hourly fee of $195. In addition, the Subchapter V
trustee will receive reimbursement for work-related expenses
incurred.
Mr. Goe declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Goe, Esq.
17701 Cowan
Building D, Suite 210
Irvine, CA 92614
Telephone: (949) 798-2460
Facsimile: (949) 955-9437
Email: bktrustee@goeforlaw.com
About Intouch Footwear
Intouch Footwear, Inc. is a corporation in Rowland Heights, Calif.,
engaged in wholesale importation and sale of footwear. Its business
model involves sourcing and importing footwear from Southeast Asia,
storing the inventory in its leased warehouses and selling the
imported items to various retailers.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-15730) on Sept. 1,
2023, with $2,388,947 in total assets and $3,924,149 in total
liabilities. John C. Lay, chief executive officer, signed the
petition.
Judge Barry Russell oversees the case.
Vahe Khojayan, Esq., at YK Law, LLP, represents the Debtor as legal
counsel.
JAMAICAN SPOT: Alexandra Garrett Named Subchapter V Trustee
-----------------------------------------------------------
Mark Zimlich, the U.S. Bankruptcy Administrator for the Southern
District of Alabama, appointed Alexandra Garrett as Subchapter V
trustee for The Jamaican Spot, LLC.
About The Jamaican Spot
The Jamaican Spot LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 23-12009) on
Aug. 31, 2023, with up to $50,000 in assets and $50,001 to $100,000
in liabilities.
Judge Jerry C. Oldshue oversees the case.
James D. Patterson, Esq., at James Patterson, LLC represents the
Debtor as bankruptcy counsel.
JENKAM BUILDERS: Brad Odell Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 6 appointed Brad Odell, Esq., at Mullin
Hoard & Brown, LLP, as Subchapter V trustee for Jenkam Builders,
LLC.
Mr. Odell will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Odell declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brad W. Odell
Mullin Hoard & Brown, LLP
P. O. Box 2585
Lubbock, TX 79408
806-712-1238-direct
806-765-7491-office
469-449-3690-mobile
Email: bodell@mhba.com
About Jenkam Builders
Jenkam Builders, LLC filed Chapter 11 petition (Bankr. N.D. Texas
Case No. 23-31960) on Sept. 4, 2023, with $500,001 to $1 million in
assets and $100,001 to $500,000 in liabilities.
Joyce W. Lindauer of Joyce W. Lindauer Attorney, PLLC represents
the Debtor as legal counsel.
KINGDOM CONCEPTS: Scott Seidel Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter
V trustee for Kingdom Concepts, LLC.
Mr. Seidel will be paid an hourly fee of $495 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott Seidel
6505 West Park Blvd., Suite 306
Plano, TX 75093
214-234-2500-main
214-234-2503-direct
Email: scott@scottseidel.com
About Kingdom Concepts
Kingdom Concepts, LLC filed Chapter 11 petition (Bankr. N.D. Texas
Case No. 23-31895) on Aug. 31, 2023, with up to $500,000 in both
assets and liabilities. Cedric Brown, manager, signed the
petition.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as legal counsel.
KLX ENERGY: Greene's Investment, et al. Report 12.6% Equity Stake
-----------------------------------------------------------------
In a Schedule 13G/A filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of common stock of KLX Energy Services Holdings, Inc. as of Sept.
1, 2023:
Shares Percent
Beneficially of
Reporting Person Owned Class
Greene's Holding Corp 800,962 4.9%
Greene's Investment Holdings LLC 2,061,484 12.6%
Denham IV Continuation Fund LP 2,061,484 12.6%
Denham IV Continuation Fund GP LP 2,061,484 12.6%
Denham IV Continuation GP LLC 2,061,484 12.6%
Denham Capital Management LP 2,061,484 12.6%
Denham Capital Management GP LLC 2,061,484 12.6%
Stuart D. Porter 2,061,484 12.6%
These percentages are calculated based on 16,407,421 shares of
Common Stock outstanding as of August 3, 2023, as reported in the
Issuer's Quarterly Report on Form 10-Q filed with the SEC on Aug.
10, 2023.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1520346/000114036123043811/ef20010531_sc13ga.htm
About KLX Energy
KLX Energy Services Holdings, Inc. -- www.klxenergy.com -- is a
provider of diversified oilfield services to leading onshore oil
and natural gas exploration and production companies operating in
both conventional and unconventional plays in all of the active
major basins throughout the United States. The Company delivers
mission critical oilfield services focused on drilling, completion,
production, and intervention activities for technically demanding
wells from over 60 service and support facilities located
throughout the United States. KLX's complementary suite of
proprietary products and specialized services is supported by
technically skilled personnel and a broad portfolio of innovative
in-house manufacturing, repair and maintenance capabilities.
KLX Energy reported a net loss of $3.1 million for the year ended
Dec. 31, 2022. For the 11-month transition period ended Dec. 31,
2021, the Company reported a net loss of $93.8 million.
* * *
As reported by the TCR on March 30, 2023, S&P Global Ratings
revised its outlook to positive from stable and affirmed its
'CCC+' issuer credit rating on KLX Energy Services Holdings LLC.
The positive outlook reflects S&P's view that KLXE's credit
measures will continue to improve over the next 12 months, based on
higher demand and improved pricing for its products and services.
LEARFIELD COMMUNICATIONS: Moody's Hikes CFR to Caa1, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service upgraded Learfield Communications, LLC's
Corporate Family Rating to Caa1 from Caa2 following the recent
restructuring of its capital structure in which all prior rated
debt was impacted. Moody's also assigned a Caa1 rating to the new
senior secured first lien credit facilities (including a $125
million revolving credit facility and $570 million of first lien
term loan). Concurrent with this rating action, Moody's downgraded
Learfield's Probability of Default Rating to D-PD from Caa3-PD
because the restructuring is considered a distressed exchange and
thus a default under Moody's definition. The D-PD will be a
temporary assignment and the PDR will be upgraded to Caa1-PD in a
few days. The ratings on the prior senior secured first lien term
loans were downgraded to Caa3 from Caa1 driven by projected
recovery values. The ratings on the previous senior secured 1st
lien revolver due 2023 and the second lien term loan were affirmed
at Caa1 and Ca, respectively. Moody's will withdraw the ratings on
the prior debt in the near term. The outlook was changed to stable
from negative.
The rating action follows Learfield's completion of a comprehensive
restructuring of its capital structure in which $986 million of the
prior first lien debt was converted to $550 million of new first
lien term loan. The $75 million second lien term loan was also
converted to $20 million of the same new first lien term loan (one
tranche of $570 million first lien term loan due 2028). The prior
first lien and second lien holders will also receive most of the
common equity in Learfield prior to the dilution from $150 million
in new equity. The $150 million equity raise will provide
additional liquidity to Learfield as the company continues to
recover from the pandemic. The previous $58 million
receivables-based SPV facility (not rated) was repaid at maturity
and the $125 million revolver was repaid in full, but the revolver
lenders have committed to extend the revolver maturity to 2027.
Governance was a key driver of the rating action reflecting the
company's aggressive financial strategy that contributed to the
debt restructuring.
Assignments:
Issuer: Learfield Communications, LLC
Backed 1st Lien Senior Secured Term Loan, Assigned Caa1
Backed 1st Lien Senior Secured Revolving Credit Facility, Assigned
Caa1
Downgrades:
Issuer: Learfield Communications, LLC
Probability of Default Rating, Downgraded to D-PD from Caa3-PD
Backed 1st Lien Senior Secured Term Loans, Downgraded to Caa3 from
Caa1
Upgrades:
Issuer: Learfield Communications, LLC
Corporate Family Rating, Upgraded to Caa1 from Caa2
Affirmations:
Issuer: Learfield Communications, LLC
Backed 1st Lien Senior Secured Revolving Credit Facility, Affirmed
Caa1
Backed 2nd Lien Senior Secured Term Loan, Affirmed Ca
Outlook Actions:
Issuer: Learfield Communications, LLC
Outlook, Changed To Stable From Negative
RATINGS RATIONALE
Learfield's Caa1 CFR reflects the very high leverage (approximately
8.3x as of March 31, 2023 pro forma for the restructuring and
excluding Moody's standard lease adjustments) and Moody's
expectation that debt to EBITDA will decline toward the 6x range in
FY 2024. Operating performance will continue to benefit from higher
sponsorship revenue during the upcoming college football and
basketball seasons, renegotiated multimedia rights agreements with
some colleges, and other cost savings. Improved sales execution of
existing assets will also contribute to growth. While Learfield has
made some changes to a few multimedia rights contracts, the company
will continue to have substantial guaranteed payments over a
multiyear period with its college media rights partners. Despite
Learfield's strong position in the industry, competition for
collegiate sports rights will remain high and colleges will
continue to seek increased fees for their media rights.
Learfield benefits from its significant size in the college
multimedia rights industry following the merger with IMG College.
The strong fan base for college sports and the underpenetrated
nature of college media rights compared to professional sports are
positive and will support higher sponsorship revenue over time.
Learfield also operates with long contract periods with its
collegiate multimedia rights partners in addition to a substantial
amount of pre-sold ad inventory. While Learfield's multimedia
rights business accounts for a significant portion of operations,
the company will also be focused on improving its licensing,
collegiate ticketing business and other operations.
Learfield's ESG Credit Impact Score is CIS-5 driven by the
company's exposure to governance risks (Issuer Profile Score of
G-5). While the debt restructuring lowered leverage levels,
extended debt maturities and improved the free cash flow generation
of the business, the company will continue to operate with elevated
leverage and the recently completed debt restructuring highlights
the company's inconsistent track record of performance which
contributed to the debt restructuring. Learfield will be owned
largely by former debt holders which are likely to pursue an exit
of their ownership position over time.
Moody's expects Learfield will have adequate liquidity with access
to an undrawn $125 million revolver due December 2027 and
significant cash on the balance sheet following the $150 million
equity rights offering completed as part of the restructuring
agreement. Free cash flow is likely to be modestly negative in the
near term, before turning slightly positive in FY 2024. Operating
cash flow is seasonal with the strongest results posted during the
quarters ending in December and March of each year.
The first lien term loan is covenant lite. The revolver will be
subject to a springing first lien leverage covenant starting on
December 31, 2023 of 8x (as calculated in the credit agreement)
with step downs going forward and applies when greater than 35% of
the facility is outstanding.
The stable outlook reflects Moody's expectations for a continued
improvement in operating performance that will lead to a reduction
in leverage to the 6x range in FY 2024. Lower interest expense,
renegotiated contracts and revenue growth will also support
modestly positive free cash flow in FY 2024. Despite Learfield's
leading position in the college multimedia rights industry, Moody's
expect industry conditions to remain competitive and that
performance will remain sensitive to economic conditions which have
the potential to elevate volatility in results.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A ratings upgrade could occur if leverage levels decline below 6x
with continued positive organic revenue growth. A good liquidity
position with meaningful revolver availability and positive free
cash flow would also be required.
A ratings downgrade could occur if leverage remained above 8x due
to lost multimedia rights contracts or overall weak operating
performance. A deteriorating liquidity position could also lead to
negative ratings pressure.
STRUCTURAL CONSIDERATIONS
The new first lien credit facility rating of Caa1 is in line with
the Caa1 CFR due to all first lien debt structure. The Caa1-PD
Probability of Default (PDR) rating (upgraded in around three
business days) reflects a 50% recovery in the event of default.
Learfield Communications, LLC (Learfield) (dba Learfield IMG
College) is an operator in the collegiate sports multimedia rights
and marketing industry. Atairos Group, Inc. acquired the company in
December 2016 from Providence Equity Partners, Nant Capital, and
certain members of management. In December 2018, Learfield
completed a merger with IMG College and the combined ownership
expanded to Endeavor Group Holdings, Silver Lake Partners, and
Atairos Group, Inc. prior to the restructuring of outstanding debt
in September 2023. The company is headquartered in Plano, TX with
satellite sales offices located on or near college campuses across
the country.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
LEARFIELD COMMUNICATIONS: S&P Upgrades ICR to 'B-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
college sports marketing company Learfield Communications LLC to
'B-' from 'SD' (selective default). S&P also raised its issue-level
ratings on its first-lien debt to 'B' from 'D' and revised our
recovery ratings to '2' from '3'.
S&P said, "The stable outlook reflects our expectation for the
company to maintain gross leverage (before lease and minimum
guarantee payment adjustments) of about 6x and free operating cash
flow (FOCF) to debt of 5%-7% over the next 12 months given recent
debt and cost restructurings.
"We view Learfield's capital structure as sustainable following the
completion of its debt restructuring and efforts to improve
profitability through contract renegotiations and cost-cutting
initiatives. Through restructuring, Learfield reduced its debt load
by more than half and extended the maturity on its remaining debt
by several years. In doing so, the company substantially increased
its financial flexibility and mitigated near-term default risk.
Learfield has also recently completed various cost and contract
restructurings that will aid in future EBITDA and cash flow growth
after the company has been burdened the past several years with
high interest payments and a challenged operating environment.
"As a result of these actions, we no longer view the company's
capital structure as unsustainable. In its fiscal 2024 (ending June
30, 2024), we expect the company to generate positive FOCF (after
purchase of intangibles) of $10 million-$20 million. This compares
with our expectations for negative FOCF generation of $100
million-$110 million in its fiscal 2023."
The cash flow improvement in 2024 is due to a lower interest burden
of about $60 million in 2024 compared with about $90 million in
2023, $25 million of run-rate costs savings expected to be fully
realized in 2024, and the recent restructuring of underperforming
contracts the company estimates will save about $20 million in
2024. This results in S&P reported gross leverage of about 6x
(before lease and minimum guarantee adjustments) and FOCF to debt
of 5%-7%.
S&P said, "We note there is a limited track record on what the
company's new ownership will do with its excess cash over the
long-term. That said, we expect the company to maintain a prudent
financial policy in the near term given its recent restructuring
and given that the new ownership group was willing to contribute
additional equity at the close of the company's debt transaction to
strengthen its liquidity."
Learfield's advertising revenue remains exposed to macroeconomic
risk. Learfield performs the strongest in periods with favorable
economic conditions and growth given its advertising revenues
depend on corporate advertising and marketing expenditures and
consumer discretionary spending. S&P Global economists expect a low
growth environment for the remainder of 2023 and into 2024, which
may limit the company's ongoing recovery from the pandemic.
S&P said, "If economic conditions deteriorate or stagnate beyond
our current expectations, the company's revenue and EBITDA
generation will likely be much weaker than our current forecast.
Learfield will need to continue to grow revenue in excess of its
minimum guarantee payments to its university partners to grow
EBITDA and sustain positive cash flow. The cost reductions and
contract concessions recently achieved by the company increases its
ability to do so, but the company has a limited track record
generating sustained EBITDA and cash flow growth following its
recent restructuring initiatives.
"The stable outlook reflects our expectation for the company to
maintain gross leverage (before lease and minimum guarantee payment
adjustments) of about 6x and FOCF to debt of 5%-7% over the next 12
months given recent debt and cost restructurings.
"We could lower our rating on Learfield if we view its capital
structure as unsustainable, which could occur if the company is
unable to generate positive sustained cash flow and liquidity
weakens such that it has difficulty meeting its financial
obligations. This could be caused by macroeconomic or competitive
pressures that lead to the company's advertising revenue growth not
keeping pace with growth in its minimum guarantee payments.This
would ultimately pressure margins and lead to EBITDA and cash flow
deterioration."
S&P could raise its rating on Learfield if:
-- The company establishes a track record of positive EBITDA and
cash flow growth; and
-- Learfield maintains leverage (before lease and minimum
guarantee payment adjustments) below 6x and FOCF to debt above 5%
on a sustained basis, and we believe its financial sponsors are
committed to maintaining leverage at these levels.
LIVEONE INC: Signs Business Loan Agreement With East West Bank
--------------------------------------------------------------
On Sept. 8, 2023 and effective as of Aug. 22, 2023, LiveOne, Inc.
entered into a new Business Loan Agreement with East West Bank, to
convert the Company's current revolving credit facility with the
Senior Lender into an assets backed loan credit facility with the
Lender, which shall continue to be collateralized by a first lien
on all of the assets of the Company and its subsidiaries.
As disclosed in a Form 8-K filed by the Company with the Securities
and Exchange Commission, the Business Loan Agreement provides the
Company with borrowing capacity of up to the Borrowing Base (as
defined in the Business Loan Agreement). Pursuant to the Business
Loan Agreement, the requirement that the Company and its related
entities shall at all times maintain a certain minimum deposit with
the Senior Lender was reduced from $8,000,000 to $5,000,000.
Borrowings under the ABL Credit Facility are subject to certain
covenants as set forth in the Business Loan Agreement and bear
interest at a rate equal to the prime rate plus 2.50%, provided,
that it shall not be less than 7.00%. The Company may prepay at
any time without penalty all or a portion of the amount owed to the
Senior Lender. The Business Loan Agreement includes various
financial and other covenants with which the Company has to comply
in order to maintain borrowing availability, including maintaining
required minimum liquidity amount and Borrowing Base capacity.
Other covenants include, but are not limited to, covenants limiting
or restricting the Company's ability to incur indebtedness, incur
liens, enter into mergers or consolidations involving debt, dispose
of assets, make loans and investments and pay dividends. The
Business Loan Agreement also contains customary events of default
including, but not limited to, payment defaults, covenant defaults,
cross-defaults to other indebtedness, inaccuracy of representations
and warranties, bankruptcy and insolvency events, defects in the
Senior Lender's security interest, change in control events and
material adverse change. The occurrence of an event of default
could result in the acceleration of all obligations of the Company
to the Senior Lender with respect to indebtedness, whether under
the Business Loan Agreement or otherwise.
In connection with the Business Loan Agreement, the Company's
current Promissory Note, dated as of June 2, 2021, issued to the
Senior Lender in the principal amount of $7,000,000 continues in
effect except as modified by the Business Loan Agreement and the
Change in Terms Agreement, dated as of Aug. 22, 2023, entered into
by the Company and the Senior Lender in connection with the
Business Loan Agreement.
About LiveOne
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ:
LVO) (formerly known as LiveXLive Media, Inc.) is a creator-first,
music, entertainment and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events.
LiveOne reported a net loss of $10.02 million for the year ended
March 31, 2023, compared to a net loss of $43.91 million for the
year ended March 31, 2022. As of March 31, 2023, the Company had
$65.89 million in total assets, $62.07 million in total
liabilities, $4.83 million in redeemable convertible preferred
stock, and a total stockholders' deficit of $1.01 million.
Los Angeles, CA-based Macias Gini & O'Connell LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated June 29, 2023, citing that the Company has suffered
recurring losses from operations, negative cash flows from
operating activities and has a net capital deficiency. These
matters raise substantial doubt about the Company's ability to
continue as a going concern.
LJF INC: Seeks $148,189 DIP Loan from KF Holdings
-------------------------------------------------
LJF, Inc. asks the U.S. Bankruptcy Court for the Western District
of Pennsylvania for authority to use cash collateral and obtain
postpetition financing.
The Debtor has reached an agreement with its secured lender, KF
Holdings, LP, to borrow (i) an initial principal sum of $148,189,
plus (ii) any further principal amounts the Lender, in its sole
discretion, thereafter may agree (but is not committed or
obligated) to lend to the Debtor, to be secured by a first priority
lien on all unencumbered property and a subordinate lien on all
property that is subject to pre-petition, valid, perfected,
nonavoidable liens or security interests.
The DIP Facility is due and payable through the earliest of:
(i) December 29, 2023,
(ii) conversion or dismissal of the Bankruptcy Case,
(iii) consummation of a 363 Sale,
(iv) upon an earlier Material Adverse Change in the Bankruptcy
Case,
(v)the failure of the Final Order to be entered by the
Bankruptcy Court within 30 days after the Effective Date, unless
extended pursuant to a written instrument executed by the Holder
and approved by the Bankruptcy Court, or
(vi) the effective date of any plan of reorganization
(including any plan of liquidation) that is confirmed by the
Bankruptcy Court.
The Debtor has agreed to comply with these milestones:
(a) On or before September 29, 2023, the Debtor must file a
motion or motions seeking Bankruptcy Court approval of a 363 Sale
Process and a 363 Sale of all or substantially all of the Debtor's
Assets;
(b) On or before October 27, 2023, the Bankruptcy Court must
enter a Sale Procedure Order, in form and content reasonably
acceptable to the Lender;
(c) A hearing to consider approval of the 363 Sale must be
scheduled to take place not later than November 29, 2023;
(d) by December 1, 2023, the Bankruptcy Court must enter an
order, in form and content reasonably acceptable to the Lender,
approving the 363 Sale; and
(e) the 363 Sale must be consummated not later than December
29, 2023.
The Debtor requires the use of cash collateral and obtain DIP loan
to pay an installment owed for its casualty and other insurances to
operate its trucking operations on a post-petition basis and in
order to conform with the laws of the Commonwealth of Pennsylvania
and the requirements of the United States Trustee.
In view of its other obligations, including payroll, the Debtor
presently lacks sufficient funds with which to pay an insurance
premium finance installment due on or about August 31, 2023. If
that installment is not paid, the insurance premium finance company
will notify the insurer of Debtor's non-payment and seek to
terminate Debtor's insurance coverage. Without that insurance
coverage, the Debtor's trucking and logistics business cannot
operate in compliance with applicable law and would have to cease
its operations.
The Debtor submits that all cash held by the Debtor on the Petition
Date and all proceeds from the post-petition collection of the
Debtor's pre-petition accounts receivable constitute cash
collateral within the meaning of 11 U.S.C. section 363(a).
Aside from the cash and the accounts receivable, the Debtor's
primary other assets are a fleet of trucks and equipment. With few
exceptions, almost all of the Debtor's equipment is encumbered by
pre-petition perfected liens. The Debtor does reserve the right to
examine the claimed liens of its Creditors, other than pre-petition
liens of the Lender (and the liens the Debtor proposes to grant to
the Lender for the DIP Loan), and subsequently object to those
other liens if warranted.
The Debtor's Budget sets forth the proposed usage of DIP Loan
proceeds and cash collateral by the Debtor. This Budget contains
annotations that will change as financial stability occurs and
initial adequate protection payments on reduced monthly payments
are accepted by its Creditors for the Budgeted period.
A copy of the motion is available at https://urlcurt.com/u?l=5JVuQN
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=qwaJg7
from PacerMonitor.com.
The Debtor projects total operating expenses, on a weekly basis, as
follows:
$77,105 for the week ending September 15, 2023;
$77,355 for the week ending September 22, 2023;
$47,679 for the week ending September 29, 2023;
$70,000 for the week ending October 6, 2023;
$39,800 for the week ending October 13, 2023;
$24,050 for the week ending October 20, 2023; and
$23,976 for the week ending October 27, 2023.
About LJF, Inc.
LJF, Inc. provides trucking and logistics to the coal industry. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Pa. Case No. 23-70316) on September 14, 2023. In
the petition signed by Leo C. Frailey, president, the Debtor
disclosed up to $10 million in both assets and liabilities.
David Z. Valencik, Esq., at Calaiaro Valencik, represents the
Debtor as legal counsel.
LOUISVILLE LUSH: Charity Bird Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Charity Bird of
Kaplan, Johnson, Abate, & Bird as Subchapter V trustee for
Louisville Lush Aesthetics, LLC.
Ms. Bird will be paid an hourly fee of $300 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Bird declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charity Bird
Kaplan, Johnson, Abate, & Bird
710 W. Main Street, 4th Floor
Louisville, KY 40202
Phone: (502) 540-8285
Email: cbird@kaplanjohnsonlaw.com
About Louisville Lush Aesthetics
Louisville Lush Aesthetics, LLC filed Chapter 11 Petition (Bankr.
W.D. Ky. Case No. 23-32060) on Sept. 1, 2023, with $500,001 to $1
million in both assets and liabilities.
Michael W. McClain, Esq., at Goldberg Simpson, LLC represents the
Debtor as legal counsel.
LUCENA DAIRY: Files for Chapter 11 Bankruptcy
---------------------------------------------
Lucena Dairy Inc. filed for Chapter 11 protection in the District
of Puerto Rico.
According to court filing, Lucena Dairy listed between $1 million
and $10 million assets and between $1 million and $10 million in
debt owed to 1 and 49 unsecured creditors. The petition states
funds will be available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for October 2, 2023, at 11:00 A.M.
About Lucena Dairy Inc.
Lucena Dairy Inc. is located in Hatillo, Puerto Rico. This
organization primarily operates in the Dairy Farms business.
Lucena Dairy sought relief under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No.Case No. 23-02835) on Sept. 8, 2023. In the
petition filed by Jorge Lucena Betancourt, as president, the Debtor
reported assets and liabilities between $1 million and $10 million.
The Debtor is represented by:
Carmen D. Conde Torres, Esq.
C. Conde & Associates
CARR 635 BO DOMINGUITO
ARECIBO, PR 00612
MALLINCKRODT: Latham, Quinn Emanuel Pressed for Antitrust Case Docs
-------------------------------------------------------------------
Aaron West of Law360 reports that the city of Rockford, Illinois,
is pushing two law firms that represent pharmacy benefits manager
Express Scripts and drug manufacturer Mallinckrodt PLC in antitrust
litigation and a related bankruptcy proceeding to comply with
subpoenas the city issued over disputed contractual documents that
concern alleged price-fixing of a seizure medication.
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 Aug. 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.
MDWERKS INC: Signs Second Amendment to Two Trees Merger Agreement
-----------------------------------------------------------------
MDwerks, Inc., MD-TT Merger Sub, Inc., a wholly owned subsidiary of
the Company, and Two Trees Beverage Co. on Sept. 11, 2023, entered
into Amendment No. 2 to the Merger Agreement.
Pursuant to the terms of Amendment No. 2, all of the common stock
and all of the preferred stock of Two Trees will be treated equally
in the Merger and will collectively be converted into a total of
60,000,000 shares of the Company's common stock (being the Merger
Consideration, as defined in the Merger Agreement), pro rata based
on the total of all of the common stock and all of the preferred
stock of Two Trees.
In addition, pursuant to the terms of Amendment No. 2, the
requirement in the Merger Agreement that the Company's common stock
issued at the closing of the Merger will be subject to a lock-up
agreement was removed.
MDwerks entered into a Merger Agreement, dated as of Feb. 13, 2023,
by and between the Company, MD-TT Merger Sub, Inc. and Two Trees.
On Feb. 16, 2023, the Company, Merger Sub and Two Trees entered
into Amendment No. 1 to Merger Agreement.
About MDWerks
MDwerks, Inc. is a public shell company seeking to create value for
its shareholders by merging with another entity with experienced
management and opportunities for growth in return for shares of its
common stock.
MDwerks reported a net loss of $136,721 for the year ended Dec. 31,
2022, compared to net income of $37,976 for the year ended Dec. 31,
2021. As of Dec. 31, 2022, the Company had zero asset, $128,075 in
total liabilities, and a total stockholders' deficit of $128,075.
Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 27, 2023, citing that the Company has suffered net losses
from operations and a deficit in equity, which raises substantial
doubt about its ability to continue as a going concern.
MERCURITY FINTECH: Schedules Annual General Meeting for Oct. 2
--------------------------------------------------------------
Mercurity Fintech Holding Inc. notified its shareholders that an
Annual General Meeting of Shareholders will be held at 9:30 a.m.
Eastern Time on Oct. 2, 2023. The record date is Sept. 7, 2023.
The Meeting will be held at 1330 Avenue of the Americas, Fl 33, New
York, NY 10019, to consider and, if thought fit, passing and
approving the following proposals:
1. By way of an ordinary resolution, that (a) each of Dr. Alan
Curtis, Dr. Cong Huang and Mr. Hui Cheng be re-elected to serve on
the Company's Board of Directors as independent directors, and (b)
each of Mr. Shi Qiu, Mr. Daniel Kelly Kennedy and Ms. Qian Sun be
re-elected to serve on the Company's Board as directors, each of
the Re-electing Directors to hold office until the next annual
shareholders general meeting and shall be eligible for re-election
thereat or until their successors are duly elected, appointed and
qualified in accordance with the Company's memorandum and articles
of association;
2. By way of an ordinary resolution, to ratify the appointment
of Onestop Assurance PAC as the Company's independent registered
public accountants for the current fiscal year ending Dec. 31,
2023;
3. By way of a special resolution, the Fifth Amended and
Restated Memorandum and Articles of Association, a copy of which is
produced to the Meeting and marked "Appendix A" and initialed by
the chairman of the Meeting for the purpose of identification, be
approved and adopted as the Fifth Amended and Restated Memorandum
and Articles of Association of the Company in substitution for and
to the exclusion of the Fourth Amended and Restated Memorandum and
Articles of Association of the Company with effect from the close
of the Meeting;
4. By way of an ordinary resolution, to increase the authorized
share capital of the Company
FROM US$250,000 divided into 62,500,000 ordinary shares with
a par value of US$0.004 each,
TO US$4,000,000 divided into 1,000,000,000 ordinary shares of
a par value of US$0.004 each,
by the creation of an additional 937,500,000 ordinary shares
with a par value of US$0.004 each; and
5. To transact other such business as may properly come before
the Meeting or any adjournment thereof.
About Mercurity
Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a
digital fintech group powered by blockchain technology. The
Company's primary business scope includes digital asset trading,
asset digitization, cross-border remittance and other services,
providing compliant, professional, and highly efficient digital
financial services to its customers. The Company recently began
to narrow in on Bitcoin mining, digital currency investment and
trading, and other related fields. This shift has enabled the
company to deepen its involvement in all aspects of the blockchain
industry, from production to circulation.
Mercurity reported a net loss of US$5.63 million in 2022, compared
to a net loss of US$21.66 million in 2021. As of Dec. 31, 2022,
the Company had US$18.89 million in total assets, US$2.06 million
in total liabilities, and US$16.83 million in total shareholders'
equity.
Singapore-based Onestop Assurance PAC, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
April 25, 2023, citing that the Company has incurred recurring
operating losses and negative cash flows from operating activities
and has an accumulated deficit, which raise substantial doubt about
its ability to continue as a going concern.
MERIDIEN ENERGY: Unsecureds to Recover 4.75% to 100% in Plan
------------------------------------------------------------
Meridien Energy, LLC, submitted a Disclosure Statement for the
Amended Chapter 11 Plan of Reorganization dated September 12,
2023.
The Debtor is proposing a Plan that provides for payment in full to
the Holders of all Allowed Secured Claims, Priority Claims, and
immediate recovery to the Holders of Allowed General Unsecured
Claims, with potential additional recovery to the Holders of
Allowed General Unsecured Claims.
The Debtor proposes to effectuate its Plan via either: (a) a
financial restructuring of the existing capital structure of the
Debtor and treatment of existing debt, assets, and certain other
obligations of the Debtor pursuant to agreements among the Debtor,
the DIP Lender, Bank7 and the Plan Sponsor; or (b) by pivoting to a
sale of all or substantially all of the assets of the Debtor within
the six-month period following confirmation of the Plan if certain
milestones are not achieved.
The Plan provides for the Plan Sponsor to make a New Value
Contribution to the Debtor's Estate, to partially fund certain
distributions to the Holders of General Unsecured Claims, a
Litigation Trust, and post-Confirmation operations as well as
subordinate certain claims held by the Plan Sponsor (subject to
certain conditions precedent). The Plan further provides for
conversion of the DIP Loan to a term loan and the modification of
the Bank7 Note. In the event of a pivot to a Sale Transaction, all
of the Debtor's assets will be liquidated and the proceeds will be
utilized to satisfy all claims of the Estate pursuant to the
priority provisions of the Bankruptcy Code.
Class 3 consists of WCS Secured Claim. In the event of the
Restructuring, the WCS Secured Claim will be subordinated to the
Bank7 Claim and the DIP Lender Claims, and if Class 6 votes in
favor of the Plan and each Holder of a Class 6 Claim opts in to the
releases, the WCS Claim will be subordinated to General Unsecured
Claims. The WCS Secured Claim will then be paid in full following
100% payment of the Amended Bank7 Note, the New ICT-DIP Secured
Note, Unpaid Professional Fees and all General Unsecured Claims.
The amount of claim in this Class total $500,000.00.
Class 6 consists of General Unsecured Claims. The allowed unsecured
claims total $14,135,840.00. This Class will receive a distribution
of 4.75% to 100% of their allowed claims. In the event of the
Restructuring only, in full satisfaction of Allowed General
Unsecured Claims, each Holder of an Allowed General Unsecured Claim
shall receive (i) its Pro Rata share of the First Distribution, and
(ii) following payment in full of all Allowed Claims of senior
Creditors, including Claims for Unpaid Professional Fees, (x) the
Operational Distributions, and (y) any net proceeds of the
Litigation Trust (together, the "Collective Distribution Funds").
The allocation of the First Distribution to Holders of General
Unsecured Claims shall be distributed no later than (i) 30 days
after the Effective Date or (ii) the date that is 30 days after the
date such General Unsecured Claim is Allowed. The allocation of the
Operational Distribution to Holders of General Unsecured Claims
shall occur within the first calendar quarter following the
completion of the 12-month payment period, and the 24-month payment
period the following the conclusion of the Post Confirmation
Operational Period.
In the event of a subsequent Sale Transaction, in full satisfaction
of Allowed General Unsecured Claims, each Holder of an Allowed
General Unsecured Claim shall receive (i) its Pro Rata share of the
First Distribution, and (ii) following payment in full of all
Allowed Claims of senior Creditors, including Claims for Unpaid
Professional Fees, the Sale Transaction Consideration, the Toggle
Distribution and any proceeds of Litigation Trust. No Operational
Distributions shall be made in the event of a Sale Transaction.
Distributions on account of Allowed Class 6 Claims will receive
priority over the senior Allowed WCS Secured Claim only in the
event Class 6 votes in favor of the Plan and each Holder of a Class
6 Claim opts in to the releases set forth in Article VIII.D of the
Plan.
The Debtor or the Reorganized Debtor, as applicable, shall pay
Allowed Administrative Claims, Priority Tax Claims and Non-Tax
Priority Claims from Cash on hand, including Cash from operations
(and the proceeds of the DIP Facility).
A full-text copy of the Disclosure Statement dated September 12,
2023 is available at https://urlcurt.com/u?l=AeSsPJ from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Brandy M. Rapp, Esq.
WHITEFORD TAYLOR & PRESTON LLP
Two James Center, 1021 E. Cary Street, Suite 1700
Richmond, VA 23219
Tel: (540) 759-3577
E-mail: brapp@whitefordlaw.com
- and -
Michael J. Roeschenthaler, Esq.
WHITEFORD TAYLOR & PRESTON LLP
11 Stanwix Street, Suite 1400
Pittsburgh, PA 15222
Tel: (412) 618-5601
E-mail: mroeschenthaler@whitefordlaw.com
About Meridien Energy
Meridien Energy, LLC, is a full-service pipeline construction
company headquartered in New York state with division offices in
Pennsylvania, Virginia, and Florida.
Meridien Energy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 23-31377) on April 20,
2023, with up to $10 million in assets and up to $50 million in
liabilities.
Judge Keith L. Phillips oversees the case.
The Debtor tapped Brandy M. Rapp, Esq., at Whiteford, Taylor and
Preston, LLP as bankruptcy counsel; David Graham & Stubbs, LLP as
special appellate counsel; MorrisAnderson & Associates, Ltd., as
financial advisor; and Compass Advisory Partners, LLC as
restructuring advisor. John W. Teitz of Compass serves as the
Debtor's chief restructuring officer.
MITCHELL GOLD: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Sheila Long O’Mara of Furniture Today reports that The Mitchell
Gold Co. has filed for protection under Chapter 11 of the U.S.
Bankruptcy Code citing assets and liabilities of between $10
million and $50 million.
The company, which suddenly shut down August 23, 2023 telling its
533 employees the business couldn't secure needed funding via a
sign on the factory gate, said in the bankruptcy petition that
funds would be available for distribution to unsecured creditors.
The company estimated its number of creditors to be between 200 and
999.
The filing said the abrupt closure was necessary when PNC bank
denied funding, and at that time the company ceased accepting
customer deposits at all store locations.
In its filing, the board of The Mitchell Gold Co. has approved the
appointment of Dalton Edgecomb, senior managing director of
Riveron, a consulting company, to act as chief restructuring
officer.
The petition indicates that the company has "preliminarily secured
Debtor In Possession financing" to preserve its assets, and the
company said it has "received multiple third party expressions and
indications of interest for groups of assets and individual assets
and believes there is value in its assets including leaseholds,
equipment and intellectual property in an amount sufficient to pay
off any obligations to senior lender whose liens shall attach to
proceeds."
About Mitchell Gold Co.
The Mitchell Gold Co., doing business as Mitchell Gold & Bob
Williams, manufactures and distributes furniture. The Company
produces and markets home furnishing products, including sofas,
desks, room dividers, tables, rugs, bed linens, lighting products,
and accessories. Mitchell Gold & Bob Williams serves customers
worldwide.
Mitchell Gold sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-11385) on Sept. 6, 2023. In the
petition filed by David Rogalski, as Chief Financial Officer, the
Debtor reported assets and liabilities between $10 million and $50
million.
The Debtor is represented by:
Robert J. Dehney, Esq.
Morris, Nichols, Arsht & Tunnell
135 One Comfortable Place
Taylorsville, NC 28681
MULLEN AUTOMOTIVE: Named as Vendor for More BA Airport Locations
----------------------------------------------------------------
Mullen Automotive, Inc., disclosed in a Form 8-K filing with the
U.S. Securities and Exchange Commission that it is now an approved
vendor for additional British Airways airport locations.
According to Mullen, in April 2023, British Airways began piloting
Mullen's Campus EV cargo van at Los Angeles International Airport.
Subsequently and after the success of the pilot, both LAX and
Chicago O'Hare International Airport locations have purchased
Campus EV cargo vans in support of BA airport ground operations.
The transactions for both the LAX and ORD closed with the receipt
by Mullen of payment from BA on August 31, 2023.
On July 12, 2023, BA Engineering entered into a separate Campus EV
cargo van pilot agreement for George Bush International Airport in
Houston, TX. IAH is currently pending a purchase decision.
About Mullen
Mullen Automotive Inc., f/k/a Net Element Inc., operates a Southern
California-based electric vehicle company that operates in various
verticals of businesses focused within the automotive industry.
During 2021, the Company completed a merger with Net Element, Inc.,
a Delaware-incorporated company. The Company changed its name from
"Net Element, Inc." to "Mullen Automotive Inc."
As of June 30, 2023, Mullen has $560 million in total assets
against $208 million in total liabilities.
Mullen reported a net loss of $740 million for the year ended Sept.
30, 2022, compared to a net loss of $44 million for the year ended
Sept. 30, 2021. Fort Lauderdale, Florida-based Daszkal Bolton LLP,
the Company's auditor since 2020, issued a "going concern"
qualification in its report dated Jan. 13, 2023, citing that the
Company has sustained net losses, has indebtedness in default, and
has a deficiency in working capital of approximately $36 million at
Sept. 30, 2022, which raise substantial doubt about its ability to
continue as a going concern.
For the nine months ended June 30, 2023, Mullen reported a net loss
of $806 million, up from a net loss of $485 million for the same
period in 2022.
NOVA WILDCAT: Wants Chapter 11 Converted to Chapter 7 Liquidation
-----------------------------------------------------------------
Alex Wittenberg of Law360 reports that home goods supplier Nova
Wildcat Shur-Line Holdings Inc. asked a Delaware bankruptcy judge
to convert its Chapter 11 bankruptcy to a Chapter 7 liquidation,
saying the proceeds of the company's asset sale are insufficient to
pay off its bankruptcy financing and the remainder of its assets
will have to be used to cover that debt.
About Nova Wildcat Shur-Line Holdings
Nova Wildcat Shur-Line Holdings Inc. -- https://www.h2bgroup.com/
-- also known as H2 Brands Group, is a one-stop shop for thousands
of home and hardware products. It is a privately held brand
portfolio housed under the H2B umbrella. The company owns more
than 10 brands consisting of an assortment of consumable products
intended to reach every room of the average consumer's
home.
Nova Wildcat and certain of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10114) on Jan. 29, 2023. In the petition filed by Mark
Rostagno, as chief executive officer and director, Nova Wildcat
reported assets between $10 million and $50 million and
liabilities between $50 million and $100 million.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Reed Smith, LLP as bankruptcy counsel; Carl
Marks Advisory Group, LLC as restructuring advisor; and SSG
Advisors, LLC as investment banker. Epiq Bankruptcy Solutions,
LLC
is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Archer & Greiner, P.C. and Dundon Advisers, LLC serve as the
committee's bankruptcy counsel and financial advisor,
respectively.
NUSTAR ENERGY: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on NuStar Energy L.P.
to positive from stable and affirmed the 'BB-' issuer credit rating
on the company.
The issue-level ratings are also affirmed.
S&P said, "The positive outlook reflects our view of NuStar's
improved credit metrics following efforts by the company to reduce
its debt balance while modestly growing EBITDA annually. We
anticipate that leverage will end fiscal 2023 just below 5.5x with
the potential for additional improvement in fiscal 2024."
NuStar Energy recently completed an equity issuance generating net
proceeds of roughly $220 million it will allocate toward paying
down its outstanding series D preferred units, resulting in modest
deleveraging when considered in combination with expectations for
modest year-over-year EBITDA growth.
S&P said, "NuStar's efforts to reduce its outstanding debt
obligations, and we forecast it will end fiscal 2023 with leverage
of around 5.3x. In particular, we highlight the company's recent
common equity sale, which it completed Aug. 8, 2023, and generated
$222.8 million of net proceeds. The company will use the proceeds
directly to repurchase the remainder of the series D preferred
units outstanding. Given that we consider the series D units to be
100% debt for purposes of our adjusted credit metrics, the action
is directly deleveraging. The company has also taken out other
portions of the series D units over the past year; however, the
impact to overall debt has been less significant. For example,
while proceeds from the recent sale-leaseback of its corporate
headquarters were allocated to the series D units, we add the
operating lease to our adjusted credit metrics, which largely
washes out any improvement from the paydown.
"Without consideration from the equity proceeds, the company ended
the second quarter with leverage of about 5.5x, and when factoring
it in on a pro forma basis, we expect it contributes to a 0.2x-0.3x
improvement in leverage. As a result, we now anticipate leverage
for fiscal 2023 will be about 5.3x. We forecast EBITDA to grow
modestly 1%-2% annually, which leads to a potential for a further
0.1x of leverage improvement in fiscals 2024 and 2025. Given our
current leverage expectations, we revised our financial risk
profile to aggressive from highly leveraged.
"NuStar does not have a recent track record of sustained lower
leverage, and an upgrade would be contingent on our view of a
demonstrated commitment to maintenance of credit metrics with
sufficient cushion to invest in growth and other priorities. While
we acknowledge the company has made good progress in decreasing
leverage, it has historically been willing to lever up for
acquisitions and growth. This combined with a drop in performance
expectation led the company to be downgraded to 'BB' in November
2017, and then further downgraded to 'BB-' in April 2019.
"Management has publicly communicated a leverage target of 4.0x or
better. We note this is calculated per the company's credit
agreement, and does not include any obligations associated with the
remaining preferred units (series A, B, and C), the junior
subordinated debt, or NuStar's lease obligations. We give the
remaining preferred units 50% equity credit (for the portion that
constitutes 15% or less of the total capitalization), and add the
full value of the subordinated debt and the leases as they are
reported on the balance sheet to our adjusted credit metrics. We
note that these additional items included in our adjusted metric
represent between 1-1.5 turns of leverage, dependent on EBITDA
levels. As a result, if the company operates at the high end of the
leverage target and EBITDA comes in weaker than our forecast, it
will likely have limited cushion to absorb negative impacts to
profitability (such as reduced volumes or rates across its
transportation and storage system).
"Our upgrade is contingent upon leverage sustained under 5.5x,
which implies a certain level of headroom in credit metrics. We do
not view the company as having enough headroom currently, given
performance in line with the low end of public guidance would
likely lead to leverage at or slightly above 5.5x for fiscal 2023.
As such, we view the company's financial risk profile on the weaker
end of the range and apply a negative comparable ratings analysis
modifier. We anticipate that over the next 12 months, the company
will have the opportunity to generate additional cushion, be it
through a demonstrated conservative financial policy, additional
paydown of debt obligations, or continued EBITDA growth, which
leads to metrics in the low-5x area. A key consideration for our
upgrade is an expectation the company will operate below 5.5x on a
sustained basis, even when considering the potential for
acquisitions, growth investments, and other debt-funded
considerations.
"The positive outlook reflects our view of NuStar's improved credit
metrics following its efforts to reduce its debt balance while
modestly growing EBITDA annually. We anticipate that leverage will
end fiscal 2023 just below 5.5x with the potential for additional
improvement in fiscal 2024."
S&P would revise its outlook to stable if the company:
-- Demonstrates a more aggressive financial policy such that
leverage sustained below 5.5x is no longer likely; or,
-- Does not generate and maintain sufficient cushion in credit
metrics such that it cannot absorb fluctuations in performance
without leverage rising over 5.5x.
S&P could raise its rating if:
-- S&P anticipates that leverage will remain comfortably below
5.5x on a sustained basis, providing the company with cushion to
absorb turbulence in performance; and,
-- S&P believes the company's financial policy supports a higher
rating. This would be demonstrated by a continued focus on improved
credit metrics, controlling costs, and maintaining higher free
operating cash levels.
OFF LEASE: Reaches Deal With Ally Bank for Cash Use in Chapter 11
-----------------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge
Monday, September 11, 2023, gave Off Lease Only and its largest
lender a day to work out a deal on the used car dealer's use of the
lender's collateral to fund its Chapter 11 case until it can be
determined what the cars still on its lots are worth.
About Off Lease Only
Off Lease Only operated five used car dealerships in Florida and
one in Texas. However, the Company sold cars to customers
throughout the United States. The Company ceased operations shortly
before the Petition Date and intends to wind down its business and
allow its floorplan lender to collect the vehicles securing its
loan during these Chapter 11 Cases.
Off Lease Only LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-11388) on Sept. 7, 2023. In the petition signed by Leland
Wilson, chief executive officer, Off Lease Only disclosed up to
$500 million in both assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Prokkauer Rose LL and Pachulski Stang Ziehl &
Jones LLp as co-counsel, FTI Consulting, Inc., as financial
advisor, Bofa Securities, Inc. as investment banker, and Stretto,
Inc., as claims and noticing agent and administrative advisor.
OHA CREDIT 16: Moody's Assigns (P)B3 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by OHA Credit Funding 16, Ltd. (the
"Issuer" or "OHA Credit Funding 16").
Moody's rating action is as follows:
US$246,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)
US$500,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2036, Assigned (P)B3 (sf)
The notes listed are referred to herein, collectively, as the
"Rated Notes."
RATINGS RATIONALE
The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.
OHA Credit Funding 16 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 96.0% of the portfolio must
consist of first lien senior secured loans, and up to 4.0% of the
portfolio may consist of second lien loans, unsecured loans or
permitted non-loan assets. Moody's expect the portfolio to be
approximately 90% ramped as of the closing date.
Oak Hill Advisors, L.P. (the "Manager") will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's five year reinvestment period.
Thereafter, subject to certain restrictions, the Manager may
reinvest unscheduled principal payments and proceeds from sales of
credit risk assets.
In addition to the Rated Notes, the Issuer will issue five other
classes of secured notes and one class of subordinated notes.
The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.
For modeling purposes, Moody's used the following base-case
assumptions:
Par amount: $400,000,000
Diversity Score: 50
Weighted Average Rating Factor (WARF): 2990
Weighted Average Spread (WAS): 3.40%
Weighted Average Coupon (WAC): 7.50%
Weighted Average Recovery Rate (WARR): 47.0%
Weighted Average Life (WAL): 8.0 year
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.
Factors That Would Lead to an Upgrade or Downgrade of the Ratings:
The performance of the Rated Notes is subject to uncertainty. The
performance of the Rated Notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.
PADAGIS LLC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Michigan-based Padagis LLC. S&P's issue-level ratings on Padagis'
revolving credit facility (RCF) and first-lien term loan remains
'B'.
S&P said, "The stable outlook reflects our expectation that Padagis
will generate mid-single-digit revenue growth and maintain adjusted
leverage modestly above 5x. We believe the company's new product
development pipeline is sufficient to offset normal
mid-single-digit percent price erosion among its mature generic
products. It also reflects our expectation that the ratio of free
cash to debt for 2024 will be close to 3% despite an increase in
interest expense.
"The affirmation reflects our view that volatility in working
capital is temporary in 2023 and our expectation that Padagis will
generate material free cash flow in 2024. In the first half of
2023, Padagis had a free cash flow deficit of $48 million,
primarily stemming from higher interest expense and a decline in
account payables and accrued customer programs from December 2022.
We expect modest cash flow generation in the second half of 2023,
but cash flow deficits for the full year. We expect higher interest
expenses--$80 million-$85 million estimated for full year 2023
versus $60 million in 2022. While we expect interest expense to
remain high in 2024, we expect working capital to be a more
moderate use of cash in 2024, and we expect free cash flow to debt
to improve to at least 2% in 2024.
"Padagis' revenue has improved significantly in 2023 due to new
product launches (including Naloxone) after facing some supply
related challenges in 2022, on the heels of the separation from
Perrigo. We expect revenue from new products will more than offset
normal mid-single-digit percent price erosion among the company's
mature generic products, resulting in low- to mid-single digit
revenue growth.
"We expect Padagis' adjusted leverage to remain modestly above 5x.
In our view, the aggressive financial policies of Padagis'
financial-sponsor owners will likely contribute to S&P Global
Ratings-adjusted debt leverage remaining above 5x, despite its
relatively conservative metrics following the spin-off.
Specifically, we expect S&P Global Ratings-adjusted debt to EBITDA
of 5x-6x in 2023 and around 5x in 2024.
"Although we expect modest deleveraging as the company improves its
performance, potentially reducing its leverage below 5x in 2024, we
expect it would then likely engage in debt-funded acquisitions that
cause its S&P Global Ratings-adjusted leverage to generally remain
above 5x. Alternatively, absent attractive mergers and acquisitions
(M&A), we expect Padagis would issue dividends to its shareholders
as business performance improves. Therefore, we don't expect the
company to sustain S&P Global Ratings-adjusted debt leverage below
5x."
Padagis' generic drug business is characterized by modest scale,
moderate product, concentration, and geographic concentration,
decent margins, and only moderate barriers to intense price-based
competition. Padagis sells each of its products in several
formats--each requiring an individual abbreviated new drug
application (ANDA) filing with the U.S. Food and Drug
Administration (FDA)--which partially mitigates the competitive
risks on its top products. Padagis specializes in topical (e.g.,
gels, creams, ointments, solutions, shampoos, and lotions) and
extended topical dosage forms (e.g., nasal sprays, ophthalmics,
suppositories, patches, and inhalers). This focus limits its
development opportunities because it doesn't participate in
faster-expanding categories, including injectables, biosimilars,
and gene and cell therapy. However, Padagis maintains the No. 1 or
No. 2 market share position for many of its products (collectively
representing about 75%-80% of revenues), which we believe provides
it with good economies of scale and a moderate competitive
advantage. In addition, these dosage forms are more complex to
manufacture than oral pills, which leads to fewer competitors and
less-intense priced based competition than in other generic product
markets.
S&P views the company's geographic concentration in the U.S. (about
90% in 2022) negatively because it expects persistent pressure from
insurers, politicians, and citizens to reduce the cost of health
care.
Padagis manufactures about 40% of its products in-house, including
25% of its products (representing about 40% of total revenue) that
are manufactured at its Israel-based facility. The remaining 60% of
the company's products are manufactured by Perrigo Co. (the
previous owner of Padagis' business) or other third parties. This
concentration at the Israeli facility increases the potential
impact of a regulatory suspension or other disruption, including
geopolitical upheavals outside the company's control.
S&P said, "The stable outlook reflects our expectation that Padagis
will generate mid-single-digit revenue growth and maintain adjusted
leverage modestly above 5x. We believe the company's new product
development pipeline is sufficient to offset normal
mid-single-digit percent price erosion among its mature generic
products. It also reflects our expectation that the ratio of free
cash to debt for 2024 will be above 3% despite an increase in
interest expense."
S&P could consider lowering its rating on Padagis if:
-- S&P believes its revenue and EBITDA will persistently decline.
Under this scenario, it would expect the company's credit metrics
to deteriorate such that its free cash flow to debt declines below
3%, either because of intensified competition in its markets or a
disruption or regulatory setback to its Israel-based manufacturing
facility; or
-- The company undertakes an unexpectedly large acquisition at a
multiple that causes it to sustain S&P Global Ratings-adjusted free
cash flow to debt of less than 3% or adjusted leverage increases
above 7x.
Although unlikely, S&P could revise the rating higher if S&P Global
Ratings-adjusted leverage declined below 5x, providing it believed
it would generally remain at that level.
ESG credit indicators:
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Padagis. Our highly
leveraged assessment of the company's financial risk profile
reflects that its corporate decision-making prioritizes the
interests of its controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects private-equity owners' generally finite
holding periods and focus on maximizing shareholder returns."
PHASEBIO PHARMA: Seeks to Extend Plan Exclusivity to October 20
---------------------------------------------------------------
PhaseBio Pharmaceuticals, Inc. asks the U.S. Bankruptcy Court for
the District of Delaware to further extend its exclusive periods
to file a chapter 11 plan and to solicit votes thereon to October
20, 2023 and December 18, 2023, respectively.
This is the Debtor's third request for extension. Unless
extended, the Debtor's exclusive filing period ends on August 21,
2023.
The Debtor claims that it has made substantial good faith
progress in the Chapter 11 case while continuing to engage in
discussions and negotiations with key creditor constituencies. In
addition to settling the Adversary Proceeding with SFJ and
closing the Sale and Transfer to SFJ and the Non-Bentracimab
Asset Sales, the Debtor has, among other things:
(i) minimized the adverse effects caused by the commencement
of the Chapter 11 Case on its business by securing
various first-day relief;
(ii) obtained entry of interim and final orders approving
the DIP Facility;
(iii) filed its schedules and statement;
(iv) obtained entry of an order approving a key employee
retention program to assist the Debtor in maximizing
the value of the Debtor's assets through this Chapter
11 Case;
(v) obtained entry of an order approving a settlement
agreement that provided the Debtor with a cash payment
of $1,494,580;
(vi) obtained entry of an order that, among other things,
established March 24, 2023 at 5:00 p.m. (Eastern Time)
as the deadline for persons and entities to file proofs
of claims in this Chapter 11 case on account of a
prepetition claim, including and claims arising under
section 503(b)(9) of the Bankruptcy Code;
(vii) closed four sales of certain remaining de minimis
assets pursuant to the order approving procedures for
the sale of such de minimis assets;
(viii) obtained entry of orders approving the rejection of
three non-residential real property leases and
approximately 175 executory contracts that the
Debtor determined no longer provided any benefit or
value to the Debtor and its estate; and
(ix) filed the Combined Disclosure Statement and Plan,
obtained entry of the Conditional Approval Order and
commenced solicitation of the Combined Disclosure
Statement and Plan.
The Debtor explained that the proposed extension of the exclusive
periods will ensure that the Debtor has an unhindered opportunity
to complete its efforts and maximize value for its creditors
while the Combinded Disclosure Statement and Plan is being voted
on, confirmed, and substantially consummated. The Debtor further
explained that, in the likely event that the Debtor's proposed
Combined Disclosure Statement and Plan is not confirmed or does
not go effective, then the Debtor may use the extended exclusive
periods to negotiate with all interested parties to develop, file
and solicit a new chapter 11 plan or to reach an alternative
resolution of this Chapter 11 case.
PhaseBio Pharmaceuticals, Inc. is represented by:
Daniel J. DeFranceschi, Esq.
Michael J. Merchant, Esq.
Brendan J. Schlauch, Esq.
Sarah E. Silveira, Esq.
James F. McCauley, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 N. King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Email: defranceschi@rlf.com
merchant@rlf.com
schlauch@rlf.com
silveira@rlf.com
mccauley@rlf.com
- and -
Cullen Drescher Speckhart, Esq.
Olya Antle, Esq.
COOLEY LLP
1299 Pennsylvania Avenue, NW, Suite 700
Washington, DC 20004
Tel: (202) 842-7800
Email: cspeckhart@cooley.com
oantle@cooley.com
- and -
Robert L. Eisenbach III, Esq.
COOLEY LLP
3 Embarcadero Center, 20th Floor
San Francisco, CA 94111
Tel: (415) 693-2000
Email: reisenbach@cooley.com
- and -
Philip M. Bowman, Esq.
Jeremiah P. Ledwidge, Esq.
COOLEY LLP
55 Hudson Yards
New York, NY 10001
Tel: (212) 479-6000
Email: pbowman@cooley.com
jledwidge@cooley.com
About Phasebio Pharmaceuticals
PhaseBio Pharmaceuticals, Inc. -- https://www.phasebio.com/ -- is
focused on the development and commercialization of novel
therapies to treat orphan diseases, with an initial focus on
cardiopulmonary indications. It is based in Malvern, Pa.
PhaseBio Pharmaceuticals filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
22-10995) on Oct. 24, 2022. In the petition filed by its chief
executive officer, Jonathan Mow, the Debtor reported $17,970,000
in assets and $21,320,000 in debt as of Aug. 31, 2022.
Judge Laurie Selber Silverstein oversees the case.
The Debtor tapped Cooley LLP as lead bankruptcy counsel;
Richards, Layton & Finger, PA as Delaware bankruptcy counsel;
SierraConstellation Partners, LLC as financial advisor; KPMG, LLP
as tax consultant; and Miller Buckfire & Co. as investment
banker. Omni Agent Solutions is the claims, noticing and
administrative agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtor's case on Nov. 3, 2022.
McDermott Will & Emery, LLP and FTI Consulting, Inc. serve as the
committee's legal counsel and financial advisor, respectively.
PHASEBIO PHARMACEUTICALS: Biovectra Steps Down as Committee Member
------------------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that
Biovectra, Inc. resigned from the official committee of unsecured
creditors in the Chapter 11 case of PhaseBio Pharmaceuticals, Inc.
The remaining members of the committee are:
1. Velocity Clinical Research Inc.
Attn: Jamie Wilkerson
807 E. Main St. Suite 6-100
Durham, NC 27701
Phone: 919-260-7650
Email: jwilkerson@velocityclinical.com
2. Synchrogenix Information Strategies LLC
Attn: Demetrius Carter
2951 Centerville Rd., Suite 100
Wilmington, DE 19803
Phone: 919-527-5131
Email: Demetrius.Carter@certara.com
3. Absci Corporation
Attn: Todd Bedrick & Natalie Stack
18105 SE Mill Plain Blvd
Vancouver, WA 98683
Phone: 520-907-6362
Email: tbedrick@absci.com
nstack@absci.com
4. Bar Advisors, LLC
Attn: Fred Manak
3525 Del Mar Heights Rd.
San Diego, CA 92130
Phone: 805-208-5506
Email: fmanak@biobaradvisors.com
About Phasebio Pharmaceuticals
PhaseBio Pharmaceuticals, Inc. -- https://www.phasebio.com/ -- is
focused on the development and commercialization of novel therapies
to treat orphan diseases, with an initial focus on cardiopulmonary
indications. It is based in Malvern, Pa.
PhaseBio Pharmaceuticals filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10995) on
Oct. 24, 2022. In the petition filed by its chief executive
officer, Jonathan Mow, the Debtor reported $17,970,000 in assets
and $21,320,000 in debt as of Aug. 31, 2022.
Judge Laurie Selber Silverstein oversees the case.
The Debtor tapped Cooley LLP as lead bankruptcy counsel; Richards,
Layton & Finger, PA as Delaware bankruptcy counsel;
SierraConstellation Partners, LLC as financial advisor; KPMG, LLP
as tax consultant; and Miller Buckfire & Co. as investment banker.
Omni Agent Solutions is the claims, noticing and administrative
agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtor's case on Nov. 3, 2022. McDermott
Will & Emery, LLP and FTI Consulting, Inc. serve as the committee's
legal counsel and financial advisor, respectively.
PHAT RIDES: Michael Carmel Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 14 appointed Michael Carmel of Michael
W. Carmel, Ltd. as Subchapter V trustee for Phat Rides, Inc.
Mr. Carmel will be paid an hourly fee of $550 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Carmel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael W. Carmel
Michael W. Carmel, Ltd.
80 E. Columbus Ave
Phoenix, AZ 85012-4965
Phone: 602-264-4965
Fax: 602-277-0144
Email: michael@mcarmellaw.com
About Phat Rides
Phat Rides, Inc. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Ariz. 23-06121) on Sept. 1, 2023,
with $100,001 to $500,000 in assets and $1,000,001 to $10 million
in liabilities.
Judge Paul Sala oversees the case.
Philip R. Rudd, Esq., at Sacks Tierney P.A. represents the Debtor
as legal counsel.
PILL CLUB: Seeks to Extend Plan Exclusivity to October 1
--------------------------------------------------------
The Pill Club Pharmacy Holdings and its affiliates ask the U.S.
Bankruptcy Court for the Northern District of Texas to extend the
periods during which they have the exclusive right to file a
chapter 11 plan and to solicit votes thereon to October 1, 2023
and November 30, 2023, respectively.
The Debtors claim that they have made substantial progress during
their chapter 11 cases, and while work remains to be done,
they have taken significant strides toward maximizing value for
their stakeholders. The Debtors stated that upon the
commencement of their chapter 11 cases, their efforts were
focused on completing a sale process pursuant to section 363 of
the Bankruptcy Code.
The Debtors also stated that they have run a comprehensive
postpetition marketing process that resulted in the sales
collectively constituting substantially all assets of the Debtors
to two different parties. The Debtors determined that, based on
the results of the sale process, the sale transactions
represented the highest or otherwise best path forward and
anticipate filing a plan to provide for the distribution of the
sale proceeds and the orderly winddown of the Debtors' estates.
The Debtors seek the extension of their exclusivity periods to
ensure that they have sufficient time to finalize and solicit
votes for a chapter 11 plan. Unless extended, the Debtors'
exclusive right to file a chapter 11 plan expires on August 16,
2023.
The Pill Club Pharmacy Holdings and its affiliates are
represented by:
Katherine A. Preston, Esq.
WINSTON & STRAWN LLP
800 Capitol Street, Suite 2400
Houston, TX 77002
Tel: (713) 651-2600
Email: kpreston@winston.com
- and -
Timothy W. Walsh, Esq.
Emma Fleming, Esq.
WINSTON & STRAWN LLP
200 Park Avenue
New York, NY 10166-4193
Tel: (212) 294-6700
Email: twwalsh@winston.com
efleming@winston.com
About The Pill Club Pharmacy Holdings
The Pill Club Pharmacy Holdings, LLC is a digital healthcare
platform. The company says it is "on a mission to empower women
and people who menstruate to lead their healthiest lives." It
combines telemedicine and direct-to-consumer pharmacy.
Pill Club Pharmacy Holdings and its affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas
Lead Case No. 23-41090) on April 18, 2023. In the petition signed
by Elizabeth Meyerdirk, chief executive officer, the Debtors
disclosed up to $50,000 in assets and up to $50 million in
liabilities.
Judge Edward L. Morris oversees the cases.
The Debtors tapped Katherine A. Preston, Esq., at Winston and
Strawn, LLP as general bankruptcy counsel; Accordion Partners,
LLC as financial advisor; and BMC Group, Inc. as claims,
noticing, solicitation and administrative agent.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Akerman, LLP and Buchalter, A
Professional Corporation.
PLATINUM BEAUTY: Robert Matson Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Robert Matson, Esq., at
Akin, Webster & Matson, PC, as Subchapter V trustee for Platinum
Beauty Bar and Spa, LLC.
Mr. Matson will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Matson declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert M. Matson
P.O. Box 309
Macon, GA 31202
Phone: (478) 742-1889
Email: rmatson@akin-webster.com
About Platinum Beauty Bar and Spa
Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers,
Ga.
The Debtor filed Chapter 11 petition (Bankr. M.D. Ga. Case No.
23-51222) on Sept. 1, 2023, with up to $10 million in both assets
and liabilities. Rebecca Davis, sole member, signed the petition.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.
PLX PHARMA: Seeks to Extend Plan Exclusivity to November 9
----------------------------------------------------------
PLx Pharma Inc. and PLx Opco Inc. ask the U.S. Bankruptcy Court
for the District of Delaware to extend the exclusive periods
within which they may file a chapter 11 plan and solicit
acceptances thereof to November 9, 2023 and January 8, 2024,
respectively.
The Debtors claimed that they have worked diligently to ensure a
smooth transition into chapter 11 and to maximize the value of
their estates for the benefit of all stakeholders. The Debtors
stated that they have diligently prosecuted the Chapter 11 cases
by, among other things:
1) obtaining approval of various first day motions and
applications, which allowed the Debtors to smoothly
transition into chapter 11;
2) complying with their various chapter 11 reporting
requirements, including the filing of schedules of assets
and liabilities and statements of financial affairs and
monthly operating reports;
3) working diligently with the Stalking Horse Bidder to
negotiate the Stalking Horse APA and, following a robust
postpetition marketing process, obtaining approval of
and consummating the Sale;
4) managing the Debtors' remaining assets;
5) reconciling proofs of claim filed in the chapter 11
cases;
6) evaluating and rejecting certain of the Debtors'
executory contracts and unexpired leases;
7) formulating the combined plan and disclosure statement
and obtaining approval of the solicitation procedures
motion;
8) handling various other tasks related to the
administration of the Debtors' bankruptcy estates and
the chapter 11 cases, including responding to various
inquiries from creditors and interested parties.
The Debtors submitted that the requested extensions are both
appropriate and necessary to afford the Debtors with sufficient
time to pursue final approval of the disclosure statement and
solicitation and confirmation of the Plan.
The Debtors' initial exclusive filing period is until August 11,
2023, while the initial exclusive solicitation period is until
October 10, 2023.
PLx Pharma Inc. and PLx Opco Inc. are represented by:
Robert S. Brady, Esq.
Robert F. Poppiti, Jr., Esq.
Shane M. Reil, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
E-mail: rbrady@ycst.com
rpoppiti@ycst.com
sreil@ycst.com
- and -
Adam H. Friedman, Esq.
Jonathan T. Koevary, Esq.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, NY 10019
Tel: (214) 451-2300
E-mail: afriedman@olshanlaw.com
jkoevary@olshanlaw.com
About PLx Pharma
PLx Pharma Inc. and PLx Opco Inc. are a commercial-stage drug
delivery platform technology company, focused on improving how
and where active pharmaceutical ingredients are absorbed in the
gastrointestinal tract, via its clinically-validated and
patent-protected PLxGuard technology.
PLx Pharma Inc. and PLx Opco filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10456) on April 13, 2023. The petitions were signed by
Lawrence Perkins as chief restructuring officer. The Hon. Mary
F. Walrath oversees the cases.
As of Dec. 31, 2022, the company had $21,750,000 in total assets
against $12,285,000 in total liabilities.
Lawyers at Olshan Frome Wolosky LLP and Young Conaway Stargatt &
Taylor LLP serve as counsel to the Debtors; SierraConstellation
Partners serves as CRO Provider; Donlin, Recano & Company serves
as notice, claims, solicitation & balloting agent.
PROPERTY ADVOCATES: Files for Chapter 11 Restructuring
------------------------------------------------------
The Property Advocates, a prominent Florida-based insurance law
firm specializing in property insurance claims, has announced its
filing a Chapter 11 restructuring bankruptcy. This press release
aims to provide insight into the reasons behind this decision and
clarify its implications for both clients and the business.
Chapter 11 bankruptcy is a legal process that allows businesses to
reorganize while maintaining operations. In this scenario, The
Property Advocates will continue to operate under the protection of
the court, while strategizing for a stronger financial future.
The decision to pursue Chapter 11 bankruptcy was made after careful
consideration. To avoid protracted litigation of multiple matters,
consolidate them into a single forum and dedicate resources to
aiding clients, The Property Advocates has chosen this path. The
objective is to safeguard the business, uphold the commitment to
clients, and provide for payment of its proper creditors.
Despite the Chapter 11 filing, clients can expect business as
usual. The Property Advocates remains steadfast in its commitment
to serving clients and addressing their needs. Clients will
experience no disruption to the legal services they rely on. The
Property Advocates would like to emphasize its dedication to the
community it serves. The firm's commitment to maintaining high
standards of service and professionalism remains unwavering. This
move is in alignment with the company's dedication to securing its
future while ensuring continued support for its valued clients.
The Property Advocates' decision to file for a Chapter 11
restructuring bankruptcy reflects a strategic move to navigate its
current legal landscape and prioritize client needs. The firm is
confident that this step will ultimately lead to a stronger
foundation for continued excellence in service.
For further information, please contact:
Michael Anthony Nardella
mnardella@nardellalaw.com
407-966-2676
Paul N. Mascia
pmascia@nardellalaw.com
321-663-3909
About The Property Advocates
The Property Advocates, P.A. is a full-service Florida insurance
law firm specializing in property insurance claims. With offices in
Miami and Tampa, The Property Advocates team consists of nearly 14
experienced attorneys with decades of combined experience who are
compassionate, knowledgeable, and not afraid to go to trial for
their clients. They have a successful track record of resolving
complicated property insurance claims and getting their clients the
fair compensation they deserve.
PYRAMID MOVING: G. Matt Barberich Jr. Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 14 appointed G. Matt Barberich, Jr. of
B. Riley Advisory Services as Subchapter V trustee for Pyramid
Moving, Inc.
Mr. Barberich will be paid an hourly fee of $300 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Barberich declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
G. Matt Barberich, Jr.
B. Riley Advisory Services
7101 College Boulevard, Suite 730
Overland Park, KS 66210
Phone: 913-389-9270
Email: mbarberich@brileyfin.com
About Pyramid Moving
Pyramid Moving, Inc. filed Chapter 11 Petition (Bankr. D. Kan. Case
No. 23-21037) on Aug. 31, 2023, with up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Robert D. Berger oversees the case.
Ryan A. Blay, Esq., at Wm Law represents the Debtor as bankruptcy
counsel.
QURATE RETAIL: Falls Short of Nasdaq Bid Price Requirement
----------------------------------------------------------
Qurate Retail, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Sept. 14, 2023, it
received written notice from The Nasdaq Stock Market notifying the
Company that, because the closing bid price for the Company's
Series A common stock, par value $0.01 per share ("QRTEA"), has
fallen below $1.00 per share for 30 consecutive business days, the
Company no longer complies with the minimum bid price requirement
for continued listing of QRTEA on the Nasdaq Global Select Market.
Nasdaq Listing Rule 5450(a)(1) requires listed securities to
maintain a minimum bid price of $1.00 per share, and Nasdaq Listing
Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid
Price Requirement exists if the deficiency continues for a period
of 30 consecutive business days.
The Notice has no immediate effect on the listing of QRTEA, the
Company's Series B common stock, par value $0.01 per share, or the
Company's 8.0% Series A Cumulative Redeemable Preferred Stock, par
value $0.01 per share, on the Nasdaq Global Select Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been
provided an initial compliance period of 180 calendar days, or
until March 12, 2024, to regain compliance with the Minimum Bid
Price Requirement. To regain compliance, the closing bid price of
QRTEA must meet or exceed $1.00 per share for a minimum of 10
consecutive business days prior to March 12, 2024. If at any time
during this 180-day compliance period the closing bid price of
QRTEA meets these requirements, then Nasdaq will provide the
Company with written confirmation of compliance and the matter will
be closed.
If the Company does not regain compliance with respect to QRTEA by
March 12, 2024, the Company may be eligible for an additional
180-day compliance period if it applies to transfer the listing of
QRTEA to the Nasdaq Capital Market. To qualify, the Company would
be required to meet the continued listing requirement for market
value of publicly held shares and all other initial listing
standards for the Nasdaq Capital Market, with the exception of the
Minimum Bid Price Requirement. In addition, the Company would be
required to provide written notice to Nasdaq of its intent to cure
the minimum bid price deficiency during this second compliance
period by effecting a reverse stock split if necessary.
If the Company does not regain compliance within the allotted
compliance periods, including any extensions that may be granted by
Nasdaq, Nasdaq will provide notice that QRTEA will be subject to
delisting. The Company would then be entitled to appeal Nasdaq's
delisting determination.
The Company intends to monitor the closing bid price of QRTEA and
consider its available options to resolve the noncompliance with
the Minimum Bid Price Requirement. No determination regarding the
Company's response has been made at this time. There can be no
assurance that the Company will be able to regain compliance with
the Minimum Bid Price Requirement with respect to QRTEA or will
otherwise be in compliance with other Nasdaq listing criteria.
About Qurate Retail
Headquartered in Englewood, Colorado, Qurate Retail, Inc. owns
controlling and non-controlling interests in a broad range of video
and online commerce companies. The Company's largest businesses
and reportable segments are QxH (QVC U.S. and HSN) and QVC
International. QVC, Inc., which includes QxH and QVC International,
markets and sells a wide variety of consumer products in the United
States and several foreign countries via highly engaging
video-rich, interactive shopping experiences. Cornerstone Brands,
Inc. consists of a portfolio of aspirational home and apparel
brands, and is a reportable segment. The Company's "Corporate and
other" category includes its consolidated subsidiary Zulily, LLC,
along with various cost and equity method investments.
Qurate reported a net loss of $2.53 billion for the year ended Dec.
31, 2022.
* * *
As reported by the TCR on March 21, 2023, S&P Global Ratings
lowered its issuer credit rating on U.S.-based video commerce and
online retailer Qurate Retail Inc. to 'CCC+' from 'B-'. S&P said,
"We view the company's capital structure as potentially
unsustainable in a rising interest rate environment. We expect
Qurate's adjusted leverage to remain high, above the 6x area in
2023."
RA CUSTOM DESIGN: John Whaley Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed John Whaley, a practicing
accountant in Atlanta, Ga., as Subchapter V trustee for RA Custom
Design, Inc.
Mr. Whaley will be paid an hourly fee of $395 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Whaley declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
John T. Whaley, CPA
P.O. Box 76362
Atlanta, GA 30358
Phone: 404-946-5272
Email: trustee@jtwcpa.net
About RA Custom Design
RA Custom Design, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-58494) on Sept. 1, 2023, with as much as $50,000 in assets and
$1 million to $10 million in liabilities. Raymond Curry, authorized
representative, signed the petition.
Judge Sage M. Sigler oversees the case.
Cameron M. McCord, Esq., at Jones & Walden, LLC represents the
Debtor as legal counsel.
REPLICEL LIFE: Granted Until Oct. 30 to Submit Interim Filings
--------------------------------------------------------------
RepliCel Life Sciences Inc. has provided a default status report in
accordance with the alternative information guidelines set out in
National Policy 12-203 – Management Cease Trade Orders.
Due to the untimely passing of the Company's CFO at the time, on
Aug. 30, 2023, the Company announced that it made an application to
the British Columbia Securities Commission to approve a temporary
management cease trade order on the basis that it would be unable
to file its interim financial statements, accompanying management's
discussion and analysis and required certifications for the three
and six-month periods ended June 30, 2023 on or before the
prescribed filing deadline of Aug. 29, 2023 as required by National
Instrument 51-102, Continuous Disclosure Obligations and NI 52-109,
Certification of Disclosure in Issuer's Annual and Interim Filings,
respectively. The application was approved by the BCSC on Aug. 29,
2023 and the MCTO was issued by the BCSC on Aug. 30, 2022. The
MCTO prohibits trading in securities of the Company by certain
insiders of the Company, whether direct or indirect. The MCTO
requires the Interim Filings to be filed on or before Oct. 30,
2023. The Company anticipates that the Interim Filings will be
filed on or before Oct. 27, 2023.
About Replicel
RepliCel Life Sciences Inc. is a regenerative medicine company
focused on developing autologous cell therapies that treat
functional cellular deficits. The diseases currently being
addressed are chronic tendinosis, skin aging, and androgenetic
alopecia (pattern baldness).
Vancouver, Canada-based Mao & Ying LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 1, 2023, citing that the Company has accumulated losses of
$42,974,870 since its inception and incurred a loss of $743,288
during the year ended Dec. 31, 2022. These events or conditions,
along with other matters, indicate that a material uncertainty
exists that may cast substantial doubt about its ability to
continue as a going concern.
REPLICEL LIFE: Updates Arbitration Proceedings With Shiseido Group
------------------------------------------------------------------
RepliCel Life Sciences Inc. has provided an update regarding the
ongoing ICDR proceedings with the Shiseido Group.
In response to numerous inquiries, the Company refers to the ICDR
rules Article 40, which stipulates that the parties must keep
arbitration proceedings confidential; however, the Company is
required, by law, to disclose material events. The Company
confirms that an award will be a material event to be disclosed in
a timely manner, in accordance with applicable securities laws.
About Replicel
RepliCel Life Sciences Inc. is a regenerative medicine company
focused on developing autologous cell therapies that treat
functional cellular deficits. The diseases currently being
addressed are chronic tendinosis, skin aging, and androgenetic
alopecia (pattern baldness).
Vancouver, Canada-based Mao & Ying LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 1, 2023, citing that the Company has accumulated losses of
$42,974,870 since its inception and incurred a loss of $743,288
during the year ended Dec. 31, 2022. These events or conditions,
along with other matters, indicate that a material uncertainty
exists that may cast substantial doubt about its ability to
continue as a going concern.
RIALTO BIOENERGY: Court OKs $30MM DIP Loan from UMB Bank
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
authorized Rialto Bioenergy Facility, LLC to use cash collateral
and obtain post-petition financing.
The Debtor obtained postpetition financing pursuant to the DIP
Facility consisting of a senior secured superpriority multi-draw
term loan facility, by and among the Borrower, UMB Bank, N.A, as
administrative agent and collateral agent and the lenders party
thereto from time to time consisting of:
(a) a new money term loan facility in an aggregate principal
amount of up to $30 million, and
(b) a roll-up facility, which will roll up bonds of each DIP
Lender or its designated affiliate(s) into Roll-Up Loans on a basis
of $1.25 for each $1 of New Money DIP Loan made by that DIP
Lender.
Within five days of the entry of the interim order and satisfaction
or waiver of the other conditions set forth and in the DIP
Documents, the Borrower will:
(x) make a single draw of New Money DIP Commitments in the
principal amount of $15 million; and
(y) borrow (or be deemed to borrow) Roll-Up Loans in an
aggregate principal amount of $18.750 million.
Following entry of the Final Order and satisfaction or waiver of
the other conditions set forth therein and in the DIP Documents,
the Borrower will:
(x) make a single draw of New Money DIP Commitments in the
aggregate principal amount of at least $10 million and borrow (or
be deemed to borrow) Roll-Up Loans in an aggregate principal amount
of at least $12.5 million, in each case, no later than November 30,
2023; and
(y) make a final draw of the full remaining amount of the New
Money DIP Commitments and borrow the full remaining amount of
Roll-Up Loans, in each case, no later than February 28, 2024.
The Court said the Debtor is permitted to borrow in an aggregate
principal amount of up to $30 million in New Money DIP Loans and
$37.5 million in Roll-Up Loans, with the Initial Draw to be made
upon entry of the Interim Order and satisfaction or waiver of the
other conditions set forth therein, in the other DIP Documents, and
in accordance with the Budget.
The California Pollution Control Financing Authority as issuer and
UMB as trustee, are parties to an Indenture dated January 1, 2019,
involving the issue of the Rialto Bioenergy Facility Solid Waste
Disposal Revenue Bonds (Rialto Bioenergy Facility, LLC Project)
Series 2019 (AMT) (Green Bonds). The Bonds were issued in an
aggregate principal amount of $117.2 million, with the proceeds
being loaned to the Borrower to finance the facility's acquisition,
construction, rehabilitation, renovation, installation,
improvement, and equipping.
The California Pollution Control Financing Authority as issuer
loaned the proceeds of the Bonds to the Borrower pursuant to a Loan
Agreement, dated as of January 1, 2019, to (i) finance the
acquisition, construction, rehabilitation, renovation,
installation, improvement and equipping of the facility in Rialto,
California; (ii) fund 24 months of capitalized interest on the
Bonds; (iii) fund a debt service reserve for the Bonds; and (iv)
pay a portion of the costs of issuance of the Bonds.
Anaergia Services LLC provided a limited guarantee of payment. As
of the Petition Date, the Debtor was indebted for the outstanding
principal amount of $111.975 million plus accrued and unpaid
interest, fees, expenses, disbursements, indemnification
obligations, and other charges. The Bonds are secured by first
priority security interests and liens on the Borrower's assets.
The Debtor is aware of three other parties which assert or may
assert liens against the Debtor's assets:
(a) San Bernardino County Tax Collector (asserting property
tax claims in the amount of approximately $2 million);
(b) Big Sky Electric, Inc. (asserting claim in the amount of
$360,153 secured by mechanic's lien); and
(c) Ferguson Enterprises, LLC (asserting claims in the total
amount of $26,851 secured by mechanic's liens).
The Debtor has scheduled more than $72 million in general unsecured
debt.
The Debtor must obtain postpetition financing and use cash
collateral to maintain business continuity, minimize disruption,
and maximize recovery for creditors and stakeholders.
The DIP Facility is due and payable through the earliest to occur
of:
(a) 30 days following the Interim Order Entry Date if the
Final Order will not have been entered by such date;
(b) The effective date of any Chapter 11 plan for the
reorganization of Borrower confirmed pursuant to a Bankruptcy Court
order;
(c) April 30, 2024;
(d) The date that all DIP Loans will become due and payable in
full in accordance with the terms of the DIP Credit Agreement,
including due to acceleration;
(e) The consummation of a sale pursuant to 11 U.S.C. section
363 of all or substantially all of the assets of the Debtor; and
(f) The date on which the Debtor seeks approval of a
disclosure statement for a plan of reorganization or liquidation,
other than an Acceptable Plan.
The Debtor is required to comply with these milestones:
1. No later than 30 days after August 23, 2023, the
Bankruptcy Court will enter the Interim Order;
2. No later than September 29, 2023, the Debtor will file a
motion approving bidding procedures, in form and substance
acceptable to the Required Lenders;
3. No later 60 days after August 23, 2023, the Bankruptcy
Court will enter the Final Order;
4. No later than November 10, 2023, the Bankruptcy Court will
have entered the order approving the Bidding Procedures, in form
and substance acceptable to the Required Lenders;
5. No later than December 1, 2023, the Debtor will commence
the process of selling the Assets, including, but not limited to,
issuance of preliminary offering materials;
6. No later than April 8, 2024, the Debtor will conduct the
auction, if necessary, for all or substantially all of the Debtor's
Assets pursuant to 11 U.S.C. section 363 and in accordance with the
Bidding Procedures Order;
7. No later than three business days after the Auction, the
Bankruptcy Court will hold a hearing regarding approval of the sale
of all or a portion of the Borrower's Assets;
8. No later than three business days after the Sale Hearing,
the Bankruptcy Court will have entered an order approving the sale
of the Assets that either (i) pays all Obligations and all
Prepetition Obligations in full, in cash or (ii) is acceptable to
the Required Lenders in their sole discretion to a successful
bidder in accordance with the Bidding Procedures Order, in form and
substance acceptable to the Required Lenders; and
9. No later than April 30, 2024, an Acceptable Sale will have
closed, in all cases acceptable to the Required Lenders; provided
that if regulatory approvals associated with an Acceptable Sale
remain pending as of such date, such date will be automatically
extended to the date that is the third Business Day following
receipt of all necessary regulatory approvals.
The Debtor is also required to comply with these business
milestones:
1. No later than December 31, 2023, written confirmation to
the DIP Lenders (which can be through counsel) that the OREX has
been installed at the Universal Waste Systems facility at 2440 and
2460 E 24th Street, Los Angeles, California, and the failure to
meet the foregoing Business Milestone will continue unremedied for
a period of 15 days;
2. Average trailing 30-day Wet Fraction (feedstock) levels
measured at 15.0% below Approved Budget levels, measured
independently, at each of December 31, 2023, January 31, 2024, and
February 29, 2024; and
3. No later than January 31, 2024, written confirmation to
the DIP Lenders (which can be through counsel) that the OREX has
been installed at the UWS facility located at 9016 Norwalk Blvd,
Santa Fe Springs, California, and the failure to meet the foregoing
Business Milestone will continue unremedied for a period of 15
days.
The Debtor is permitted to (i) borrow under the DIP Facility and
use cash collateral during the period commencing on the date of the
Interim Order through and including the earlier to occur of (x) the
date of entry of the Final Order, and (y) the occurrence of a DIP
Termination Event solely in accordance with, and for the purposes
permitted by, the Interim Order, the other DIP Documents, and the
Budget, (ii) pay all interest, costs, fees, and other amounts and
obligations accrued or accruing under the Dl P Credit Agreement and
the other DIP Documents, all pursuant to the terms and conditions
of the Interim Order, the Budget, the DIP Credit Agreement, and the
other DIP Documents, and (iii) consummate the "roll-up" into
Roll-Up Loans (subject to the Carve-Out).
As adequate protection for the use of cash collateral, the
Prepetition Secured Parties are granted valid and perfected
postpetition replacement security interests in and liens upon the
DIP collateral, subject and subordinate only to the Carve-Out, the
Permitted Third Party Liens, and the DIP Liens.
As further adequate protection, the Prepetition Secured Parties are
granted an allowed superpriority administrative expense claims
against the Debtor pursuant to 11 U.S.C. sections 503(b), 507(a),
and 507(b).
The "Carve-Out" means the sum of the following, in all respects
solely with respect to the Borrower: (i) all fees required to be
paid to the Clerk of the Court and to the Office of the
United States Trustee under 28 U.S.C. section 1930(a) and 31 U.S.C.
section 3717 plus interest at the statutory rate; (ii) all
reasonable and documented fees and out-of-pocket expenses incurred
by a trustee under 11 U.S.C. section 726(b) and allowed by the
Court in an amount not to exceed $25,000; and (iii) to the extent
allowed by the Court at any time, whether by interim order,
procedural order, or otherwise, all accrued and unpaid fees, costs,
and out-of-pocket expenses incurred by persons or firms retained by
the Debtor pursuant to 11 U.S.C. sections 327, 328, or 363 and the
Official Committee of Unsecured Creditors pursuant to 11 U.S.C.
section 328 or 1103 at any time on or prior to the Carve-Out
Trigger Date, whether allowed by the Court prior to or after the
Carve-Out Trigger Date, to the extent that the fees, costs, and
out-of-pocket expenses are provided for in the Approved Budget and
in accordance with the respective retention orders of the Estate
Professionals, less the aggregate amount of all retainers held by
an Estate Professional as of the Carve-Out Trigger Date; and (iv)
Allowed Professional Fees in an aggregate amount not to exceed
$300,000 incurred on and after the Carve-Out Trigger Date, to the
extent allowed by the Court at any time, whether by interim order,
procedural order, or otherwise, but excluding any "success" or
"transaction" fees payable to any financial advisor or investment
banker, allocated $250,000 to the Debtor Professionals and $50,000
to the Committee Professionals; provided, that under no
circumstances shall any success, completion or similar fees be paid
from the Carve-Out following the delivery of a Carve-Out Trigger
Notice unless such fee was earned and payable before the Carve-Out
Trigger Date; provided, further, that nothing shall be construed to
impair the ability of any party to object to the fees, expenses,
reimbursement, or compensation described in the Carve-Out Cap on
any grounds.
Carve-Out Trigger Notice will mean a written notice delivered by
email (or other electronic means) by the DIP Agent to the Borrower,
its lead restructuring counsel, the U.S. Trustee, and counsel to
the Committee, counsel to the DIP Agent, which notice (x) may be
delivered only following the occurrence and during the continuation
of a DIP Termination Event, and (y)
shall state that the Post-Carve Out Trigger Notice Cap has been
invoked. The day on which a Carve-Out Trigger Notice is received
by the parties is the "Carve-Out Trigger Date".
A final hearing on the matter is set for October 16, 2023 at 1
p.m.
A copy of the order is available at https://urlcurt.com/u?l=lBBRiO
from PacerMonitor.com.
Counsel to UMB Bank, N.A. as DIP Agent and the Prepetition
Trustee:
Michael D. Messersmith, Esq.
Sarah Gryll, Esq.
Arnold & Porter Kaye Scholer LLP
70 W. Madison Street, Suite 4200
Chicago, IL 60602
E-mail: michael.messersmith@arnoldporter.com
sarah.gryll@arnoldporter.com
- and -
Tobey Marie Daluz, Esq.
Ballard Spahr
919 N. Market Street, 11th Floor
Wilmington, DE 1980-3034
E-mail: daluzt@ballardspahr.com
About Rialto Bioenergy Facility
Rialto Bioenergy Facility, LLC owns and operates a multi-feedstock
bioenergy facility in Rialto, Calif., which converts organic waste,
such as food waste, yard waste, and biosolids into carbon-negative
renewable natural gas, with capability to also generate renewable
electricity and soil amendment or fertilizer. The facility, the
largest in North America and valued at $196.6 million, utilizes
anaerobic digestion technology to convert the organic waste
received from waste haulers into renewable natural gas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-01467) on May 25,
2023, with $100 million to $500 million in both assets and
liabilities. Yaniv Scherson, vice president, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo
and Golubchik, LLP as bankruptcy counsel; B. Riley Securities, Inc.
as financial advisor; and GlassRatner Advisory & Capital Group, LLC
as valuation consultant.
The U.S. Trustee for Region 15 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Brinkman Law Group, PC as legal counsel and
Continental Economics, Inc. as valuation consultant.
UMB Bank, N.A. as DIP Agent and the Prepetition Trustee, and the
holders of the Rialto Bioenergy Facility Solid Waste Disposal
Revenue Bonds (Rialto Bioenergy Facility, LLC Project) Series 2019
(AMT) (Green Bonds) -- Prepetition Secured Parties -- have retained
Arnold & Porter Kaye Scholer LLP as primary counsel, Ankura
Consulting Group, LLC as financial advisor, and Ballard Spahr LLP
as counsel.
RIALTO BIOENERGY: Seeks to Extend Plan Exclusivity to December 21
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Rialto Bioenergy Facility, LLC asks the U.S. Bankruptcy Court for
the Southern District of California to extend its exclusivity
period to file a plan and obtain acceptance thereof from
September 22, 2023 to December 21, 2023, and from November 21,
2023 to February 19, 2024, respectively.
The Debtor explained that since it filed for bankruptcy, it has
been involved in a highly contested dispute with UMB Bank, N.A.,
pertaining to the Debtor's Cash Collateral/DIP Financing Motion,
and a valuation trial pertaining to the Debtor's Facility
scheduled for August 16 and 23, 2023. The Debtor anticipates
that the outcome of that trial will have an impact on a number of
issues in its case, including, the Cash Collateral/DIP Financing
Motion, and its reorganization timeline, terms and prospects. The
Debtor also anticipates that a valuation decision and a ruling on
the Cash Collateral/DIP Financing Motion will likely be made in
September 2023.
The Debtor explained that it will require time after the Court's
valuation decision to formulate and propose a plan in this case.
The Debtor stated that the outcome of the valuation trial will
have significant impact on the ultimate disposition of this case,
including, without limitation, the manner in, and timeframe
within, which this case is administered, and the terms of a plan
and disclosure statement.
The Debtor also added that its focus and attention has been
allocated toward the valuation trial and obtaining the financing
needed in order for it to continue to operate through 2024. The
Debtor expaliend that once these issues are resolved by the Court
it will be able to turn its attention to preparing a plan and
disclosure statement, which it submits will require significant
time and effort.
Rialto Bioenergy Facility, LLC is represented by:
Ron Bender, Esq.
Monica Y. Kim, Esq.
Krikor J. Meshefejian, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Ave.
Los Angeles, CA 90034
Tel: (310) 229-1234
Email: rb@lnbyg.com
myk@lnbyg.com
kjm@lnbyg.com
About Rialto Bioenergy Facility
Rialto Bioenergy Facility, LLC owns and operates a multi-
feedstock bioenergy facility in Rialto, Calif., which converts
organic waste, such as food waste, yard waste, and biosolids into
carbon-negative renewable natural gas, with capability to also
generate renewable electricity and soil amendment or fertilizer.
The facility, the largest in North America and valued at $196.6
million, utilizes anaerobic digestion technology to convert the
organic waste received from waste haulers into renewable natural
gas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-01467) on May 25,
2023, with $100 million to $500 million in both assets and
liabilities. Yaniv Scherson, vice president, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo
and Golubchik, LLP as bankruptcy counsel; B. Riley Securities,
Inc. as financial advisor; and GlassRatner Advisory & Capital
Group, LLC as valuation consultant.
UMB Bank, N.A. as Indenture Trustee is represented by Nahal
Zarnighian, Esq., at Ballard Spahr, LLP.
The U.S. Trustee for Region 15 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
The committee tapped Brinkman Law Group, PC as legal counsel and
Continental Economics, Inc. as valuation consultant.
ROCK RIDGE: Unsecured Creditors Will Get 25% of Claims in Plan
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Rock Ridge Farms Partnership submitted a First Amended Disclosure
Statement describing First Amended Plan of Reorganization dated
September 12, 2023.
The Debtor's original Plan called for the Debtor to orderly
liquidate its assets over time in order to generate funds with
which to pay its creditors. While this may still be a sound method
of generating funds to pay claims, it is far from certain that the
liquidation would generate sufficient funds to pay all claims in
full.
The current Plan provides for immediate payment of all claims upon
confirmation of the Plan in a discounted amount.
The Debtor sold all equipment, most vehicles, and other personal
property. The sweet potato inventory is being liquidated in the
ordinary course of business. The Debtor has employed Tammy Eickhoff
as broker to list and market the real property in a manner and on a
schedule described in the Plan, subject to the Debtor's plan to
engage in the Exit Financing as described in the Plan.
Since the Petition Date, the Debtor has continued to sell its sweet
potato inventory in the ordinary course of business with the net
proceeds being paid to AgCarolina Farm Credit, ACA, for application
to its claim which is secured by, among other things, the inventory
and the proceeds of that inventory. Since the Petition Date,
AgCarolina has received in excess of $1,090,000.00 in sweet potato
proceeds, and approximately $2,442,000.00 in equipment sales
proceeds.
The Debtor is currently operating under the Ninth Cash Collateral
Order, which provides for the use of funds sufficient to maintain
minimal necessary expenses to preserve property of the estate such
as utilities, insurance, maintenance, and the like.
Class XI will consist of the holders of general unsecured claims
who voluntarily elect to participate as a Class XI claimant. Those
claimants will be paid a sum equal to 25% of the face amount of
their claim in a single lump sum payment. By electing to join this
Class, the holders of Class XI claims will accept that single
payment in full satisfaction of their claims against the Debtor as
well as against any co-debtor, partner, or guarantor.
Class XII will consist of the holders of general unsecured claims
who do not elect to join Class XI. Holders of claims in this Class
will not receive any payment under or by the Plan, but those claims
will not be discharged and after the case is closed the holders of
those claims will be free to pursue collection in any lawful manner
against any party lawfully obligated on the claim. The rights of
members of this Class will not be altered by the Plan and therefore
this Class is unimpaired.
Payments and distributions under the Plan will be funded by the
following:
* Exit Financing.
* Proceeds from the sale of sweet potato inventory.
* Rental proceeds from lease of labor camp facility in Wilson
County, NC.
* Proceeds of the ERC in the anticipated amount of
$124,396.00.
* Proceeds, if any, from the recovery of any claims which the
Debtor may have against third parties including but not limited to
claims under Chapter 5 of the Bankruptcy Code.
A full-text copy of the First Amended Disclosure Statement dated
September 12, 2023 is available at https://urlcurt.com/u?l=L7lmtc
from PacerMonitor.com at no charge.
Counsel for the Debtor:
David F. Mills, Esq.
Narron Wenzel, P.A.
P.O. Box 1567
102 S. Third Street
Smithfield, NC 27577
Tel: (919) 934-0049
Fax: (919) 938-1058
Email: dmills@narronwenzel.com
About Rock Ridge Farms Partnership
Rock Ridge Farms Partnership is in the business of farming sweet
potatoes, soybeans, corn, and peanuts in and around Wilson County,
N.C.
Rock Ridge Farms sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00291) on Feb. 2,
2023, with up to $10 million in both assets and liabilities.
Robert C. Boyette, partner at Rock Ridge Farms, signed the
petition.
Judge Joseph N. Callaway oversees the case.
David F. Mills, Esq., at Narron Wenzel, P.A., is the Debtor's legal
counsel.
RUSSELL INVESTMENTS: Moody's Cuts CFR & First Lien Term Loan to B1
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Moody's Investors Service has downgraded Russell Investments Cayman
Midco, Ltd.'s ("Russell Investments") corporate family rating to B1
from Ba3 and its probability of default rating to B1-PD from
Ba3-PD. Moody's has also downgraded the senior secured first lien
term loan and senior secured revolving credit facility issued by
co-borrowers, Russell Investments US Institutional Holdco, Inc. and
Russell Investments US Retail Holdco, Inc., to B1 from Ba3. The
outlook remains negative.
RATINGS RATIONALE
The downgrade to B1 reflects an increase in leverage amid operating
earnings that have been below Moody's expectations in recent
quarters as well as the challenges that Russell faces to improve
its revenue and earnings trajectory. Russell's EBITDA dropped 34%
year-over-year on a last twelve months basis as of June 30, 2023,
reflecting the lagged impact of weak financial market performance
in 2022 on AUM and investment management and customized portfolio
solutions revenue and continued net outflows. These factors have
driven the company's leverage up to 7.5x as of June 30, 2023 from
5.9x at year-end 2022. The company is taking a number of steps to
improve its earnings trajectory in H2 2023 and 2024, including
additional cost savings and revenue enhancements, but Moody's still
expects Russell's leverage to end 2023 above 7.0x.
The decline in Russell's operating earnings has also heightened
refinancing risk on its $1.2 billion term loan (due in May 2025).
The company has several options to accomplish a refinancing in a
timely manner and management continues to focus on improving
financial performance to best position the company for a successful
refinance.
The negative outlook reflects ongoing challenges to Russell
Investments' credit profile, including the depressed revenues and
EBITDA as well as the increasing refinancing risk. Indeed, further
rating actions, potentially multiple notches, are possible if a
refinancing is not completed by early 2024. However, Moody's notes
that management is taking actions that could boost EBITDA over the
next 12-18 months. The company, which has a strong track record in
expense management, has outlined plans for additional cost savings
of $59 million over the next two years. Furthermore, improved
investment performance has led to reduced customer terminations in
recent quarters contributing to improvement in the net new business
pipeline which had been negative. The improved pipeline is a
leading indicator of potential future net AUM inflows and revenue
growth. If these plans are successfully implemented and these
emerging trends continues, Moody's estimates that leverage could be
reduced to below 6.0x by year-end 2024.
The B1 rating reflects (1) the company's solid position in the
large outsourced chief investment office (OCIO) market; (2) a large
recurring revenue base; (3) strong AUM retention rates; and (4)
high degree of diversification by geography. The company's rating
is constrained by (1) contracting market share in its core OCIO
market; (2) very high leverage and low and weaker profitability.
While OCIO has been a growing niche in the asset management
industry, Russell Investments has been losing market share amid
aggressive competition from large, diversified financial service
companies.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Given the negative outlook, an upgrade is unlikely. The outlook
could return to stable if the following occurs: (1) a refinancing
occurs; (2) Debt/EBITDA (including Moody's standard adjustments) is
sustained below 6.0x; (3) revenue growth accelerates on a sustained
basis; and (4) net flows turn positive for several consecutive
quarters, particularly in in the company's core OCIO business.
Conversely, the ratings could be downgraded if (1) The loan is not
refinanced by the end of Q1 2024; (2) Debt/EBITDA (including
Moody's standard adjustments) is sustained above 6.0x; (3) net
outflows persist at or above current trends; and (4) pre-tax margin
sustained below 10%.
Russell investments, headquartered in Seattle, WA, is a global
asset manager with $184 billion in AUM as of June 30, 2023.
The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.
SANIBEL REALTY: Seeks 60-Day Extension to Plan Exclusivity
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Sanibel Realty Trust, LLC asks the U.S. Bankruptcy Court for the
Southern District of Florida to further extend for 60 days the
statutory exclusive periods for filing and soliciting acceptances
of a chapter 11 plan.
The Debtor owns three Miami-Dade County residential condominium
properties located at:
(i) 9499 Collins Avenue, Unit PH06, Surfside, Florida 33179
(ii) 9595 Collins Ave., Unit NPHF, Surfside, FL 33179; and
(iii) 10110 SW 154 Cir. Ct., Unit 108-1, Miami, FL 33186
The Debtor claims that it has been working diligently towards
negotiating with the lienholders of the properties to reach a
resolution as to the disputed values of the properties, and
therefore the allowable secured claims in this case, including by
the filing of a section 506(a) motion to value its property
located at 9499 Collins Avenue, Unit PH06, Surfside, Florida
33179, which is set for a final evidentiary hearing on August 23,
2023 with an eye towards formulating a consensual and confirmable
chapter 11 plan.
This is the Debtor's third request for extension. The Debtor's
exclusive periods to file a plan and to solicit acceptances for
the plan were previously extended to June 12, 2023 and August 8,
2023, respectively.
Sanibel Realty Trust, LLC is represented by:
Nathan G. Mancuso, Esq.
MANCUSO LAW, P.A.
Boca Raton Corporate Centre
7777 Glades Rd., Suite 100
Boca Raton, FL 33434
Tel: (561) 245-4705
Email: ngm@mancuso-law.com
About Sanibel Realty Trust
Sanibel Realty Trust, LLC, a company in Miami, Fla., filed a
petition for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 22-18729) on Nov. 11, 2022. In the
petition filed by its manager, Javier Perez, the Debtor reported
between $1 million and $10 million in both assets and
liabilities.
Judge Robert A. Mark oversees the case.
The Debtor is represented by Nathan G. Mancuso, Esq., at Mancuso
Law, P.A.
SAS AB: Exclusivity Period Extended to November 8
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Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York extended the exclusive filing
period for SAS AB and its subsidiaries to November 8, 2023.
The Judge also extended the Debtors' exclusive soliciation period
to January 8, 2024.
About Scandinavian Airlines
SAS SAB -- https://www.sasgroup.net -- Scandinavia's leading
airline, with main hubs in Copenhagen, Oslo and Stockholm, is
flying to destinations in Europe, USA and Asia. In addition to
flight operations, SAS offers ground handling services, technical
maintenance, and air cargo services. SAS is a founder member of
the Star Alliance, and together with its partner airlines offers
a wide network worldwide.
SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July
5, 2022. In the petition filed by Erno Hilden, authorized
representative, SAS AB estimated assets between $10 billion and
$50 billion and liabilities between $1 billion and $10 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; Ernst & Young AB as
tax advisor; and Seabury Securities, LLC and Skandinaviska
Enskilda Banken AB as investment bankers. Seabury is also serving
as restructuring advisor. Kroll Restructuring Administration, LLC
is the claims agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Willkie Farr & Gallagher, LLP.
SILICON VALLEY BANK: FDIC Wants Venture Capitalist Lawsuit Tossed
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Katryna Perera of Law360 reports that the Federal Deposit Insurance
Corp., acting on behalf of the failed Silicon Valley Bank, has
asked a California federal judge to dismiss a 2018 suit alleging
that the bank's unauthorized transfer of $4. 25 million into the
account of a venture capitalist firm created the false appearance
of embezzlement and caused significant damage to the firm.
About Silicon Valley Bank
Silicon Valley Bank was the nation's 16th largest bank and the
biggest to fail since the 2008 financial meltdown.
During the week of March 6, 2023, Silicon Valley Bank, Santa Clara,
CA, experienced a severe "run-on-the-bank." On the morning of
March 10, 2023, the California Department of Financial Protection
and Innovation seized SVB and placed it under the receivership of
the Federal Deposit Insurance Corporation (FDIC).
The FDIC on March 13, 2023, disclosed that it transferred all
deposits -- both insured and uninsured -- and substantially all
assets of the former Silicon Valley Bank of Santa Clara,
California, to a newly created, full-service FDIC-operated "bridge
bank" in an action designed to protect all depositors of Silicon
Valley Bank.
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin
Glenn is the bankruptcy judge. The Debtor had assets of
$19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31,
2022.
Centerview Partners LLC is proposed financial advisor, Sullivan &
Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed
restructuring advisor to SVB Financial Group as
debtor-in-possession. Kroll is the claims agent.
SORRENTO THERAPEUTICS: Scilex Declared Successful Bidder for Shares
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Scilex Holding Company (Nasdaq: SCLX), a majority-owned subsidiary
of Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento"), an
innovative revenue-generating company focused on acquiring,
developing and commercializing non-opioid pain management products
for the treatment of acute and chronic pain, announced that on
September 11, 2023, Scilex, Oramed Pharmaceuticals Inc. (Nasdaq:
ORMP, "Oramed") and Sorrento executed non-binding term sheets
relating to, among other things, the Securities Transfer (as
defined below) (the "Securities Transfer Term Sheet") (which the
official committee of unsecured creditors and the official
committee of equity security holders in Sorrento's bankruptcy cases
have each signed as "Consenting Parties" thereto) and the Note (as
defined below) (the "Note Term Sheet" and together with the
Securities Transfer Term Sheet, the "Scilex Term Sheets"). After a
hearing before the Bankruptcy Court in Sorrento's bankruptcy cases
on September 12, 2023, such court entered a final order approving
the Scilex Term Sheets. The Scilex Term Sheets are subject to entry
into definitive documentation relating thereto. The transactions
contemplated by the Scilex Term Sheets are expected to close on or
about September 19, 2023.
Pursuant to the Securities Transfer Term Sheet, the parties to the
Securities Transfer Term Sheet agreed that the Company would be
declared the new successful bidder and would acquire all of the
shares of Scilex common stock owned by Sorrento (other than such
shares held in abeyance by Sorrento on behalf of certain warrant
holders of Sorrento), (ii) all of the shares of Scilex preferred
stock owned by Sorrento, and (iii) all of the warrants for the
purchase of shares of Scilex common stock owned by Sorrento (the
"Transfer Warrants")(collectively, the "Securities Transfer") for
aggregate consideration consisting of: (i) $110 million (comprised
of cash payments of $10 million and assumption of certain
indebtedness of Sorrento in the amount of $100 million); plus (ii)
the assumption by the Company of certain legal fees and expenses in
the amount of approximately $12.25 million; plus (iii) a credit bid
of all amounts owed to the Company under the junior secured term
loan facility provided by the Company to Sorrento.
The Note Term Sheet provides that, among other things, the Company
will issue a senior secured note to Oramed in an amount equal to
the unpaid principal and accrued and unpaid interest under
Sorrento's $100 million senior secured debtor in possession term
loan facility with Oramed (as noted above, the original aggregate
principal amount of such facility is $100 million), secured by a
senior lien on substantially all of the Company's assets, subject
to certain exclusions as set forth in the Note Term Sheet (the
"Note").
"This transaction is a testament to our significant execution over
the past few years as well as our board's confidence in our
multi-faceted strategy to continue to build long term value for our
shareholders. Approximately four years ago, we successfully merged
Semnur Pharmaceuticals and Scilex Pharmaceuticals into Scilex
Holding Company. On November 10, 2022, we completed our business
combination to become a public company and began trading on Nasdaq
on November 11, 2022. Our achievements over these past years
demonstrates the ability of our management team to execute on its
goals. This transaction reinforces the confidence we have in our
strategy and our commitment to deliver long-term value to our
shareholders," said Jaisim Shah, President and Chief Executive
Officer of Scilex.
About Scilex Holding Company
Scilex Holding Company is an innovative revenue-generating company
focused on acquiring, developing and commercializing non-opioid
pain management products for the treatment of acute and chronic
pain. Scilex is uncompromising in its focus to become the global
pain management leader committed to social, environmental,
economic, and ethical principles to responsibly develop
pharmaceutical products to maximize quality of life. Results from
the Phase III Pivotal Trial C.L.E.A.R. Program for SEMDEXA(TM), its
novel, non-opioid product for the treatment of lumbosacral
radicular pain (sciatica), were announced in March 2022. Scilex
participated in the type C meeting for purposes of pre-NDA
discussion with the FDA and is pending official minutes in writing
from the FDA. Scilex targets indications with high unmet needs and
large market opportunities with non-opioid therapies for the
treatment of patients with moderate to severe pain. Scilex launched
its first commercial product ZTlido(R) in October 2018, in-licensed
a commercial product Gloperba(R) in June 2022, and launched its
third FDA-approved product Elyxyb(TM) in April 2023. It is also
developing its late-stage pipeline, which includes a pivotal Phase
3 candidate, and one Phase 2 and one Phase 1 candidate. Its
commercial product, ZTlido(R) (lidocaine topical system) 1.8%, or
ZTlido(R) , is a prescription lidocaine topical product approved by
the U.S. Food and Drug Administration for the relief of pain
associated with post-herpetic neuralgia, which is a form of
post-shingles nerve pain. Scilex in-licensed the exclusive right to
commercialize Gloperba(R) (colchicine USP) oral solution, an
FDA-approved prophylactic treatment for painful gout flares in
adults, in the U.S. Scilex in-licensed the exclusive rights to
commercialize Elyxyb(TM) (celecoxib oral solution) in the U.S. and
Canada, the only FDA-approved ready-to-use oral solution for the
acute treatment of migraine, with or without aura, in adults.
Scilex launched Elyxyb(TM) in April 2023, and is planning to
commercialize Gloperba(R) in the fourth quarter of 2023, and is
well-positioned to market and distribute those products. Scilex's
three product candidates are SP-102 (injectable dexamethasone
sodium phosphate viscous gel product containing 10 mg
dexamethasone), or SEMDEXA(TM), a Phase 3, novel, viscous gel
formulation of a widely used corticosteroid for epidural injections
to treat lumbosacral radicular pain, or sciatica, with FDA Fast
Track status; SP-103 (lidocaine topical system) 5.4%, a Phase 2
study, triple-strength formulation of ZTlido(R) , for the treatment
of acute low back pain, with FDA Fast Track status; and SP-104, 4.5
mg Delayed Burst Release Low Dose Naltrexone Hydrochloride
(DBR-LDN) Capsule, for the treatment of chronic pain, fibromyalgia
that has completed multiple Phase 1 trial programs and is expected
to initiate Phase 2 trials in 2023. For further information
regarding the SP-102 Phase 3 efficacy trial, see NCT identifier
NCT03372161 -- Corticosteroid Lumbar Epidural Analgesia for
Radiculopathy -- Full Text View -- ClinicalTrials.gov.
Scilex Holding Company is headquartered in Palo Alto, California.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).
Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.
Judge David R. Jones oversees the cases.
The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.
Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'
Chapter 11 cases.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig,
LLP serve as the equity committee's bankruptcy counsel.
STANADYNE LLC: Creditors Seek Ch. 11 Plan to Quickly Wrap Up
------------------------------------------------------------
Emily Lever of Law360 reports that the committee of unsecured
creditors in the Chapter 11 case of fuel pump company Stanadyne LLC
filed a Chapter 11 plan and disclosure statement, without the
debtor's backing, and has asked a Delaware bankruptcy judge to
approve the adequacy of the disclosures and set a confirmation
hearing date so the proceedings can wind down quickly.
About Stanadyne LLC
Stanadyne LLC is a global automotive technology offering
engine-based fuel and air management systems. Stanadyne is a
developer and manufacturer of fuel pumps and fuel injectors for
diesel and gasoline engines.
Stanadyne and its affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10207) on
Feb. 16, 2023. In the petition signed by John Pinson, chief
executive officer, the Debtor disclosed up to $500 million in both
assets and liabilities.
Judge John T. Dorsey oversees the case.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP, and Hughes
Hubbard and Reed LLP as co-general bankruptcy counsel; Kroll, LLC
as financial advisor; and Kurtzman Carson Consultants LLC as
claims, noticing, and balloting agent and administrative advisor.
STONY POINT AMBULANCE: Hits Chapter 11 Bankruptcy Protection in NY
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On Sept. 7, 2023, Stony Point Ambulance Corps Inc. filed for
chapter 11 protection in the Southern District of New York without
stating a reason.
According to court filings, Stony Point Ambulance Corps Inc.
estimates between $1 million and $10 million in debt owed to 1 to
49 creditors. The petition states funds will be available to
Unsecured Creditors.
A teleconference meeting of creditors under 11 U.S.C. Section
341(a) is slated for October 12, 2023, at 1:30 P.M.
About Stony Ambulance
Stony Point Ambulance Corps, Inc. -- https://www.spacems.org -- is
the official ambulance service for the Town of Stony Point, NY.
They offer NYS EMT certification and provide personal growth and
career development opportunities.
Stony Point Ambulance sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-22654) on Sept. 7,
2023. In the petition filed by Johan Waite, as chief operating
officer, the Debtor reports estimated assets and liabilities
between $1 million and $10 million each.
The Honorable Bankruptcy Judge Sean H Lane oversees the case.
The Debtor is represented by:
Dawn Kirby, Esq.
Kirby Aisner & Curley, LLP
47 Liberty Drive
Stony Point, NY 10980
SUREFUNDING LLC: Seeks to Extend Plan Exclusivity to September 24
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SureFunding, LLC asks the U.S. Bankruptcy Court for the District
of Delaware to further extend its exclusive periods to file a
plan and disclosure statement and to solicit acceptances thereof
to September 24, 2023 and November 26, 2023, respectively.
The Debtor claims that it has made good faith progress toward
reorganization through mediation, and the filing of the plan
after extensive negotiations. The Debtor also stated that the
plan has been served upon creditors for acceptance. The Debtor
explained that it is not seeking the extension to pressure
creditors, but to maintain the status quo during the existing
process.
This is the Debtor's fifth extension motion. Previously, the
Debtor's exclusive filing and solicitation periods were extended
to August 10, 2023 and October 12, 2023, respectively.
SureFunding, LLC is represented by:
Carl N. Kunz, III, Esq.
Jeffrey R. Waxman, Esq.
Tara C. Pakrouh, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-6800
Email: ckunz@morrisjames.com
jwaxman@morrisjames.com
tpakrouh@morrisjames.com
About SureFunding LLC
Las Vegas-based SureFunding, LLC, was founded by Jason and Justin
Abernathy in 2014 as a private investment vehicle. It opened in
2015 to outside investors, many of which were family, friends and
business acquaintances. Its investments are in short-term,
high-yield assets.
SureFunding sought Chapter 11 protection (Bankr. D. Del. Case No.
20-10953) on April 14, 2020, with $10 million to $50 million in
both assets and liabilities. Judge Laurie Selber Silverstein
oversees the case.
The Debtor tapped Carl N. Kunz, III, Esq., and Jeffrey R. Waxman,
Esq., at Morris James, LLP as bankruptcy attorneys; Carlyon Cica
Chtd. as special litigation counsel; and Ted Gavin of
Gavin/Solmonese, LLC as chief restructuring and liquidation
officer.
Bayard, P.A., represents the ad hoc committee of SureFunding
noteholders.
TRINSEO PLC: Obtains $1-Bil. Loan to Repay 2024 and 2025 Debts
--------------------------------------------------------------
Trinseo PLC obtained $1.077 billion in aggregate principal amount
of secured term loan financing arranged by Angelo, Gordon & Co.,
L.P. and Oaktree Capital Management, L.P., with funds managed by
Angelo Gordon, Oaktree and Apollo Global Management, Inc. as
lenders. Proceeds will be used to refinance the entirety of the
Company's outstanding 2024 term loan and $385 million of its
existing $500 million 2025 Senior Notes.
Key Terms of the New Term Loan Facility include:
* $1.077 billion of aggregate new principal amount for net
cash proceeds of $1.045 billion;
* Annual cash interest rate of SOFR + 8.50%;
* Option to elect partial payment-in-kind ("PIK") interest for
up to 24 months at an annual cash interest rate of SOFR + 4.25% and
a PIK interest rate of 5.25%;
* Call protections of a customary make-whole from months 0 to
18; 3.0% from months 18 to 30; 2.0% from months 30 to 42; par
thereafter
* Final maturity date of May 3, 2028
Commenting on the transaction, Frank Bozich, Trinseo's President
and Chief Executive Officer, said, "We are very pleased with this
transaction as it addresses the entirety of our 2024 debt maturity
and over 75% of our debt maturing in 2025. The financing process
was very competitive, a testament to investors' strong belief in
the long-term outlook for the business. We welcome the support and
partnership from leading investors Oaktree, Angelo Gordon and
Apollo."
Bozich continued, "I want to thank our employees, customers and
suppliers for their partnerships in managing through the current
challenging demand environment. With our nearest-term maturity now
addressed, we will continue to progress on our transformation while
developing value-added solutions for our customers and creating
long-term value for our shareholders."
"We are delighted to be a capital partner to Trinseo and have the
opportunity to help strengthen its balance sheet by refinancing the
majority of its near-dated maturities," said Joseph Lenz, Managing
Director at Angelo Gordon.
Brook Hinchman, Managing Director at Oaktree, added, "We appreciate
the opportunity to work with Frank, David and the full Trinseo team
to provide a capital structure solution to allow Trinseo to focus
on its leading position in the styrene derivative and PMMA value
chains and on innovative polymer recycling technologies."
$1.077-Bil. Term Loan Facility
On September 8, 2023, Trinseo Luxco Finance SPV S.a r.l. -- Lux
Borrower -- an indirect wholly owned subsidiary of Trinseo PLC, and
Trinseo NA Finance SPV LLC, an indirect wholly owned subsidiary of
the Company -- Co-Borrower -- entered into a Credit Agreement as
co-borrowers, with Trinseo Luxco S.a r.l. as Parent and Trinseo NA
Finance LLC, the lenders party thereto from time to time, and Alter
Domus (US) LLC, as administrative agent and collateral agent.
The Credit Agreement provides for a senior secured term loan
facility of $1.077 billion. The Term Loans were used to fund (a)
the 2023 Term Loans in an aggregate amount equal $948 million and
(b) an intercompany loan and equity contributions of $125 million
which amounts were used to fund the voluntary prepayment of the
2018 Refinancing Term Loans and partial redemption of the 2025
Senior Notes.
The Borrowers' obligations under the Term Loan Facility are
guaranteed by the Guarantors and, on a post-closing basis, will be
guaranteed on a limited basis by certain other subsidiaries of the
Parent that do not guaranty the obligations under the Existing
Credit Agreement. The obligations under the Term Loan Facility are
secured by equity pledges of 100% of the equity interests in each
Borrower and substantially all assets of the Borrowers, which
includes the Lux Borrower's right, title and interest in the 2023
Term Loans. On a post-closing basis, the Borrowers' will cause
certain assets that are owned by the Additional Guarantors to be
pledged as collateral to secure the obligations under the Limited
Guaranty.
The Term Loan Facility bears interest at a rate per annum equal to
Term SOFR (as defined in the Credit Agreement) plus 8.50%. The Term
Loan Facility matures on May 3, 2028 and amortizes in equal
quarterly installments of 0.25% of the initial principal amount,
commencing on January 2, 2024.
The Borrowers may voluntarily prepay outstanding Term Loans at any
time. The Borrowers are required to prepay outstanding Term Loans:
(a) with the net cash proceeds of a sale of Co-Borrower's 50%
equity interests in Americas Styrenics LLC;
(b) with the proceeds of certain dividends received from AmSty
(excluding ordinary course quarterly dividends based on the net
profits of AmSty);
(c) if the First Lien Net Leverage Ratio (as defined in the
Credit Agreement) exceeds 3.50:1.00, with any interest or
amortization payments that the Lux Borrower receives on account of
the 2023 Term Loans that are not used to pay interest or
amortization payments under the Term Loan Facility;
(d) with the proceeds of any voluntary or mandatory prepayment
received by Lux Borrower on account of the 2023 Term Loans; and
(e) with the proceeds of non-permitted indebtedness.
The Additional Guarantors are required to make a payment under the
Limited Guaranty at par with the net cash proceeds of any sale of
assets of the Additional Guarantors or the sale of any equity
interests of such Additional Guarantors.
All voluntary prepayments of the Term Loans, and mandatory
prepayments of the Term Loans (i) with the proceeds of
non-permitted indebtedness; and (ii) with proceeds that Lux
Borrower receives from any voluntary prepayment of the 2023 Term
Loans or from any mandatory prepayment of the 2023 Term Loans with
the proceeds of non-permitted indebtedness, are subject to
prepayment premiums as follows:
(a) prior to the 18 month anniversary of the Closing Date, a
customary make-whole amount;
(b) from and after the 18 month anniversary and prior to the
30 month anniversary of the Closing Date, 3.00%;
(c) from and after the 30 month anniversary and prior to the
42 month anniversary of the Closing Date, 2.00%; and
(d) after the 42 month anniversary of the Closing Date, at
par.
All mandatory prepayments with the net cash proceeds from the sale
of Co-Borrower's interest in AmSty or with the proceeds of certain
dividends received from AmSty (excluding ordinary course quarterly
dividends based on the net profits of AmSty) prior to the 36 month
anniversary of the Term Loan Facility are subject to prepayment
premiums as follows:
(i) prior to the 12 month anniversary of the Closing Date, a
customary make-whole amount;
(ii) from and after the 12 month anniversary and prior to the
24 month anniversary of the Closing Date, 3.00% of the aggregate
principal amount of the Term Loans so prepaid;
(iii) from the 24 month anniversary and prior to the 36 month
anniversary of the Closing Date, 2.00% of the aggregate principal
amount of the Term Loans so prepaid; and
(iv) after the 36 month anniversary of the Closing Date, at
par.
The Term Loan Facility contains certain events of default,
including (i) relating to a change of control or (ii) failure to
maintain at least $100,000,000 of Liquidity (as defined in the
Credit Agreement) at the end of any calendar month, and (iii) a
cross default to the Existing Credit Agreement. If an event of
default occurs, the Term Lenders will be entitled to take various
actions, including the acceleration of amounts due under the Term
Loan Facility.
2023 Incremental and Refinancing Amendment
to Existing Credit Agreement
On the Closing Date, Trinseo Materials Operating S.C.A., an
indirect wholly owned subsidiary of the Company -- Trinseo Lead
Borrower -- Trinseo Materials Finance, Inc., an indirect wholly
owned subsidiary of the Company, Trinseo Holding S.a r.l., an
indirect wholly owned subsidiary of the Company, and Deutsche Bank
AG New York Branch, as administrative agent and collateral agent
and Lux Borrower, in its capacity as the 2023 Refinancing Term Loan
Lender and the 2023 Incremental Term Loan Lender, entered into an
amendment to the Credit Agreement, dated as of September 6, 2017,
by and among Holdings, the Trinseo Borrowers, the guarantors party
thereto, the lenders party thereto, and Deutsche Bank AG New York
Branch, as administrative agent and collateral agent, pursuant to
which the Trinseo Borrowers borrowed $948 million of new term loans
under a new term loan facility with Lux Borrower as lender,
established under the Existing Credit Agreement.
The proceeds of the 2023 Term Loans were used, together with cash
on hand, to (x) repay in full the outstanding principal amount of,
and all accrued and unpaid interest on, the 2018 Refinancing Term
Loans and (y) to redeem $385,000,000 of the Trinseo Borrowers'
5.375% Notes due 2025, issued pursuant to an Indenture dated as of
August 29, 2017 by and among the Trinseo Borrowers, the guarantors
from time to time party thereto and The Bank of New York Mellon, as
the Trustee.
The Trinseo Borrowers' obligations under the 2023 Term Loan
Facility are secured on a pari passu basis by the same assets that
secure the obligations under the Existing Credit Agreement. The
Trinseo Borrowers' obligations under the 2023 Term Loan Facility
are guaranteed on an equal priority basis by the same guarantors
that guarantee the obligations under the Existing Credit
Agreement.
The 2023 Term Loans bear interest at a rate per annum equal to
Adjusted Term SOFR (as defined in the Existing Credit Agreement)
plus 9.66%. The 2023 Term Loan Facility matures on May 3, 2030 and
amortizes in equal quarterly installments of 0.25% of the initial
principal amount, commencing for the quarter ending December 31,
2023.
All voluntary prepayments of the 2023 Term Loans and all mandatory
prepayments of the 2023 Term Loans with the proceeds of
non-permitted indebtedness are subject to a yield protection fee as
follows:
(i) prior to the 18 month anniversary of the Closing Date, the
Make-Whole Amount (as defined in the Existing Credit Agreement);
(ii) from and after the 18 month anniversary and prior to the
30 month anniversary of the Closing Date, 17.01%;
(iii) from and after the 30 month anniversary and prior to the
42 month anniversary of the Closing Date, 15.88%;
(iv) from and after the 42 month anniversary of the Closing
Date and prior to the 62 month anniversary of the Closing Date,
13.60%; and
(v) from and after the 62 month anniversary of the Closing
Date, 0.00%.
The representations, warranties, affirmative covenants, negative
covenants and events of default applicable to the 2023 Term Loans
are substantially the same representations, warranties, affirmative
covenants, negative covenants and events of default applicable to
the term loans under the Existing Credit Agreement.
Members of the lending syndicate are:
-- Administrative Agent, Collateral Agent, L/C Issuer and
Swing Line Lender:
* DEUTSCHE BANK AG NEW YORK BRANCH
-- Joint Lead Arrangers and Joint Bookrunners:
* BARCLAYS BANK PLC,
* DEUTSCHE BANK SECURITIES INC.,
* CITIGROUP GLOBAL MARKETS INC.,
* HSBC SECURITIES (USA) INC.,
* GOLDMAN SACHS BANK USA,
* THE BANK OF NOVA SCOTIA,
* BNP PARIBAS SECURITIES CORP.,
* MIZUHO BANK, LTD.,
* MORGAN STANLEY SENIOR FUNDING, INC., and
* SUMITOMO MITSUI BANKING CORPORATION
-- Joint Lead Arrangers for the 2023 Term Loans:
* ANGELO, GORDON & CO., L.P., and
* OAKTREE CAPITAL MANAGEMENT, L.P.
Centerview Partners LLC acted as financial advisor and Ropes & Gray
LLP acted as legal counsel to Trinseo on this transaction. Paul
Hastings LLP acted as legal counsel to Oaktree, Angelo Gordon, and
Apollo.
A copy of the Agreement is available at
https://tinyurl.com/4wd2t59h
Partial Redemption
On August 10, 2023, the Company reported that the Trinseo Borrowers
issued a notice of conditional partial redemption to the holders of
the 2025 Senior Notes, which has not been withdrawn. On the Closing
Date, the condition set forth in the notice of conditional partial
redemption was satisfied and $385,000,000 of principal amount of
the 2025 Senior Notes were redeemed.
About Trinseo PLC
Wayne, Pa.-based Trinseo (NYSE: TSE), is a specialty material
solutions provider. As of June 30, 2023, Trinseo had $3.3 billion
in total assets against $695 million in total current liabilities
and $2.64 billion in total noncurrent liabilities.
In May 2023, S&P Global Ratings lowered its issuer credit rating on
Trinseo PLC to 'CCC+' from 'B-'. At the same time, S&P lowered the
issue-level ratings on Trinseo's senior secured b-2 term loan
facility to 'B' from 'B+'. S&P also lowered its issue-level ratings
on the senior unsecured notes to 'CCC+' from 'B-'.
In September 2023, S&P lowered the issue-level rating on Trinseo's
existing senior secured debt to 'B-' from 'B'. S&P also lowered
the issue-level rating on the existing senior unsecured notes to
'CCC' from 'CCC+'. The ratings firm said its 'CCC+' issuer credit
rating and negative outlook on Trinseo PLC remain unchanged.
TYP MANAGEMENT: Cameron McCord Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at
Jones & Walden, LLC, as Subchapter V trustee for TYP Management
Inc.
Ms. McCord will be paid an hourly fee of $395 for her services as
Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Ms. McCord declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Cameron McCord, Esq.
Jones & Walden, LLC
699 Piedmont Avenue, NE
Atlanta, GA 30308
Phone: (404) 564-9300
Fax: (404) 564-9301
Email: cmccord@joneswalden.com
About TYP Management
TYP Management Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-20981) on Sept.
1, 2023, with $100,001 to $500,000 in both assets and liabilities.
Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor
as legal counsel.
UNITED AIRLINES: Egan-Jones Retains BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on August 21, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by United Airlines, Inc. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Chicago, Illinois, United Airlines, Inc. provides
commercial airline services.
UNIVERSAL SOLAR: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Universal Solar America, LLC
515 E. Carefree Hwy
Suite 439
Phoenix AZ 85085
Chapter 11 Petition Date: September 18, 2023
Court: United States Bankruptcy Court
District of Arizona
Case No.: 23-06491
Debtor's Counsel: Patrick Keery, Esq.
KEERY MCCUE, PLLC
6803 E. Main Street Suite 1116
Scottsdale AZ 85251
Tel: (480) 478-0709
Email: pfk@keerymccue.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by John Bereckis as manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/L53DBGI/Universal_Solar_America_LLC__azbke-23-06491__0001.0.pdf?mcid=tGE4TAMA
VENUS CONCEPT: Gets 510(k) Clearance for Venus Versa Pro System
---------------------------------------------------------------
Venus Concept Inc. announced that it has received a 510(k)
clearance from the U.S. Food and Drug Administration to market its
Venus Versa Pro System, the Company's new multi-application
platform, for a variety of aesthetic and cosmetic procedures.
Venus Versa is a modular system based on a multi-application
approach. It is customizable and upgradable and offers the most
in-demand aesthetic treatments by supporting 10 optional
applicators which utilize Venus Concept's (MP)2, IPL and
NanoFractional RF technologies. Designed as a modular platform,
the Venus Versa can be configured to best suit any practice's needs
with the ability to add additional applications as the practice
grows or changes.
The all new Venus Versa Pro System expands on the already
comprehensive Venus Versa platform by incorporating proprietary
advances in NanoFractional RF technologies from the Company's
dedicated skin resurfacing system, Venus VivaMD, providing higher
power and deeper skin penetration for optimal results.
"This important clearance is a direct outcome of the new strategic
plan we implemented earlier this year," said Rajiv De Silva, chief
executive officer of Venus Concept. "Our new strategy has led us
to prioritize the allocation of resources to our most promising
growth opportunities and focus on continued innovation to
accelerate our path to long-term, sustainable, profitability and
growth. We anticipate that the Venus Versa Pro System will be an
important contributor to revenue growth in 2024."
"The Venus Versa Pro System once again demonstrates our commitment
to continue to build upon our robust R&D pipeline," said Hemanth
Varghese, president & chief innovation and business officer of
Venus Concept. "The advancements we are introducing in the Venus
Versa Pro System, will provide superior, comprehensive technologies
to support our existing and future customers, and address the
growing demand for multi-modal solutions in aesthetics. Venus
Versa has been one of the company's best-selling products over the
last 5 years with thousands of installations worldwide. We are
confident that its new generation Venus Versa Pro System, can
surpass the success of Venus Versa, offering our existing customer
base an attractive upgrade option, as well as offering new
customers a new standard of care to address nearly all their
patient's aesthetic concerns with one platform. We look forward to
formally announcing our commercial launch in the coming weeks."
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.
VITAL PHARMACEUTICALS: Plan Acceptances Extended to Nov. 6
----------------------------------------------------------
Judge Peter D. Russin of the U.S. Bankruptcy Court for the
Southern District of Florida extended the exclusive periods
within which Vital Pharmaceuticals, Inc., along with certain of
its domestic subsidiaries and affiliates, may file a Chapter 11
plan and solicit acceptances thereof to September 1, 2023 and
November 6, 2023, respectively.
Vital Pharmaceuticals, Inc. is represented by:
Jordi Guso, Esq.,
Michael J. Niles, Esq.
BERGER SINGERMAN LLP
1450 Brickell Avenue, Ste. 1900
Miami, FL 33131
Tel: (305) 755-9500
Email: jguso@bergersingerman.com
mniles@bergersingerman.com
About Vital Pharmaceuticals
Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.
Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.
VPX estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.
The Hon. Scott M. Grossman is the case judge.
The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Haynes and
Boone, LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc., as CTO services provider; and Rothschild
& Co US, Inc., as investment banker; and Grant Thornton, LLP as
financial advisor. Stretto, Inc., is the notice, claims and
solicitation agent.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor
Law, P.A., as local counsel; and Lincoln Partners Advisors, LLC
as financial advisor.
VOYAGER: Post-Confirmation Deal Solves Intercompany Litigation
--------------------------------------------------------------
Vince Sullivan of Law360 reports that cryptocurrency platform
Voyager Digital Holdings Inc. proposed a settlement of tens of
millions of dollars in intercompany claims within its corporate
structure, telling a New York judge that the post-confirmation deal
resolves ongoing litigation among the Voyager parties.
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider;
andDeloitte & Touche, LLP as accounting advisor. Stretto, Inc., is
the claims agent.
On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped McDermott Will & Emery, LLP as bankruptcy
counsel; FTI Consulting, Inc. as financial advisor; Cassels Brock &
Blackwell, LLP as Canadian counsel; and Epiq Corporate
Restructuring, LLC as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP, in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.
On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.
* * *
Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets. But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.
After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets.
Binance'sbid is valued at $1.022 billion.
In April 2023, Binance.US called off its deal to buy assets of
bankrupt crypto lender Voyager Digital, citing a "hostile and
uncertain regulatory climate."
WASTEPLACE LLC: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: WastePlace, LLC
1606 Headway Cir
#9067
Austin TX 78754
Business Description: WastePlace is a waste and recycling
marketplace that connects customers to
thousands of waste management service
providers.
Chapter 11 Petition Date: September 18, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-10768
Debtor's Counsel: Justin M. Mertz, Esq.
MICHAEL BEST & FRIEDRICH LLP
790 N. Water Street
Milwaukee WI 53202
Tel: 414-225-4972
Email: jmmertz@michaelbest.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Gary LaBreck as CEO.
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/QRGZ55Q/WastePlace_LLC__txwbke-23-10768__0001.0.pdf?mcid=tGE4TAMA
WAYFORTH LLC: Hits Chapter 11 Bankruptcy Protection
---------------------------------------------------
Jack Jacobs of Richmond BizSense reports that amid efforts to cut
costs by scaling down its footprint and laying off employees, local
moving firm WayForth has ducked into bankruptcy.
The company, which offers moving and related services with a focus
on seniors, filed for Chapter 11 bankruptcy protection last week in
federal court in Richmond. Chapter 11 will allow the company to
create a plan to pay off its debts as it continues to operate.
WayForth estimates that it has between 100 and 199 creditors,
according to its initial court filings. The company says it has
between $1 million and $10 million in estimated liabilities, and
assets in the same range.
The move comes as the seven-year-old firm is underway on a sizable
downsizing of its operations. Last month it ended moving operations
at locations in eight states and in other parts of Virginia,
leaving only its Richmond-region operations intact.
WayForth CEO Craig Shealy didn't respond to a phone message seeking
comment Tuesday, September 5, 2023.
Dallas-based tax services firm Deloitte, which is owed about
$205,000, is listed as the largest, non-insider unsecured creditor,
according to court filings.
Additional larger unsecured creditors include Maryland-based Town &
Country Movers ($191,500), Houston-based Victory Packaging
($122,600), local law firm McGuireWoods ($98,500) and
Connecticut-based Cigna Healthcare ($79,400).
In line with what the company told BizSense last month, court
filings state that WayForth's rapid retreat from markets outside
the Richmond area was a cost-cutting response to a failed merger
deal that it hoped would save it from a challenging financial
situation brought on by labor market and inflationary pressures.
"(WayForth) was in advanced negotiations with a private equity
group in which the transaction would have provided significant
equity capital as well as led to the debtor combining with a
larger, profitable entity. The merger collapsed when the private
equity group decided not to move forward with the transaction. As a
consequence, the debtor was faced with an imminent cash crisis and
very limited options," court filings state.
The company pulled the plug Aug. 18 on its moving operations in
Massachusetts, North Carolina, Texas, Florida, Maryland, New
Jersey, Pennsylvania and Connecticut, as well as its other Virginia
markets of Norfolk, Ashburn and Lorton.
"The decision was made to wind down all markets outside of the
Richmond market, as well as most corporate functions, as soon as
reasonably possible. In the past 30 days, (WayForth) closed all of
its operations except those in the Richmond market," the Friday,
September 1, 2023, filings state.
WayForth's once nearly 500-strong workforce had been slashed to
about 80 people by last week, the filings state.
Shealy, the CEO, had previously told BizSense that the company
plans to eventually reduce its headcount down to 50 people.
WayForth is represented in the Chapter 11 case by Loc Pfeiffer of
Richmond-based law firm Kutak Rock. I
WayForth was founded by Shealy, Pete Shrock and Matt Paxton, who
has appeared on the A&E show "Hoarders" as an extreme-cleaning
expert. Paxton is no longer involved in WayForth.
The company originally launched as Legacy Navigator in 2016 and
later rebranded. WayForth placed second in the 2020 edition of
RVA25 list of the fastest-growing private companies in the region.
Its growth was fueled by a series of acquisitions over the years.
Before WayForth declared bankruptcy, a lawsuit was filed against
the company by the founders of one of the firms it absorbed.
WayForth has its local operations hub at 2107 Loumour Ave. in
Scott's Addition and a corporate office at 1518 Willow Lawn Drive.
About WayForth LLC
WayForth LLC delivers personalized moving and move management
services for life and business in Central Virginia.
WayForth LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Va. Case No. 23-33000) on September 1, 2023. In
the petition filed by Craig Shealy, as manager, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Debtor's Counsel:
Loc Pfeiffer, Esq.
Peter J. Barrett, Esq.
Adolyn C. Wyatt, Esq.
KUTAK ROCK LLP
901 East Byrd Street
Suite 1000
Richmond, VA 23219
Tel: 804-343-5210
E-mail: Loc.pfeiffer@kutakrock.com
Peter.Barrett@kutakrock.com
Adolyn.Wyatt@kutakrock.com
WAYSTAR TECHNOLOGIES: Fitch Affirms 'B' IDR & Alters Outlook to Pos
-------------------------------------------------------------------
Fitch Ratings has affirmed Waystar Technologies' (Waystar)
Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook
has been revised to Positive from Stable. Fitch has also affirmed
Waystar's senior secured first lien term loan at 'BB-'/'RR2'.
The ratings and revision in outlook reflect Fitch expectations of
declining leverage with revenue growth expected in low double
digits and solid EBITDA generation allowing the company to
naturally delever. Fitch expects the above growth expectations will
lead to leverage declining below 5.5x in the next 18 - 24 months
absent any significant debt-funded acquisitions. Fitch does not
expect any significant debt funded acquisitions to occur given the
company's recent announcement to go public via an IPO.
The ratings further reflect the company's strong operating metrics
given consistent growth in bookings and strong retention rates
averaging greater than 95% on a gross basis supported by secular
tailwinds in health care spending, the company's successful
go-to-market and cross sell efforts and high switching costs which
provides a dependable growth trajectory for Waystar's credit
profile.
KEY RATING DRIVERS
Decreased Leverage Expectations: After the acquisitions of
Patientco and eSolutions in 2020 and 2021, respectively, which
raised gross leverage to above 9x, Waystar has successfully reduced
leverage to 6.9x as of LTM 1Q23, compared to the 8.2x median and
4.3x-10.2x range for peers. Fitch believes the company's robust
operating profile driven by expectations of low double-digit
revenue growth and solid EBITDA and healthy FCF generation will
allow the company to naturally reduce its leverage to below 5.5x
within the next 12 to 18 months absent any significant debt funded
acquisitions.
Furthermore, in light of the company's recent decision to go
public, Fitch anticipates that there will be no significant
debt-funded acquisitions in the near future. Fitch expects excess
cash to be utilized towards smaller tuck in deals. While leverage
expectations declining and remaining below 5.5x is favorable when
compared to other Fitch-rated Health Care IT (HCIT) issuers in the
'B' category (typical sensitivity range between 5.5x to 7.5x),
Fitch approaches this with caution given less clarity related to
the timing of the IPO and absence of a public commitment by the
company to reduce its leverage. Consequently, Fitch affirmed
Waystar's IDR at 'B'; however, Fitch is revising the company's
Outlook to Positive from Stable.
Successful Integrations: Waystar has successfully completed the
integrations of the transformative eSolutions and Patientco
acquisitions, achieving synergy targets with no disruption to
go-to-market efforts or client retention. As a result, Waystar has
quickly scaled to become one of the more meaningful revenue cycle
management (RCM) providers with a continuing pace of share gains.
In addition, the company has assembled a unique RCM offering with
processing capabilities across commercial and governmental payors
and a strong patient engagement/payments platform. As a result,
Fitch expects Waystar to continue to gain share, growing in excess
of the market at double-digit rates.
Strong Growth Opportunity: Fitch expects Waystar's organic growth
rate to be sustained at double-digit levels as a result of strong
secular trends in U.S. healthcare spending and utilization, as well
as the company's successful go-to-market and cross sales effort.
The Centers for Medicare and Medicaid Services (CMS) forecasts
national health expenditure growth of 5.4% annually through 2031
due to long-standing trends including an aging demographic, medical
procedure/drug cost inflation and utilization growth.
In addition, increased regulatory burdens, claims processing
complexity and pressures on provider profitability serve as strong
tailwinds for continued software adoption by providers. The
company's growth prospects are further supported by strong
retention rates resulting from high switching costs that include
staff training, implementation costs, business interruption risks
and reduced productivity when swapping vendors. Fitch believes that
the secular tailwinds and high switching costs produce a dependable
growth trajectory that benefits Waystar's credit profile.
Low Cyclicality: Fitch expects Waystar, which has experienced
positive growth in every year since its inception, including during
the pandemic-driven downturn in healthcare visit volumes, to
continue exhibiting low cyclicality for the foreseeable future.
Fitch believes the company will exhibit continued strong
correlation to overall U.S. healthcare spending and utilization,
which is highly non-discretionary and has experienced uninterrupted
growth since at least 2000 according to CMS. As a result, Fitch
believes Waystar will demonstrate a stable credit profile with
little sensitivity to macroeconomic cycles.
Strong Margin Profile: Fitch forecasts EBITDA margins of 46% for
the combined Waystar, eSolutions and Patientco the high end of the
28%-47% range for Fitch-rated HCIT peers. In addition, the strong
margins and low capital intensity contribute to robust FCF margins,
which reached 12% in FY22 with Fitch forecasting an increase to
high-teens levels, despite a heavy interest expense burden and past
acquisitive activity. Fitch believes Waystar stands out amongst
PE-sponsored HCIT issuers with its ability to generate actual FCF
and use excess funds to reduce debt.
Strategy Risks: Waystar's sales strategy targets the broad
healthcare provider market by leading with a strong technology
offering, rather than focusing on a narrow niche in the healthcare
universe. This presents competitive risks given direct competition
with larger RCM providers that could quickly scale up investment in
their product offerings and go-to-market efforts. This risk is
somewhat mitigated by the 2020 acquisition of eSolutions' NSV
offerings that require direct contracts with CMS and, as a result,
experience limited competition.
Evolving Marketplace: Waystar faces risks from an evolving
healthcare marketplace where efforts to slow cost growth will
require all constituents to modify their strategies. The nascent
efforts to shift to value-based care, where reimbursements are
directed toward successful outcomes rather than volume of
procedures, will require Waystar to re-examine its go-to-market and
pricing strategies to align more closely with the emerging
incentives that are based on medical outcomes. While the transition
to value-based case is slow-moving, Fitch believes that the shift
introduces risk of disruption and rejection from the marketplace
that may result in decreased growth.
DERIVATION SUMMARY
Fitch is evaluating Waystar post its acquisitions of eSolutions and
Patientco, having now had sufficient time to digest the
transactions. Fitch believes the company benefits from a favorable
growth opportunity as medical claim processing volumes continue to
expand due to long-standing trends in the U.S. healthcare industry
including, an aging demographic, medical procedure/drug cost
inflation and utilization growth.
The company exhibits strong client growth prospects with a leading
technology platform that addresses the increased regulatory
burdens, claims processing complexity and profitability pressures
that serve to promote continued software adoption by providers.
Fitch believes growth is further ensured by strong client retention
rates, high switching costs, robust sales efforts, and a history of
share gains.
Similar to the company's continued positive organic growth during
the pandemic-led downturn, Fitch expects Waystar to demonstrate
minimal cyclicality and durable resistance to economic cycles due
to the non-discretionary nature of healthcare spending. As the
company has completed the integrations of recent transactions,
leverage is expected to reduce to 6.1x by YE 2023, compared to the
8.2x median and 4.3x-10.2x range for peers. Fitch believes the
company's robust operating profile driven by expectations of low
double-digit revenue growth and solid EBITDA and healthy FCF
generation will allow the company to organically reduce its
leverage to below 5.5x within the next 12-18 months.
Further, considering the company's recent announcement to go
public, Fitch does not foresee any significant debt-funded
acquisitions in the near future further contributing to reduced
leverage expectations. The expectations of reduced leverage have
led to Fitch revising the company's Outlook to Positive from
Stable, while affirming the IDR at 'B'. No country-ceiling,
parent/subsidiary or operating environment aspects had an impact on
the rating.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Organic revenue growth expected in the low double-digits in 2023
and 2024 due to growth in patient volumes, cross-sell efforts, and
strong bookings with organic growth in high single digits
thereafter due to client growth, cross-selling opportunities, price
increases, increasing medical procedure volumes and rising
healthcare expenditure;
- EBITDA margins estimated at approximately 46% due to synergy
achievement, with minimal margin expansion thereafter due an
optimized cost structure;
- Capital intensity of 2.5%-3.5% consistent with history and
peers;
- $1.6 billion of incremental debt assumed to refinance the term
loan debt maturing in 2026.
KEY RECOVERY RATING ASSUMPTIONS
- The recovery analysis assumes that Waystar would be reorganized
as a going-concern in bankruptcy rather than liquidated;
- 10% administrative claim;
Going-Concern (GC) Approach
- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which the agency bases the
enterprise valuation (EV). Fitch contemplates a scenario in which
platform consolidation into a unified RCM offering leads to
increased client churn, slowing revenue growth, and increases in
sales and R&D expenses to address the challenges. As a result,
Fitch expects that Waystar would likely be reorganized with a
similar product strategy and higher than planned levels of
operating expenses as the company reinvests to ensure customer
retention and defend against competition.
- Under this scenario, Fitch believes revenue growth would slow
significantly to low single digits per annum with EBITDA margins
declining such that the resulting going-concern EBITDA is
approximately 25% below 1Q23 LTM EBITDA.
- An EV multiple of 7x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value.
The choice of this EV multiple considered the following factors:
- Comparable Reorganizations: In Fitch's 2023 "TMT Bankruptcy
Enterprise Values and Creditor Recoveries" case study, the agency
notes twelve past reorganizations in the technology sector, where
the median recovery multiple was 5.3x. Of these companies, only two
were in the software subsector: Allen Systems Group, Inc. and
Aspect Software Parent, Inc., which received recovery multiples of
8.4x and 5.5x, respectively. Fitch believes that Allen Systems
Group, Inc. reorganization is highly supportive of the 7.0x
multiple assumed for Waystar given the mission critical nature of
both companies' offerings.
- M&A Multiples: A study of M&A transactions in the healthcare IT
industry from 2015 to 2020, particularly those competing in the RCM
space, establishes a median EV/EBITDA transaction multiple of 15x.
The acquisition of eSolutions represented a 21.3x multiple, not
including synergies, while the acquisition of Patientco represented
a 7.3x multiple of revenue.
The recovery model implies a 'BB-' and 'RR2' Recovery Rating for
the company's first-lien senior secured facilities, reflecting
Fitch's belief that lenders should expect to recover71%-90% in a
restructuring scenario.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- (CFO - Capex)/Debt sustained above 6.5%;
- Fitch expectations of EBITDA leverage sustaining below 5.5x;
- Consistent organic revenue growth sustained in the high single
digit range and above.
Factors that could, individually or collectively, lead to Stable
Outlook:
- Expectations of debt funded acquisitions leading to EBITDA
leverage sustaining above 5.5x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- (CFO - Capex)/Debt sustained below 3%;
- Fitch's expectations of EBITDA leverage sustaining above 7.5x;
- Consistent organic revenue declines resulting from deterioration
in competitive position.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch expects Waystar to maintain strong
liquidity given moderate operating expense requirements that result
in strong margins, a highly variable cost structure, a short cash
conversion cycle due to monthly billing, and low capital intensity.
Liquidity is currently comprised primarily of the undrawn $200
million revolving credit facility (RCF). This constitutes a
considerable RCF commitment in relation to the company's revenue
scale. Liquidity is further supported by Fitch's forecast for over
$240 million in aggregate FCF generation over 2023-2024. Fitch
forecasts steady growth in liquidity to over $300 million by 2023
due to accumulation of FCF and the expectation for the RCF to
remain undrawn.
Debt Maturities: The company's revolving facility matures in
October 2024 and term loan matures in October 2026. Given Waystar's
strong operating performance, FCF generation improving from low
teens to high teens over the rating horizon, the company should be
able to refinance or extend these facilities.
Further, Waystar is capable of recommitting FCF towards
deleveraging in order to achieve a more conservative posture so
that future refinancing is not entirely dependent on capital market
conditions when maturities fall due.
ISSUER PROFILE
Waystar is a provider of cloud-based revenue cycle management (RCM)
software that healthcare providers use to track patient care and
data from registration through appointment with a high degree of
accuracy in order to ensure final payment and avoid reimbursement
denials, allowing providers to lower processing costs and increase
collections.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Waystar
Technologies, Inc. LT IDR B Affirmed B
senior secured LT BB- Affirmed RR2 BB-
WESTPACK HOLDINGS: Hits Chapter 11 Bankruptcy Protection
--------------------------------------------------------
Kayleigh Van Wyk of Crain's Grand Rapids Business reports that
Muskegon packaging firm files for Chapter 11 bankruptcy
A family-owned packaging company has filed for Chapter 11
bankruptcy, citing "significant financial strain" from reduced
demand and higher debt payments following a recent major equipment
upgrade.
Westpack Holdings Inc., a Muskegon-based company doing business as
Westpack Packaging Solutions, on Sept. 1, 2023 filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court for the Western
District of Michigan.
The company filed under Subchapter V of the U.S. Bankruptcy Code,
which helps small businesses file more efficiently by reducing time
and costs.
"With a small business like this, if interest rates go up and the
industry is impacted maybe by orders going down, the company begins
to struggle," Todd Almassian, partner at Grand Rapids-based law
firm Keller & Almassian PLC, told Crain’s Grand Rapids Business.
Almassian is representing Westpack in the bankruptcy proceedings.
Founded in 1996 as Innovative Package Engineering, Westpack
produces and supplies custom packaging using plastic, foam,
corrugated and honeycomb materials. The company serves customers in
the automotive, furniture, consumer products and casting and
machining industries.
Westpack is owned by Richard Wilson, who purchased the business in
November 2016 and serves as its president. The company operates
from nearly 44,000 square feet of commercial warehouse space at
1204 W. Western Ave., Suite 3 in Muskegon, which it leases from
Leestma Management LLC.
The company lists more than $869,000 in total assets and close to
$2.16 million in total liabilities, according to court filings.
Currently, the company has an interested buyer that has executed an
asset purchase agreement as a potential stalking horse bidder.
Other interested parties have emerged, which could possibly allow
for an auction of the business, Almassian said.
"The vendors and customers have been supportive, and the business
continues to operate," Almassian said. "We hope to be out of
bankruptcy by the end of November."
According to an affidavit filed by Wilson, Westpack began to
struggle prior to the pandemic after some major customers closed,
filed for bankruptcy or relocated their operations abroad.
During the pandemic, Westpack had to cut back its full-time
employees and took advantage of Paycheck Protection Program (PPP)
and Economic Injury Disaster Loan (EIDL) loan funding to
sustain the business and invest in more efficient equipment.
According to the affidavit, Westpack then experienced a growth
period in 2021 and 2022, and the company "invested heavily" in new
assembly lines and machinery.
However, by the end of 2022, Westpack fell under "significant
financial strain" after having to farm out work during the
equipment upgrade installation, Wilson said in the affidavit. He
also said the interest rate on the company's Small Business
Administration-backed (SBA) loan from 2016 "more than doubled" over
a 12-month period and Westpack's customers began signaling reduced
demand ahead for 2023, citing factors related to economic
conditions.
This financial downturn for Westpack caused a drain on cash
reserves as the company was "operating at significantly lower sales
levels." Wilson also cited in the affidavit the inflationary
pressures on the cost of labor and to retain employees as
contributing to the reduction in cash reserves.
According to the filing, a local competitor who needed additional
capacity approached Wilson as an interested buyer once Westpack's
closure appeared imminent. The two parties executed an asset
purchase agreement to serve as a potential stalking horse bidder as
part of a bankruptcy auction process.
Westpack has an immediate need for cash collateral and "will suffer
irreparable harm" to its operations, business relationships and
employee retention if not allowed the collateral, according to the
court filings.
The company currently employs about 13 people full-time and has
employed three to four part-time seasonal employees during peak
production times.
Westpack reported nearly $3.25 million in gross revenue from July
2021 to June 2022.
According to court filings, Westpack's largest creditor is the
SBA's Office of District Counsel in Detroit, which has a secured
claim totaling more than $1.28 million stemming from the company's
Economic Injury Disaster Loan in 2020. Huntington National Bank
also has a secured claim of $499,431 related to a loan from 2016.
Local creditors with the largest unsecured claims include Grand
Rapids-based Michcor Container Inc. ($130,762), Byron Center-based
G&T Industries ($20,777), Muskegon-based Intra City Dispatch
($14,454), Holland-based Holland Pallet Repair ($12,525), Grand
Rapids-based Color Hub ($7,050), Grand Rapids-based Kentwood
Packaging ($6,063), Muskegon-based RJ Woodworking ($4,629),
Lansing-based Action Packaging ($4,463), and Wyoming-based Pratt
Industries Inc. ($2,721).
About Westpack Holdings
Westpack Holdings, Inc., is a family owned and operated company
that
supplies packaging to Michigan industries.
Westpack Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mich. Case No. 23-02033) on Sept. 1,
2023. In the petition signed by Richard Wilson, president, the
Debtor disclosed $869,540 in assets and $2,159,188 in total
liabilities.
Judge Scott W. Dales oversees the case.
A. Todd Almassian, Esq., at Keller & Almassian, PLC, represents the
Debtor as legal counsel.
WHITTAKER CLARK: Exclusivity Period Extended to November 22
-----------------------------------------------------------
Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of New Jersey extended the periods during which
Whittaker, Clark & Daniels, Inc. and its affiliates have the
exclusive right to file a chapter 11 plan and to solicit
acceptances thereof to November 22, 2023 and January 22, 2024,
respectively.
Judge Kaplan found that the extension is in the best interests of
the Debtors' estates, their creditors, and other parties in
interest.
Whittaker, Clark & Daniels, Inc. and its affiliates are
represented by:
Joshua A. Sussberg, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, NY 10022
Tel: (212) 446-4800
Email: joshua.sussberg@kirkland.com
-and -
Chad J. Husnick, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle Street
Chicago, IL 60654
Tel: (312) 862-2000
Email: chad.husnick@kirkland.com
- and -
Michael D. Sirota, Esq.
Warren A. Usatine, Esq.
Felice R. Yudkin, Esq.
COLE SCHOTZ P.C.
Court Plaza North, 25 Main Street
Hackensack, NJ 07601
Tel: (201) 489-3000
Email: msirota@coleschotz.com
wusatine@coleschotz.com
fyudkin@coleschotz.com
About Whittaker Clark & Daniels
Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant
National Services Inc., Soco West Inc. and L.A. Terminals Inc.,
were engaged in nonmetallic mineral mining and quarrying.
The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case
No. 23-13575) on April 26, 2023. The Debtors estimated $100
million to $500 million in assets against $1 billion to $10
billion in liabilities as of the bankruptcy filing.
The Hon. Michael B. Kaplan is the case judge.
The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3
Partners LLC as financial advisor. Stretto, Inc. is the claims
agent.
Honorable Shelley Chapman was appointed as the future claimants'
representative (FCR) in these Chapter 11 cases. Willkie Farr &
Gallagher, LLP is the FCR's counsel.
YELLOW CORPORATION: Delisted from Nasdaq
----------------------------------------
The Nasdaq Stock Market LLC has determined to remove from listing
the common stock of Yellow Corporation, effective at the opening of
the trading session on September 18, 2023.
Based on review of information provided by the Company, Nasdaq
Staff determined that the Company no longer qualified for listing
on the Exchange pursuant to Listing Rules 5101, 5110(b), and
IM-5101-1.
The Company was notified of the Staff determination on August 7,
2023. The Company did not appeal the Staff determination to the
Hearings Panel. The Company securities were suspended on August 16.
The Staff determination to delist the Company securities became
final on August 16.
About Yellow Corporation
Yellow Corporation -- www.myyellow.com -- operates logistics and
less-than-truckload (LTL) networks in North America, providing
customers with regional, national, and international shipping
services throughout. Yellow's principal office is in Nashville,
Tenn., and is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had
$2,152,200,000 in total assets against $2,588,800,000 in total
liabilities. The petitions were signed by Matthew A. Doheny as
chief restructuring officer.
Kirkland & Ellis LLP is serving as the Company's restructuring
counsel, Pachulski Stang Ziehl & Jones LLP is serving as the
Company's Delaware local counsel, Kasowitz, Benson and Torres LLP
is serving as special litigation counsel, Goodmans LLP is serving
as the Company's special Canadian counsel, Ducera Partners LLC is
serving as the Company's investment banker, and Alvarez and Marsal
is serving as the Company's financial advisor. Epiq Bankruptcy
Solutions serves as claims and noticing agent. Ernst & Young acts
as tax services provider.
Milbank LLP, serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
White & Case LLP, serves as counsel to Beal Bank USA.
Arnold & Porter Kaye ScholerLLP, serves as counsel to the United
States Department of the Treasury.
Alter Domus Products Corp., the Administrative Agent to the DIP
Lenders, is represented by Holland & Knight LLP.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Yellow
Corporation and its affiliates.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($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
ALPHATEC HOLDING L1Z1 GR 628.2 (4.6) 160.9
ALPHATEC HOLDING ATEC US 628.2 (4.6) 160.9
ALPHATEC HOLDING ATECEUR EU 628.2 (4.6) 160.9
ALPHATEC HOLDING L1Z1 GZ 628.2 (4.6) 160.9
ALTICE USA INC-A ATUS US 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA GR 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA TH 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUSEUR EU 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA GZ 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS* MM 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS-RM RM 32,107.7 (381.5) (2,271.1)
ALTIRA GP-CEDEAR MOC AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MOD AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MO AR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 GR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO* MM 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO US 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO SW 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOEUR EU 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC 4MO 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 MOCL CI 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 4AAL TE 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G SW 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE 0HE6 LI 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL11EUR EZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL-RM RM 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL_KZ KZ 67,260.0 (4,385.0) (6,096.0)
ARBOR METALS COR ABR CN 0.8 (0.7) 0.5
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 4AZO 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 4BYND 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 4BA 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 4BKNG 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 25.7 (4.8) 10.0
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 INC-A DBX US 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 GR 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 SW 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 TH 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 QT 2,938.6 (411.9) 203.3
DROPBOX INC-A DBXEUR EU 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX AV 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX* MM 2,938.6 (411.9) 203.3
DROPBOX INC-A DBXEUR EZ 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 GZ 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX-RM RM 2,938.6 (411.9) 203.3
EMBECTA CORP EMBC US 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC* MM 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 GR 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 QT 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR EZ 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR EU 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 GZ 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 TH 1,252.1 (809.4) 401.7
ETSY INC ETSY US 2,568.8 (464.2) 910.5
ETSY INC 3E2 GR 2,568.8 (464.2) 910.5
ETSY INC 3E2 TH 2,568.8 (464.2) 910.5
ETSY INC 3E2 QT 2,568.8 (464.2) 910.5
ETSY INC 2E2 GZ 2,568.8 (464.2) 910.5
ETSY INC 300 SW 2,568.8 (464.2) 910.5
ETSY INC ETSY AV 2,568.8 (464.2) 910.5
ETSY INC ETSYEUR EZ 2,568.8 (464.2) 910.5
ETSY INC ETSY* MM 2,568.8 (464.2) 910.5
ETSY INC ETSY-RM RM 2,568.8 (464.2) 910.5
ETSY INC 4ETSY TE 2,568.8 (464.2) 910.5
ETSY INC - BDR E2TS34 BZ 2,568.8 (464.2) 910.5
ETSY INC - CEDEA ETSY AR 2,568.8 (464.2) 910.5
EVOLUS INC EOLS US 169.0 (7.0) 55.1
EVOLUS INC EVL GR 169.0 (7.0) 55.1
EVOLUS INC EOLSEUR EU 169.0 (7.0) 55.1
EVOLUS INC EVL TH 169.0 (7.0) 55.1
EVOLUS INC EVL QT 169.0 (7.0) 55.1
EVOLUS INC EVL GZ 169.0 (7.0) 55.1
EVOLUS INC EOLSEUR EZ 169.0 (7.0) 55.1
FAIR ISAAC - BDR F2IC34 BZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI GR 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICO US 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICOEUR EU 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI QT 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICOEUR EZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICO1* MM 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI GZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI TH 1,584.6 (704.0) 182.1
FENNEC PHARMACEU FRX CN 19.4 (9.7) 15.6
FENNEC PHARMACEU FENC US 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 TH 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 GR 19.4 (9.7) 15.6
FENNEC PHARMACEU FRXEUR EU 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 GZ 19.4 (9.7) 15.6
FERRELLGAS PAR-B FGPRB US 1,555.4 (210.8) 203.4
FERRELLGAS-LP FGPR US 1,555.4 (210.8) 203.4
FIBROGEN INC FGEN* MM 515.1 (60.3) 217.3
FIBROGEN INC FGEN-RM RM 515.1 (60.3) 217.3
FOGHORN THERAPEU FHTX US 339.6 (49.4) 233.9
GCM GROSVENOR-A GCMG US 450.8 (100.9) 89.4
GEN RESTAURANT G GENK US 184.7 31.6 12.3
GODADDY INC -BDR G2DD34 BZ 6,793.9 (664.5) (1,204.8)
GODADDY INC-A GDDY US 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D GR 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D QT 6,793.9 (664.5) (1,204.8)
GODADDY INC-A GDDY* MM 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D TH 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D GZ 6,793.9 (664.5) (1,204.8)
GOOSEHEAD INSU-A GSHD US 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX GR 323.2 (13.4) 15.1
GOOSEHEAD INSU-A GSHDEUR EU 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX TH 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX QT 323.2 (13.4) 15.1
GREEN PLAINS PAR GPP US 127.5 (1.5) 3.5
GROUPON INC G5NA GR 587.2 (24.8) (171.8)
GROUPON INC G5NA TH 587.2 (24.8) (171.8)
GROUPON INC GRPN US 587.2 (24.8) (171.8)
GROUPON INC G5NA QT 587.2 (24.8) (171.8)
GROUPON INC GRPNEUR EU 587.2 (24.8) (171.8)
GROUPON INC G5NA GZ 587.2 (24.8) (171.8)
GROUPON INC GRPN AV 587.2 (24.8) (171.8)
GROUPON INC GRPN* MM 587.2 (24.8) (171.8)
GROUPON INC GRPNEUR EZ 587.2 (24.8) (171.8)
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE LTD HOO GR 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HLF US 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HLFEUR EU 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO QT 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO GZ 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO SW 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO TH 2,770.6 (1,150.4) 130.6
HERON THERAPEUTI HRTX-RM RM 201.2 (39.3) 78.6
HEWLETT-CEDEAR HPQD AR 36,632.0 (2,245.0) (7,727.0)
HEWLETT-CEDEAR HPQC AR 36,632.0 (2,245.0) (7,727.0)
HEWLETT-CEDEAR HPQ AR 36,632.0 (2,245.0) (7,727.0)
HILTON WORLD-BDR H1LT34 BZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT US 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 TH 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 GR 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 QT 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTEUR EU 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT* MM 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE 4HLT TE 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTEUR EZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTW AV 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 GZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT-RM RM 15,297.0 (1,423.0) (855.0)
HP COMPANY-BDR HPQB34 BZ 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ* MM 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ US 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP TH 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP GR 36,632.0 (2,245.0) (7,727.0)
HP INC 4HPQ TE 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ CI 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ SW 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP QT 36,632.0 (2,245.0) (7,727.0)
HP INC HPQUSD SW 36,632.0 (2,245.0) (7,727.0)
HP INC HPQEUR EU 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP GZ 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ AV 36,632.0 (2,245.0) (7,727.0)
HP INC HPQEUR EZ 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ-RM RM 36,632.0 (2,245.0) (7,727.0)
HP INC 7HPD EB 36,632.0 (2,245.0) (7,727.0)
HP INC 7HPD IX 36,632.0 (2,245.0) (7,727.0)
HP INC 7HPD I2 36,632.0 (2,245.0) (7,727.0)
IHEARTMEDIA-CL A IHRT US 6,983.8 (403.5) 605.6
INHIBRX INC INBX US 213.2 (24.8) 172.0
INHIBRX INC 1RK GR 213.2 (24.8) 172.0
INHIBRX INC INBXEUR EU 213.2 (24.8) 172.0
INHIBRX INC 1RK QT 213.2 (24.8) 172.0
INSEEGO CORP INSG-RM RM 153.7 (70.8) 22.9
INSMED INC INSM US 1,439.1 (155.7) 848.2
INSMED INC IM8N GR 1,439.1 (155.7) 848.2
INSMED INC IM8N TH 1,439.1 (155.7) 848.2
INSMED INC INSMEUR EU 1,439.1 (155.7) 848.2
INSMED INC INSM* MM 1,439.1 (155.7) 848.2
INSPIRATO INC ISPO* MM 365.4 (122.9) (173.8)
INSPIRED ENTERTA INSE US 353.5 (50.3) 64.4
INSPIRED ENTERTA 4U8 GR 353.5 (50.3) 64.4
INSPIRED ENTERTA INSEEUR EU 353.5 (50.3) 64.4
INTUITIVE MACHIN LUNR US 95.8 (72.8) (58.1)
INVITAE CORP NVTA* MM 1,523.0 (200.8) 299.3
INVITAE CORP NVTA-RM RM 1,523.0 (200.8) 299.3
IRONWOOD PHARMAC I76 GR 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWD US 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 TH 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 QT 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWDEUR EU 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 GZ 603.2 (346.8) 12.2
JACK IN THE BOX JBX GR 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK US 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR EU 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX GZ 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX QT 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR EZ 2,951.8 (705.4) (228.5)
L BRANDS INC-BDR B1BW34 BZ 5,195.0 (2,154.0) 680.0
LESLIE'S INC LESL US 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 GR 1,137.4 (179.8) 221.4
LESLIE'S INC LESLEUR EU 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 TH 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 QT 1,137.4 (179.8) 221.4
LIFEMD INC LFMD US 33.9 (7.4) (7.9)
LINDBLAD EXPEDIT LIND US 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GR 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LINDEUR EU 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 TH 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 QT 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GZ 853.8 (103.1) (73.9)
LOWE'S COS INC LWE GR 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW US 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE TH 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW SW 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE QT 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWEUR EU 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE GZ 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW* MM 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC 4LOW TE 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWE AV 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWEUR EZ 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW-RM RM 44,521.0 (14,732.0) 4,624.0
LOWE'S COS-BDR LOWC34 BZ 44,521.0 (14,732.0) 4,624.0
LUMINAR TECHNOLO LAZR US 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR* MM 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR-RM RM 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GR 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZREUR EU 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS TH 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GZ 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS QT 658.4 (82.3) 393.9
LUMINE GROUP INC LMN CN 1,481.8 (2,860.1) (3,545.5)
LUMINE GROUP INC LMGIF US 1,481.8 (2,860.1) (3,545.5)
MADISON SQUARE G MSGS US 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GR 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSG1EUR EU 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 TH 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 QT 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GZ 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSGE US 1,401.2 (69.5) (245.4)
MADISON SQUARE G MSGE1* MM 1,401.2 (69.5) (245.4)
MANNKIND CORP NNFN GR 313.4 (260.5) 133.3
MANNKIND CORP MNKD US 313.4 (260.5) 133.3
MANNKIND CORP NNFN TH 313.4 (260.5) 133.3
MANNKIND CORP NNFN QT 313.4 (260.5) 133.3
MANNKIND CORP MNKDEUR EU 313.4 (260.5) 133.3
MANNKIND CORP NNFN GZ 313.4 (260.5) 133.3
MARKETWISE INC MKTW* MM 445.6 (257.3) (50.3)
MARRIOTT - BDR M1TT34 BZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD EB 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD IX 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD I2 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ TH 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GR 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR US 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ QT 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EU 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR AV 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A 4MAR TE 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ SW 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR* MM 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR-RM RM 25,087.0 (224.0) (4,076.0)
MATCH GROUP -BDR M1TC34 BZ 4,339.0 (177.5) 594.8
MATCH GROUP INC 0JZ7 LI 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH US 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH1* MM 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN TH 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GR 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN QT 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN SW 4,339.0 (177.5) 594.8
MATCH GROUP INC MTC2 AV 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GZ 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH-RM RM 4,339.0 (177.5) 594.8
MBIA INC MBI US 3,257.0 (988.0) -
MBIA INC MBJ GR 3,257.0 (988.0) -
MBIA INC MBJ QT 3,257.0 (988.0) -
MBIA INC MBI1EUR EU 3,257.0 (988.0) -
MBIA INC MBJ GZ 3,257.0 (988.0) -
MCDONALD'S CORP MDOD EB 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD IX 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD I2 50,442.0 (4,999.1) 1,271.7
MCDONALDS - BDR MCDC34 BZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO TH 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP 4MCD TE 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO GR 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD* MM 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD US 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD SW 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD CI 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO QT 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD EU 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD SW 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDEUR EU 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO GZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD AV 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD EZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDEUR EZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP 0R16 LN 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD-RM RM 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDCL CI 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCDD AR 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCDC AR 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCD AR 50,442.0 (4,999.1) 1,271.7
MCKESSON CORP MCK* MM 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK GR 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK US 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK TH 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK1EUR EU 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK QT 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK GZ 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK1EUR EZ 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK-RM RM 64,096.0 (1,240.0) (2,883.0)
MCKESSON-BDR M1CK34 BZ 64,096.0 (1,240.0) (2,883.0)
MEDIAALPHA INC-A MAX US 140.2 (94.4) (3.7)
METTLER-TO - BDR M1TD34 BZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD US 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO GR 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO QT 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO GZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO TH 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTDEUR EU 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD* MM 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTDEUR EZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD AV 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD-RM RM 3,370.4 (89.7) 238.5
MSCI INC 3HM GR 4,762.8 (1,193.7) 306.1
MSCI INC MSCI US 4,762.8 (1,193.7) 306.1
MSCI INC 3HM QT 4,762.8 (1,193.7) 306.1
MSCI INC 3HM SW 4,762.8 (1,193.7) 306.1
MSCI INC MSCI* MM 4,762.8 (1,193.7) 306.1
MSCI INC MSCIEUR EZ 4,762.8 (1,193.7) 306.1
MSCI INC 3HM GZ 4,762.8 (1,193.7) 306.1
MSCI INC 3HM TH 4,762.8 (1,193.7) 306.1
MSCI INC MSCI AV 4,762.8 (1,193.7) 306.1
MSCI INC MSCI-RM RM 4,762.8 (1,193.7) 306.1
MSCI INC-BDR M1SC34 BZ 4,762.8 (1,193.7) 306.1
NANOSTRING TECHN 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 NINE1EUR EU 438.5 (13.4) 124.1
NINE ENERGY SERV NEJ GZ 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 0NU SW 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 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 4OGN 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 4PTON 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 4PM TE 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 TH 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1CHF EU 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 GR 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM US 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMIZ IX 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMIZ EB 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 QT 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 GZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 0M8V LN 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMOR AV 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM* MM 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1CHF EZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1EUR EZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM-RM RM 61,868.0 (7,960.0) (3,409.0)
PITNEY BOW-CED PBI AR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI US 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW TH 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBIEUR EU 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW QT 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GZ 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI-RM RM 4,423.4 (75.5) (241.9)
PLANET FITNESS I P2LN34 BZ 2,848.2 (216.0) 230.9
PLANET FITNESS I PLNT* MM 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT US 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL TH 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GR 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL QT 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT1EUR 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 4STX TE 7,556.0 (1,199.0) 313.0
SEAWORLD ENTERTA SEAS US 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GR 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L TH 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA SEASEUR EU 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L QT 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GZ 2,505.2 (377.5) (176.9)
SIRIUS XM HO-BDR SRXM34 BZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI US 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO TH 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GR 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI SW 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO QT 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI AV 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI* MM 10,078.0 (3,111.0) (2,196.0)
SIX FLAGS ENTERT SIX US 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE GR 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT SIXEUR EU 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE TH 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE QT 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT S2IX34 BZ 2,713.6 (450.7) (342.5)
SLEEP NUMBER COR SNBR US 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 GR 965.2 (419.1) (713.2)
SLEEP NUMBER COR SNBREUR EU 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 TH 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 QT 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 GZ 965.2 (419.1) (713.2)
SMILEDIRECTCLUB SDC* MM 498.7 (490.1) 100.8
SONDER HOLDINGS SOND* MM 1,607.9 (136.6) (43.4)
SPIRIT AEROSYS-A S9Q GR 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPR US 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q TH 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPREUR EU 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q QT 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPREUR EZ 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q GZ 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPR-RM RM 6,545.2 (628.9) 1,105.5
SPLUNK INC SPLK US 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 4SBUX 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 2,611.3 (778.4) (19.9)
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
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 WE US 15,063.0 (3,593.0) (1,445.0)
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 -BDR YUMR34 BZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM US 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GR 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR TH 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EU 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR QT 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMUSD SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM* MM 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM AV 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM-RM RM 5,848.0 (8,436.0) 28.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
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
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re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***