/raid1/www/Hosts/bankrupt/TCR_Public/231003.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, October 3, 2023, Vol. 27, No. 275
Headlines
1201 GOURMET: Hires Davidoff Hutcher & Citron LLP as Counsel
1376 CHURCH: Hires Vanguard Properties as Real Estate Broker
516 ICE CREAM: Hires Morrison Tenenbaum PLLC as Counsel
8300 HOLDING: Kimberly Strong Named Subchapter V Trustee
A FAMILY MEMBER: Carol Fox Named Subchapter V Trustee
ACASTI PHARMA: Closes $7.5M Private Placement Equity Financing
ADVANCE INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
AEROTECH MIAMI: Court OKs $22.6MM DIP Loan from Synovus
AGILE THERAPEUTICS: Inks 7th Amendment to Syneos Project Agreement
ALKEGEN: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
AMMACORE INC: Case Summary & 18 Unsecured Creditors
AN GLOBAL: Hires Deloitte Asesoria as Management Consultant
AN GLOBAL: Hires Garrigues Mexico as Special Counsel
AN GLOBAL: Hires Hughes Hubbard & Reed LLP as Counsel
AN GLOBAL: Hires Kurtzman Carson as Administrative Advisor
AN GLOBAL: Hires Potter Anderson & Corroon as Co-Counsel
ANDREWS REAL ESTATE: Claims to be Paid From $1.1M Financing
ANUVU HOLDINGS: Apollo SFRFI Marks $2.1MM Loan at 21% Off
ANUVU HOLDINGS: Apollo Tactical Marks $1.9MM Loan at 21% Off
ARA MACAO: Unsecureds Will Get 19% of Claims in Liquidating Plan
ARCHBISHOP OF SAN FRANCISCO: Hires B. Riley as Financial Advisor
ARCHBISHOP OF SAN FRANCISCO: Hires Omni as Administrative Agent
ARCHBISHOP OF SAN FRANCISCO: Hires Weinstein as Special Counsel
ARCHBISHOP OF SAN FRANCISCO: Hires Weintraub as Special Counsel
ARCHBISHOP OF SAN FRANCISCO: Taps Felderstein as Legal Counsel
ARCIMOTO INC: Signs Contract Manufacturing Deal With MOBIUS.energy
ASE CONSTRUCTION: Gets OK to Hire Macias Services as Accountant
ASP UNIFRAX: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative
AULT ALLIANCE: Issues $2.2M Note in Exchange for Term Note
AYRO INC: Registers 105-Mil. Shares for Resale
AYTU BIOPHARMA: Incurs $2.5 Million Net Loss in Fourth Quarter
BARRETTS MINERALS: Case Summary & 10 Unsecured Creditors
BARRETTS MINERALS: Files Voluntary Chapter 11 Bankruptcy Petition
BAUSCH HEALTH: Apollo Tactical Marks $3.6MM Loan at 24% Off
BENNETT MINERAL: Jennifer McLemore Named Subchapter V Trustee
BENTOLI INC: Case Summary & Two Unsecured Creditors
BEVERLY COMMUNITY: Court Okays Appointment of Chapter 11 Trustee
BUCKHEAD PROPERTY: Gets OK to Hire Real Estate Agent
CALPLANT I: Morrison Foerster Guides Business to Ch. 11 Emergence
CARROLS RESTAURANT: Moody's Ups CFR to B3 & First Lien Loans to Ba3
CELSIUS NETWORK: Keith Noyes Out as Committee Member
CENERGY LLC: U.S. Trustee Unable to Appoint Committee
CHEMICAL EXCHANGE: U.S. Trustee Appoints Creditors' Committee
CLEVELAND STREET: Salvatore LaMonica Named Subchapter V Trustee
COLLEGE SQUARE: Voluntary Chapter 11 Case Summary
COTY INC: S&P Upgrades ICR to 'BB', Outlook Positive
CURIA GLOBAL: Moody's Cuts CFR to 'Caa2' & Alters Outlook to Stable
DATO A/C: Seeks to Extend Plan Deadline to February 27, 2024
DE LA REINA: Hires LB Consulting Services as Tax Preparer
DE LA REINA: Seeks to Hire Wauson King as Special Counsel
DEADWORDS BREWING: Case Summary & 13 Unsecured Creditors
DERBY BUYER: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
DIAZ FARMS: James Cross Named Subchapter V Trustee
DIGITAL MEDIA: Delisted From New York Stock Exchange
DIMCO GGR: Voluntary Chapter 11 Case Summary
DIVERSIFIED HEALTHCARE: 2 Independent Trustees Quit; New CFO Named
DIXON TOWN: Unsecureds Will Get 100% of Claims in Plan
DMK PHARMACEUTICALS: CEO Versi Has 9.9% Stake as of Sept. 15
DRJ GROUP: Case Summary & 20 Largest Unsecured Creditors
EDC 2370: Jerome Kerkman Named Subchapter V Trustee
ELIZABETH JANE: Unsecureds Owed $800K to Recover 15% in Plan
ESCALON LIVESTOCK: Unsecureds Will Get 35% Dividend in Plan
FIELDERS CHOICE: Unsecureds to Split $27K in Consensual Plan
FINISH MAN: Holly Miller of Gellert Named Subchapter V Trustee
GETTYSBURG RENTAL: Lisa Rynard Named Subchapter V Trustee
GGR REAL ESTATE: Voluntary Chapter 11 Case Summary
GLOBALSTAR INC: Investors Selling Up to 37-Mil. Shares
GOEASY LTD: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
GRAHAM PACKAGING: Moody's Affirms 'B2' CFR, Outlook Stable
GWD INC: Joli Lofstedt Named Subchapter V Trustee
HALMAR LLC: Hires Central Valley Commercial as Leasing Broker
HAWK LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
HEYWOOD HEALTHCARE: Case Summary & 30 Largest Unsecured Creditors
HOMES AT LAWRENCE: Soneet Kapila Named Subchapter V Trustee
HUDSON & MCKEE: Case Summary & Two Unsecured Creditors
HUGOTON OPERATING: Gets OK to Hire Sheehan & Ramsey as Counsel
IBIO INC: Posts $65 Million Net Loss in Fiscal Year Ended June 30
INITALY LLC: Hires Bose McKinney & Evans LLP as Broker
INNVANTAGE GROUP: William Avellone Named Subchapter V Trustee
INT'L LONGSHORE: Files for Chapter 11 Bankruptcy Protection
INTELLIPHARMACEUTICS: Incurs $54K Net Loss in Second Quarter
INTELLIPHARMACEUTICS: Posts $356K Net Loss in First Quarter
JLM COUTURE: Case Summary & 20 Largest Unsecured Creditors
JLM COUTURE: Plans to File for Chapter 11 Restructuring
K. HOVNANIAN: Moody's Rates New $655MM Sr. Secured Notes 'B3'
KIRBY CONSTRUCTION: Tamara Miles Ogier Named Subchapter V Trustee
KNS MOTEL: Dennis Perrey Named Subchapter V Trustee
LIFEPOINT HEALTH: S&P Rates New $1BB Senior Secured Notes 'B'
LOUISVILLE LUSH: Elizabeth Woodward Named Subchapter V Trustee
LUNYA CO: Seeks $700,000 DIP Loan from Merrill Living
LUXE SPACES: Fine-Tunes Plan Documents
MALLINCKRODT PLC: Hires AlixPartners LLP as Financial Advisor
MALLINCKRODT PLC: Hires Guggenheim as Investment Banker
MALLINCKRODT PLC: Hires Hogan Lovells US LLP as Special Counsel
MALLINCKRODT PLC: Hires Kroll as Administrative Advisor
MALLINCKRODT PLC: Hires Latham & Watkins LLP as Co-Counsel
MALLINCKRODT PLC: Hires Richards Layton as Co-Counsel
MALLINCKRODT PLC: Hires Wachtell Lipton as Special Counsel
MBE GROUP: Seeks to Hire Fuller Law Firm as Counsel
MLN US HOLDCO: Apollo SFRFI Marks $3.8MM Loan at 15% Off
MLN US HOLDCO: Apollo Tactical Marks $2.2MM Loan at 15% Off
MSS INC: Hires Self & Associates CPAs PC as Accountant
NELKIN & NELKIN: Hires Walker & Patterson P.C. as Counsel
NEPTUNE WELLNESS: Closes US$4.5 Million Public Offering
NORTHWOODS PETS: Amends Kapitus Secured Claim Pay Details
NU STYLE LANDSCAPE: Case Summary & 20 Largest Unsecured Creditors
ORBCOMM INC: Apollo Senior Marks $1.03MM Loan at 19% Off
ORIGINCLEAR INC: FRLA Proposes to Acquire PWT Under Amended LOI
OROVILLE HOSPITAL: S&P Lowers 2019 Revenue Bond Rating to 'B'
PAO BAY INVESTMENT: U.S. Trustee Unable to Appoint Committee
PILGRIM'S PRIDE: Moody's Rates New 10-Yr. Sr. Unsecured Notes 'Ba2'
PROFUNDITY LLC: Gets OK to Hire Edelboim as Legal Counsel
PROPERTY ADVOCATES: U.S. Trustee Unable to Appoint Committee
PROSPERITY PARTNERS: Case Summary & 13 Unsecured Creditors
PROTERRA INC: Committee Hires Berkeley as Financial Advisor
PROTERRA INC: Committee Hires Lowenstein Sandler LLP as Counsel
PROTERRA INC: Committee Hires Miller as Investment Banker
PROTERRA INC: Committee Hires Morris James as Delaware Counsel
REALMARK PARKING: Available Cash & Lease Proceeds to Fund Plan
RIVERBED TECHNOLOGY: Apollo Fund Marks $784,804 Loan at 73% Off
RIVERBED TECHNOLOGY: Apollo SFRFI Marks $3.8MM Loan at 73% Off
RUSSELL INVESTMENTS: S&P Lowers ICR to 'B+' on Heightened Leverage
SANTA FE GOLD: Delays Filing of Annual Report
SARONA PROPERTY: Trustee Hires Adam I. Skolnik PA as Counsel
SMILEDIRECTCLUB INC: Files Chapter 11 to Execute Recapitalization
SONOMA PHARMACEUTICALS: Falls Short of Nasdaq Bid Price Requirement
SONOMA PHARMACEUTICALS: Two Proposals Passed at Annual Meeting
SPARK NETWORKS: Wins Another Extension of Forbearance Period
SUNLAND MEDICAL: DIP Loan from Principal Street & Aberdeen OK'd
SURGALIGN HOLDINGS: Files Amendment to Disclosure Statement
SVB FINANCIAL: Completes Sale of Investment Banking Business
TAYLOR MORRISON: S&P Upgrades ICR to 'BB+' on Strong Momentum
TECHNICAL COMMUNICATIONS: Decides to Go 'Dark'
TENTRR INC: DIP Lenders Up Loan Commitment to $2.7MM
TICOAT INC: Kara Rescia of Rescia Law Named Subchapter V Trustee
TROIKA MEDIA: Amends Financing Agreement With Blue Torch
UNIVERSAL HEALTH: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
US TELEPACIFIC: Apollo SFRFI Marks 1$3.1MM Loan at 58% Off
US TELEPACIFIC: Apollo Tactical Marks $3.1MM Loan at 58% Off
VAULT HOLDING: Case Summary & 30 Largest Unsecured Creditors
VISTA CLINICAL: Case Summary & 20 Largest Unsecured Creditors
VOYAGER TRAVEL: Ruediger Mueller Named Subchapter V Trustee
WABASH NATIONAL: S&P Upgrades ICR to 'BB-', Outlook Stable
WESTERN GLOBAL: Committee Hires AlixPartners as Financial Advisor
WESTERN GLOBAL: Committee Hires Potter as Conflict Counsel
WESTERN GLOBAL: Committee Hires Willkie Farr as Counsel
WESTLAKE SURGICAL: U.S. Trustee Appoints Creditors' Committee
WILLIAMS INDUSTRIAL: Oct. 26 Claims Filing Deadline Set
WINDSOR TERRACE: Court OKs $6.5MM DIP Loan from RT Lending
ZIP TOP: Case Summary & 20 Largest Unsecured Creditors
[*] Foreclosure Auction of Boutique Complex Set for October 26
[*] Schulte Roth & Zabel Forms Special Situations Group
[*] Seven Attorneys Elected as Members at McDonald Hopkins
[*] SVP Founder Victor Khosla to Receive 2023 Harvey Miller Award
[^] Large Companies with Insolvent Balance Sheet
*********
1201 GOURMET: Hires Davidoff Hutcher & Citron LLP as Counsel
------------------------------------------------------------
1201 Gourmet, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to employ Davidoff Hutcher &
Citron LLP as counsel.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties as Debtor-in-Possession and the continued management of its
property and affairs;
b. negotiate with creditors of the Debtor and work out a plan of
reorganization and take the necessary legal steps in order to
effectuate such a plan including, if need be, negotiations with the
creditors and other parties in interest;
c. prepare the necessary answers, orders, reports and other
legal papers required for a debtor who seeks protection from its
creditors under Chapter 11 of the Bankruptcy Code;
d. appear before the Bankruptcy Court to protect the interest of
the Debtor and to represent the Debtor in all matters pending
before the Court;
e. attend meetings and negotiate with representatives of
creditors and other parties in interest;
f. advise the Debtor in connection with any potential
refinancing of secured debt and any potential sale of the
business;
g. represent the Debtor in connection with obtaining
post-petition financing;
h. take any necessary action to obtain approval of a disclosure
statement and confirmation of a plan of reorganization; and
i. perform all other legal services for the Debtor which may be
necessary for the preservation of the Debtor's estate and to
promote the best interests of the Debtor, its creditors and the
estates.
The firm will be paid at these rates:
Attorneys $450 to $850 per hour
Paraprofessionals $195 to $260 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jonathan S. Pasternak, Esq., a partner at Davidoff Hutcher & Citron
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jonathan S. Pasternak, Esq.
DAVIDOFF HUTCHER & CITRON LLP
120 Bloomingdale Road, Suite 100
White Plains, NY 10605
Tel: (914) 381-7400
About 1201 Gourmet, LLC
1201 Gourmet, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 23-11382) on August 30, 2023, disclosing under $1
million in both assets and liabilities.
The Debtor is represented by DAVIDOFF HUTCHER & CITRON LLP.
1376 CHURCH: Hires Vanguard Properties as Real Estate Broker
------------------------------------------------------------
1376 Church LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ Jennifer Supman of
Vanguard Properties, Inc. as real estate broker.
The firm will assist the Debtor in a consensual short sale of a 9
bedrooms, 6 baths real property located at 1376 Church Street, San
Francisco, CA 94114-3949.
The firm will be paid a commission of 5 percent of the purchase
price.
Jennifer Supman, senior vice president, general counsel and
managing broker at Vanguard Properties, Inc., disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jennifer Supman
Vanguard Properties, Inc.
2501 Mission Street
San Francisco, CA 94110
Tel: (415) 321-7080
Fax: (415) 430-5486
About 1376 Church LLC
1376 Church, LLC is a San Francisco, Calif.-based company engaged
in activities related to real estate.
1376 Church sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-30379) on June
14, 2023, with $1 million to $10 million in both assets and
liabilities. Tony Garnicki, managing member, signed the petition.
Judge Hannah L. Blumenstiel oversees the case.
The Debtor tapped Matthew D. Metzger, Esq., at Belvedere Legal, PC
as bankruptcy counsel.
516 ICE CREAM: Hires Morrison Tenenbaum PLLC as Counsel
-------------------------------------------------------
516 Ice Cream LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to employ Morrison Tenenbaum PLLC
as counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties
as Debtor-in-possession in the management of its estate;
b. assisting in any amendments of Schedules and other
financial disclosures and in the preparation/review/amendment of a
disclosure statement and plan of reorganization;
c. negotiating with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;
d. preparing on behalf of the Debtor all necessary motions,
applications, answers, proposed orders, reports and other papers to
be filed by the Debtor in this case;
e. appearing before the Bankruptcy Court to represent and
protect the interests of the Debtor and the estate; and
f. performing all other legal services for the Debtor that may
be necessary and proper for an effective reorganization.
The firm will be paid at these rates:
Lawrence F. Morrison $595 per hour
Brian J. Hufnagel $525 per hour
Associates $380 per hour
Paraprofessionals $200 per hour
The firm received a retainer in the amount of $9,238.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lawrence F. Morrison, Esq., a partner at Morrison Tenenbaum PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Lawrence F. Morrison, Esq.
Brian J. Hufnagel, Esq.
MORRISON TENENBAUM PLLC
87 Walker Street, Floor 2
New York, NY 10013
Tel: (212) 620-0938
Email: lmorrison@m-t-law.com
bjhufnagel@m-t-law.com
About 516 Ice Cream LLC
516 Ice Cream LLC, filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 23-41681) on May 15, 2023, disclosing under $1
million in both assets and liabilities.
The Debtor is represented by MORRISON LAW OFFICES - NYC.
8300 HOLDING: Kimberly Strong Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 5 appointed Kimberly Strong,
audit director at Harper, Rains, Knight & Company, P.A., as
Subchapter V trustee for 8300 Holding Group, LLC.
Ms. Strong will be paid an hourly fee of $250 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Strong declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kimberly Strong
1052 Highland Colony Pwky, Suite 100
Ridgeland, MS 39157
Phone: (601) 605-0542
Email: kstrong@hrkcpa.com
About 8300 Holding
8300 Holding Group, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No.
23-02116) on Sept. 14, 2023, with $1 million to $10 million in both
assets and liabilities.
Judge Katharine M. Samson oversees the case.
Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC
represents the Debtor as bankruptcy counsel.
A FAMILY MEMBER: Carol Fox Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner
as Subchapter V trustee for A Family Member HomeCare Holdings,
Inc.
Ms. Fox 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. Fox declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Carol Fox
GlassRatner
200 East Broward Blvd., Suite 1010
Fort Lauderdale, FL 33301
Tel: 954.859.5075
Email: cfox@glassratner.com
About A Family Member
A Family Member HomeCare Holdings, Inc. is a provider of home care
services to Florida seniors and is based in Coral Springs, Fla.
A Family Member filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-17322) on Sept.
12, 2023, with $159,329 in assets and $2,022,917 in liabilities.
Brian Gauthier, president, signed the petition.
Chad Van Horn, Esq., at Van Horn Law Group, P.A. represents the
Debtor as bankruptcy counsel.
ACASTI PHARMA: Closes $7.5M Private Placement Equity Financing
--------------------------------------------------------------
Acasti Pharma Inc. announced that it has closed a private placement
of the Company's securities pursuant to the terms of a securities
purchase agreement, dated Sept. 24, 2023, by and between the
Company and certain institutional and accredited investors.
Pursuant to the terms of the Purchase Agreement, the Company issued
and sold an aggregate of 1,951,371 common shares, no par value per
share, pre-funded warrants to purchase up to an aggregate of
2,106,853 common shares, each at a purchase price of $1.8481 per
common share or Pre-funded Warrant (less $0.0001 per Pre-funded
Warrant) and accompanying common warrants to purchase up to an
aggregate of 2,536,391 common shares, in a private placement priced
at-the-market under Nasdaq rules. The private placement closed on
Sept. 25, 2023.
Each Pre-funded Warrant is exercisable for one common share at an
exercise price of $0.0001 per common share, will be immediately
exercisable and will expire once exercised in full. Each Common
Warrant is exercisable for one common share at an exercise price of
$3.003 per common share, will be immediately exercisable and will
expire on the earlier of (i) the 60th day after the date of the
acceptance by the U.S. Food and Drug Administration of a New Drug
Application for the Company's product candidate GTX-104 or (ii)
five years from the date of issuance.
The offer and sale of the foregoing securities in the private
placement were made in a transaction not involving a public
offering under Section 4(a)(2) of the Securities Act of 1933, as
amended and/or Rule 506(b) of Regulation D promulgated thereunder,
and such securities have not been registered under the Securities
Act or applicable state securities laws. Accordingly, the
securities in the private placement may not be reoffered or resold
in the United States except pursuant to an effective registration
statement with the Securities and Exchange Commission or an
applicable exemption from the registration requirements of the
Securities Act and such applicable state securities laws.
The Company has agreed to file an initial registration statement
with the SEC covering the resale of the common shares and the
common shares underlying the Pre-funded Warrants and Common
Warrants issued in the private placement no later than 30 days
following the closing date of the private placement.
The gross proceeds to the Company from the private placement were
approximately $7.5 million, before deducting fees and expenses.
The Company currently intends to use the net proceeds from the
private placement for clinical trial expenses to further the Phase
3 clinical trial for GTX-104, the Company's lead product candidate,
pre-commercial planning, working capital and other general
corporate purposes.
About Acasti Pharma
Acasti Pharma Inc. -- http://www.acastipharma.com-- is a
late-stage specialty pharma company with drug delivery capability
and technologies addressing rare and orphan diseases. Acasti's
novel drug delivery technologies have the potential to improve the
performance of currently marketed drugs by achieving faster onset
of action, enhanced efficacy, reduced side effects, and more
convenient drug delivery -- all which could help to increase
treatment compliance and improve patient outcomes.
Acasti Pharma reported a net loss and comprehensive loss of $42.43
million for the year ended March 31, 2023, a net loss and
comprehensive loss of $9.82 million for the year ended March 31,
2022, a net loss and comprehensive loss of $19.68 million for the
year ended March 31, 2021, and a net loss and comprehensive loss of
$25.51 million for the year ended March 31, 2020.
ADVANCE INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Advance International Inc.
174 Lawrence Drive, Suite J
Livermore, CA 94551
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
Northern District of California
Case No.: 23-41268
Debtor's Counsel: Marc Voisenat, Esq.
LAW OFFICE OF MARC VOISENAT
2329 A Eagle Avenue
Alameda, CA 94501
Tel: 510-263-8755
Fax: 510-272-9158
Email: voisenat@gmail.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Shahmard Ghorbani as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HYXHWVQ/Advance_International_Inc__canbke-23-41268__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. 174 Lawrence Drive $130,095
Investors, LLC
c/o Cushman & Wakefield
575 Mryville Center
Dr., Ste. 500
Saint Louis, MO 63141
2. Accell Audit & $32,000
Compliance, P.A.
10696 Laxar Clay Loop
San Antonio, FL 33576
3. Ahmad Kreshi $100,000
5244 Lyngate Ct.,
Ste 201
Burke, VA 22015
4. Amex $30,528
Box 0001
Los Angeles, CA
90096-8000
5. Andrew Ramirez $26,907
788 Sequoia Blvd.
Tracy, CA 95376
6. Fred Jewett Back Wages $44,879
1221 S. Swift Pl.
Tracy, CA 95391
7. Fremont GHBA LLC $849,635
3000-F Danville Blvd
#215
Alamo, CA 94507
8. Gabriela Barba $210,000
195 Chanticleer Lane
Alamo, CA 94507
9. IAW Ever Holding Co. LLC $450,000
1309 Coffeen
Ave,Ste. 1200
Sheridan, WY 82801
10. Khalid Mentak $300,000
6110 Lakeview Circle
San Ramon, CA 94582
11. Mayers, Arakelian, Loan $300,000
Hendricks,Kapulica
117 Town & Country
Drive, Suite A
Danville, CA 94526
12. Mazi Ghorbani $8,000,000
195 Chanticleer Lane
Alamo, CA 94507
13. Mercedez-Benz $20,949
Financial Service
P.O. Box 5209
Carol Stream, IL 60197
14. Motthew Lopez $41,500
232 Jeffry Ranch Place
Clayton, CA 94517
15. PG&E Utility $46,331
P.O. Box 997300
Sacramento, CA
95899
16. Shahab Moradian $100,000
909 Hutchinson Rd
Walnut Creek, CA
17. Slim Capital $105,913
9301 Wilshire
Boulevard Ste.425
Beverly Hills, CA
90210
18. UBS Realty Unpaid Rent $90,000
Investors, LLC
455 Market Street
Suite 1000
San Francisco, CA 94105
19. United Mechanical Inc $32,847
2185 Oakland Road,
San Jose, CA 95131
20. Wilson, Sonsini, $272,399
Goodrich & Roati
WSGR 650 Page Mill Rd
Palo Alto, CA
94304-1050
AEROTECH MIAMI: Court OKs $22.6MM DIP Loan from Synovus
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
authorized AeroTech Miami Inc., dba iAero Tech, and its affiliates
to use cash collateral an obtain postpetition financing, on an
interim basis.
Affiliate Swift Air, L.L.C., d/b/a iAero Airways, is the borrower
under the DIP Facility. Swift Air is permitted to obtain
postpetition super-priority secured financing facility consisting
of new money delayed draw term loans in an aggregate principal
amount of $22.6 million subject to the terms and conditions set
forth in the Superpriority Secured Debtor-in-Possession Credit
Agreement, by and among the DIP Borrower, the DIP Guarantors, each
lender from time to time party thereto and Synovus Bank, as
administrative agent and collateral agent for the DIP Facility.
The DIP Facility is due and payable eight months from the Closing
Date; provided that the Maturity Date may be automatically extended
for two additional 60 day periods, in each case, solely to the
extent that the Debtors have otherwise complied with the terms of
the Definitive Documents and all other events and actions necessary
for the occurrence of the Plan Effective Date or the consummation
of the Acceptable Sale, as applicable, have occurred other than the
receipt of regulatory or other approval of a governmental
authority.
The Debtors are required to comply with these milestones:
i. By no later than September 19, 2023, the Debtors will have
commenced the Chapter 11 Cases;
ii. By no later than one day after the Petition Date, the
Debtors will file with the Bankruptcy Court the DIP Motion;
iii. By no later than three Business Days after the Petition
Date, the Bankruptcy Court will have entered the Interim Order;
iv. By no later than 14 days after the Petition Date, the
Debtors will have filed the motion for approval of the Bidding
Procedures;
v. By no later than 30 days after the Petition Date, the
Debtors will have filed the Plan, the Disclosure Statement, and the
Solicitation Materials;
vi. By no later than 45 days after the Petition Date, the
Bankruptcy Court will have entered the Bidding Procedures Order;
vii. By no later than 45 days after the Petition Date, the
Bankruptcy Court will have entered the Final Order;
viii. To the extent applicable, by no later than 75 days after
the Petition Date, the Bankruptcy Court will have entered an order
approving the Disclosure Statement;
ix. In the event of the Sale Scenario resulting in an
Acceptable Sale, by no later than 110 days after the Petition
Date, the Bankruptcy Court will have entered an order or orders
approving an Acceptable Sale, pursuant to the Bidding Procedures;
x. To the extent applicable, by no later than 110 days after
the Petition Date, the Bankruptcy Court will have entered the
Confirmation Order; and
xi. By no later than the Outside Date, the Plan Effective Date
or, in the event of the Sale Scenario resulting in an Acceptable
Sale, the consummation of such Acceptable Sale, will have
occurred.
As of the Petition Date, Debtor iAero Group Holdco 6 LLC and its
Debtor subsidiaries had approximately $859.715 million in total
secured funded debt obligations.
Pursuant to the Amended and Restated Credit Agreement, dated as of
August 28, 2023 and any other agreements and documents executed or
delivered in connection therewith, the Prepetition 1L Loan by New
Swift Air Holdings, LLC, Swift Air Travel, LLC, Swift Air, L.L.C.,
Synovus, as lender, administrative and security agent, the
Prepetition 1L Secured Parties have extended credit, and provided
other financial accommodations to, and for the benefit of, the
Prepetition 1L Credit Parties.
The Prepetition 1L Credit Parties were indebted to the Prepetition
1L Secured Parties in the aggregate principal amount of not less
than the sum of (i) $50 million, and (ii) $24.254 million.
Pursuant to the loan agreement, dated as of May 14, 2019 and any
other agreements and documents executed or delivered in connection
therewith, by and among Swift Air, L.L.C., as borrower and Synovus,
as lender, administrative agent and security agent, the Prepetition
Aircraft Facility Secured Parties have extended credit, and
provided other financial accommodations to, and for the benefit of
the Prepetition Aircraft Facility Borrower.
The Prepetition Aircraft Facility Borrower were indebted to the
Prepetition Aircraft Facility Secured Parties in the aggregate
principal amount of not less than $1.3 million.
Pursuant to the credit agreement, dated as of August August 28,
2023, by and among Holdings, Swift Air Travel, Swift Air, L.L.C.,
as borrower, and Synovus, as lender, administrative agent and
security agent, the Prepetition Synovus 2L Secured Parties have
extended credit and provided other financial accommodations to, and
for the benefit of the Prepetition Synovus 2L Credit Parties.
The Prepetition Synovus 2L Credit Parties were indebted to the
Prepetition Synovus 2L Secured Parties in the aggregate principal
amount of not less than $6.207 million.
Pursuant to the credit agreement, dated as of August August 28,
2023 and any other agreements and documents executed or delivered
in connection therewith, by and among Holdings, Swift Air Travel,
Swift Air, L.L.C., as borrower, certain funds managed, advised or
sub-advised by GSO Capital Partners LP, as lenders, and Wilmington
Trust, National Association, as administrative agent and collateral
agent, the Prepetition BXC 2L Secured Parties have extended credit
and provided other financial accommodations to, and for the benefit
of the Prepetition BXC 2L Credit Parties.
The Prepetition BXC 2L Credit Parties were indebted to the
Prepetition BXC 2L Secured Parties in the aggregate principal
amount of not less than $11.7 million.
Pursuant to the credit agreement, dated as of August 29, 2018 and
any other agreements and documents executed or delivered in
connection therewith, by and among iAeroGroup Holdco 6 LLC (f/k/a
Air Holdco 6 LLC), iAero Group Parent Inc. (f/k/a Air Parent Inc.),
as borrower, BXC and other lenders from time to time party thereto
lender and Wilmington Trust, National Association, as
administrative agent and collateral agent.
The Prepetition 3L Credit Parties were indebted to the Prepetition
3L Secured Parties in the aggregate principal amount of not less
than $766 million.
The Prepetition Secured Parties are entitled to adequate protection
of their respective interests in all Prepetition Collateral,
including cash collateral, in an amount equal to the aggregate
diminution in the value, if any, of their respective interests in
the prepetition Collateral (including Cash Collateral) from and
after the Petition Date in the form of adequate protection liens
senior to their respective Prepetition Liens, adequate protection
claims with administrative expense priority and payment of certain
fees and expenses.
A final hearing on the matter is set for October 16, 2023 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=1goCpm
from PacerMonitor.com.
About AeroTech Miami Inc.
AeroTech Miami Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-17503) on
September 19, 2023. In the petition signed by Kevin Nystrom,
interim chief executive officer, the Debtor disclosed up to $50,000
in assets and up to $1 billion.
Judge Robert A. Mark oversees the case.
The Debtors tapped King & Spalding LLP as general bankruptcy
counsel, AP Services, LLC as restructuring services provider,
Jefferies LLC as investment banker, and Kroll Restructuring
Administration LLC as notice and claims agent.
AGILE THERAPEUTICS: Inks 7th Amendment to Syneos Project Agreement
------------------------------------------------------------------
Agile Therapeutics, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Sept. 28, 2023, it
entered into the Seventh Amendment to that certain Project
Agreement (Detailing - Field Team), dated April 30, 2020, by and
between the Company and Syneos Health Commercial Services, LLC,
pursuant to that certain Master Services Agreement, by and between
the Company and inVentiv Commercial Services, LLC.
Pursuant to the Syneos Agreement, Syneos provides the Company with
a field force of sales representatives to offer certain detailing,
sales operation, compliance, and training services with respect to
Twirla, in exchange for an up-front implementation fee and a fixed
monthly fee. The Syneos Agreement expires on Aug. 23, 2024. At
that time, the Syneos Agreement will terminate automatically unless
extended upon the mutual written agreement of the parties. The
Company may terminate the Syneos Agreement for any reason upon
timely written notice without incurring a termination fee.
As part of its dual efforts to reduce operating expenses and to
optimize its commercial platform and align with its focus on
regional promotion, the Company negotiated a restructuring of the
Syneos Agreement. Pursuant to the Seventh Amendment, the Company
agreed to pay Syneos a fixed weekly fee for the performance of
Services through Aug. 23, 2024, and to create an incentive to meet
certain sales and operational objectives. The Weekly Fees, when
taken cumulatively, represent a reduction in the total fees due to
Syneos under the remainder of the Syneos Agreement, reflecting, in
part, a reduction in the number of field force sales
representatives, through elimination of vacancies and
underperforming territories, and the streamlining of certain
Services available to the Company. The Weekly Fee allows for
potential annual merit increases for Syneos field sales
representatives and leadership, and is subject to change should the
number of field force representatives increase or decrease.
Pursuant to the Seventh Amendment, a portion of the Weekly Fee is
designated as an incentive fee, which Syneos is eligible to earn
each quarter upon the attainment of certain commercial sales and
operations performance objectives. In the event Syneos fails to
earn the incentive fee in a given quarter, the amount already paid
to Syneos for that quarter as part of the Weekly Fee will be
credited against any outstanding amounts the Company may owe to
Syneos.
About Agile Therapeutics Inc.
Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women. The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method. Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.
Agile reported a net loss of $25.41 million for the year ended Dec.
31, 2022, compared to a net loss of $71.07 million for the year
ended Dec. 31, 2021.
Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 22, 2023, citing that the Company has generated losses
since inception, used substantial cash in operations, anticipates
it will continue to incur net losses for the foreseeable future,
requires additional capital to fund its operating needs and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.
ALKEGEN: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service changed Alkegen's ratings outlook to
negative from stable. At the same time, Moody's affirmed Alkegen's
corporate family rating of B3, probability of default rating of
B3-PD, the B2 ratings of its $200 million backed senior secured
first lien revolving credit facility, $1.45 billion backed senior
secured first lien term loan maturing in 2025, including both the
US dollar and Euro tranches, and $800 million backed senior secured
notes due in 2028 as well as a Caa2 rating of its $400 million
backed senior unsecured notes due in 2029.
RATINGS RATIONALE
The change in the outlook to negative is driven by the
deterioration in the company's financial performance, persistently
weak credit metrics, negative free cash flow and rising refinancing
risk in the face of approaching term loan maturity in 2025.
Alkegen's B3 CFR reflects its leading global market positions in
thermal management, battery materials, filtration and emissions
control markets. The rating benefits from the company's scale,
broad geographic reach and customer, product and end-market
diversity, including its growing exposure to the EV and specialty
filtration markets, as well as its technology innovation
initiatives and growth opportunities in China. The credit profile
is also supported by the company's long-standing relationships with
many blue-chip customers and its adequate liquidity. The rating is
constrained by the company's high exposure to cyclical automotive,
industrial and chemical end markets, its high leverage, weak
coverage metrics, persistently negative free cash flow and the
history of debt financed acquisitions.
Alkegen's financial performance has deteriorated over the last few
quarters with the LTM revenues, EBITDA and operating cash flow all
coming in well below Moody's earlier expectations. The company has
been experiencing a weaker demand across most product categories
and regions in which it operates. Lower volumes, along with
operating cost increases, have had a negative impact on its
revenues and operating profit, which has turned negative in the
last three quarters. Implemented price increases and cost saving
initiatives have only partially mitigated the adverse impact of the
ongoing macroeconomic headwinds. As a result, Moody's estimate that
Alkegen generated only about $230 million in Moody's-adjusted
EBITDA in the LTM ended June 30, 2023, which in combination with
higher revolver borrowings increased its leverage, as adjusted by
Moody's, from 9.7x in FY2022 to 12.1x in the LTM ended June 30,
2023.
Furthermore, Alkegen is exposed to heightened refinancing risks
because it has $1.45 billion of term loan maturities coming due in
December 2025. Moody's believe achieving a material earnings
growth, returning to positive free cash flow generation and/or
material reduction in gross debt in the near-term are critical to
addressing the looming maturities. Moody's anticipate that
Alkegen's operating and financial performance will improve only
modestly in H2 2023 but more meaningfully in 2024. Moody's forecast
that Alkegen will generate about $1.8 billion in revenues, $280-300
million in Moody's-adjusted EBITDA and $20-30 million in positive
free cash flow in 2024, which could be used to repay the revolver
borrowings. On this basis, Moody's estimates that Alkegen's
leverage, as adjusted by Moody's, will decline to around 9x
(Debt/EBITDA) in 2024, which would still be high for a B3 rating.
Given tight funding conditions, considerable uncertainty around
macroeconomic environment, the company's earnings trajectory, its
highly leveraged, potentially untenable capital structure, Moody's
also see a growing possibility of a potential future distressed
exchange or debt restructuring.
The negative outlook reflects the likelihood of a downgrade if
Alkegen fails to achieve a material growth in earnings and
improvement in credit metrics over the next 12 months and does not
make a substantial progress on refinancing its upcoming 2025
maturities before they become current.
Alkegen's CIS-4 reflects exposure to governance considerations,
specifically financial strategy & risk management as well as its
board structure, policies and procedures given the company's
elevated gross debt levels, concentrated ownership, the sponsor's
historically aggressive financial policy manifested in the pursuit
of acquisitive growth and high capex spending, which are key
drivers of the currently high financial leverage.
Alkegen has an adequate liquidity profile supported, as of June 30,
2023, by $184 million in cash ($132 million based on the 53% pro
rata portion of Luyang) and $140 million availability under its
$200 million revolving credit facility. The revolver matures 91
days prior to the maturity of its term loan (December 2025) or May
2027 if the term loan maturity is extended beyond that date. The
revolver has a springing first lien leverage ratio covenant of
7.75x if borrowings exceed 35%. Moody's expect the company to
remain compliant with the covenant but with a modest cushion.
The B2 ratings on the senior secured first lien revolving credit
facility, term loan and senior secured notes, one notch above the
B3 CFR, reflect their priority position in the capital structure.
Senior secured notes and first lien term facility are secured by a
first priority lien on substantially all domestic assets and, in
the instance of Euro-denominated borrowings, the assets of certain
international subsidiaries in the U.K. and Germany. The Caa2 rating
on the senior unsecured notes reflects their effective
subordination to the significant amount of secured debt. Senior
secured and unsecured notes are guaranteed, jointly and severally,
by all current and future wholly-owned domestic restricted
subsidiaries that are guarantors of the existing first lien term
facility.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings upgrade is unlikely in the near term, given the
negative outlook. However, Alkegen's ratings could be considered
for an upgrade if adjusted debt/EBITDA declines below 6.0x driven
by both EBITDA growth and debt reduction, if RCF/Debt is sustained
above 8% and the company consistently generates positive free cash
flow. An upgrade would also require the execution of more
conservative financial policies from the sponsor and management.
Moody's could downgrade Alkegen's ratings if the company does not
evidence a material growth in earnings and improvement in credit
metrics such that its adjusted leverage would be expected to
sustain above 7.5x, if the company does not make progress on
addressing its 2025 maturities, of if the company undertakes a
significant debt-financed acquisition or dividend recapitalization.
Moody's could also downgrade the ratings if free cash flow remains
negative and liquidity continues to deteriorate.
Headquartered in Tonawanda, Alkegen produces heat-resistant ceramic
fiber products, specialty filtration, advanced materials solutions
and specialty glass microfiber materials for a variety of
industrial applications. The company has been a portfolio company
of Clearlake Capital Group, L.P. since late 2018. Alkegen generated
revenue of approximately $1.76 billion for the twelve months ended
June 30, 2023.
The principal methodology used in these ratings was Chemicals
published in June 2022.
AMMACORE INC: Case Summary & 18 Unsecured Creditors
---------------------------------------------------
Debtor: Ammacore Inc.
4555 Mansell Road,
Suite 300
Alpharetta, GA 30022
Business Description: Ammacore is a national onsite technology
service company for resellers, VARs,
manufacturers, distributors, and software
vendors. Ammacore partners with its clients
to thoroughly understand the technology and
service challenges of their customers and
employ its proprietary Scope of Service and
Event Management Process to identify the
very best resources for their customers'
needs.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 23-59671
Debtor's Counsel: Cameron M. McCord, Esq.
JONES & WALDEN, LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Phone: 404-564-9300
Email: info@joneswalden.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Chris C. Gaffney as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
A full-text copy of the petition containing, among other items, a
list of the Debtor's 18 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/VCQJSDI/Ammacore_Inc__ganbke-23-59671__0001.0.pdf?mcid=tGE4TAMA
AN GLOBAL: Hires Deloitte Asesoria as Management Consultant
-----------------------------------------------------------
AN Global LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Deloitte
Asesoria Financiera, S.C. to provide management and consulting
services.
The firm will provide these services:
-- assist the Affiliates with the establishment of a new Mexican
entity and aid in obtaining all licenses, permits, and approvals
required for such entity's operations in Mexico;
-- prepare biweekly a status update, and other reports as
requested by the Affiliates, on each active project serviced by the
Affiliates under any contract, including (i) the expected date of
completion for each such project and expected termination or
expiration date for each contract, (ii) the identity of employees
servicing active projects under any contract, and (iii) the
identity of employees who are no longer servicing active projects
under any contract;
-- provide interim management services to assure that the
Affiliates perform their obligations in the ordinary course of
business;
-- assist the Affiliates, as needed, in communications with
stakeholders and other parties-in-interest;
-- assist with the preparation and implementation of the
Affiliates' cost reduction program; and
-- provide such other advisory services as requested and
mutually agreed to in writing by Deloitte AF and the Affiliates.
The firm will be paid at these rates:
Partners $1,140 per hour
Directors $760 per hour
Senior Managers $720 per hour
Managers $640 per hour
Senior Consultants $580 per hour
Consultants $490 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Juan Jose Perojo, a partner at Deloitte Asesoria Financiera, S.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Juan Jose Perojo
Deloitte Asesoria Financiera, S.C.
Paseo de la Reforma 505
Colonia Cuauhtemoc
06500 Mexico City
Mexico
Phone: (55) 5080 6000
About AN Global LLC
AN Global, LLC and affiliates are global providers of agile-first,
end-to-end digital transformation services in the North American
market using on-shore and near-shore delivery.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August
28, 2023. In the petitions signed by their chief restructuring
officer, James S. Feltman, the Debtors disclosed $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Potter Anderson & Corron LLP and Hughes Hubbard
& Reed LLP as bankruptcy counsels; Garrigues Mexico, S.C. as
general Mexican restructuring counsel; Teneo Capital, LLC as
financial advisor; and Guggenheim Securities, LLC as investment
banker. Kurtzman Carson Consultants, LLC is the claims, noticing
and balloting agent.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement and under a pre-bankruptcy first lien
facility. It is represented by Ropes & Gray, LLP and Chipman Brown
Cicero & Cole, LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
AN GLOBAL: Hires Garrigues Mexico as Special Counsel
----------------------------------------------------
AN Global LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Garrigues
Mexico, S.C. as special counsel.
The firm will assist the Debtors in matters throughout the course
of the Chapter 11 Cases, including, but not limited to, advising
the Debtors on any relevant Mexican law matters, including from a
corporate, employment, and tax perspective, relating to the
possible scenarios, proceedings, and outcomes that the Debtors may
be facing in Mexico.
The firm will be paid at these rates:
Partner $450 to $500 per hour
Counsel $400 to $430 per hour
Associate $250 to $380 per hour
Trainee $200 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gabriela Perez Sierra, Esq., a partner at Garrigues Mexico, S.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Gabriela Perez Sierra, Esq.
GARRIGUES MEXICO, S.C.
Paseo de la Reforma, 412, 26th floor
Col. Juarez - 06600 Mexico City
Tel: +52 55 1102 3570
About AN Global LLC
AN Global, LLC and affiliates are global providers of agile-first,
end-to-end digital transformation services in the North American
market using on-shore and near-shore delivery.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August
28, 2023. In the petitions signed by their chief restructuring
officer, James S. Feltman, the Debtors disclosed $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Potter Anderson & Corron LLP and Hughes Hubbard
& Reed LLP as bankruptcy counsels; Garrigues Mexico, S.C. as
general Mexican restructuring counsel; Teneo Capital, LLC as
financial advisor; and Guggenheim Securities, LLC as investment
banker. Kurtzman Carson Consultants, LLC is the claims, noticing
and balloting agent.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement and under a pre-bankruptcy first lien
facility. It is represented by Ropes & Gray, LLP and Chipman Brown
Cicero & Cole, LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
AN GLOBAL: Hires Hughes Hubbard & Reed LLP as Counsel
-----------------------------------------------------
AN Global LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Hughes
Hubbard & Reed LLP as counsel.
The firm will provide these services:
a. provide legal advice with respect to the Debtors' powers and
duties as debtors-in-possession in the continued operation of their
business and management of their properties;
b. attend meetings and negotiating with representatives of
creditors and other parties-in-interest and advising and consulting
on the conduct of these Chapter 11 Cases, including the legal and
administrative requirements of operating in chapter 11;
c. take action necessary to protect and preserve the Debtors'
estates, including the prosecution of actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
d. prepare and prosecute on behalf of the Debtors all motions,
applications, answers, orders, reports, and papers necessary to the
administration of the estates;
e. advise and assist the Debtors with financing and
transactional matters as such may arise during the Chapter 11
Cases;
f. represent the Debtors in connection with obtaining authority
to use cash collateral;
g. advise and assist the Debtors with financing and
transactional matters that may arise during these Chapter 11
Cases;
h. advise and assist in the marketing and sale process for the
Debtors' assets;
i. take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documentation related
thereto;
j. appear in Court and protecting the interests of the Debtors
before the Court;
k. advise the Debtors regarding tax matters; and
l. perform all other legal services for the Debtors that may be
necessary and proper in these Chapter 11 Cases.
The firm will be paid at these rates:
Partners/Senior Counsels $1,150 to $1,775 per hour
Associates $550 to $1,075 per hour
Legal Assistants $365 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As of the Petition Date, the firm held an advance payment retainer
of $4,250.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: The Debtors engaged Hughes Hubbard to perform
restructuring services in March 2023. The
applicable rates prepetition in 2023 are the same
as those described in paragraph 16 above. There
were no adjustments during the period from March
2023 through the date of the petitions. Hughes
Hubbard's billing rates and the material financial
terms with respect to this representation have not
changed post-petition.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes, the Debtors have approved a prospective budget
and staffing plan for the period from the Petition
Date through November 30, 2023. Hughes Hubbard and
the Debtors will review such prospective budget
following the close of the stated period to
determine a budget for the following period.
Moreover, the Debtors recognize that it is possible
that in the Chapter 11 Cases there may be
unforeseen fees and expenses that will need to be
addressed by the Debtors and Hughes Hubbard and the
budget refined to reflect such matters.
Kathryn A. Coleman, Esq., a partner at Hughes Hubbard & Reed LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Kathryn A. Coleman, Esq.
Christopher Gartman, Esq.
Jeffrey S. Margolin, Esq.
Elizabeth A. Beitler, Esq.
HUGHES HUBBARD & REED LLP
One Battery Park Plaza
New York, NY 10004-1482
Telephone: (212) 837-6000
Facsimile: (212) 422-4726
Email: katie.coleman@hugheshubbard.com
chris.gartman@hugheshubbard.com
jeff.margolin@hugheshubbard.com
elizabeth.beitler@hugheshubbard.com
About AN Global LLC
AN Global, LLC and affiliates are global providers of agile-first,
end-to-end digital transformation services in the North American
market using on-shore and near-shore delivery.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August
28, 2023. In the petitions signed by their chief restructuring
officer, James S. Feltman, the Debtors disclosed $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Potter Anderson & Corron LLP and Hughes Hubbard
& Reed LLP as bankruptcy counsels; Garrigues Mexico, S.C. as
general Mexican restructuring counsel; Teneo Capital, LLC as
financial advisor; and Guggenheim Securities, LLC as investment
banker. Kurtzman Carson Consultants, LLC is the claims, noticing
and balloting agent.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement and under a pre-bankruptcy first lien
facility. It is represented by Ropes & Gray, LLP and Chipman Brown
Cicero & Cole, LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
AN GLOBAL: Hires Kurtzman Carson as Administrative Advisor
----------------------------------------------------------
AN Global LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kurtzman
Carson Consultants LLC as its administrative advisor.
The firm will render these services:
(a) assist with, among other things, solicitation, balloting,
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest, including, if applicable, brokerage firms,
bank back-offices, and institutional holders;
(b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
chapter 11 plan; and
(f) provide such other processing, solicitation, balloting,
and administrative services described in the Service Agreement, but
not authorized by the Section 156(c) Order, as may be requested
from time to time by the Debtors, this Court, or the Clerk of this
Court.
The firm received from the Debtor a retainer in the amount of
$30,000.
Evan Gershbein, executive vice president of Kurtzman, disclosed in
a court filing that the firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Evan Gershbein
Kurtzman Carson Consultants LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Tel: (310) 823-9000
Email: egershbein@kccllc.com
About AN Global LLC
AN Global, LLC and affiliates are global providers of agile-first,
end-to-end digital transformation services in the North American
market using on-shore and near-shore delivery.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August
28, 2023. In the petitions signed by their chief restructuring
officer, James S. Feltman, the Debtors disclosed $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Potter Anderson & Corron LLP and Hughes Hubbard
& Reed LLP as bankruptcy counsels; Garrigues Mexico, S.C. as
general Mexican restructuring counsel; Teneo Capital, LLC as
financial advisor; and Guggenheim Securities, LLC as investment
banker. Kurtzman Carson Consultants, LLC is the claims, noticing
and balloting agent.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement and under a pre-bankruptcy first lien
facility. It is represented by Ropes & Gray, LLP and Chipman Brown
Cicero & Cole, LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
AN GLOBAL: Hires Potter Anderson & Corroon as Co-Counsel
--------------------------------------------------------
AN Global LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Potter
Anderson & Corroon LLP as co-counsel.
The firm's services include:
a. advising the Debtors of their rights, powers, and duties as
debtors in possession under chapter 11 of the Bankruptcy Code;
b. preparing petitions, motions, applications, answers, orders,
reports, and papers with respect to the Chapter 11 Cases and the
administration of the Debtors' estates;
c. assisting with any disposition of the Debtors' assets by sale
or otherwise;
d. taking action to protect and preserve the Debtors' estates,
including the prosecution of actions on the Debtors' behalf, the
defense of actions commenced against the Debtors in the Chapter 11
Cases, the negotiation of disputes in which the Debtors are
involved, and the preparation of objections to claims filed against
the Debtors;
e. preparing and prosecuting on behalf of the Debtors any
proposed plan of reorganization or liquidation, and any disclosure
statement related thereto, and seeking approval of all transactions
contemplated therein and any amendments thereto;
f. preparing and prosecuting pleadings necessary to solicit
votes on any proposed plan of reorganization;
g. appearing in Court and at any meeting required by the U.S.
Trustee and any meeting of creditors at any given time on behalf of
the Debtors as their counsel to protect the interests of the
Debtors;
h. to the extent Potter Anderson does not have a conflict,
advising the Debtors on matters in which Hughes Hubbard & Reed LLP
("Hughes Hubbard") has conflicts;
i. providing additional support to Hughes Hubbard, as requested;
and
j. performing all other services assigned by the Debtors to
Potter Anderson and to the extent Potter Anderson determines that
such services fall outside of the scope of services historically or
generally performed by the firm in a bankruptcy proceeding, Potter
Anderson will file a supplemental declaration pursuant to
Bankruptcy Rule 2014 and give parties in interest an opportunity to
object.
The firm will be paid at these rates:
Partner $675 to $1,345 per hour
Counsel $650 to $705 per hour
Associates $440 to $575 per hour
Paraprofessionals $330 to $350 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As of the Petition Date, the Retainer balance was $27,166.
Jeremy W. Ryan, Esq., a partner at Potter Anderson & Corroon LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jeremy W. Ryan, Esq.
R. Stephen McNeill, Esq.
Gregory J. Flasser, Esq.
Sameen Rizvi, Esq.
POTTER ANDERSON & CORROON LLP
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
Email: jryan@potteranderson.com
rmcneill@potteranderson.com
gflasser@potteranderson.com
srizvi@potteranderson.com
About AN Global LLC
AN Global, LLC and affiliates are global providers of agile-first,
end-to-end digital transformation services in the North American
market using on-shore and near-shore delivery.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August
28, 2023. In the petitions signed by their chief restructuring
officer, James S. Feltman, the Debtors disclosed $100 million to
$500 million in both assets and liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Potter Anderson & Corron LLP and Hughes Hubbard
& Reed LLP as bankruptcy counsels; Garrigues Mexico, S.C. as
general Mexican restructuring counsel; Teneo Capital, LLC as
financial advisor; and Guggenheim Securities, LLC as investment
banker. Kurtzman Carson Consultants, LLC is the claims, noticing
and balloting agent.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement and under a pre-bankruptcy first lien
facility. It is represented by Ropes & Gray, LLP and Chipman Brown
Cicero & Cole, LLP.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.
ANDREWS REAL ESTATE: Claims to be Paid From $1.1M Financing
-----------------------------------------------------------
Andrews Real Estate Investments, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Illinois a Plan of
Reorganization for Small Business under Subchapter V dated
September 26, 2023.
The Debtor is an LLC in the business of owning and managing the
real estate located at 1919 Greenwood St., Evanston, IL.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $1,100,000 The final Plan
payment is expected to be paid on October 27, 2023.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
All creditors are being paid in full. The Debtor's principals shall
retain their pre-filing equity security interests. All insider
claims shall be paid as part of this class after all other
creditors have been paid in full.
The Debtor is receiving a secured loan of $1,100,000 which will
allow for all claims to be paid within 7 days of confirmation. Tom
Andrews shall be the disbursing agent for the Debtor shall be the
disbursing agent.
The Debtor has sought approval for post petition financing of
$1,100,000 in order to pay all creditors in full on the date of
confirmation. There is no need for further reorganization beyond
the confirmation date of the Plan.
A full-text copy of the Plan of Reorganization dated September 26,
2023 is available at https://urlcurt.com/u?l=77hDBi from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Ben Schneider, Esq.
Matthew Stone, Esq.
Schneider & Stone
8424 Skokie Blvd., Suite 200
Skokie, IL 60077
Telephone: (847) 933-0300
Facsimile: (847) 676-2676
Email: ben@windycitylawgroup.com
About Andrews Real Estate Investments
Andrews Real Estate Investments, LLC is the fee simple owner of six
real estate properties valued at $2 million.
Andrews Real Estate Investments filed for bankruptcy protection
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.
Ill. Case No. 22-04861) on April 28, 2022, listing total assets of
$2,000,031 and total liabilities of $115,182. Neema T. Varghese
serves as Subchapter V trustee.
Judge David D. Cleary oversees the case.
Ben Schneider, Esq. and Matthew Stone, Esq., at Schneider & Stone
serve as the Debtor's counsel.
ANUVU HOLDINGS: Apollo SFRFI Marks $2.1MM Loan at 21% Off
---------------------------------------------------------
Apollo Senior Floating Rate Fund Inc has marked its $2,111,016 loan
extended to Anuvu Holdings 2, LLC to market at $1,657,148 or 79% of
the outstanding amount, as of June 30, 2023, according to Apollo
Senior's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Senior FRFI is a participant in a First Lien Term Loan to
Anuvu Holdings 2, LLC. The loan accrues interest at a rate of
13.79% (6.75% Payment In Kind), (3M LIBOR + 8.25%, 1.00% Floor) per
annum. The loan matures on March 23, 2026.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
Headquartered in Santa Ana, California, Anuvu is a provider of
connectivity and content to the worldwide travel industry.
ANUVU HOLDINGS: Apollo Tactical Marks $1.9MM Loan at 21% Off
------------------------------------------------------------
Apollo Tactical Income Fund Inc has marked its $1,997,898 loan
extended to Anuvu Holdings 2, LLC to market at $1,568,350 or 79% of
the outstanding amount, as of June 30, 2023, according to Apollo
Tactical's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Tactical Income Fund is a participant in a First Lien Term
Loan to Anuvu Holdings 2, LLC. The loan accrues interest at a rate
of 13.79% (6.75% Payment In Kind), (3M LIBOR + 8.25%, 1.00% Floor)
per annum. The loan matures on March 23, 2026.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
Headquartered in Santa Ana, California, Anuvu is a provider of
connectivity and content to the worldwide travel industry.
ARA MACAO: Unsecureds Will Get 19% of Claims in Liquidating Plan
----------------------------------------------------------------
The Official Committee of Unsecured Creditors and S. Cary
Forrester, the Chapter 11 trustee, (the "Trustee" and, together
with the Committee, the "Proponents") filed a Disclosure Statement
in support of the Joint Plan of Liquidation for r Ara Macao
Holdings, L.P. dated September 26, 2023.
The Debtor was formed as an Illinois limited partnership to acquire
and develop a planned resort on the Property. Debtor purchased the
Property from MacKinnon Belize Land & Development, Ltd. in 2004 for
$6,000,000.
At the time of the bankruptcy filing, the only significant asset
owned by the Debtor was its undeveloped real property in Belize,
comprised of approximately 615 acres of vacant land (the
"Property").
On January 30, 2023, the Property was sold to BBR Holdings, Inc.
for $5.8 million plus the payment of certain obligations of the
Debtor. The total amount received by the Trustee or paid on his
behalf was $6,347,647.13, including a $240,000 retention released
from escrow on September 19, 2023. Of that amount, $4,821,307.76
was paid directly to the trustee, who then paid $2,033,714.78 to
the holders of allowed unsecured claims and $1,955,627.90 to
administrative claimants and the lenders who provided two post
petition loans to the estate.
After paying other administrative expenses, including insurance and
bond premiums and fees owing to the United States Trustee, the
remaining funds held by the Trustee as of the date hereof total
$802,557.69.
The purpose of this plan is to provide for the distribution of
those funds to administrative claimants and the holders of allowed
unsecured claims. The Trustee estimates that the total distribution
to unsecured creditors will total approximately 19% of their
Allowed Claims, when combined with the interim distribution
approved by the Court on June 19, 2023. There will be no
distribution to Debtor's general and limited partners.
Class 3 consists of General Unsecured Creditors. Each Holder of an
Allowed Class 3 Claim will be paid its pro rata share of the funds
available for distribution after payment of all Class 1 and 2
Claimants.
Class 4 consists of Subordinated General Unsecured Creditors.
Holders of Allowed Class 4 Claims will receive no distribution
under the Plan.
Class 5 consists of General and Limited Partnership Interests. The
holders of Allowed Class 5 Equity Security interests will receive
no distribution under the Plan.
A full-text copy of the Disclosure Statement dated September 26,
2023 is available at https://urlcurt.com/u?l=HFXPLG from
PacerMonitor.com at no charge.
Counsel for Chapter 11 Trustee:
S. Cary Forrester, Esq.
FORRESTER & WORTH, PLLC
3636 North Central
Avenue, Suite 700
Phoenix, AZ 85012
Tel: (602) 271-4250
Fax: (602) 271-4300
E-mail: SCF@FORRESTERANDWORTH.COM
JRW@FORRESTERANDWORTH.COM
BHF@FORRESTERANDWORTH.COM
Counsel for the Official Committee of Unsecured Creditors:
Scott B. Cohen, Esq.
Patrick A. Clisham
Engelman Berger, P.C.
3636 North Central Avenue, Suite 700
Phoenix, AZ 85012
Phone: (602) 271-9090
Fax: (602) 222-4999
E-mail: sbc@eblawyers.com
E-mail: pac@eblawyers.com
About Ara Macao Holdings
Ara Macao Holdings, L.P., is a provider of real estate development
services based in Sedona, Ariz.
On April 6, 2018, an involuntary Chapter 11 petition was filed
against Ara Macao Holdings (Bankr. D. Ariz. Case No. 18-03615). The
petitioning creditors are KB Partners, Inc., Christopher de Sibert,
Gary Nitsche, Daniel Dorgan, Richard Umbach and Edgewater
Resources, LLC. They are represented by Patrick A Clisham, Esq., at
Engelman Berger, P.C.
On May 8, 2018, the involuntary proceeding was converted to a
voluntary Chapter 11 case (Bankr. D. Ariz. Case No. 18-03615).
Judge Paul Sala oversees the case. Ara Macao Holdings hired Burch
& Cracchiolo, P.A. as its bankruptcy counsel.
The U.S. Trustee for Region 14 appointed an official committee of
unsecured creditors in Ara Macao Holdings' bankruptcy case. The
committee is represented by Engelman Berger, P.C.
S. Cary Forrester is the Chapter 11 trustee appointed for Ara Macao
Holdings. The trustee hired Forrester & Worth, PLLC as bankruptcy
counsel; Snell & Wilmer, LLP as special counsel; and REDW, LLC as
tax accountant.
ARCHBISHOP OF SAN FRANCISCO: Hires B. Riley as Financial Advisor
----------------------------------------------------------------
The Roman Catholic Archbishop of San Francisco seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ GlassRatner Advisory & Capital Group LLC d/b/a B. Riley
Advisory Services as financial advisor.
The firm will provide these services:
a. assist the Debtor in a review of its strategic options;
b. assist the Debtor in developing financial projections and
liquidity projections;
c. assist the Debtor with negotiations with various
stakeholders;
d. assist the Debtor in implementing potential operational and
strategic enhancements;
e. assist the Debtor in preparation of the statutory reporting
requirements during the chapter 11 proceedings, including the
statements of financial affairs and associated schedules and,
during the pendency of the Bankruptcy Case, the Monthly Operating
Reports (MORs);
f. assist with the preparation of reports for, and
communications with, the Bankruptcy Court, creditors, and any other
constituents;
g. review, evaluate and analyze the financial ramifications of
proposed transactions for which the Debtor may seek Bankruptcy
Court approval;
h. provide appraisal and valuation services;
i. provide financial advice and assistance to the Debtor in
connection with asset sale transactions;
j. assist the Debtor in developing and supporting a proposed
Plan of Reorganization;
k. render Bankruptcy Court testimony in connection with the
foregoing, as required, on behalf of the Debtor; and
l. provide any other duty or task which falls within the normal
responsibilities of a financial advisor at the direction of
Management and Board.
The firm will be paid at these rates:
Sr. Managing Directors $495 to $795 per hour
Directors, Managing Directors $325 to $595 per hour
Associates, Other Professionals $200 to $425 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to the filing date the firm received retainer payments
totaling $100,000 and payments with respect to invoices totaling
$377,644.11. As of the Petition Date, the firm continues to hold
$64,334.42 of the retainer.
Wayne P. Weitz, a partner at GlassRatner Advisory & Capital Group
LLC d/b/a B. Riley Advisory Services, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Wayne P. Weitz
GlassRatner Advisory & Capital Group LLC
d/b/a B. Riley Advisory Services
19800 MacArthur Boulevard Suite 820
Irvine, CA 92612
Tel: (415) 229-4860
About The Roman Catholic Archbishop
of San Francisco
The Roman Catholic Archbishop of San Francisco filed Chapter 11
petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023,
with $100 million to $500 million in both assets and liabilities.
Judge Dennis Montali oversees the case.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel.
Weintraub Tobin Chediak Coleman & Grodin as special litigation
counsel. Weinstein & Numbers, LLP as special insurance counsel.
GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory
Services as financial advisor. Omni Agent Solutions, Inc. as
administrative agent.
ARCHBISHOP OF SAN FRANCISCO: Hires Omni as Administrative Agent
---------------------------------------------------------------
The Roman Catholic Archbishop of San Francisco seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ Omni Agent Solutions, Inc. as administrative agent.
The firm will provide these services:
a. assisting with, among other things, any required
solicitation, balloting, and tabulation and calculation of votes,
as well as preparing any appropriate reports, as required in
furtherance of confirmation of chapter 11 plan(s) (the "Balloting
Services");
b. generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;
c. handling requests for documents from parties in interest,
including, if applicable, brokerage firms and bank back-offices and
institutional holders, in connection with the Balloting Services;
d. gathering data in conjunction with the preparation, and
assisting with the preparation, of the Debtor's schedules of assets
and liabilities and statements of financial affairs;
e. providing a confidential data room, if requested;
f. managing and coordinating any distributions pursuant to a
confirmed chapter 11 plan; and
g. providing such other claims processing, noticing,
solicitation, balloting, and administrative services described in
the Services Agreement, but not included in the Section 156(c)
Application, as may be requested by the Debtor from time to time.
The firm will be paid at these hourly rates:
Analyst $45 - $75
Consultants $75 - $195
Senior Consultants $200 - $240
Solicitation and Securities Services $250
Technology/Programming $85 - $155
The retainer is $50,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paul Deutch, the executive vice president of Omni Agent Solutions,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Paul H. Deutch
Omni Agent Solutions
5955 De Soto Avenue, Suite 100
Woodland Hills, CA 91367
Telephone: (818) 906-8300
About The Roman Catholic Archbishop
of San Francisco
The Roman Catholic Archbishop of San Francisco filed Chapter 11
petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023,
with $100 million to $500 million in both assets and liabilities.
Judge Dennis Montali oversees the case.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel.
Weintraub Tobin Chediak Coleman & Grodin as special litigation
counsel. Weinstein & Numbers, LLP as special insurance counsel.
GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory
Services as financial advisor. Omni Agent Solutions, Inc. as
administrative agent.
ARCHBISHOP OF SAN FRANCISCO: Hires Weinstein as Special Counsel
---------------------------------------------------------------
The Roman Catholic Archbishop of San Francisco seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ Weinstein & Numbers, LLP as special insurance counsel.
The firm will provide these services:
a. analyze the liability insuranoooce coverage which may be
available to the Debtor for claims pending against it, including
review of policies and facts of each claim, and research regarding
policy provisions;
b. negotiate with the carriers to obtain appropriate defense and
indemnity contributions for those claims; and
c. assist the Debtor, its primary bankruptcy counsel, and its
litigation counsel in the course of the Bankruptcy Case on matters
falling within the firm's expertise or special knowledge.
The firm will be paid at these rates:
Barron L. Weinstein, Managing Partner $625 per hour
Kevin L. Cifarelli, Associate $425 per hour
Adison Marshall, Associate $300 per hour
Charles D. Yeo, Legal Assistant $200 per hour
Robert Patterson, Legal Assistant/Paralegal $315 per hour
Brian Carolus Legal Assistant/Paralegal $315 per hour
The firm holds a retainer of $136,133.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Barron Weinstein, Esq., a partner at Weinstein & Numbers, LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Barron Weinstein, Esq.
WEINSTEIN & NUMBERS, LLP
115 Ward St.
Larkspur, CA 94939
Tel: (415) 927-6920
About The Roman Catholic Archbishop
of San Francisco
The Roman Catholic Archbishop of San Francisco filed Chapter 11
petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023,
with $100 million to $500 million in both assets and liabilities.
Judge Dennis Montali oversees the case.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel.
Weintraub Tobin Chediak Coleman & Grodin as special litigation
counsel. Weinstein & Numbers, LLP as special insurance counsel.
GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory
Services as financial advisor. Omni Agent Solutions, Inc. as
administrative agent.
ARCHBISHOP OF SAN FRANCISCO: Hires Weintraub as Special Counsel
---------------------------------------------------------------
The Roman Catholic Archbishop of San Francisco seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ Weintraub Tobin Chediak Coleman & Grodin as special
litigation counsel.
The firm will provide these services:
a. assist the Debtor and its primary bankruptcy counsel in the
course of the Debtor in Possession's reorganization on matters
falling within Weintraub’s expertise or special knowledge;
b. assist the Debtor with its business, transaction and
non-abuse litigation work in the ordinary course of its business;
c. continue to assist the Debtor in the sexual abuse litigation
matters identified herein; and
d. assist the Debtor, its insurance counsel and primary
bankruptcy counsel in evaluating and handling the abuse claims.
The firm will be paid at these rates:
Paul E. Gaspari, Shareholder $465 per hour
Daniel C. Zamora, Shareholder $450 per hour
Zachary Smith, Shareholder $500 per hour
Audrey Millemann, Shareholder $450 per hour
Associates/Contract $250 to $430 per hour
Paralegals $205 to $240 per hour
As of the Petition Date, the firm holds a retainer in the amount of
$209,511.48.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Paul E. Gaspari, Esq., a partner at Weintraub Tobin Chediak Coleman
& Grodin, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Paul E. Gaspari, Esq.
WEINTRAUB TOBIN CHEDIAK COLEMAN & GRODIN
475 Sansome Street, Suite 510
San Francisco, CA 94111
Tel: (415) 433-1400
About The Roman Catholic Archbishop
of San Francisco
The Roman Catholic Archbishop of San Francisco filed Chapter 11
petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023,
with $100 million to $500 million in both assets and liabilities.
Judge Dennis Montali oversees the case.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel.
Weintraub Tobin Chediak Coleman & Grodin as special litigation
counsel. Weinstein & Numbers, LLP as special insurance counsel.
GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory
Services as financial advisor. Omni Agent Solutions, Inc. as
administrative agent.
ARCHBISHOP OF SAN FRANCISCO: Taps Felderstein as Legal Counsel
--------------------------------------------------------------
The Roman Catholic Archbishop of San Francisco seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to employ Felderstein Fitzgerald Willoughby Pascuzzi & Rios LLP as
general bankruptcy counsel.
The firm will provide these services:
a. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports and other pleadings and
documents in connection with the administration of the Bankruptcy
Case;
b. advise and represent the Debtor with respect to all matters
and proceedings in this Bankruptcy Case;
c. assist the Debtor in all bankruptcy issues which may arise in
the operation of its business, including negotiations with
creditors, interest groups and any Official Committee of Unsecured
Creditors;
d. take necessary legal action to protect and preserve the
Debtor's estate;
e. take necessary legal action in connection with any chapter 11
plan and related disclosure statement and all related documents;
and
f. perform all other necessary legal services in connection with
the prosecution of this Bankruptcy Case.
The firm will be paid at these rates:
Paul J. Pascuzzi, Managing Partner $525 per hour
Thomas A. Willoughby, Partner $525 per hour
Jason E. Rios, Partner $450 per hour
Thomas R. Phinney, Of Counsel $425 per hour
Of Counsel/Associates $350 to $425 per hour
Legal Assistants $100 to $150 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In the 90 days prior to the Petition Date, the firm received
payments and advances in the amount of $175,976.43. The firm holds
a retainer with a remaining credit balance in favor of the Debtor
for professional services performed and to be performed, and
expenses incurred and to be incurred, in connection with the
Bankruptcy Case in the amount of $92,570.51.
Paul J. Pascuzzi, Esq., a partner at Felderstein Fitzgerald
Willoughby Pascuzzi & Rios LLP, disclosed in a court filing that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Paul J. Pascuzzi, Esq.
Jason E. Rios, Esq.
Thomas R. Phinney, Esq.
FELDERSTEIN FITZGERALD
WILLOUGHBY PASCUZZI & RIOS LLP
500 Capitol Mall, Suite 2250
Sacramento, CA 95814
Tel: (916) 329-7400
Fax: (916) 329-7435
Email: ppascuzzi@ffwplaw.com
jrios@ffwplaw.com
tphinney@ffwplaw.com
About The Roman Catholic Archbishop
of San Francisco
The Roman Catholic Archbishop of San Francisco filed Chapter 11
petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023,
with $100 million to $500 million in both assets and liabilities.
Judge Dennis Montali oversees the case.
The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel.
Weintraub Tobin Chediak Coleman & Grodin as special litigation
counsel. Weinstein & Numbers, LLP as special insurance counsel.
GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory
Services as financial advisor. Omni Agent Solutions, Inc. as
administrative agent.
ARCIMOTO INC: Signs Contract Manufacturing Deal With MOBIUS.energy
------------------------------------------------------------------
Arcimoto, Inc. announced it has entered into a contract
manufacturing agreement with MOBIUS.energy Corporation, a
cutting-edge energy technology company, to enhance the charging
capabilities of its electric vehicles (EVs), develop MUV based
mobile charging solutions and build ultra lightweight aviation
batteries.
Under the terms of the contract agreement, Arcimoto will
manufacture MOBIUS packs for their current and future customers.
The MOBIUS packs are set to radically transform EV charging with
rapid charging capabilities. Upon the successful launch and
testing of the prototypes, Arcimoto plans to integrate MOBIUS
technology into its production vehicles for mobile charging and
achieve charging times of less than ten minutes, from zero to full
charge.
"Our collaboration with MOBIUS is a game-changer for the electric
vehicle industry," said Chris Dawson, chief executive officer at
Arcimoto. "By leveraging MOBIUS' cutting-edge energy technology,
we are not only revolutionizing EV charging but also facilitating
the electrification of the aviation industry. We are excited to
embark on this journey with MOBIUS and deliver unparalleled value
to our customers."
"This strategic partnership with Arcimoto is a significant
milestone in our mission to revolutionize the energy landscape,"
MOBIUS.energy CEO Eugene Choi said. "Through shared innovation and
strategic synergy, we're advancing EV charging and sustainable
energy solutions into a greener, more accessible future."
The Company said this partnership exemplifies its commitment to
pushing the boundaries of electric transportation and
sustainability. With the integration of MOBIUS technology,
Arcimoto is positioned to offer an even more compelling and
eco-friendly transportation solution to its customers.
About Arcimoto, Inc.
Arcimoto, Inc. was incorporated in the State of Oregon on Nov. 21,
2007. Over the past 16 years, the Company has developed
technologies, platforms, and vehicles aimed squarely at rightsizing
daily mobility. To date, the Company has introduced six vehicle
products built on the first Arcimoto platform that target specific
niches in the vehicle market: its flagship product, the Fun Utility
Vehicle, for everyday consumer trips; the Deliverator for last-mile
delivery and general fleet utility, the Flatbed, Arcimoto's
solution for a rightsized pickup truck, and the Rapid Responder for
emergency services and security.
Arcimoto reported a net loss of $62.88 million in 2022 following a
net loss of $47.56 million in 2021.
Portland, Oregon-based Deloitte & Touche LLP, the Company's auditor
since 2022, issued a "going concern" qualification in its report
dated April 14, 2023, citing that the Company has incurred
significant losses and does not have sufficient cash on hand to
meet its obligations as they come due, which raises substantial
doubt about its ability to continue as a going concern.
ASE CONSTRUCTION: Gets OK to Hire Macias Services as Accountant
---------------------------------------------------------------
ASE Construction, Inc., received approval from the U.S. Bankruptcy
Court for the Central District of California to hire Macias
Services as its accountant.
The Debtor requires an accountant to prepare its tax returns and
provide consulting and bookkeeping services.
The firm will be compensated at $100 per hour for consulting
services, $50 per hour for bookkeeping services, and $375 for each
tax return prepared.
In court papers, Alicia Macias of Macias Services disclosed that
she and her firm do not have any connection with the Debtor and its
creditors or any party involved in its Chapter 11 bankruptcy case.
Macias Services can be reached at:
Alicia Macias
Macias Services
14623 Hawthorne Blvd., Ste. 405
Lawndale, CA 90260
Phone: 310-973-8918
About ASE Construction
ASE Construction, Inc., owns duplex property located at 8420 S.
Broadway Los Angeles, Calif., valued at $834,500.
The Debtor filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
23-14986) on Aug. 3, 2023, with $2,703,697 in total assets and
$2,703,697 in total liabilities. Sergio Moreno Morales, chief
executive officer and chief financial officer, signed the
petition.
Judge Neil W. Bason oversees the case.
Anthony O. Egbase, Esq., at A.O.E Law & Associates, APC, is the
Debtor's legal counsel.
ASP UNIFRAX: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of ASP Unifrax Holdings, Inc. (a/k/a Alkegen) to 'B-' from
'B'. The Rating Outlook is Negative. Fitch has also downgraded
Alkegen's first lien revolver, term loan and senior secured notes
to 'B+'/'RR2' from 'BB'/'RR1' and the senior unsecured notes to
'CCC'/'RR6' from 'CCC+'/'RR6'.
The 'B-' rating reflects Alkegen's deteriorating operating
performance continuing into 2023, resulting in negative FCF
generation, and EBITDA leverage above 11x at YE 2022. Fitch expects
EBITDA leverage to remain above 8x and FCF to remain negative
throughout the forecast horizon. The rating also considers
Alkegen's leading position in specialty filtration, emission
control and battery materials.
The Negative Outlook reflects Fitch's expectation that EBITDA
interest coverage will remain below 1.5x and leverage above 10x
through 2024, at the time the company will be facing upcoming debt
maturities.
KEY RATING DRIVERS
Deteriorating Operating Performance: Alkegen's operating
performance continued to weaken in 1H'23, due to soft end markets
that are not showing a recovery and customer destocking from peak
buying patterns in 2021 and 1H'22. The deteriorating performance
has driven continued negative FCF as well as Fitch-calculated
EBITDA margins falling below 15% in 2022. Although 1Q'23 and 2Q'23
results exhibited recovery from 4Q'22 lows, Fitch expects continued
end market weakness across geographies in 2H'23 to limit any
meaningful volume and pricing pickup. Fitch anticipates some
additional cost reductions and a modest recovery in 2024 will
support some EBITDA margin recovery. While Alkegen's new platform
technologies (SiFAB, FlexCat and Alkegel) offer promising growth in
batteries and filtration, meaningful customer adoption and uptake,
and associated revenues and earnings, may be slow to develop.
Elevated Leverage, Tight Coverage: Alkegen's EBITDA leverage
exceeded 11x at YE 2022, and Fitch expects it to remain above 7x
over the forecast horizon, while FCF remains negative. The
company's financial flexibility is further limited by its tight
EBITDA interest coverage, which is expected to remain below 1.5x
through the forecast period. While Unifrax is somewhat protected
from rising rates as approximately 50% of its debt is fixed-rate,
rising SOFR and higher debt balances from the Luyang investment in
2022 have caused interest expense to climb materially since 2021.
Fitch notes that Alkegen has taken steps to improve liquidity,
including reduced capex, cost controls and targeted asset sales.
However, Fitch expects that leverage will remain elevated and
interest coverage will remain compressed absent a material debt
reduction.
Upcoming Maturities: Alkegen's December 2025 term loans with
approximately $1.5 billion outstanding elevate refinancing risk.
Furthermore, the company's $200 million, 2027 revolving credit
facility, with $48 million outstanding, has a springing maturity if
the term loan is not refinanced within 91 days of maturity. Fitch's
forecast assumes that Alkegen successfully refinances the term loan
in late 2024, albeit at higher pricing.
Adequate Liquidity: Alkegen has approximately $140 million of
availability under its revolving credit facility as well as over
$70 million in cash (excluding cash held at Luyang). The revolver
is governed by a net first lien leverage ratio when utilization
exceeds 35%. Fitch expects that Alkegen will remain in compliance
with this covenant and retain access to the revolver. Alkegen has
supplemented its liquidity position with targeted asset sales,
including the sale of its Thermal Acoustical Solutions segment in
1Q'23 and the transfer of its industrial filtration business to
Luyang in 3Q'23. Fitch expects Alkegen will use these proceeds to
reduce outstandings under its revolver.
Diversified Platform: Alkegen is well diversified by end market,
customer, geographic presence and raw material spend. The company
operates approximately 60 sites across 12 countries and serves over
4,000 customers in 90 countries, with the largest customer
responsible for approximately 6% of sales. Key end markets include
industrial applications, chemicals and metals, battery applications
and transportation. Geographic breadth spans North America (45% of
revenue), Europe (20%) and APAC (32%).
DERIVATION SUMMARY
Relative to its peers, Alkegen's scale is in-line with SK Mohawk
(B-/Negative) while larger than Advancion Holdings (B/Stable). The
company's margins are well above those of SK Mohawk's, indicating
the more specialized nature of Alkegen's product offering, though
notably below Advancion's, which is an outlier for the sector.
Alkegen's capital structure is materially more levered than its
peers, reflecting the company's acquisition of Lydall in 2021 and
its incremental investment in Luyang in 2022. This acquisition
activity added over $1 billion in debt to Alkegen's balance sheet.
From an operational perspective, Alkegen benefits from its strong
position in thermal protection and specialty filtration and energy
management solutions. The company's competitive positioning is
stronger than SK Mohawk's position for its intermediates and
additives, though not as strong as Aruba's position of being
sole-source supplier for the majority of its revenue.
Alkegen's scale is in-line with Vantage Specialty Chemicals
(B/Stable), but Alkegen benefits from a broader global footprint,
which Vantage does not have. Alkegen's margins are moderately above
those of Vantage's, although Vantage's transformed go-to-market
strategy, should it hold, will move its margins closer to those of
Alkegen. Vantage benefits from lower leverage as a result of its
recent operational improvements, and Vantage benefits from its
position as a proprietary or specified supplier for the bulk of its
business, although Alkegen sells products that ultimately have
greater technical complexity and investment, and are more mission
critical to their customers' end uses.
KEY ASSUMPTIONS
- Soft end-market demand, coupled with customer destocking, leads
to a mid to high single digit revenue decline in 2023, with
full-year inclusion of Luyang partially offsetting greater weakness
in the core filtration, insulation and battery segments. Fitch
expects mid-single digit revenue growth thereafter, supported by
gradual uptake of new platform technologies;
- EBITDA margins improve modestly from to the mid/high teens in
2023 from the 14%-15% range in 2022, driven largely by sale of
lower margin Thermal Acoustical Solutions segment. Fitch expects
EBITDA margins to range in the upper teens in 2024 and beyond;
- Increased interest expense from higher debt balances and higher
SOFR base rates. Additionally, Fitch assumes that Unifrax
successfully refinances its term loans in late 2024, albeit at
wider spreads than the current level;
- Capex maintained at roughly 3% of revenue.
KEY RECOVERY ASSUMPTIONS:
The recovery analysis assumes that Alkegen would be reorganized as
a going concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim and a full draw under the
company's revolving credit facility, which is not borrowing-base
constrained.
Fitch uses a going-concern (GC) EBITDA estimate that reflects its
view of a sustainable, post-reorganization EBITDA level upon which
Fitch bases the enterprise valuation. The GC EBITDA reflects an
improvement in the underlying economic conditions that would have
likely precipitated the default, as well as corrective actions
taken during restructuring (partially offset by some customer
losses). Specifically, the GC EBITDA estimate considers a scenario
where Alkegen faces a deeper recession coupled with a more
challenging competitive environment and intensified price
competition.
Fitch applies an EV multiple of 7x to the GC EBITDA to calculate a
post-reorganization enterprise value. The 7.0x multiple is at the
upper end within Fitch's chemicals portfolio and is warranted to
reflect the company's stable EBITDA margins, value-added product
portfolio, and opportunities to benefit from growing end-markets
including EV batteries. The 7.0x multiple is also within the range
of historical bankruptcy case study exit multiples for peer
companies, which ranged from 5.2x-7.7x, but above the median of
5.9x.
With an assumed full draw on the revolving facility, the EV
approach results in a 'B+'/'RR2' rating for the first lien debt,
and a 'CCC'/'RR6' rating for the unsecured notes.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- EBITDA Leverage durably below 7.0x;
- Demonstrated progress to consistently generating positive FCF;
- EBITDA interest coverage above 2.0x.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Failure to successfully refinance upcoming maturities in a timely
manner;
- EBITDA interest coverage durably below 1.2x;
- Sustained negative FCF generation, potentially stemming from
continued weak volumes, diminished pricing power, elevated capex or
poor working capital management;
- Deteriorating liquidity as demonstrated by diminished cash on
hand and/or higher revolver utilization.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Alkegen has approximately $140 million of
availability under its revolving credit facility as well as over
$70 million in cash (excluding cash held at Luyang). The revolver
is governed by a net first lien leverage ratio when utilization
exceeds 35%. Fitch expects that Alkegen will remain in compliance
with this covenant and retain access to the revolver. Alkegen has
supplemented its liquidity position with targeted asset sales,
including the sale of its Thermal Acoustical Solutions segment in
1Q'23 and the transfer of its industrial filtration business to
Luyang in 3Q'23. Fitch expects Alkegen will use these proceeds to
reduce outstandings under its revolver.
ISSUER PROFILE
Alkegen manufactures specialty materials that provide thermal
management, emission control, filtration, and energy solutions for
multiple end markets and applications. It is one of two vertically
integrated global manufacturers of high temperature refractory and
insulating fiber and engineered products.
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
----------- ------ -------- -----
ASP Unifrax
Holdings, Inc. LT IDR B- Downgrade B
senior
unsecured LT CCC Downgrade RR6 CCC+
senior secured LT B+ Downgrade RR2 BB
AULT ALLIANCE: Issues $2.2M Note in Exchange for Term Note
----------------------------------------------------------
Ault Alliance, Inc. said in a Form 8-K filed with the Securities
and Exchange Commission that it entered into a securities exchange
agreement with an institutional investor pursuant to which the
Investor agreed to acquire, and the Company agreed to issue and
sell in a registered direct offering to the Investor, a $2.2
million principal face amount convertible promissory note, subject
to customary closing conditions. Subject to the satisfaction of
the conditions in the Exchange Agreement, the Company may issue and
sell to the Investor up to an additional $3.3 million aggregate
principal face amount of notes.
The Note is being issued in exchange for a term note in the
principal face amount of $2,200,000, which the Company sold to the
Investor on Sept. 8, 2023 for a purchase price of $2,000,000. The
Note will not be issued pursuant to an indenture. The Note is
convertible at any time after NYSE approval of the Supplemental
Listing Application into shares of Class A common stock, par value
$0.001 per share of the Company.
The Company may not issue Conversion Shares to the extent such
issuances would result in an aggregate number of shares of Common
Stock exceeding 19.99% of the total shares of Common Stock issued
and outstanding as of the Effective Date, in accordance with the
rules and regulations of The NYSE American unless the Company first
obtains stockholder approval. Pursuant to the Exchange Agreement
and if required by the Exchange, the Company agreed to file a proxy
statement to obtain the Stockholder Approval on or before Feb. 29,
2024.
At any time on or prior to the three month anniversary of the date
when the Note is no longer outstanding (either through conversion,
repayment or a combination thereof), the Investor has the right to
require the Company to issue and sell to the Investor up to an
additional $3.3 million aggregate principal face amount of Notes
for a purchase price of $3.0 million (reflecting a 10% original
issue discount). If the Investor elects to enter into a Subsequent
Note Offering, the Company and the Investor will enter into a new
securities purchase agreement with a new note, which will be
substantially similar to the Exchange Agreement and Note.
Description of the Note
The Note has a principal face amount of $2,200,000 and bears no
interest (unless an event of default occurs) as it was issued in
exchange for the Term Note, which contained an original issuance
discount. The Note will mature on the earlier of (i) Sept. 28,
2024 or (ii) one month after the date when no more Conversion
Shares may be issued by the Company because of the NYSE Limit,
provided, however, that the Exchange Cap Acceleration Date shall
not apply so long as (A) the Company is seeking the Stockholder
Approval and (B) the Company is in compliance with all filing and
meeting deadlines in connection with the Stockholder Approval,
provided further, however that in the event Stockholder Approval is
obtained after the Exchange Cap Acceleration Date but prior to one
month thereafter, the maturity date shall remain Sept. 28, 2024.
The Note is convertible at any time after NYSE approval of the
Supplemental Listing Application into shares of Common Stock at a
conversion price equal to 90% of the lowest volume weighted average
price of the Common Stock during the five consecutive trading days
prior to the date of conversion.
The Notes contain standard and customary events of default
including, but not limited to, failure to make payments when due
under the Note, failure to comply with certain covenants contained
in the Note, or bankruptcy or insolvency of the Company. The
Company may, at its option, redeem the Note, in whole or in part,
at a price equal to 115% of the principal amount of the Note to be
redeemed plus accrued and unpaid interest to the date of
redemption.
Description of the Offering
The Offering closed on Sept. 28, 2023. The Offering was made
pursuant to the Company's (i) shelf registration statement on Form
S-3 (File No. 333-260618) filed with the Securities and Exchange
Commission on Oct. 29, 2021 and declared effective by the SEC on
Nov. 12, 2021 and (ii) a prospectus supplement filed by the Company
with the SEC on Sept. 28, 2023, which also relates to the offer and
sale of the Note and Conversion Shares.
About Ault Alliance Inc.
Ault Alliance, Inc. (formerly, BitNile Holdings, Inc.) is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, Ault Alliance owns and operates a data
center at which it mines Bitcoin and provides mission-critical
products that support a diverse range of industries, including oil
exploration, crane services, defense/aerospace, industrial,
automotive, medical/biopharma, consumer electronics, hotel
operations and textiles. In addition, Ault Alliance extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. Ault Alliance's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Ault Alliance reported a net loss of $189.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $23.04 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company
had $526.91 million in total assets, $336.56 million in total
liabilities, and $190.34 million in total stockholders' equity.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company has a working capital
deficiency, has incurred net losses and needs to raise additional
funds to meet its obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
AYRO INC: Registers 105-Mil. Shares for Resale
----------------------------------------------
Ayro, Inc. filed Amendment No. 1 to the Form S-3 Registration
Statement it previously submitted with the U.S. Securities and
Exchange Commission to register up to 105,122,820 shares of company
common stock that may be resold by certain stockholders.
In the Original Form S-3, Ayro said up to 7,508,773 Shares may be
resold.
Ayro said certain of its stockholders from time to time may resell
up to an aggregate of 105,122,820 shares of common stock, par value
$0.0001 per share, issuable upon the conversion of shares of the
Company's newly designated Series H-7 convertible preferred stock
and shares of its Common Stock issuable upon exercise of certain
warrants.
The Preferred Shares and Warrants were acquired by the selling
stockholders under the Securities Purchase Agreement, dated August
7, 2023, by and among the Company and the investors, and an
engagement agreement, dated August 7, 2023, between the Company and
Palladium Capital Group, LLC as Placement Agent, as applicable.
Ayro's Common Stock is listed on the Nasdaq Capital Market under
the symbol "AYRO." On Sept. 26, 2023, the last reported sales price
for the Common Stock was $2.43 per share.
Ayro said it will not receive any proceeds from the sale of the
Conversion Shares and Warrant Shares by the selling stockholders.
However, the Company will receive proceeds from the exercise of the
Warrants if such warrants are exercised for cash. "We currently
intend to use such proceeds for general corporate purposes," said
the Company.
The selling stockholders are:
* Iroquois Capital Investment Group, LLC;
* Iroquois Master Fund Ltd.;
* Alpha Capital Anstalt;
* Mainfield Enterprises Inc.;
* The Hewlett Fund LP;
* Brio Capital Master Fund Ltd.; and
* Palladium Capital Group, LLC
A full-text copy of the prospectus, as amended, is available for
free at https://tinyurl.com/yeyv5dkk
About Ayro, Inc.
Texas-based AYRO, Inc., formerly known as DropCar, Inc. --
http://www.ayro.com-- engineers and manufactures purpose-built
electric vehicles to enable sustainable fleets. AYRO's EVs are an
eco-friendly microdistribution alternative to gasoline vehicles.
Ayro, Inc. reported a net loss of $22.94 million in 2022, a net
loss of $33.08 million in 2021, a net loss of $10.76 million in
2020, a net loss of $8.66 million in 2019, and a net loss of $18.75
million in 2018.
On May 28, 2020, DropCar merged into ABC Merger Sub, Inc., and AYRO
Operating Company, Inc., to form AYRO, Inc.
Prior to the merger, DropCar's then outside auditor Friedman LLP
said in the Company's annual report on Form 10-K for the year ended
Dec. 31, 2019, that the Company's recurring losses and negative
cash flows from operations, among others, raise substantial doubt
about the Company's ability to continue as a going concern. The
merged Company's succeeding financial reports no longer included
negative going concern opinions. In September 2022, AYRO replaced
Friedman with Marcum LLP. Marcum has not issued a negative going
concern opinion on the Company.
AYTU BIOPHARMA: Incurs $2.5 Million Net Loss in Fourth Quarter
--------------------------------------------------------------
Aytu BioPharma, Inc. announced financial and operational results
for the fourth quarter and fiscal year ended June 30, 2023.
The Company reported a net loss of $2.46 million on $30.73 million
of net product revenue for the three months ended June 30, 2023,
compared to a net loss of $16.09 million on $27.45 million of net
product revenue for the three months ended June 30, 2022.
For the 12 months ended June 30, 2023, the Company reported a net
loss of $17.05 million on $107.40 million of net product revenue
compared to a net loss of $108.78 million on $96.67 million of net
product revenue for the 12 months ended June 30, 2022.
As of June 30, 2023, the Company had $136.46 million in total
assets, $97.11 million in total liabilities, and $39.36 million in
total stockholders' equity.
Management Discussion
"We finished fiscal 2023 on a strong note, having achieved record
revenues, historic total prescriptions, and significantly positive
Adjusted EBITDA during the fourth quarter," commented Josh Disbrow,
chief executive officer of Aytu BioPharma. "The initiatives we've
undertaken to focus efforts on our core Rx Segment, along with the
significant margin improvements we're making, have begun being
reflected in the strong performance demonstrated as we exited FY23.
This elevated performance has been driven by significant Rx Segment
growth, which had its most successful quarter to date with all-time
high prescriptions, its highest revenues, and a 35% Adjusted EBITDA
margin. Further, we are seeing continued market tailwinds with
both our ADHD products which we believe bodes well for the further
adoption of our novel therapeutics into the future."
"Due to the strength of our growing Rx segment, and our expectation
to achieve net income going forward, we have elected to
de-emphasize and attempt to monetize our Consumer Health segment,
which had negative Adjusted EBITDA of $4.9 million last year,
through either the monetization or discontinuation of the segment.
This decision, coupled with the indefinite suspension of all
pipeline development programs we announced in October 2022, is
expected to place Aytu on a path to consistent profitability and
positive cash flow."
"With $23.0 million in cash on our balance sheet at the end of June
2023, coupled with our expectations to achieve continued growth of
the Rx Segment in fiscal 2024, I believe Aytu is well positioned to
cover our operational expenses and to drive shareholder value going
forward," Disbrow concluded.
A full-text copy of the press release is available for free at:
https://www.sec.gov/Archives/edgar/data/1385818/000155837023016076/aytu-20230927xex99d1.htm
About Aytu BioPharma
Englewood, Colorado-based Aytu BioPharma, Inc., formerly known as
Aytu BioScience, Inc. -- http://www.aytubio.com-- is a
pharmaceutical company commercializing a portfolio of commercial
prescription therapeutics and consumer health products. The
Company's prescription products include Adzenys XR-ODT
(amphetamine) extended-release orally disintegrating tablets and
Cotempla XR-ODT (methylphenidate) extended-release orally
disintegrating tablets for the treatment of attention deficit
hyperactivity disorder (ADHD), as well as Karbinal ER
(carbinoxamine maleate), an extended-release antihistamine
suspension indicated to treat numerous allergic conditions, and
Poly-Vi-Flor and Tri-Vi-Flor, two complementary fluoride-based
prescription vitamin product lines available in various
formulations for infants and children with fluoride deficiency.
Aytu's consumer health segment markets a range of over-the-counter
medicines, personal care products, and dietary supplements
addressing a range of common conditions including diabetes,
allergy, hair regrowth, and gastrointestinal conditions.
Denver, Colorado-based Plante & Moran, PLLC, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Sept. 27, 2022, citing that the Company's operations have
historically consumed cash and are expected to continue to consume
cash, which raises substantial doubt about the Company's ability to
continue as a going concern.
* * *
This concludes the Troubled Company Reporter's coverage of Aytu
BioPharma until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
BARRETTS MINERALS: Case Summary & 10 Unsecured Creditors
--------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
Barretts Minerals Inc. (Lead Case) 23-90794
8625 Highway 91 South
Dillon MT 59725
Barretts Ventures Texas LLC 23-90793
5605 North MacArthur Blvd.
Suite 1000, PMB 139
Irving, TX 75038
Business Description: BMI's current operations are focused on the
mining, beneficiating, processing, and
sale of industrial talc. BMI historically
supplied a relatively minor percentage of
its sales into cosmetic applications.
BMI's talc is sold to distributors and
third-party manufacturers for use in
such parties' products, which are then
incorporated into downstream products
eventually sold to consumers.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Judge: Hon. David R. Jones
Debtors' Counsel: John F. Higgins, Esq.
Megan Young-John, Esq.
Bryan L. Rochelle, Esq.
James A. Keefe, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston, Texas 77002
Tel: (713) 226-6000
Email: jhiggins@porterhedges.com
myoung-john@porterhedges.com
brochelle@porterhedges.com
jkeefe@porterhedges.com
- and -
Jeffrey E. Bjork, Esq.
Kimberly A. Posin, Esq.
Helena G. Tseregounis, Esq.
Shawn P. Hansen, Esq.
LATHAM & WATKINS LLP
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Phone: (213) 485-1234
Email: jeff.bjork@lw.com
kim.posin@lw.com
helena.tseregounis@lw.com
shawn.hansen@lw.com
- and -
George A. Davis, Esq.
Anu Yerramalli, Esq.
Jonathan J. Weichselbaum, Esq.
Alexandra M. Zablocki, Esq.
1271 Avenue of the Americas
New York, NY 10020
Phone: (212) 906-1200
Email: george.davis@lw.com
anu.yerramalli@lw.com
jon.weichselbaum@lw.com
alexandra.zablocki@lw.com
Debtors'
Financial
Advisor: M3 PARTNERS, LP
Debtors'
Investment
Banker: JEFFERIES LLC
Debtors'
Claims,
Noticing,
and Solicitation
Agent and
Administrative
Advisor: STRETTO, INC.
Barretts Minerals'
Estimated Assets: $50 million to $100 million
Barretts Minerals'
Estimated Liabilities: $10 million to $50 million
Barretts Ventures'
Estimated Assets: $1 million to $10 million
Barretts Ventures'S
Estimated Liabilities: $0 to $50,000
The petitions were signed by David J. Gordon as chief restructuring
officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/LRNJX3Q/Barretts_Ventures_Texas_LLC__txsbke-23-90793__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/IBIG2RQ/Barretts_Minerals_Inc__txsbke-23-90794__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of 10 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Western States Equipment Goods/Services $620,304
Company
3760 North Reserve
Missoula, MT 59806
Bailey Griffith
Email: bailey.griffith@wseco.com
2. Montana Minerals Goods/Services $76,773
Transportation LLC
105 Sterling Road
Norris, MT 59745
Keith Hokanson
Phone: (406) 685-3573
Email: keith@amwelles.com
3. Union Pacific Railroad Goods/Services $37,802
Company
1400 Douglas Street
Omaha, NE 68179
Sheri H. Edison, General Counsel
Phone: (402) 544-0211
4. Metso Outotec USA Inc. Goods/Services $32,294
20965 Crossroads Circle
Waukesha, WI 53186
Nina Kiviranta, General Counsel
Phone" (480) 798-6309
Email: gbs.na.ar@metso.com,
jim.hague@mogroup.com
5. Rebish/Konen Livestock Goods/Services $27,071
Limited Partnership
200 Airport Road
Dillon, MT 59725
Catherine Konen
Email: konen@bmt.net
6. BNSF Railway Company Goods/Services $13,402
2650 Lou Menk Drive
Fort Worth, TX 76131-2830
Jill Mulligan, Chief Legal Officer
Phone: (817) 230-2600
Email: Jill.Mulligan@BNSF.com
7. A Plus Electric Motor Inc. Goods/Services $6,122
1430 Ethelyn Avenue
Billings, MT 59101
Janelle McGraw
Phone: (406) 245-6191
Email: fdealaman@ips.us
8. American Welding and Gas Inc. Goods/Services $5,913
4900 Fall of Neuse Rd Ste 150
Raleigh, NC 27609
Jason Krieger, President & CEO
Phone: (919) 573-2900
Email: chet.karsnia@awggases.com,
shane.gelling@amwelding.com
9. Mollers North America Inc. Goods/Services $1,009
5215 52nd Street Southeast
Grand Rapids, MI 49512-9702
Mike Ingraham
Phone: (616) 942-7233
Email: m.ingraham@mollersna.com
10. Multifab Inc. Goods/Services $77
3808 North Sullivan Road
Spokane Valley, WA 99216-1614
Tim Smith, President
Phone: (800) 435-8210
Email: bm@multifab.us
BARRETTS MINERALS: Files Voluntary Chapter 11 Bankruptcy Petition
-----------------------------------------------------------------
Minerals Technologies Inc. (NYSE: MTX) on Oct. 2, 2023, disclosed
that its subsidiaries, Barretts Minerals Inc. ("BMI") and Barretts
Ventures Texas LLC (together, "the Debtors"), filed voluntary
petitions for relief under Chapter 11 of the U.S. Bankruptcy Code
in the United States Bankruptcy Court for the Southern District of
Texas (the "Bankruptcy Court") to address and comprehensively
resolve BMI's liabilities associated with talc.
The Debtors intend to operate their businesses normally throughout
the duration of the Chapter 11 cases.
No other subsidiaries or business units of MTI are included in the
filing and, as such, all are operating business as usual and will
continue to do so during and after the Chapter 11 process.
"We continue to believe the lawsuits against BMI are meritless, and
stand by the safety of BMI's talc products, which have always been
tested to the highest standard. BMI's filing is an important step
in efficiently resolving BMI's liabilities to enable the company to
move forward and focus on its strategic priorities," Douglas
Dietrich, Chairman of the Board and Chief Executive Officer of MTI,
said. "We considered a number of options and are confident that
this path will provide the best resolution to all stakeholders,
including talc claimants, employees, customers, and shareholders."
BMI intends to pursue a sale of its talc assets under section 363
of the Bankruptcy Code. Proceeds of the sale will be used to fund
the Chapter 11 case and an anticipated section 524(g) trust.
To facilitate this process, the Debtors have received a commitment
of approximately $30 million in debtor-in-possession financing
("DIP") from JMB Capital Partners Lending, LLC, which, subject to
the Bankruptcy Court's approval, will provide sufficient liquidity
to continue operations until the Debtors are able to access
proceeds of the sale.
The Debtors are advised by Latham & Watkins LLP, Jefferies LLC, and
M3 Partners. Additional information about the Chapter 11 cases can
be found at: https://cases.stretto.com/BMI
BAUSCH HEALTH: Apollo Tactical Marks $3.6MM Loan at 24% Off
-----------------------------------------------------------
Apollo Tactical Income Fund Inc has marked its $3,611,662 loan
extended to Bausch Health Companies, Inc to market at $2,738,723 or
76% of the outstanding amount, as of June 30, 2023, according to
Apollo Tactical's Semi-Annual Report on Form N-CSRS for the period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Apollo Tactical Income Fund is a participant in a First Lien Term
Loan B to Bausch Health Companies, Inc. The loan accrues interest
at a rate of 10.44% (1M SOFR + 5.25%, 0.50% Floor) per annum. The
loan matures on February 1, 2027.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
Bausch Health Companies Inc develops drugs for unmet medical needs
in central nervous system disorders, eye health and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
BENNETT MINERAL: Jennifer McLemore Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Jennifer McLemore,
Esq. at Williams Mullen as Subchapter V trustee for Bennett Mineral
Company, Inc.
Ms. McLemore will be paid an hourly fee of $480 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. McLemore declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jennifer M. McLemore, Esq.
Williams Mullen
200 S. 10th St.; Ste. 1600
Richmond, Virginia 23219
Phone: (804) 420-6330
Email: jmclemore@williamsmullen.com
About Bennett Mineral Company
Bennett Mineral Company, Inc., a company in Walkerton, Va., offers
clay products for cat litter, industrial clay, and animal feed
supplements.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 23-33135) on Sept. 13,
2023, with up to $10 million in both assets and liabilities. Paul
J. Bennett, III, executive vice president, signed the petition.
Judge Kevin R. Huennekens oversees the case.
Kevin Funk, Esq., at Durette, Arkema, Gerson & Gill PC, represents
the Debtor as legal counsel.
BENTOLI INC: Case Summary & Two Unsecured Creditors
---------------------------------------------------
Debtor: Bentoli, Inc.
116 Hoxie St.
Coupland, TX 78615-5035
Business Description: Bentoli is a privately owned company
specializing in the development,
manufacture, and distribution of additives
for aquaculture and livestock feeds.
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-10827
Judge: Hon. Shad Robinson
Debtor's
General
Bankruptcy
Counsel: Ronald Smeberg, Esq.
THE SMEBERG LAW FIRM
4 Imperial Oaks
San Antonio TX 78248-1609
Tel: (210) 695-6684
Email: ron@smeberg.com
Debtor's
Florida-Based
Counsel: BERGER SINGERMAN LLP
Debtor's
Special
Litigation
Counsel: BDF LAW GROUP
Debtor's
Financial
Advisor: HMP ADVISORY HOLDINGS, LLC,
D/B/A HARNEY PARTNERS
Total Assets: $723,653
Total Liabilities: $2,310,122
The petition was signed by John Robinson as CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/J2UUBUQ/Bentoli_Inc__txwbke-23-10827__0001.0.pdf?mcid=tGE4TAMA
BEVERLY COMMUNITY: Court Okays Appointment of Chapter 11 Trustee
----------------------------------------------------------------
Judge Sandra Klein of the U.S. Bankruptcy Court for the Central
District of California approved the appointment of Howard Ehrenberg
as Chapter 11 trustee for Beverly Community Hospital Association
and its affiliates.
The bankruptcy judge ordered the Chapter 11 trustee to obtain an
individual case bond in the amount of $30 million, subject to
adjustment, to protect the assets of the estate in this case,
unless and until such time as the estate funds on hand require an
additional bond.
Beverly Community Hospital Association
Beverly Community Hospital Association and affiliates operate
general medical and surgical hospitals.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Lead Case No. 23-12359) on
April 19, 2023. In the petition signed by its chief executive
officer, Alice Cheng, Beverly Community Hospital Association
disclosed $1 million to $10 million in assets and $100 million to
$500 million in liabilities.
Judge Sandra R. Klein oversees the cases.
The Debtors tapped Sheppard, Mullin, Richter, and Hampton, LLP as
legal counsel.
BUCKHEAD PROPERTY: Gets OK to Hire Real Estate Agent
----------------------------------------------------
Buckhead Property Development, LLC, received approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to hire Comer
Jennings, a real estate agent at Ansley Real Estate.
The Debtor requires a real estate agent to list and market for sale
its residential real properties located at 4362 Wieuca Road and
3790 Ivy Road, Atlanta, Ga.
Mr. Jennings will get a 6% commission of the final sales price at
closing.
In court papers, Mr. Jennings disclosed that he is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Mr. Jennings can be reached at:
Comer Jennings
Ansley Real Estate
3035 Peachtree Rd. Suite 202
Atlanta, GA 30305
Office: 404.480.4663
Mobile: 404.264.9000
About Buckhead Property Development
Buckhead Property Development, LLC, a Georgia-based company, filed
a Chapter 11 petition (Bankr. M.D. Ga. Case No. 23-50755) on June
5, 2023, with $1 million to $10 million in both assets and
liabilities. Lloyd Dominick, member, signed the petition.
Judge Austin E. Carter oversees the case.
The Debtor is represented by William A. Rountree, Esq., at Rountree
Leitman Klein & Geer, LLC.
CALPLANT I: Morrison Foerster Guides Business to Ch. 11 Emergence
-----------------------------------------------------------------
Law firm Morrison Forester on Sept. 29 disclosed that it has
successfully guided CalPlant to emergence from its chapter 11
bankruptcy proceedings. Prior to its bankruptcy case, CalPlant
constructed the world's first plant intended to convert rice straw
(a waste product of rice production) into high-quality,
environmentally friendly, and competitively priced medium-density
fiberboard (MDF). Construction of the plant, located in Willows,
California, was financed primarily by tax-exempt "green" bonds.
On October 5, 2021, facing severe operational defects with the
plant's manufacturing equipment, CalPlant and an affiliate made the
decision to file for relief under
chapter 11 of the Bankruptcy Code in Delaware. Earlier this year,
CalPlant was forced to abandon the project after the plant proved
incapable of operating as a going concern.
On August 15, 2023, the Bankruptcy Court approved and confirmed
CalPlant's chapter 11 plan, which resolves nearly $500 million in
secured claims and bankruptcy financing. The company's remaining
assets have vested in a liquidating trust to be monetized and the
proceeds thereof distributed to creditors.
The Morrison Foerster team advising CalPlant was led by
Jennifer Marines, the firm's vice chair and global co-chair of the
firm's Business Restructuring and Insolvency Group, together with
restructuring partners Benjamin Butterfield and Theresa Foudy, with
assistance from restructuring associates Martha Martir and Miranda
Russell. Litigation partners Chiraag Shah and Julia Schwalm also
advised the company.
About CalPlant
CalPlant I, LLC -- http://www.eurekamdf.com/-- is a Northern
California-based company focused on manufacturing sustainably
sourced building products, including the creation of the world's
first no-added-formaldehyde, rice straw-based medium density
fiberboard, Eureka MDF. CalPlant and its predecessor company,
CalAg, LLC, have spent many years researching, developing, and
patenting a process to make high-quality MDF using annually
renewable rice straw as the feedstock, the disposal of which has
posed environmental issues in California for decades.
CalPlant I and CalPlant I Holdco, LLC, sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11302) on
Oct. 5, 2021. The cases are handled by Honorable Judge John T.
Dorsey.
CalPlant I Holdco listed up to $100 million in assets and up to
$50,000 in liabilities as of the bankruptcy filing while CalPlant I
listed as much as $500 million in both assets and liabilities.
The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel;
Morris James, LLP as local bankruptcy counsel; Paladin Management
Group as financial advisor; and KCoe Isom, LLP as auditor and tax
services provider. Kroll's Restructuring Administration practice,
formerly known as Prime Clerk, is the claims, noticing and
administrative agent.
CARROLS RESTAURANT: Moody's Ups CFR to B3 & First Lien Loans to Ba3
-------------------------------------------------------------------
Moody's Investors Service upgraded Carrols Restaurant Group, Inc.'s
corporate family rating to B3 from Caa1, its probability of default
rating to B3-PD from Caa1-PD, senior secured first lien term loan B
and senior secured first lien revolving credit facility ratings to
Ba3 from B1 and senior unsecured global notes to Caa1 from Caa2.
The speculative grade liquidity rating (SGL) was also upgraded to
SGL-2 from SGL-3. The outlook remains stable.
The upgrade reflects Carrol's improved operating performance which
when combined with debt reduction has led to a sustained
improvement in credit metrics. It also reflects Carrol's improved
liquidity as a result of returning to positive free cash flow,
higher cash balances and undrawn $215 million revolving credit
facility. Moody's expects Carrol's operating performance to
continue to improve as a result of the company's ongoing
operational initiatives and investments, improving cost
environment, and advertising investment under the Burger King
brand's Reclaim the Flame program.
RATINGS RATIONALE
Carrols' B3 CFR reflects its historical financial strategy that
included acquisitive growth and high financial leverage. After
operating performance weakened in 2022, Carrols' financial policy
shifted to a more disciplined capital allocation which focused on
maintaining good liquidity and debt reduction. As a result, when
coupled with operating improvement, Moody's debt/EBITDA has
significantly improved, but remained high at around 5.9x for the
latest twelve month period ended July 2, 2023, with EBITA/interest
coverage improving to over 1.2x. Carrols benefits from its
geographic diversification across 23 states. However, around 58% of
its units are located in 5 states, exposing the company to economic
and environmental conditions in these states. Carrols also benefits
from its material scale, well balanced day-part offerings, its
position as the largest franchisee within the Burger King system in
the US (around 15% of units) and around 15% equity ownership by
Restaurant Brands International Inc. ("RBI"), owner of 1011778 B.C.
Unltd Liability Co. (rated Ba3 stable).
The stable outlook reflects Moody's expectation that recent
performance trends, including expanding profitability, positive
free cash flow and debt reduction, will continue to drive credit
metric improvement while maintaining good liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if operating performance improved such
that debt/EBITDA was sustained below 5.5x, EBITA/Interest exceeding
1.75x while maintaining good liquidity, including consistent
positive free cash flow.
Factors that could result in a downgrade include a sustained
deterioration in traffic or operating performance leading to debt
to EBITDA sustained above 6.75x or EBITA to interest sustained
below 1.25x, or if liquidity weakens.
Carrols Restaurant Group, Inc. owns and operates approximately
1,018 Burger King and 62 Popeyes restaurants across 23 states in
the Northeast, Midwest, South and Southeast. Revenue for the twelve
months ended July 2, 2023 exceeded $1.8 billion.
The principal methodology used in these ratings was Restaurants
published in August 2021.
CELSIUS NETWORK: Keith Noyes Out as Committee Member
----------------------------------------------------
The U.S. Trustee for Region 2 disclosed in a court filing that as
of Sept. 29, these creditors are the remaining members of the
official committee of unsecured creditors in the Chapter 11 cases
of Celsius Network, LLC and its affiliates:
1. Caroline G. Warren
Email: carolinegwarren@gmail.com
2. Thomas DiFiore
Email: tomdif@gmail.com
3. Scott Duffy for ICB Solutions
Email: ICBSolutions@proton.me
4. Christopher Coco
Email: Christopher.j.coco@gmail.com
5. Andrew Yoon
Email: celsiusbankruptcycase@gmail.com
6. Mark Robinson
Email: markrobinson55@gmail.com
Keith Noyes of Covario AG was previously identified as member of
the creditors committee. His name no longer appears in the new
notice.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtor estimated assets and liabilities between $1
billion and $10 billion.
Judge Martin Glenn oversees the cases.
The Debtors tapped Kirkland & Ellis LLP as legal counsel;
Centerview Partners as financial advisor; Alvarez & Marsal as
restructuring advisor; and RSM US LLP as independent auditor.
Stretto is the claims agent.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as blockchain forensics
advisor; M3 Advisory Partners, LP as financial advisor; Perella
Weinberg Partners, LP as investment banker; and Gornitzky & Co. as
its Israeli counsel.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CENERGY LLC: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 11 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Cenergy, LLC.
About Cenergy LLC
Cenergy, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wisc. Case No. 23-11558) on September
1, 2023. In the petition signed by K. Michael Buck, authorized
individual, the Debtor disclosed up to $10 million in both assets
and liabilities.
Judge Catherine J. Furay oversees the case.
Craig E. Stevenson, Esq., at Dewitt LLP, represents the Debtor as
legal counsel.
CHEMICAL EXCHANGE: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Chemical
Exchange Industries, Inc. and its affiliates.
The committee members are:
1. CB Technologies, Inc.
770 The City Dr S, Suite 5300
Orange, CA 92868
Representative: Rachel Nelson
Phone: (714) 573-7733
Email: rachel.nelson@cbtechinc.com
2. Radiographic Specialists, Inc.
4110 Mohawk St
Houston, TX 77093
Representative: Trey Williams
Phone: (361) 433-8440
Email: twilliams@rsindt.com
3. O'Day Instruments LLC
P.O. Box 396
Schulenburg, TX 78956
Representative: J.M. "Mike" O'Day
Phone: (409) 770-3865
Email: mike@odayinst.com
4. Anahuac Transport
3095 FM 1724
Anahuac, TX 77514
Representative: Brant Charpiot
Phone: 409-926-3011
Email: Brant@anahuactransport.com
5. Covenant Technology Services LLC
820 Gessner Rd, Suite 625
Houston, TX 77024
Representative: Sharleen Walkoviak
Phone: 713-253-8135
Email: Swalkoviak@covenant.co
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 Chemical Exchange Industries
Chemical Exchange Industries, Inc. specializes in contract
manufacturing and tolling, and the manufacture of: DCPD
(dicyclopentadiene), DCPD alcohol, resin intermediates, n-butanol,
DCPD/CPD derivatives, mining chemicals, aromatic solvents, and
sustainable aviation fuel (SAF).
Chemical Exchange Industries and its affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas
Lead Case No. 23-90778) on September 18, 2023. In the petition
signed by its chief executive officer, Douglas H. Smith, Chemical
Exchange Industries disclosed $10 million to $50 million in assets
and $1 million to $10 million in liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Joseph Epstein, Esq., at Joseph G. Epstein, PLLC
and The Tower Law Firm, PLLC as legal counsels; and Chiron
Financial, LLC as investment banker and financial advisor.
CLEVELAND STREET: Salvatore LaMonica Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq.,
at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for
Cleveland Street LLC.
Mr. LaMonica will be paid an hourly fee of $675 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. LaMonica declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Salvatore LaMonica, Esq.
LaMonica Herbst & Maniscalco, LLP
3305 Jerusalem Avenue
Suite 201
Wantagh, NY 11793
Phone: 516-826-6500
Email: sl@lhmlawfirm.com
About Cleveland Street
Cleveland Street, LLC, a company in Baldwin, N.Y., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr.
E.D.N.Y. Case No. 23-73411) on Sept. 15, 2023, with $2,401,800 in
assets and $4,280,884 in liabilities. Anthony Myers, member, signed
the petition.
Judge Robert E. Grossman oversees the case.
Erica Yitzhak, Esq., at The Yitzhak Law Group represents the Debtor
as bankruptcy counsel.
COLLEGE SQUARE: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: College Square Hospitality, Inc.
800 Charisma Dr.
Spartanburg, SC 29303
Business Description: College Square is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
District of South Carolina
Case No.: 23-02974
Judge: Hon. Helen E. Burris
Debtor's Counsel: Jason M. Ward, Esq.
JASON WARD LAW, LLC
311 Pettigru St
Greenville, SC 29601
Tel: 864-239-0007
Fax: 864-239-0343
Email: Jason@WardLawSC.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Ying Chuang as owner.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/JTQDX4I/College_Square_Hospitality_Inc__scbke-23-02974__0001.0.pdf?mcid=tGE4TAMA
COTY INC: S&P Upgrades ICR to 'BB', Outlook Positive
----------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Coty Inc. to
'BB' from 'BB-'. Concurrently, S&P raised the issue-level rating on
Coty's senior secured debt to 'BB+' from 'BB' and on its senior
unsecured debt to 'BB' from 'BB-'. The recovery ratings are
unchanged at '2' and '3', respectively.
The positive outlook reflects the potential for a higher rating
over the next 12 months if Coty continues to execute its strategy
and its products continue to resonate well with consumers, such
that we have a more favorable view of the business, or the company
demonstrates a more conservative financial policy and uses all
proceeds from future asset sales including Wella for debt
reduction, such that it sustains adjusted leverage below 3x.
The rating action reflects Coty's improved credit metrics from
EBITDA growth as well as permanent debt reduction, and S&P's
expectation for leverage to further improve to below 4x by the end
of fiscal 2024.
Coty continues to prioritize debt reduction, repaying close to $200
million of debt in the last 12 months leading to leverage improving
to 4.7x at of the end of fiscal 2023 from 5.4x at the end of fiscal
2022. The company recently announced a global offering of 33
million shares both on the New York Stock Exchange and Euronext
Paris. S&P expects it to use the net proceeds to reduce debt. Coty
recently completed the $2 billion revolver extension, pushing the
maturity to 2028. The company also issued new seven-year U.S.
dollar senior secured notes and five-year euro senior secured
notes, and fully paid off its term loan B due in 2025.
Beauty demand remains robust with good momentum across the prestige
and consumer segments, all regions, and key categories including
fragrance, cosmetics, and body care. Prestige fragrance expanded in
the low-teens percentages in fiscal 2023 due to the success of
product innovation and growth in distribution in travel retail.
Consumer beauty expanded 10% year over year in fiscal 2023, driven
primarily by pricing. S&P said, "We expect strong momentum to
continue in fiscal 2024, particularly in prestige fragrances,
driven by product launches and pricing. Coty plans for an
additional mid-single-digit percent price increase in the first
quarter. We forecast modest EBITDA margin expansion, reflecting
pricing and cost savings."
S&P said, "Therefore, we forecast adjusted leverage to further
improve below 4x by the end of fiscal 2024. We also expect Coty to
monetize Wella by the end of calendar 2025, which could permanently
reduce debt close to $1 billion.
"We expect Coty to resume dividends and share repurchases in fiscal
2024 as it reaches its mid- to long-term target leverage range of
2x-3.5x."
This measure is based on management's calculations, which is
roughly equivalent to about 2.7x-4.2x S&P Global Ratings-adjusted
leverage. Coty is progressing toward its target, with
company-defined leverage of 4.1x as of June 30, 2023, and continues
to target leverage toward 3x exiting calendar 2023. Coty is focused
on deleveraging to this target range before resuming distributions
to shareholders or repurchasing shares. Therefore, S&P expects
management to continue to prioritize debt reduction with free
operating cash flow (FOCF) and asset sale proceeds until it hits
the target range. With company-defined leverage approaching 3x in
fiscal 2024, S&P expects dividends and share repurchases to
return.
Coty continues to execute across all strategic growth initiatives.
It has continued to deliver with brand repositioning, increased
portfolio premiumization, product innovations across both prestige
and consumer beauty, and developments in digital. Coty stabilized
its consumer beauty business and implementing additional pricing to
close pricing gaps versus its competition, particularly in consumer
beauty. In prestige, it continues to expand the fragrance category
and offer premium products, including the recent launch of Burberry
Goddess, which resonates well with consumers. The fragrance market
continues to expand at high-single-digit percents in both North
America and Europe, above the historical low- to mid-single digits.
The company also has plans to accelerate its skin care business,
including Lancaster, Orveda, and Philosophy. Travel retail revenues
are increasing about 30% year over year in fiscal 2023 and now
represent 8% of Coty's sales. S&P expects continued global travel
recovery to fuel ongoing momentum.
The positive outlook reflects the potential for a higher rating
over the next 12 months if Coty continues to execute its strategy
and its products continue to resonate well with consumers, such
that we have a more favorable view of the business, or the company
demonstrates a more conservative financial policy and uses all
proceeds from future asset sales including Wella for debt
reduction, such that it sustains adjusted leverage below 3x.
S&P could raise its ratings if the company:
-- Sustains organic growth and establishes a record of retaining
market share and sustaining its improved cost structure, leading to
EBITDA margin improvement, such that S&P has a more favorable view
of the business;
-- Continues to execute its strategy of utilizing excess cash
proceeds from asset sales, including Wella, for debt reduction; or
-- Demonstrates conservative financial policies by not making
large, debt-financed dividends or acquisitions, such that it
sustains adjusted leverage below 3x.
S&P could lower its ratings if growth momentum starts to slow and
it expects adjusted leverage sustained above 4x, which could occur
because of:
-- A worsening macroeconomic environment, heightened competition,
operational misstep, higher inflation, or consumer trade down,
reducing demand for the company's products; or
-- Coty pursues more aggressive financial policy with debt-funded
share repurchases and acquisitions.
CURIA GLOBAL: Moody's Cuts CFR to 'Caa2' & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Curia Global,
Inc. including the Corporate Family Rating to Caa2 from B3 and the
Probability of Default Rating to Caa2-PD from B3-PD. Concurrently,
Moody's downgraded the senior secured first lien revolving credit
facility and term loan ratings to Caa2 from B3. The rating outlook
changed to stable from negative.
The ratings downgrade reflects Moody's expectation that Curia will
maintain very high financial leverage and weak liquidity over the
next 12 to 18 months. Moody's calculates Curia's debt-to-EBITDA at
approximately 12 times for the last twelve months ending June 30,
2023. Further, Moody's projects that debt-to-EBITDA will remain
very high at approximately 10 times over the next 12 to 18 months.
Curia is experiencing weak performance in its R&D business segment,
which constitutes approximately one quarter of its revenue,
including lower customer bookings volume from Biotech customers.
Moody's expects that Curia will have weak liquidity, highlighted by
further negative free cash flow and depleting cash balances. The
company's cash flow has been constrained by increased energy,
material and other input prices, the winding down of COVID vaccine
work, increased capital expenditure spend, and rising interest
rates.
Governance risk considerations are material to the rating action.
Curia's governance risks are driven by the company's aggressive
financial policies vis-à-vis very high financial leverage, weak
liquidity and a recent track record of poor acquisition integration
and missing forecasts.
RATINGS RATIONALE
Curia's Caa2 CFR reflects its very high financial leverage that is
approximately 12 times for the last twelve months ending June 30,
2023. Moody's expects that Curia's adjusted debt-to-EBITDA will
remain elevated above 10 times over the next 12 to 18 months. The
company will benefit from low-to-mid single-digit revenue growth,
but earnings will continue to be constrained by ongoing softness in
the research & development ("R&D") business along with inflationary
cost pressures. The rating reflects Curia's earnings and cash flow
volatility caused by the high fixed cost structure and fluctuating
volumes, notably with non-recurring COVID-related revenues,
associated with the company's manufacturing business. Curia is also
susceptible to customers' budgetary constraints, delays and
cancellations within its R&D business unit. The rating also
reflects the company's moderate size, customer concentration and
lower profit margins compared to larger contract development and
manufacturing organizations ("CDMOs").
Curia's rating benefits from good production capabilities,
geographic breadth, and a favorable pharmaceutical industry
long-term growth outlook. The rating also benefits from Curia's
focus on complex Active Pharmaceutical Ingredients ("API"), which
helps mitigate the company's customer concentration.
Moody's expects Curia to maintain a weak liquidity position over
the next 12 months. As of June 30, 2023, the company has
approximately $29 million of cash on hand. Moody's expects the
company to continue generating negative free cash flow over the
next 12 months, which includes mandatory term loan amortization of
approximately $12 million. Curia has access to $140 million of its
$169.5 million first lien revolving credit facility. The company
has approximately $74 million outstanding on its $90 million trade
receivables securitization facility and has utilized approximately
$47 million of its $50 million equipment financing arrangement.
Moody's expects that the company will further rely on these
facilities over the next 12 to 18 months. That said, Moody's
anticipates Curia to have adequate cushion under its springing
first lien net leverage covenant on the revolver if it were to be
tested.
The Caa2 rating of the senior secured first lien revolving credit
facility and term loan is the same as the Caa2 CFR. These facility
ratings benefit from the $300 million secured second lien term loan
(not rated), which ranks junior to the first lien debt and provides
loss absorption ahead of the first lien facilities. However, there
is also a sizable amount of trade accounts receivables and
equipment financing securitized debt, which reduces the collateral
pool supporting the first and second lien debt in the capital
structure. The senior secured first and second lien facilities are
secured through a first and second priority security interest in
all the assets of the borrower and the guarantors.
The outlook is stable. Moody's expects Curia's ability to
deleverage to a more sustainable level to remain challenged, as
expenses remain elevated and liquidity is weak. Moody's expects
Curia's financial leverage to be approximately 10 times in the next
12 to 18 months.
ESG CONSIDERATIONS
Curia's CIS-5 (previously CIS-4) indicates that the rating is lower
than it would have been if ESG risk exposures did not exist and
that the negative impact is more pronounced than for issuers scored
CIS-4. Primary drivers of the CIS-5 include environmental risks
(E-4), social risks (S-4), and governance risks (G-5, previously
G-4). Curia is exposed to elevated waste and pollution risk via
hazardous pharmaceutical waste discharge into the environment. With
respect to social risks, Curia is exposed to responsible production
risk, given the requirement to abide by strict regulations in the
manufacturing of pharmaceutical drug products. Curia's exposure to
governance risks are highlighted by financial strategy and risk
management, with aggressive financial policies resulting in very
high financial leverage and a weak liquidity profile.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Curia demonstrates significant
improvement in the company's liquidity, with a track record of
positive free cash flow generation and a lower reliance on external
financing. The ratings could also be upgraded if Curia demonstrates
strong operating performance, with reduced operating volatility.
Interest coverage, defined as EBITA/Interest Expense, sustained
over 1 times could result in a ratings upgrade.
Curia's ratings could be downgraded if operating performance
further deteriorates. A weakening of liquidity, reflected by
persistently negative free cash flow, could result in a ratings
downgrade. Lastly, ratings could also be downgraded if prospects
for a distressed exchange or a default were to increase.
Curia Global, Inc. (f/k/a Albany Molecular Research, Inc.) is a
global contract development and manufacturing organization (CDMO)
providing drug discovery, development, and manufacturing services.
The company is owned by The Carlyle Group and GTCR LLC. For the LTM
period ended June 30, 2023, Curia generated revenues of
approximately $950 million.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
DATO A/C: Seeks to Extend Plan Deadline to February 27, 2024
------------------------------------------------------------
Dato A/C Inc. asks the U.S. Bankruptcy Court for the Eastern
District of New York for an extension of the time period to file
a plan of reorganization and disclosure statement to February 27,
2024.
The Debtor's period to file the plan and disclosure statement is
currently set to expire on October 30, 2023.
The Debtor claims that it has responded to the exigent demands of
its chapter 11 case and has worked diligently to advance the
reorganization process. The Debtor asserts that it should be
afforded a full, fair, and reasonable opportunity to negotiate,
propose, file, and solicit acceptances of its chapter 11 plan.
The Debtor explained that the requested extension is warranted
and necessary to afford it a meaningful opportunity to pursue the
chapter 11 reorganization process and build a concensus among
economic stakeholders, all as contemplated by chapter 11 of the
Bankruptcy Code.
Dato A/C Inc. is represented by:
Alla Kachan, Esq.
LAW OFFICES OFFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
About Dato A/C Inc.
Dato A/C Inc. sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41547) on May 3,
2023, with as much as $50,000 in assets and $100,001 to $500,000
in liabilities.
Judge Elizabeth S Stong presides over the case.
The Debtor tapped Alla Kachan, Esq., at the Law Offices of Alla
Kachan P.C. as bankruptcy counsel and Wisdom Professional
Services, Inc. as accountant.
DE LA REINA: Hires LB Consulting Services as Tax Preparer
---------------------------------------------------------
De La Reina Developments Corporation seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ LB
Consulting Services as tax preparer.
The firm will prepare, finalize, and file the 2022 tax return with
the Internal Revenue Service, which is currently under a filing
extension.
The firm will be paid at the rate of $300 per month.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alberto Levet Cervantes, a partner at LB Consulting Services,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Alberto Levet CervanteS
LB Consulting Services
8505 Technology
Forest Pl, Suite 802,
Spring, TX 77381
Telephone: (832) 341-3301
Email: albertolevet@gmail.com
About De La Reina Developments Corporation
De La Reina Developments Corporation is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)). The Debtor owns
property 134 E. Bracebridge Circle, Spring Texas. The Debtor
believes the Property's current value is between $1.24 million and
$1.52 million.
De La Reina Developments Corporation sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case
No. 23-32488) on July 3, 2023. In the petition filed by Juan Luis
Perez Soberon, as president and director, the Debtor reported total
assets of $1,520,000 and total liabilities of $1,607,799.
Sylvia Mayer has been appointed as Subchapter V Trustee.
The Debtor is represented by Anabel King, Esq. at Wauson King.
DE LA REINA: Seeks to Hire Wauson King as Special Counsel
---------------------------------------------------------
De La Reina Developments Corporation seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Wauson King as special counsel.
The firm's services include:
a. assisting the Movant in analyzing/prosecuting/etc. claims
and or causes of action owned by the estate against third parties;
b. preparing and filing such pleadings as are necessary to
pursue the estate's claims against third parties;
c. conducting appropriate examinations of witnesses, claimants
and other parties in interest in connection with such litigation;
d. representing the Movant in any adversary proceedings and
other proceedings before the Court and in any other judicial or
administrative proceeding in which the claims described herein may
be affected;
e. collecting any judgment that may be entered in the
contemplated litigation;
f. handling any appeals that may result from the contemplated
litigation; and
g. performing any other legal services that may be appropriate
in connection with the prosecution of the litigation described
above.
The firm will be paid at these rates:
John Wesley Wauson $450 per hour
Anabel King $400 per hour
Sharon Dianiska $125 per hour
Lidia Bulnes $100 per hour
Jonathan Hernadez $50 per hour
The firm received a retainer in the amount of $18,000 under the
engagement agreement. On August 8, 2023, the firm received another
$20,000 from Cal-Ixa Aggregates, LLC.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Anabel King, a partner at Wauson King, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Anabel King, Esq.
WAUSON KING
52 Sugar Creek Center Blvd., Suite 325
Sugar Land, TX 77478
Tel: (281) 242-0303
Fax: (281) 242-0306
Email address: aking@w-klaw.com
About De La Reina Developments Corporation
De La Reina Developments Corporation is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)). The Debtor owns
property 134 E. Bracebridge Circle, Spring Texas. The Debtor
believes the Property's current value is between $1.24 million and
$1.52 million.
De La Reina Developments Corporation sought relief under Subchapter
V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case
No. 23-32488) on July 3, 2023. In the petition filed by Juan Luis
Perez Soberon, as president and director, the Debtor reported total
assets of $1,520,000 and total liabilities of $1,607,799.
Sylvia Mayer has been appointed as Subchapter V Trustee.
The Debtor is represented by Anabel King, Esq. at Wauson King.
DEADWORDS BREWING: Case Summary & 13 Unsecured Creditors
--------------------------------------------------------
Debtor: Deadwords Brewing Company LLC
23 N. Orange Blossom Trl.
Orlando, FL 32805
Business Description: Deadwords Brewing is a craft brewpub
operating in the Parramore District of
Downtown Orlando.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-04117
Debtor's Counsel: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James D. Satterfield as managing
member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/6XEE6YA/Deadwords_Brewing_Company_LLC__flmbke-23-04117__0001.0.pdf?mcid=tGE4TAMA
DERBY BUYER: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Derby
Buyer LLC the borrower of the proposed credit facilities.
At the same time, S&P assigned its 'B+' issue-level rating to the
company's proposed senior secured debt. The recovery rating is '2',
indicating its expectation for substantial (70%-90%; rounded
estimate: 70%) recovery in the event of a payment default.
The stable outlook reflects S&P's expectation that while volumes
will remain lower in 2023 as a result of weaker demand and
destocking in the auto supply chain, credit metrics will remain
appropriate for the 'B' rating over the next 12 months, with
weighted average S&P Global Ratings-adjusted debt to EBITDA in the
6x range.
On Aug. 19, 2023, DuPont de Nemours Inc. entered into an agreement
to sell its acetal homopolymer (HPOM) business, Delrin, to TJC LP
for $1.8 billion. Following transaction close, TJC will own 80.1%
of the new entity, while Dupont will roll a portion of its existing
equity, retaining a 19.9% stake in the business.
Delrin maintains the leading market position in the production of
HPOM, a high-end engineering thermoplastic, which is a niche grade
in the broader polyacetal resin (POM) market. Copolymer grade resin
(CPOM) accounts for about 90% of existing global POM capacity, and
top producers include Celanese Corp., Daicel Corp., and Mitsubishi
Gas Chemical Inc. Delrin, however, focuses solely on the HPOM
segment, where it is the largest global producer with significant
market share. The company's only direct competitor in HPOM is Asahi
Kasei, which has a single polymerization facility and primarily
serves the domestic Japanese market.
HPOM has historically received a meaningful price premium over CPOM
due to its differentiated attributes, including its superior
strength, stiffness, and fatigue resistance. These properties make
it well suited for applications with a high cost of failure such as
seat belts, medical devices, and industrial gears. A large portion
of Delrin's HPOM sales are also formulated and specified to meet
customer requirements, creating stable, sticky, long-term
relationships with key customers. HPOM's unique properties, its use
in critical applications, and the specified nature of Delrin's
products has historically translated into strong profitability,
with the company consistently realizing S&P Global Ratings-adjusted
EBITDA margins of 25%-30%.
Delrin's single product focus and concentrated exposure to the
automotive industry leaves the company vulnerable to substitution
risk, economic cyclicality, and downturns in new vehicle
production. While a large portion of the company's sales are from
products that require specific formulation expertise, the company
faces competition from substitute products in more standardized
HPOM grades, where material requirements are less stringent, and
customers have more flexibility to switch procurement to substitute
materials such as CPOM.
Additionally, about 38% of Delrin's trade margin is generated from
the mobility end market, where its products are used in mechanical
applications (gears) and safety restraint systems (seat belts).
This has historically resulted in volume and earnings weakness
during recessionary periods when auto production has declined. For
example, overall volumes declined over 20% peak to trough during
both the 2008 and 2020 recessions.
Delrin's products are also used in consumer durable goods
(household appliances such as washing machines) and industrial
applications (gears and bearings), which are subject to cyclicality
in consumer spending and industrial capital expenditure (capex).
S&P said, "While we view this exposure to cyclical sectors as a
risk over the long term, we anticipate the company will see volume
rebound in 2024, from the destocking lows experienced over the past
few quarters, based on our near-term expectations for industrial
production and continued growth in global unit sales of light
vehicles (8% in 2023 and 3%-4% in 2024)."
S&P said, "Despite the industry's modest growth prospects, we
expect meaningful free operating cash flow (FOCF) generation over
our forecast period due to Delrin's relatively low capital
intensity and high EBITDA margins. Due to the maturity of the HPOM
market--the product was first commercialized by Dupont in the
1960s--we believe the industry's growth opportunities are
relatively limited. Global HPOM capacity has been stable over the
past decade, and consumption has only grown in the low-single-digit
percent area annually." However, Delrin maintains a substantial
market share in global HPOM production and has invested meaningful
capital in the business, building out a global manufacturing
footprint that includes two polymerization facilities with captive
formaldehyde production (one in the US and one in Europe), and five
compounding locations globally.
Additionally, while CPOM and HPOM are related products that can be
used as substitutes in some instances, the assets and processes
required to manufacture the two products are differentiated. Assets
dedicated to CPOM production cannot be easily reconfigured to
produce HPOM without meaningful capital investment, and CPOM assets
have not been converted to HPOM production historically. S&P
believes the company's existing asset base, which would require
significant capital to replicate, in an industry with relatively
modest growth prospects, provide the company with a durable
competitive advantage and create barriers to entry for potential
competitors.
The company's ongoing capital requirements are relatively low at
$25 million- $50 million per year, including one-time IT related
expenditure in 2024. S&P does not anticipate Delrin will allocate
significant capital to fund near-term organic growth initiatives.
S&P expects that this relatively low capital intensity, along with
the business's high margins, will translate into meaningful free
cash flow over the next few years.
The company's high debt leverage of 6x-7x on an S&P Global
Ratings-adjusted basis and its financial-sponsor ownership are key
credit risks. Following the transaction, Delrin's capital structure
will consist of a $700 million term loan and $350 million of seller
financing (with a holdco borrower). S&P said, "We consolidate the
seller note when calculating our S&P Global Ratings-adjusted credit
metrics, which increases the company's adjusted leverage by about 2
turns. However, relative to its debt to EBITDA metrics, the
company's cash interest coverage ratios benefit from the note's 5%
PIK rate, which reduces the company's cash interest burden and
results in expected funds from operations (FFO) to interest
coverage of above 2x in all forecast years. We anticipate EBITDA
will remain relatively flat year over year in 2023, with lower
volume due to customer destocking in automotive and consumer end
markets, offset by higher pricing and lower raw material costs. We
expect credit metrics will improve over our forecast period, but
remain above 6x in 2024, as destocking eases and global auto
production continues to rebound. We view a track record of prudent
financial polices as key to any future positive rating action.
"The stable outlook reflects our view that the carve out of Delrin
from Dupont and its acquisition by financial sponsor TJC will
proceed as planned under the proposed capital structure. We
anticipate a relatively smooth transition to a stand-alone entity
given the transition services agreement (TSA) in place, continuity
of senior management, and TJC's previous carve out experience. We
expect weaker demand in 2023 will be partially offset by favorable
pricing, although we anticipate pricing could experience pressure
at the lower end of the HPOM market, as these products face
potential substitution risks from lower-priced alternatives such as
acetal copolymer (POM). We expect Delrin will also benefit from
favorable price cost dynamics as energy and natural gas costs
decline year over year, while pricing remains positive.
"Our outlook also reflects our expectation that the end of
destocking and a continued rebound in auto production in 2024
(mobility accounts for 50% of the company's end-market exposure)
will result in EBITDA and financial metric improvement over the
coming 12 months. Our base case assumes S&P Global Ratings'
adjusted debt to EBITDA in the 6x range on a weighted average
basis."
S&P could consider a negative rating action within the next year
if:
-- The transaction is not finalized as planned, if the company's
capital structure is not implemented as currently envisioned, or if
the company experiences a more costly transition to a stand-alone
entity.
-- S&P revised its forecast for auto production downward
materially, which resulted in a negative revision to its future
volume assumptions for Delrin.
-- Delrin faces increasing competition in core, nonpremium
products, ultimately resulting in a deterioration in pricing.
However, S&P notes that the company has improved or held unit
margins relatively stable despite various demand downturns and
inflationary cost cycles.
-- The company were to pursue more aggressive financial policies,
including debt-funded acquisitions or distributions to sponsor
ownership.
Any of the above factors result in weighted average S&P Global
Ratings' adjusted debt to EBITDA above 7x for a sustained period.
Although it is unlikely at this time, given the company's
transition to a stand-alone entity and its financial-sponsor
ownership, we could consider a positive rating action over the next
12 months if:
-- The company uses free cash flow generation to repay debt and we
expected ownership is committed to further deleveraging.
-- Volumes rebound to the levels seen during 2021-2022 and pricing
remains near current levels, resulting in a material improvement in
EBITDA beyond our current expectations.
-- EBITDA margins expand more than 200 basis points (bps) from our
current forecast to around 30% and revenue growth is slightly
higher than expected under our base case over the next two years.
-- Delrin's weighted average debt to EBITDA improves into the 5x
range.
-- Delrin establishes a successful track record as an independent
entity.
DIAZ FARMS: James Cross Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 14 appointed James Cross, Esq., at
Cross Law Firm, PLC as Subchapter V trustee for Diaz Farms, LLC.
Mr. Cross will be paid an hourly fee of $475 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Cross declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
James E. Cross, Esq.
Cross Law Firm, PLC
PO Box 45469
Phoenix, AZ 85064
Phone: 602-412-4422
Email: jcross@crosslawaz.com
About Diaz Farms
Diaz Farms, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-06441) on Sept.
14, 2023, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Brenda Moody Whinery oversees the case.
Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC represents the
Debtor as legal counsel.
DIGITAL MEDIA: Delisted From New York Stock Exchange
----------------------------------------------------
Digital Media Solutions, Inc. announced that it will be delisted
from the New York Stock Exchange. The Company's delisting follows
the NYSE's determination under Rule 802.01B of the NYSE Listed
Company Manual that the Company did not meet the NYSE's continued
listing standard that requires listed companies to maintain an
average global market capitalization of at least $15 million over a
period of 30 consecutive trading days.
The Company said the delisting does not affect the Company's
business operations and DMS continues to be focused on its core
solutions in service of its advertising clients. In addition, the
delisting does not cause an event of default under the senior
secured credit facility to which its subsidiaries are a party, and
DMS continues to be supported by its lenders as evidenced by the
recent amendment to its credit facility, which has provided the
Company and management with the flexibility needed to manage
through the current environment.
The Company will continue to be a Securities and Exchange
Commission reporting company. The Company will consider relisting
its Class A Common Stock on a national securities exchange in the
future if the Board of Directors determines that doing so is in the
best interest of the Company and its stakeholders.
About Digital Media
Headquartered in Clearwater, Florida, Digital Media Solutions, Inc.
(NYSE: DMS) -- @ digitalmediasolutions.com -- is a provider of
data-driven, technology-enabled digital performance advertising
solutions connecting consumers and advertisers within the auto,
home, health, and life insurance, plus a long list of top consumer
verticals. The DMS first-party data asset, proprietary advertising
technology, significant proprietary media distribution, and
data-driven processes help digital advertising clients de-risk
their advertising spend while scaling their customer bases.
Digital Media reported a net loss of $52.50 million for the year
ended Dec. 31, 2022. As of March 31, 2023, the Company had $238.81
million in total assets, $337.08 million in total liabilities,
$4.99 million in preferred stock, and a total deficit of $103.27
million.
Digital Media received notice from the New York Stock Exchange on
March 30, 2023, indicating that the Company is not in compliance
with NYSE's continued listing standards because the average closing
price of the Company's common stock was less than $1.00 over a
consecutive 30 trading-day period.
* * *
As reported by the TCR on Sept. 1, 2023, S&P Global Ratings raised
its issuer credit rating on U.S.-based digital advertising
solutions provider Digital Media Solutions Inc. (DMS) to 'CCC' from
'SD' (selective default). S&P said the negative outlook reflects
limited visibility into the company's recovery and the potential of
a debt restructuring in 2024 following the expiration of the
company's PIK option period, absent significant cash flow
improvement.
DIMCO GGR: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: DIMCO GGR, LLC
600 North Broadway
Aurora, IL 60505
Business Description: DIMCO GGR is a full service metal recycling
company.
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 23-13138
Debtor's Counsel: Gregory Jordan, Esq.
GREGORY JORDAN
350 N. LaSalle Drive, Suite 1100
Suite 3600
Chicago, IL 60654
Tel: (312) 854-7181
Email: gjordan@jz-llc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James Meyers 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/2GUUDBQ/DIMCO_GGR_LLC__ilnbke-23-13138__0001.0.pdf?mcid=tGE4TAMA
DIVERSIFIED HEALTHCARE: 2 Independent Trustees Quit; New CFO Named
------------------------------------------------------------------
Daniel F. LePage and David A. Pierce each resigned as an
independent trustee of Diversified Healthcare Trust's Board of
Trustees, effective Sept. 25, 2023. Messrs. LePage and Pierce each
advised the Board that his resignation was not the result of any
disagreement with the Company, its management or the Board on any
matter relating to its operations, policies or practices.
On Sept. 26, 2023, pursuant to the recommendation of the Nominating
and Governance Committee of the Board, the Board elected Phyllis M.
Hollis as an independent trustee to fill one of the vacancies
created by Messrs. LePage's and Pierce's resignations, and also
decreased the size of the Board from seven to six trustees. The
Board appointed Ms. Hollis to serve on the Audit Committee, as well
as the Compensation Committee, which she will chair.
Ms. Hollis, age 67, has served as the chief executive officer of
Hollis Advisory LLC since 2018. From 2014 until 2018, Ms. Hollis
served as chief executive officer, chief marketing officer and
chief operating officer for CAVU Securities, LLC, a New York based
investment bank. Ms. Hollis also founded Egerie Consulting, and
served as its president from 2000 until 2010. In 1994, Ms. Hollis
co-founded Utendahl Capital Partners, a minority owned investment
bank. Ms. Hollis serves on the finance and investment committee
for Guild Hall, a community arts, entertainment and education
center. Ms. Hollis also served as a trustee of several other
non-profit company boards, mostly involved with the visual arts,
and on various committees including strategic planning,
investments/finance, impact initiatives and marketing. In 2020,
Ms. Hollis launched a weekly podcast, Cerebral Women Art Talks, to
promote and provide marketing services to visual artists, mainly
artists of color, female artists and art professionals. Ms. Hollis
previously served as an independent trustee of Seven Hills Realty
Trust from 2022 to 2023.
The Board concluded that Ms. Hollis is qualified to serve as an
independent trustee in accordance with the requirements of The
Nasdaq Stock Market LLC, the Securities and Exchange Commission and
our governing documents. For her service as an Independent
Trustee, Ms. Hollis will be entitled to the compensation we
generally provide to Independent Trustees. There is no arrangement
or understanding between Ms. Hollis and any other person pursuant
to which Ms. Hollis was selected as a Trustee.
Also on Sept. 26, 2023, the Board appointed Matthew C. Brown as the
Company's chief financial officer and Treasurer, effective Oct. 1,
2023.
Mr. Brown, age 41, has been a senior vice president of the
Company's manager, The RMR Group LLC, since 2019 and has served in
various finance and accounting leadership roles with RMR and its
subsidiaries since 2007, including currently being responsible for
the day to day oversight of the accounting and finance support
functions of RMR and various affiliates. Mr. Brown also has served
as chief financial officer and treasurer of Office Properties
Income Trust since June 2019, but he has resigned from that
position effective Sept. 30, 2023. Mr. Brown is a certified public
accountant.
Mr. Brown will replace Richard W. Siedel, Jr., who has resigned as
the Company's chief financial officer and treasurer, effective
Sept. 30, 2023.
In connection with Ms. Hollis's election as an Independent Trustee
and Mr. Brown's appointment as the Company's chief financial
officer and treasurer, the Company will enter into indemnification
agreements with each of Ms. Hollis and Mr. Brown, which agreements
will be on substantially the same terms as the indemnification
agreements the Company has entered with its other Trustees and
executive officers.
About Diversified Healthcare Trust
Diversified Healthcare Trust is a real estate investment trust,
which owns senior living communities, medical office and life
science buildings and wellness centers throughout the United
States. DHC is managed by the operating subsidiary of The RMR
Group Inc. (Nasdaq: RMR), an alternative asset management company
that is headquartered in Newton, Mass.
"[B]ased on these challenges and upcoming debt maturities, we have
concluded that there is substantial doubt about our ability to
continue as a going concern for at least one year from the date of
issuance of the financial statements...Our continuation as a going
concern is dependent upon many factors, including our ability to
complete the Merger, meet our debt covenants and repay our debts
and other obligations when due. While we believe the Merger will
alleviate the substantial doubt about our ability to continue as a
going concern, the Merger is subject to shareholder approval and
other closing conditions and we cannot provide assurance that the
Merger will be completed on the contemplated terms or timeline or
at all. In the event that the Merger is not completed, the
perception of our ability to continue as a going concern may make
it more difficult for us to refinance our existing debt and could
result in the loss of confidence by investors. We cannot be sure
that we will be able to obtain any future financing, and any such
financing we may obtain may not be sufficient to repay our existing
debt. If we are unable to obtain sufficient funds, we may be
unable to continue as a going concern," the Company said in its
Quarterly Report on Form 10-Q for the period ended June 30, 2023.
DIXON TOWN: Unsecureds Will Get 100% of Claims in Plan
------------------------------------------------------
Dixon Town Homes LLC filed with the U.S. Bankruptcy Court for the
Northern District of California a Disclosure Statement describing
Plan of Reorganization dated September 26, 2023.
In 1999, the principal and sole member of the debtor, Waqar Khan,
purchased a ten-unit apartment building for approximately $985,000.
In 2016, Mr. Khan created Dixon Town Homes, LLC, and transferred
ownership of the property to the debtor in 2017. The debtor was
able to refinance the property in 2019 based upon an appraised
value of over $4,000,000. The debtor received over $3,000,000 in
loan proceeds.
As the loan had matured but was not paid off, the lender commenced
foreclosure. While the debtor believed that the refinance would
eventually be successful and the lender had periodically extended
the foreclosure sale date, the lender finally decided that it would
give no further extensions. The debtor decided that there was too
much equity to lose by foreclosure and decided to file for Chapter
11 in order to preserve its equity.
The debtor's intent is to sell the real property but, if unable to,
continue to manage and operate the property.
The debtor's plan proposes to pay all secured debt in full to the
extent the holder of the debt has filed a timely proof of claim or
interest, or has such claim or interest listed in Debtor's
schedules of assets and liabilities in the same amount and such
claim or interest is not listed as disputed or contingent, and (ii)
as of the Effective Date, no party in interest (including the
Debtor) has filed a timely objection, or (b) the claim or interest
has been allowed by final order of the Bankruptcy Court.
The plan further offers to pay 100 percent on the allowed unsecured
and deficiency claims.
Class 2 consists of all allowed unsecured claims. The unsecured
claims amount to $7746. All creditors in this class shall receive
100% of their claims. Payment will commence 20 days after the
effective date of the plan. The payments will be made until all
allowed claims have been paid unless a particular claim has been
dismissed, waived or denied by court order.
Debtor reserves the right to object to any particular claim as to
amount or validity. Interest will accrue on these claims at the
legal rate from the confirmation date. The debtor will pay the
amount stated in a proof of claim that has been filed by a creditor
unless the debtor objects to proof of claim in which the debtor
will the amount as allowed by the court.
The debtor contends that its existing income will be sufficient to
cover its expenses as well as the proposed payments under the plan.
To the extent that there is any shortfall, Waqar Khan, as the sole
member, has agreed to cover the shortfall as he has done in the
past.
The debtor's sole shareholder, Waqar Khan, has advanced loans and
capital contributions to the debtor periodically. Between 2022 and
2023, Mr. Khan, as the sole member, contributed approximately
$300,000 to the debtor to help it to refinance its loans.
A full-text copy of the Disclosure Statement dated September 26,
2023 is available at https://urlcurt.com/u?l=PhCMVy from
PacerMonitor.com at no charge.
Attorney for Debtor:
Lewis Phon, Esq.
The Law Office of Lewis Phon
4040 Heaton Court
Antioch, CA 94509
Tel: (925) 470-8551
Fax: (925) 706-7600
Email: lewisphon@att.net
About Dixon Town Homes
Dixon Town Homes LLC, a company in Sacramento Calif., filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case
No. 23-40682) on June 14, 2023, with as much as $1 million to $10
million in both assets and liabilities. Waqar Khan as president,
signed the petition.
Judge William J. Lafferty oversees the case.
The Law Office of Lewis Phon serves as the Debtor's legal counsel.
DMK PHARMACEUTICALS: CEO Versi Has 9.9% Stake as of Sept. 15
------------------------------------------------------------
Ebrahim Versi, M.D., Ph.D., disclosed in a Schedule 13D/A filed
with the Securities and Exchange Commission that as of Sept. 15,
2023, he beneficially owned 1,018,024 shares of common stock of DMK
Pharmaceuticals representing 9.989% of the shares outstanding.
Versi Group LLC also reported beneficial ownership of 906,394
Common Shares.
The aggregate percentage of shares of Common Stock reported as
beneficially owned by the Reporting Persons is based on 9,359,133
shares of the Issuer's Common Stock being issued and outstanding on
Sept. 15, 2023, before the issuance of the shares of Common Stock
upon the conversion of the Series E Preferred shares.
Dr. Versi is the chief executive officer and Chair of the Board of
Directors of the Issuer. Versi Group is a Delaware limited
liability company that owns a portfolio of patents related to drug
development and methods of delivery for various disease states
including neuroscience, urology, and cardiology and otherwise has
minimal operations.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/887247/000138713123011535/versi-sc13da_091523.htm
About DMK Pharmaceuticals
DMK Pharmaceuticals is a commercial stage neuro-biotech company
primarily focused on developing and commercializing products for
the treatment of opioid overdose and substance use disorders.
DMK's commercial products approved by the FDA include ZIMHI
(naloxone) Injection for the treatment of opioid overdose, and
SYMJEPI (epinephrine) Injection for use in the emergency treatment
of acute allergic reactions, including anaphylaxis. The Company is
focused on developing novel therapies for opioid use disorder (OUD)
and other important neuro-based conditions where patients are
currently underserved. DMK believes its technologies are at the
forefront of endorphin-inspired drug design with its mono, bi- and
tri-functional small molecules that simultaneously modulate
critical networks in the nervous system. DMK has a library of
approximately 750 small molecule neuropeptide analogues and a
differentiated pipeline that could address unmet medical needs by
taking the novel approach to integrate with the body's own efforts
to regain balance of disrupted physiology. The Company's lead
clinical stage product candidate, DPI-125, is being studied as a
potential novel treatment for OUD. DMK also plans to develop the
compound for the treatment of moderate to severe pain. The
Company's other development stage product candidates include
DPI-221 for bladder control problems and DPI-289 for severe end
stage Parkinson's disease.
San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 16, 2023, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
DRJ GROUP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: DRJ Group, Inc.
dba Anne Marie's Catering
12475 Starcrest Dr., Ste. 101
San Antonio TX 78216
Business Description: DRJ Group operates a restaurant/catering
business.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-51346
Judge: Hon. Michael M. Parker
Debtor's Counsel: Dean W. Greer, Esq.
WEST & WEST ATTORNEYS AT LAW, P.C.
2929 Mossrock, Suite 204
San Antonio TX 78230
Phone: (210) 342-7100
Email: dean@dwgreerlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ruben Luna as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/EB5GZ4Y/DRJ_Group_Inc__txwbke-23-51346__0001.0.pdf?mcid=tGE4TAMA
EDC 2370: Jerome Kerkman Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 11 appointed Jerome Kerkman of Kerkman
& Dunn as Subchapter V trustee for EDC 2370, LLC.
Mr. Kerkman will be paid an hourly fee of $525 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kerkman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerome R. Kerkman
Kerkman & Dunn
839 N. Jefferson Street, #400A
Milwaukee, WI 53202-3744
Phone: 414-277-8200
Fax: 414-277-0100
Email: jkerkman@kerkmandunn.com
About EDC 2370
EDC 2370, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 23-24219) on Sept.
15, 2023, with $100,001 to $500,000 in assets and liabilities.
Judge Katherine M. Perhach oversees the case.
Jonathan V. Goodman, Esq., at the Law Offices of Jonathan V.
Goodman represents the Debtor as bankruptcy counsel.
ELIZABETH JANE: Unsecureds Owed $800K to Recover 15% in Plan
------------------------------------------------------------
Elizabeth Jane, Inc., submitted a Second Restated Subchapter V Plan
of Reorganization dated September 26, 2023.
During the term of this Plan, the Debtor shall distribute directly
the projected disposable income. Distributions shall be funded from
cash on hand and revenues from operations.
Modification of Commercial Lease
As part of this reorganization, the Debtor determined that it was
prudent to investigate the cost of other space by which to operate.
On August 22, 2023, the Debtor filed a motion to extend the time
within which the Debtor may assume or reject its commercial lease
with Double R Ventures OEC, LLC, f/k/a Master's Ridge, LLC ("Double
R" or the "Landlord"), which the Bankruptcy Court granted. After
discussions, the Debtor requested, and the Landlord agreed, to
modify the existing lease payments.
The modified lease payments, which include repayment to the
Landlord of lease arrears result in an overall savings to the
Debtor and the Bankruptcy Estate over the remaining term of the
lease in the amount of approximately $62,120.11.
Class 2 consists of the Secured Claim of Manufacturers and Traders
Trust Company ("M&T Bank") on account of two loan facilities
advanced to the Debtor – (i) a Term Promissory Note dated on or
about July 3, 2019 in the original principal amount of $200,000
(the "Term Note"); and a (ii) Business Line of Credit Promissory
Note dated on or about July 3, 2019 in the original principal
amount of $25,000 (the "LOC Note"), each evidenced by proof of
claims numbers 5 and 6 filed in the Bankruptcy Court (the Term Note
and LOC Note are referred to collectively as the "Notes"). As of
the Petition Date, the balance due to M&T Bank on the Term Note was
$126,515.04; on the Petition Date, the balance due to M&T Bank on
the LOC Note was $25,538.24.
* Modification to the Term Note. By the Plan, the Term Note
shall be modified in the following manner: the Term Note shall be
amortized over a period of 10 years, accruing interest at the fixed
rate of 8% per annum, which shall be prospective commencing on the
Effective Date, provided, however, all amounts due under the Term
Note, including principal, interest, fees and costs, if any, shall
be due in full not later than August 3, 2033. During the term of
the Plan, the Debtor shall make monthly payments under the Term
Note in the amount of $1,510.45. M&T Bank shall retain its liens on
account of the Term Note to the same extent and priority such liens
existed on the Petition Date, until such time as the Term Note is
paid in full.
* Modification to the LOC Note. By the Plan, the LOC Note
shall be modified in the following manner: the LOC Note shall be
amortized over a period of 10 years, accruing interest at the fixed
rate of 8% per annum, which shall be prospective commencing on the
Effective Date, provided, however, all amounts due under the LOC
Note, including principal, interest, fees and costs, if any, shall
be due in full not later than August 3, 2033. During the term of
the Plan, the Debtor shall make monthly payments under the LOC Note
in the amount of $303.19. M&T Bank shall retain its liens on
account of the LOC Note to the same extent and priority such liens
existed on the Petition Date, until such time as the LOC Note is
paid in full.
Class 3 consists of Allowed General Unsecured Claims in the amount
of $800,389.36. In full and complete satisfaction, discharge and
release of Class 3 Claims, the Debtor shall pay Holders of Allowed
Class 3 Claims, without interest, their pro-rata share of all
projected disposable income of the Debtor on November 15, 2023 and
June 15, 2024, and on the 15th day of each January and June
thereafter during the term of this 60-month Plan. The sum of
scheduled and filed Class 3 Unsecured Claims against the Debtor is
approximately $800,389.36, which includes the wholly under-secured
secured claims of (i) the Small Business Administration (EIDL loan)
in the amount of $150,000.00; (ii) Fresh Funding Solutions, Inc. in
the amount of $61,316.00; and (iii) Balboa Capital Corporation in
the amount of $98,001.00.
As set forth more fully in Appendices D-2 and Appendix D-4,
beginning on November 15, 2023 and June 15, 2024, and on the 15th
day of each January and June thereafter during the term of this
Plan, Holders of Class 3 General Unsecured Claims shall receive
distributions in the amount of approximately 15% of Allowed Class 3
Claims. Class 3 is Impaired and therefore Holders of a Class 3
Claims are entitled to vote to accept or reject the Plan.
Class 5 consists of Allowed Interests. Brian Beideman is the sole
Holder of the Equity Interests in the Debtor. On the Effective
Date, the legal, equitable and contractual rights of the Holder of
the Interests in the Debtor shall remain unaltered. Class 5 is
Unimpaired.
During the term of this Plan, the Debtor shall pay all available
disposable income necessary for the performance of the Plan, which
disposable income shall be from revenues and, to the extent
applicable, the recovery of any avoidance actions.
The term of the Plan begins on the Effective Date and ends on the
60th month subsequent thereto.
A full-text copy of the Second Restated Subchapter V Plan dated
September 26, 2023 is available at https://urlcurt.com/u?l=LVWPUO
from PacerMonitor.com at no charge.
Counsel for Debtor:
Steven L. Goldberg, Esq.
McNamee Hosea, PA
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Telephone: (301) 441-2420
Facsimile: (301) 982-9450
Email: goldberg@mhlawyers.com
About Elizabeth Jane
Elizabeth Jane, Inc., is a Maryland corporation formed in 2011. The
Debtor operates a retail store located in Ellicott City, Maryland.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-12802) on April 24,
2023. In the petition signed by Tamara Beideman, president, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge David E. Rice oversees the case.
Steven L. Goldberg, Esq., at McNamee Hosea, P.A., is the Debtor's
legal counsel.
ESCALON LIVESTOCK: Unsecureds Will Get 35% Dividend in Plan
-----------------------------------------------------------
Escalon Livestock Market, Inc., filed with the U.S. Bankruptcy
Court for the Eastern District of California a Plan of
Reorganization for Small Business dated September 26, 2023.
The Debtor was formed as a California corporation in 1995 and
remains in good standing. The Debtor operates an auction yard where
sellers of animals, primarily cattle, bring their animals to be
sold at auction to third persons.
The business was profitable for many years. Unfortunately, the
founder, Miguel Machado, passed away at a relatively young age,
leaving a management void. Eventually, his wife assumed the role of
president of the corporation and hired a new controller and a new
outside accounting firm. In the meantime, however, the Debtor had
incurred substantial debt which it could not repay.
In addition, two lawsuits were filed by former employees against
the Debtor. The plaintiff in one of the lawsuits failed to file a
proof of claim and his claim is now barred. The plaintiff in the
other lawsuit timely filed a proof of claim for $1,000,000, which
the Debtor disputes. The parties to that dispute are both willing
to go to the Bankruptcy Dispute Resolution Program in an attempt to
resolve the dispute.
All of the Debtor's projected disposal income will be applied to
make payments under the Plan. The final Plan payment is expected to
be paid on November 15, 2028.
The Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from business operations and possible liquidation of
assets over approximately five years.
Non-priority unsecured non-insider creditors holding allowed claims
will receive distributions of not less than 35 cents on the dollar.
The Plan also provides for full payment of administrative and
priority tax claims.
Class 2 consists of Non-priority unsecured claims. The holders of
claims in this class will receive a dividend of 35% on their
claims, payable as follows: The Debtor will commence making
payments of $12,328 on December 15, 2023, and on the 15th day of
each successive month until the earlier of November 15 2028, or the
Debtor ceases operations. If the Debtor ceases operations, all
future unpaid payments will be paid in a lump sum no later than 45
days after operations cease.
In the event the disputed claim of $1,000,000 filed by Shara Hart
is disallowed or reduced, the dividend which would have gone to
Shara Hart but for the disallowance or reduction will be paid to
the remaining holders of Class 2 claims. This class is impaired.
Class 3 consists of Equity interests in the Debtor. This class is
not impaired. The present shareholder, Adeline Machado, will retain
her shares in the Debtor.
The Debtor intends to continue operating its business, retaining
and paying its employees, paying its rent, and meeting its
obligations under the Plan until the Real Property is sold, which
may never occur or may occur during the duration of the Plan. The
Debtor will make monthly payments on Class 2 claims as long as it
continues to be in business. If it ceases operations, its assets
will be liquidated and all future payments on Class 2 claims will
be paid in a lump sum.
A full-text copy of the Plan of Reorganization dated September 26,
2023 is available at https://urlcurt.com/u?l=vAZPe8 from
PacerMonitor.com at no charge.
Attorney for Debtor:
David C. Johnston, Esq.
David C. Johnston, Attorney at Law
1600 G Street, Suite 102
Modesto, CA 95354
Tel: (209) 579-1150
Fax: (209) 579-9420
Email: david@johnstonbusinesslaw.com
About Escalon Livestock Market
Escalon Livestock Market, Inc., operates an auction yard where
sellers of animals, primarly cattle, bring their animals to be sold
at auction to third persons.
The Debtor filed Chapter 11 petition (Bankr. E.D. Cal. Case No.
23-22125) on June 28, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Lisa Holder, Esq., a
practicing attorney in Bakersfield, Calif., has been appointed as
Subchapter V trustee.
Judge Fredrick E. Clement oversees the case.
David C. Johnston, Attorney at Law is the Debtor's bankruptcy
counsel.
FIELDERS CHOICE: Unsecureds to Split $27K in Consensual Plan
------------------------------------------------------------
Fielders Choice, LLC, filed with the U.S. Bankruptcy Court for the
Middle District of Florida a First Amended Plan of Reorganization
dated September 26, 2023.
The Debtor is a Florida company organized by Articles of
Organization filed with the Florida Secretary of State on November
17, 2016. The Debtor is an online retailer selling sports related
products and fan merchandise, headquartered in Apopka, Florida.
The Debtor is well positioned as one of only a handful of NFL
approved sellers/re-sellers on Amazon. The Debtor's principal place
of business is located at 175 Semoran Commerce Place, Ste. D,
Apopka, FL 32703, which is leased from Bernys Investments LLC, an
affiliate of the Debtor.
Class 3 consists of the Allowed Unsecured Claims against the
Debtor. This Class is Impaired.
* Consensual Plan Treatment: The liquidation value or amount
that unsecured creditors would receive in a hypothetical chapter 7
case is approximately $0.00. Accordingly, the Debtor proposes to
pay unsecured creditors a pro rata portion of $27,000.00. Payments
will be made in equal quarterly payments of $2,250.00. Payments
shall commence on the fifteenth day of the month, on the first
month that begins more than fourteen days after the Effective Date
and shall continue quarterly for eleven additional quarters.
Pursuant to Section 1191 of the Bankruptcy Code, the value to be
distributed to unsecured creditors is greater than the Debtor's
projected disposable income to be received in the 3-year period
beginning on the date that the first payment is due under the plan.
Holders of Class 3 claims shall be paid directly by the Debtor.
* Nonconsensual Plan Treatment: The liquidation value or
amount that unsecured creditors would receive in a hypothetical
chapter 7 case is approximately $0.00. Accordingly, Debtor proposes
to pay unsecured creditors a pro rata portion of its Disposable
Income. If the Debtor remains in possession, plan payments shall
include the Subchapter V Trustee's administrative fee which will be
billed hourly at the Subchapter V Trustee's then current allowable
blended rate. Plan Payments shall commence on the fifteenth day of
the month, on the first month that is ninety days after the
Effective Date and shall continue quarterly for eleven additional
quarters. The initial estimated quarterly payment shall be $0.00;
however, the Debtor may have disposable income during the life of
the Plan depending on future business. Holders of Class 3 claims
shall be paid directly by the Debtor.
The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business.
Except as explicitly set forth in this Plan, all cash in excess of
operating expenses generated from operation until the Effective
Date will be used for Plan Payments or Plan implementation, cash on
hand as of Confirmation shall be available for Administrative
Expenses.
A full-text copy of the First Amended Plan dated September 26, 2023
is available at https://urlcurt.com/u?l=VtSGC0 from
PacerMonitor.com at no charge.
Counsel for Debtor:
Jeffrey S. Ainsworth, Esq.
Jacob D. Flentke, Esq.
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Tel: (407) 894-6834
Fax: 407-894-8559
Email: jeff@bransonlaw.com
jacob@bransonlaw.com
jacob@flentkelegal.com
About Fielders Choice
Fielders Choice, LLC, a company in Apopka, Fla., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 23-01562) on April 25, 2023, with $132,356 in assets
and $1,355,511 in liabilities. Richard Berny, managing member,
signed the petition.
Judge Lori V. Vaughan oversees the case.
Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC, is the Debtor's
counsel.
FINISH MAN: Holly Miller of Gellert Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq.,
at Gellert Scali Busenkell & Brown, LLC, as Subchapter V trustee
for The Finish Man, LLC.
Ms. Miller 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. Miller declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Holly S. Miller, Esq.
Gellert Scali Busenkell & Brown, LLC
1628 John F. Kennedy Boulevard, Suite 1901
Philadelphia, PA 19103
Phone: (215) 238-0012
Fax: (215) 238-0016
Email: hsmiller@gsbblaw.com
About The Finish Man
The Finish Man, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 23-12767) on Sept.
14, 2023, with as much as $50,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Patricia M. Mayer oversees the case.
Kevin Kercher, Esq., at Kercher Law Offices represents the Debtor
as bankruptcy counsel.
GETTYSBURG RENTAL: Lisa Rynard Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Lisa Rynard, Esq.,
at the Law Office of Lisa A. Rynard as Subchapter V trustee for
Gettysburg Rental and Outdoor Power Equipment Center, LLC.
Ms. Rynard 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. Rynard declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Lisa A. Rynard, Esq.
Law Office of Lisa A. Rynard
240 Broad Street
Montoursville, PA 17754
Business Phone: (570) 505-3289
Email: larynard@larynardlaw.com
About Gettysburg Rental
Gettysburg Rental and Outdoor Power Equipment Center, LLC filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Pa. Case No. 23-02095) on Sept. 14, 2023, with
$500,001 to $1 million in both assets and liabilities.
Judge Henry W. Van Eck oversees the case.
Brent C. Diefenderfer, Esq., at CGA Law Firm represents the Debtor
as bankruptcy counsel.
GGR REAL ESTATE: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: GGR Real Estate, LLC
600 North Broadway
Aurora, IL 60505
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 23-13139
Debtor's Counsel: Gregory Jordan, Esq.
GREGORY JORDAN
350 N. LaSalle Drive, Suite 1100
Suite 3600
Chicago, IL 60654
Tel: (312) 854-7181
Email: gjordan@jz-llc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James Meyers 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/2U5J57Y/GET_GREEN_RECYCLING_INC__ilnbke-23-13139__0001.0.pdf?mcid=tGE4TAMA
GLOBALSTAR INC: Investors Selling Up to 37-Mil. Shares
------------------------------------------------------
Globalstar, Inc. said the registration statement on Form S-1 it
recently filed with the Securities and Exchange Commission is now
effective.
The Registration Statement relates to the sale of up to 37,457,207
shares of Globalstar common stock, par value $0.0001, by these
stockholders:
* SVF II Block (DE) LLC;
* Kenneth Darryl Tuchman;
* JAWS Capital LP;
* Gogo Inc.;
* Legion Partners, L.P. I;
* Legion Partners, L.P. II;
* Anson Investments Master Fund LP;
* Anson East Master Fund LP;
* Live Microsystems Inc.;
* Symbolic Logic Inc.;
* CCUR Holdings Inc.;
* Klein Family LLC;
* James Michael Johnston; and
* Brian K. Klein
The reported sale price on NYSE of the Company's common stock on
Sept. 7, 2023 was $1.48 per share.
The Company explained, "The shares of common stock being offered by
the Selling Stockholders represent consideration for our
intellectual property license under the Intellectual Property
License Agreement dated August 29, 2023 between us and XCOM Labs,
Inc. and certain related transactions (collectively, the "XCOM
Transaction"). We are not selling any securities under this
prospectus and will not receive any of the proceeds from the sale
of our common stock by the Selling Stockholders."
"The Selling Stockholders will offer the securities in amounts, at
prices and on terms to be determined by market conditions at the
time of the offerings. The securities may be offered separately or
together in any combination. We will not receive any proceeds from
the sale of any securities offered by the Selling Stockholders."
"The Selling Stockholders will pay all brokerage fees and
commissions and similar expenses in connection with the offer and
sale of the shares by the Selling Stockholders pursuant to this
prospectus. We will pay the expenses (except brokerage fees and
commissions and similar expenses) incurred in registering under the
Securities Act of 1933, as amended (the "Securities Act"), the
offer and sale of the shares included in this prospectus by the
Selling Stockholders," the Company added.
A full copy of the Company's Form S-1 Registration Statement is
available at:
https://tinyurl.com/5n8ek2zc
About Globalstar, Inc.
Headquartered in Covington, Louisiana, Globalstar Inc. provides
Mobile Satellite Services ("MSS") including voice and data
communications services globally via satellite. The Company offers
these services over its network of in-orbit satellites and its
active ground stations, which the Company refers to collectively as
the Globalstar System.
In addition to supporting Internet of Things ("IoT") data
transmissions in a variety of applications, the Company provides
connectivity in areas not served or underserved by terrestrial
wireless and wireline networks and in circumstances where
terrestrial networks are not operational due to natural or man-made
disasters.
As of Sept. 30, 2022, the Company had $746.54 million in total
assets, $146.94 million in total current liabilities, $464.01
million in total non-current liabilities, and $135.58 million in
total stockholders' equity. The Company's working capital deficit
was $80.9 million at September 30, 2022. The working capital was
$7.3 million as of December 31, 2021.
In its September 2022 quarterly report, the Company said it is
pursuing a new debt financing arrangement to fund amounts due under
the Procurement Agreement, which provide for deferral of milestone
payments through mid-December 2022, as amended.
On November 25, 2022, Egan-Jones Ratings Company maintained its
'CC' foreign currency and local currency senior unsecured ratings
on debt issued by Globalstar, Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.
Egan-Jones Ratings Company on August 9, 2023, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Globalstar, Inc. EJR withdrew the rating on
commercial paper issued by the Company.
GOEASY LTD: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed goeasy Ltd.'s Ba3 corporate
family rating and Ba3 senior unsecured rating. goeasy's outlook
remains stable.
RATINGS RATIONALE
The ratings' affirmation reflects Moody's unchanged view of
goeasy's creditworthiness, which is supported by its solid
franchise as a leading provider of alternative financial services
in Canada's subprime consumer lending market and its strong
profitability. The ratings also take into consideration goeasy's
solid capitalization, the credit risks associated with a possible
deterioration in asset quality driven by a weakening economic
environment, and the inherent regulatory risks pertaining to
goeasy's pricing and business practices.
The ratings also reflect the benefits to creditors from goeasy's
improved revenue diversity in recent years with expansion in
consumer auto financing, secured lending and lease-to-own
financing. The firm's revenue diversity efforts also included the
2021 acquisition and successful integration of LendCare, a point of
sale consumer finance company. goeasy's profitability remained
solid in 2022 and through the first half ended June 2023, as
evidenced by Moody's-adjusted ratio of net income to average
managed assets of 4.9% and 6.2% in these periods, respectively.
goeasy has strong capitalization which protects creditors against
unexpected losses, with Moody's-adjusted tangible common equity to
tangible managed assets of 19.6% at June 30, 2023 and 19.3% at
December 31, 2022.
The firm's sound risk culture underpins its track record of
consistent profitability and well-managed asset risk. However, the
firm's key credit challenge, which is inherent in its business
profile, is its high exposure to subprime consumer credit, making
it vulnerable to a turn in the economic cycle and regulatory risk.
Its asset quality performance has remained relatively stable, with
annualized net charge-offs of 9.0% of gross loans for the first
half of 2023, although delinquencies and charge-offs have increased
in periods since this ratio reached a low of only 7.8% in the third
quarter of 2020. Moody's expects modest credit deterioration in the
current economic environment.
goeasy's Ba3 senior unsecured rating is at the same level as its
CFR, and this rating is driven by the volume of senior unsecured
debt in its capital structure and the availability of unencumbered
assets to support senior unsecured creditors. The affirmation of
the senior unsecured rating is based on Moody's expectation that
goeasy will refinance at least a year in advance its $550 million
senior unsecured debt that matures on December 1, 2024.
Moody's said that goeasy's outlook is stable based on its
management's strong performance record and experience in the
Canadian consumer finance market; and because the company's risk
management practices and improved revenue diversity will help
mitigate asset quality headwinds and contribute to broadly stable
financial performance during a weaker economic environment.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
goeasy's CFR could be upgraded if its risk management practices
continue to effectively support strong asset quality through the
cycle while also maintaining or improving its existing
profitability and capitalization levels. The pending implementation
of regulatory rules that would tighten the maximum allowable
customer interest rate will require further changes in goeasy's
business activities, and the demonstration of successfully
navigating these rules would likely be necessary before a possible
upgrade could be considered. An improvement in liquidity and
further diversification of funding sources could also be positive
for the rating. An upgrade of the CFR could lead to an upgrade of
the senior unsecured rating, but this would also be dependent upon
the evolution of goeasy's capital structure.
goeasy's CFR could be downgraded should there be a material
deterioration in its capital, profitability or liquidity, or should
there be missteps in risk management leading to a material
deterioration in asset quality. A downgrade of the CFR would likely
lead to a downgrade of the senior unsecured rating. The ratings
could also be downgraded should goeasy not refinance its maturing
debt at least a year in advance of the maturity date. The senior
unsecured rating could be downgraded should goeasy's capital
structure evolve in a manner that is unfavorable to senior
unsecured creditors, such as a reduction in unencumbered assets
available to support unsecured creditors.
The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.
GRAHAM PACKAGING: Moody's Affirms 'B2' CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service affirmed Graham Packaging Company, Inc's
B2 Corporate Family Rating, B2-PD Probability of Default rating, B1
senior secured 1st lien bank credit facility rating, and Caa1
senior unsecured note rating. The outlook is stable.
"Graham's focus on debt reduction will be supportive of credit
metrics in 2024, when Moody's expect volumes to gradually move in a
more positive direction," said Scott Manduca, Vice President at
Moody's.
The stable outlook reflects Moody's expectation that Graham
Packaging will continue to implement debt reduction initiatives,
generate free cash flow, and win new business. All of which will be
supportive of credit metrics.
RATINGS RATIONALE
Graham's B2 corporate family rating (CFR) reflects its strong
market position as a leading designer and producer of custom blow
molded containers in North America, and its high exposure to
defensive end markets, including food, beverage, and household
products. With contracts containing cost pass through mechanisms on
about 90% of its business, Graham is able to efficiently manage
through raw material input cost inflation and limit margin
volatility. The company is focused on debt reduction. Furthermore,
the company maintains a good liquidity position, generating free
cash flow and with no drawings on its $100 million revolving credit
facility.
Moody's B2 rating also reflects the fragmented and highly
competitive nature of the plastic packaging business in which
Graham competes. The company does have some customer concentration
with its top five customers accounting for close to 35% of revenue,
and about 10% of sales is exposed to the cyclical automotive
industry in the form of various sized motor oil containers.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if there is sustainable improvement
in credit metrics and cashflow, while maintaining good liquidity.
Specifically, debt-to-adjusted EBITDA (Moody's adjustments) is
below 5.0x, EBITDA-to-interest expense is above 3.5x, and free cash
flow-to-debt is above 4.0%.
The ratings could be downgraded if there is a deterioration in
credit metrics or liquidity. Specifically, if debt-to-adjusted
EBITDA (Moody's adjusted) is above 6.0x, adjusted
EBITDA-to-interest expense is below 2.5x, and free cash
flow-to-debt is below 2.5%.
Headquartered in Lancaster, Pennsylvania, Graham Packaging Company,
Inc designs, manufacturers, and sells customized blow molded
plastic containers. The company is a 100% owned by Graeme Hart.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
GWD INC: Joli Lofstedt Named Subchapter V Trustee
-------------------------------------------------
The U.S. Trustee for Region 11 appointed Joli Lofstedt, Esq., as
Subchapter V trustee for GWD Inc.
Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be
paid an hourly fee of $350 for her services as Subchapter V trustee
and will be reimbursed for work-related expenses incurred.
Ms. Lofstedt declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Joli A. Lofstedt, Esq.
P.O. Box 270561
Louisville, CO 80027
Phone: (303) 476-6915
Fax: (303) 604-2964
Email: joli@jaltrustee.com
About GWD Inc.
GWD Inc. is an independent, non-franchise overhead door dealer in
Southern Colorado.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Colo. Case No. 23-14137) on Sept. 14,
2023, with $748,024 in assets and $3,089,574 in liabilities. Gary
Dejong, president, signed the petition.
Judge Kimberley H. Tyson oversees the case.
Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley PC,
represents the Debtor as legal counsel.
HALMAR LLC: Hires Central Valley Commercial as Leasing Broker
-------------------------------------------------------------
Halmar, LLC seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Central Valley Commercial
Brokers Commercial as leasing broker.
The firm will list, market and assist the Debtor in leasing its
industrial properties commonly known as 13074 Zachary Avenue, which
consists of approximately 50,316 square feet of leasable space.
The firm will be paid a commission as follows:
-- 5 percent of the total rental for the first five years,
plus,
-- 2.5 percent of the total rental for the second five years,
plus,
-- 1 1/2 percent of the total rental for a term in excess of 10
years.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Henry E. Mendez, Jr.
Central Valley Commercial
Brokers Commercial
930 Truxtun Avenue, Suite 101
Bakersfield, CA 93301
Tel: (661) 404-4090
About Halmar, LLC
Halmar, LLC is a real estate development firm in Los Angeles,
Calif.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-15032) on Aug. 5,
2023, with $4,300,000 in assets and $3,630,789 in liabilities. Amir
Sarbaz, managing member, signed the petition.
Judge Barry Russell oversees the case.
Jeffrey S. Shinbrot, Esq., at Jeffrey S. Shinbrot, APLC represents
the Debtor as legal counsel.
HAWK LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Hawk Logistics LLC
7601 E Treasure Dr., Suite PH118
North Bay Village, FL 33141
Business Description: The Debtor is part of the general freight
trucking industry.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 23-18059
Judge: Hon. Laurel M. Isicoff
Debtor's Counsel: Eric J. Silver, Esq.
STEARNS WEAVER MILLER WEISSLER ALHADEFF &
SITTERSON, P.A.
Museum Tower, Suite 2200
150 West Flagler Street
Miami, FL 33130
Phone: 305-789-3200
Email: esilver@stearnsweaver.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Osmel Guzman as CFO.
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/PI7KBCY/Hawk_Logistics_LLC__flsbke-23-18059__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/A2H4CFA/Hawk_Logistics_LLC__flsbke-23-18059__0001.0.pdf?mcid=tGE4TAMA
HEYWOOD HEALTHCARE: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------------
Seven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Heywood Healthcare, Inc. (Lead Case) 23-40817
242 Green St.
Gardner, MA 01440
The Henry Heywood Memorial Hospital 23-40818
Athol Memorial Hospital 23-40819
Heywood Medical Group, Inc. 23-40820
Athol Memorial Hospital NMTC Holdings Inc. 23-40821
Quabbin Healthcare, Inc. 23-40822
Heywood Realty Corporation 23-40823
Business Description: Heywood is a non-profit community-owned
hospital licensed for 134 bed hospital,
located in Gardner, Massachusetts.
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
District of Massachusetts
Judge: Hon. Elizabeth D. Katz
Debtors' Counsel: John M. Flick, Esq.
FLICK LAW GROUP, P.C.
144 Central Street
Unit 201
Gardner, MA 01440
Tel: 978-632-7948
Email: jflick@flicklawgroup.com
Heywood Healthcare's
Estimated Assets: $100,000 to $500,000
Heywood Healthcare's
Estimated Liabilities: $0 to $50,000
The Henry Heywood Memorial Hospital's
Estimated Assets: $100 million to $500 million
The Henry Heywood Memorial Hospital's
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Thomas Sullivan as co-chief executive
officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/GMNTGGY/Heywood_Healthcare_Inc__mabke-23-40817__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GWOOIPA/The_Henry_Heywood_Memorial_Hospital__mabke-23-40818__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/H5RBAZY/Heywood_Realty_Corporation__mabke-23-40823__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HVYZAGQ/Quabbin_Healthcare_Inc__mabke-23-40822__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HOUSN4Q/Athol_Memorial_Hospital_NMTC_Holdings__mabke-23-40821__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HHZ5CXA/Heywood_Medical_Group_Inc__mabke-23-40820__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/G5J46QQ/Athol_Memorial_Hospital__mabke-23-40819__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Commonwealth of Mass Advance $6,000,000
19 Staniford Street
1st Floor
Boston, MA 02114-2502
Alicia Scahill
Phone: 617-573-1600
Email: alicia.r.scahill@mass.gov
2. Heywood Green Street LLC Lease $2,945,097
250 1st Avenue
Suite 202
Needham, MA 02494
William Langlois
Phone: 781-675-2051
Email: wlanglois@waterstonepg.com
3. Stryker Orthopedics Trade Vendor $2,339,337
P.O. Box 93213
Chicago, IL 60673
Samantha Rojas
Phone: 800-733-2383 Opt. 4
Email: samantha.rojas@stryker.com
4. Medefis Inc. Trade Vendor $1,181,675
2121 North 117th Ave
Suite 200
Omaha, NE 68164
Nicole McNally
Phone: 214-416-3416
Email: nicole.mcnally@medefis.com
5. Cardinal Health Trade Vendor $1,151,787
Pharmaceutical Dist
11 Centennial Drive
Peabody, MA 01960
Gaurav Sharma
Phone: 1-866-739-4754
Ex.: 200238348
Email: gaurav.sharma06@cardinalhealth.com
6. Labcorp of America Holdings Trade Vendor $1,099,500
P.O. Box 12140
Burlington, NC 27216
Sally Gibbs
Phone: 888-294-7614 x5491
Email: gibbss@labcorp.com
7. Medline Industries Trade Vendor $627,803
1 Medline Place
Mundelein, IL 60060
Cindy Trojan
Phone: 847-643-4973
Email: ctrojan@medline.com
8. TMX Healthcare Trade Vendor $519,527
Technologies LLC
5451 Lakeview Pkwy S Dr.
Indianapolis, IN 46268
Tracy Sheridan Czerwonky
Phone: 317-715-0525
Email: tracy.sheridanczerwonky@trimedx.com
9. B.E. Smith LLC Trade Vendor $496,051
PO Box 74007636
Chicago, IL 60674
Kim Poole
Phone: 469-706-1830
Email: kim.poole@amnhealthcare.com
10. National Grid Trade Vendor $465,653
PO Box 371396
Pittsburgh, PA 15250
Jim May
Phone: 774-239-4945
Email: james.mayII@nationalgrid.com
11. Quartulli & Associates Inc. Trade Vendor $457,215
PO Box 423
Gardner, MA 01440
Charlene Costa
Phone: 508-839-5806
Email: ccosta1@verizon.net
12. Clearway Health, LLC Trade Vendor $343,257
PO Box 845018
Boston, MA 02284
Natalie Meitzner
Phone: 316-213-6882
Email: natalie.metzner@bmc.org
13. Hologic Inc Trade Vendor $306,507
10210 Genetic Drive
San Diego, CA 92121
Josseline Garcia B.
Phone: 800-442-9892 Opt. 4
Email: josseline.garcia@hologic.com
14. Nuance Communications Inc. Trade Vendor $301,258
One Wayside Road
Burlinggton, MA 01830
Geana Luxmore
Phone: 857-214-6583
Email: geana.luxmore@nuance.com
15. Alliance Healthcare Services Trade Vendor $299,225
18201 Von Karman Ave
Suite 600
Irvine, CA 92612
Dalene Armas
Phone: 949-242-5342
Email: dalene.armas@akumin.com
16. Medical Information Trade Vendor $297,820
Technology Inc.
7 Blue Hill River Road
Canton, MA 02021
Bri Irvine
Phone: 781-774-4539
Email: birvine@meditech.com
17. Diversified Clinical Trade Vendor $282,484
Services Inc.
28525 Network Place
Chicago, IL 60673
Jenniefer Hairel
Phone: 904-446-3440
Email: jennifer.hairel@healogics.com
18. Engie Resources LLC Trade Vendor $253,694
1360 Post Oak Blvd
Suite 400
Houston, TX 77056
Lissette Vega
866-Myengie
Email: lisette.vega@engie.com
19. E-Management Associates, LLC Trade Vendor $215,934
PO Box 473
Amherst, NH 03031
Dana Walker
Phone: 800-816-6053
Email: dana@emangementassociates.com
20. Park Place Trade Vendor $203,213
International LLC
8401 Chagrin Road
Chagrin Falls, OH 44023
Andrea Hasso
Phone: 440-424-5920
Email: ahasso@gocloudwave.com
21. Waterstone Petersham Leases $190,554
Medical
250 First Ave., Suite 202
Needham, MA 02494
William Langlois
Phone: 781-675-2051
Email: wlanglois@waterstonepg.com
22. Change Healthcare Trade Vendor $176,496
Solutions, LLC
3055 Lebanon Pike
Ste. 1000
Nashville, TN 37214
Andy McKeithan-Bolding
Phone: 404-338-4622
Email: andy.mckeithan-bolding@changehealthcare.com
23. LongixHealth Trade Vendor $168,162
8 Oak Park Drive
Bedford, MA 01730
Kimberlee Girard
Phone: 781-280-1558
Email: kgirard@logixhealth.com
24. Symetra Life Insurance Trade Vendor $166,486
Company
777 108th Ave NE, #12000
Bellevue, WA 98004
Anne F. Newton
Phone: 617-565-8311
Email: anne.newton@symetra.com
25. Roche Diagnostics Trade Vendor $166,379
Corporation
9115 Hague Rd
PO Box 50100
Indianapolis, IN 46250
Brandon Allen
Phone: 317-263-4734
Email: brandon.allen@roche.com
26. Boston Scientific Corp Trade Vendor $165,482
500 Commander Sheal Blvd.
N. Quincy, MA 02171
Emilia Braza
Phone: 508-683-4129
Email: emilia.braza@bsci.com
27. Zimmer US, Inc. Trade Vendor $158,511
56 East Main Street
Warsaw, IN 46580
Chad Phipps
Phone: 574-267-6131
Email: chad.phipps@zimmerbiomet.com
28. Mass Hospital Association Organizational $158,246
500 District Ave. Membership
Burlington, MA 01802
David Sacco
Phone: 781-262-6046
Email: dsacco@mhalink.org
29. Esoterix Genetic Trade Vendor $127,266
Laboratories LLC
PO Box 12140
Burlington, NC 27216
Sandra Van Der Vaart
Phone: 800-343-4407
Email: vaarts@labcorp.com
30. Century Linen East LLC Trade Vendor $126,920
335 N. Main St.
Gloversville, NY 12078
Tami Allen
Phone: 315-569-5598
Email: tallen@centurylinen.com
HOMES AT LAWRENCE: Soneet Kapila Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila
Mukamal as Subchapter V trustee for Homes at Lawrence Homeowners
Association, Inc.
Mr. Kapila will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Kapila declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Soneet R. Kapila
Kapila Mukamal
1000 South Federal Highway, Suite 200
Fort Lauderdale, FL 33316
Tel: (954) 761-1011
Email: skapila@kapilamukamal.com
About Homes at Lawrence
Homes at Lawrence Homeowners Association, Inc. filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.
Fla. Case No. 23-17333) on Sept. 13, 2023, with up to $50,000 in
both assets and liabilities.
Judge Erik P. Kimball oversees the case.
Hayley G. Harrison, Esq., at Bast Amron, LLP represents the Debtor
as legal counsel.
HUDSON & MCKEE: Case Summary & Two Unsecured Creditors
------------------------------------------------------
Debtor: Hudson & McKee Real Estate LLC
3155 Brantner Place
Saint Louis, MO 63106
Business Description: The Debtor is primarily engaged in acting as
lessors of buildings used as residences or
dwellings.
Chapter 11 Petition Date: October 1, 2023
Court: United States Bankruptcy Court
Eastern District of Missouri
Case No.: 23-43539
Debtor's Counsel: Spencer Desai, Esq.
THE DESAI LAW FIRM
13321 North Outer Forty Road
Suite 300
Chesterfield, MO 63017
Tel: 314-666-9781
Email: spd@desailawfirmllc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Raymond McKee as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/A4WQGSA/Hudson__McKee_Real_Estate_LLC__moebke-23-43539__0001.0.pdf?mcid=tGE4TAMA
HUGOTON OPERATING: Gets OK to Hire Sheehan & Ramsey as Counsel
--------------------------------------------------------------
Hugoton Operating Company, Inc., received approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to hire
Sheehan & Ramsey, PLLC as legal counsel in its Chapter 11 case.
The Debtor requires legal counsel to:
a. Formulate a Chapter 11 plan;
b. Investigate the acts, conduct, assets, liabilities and
financial condition of the Debtor, the operation of the Debtor's
business and the desirability to continue such business, and other
matters relevant to the Debtor's Chapter 11 case or to the
formulation of the plan; and
c. Prepare legal papers and reports that are required for the
proper function of the Debtor.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Patrick Sheehan $350 per hour
Partners $300 per hour
Associate Attorneys $250 per hour
Paralegals $150 per hour
The firm received a retainer of $15,000.
Patrick Sheehan, Esq., at Sheehan & Ramsey disclosed in a court
filing that his firm has no connection with the Debtor, creditors
or any party involved in the Debtor's Chapter 11 case.
Sheehan & Ramsey can be reached at:
Patrick Sheehan, Esq.
Sheehan & Ramsey, PLLC
429 Porter Ave
Ocean Springs, MS 39564
Tel: 228-875-0572
Email: Pat@sheehanramsey.com
About Hugoton Operating Company
Hugoton Operating Company, Inc., filed a Chapter 11 petition
(Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023, with as
much as $50,000 in assets and $1 million to $10 million in
liabilities. Judge Jamie A. Wilson oversees the case. Patrick
Sheehan, Esq., at Sheehan & Ramsey, PLLC, is the Debtor's legal
counsel.
IBIO INC: Posts $65 Million Net Loss in Fiscal Year Ended June 30
-----------------------------------------------------------------
iBio, Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss available to the
Company's stockholders of $65.01 million on $0 of revenues for the
year ended June 30, 2023, compared to a net loss available to
stockholders of $50.39 million on $1.88 million of revenues for the
year ended June 30, 2022.
As of June 30, 2023, the Company had $41.21 million in total
assets, $25.83 million in total liabilities, and $15.38 million in
total stockholders' equity.
Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Sept. 27, 2023, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities for the years ended June 30, 2023 and 2022 and
has an accumulated deficit as of June 30, 2023. These matters,
among others, raise substantial doubt about its ability to continue
as a going concern.
Subsequent to fiscal 2023 year end, iBio announced an amendment to
its credit agreement with Woodforest National Bank, extending the
Agreement's maturity date from Nov. 1, 2023 to the earlier of Dec.
31, 2023 or the acceleration of maturity of the term loan in
accordance with the Credit Agreement. The extension of the
maturity date was intended to afford the Company sufficient time to
close the pending sale of its cGMP biologics manufacturing
facility, which is anticipated to occur before the end of calendar
2023. There can be no assurance that the closing conditions for
the sale of the CDMO Facility will be satisfied.
"Once the pending sale of the CDMO Facility closes, and the
Woodforest loan is paid in full, for which there can be no
assurance, it will complete the divestiture of iBio's contract
development and manufacturing business in Texas, and extend our
cash runway to help support continued advancement of our AI drug
discovery platform and immunotherapy pipeline out of our research
and development center in California," said Martin Brenner, DVM,
Ph.D., iBio's chief executive officer and chief scientific
officer.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001420720/000142072023000045/ibio-20230630x10k.htm
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com-- is a developer of
next-generation biopharmaceuticals using its proprietary Artificial
Intelligence-Driven Discovery Platform and FastPharming
Manufacturing System. The Company focused its technologies on the
research and development of novel products at its Drug Discovery
Center in California. The Company is currently using its
FastPharming Manufacturing System and Glycaneering Technologies to
develop its portfolio of proprietary biologic drug candidates.
INITALY LLC: Hires Bose McKinney & Evans LLP as Broker
------------------------------------------------------
Initaly, LLC d/b/a Catello's Italian Art Cuisine, f/k/a Avagnale
Noble Cheeses LLC d/b/a Catello's Mozzarella Bar seeks approval
from the U.S. Bankruptcy Court for the Southern District of Indiana
to employ Bose McKinney & Evans LLP as broker.
The firm will provide these services:
a. assist the Debtor in obtaining alcoholic beverage permits
and general alcohol matters; and
b. assist the Debtor in marketing the License for sale.
The firm will be paid a commission of 10 percent of the purchase
price.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
BOSE MCKINNEY & EVANS, LLP
Monument Circle, Suite 2700
Indianapolis, IN 46204
Telephone: (317) 684-5000
Facsimile: (317) 684-5173
About Initaly, LLC
Initaly, LLC is an owner and operator of an Italian restaurant.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-02259) on May 26,
2023. In the petition filed by Catello Avagnale, member, the Debtor
disclosed $157,552 in assets and $1,206,156 in liabilities.
Judge Robyn L. Moberly oversees the case.
Jeffrey Hester, Esq., at Hester Baker Krebs LLC, represents the
Debtor as legal counsel.
INNVANTAGE GROUP: William Avellone Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 11 appointed William Avellone of
Chartered Management as Subchapter V trustee for Innvantage Group,
Inc.
Mr. Avellone will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Avellone declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
William B. Avellone
Chartered Management
10 South Riverside Plaza, Suite 875
Chicago, IL 60606
Tel: (312) 273-4004
Email: bill.avellone@charteredmgt.com
About Innvantage Group
Innvantage Group, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-12352) on Sept. 18, 2023, with $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
Judge David D. Cleary oversees the case.
Timothy C. Culbertson, Esq., represents the Debtor as legal
counsel.
INT'L LONGSHORE: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
The International Longshore and Warehouse Union, a labor union that
represents a wide range of workers on the West Coast of the United
States, in Hawaii, and in British Columbia, Canada, including dock
workers, warehouse workers, tourism and hospitality workers,
agricultural workers, miners, and others, has commenced a chapter
11 case under subchapter V of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Northern District of California, San
Francisco Division.
The ILWU intends to utilize the bankruptcy process to resolve
pending litigation with ICTSI Oregon, Inc., that has hindered the
non-profit organization since 2012. The ILWU is confident that this
process will provide the most favorable course of action to
safeguard the Union's future. Additionally, the ILWU will continue
to operate as usual fulfilling its obligations to its members,
locals and affiliates, employees, and the other groups it serves.
"Since 1937, our democratic, rank-and-file union has fought to
protect the interests of ILWU members, including bargaining for
fair wages, benefits, and working conditions. We have been
extremely successful and are over 40,000 members strong, and we are
proud of the work that our members do each and every day across our
50 local unions and affiliates, " said Willie Adams, ILWU
President.
Mr. Adams continued, "While we have attempted numerous times to
resolve the decade-long litigation with ICTSI Oregon, Inc., at this
point, the Union can no longer afford to defend against ICTSI's
scorched-earth litigation tactic. We intend to use the chapter 11
process to implement a plan that will bring this matter to
resolution and ensure that our Union continues to do its important
work for our members and the community. The Officers are confident
that we are taking the right step to put our organization on the
best path forward -- and we are optimistic for all that is ahead."
As part of the reorganization process and to minimize any
disruption throughout the restructuring process, the ILWU will file
customary "First Day" motions with the Court to maintain its cash
management system and to continue honoring its employee and payroll
obligations in the ordinary course of business. The Union expects
to receive Court approval for these customary requests.
The Union is represented in this matter by Pachulski Stang Ziehl &
Jones LLP as legal counsel.
About The International Longshore and Warehouse Union
The International Longshore and Warehouse Union (ILWU) is an
international labor union that represents a wide range of workers
on the West Coast of the United States, in Hawaii, and in British
Columbia, Canada including dock workers, warehouse workers, tourism
and hospitality workers, agricultural workers, miners, and others.
The Union is comprised of over 40,000 members and has over 50 local
unions and affiliates throughout California, Washington, Oregon,
Alaska, and Hawaii, and Canada. The ILWU was established in 1937
after the 1934 West Coast Waterfront Strike, a three-month-long
strike that culminated in a four-day general strike in San
Francisco, California, and the Bay Area. The Union has a long and
storied history of being a fierce and steadfast advocate for its
members and the labor movement.
INTELLIPHARMACEUTICS: Incurs $54K Net Loss in Second Quarter
------------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss and
comprehensive loss of $54,121 on $480,203 of revenue for the three
months ended May 31, 2023, compared to a net loss and comprehensive
loss of $840,654 on $0 of revenue for the three months ended May
31, 2022.
For the six months ended May 31, 2023, the Company reported a net
loss and comprehensive loss of $409,859 on $806,546 of revenue
compared to a net loss and comprehensive loss of $1.72 million on
$16,978 of revenue for the six months ended May 31, 2022.
As of May 31, 2023, the Company had $1.73 million in total assets,
$12.72 million in total liabilities, and shareholders' deficiency
of $10.98 million.
As of May 31, 2023, the Company's cash balance was $159,274.
Intellipharmaceutics said," We currently expect to meet our
short-term cash requirements from potential revenues for approved
generic products or other collaborations, other available financing
and by cost savings resulting from reduced R&D activities and
staffing levels, as well as quarterly profit share from Par.
Effective May 5, 2021 our exclusive license agreements with Tris
Pharma, Inc. for generic Seroquel XR, generic Pristiq and generic
Effexor XR were mutually terminated. Products were never supplied
nor distributed under the licenses. Termination of the exclusive
agreements may provide opportunity for the Company to explore
options of supplying the products to multiple sources on
non-exclusive bases. However, there can be no assurance that the
products previously licensed to Tris Pharma will be successfully
commercialized and produce significant revenues for us. We will
need to obtain additional funding to, among other things, further
product commercialization activities and development of our product
candidates. The Company recently entered into a license and supply
agreement with Taro Pharmaceuticals Inc. by which the Company has
granted Taro an exclusive license to market, sell and distribute a
product in Canada. There can be no assurance that the product will
be successfully commercialized and produce significant revenues for
us. Potential sources of capital may include, if conditions permit,
equity and/or debt financing, payments from licensing and/or
development agreements and/or new strategic partnership agreements.
The Company has funded its business activities principally through
the issuance of securities, loans from related parties and funds
from development agreements. There is no certainty that such
funding will be available going forward or, if it is, whether it
will be sufficient to meet our needs. Our future operations are
highly dependent upon our ability to source additional funding to
support advancing our product candidate pipeline through continued
R&D activities and to expand our operations. Our ultimate success
will depend on whether our product candidates are approved by the
FDA, Health Canada, or the regulatory authorities of other
countries in which our products are proposed to be sold and whether
we are able to successfully market our approved products. We
cannot be certain that we will receive such regulatory approval for
any of our current or future product candidates, that we will reach
the level of revenues necessary to achieve and sustain
profitability, or that we will secure other capital sources on
terms or in amounts sufficient to meet our needs, or at all."
A full-text copy of the Form 6-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1474835/000165495423012272/ipii_ex993.htm
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a pharmaceutical company
specializing in the research, development and manufacture of novel
and generic controlled-release and targeted-release oral solid
dosage drugs. The Company's patented Hypermatrix technology is a
multidimensional controlled-release drug delivery platform that can
be applied to the efficient development of a wide range of existing
and new pharmaceuticals. Based on this technology platform, the
Company has developed several drug delivery systems and a pipeline
of products (some of which have received FDA approval) and product
candidates in various stages of development, including ANDAs filed
with the FDA (and one ANDS filed with Health Canada) and one NDA
filing, in therapeutic areas that include neurology,
cardiovascular, gastrointestinal tract ("GIT"), diabetes and pain.
Intellipharmaceutics reported a net loss and comprehensive loss of
$2.89 million for the year ended Nov. 30, 2022, compared to a net
loss and comprehensive loss of $5.14 million for the year ended
Dec. 31, 2021. As of Nov. 30, 2022, the Company had $1.43 million
in total assets, $12 million in total liabilities, and a total
shareholders' deficiency of $10.57 million.
Toronto, Canada-based MNP LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated June 5,
2023, citing that the Company has suffered recurring losses from
operations and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
INTELLIPHARMACEUTICS: Posts $356K Net Loss in First Quarter
-----------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss and
comprehensive loss of $355,738 on $326,343 of revenues for the
three months ended Feb. 28, 2023, compared to a net loss and
comprehensive loss of $880,972 on $83,411 of revenues for the three
months ended Feb. 28, 2022.
As of Feb. 28, 2023, the Company had $1.59 million in total assets,
$12.53 million in total liabilities, and a shareholders' deficiency
of $10.93 million.
As of Feb. 28, 2023, the Company's cash balance was $69,546.
Intellipharmaceutics said, "We currently expect to meet our
short-term cash requirements from potential revenues for approved
generic products or other collaborations, other available financing
and by cost savings resulting from reduced R&D activities and
staffing levels, as well as quarterly profit share from Par.
Effective May 5, 2021 our exclusive license agreements with Tris
Pharma, Inc. for generic Seroquel XR, generic Pristiq and generic
Effexor XR were mutually terminated. Products were never supplied
nor distributed under the licenses. Termination of the exclusive
agreements may provide opportunity for the Company to explore
options of supplying the products to multiple sources on
non-exclusive bases. However, there can be no assurance that the
products previously licensed to Tris Pharma will be successfully
commercialized and produce significant revenues for us. We will
need to obtain additional funding to, among other things, further
product commercialization activities and development of our product
candidates. The Company recently entered into a license and supply
agreement with Taro Pharmaceuticals Inc. by which the Company has
granted Taro an exclusive license to market, sell and distribute a
product in Canada. There can be no assurance that the product will
be successfully commercialized and produce significant revenues for
us. Potential sources of capital may include, if conditions permit,
equity and/or debt financing, payments from licensing and/or
development agreements and/or new strategic partnership agreements.
The Company has funded its business activities principally through
the issuance of securities, loans from related parties ... and
funds from development agreements. There is no certainty that such
funding will be available going forward or, if it is, whether it
will be sufficient to meet our needs. Our future operations are
highly dependent upon our ability to source additional funding to
support advancing our product candidate pipeline through continued
R&D activities and to expand our operations. Our ultimate success
will depend on whether our product candidates are approved by the
FDA, Health Canada, or the regulatory authorities of other
countries in which our products are proposed to be sold and whether
we are able to successfully market our approved products. We
cannot be certain that we will receive such regulatory approval for
any of our current or future product candidates, that we will reach
the level of revenues necessary to achieve and sustain
profitability, or that we will secure other capital sources on
terms or in amounts sufficient to meet our needs, or at all."
A full-text copy of the Form 6-K is available for free at:
https://www.sec.gov/Archives/edgar/data/1474835/000165495423012269/ipii_ex993.htm
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a pharmaceutical company
specializing in the research, development and manufacture of novel
and generic controlled-release and targeted-release oral solid
dosage drugs. The Company's patented Hypermatrix technology is a
multidimensional controlled-release drug delivery platform that can
be applied to the efficient development of a wide range of existing
and new pharmaceuticals. Based on this technology platform, the
Company has developed several drug delivery systems and a pipeline
of products (some of which have received FDA approval) and product
candidates in various stages of development, including ANDAs filed
with the FDA (and one ANDS filed with Health Canada) and one NDA
filing, in therapeutic areas that include neurology,
cardiovascular, gastrointestinal tract ("GIT"), diabetes and pain.
Intellipharmaceutics reported a net loss and comprehensive loss of
$2.89 million for the year ended Nov. 30, 2022, compared to a net
loss and comprehensive loss of $5.14 million for the year ended
Dec. 31, 2021. As of Nov. 30, 2022, the Company had $1.43 million
in total assets, $12 million in total liabilities, and a total
shareholders' deficiency of $10.57 million.
Toronto, Canada-based MNP LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated June 5,
2023, citing that the Company has suffered recurring losses from
operations and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.
JLM COUTURE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: JLM Couture, Inc.
225 W. 37th Street, 5th Floor
New York, NY 10018
Business Description: JLM Couture is engaged in bridal design and
manufacturing business. JLM Couture
operates twelve collections, nine of which
are bridal lines, one bridesmaid line and
one flower girl line.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
District of Delaware
Case No.: 23-11659
Debtor's Counsel: Kevin S. Mann, Esq.
CROSS & SIMON, LLC
1105 N. Market Street, Suite 901
Wilmington, DE 19801
Phone: 302-777-4200
Email: kmann@crosslaw.com
Total Assets as of August 31, 2023: $2,850,196
Total Liabilities as of August 31, 2023: $2,115,305
The petition was signed by Joseph L. Murphy as president and CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/SAUQGCA/JLM_Couture_Inc__debke-23-11659__0001.0.pdf?mcid=tGE4TAMA
JLM COUTURE: Plans to File for Chapter 11 Restructuring
-------------------------------------------------------
JLM Couture, Inc. (OTC Markets: JLMC), an upscale, multi-label
wedding gown design and manufacturing company, on Oct. 2 disclosed
that it plans to file for restructuring. This option, available to
JLM Couture, is specifically designed for smaller businesses with
limited debt, ensuring they can safeguard their assets and continue
operations.
The primary motivators for this decision stems from external
challenges including the actions of Hayley Paige Gutman and
pressure from legacy creditors, including potential liability
stemming from New York City landlord-tenant issues aggravated by
the pandemic.
In light of these challenges, the decision to file for
restructuring emerged as "the most strategic move to protect our
valued operations and assets," said a company spokesperson. The
Company expects to voluntarily file for reorganization under
Subchapter V of Chapter 11 of the United States Bankruptcy Code.
Operations will continue as usual throughout the court-supervised
process, including efforts to meet customer expectations and
needs.
Given that JLM Couture has no significant bank debt and is actively
working out a restructuring plan with its trade vendors and
professional creditors, JLM Couture remains committed to delivering
top-tier designs to its clientele and is hopeful that this
restructuring will fortify its position and enable the Company to
return to a position of strength in the wedding gown industry.
About JLM Couture
For 30 years, JLM Couture, Inc. has been a leader in the wedding
gown industry, known for its innovative designs and unparalleled
commitment to quality.
K. HOVNANIAN: Moody's Rates New $655MM Sr. Secured Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service assigned B3 ratings to K. Hovnanian
Enterprises, Inc.'s new backed senior secured notes including $225
million of 8% 1.125 lien notes due 2028 and $430 million of 11.75%
1.25 lien notes due 2029. Moody's also affirmed Hovnanian
Enterprises, Inc.'s (Hovnanian) B3 corporate family rating, B3-PD
probability of default rating, Caa3 preferred stock rating, and the
ratings on K. Hovnanian Enterprises, Inc.'s existing 1.125 lien and
1.25 lien backed senior secured notes at B3, as well as the ratings
on its backed senior unsecured notes and backed senior unsecured
term loans at Caa2. The Speculative Grade Liquidity Rating (SGL)
remains unchanged at SGL-3. The outlook is stable.
In a private placement refinancing transaction, Hovnanian plans to
raise $655 million of new debt in a form of 1.125 lien notes due
2028 and 1.25 lien notes due 2029, the proceeds of which will be
used to retire $653 million of the company's existing 1.125 lien,
1.25 lien, 1.5 lien and 1.75 lien secured notes due 2026. Hovnanian
will retire the existing debt through a call redemption issued on
September 25, 2023 to be completed by October 5, 2023, with the
exception of $159 million of 1.75 lien senior notes due 2025, which
will be redeemed on November 16, 2023. At the same time, the
company has entered into an amendment to extend the maturity of its
$125 million first lien revolving credit facility by two years to
June 2026.
"The refinancing transaction is credit positive as it improves
Hovnanian's liquidity position by extending debt maturity profile
to 2028 and 2029 from 2026 for over $650 million of debt as well as
extends access to the company's $125 million revolving credit
facility until 2026 from 2024. However, the transaction results in
an increase of an annual interest expense of about $1 million,"
says Natalia Gluschuk, Moody's Vice President and Senior Credit
Officer.
The B3 ratings on the company's new $225 million 1.125 lien notes
and $430 million 1.25 lien notes reflect these notes' priority
positions in the capital structure in relation to 1.75 lien term
loan as well as unsecured term loans and unsecured notes, however,
junior positions to first lien revolving credit facility and
non-recourse mortgages. The new notes are secured by substantially
all assets of K. Hovnanian Enterprises, Inc. (the borrower) and
guarantors, which include Hovnanian Enterprises, Inc. and
substantially all of its subsidiaries.
RATINGS RATIONALE
Hovnanian's B3 CFR reflects: 1) the company's focus on
deleveraging, which includes voluntary debt repayments, and the
achieved progress in reducing debt to capitalization with further
improvement expected in the next 12 to 18 months; 2) adequate
liquidity with an extended debt maturity profile upon the
refinancing transaction; 3) revenue scale of $2.8 billion and
geographic diversification across 14 states and 29 markets; and 4)
an option-focused land strategy with about 73% of total lots
optioned at July 31, 2023 and good inventory turns.
However, the credit profile is constrained by: 1) the company's
high leverage with pro forma debt to book capitalization ratio of
69% and a complex capital structure with multiple seniorities of
debt; 2) risk related to shareholder-friendly actions including
dividends and share repurchases given the share repurchase
authorization, although they are expected to be modest; 3) exposure
to litigation and regulatory risks; and 4) the cyclicality of the
homebuilding sector and exposure to volatility in demand and
operating statistics.
The stable outlook reflects Moody's expectations that over the next
12 to 18 months Hovnanian will continue to gradually delever, while
maintaining adequate liquidity as homebuilding sector conditions
improve.
The SGL-3 Speculative Grade Liquidity Rating reflects Moody's
expectation that Hovnanian will maintain adequate liquidity over
the next 12 to 15 months. Liquidity is supported by an extended
debt maturity profile post refinancing with the earliest maturity
occurring in February 2026, access to $125 million revolving credit
facility that expires in June 2026, absence of financial
maintenance covenants in the credit agreement, and $325 million of
cash balance at July 31, 2023. The company is also expected to
generate positive cash flow from operations in fiscal 2023.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company continues to improve
its credit statistics, simplifies its capital structure, and
maintains a good liquidity profile. Debt to book capitalization
trending toward 60% and EBIT to interest coverage sustained above
2.0x would be important considerations for an upgrade, along with
stable homebuilding industry conditions.
The rating could be downgraded if the company's leverage rises
above 70%, the risk of debt restructuring increases, interest
coverage weakens below 1.0x, or liquidity profile deteriorates.
The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.
Hovnanian Enterprises, Inc., established in 1959 and headquartered
in Matawan, New Jersey, designs, constructs and markets single
family detached homes and attached condominium apartments and
townhouses. The company operates in 29 markets in 14 states. In the
last twelve months ended July 31, 2023, Hovnanian generated $2.8
billion in revenue and $164 million in net income.
KIRBY CONSTRUCTION: Tamara Miles Ogier Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq.,
at Ogier, Rothschild & Rosenfeld, PC, as Subchapter V trustee for
Kirby Construction 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 Kirby Construction Group
Kirby Construction Group, LLC provides restoration, renovation, and
remodel of interior building finishes, predominantly focused on
non¬structural residential interiors. It subcontracts the work out
to third party subcontractors on a job-by-job basis. Andrew C.
Kirby, Jr. is the Debtor's sole W-2 employee. The Debtor leases its
office and warehouse located at 5365 Dividend Drive, Suite F, in
Decatur, Ga.
Kirby Construction Group filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-58909) on Sept. 13, 2023, with up to $100,000 in assets and up
to $1 million in liabilities. Andrew C. Kirby, Jr., manager, signed
the petition.
Judge Lisa Ritchey Craig oversees the case.
Paul Reece Marr GA, Esq., at Paul Reece Marr, PC, represents the
Debtor as legal counsel.
KNS MOTEL: Dennis Perrey Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 10 appointed Dennis Perrey as
Subchapter V trustee for KNS Motel, Inc.
The Subchapter V trustee can be reached at:
Dennis J. Perrey
P.O. Box 8232
Evansville, IN 47716
Phone: 812.630.5823
Email: dennis.perrey@yahoo.com
About KNS Motel
KNS Motel, Inc. operates in the traveler accommodation industry.
It owns in fee simple interest a real property located at 619 N.
Shore Drive, Jeffersonville, Ind., valued at $6.1 million.
KNS Motel filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-90897) on Sept. 13,
2023, with $6,193,078 in assets and $5,006,679 in liabilities.
Indravadan Patel, president, signed the petition.
Judge Andrea K. Mccord oversees the case.
Michael W. McClain, Esq., at Goldberg Simpson, LLC represents the
Debtor as legal counsel.
LIFEPOINT HEALTH: S&P Rates New $1BB Senior Secured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to LifePoint Health Inc.'s proposed $1 billion
senior secured notes. The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; rounded estimate:
65%) in the event of a default. The company will use the proceeds
from these notes to repay $1 billion of the remaining outstanding
amount on its existing term loan B maturing in 2025. Therefore, S&P
believes this debt issuance will be leverage neutral. S&P's 'B'
issuer credit rating and negative outlook on LifePoint are
unaffected by this announcement.
LOUISVILLE LUSH: Elizabeth Woodward Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Elizabeth Zachem
Woodward of Dean Dorton as Subchapter V trustee for Louisville Lush
Aesthetics, LLC.
Ms. Woodward will be paid an hourly fee of $460 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Woodward declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Elizabeth Zachem Woodward
Dean Dorton
250 W. Main Street, Suite 1400
Lexington, KY 40507
Phone: 859-425-7677
Email: ewoodward@deandorton.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 up to $1 million
in both assets and liabilities.
Judge: Charles R. Merrill oversees the case.
Michael W. McClain, Esq., at Goldberg Simpson, LLC represents the
Debtor as legal counsel.
LUNYA CO: Seeks $700,000 DIP Loan from Merrill Living
-----------------------------------------------------
Lunya Company asks the U.S. Bankruptcy Court for the District of
Delaware for authority to use cash collateral and obtain
post-petition financing to fund its liquidity needs and operate its
business.
The Debtor seeks access to post-petition financing on a
superpriority basis from the Merrill Living Trust. The DIP Facility
consists of a new money term loan credit facility in an aggregate
principal amount equal to $700,000.
The DIP Loan will be used for (i) working capital and general
corporate purposes of the Debtor, (ii) bankruptcy-related costs and
expenses, and (iii) any other purpose agreed upon in the DIP Loan
Documents.
All DIP Obligations will be due and payable in full in cash unless
otherwise agreed to by the DIP Lender on the earliest of (i) the
date that is 180 days following the Closing Date, (ii) the
acceleration of the DIP Loan upon the occurrence of an Event of
Default, (iii) the effective date of any plan of reorganization,
(iv) the date the Bankruptcy Court converts the Chapter 11 Case to
a case under chapter 7 of the Bankruptcy Code, (v) the date the
Bankruptcy Court dismisses the Chapter 11 Case, and (vi) the date
an order is entered in any Bankruptcy Case appointing a chapter 11
trustee or examiner with enlarged powers.
There are 16.1 million shares outstanding of the Debtor's common
stock, with 96% of those shares being owned by the Debtor's founder
and her affiliates, specifically the DIP Lender, The Merrill 2021
Dynasty Trust and the Merrill Family Living Trust.
As of the Petition Date, the Debtor has no secured funded debt.
However, most of the Debtor's product is stored and shipped by a
third-party logistics company in California. As of the Petition
Date, the Debtor owed the third-party logistics company
approximately $500,000. The Debtor sought authority to pay the 3PL
Claim in connection with the Debtor's Motion for Entry of an Order
Authorizing the Payment of Certain Prepetition Shippers and
Warehousemen Claims and Granting Related Relief. On July 24, 2023,
the Court entered a final order approving the Shippers Motion.
Subsequent to entry of the Shippers Motion, the Debtor satisfied
the 3PL Claim.
The Debtor has approximately $6 million in unsecured debt of
non-insiders, consisting mostly of trade and credit card debt. In
addition, the Debtor has approximately $27.357 million in unsecured
debt that is owed to the DIP Lender. None of the unsecured debt
owed to the DIP Lender is being rolled-up or receiving any form of
treatment under the terms of the DIP Term Sheet. Instead, all of
the unsecured debt owed to the DIP Lender will be afforded the same
treatment as other general unsecured claims under the Plan.
There will be a Carve-Out in an amount equal to the sum of all
allowed and unpaid claims for unpaid fees and expenses incurred by
persons or firms retained by the Debtor whose retention is approved
by the 11 U.S.C. Sections 327 or 328, subject to the terms of the
DIP Financial Reporting, the DIP Order and any other interim or
other compensation orders entered by the Bankruptcy Court which
have not been paid by the Borrower prior to the Closing Date and
are ultimately allowed by the 11 U.S.C. sections 328, 330, 331 and
503 or any order of the Bankruptcy Court; provided, however, that
Professional Fees accrued and to be paid on or after the date pf
the occurrence of a Termination Event will not exceed $45,000.
The events that constitute an "Event of Default" include:
(i) Failure by the Debtor to be in compliance in all respects
with any provision of the DIP Loan Documents or the DIP Order;
(ii) Reversal, modification, amendment, stay or vacation of the
DIP Order, as entered by the Bankruptcy Court, without the prior
written consent of the DIP Lender;
(iii) The filing with the Bankruptcy Court of an amended plan of
reorganization or liquidation in the Chapter 11 Case that does not
provide for either (a) the indefeasible payment in full in cash to
the DIP Lender of theDIP Loan and all other amounts outstanding
under the DIP Term Sheet on the effective date of such plan or (b)
such other treatment as the DIP Lender may agree in its sole
discretion;
(iv) The appointment in the Chapter 11 Case of a responsible
officer with enlarged powers relating to the operation of the
business of the Debtor;
(v) The filing of a motion by the Debtor seeking dismissal of
the Chapter 11 Case or the conversion of the Chapter 11 Case to a
case under chapter 7 of the Bankruptcy Code; and
(vi) The granting of relief from the automatic stay by the
Bankruptcy Court as to any material assets of the Debtor to any
other creditor or party in interest in the Chapter 11 Case (other
than the uncontested relief granted to 255 Elizabeth Realty Corp.
by order dated September 18, 2023).
A hearing on the matter is set for October 5, 2023 at 4 p.m.
A copy of the order is available at https://urlcurt.com/u?l=VUPJIO
from Stretto, the claims agent.
About Lunya Company
Lunya Company is a Los Angeles-based brand selling sleepwear
through its own ecommerce site (Lunya.co), seven own-branded retail
stores, and certain select wholesale partners.
Lunya Company filed a petition under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. D. Del. Case No. 23-10783) on June 16,
2023, with $1 million to $10 million in assets and $10 million to
$50 million in liabilities. David Klauder has been appointed as
Subchapter V trustee.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Joseph C. Barsalona II, Esq., at Pashman Stein
Walder Hayden, P.C. as legal counsel. Stretto, Inc. is the
Debtor's claims and noticing agent and administrative advisor.
LUXE SPACES: Fine-Tunes Plan Documents
--------------------------------------
Luxe Spaces, LLC, submitted a Second Amended Subchapter V Plan of
Reorganization dated September 26, 2023.
The Debtor has formulated a plan of reorganization. Under the Plan,
the Debtor intends to distribute the Cash generated from the
operation of its corporate housing business to Holders of Allowed
Claims.
The Plan provides for the treatment of Claims and Interests as
follows, and as more fully described herein:
* Allowed General Unsecured Claims will receive present value
of $521,134.17 which is approximately 65.74% of their Allowed
Claims;
* The Allowed Secured Claims of the SBA and ODK will be paid
in full;
* The Allowed Claim of Brownstone will be bifurcated into
Secured and Unsecured components pursuant to Section 506(a) of the
Bankruptcy Code; and
* Holders of Interests will retain their membership interests
in the Debtor.
The Debtor proposes to pay all Allowed Claims with Cash on hand and
its Projected Disposable Income over the Commitment Period.
The Debtor has Avoidance Actions against Fox Capital, White Road
and Quick (Panthers).
Quick did File a Proof of Claim in the amount of $81,531.00 before
the General Claims Bar Date. Quick received numerous payments
totaling at least $151,499.00 during December 2022. As the Holder
of a General Unsecured Claim, the transfers to Quick are avoidable
under Section 547(b) of the Bankruptcy Code as preferential
payments. On June 9, 2023, the Debtor Filed a complaint against
Quick and Panthers, commencing adversary proceeding no. 23-01008 in
the Bankruptcy Court. Panthers is named as defendant in this
adversary proceeding because it constitutes a single business
enterprise with Quick. Quick answered the Debtor's complaint.
Panthers filed a motion to dismiss. The Bankruptcy Court denied
Panther's motion to dismiss. Panthers filed an answer on September
20, 2023.
On July 6, 2023, the Debtor commenced an adversary proceeding (No.
23-01011) against Kinetic and Libertas. The Debtor alleged that
Kinetic received total payments of at least $74,861.10 between
October 20, 2022 and December 31, 2022, and that, such payments to
Kinetic were avoidable under Section 547(b) of the Bankruptcy Code
as preferential payments. The Debtor also alleged that Libertas and
Kinetic constituted a single business enterprise. Kinetic and
Libertas denied that they were a single business enterprise,
further denied all liability to the Debtor and asserted ordinary
course of business defenses under Section 547(c) of the Bankruptcy
Code. Soon after the Debtor commenced the adversary proceeding
against Kinetic and Libertas, the parties engaged in arms' length
settlement negotiations. The parties agreed to settle the Debtor's
claims against Kinetic and Libertas for $10,000. The Debtor filed a
motion to approve the proposed settlement and set it for hearing on
October 24, 2023.
The Debtor will have the capacity to commence and continue Causes
of Action prior to the Effective Date. On and After the Effective
Date, Reorganized Debtors will have the capacity to commence and
continue Causes of Action as the Debtor's successor-in-interest.
Upon Confirmation, all property of the Debtor, tangible and
intangible, including, without limitation, licenses, furniture,
fixtures, and equipment, will revert, free and clear of all Claims
and Interests except as provided in the Plan, to the Debtor.
Funds needed to make Cash payments on or before the Effective Date
under the Plan shall come from Cash on hand and/or the operations
of the Debtor's corporate housing business. All payments on and/or
after the Effective Date shall be made by Reorganized Debtor from
Cash on hand and/or the operations of the Debtor's corporate
housing business.
In addition to monthly Cash distributions after the Effective Date,
the Reorganized Debtor shall distribute 50.0% of the net proceeds
of any Causes of Actions, including Avoidance Actions, to Holders
of certain Claims until paid in full in the following priority (in
each case on a Pro Rata Basis): (a) first, on account of Allowed
Administrative Claims; (b) second, on account of any Cure Claims;
(c) third, on account of any Allowed General Unsecured Claims; and
(d) fourth, the Debtor.
"Net proceeds" means gross recoveries from any Causes of Action,
including Avoidance Actions, after payment of any attorneys' fees,
filing fees and other costs and expenses related to the prosecution
of such Causes of Action.
A full-text copy of the Second Amended Subchapter V Plan dated
September 26, 2023 is available at https://urlcurt.com/u?l=yn49id
from PacerMonitor.com at no charge.
Attorneys for Luxe Spaces:
STERNBERG, NACCARI & WHITE, LLC
Ryan J. Richmond, Esq.
Ashley M. Caruso, Esq.
251 Florida Street, Suite 203
Baton Rouge, LA 70801-1703
Tel. (225) 412-3667
Fax (225) 286-3046
Email: ryan@snw.law
ashley@snw.law
About Luxe Spaces, LLC
Luxe Spaces, LLC is a Baton Rouge, La.-based corporate housing
company. Luxe Spaces leases apartments, houses, condos, townhomes,
etc. and then sublets them to, among others, film and televisions
production companies, governmental agencies such as FEMA, and
private businesses looking to temporarily house their executives.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 23-10042) on January 18,
2023. In the petition signed by Stephanie R. Clarke, manager, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Michael A. Crawford oversees the case.
Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC, is the
Debtor's legal counsel.
MALLINCKRODT PLC: Hires AlixPartners LLP as Financial Advisor
-------------------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ
AlixPartners, LLP as financial advisor.
The firm will provide these services:
-- assist the Debtors with their treasury activities, including
developing short-term cash flow forecasting, and assist with
planning for alternatives as requested by the Debtors;
-- provide assistance with implementing vendor management
programs to maintain vendor support;
-- provide assistance to the Debtors with the development of
materials for stakeholder diligence, coordination of due diligence
and the maintenance of a data room as needed;
-- provide assistance to management in connection with the
Debtors' development of their business plans, and such other
related forecasts, as may be required;
-- advise senior management in the negotiation and
implementation of restructuring initiatives and evaluation of
strategic alternatives;
-- assist management and its other professionals in sourcing,
negotiating and implementing any financing, including DIP and exit
financing facilities, in conjunction with the Plan of
Reorganization and the overall restructuring;
-- assist the Debtors in the preparation of financial related
disclosures as may be required by this Court, including Monthly
Operating Reports;
-- assist the Debtors in the identification of executory
contracts and unexpired leases and the performing of cost/benefit
evaluations with respect to the assumption or rejection of each, as
necessary;
-- provide assistance with implementation of Court orders;
-- assist the Debtors and provide overall coordination of claims
processing, analysis, and reporting, including plan classification
modeling and claim estimation;
-- participate in meetings, develop informational materials, and
otherwise provide support to the Debtors and their other
professional advisors in negotiations with potential investors,
banks and other secured lenders, bondholders, any statutory
creditors' committee appointed in these chapter 11 cases (if any),
the U.S. Trustee, other parties-in-interest, and professionals
hired by the same, as requested;
-- assist in developing accounting matters pertaining to these
chapter 11 as well as operating procedures to segregate prepetition
and postpetition business transactions;
-- assist in the evaluation and analysis of avoidance actions,
including fraudulent conveyances and preferential transfers;
-- assist the Debtors with plan distribution activities;
-- assist with the preparation of information and analysis
necessary for the confirmation of a plan of reorganization in these
chapter 11 cases, including information contained in the disclosure
statement;
-- provide expert witness testimony before the Bankruptcy Court
on matters that are within AlixPartners' areas of expertise; and
-- assist with such other matters as may be requested that fall
within AlixPartners' expertise and that are mutually agreed.
The firm will be paid at these rates:
Partner & Managing Director $1,140 to $1,400 per hour
Partner $1,115 per hour
Director $880 to $1,070 per hour
Senior Vice President $735 to $860 per hour
Vice President $585 to $725 per hour
Consultant $215 to $565 per hour
Paraprofessional $360 to $380 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received from the Debtors a retainer of $800,000.
Randall Eisenberg, a managing director at AlixPartners, disclosed
in court filings that his firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Randall S. Eisenberg
ALIXPARTNERS, LLP
909 Third Avenue
New York, NY 10022
Telephone: (212) 490-2500
Facsimile: (212) 490-1344
Email: reisenberg@alixpartners.com
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.
MALLINCKRODT PLC: Hires Guggenheim as Investment Banker
-------------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Guggenheim
Securities, LLC as investment banker.
The firm will provide these services:
(a) review and analysis of the business, financial condition and
prospects of the Debtors;
(b) evaluation of the liabilities of the Debtors, its debt
capacity and its strategic and financial alternatives;
(c) In connection with any Transaction:
(i) Evaluation from a financial and capital markets point of
view of alternative structures and strategies for implementing the
Transaction;
(ii) Preparation of offering, marketing or other transaction
materials concerning the Debtors and the Transaction for
distribution and presentation to the relevant Transaction
Counterparties;
(iii) Development and implementation of a marketing plan with
respect to such Transaction;
(iv) Identification and solicitation of, and the review of
proposals received from, the Investors and other prospective
Transaction Counterparties; and
(v) Negotiation of the Transaction;
(d) If the Debtors determines to pursue or effect any
Transaction in connection with a Bankruptcy Case (including any
time prior to, but in anticipation of, the occurrence of any such
Bankruptcy Case):
(i) Provision of financial advice and assistance to the
Debtors, including in coordination with Counsel, in negotiating,
developing and seeking approval of any such Transaction, including
a plan of reorganization or liquidation, which may also be a plan
under Chapter 11 of the Bankruptcy Code confirmed in connection
with any Bankruptcy Case in Bankruptcy Court; and
(ii) Participation in hearings before any applicable
Insolvency Authority with respect to the matters upon which
Guggenheim Securities has provided advice, including, as relevant,
coordinating with the Debtors' legal counsel (including Counsel)
with respect to, and providing, testimony in connection therewith;
and
(e) Such other matters as may be agreed upon by Guggenheim
Securities and the Debtors in writing (including without limitation
via email) during Guggenheim Securities' engagement.
The firm will be paid as follows:
(a) Monthly Fees.
(i) The Debtors will pay Guggenheim Securities a
non-refundable cash fee per month (each, a "Monthly Fee"),
commencing as of June 1, 2023, which fee will be due and paid by
the Debtors in advance, with respect to each calendar month during
the period from June 1, 2023 until termination of Guggenheim
Securities' engagement under the Engagement Letter, whether or not
any Transaction is consummated, promptly on the first day of each
such calendar month, in the amount of $200,000 per month.
(ii) An amount equal to 50 percent of all Monthly Fees that
are, in each case, actually paid to Guggenheim Securities under the
Engagement Letter shall be credited against any Restructuring
Transaction Fee, Financing Fee or Sale Transaction Fee that
thereafter becomes payable pursuant to Sections 4(e), 4(f) or 4(g)
of the Engagement Letter; it being understood that any such amount
of the Monthly Fee can only be credited once and without
duplication against such fees; it being further understood that, in
the event that a Restructuring Transaction Fee or Sale Transaction
Fee becomes payable in installments in accordance with the first
proviso clause of, respectively, Section 4(e)(ii) or Section
4(g)(ii) of the Engagement Letter, then any such creditable amount
of the Monthly Fee (to the extent not previously credited against
any other fee thereunder) can only be credited against the Final
Restructuring Fee Installment or Final Sale Fee Installment, as the
case may be, that so becomes payable thereunder (but not against
any Initial Restructuring Fee Installment or Initial Sale Fee
Installment).
(b) Restructuring Transaction Fee(s).
(i) If any Restructuring Transaction is consummated, then the
Debtors will pay Guggenheim Securities a cash fee (such fee, a
"Restructuring Transaction Fee") in an amount equal to $16,000,000.
(ii) Any such Restructuring Transaction Fee will be payable
promptly upon the consummation of any Restructuring Transaction;
provided, that, if at any time prior to the consummation of such
Restructuring Transaction, the Debtors enters into any transaction,
restructuring or plan support agreement (or any such other similar
agreement) (any such agreement, a "TSA") with respect to any such
Restructuring Transaction, then such Restructuring Transaction Fee
shall be paid in installments as follows (such installment in
clause (A) to be non-refundable, regardless of whether or not such
Restructuring Transaction is consummated): (A) $8,000,000, payable
promptly upon the Debtors' entry into such applicable TSA (the
"Initial Restructuring Fee Installment") and (B) $8,000,000,
payable promptly upon the consummation of any such Restructuring
Transaction (the "Final Restructuring Fee Installment"); provided,
further, however, that, without duplication of any fees paid
pursuant to the immediately preceding proviso clause, (x) in
connection with any Restructuring Transaction that is contemplated
to be consummated in connection with a pre-packaged or similar Plan
in a Bankruptcy Case, 100 percent of the Restructuring Transaction
Fee shall be paid by the Debtors to Guggenheim Securities prior to
the commencement of such Bankruptcy Case and (y) the Restructuring
Transaction Fee in connection with any Restructuring Transaction
that is contemplated to be effectuated pursuant to Section 3(a)(9)
of the Securities Act, will be fully earned and payable on the date
that definitive offer documents for the related exchange offer
under Section 3(a)(9) of the Securities Act are first distributed
to creditors whose claims would be affected thereby, without regard
to the results of such exchange offer or any other contingency.
(c) Financing Fee(s).
(i) If any Financing Transaction is consummated, then, in each
case, the Debtors will pay Guggenheim Securities one or more cash
fees (each, a "Financing Fee") in an amount equal to the sum of:
(1) 100 basis points of the aggregate face amount of any
new money debt obligations to be issued or raised by the Debtors in
any Debt Financing (including the face amount of any related
commitments) that is secured by first priority liens over any
portion of the Debtors' or any other person's assets, plus
(2) 200 basis points of the aggregate face amount of any
new money debt obligations to be issued or raised by the Debtors in
any Debt Financing (including the face amount of any related
commitments) that is not covered by Section 4(f)(i)(A) of the
Engagement Letter, plus
(3) 300 basis points of the aggregate amount of gross
proceeds raised by the Debtors in any Equity Financing; plus
(4) With respect to any other securities or indebtedness
issued that is not otherwise covered by Sections 4(f)(i)(A) to
4(f)(i)(C) of the Engagement Letter, such financing fees,
underwriting discounts, placement fees or other compensation as
customary under the circumstances and mutually agreed in advance by
the Debtors and Guggenheim Securities.
(ii) Financing Fees for any Financing Transaction will be
payable upon the consummation of the related Financing Transaction;
provided, however, that with respect to any Financing Transaction
that is contemplated to be consummated in connection with a
pre-packaged, pre-arranged or similar Plan relating to a Bankruptcy
Case, the Financing Fee will in any event be paid by the Debtors
prior to the commencement of such applicable Bankruptcy Case.
(iii) The Debtors expressly acknowledges and agrees that a
separate Financing Fee will be payable to Guggenheim Securities
with respect to each Financing Transaction in the event that more
than one Financing Transaction is effected or occurs.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brendan Hayes, a senior managing director at Guggenheim Securities,
LLC, disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code and does not hold or represent any interest that is
materially adverse to the Debtors' estates.
The firm can be reached through:
Brendan Hayes
Guggenheim Securities, LLC
330 Madison Avenue
New York, NY 10017
Telephone: (212) 739-0700
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.
MALLINCKRODT PLC: Hires Hogan Lovells US LLP as Special Counsel
---------------------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Hogan
Lovells US LLP as special counsel.
The firm's services include:
a. advising and representing the Debtors or their current or
former employees in connection with ongoing investigations and
potential enforcement activity conducted by the Securities Exchange
Commission, Department of Justice, or other investigatory bodies
relating to Acthar or their pharmaceuticals businesses, including
Debtors' public statements, including but not limited to performing
legal and factual due diligence, analyzing documents, conducting
interviews, formalizing responses to inquiries from these agencies,
and assisting the Debtors with respect to settlement agreements;
b. advising and representing the Debtors or their current or
former employees in litigation matters relating to Acthar or their
pharmaceuticals businesses, including but not limited to performing
legal and factual due diligence, conducting discovery, motions
practice, preparing for mediation or trial, assisting the Debtors
with respect to settlement agreements and, if necessary, conducting
trial;
c. advising the Debtors regarding Securities and Exchange
Commission requirements and filings and related regulatory and
corporate legal advice;
d. advising the Debtors regarding corporate transactions and
contractual business relationships in Japan;
e. performing all other necessary legal services in connection
with the foregoing; and
f. performing any other services that fall within the scope of
services historically or generally performed by Hogan Lovells prior
to the Petition Date; provided, however, that to the extent Hogan
Lovells determines that such services fall outside of the scope of
the services historically or generally performed by Hogan Lovells,
Hogan Lovells will file a supplemental declaration disclosing the
general nature of such services.
The firm will be paid at these rates:
Partners $810 to $1,905 per hour
Counsels $810 to $1,850 per hour
Associates $550 to $1,130 per hour
Paralegals $295 to $590 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As of the Petition Date, Hogan Lovells had applied $846,011.81 of
the Advance Fee Retainer against the actual fees, charges and
disbursements the Debtors incurred in June and July 2023. Hogan
Lovells has yet to invoice, and thus has yet to apply, the Advance
Fee Retainer to the approximately $556,012.44 in fees the Debtors
incurred between August 1-August 27, 2023 (i.e., the August period
before the Petition Date) (the "August Accrual"). With the Court's
approval, as hereby requested herein, Hogan Lovells intends to
apply the remainder of the Advance Fee Retainer to the August
Accrual, at which point approximately $27,800 will remain owing on
account of the August Accrual (the "Remaining August Amount").
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: In 2019, Hogan Lovells agreed to an annual volume
discount
arrangement with respect to the Hogan Lovells
Services,
pursuant to which Hogan Lovells provides a discount
ranging
from 7.5 percent to 15 percent to the bottom line
invoiced
amount.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Hogan Lovells has represented the Debtors since
approximately
2000. In the 12 months prior to the Petition Date,
Hogan
Lovells' billing rates and material financial terms
have not
varied from the proposed post-petition rates and
terms, other
than standard yearly rate adjustments.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Hogan Lovells is working with the Debtors to prepare
a
prospective budget and staffing plan through December
2023.
Hogan Lovells intends to have this budget and
staffing plan
completed prior to the hearing held on this matter.
E. Desmond Hogan, partner of the law firm of Hogan Lovells US LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.
Hogan Lovells can be reached at:
E. Desmond Hogan, Esq.
HOGAN LOVELLS US LLP
555 Thirteenth Street, NW
Washington, DC 20004-1109
Tel: (202) 637-5600
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.
MALLINCKRODT PLC: Hires Kroll as Administrative Advisor
-------------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kroll
Restructuring Administration LLC as administrative advisor.
The firm will provide these services:
(a) assist with, among other things, solicitation, balloting,
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a Chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest, including, if applicable, brokerage firms,
bank back-offices, and institutional holders;
(b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
(f) provide such other processing, solicitation, balloting, and
other administrative services described in the Engagement
Agreement, but not included in the Section 156(c) Application, as
may be requested from time to time by the Debtors, the Court, or
the Office of the Clerk of the Bankruptcy Court (the "Clerk").
The firm will be paid at these hourly rates:
Director of Solicitation $245
Solicitation Consultant $220
Director $175-$245
Consultant/Senior Consultant $65-$195
Technology Consultant $35-$110
Analyst $30-$60
The firm will be paid a retainer in the amount of $75,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in court filings, Kroll is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
Phone: (212) 593-1000
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.
MALLINCKRODT PLC: Hires Latham & Watkins LLP as Co-Counsel
----------------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Latham &
Watkins LLP as bankruptcy co-counsel.
The firm will provide these services:
a. advise the Debtors with respect to their powers and duties as
the Debtors in possession in the continued management and operation
of their businesses and properties;
b. advise and consult on the conduct of the Chapter 11 Cases,
including all of the legal and administrative requirements of
operating in chapter 11;
c. advise the Debtors and take all necessary action to protect
and preserve the Debtors' estates, including prosecuting actions on
the Debtors' behalf, defending any action commenced against the
Debtors, and representing the Debtors' interests in negotiations
concerning litigation in which the Debtors are involved;
d. despite the absence of a formal claims process, analyze any
proofs of claim filed against the Debtors and object to such claims
as necessary;
e. represent the Debtors in connection with obtaining authority
to continue using cash collateral and to procure postpetition
financing;
f. attend meetings and negotiate with representatives of
creditors, interest holders, and other parties in interest;
g. analyze executory contracts and unexpired leases and
potential assumptions, assignments, or rejections of such contracts
and leases;
h. prepare pleadings in connection with the Chapter 11 Cases,
including motions, applications, answers, orders, reports, and
papers necessary or otherwise beneficial to the administration of
the Debtors' estates;
i. advise the Debtors in connection with any potential sale of
assets;
j. take necessary action on behalf of the Debtors to obtain
approval of the Disclosure Statement and confirmation of the Plan;
k. appear before this Court or any appellate courts to protect
the interests of the Debtors' estates before those courts;
l. advise on corporate, litigation, environmental, finance, tax,
employee benefits, and other legal matters; and
m. perform all other necessary legal services for the Debtors in
connection with the Chapter 11 Cases.
The firm will be paid at these rates:
Partners $1,360 to $2,230 per hour
Counsel $1,300 to $1,690 per hour
Associates $705 to $1,400 per hour
Professional Staff $210 to $1,050 per hour
Paralegals $300 to $660 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
During the 90-day period prior to the Petition Date, the firm
received advances in the amount of $12,386,958.25. As of the
Petition Date, the firm has a remaining credit balance in favor of
the Debtors in the amount of approximately $986,962.06.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: The firm's current hourly rates for services
rendered on behalf of the Debtors are set forth in
the application. These rates have been used since
January 1 of this year. During the prior calendar
year, the firm used the following rates for
services rendered on behalf of the Debtors: $1,265
to $2,075 for partners; $1,210 to $1,720 for
counsel; $655 to $1,300 for associates; $190 to
$965 for professional staff; and $270 to $600 for
paralegals. All material financial terms have
remained unchanged since the 2023 prepetition
period.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. The firm has provided the Debtors with a
prospective budget and staffing plan setting forth
the types of timekeepers, numbers thereof, and
applicable hourly rates it expects during the
Chapter 11 Cases, which have been approved by the
Debtors. The budget and staffing plan cover the
period from the Petition Date to November 17, 2023.
George A. Davis, Esq., a partner at Latham & Watkins LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
George A. Davis, Esq.
Anupama Yerramalli, Esq.
Adam S. Ravin, Esq.
Hugh K. Murtagh, Esq.
Christopher J. Kochman, Esq.
LATHAM & WATKINS LLP
1271 Avenue of the Americas
New York, NY 10020
Telephone: (212) 906-1200
Facsimile: (212) 751-4864
Email: george.davis@lw.com
anu.yerramalli@lw.com
adam.ravin@lw.com
hugh.murtagh@lw.com
chris.kochman@lw.com
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.
MALLINCKRODT PLC: Hires Richards Layton as Co-Counsel
-----------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Richards,
Layton & Finger, P.A. as bankruptcy co-counsel.
The firm's services include:
a) assisting in preparing all petitions, motions, applications,
orders, reports, and papers necessary or desirable to commence one
or more cases under the Bankruptcy Code;
b) advising the Debtors of their rights, powers, and duties as
debtors and debtors in possession under chapter 11 of the
Bankruptcy Code;
c) taking all necessary actions to protect and preserve the
estates of the Debtors, including the prosecution of actions on the
Debtors' behalf, the defense of any actions commenced against the
Debtors, the negotiation of disputes in which the Debtors are
involved, and the preparation of objections to claims filed against
the Debtors' estates;
d) assisting in preparing on behalf of the Debtors all motions,
applications, answers, orders, reports, and papers in connection
with the administration of the Debtors' estates;
e) assisting in preparation of the Disclosure Statement and any
related documents and pleadings necessary to solicit votes on the
Plan;
f) prosecuting, on behalf of the Debtors, the Plan and seeking
approval of all transactions contemplated therein and in any
amendments thereto;
g) performing all other necessary legal services in connection
with the prosecution of these Chapter 11 Cases;
h) continuing representation of the Reorganized Debtors on
certain residual matters in connection with the Prior Cases; and
i) continuing to serve as Delaware counsel in connection with
the Delaware Patent Litigation.
The firm will be paid at these rates:
Directors $995 to $1,325 per hour
Counsel $850 to $875 per hour
Associates $495 to $750 per hour
Paraprofessionals $375 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to the Petition Date, on August 25, 2023, the firm drew down
the remaining Retainer balance of $449,421.20 in satisfaction of
fees and expenses actually incurred and anticipated to be incurred
through the Petition Date.
a) The firm did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;
b) None of the firm's professionals included in this engagement
have varied their rate based on the geographic location for these
Chapter 11 Cases;
c) The firm entered into an engagement letter with the Debtors
in connection with the Prior Cases in September, 2020. The firm has
continued in its representation of the Debtors since the Prior
Cases. Other than the periodic adjustments described above, the
billing rates and material financial terms of the firm's engagement
have not changed postpetition from the prepetition arrangement;
and
d) The firm, in conjunction with the Debtors and Latham &
Watkins LLP, is developing a prospective budget and staffing plan
for these Chapter 11 Cases.
Michael J. Merchant, Esq., a partner at Richards, Layton & Finger,
P.A., disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Mark D. Collins, Esq.
Michael J. Merchant, Esq.
Amanda R. Steele, Esq.
Emily R. Mathews, Esq.
Alexander R. Steiger, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 N. King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: collins@rlf.com
merchant@rlf.com
steele@rlf.com
mathews@rlf.com
steiger@rlf.com
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.
MALLINCKRODT PLC: Hires Wachtell Lipton as Special Counsel
----------------------------------------------------------
Mallinckrodt PLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Wachtell,
Lipton, Rosen & Katz as special finance and corporate counsel.
The firm's services include:
a) representing the Debtors in connection with existing or new
financing arrangements, including but not limited to any new
financings or refinancings, without duplicating services of other
counsel to the Debtors;
b) advising the Debtors and the Debtors' boards with respect to
their powers and duties, including on corporate governance and
board matters, with respect to matters within Wachtell Lipton's
scope of responsibility, without duplicating services of other
counsel to the Debtors; and
c) performing other legal services related to finance and
corporate matters, without duplicating of services of other counsel
to the Debtors.
The firm will be paid at these rates:
Partners/Of Counsels $1,500 to $2,100 per hour
Associates $800 to $975 per hour
Paralegals $475 per hour
As of the Petition Date, the firm has an outstanding retainer
balance of approximately $279,750.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Section 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: During the 12 months prepetition, Wachtell Lipton
has billed on a transaction-based flat-fee basis.
Wachtell Lipton has also billed at Wachtell
Lipton's customary hourly rates in connection with
certain matters. At the petition date, Wachtell
Lipton had an outstanding retainer balance of
$279,750. Going forward, in the context of these
chapter 11 cases, Wachtell Lipton will bill at its
customary hourly rates for all services as
described in the Application. On information and
belief, this change in billing method is not
expected to increase Wachtell Lipton's total bills
to the estate relative to pre-petition amounts.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: The Debtors are discussing a balance and staffing
plan for Wachtell Lipton's engagement for the
postpetition period. The plan may be amended as
necessary to reflect changed or unanticipated
circumstances.
Philip Mindlin, Esq., of counsel at Wachtell, Lipton, Rosen & Katz,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Philip Mindlin, Esq.
WACHTELL, LIPTON, ROSEN & KATZ
51 West 52nd Street
New York, NY 10019
Telephone: (212) 403-1000
Facsimile: (212) 403-2000
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.
MBE GROUP: Seeks to Hire Fuller Law Firm as Counsel
---------------------------------------------------
MBE Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ The Fuller Law Firm,
PC as its legal counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the case;
(c) take all necessary action to protect and preserve the
Debtor's estate;
(d) prepare on behalf of the Debtor all legal papers;
(e) negotiate and prepare on the Debtor's behalf a plan for
reorganization, disclosure statement, and all related agreements
and documents and take any necessary action on behalf of the Debtor
to obtain confirmation of such plan;
(f) advise the Debtor in connection with the possible sale or
any possible re-finance of its assets;
(g) appear before the court and the U.S. Trustee and protect
the interest of the Debtor's estate before such courts and the U.S.
Trustee; and
(h) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with its
Chapter 11 case.
The firm will be paid as follows:
Lars T. Fuller, Attorney $505 per hour
Joyce Lau, Attorney $395 per hour
Rodrigo Franco, Certified Paralegal $125 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a $30,000 retainer.
Lars Fuller, Esq., an attorney at The Fuller Law Firm, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lars T. Fuller, Esq.
THE FULLER LAW FIRM, PC
60 No. Keeble Ave.
San Jose, CA 95126
Telephone: (408) 295-5595
Facsimile: (408) 295-9852
Email: admin@fullerlawfirm.net
About MBE Group, LLC
MBE Group, LLC is a retailer of automotive parts, accessories and
tire in Daly City, Calif.
The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30556) on Aug. 16, 2023, with $323,872 in assets and $2,134,971
in liabilities. Rhen Morales, managing member, signed the
petition.
Judge Hannah L Blumenstiel oversees the case.
Lars Fuller, Esq., at the Fuller Law Firm PC, represents the Debtor
as bankruptcy counsel.
MLN US HOLDCO: Apollo SFRFI Marks $3.8MM Loan at 15% Off
--------------------------------------------------------
Apollo Senior Floating Rate Fund Inc has marked its $3,807,495 loan
extended to MLN US Holdco LLC to market at $3,245,889 or 85% of the
outstanding amount, as of June 30, 2023, according to Apollo
Senior's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Senior FRFI is a participant in a First Lien Second out Term
Loan to MLN US Holdco LLC. The loan accrues interest at a rate of
11.78% (3M SOFR + 6.70%, 1.00% Floor) per annum. The loan matures
on October 18, 2027.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
Company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
MLN US HOLDCO: Apollo Tactical Marks $2.2MM Loan at 15% Off
-----------------------------------------------------------
Apollo Tactical Income Fund Inc has marked its $2,284,497 loan
extended to MLN US Holdco LLC to market at $1,947,533 or 85% of the
outstanding amount, as of June 30, 2023, according to Apollo
Tactical's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Tactical Income Fund is a participant in a First Lien Second
out Term Loan to MLN US Holdco LLC. The loan accrues interest at a
rate of 11.78% (3M SOFR + 6.70%, 1.00% Floor) per annum. The loan
matures on October 18, 2027.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
Company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
MSS INC: Hires Self & Associates CPAs PC as Accountant
------------------------------------------------------
MSS, Inc. seeks approval from the U.S. Bankruptcy Court for the
Eastern District of North Carolina to employ Donna Dillehay, CPA
and Self & Associates, CPAs, PC as accountant.
The firm will assist the Debtor in maintaining financial records,
and preparing annual tax returns.
The firm will be paid at the rate of $250 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing, the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Donna Dillehay, CPA
Self & Associates, CPAs, PC
3200 Croasdaile Drive, Suite 205
Durham, NC 27705
Tel: (919) 383-4101
Email: ddillehay@selfandassociates.cpa
About MSS, Inc.
MSS. Inc. filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02487) on Aug. 28,
2023, with $1 million to $10 million in both assets and
liabilities. Matthew Filzen, vice president and chief operations
officer, signed the petition.
Judge Joseph N. Callaway oversees the case.
Joseph Z. Frost, Esq., at Buckmiller, Boyette & Frost, PLLC, is the
Debtor's legal counsel.
NELKIN & NELKIN: Hires Walker & Patterson P.C. as Counsel
---------------------------------------------------------
Nelkin & Nelkin, P.C. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Walker & Patterson,
P.C. as counsel.
Walker & Patterson, P.C. to handle its Chapter 11 case.
The firm will provide these services:
-- advise and counsel the Debtor in performing the duties
required of the Debtor-In-Possession;
-- prepare and file any necessary complaint or complaints to
recover property of the estate;
-- render advice and counsel to the Debtor-In-Possession;
-- prepare pleadings and documents for the use and sale of
property, prepare, negotiate and draft documents required for a
Plan of Reorganization;
-- represent the Debtor-In-Possession at court hearings; and
-- perform all other legal services which may be necessary to
carry-out the provisions of Title 11 of the United States Code.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm received from the Debtor a flat fee of $100,000, and
retainer of $50,000.
Johnie Patterson, Esq., a partner at Walker & Patterson, disclosed
in a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Johnie Patterson, Esq.
WALKER & PATTERSON, P.C.
P.O. Box 61301
Houston, TX 77208-1301
Tel: (713) 956-5577
Fax: (713) 956-5570
Email: jjp@walkerandpatterson.com
About Nelkin & Nelkin, P.C.
Nelkin & Nelkin P.C. filed Chapter 11 petition (Bankr. S.D. Texas
Case No. 23-20245) on Aug. 25, 2023, with $10 million to $50
million in assets and $1 million to $10 million in liabilities.
Carol Nelkin, president, signed the petition.
Judge David R. Jones oversees the case.
Miriam Goot, Esq., at Walker & Patterson, P.C. represents the
Debtor as legal counsel.
NEPTUNE WELLNESS: Closes US$4.5 Million Public Offering
-------------------------------------------------------
Neptune Wellness Solutions Inc. announced that it has closed its
public offering of 1,800,000 of its common shares (or common share
equivalents in lieu thereof) and accompanying warrants to purchase
up to an aggregate of 1,800,000 common shares at a combined public
offering price of US$2.50 per share and accompanying warrant,
resulting in gross proceeds of approximately US$4.5 million.
The warrants have an exercise price of US$2.50 per share, are
immediately exercisable upon issuance and will expire five years
following the date of issuance.
The Company plans to use the proceeds of the offering for working
capital, including for payment of accounts payable due to
suppliers. In connection with this offering, the Company has agreed
that certain existing warrants to purchase up to an aggregate of
485,632 common shares that were previously issued in October 2020,
February 2021, March 2022, June 2022, October 2022 and May 2023, at
exercise prices ranging from US$13.20 to US$3,150 per share with
expiration dates ranging from Oct. 22, 2025 to June 23, 2029, will
be amended effective upon the closing of the offering, to reduce
the exercise prices of the applicable warrants to US$2.50, with
expiration dates five years following the closing of the offering,
with the exception of warrants to purchase up to 24,320 common
shares which will expire on June 23, 2029.
A.G.P./Alliance Global Partners acted as the sole placement agent
for the offering.
A registration statement on Form S-1, as amended, relating to the
offering was filed with the Securities and Exchange Commission, and
it was declared effective on Sept. 21, 2023. The offering was made
only by means of a prospectus forming part of the effective
registration statement. Copies of the final prospectus relating to
the offering may be obtained on the SEC's website located at
http://www.sec.gov. Electronic copies of the final prospectus
relating to the offering may be obtained from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York, NY
10022, or by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec, Neptune is a consumer-packaged
goods company.
Montreal, Quebec-based KPMG LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated July 14,
2023, citing that the Company incurred significant operating losses
and negative cash flows from operations since inception, had an
accumulated deficit, and trade and other payables exceed its total
current assets at March 31, 2023. The Company is required to
actively manage its liquidity and expenses and payments of payables
are not being made as the amounts become due. The Company requires
funding in the very near term in order to continue its operations.
If the Company is unable to obtain funding in the very near-term,
it may have to cease operations and liquidate its assets. These
conditions cast substantial doubt about the Company's ability to
continue as a going concern.
NORTHWOODS PETS: Amends Kapitus Secured Claim Pay Details
---------------------------------------------------------
Northwoods Pets, LLC, submitted a Modified Plan of Reorganization
dated September 26, 2023.
The Plan Proponent must show that it will have enough cash over the
life of the Plan to make the required Plan payments and operate the
debtor's business, and the Plan must provide projections that
support the Debtor's ability to make all payments required by the
Plan.
The Debtor used the following assumptions in preparation of these
projections:
* If necessary to cover all store expenses and ensure bills
are paid timely, Marshall will contribute personal funds to the
Debtor. Marshall infused additional cash into the business in
August 2023 to increase inventory, and is seeing positive results
of those efforts, as sales exceeded projections for the month,
giving rise to cautious optimism that sales will remain higher than
projected. Under the circumstances, Marshall has committed to
contributing additional exempt retirement funds (or living off of
that money in lieu of an owner's draw) as needed, to ensure the
Debtor can cover bills, but believes that if sales remain higher
than estimated, this will not be necessary. This commitment will
allow for the revisions to the proposed treatment of Kapitus' claim
to pay it in full within the 5-year plan term.
* Sales income, net of returns and discounts ("Sales Income"),
in the period August 2022 through July 2023 averaged $68,356 per
month. The projections assume that monthly Sales Income will
increase from a starting level of $60,830, increasing by
approximately .75% per month over the coming months, through April
of 2024 (estimated average monthly Sales Income at that point of
approximately $65,061), and then more slowly, increasing about
1.25% per year ($65,874 average May December 2024; $66,698 average
in 2025; $67,531 average in 2026; $68,375 average in 2027; and
$69,230 average in 2028). August 2023 sales exceeded $68,000, but
the Debtor believes it is too early to tell if this month was an
outlier, or if higher-than-projected revenue will continue to flow
in.
This Plan of Reorganization proposes to pay creditors of the Debtor
from future revenue generated by the Debtor through continued
operation of the pet store.
Non-priority unsecured creditors holding allowed claims will not
receive distributions, based on the projected cash flow and the
liquidation analysis, which do not provide for any funding to the
general unsecured creditors.
Class 2 consists of the Secured claim of Kapitus Servicing, Inc.
This secured claim will accrue interest at the contractual
non-default rate of interest at 10.00% per annum, less any adequate
protection payments made, through confirmation, and the outstanding
balance at confirmation shall be reamortized over 60 months at an
interest rate of 9.50% per annum, and paid via monthly installment
payments, estimated to be $3,408.28 per month.
Based on the liquidation analysis, the Class 6 Nonpriority
unsecured creditors shall receive $0.00 through the Plan.
The Debtor will implement and fund the Plan by continuing to
operate the pet store and generate income. Marshall shall remain as
owner and manager, and the Debtor shall make all disbursements
called for by the Plan.
A full-text copy of the Modified Plan dated September 26, 2023 is
available at https://urlcurt.com/u?l=QFRpR2 from PacerMonitor.com
at no charge.
Attorney for the Debtor:
John W. Menn, Esq.
Steinhilber Swanson, LLP
107 Church Avenue
Oshkosh, WI 54901
Telephone: (920) 235-6690
Facsimile: (920) 426-5530
Email: jmenn@steinhilberswanson.com
About Northwoods Pets LLC
Northwoods Pets, LLC, is a limited liability company operating a
pet store in Rhinelander, WI.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wisc. Case No. 1-23-10800) on May 1,
2023. In the petition signed by Jennifer L. Marshall, sole member,
the Debtor disclosed up to $500,000 in both assets and
liabilities.
Judge Thomas M. Lynch oversees the case.
John W. Menn, Esq., at Steinhilber Swanson LLP, is the Debtor's
legal counsel.
NU STYLE LANDSCAPE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Nu Style Landscape & Development, LLC
646 Bryant Street
Denver, CO 80204
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
District of Colorado
Case No.: 23-14475
Judge: Hon. Thomas B. Mcnamara
Debtor's Counsel: Jeffrey A. Weinman, Esq.
ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C.
1600 Stout Street
1900
Denver, CO 80202
Phone: 303-534-4499
Email: jweinman@allen-vellone.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Moilanen as managing member.
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/OHEYRBY/Nu_Style_Landscape__Development__cobke-23-14475__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RRECHJA/Nu_Style_Landscape__Development__cobke-23-14475__0001.0.pdf?mcid=tGE4TAMA
ORBCOMM INC: Apollo Senior Marks $1.03MM Loan at 19% Off
--------------------------------------------------------
Apollo Senior Floating Rate Fund Inc has marked its $1,034,270 loan
extended to Orbcomm, Inc to market at $836,895 or 81% of the
outstanding amount, as of June 30, 2023, according to Apollo
Senior's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Senior FRFI is a participant in a First Lien Term Loan to
Orbcomm, Inc. The loan accrues interest at a rate of 9.58% (1M/3M
LIBOR + 4.25%, 0.75% Floor) per annum. The loan matures on
September 1, 2028.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
ORBCOMM, Inc. offers wireless messaging services. The Company
operates low earth orbit satellites and ground infrastructure that
enable customers to track, monitor, control, and communicate with
fixed and mobile assets located anywhere in the world.
ORIGINCLEAR INC: FRLA Proposes to Acquire PWT Under Amended LOI
---------------------------------------------------------------
Fortune Rise Acquisition Corporation (Nasdaq: FRLA) and OriginClear
Inc., announced that FRLA and OriginClear subsidiary, Water On
Demand Inc. (WODI), currently the sponsor of FRLA, have agreed to
nominate a new target for acquisition by FRLA. The new target is
Progressive Water Treatment Inc., a Texas corporation (PWT). PWT
recently merged with WODI.
"Progressive Water Treatment is a target with both a lengthy
operating history and significantly increased revenue since 2021,"
said Riggs Eckelberry, OriginClear CEO and Chairman of Water On
Demand. "We believe, and the Board of FRLA agrees, that the
combination of Progressive Water Treatment with Water On Demand and
its Modular Water Systems business unit creates compelling value
for the intended merger."
Accordingly, the Letter of Intent executed Jan. 5, 2023 with WODI
has been amended to designate PWT as the new target of the
acquisition. Under the revised/amended LOI, FRLA proposes to
acquire all the outstanding securities of PWT, based on certain
material financial and business terms and conditions being met.
The LOI is not binding on the parties and is intended solely to
guide good-faith negotiations toward definitive agreements.
The parties will work together in good faith with their respective
advisors to agree on a structure for the business combination that
is most expedient to the consummation of the acquisition. Pursuant
to the LOI, it is proposed that FRLA will acquire 100% of the
outstanding equity securities of PWT, including all shares of
common stock, preferred stock, outstanding options and warrants.
In return, PWT equity holders will receive shares of common stock
of FRLA and any outstanding options and warrants will be assumed by
FRLA in accordance with their terms.
Subject to meeting Nasdaq quantitative and qualitative listing
requirements, upon the closing of the business combination, the
newly-combined entity anticipates trading publicly on Nasdaq under
a new trading symbol.
The precise structure of the business combination, including the
allocation of stock and/or cash consideration paid to the PWT
equity holders, will be negotiated to meet the needs of all parties
including management of PWT and key equity holders.
Advisors
EF Hutton, a division of Benchmark Investments, LLC is acting as
Capital Markets Advisor in the transaction.
About OriginClear
Headquartered in Clearwater, Florida, Originclear, Inc. --
www.originclear.tech -- is a water technology company which has
developed in-depth capabilities over its 14-year lifespan. Those
technology capabilities have now been organized under the umbrella
of OriginClear Tech Group. OriginClear, under the brand of
OriginClear Tech Group, designs, engineers, manufactures, and
distributes water treatment solutions for commercial, industrial,
and municipal end markets.
OriginClear reported a net loss of $10.79 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.12 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$5.48 million in total assets, $22.45 million in total
liabilities, $9.98 million in commitments and contingencies, and a
total stockholders' deficit of $26.96 million.
Houston, TX-based M&K CPAS, PLLC, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company suffered a net loss from
operations and used cash in operations, which raises substantial
doubt about its ability to continue as a going concern.
OROVILLE HOSPITAL: S&P Lowers 2019 Revenue Bond Rating to 'B'
-------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'B' from 'B+' on
the City of Oroville, Calif.'s series 2019 revenue bonds, issued
for Oroville Hospital (Oroville). The outlook is negative.
"The rating action reflects our view of the hospital's vulnerable
balance sheet, which limits financial flexibility at a time of
performance challenges and which we believe could experience more
pressure as the new tower opens in spring 2024," said S&P Global
Ratings credit analyst Suzie Desai.
The negative outlook reflects S&P's view that Oroville has little
financial cushion given our view of the fluctuating and vulnerable
liquidity.
PAO BAY INVESTMENT: 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 Pao Bay Investment Corp., according to court dockets.
About Pao Bay Investment Corp
Pao Bay Investment Corp is engaged in activities related to real
estate. The company is based in Miami Beach, Fla.
Pao Bay Investment Corp filed Chapter 11 petition (Bankr. S.D. Fla.
Case No. 23-15800) on July 25, 2023, with $1 million to $10 million
in both assets and liabilities. Paola Oramas, president, signed the
petition.
Judge Robert A. Mark oversees the case.
Scott Alan Orth, Esq. at the Law Offices of Scott Alan Orth, PA
represents the Debtor as bankruptcy counsel.
PILGRIM'S PRIDE: Moody's Rates New 10-Yr. Sr. Unsecured Notes 'Ba2'
-------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Pilgrim's Pride
Corporation's proposed 10-year senior unsecured notes. Moody's also
affirmed Pilgrim's Ba2 Corporate Family Rating and Ba2-PD
Probability of Default Rating, and upgraded the rating on the
company's existing senior unsecured notes to Ba2 from Ba3. Moody's
took no action on the Ba1 rating on the existing senior secured
revolving credit facility because the expected replacement of the
facility will lead to a withdrawal of the rating. The company's
Speculative Grade Liquidity Rating remains SGL-1 and the outlook
remains stable.
Pilgrim's plans to utilize the proceeds from the proposed $500
million of new senior unsecured and unguaranteed notes along with
balance sheet cash to fund a cash tender offer for the company's
$850 million 5.875% senior notes due 2027. Upon repayment of the
2027 notes, Moody's plans to withdraw the rating on the notes.
The upgrade of the existing senior unsecured notes to Ba2 and the
assignment of the Ba2 rating to the proposed notes reflects the
anticipated replacement of Pilgrim's $800 million senior secured
revolving credit facility with a new senior unsecured revolving
credit facility. The senior unsecured notes were previously rated
one notch below the Ba2 Corporate Family Rating to reflect their
effective subordination to the secured revolving credit facility.
Following the replacement of the secured credit facility with an
unsecured and unguaranteed credit facility, the guarantees on the
existing notes will be released. Because the company's revolving
credit facility and the existing and new notes will be senior
unsecured and unguaranteed obligations, the note ratings are in
line with the Ba2 CFR since there is no longer a difference in
priority of claims. The credit facility will have financial
maintenance covenants and an ability to obtain subsidiary
guarantees and collateral in the future without providing
guarantees and collateral to the notes. Such indenture provisions
could lead to a transition in the capital structure that
subordinates the notes and weakens recovery in the event of a
default. The note limitation on liens provisions permit secured
debt on Principal Properties, as defined, up to the greater of $1.5
billion or 3.5x secured debt-to-EBITDA, and permit the grant of
security on assets aside from Principal Properties without having
to provide such collateral on the notes.
Moody's affirmed Pilgrim's Ba2 CFR because the company maintains
very good liquidity including cash, an undrawn $800 million
revolver, and committed unsecured revolvers in Mexico and Europe
($278 million of availability as of June 2023) to manage the
downturn in the poultry market if it is relatively short lived.
Moody's expects debt to EBITDA will increase to over 5.0x in the
third quarter and remain elevated for the rating at year end 2023.
The affirmation is nevertheless based on expectations that the
company will reduce debt to EBITDA to below 4.5x in fiscal 2023 and
below 3.0x in the next 12 to 18 months if a continued recovery in
the poultry market drives a recovery in the company's EBITDA.
RATINGS RATIONALE
Pilgrim's Ba2 CFR is supported by its position among the world's
largest chicken processors, a growing packaged foods business and
very good liquidity. The company's operating strategy is focused on
maximizing profitability and earnings stability by maintaining
operational excellence, improving diversified portfolio and key
customer focus. These focused efforts allow the company to at least
partially offset sector headwinds caused by external factors such
as grain prices, biological risks, trade restrictions and
government policies that are largely out of its control. These
strengths are balanced against the company's focus in the cyclical
chicken processing industry, which is characterized by volatile
earnings, modest profit margins, and high operating leverage. The
inherent earnings, financial leverage and free cash flow volatility
requires very good liquidity to manage through weak earnings and
cash flow periods. At the top of the cycle, Moody's expects
financial leverage to be very modest relative to comparably rated
companies. Conversely, at the bottom of the cycle, the company can
often have financial leverage that is well outside Moody's central
expectations for the rating for a limited period of time. The
financial policy of maintaining abundant access to cash and
external sources of liquidity helps the company manage through the
earnings volatility. Moody's evaluates Pilgrim's credit profile on
a stand-alone basis because the debt is not guaranteed by its
80%-shareholder JBS S.A. (JBS; Baa3 stable). Thus, the ratings are
not directly affected by the credit profile of JBS. However, the
strategic importance of Pilgrim's to JBS, as it provides protein
and geographic diversification, and potentially earnings stability,
is a positive credit factor because Pilgrim's does not pay a
dividend, at least a portion of earnings are being reinvested in
Pilgrim's growth and there is likely incentive for JBS to support
Pilgrim's through temporary cyclical slowdowns if necessary.
The SGL-1 speculative-grade liquidity rating reflects that the
company's cash balance, undrawn proposed $850 million revolver,
committed unsecured revolvers in Mexico and Europe ($278 million of
availability as of June 2023), and lack of maturities over the next
few years which provides good flexibility to manage the earnings
and cash flow volatility in the cyclical chicken processing
industry. Moody's estimates Pilgrim's will have cash of roughly
$380 million as of June 2023 pro forma for the proposed refinancing
and tender offer, and the company will have no maturities until the
new revolver expires in five years. Factoring in the proposed 2027
note redemption, the next senior note maturity will be in 2031.
Moody's projects a free cash flow deficit of $100-200 million in
2023 and slightly positive free cash flow in 2024. The proposed
revolving credit facility will maintain an EBITDA/interest coverage
ratio with the level tightened to 3.5x from the 3.0x required in
the existing revolver, and will eliminate the maximum 4.0x net
debt-to-EBITDA covenant that is in the existing revolver. Moody's
believes the cushion within the 3.5x interest coverage covenant
will be modest over the next six months but will improve as
earnings recover in 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects a fairly wide range of potential
earnings performance that is typical in the cyclical U.S. chicken
processing industry balanced against Pilgrim's very good liquidity.
Moody's anticipates that Pilgrim's Moody's adjusted debt to EBITDA
could increase to over 5.0x in fiscal 2023 before declining to
below 3.0x in the next 12 to 18 months.
The ratings could be upgraded if the company enhances earnings
stability through improvements in business and product mix, debt to
EBITDA is sustained below 2.0x, there is consistent improvement in
the EBITDA margin, the company generates consistent and comfortably
positive free cash flow, and liquidity sources (cash plus unused
revolver commitment availability) are maintained consistently above
$1 billion.
The ratings could be downgraded if debt/EBITDA is sustained above
3.0x. Other events that could contribute to a downgrade include a
major leveraged acquisition or share buyback, deteriorating
industry conditions that lead to prolonged negative free cash flow,
or deteriorating liquidity such as cash plus unused revolver
commitment below $750 million. The ratings could also be downgraded
if legal, governance or other challenges at related entities,
including JBS S.A., negatively affect the risk profile of
Pilgrim's.
The principal methodology used in these ratings was Protein and
Agriculture published in November 2021.
Headquartered in Greeley, Colorado, Pilgrim's Pride Corporation
(NASDAQ: PPC) is the second largest chicken processor in the world,
with operations in the United States, U.K., European Union, Mexico
and Puerto Rico. The company produces, processes, markets and
distributes fresh, frozen and value-added chicken products to
foodservice customers, distributors and retail operators worldwide.
Pilgrim's also is a leading integrated prepared pork supplier in
Europe.
For the last 12-month period ended June 25, 2023, Pilgrim's
revenues totaled $17.1 billion. Pilgrim's Pride is controlled by
Sao Paulo, Brazil based JBS S.A. (Baa3 stable), the largest
processor of animal protein in the world. As of June 25, 2023, JBS
S.A. owns in excess of 80% of Pilgrim's outstanding common stock.
PROFUNDITY LLC: Gets OK to Hire Edelboim as Legal Counsel
---------------------------------------------------------
Profundity, LLC and its affiliates received approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Edelboim Lieberman Revah, PLLC as legal counsel in their Chapter 11
cases.
The Debtors require legal counsel to:
(a) Give advice with respect to the powers and duties of the
Debtors in the continued management and operation of their business
and properties;
(b) Attend meetings and negotiate with representatives of
creditors and other parties involved in the Debtors' bankruptcy
cases, and advise and consult on the conduct of the cases,
including all of the legal and administrative requirements of
operating in Chapter 11;
(c) Advise the Debtors in connection with post-petition
financing arrangements and draft documents relating thereto;
(d) Take all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on their
behalf, the defense of any actions commenced against the estates,
negotiations concerning all litigation in which the Debtors may be
involved and objections to claims filed against the estates;
(e) Prepare legal papers;
(f) Negotiate and prepare a plan of reorganization, disclosure
statements and all related documents, and take necessary actions to
obtain confirmation of such plans;
(g) Attend meetings with third parties and participate in
negotiations;
(h) Appear before the bankruptcy court, appellate courts and
the Office of the U.S. Trustee; and
(i) Perform other necessary legal services.
The rates for the attorneys at Edelboim range from $265 to $550 per
hour while the rates for legal assistants and paralegals begin at
$265 per hour. Brett Lieberman, Esq., the attorney who will be
principally working on the cases, charges $550 per hour.
Edelboim will receive reimbursement for work-related expenses
incurred.
Mr. Lieberman disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
Edelboim can be reached at:
Brett D. Lieberman, Esq.
Edelboim Lieberman Revah, PLLC
20200 W. Dixie Hwy, Suite 905
Miami, FL 33180
Tel: 305-768-9909
Email: brett@elrolaw.com
About Profundity LLC
Profundity, LLC is engaged in the business of commercial and
industrial machinery and equipment rental and leasing. The company
is based in Miami, Fla.
Profundity and its affiliate Naboo Royal Cruiser, LLC sought
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case Nos.
23-16720 and 23-16725) on Aug. 23, 2023. Tantive Giv, LLC, another
affiliate, filed Chapter 11 petition (Bankr. S.D. Fla. Case No.
23-16765) on Aug. 24, 2023. The cases are jointly administered
under Case No. 23-16720 and overseen by Judge Corali Lopez-Castro.
At the time of the filing, Profundity reported $3,813,041 in assets
and $5,191,494 in liabilities.
Brett D. Lieberman, Esq., at Edelboim Lieberman Revah, PLLC, is the
Debtors' legal counsel.
PROPERTY ADVOCATES: 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 The Property Advocates, P.A., according to court
dockets.
About The Property Advocates
The Property Advocates, P.A. is a full-service insurance law firm
that helps Floridians resolve complicated and contentious property
insurance claims. It is based in Coral Gables, Fla.
Property Advocates filed Chapter 11 petition (Bankr. S.D. Fla. Case
No. 23-16797-RAM) on Aug. 25, 2023, with $1 million to $10 million
in assets and $10 million to $50 million in liabilities. Hunter
Patterson, president, signed the petition.
Judge Robert A. Mark oversees the case.
Paul N. Mascia, Esq., at Nardella & Nardella, PLLC and Rehmann
Robson, LLC serve as the Debtor's legal counsel and accountant,
respectively.
PROSPERITY PARTNERS: Case Summary & 13 Unsecured Creditors
----------------------------------------------------------
Debtor: Prosperity Partners Inc.
7755 Belle Point Drive
Greenbelt, MD 20770
Business Description: The Debtor owns two real properties in
Laurel and Greenbelt, Maryland valued
at approximately $270,000.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
District of Maryland
Case No.: 23-17059
Judge: Hon. Maria Ellena Chavez-Ruark
Debtor's Counsel: Chidi Onukwugha, Esq.
ONUKWUGHA AND ASSOCIATES
14440 Cherry Lane Court Suite 112
Laurel, MD 20707
Phone: (410) 336-2823
Email: Attorneyonukwugha@gmail.com
Total Assets: $311,000
Total Liabilities: $15,075,000
The petition was signed by Mathias Bama as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/5FWK24I/Priority_Partners_Inc__mdbke-23-17059__0001.0.pdf?mcid=tGE4TAMA
PROTERRA INC: Committee Hires Berkeley as Financial Advisor
-----------------------------------------------------------
The official committee of unsecured creditors of Proterra Inc., and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Berkeley Research Group, LLC as
financial advisor.
The firm will provide these services:
a) advise and assist the Committee in its analysis and
monitoring of the historical, current and projected financial
affairs of the Debtors, including, schedules of assets and
liabilities and statements of financial affairs;
b) develop and issue periodic monitoring reports to enable the
Committee to evaluate effectively the Debtors' performance relative
to projections and any relevant operational issues, including
liquidity, the 363 sale process, and subsequent wind-down
activities on an ongoing basis;
c) advise and assist the Committee with respect to any
debtor-in-possession financing arrangements and/or the use of cash
collateral;
d) monitor liquidity and cash flows throughout these Cases and
scrutinize cash disbursements and capital requirements on an
on-going basis;
e) evaluate relief requested in cash management motion,
including proper controls related to and financial transparency
into any intercompany and related party transactions, as needed;
f) analyze the Debtors' assets (tangible and intangible) and
possible recoveries to creditor constituencies under various
scenarios and develop strategies to maximize recoveries;
g) review and provide analysis of any filed plan of
reorganization and disclosure statement, including the assessment
of projections to ensure any plan of reorganization is supported by
credible business and operational plans, and if appropriate, the
development of alternative bankruptcy plans proposed by the
Committee to assess their achievability;
h) analyze both historical and ongoing related party
transactions and/or material unusual transactions of the Debtors.
Such analysis to include developing an oversight protocol, as
needed, with the Debtors' advisors to closely monitor such
transactions to prevent value leakage;
i) advise the Committee and Counsel in evaluating any court
motions, applications, or other forms of relief, filed or to be
filed by the Debtors, or any other parties in interest;
j) assist the Committee and Counsel in discussions and
negotiations with various creditor constituencies regarding
restructuring and case resolution;
k) advise and assist the Committee in its assessment of the
Debtors' employee needs and related costs, including the
appropriateness of any proposed employee retention plan or
incentive plan;
l) analyze the Debtors' business plan and monitor the
implementation of any strategic initiatives and prepare reports
related thereto;
m) assist Counsel in evaluating all purported lien claims by
creditors, including the validity and enforcement of such claims;
n) evaluate and advise on the Debtors' assumption and or
rejection of executory contracts and or leases;
o) provide support for Counsel as necessary to address
restructuring issues, including, but not limited to, valuation and
liquidity issues;
p) provide support to the Committee and Counsel regarding
potential litigation strategies;
q) work with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured in a tax efficient
manner;
r) monitor the Debtors' claims management process, including
analyzing claims and guarantees, and summarizing claims by entity;
s) advise the Committee in connection with any potential claims
and causes of action, including preference payments, fraudulent
conveyances, and other potential causes of action that the Debtors'
estates may hold against insiders and third parties;
t) participate in meetings and discussions with the Committee,
the Debtors, and the other parties in interest and with their
respective professionals and attending court hearings as may be
required;
u) provide any expert reports and testimony as requested by the
Committee and Counsel; and
v) perform other matters as may be requested by the Committee or
Counsel from time to time, including: preparing litigation;
valuation; and forensic analyses that have not yet been identified
but as may be requested by the Committee and Counsel, consistent
with the role of a financial advisor.
The firm will be paid at these rates:
Managing Directors $1,050 to $1,250 per hour
Associate Directors & Directors $810 to $990 per hour
Professional Staff $395 to $795 per hour
Support Staff $175 to $350 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Christopher Kearns, managing director at Berkeley Research Group,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Christopher J. Kearns
Berkeley Research Group, LLC
810 Seventh Avenue, Suite 4100
New York, NY 10019
Telephone: (646) 205-9320
Facsimile: (646) 454-1174
Email: dgalfus@thinkbrg.com
About Proterra Inc.
Proterra Inc.'s business involves designing, manufacturing and
selling electric transit buses and components, batteries, and
electric drive trains; and providing and selling related products
and services.
Proterra Inc. and its affiliate, Proterra Operating Company, Inc.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11120). At the time of the filing,
the Debtors reported $500 million to $1 billion in both assets and
liabilities.
Judge Brendan Linehan Shannon oversees the cases.
Young Conaway Stargatt & Taylor, LLP represents the Debtors as
legal counsel. The Debtors also tapped FTI Consulting, Inc. as
financial advisor; Moelis & Company, LLC as investment banker; and
Kurtzman Carson Consultants, LLC as claims, noticing and
administrative agent.
Andrew Vara, Acting U.S. Trustee for Regions 3 and 9, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Morris James, LLP as Delaware counsel; Berkeley Research Group, LLC
as financial advisor; and Miller Buckfire as investment banker.
PROTERRA INC: Committee Hires Lowenstein Sandler LLP as Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of Proterra Inc., and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Lowenstein Sandler LLP as
counsel.
The firm's services include:
(a) advising the Committee with respect to its rights, duties,
and powers in the Chapter 11 Cases;
(b) assisting and advising the Committee in its consultations
with the Debtors relative to the administration of the Chapter 11
Cases;
(c) assisting the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;
(d) assisting the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(e) assisting the Committee in analyzing (i) the Debtors'
prepetition financing, (ii) the proposed use of cash collateral,
and (iii) the adequacy of the proposed budget;
(f) assisting the Committee in its investigation of the liens
and claims of the holders of the Debtors' prepetition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(g) assisting the Committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters related to,
among other things, the assumption or rejection of certain leases
of nonresidential real property and executory contracts, asset
dispositions, sales of assets, financing of other transactions and
the terms of one or more plans of reorganization for the Debtors
and accompanying disclosure statements and related plan documents;
(h) assisting and advising the Committee as to its
communications to unsecured creditors regarding significant matters
in the Chapter 11 Cases;
(i) representing the Committee at hearings and other
proceedings;
(j) reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
Committee as to their propriety;
(k) assisting the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives in the Chapter 11 Cases, including without
limitation, the preparation of retention papers and fee
applications for the Committee's professionals, including
Lowenstein Sandler;
(l) preparing, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
(m) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
The firm will be paid at these rates:
Partners $690 to $1,835 per hour
Of Counsel $810 to $1,475 per hour
Senior Counsel $630 to $1,410 per hour
Counsel $575 to $1,070 per hour
Associates $475 to $965 per hour
Paralegals, Practice
Support and Assistants $240 to $425 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Lowenstein Sandler expects to develop a budget and
staffing plan to reasonably comply with the U.S.
Trustee's request for information and additional
disclosures, as to which Lowenstein Sandler
reserves all rights. The Committee has approved
Lowenstein Sandler's proposed hourly billing rates.
Jeffrey L. Cohen, Esq., a partner at Lowenstein Sandler LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jeffrey L. Cohen, Esq.
Eric S. Chafetz, Esq.
Jordana L. Renert, Esq.
LOWENSTEIN SANDLER LLP
1251 Avenue of the Americas
New York, NY 10020
Tel: (212) 262-6700
Fax: (212) 262-7402
Email: jcohen@lowenstein.com
echafetz@lowenstein.com
jrenert@lowenstein.com
About Proterra Inc.
Proterra Inc.'s business involves designing, manufacturing and
selling electric transit buses and components, batteries, and
electric drive trains; and providing and selling related products
and services.
Proterra Inc. and its affiliate, Proterra Operating Company, Inc.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11120). At the time of the filing,
the Debtors reported $500 million to $1 billion in both assets and
liabilities.
Judge Brendan Linehan Shannon oversees the cases.
Young Conaway Stargatt & Taylor, LLP represents the Debtors as
legal counsel. The Debtors also tapped FTI Consulting, Inc. as
financial advisor; Moelis & Company, LLC as investment banker; and
Kurtzman Carson Consultants, LLC as claims, noticing and
administrative agent.
Andrew Vara, Acting U.S. Trustee for Regions 3 and 9, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Morris James, LLP as Delaware counsel; Berkeley Research Group, LLC
as financial advisor; and Miller Buckfire as investment banker.
PROTERRA INC: Committee Hires Miller as Investment Banker
---------------------------------------------------------
The official committee of unsecured creditors of Proterra Inc., and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Miller Buckfire & Co., LLC and
its affiliate, Stifel, Nicolaus & Co., Inc. as investment banker.
The firm will provide these services:
(a) familiarize itself with the business, operations,
properties, financial condition and prospects of the Debtors and
advise and assist the Committee in structuring and effecting the
financial aspects of the transactions;
(b) receive, review and perform diligence on information
provided on a confidential basis by the Debtors or the Committee;
(c) assist the Committee in negotiations regarding any sale,
plan of reorganization or liquidation of any of the Debtors in the
Chapter 11 Cases (a "Plan") or other Transaction (as defined in the
Engagement Letter);
(d) represent and negotiate on behalf of the Committee as it
relates to any restructuring proposals advanced by the Committee,
Debtors or any other parties or stakeholders; and
(e) participate in hearings before the Bankruptcy Court in
connection with Miller Buckfire's other services, including related
testimony, in coordination with the Committee's counsel.
The firm will be paid as follows:
(a) "Monthly Fee": $100,000, due in advance on the first day of
each month during the term of this Agreement.
(b) "Deferred Fee": $500,000 due and payable upon a
Transaction.
(c) "Expert Fee": Upon each request by the Committee to prepare
an expert report or prepare expert testimony in connection with the
Chapter 11 Cases, a fee of $250,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John D' Amico, a managing director at Stifel Nicolaus & Co., Inc.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
John D' Amico
Miller Buckfire & Co., LLC
501 North Broadway
St. Louis, MO 63102
Tel: (314) 342-2000
About Proterra Inc.
Proterra Inc.'s business involves designing, manufacturing and
selling electric transit buses and components, batteries, and
electric drive trains; and providing and selling related products
and services.
Proterra Inc. and its affiliate, Proterra Operating Company, Inc.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11120). At the time of the filing,
the Debtors reported $500 million to $1 billion in both assets and
liabilities.
Judge Brendan Linehan Shannon oversees the cases.
Young Conaway Stargatt & Taylor, LLP represents the Debtors as
legal counsel. The Debtors also tapped FTI Consulting, Inc. as
financial advisor; Moelis & Company, LLC as investment banker; and
Kurtzman Carson Consultants, LLC as claims, noticing and
administrative agent.
Andrew Vara, Acting U.S. Trustee for Regions 3 and 9, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Morris James, LLP as Delaware counsel; Berkeley Research Group, LLC
as financial advisor; and Miller Buckfire as investment banker.
PROTERRA INC: Committee Hires Morris James as Delaware Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Proterra Inc., and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Morris James LLP as Delaware
counsel.
The firm's services include:
a. providing legal advice and assistance to the Committee in its
consultations with the Debtors relative to the Debtors'
administration of its reorganization;
b. reviewing and analyzing all applications, motions, orders,
statements of operations and schedules filed with the Court by the
Debtors or third parties, advising the Committee as to their
propriety, and, after consultation with the Committee, taking
appropriate action;
c. preparing necessary applications, motions, answers, orders,
reports, and other legal papers on behalf of the Committee;
d. representing the Committee at hearings held before the Court
and communicating with the Committee regarding the issues raised,
as well as the decisions of the Court; and
e. performing other legal services for the Committee which may
be reasonably required in this proceeding.
The firm will be paid at these rates:
Eric J. Monzo, Partner $795 per hour
Brya M. Keilson, Partner $750 per hour
Tara C. Pakrouh, Associate $600 per hour
Stephanie Lisko, Paralegal $350 per hour
Douglas J. Depta, Paralegal $350 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
a. Morris James did not agree to a variation of its standard
or customary billing arrangements for this engagement;
b. None of the professionals included in this engagement have
varied their rate based upon the geographic location of the Chapter
11 Cases;
c. The Committee retained Morris James on August 26, 2023. The
billing rates for the period prior to this application are the same
as indicated in this application; and
d. Morris James anticipates filing a budget at the time it
files its interim fee applications, and any such budget it may file
will be prior approved by the Committee. In accordance with the
United States Trustee Guidelines, the budget may be amended as
necessary to reflect changed circumstances or unanticipated
developments.
Eric J. Monzo, Esq., a partner at Morris James LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric J. Monzo, Esq.
Brya M. Keilson, Esq.
Tara C. Pakrouh, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-6800
Fax: (302) 571-1750
Email: emonzo@morrisjames.com
bkeilson@morrisjames.com
tpakrouh@morrisjames.com
About Proterra Inc.
Proterra Inc.'s business involves designing, manufacturing and
selling electric transit buses and components, batteries, and
electric drive trains; and providing and selling related products
and services.
Proterra Inc. and its affiliate, Proterra Operating Company, Inc.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11120). At the time of the filing,
the Debtors reported $500 million to $1 billion in both assets and
liabilities.
Judge Brendan Linehan Shannon oversees the cases.
Young Conaway Stargatt & Taylor, LLP represents the Debtors as
legal counsel. The Debtors also tapped FTI Consulting, Inc. as
financial advisor; Moelis & Company, LLC as investment banker; and
Kurtzman Carson Consultants, LLC as claims, noticing and
administrative agent.
Andrew Vara, Acting U.S. Trustee for Regions 3 and 9, appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases.
The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Morris James, LLP as Delaware counsel; Berkeley Research Group, LLC
as financial advisor; and Miller Buckfire as investment banker.
REALMARK PARKING: Available Cash & Lease Proceeds to Fund Plan
--------------------------------------------------------------
Realmark Parking Services One, LLC and Realmark Parking Services
Two, LLC filed with the U.S. Bankruptcy Court for the Middle
District of Florida an Amended Joint Plan of Reorganization for
Small Businesses dated September 26, 2023.
The Debtors and Realmark Marina Grill, LLC ("Marina Grill" and
together with the Debtors, collectively, the "Companies") are
debtors in cases pending before this Court. Each of the Companies
owns real and personal property within the Cape Harbour Marina
condominium development originally developed by Will Stout.
This development includes 2 residential towers, each with over one
hundred units, a wet marina owned by Safe Harbor Marina, Inc.
("SHM"), a dry boat storage house also owned by SHM, retail shops,
two restaurants, parking garages, and common areas.
On May 12, 2023, the Debtors, SHM, CRE Cape Harbour Marina, LLC
("CRE Marina") and CRE Cape Harbour Land, LLC ("CRE Land" and
together with CRE Marina, collectively, "CRE"), Marina South at
Cape Harbour Condominium Association, Inc, ("Marina South"), and
Marina South II at Cape Harbour Condominium Association, Inc.
(Marina South II, and together with Marina South, the
"Associations") participated in a judicial settlement conference
presided over by The Honorable Roberta A. Colton.
The judicial settlement conference resulted in a Plan Support
Agreement (the "PSA"). The settlement (the "Settlement") reflected
by the PSA creates a pathway to confirmation of a plan that
resolves all claims, contested matters, adversary proceedings
brought or that could have been brought and are pending between and
among the Debtors, SHM, CRE, and the Associations.
Since substantially all assets of the Debtors are being transferred
to SHM pursuant to the Settlement, there are no projections for the
Debtors' continued operations. Any payments to be made to creditors
under the Plan will be made from existing cash on hand as of the
Effective Date, and the $140,000 in proceeds from Marina South II
for the 99-year license/lease, as set forth in the PSA (the "Tower
2 Lease Proceeds").
This Amended Plan of Reorganization proposes to pay creditors of
the Debtors from (i) existing cash on hand on the Effective Date;
and (ii) the Tower 2 Lease Proceeds.
Class 9 consists of Non-Priority Unsecured Claims (Excluding SHM
and Insiders) in the Parking One Case. Every holder of an allowed,
non-priority unsecured claim (excluding SHM and Insiders) in the
Parking One case shall receive its pro-rata share of existing cash
on hand on the Effective Date remaining after the payment of senior
claims. The Debtor estimates that the allowed scheduled and filed
Class 9 claims total approximately $35,000. Class 9 is impaired by
the Plan.
Class 10 consists of NonPriority Unsecured Claims (Excluding SHM
and Insiders) in the Parking Two Case. Every holder of an allowed,
non-priority unsecured claim (excluding SHM and Insiders) in the
Parking Two case shall receive its pro-rata share of existing cash
on hand on the Effective Date and the Tower 2 Lease Proceeds
remaining after the payment of senior claims. The Debtor estimates
that the allowed scheduled and filed Class 10 claims total
approximately $90,000. Class 10 is impaired by the Plan.
Class 11 consists of NonPriority, Insider Unsecured Claims in the
Parking One Case. Every holder of an allowed, non-priority, Insider
unsecured claim in the Parking One case shall be subordinated to
the allowed Class 9 claims such that the holders of allowed Class
11 claims shall not receive any distribution unless the allowed
Class 9 claims are paid in full. Once the allowed Class 9 claims
are paid in full, every holder of an allowed Class 11 claim shall
receive its pro-rata share of existing cash on hand on the
Effective Date remaining after the payment of senior claims.
Parking One does not anticipate that it will have sufficient funds
remaining after payment of senior claims to make distributions to
the holders of allowed Class 11 claims.
Class 12 consists of NonPriority, Insider Unsecured Claims in the
Parking Two Case. Every holder of an allowed, non-priority, Insider
unsecured claim in the Parking Two case shall be subordinated to
the allowed Class 10 claims such that the holders of allowed Class
12 claims shall not receive any distribution unless the allowed
Class 10 claims are paid in full. Once the allowed Class 10 claims
are paid in full, every holder of an allowed Class 12 claim shall
receive its pro-rata share of existing cash on hand on the
Effective Date and the Tower 2 Lease Proceeds remaining after the
payment of senior claims. Parking Two does not anticipate that it
will have sufficient funds remaining after payment of senior claims
to make distributions to the holders of allowed Class 12 claims.
Class 13 consists of Equity Security Interests in Parking One.
Existing equity security holders will retain their equity interests
in Parking One. No distributions will be made to equity security
holders until the distributions to Class 11 have been made.
Class 14 consists of Equity Security Interests in Parking Two.
Existing equity security holders will retain their equity interests
in Parking Two. No distributions will be made to equity security
holders until the distributions to Class 12 have been made.
Payments required under the Plan will be funded from (i) existing
cash on hand in Debtors' operating accounts on the Effective Date;
and (ii) the Tower 2 Lease Proceeds.
A full-text copy of the Amended Joint Plan dated September 26, 2023
is available at https://urlcurt.com/u?l=If4YTV from
PacerMonitor.com at no charge.
Attorneys for Debtors:
Amy Denton Mayer, Esq.
Stichter Riedel Blain & Postler, P.A.
110 East Madison Street, Suite 200
Tampa, Florida 33602
(813) 229-0144 – Phone
Email: amayer@srbp.com
About Realmark Parking Services
Realmark Parking Services One, LLC and Realmark Parking Services
Two, LLC filed voluntary petitions for relief under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No.
22-01230) on Dec. 12, 2022. Michael C Markham has been appointed as
Subchapter V trustee.
At the time of the filing, Realmark Parking Services One reported
up to $1 million in assets and up to $50,000 in liabilities while
Realmark Parking Services Two reported up to $1 million in assets
and up to $500,000 in liabilities.
Judge Caryl E. Delano presides over the cases.
Amy Denton Mayer, Esq., at Stichter Riedel Blain & Postler, P.A.
and McHale, P.A. serve as the Debtors' legal counsel and financial
advisor, respectively.
RIVERBED TECHNOLOGY: Apollo Fund Marks $784,804 Loan at 73% Off
---------------------------------------------------------------
Apollo Tactical Income Fund Inc has marked its $784,804 loan
extended to Riverbed Technology, Inc to market at $203,300 or 27%
of the outstanding amount, as of June 30, 2023, according to Apollo
Tactical's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Tactical Income Fund is a participant in a First Lien Exit
Term Loan to Riverbed Technology, Inc. The loan accrues interest at
a rate of 2% (2.00% Payment In Kind), (3M LIBOR + 6.00%, 1.00%
Floor) per annum. The loan matures on December 7, 2026.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
Riverbed Technology, Inc. provides application performance
monitoring, cloud migration, network performance monitoring, and
security solutions. Riverbed Technology serves customers globally.
RIVERBED TECHNOLOGY: Apollo SFRFI Marks $3.8MM Loan at 73% Off
--------------------------------------------------------------
Apollo Senior Floating Rate Fund Inc has marked its $3,866,174 loan
extended to Riverbed Technology, Inc to market at $3,253,115 or 27%
of the outstanding amount, as of June 30, 2023, according to Apollo
Senior's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Senior FRFI is a participant in a First Lien Exit Term Loan
to Riverbed Technology, Inc. The loan accrues interest at a rate of
2% (2.00% Payment In Kind), (3M LIBOR + 6.00%, 1.00% Floor) per
annum. The loan matures on December 7, 2026
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
Riverbed Technology, Inc. provides application performance
monitoring, cloud migration, network performance monitoring, and
security solutions. Riverbed Technology serves customers globally.
RUSSELL INVESTMENTS: S&P Lowers ICR to 'B+' on Heightened Leverage
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and debt ratings on
Russell Investments Cayman Midco Ltd. to 'B+' from 'BB-'.
The stable outlook indicates S&P's expectation that Russell will
operate with leverage above 5.0x over the next 12 months while
maintaining its business position and addressing its upcoming 2025
debt maturity.
S&P said, "We expect Russell's leverage to be above 5.0x and EBITDA
interest coverage below 2.0x in the next 12 months. The company's
revenue declined 17% in 2022 and 12% year over year in the first
half of 2023, primarily owing to net outflows and market volatility
leading to lower investment management fee revenue. EBITDA margins
also fell, to 17% in 2022 and 15% for the 12 months ended June 30,
2023, from approximately 20% in previous years, causing a
meaningful decline in EBITDA. As such, we expect leverage, per S&P
adjusted calculations, to increase in 2023 to approximately 9.0x
from 6.7x in 2022.
"We also expect EBITDA interest coverage to decline from 2.5x in
2022 because of higher base rates on its variable term loan (which
is partially hedged), and lower EBITDA. We assume rates will begin
to decline in mid-2024, but remain elevated, and we expect
Russell's revenue to grow by a single digit percent in 2024 in our
base case.
"In our calculation of leverage, we do not net cash against debt
due to financial sponsor ownership."
Russell could reduce leverage over the longer term through cost
savings and improving net flows. Russell has an ongoing track
record of reducing costs, and is targeting $73 million in savings
by 2025, potentially supporting higher EBITDA and margins. The
company has also improved long-term investment performance, with
80% of funds beating the benchmark on a three-year basis. As a
result, net flow and the revenue trajectory could improve, bringing
leverage down to 6.0-7.0x in 2024 and 5.0-6.0x in 2025 in our base
case. However, if the current market volatility becomes protracted,
net outflows worsen, or Russell is unable to maintain investment
performance and improve margins, earnings could deteriorate further
and leverage could stay meaningfully above 5.0x.
S&P said, "Although Russell's leverage is elevated, we expect the
company to maintain adequate liquidity in the next 12 months.
Russell has a cash balance of $294 million, of which $164 million
is available as of June 30, 2023, and an undrawn $50 million
revolving credit facility as sources of liquidity. Sources exceed
liquidity uses, which include debt amortization, capital
expenditures, and working capital needs.
"The stable outlook reflects our expectation that Russell's
leverage will remain above 5.0x in the next 12 months while it
maintains its business position and addresses its upcoming 2025
debt maturity.
"We could lower the ratings if business performance deteriorates
through worsening investment performance, declining assets under
management, or lower margins such that leverage does not improve.
"An upgrade in the next 12 months is unlikely. We could raise the
ratings if the company operates with leverage below 5.0x on a
sustained basis."
SANTA FE GOLD: Delays Filing of Annual Report
---------------------------------------------
Santa Fe Gold Corporation said via Form 12b-25 filed with the
Securities and Exchange Commission that the filing of its Annual
Report on Form 10-K for the period ended June 30, 2023 will be
delayed.
According to the Company, the compilation, dissemination and review
of the information required to be presented in the Form 10-K could
not be completed and filed by Sept. 28, 2023, without undue
hardship and expense to the registrant. The Company anticipates
that it will file its Form 10-K for the period ended June 30, 2023
within the "grace" period fifteen days following Sept. 28, 2023,
the prescribed due date as, provided by Securities Exchange Act
Rule 12b-25.
About Santa Fe Gold
Headquartered in Albuquerque, NM, Santa Fe Gold Corporation is an
exploration stage mining company, in the business of acquiring and
developing metal and mineral properties that may contain
recoverable gold and silver deposits.
Diamond Bar, California-based TAAD LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
Oct. 13, 2022, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.
SARONA PROPERTY: Trustee Hires Adam I. Skolnik PA as Counsel
------------------------------------------------------------
Nazy Ben-Amram, the Trustee of The Sarona Property Land Trust UAD
April 10, 2017 seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Adam I. Skolnik, P.A. as
counsel.
The firm will provide these services:
(a) advise the Debtor with respect to its powers and duties;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements, the requirements of the Bankruptcy Code,
the Federal Rules of Bankruptcy Procedure, and applicable
bankruptcy rules;
(c) assist the Debtor in the investigation and pursuit of
property of the estate, and the sale of some or all of its assets,
if needed;
(d) assist the Debtor in the formulation, dissemination and
approval of a disclosure statement and Chapter 11 plan;
(e) prepare legal documents;
(f) protect the interest of the Debtor in all matters pending
before the court;
(g) represent the Debtor in negotiation with its creditors in
the preparation of a plan; and
(h) perform all other necessary functions for the proper
administration of the bankruptcy estate.
The firm will be paid at these rates:
Adam I. Skolnik, Esq. $500 per hour
Paralegals $155 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $12,500
from the Debtor's trustee.
Adam I. Skolnik, Esq., a partner at Law Office of Adam I. Skolnik,
PA, disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Adam I. Skolnik, Esq.
LAW OFFICE OF ADAM I. SKOLNIK, PA
1761 West Hillsboro Boulevard, Suite 201
Deerfield Beach, FL 33442
Tel: (561) 265-1120
Email: askolnik@skolniklawpa.com
About The Sarona Property Land
Trust UAD April 10, 201
The Sarona Property Land Trust UAD April 10, 2017 owns three
properties in Hallandale Beach, Fla., valued at $2.12 million.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-16184) on Aug. 4,
2023, with $2,122,653 in assets and $7,831,879 in liabilities. Nazy
Ben Amram, trustee, signed the petition.
Judge Peter D. Russin oversees the case.
Adam I. Skolnik, Esq., at the Law Office of Adam I. Skolnik, PA
represents the Debtor as legal counsel.
SMILEDIRECTCLUB INC: Files Chapter 11 to Execute Recapitalization
-----------------------------------------------------------------
SmileDirectClub, Inc., the next generation oral care Company with
the first medtech platform for teeth straightening, on Sept. 29
announced a process to implement a comprehensive recapitalization
transaction. The additional capital and stronger financial position
from this recapitalization is intended to bolster the Company's
balance sheet and fuel growth initiatives to allow SmileDirectClub
to thrive as an international oral care leader for many years to
come.
SmileDirectClub will seek to recapitalize through a transaction
where the Company's founders have committed to invest at least $20
million to bolster the Company's balance sheet and to protect its
near- and long-term financial health. Up to $60 million of
additional capital is available upon satisfaction of certain
conditions, including the favorable conclusion of a marketing
process. The founders' investment in the Company reflects their
commitment to SmileDirectClub's mission of democratizing access to
premium oral care, as well their conviction in the success of the
recently launched SmileMaker Platform and CarePlus growth
initiatives. To effectuate the transaction, SmileDirectClub has
voluntarily filed for protection under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas.
During this restructuring process, SmileDirectClub intends to
continue to provide affordable and accessible oral care to its
customers without disruption. The additional liquidity the Company
received from its founders, coupled with its normal operating cash
flows, is intended to ensure SmileDirectClub is able to continue
meeting commitments to stakeholders without disruption throughout
this process.
"At SmileDirectClub, we are committed to delivering a premium
customer experience and helping over 2 million customers achieve a
smile they love. We are taking this step today to help ensure we
are well positioned to build upon the success of our SmileMaker
Platform and CarePlus offering and to continue our mission of
providing safe, convenient, and effective oral care to our
customers," said David Katzman, Chief Executive Officer of
SmileDirectClub. "This transaction is designed to ensure our future
financial structure reflects the talent of our team members and the
quality of our business, and I am excited about the future ahead. I
look forward to continuing to work alongside leadership and our
talented team to transform smiles with the reliability and quality
our customers deserve."
For more information about the Company's Chapter 11 case, including
claims information, please visit
https://restructuring.ra.kroll.com/SmileDirectClub or contact
Kroll, the Company's noticing and claims agent, at 844-626-7278
(for toll-free U.S. and Canada calls) or 646-651-1180 (for tolled
international calls).
SmileDirectClub is represented in this matter by Kirkland & Ellis
LLP as legal counsel, FTI Consulting as financial advisor, and
Centerview Partners as investment banker.
About SmileDirectClub
SmileDirectClub, Inc. (Nasdaq: SDC) --
http://www.SmileDirectClub.com/-- is an oral care company and
creator of the first medtech platform for teeth straightening.
Through its cutting-edge telehealth technology and vertically
integrated model, SmileDirectClub is revolutionizing the oral care
industry. SmileDirectClub's mission is to democratize access to a
smile each and every person loves by making it affordable and
convenient for everyone. SmileDirectClub is headquartered in
Nashville, Tennessee, USA.
SONOMA PHARMACEUTICALS: Falls Short of Nasdaq Bid Price Requirement
-------------------------------------------------------------------
Sonoma Pharmaceuticals, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Sept. 22, 2023, it
received a letter from the Listing Qualifications staff of The
Nasdaq Stock Market LLC, notifying the Company that, for the
previous 30 consecutive business days, the Company has failed to
comply with Nasdaq Listing Rule 5550(a)(2), which requires the
Company to maintain a minimum bid price of $1 per share for its
common stock.
In accordance with Listing Rule 5810(c)(3)(A), Nasdaq has granted
the Company a period of 180 calendar days, or until March 20, 2024,
to regain compliance with the Rule. The Company may regain
compliance with the Rule at any time during this compliance period
if the minimum bid price for its common stock is at least $1 for a
minimum of 10 consecutive business days.
Sonoma said, "The letter has no effect on the listing or trading of
our common stock at this time. However, there can be no assurance
that we will be able to regain compliance with Listing Rule
5550(a)(2). In the event we do not regain compliance with the
Listing Rule prior to the expiration of the compliance period, we
may be eligible for additional time. To qualify, we will 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 bid price
requirement, and will need to provide written notice of our
intention to cure the deficiency during the second compliance
period, by effecting a reverse split, if necessary. If we meet
these requirements, Nasdaq will inform us that we have been granted
an additional 180 calendar days. However, if it appears to the
Staff of Nasdaq that we will not be able to cure the deficiency, or
if we are otherwise not eligible, Nasdaq will provide notice that
our securities will be subject to delisting."
About Sonoma Pharmaceuticals
Sonoma Pharmaceuticals, Inc. -- http://www.sonomapharma.com-- is a
global healthcare company developing and producing stabilized
hypochlorous acid, or HOCl, products for a wide range of
applications, including wound care, eye care, oral care,
dermatological conditions, podiatry, animal health care and
non-toxic disinfectants. The Company's products reduce infections,
itch, pain, scarring and harmful inflammatory responses in a safe
and effective manner. In-vitro and clinical studies of HOCl show
it to have impressive antipruritic, antimicrobial, antiviral and
anti-inflammatory properties. The Company's stabilized HOCl
immediately relieves itch and pain, kills pathogens and breaks down
biofilm, does not sting or irritate skin and oxygenates the cells
in the area treated, assisting the body in its natural healing
process. The Company sells its products either directly or via
partners in 55 countries worldwide.
Sonoma Pharmaceuticals reported a net loss of $5.15 million for the
year ended March 31, 2023, compared to a net loss of $5.08 million
for the year ended March 31, 2022. As of March 31, 2023, the
Company had $16.23 million in total assets, $8.25 million in total
liabilities, and $7.98 million in total stockholders' equity.
Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated June 21, 2023, citing that the Company has incurred
significant losses and negative operating cash flows and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about its
ability to continue as a going concern.
SONOMA PHARMACEUTICALS: Two Proposals Passed at Annual Meeting
--------------------------------------------------------------
Sonoma Pharmaceuticals, Inc.'s adjourned annual meeting of
stockholders was held on Sept. 28, 2023, during which the Company's
stockholders:
(1) elected Mr. Jerry McLaughlin as Class III director;
(2) voted upon and did not approve, by non-binding advisory
vote, the compensation of the Company's named executive officers
for the year ended March 31, 2023, as described in the Company's
proxy statement dated July 27, 2023; and
(3) approved the ratification of the appointment of Frazier &
Deeter, LLC as the Company's independent registered public
accounting firm for the fiscal year ending March 31, 2024.
About Sonoma Pharmaceuticals
Sonoma Pharmaceuticals, Inc. -- http://www.sonomapharma.com-- is a
global healthcare company developing and producing stabilized
hypochlorous acid, or HOCl, products for a wide range of
applications, including wound care, eye care, oral care,
dermatological conditions, podiatry, animal health care and
non-toxic disinfectants. The Company's products reduce infections,
itch, pain, scarring and harmful inflammatory responses in a safe
and effective manner. In-vitro and clinical studies of HOCl show
it to have impressive antipruritic, antimicrobial, antiviral and
anti-inflammatory properties. The Company's stabilized HOCl
immediately relieves itch and pain, kills pathogens and breaks down
biofilm, does not sting or irritate skin and oxygenates the cells
in the area treated, assisting the body in its natural healing
process. The Company sells its products either directly or via
partners in 55 countries worldwide.
Sonoma Pharmaceuticals reported a net loss of $5.15 million for the
year ended March 31, 2023, compared to a net loss of $5.08 million
for the year ended March 31, 2022. As of March 31, 2023, the
Company had $16.23 million in total assets, $8.25 million in total
liabilities, and $7.98 million in total stockholders' equity.
Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated June 21, 2023, citing that the Company has incurred
significant losses and negative operating cash flows and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about its
ability to continue as a going concern.
SPARK NETWORKS: Wins Another Extension of Forbearance Period
------------------------------------------------------------
Spark Networks SE disclosed in a Form 8-K Report filed with the
Securities and Exchange Commission on Monday that on Sept. 22, the
Company entered into Amendment No. 12 to Forbearance Agreement,
which extends the forbearance period termination date to Sept. 29.
On March 11, 2022, the Company entered into a Financing Agreement
with Zoosk, Inc. and Spark Networks, Inc., the subsidiary
guarantors party thereto, the lenders party thereto, and MGG
Investment Group LP, as administrative agent and collateral agent,
providing for senior secured term loans in the aggregate principal
amount of $100 million. On Aug. 5, 2022, the Company entered into
Amendment No.1 to Financing Agreement, which revised certain
financial covenants related to the testing of the Company's
quarterly leverage ratio and the Company's minimum market spend. On
March 29, 2023, the Company entered into Amendment No. 2 to
Financing Agreement and Forbearance Agreement, which granted
forbearance until May 15, 2023, with respect to the Company's
receipt of a going concern opinion on the condition that the
Company retain a financial advisor, and amended the definition of
Adjusted EBITDA in the Financing Agreement.
On May 15, 2023, the Company entered into Amendment No. 1 to
Forbearance Agreement which extended the forbearance termination
date to May 25, and added to the forbearance the Company's failure
to deliver to the collateral agent a control agreement.
On May 25, 2023, the Company entered into Amendment No. 2 to
Forbearance Agreement, which extended the forbearance period
termination date to June 15, and removed from the forbearance the
Company's failure to deliver to the collateral agent a control
agreement (as moot). No other changes were made to the Financing
Agreement.
On June 15, 2023, the Company entered into Amendment No. 3 to
Forbearance Agreement, which extended the forbearance period
termination date to July 14, conditioned on (i) by June 19, the
delivery to MGG of an engagement letter appointing Adrian Frankum
of Ankura Consulting Group, LLC as special project officer, (ii) by
June 30, the Company causing its financial advisor to deliver to
MGG a bottoms-up, step-by-step operational performance improvement
plan with a fully integrated financial model, including
restructuring options and future capital and liquidity requirements
of the Company, (iii) by July 7, approval by the Company's board of
directors of the Transition Plan, and (iv) by July 7, the Company
engaging an auditor to provide an IDW-S6 opinion.
On July 14, 2023, the Company entered into Amendment No. 4 to
Forbearance Agreement, which extended the forbearance period
termination date to July 21.
On July 21, 2023, the Company entered into Amendment No. 5 to
Forbearance Agreement, which extended the forbearance period
termination date to July 28, and added to the forbearance the
Company's failure to meet minimum marketing spend requirements over
a 12-month period.
On July 28, 2023, the Company entered into Amendment No. 6 to
Forbearance Agreement, which extended the forbearance period
termination date to Aug. 4.
On Aug. 4, 2023, the Company entered into Amendment No. 7 to
Forbearance Agreement, which extended the forbearance period
termination date to Aug. 11 and added to the forbearance the
Company's failure to maintain minimum liquidity.
On Aug. 11, 2023, the Company entered into Amendment No. 8 to
Forbearance Agreement, which extended the forbearance period
termination date to Sept. 1.
On Sept. 1, 2023, the Company entered into Amendment No. 9 to
Forbearance Agreement, which extended the forbearance period
termination date to Sept. 8 and added additional forbearances
relating to the minimum liquidity ratio and minimum leverage
ratio.
On Sept. 8, 2023, the Company entered into Amendment No. 10 to
Forbearance Agreement, which extended the forbearance period
termination date to Sept. 15.
On Sept. 15, 2023, the Company entered into Amendment No. 11 to
Forbearance Agreement, which extended the forbearance period
termination date to Sept. 22.
Each of the Loan Parties acknowledges and agrees that as of Sept.
22, the aggregate outstanding principal amount of the Loans is
$101,407,616.35 and that the principal amount is payable pursuant
to the Financing Agreement without defense, offset, withholding,
counterclaim or deduction of any kind. The amount does not include
interest, other fees, expenses and other amounts that are
chargeable or otherwise reimbursable under the Financing Agreement
and the other Loan Documents.
The Agent may be reached at:
Kevin F. Griffin
Chief Executive Officer
MGG INVESTMENT GROUP LP
One Penn Plaza, 53rd Floor
New York, NY 10119
E-mail: creditagreementnotices@mgginv.com
About Spark Networks
Spark Networks SE provides social dating platforms for meaningful
relationships focusing on the 40+ age demographic and faith-based
affiliations, including Zoosk, EliteSingles, SilverSingles,
Christian Mingle, Jdate, and JSwipe, among others. The Company's
brands are tailored to quality dating with real users looking for
love and companionship in a safe and comfortable environment. The
Company is domiciled in Germany with significant corporate
operations, including executive leadership, accounting and finance,
located in the United States.
Spark reported $134.8 million in total assets and $173.4 million in
total liabilities at June 30, 2023.
Spark said there is substantial doubt about its ability to continue
as a going concern, citing losses from operations, continued
declines in revenues, impairment charges to its Zoosk goodwill and
intangible assets, cash outflows from operations and a working
capital deficiency. The Company said it may not be able to comply
with the covenants under its Financing Agreement over the next 12
months, specifically related to the maximum leverage ratio
covenant. The Company plans to alleviate these conditions and
events by implementing additional cost reduction measures to reduce
operating expenses and optimize net working capital and profit.
SUNLAND MEDICAL: DIP Loan from Principal Street & Aberdeen OK'd
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, authorized Sunland Medical Foundation and its
affiliates to use cash collateral and obtain postpetition
financing, on a final basis.
The Debtors are permitted to obtain $2.7 million from Principal
Street High Income Municipal Fund and Principal Street Partners LLC
and abrdn Short Duration High Yield Fund and Aberdeen Standard
Investments, Inc. At the expiration of the Interim Order, the DIP
Lenders, subject to entry of the Final Order in a form acceptable
to the DIP Lenders, will purchase additional DIP notes, up to an
aggregate amount of up to $14 million.
Interest will accrue on the full amount of the Interim DIP Notes
from the date of entry of the Interim Order through the Maturity
Date at a simple rate per annum equal to 12%.
The Debtors are authorized to sell the DIP Notes pursuant to the
terms, conditions, and provisions of the Final Order and the DIP
Note Purchase Agreement in an amount up to an aggregate amount of
$14 million pursuant to the terms set forth therein.
Upon entry of the Final Order, the portion of the 2020 Bond
Obligations held by the DIP Lenders totaling $21.250 million will
be automatically added to the DIP Obligations, provided that the
Roll-Up will remain subject to the priorities set forth in the DIP
Orders. In particular, the Roll-Up will have priority of payment
over the Prepetition Bond Obligations but subordinate to the
Trustee Advance Obligations.
The DIP Facility is due and payable through the earliest to occur
of:
1. February 29, 2024, or such later date to which each of the
DIP Lenders consents in writing in its sole discretion;
2. The occurrence of any "Event of Default" under the DIP
Facility Documentation; provided, however, immediately upon written
notice by the Required DIP Lenders to the Debtor's counsel, counsel
to any Official Committee of Unsecured Creditors, and the Office of
the U.S. Trustee following the occurrence and during the
continuance of any Event of Default, the DIP Facility will
terminate without further notice, motion, hearing or action of any
kind;
3. The entry of an order by the Bankruptcy Court approving (i)
a motion seeking conversion or dismissal of the Bankruptcy Case, or
(ii) a motion seeking appointment or election of a trustee, a
responsible officer or examiner with enlarged powers relating to
the operation of the Debtor's business, or if the Borrower files a
motion or other pleading seeking such conversion, dismissal, or
appointment unless otherwise consented to in writing by the
Required DIP Lenders;
4. The expiration of the Interim DIP Order by its terms or
upon its termination, vacation, modification, or recission (in each
case without the written consent of the Required DIP Lenders),
unless the Final DIP Order has been entered and become effective
prior thereto;
5. If the Final DIP Order has not been entered by the
Bankruptcy Court on or before the date that is 45 calendar days
after the Petition Date unless otherwise consented to in writing by
the Required DIP Lenders;
6. The consummation of a sale of a material portion of the
Debtor's assets (either through a Chapter 11 plan or pursuant to
section 363 of the Bankruptcy Code) unless otherwise consented to
by the Required DIP Lenders;
7. The date on which the Debtor confirms a Chapter 11 plan
that is not in form and substance acceptable to the Required DIP
Lenders, in their sole discretion; and
8. The effective date of a plan of reorganization confirmed by
the Bankruptcy Court in the Bankruptcy Case.
The Debtors are required to comply with these milestones:
1. Execution of DIP Facility Documentation, no later than 15
days following the Petition Date;
2. First Day Hearing and entry of the Interim DIP Order, no
later than three calendar days after the Petition Date;
3. The Debtors' filing of bid and sale procedures motion for
the sale of substantially all of the Debtor's assets, no later than
September 6, 2023 (8 days after the Petition Date); and
4. Entry of the Final DIP Order no later than 45 days after
the Petition Date.
Sunland Medical says a critical need exists for the Debtors to
obtain funds to cover the operational, capital, and administrative
needs of Sunland Medical's hospital, solely to the extent set forth
under the budget and the DIP Facility.
On January 1, 2020, the Public Finance Authority entered into (i)
the Trust Indenture, dated as of such date, by and among the Issuer
and UMB Bank N.A., as Bond Trustee, and (ii) the Loan Agreement,
dated as of such date, by and among the Issuer and Sunland Medical,
as successor-by merger to Trinity Regional Hospital Sachse LLC. The
Bond Trustee asserts that the bonds issued pursuant to the 2020
Trust Indenture and the Trustee Advance Obligations are secured by
security interests in and liens on substantially all the real and
personal property of Sunland Medical.
On July 26, 2022, Avoue Marchand Investments, Inc. entered into a
Loan and Security Agreement with Sunland Medical. AMI asserts that
the obligations arising under the AMI Loan Agreement are secured by
first-priority security interests in and liens on Sunland Medical's
accounts receivable and related assets. Pursuant to a settlement
agreement entitled Second Amendment to Loan and Security Agreement
and Loan Documents dated August 15, 2023, and Second Amended and
Restated Promissory Note dated August 15, 2023, AMI agreed to,
among other things and as a settlement for certain disputes and
asserted defaults, Sunland Medical providing a wire transfer of 75%
of the prior calendar week's eligible accounts receivable to AMI,
with Sunland Medical transferring the remaining 25% to its
operating accounts.
On December 13, 2022, Sunland Medical entered into (i) the Loan
Agreement, dated December 13, 2022, by and among Sunland Medical
and Sandton Capital Solutions Master Fund V, L.P.; and (ii) the
Security Agreement, dated as of such date; and (iii) the Deed of
Trust and Security Agreement by and among Sunland Medical, as
leasehold mortgagor, Batsu Enterprises LLC, a Texas limited
liability company, as fee mortgagor, and Sandton, as mortgagee,
recorded in the Real Property Records of Dallas County on December
15, 2022, Document Number 202200315720, as amended by the First
Amendment to Deed of Trust and Assumption Agreement by and among
Sunland Medical, Batsu, and Sandton recorded in the Real Property
Records of Dallas County on August 16, 2023, Document Number
202300164607. Sandton asserts that the obligations arising under
the Sandton Loan Agreement are secured by first-priority security
interests in and liens on certain Prepetition Collateral, including
the Debtors' real property.
Principal Street High Income Municipal Fund asserts that Sunland
entered into the Trustee Advance Promissory Note in the original
principal amount of $8 million dated as of April 21, 2023 and the
Trustee Advance Promissory Note in the original principal amount of
$2 million dated as of August 15, 2023 each of which are governed
by the Trustee Advance Promissory Note Funding and Purchase
Agreement, dated as April 21, 2023, which agreement was amended and
restated pursuant to an Amended and Restated Trustee Advance
Promissory Note Funding and Purchase Agreement dated August 15,
2023, by and among Sunland Medical, the Bond Trustee, and
Principal. The Bond Trustee asserts that the obligations arising
under the Trustee Advance Note Purchase Agreement are secured by
the Prepetition Bond Trustee Liens on the Prepetition Collateral.
Principal Street asserts that the Trustee Advance Obligations have
priority of payment over the Prepetition Bond Obligations.
The Prepetition Secured Parties are parties to (i) the
Intercreditor and Subordination Agreement dated as of July 26,
2022, by and among the Bond Trustee and AMI; and (ii) the
Intercreditor and Subordination Agreement dated as of December 13,
2022, by and among the Bond Trustee and Sandton.
As adequate protection of the Prepetition Secured Parties'
interests in the cash collateral, the Bond Trustee, AMI, and
Sandton will continue to have valid, binding, enforceable, and
perfected additional and replacement mortgages, pledges, liens, and
security interests in all DIP Collateral.
As additional adequate protection for any Diminution in Value, the
Prepetition Secured Parties will receive a superpriority-expense
claim allowed under section 507(b) of the Bankruptcy Code.
A copy of the order and the Debtor's budget is available at
https://urlcurt.com/u?l=Us9Krl at Stretto, the claims agent.
The Debtor projects total operating disbursements, on a weekly
basis, as follows:
$765,000 for the week ending October 1, 2023;
$612,000 for the week ending October 8, 2023;
$136,000 for the week ending October 15, 2023;
$503,000 for the week ending October 22, 2023;
$357,000 for the week ending October 29, 2023.
About Sunland Medical Foundation
Sunland Medical Foundation is a not-for-profit, 32-bed,
community-focused acute care hospital providing care to the
residents of Sachse, Murphy, Wylie, Rowlett, Garland, Plano,
Richardson, and surrounding communities.
Sunland Medical Foundation and certain of its affiliates sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Tex. Lead Case No. 23-80000) on August 29, 2023. In the
petition signed by Jonathan Nash, chief restructuring officer,
Sunland Medical disclosed up to $100 million in assets and up to
$500 million in liabilities.
Judge Michelle V. Larson oversees the case.
McDermott Will & Emery LLP represents the Debtor as legal counsel,
Meadowlark Advisors, LLC as financial advisor, and Stretto, Inc.,
the claims agent.
SURGALIGN HOLDINGS: Files Amendment to Disclosure Statement
-----------------------------------------------------------
Surgalign Holdings, Inc., et al., submitted a Modified Combined
Disclosure Statement and Joint Chapter 11 Plan dated September 26,
2023.
The Plan is a liquidation plan and provides for the distribution of
proceeds from any sale of the Debtors' assets, as well as the
distribution of other cash, and the liquidation of all remaining
property of the Debtors, including Causes of Action not sold,
transferred or otherwise waived or released before the Effective
Date of the Plan.
The Plan further provides for the substantive consolidation of all
of the Debtors, the termination of all Interests in the Debtors,
the dissolution and wind-up of the affairs of the Debtors and their
Affiliates, and the vesting of any remaining assets in the
Wind-Down Debtors on the Effective Date.
The Wind-Down Debtors' Assets, including the net proceeds, if any,
from the prosecution of Retained Estate Claims and Causes of
Action, will be distributed to creditors as set forth in the Plan
and Disclosure Statement and the Plan Administrator Agreement. As
of the Effective Date of the Plan, except as otherwise provided in
the Plan and Disclosure Statement, the Wind-Down Debtors will be
responsible for all payments and Distributions to be made under the
Plan to the Holders of Allowed Claims.
Insurance Policies
Notwithstanding anything to the contrary in the Plan Documents, any
bar date notice or claim objection, any other document related to
any of the foregoing or any other order of the Bankruptcy Court
(including, without limitation, any other provision that purports
to be preemptory or supervening, grants an injunction, discharge or
release, confers Bankruptcy Court jurisdiction, or requires a party
to opt out of any releases):
* on the Effective Date, the Wind-Down Debtors shall be deemed
to have assumed all Insurance Policies which identify any of the
Debtors as first named insureds or as a counterparty thereto in
their entireties pursuant to sections 105 and 365 of the Bankruptcy
Code;
* on and after the Effective Date, notwithstanding Article
IX.C. of the Plan, all of the Insurance Policies shall vest in the
Wind-Down Debtors and the Wind-Down Debtors shall become and remain
liable in full for all of their and the Debtors' obligations under
the Insurance Policies, regardless of whether such obligations
arise before or after the Effective Date, without the need or
requirement for Insurers to file or serve any objection to a
proposed Cure Claim or a request, application, Claim, Proof of
Claim, Cure Claim, motion for payment or allowance of any
Administrative Claim, or a motion referenced in Article X.R. of the
Plan;
* other than assumption of the Insurance Policies by the
Wind-Down Debtors, which shall be allowed, all Insurance Policies,
the terms and conditions thereof and all legal, equitable or
contractual rights, obligations, and defenses of the Insurers, the
Debtors (or, after the Effective Date, the Wind-Down Debtors), and
any other individual or entity, as applicable, under any Insurance
Policies, whether arising before or after the Effective Date, shall
survive and shall not be amended, modified, waived, released,
discharged or impaired in any respect, and all such rights and
obligations shall be determined under the Insurance Policies and
applicable non-bankruptcy law as if the Chapter 11 Cases had not
occurred;
* other than assumption of the Insurance Policies by the
Wind-Down Debtors, which shall be allowed, nothing shall permit or
otherwise effectuate a sale, assignment or other transfer of any
Insurance Policy and/or any rights, benefits, claims, proceeds,
rights to payment, or recoveries under and/or relating to any
Insurance Policy without the prior express written consent of the
applicable Insurer; and
* the automatic stay of section 362(a) of the Bankruptcy Code
and the injunctions set forth in Article XII of the Plan, if and to
the extent applicable, shall be deemed lifted without further order
of this Bankruptcy Court, solely to permit: (i) claimants with
valid workers' compensation claims or direct action claims against
an Insurer under applicable non-bankruptcy law to proceed with
their claims; (ii) the Insurers to administer, handle, defend,
settle, and/or pay, in the ordinary course of business and without
further order of this Bankruptcy Court, (x) workers' compensation
claims, (y) claims where a claimant asserts a direct claim against
any Insurer under applicable non-bankruptcy law, or an order has
been entered by this Bankruptcy Court granting a claimant relief
from the automatic stay or the injunctions set forth in Article XII
of the Plan to proceed with its claim, and (z) all costs in
relation to each of the foregoing; and (iii) subject to and in
accordance with the terms and conditions of the Insurance Policies,
including any applicable notice periods thereunder, the Insurers to
cancel any Insurance Policies and take other actions relating to
the Insurance Policies (including effectuating a setoff).
Like in the prior iteration of the Plan, lass 3 General Unsecured
Claims total $36,768,000 to $71,646,000 and will recover 4% to 18%
of their claims. Each Holder of an Allowed General Unsecured Claim
shall receive, in full and final satisfaction, compromise,
settlement, and release of, and in exchange for, such General
Unsecured Claim, its Pro Rata share of: (i) the Distributable Cash;
and (ii) to effectuate distributions from the Wind-Down Debtors,
the Wind-Down Debtor Assets; provided that any distributions on
account of the WindDown Debtor Assets shall only be made following
payment in full of, or reserve for, Allowed Administrative Claims,
Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and
Allowed Secured Claims.
One or more of the Debtors shall continue in existence after the
Effective Date, each as a WindDown Debtor, for purposes of (1)
preserving the Retained Estate Claims and Causes of Action for the
benefit of the Wind-Down Beneficiaries, (2) winding down the
Debtors' remaining businesses and affairs as expeditiously as
reasonably possible and liquidating any assets held by the
Wind-Down Debtors after the Effective Date, (3) resolving any
Disputed Claims, (4) paying Allowed Claims for which there is not a
Distribution Agent other than the Wind-Down Debtors, (5) filing
appropriate tax returns, and (6) administering the Plan in an
efficacious manner.
The Wind-Down Debtors shall be deemed to be fully bound by the
terms of the Plan and the Confirmation Order. Except as otherwise
provided in the Plan, the Wind-Down Debtors shall be deemed to be
substituted as the party-in-lieu of the Debtors in all matters,
including (a) motions, contested matters, and adversary proceedings
pending in the Bankruptcy Court, and (b) all matters pending in any
courts, tribunals, forums, or administrative proceedings outside of
the Bankruptcy Court, in each case without the need or requirement
for the Wind-Down Debtors or the Plan Administrator to file motions
or substitutions of parties or counsel in each such matter.
Distributions under the Plan will be funded by (i) the proceeds of
each of the Digital Assets Sale Transaction and the Hardware Assets
Sale Transaction, and (ii) the Wind-Down Debtors from the WindDown
Debtor Assets; provided, however, that Allowed Professional Fee
Claims shall be paid from the Professional Fee Escrow Account in
the first instance. The Wind-Down Debtor Assets shall be used to
pay the Wind-Down Debtor Expenses (including the compensation of
the Plan Administrator and any professionals retained by the
Wind-Down Debtors), and to satisfy payment of Allowed Claims and
Interests as set forth in the Plan.
A full-text copy of the Modified Combined Disclosure Statement and
Plan dated September 26, 2023 is available at
https://urlcurt.com/u?l=UtpeDQ from Kroll Restructuring
Administration, LLC, claims agent.
Co-Counsel to the Debtors:
Veronica A. Polnick, Esq.
J. Machir Stull, Esq.
Matthew D. Cavenaugh, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
E-mail: vpolnick@jw.com
mstull@jw.com
mcavenaugh@jw.com
Counsel to the Debtors:
Gregory F. Pesce, Esq.
Laura E. Baccash, Esq.
WHITE & CASE LLP
111 South Wacker Drive, Suite 5100
Chicago, IL 60606
Tel: 312.881-5400
Fax: 312.881-5450
E-mail: gpesce@whitecase.com
laura.baccash@whitecase.com
- and -
Charles Koster, Esq.
WHITE & CASE LLP
609 Main Street, Suite 2900
Houston, TX 77002
Phone: 713.496.9700
E-mail: ckoster@whitecase.com
- and -
Barrett Lingle, Esq.
White & Case LLP
1221 Avenue of the Americas
New York, NY 10020
Phone: 212.819.8200
E-mail: barrett.lingle@whitecase.com
About Surgalign Holdings
Surgalign Holdings, Inc., is a global medical technology company
focused on elevating the standard of care by driving the evolution
of digital health. It has developed an artificial intelligence and
augmented reality technology platform called HOLO AI, which the
company views as a powerful suite of AI software technology which
connects the continuum of care from the pre-op and clinical stage
through post-op care, and is designed to achieve better surgical
outcomes, reduce complications, and improve patient satisfaction.
Surgalign Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
23-90731) on June 19, 2023. At the time of the filing, the Debtors
reported $50 million to $100 million in both assets and
liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped White & Case, LLP as lead bankruptcy counsel;
Jackson Walker, LLP as local and conflict counsel;
PricewaterhouseCoopers, LLP as tax services provider; and Alvarez &
Marsal Securities, LLC as investment banker and financial advisor.
Kroll Restructuring Administration, LLC is the Debtors' notice and
claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Pachulski Stang Ziehl & Jones, LLP and Province, LLC serve as the
committee's legal counsel and financial advisor, respectively.
SVB FINANCIAL: Completes Sale of Investment Banking Business
------------------------------------------------------------
SVB Financial Group (Pink Sheets: SIVBQ) on Oct. 2 disclosed that
it has completed the sale of its investment banking business, SVB
Securities LLC (now named Leerink Partners LLC), to the management
team bidder group led by Jeff Leerink, Leerink Partners' Chief
Executive Officer and Founder, and backed by funds managed by The
Baupost Group L.L.C.
As previously announced, the management-led buyout was selected and
approved as the successful bid for the investment banking business
following a competitive bidding process conducted under procedures
approved by the U.S. Bankruptcy Court for the Southern District of
New York.
Under the terms of the purchase agreement, the acquisition from SVB
Financial Group included a combination of cash, repayment of an
intercompany note, the assumption of certain liabilities (including
significant deferred compensation obligations) and a 5% equity
instrument in the buyer entity.
MoffettNathanson LLC, a sell-side research business owned by SVB
Financial Group, was not included in the transaction and remains
part of SVB Financial Group.
Court filings and other information related to the SVB Financial
Group's Chapter 11 proceeding are available on a website
administrated by the Company's claims agent, Kroll, at
https://restructuring.ra.kroll.com/svbfg/; or by emailing
SVBFGInfo@ra.kroll.com.
Advisors
Centerview Partners LLC is serving as financial advisor, Sullivan &
Cromwell LLP is serving as legal counsel and Alvarez & Marsal is
serving as the restructuring advisor to SVB Financial Group as
debtor-in-possession.
About SVB Financial Group
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank. During the week of
March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a
severe "run-on-the-bank." On the morning of March 10, the
California Department of Financial Protection and Innovation seized
SVB and placed it under the receivership of the Federal Deposit
Insurance Corporation. SVB was the nation's 16th largest bank and
the biggest to fail since the 2008 financial meltdown.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had
assets of $19,679,000,000 and liabilities of $3,675,000,000 as of
Dec. 31, 2022.
The Hon. Martin Glenn is the bankruptcy judge.
The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Centerview Partners, LLC as investment banker; and Alvarez & Marsal
North America, LLC as restructuring advisor. William Kosturos, a
partner at Alvarez & Marsal, serves as the Debtor's chief
restructuring officer. Kroll Restructuring Administration, LLC, is
the claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy
counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co.,
LLC as investment banker; and Berkeley Research Group, LLC as
financial advisor.
TAYLOR MORRISON: S&P Upgrades ICR to 'BB+' on Strong Momentum
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.
homebuilder Taylor Morrison Home Corp. (TMHC) and its issue-level
rating on its senior unsecured notes to 'BB+' from 'BB'. The
recovery rating on the notes remains '3'.
The stable outlook reflects S&P's forecast that debt to EBITDA will
be below 2x for the next 24 months and debt to capital will trend
toward 24%-26%.
Several homebuilders, including TMHC, built good cushion for credit
metrics behind profitability achieved in the past two years. S&P
said, "While we expect some deterioration from revenue and cash
flow pressure, we expect TMHC to maintain financial policies that
will sustain solid credit metrics in the next few years. Homebuyers
have seemingly acclimated to higher mortgage rates, which we
believe will remain elevated. We expect 30-year conventional
fixed-rate mortgage rates in the mid- to high-7% range for 2023
before declining to the high-6% area for 2024. To counteract this,
homebuilders are offering temporary and permanent rate buy-downs
and closing cost assistance. Still, housing affordability remains a
challenge with student debt repayment scheduled to begin in
October, particularly for first-time buyers. We believe the degree
and extent of home demand across the U.S. will depend on a
combination of factors, including the trajectory and stability of
the 30-year fixed-rate mortgage, local housing market and economic
fundamentals, and economic growth. S&P Global Ratings economists
expect about 1.4 million housing starts in 2023 and 1.3 million in
2024 (we previously forecast 1.2 million) as recessionary fears in
the U.S. economy dissipate." Stronger housing demand since the
start of 2023 coupled with a limited resale market will likely
enable more sales and home constructions in 2024.
S&P said, "We anticipate TMHC will finish fiscal 2023 with
approximately 11,000 home closings. As the company has managed to
significantly decrease average construction cycle times and focuses
more on entry-level homes, we expect closings to increase
approximately 5%-7% in 2024. We also anticipate decreases in home
prices, which when combined with higher closings will keep revenues
flat to low-single-digit percent growth year over year. As a
result, we expect TMHC's adjusted EBITDA margin to decrease to the
15% area in fiscal 2024. However, we expect it to maintain leverage
metrics through the newer housing environment such that we raise
our issuer credit rating.
"We believe TMHC will maintain a debt-to-EBITDA ratio below 2x over
the next 24 months. We forecast EBITDA interest coverage of 8x-9x
by the end of fiscal 2024 based on the company's adjusted debt of
approximately $1.7 billion-$1.8 billion. We forecast the company
will generate EBITDA of roughly $1 billion-$1.1 billion in fiscal
years 2023 and 2024. We expect margins to decline compared to
fiscal 2022 due to softening housing demand through 2024. However,
TMHC has retained the ability to generate revenue and leverage
commensurate with a 'BB+' rated peers. As macroeconomic uncertainty
subsides and demand for housing maintains a reasonable pace, we
expect the company to maintain operating performance, which should
keep its adjusted-debt-to-EBITDA ratio below 2x in fiscal 2024.
"The stable outlook reflects our forecast that debt to EBITDA will
be below 2x for the next 24 months and debt to capital will trend
toward 24%-26%. Strong earnings performance and a recent repayment
of fixed debt leading into the end of 2023 and into 2024 will help
support this forecast.
"We could lower our rating on TMHC to 'BB' over the next 12 months
if debt to EBITDA approaches 3x. This could occur if the company's
EBITDA deteriorates approximately 50% without a foreseeable
recovery."
Although unlikely, S&P could raise the rating within the next 12
months to 'BBB-' if TMHC:
-- Continues enhancing the scale of its homebuilding operations
while maintaining our expectations of margin improvement that
compares favorably to peers'; and
-- Sustains debt to EBITDA below 1.5x to account for potentially
weaker earnings in a cyclical downturn.
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of TMHC. The company is
subject to various local, state, and federal statutes, ordinances,
rules, and regulations concerning health and environmental
protection. We view TMHC's ESG exposure as broadly in line with
industry peers."
TECHNICAL COMMUNICATIONS: Decides to Go 'Dark'
----------------------------------------------
Technical Communications Corporation announced its decision to
deregister its common stock under Section. 12(g) of the Securities
Exchange Act of 1934, as amended, as well as suspend its reporting
obligations under Section 15(d) of the Exchange Act.
This decision to go "Dark" is in support of the Company's intention
to return to profitability as soon as possible and using cash
resources for that purpose is the top fiscal priority. The
reduction in time spent by its management and employees in
complying with the requirements applicable to SEC reporting
companies will enable them to focus their resources more on
managing the Company's business and generating new revenues.
The Company filed a Form 15 with the Securities and Exchange
Commission on Sept. 21, 2023 to deregister its securities under
Section 12(g) of the Exchange Act and suspend its reporting
obligations under Section 15(d) of the Exchange Act. The Company
will communicate other news and information to shareholders from
time to time via its website www.tccsecure.com.
Previously, on May 9, 2023, TCC announced that it received a $1.580
million contract from a major North African country for the
company's CX7211 IP Data Encryption systems, KEYNET Management
Systems, on-site training and support. Delivery of the equipment
and training services has begun and is expected to be completed in
December 2023. This is the first order in a potential multi-order
procurement that is expected to extend through CY2025.
The CX7211 IP Data Encryption System is a member of TCC's network
encryption family. It provides strategic-level security for data
signals in demanding environments and covers a broad range of
network interfaces. Critical satellite communications networks and
command and control networks are protected today by the CX7211 IP
Data Encryption System.
About Technical Communications
Concord, Massachusetts-based Technical Communications Corporation
-- http://www.tccsecure.com-- specializes in secure communications
systems and customized solutions to protect highly sensitive voice,
data and video transmitted over a wide range of networks, serving
government entities, military agencies, and corporate enterprises.
Westborough, Massachusetts-based Stowe & Degon LLC, Technical
Communications Corporation's auditor since 2019, issued a "going
concern" qualification in its report dated Dec. 22, 2022, citing
that the Company has an accumulated deficit, has suffered
significant net losses and negative cash flows from operations and
has limited working capital that raise substantial doubt about its
ability to continue as a going concern.
TENTRR INC: DIP Lenders Up Loan Commitment to $2.7MM
----------------------------------------------------
Tentrr, Inc. asks the U.S. Bankruptcy Court for the District of
Delaware for entry of an order amending the final order authorizing
the use of cash collateral and postpetition financing. Pursuant to
a fourth amendment to the DIP facility, the aggregate principal
amount of the DIP Facility has been increased from an amount not to
exceed $1.35 million to an amount not to exceed $2.7 million.
The Debtor had engaged in extensive discussions with counsel for
IPFS Corporation, Farnam Street Financial, Inc., and the agent for
the DIP Lenders.
The Debtor's post-petition financing originally consisted of, inter
alia, a superpriority credit facility in an aggregate principal
amount not to exceed $500,000. Pursuant to the First Amended DIP
Order, the principal aggregate amount was increased to $750,000.
Pursuant to the Second Amended DIP Order, the principal aggregate
amount was increased to $1 million. The DIP Agent was changed from
SL Ventures III Series V, LLC to Tribeca Venture Partners GP I,
LLC.
Pursuant to the Third Amended DIP Order, the principal aggregate
amount was increased to $1.350 million. Great Oaks Venture Capital
ACK LLC and Great Oaks Venture Fund LP joined as lenders under the
Third Amendment. The DIP Lenders have fully funded the $1.350
million DIP Facility and the Debtor has fully drawn on the DIP
Facility.
In the most recent amendment to the DIP facility, SL Ventures III
Series, which participated in the Original DIP financing, as well
as in the increased financing pursuant to the First Amendment, but
did not participate in the increased rounds pursuant to the Second
DIP Amendment and the Third DIP Amendment, is participating again
in the advances of the increased amount pursuant to the Fourth DIP
Amendment.
Additionally, the conversion rate contained in the Secured
Convertible Note, that was annexed to the DIP Facility, was reduced
to allow for additional funds beyond the $2 million originally
contemplated therein, to be lent to the Debtor so that the Lenders
equity share would be maintained at the amount originally
contemplated in the DIP Facility, which was 95%.
Prior to confirmation, the Debtor is planning on offering each
pre-existing (pre-bankruptcy) preferred equity holder an
opportunity to lend the Debtor an additional aggregate amount of
$400,000. Upon securing commitments from those preferred equity
holders, the Debtor plans to make a subsequent motion, in which the
Debtor will seek to have a fifth amendment to the DIP Facility
authorized by the Court.
The maturity date of the DIP Facility is the earlier of (i) the
effective date of the Debtor's plan of reorganization in this
Subchapter V Case; and (ii) the date upon which the Agent under the
DIP Facility declares all obligations to be due and payable and the
commitments to be terminated as a result of an uncured Event of
Default.
Following entry into the DIP Facility, the Debtor has continued to
work to maximize the value of its assets, including negotiations
over formulation of a plan of reorganization with the secured
creditors as well as commencing litigation against Farnam, which
was recently settled, and this settlement was memorialized in a
memorandum of understanding. In accordance with the MOU, the
settlement with Farnam will be implemented under a plan of
reorganization. This amended plan of reorganization, which will
include the Farnam settlement (among other amendments), will be
filed in the near future.
Because the Debtor needs to finalize its discussions and
negotiations with the secured creditors, negotiate and draft an
amended plan of reorganization, which will incorporate its
settlement with Farnam and the settlements it hopes to reach with
its other secured creditors, the Debtor needs additional time
beyond the time envisioned in the budgets attached to the prior
motions and orders in connection with the DIP Facility in order to
formulate and prepare a plan of reorganization, solicit support for
the plan, confirm this plan and emerge from bankruptcy. The Debtor
also intends to use a portion of the funds from the Amended DIP
facility to fund the plan.
A copy of the motion is available at https://urlcurt.com/u?l=JgKk3u
from PacerMonitor.com.
About Tentrr Inc.
Tentrr Inc. -- https://www.tentrr.com/ -- offers places to camp in
the U.S. It provides tent camps and fully set up campsites for
camping on private land or state parks. The company is based in New
York.
Tentrr filed a petition for relief under Subchapter V of Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10000) on Jan.
2, 2023.
In the petition filed by its chief executive officer, Anand
Subramanian, the Debtor disclosed between $1 million and $10
million in both assets and liabilities. David M. Klauder has been
appointed as Subchapter V trustee.
The Debtor tapped Mayerson and Hartheimer, PLLC as bankruptcy
counsel; The Rosner Law Group LLC as local counsel; and Omni Agent
Solutions, Inc. as notice, claims, solicitation and administrative
agent.
TICOAT INC: Kara Rescia of Rescia Law Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Kara Rescia, Esq., at
Rescia Law, P.C. as Subchapter V trustee for TiCoat, Inc.
Ms. Rescia 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. Rescia declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kara S. Rescia, Esq.
Rescia Law, P.C.
5104A Bigelow Commons
Enfield, CT 06082
Office: (860) 452-0052
Fax: (860) 452-2300
Email: kara@ctmalaw.com
About TiCoat Inc.
TiCoat, Inc. is a manufacturer of surface cleaner and deodorizing
technology in North Windham, Conn.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Conn. Case No. 23-20736) on Sept. 15,
2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Todd Hodrinsky, chief executive officer,
signed the petition.
Russell G. Small, Esq., at the Law Office of Russell Gary Small,
P.C. represents the Debtor as bankruptcy counsel.
TROIKA MEDIA: Amends Financing Agreement With Blue Torch
--------------------------------------------------------
Troika Media Group, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company, as borrower,
and the Company's subsidiary guarantors, entered into the First
Amendment to Financing Agreement with Blue Torch Finance LLC, a
Delaware limited liability company, as collateral agent.
The Amendment amends the Financing Agreement, dated March 21, 2022,
by and among the Company, Guarantors, Blue Torch and Lenders by
adding provisions for the use of secured overnight financing rate
loans in place of LIBOR rate loans.
About Troika
Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth. The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.
Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022. Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.
UNIVERSAL HEALTH: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Universal Health Services, Inc. (UHS) at 'BB+'. Fitch has
also affirmed the ratings of UHS's senior secured credit facilities
and senior secured notes at 'BBB-', and revised the Recovery
Ratings (RRs) to 'RR1' from 'RR2'. The Rating Outlook is Stable.
The Stable Outlook reflects Fitch's expectation that UHS will
maintain EBITDA leverage in the 2.0x-3.0x range over the rating
horizon, with no significant debt maturities until 2026. Fitch
views UHS's ample liquidity position and conservative financial
policy as supporting factors that will help the company navigate
near-term headwinds, particularly physician subsidy and staffing
costs that are pressuring margin expansion. Its strong market
positions in higher-growth urban areas and a growing demand for
behavioral health services over the long term further support the
Stable Outlook.
Fitch revised the RRs of the senior secured debt instruments to
'RR1' from 'RR2' due to the expiration of the accounts receivable
securitization program. Should UHS enter into a new program, as it
did when it let the $440 million program lapse, the RRs will be
revised back to 'RR2'.
KEY RATING DRIVERS
Moderate Margin Expansion: Fitch expects EBITDA margins to contract
in 2023 by 40bps from 12.8% in 2022 before gradually increasing to
mid-13% thereafter. Margin contraction in 2023 is in part due to
upward pressure on physician expense and premium pay in the acute
care business and higher base wages in the behavioral health
segment. Higher-than-anticipated physician expense and premium pay
will be driven by a combination of robust patient volume growth,
greater subsidies to existing and/or new physicians, and insourcing
physicians due to bankruptcies of contract staffing service
providers.
Fitch notes that the overall decline in physician reimbursement
rates and the implementation of the No Surprises Act will likely
result in hospital operators spending more on subsidies in the near
term. Fitch is not assuming the nurse and qualified behavioral
health specialist shortage in the U.S. will ameliorate in the short
run.
However, Fitch believes UHS is better equipped to mitigate these
upward pressures than smaller suburban or rural hospital operators
due to its scale and negotiating power with commercial payors.
Margin expansion post-2023 will come from patient volume
normalization, reducing the amount of premium pay, and better
acuity mix in the acute care segment, and greater utilization of
behavioral health services as patients have greater access to care
in both inpatient and outpatient settings.
Conservative Financial Policy: Fitch notes that EBITDA leverage has
sustained below 3.0x since 2012, and UHS has not engaged in any
large-scale acquisition following its expansion to the U.K. in
2014-2016. Fitch believes UHS will have sufficient headroom
relative to Fitch's negative sensitivity of 3.0x for leverage
should EBITDA prove to be volatile amid rising labor costs.
Moreover, in the event that upward pressure from physician
subsidies and staffing costs persisted, Fitch would expect UHS to
act prudently with regard to capital allocation. UHS also
demonstrated its commitment to its conservative financial policy by
suspending its share repurchase program and dividends in April
2020, and did not resume dividend payments until 1Q21.
Although a potential recession adds risk to maintaining adequate
access to debt capital markets, Fitch expects UHS's relatively more
conservative balance sheet management and M&A strategy to mitigate
refinancing risk ahead of its nearest debt maturities in 2026,
which include its senior secured credit facilities ($2.31 billion
term loan A and $250 million drawn on the $1.2 billion revolving
facility as of June 30, 2023) and $700 million of 1.650% senior
secured notes.
Solid Cashflow Generation: Fitch forecasts positive FCF to increase
from $0.2 billion in 2022 to $0.4 billion-$0.6 billion per year in
2023-2026 despite Fitch's expectation of UHS's continued emphasis
on de novo investments in the near term. These de novo projects
include twelve free-standing emergency departments in various
stages of development, three acute care hospitals in Nevada,
Florida and Washington D.C., and a behavioral health hospital in a
joint-venture partnership with Trinity Health Michigan.
Like other hospital operators, UHS is focusing on expanding health
care access points, especially with a focus on higher-acuity
services and outpatient development, to boost local market share
and strengthen its power in rate negotiations with commercial
health insurers, the latter becoming a point of emphasis amid the
industry's challenging labor conditions.
Diversification and Stability: Fitch notes that UHS's dual focus on
general acute care and behavioral health provides diversification
and stability benefits that are likely to contain adverse revenue
and margin volatility over the rating horizon. Fitch sees
increasing utilization of behavioral health services and a growing
population of patients actively seeking care as positive momentum
amid continued staffing shortages.
Over the long term, as insurance coverage and access to care evolve
towards parity with general acute care, Fitch expects UHS's broad
continuum of care across many diagnoses to benefit from such
developments.
DERIVATION SUMMARY
The 'BB+' IDR reflects UHS's competitive position as one of the
largest for-profit health systems in the U.S. and strong financial
profile as a result of low leverage, ample liquidity and strong
operating margins. Although UHS's markets may exhibit more economic
cyclicality than others, urban and large suburban markets generally
have better organic growth prospects than rural and suburban
markets. The company is also diversified in its revenue stream,
with more than 40% of net revenue coming from its behavioral health
segment.
UHS's operating position and low leverage are the primary factors
that distinguish its ratings from lower Fitch-rated peers such as
Tenet Healthcare Corp. (B+/Stable) and Community Health Systems,
Inc. (B-/Negative).
KEY ASSUMPTIONS
- Net revenue of $14.2 billion and EBITDA margin of 12.4% in 2023;
- After 2023, net revenue growth of 3.0%-5.0% per year and EBITDA
margin gradually improves to 13%-14%;
- Effective interest rates of 4.0%-5.0% over the forecast period,
moving with SOFR;
- Capex of $0.8 billion-$1.0 billion per year over the forecast
period;
- Annual dividend payment of $50 million-$60 million; positive FCF
generation of $0.4 billion-$0.6 billion per year;
- Share repurchases of $0.4 billion-$0.5 billion per year;
- No allocation of discretionary FCF towards voluntary debt
repayments.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Fitch's expectation that UHS will sustain EBITDA leverage below
2.0x;
- Fitch's expectation that UHS will sustain (CFO-capex)/debt above
12.0%;
- Favorable financial policy communicated in explicit terms.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Fitch's expectation that UHS will sustain EBITDA leverage above
3.0x;
- Fitch's expectation that UHS will sustain (CFO-capex)/debt below
8.0%;
- Regulatory or litigation development reducing the diversification
value of its behavioral health unit.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: Sources of liquidity include $79 million of
unrestricted cash and cash equivalents and the availability of $946
million under the $1.2 billion revolving facility as of June 30,
2023. Fitch expects UHS to generate positive FCF of $0.4
billion-$0.6 billion per year over the rating horizon, after
considering assumptions of de novo investments for future growth
and dividend payments. In the near term, UHS will have no
meaningful debt maturities beyond term loan amortization. Fitch
expects the company to prioritize internal investments, M&A and
shareholder-friendly actions. Fitch has not assumed that FCF will
be directed towards voluntary debt repayments.
No Near-Term Debt Maturities: The senior secured revolving facility
and term loan A mature in 2026, with various senior secured notes
maturing in 2026, 2030 and 2032. Term loan amortization is $45
million for the remainder of 2023 and $120 million per year
thereafter. Fitch assumes effective interest rate will be 4.0%-5.0%
in the rating horizon.
ISSUER PROFILE
Universal Health Services, Inc. (UHS) is one of the largest
publicly traded, for-profit health systems focusing on urban and
suburban markets in the U.S. and U.K. It delivers care at both
inpatient and outpatient settings, and operates acute care and
behavioral health facilities.
ESG CONSIDERATIONS
UHS has an ESG Relevance Score of '4' for Exposure to Social
Impacts, reflecting pressure to contain health care spending
growth, a highly-sensitive political environment and social
pressure to contain costs or restrict pricing. This has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.
UHS also has an ESG Relevance Score of '4' for Governance
Structure, due to the Miller family's significant control of the
company via its equity ownership and the relative voting rights of
multiple share classes of UHS stock. This has a negative impact on
the credit profile, and is relevant to the ratings 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
----------- ------ -------- -----
Universal Health
Services, Inc. LT IDR BB+ Affirmed BB+
senior secured LT BBB- Affirmed RR1 BBB-
US TELEPACIFIC: Apollo SFRFI Marks 1$3.1MM Loan at 58% Off
----------------------------------------------------------
Apollo Senior Floating Rate Fund Inc has marked its $3,190,859 loan
extended to U.S. TelePacific Corp to market at $1,324,207 or 42% of
the outstanding amount, as of June 30, 2023, according to Apollo
Senior's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Senior FRFI is a participant in a First Lien Term Loan to
U.S. TelePacific Corp. The loan accrues interest at a rate of 7%
(6% Payment In Kind), (SOFR + 7%, 0.00% Floor) per annum. The loan
matures on May 2, 2026.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
US TelePacific Corp., doing business as TPx Communications,
provides communications and managed services.
US TELEPACIFIC: Apollo Tactical Marks $3.1MM Loan at 58% Off
------------------------------------------------------------
Apollo Tactical Income Fund Inc has marked its $3,190,859 loan
extended to U.S. TelePacific Corp to market at $1,324,207 or 42% of
the outstanding amount, as of June 30, 2023, according to Apollo
Tactical's Semi-Annual Report on Form N-CSRS for the period ended
June 30, 2023, filed with the Securities and Exchange Commission.
Apollo Tactical IFI is a participant in a First Lien Term Loan to
U.S. TelePacific Corp. The loan accrues interest at a rate of 7%
(6.00% Payment In Kind), (SOFR + 7.00%, 0.00% Floor) per annum. The
loan matures on May 2, 2026.
Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income
Fund Inc are corporations organized under the laws of the State of
Maryland and registered with the U.S. Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies. AFT and
AIF commenced operations on February 23, 2011 and February 25,
2013, respectively.
US TelePacific Corp., doing business as TPx Communications,
provides communications and managed services.
VAULT HOLDING: Case Summary & 30 Largest Unsecured Creditors
------------------------------------------------------------
Five additional affiliates of iCap Enterprises, Inc. (E.D. Wash.
Case No. 23-01243) that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Vault Holding, LLC 23-01270
3535 Factoria Boulevard
Suite 500
Bellevue, WA
ICap Pacific Development LLC 23-01271
ICap Holding LLC 23-01272
ICap Holding 5 LLC 23-01273
iCap Holding 6 LLC 23-01274
Business Description: The Debtors are engaged in activities
related to real estate.
Chapter 11 Petition Date: September 30, 2023
Court: United States Bankruptcy Court
Eastern District of Washington
Debtors' Counsel: Dakota Pearce, Esq.
BUCHALTER, A PROFESSIONAL CORPORATION
1420 5th Ave., Suite 3100
Seattle, WA 98101
Tel: (206) 319-7052
Email: dpearce@buchalter.com
– and -
Bernard D. Bollinger, Jr., Esq.
Julian I. Gurule, Esq.
Khaled Tarazi, Esq.
BUCHALTER
1000 Wilshire Blvd., Suite 1500
Los Angeles, California 90017
Tel: (213) 891-0700
Email: jgurule@buchalter.com
Debtors'
Restructuring
Financial
Advisor: PALADIN MANAGEMENT GROUP, LLC
Debtors'
Claims &
Noticing
Agent and
Administrative
Advisor: BMC GROUP INC.
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Lance Miller as manager.
A full-text copy of Vault Holding's petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/MRXN5BY/Vault_Holding_LLC__waebke-23-01270__0001.0.pdf?mcid=tGE4TAMA
List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Yongzhi Liang Money Loaned $10,543,746
103-2-1105, Bai Zi Wan Home,
Chaoyang District
Beijing, Beijing 100124
China
Email: bonniebinbin@126.com
2. Mingyi Hu Money Loaned $9,619,348
Room 2606, Qinzhou Mansion, No.6,
Lane 111, Qinzhou Road
Shanghai
China
Email: cansolh@gmail.com
3. CWN Holdings Limited Money Loaned $5,000,011
Trinity Chambers, PO Box 4301
Road Town, Tortola
British Virgin Island
Lin Lan Sun
Email: sun2015@vip.163.com
4. Devont Capital Limited Money Loaned $4,106,119
PO Box 4301, Road Town
Tortola, British Virgin Islands
British Virgin Islands
Lin Lan Sun
Email: sun2015@vip.163.com
5. Sinolite Industrial Co. Money Loaned $3,727,518
Bldg DEF, 19th Floor, Zhejiang Wuchan
Intl Plaza
No.445 Kaixuan Road, Jianggan District
Hangzhou
China
Zhanyun Zheng
Email: kassy@sinolite.net
6. Cooperativa De Seguros Multiples Money Loaned $2,765,640
PO Box 363846
San Juan, PR 00936
Ramon A. Rodriguez Rosa
Phone: 787-622-8585
Email: ramonr@segurosmultiples.com
7. Ruihua Ji Money Loaned $2,678,960
No. 11, Lane 688, Pingji Road, Minhang
District
Shangai, Shangai 201100
China
Email: jiruihua@gmail.com
8. Zheng Revocable Money Loaned $2,271,679
Foreign Grantor Trust
7307 N Division St. Suite 303
Spokane, WA 99208
Greg Bowman
Email: kassy@sinolite.net
aburgeson@nwtrustee.com
9. Chunying Tian Money Loaned $2,000,000
No. 102, 1st Floor, Unit 2, Building 11
No. 1999 Beichen Avenue, Weiyang
District
Xi'an, Shanxi
China
Email: wbyan1105@gmail.com
10. Universal Insurance Company Money Loaned $2,000,000
PO Box 71338
San Juan, PR 00936
Raul Ramirez
Phone: 787-706-7150
Email: raramirez@universalpr.com
11. Ruzhen Zhang Money Loaned $1,732,387
No.1904, Building 1, No. 1,
Shangdi Xinxi Road
Haidian District
Beijing, Beijing 100085
China
Email: reneeyangny@gmail.com
12. Qingxiao Jiang Money Loaned $1,616,716
Room 1201, Unit 2, BLD #8, Zhijing Yuan
Xixi Cheng Yuan, Xihu District
Hangzhou, Zhejiang 310000
China
Email: nickeyjiang@163.com
13. Tat Iu Money Loaned $1,422,689
Room 2301, Block A, Gaxaly Intl Building
167 Huancheng North Road
Hangzhou, Zhejiang 310005
China
Email: iutat@sina.com
14. Huimin Zhang Money Loaned $1,419,998
Xishan St, Building 1, Room 1-4-3
Dalian, Liaoning 116000
China
Email: dalianlfx@126.com
15. Kun Wang Money Loaned $1,315,140
No.144, Building 14, No.6
Crouching Tiger Bridge
Haidian District
Beijing, Beijing 100044
China
Email: mayandmay@sina.com
16. Zhuhua Li Money Loaned $1,296,196
17225 NE 126th Pl
Redmond, WA 98052
Email: springzhang66@gmail.com
17. Ping Zhang Money Loaned $1,258,981
Room 252, Unit 2, No. 67 East Orchard
Tongzhou District
Beijing, Beijing 101116
China
Email: joannaheart@163.com
18. Yunhua Liu Money Loaned $1,050,000
1155 Northeast 55th Street
Seattle, WA 98105
Phone: 443-256-8594
Email: 1669043402@qq.com
19. Robert W. Alfini Money Loaned $1,019,207
419 E. Orchard St.
Arlington Heights, IL 60005
Phone: 847-259-1871
Email: bobalfini@aol.com
20. Thomas and Jodi Temple Money Loaned $1,015,984
w/ rights of survivorship
21 Sycamore Ln.
Chester Springs, PA 19425
Thomas Temple
Phone: 484-467-3373
Email: tom_temple@me.com
21. Azure Blue Service Limited Money Loaned $1,000,002
Trinity Chambers, PO Box 4301, Road
Town
Tortola, British Virgin VG1110
United Kingdom
Xueqin Yang
Email: sun2015@vip.163.com
22. Peng Lyu and Li Tan Money Loaned $1,000,000
1124 E Lake Sammamish Pkwy NE
Sammamish, WA 98074
Peng Lyu
Email: lilian.tan@maxsolution.com.cn
23. Shiying Chen Money Loaned $946,390
1102, unit 1, building 5, Mingliyuan
Xixi Chengyuan, Xihu District
Hangzhou, Zhejiang 310012
China
Email: 8407046@qq.com
24. Ching-Ping Hu (Grace Shin) Money Loaned $942,299
3rd Flr, No. 143, Section 6
Nanjing East Road, Neihu District
Taipei City, Taiwan 114
Ching-Ping Hu
Email: jessica.cp.hu@gmail.com
25. Barry M. Abzug Revocable Trust Money Loaned $902,229
1949 Leonard Road Falls Church
Falls Church, VA 22043
Barry Abzug
Email: barry.abzug@verizon.net
26. Yi Xia Money Loaned $880,307
Building no.8, Lane 600
Fei Hong Road, Yangpu District
Shanghai, Shanghai
China
Email: xyi9458@gmail.com
27. Steven W. Shaw Money Loaned $793,689
11 River Park Drive
Cormwell, CT 06416
Phone: (860) 538-2347
Email: dr.shaw@shawchiropractic.com
28. Junming Chen Money Loaned $765,912
10-2-402 Zhichengyuan Xixichengyuan,
Xihu Dist.
Hangzhou, Zhejiang 310030
China
Email: jimmy@fsiheater.com
29. Elizabeth Plaza Money Loaned $750,000
1121 Parrotts Cove Rd
Greensboro, GA 30642
Email: eplaza@sconsultantsint.com
30. Yulan Ren Money Loaned $730,063
No. 5, Building 15, Meidu Huating
76 Lianhua North Road
Dujiangyan City, Sichuan Province 611800
China
Email: miloyezhu@gmail.com
VISTA CLINICAL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Vista Clinical Diagnostics, LLC
d/b/a Vista Clinical
d/b/a Vista Clinical Lab
3705 South Highway 27
Clermont, FL 34711
Business Description: Vista Clinical is an independent laboratory
offering a complete compendium of clinical
laboratory testing capabilities, including
microbiology, PCR molecular biology &
surgical pathology.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-04109
Debtor's Counsel: R.Scott Shuker, Esq.
SHUKER & DORRIS, P.A.
121 S. Orange Avenue
Suite 1120
Orlando, FL 32801
Phone: (407) 337-2060
Email: rshuker@shukerdorris.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Davian S. Santana as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/6WR3J6Q/Vista_Clinical_Diagnostics_LLC__flmbke-23-04109__0001.0.pdf?mcid=tGE4TAMA
VOYAGER TRAVEL: Ruediger Mueller Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI,
Inc. as Subchapter V trustee for Voyager Travel, Inc.
Mr. Mueller 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. Mueller declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ruediger Mueller
TCMI, Inc.
1112 Watson Court
Reunion, FL 34747
Email: truste@tcmius.com
About Voyager Travel
Voyager Travel, Inc. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04045) on
Sept. 14, 2023, with $100,001 to $500,000 in assets and $500,001 to
$1 million in liabilities. Thomas E. Barnette, director, signed the
petition.
Judge Roberta A. Colton oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A., represents the Debtor
as legal counsel.
WABASH NATIONAL: S&P Upgrades ICR to 'BB-', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised our issuer credit rating on Wabash
National Corp. to 'BB-' from 'B+' and its issue rating on Wabash's
senior unsecured notes to 'B+' from 'B'. The '5' recovery rating is
unchanged, indicating its expectation of modest recovery (10%-30%;
rounded estimate: 20%) in the event of a default.
The stable outlook reflects S&P's expectation that the company can
maintain credit metrics in line with the higher rating, despite
anticipated softness in trailer shipments in 2024 due to the
ongoing freight recession and winddown of pent-up demand following
the pandemic.
Wabash's trailer and truck body shipments have recovered to
prepandemic levels, leading to a rebound in credit metrics.
Wabash's trailer deliveries have been robust over the last few
years as pent-up demand from delayed orders over the past several
years combined with elevated freight volumes from 2020-2022, which
created strong demand for its trailers. S&P said, "We forecast S&P
Global Ratings-adjusted debt to EBITDA will improve to the low 1x
area in 2023 from 1.8x in 2022. After the pandemic began, customers
paused their trailer and truck body orders as freight demand was
dramatically reduced against the backdrop of a weaker U.S. economy.
This caused a period of dislocation in the typical
break-fix-replace cycle. Since then, Wabash has steadily improved
its trailer shipments from 36,615 in 2020, to 45,365 in 2021,
52,035 in 2022, and 50,110 through the 12 months ended June 30,
2023. Truck body shipments have also generally trended higher over
the last few years from 13,430 in 2020 to 16,560 in 2021, 14,800 in
2022 and 15,200 through the 12 month period ended June 30, 2023.
That said, freight volumes have declined meaningfully in 2023 and
could remain subdued in 2024. We believe the shift in consumer
spending toward services from goods seen this year, along with
retailers working through elevated inventories, has created
headwinds for freight transportation providers and could reduce
demand for commercial vehicle equipment suppliers such as Wabash
going into 2024. We forecast leverage will rise to the high 1x area
in 2024."
S&P said, "Despite our forecast credit metrics meeting our upside
trigger, the ongoing freight and economic slowdown may depress
future trailer demand due to the cyclical nature of the trucking
industry. Accordingly, we believe there is potential for Wabash to
underperform our forecast should the freight slowdown last longer
or become more pronounced due to softer macroeconomic conditions.
Certain industry reports indicate North American trailer deliveries
of around 300,000 in 2023 are expected to decline by the high teens
area in 2024.
"As of June 30, 2023, Wabash's reported backlog totaled $2.4
billion, from which the company expects to generate $2.1 billion of
revenue in the rolling 12 month (RTM) period. This is down from
Dec. 31, 2022, when the total backlog was $3.4 billion, and $2.8
billion in the RTM period indicating that deliveries are outpacing
new orders. While the backlog remains robust, we believe customers
could delay orders, which could lead to the backlog reducing
rapidly from current levels in 2024. That said, we could look to
take a positive rating action as we have greater certainty in the
2024 forecast, which would likely include continued robust orders
from customers and improving freight rates.
"We estimate revenue growth of 8.7% for 2023 from robust trailer
demand and pricing, moderating toward the end of the year and into
2024. Improvement in volumes have been coupled with repricing as
elevated raw material prices, notably for steel and aluminum, were
passed along to customers over the last few years, driving revenue
growth and margin expansion. The average selling price from
2019-2021 was about $30,000 per trailer in 2019-2021, and this
increased to the low- to mid- $40,000 range per trailer in
2022-2023. Wabash's trailer revenue growth has also been
supplemented by demand for its parts and services segment, which
has become a greater focus as part of the OneWabash initiative to
diversify away from highly cyclical trailer production and improve
recurring revenue. We expect revenue declines of nearly 6% in 2024
as trailer shipments decline year over year amid the freight
recession, somewhat offset by continued growth in the parts and
services segment. Similarly, we expect the S&P Global
Ratings-adjusted EBITDA margin will expand to 14.0% in 2023 from
6.2% in 2022 and contract to nearly 10% in 2024 due to lower
deliveries.
"We expect the company will continue to adhere to its stated
long-term leverage target of 2x-3x. We note share repurchases have
fluctuated in recent years as the company looked to
opportunistically return capital to shareholders while balancing
higher capital expenditure (capex) to support the Lafayette
facility conversion. During the six months to June 30, 2023, Wabash
repurchased about $37 million in shares compared to the $34 million
repurchased in all of 2022. Despite the somewhat elevated level of
share repurchases, we believe the reported free cash flow (FOCF)
can absorb them while the company invests in growth capex without
drawing on its revolving credit facility (RCF). We forecast
reported FOCF of $160 million-$180 million in 2023, declining to
about $80 million-$100 million in 2024 in the softer demand
environment. Lower capex in 2024, while remaining elevated to
support the trailers as a service (TaaS) facility buildout, will
offset slightly the decline in operating performance. We expect
capex will decline to around $90 million in 2024 from $110 million
in 2023.
"The stable outlook reflects our expectation that Wabash's credit
metrics will remain commensurate with the rating, despite expected
trailer-shipment reduction in 2024 amid the ongoing freight
recession and broader economic slowdown. This is because trailer
prices remain robust and companies continue to reduce the age of
trailers following the pandemic.
"We could lower our rating on Wabash over the next 12 months if we
believe debt to EBITDA will exceed 4x or FOCF to debt will decline
below 10% on a sustained basis. This could occur if, for example,
the cyclical North American trailer market is weaker than we
anticipate or the industry experiences a prolonged downturn.
"We could raise our rating if we believe Wabash's debt to EBITDA
can be sustained in the low 2x area and FOCF to debt remains above
20% during future freight cyclical downturns. This could occur if
we had better visibility into trailer production or if the company
is able to continue diversifying into the more noncyclical parts
and services segment."
WESTERN GLOBAL: Committee Hires AlixPartners as Financial Advisor
-----------------------------------------------------------------
The official committee of unsecured creditors of Western Global
Airlines, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ
AlixPartners, LLP as financial advisor.
The firm will provide these services:
-- review and evaluate the Debtors' current financial condition,
business plans and cash and financial forecasts, and periodically
report to the Committee regarding the same;
-- analyze the Debtors' Statements of Financial Affairs and
Schedules of Assets and Liabilities;
-- review the Debtors' cash management, tax sharing and
intercompany accounting systems, practices and procedures;
-- review and investigate: (i) related party transactions,
including those between the Debtors and non-debtor subsidiaries and
affiliates (including, but not limited to, shared services expenses
and tax allocations) and (ii) selected other prepetition
transactions;
-- identify and/or review potential preference payments,
fraudulent conveyances and other causes of action that the various
Debtors' estates may hold against third parties, including each
other;
-- analyze the Debtors' assets and claims and assess potential
recoveries to the various creditor constituencies under different
scenarios;
-- assist in the development and/or review of the Debtors'
restructuring support agreement, plan of reorganization and
disclosure statement;
-- review and evaluate court motions filed or to be filed by the
Debtors or any other parties-in-interest, as appropriate;
-- render expert testimony and litigation support services,
including e-discovery services, as requested from time to time by
the Committee and its counsel, regarding any of the matters to
which AlixPartners is providing services;
-- attend Committee meetings and court hearings as may be
required in the role of financial advisor to the Committee;
-- conduct eDiscovery, document review and forensic data
services required in conjunction with any document requests or
other discovery; and
-- assist with such other matters as may be requested by the
Committee that fall within AlixPartners' expertise and that are
mutually agreeable.
The firm will be paid at these rates:
Partner & Managing Director $1,140 to $1,400 per hour
Partner $1,115 per hour
Director $880 to $1,070 per hour
Senior Vice President $735 to $860 per hour
Vice President $585 to $725 per hour
Consultant $215 to $565 per hour
Paraprofessional $360 to $380 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David MacGreevey, managing partner at AlixPartners, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David MacGreevey
AlixPartners, LLP
909 Third Avenue, Floor 30
New York, NY 10022
Tel: (212) 490-2500
Email: dmacgreevey@alixpartners.com
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP. Daugherty,
Fowler, Peregrin, Haught and Jenson, P.C., serves as DOT/FAA
counsel for the DKB DIP Lender.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as counsel to
the Ad Hoc Group of DIP Lenders and Certain Creditors. Ducera
Partners LLC, serves as financial advisor for the Funding Group DIP
Lenders. Landis Rath & Cobb LLP, is the Delaware counsel for the
Funding Group DIP Lenders. PIRINATE Consulting Group, LLC, is the
strategic advisor to the Funding Group DIP Lenders.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Western
Global Airlines Inc. The committee hires Willkie Farr & Gallagher
LLP as its lead counsel. Potter Anderson & Corroon LLP as Delaware
and conflicts counsel. AlixPartners, LLP as financial advisor.
WESTERN GLOBAL: Committee Hires Potter as Conflict Counsel
----------------------------------------------------------
The official committee of unsecured creditors of Western Global
Airlines, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Potter
Anderson & Corroon LLP as Delaware and conflicts counsel.
The firm's services include:
a. providing legal advice regarding local rules, practices, and
procedures and providing substantive and strategic advice on how to
accomplish Committee goals, bearing in mind that the Delaware
Bankruptcy Court relies on Delaware counsel such as Potter Anderson
to be involved in all aspects of each bankruptcy proceeding;
b. providing legal advice and services to the Committee with
respect to any matters or issues on which Willkie may have a
conflict, including any matters or issues involving Lufthansa;
c. drafting, reviewing, and commenting on drafts of documents to
ensure compliance with local rules, practices, and procedures;
d. drafting, filing, and service of documents as requested by
Willkie;
e. preparing certificates of no objection, certifications of
counsel, and notices of fee applications;
f. printing of documents and pleadings for hearings, and
preparing binders of documents and pleadings for hearings;
g. appearing in Court and at any meetings of creditors on behalf
of the Committee in its capacity as Delaware and conflicts counsel
with Willkie;
h. monitoring the dockets in these Chapter 11 Cases for filings
and coordinating with Willkie on pending matters that may need
responses;
i. participating in calls with the Committee;
j. providing additional administrative support to Willkie, as
requested; and
k. performing such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
The firm will be paid at these rates:
Partners $675 to $1,150 per hour
Associates $440 to $575 per hour
Paraprofessionals $330 to $350 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Potter Anderson expects to develop a budget and
staffing plan to reasonably comply with the U.S.
Trustee's request for information and additional
disclosures, as to which Potter Anderson reserves
all rights. The Committee has approved Potter
Anderson's proposed hourly billing rates.
M. Blake Cleary, Esq., a partner at Potter Anderson & Corroon LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
M. Blake Cleary, Esq.
L. Katherine Good, Esq.
Gregory J. Flasser, Esq.
Levi Akkerman, Esq.
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6 th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
Email: bcleary@potteranderson.com
kgood@potteranderson.com
gflasser@potteranderson.com
lakkerman@potteranderson.com
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP. Daugherty,
Fowler, Peregrin, Haught and Jenson, P.C., serves as DOT/FAA
counsel for the DKB DIP Lender.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as counsel to
the Ad Hoc Group of DIP Lenders and Certain Creditors. Ducera
Partners LLC, serves as financial advisor for the Funding Group DIP
Lenders. Landis Rath & Cobb LLP, is the Delaware counsel for the
Funding Group DIP Lenders. PIRINATE Consulting Group, LLC, is the
strategic advisor to the Funding Group DIP Lenders.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Western
Global Airlines Inc. The committee hires Willkie Farr & Gallagher
LLP as its lead counsel. Potter Anderson & Corroon LLP as Delaware
and conflicts counsel. AlixPartners, LLP as financial advisor.
WESTERN GLOBAL: Committee Hires Willkie Farr as Counsel
-------------------------------------------------------
The official committee of unsecured creditors of Western Global
Airlines, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Willkie
Farr & Gallagher LLP as its lead counsel.
The firm's services include:
a. advising the Committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules, and the
Local Rules;
b. assisting and advising the Committee in its consultation with
the Debtors relative to the administration of the Chapter 11
Cases;
c. attending meetings and negotiating with the Debtors'
professionals and
other parties-in-interest;
d. assisting and advising the Committee in its examination and
analysis of the conduct of the Debtors' affairs;
e. assisting and advising the Committee in connection with any
sale of the Debtors' assets pursuant to section 363 of the
Bankruptcy Code;
f. assisting the Committee in the review, analysis, and
negotiation of any chapter 11 plan(s) of reorganization or
liquidation that may be filed, and assisting the Committee in the
review, analysis, and negotiation of the disclosure statement
accompanying any such plan(s);
g. taking all necessary actions to protect and preserve the
interests of the Committee, including: (i) possible prosecution of
actions on its behalf; (ii) if appropriate, negotiations concerning
all litigation in which the Debtors are involved; and (iii) if
appropriate, review and analysis of claims filed against the
Debtors' estates;
h. generally preparing on behalf of the Committee all necessary
motions, applications, answers, orders, reports, replies,
responses, and other papers in support of positions taken by the
Committee;
i. appearing, as appropriate, before this Court, the appellate
courts, and the U.S. Trustee, and protecting the interests of the
Committee before those courts and the U.S. Trustee; and
j. performing all other necessary legal services in the Chapter
11 Cases.
The firm will be paid at these rates:
Partners/Senior Counsel $1,550 to $2,250 per hour
Associates, Other Attorneys
and Law Clerks $565 to $1,500 per hour
Paraprofessionals $349 to $590 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: Not applicable.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Willkie expects to develop a budget and staffing
plan to reasonably comply with the U.S. Trustee's
request for information and additional disclosures,
as to which Willkie reserves all rights. The
Committee has approved Willkie's proposed hourly
billing rates.
Brett H. Miller, Esq., a partner at Willkie Farr & Gallagher LLP,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Brett H. Miller, Esq.
Todd M. Goren, Esq.
James H. Burbage, Esq.
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
Tel: (212) 728-8000
Email: bmiller@willkie.com
tgoren@willkie.com
jburbage@willkie.com
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP. Daugherty,
Fowler, Peregrin, Haught and Jenson, P.C., serves as DOT/FAA
counsel for the DKB DIP Lender.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as counsel to
the Ad Hoc Group of DIP Lenders and Certain Creditors. Ducera
Partners LLC, serves as financial advisor for the Funding Group DIP
Lenders. Landis Rath & Cobb LLP, is the Delaware counsel for the
Funding Group DIP Lenders. PIRINATE Consulting Group, LLC, is the
strategic advisor to the Funding Group DIP Lenders.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Western
Global Airlines Inc. The committee hires Willkie Farr & Gallagher
LLP as its lead counsel. Potter Anderson & Corroon LLP as Delaware
and conflicts counsel. AlixPartners, LLP as financial advisor.
WESTLAKE SURGICAL: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Westlake
Surgical, L.P.
The committee members are:
1. National Neuromonitoring Services, LLC
Attn: Christopher Matthews
5080 Spectrum Dr., Suite 1100 E,
Addison, TX 75001
Phone: (214) 448-6313
2. Zimmer US, Inc. dba Zimmer
Biomet
Attn: Andrew Buis
345 E. Main Street
Warsaw, IN 46580
Phone: (800) 613-6131
3. Curiteva, Inc.
Attn: Philip Cupero
25127 Will McComb Drive
Tanner, AL 35671
Phone: (256) 213-1057
4. Centinel Spine, LLC
Attn: Wayne Malcolm
900 Airport Rd., Suite 3B
Westchester, PA 19380
Phone: (484) 887-8864
5. Western Healthcare, LLC
Attn: John Burger
13155 Noel Rd., Suite 800
Dallas, TX 75240
Phone: (469) 364-3207
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 The Hospital at Westlake
Medical Center
The Hospital at Westlake Medical Center is a physician-owned
boutique hospital in Westlake Hills, Texas, a suburb of Austin.
Guided by an unwavering commitment to delivering quality healthcare
services in a comfortable setting, its core service areas include
surgical procedures, outpatient radiology, and a 24/7 emergency
room.
Westlake Surgical, L.P., doing business as The Hospital at Westlake
Medical Center, sought Chapter 11 protection (Bankr. W.D. Texas
Case No. 23-10747) on Sept. 8, 2023.
The Honorable Shad Robinson is the case judge.
The Debtor tapped Hayward PLLC as counsel. Donlin, Recano &
Company, Inc., is the claims agent.
eCapital Healthcare Corp., the DIP lender, is represented by Foley
& Lardner, LLP.
WILLIAMS INDUSTRIAL: Oct. 26 Claims Filing Deadline Set
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware established
Oct. 26, 2023, at 5:00 p.m. (Prevailing Eastern Time) as the last
date and time for persons and entities to file their proofs of
claim against Williams Industrial Services Group Inc. and its
debtor-affiliates.
The Court also set Jan. 29. 2024, at 5:00 p.m. (Prevailing Easter
Time) as the deadline for all governmental units to file their
claims against the Debtors.
Creditors must either (i) deliver the Proof of Claim Form Claim
Form or Administrative Expense Claim Form in person, by courier
service, hand delivery, via the United States Mail or by overnight
delivery service so that it is received on or before 5:00 p.m.
prevailing Eastern Time on or before the applicable Bar Date at the
following address:
a) If by First-Class Mail:
Williams Industrial Services Group Inc. Claims Processing
Center
c/o Epiq Corporate Restructuring, LLC
P.O. Box 4420
Beaverton, OR 97076-4420
b) if by Hand Delivery or Overnight Mail:
Williams Industrial Services Group Inc. Claims Processing
Center
c/o Epiq Corporate Restructuring, LLC
10300 SW Allen Blvd.
Beaverton, OR 97005;
c) submit a Proof of Claim Form or Administrative Expense Claim
Form using the interface available on Epiq's website at
https://dm.epiq11.com/WilliamsIndustrialServicesGroup.
Creditors asserting claims against the Debtor that arose before the
Petition Date must use the copy of the proof of claim form included
with this notice, or
Official Form B10. Additional copies of the Proof of Claim Form
may be obtained on Epiq's website at
https://dm.epiq11.com/case/williamsindustrialservicesgroup/info.
If you require additional information, you may contact Epiq (in the
United States) at (888) 532-1261or (outside the United States) at
+1 (503) 563-8209 or by submitting an inquiry on Epiq's website at
https://dm.epiq11.com/case/williamsindustrialservicesgroup/info.
Copies of the Bar Date Order and other information regarding the
Debtors' Bankruptcy Cases is available for inspection free of
charge on Epiq's website at
https://dm.epiq11.com/case/williamsindustrialservicesgroup/info.
About Williams Industrial Services Group Inc.
Williams Industrial Services Group (NYSE American: WLMS) --
http://www.wisgrp.com/-- is a provider of infrastructure related
services to blue-chip customers in energy and industrial end
markets, including a broad range of construction maintenance,
modification, and support services.
William Industrial and 13 of its affiliates sought relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
23-10961) on July 22, 2023. In the petition filed by its president
and CEO, Tracy D. Pagliara, William Industrial reported total
assets of $114,461,000 and total liabilities of $89,831,000 as of
March 31, 2023.
The Hon. Thomas Horan oversees the cases.
The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and
Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2
Capital Advisors LLC is the financial advisor to the Debtors,
Greenville & Co. Inc is the investment banker, while Epiq
Bankruptcy Solutions LLC is the notice and claims agent.
WINDSOR TERRACE: Court OKs $6.5MM DIP Loan from RT Lending
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
San Fernando Valley Division, authorized Windsor Terrace
Healthcare, LLC and affiliates to use cash collateral and obtain
post-petition financing, on an interim basis, through November 2,
2023.
The Debtor is permitted to obtain post-petition financing in the
aggregate principal amount not to exceed $6.5 million from RT
Lending, LLC.
On June 30, 2023, contemporaneously with the current owners'
acquisition of the Debtors and their affiliated businesses, two
separate "Amended and Restated Credit and Security Agreement" and
related agreements were entered into between MidCap and all of the
Debtors and certain of their non-debtor affiliates, by which the
MidCap loan agreements that had existed with the prior owners were
primarily adopted, except as amended and restated. The MidCap Loan
Agreements serve as the primary means by which all of the Debtors
obtain funding to operate their respective facilities.
As of the Petition Date, the total indebtedness owed under MidCap
Loan Agreements was approximately $16.5 million. Additionally,
pursuant to the MidCap Loan Agreements and prior liens which were
existing under the original loan agreements with the prior owners,
MidCap asserts liens upon all of the Debtors' personal property
assets, and has recorded UCC financing statements against all of
the Debtors.
As adequate protection for the Debtors' use of cash collateral, the
Secured Creditors are granted Adequate Protection Liens. The
Secured Creditors include Popular Bank, a New York State chartered
commercial bank, which is a creditor to debtor Windsor Terrace
Healthcare, LLC, and a non-debtor party, Windsor Healthcare
Sepulveda, LLC, the landlord of the affected facility. Windsor
Healthcare Sepulveda is not a debtor in the proceedings.
Popular Bank, through its counsel, has presented certain loan
documents to the Debtors' counsel and asserts a secured claim in
excess of $15 million against the Landlord and the Debtor. Popular
Bank has filed a UCC-1 against the Debtor, which predates the UCC-1
financing statements filed by Midcap, and reserves all rights.
Popular Bank also has a deed of trust against the Landlord's real
property. Nothing in this Interim Order validates or determines the
lien priorities of any of the Secured Creditors.
The Secured Creditors are further adequately protected by the
ongoing operations of the Debtors' facilities and businesses,
guarantees provided by non-debtor affiliates, joint and several
liabilities of the non-debtor affiliates as co-borrowers, and/or a
substantial equity cushion afforded by the value of the Debtors'
assets, which purportedly secures the Secured Creditors' claims.
MidCap is owed approximately $16.5 million, and may be secured by,
among other things, the AR and Cash assets of all of the Debtors,
which total approximately $29.5 million. This equates to an equity
cushion of almost 80%.
To the extent of the diminution in value of the interests of the
Agent, the Prepetition Lenders and the other Secured Creditors in
the Prepetition Collateral, the Agent, for its own benefit and for
the benefit of the Prepetition Lenders, and the other Secured
Creditors are granted allowed superpriority administrative expense
claims in the same priority as the Replacement Liens, to the extent
provided by sections 503(b) and 507(b) of the Bankruptcy Code, in
these Chapter 11 Cases and any Successor Case against the Debtors'
estates.
The events that constitute an "Event of Default" include:
(a) Failure of the Debtors to obtain (i) entry of an Interim
Court Order in form and substance acceptable to the Agent and the
Debtors, in each case in their respective sole discretion, within
10 days of the Petition Date, or (ii) a further Interim Order in
form and substance acceptable to the Agent and the Debtors, in each
case in their respective sole discretion, on or before the
Termination Date;
(b) If (i) any of the Chapter 11 Cases is converted to a case
under Chapter 7 of the Bankruptcy Code, (ii) any of the Chapter 11
Cases is dismissed, or (iii) any Debtor will file any pleading
requesting any such relief; and
(c) The entry of an order appointing a trustee or an examiner
with expanded powers for any of the Debtors' estates or with
respect to any of the Debtors' property.
A final hearing on the matter is set for November 2, 2023 at 1:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=23vqzz
from Stretto, the claims agent.
About Windsor Terrace Healthcare, LLC
Windsor Terrace Healthcare, LLC owns and operates skilled nursing
facilities throughout the State of California. Collectively,
Windsor Terrace Healthcare and its affiliates own and operate 16
skilled nursing facilities, which provide 24-hour, 7-days-a-week
and 365-days-a-year care to patients who reside at those
facilities. In addition to the 16 skilled nursing facilities,
Windsor Terrace Healthcare et al. own and operate an assisted
living facility (which is Windsor Court Assisted Living, LLC), one
home health care center (which is S&F Home Health Opco I, LLC), and
one hospice care center (which is S&F Hospice Opco I, LLC). They
do not own any of the real property upon which the facilities are
located.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 23-11200) on August
23, 2023. In the petition signed by Avrohom Tress, manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Victoria S. Kaufman oversees the case.
Ron Bender, Esq., Monica Y. Kim, Esq., and Juliet Y. Oh, Esq., at
Levene, Neale, Bender, Yoo, and Golubchik LLP, represent the Debtor
as legal counsel. Stretto, Inc. is the Debtor's claims, noticing
and solicitation agent.
ZIP TOP: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: Zip Top, Inc.
12400 W Highway 71 Ste 350-304
Bee Cave, TX 78738-6517
Business Description: Zip Top manufactures and sells easier to use
reusable containers with a goal to reduce
plastic waste. Zip Top container's
patented design is made with a one-piece
construction that makes it extremely durable
- microwave, dishwasher and freezer safe.
Chapter 11 Petition Date: October 2, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-10832
Judge: Hon. Shad Robinson
Debtor's Counsel: Frank B Lyon, Esq.
FRANK B LYON
PO Box 50210
Austin TX 78763-0210
Phone: (512) 345-8964
Email: frank@franklyon.com
Total Assets: $17,611,746
Total Liabilities: $13,090,851
The petition was signed by Scott Robertson as CEO.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HTKZGBY/Zip_Top_Inc__txwbke-23-10832__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. American Express Credit Cards $127,426
Attention: Correspondence/Bankruptcy
PO Box 981540
El Paso, TX 79998
2. American Express Credit Cards $89,554
Attention: Correspondence/Bankruptcy
PO Box 981540
El Paso, TX 79998
3. Coresearch Inc. Brand $39,750
PO Box 412175 Protection
Boston, MA 02241-2175
4. Dentons US LLP Attorneys $85,296
2398 E Camelback Road Suite 850
Phoenix, AZ 85016-9007
5. Echo Global Logistics Logistics $6,372
22168 Network Place
Chicago, IL 60673
6. Expo West Trade Shows $24,939
24654 Network Place
Chicago, IL 60673-1246
7. Flexport International LLC E-Commerce $28,848
760 Market Street 8th Floor Fulfilment
San Francisco, CA 94102
8. Google LLC Advertising $6,340
PO Box 39000
San Francisco, CA 94139
9. ID.me Discount $5,500
Remittance Verification
PO Box 392625 Software
Pittsburgh, PA 15251-3625
10. Jim Brzezinski Convertible Note $250,000
809 Jessie Street
Austin, TX 78704
11. John McCollough Convertible Note $100,000
507 West Avenue
Austin, TX 78701
12. Landon Thalman Convertible Note $50,000
720 W. 570 S.
Richfield, UT 84701
13. Net Suite Inc Software $10,167
15612 Collections Center Drive
Chicago, IL 60693
14. Pope, Shamsie & Dooley LLP Tax $94,210
5332 Thunder Creek Road Accountants
Austin, TX 78759
15. Revenue Roll Marketing $5,701
180 Central Park SMB Software
New York, NY
16. Ross 2000 Revocable Trust Convertible Note $400,000
Attn: Mike Ross, Trustee
15902 Cheteau Ave.
Austin, TX 78734
17. Sladen Grubert Beard PLLC IP Attorneys $330,232
401 Congress Avenue Suite 1900
Austin, TX 78701
18. Spur Capital, LLC Convertible Note $2,250,000
441 B Road
Ten Sleep, WY 82442
19. Steven Sherwood Trust Dated Convertible Note $1,750,000
September 8, 1994 and Sherwood
Family, LLC
9606 N Mopac Expwy Suite 500
Austin, TX 78759
20. Whitebox Technologies, Inc. Marketing $47,077
1010 Swan Creek Drive #1
Curtis Bay, MD 21226
[*] Foreclosure Auction of Boutique Complex Set for October 26
--------------------------------------------------------------
Keenan Auction Company will hold a foreclosure auction on Oct. 26,
2023, at 11:00 a.m. for a 52-Unit Boutique Complex - 3.17+/- acres
located at 780 York St., York Beach, Maine 03909.
A $100,000 deposit in Cash Or Certified U.S. Funds, made payable to
the Keenan Auction Co., Inc. -- deposited with the Auctioneer as a
qualification to bid -- increased to 10% of the purchase price
within 5 business days of the public sale, with balance due and
payable within 30 days from date of auction.
The property will be sold by public auction subject to all
outstanding municipal assessments. All other terms will be
announced at the public sale. All personal property, food service
equipment, furnishings, and electronics will be sold together with
the real estate as an entirety.
For a Property Information Package visit KeenanAuction.com or call
(207) 885-5100 and request by auction number 23-115. Richard J.
Keenan #236. Our 51st Year and 8,592nd Auction, or visit
https://keenanauction.com/auction.cgi?i=5266
[*] Schulte Roth & Zabel Forms Special Situations Group
-------------------------------------------------------
Schulte Roth & Zabel on Sept. 27 announced the formation of the
firm's dedicated Special Situations group. Co-chaired by partners
Adam Harris and Doug Mintz, the Special Situations group is a
multidisciplinary team focused on helping clients achieve their
legal and financial objectives across the spectrum of stressed and
distressed transactions. It is comprised of lawyers from practice
groups across the firm, including Business Reorganization, Finance,
Litigation, Mergers & Acquisitions, Securities, Distressed Trading
and Tax.
As many restructurings are now being implemented out-of-court,
companies are making use of a wide range of solutions and workouts
to manage their financial difficulties, avoid insolvency and
successfully navigate what can often be contentious matters
involving different classes of creditors.
"The Special Situations Group is responsive to our private capital
clients' needs as the breadth and process for restructuring
transactions expands beyond straight-forward bankruptcy and into an
array of potential transactions, including loan modifications,
creative financing transactions, coercive exchanges and
pre-negotiated bankruptcies," said Mr. Mintz. "This is a team that
leverages the full range of our firm's deep experience in providing
counsel on complex out-of-court financial restructurings, Chapter
11 reorganizations and insolvency proceedings across a wide range
of industries."
"As more restructuring takes place outside of court, the ability of
advisers to provide the full suite of restructuring advice that
private funds expect has become mission-critical," said
Mr. Harris. "For Schulte, and our clients, this is not new. Our
focus on private capital has for many years afforded us a
comprehensive view into the unique issues our clients face in
restructuring situations, including those relating to
client-specific structuring issues, tax structuring and regulatory
and compliance requirements."
"Special situations require a high level of interaction and
cooperation across multiple practice areas to ensure that clients
receive the best possible counsel on complex operational and
financial restructurings," said Marc Elovitz, co-managing partner
of Schulte. "Collaboration is in Schulte's DNA, and we regularly
advise our clients with the coordinated approach. The creation of
this group represents a natural evolution of our collaborative
structure to meet evolving client needs."
The formation of Schulte's Special Situations Group comes as the
firm continues to receive recognition for its business advisory
work with leading private funds. The Deal's Q2 Restructuring and
Bankruptcy League Tables ranked Schulte #2 for Counsel to Creditors
and tied for #7 for Counsel to Distressed Companies. The firm has
ranked in the top 10 for the former category for eight consecutive
quarters and the latter for six consecutive quarters. In The Deal's
Q2 Bankruptcy League Tables, Schulte was ranked fifth overall for
Law Firms based on dollar volume. The firm has ranked in the top
ten for this category for five consecutive quarters.
In addition, Turnarounds & Workouts has recognized Schulte as one
of the top Bankruptcy Tax Specialists in the US. The firm has also
been recognized by Chambers and The Deal for its extensive advisory
capabilities in complex restructurings and related proceedings.
About Schulte Roth & Zabel
With a firm focus on private capital, Schulte Roth & Zabel LLP --
http://www.srz.com/-- comprises legal advisers and commercial
problem-solvers who combine exceptional experience, industry
insight, integrated intelligence and commercial creativity to help
clients raise and invest assets and protect and expand their
businesses. The firm has offices in New York, Washington, DC and
London, and advises clients on investment management, corporate and
transactional matters, and provides counsel on securities
regulatory compliance, enforcement and investigative issues.
Schulte's practices include: antitrust; bank regulatory; bankruptcy
& creditors' rights litigation; blockchain technology & digital
assets; broker-dealer regulatory & enforcement; business
reorganization; complex commercial litigation; cybersecurity & data
privacy; distressed debt & claims trading; distressed investing;
education law; employment & employee benefits; energy;
environmental; estate planning; estate & trust administration;
environmental, social and governance (ESG); family law; finance &
derivatives; financial institutions; hedge funds; insurance;
intellectual property, sourcing & technology; investment
management; litigation; litigation finance; mergers & acquisitions;
nonprofits; philanthropic planning; PIPEs; private credit,
distressed investing & direct lending; private equity; real estate;
real estate capital markets & REITs; real estate litigation;
regulated funds; regulatory & compliance; securities & capital
markets; securities enforcement; securities litigation;
securitization; shareholder activism; structured finance &
derivatives; tax; trading agreements; and white collar defense &
government investigations.
[*] Seven Attorneys Elected as Members at McDonald Hopkins
----------------------------------------------------------
McDonald Hopkins on Oct. 2 announced the election of seven
accomplished attorneys to the firm's membership as of October 1,
2023. The new Members have a wide-range of expertise across key
practice areas, including corporate law, executive compensation and
governance, finance and commercial real estate, litigation, data
privacy and cybersecurity and strategic advisory and
restructuring.
"Over the years, McDonald Hopkins has cultivated intensely loyal
and successful clients because of our focus on providing insightful
legal solutions that exceed expectations. Each of our new Members
has proven during their time at our firm that they do just that --
exceed expectations and provide exceptional value to our clients
and the firm," said James Stief, Co-President at McDonald Hopkins.
James Giszczak, Co-President at McDonald Hopkins, adds, "I am
thrilled to congratulate and welcome Danny, Maria, Kirstyn, Ashley,
Jake, Heather, and Mark to our firm's membership. They each bring
unique talent and expertise to the firm, and I look forward to
working with them over the coming years as they develop in this
next stage of their careers."
The dedication of these seven attorneys to continue their tenure
with McDonald Hopkins is a testament to the supportive culture and
opportunities for advancement at the firm. It also reflects the
continued commitment of firm leadership to grow McDonald Hopkins'
comprehensive legal services across diverse practice areas. It is
the largest election to McDonald Hopkins' membership the firm has
had at one time in almost 10 years.
Daniel Borek is a Member of the Executive Compensation and
Governance Practice Group. He is based in Chicago and has over a
decade of corporate and transactional experience. Borek represents
companies, executives, founders and management teams in connection
with equity and incentive compensation arrangements, change in
control transactions, and other private equity and corporate
events. He is licensed in both Illinois and Florida.
Maria Carr focuses her practice on corporate restructuring,
commercial bankruptcy, business counseling, and creditors' rights
matters. As a Member in the firm's Strategic Advisory and
Restructuring Department, she frequently counsels businesses and
fiduciaries in chapter 11 bankruptcy proceedings, state or federal
receiverships, out of court workouts, or other insolvency
proceedings and commercial matters. She is based in Cleveland.
Kirstyn Wildey Fritz is a tax credit finance and commercial real
estate attorney with experience representing investors, developers
and lenders on tax credit transactions, including federal and state
historic tax credits, new markets tax credits, and renewable energy
tax credits. As a Member in the Business Department, her practice
focuses on community development and project financing, and over
the years she has led her clients through multimillion-dollar
transactions in connection with multifamily, commercial, retail,
and mixed-use real estate projects. She is based out of the firm's
Cleveland office.
Ashley Jericho is a Member in the firm's Strategic Advisory and
Restructuring Department. She has over a decade of insolvency
experience, including representing consumer and business debtors,
creditors and trustees in bankruptcy proceedings, contested matters
and adversary proceedings. She also represents purchasers of
distressed assets in distressed workouts and provides general
business counseling in non-distressed settings to a variety of
business and business owners. She is based out of the firm's
Detroit office.
Jacob Radecki is a Member of the Litigation Department at McDonald
Hopkins and is based in Chicago. He represents clients in a broad
range of complex civil litigation matters, including commercial
contract disputes, shareholder litigation, data privacy, and class
action defense. In addition to his business litigation and trial
experience, Radecki represents clients in corporate criminal
defense and enforcement-related litigation, and has defended
clients in actions brought by the Department of Justice and
Securities and Exchange Commission.
Heather Shumaker is a Member in the firm's national Data Privacy
and Cybersecurity Practice Group. She is accredited by the
International Association of Privacy Professionals as a Certified
Information Privacy Professional for the United States Private
Sector, the gold standard certification for information privacy
professionals. Her practice focuses on advising companies in a wide
variety of industries on addressing data privacy and cybersecurity
incidents. Shumaker represents clients across the country working
remotely for the Detroit office of McDonald Hopkins.
Mark Steiner is a Member of the Litigation Department and focuses
his practice on business litigation, trade secret, non-compete and
unfair competition, and warranty and recall in the automotive
industry. He has successfully handled automotive, supply chain,
healthcare, manufacturing, and other contractual business disputes
throughout the country. Steiner's practice also includes experience
in defending privately held corporations in shareholder oppression
disputes, as well as defending and pursuing claims on behalf of
individual directors and officers.
About McDonald Hopkins
Founded in 1930, McDonald Hopkins -- http://www.mcdonaldhopkins.com
-- is a business advisory and advocacy law firm with locations in
Baltimore/Annapolis, Chicago, Cleveland, Columbus, Detroit, and
West Palm Beach. With more than 175 attorneys and 50 service and
industry teams, the firm has the expertise and knowledge to meet
the growing number of legal and business challenges our clients
face.
[*] SVP Founder Victor Khosla to Receive 2023 Harvey Miller Award
-----------------------------------------------------------------
This year's recipient of the Harvey Miller Award is Victor Khosla,
Founder and Chief Investment Officer of Strategic Value Partners.
Join us in congratulating Mr. Khosla at the Harvey R. Miller Annual
Award Luncheon.
Registration is now open for the 30TH DISTRESSED INVESTING
CONFERENCE. This year's conference will be held Wednesday, Nov.
29, in-person at the Harmonie Club in Manhattan. The event is
presented by Beard Group, Inc.
Top industry experts gather together to discuss the latest topics
and trends in the distressed investing industry. Now on its 30th
year, this value-packed event features special presentations from
keynote speakers, live panel discussions and networking sessions
with other insolvency professionals.
Visit https://www.distressedinvestingconference.com for more
information.
For conference sponsorship and speaking opportunities, contact:
Will Etchison
305-707-7493
Will@BeardGroup.com
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
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 DUL GZ 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNYEUR EZ 3,402.4 (408.1) 1,735.4
ALPHATEC HOLDING L1Z1 GR 628.2 (4.6) 160.9
ALPHATEC HOLDING ATEC US 628.2 (4.6) 160.9
ALPHATEC HOLDING ATECEUR EU 628.2 (4.6) 160.9
ALPHATEC HOLDING L1Z1 GZ 628.2 (4.6) 160.9
ALTICE USA INC-A ATUS US 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA GR 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA TH 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUSEUR EU 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A 15PA GZ 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS* MM 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS-RM RM 32,107.7 (381.5) (2,271.1)
ALTIRA GP-CEDEAR MOC AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MOD AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MO AR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 GR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO* MM 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO US 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO SW 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOEUR EU 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC 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)
AULT DISRUPTIVE ADRT/U US 2.9 (3.0) (1.7)
AUTOZONE INC AZO US 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 TH 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 GR 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZOEUR EU 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 QT 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZO AV 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC 4AZO TE 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZO* MM 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZOEUR EZ 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 GZ 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZO-RM RM 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC-BDR AZOI34 BZ 14,635.8 (4,301.6) (2,470.7)
AVID TECHNOLOGY AVID US 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD GR 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD TH 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD GZ 293.8 (119.0) 9.4
AVIS BUD-CEDEAR CAR AR 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GR 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR US 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA QT 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR2EUR EU 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR* MM 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR2EUR EZ 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA TH 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GZ 31,395.0 (125.0) (611.0)
BABCOCK & WILCOX BW US 986.9 (13.0) 192.6
BABCOCK & WILCOX UBW1 GR 986.9 (13.0) 192.6
BABCOCK & WILCOX BWEUR EU 986.9 (13.0) 192.6
BATH & BODY WORK LTD0 GR 5,195.0 (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
BIOTE CORP-A BTMD US 139.1 (73.2) 90.4
BOEING CO-BDR BOEI34 BZ 134,774 (15,493) 15,336.0
BOEING CO-CED BA AR 134,774 (15,493) 15,336.0
BOEING CO-CED BAD AR 134,774 (15,493) 15,336.0
BOEING CO/THE BA EU 134,774 (15,493) 15,336.0
BOEING CO/THE BCO GR 134,774 (15,493) 15,336.0
BOEING CO/THE BAEUR EU 134,774 (15,493) 15,336.0
BOEING CO/THE 4BA TE 134,774 (15,493) 15,336.0
BOEING CO/THE BA* MM 134,774 (15,493) 15,336.0
BOEING CO/THE BA SW 134,774 (15,493) 15,336.0
BOEING CO/THE BOEI BB 134,774 (15,493) 15,336.0
BOEING CO/THE BA US 134,774 (15,493) 15,336.0
BOEING CO/THE BCO TH 134,774 (15,493) 15,336.0
BOEING CO/THE BA PE 134,774 (15,493) 15,336.0
BOEING CO/THE BA CI 134,774 (15,493) 15,336.0
BOEING CO/THE BCO QT 134,774 (15,493) 15,336.0
BOEING CO/THE BAUSD SW 134,774 (15,493) 15,336.0
BOEING CO/THE BCO GZ 134,774 (15,493) 15,336.0
BOEING CO/THE BA AV 134,774 (15,493) 15,336.0
BOEING CO/THE BA-RM RM 134,774 (15,493) 15,336.0
BOEING CO/THE BAEUR EZ 134,774 (15,493) 15,336.0
BOEING CO/THE BA EZ 134,774 (15,493) 15,336.0
BOEING CO/THE BACL CI 134,774 (15,493) 15,336.0
BOEING CO/THE BA_KZ KZ 134,774 (15,493) 15,336.0
BOEING CO/THE BCOD EB 134,774 (15,493) 15,336.0
BOEING CO/THE BCOD IX 134,774 (15,493) 15,336.0
BOEING CO/THE BCOD I2 134,774 (15,493) 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 EAT2EUR EZ 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 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 TH 11,165.7 (485.1) 1,703.3
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 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)
DELL TECHN-C 12DA TH 85,658.0 (2,677.0) (11,943)
DELL TECHN-C 12DA GR 85,658.0 (2,677.0) (11,943)
DELL TECHN-C 12DA GZ 85,658.0 (2,677.0) (11,943)
DELL TECHN-C DELL1EUR EU 85,658.0 (2,677.0) (11,943)
DELL TECHN-C DELLC* MM 85,658.0 (2,677.0) (11,943)
DELL TECHN-C 12DA QT 85,658.0 (2,677.0) (11,943)
DELL TECHN-C DELL AV 85,658.0 (2,677.0) (11,943)
DELL TECHN-C DELL1EUR EZ 85,658.0 (2,677.0) (11,943)
DELL TECHN-C DELL-RM RM 85,658.0 (2,677.0) (11,943)
DELL TECHN-C-BDR D1EL34 BZ 85,658.0 (2,677.0) (11,943)
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 1,531.4 (247.4) 176.6
FERRELLGAS-LP FGPR US 1,531.4 (247.4) 176.6
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) 4,624.0
LOWE'S COS INC LOW US 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LWE TH 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LOW SW 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LWE QT 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LOWEUR EU 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LWE GZ 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LOW* MM 44,521.0 (14,732) 4,624.0
LOWE'S COS INC 4LOW TE 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LOWE AV 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LOWEUR EZ 44,521.0 (14,732) 4,624.0
LOWE'S COS INC LOW-RM RM 44,521.0 (14,732) 4,624.0
LOWE'S COS-BDR LOWC34 BZ 44,521.0 (14,732) 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 NEJ QT 438.5 (13.4) 124.1
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)
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 PBI US 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
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 SW 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
RH - BDR R2HH34 BZ 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 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 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 SPLK SW 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
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
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sell any security of any kind. It is likely that some entity
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
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liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
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Monthly Operating Reports are summarized in every Saturday edition
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then-ending.
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*********
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Troubled Company Reporter is a daily newsletter co-published
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Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
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