/raid1/www/Hosts/bankrupt/TCR_Public/231024.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 24, 2023, Vol. 27, No. 296
Headlines
111-121 E. CONGRESS: Judgment Creditor Submits Plan
58 DOBBIN: Seeks to Hire Sobers Law PLLC as Counsel
751 ST. NICHOLAS: Voluntary Chapter 11 Case Summary
A P REAL ESTATE: Taps Falcone Law Firm as Bankruptcy Counsel
AC NEW RETAIL: Secured Creditors Submit Plan of Liquidation
AEGIS TOXICOLOGY: S&P Downgrades ICR to 'B-', Outlook Stable
AEROTECH MIAMI: Seeks to Hire Ordinary Course Professionals
AKUMIN INC: Business Disrupted Due to Ransomware Attack
AMERIFIRST FINANCIAL: Committee Hires Kasowitz as Counsel
AMV ENTERPRISES: Carol Fox Named Subchapter V Trustee
AMV ENTERPRISES: Hires Bast Amron LLP as Bankruptcy Counsel
AMV ENTERPRISES: Seeks to Hire KapilaMukamal as Financial Advisor
ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 30% Discount
ASTRO ONE: $155MM Bank Debt Trades at 49% Discount
ATLANTIC HILLS: Seeks to Hire Behar Gutt & Glazer as Counsel
ATLANTIC HILLS: U.S. Trustee Unable to Appoint Committee
AULT ALLIANCE: Closes Deal to Restructure $17.5M of Liabilities
BALADE YOUR WAY: Hires Klinger & Klinger LLP as Accountant
BANNEKER SUPPLY: Seeks to Hire DiSanto Priest & Co as Accountant
BAUSCH HEALTH: $2.50BB Bank Debt Trades at 21% Discount
BITNILE METAVERSE: Five Proposals Passed at Special Meeting
BRICK CITY: Mark Hall of Fox Rothschild Named Subchapter V Trustee
CABALLERO SAND: Hires Eric A. Liepins P.C. as Legal Counsel
CAIRO HOLDING: Hires Legacy Capital as Financial Advisor, CRO
CAIRO HOLDING: Seeks to Hire Newman & Newman as Counsel
CARESTREAM HEALTH: $540MM Bank Debt Trades at 23% Discount
CARESTREAM HEALTH: BSCTF 2027 Marks $369,147 Loan at 27% Off
CENTER FOR ASBESTOS: Hires Mission Accounting PC as Accountant
CENTER FOR ASBESTOS: Hires Swiftcurrent Consulting as Accountant
CHIC LLC: Seeks to Hire Kenneth A Najarian, PC as Accountant
CHICAGO BOARD OF EDUCATION: S&P Rates Unlimited-Tax GO Bonds 'BB+'
CONNEXA SPORTS: Amends Bylaws to Change Quorum Requirements
CORELOGIC INC: BSCTF 2027 Marks $1.7MM Loan at 19% Off
COVENANT SURGICAL: BLSCI Fund Marks $237,230 Loan at 22% Off
COVENANT SURGICAL: BSCTF 2027 Marks $3.8MM Loan at 22% Off
COVENANT SURGICAL: BSCTF 2027 Marks $800,935 Loan at 22% Off
CPC ACQUISITION: $225MM Bank Debt Trades at 51% Discount
CUENTAS INC: Shlomo Zakai Replaces Ran Daniel as CFO
CYTODYN INC: Delays 10-Q Filing for Period Ended Aug. 31
DIGITAL ALLY: Appoints New Member to Board of Directors
DMK PHARMACEUTICALS: Receives Delisting Notice From Nasdaq
EEA STERLING: Case Summary & Three Unsecured Creditors
EISNER ADVISORY: Fitch Puts Revolver Loans on Watch Negative
EISNER ADVISORY: S&P Lowers Senior Secured Revolver Rating to 'B-'
ENVISION HEALTHCARE: BSCTF 2027 Marks $3.9MM Loan at 77% Off
ESCHER GROUP: Voluntary Chapter 11 Case Summary
EXPRESS ELECTRIC: Hires Weissberg and Associates as Attorney
EYECARE PARTNERS: $110MM Bank Debt Trades at 22% Discount
EYECARE PARTNERS: $250MM Bank Debt Trades at 33% Discount
FALLING TIMBERS: Timothy Stone Named Subchapter V Trustee
FARADAY FUTURE: Taking Measures to Protect Stockholder Interests
FARADAY FUTURE: Unveils Masterplan to Achieve Sustainability
FUTURE VALUE: Claims to be Paid From Sale of Properties
GELESIS HOLDINGS: PureTech Terminates Merger Agreement
GLOBAL MEDICAL: BSCTF 2027 Marks $910,056 Loan at 43% Off
GOLDEN DEVELOPING: Seeks to Hire Fresh Notion as Consulting Firm
GREENIDGE GENERATION: Appoints Christian Mulvihill as New CFO
H2O COMMERCIAL: Hires Evans & Mullinix P.A. as Legal Counsel
HAWK LOGISTICS: Hires Stearns Weaver Miller as Legal Counsel
HCIC HOLDINGS: Hires Buechler Law Office LLC as Counsel
HIGHWOOD SENIOR: Hires Gregory K. Stern P.C. as Legal Counsel
HIGHWOOD SENIOR: Hires Morken & Associates as Real Estate Broker
HOMES AT LAWRENCE: Seeks Approval to Tap Peyton Bolin as OCP
HORNBLOWER SUB: $349MM Bank Debt Trades at 62% Discount
HUDSON & MCKEE: Seeks to Hire Desai Law Firm as Attorney
INDIEV INC: U.S. Trustee Appoints Creditors' Committee
INFINITY PHARMACEUTICALS: Hires Landis Rath & Cobb LLP as Counsel
INFINITY PHARMACEUTICALS: Hires Sonoran as Financial Advisor
INN S.F. ENTERPRISE: Unsecureds to Get Up to 5% in Plan
IVANTI SOFTWARE: BSCTF 2027 Marks $1.5MM Loan at 34% Off
IVANTI SOFTWARE: BSCTF 2027 Marks $793,182 Loan at 16% Off
JOANN INC: Falls Short of Nasdaq Bid Price Requirement
JPM SUTTON: Heidi Sorvino Named Subchapter V Trustee
JUBILEE INVESTMENT: Jody Corrales Named Subchapter V Trustee
LABRUZZO WOODLANDS: Hires Mizner Law Firm as Special Counsel
LEGACY-XSPIRE HOLDINGS: Hires Shumaker Loop as Counsel
LIFESCAN GLOBAL: $275MM Bank Debt Trades at 39% Discount
LOS ANGELES: Trustee Hires BG Law LLP as Bankruptcy Counsel
LOYALTY VENTURES: 88% Markdown for BLSI Fund's $434,172 Loan
LOYALTY VENTURES: 88% Markdown on BSCTF 2027's $1.4MM Loan
MAGENTA BUYER: $750MM Bank Debt Trades at 59% Discount
MAVENIR SYSTEMS: $145MM Bank Debt Trades at 24% Discount
MAVENIR SYSTEMS: $585MM Bank Debt Trades at 24% Discount
MAVERICK GAMING: $310MM Bank Debt Trades at 27% Discount
MEMPHIS PORTFOLIO: Hires Toni Campbell Parker as Counsel
MILES B. MARSHALL: Taps Klestadt Winters Jureller as Legal Counsel
MLCJR LLC: A-Port Selected as Winning Bidder for Energy XXI Assets
MLN US HOLDCO: $155.8MM Bank Debt Trades at 23% Discount
MLN US HOLDCO: 76% Markdown for Blackstone Fund's $699,130 Loan
MLN US HOLDCO: BSCTF 2027 Marks $2.3MM Loan at 76% Off
MOUNTAINEER MERGER: $200MM Bank Debt Trades at 26% Discount
NABORS GARAGE: Hires Hayward PLLC as Bankruptcy Counsel
NABORS GARAGE: Hires Peachtree CPA Group LLC as Accountant
NAPA MANAGEMENT: BSCTF 2027 Marks $2.6MM Loan at 30% Off
NATIONAL MENTOR: BLSCI Fund Marks $2.1MM Loan at 24% Off
NATIONAL MENTOR: BSCTF 2027 Marks $195,103 Loan at 24% Off
NATIONAL MENTOR: BSCTF 2027 Marks $6.8MM Loan at 24% Off
NEPTUNE WELLNESS: Neptune Securities Has 55.56% Stake as of Oct. 11
NEW AMI I: $550MM Bank Debt Trades at 18% Discount
NEW VISION: Court Approves Disclosure Statement
NEW VISION: Selling Property to First United Tabernacle for $3.2MM
OILFIELD EQUIPMENT: Has $3.3MM Deal to Sell Property to Dahlia
OUTPUT SERVICES: $369.8MM Bank Debt Trades at 84% Discount
OUTPUT SERVICES: BSCTF 2027 Marks $1.7MM Loan at 73% Off
PAD SILVERTHORNE: Hires Kutner Brinen as Legal Counsel
PLATFORM II: Oct. 25 Hearing on Disclosure and Confirmation of Plan
PRESTIGE CONSUMER: S&P Upgrades ICR to 'BB', Outlook Stable
PRIMAL MATERIALS: Hires Whitten Law Firm as Litigation Counsel
PRIMAL MATERIALS: Seeks to Hire Jennifer Elliott as Accountant
PRIME CORE: AnchorCoin Says Plan Disclosures Inadequate
PROJECT CASTLE: Blackstone Fund Marks $1.5MM Loan at 15% Off
QUANERGY SYSTEMS: Fine-Tunes Chapter 11 Plan
QUEST BORROWER: BSCTF 2027 Marks $4.09MM Loan at 22% Off
RADIATE HOLDCO: BSCTF 2027 Marks $3.9MM Loan at 16% Off
REALD INC: $260MM Bank Debt Trades at 39% Discount
REGENCY CONVERSIONS: Hires Glast Phillips as Bankruptcy Counsel
RENALYTIX PLC: Issues Ordinary Shares, ADS to Repay $1.1M Bond
ROOFING DESIGNS: Hires Eric A. Liepins P.C. as Legal Counsel
SAM'S SERVICE: Seeks to Hire Fuller Real Estate as Broker
SAMSON TOURS: Leon Jones Named Subchapter V Trustee
SANDY HOOK: Hires Adam I. Skolnik P.A. as Counsel
SCH SHEET: Hires Law Office of Barry D. Haberman as Counsel
SENIOR CARE: To Seek Plan Confirmation on Oct. 30
SHOWFIELDS INC: Yann Geron Named Subchapter V Trustee
SKY LAKE GARDENS: Hires John Paul Arcia P.A. as Legal Counsel
SOFT SURROUNDINGS: Hires Katten Muchin Rosenman LLP as Counsel
SOFT SURROUNDINGS: Hires SSG Advisors LLC as Investment Banker
SOFT SURROUNDINGS: Seeks to Hire SierraConstellation as CRO
SPANISH BROADCASTING: S&P Places 'CCC+' ICR on Watch Negative
STAT EMERGENCY: Seeks to Hire Orbitbid.com as Auctioneer
STRATEGIC CORP: 90% Markdown for Blackstone Fund's $800,000 Loan
STRATEGIC MATERIALS: 90% Markdown for BLSCI Fund's $533,333 Loan
STRATEGIC MATERIALS: 90% Markdown on BSCTF 2027's $2.6MM Loan
SUNLAND MEDICAL: Committee Hires Dickinson Wright PLLC as Counsel
TAMARACK VALLEY: S&P Affirms 'B' ICR, Outlook Stable
TEHUM CARE: Primary Source of Fund is $37M Settlement Payment
TELESAT LLC: $1.91BB Bank Debt Trades at 30% Discount
TEMPO ACQUISITION: S&P Rates Proposed Senior Secured Debt 'BB-'
THIRTEEN FIFTY: Maria Yip Named Subchapter V Trustee
THRASIO LLC: $325MM Bank Debt Trades at 32% Discount
THRASIO LLC: $740MM Bank Debt Trades at 32% Discount
TIMBER PHARMACEUTICALS: Adjourns Special Meeting Until Oct. 30
TRINSEO PLC: S&P Assigns 'B' Rating on Senior Secured Term Loan
TUPPERWARE BRANDS: Laurie Goldman Named President and CEO
UNITED SITE: BLSCI Fund Marks $952,954 Loan at 18% Off
URGENT CARE: Seeks to Hire Swanson Sweet as Bankruptcy Counsel
US RENAL CARE: $1.60BB Bank Debt Trades at 51% Discount
VESTTOO LTD: Seeks to Hire DLA Piper LLP as Legal Counsel
VISTA OUTDOOR: S&P Affirms 'BB' ICR, Off CreditWatch Negative
WASTEPLACE LLC: Taps Michael Best & Friedrich as Legal Counsel
WEWORK INC: Appoints David Tolley as Chief Executive Officer
WILLIAM-WALTON INC: Hires Bartos & Associates as Bookkeeper
WOOF HOLDINGS: $235MM Bank Debt Trades at 31% Discount
WOOF HOLDINGS: $750MM Bank Debt Trades at 22% Discount
XPLORNET COMMS: $200MM Bank Debt Trades at 57% Discount
[*] Bankruptcy Judges to Speak at Nov. 29 DI Conference
[^] Large Companies with Insolvent Balance Sheet
*********
111-121 E. CONGRESS: Judgment Creditor Submits Plan
---------------------------------------------------
Congress Street Clubs, LLC, filed a proposed plan for the
reorganization of 111-121 E. Congress, L.L.C.
On November 15, 2022, Proponent obtained a judgment on a jury
verdict amounting to $2,170,641.02 (the "Judgment") against Debtor
in the Superior Court of Arizona in Pima County, Case No.
C20204097. The Judgment was recorded on November 15, 2022 at
Instrument 2022-3190685, Office of the Pima County Recorder, and is
a secured claim. The Judgment is on appeal to the Arizona Court of
Appeals, No. 2 CA-CV 2023-0007. Proponent seeks to resolve its
secured claim by confirmation of this Plan. This Plan also serves
as a Disclosure Statement for this Plan and concerning Debtor.
By this Plan, Proponent offers to purchase Debtor's real estate
located at 111-121 E. Congress Street, Tucson, Arizona (the
"Property") and related assets free and clear of liens, claims and
interests, and to assume that certain Commercial Lease Agreement
dated February 24, 2021, with Rama Team, LLC, commencing March 15,
2021 through February 28, 2031(the "Lease") of the Property. In
consideration, Proponent will pay the expenses of administration,
secured claim of the Clerk of the Superior Court in the amount of
$1,006.25, as well as allowed unsecured claims on the Effective
Date of the Plan.
Under the Plan, Class 5 Class of General Unsecured Claims are to be
paid not less than 10% on the dollar, in cash, without interest, on
the Effective Date, from funds held by Debtor, and supplemented, to
the extent necessary, by funds advanced by Proponent. Class 5
Claims must be paid in full, in cash, from assets of Reorganized
Debtor, prior to any distribution to Class 6 Equity. Class 5 is
impaired.
Any shortfall between funds required under the Plan and Debtor's
cash on the Effective Date or prepaid retainers will be funded by
Proponent's cash payment on the Effective Date. As and to the
extent Administrative Expense or other Claims are allowed after the
Effective Date, they will be paid in full within 10 business days.
Attorneys for Congress Street Clubs, LLC:
Robert M. Charles, Jr., Esq.
LEWIS ROCA ROTHGERBER CHRISTIE LLP
One South Church Avenue, Suite 2000
Tucson, AZ 85701-1611
Direct Dial: 520.629.4427
Direct Fax: 520.622.3088
Email: RCharles@lewisroca.com
A copy of the Plan for the Reorganization dated September 27, 2023,
is available at https://tinyurl.ph/RmMdW from PacerMonitor.com.
About 111-121 E Congress
111-121 E. Congress, LLC, owns real estate located at 111-121 E.
Congress Street, Tucson, Arizona. It filed a voluntary petition
for Chapter 11 protection (Bankr. D. Ariz. Case No. 23-02230) on
April 7, 2023, with up to $10 million in both assets and
liabilities.
The Debtor asserted it was eligible to file a subchapter V
bankruptcy case. On May 9, 2023, the Bankruptcy Court held a
hearing to determine whether the Debtor was single asset real
estate as defined in 11 U.S.C. section 101(51B). The Court
determined that the Debtor is single asset real estate, and unable
to proceed under Subchapter V or as a small business debtor.
Judge Scott H. Gan oversees the case.
Jody A. Corrales, Esq., at DeConcini McDonald Yetwin & Lacy, P.C.
and Shein Phanse Adkins, P.C. serve as the Debtor's bankruptcy
counsel and special counsel, respectively.
58 DOBBIN: Seeks to Hire Sobers Law PLLC as Counsel
---------------------------------------------------
58 Dobbin LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to employ Sobers Law, PLLC as
counsel.
Sobers Law will render these services:
(a) attend meetings and negotiate with representatives of
creditors and other parties-in-interest;
(b) prepare and prosecute on behalf of the Debtor all legal
papers;
(c) negotiate and prepare on the Debtor's behalf Chapter 11
plan(s), disclosure statement(s) and all related agreements and
documents;
(d) advise the Debtor with respect to any sale of assets and
negotiate and prepare on the Debtor's behalf all agreements related
thereto; and
(e) appear before the court, and protect the interests of the
Debtors' estate before such courts; and perform all other legal
services in connection with the Chapter 11 case.
The firm charges a customary hourly rate of $450 per hour.
The firm received a retainer of $5,000.
Vivian Sobers, Esq., an attorney at Sobers Law, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Vivian Sobers, Esq.
SOBERS LAW, PLLC
11 Broadway, Suite 615
New York, NY 10004
Telephone: (212) 583-9595
Email: vsobers@soberslaw.com
About 58 Dobbin LLC
58 Dobbin LLC in Brooklyn, NY, filed its voluntary petition for
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-42938) on August
16, 2023, listing as much as $1 million to $10 million in both
assets and liabilities. Henrick Weis as principal, signed the
petition.
Judge Elizabeth S. Stong oversees the case.
SOBERS LAW PLLC serve as the Debtor's legal counsel.
751 ST. NICHOLAS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: 751 St. Nicholas Avenue Realty Corp.
751 St. Nicholas Avenue
New York NY 10031
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: October 23, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-11688
Judge: Hon. David S. Jones
Debtor's Counsel: Leo Fox, Esq.
LAW OFFICE OF LEO FOX
630 Third Avenue - 18th Floor
New York NY 10017
Tel: 212-867-9595 Ext. 307
Email: leo@leoflaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by David Hill as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ECQQMYA/751_St_Nicholas_Avenue_Realty__nysbke-23-11688__0001.0.pdf?mcid=tGE4TAMA
A P REAL ESTATE: Taps Falcone Law Firm as Bankruptcy Counsel
------------------------------------------------------------
A P Real Estate Georgia, LLC filed an amended application seeking
approval the U.S. Bankruptcy Court for the Northern District of
Georgia to hire The Falcone Law Firm, PC as its counsel.
The firm's services include:
a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;
b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;
c. assisting in the preparation, negotiation and
implementation of a plan of reorganization;
d. advising the Debtor with regards to objections to or
subordination of claims and other litigation matters;
e. representing the Debtor in the investigation of the
desirability and feasibility of the rejection and potential
assignment of any executory contracts or unexpired leases;
f. advising the Debtor with regard to all applications,
motions or complaints concerning reclamation, adequate protection,
sequestration, relief from stays, use of cash collateral,
disposition or other use of assets of the estate and other similar
matters;
g. assisting the Debtor in the sale or disposition of assets
of its bankruptcy estate;
h. preparing legal papers and conducting examinations;
i. providing assistance to the Debtor with regard to the
proper receipt, disbursement and accounting of funds and property
of the estate; and
j. other legal services related to the Debtor's Chapter 11
case.
The firm will be paid at these rates:
Senior Attorneys $400 per hour
Associates $250 per hour
Paralegals $175 per hour
Staffs $75 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
The firm received $25,000 from Devi Manor for Life LLC as a
security deposit.
Ian Falcone, Esq., a partner at Falcone Law Firm, 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:
Ian M. Falcone, Esq.
FALCONE LAW FIRM, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Email: Imffalconefirm.com
A P Real Estate Georgia, LLC
A P Real Estate Georgia is the owner of real property located at
6095 Pine Mountain Rd, Kennesaw, GA valued at $556,530.
A P Real Estate Georgia, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 23-57890) on August 17, 2023. The petition was signed by
Harshad Patel as manager. At the time of filing, the Debtor
estimated $557,031 in assets and $1,920,427 in liabilities.
Judge Jeffery W. Cavender presides over the case.
Ian Falcone, Esq. at THE FALCONE LAW FIRM, PC represents the Debtor
as counsel.
AC NEW RETAIL: Secured Creditors Submit Plan of Liquidation
-----------------------------------------------------------
Ladder Capital Finance LLC, Ladder Capital Finance I LLC, and LMezz
250 W90 LLC propose a liquidating plan for AC New Retail Investment
LLC and Armstrong New West Retail LLC.
Under the Plan, unsecured claims will be treated as follows:
* Class 3 – Armstrong Unsecured Claims, subject to the
provisions of Article 7 of the Plan, with respect to Disputed
Claims, in full satisfaction, release and discharge of the
Armstrong Unsecured Claims, the holders of Allowed Armstrong
Unsecured Claims will receive their pro rata share of the Unsecured
Creditors Fund unless otherwise agreed to in writing. Payment shall
be made within 5 business days of the Confirmation Date. Class 3 is
impaired.
* Class 6 – AC NW Unsecured Claims. The holders of Allowed AC
NW Unsecured Claims will not receive any distribution on account of
any Allowed AC NW Unsecured Claims. Class 6 is impaired
"Plan Fund" means the Debtors' remaining cash on hand which was
entirely derived from the BBB Settlement Sum.
"Unsecured Creditor Fund" means the fund in the amount of $20,000,
or such other amount as required to confirm the Plan, all of which
is to be funded from the Plan Fund, to be distributed on a pro rata
basis to holders of Allowed Unsecured Claims against the Armstrong
Debtor.
The Plan Proponent and the Debtors shall take all necessary steps,
and perform all necessary acts, to consummate the terms and
conditions of the Plan. The Plan will be implemented by the
Modified Cash Collateral Order and/or the Ladder Entities' express
agreement (which is contingent upon the terms of the Modified Cash
Collateral Order being implemented) to release any lien or claim,
if any, against the Plan Fund which shall fund all payments
required under the Plan including, without limitation, payment of
all Administrative Claims and payment of all Class 3 Claims.
The Ladder Entities mortgage shall remain on the Property following
Confirmation. Upon Confirmation, LMezz or its nominee shall be
responsible for all Property obligations going forward. In
addition, LMezz or its nominee shall be responsible for causing the
Property to be sold in furtherance of this Plan with the proceeds
turned over to Ladder or its designee (the only entities entitled
to receive the proceeds of the sale). For the avoidance of doubt,
Ladder or its designee(s) shall be the sole entity entitled to
receive the proceeds of such sale.
The Confirmation Order shall contain appropriate provisions,
consistent with section 1142 of the Bankruptcy Code, directing the
Debtors and any other necessary party to, among other things, (i)
execute or deliver or to join in the execution or delivery of any
instrument required to effect a transfer of the equity of Armstrong
as required by the Plan, and (ii) perform any act, including the
satisfaction of any lien, and/or the release of any judgment that
is necessary for the consummation of the Plan.
The Confirmation Order shall authorize LMezz or its nominee to
sell, operate, lease, manage, pledge, finance, or take any other
action with respect to the Property (including, without limitation,
changing the name of Armstrong) and engage in any other activity or
transaction in furtherance of the Plan. Any such transactions may
be effective as of the Confirmation Date pursuant to the
Confirmation Order without any further action by the Court.
Funding for the Plan shall be from the Plan Fund.
Attorneys for Ladder Capital Finance LLC, Ladder Capital Finance I
LLC, and
LMezz 250 W 90 LLC:
Leo V. Leyva, Esq.
Michael Yellin, Esq.
COLE SCHOTZ, P.C.
Court Plaza North
25 Main Street
Hackensack, New Jersey 07601
A copy of the Liquidating Plan dated September 29, 2023, is
available at https://tinyurl.ph/ZvekP from PacerMonitor.com.
About AC NW Retail Investment and
Armstrong New West Retail
Armstrong New West Retail, LLC owns a commercial condominium unit
located at 250 West 90th Street, New York. The property is a
20,000-square-foot space that was occupied by Atlantic and Pacific
Tea Company until March 2016 under its Food Emporium brand.
Armstrong is 100% owned by AC NW Retail Investment, LLC, which is
100% owned by Benjamin Ringel.
AC NW Retail Investment and Armstrong New West Retail filed Chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 16-23085 and 16-23086) on
Aug. 9, 2016. Benjamin Ringel, sole equity member, signed the
petitions.
At the time of the filing, AC NW Retail estimated its assets at $10
million to $50 million and liabilities at $1 million to $10
million. Armstrong estimated its assets and liabilities at $10
million to $50 million.
Judge Robert D. Drain oversees the cases.
Arnold Mitchell Greene, Esq., at Leech Tishman Robinson Brog, PLLC
is the Debtors' bankruptcy counsel. The Law Offices of Lawrence J.
Berger, P.C. serves as special real estate tax counsel.
AEGIS TOXICOLOGY: S&P Downgrades ICR to 'B-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Nashville,
Tenn.-based Aegis Toxicology Sciences Corp. to 'B-' from 'B'. In
addition, S&P lowered its issue-level rating on the company's
first-lien term loan to 'B-' from 'B'. The recovery rating on this
debt remains '3' with rounded recovery prospects of 55%.
The stable outlook reflects S&P's view that the company effectively
manages its cost structure, its base toxicology business will
continue to grow, and it addresses its debt maturity within the
next six months.
A sharp decline in COVID testing revenue after the end of a public
health emergency (PHE) is leading to pressure on margins. Aegis has
experienced a 94% decline in COVID revenue for the trailing 12
months June 2023 compared with the same period in 2022. S&P said,
"Though we expected COVID revenue to decline and reach a baseline
level, the decline and expectations for subsequent years is now
much lower. Furthermore, Aegis experienced delays in rolling out
COVID and flu tests with Walgreens in 2023, and offloaded its
underperforming molecular testing business. However, it expanded
testing offerings for novel psychoactive substances (NPS) in both
the current oral fluid and urine test menus, contributing to an
expected increase of samples tested per day in the toxicology
testing business to 6,200-6,300 per day from its pre-COVID level of
about 4,200 per day. However, despite the upside testing volume
prospects, margins are currently depressed in 2023 in the mid-teens
area due to the larger-than-expected COVID revenue decline, which
resulted in a mismatched cost structure. Hence, Aegis is pursuing a
cost-optimization effort, which we believe will result in margins
returning to historical levels in the low-20% area, excluding
one-time restructuring costs and system upgrades. Although, Aegis
has expanded its toxicology segment from pre-COVID levels (plus 19%
from 2019), its small size still limits operating leverage."
S&P said, "We expect free cash flow deficit in 2023 and marginally
positive free cash flow in 2024 from improvement in margin. Aegis
generated significant free cash flow from its higher-margin COVID
testing business during 2020-2022, which it used to make voluntary
debt prepayments and pay dividends to its financial sponsors.
Collectively, Aegis repaid about $144 million debt and $270 million
in dividends over the past three years. Aegis' adjusted leverage
declined significantly during this period to below 1.0x, a level we
did not expect it to maintain. However, the margin decline in 2023
has resulted in leverage increasing to 3.7x as of June 2023. We
expect leverage to continue to rise to above 6.5x by the end of
2023. We expect cost reductions and growth in the base toxicology
business in 2024 to improve its margin and result in leverage
declining below 5.0x. We expect a cash flow deficit of about 10
million in 2023, improving to modest free cash flow of about $4
million-$7 million in 2024. Cash flow is also constrained because
its debt is fully exposed to variable interest rate risk.
"Our rating reflects some degree of refinancing risk if Aegis does
not address its near-term maturities. Aegis' revolver matured in
May 2023, and it decided not to replace it. All its long-term debt,
composed of a first-lien term loan, is due in less than 18 months
in May 2025. We believe that if the company were to face additional
operational issues as it expands its toxicology business or face
any unforeseen events, cash flow, liquidity, and its covenant
cushion could weaken, potentially increasing refinancing risk as
its debt maturity gets closer.
"The stable outlook reflects our view that the company effectively
manages its cost structure, base testing business remains solid,
and the company addresses its debt maturity within the next six
months."
S&P could lower its rating within next 12 months if:
-- The company does not address its upcoming debt maturities;
-- Expected improvement in profitability and operating cash flow
doesn't materialize due to unforeseen operational challenges.
-- In S&P's view, this could happen if there were a sizable cut in
reimbursement rates, weaker-than-expected test volumes, or other
operational challenges leading to higher costs.
S&P will consider an upgrade if the company generates sustained
free cash flows such that discretionary cash flow (DCF) to debt is
at least 5%.
ESG credit indicators:
Environmental, social and governance credit factors for this change
in credit rating is related to health and safety.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Health and safety
AEROTECH MIAMI: Seeks to Hire Ordinary Course Professionals
-----------------------------------------------------------
Aerotech Miami Inc. d/b/a iAero Tech and its affiliates seek
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to employ professionals utilized in the ordinary course
of the businesses.
The OCP's include:
Geoffrey T Raicht, PC
Law Firm
Provides interim chief legal counsel services
Monthly fee: 60,000
Levinson Group
Communication Firm
Provides communication services both internal and external
Monthly fee: 50,000
Sherman & Howard LLC
Law Firm
Provides legal counsel related to employment and contract
disputes
Monthly fee: 40,000
Ancient Horse Limited
Business Management Consultants
Provides interim chief commercial officer services
Monthly fee: 30,000
Klemen Ferjan
Airline Industry Consultant P
Provides specialized airline operations consulting services
on specific projects
Monthly fee: 30,000
Suzanne Boda
Airline Industry Consultant
Provides specialized airline operations consulting services
on specific projects
Monthly fee: 30,000
Daugherty, Fowler, Peregein, Haught & Jenson
Law Firm
FAA counsel
Monthly fee: 20,000
F&H Solutions Group LLC
Law Firm
Provides legal services for ALPA contract negotiations
Monthly fee: 20,000
Michael Hancuch
Airline Industry Consultant
Provides specialized airline operations consulting services
on specific projects
Monthly fee: 20,000
Ogletree, Deakins, Nash, Smoak & Stewart PC
Law Firm
Employment counse - ALPA
Monthly fee: 20,000
Bryan P. Winters, P.A.
Law Firm
In connection with certain transactions
Monthly fee: 10,000
Cooley Attorneys at Law
Law Firm
Provides legal counsel related to government contracts
Monthly fee: 10,000
Eagle Aviation Consulting
Business Management Consultants
Professional negotiating service for ALPA contract
negotiations
Monthly fee: 10,000
Fox Rothschild LLP
Law Firm
Counsel for IRS/accounting analysis related to vendor
contract dispute
Monthly fee: 10,000
Gilchrist Aviation law
Law Firm
FAA counsel for refinance
Monthly fee: 10,000
Law Debenture Corporate Services, Inc.
Law Firm
Trustee for airplane leasing
Monthly fee: 10,000
Lydecker Diaz Law Firm
Legal counsel for employment, OSHA, and worker's comp matters
Monthly fee: 10,000
Morris Manning and Martin LLP
Law Firm
Counsel for IRS representation
Monthly fee: 10,000
Shutts Bowen
Law Firm
Counsel in Champion Air, LLC f/k/a Roundball, LLC litigation
Monthly fee: 10,000
Tuggle Duggins
Law Firm
Local counsel in Champion Air, LLC f/k/a Roundball, LLC
litigation; and certain employment matters
Monthly fee: 10,000
Weiss Serota Helfman Cole & Bierman
Law Firm
Counsel for employment matters
Monthly fee: 10,000
Meland Budwick
Law Firm
Counsel for Champion Air, LLC f/k/a Roundball, LLC litigation
Monthly fee: 5,000
Mintz Group LLC
Law Firm
Technology security contractor - has provided background
checks
Monthly fee: 5,000
Schleier Law Offices Client Trust Account
Law Firm
Counsel for employment mediation
Monthly fee: 5,000
Tom Lynch PA
Alternative Dispute Resolution Professional
Mediator for employment matter
Monthly fee: 5,000
About Aerotech Miami Inc. d/b/a iAero Tech
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, Berger Singerman LLP as co-counsel, AP Services, LLC as
restructuring services provider, Jefferies LLC as investment
banker, and Kroll Restructuring Administration LLC as notice and
claims agent.
AKUMIN INC: Business Disrupted Due to Ransomware Attack
-------------------------------------------------------
Akumin Inc. reported in a Form 8-K filed with the Securities and
Exchange Commission that the Company identified suspicious activity
in its information technology network, which is the result of a
ransomware incident.
Akumin said, "Upon becoming aware, the Company took quick action to
secure its networks, including shutting down systems. The Company
also launched an investigation, engaged experienced cybersecurity
counsel which is working with cybersecurity advisors, and notified
law enforcement. The Company has begun notifying impacted business
partners and will continue to notify potentially affected
third-parties and individuals in accordance with legal
obligations.
"The incident has disrupted the Company's ability to provide
services to its business partners since October 11, 2023. The
Company is working with its business partners and third-party
specialists to safely resume business activities. The Company
resumed treating some patients on October 13, 2023."
About Akumin
Akumin Inc. -- www.akumin.com -- provides fixed-site outpatient
diagnostic imaging services through a network of 180 owned or
operated imaging locations; and outpatient radiology and oncology
services and solutions to approximately 1,100 hospitals
and health systems across 48 states.
Akumin reported a net loss of $151.58 million for the year ended
Dec. 31, 2022, compared to a net loss of $34.81 million for the
year ended Dec. 31, 2021.
* * *
As reported by the TCR on Aug. 22, 2023, S&P Global Ratings lowered
all of its ratings on Akumin Inc., including its issuer credit
rating on the company to 'CCC' from 'B-'. S&P said the negative
outlook reflects the risk that, absent a significant operating
improvement, the Company's debt might not be sustainable.
AMERIFIRST FINANCIAL: Committee Hires Kasowitz as Counsel
---------------------------------------------------------
The official committee of unsecured creditors of Amerifirst
Financial, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kasowitz
Benson Torres LLP as counsel.
The firm's services include:
(a) advising the Committee with respect to its rights, duties
and powers in these Chapter 11 Cases;
(b) assisting the Committee in analyzing whether potential
claims exist against non-Debtor third parties and pursuing
recoveries in connection therewith;
(c) investigating, as directed by the Committee, among other
things, valuation, assets, liabilities, and financial condition of
the Debtors, transactions with non-Debtor third parties, the
Debtors' prepetition and post-petition management, and operational
issues concerning the Debtors;
(d) advising the Committee with respect to the Debtors' proposed
first-day relief, including whether such relief relates to or
impacts potential claims against non-Debtor third parties; advising
the Committee with respect to postpetition financing and/or
restructuring transactions; communicating with the Committee's
constituents in furtherance of its responsibilities, including, but
not limited to, communications required under section 1102 of the
Bankruptcy Code; and
(e) perform 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,
consistent with the scope of its representation.
The firm will be paid at these rates:
Partners $1,150 to $2,300 per hour
Special Counsel $1,150 to $2,000 per hour
Associates 625 to $1,150 per hour
Staff Attorneys $425 to $715 per hour
Paralegals $310 to $595 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: Kasowitz and Morris Nichols, in conjunction with the
Committee, are developing a budget and staffing plan for these
Chapter 11 Cases and intend to review the budgeting and staffing
plan with the Committee for its approval. It will then provide the
budget and staffing plan to the U.S. Trustee prior to filing such
budget and staffing Plan.
Matthew B. Stein, Esq., a partner at Kasowitz Benson Torres 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:
Matthew B. Stein, Esq.
KASOWITZ BENSON TORRES LLP
1633 Broadway
New York, NY 10019
Tel: (212) 506-1700
Fax: (212) 506-1800
About Amerifirst Financial, Inc.
AmeriFirst Financial, Inc., a mid-sized independent mortgage
company, and its affiliate Phoenix 1040, LLC filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023.
In the petitions signed by T. Scott Avila, chief restructuring
officer, each Debtor disclosed between $50 million and $100 million
in both assets and liabilities.
Judge Thomas M. Horan oversees the cases.
The Debtors tapped Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones, LLP as bankruptcy counsel; Paladin Management Group,
LLC as restructuring advisor; and Omni Agent Solutions, Inc. as
claims, noticing and administrative agent.
AMV ENTERPRISES: Carol Fox Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 21 appointed Carol Fox as Subchapter V
trustee for AMV Enterprises, 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
200 East Broward Blvd., Suite 1010
Fort Lauderdale, FL 33301
Tel: 954.859.5075
Email: cfox@brileyfin.com
About AMV Enterprises
AMV Enterprises, Inc. is a distributor of Everlast Lubricants motor
oil based in Hialeah, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18261) on Oct. 10,
2023, with $2,210,377 in assets and $1,094,072 in liabilities.
Carlo M. Ribera, president, signed the petition.
Judge Laurel M. Isicoff oversees the case.
Jeffrey Bast, Esq., at Bast Amron, LLP represents the Debtor as
legal counsel.
AMV ENTERPRISES: Hires Bast Amron LLP as Bankruptcy Counsel
-----------------------------------------------------------
AMV Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Bast Amron, LLP as its
bankruptcy counsel.
The firm's services will include:
a. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's guidelines and reporting
requirements and with the rules of the bankruptcy court;
b. prepare legal documents;
c. protect the interests of the Debtor in all matters pending
before the court; and
d. represent the Debtor in negotiations with its creditors and
in the preparation and confirmation of a Chapter 11 plan.
The firm will be paid at these rates:
Jeffrey P. Bast $675 per hour
Paralegals $275 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received a retainer of $10,000.
Jeffrey Bast, Esq., a partner at Bast Amron 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 through:
Jeffrey Bast, Esq.
Hunter J. Grasso, Esq.
BAST AMRON LLP
One Southeast Third Avenue, Suite 1400
Miami, FL 33131
Tel: (305) 379-7904
Fax: (305) 379-7905
Email: jbast@bastamron.com
hgrasso@bastamron.com
About AMV Enterprises, Inc.
AMV Enterprises is a distributor of Everlast Lubricants motor oil.
AMV Enterprises, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-48261) on oct. 10, 2023. The petition was signed by Carlo M.
Ribera as president. At the time of filing, the Debtor estimated
$2,210,377 in assets and $1,094,072 in liabilities.
Judge Laurel M. Isicoff oversees the case.
Jeffrey Bast, Esq. at BAST AMRON LLP represents the Debtor as
counsel.
AMV ENTERPRISES: Seeks to Hire KapilaMukamal as Financial Advisor
-----------------------------------------------------------------
AMV Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire KapilaMukamal, LLP as
its financial advisor.
The firm's services include:
a. analyzing the cash flows and profitability of the Debtor's
business;
b. preparing or reviewing the monthly operating reports
required by the Court;
c. preparing or reviewing the financial budgets, projections,
project costs and profitability estimates;
d. providing assistance in developing or reviewing plans of
reorganization or disclosure statements, including tax
ramifications;
e. other bankruptcy related issues to facilitate a Plan of
Reorganization;
f. assisting with tax compliance filings and related matters;
g. reviewing and analyzing any financing arrangements or
budgets; and
h. performing other work as may be requested by management.
The firm's standard hourly rates range from $196 to $780 per hour.
The firm will seek reimbursement of reasonable out-of-pocket
expenses.
KapilaMukamal received a retainer from Bast Amron LLP on behalf of
the Debtor in the amount of $30,000.
As disclosed in court filings, KapilaMukamal is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Barry E. Mukamal, CPA
KapilaMukamal, LLP
1000 S. Federal Highway, Suite 200
Fort Lauderdale, FL 33316
Telephone: (954) 761-1011
Email: bmukamal@kapilamukamal.com
About AMV Enterprises, Inc.
AMV Enterprises is a distributor of Everlast Lubricants motor oil.
AMV Enterprises, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-48261) on oct. 10, 2023. The petition was signed by Carlo M.
Ribera as president. At the time of filing, the Debtor estimated
$2,210,377 in assets and $1,094,072 in liabilities.
Judge Laurel M. Isicoff oversees the case.
Jeffrey Bast, Esq. at BAST AMRON LLP represents the Debtor as
counsel.
ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 30% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Astra Acquisition
Corp is a borrower were trading in the secondary market around 69.6
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.30 billion facility is a Term loan that is scheduled to
mature on October 25, 2028. About $772 million of the loan is
withdrawn and outstanding.
Astra Acquisition Corp. is a provider of cloud-based software
solutions for higher educational institutions.
ASTRO ONE: $155MM Bank Debt Trades at 49% Discount
--------------------------------------------------
Participations in a syndicated loan under which Astro One
Acquisition Corp is a borrower were trading in the secondary market
around 50.5 cents-on-the-dollar during the week ended Friday,
October 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $155 million facility is a Term loan that is scheduled to
mature on October 25, 2029. The amount is fully drawn and
outstanding.
Founded in 2021 and based in the US, Astro One Acquisition
Corporation is a merged entity of Petmate and Brody. Both companies
engage in the production and distribution of pet products such as
cat waste management products, toys, kennels, shelters, chews, and
feeding and watering products.
ATLANTIC HILLS: Seeks to Hire Behar Gutt & Glazer as Counsel
------------------------------------------------------------
Atlantic Hills LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire the law firm of Behar,
Gutt & Glazer, P.A. as its counsel.
The firm's services include:
a. give advice to 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 and with the rules of the court;
c. prepare legal documents necessary in the administration of
the case; and
d. protect the interests of the Debtor with its creditors in
the preparation of a Chapter 11 plan.
The firm will be paid at these rates:
Partners $510 per hour
Associates $425 per hour
Brian Behar, Esq., a member of Behar, Gutt & Glazer, 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:
Brian S. Behar, Esq.
BEHAR, GUTT & GLAZER, P.A.
DCOTA, Suite A-350
1855 Griffin Road
Fort Lauderdale, FL 33004
Tel: (305) 931-3771
Email: bsb@bgglaw.com
About Atlantic Hills LLC
Atlantic Hills LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-17432) on Sep.
15, 2023, listing up to $50,000 in assets and $50,001 to $100,000
in liabilities.
Brian S. Behar, Esq, at Behar, Gutt & Glazer, P.A. represents the
Debtor as counsel.
ATLANTIC HILLS: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 21 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Atlantic Hills, LLC.
About Atlantic Hills
Atlantic Hills, LLC filed Chapter 11 petition (Bankr. S.D. Fla.
Case No. 23-17432) on Sept. 15, 2023, with up to $50,000 in assets
and $50,001 to $100,000 in liabilities.
Judge Erik P. Kimball oversees the case.
Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A. is the Debtor's
legal counsel.
AULT ALLIANCE: Closes Deal to Restructure $17.5M of Liabilities
---------------------------------------------------------------
Ault Alliance, Inc. announced that it has entered into a note
purchase agreement with Ault & Company, Inc., a related party.
Pursuant to the Agreement, which closed upon execution on Oct. 13,
2023, AAI issued to A&C a senior secured convertible promissory
note and warrants to purchase shares of AAI's common stock.
The Note and Warrants were paid by A&C through (i) approximately
$11.6 million of secured promissory notes previously issued by the
Company, which have been assumed by A&C, for which the Company has
issued term notes to A&C in the same amount, which A&C canceled on
closing, (ii) $4.6 million of loans made by A&C to the Company
pursuant to a credit agreement entered into between the parties in
June 2023, which A&C canceled on closing, and (iii) $1.3 million
stated value of 125,000 outstanding shares of the Company's Series
B convertible preferred stock that A&C has surrendered to the
Company for retirement.
The Note accrues interest at the rate of 10% per annum, is due five
years after issuance, and is secured by a first priority security
interest in all the assets of the Company and its subsidiaries,
though certain collateral comprising the security interest is
subordinated to a security interest previously granted by the
Company and certain of its subsidiaries to an existing lender.
The Note is convertible, at the option of A&C, into shares of
Common Stock at a conversion price equal to the greater of (i)
$0.10 per share, which Floor Price shall not, except for voting
rights purposes, be adjusted for stock dividends, stock splits,
stock combinations and other similar transactions and (ii) the
lesser of (A) $0.2952, or (B) a 5% premium to the closing sale
price of the Common stock on the day immediately prior to the date
of conversion. The Conversion Price is subject to standard
anti-dilution provisions in connection with any stock split, stock
dividend, subdivision or similar reclassification of the Common
Stock. The Note also has "full ratchet" price protection in the
event the Company should issue securities at a lower price than the
Conversion Price.
A&C received Warrants to purchase up to 47.7 million shares of
Common Stock, exercisable for five years at $0.1837 per share,
subject to adjustment.
Milton "Todd" Ault, III, Executive Chairman of AAI and chief
executive officer of A&C, commented, "A&C's and its affiliates'
commitment to the Company dates back to late 2016. Despite various
evolutions, name shifts, and acquisitions effectuated by AAI, AAI's
primary objective to foster a resilient holding company remains
unchanged. This debt restructuring reflects A&C's ongoing
dedication to enable AAI to meet its financial commitments and
expand its business. Upon conversion of the Note, should A&C elect
to pursue such conversion, A&C looks forward to demonstrating its
confidence in AAI through becoming the largest stockholder of
AAI."
The Note and Warrants will not be convertible and/or exercisable
unless and until approval is obtained for conversion and exercise
from the NYSE American, and thereafter, not into more than an
aggregate of 19.99% of the total shares of Common Stock outstanding
as of the date of the Agreement, unless the Company obtains
stockholder approval.
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.
BALADE YOUR WAY: Hires Klinger & Klinger LLP as Accountant
----------------------------------------------------------
Balade Your Way, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Klinger & Klinger, LLP as accountant.
The firm will provide these services:
a. identify and facilitate the Debtors' restructuring options,
assist the Debtors in exploring strategic alternatives and assist
the Debtors in navigating a bankruptcy process, as needed,
including preparation of documentation attendant to a bankruptcy
filing;
b. assist the Debtors in the preparation of short and long-term
projections, balance sheet, profit and loss, and cashflows;
c. assist the Debtors in the preparation of financial-related
disclosures required by the Bankruptcy Court, including any
amendments to the Debtors' Schedules of Assets and Liabilities,
Statements of Financial Affairs, monthly operating reports, etc.;
d. institute procedures to ensure the safekeeping and security
of the Debtors' assets;
e. assist the Debtors in resolving vendor issues;
f. assist the Debtors with information and analyses requested by
parties in interest and required pursuant to its cash collateral
arrangements;
g. assist the Debtors in the preparation of financial
statements;
h. assist in the preparation of financial statements and other
reports as may be required by the Court or under the United States
Trustee Guidelines;
i. administer the accounting and financial advisory services;
j. assist the Debtors in daily administrative and operational
duties;
k. prepare and validate updated and rolling 13-week cash flow
projections, including analyzing historical cash disbursements and
receipts and results of operation to determine the reasonableness
of projected cash flows and short-term cash needs; and
l. render such other general services consulting or other such
assistance as the Debtors or their counsel may deem necessary.
The firm will be paid at these rates:
Partner $400 per hour
Staff Accountant $325 per hour
Paraprofessional $125 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lee Klinger, a member of Klinger & Klinger, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lee Klinger
Klinger & Klinger, LLP
370 Lexington Avenue, Suite 2008
New York, NY 10017
Telephone: (212) 661-6200
About Balade Your Way, Inc.
Balade Your Way, Inc. is a full-service restaurant in New York,
which specializes in Middle Eastern cuisine.
Balade Your Way, Inc. and its affiliate, Great Caterers, LLC, filed
their petitions under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. S.D.N.Y. Case Nos. 23-11384 and 23-11383) on Aug. 30,
2023. At the time of the filing, Balade Your Way reported $100,000
to $500,000 in assets and $1 million to $10 million in liabilities
while Great Caterers reported $100,001 to $500,000 in assets and $1
million to $10 million in Liabilities.
Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP
represents the Debtors as legal counsel.
BANNEKER SUPPLY: Seeks to Hire DiSanto Priest & Co as Accountant
----------------------------------------------------------------
Banneker Supply Chain Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Rhode Island to employ
DiSanto, Priest & Co. as its accountants.
The firm will render these services:
a. prepare both federal and state income tax returns,
including attention to adjustments necessary to account for tax
depreciation and calculate state apportionments;
b. assist, as necessary, with reviewed financial statements
which must be provided to Washington Trust under the loan
documents;
c. provide routine consulting support throughout the
bankruptcy process, to include, among other things, bookkeeping
support and other matters of U.S. GAAP compliance; and
d. assist the Debtor in any and all other areas as required.
DiSanto's hourly rates are:
Managers/Principals $280 to $390
Senior Accountant $190 to $220
Support staf $95
Michael Mellor, a partner at the accounting firm of DiSanto, Priest
& Co., attests that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The accountant can be reached through:
Michael J. Mellor, CPA
DiSanto, Priest & Co.
336 Main Street
Wakefield, RI 02879
Phone: (401) 921-2000
Email: mmellor@disantopriest.com
About Banneker Supply Chain Solutions, Inc.
Banneker Supply Chain Solutions, Inc. is a provider of end-to-end
supply chain management and integrated third-party logistics
solutions to a wide range of Fortune 100 companies in multiple
industries including e-commerce, retail, food and beverage,
industrial manufacturing, aerospace and defense, and government,
among others. The company is based in Woonsocket, R.I.
The Debtor filed Chapter 11 Petition (Bankr. D. Rhode Island Case
No. 23-10570) on Aug. 31, 2023, with $1,458,047 in assets and
$5,297,980 in liabilities. Alimamy D. Jabbie, Jr., president and
chief executive officer, signed the petition.
Judge Diane Finkle oversees the case.
Thomas P. Quinn, Esq., at McLaughlinQuinn, LLC represents the
Debtor as legal counsel.
BAUSCH HEALTH: $2.50BB Bank Debt Trades at 21% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Bausch Health
Americas Inc is a borrower were trading in the secondary market
around 78.9 cents-on-the-dollar during the week ended Friday,
October 20, 2023, according to Bloomberg's Evaluated Pricing
service data.
The $2.50 billion facility is a Term loan that is scheduled to
mature on February 1, 2027. About $2.34 billion of the loan is
withdrawn and outstanding.
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.
BITNILE METAVERSE: Five Proposals Passed at Special Meeting
-----------------------------------------------------------
BitNile Metaverse, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it held a special meeting
of shareholders during which the shareholders:
(1) approved the amendment to the Company's Articles of
Incorporation to effect a reverse stock split of the Common Stock
by a ratio of not less than one-for-ten and not more than
one-for-one hundred at any time prior to Oct. 15, 2024, with the
exact ratio to be set at a whole number within this range as
determined by the Company's Board of Directors in its sole
discretion;
(2) approved the amendment to the Company's Articles of
Incorporation to increase the authorized shares of Common Stock
from 3,333,333 to 500,000,000;
(3) approved for purposes of complying with Listing Rules 5635
and 5640 of The Nasdaq Stock Market, LLC, the issuance by the
Company of additional shares of the Common Stock underlying the
Company's Series A Preferred Stock, pursuant to the amendment dated
May 8, 2023 to the Series A Certificate of Designation dated Nov.
28, 2022, without giving effect to any beneficial ownership
limitations contained therein;
(4) approved, for purposes of complying with Listing Rule 5635
of The Nasdaq Stock Market, LLC, the issuance by the Company of
additional shares of Common Stock underlying the Company's Senior
Secured Convertible Notes and Warrants issued pursuant to the
Securities Purchase Agreement dated April 27, 2023;
(5) approved, for purposes of complying with Listing Rule 5635
of The Nasdaq Stock Market, LLC, the issuance by the Company of
additional shares of the Common Stock under an Equity Line of
Credit pursuant to a Purchase Agreement dated Aug. 24, 2023; and
(6) did not approve the reincorporation of the Company from
Nevada to Delaware at any time prior to Oct. 15, 2024.
Effective Oct. 16, 2023, BitNile Metaverse amended its Articles of
Incorporation by filing a Certificate of Amendment with the
Secretary of State of Nevada to increase the total number of
authorized shares of common stock, par value $0.001 per share, from
3,333,333 to 500,000,000. The Certificate of Amendment was
authorized by the Board of Directors on Aug. 25, 2023.
About BitNile Metaverse
Founded in 2011, BitNile Metaverse (formerly Ecoark Holdings, Inc.)
-- is a holding company, incorporated in the State of Nevada on
November 19, 2007. Through March 31, 2023, the Company's former
wholly owned subsidiaries with the exception of Agora Digital
Holdings, Inc., a Nevada corporation, and Zest Labs, Inc., a Nevada
corporation, have been treated for accounting purposes as divested.
The Company's principal subsidiaries consisted of (a) BitNile.com,
Inc., a Nevada corporation, which includes the platform BitNile.com
and that was acquired by the Company on March 6, 2023, which
transaction has been reflected as an asset purchase, and (b)
Ecoark, Inc., a Delaware corporation that is the parent of Zest
Labs and Agora. BitNile.com, Inc. is in the embryonic stage of
development yet represents a significant development in the online
metaverse landscape, offering immersive, interconnected digital
experiences that are engaging, and dynamic.
BitNile Metaverse reported a net loss of $87.36 million on zero
revenue for the year ended March 31, 2023, compared to a net loss
of $10.55 million on $27,182 of revenues for the year ended March
31, 2022. As of March 31, 2023, the Company had $23.77 million in
total assets, $37.72 million in total liabilities, and a total
stockholders' deficit of $13.94 million.
New York, New York-based RBSM LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
July 14, 2023, citing that the Company has suffered recurring
losses from operations and had an accumulated deficit that raises
substantial doubt about its ability to continue as a going concern.
BRICK CITY: Mark Hall of Fox Rothschild Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Hall, Esq., a
partner at Fox Rothschild, LLP, as Subchapter V trustee for Brick
City Investment Group, LLC.
Mr. Hall will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hall declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark E. Hall, Esq.
Fox Rothschild, LLP
49 Market Street
Morristown, NJ 07960
Phone: (973) 548-3314
Email: mhall@foxrothschild.com
About Brick City Investment
Brick City Investment Group, LLC, a company in Bloomfield, N.J.,
filed Chapter 11 petition (Bankr. D.N.J. Case No. 23-18750) on Oct.
6, 2023, with up to $50,000 in assets and $1 million to $10 million
in liabilities. Evangelos Drosos, managing member, signed the
petition.
Marc C. Capone, Esq., at Gillman, Bruton & Capone, LLC represents
the Debtor as legal counsel.
CABALLERO SAND: Hires Eric A. Liepins P.C. as Legal Counsel
-----------------------------------------------------------
Caballero Sand & Gravel, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Eric
A. Liepins, P.C. as its legal counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
Email: eric@ealpc.com
About Caballero Sand & Gravel, Inc.
Caballero Sand & Gravel, Inc. is a landscape material supply
company in Rhome, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 23-43032) on October 4,
2023, with up to $50,000 in assets and up to $10 million in
liabilities. Jose Caballero, president, signed the petition.
Judge Mark X. Mullin oversees the case.
Eric A. Liepins, Esq., represents the Debtor as legal counsel.
CAIRO HOLDING: Hires Legacy Capital as Financial Advisor, CRO
-------------------------------------------------------------
Cairo Holding Company, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Mississippi
to employ Legacy Capital, LLC as financial advisor, and to
designate a chief restructuring officer.
The firm's services include:
a. making Charles "Chip" Porter available to serve as the
Debtor's CRO with such responsibilities and authority as is
commensurate with said position, including the ultimate decision
making authority with respect to the management and operation of
the Debtor;
b. providing other temporary employees to assists with the
restructuring efforts and completion of bankruptcy related
reporting requirements;
c. establishing a communication protocol with stakeholders;
d. assisting in the preparation and review of financial
projections and cash flow budgets including implementing cash
conservation strategies, tactics and processes where appropriate
and feasible;
e. assisting in the preparation and review of reports or filings
as required by the Court or the Office of the U.S. Trustee,
including schedules of assets and liabilities, statements of
financial affairs and monthly operating reports;
f. assisting in preparation of a plan of reorganization and
related documents;
g. assisting the Debtor and counsel with preparation for
hearings, testimony, creditor meetings, and creation of supporting
exhibits and motions;
h. assisting the Debtor and counsel in developing litigation
strategy and related analysis;
i. identifying liquidity needs, including determining potential
DIP funding requirements;
j. assisting with evaluating executor agreements as necessary;
and
k. performing such other advisory services and other functions
as are customarily provided in connection with the analysis and
negotiations of any of the transactions contemplated in the
Engagement Letter.
The firm will be paid a Sale Transaction Fee in a an amount equal
to the greater of $300,000 or 6 percent of the Aggregate Sale
Consideration;
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Charles Porter, a partner at Legacy Capital, LLC, 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:
Charles Porter
Legacy Capital, LLC
433 Metairie Road, Suite 405
Metairie, LA 70005
Tel: (504) 837-3450
Fax: (504) 837-3488
About Cairo Holding Company, Inc.
Cairo Holding Company, Inc. is engaged in activities related to
real estate.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-01954) on Aug. 25,
2023, with $1 million to $10 million in both assets and
liabilities. Michael Cappaert, president, and Patty Cappaert, POA
for Michael Cappaert, signed the petition.
Judge Jamie A. Wilson oversees the case.
J. Walter Newman IV, Esq., at Newman & Newman represents the Debtor
as legal counsel.
CAIRO HOLDING: Seeks to Hire Newman & Newman as Counsel
-------------------------------------------------------
Cairo Holding Company, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Mississippi
to employ Newman & Newman as counsel.
The firm will provide these services:
a. advise and consult with the debtor-in-possession regarding
questions arising from certain contract negotiations which will
occur during the operation of business by the
Debtor-in-possession;
b. evaluate and attach claims of various creditors who may
assert security interests in the assets and who may seek to disturb
the continued operation of the business;
c. appear in, prosecute, or defend suits and proceedings, and
take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
Debtor;
d. represent the applicant in court hearings and assist in the
preparation of contracts, reports, accounts, petitions,
applications, orders and other papers and documents as may be
necessary in the bankruptcy proceeding;
e. advise and consult with the Debtor in connection with any
reorganization plan which may be proposed in the proceeding and any
matters concerning applicant which arise out of or follow the
acceptance or consummation of such reorganization or its rejection;
and
f. perform such other legal services on behalf of the Debtors as
they become necessary in the bankruptcy proceeding.
The firm will be paid $350 per hour for J. Walter Newman IV, and
$150 per hour for legal assistants.
The firm received from the Debtors a retainer of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
J. Walter Newman IV, Esq., a partner at Newman & Newman, 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:
J. Walter Newman IV, Esq.
NEWMAN & NEWMAN
587 Highland Colony Parkway
Ridgeland, MS 39157
Tel: (601) 948-0586
Email: wnewman95@msn.com
About Cairo Holding Company, Inc.
Cairo Holding Company, Inc. is engaged in activities related to
real estate.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-01954) on Aug. 25,
2023, with $1 million to $10 million in both assets and
liabilities. Michael Cappaert, president, and Patty Cappaert, POA
for Michael Cappaert, signed the petition.
Judge Jamie A. Wilson oversees the case.
J. Walter Newman IV, Esq., at Newman & Newman represents the Debtor
as legal counsel.
CARESTREAM HEALTH: $540MM Bank Debt Trades at 23% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Carestream Health
Inc is a borrower were trading in the secondary market around 77.1
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $540.8 million facility is a Term loan that is scheduled to
mature on September 30, 2027. About $537.4 million of the loan is
withdrawn and outstanding.
Carestream Health, Inc., headquartered in Rochester, New York, is a
supplier of imaging and IT systems to the medical and dental
communities and to other markets.
CARESTREAM HEALTH: BSCTF 2027 Marks $369,147 Loan at 27% Off
------------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its $369,147
loan extended to Carestream Health, Inc to market at $270,215 or
73% of the outstanding amount, as of June 30, 2023, according to
BSCTF 2027's Form N-CSRS for the semi-annual period ended June 30,
2023, filed with the Securities and Exchange Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (3M US L + 7.50%) to Carestream Health, Inc.
The loan matures on September 30, 2027.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
Carestream Health, Inc., headquartered in Rochester, New York, is a
supplier of imaging and IT systems to the medical and dental
communities and to other markets.
CENTER FOR ASBESTOS: Hires Mission Accounting PC as Accountant
--------------------------------------------------------------
Center For Asbestos Related Disease, Inc. seeks approval from the
U.S. Bankruptcy Court for the District of Montana to employ Mission
Accounting, PC as accountant.
The firm will prepare the annual IRS Form 990, an informational tax
form, and answer any questions related to the Debtor's taxes in
relation to the bankruptcy case.
The firm will be paid a flat fee of $2,850 for the preparation of
the 990 Return, and $200 per hour for extended services.
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:
Christian Shaeffer
Mission Accounting, PC
19 Appleway Dr.
Kalispell, MT 59901
About Center for Asbestos Related Disease, Inc.
Center for Asbestos Related Disease, Inc. addresses healthcare
issues associated with Libby amphibole (previously called
tremolite) asbestos.
Center for Asbestos Related Disease sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 23-90135)
on Aug. 7, 2023. In the petition signed by Tracy J. McNew,
executive director, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Patten, Peterman, Bekkedahl & Green, PLLC serves as the Debtor's
counsel.
CENTER FOR ASBESTOS: Hires Swiftcurrent Consulting as Accountant
----------------------------------------------------------------
Center For Asbestos Related Disease, Inc. seeks approval from the
U.S. Bankruptcy Court for the District of Montana to employ
Swiftcurrent Consulting & Accounting, P.C. as accountant.
The firm will provide these services:
a. assist Debtor with any accounting issues in preparation for
the annual financial statement audit; and
b. render any interim general accounting questions.
The firm will be paid at these rates:
Brian Kreps, CPA $250 per hour
Andrew Freeman, CPA $250 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian Kreps, CPA, a partner at Swiftcurrent Consulting &
Accounting, P.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:
Brian Kreps
Swiftcurrent Consulting & Accounting, P.C
19 Appleway Dr.
Kalispell, MT 59901
Tel: (406) 755-5428
About Center for Asbestos Related Disease, Inc.
Center for Asbestos Related Disease, Inc. addresses healthcare
issues associated with Libby amphibole (previously called
tremolite) asbestos.
Center for Asbestos Related Disease sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 23-90135)
on Aug. 7, 2023. In the petition signed by Tracy J. McNew,
executive director, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Patten, Peterman, Bekkedahl & Green, PLLC serves as the Debtor's
counsel.
CHIC LLC: Seeks to Hire Kenneth A Najarian, PC as Accountant
------------------------------------------------------------
Chic LLC seeks approval from the U.S. Bankruptcy Court for the
District of Massachusetts to employ Kenneth A Najarian, PC, CPA as
its accountant.
The firm's services would include, without limitation, assisting
the Debtor in preparing its monthly operating reports, reconciling
the Debtor's books, and assisting the Debtor in the preparation and
filing of its tax returns.
The firm will be paid at these rates:
Partner $275 per hour
Manager $175 per hour
Senior $125 per hour
Staff Accountant $90 per hour
Admin Staff $45 per hour
As disclosed in the court filings, Kenneth A Najarian, PC is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Kenneth A. Najarian, CPA
Kenneth A. Najarian, PC, CPA
420 Washington St., Suite 401
Braintree, MA 02184
Tel: (781) 380-3500
Fax: (781) 380-4801
Email: Ken@kanpccpa.com
About Chic LLC
Chic LLC manufactures ladies and petites print and solid polo
shirts, cardigan sweaters and stretch twill pants.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 23-11526) on September
21, 2023. In the petition signed by Charles Godfrey, manager, the
Debtor disclosed $312,454 in assets and $1,670,311 in liabilities.
David B. Madoff, Esq., at Madoff & Khoury LLP, represents the
Debtor as legal counsel. The Debtor tapped Kenneth A Najarian, PC,
CPA as accountant.
CHICAGO BOARD OF EDUCATION: S&P Rates Unlimited-Tax GO Bonds 'BB+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' rating to the Chicago Board
of Education's anticipated $600 million series 2023A unlimited-tax
general obligation (GO) bonds (dedicated revenues). The outlook is
stable.
Series 2023A bond proceeds will fund the board's ongoing capital
improvement program and its fiscal year 2024 capital budget.
"The rating reflects our view of the board's deep and diverse local
economy that continues to grow, Illinois' own stabilized fiscal
position, and strengthened reserves, supported by continued
surpluses, that we view as strong and that management expects to
remain stable or improve over the next couple of years," said S&P
Global Ratings credit analyst Ying Huang. "Nevertheless, the rating
continues to reflect our view of the board's significant short- and
long-term challenges, including negative cash flow, notably
increased operational spending despite enrollment declines, a
historically contentious relationship with the Chicago Teachers'
Union, and a sizable debt and pension liability."
The stable outlook reflects S&P's view of the board's consistent
operating surpluses and strong reserves in recent years that S&P
expects it will sustain during the outlook period.
Although unlikely given the current rating, should management not
control expenditures after securing new recurring revenue streams
or lose focus on future structural alignment as federal stimulus
funds wane, resulting in recurrence of operating deficits and
weakened reserve and liquidity positions, the rating could be
pressured, and at best, upward rating movement would be limited.
A higher rating is unlikely during the outlook period given the
board's still weak liquidity position. S&P said, "However, we could
consider a positive rating action over time if the board sustains a
structurally balanced budget, achieves and maintains a healthy fund
balance position in compliance with its policy target, and exhibits
continued liquidity improvements, with a reduced amount of tax
anticipation notes outstanding and negative cash flow across fewer
months, in a post-federal stimulus environment. We would also view
successful navigation of the potential Chicago Teachers' Union
contract renewal in 2024 and the transition of board governance
structure without material impacts on the district's operations
favorably. Given the dependence on Illinois, upward rating
potential is also predicated on the state, at minimum, funding the
Evidence-Based Funding base and not making substantial cuts,
although we view cuts as currently unlikely. We expect that the
board's high fixed costs and large unfunded pension liabilities
will continue to be constraining credit factors but will not
necessarily prevent upward potential at the current rating."
CONNEXA SPORTS: Amends Bylaws to Change Quorum Requirements
-----------------------------------------------------------
Connexa Sports Technologies Inc. disclosed in a Form 8-K filed with
the Securities and Exchange Commission that its Board of Directors
approved an amendment to the Bylaws of the Company to reduce the
percentage of shares of stock, issued and outstanding and entitled
to vote, to be present in person or represented by proxy in order
to constitute a quorum for the transaction of any business from a
majority to 33 1/3%.
About Connexa Sports
Headquartered in Windsor Mill, Maryland, Connexa Sports --
www.connexasports.com -- is a connected sports company delivering
products, technologies, and services across a range of activities
in sports.
Connexa Sports reported a net loss of $71.15 million for the year
ended April 30, 2023, compared to a net loss of $51.77 million for
the year ended April 30, 2022. As of April 30, 2023, the Company
had $7.11 million in total assets, $25.72 million in total
liabilities, and a total stockholders' deficit of $18.61 million.
Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated Sept. 14, 2023, citing that the Company suffered an
accumulated deficit of $(151,750,610), net loss of $(71,153,685)
and a negative working capital of $(18,775,991). These matters
raise substantial doubt about the Company's ability to continue as
a going concern.
CORELOGIC INC: BSCTF 2027 Marks $1.7MM Loan at 19% Off
------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$1,786,047 loan extended to CoreLogic, Inc to market at $1,455,628
or 81% of the outstanding amount, as of June 30, 2023, according to
BSCTF 2027's Form N-CSRS for the semi-annual period ended June 30,
2023, filed with the Securities and Exchange Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
Second Lien Initial Term Loan (1M US L + 6.50%) to CoreLogic, Inc.
The loan matures on June 4, 2029.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP provide
information, insight, analytics, software and other outsourced
services primarily to the mortgage, real estate and insurance
sectors.
COVENANT SURGICAL: BLSCI Fund Marks $237,230 Loan at 22% Off
------------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $237,230
loan extended to Covenant Surgical Partners, Inc to market at
$185,632 or 78% of the outstanding amount, as of June 30, 2023,
according to BLSCI Fund's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Long Short Credit Income Fund is a participant in a
First Lien Delayed Draw Term Loan (6M US L + 4.00%) to Covenant
Surgical Partners, Inc. The loan matures on July 1, 2026.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
Covenant Surgical Partners, Inc. is an owner and operator of
freestanding ambulatory surgery centers.
COVENANT SURGICAL: BSCTF 2027 Marks $3.8MM Loan at 22% Off
----------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$3,855,058 loan extended to Covenant Surgical Partners, Inc to
market at $3,016,583 or 78% of the outstanding amount, as of June
30, 2023, according to BSCTF 2027's Form N-CSRS for the semi-annual
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Initial Term Loan (3M US L + 4.00%) to Covenant Surgical
Partners, Inc. The loan matures on July 1, 2026.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Covenant Surgical Partners, Inc. is an owner and operator of
freestanding ambulatory surgery centers.
COVENANT SURGICAL: BSCTF 2027 Marks $800,935 Loan at 22% Off
------------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its $800,935
loan extended to Covenant Surgical Partners, Inc to market at
$626,732 or 78% of the outstanding amount, as of June 30, 2023,
according to BSCTF 2027's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Delayed Draw Term Loan (6M US L + 4.00%) to Covenant
Surgical Partners, Inc. The loan matures on July 1, 2026.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Covenant Surgical Partners, Inc. is an owner and operator of
freestanding ambulatory surgery centers.
CPC ACQUISITION: $225MM Bank Debt Trades at 51% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Cpc Acquisition
Corp is a borrower were trading in the secondary market around 49.5
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $225 million facility is a Term loan that is scheduled to
mature on December 29, 2028. The amount is fully drawn and
outstanding.
CPC Acquisition Corp is in the chemicals industry.
CUENTAS INC: Shlomo Zakai Replaces Ran Daniel as CFO
----------------------------------------------------
Cuentas Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that the Company notified Ran Daniel, its chief
financial officer since 2018, that his employment agreement dated
Nov. 28, 2018, as amended, would not be renewed. Mr. Daniel's
employment with the Company will continue until Nov. 27, 2023, the
end of the term of his Employment Agreement.
On Oct. 11, 2023, the Board of Directors of the Company, based upon
the recommendation of its Audit Committee, appointed Shlomo Zakai
as the Company's chief financial officer. Mr. Zakai will succeed
Ran Daniel.
Mr. Zakai, age 53, is the manager of Shlomo Zakai CFO accounting
firm. Since May 2020, he has been chief financial officer of UAS
Drone Corp. (OTC: USDR). From August 2017 to December 2021, Mr.
Zakai was chief financial officer of Save Foods, Inc.
(Nasdaq:SAFO). From October 2014 to August 2020, he was chief
financial officer of Sonovia Ltd. (a former OTC company). From
January 2012 to May 2016, Mr. Zakai was chief financial officer of
Bluesphere Inc. (a former OTC company). Mr. Zakai worked as an
accountant at Kost, Forer, Gabbay & Kasierer, an independent
registered public accounting firm and a member firm of Ernst &
Young Global, for nine years, where he last served as a senior
manager and worked with technology companies publicly traded on the
Nasdaq Stock Market and on the Tel Aviv Stock Exchange. Mr. Zakai
holds a B.A. in accounting from the College of Management in Rishon
Le'Zion, Israel.
Mr. Zakai is entitled to $10,000 per month for his services.
About Cuentas
Headquartered in Miami, Florida, Cuentas, Inc. --
http://www.cuentas.com-- currently focuses on the business of
using proprietary fintech technology to provide e-banking
ande-commerce services for delivering mobile banking, prepaid debit
and digital content services to the unbanked, underbanked and
underserved Latino, Hispanic and immigrant communities. The
Company's proprietary software platform enables Cuentas to offer
comprehensive financial services and robust functionality that is
absent from other Mobile Apps through the use of its Prepaid Debit
Mastercard/General-Purpose Reloadable cards.
Cuentas reported a net loss attributable to the company of $14.53
million in 2022, a net loss attributable to the company of $10.73
million in 2021, a net loss attributable to the company of $8.10
million in 2020, a net loss attributable to the company of $1.32
million in 2019, and a net loss of $3.56 million in 2018. As of
March 31, 2023, the Company had $5.19 million in total assets,
$2.31 million in total liabilities, and $2.88 million in total
stockholders' equity.
Tel-Aviv, Israel-based Yarel + Partners, Certified Public
Accountants (Isr.), the Company's auditor since 2023, issued a
"going concern" qualification in its report dated March 31, 2023,
citing that the Company has incurred net losses since its
inception, and has not yet generated sufficient revenues to support
its operations. As of Dec. 31, 2022, there is an accumulated
deficit of $52,750,000. These conditions, along with other
matters, raise substantial doubt about the Company's ability to
continue as a going concern.
CYTODYN INC: Delays 10-Q Filing for Period Ended Aug. 31
--------------------------------------------------------
CytoDyn Inc. disclosed via Form 12b-25 filed with the Securities
and Exchange Commission that it was unable to file timely, without
unreasonable effort and expense, its Form 10-Q for the fiscal
quarter ended Aug. 31, 2023, because its recently appointed
independent registered public accounting firm requires additional
time before completing its review of the Company's financial
statements for the fiscal quarter ended Aug. 31, 2023.
The Company anticipates that its Form 10-Q will be filed on or
before the fifth calendar day following the prescribed due date.
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology
company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processe. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
ytoDyn reported a net loss of $79.82 million for the year ended May
31, 2023, compared to a net loss of $210.82 million for the year
ended May 31, 2022. As of May 31, 2023, the Company had $11.29
million in total assets, $120.79 million in total liabilities, and
a total stockholders' deficit of $109.51 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Sept. 13, 2023, citing that the
Company incurred a net loss of approximately $70,146,000 for the
year ended May 31, 2023 and has an accumulated deficit of
approximately $832,012,000 through May 31, 2023, which raises
substantial doubt about its ability to continue as a going concern.
DIGITAL ALLY: Appoints New Member to Board of Directors
-------------------------------------------------------
Digital Ally, Inc. announced that the Board of Directors of the
Company appointed D. Duke Daughtery as a member of the Board,
effective immediately, to hold office until the next meeting of
shareholders of the Company at which directors are being elected or
as set forth in the Company's bylaws.
Mr. Daughtery, age 59, retired from public accounting in November
of 2019 after a 32-year career with Grant Thornton and Deloitte &
Touche as an assurance partner and audit practice leader. Mr.
Daughtery was instrumental in the significant growth of Grant
Thornton's Kansas City audit practice. Mr. Daughtery served
numerous companies ranging from high growth private equity backed
clients, to multi-billion revenue private companies to public
companies ranging from smaller public companies to the Fortune
500.
Mr. Daughtery will immediately serve on the Board, with the
intention to move to Kustom Entertainment, Inc.'s Board of
Directors upon the completion of the recently announced transaction
with Clover Leaf Capital Corp., a publicly traded special purpose
acquisition company (SPAC).
The Company said there are no other arrangements or understandings
between Mr. Daughtery and any other persons pursuant to which he
was appointed as a member of the Board. There are also no family
relationships between any of the Company's directors or officers
and Mr. Daughtery.
Mr. Daughtery will receive standard board compensation for his
service as a director.
About Digital Ally
Digital Ally (NASDAQ: DGLY) through its subsidiaries, is engaged in
video solution technology for law enforcement and commercial uses,
human & animal health protection products, healthcare revenue cycle
management. It is further involved in event ticket brokering and
marketing, event production and jet chartering, through its Kustom
Entertainment subsidiary. Digital Ally continues to add
organizations that demonstrate the common traits of positive
earnings, growth potential, innovation and organizational
synergies.
New York, NY-based RBSM LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company has incurred substantial
operating losses and will require additional capital to continue as
a going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
DMK PHARMACEUTICALS: Receives Delisting Notice From Nasdaq
----------------------------------------------------------
DMK Pharmaceuticals Corporation disclosed in a Form 8-K filed with
the Securities and Exchange Commission that it received notice from
the Listing Qualifications Staff of The Nasdaq Stock Market LLC
that the Company's common stock was subject to delisting unless the
Company timely requests a hearing before the Nasdaq Hearings Panel.
The Company plans to timely request a hearing before the Panel,
which request will stay any further action by Nasdaq at least until
the hearing is held and any extension the Panel may grant to the
Company following the hearing expires. There can be no assurance,
however, that the Panel will grant the Company's request for
continued listing or that the Company will regain compliance with
the Rule prior to the expiration of any extension that may be
granted to the Company following the hearing.
On April 12, 2023, DMK received a letter from Nasdaq stating that
the market value of the Company's common stock closed below the
minimum $35 million threshold required by Nasdaq Listing Rule
5550(b)(2) for the previous 30 consecutive trading days and, in
accordance with the Nasdaq Listing Rules, the Company was provided
180 calendar days, or until Oct. 9, 2023, to regain compliance with
the Rule.
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.
EEA STERLING: Case Summary & Three Unsecured Creditors
------------------------------------------------------
Debtor: EEA Sterling Fund Ltd.
4 Sands Point Rd
Monsey, NY 10952
Business Description: EEA Sterling owns two condominium apartments
located at 325 Fifth Avenue, New York, Units
11G and 17G.
Chapter 11 Petition Date: October 23, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-22781
Judge: Hon. Sean H. Lane
Debtor's Counsel: Kevin Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Ave
New York, NY 10017-5690
Email: knash@gwfglaw.com
Total Assets: $2,222,000
Total Liabilities: $1,391,267
The petition was signed by Chana Goldman as authorized
representative.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition containing, among other items, a
list of the Debtor's three unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/FYAAJBA/EEA_Sterling_Fund_Ltd__nysbke-23-22781__0001.0.pdf?mcid=tGE4TAMA
EISNER ADVISORY: Fitch Puts Revolver Loans on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed Eisner Advisory Group, LLC's revolving
credit facility on Rating Watch Negative. The rating action follows
the launch of a consent solicitation to remove the super priority
treatment of Eisner's revolving credit facility. The revolver
currently benefits from a three-notch uplift of Eisner's 'B' Issuer
Default Rating (IDR) due to its super senior ranking. If the
proposed amendment is executed as planned, Fitch expects to
downgrade the revolver to 'B+'/'RR3' from 'BB'/'RR1' as the
revolver would rank pari passu with the senior secured debt, which
is rated 'B+'/'RR3'.
KEY RATING DRIVERS
RCF Re-Ranking and Upsizing: Eisner intends to amend its revolver
to remove the facility's super priority treatment, as well as to
upsize its borrowing capacity. The revolver is expected to be up to
$130 million from $50 million currently. The transaction is
oriented to support the recent acquisitions and provide liquidity
for the company's future pipeline. The facility's rating will
reflect its senior secured status at a 'B+'/'RR3' if the proposed
amendment is executed as planned.
Acquisition Driven Growth: TowerBrook Capital Partners (the
sponsor) has a significant investment in Eisner. TowerBrook and
Eisner plan to continue acquiring regional accounting firms or
partnerships. Since the LBO, Eisner has completed multiple
acquisitions, and management has indicated that they may issue new
debt if acquisition opportunities are appealing and appropriate.
Fitch expects the debt level will be manageable unless rollup
strategy becomes considerably more aggressive; however, Fitch will
continue to monitor interest coverage given the higher rate
environment.
Middle Market Positioning: Eisner ranks in the top 20 public
accounting firms according to industry estimates. It enjoys a
strong position in the fragmented mid-tier accounting market,
leveraging its widely known brand name while avoiding competition
from the big four accounting firms.
Mid-Single Digit Leverage: Fitch expects leverage over the rating
horizon in the mid-single digits. Although the sponsor has not
indicated a clear financial policy, Fitch believes the company will
likely continue to pursue acquisitions in the foreseeable future.
With leverage in the mid-single digits and an ongoing rollup
strategy, Fitch believes the company is limited to the 'B' rating
category.
Highly Recurring Revenue Model: Eisner's credit profile benefits
from highly recurring revenue streams driven by strong customer
retention. For the fiscal year ended July 31, 2022, the company had
a revenue retention rate of over 90% and an average client tenure
of approximately nine years for its top 10 clients. Client
retention is aided by cross selling clients on multiple business
lines, leading to deeper customer relationships.
Diversified Business Lines and Client Base: Eisner services
approximately 30,000 customers globally, with the top 10 customers
making up less than 10% of overall revenues. Additionally, the
company has multiple business lines across audit, tax, and advisory
services. The largest sector, financial services, constitutes
approximately 35% of total revenues with other clients spread
across diverse end markets.
Inelastic Demand for Services: Most audits and tax services offered
by the firm are rarely discretionary. Material disruption resulting
from cyclicality is unlikely, given the critical role of audited
financials (capital market) and tax filings (IRS). Fitch believes
the demand for advisory services is more volatile than the demand
for the tax and audit services, but this is somewhat mitigated by
the Advisory and Private Business Services segments making up less
than 30% of overall company revenues. Fitch expects this percentage
to decline since the acquisition targets are typically focused on
audit and tax services
DERIVATION SUMMARY
Eisner is well positioned compared with peers in the middle market
for accounting services -- none rated by Fitch -- but compares less
favorably with the big four accounting firms. Margins at Eisner are
significantly lower than the 30% margins at big four peers due to
decreased operating leverage, as well as the new partner
compensation strategy that places partner compensation before
EBITDA. Eisner also has a large debt stack due to its LBO, although
Fitch expects the leverage is manageable unless there is a material
change.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer
- Organic Revenue Growth of 3% to 4% over the rating horizon;
- EBITDA margins held in the mid to high teens.
RECOVERY ANALYSIS
Fitch's recovery analysis assumes the company will be reorganized
as a going concern in the event of the bankruptcy rather than
liquidated. The going-concern analysis assumes a decline in EBITDA
to reflect the stress that provoked the bankruptcy, as well as an
amount of corrective action taken before emergence from bankruptcy.
The going-concern analysis contemplates a scenario in which a
high-profile audit mistake drives business away from the company,
resulting in significant revenue decline, including the loss of
clients. The resulting estimate of GC EBITDA of $85 million is
significantly below the prior fiscal year.
The recovery multiple of 6.0 reflects several factors, including
the stable recurring revenue nature of the accounting business, as
well as Eisner's favorable positioning in the fragmented market for
mid-tier accounting services, while also recognizing the low growth
nature of the accounting industry.
The company's debt balance at the time of default is estimated to
be approximately $860 million consisting of pari passu senior
secured debt. Fitch assumes a fully drawn revolver of $130 million.
Using a 6.0x emergence multiple, $85 million in going-concern
EBITDA and 10% administration claims, Fitch arrives at $459 million
available for recovery. Applying this amount to the $860 million of
debt, Fitch estimates a recovery consistent with 'RR3'. Applying
standard notching criteria to the 'B' IDR leads to ratings of
'B+'/'RR3' on the company's senior secured term loans and
revolver.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Revolver
- The Rating Watch Negative could be removed if the amendment is
not executed as planned;
IDR
- Fitch's expectation of leverage, as measured by debt to EBITDA
maintained below 5.0x;
- Fitch's expectation of EBITDA margins maintained in the mid to
high teens on a sustained basis.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Revolver
- An execution of the amendment as proposed would result in the
revolver's ratings being downgraded to the level of the senior
secured rating;
IDR
- Fitch's expectation that leverage will be maintained above 6.0x;
- Fitch's expectation of EBITDA margins falling into the low teens
or single digits on a sustained basis;
- EBITDA interest coverage sustained below 2.0x.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: Fitch projects that Eisner will generate
adequate FCF over the rating horizon, with the potential of
achieving more than $50 million annually in the next two to three
years. Eisner will have close to full availability under its
revolver. Fitch expects the Sponsor and management to continue the
roll-up strategy, using available cash, which stood at $142 million
as April 30, 2023, for acquisitions rather than debt paydown.
Debt Structure: Eisner's debt consists of first-lien secured term
loan Bs totalling $732 million and maturing in July 2028 as of
April 30, 2023. The company had $4 million in letters of credit
outstanding against its current $50 million revolver.
ISSUER PROFILE
Eisner Advisory Group is a middle-market U.S. professional services
firm with a national platform and global presence. The company has
a full suite of accounting, tax and advisory services with
approximately 30,000 clients across multiple industries.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Eisner Advisory
Group, LLC
super senior LT BB Rating Watch On RR1 BB
EISNER ADVISORY: S&P Lowers Senior Secured Revolver Rating to 'B-'
------------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Eisner
Advisory Group LLC's revolver to 'B-' from 'B+', which the company
is now upsizing to $130 million from $50 million. In conjunction,
S&P revised the recovery rating on this debt to '3' from '1'. At
the same time, S&P affirmed its 'B-' issue-level rating and '3'
recovery rating on the company's $475 million term loan B-1, $40
million delayed-draw term loan, and the $75 million and $150
million incremental term loans. The '3' recovery rating on the
revolver and term loans reflects its expectation of meaningful
(50-70% rounded estimate: 60%) recovery of principal in the event
of a payment default.
S&P said, "We lowered the issue-level rating on the revolver to
reflect our view of the company's proposed change to its capital
structure whereby its $130 million revolver now ranks pari passu
with the first-lien term loan. Previously, the revolver had a
first-priority position in the capital structure.
"The proposed upsized revolver is not expected to impact our
leverage assessment and will have no impact on the existing 'B-'
issuer credit rating or the stable outlook. We forecast revenue
growth in the 45%-50% range in fiscal 2023, S&P Global
Ratings-adjusted EBITDA margins in the mid- to high-teens percent
area over the next two years, and S&P Global Ratings-adjusted
leverage in the low-7x area in 2023, which we view as very high but
adequate for the rating."
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors:
-- S&P's simulated scenario contemplates a default in 2025 due to
aggressive shareholder-favoring activities adding to its high debt
levels and weak operating performance resulting from adverse events
that affect the company's reputation, loss of key clients to
competitors, and difficulty in attracting and retaining qualified
professionals.
-- S&P believes that if Eisner defaulted, its debtholders would
look to maximize recovery through a reorganization.
-- The company's capital structure includes a $130 million
revolver due in July 2026, a $475 million term loan B, a $40
million delayed draw term loan, and $75 million and $150 million
incremental term loans, all due in fiscal 2028.
-- Eisner Advisory Group LLC is the borrower. The senior secured
facilities are secured by a first-priority security interest in all
tangible and intangible assets of the borrower and the guarantors.
The debt is guaranteed by Eisner Advisory HoldCo LLC and its direct
and indirect wholly owned material domestic subsidiaries.
-- Default assumptions include an 85% draw on the revolving credit
facility.
-- S&P has valued the company on a going-concern basis using a
5.5x multiple of its projected emergence EBITDA, which is in line
with what it applies to similar-size companies in the sector but
lower than what we apply to larger consulting companies S&P rates.
Simulated default assumptions:
-- Simulated year of default: 2025
-- EBITDA at emergence: About $100 million
-- EBITDA multiple: 5.5x
-- The revolving credit facility is 85% drawn at default
Simplified waterfall:
-- Gross Enterpise Value: About $552 Million
-- Net enterprise value (after 5% administrative costs): About
$524 million
-- Value available to senior secured debt: About $ 524 million
-- Senior secured debt claims: About $867 million
--Recovery expectation: 50%-70% (rounded estimate: 60%)
ENVISION HEALTHCARE: BSCTF 2027 Marks $3.9MM Loan at 77% Off
------------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$3,911,461 loan extended to Envision Healthcare Corporation to
market at $883,756 or 23% of the outstanding amount, as of June 30,
2023, according to BSCTF 2027's Form N-CSRS for the semi-annual
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (3M US SOFR + 4.25%) to Envision Healthcare
Corporation. The loan matures on March 31, 2027.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Envision Healthcare Corporation provides health care services. The
Hospital offers surgery, pharmacy, medical imaging, emergency care,
and other related health care services. Envision Healthcare serves
patients in the United States.
ESCHER GROUP: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Escher Group, LLC 23-17628
1776 York Road
Lutherville Timonium MD 21093
Glen Burnie Pharmacy, LLC 23-17632
85 Kindred Way, #102
Glen Burnie MD 21061
York Rd Pharmacy, LLC 23-17633
1776 York Road
Lutherville Timonium MD 21093
Business Description: Glen Burnie is a community pharmacy offering
free prescription delivery, blister
packaging, and immunizations.
Chapter 11 Petition Date: October 23, 2023
Court: United States Bankruptcy Court
District of Maryland
Debtors' Counsel: Richard M. Goldberg, Esq.
SHAPIRO SHER GUINOT & SANDLER, P.A.
250 W. Pratt Street, Suite 2000
Baltimore MD 21201
Tel: 410-385-4274
Email: rmg@shapirosher.com
Debtors'
Financial
Advisor: VERITY, LLC
Each Debtor's
Estimated Assets: $1 million to $10 million
Each Debtor's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Andrew Michael Nye, II, as manager.
The Debtors failed to include in the petitions lists of their 20
largest unsecured creditors.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/NQASDQY/Escher_Group_LLC__mdbke-23-17628__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/H26CHBY/Glen_Burnie_Pharmacy_LLC__mdbke-23-17632__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/UP2CO3I/York_Rd_Pharmacy_LLC__mdbke-23-17633__0001.0.pdf?mcid=tGE4TAMA
EXPRESS ELECTRIC: Hires Weissberg and Associates as Attorney
------------------------------------------------------------
Express Electric Supply LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Weissberg and
Associates, Ltd. as its attorneys.
The firm's services include:
a. advising the Debtor with respect to its powers and duties;
b. assisting the Debtor in the negotiation, formulation and
drafting of a plan of reorganization and disclosure statement, and
representing the Debtor in the plan confirmation process;
c. examining claims asserted against the Debtor;
d. taking necessary actions related to claims that may be
asserted against the Debtor, and preparing legal papers;
e. representing the Debtor in all adversary proceedings and
contested matters;
f. representing the Debtor in its dealings with the Office of
the U.S. Trustee and with creditors; and
g. representing the Debtor in litigation in state and federal
courts.
The firm agreed to accept an advanced payment retainer in the
amount of $25,000, plus $1,738 for the Chapter 11 filing fee. The
rate for its services is $450 per hour.
As disclosed in court filings, the attorneys and legal assistants
at Weissberg and Associates are "disinterested" within the meaning
of Section 101(14) of the Bankruptcy Code.
Weissberg and Associates can be reached through:
Ariel Weissberg, Esq.
WEISSBERG AND ASSOCIATES, LTD.
564 W. Randolph Street, 2nd Floor
Chicago, IL 60605
Tel: (312) 663-0004
Fax: (312) 663-1514
Email: ariel@weissberglaw.com
About Express Electric Supply LLC
Express Electric Supply, LLC is a supplier of electrical supplies
to the construction and building trades.
Express Electric sought protection under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-12317) on
Sept. 17, 2023. In the petition signed by Rodney J. Thompson,
manager, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Donald R. Cassling oversees the case.
The Debtor is represented by Ariel Weissberg, Esq. at Weissberg and
Associates, Ltd.
EYECARE PARTNERS: $110MM Bank Debt Trades at 22% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 78.5
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $110 million facility is a Delay-Draw Term loan that is
scheduled to mature on November 15, 2028. .
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
EYECARE PARTNERS: $250MM Bank Debt Trades at 33% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 66.6
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $250 million facility is a Term loan that is scheduled to
mature on November 15, 2028. About $247.5 million of the loan is
withdrawn and outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products
FALLING TIMBERS: Timothy Stone Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Timothy Stone of
Newpoint Advisors Corporation as Subchapter V trustee for Falling
Timbers Tree Service, LLC.
Mr. Stone will be paid an hourly fee of $325 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Stone declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Timothy Stone
Newpoint Advisors Corporation
750 Old Hickory Blvd, Building Two, Suite 150
Brentwood, TN 37027
Phone: 800-306-1250/615-440-8273
Fax: (702) 543-3881
Email: tstone@newpointadvisors.us
About Falling Timbers
Falling Timbers Tree Service, LLC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
23-03700) on Oct. 9, 2023, with $100,001 to $500,000 in both assets
and liabilities.
Judge Randal S. Mashburn oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz, PLLC
represents the Debtor as legal counsel.
FARADAY FUTURE: Taking Measures to Protect Stockholder Interests
----------------------------------------------------------------
Faraday Future Intelligent Electric Inc. released an open letter
from Matthias Aydt, Global CEO of FF, and YT Jia, founder and chief
product and user ecosystem officer.
Dear FFIE Stockholders and Investors,
Beginning in August, we entered the revenue generation phase,
established a closed-loop operation from user acquisition and
delivery to user operations, and began the process of adding
industry leaders and partnering with high-profile celebrities like
Chris Brown, Derek Bell, Jason Oppenheim as FF users and
Co-Creation Officers. There have been significant changes in FF's
business foundation, including the addition of a new management
team that collectively boasts the strongest capabilities in the
history of FF. We believe that during this critical period for
business growth, the Company is now structurally best positioned
for the development phase since its inception, subject to financing
availability.
Protecting stockholder interests
Although the Company has successfully achieved numerous significant
milestones and built a strong structural foundation, its stock
price and resulting market capitalization have reached the darkest
moment. The Company's current market capitalization is equal to
around 1% of the approximately $3 billion of cash invested into the
business. We feel a profound sense of pain and disappointment and
believe that many fellow stakeholders, including public investors
who love the Company, share this same feeling.
The Company is developing a series of measures to help identify
and, if found, combat potential abusive or illegal short-selling
activities. We also continue to engage with potential
institutional investors and strategic investors to address the
capital requirements for production ramp-up. In addition, we aim
to enhance our supply chain management capabilities and actively
implement cost control actions, along with a series of other
initiatives aimed at increasing our Company's value. Below is a
summary of actions we are taking to protect stockholder interests.
Six measures the Company is taking to protect stockholder
interests.
The Company is diligently working to restore market confidence and
accelerate the achievement of its strategic objectives, including
taking the following actions:
1. FF has officially engaged with Shareholder Intelligence
Services LLC, a leading public company service provider, to obtain,
aggregate, track, and analyze shareholder trading information, that
will initiate investigations into potential illegal short selling.
We will consider all remedies available to us, including potential
litigation if necessary.
2. Executive leaders of the Company intend to increase their
holdings, demonstrating their confidence in the Company's
development.
3. The Company continues to actively engage with potential
strategic investors.
4. The Company is undergoing an organizational upgrade to meet
the opportunities and challenges as the Company enters a new phase
of development.
5. The Company is continuing to take steps to reduce
operational and supply chain costs to support its strategic
objectives, including capacity ramp-up.
6. The Company intends to invite professional media outlets to
both visit FF as well as for interviews and in-depth product and
technology experiences, enabling the broader public to gain a
better understanding of FF's current development status and its
true value.
Today's FF has undergone a fundamental transformation compared to
August, 2023. The Company achieved two major milestones associated
with the most uncertainties and risks since its inception: (1) we
completed all compliance procedures required for mass production
and delivery in the United States; and (2) received all necessary
parts from our supply chain and started delivering cars to our
users. We believe FF is now entering a promising phase of
development, subject to funding availability.
Since FF GP nominated the majority of the board members around the
end of 2022, FF has made 30 significant improvements.
Below is a review of these 30 significant improvements.
End of 2022
Governance: The board of directors was transformed, with a focus on
governance and compliance, with fiduciary duties guiding its
decision-making.
Strategy: Focused on the Company's core strategy as the pioneer of
the Ultimate AI TechLuxury Spire market.
Business: Comprehensively updated the delivery system for the FF 91
2.0 Futurist Alliance.
January 2023
US-China dual DNA and dual home markets: Announced the signing of a
non-binding cooperation framework agreement with the China
Huanggang Government for the promotion of the Company's dual-home
market strategy.
February 2023
Capital and Finance: Secured $135 million of financing
commitments.
March 2023
Production: FF ieFactory California SOP production commences.
April 2023
Production: The first FF 91 2.0 Futurist Alliance production
vehicle rolled off the line.
May 2023
Technology & Product: Leveraging the breakthroughs in emerging GPT
AI technology, FF released the world's first in-vehicle generative
AI products and technology.
Built an "FF AIHyper 6x4 2.0 architecture" based on the "New Four
Trends" of industrial transformations – "All-AI", "All-Hyper",
"All-Ability", and "Co-Creation", and launched the FF 91 2.0
Futurist Alliance, an "Ultimate AI TechLuxury" "All-Ability
AIHypercar," combining hyper performance, safety, and comfort.
Capital: Signed a definitive agreement for unsecured convertible
note financing (in which funding commitments are subject to certain
closing conditions), approximately $30 million of which was funded
by waiving closing conditions, which we believe shows the
investors' confidence and support), with FFGP – comprised of FF
current and former executive s-- as the anchor investor.
June 2023
User Ecosystem: The first 3 FF 91 2.0 users and Developer
Co-Creation Officers participated in the "FF Track Co-Creation
Day."
Product & Technology: The FF 91 2.0 Futurist Alliance debuted at
Willow Springs Raceway and achieved a remarkable lap record for EVs
weighing 6,000 pounds or more of 1 minute and 35 seconds.
Capital: Secured $105 of financing, which includes an additional
funding commitment of $90 million plus the acceleration of an
existing commitment of $15 million; a portion of $105 million has
already been funded, and the rest is subject to the satisfaction of
certain closing conditions.
July 2023
Delivery Compliance: Successfully completed U.S. crash testing and
met all safety-related regulatory certification requirements.
Achieved full compliance with U.S. new vehicle sales delivery
requirements.
Received internal approval to initiate Phase 2 Co-Creation
Delivery.
Formed a closed-loop operation, marking the beginning of a new
stage of development.
August 2023
Supply Chain: Received all necessary parts for initial deliveries.
User Ecosystem: Established the transformative User Acquisition and
User Operation 1.0 system.
Delivered the FF 91 2.0 Futurist Alliance to the first spire user
and Developer Co-Creation Officer.
Derek Bell, a five-time Le Mans 24 Hours world champion, along with
champion racer Justin Bell and others, became FF Developer
Co-Creation officers and next FF 91 2.0 owners.
Held the first "FF Developer Co-Creation Festival" at the Pebble
Beach Concours d'Elegance.
Product: Achieved a remarkable 350-mile range on a single charge,
covering the distance from Silicon Valley to Los Angeles.
Capital: Secured additional funding of $16.5 million in the
unsecured notes to support the Company's Phase 2 delivery and sales
and service preparation of its FF 91 2.0 Futurist Alliance;
Effectuated Reverse stock split and filed registration statements
– which primed the Company for additional financing to support
the production ramp-up of FF 91 2.0 Futurist Alliance and the
expansion of the Company's sales & service network.
Management: Welcomed new management team members with the strongest
collective capabilities in its 9-year history.
September 2023
User Ecosystem: Delivered additional cars to spire users including
U.S. real estate mogul Jason Oppenheim.
Product: The FF 91 2.0 Futurist Alliance set a lap record in the
SUV and crossover class at Button Willow Raceway.
Technology: Hosted the "FF 919 Developer AI Co-Creation Festival"
to advance FF aiRacing technology.
Capital: Regained NASDAQ compliance with NASDAQ's minimum bid
requirements.
Announced a proposed stock purchase plan for core management
members.
October 2023
User Ecosystem: New vehicles are scheduled to be delivered to four
FF 91 2.0 Spire users and Developer Co-Creation Officers, including
our Founder and Chris Brown.
We believe that it is evident FF has essentially established all
the foundations for substantial growth, subject to obtaining needed
funding. We've triumphed over the darkest moments many times
before, and FF is now bolstered by these 30 achievements. With our
unique DNA and the support of our stakeholders, we're confident
that we stand on the cusp of an extraordinary surge of energy.
Nevertheless, what has been incredibly frustrating is that despite
FF being the pioneer and leader of the "Ultimate AI TechLuxury"
spire market, having created and delivered the world’s most
disruptive "All-Ability AIHypercar" FF 91 2.0, and making
substantial progress, the Company's valuation has been
substantially reduced and we believe does not reflect the Company's
actual value. This is unacceptable to us and the stakeholders who
hold a deep affection for FF, and we have received numerous
requests for the Company to respond. Even though some of our
leaders including our Founder YT received personal threats and
unfair treatment, we are not getting distracted from progressing
the Company to a successful future. We feel the utmost urgency and
are profoundly sorry for not delivering the value you deserve. We
are also passionately committed to promoting the maximization of
value.
Matthias Aydt and YT Jia
Special note from Founder YT Jia
Nine years ago, I crossed the Pacific Ocean to Los Angeles,
California, to found FF. I was all in . You can only imagine the
challenges of a Chinese entrepreneur starting a business in this
foreign land, especially in the Ultimate AI TechLuxury EV business,
the crown jewel of it all. I have endured some of the most
terrible experiences, some you can imagine, and others beyond your
wildest imagination. The Company and I have experienced and
overcome so many difficulties and life-and-death challenges over
the years. Our setbacks and successes have been on full display for
everyone to witness. I want to express my gratitude to those who
care about FF. In fact, many people have sent me private messages
through various channels. I've been reading them, reflecting on
them, and asking myself tough questions. I have also been
absorbing and listening to valuable advice and putting it into
action. Many fellow entrepreneurs have mentioned that my
entrepreneurial journey has inspired them to keep going. In fact,
I would say that the many words of encouragement you've sent me are
uplifting and inspiring me to fight for shareholder and stakeholder
value with FF without any hesitation.
Thank you.
YT Jia
About Faraday Future
Los Angeles, CA-based Faraday Future (NASDAQ: FFIE) --
http://www.ff.com-- designs and engineers next-generation
intelligent, connected, electric vehicles. FF intends to start
manufacturing vehicles at its production facility in Hanford,
California, with additional future production capacity needs
addressed through a contract manufacturing partner in South Korea.
FF is also exploring other potential contract manufacturing options
in addition to the contract manufacturer in South Korea. The
Company has additional engineering, sales, and operational
capabilities in China and is exploring opportunities for potential
manufacturing capabilities in China through a joint venture or
other arrangement.
Faraday Future reported a net loss of $552.07 million for the year
ended Dec. 31, 2022, a net loss of $516.50 million for the year
ended Dec. 31, 2021, compared to a net loss of $147.08 million for
the year ended Dec. 31, 2020.
New York, NY-based Mazars USA LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 9, 2023, citing that the Company has incurred operating
losses since inception, has continued cash outflows from operating
activities, and has an accumulated deficit. These conditions raise
substantial doubt about its ability to continue as a going concern.
FARADAY FUTURE: Unveils Masterplan to Achieve Sustainability
------------------------------------------------------------
Faraday Future Intelligent Electric Inc. announced a masterplan to
support Company stability and help achieve sustainability and
profitability, while aiming to reduce dependence on external
funding sources.
While additional details will be provided at the upcoming Investor
Day, which will follow the Company's third-quarter 2023 quarterly
filing, highlights are included below:
* Primary near-term focuses are on appropriate operational cost
structures and organization, including meaningfully reducing people
cost and other general and administrative expenses that are not
directly related to FF 91 2.0 Futurist Alliance production, as well
as cost reductions for FF 91 2.0 Futurist Alliance materials and
production, which would be supported by insourcing
capital-intensive systems where feasible.
* Cease entering into new convertible note commitments with
structure similar to existing convertible notes and pause the
Equity Line of Credit ("ELOC") program.
* Executing on this masterplan will support achieving cash-flow
positive and profitability.
As previously shared, in August 2023, FF entered a revenue
generation phase, and established a closed loop operation from user
acquisition and delivery to user operations. There have been
significant changes in FF's business foundation, including the
addition of a new management team that is passionate about the
Company and collectively demonstrates the strongest capabilities in
the history of FF. The Company is continuing to take steps to
support its strategic objectives, including capacity ramp-up for
the FF 91 2.0 vehicle.
FF continues its forward momentum and has undergone a fundamental
transformation compared to the end of 2022. The Company achieved
two major milestones: (1) completed all compliance procedures
required for mass production and delivery in the United States and
(2) commenced delivering cars to users. The Company said achieving
these two significant milestones changes the very nature of the
Company, shifting it from a task and project driven operation to an
operation focused on continuity and stability and, ultimately,
profitability.
About Faraday Future
Los Angeles, CA-based Faraday Future (NASDAQ: FFIE) --
http://www.ff.com-- designs and engineers next-generation
intelligent, connected, electric vehicles. FF intends to start
manufacturing vehicles at its production facility in Hanford,
California, with additional future production capacity needs
addressed through a contract manufacturing partner in South Korea.
FF is also exploring other potential contract manufacturing options
in addition to the contract manufacturer in South Korea. The
Company has additional engineering, sales, and operational
capabilities in China and is exploring opportunities for potential
manufacturing capabilities in China through a joint venture or
other arrangement.
Faraday Future reported a net loss of $552.07 million for the year
ended Dec. 31, 2022, a net loss of $516.50 million for the year
ended Dec. 31, 2021, compared to a net loss of $147.08 million for
the year ended Dec. 31, 2020.
New York, NY-based Mazars USA LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 9, 2023, citing that the Company has incurred operating
losses since inception, has continued cash outflows from operating
activities, and has an accumulated deficit. These conditions raise
substantial doubt about its ability to continue as a going concern.
FUTURE VALUE: Claims to be Paid From Sale of Properties
-------------------------------------------------------
Future Value Construction, Inc., submitted a Disclosure Statement
filed in conjunction with Debtor's Second Amended Chapter 11 Plan
of Reorganization dated September 29, 2023.
Debtor acquired the real property known as Lakeview at Rio Bravo
("Lakeview") in February, 2019. The purchase price was $2.2
million. The original location of this project was the site of a
luxury tennis club and special events facility that was torn down
in approximately 2006. The project had been owned by the developer
Cavu Rock, LLC, a secured creditor who sold the project to the
Debtor and retains a second trust deed on all of the lots of
Lakeview at Rio Bravo.
Debtor also acquired three lots at 260, 262 and 266 East Mountain
Dr located in Montecito California in 2015. These lots were
remnants from lots that had been damaged from the Tea Fire in
November of 2008. To re-build, further widening and adjustments had
to be made to the access roads. Debtor had completed road access to
the lots but had not finished the excavation and other common area
improvements that allow construction to begin. The Thomas fire of
2018 resulted in changes to building codes that caused delays and
compliance. Non-judicial foreclosure commenced in July 2022 and the
lender was to conduct a trustee's sale in November that prompted
the Chapter 11 filing.
General unsecured claims are projected at $917,000. The largest
general unsecured creditor is Kathy Grahek, who is a friend of
Chuck R Thomason and supports confirmation of Debtor's Plan. Ms.
Grahek has not filed a proof of claim. The Debtor does not dispute
the claim and scheduled it under penalty of perjury.
Mr. Thomason prepared a projection payment to all creditors based
on sales of Lake View at Rio Bravo and E. Mountain Drive, Montecito
properties over a 30 month term.
The projections make the following assumptions:
1. 26 home sales constructed over the next 30 months.
2. 7 Bakersfield homes constructed through priming loans (subject
to creditor 21 and court approval).
3. $1,765,303 realized by the end of 2023. (Sale of model and Lot
16).
4. First quarter 2024 creditor payment of $456,000 (2 sales of
Phase 2 homes).
5. Second quarter 2024 creditor payment of $728,00 (2 sales Phase
1; 1 out of Phase 2).
6. Third quarter 2024 creditor payment of $654,000 (2 sales of
Phase 2, 1 sale of Phase 1).
7. Fourth quarter 2024 creditor payment of $644,00 (4 sales of
Phase 2).
8. First quarter 2025 creditor payment of 684,000 (2 sales of Phase
2, 1 sale of Phase 1).
9. Second quarter 2025 creditor payment of $476,000 (2 sales of
Phase 2).
10. Third quarter 2025 creditor payment of $300,701 (3 sales in
Phase 2).
11. Fourth quarter of 2025 $2,221,000 (3 sales of Phase 2 and 266
E. Mountain Dr.).
12. First quarter 2026 creditor payment $302,000 (2 sales Phase 2)
13. Second quarter 2026 creditor payment of $300,00 (2 sales Phase
2)
Management fees are calculated at 5% of the sales price. Mr.
Thomason has been paying for his living expenses from a modest draw
of $1,500 per month plus social security. Upon plan confirmation
and from the proceeds generated from sales, this amount will
increase to $2,500 per month.
General unsecured claims are accounted for and are paid out of the
category reserved for general unsecured creditors and excess
amounts from what is designated a "credit-line releases". General
unsecured claims are projected to be paid by the end of the
32-month term.
Debtor's Plan is premised upon only partial completion of the two
development projects. Not all of the lots at Lakeview nor Montecito
need to be sold to complete Plan payments.
Under the column "credit line release', Debtor has calculated a 5%
allocation for management fees that are common in the development
and construction of the properties. However, management overhead
will increase because of a need to hire on-site employees including
a project manager
Attorney for Debtor:
D. Max Gardner, Esq.
930 Truxtun Ave., Suite 203
Bakersfield, CA 93301
Tel: (661) 864-7373
Fax: (661) 591-7366
E-mail: dmgardner@dmaxlaw.com
A copy of the Disclosure Statement dated September 29, 2023, is
available at https://tinyurl.ph/FhsHB from PacerMonitor.com.
About Future Value Construction
Future Value Construction, Inc., is engaged in the business of
constructing custom and semi-custom homes.
Future Value Construction filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Cal. Case No. 22-12016) on Nov. 28, 2022, with up to
$50,000 in assets and up to $10 million in liabilities.
Judge Jennifer E. Niemann oversees the case.
The Debtor is represented by the Law Office of D. Max Gardner.
GELESIS HOLDINGS: PureTech Terminates Merger Agreement
------------------------------------------------------
Gelesis Holdings, Inc. reported in a Form 8-K filed with the
Securities and Exchange Commission that PureTech Health LLC
delivered to the Company a written notice of termination of their
merger agreement.
On June 12, 2023, Gelesis entered into an Agreement and Plan of
Merger with PureTech and Caviar Merger Sub LLC, a wholly owned
subsidiary of PureTech, pursuant to which the Company would merge
with and into Caviar with Caviar surviving the Merger as a
wholly-owned subsidiary of PureTech.
As a result of the termination of the Merger Agreement, the Voting
and Support Agreement, dated as of June 12, 2023, by and between
the Company and PureTech, was terminated in accordance with its
terms.
About Gelesis
Headquartered in Boston, Massachusetts, Gelesis is a commercial
stage biotherapeutics company focused on advancing first-in-class
superabsorbent hydrogel therapeutics for chronic gastrointestinal,
or GI, diseases including excess weight, type 2 diabetes,
non-alcoholic fatty liver disease/non-alcoholic steatohepatitis,
functional constipation, and inflammatory bowel disease.
Boston, Massachusetts-based KPMG LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 28, 2023, citing that the Company has suffered recurring
losses and cash flows from operations that raise substantial doubt
about its ability to continue as a going concern.
GLOBAL MEDICAL: BSCTF 2027 Marks $910,056 Loan at 43% Off
---------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its $910,056
loan extended to Global Medical Response, Inc to market at $516,457
or 57% of the outstanding amount, as of June 30, 2023, according
BSCTF 2027's Form N-CSRS for the semi-annual period ended June 30,
2023, filed with the Securities and Exchange Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien 2020 Refinancing Term Loan (1M US L + 4.25%, 1.00%
Floor) to Global Medical Response, Inc. The loan matures on October
2, 2025.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GOLDEN DEVELOPING: Seeks to Hire Fresh Notion as Consulting Firm
----------------------------------------------------------------
Golden Developing Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Fresh Notion Financial Services as its consulting firm to handle
financial services.
The firm will perform ordinary and necessary accounting services
required in the administration of its estate.
Fresh Notion will bill at hourly rates ranging from $110 to $265
per hour.
Fresh Notion is requesting a $15,000 retainer.
Fresh Notion is a "disinterested person" pursuant to sections
327(a) and 101(14) of the Bankruptcy Code, according to court
filings.
The accountant can be reached through:
Matthew Lourie
PO Box 79897
Houston, TX 77279
Phone: (832) 277-7816
Email: info@FreshNotionGroup.com
About Golden Developing Solutions
Golden Developing Solutions, Inc. filed Chapter 11 petition (Bankr.
S.D. Fla. Case No. 23-14893) on June 22, 2023, with $1 million to
$10 million in both assets and liabilities. Judge Scott M. Grossman
oversees the case.
The Associates and Anthony L.G., PLLC serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
GREENIDGE GENERATION: Appoints Christian Mulvihill as New CFO
-------------------------------------------------------------
Greenidge Generation Holdings Inc. disclosed in a Form 8-K filed
with the Securities and Exchange Commission that in connection with
a management restructuring, the Company appointed Christian
Mulvihill as its new chief financial officer, succeeding Robert
Loughran, who no longer remains with the Company. The Company said
Mr. Loughran's termination of employment is not a result of a
disagreement on any matter relating to the Company's operations,
policies or practices.
Mr. Mulvihill, 32, has served as the Company's vice president of
Engineering and Corporate Development since August 2021, bringing
10 years of diverse experience in finance, corporate development,
operations, engineering, and project management. Prior to joining
the Company, commencing in August 2020, Mr. Mulvihill was a private
equity associate at Atlas Holdings where he focused primarily on
investments in the power, energy, and bitcoin mining sectors.
Prior to that time, Mr. Mulvihill spent two years at Granite Shore
Power where he served in multiple roles leading strategic financial
and operational initiatives. Mr. Mulvihill began his career at TC
Energy in 2013, one of North America's leading energy
infrastructure companies. There, he held various roles of
increasing responsibility in engineering and project management.
Mr. Mulvihill holds a Bachelor of Science in Mechanical Engineering
degree from Queen's University in Canada.
In connection with his employment by the Company as CFO, Mr.
Mulvihill entered into an Offer Letter with the Company, effective
Oct. 11, 2023, pursuant to which Mr. Mulvihill will receive a base
salary in the amount of $250,000, and a one-time sign-on bonus of
$125,000 worth of the Company's Class A Common Stock. In addition,
Mr. Mulvihill will be eligible to receive an annual target bonus of
up to 25% of base salary in cash and up to 25% of base salary in
equity, subject to such terms and performance conditions as
determined by the Board.
About Greenidge Generation
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically
integrated cryptocurrency datacenter and power generation company.
Dallas, Texas-based Armanino LLP, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company incurred a loss from operations
and generated negative cash flows from operations during the year
ended Dec. 31, 2022. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
H2O COMMERCIAL: Hires Evans & Mullinix P.A. as Legal Counsel
------------------------------------------------------------
H2O Commercial Cleaning, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to employ Evans &
Mullinix, P.A. as counsel to handle its Chapter 11 case.
The firm will be paid at these rates:
Colin N. Gotham $350 per hour
Paralegals $125 per hour
The firm received from the Debtor a retainer in the amount of
$11,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Colin Gotham, Esq., an attorney at Evans & Mullinix, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Colin N. Gotham, Esq.
EVANS & MULLINIX, PA
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (913) 962-8700
Facsimile: (913) 962-8701
E-mail: cgotham@emlawkc.com
About H2O Commercial Cleaning, LLC
H2O Commercial Cleaning, LLC is a locally-owned, Kansas City-based
commercial construction, and commercial window cleaning company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 23-21182) on October 4,
2023. In the petition signed by Nicholas A. Verdi, president, the
Debtor disclosed $58,675 in assets and $1,055,619 in liabilities.
Colin Gotham, Esq., at Evans & Mullinx, PA, represents the Debtor
as legal counsel.
HAWK LOGISTICS: Hires Stearns Weaver Miller as Legal Counsel
------------------------------------------------------------
Hawk Logistics, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Stearns Weaver
Miller Weissler Alhadeff & Sitterson, P.A. as legal counsel.
The firm will provide these services:
a. advise with respect to responsibilities in complying with the
U.S. Trustee’s Operating Guidelines and Reporting Requirements
and with the rules of the Court;
b. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of this case;
c. protect the interests of the estate in all matters pending
before the Court; and
d. represent the estate in negotiations with its creditors and
other parties in interest, and in the preparation of a plan of
reorganization.
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.
Eric J. Silver, Esq., a partner at Stearns Weaver Miller Weissler
Alhadeff & Sitterson, 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 through:
Eric J. Silver, Esq.
STEARNS WEAVER MILLER WEISSLER
ALHADEFF & SITTERSON, P.A.
Museum Tower Building, Suite 2200
150 West Flagler Street
Miami, FL 33130
Tel: (305) 789-3200
Fax: (305) 789-3395
Email: esilver@stearnsweaver.com
About Hawk Logistics, LLC
Hawk Logistics, LLC operates in the general freight trucking
industry. The company is based in North Bay Village, Fla.
Hawk Logistics filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18059) on Oct. 2,
2023, with $1 million to $10 million in both assets and
liabilities. Osmel Guzman, chief financial officer, signed the
petition.
Judge Laurel M. Isicoff oversees the case.
Eric J. Silver, Esq., at Stearns Weaver Miller Weissler Alhadeff &
Sitterson, P.A. represents the Debtor as legal counsel.
HCIC HOLDINGS: Hires Buechler Law Office LLC as Counsel
-------------------------------------------------------
HCIC Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to employ Buechler Law Office, LLC as
counsel.
The firm will provide these services:
a. prepare on behalf of the Debtor-in-Possession all necessary
reports, orders and other legal papers required in this Chapter 11
proceeding;
b. perform all legal services for Debtor as Debtor-in-Possession
which may become necessary herein; and
c. represent the Debtor in any litigation which the Debtor
determines is in the best interest of the estate.
The firm will be paid at these rates:
K. Jamie Buechler, Esq. $495 per hour
David M. Rich, Esq. $495 per hour
Michael Lamb, Esq. $350 per hour
Paralegals $125 per hour
Law Clerks $150 per hour
The firm received from the Debtor an advance retainer of $20,000.
K. Jamie Buechler, Esq. attorney at Buechler, 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:
K. Jamie Buechler, Esq.
BUECHLER LAW OFFICE, LLC
999 18th St., Suite 1230-S
Denver, CO 80202
Tel: (720) 381-0045
Fax: (720) 381-0382
Email: jamie@kjblawoffice.com
About HCIC Holdings, LLC
HCIC Holdings LLC in Denver, CO, filed its voluntary petition for
Chapter 11 protection (Bankr. D. Colo. Case No. 23-14505) on
October 4, 2023, listing as much as $1 million to $10 million in
both assets and liabilities. Greg Harrington as manager, signed the
petition.
Judge Kimberley H. Tyson oversees the case.
BUECHLER LAW OFFICE, LLC serve as the Debtor's legal counsel.
HIGHWOOD SENIOR: Hires Gregory K. Stern P.C. as Legal Counsel
-------------------------------------------------------------
Highwood Senior Residence Holding, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Gregory K. Stern, P.C. as its legal counsel.
The firm's legal services include:
(a) reviewing assets, liabilities, loan documentation,
executory contracts and other relevant documentation;
(b) preparing list of creditors, list of 20 largest unsecured
creditors, schedules and statement of financial affairs;
(c) giving the Debtor legal advice with respect to its powers
and duties in the operation and management of its financial
affairs;
(d) assisting the Debtor in the preparation of schedules,
statement of affairs and other necessary documents;
(e) preparing legal papers;
(f) negotiating with creditors and other parties in interest,
attending court hearings, meetings of creditors and meetings with
other parties in interest;
(g) reviewing proofs of claim and solicitation of creditors'
acceptances of plan; and
(h) performing other legal services.
The firm will be paid at these rates:
Gregory K. Stern, Esq. $550 per hour
Dennis E. Quaid, Esq. $550 per hour
Monica C. O'Brien, Esq. $500 per hour
Rachel S. Sandler, Esq. $400 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor an advance payment of $7,000.
As disclosed in court filings, Gregory K. Stern, P.C. is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Gregory K. Stern, Esq.
Dennis E. Quaid, Esq.
Monica C. O'Brien, Esq.
Rachel S. Sandler, Esq.
GREGORY K. STERN, P.C.
53 West Jackson Boulevard, Suite 1442
Chicago, IL 60604
Phone: (312) 427-1558
Email: greg@gregstern.com
dquaid3@gmail.com
monica@gregstern.com
rachel@gregstern.com
About Highwood Senior Residence Holding, LLC
Highwood Senior Residence Holding LLC in Highwood, IL, filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case
No. 23-12002) on September 11, 2023, listing as much as $10 million
to $50 million in both assets and liabilities. Branko Tipanjac as
manager, signed the petition.
Judge Timothy A. Barnes oversees the case.
GREGORY K. STERN, P.C. serve as the Debtor's legal counsel.
HIGHWOOD SENIOR: Hires Morken & Associates as Real Estate Broker
----------------------------------------------------------------
Highwood Senior Residence Holding, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Morken & Associates as real estate broker.
The firm will market and sell the Debtor's commercial property
located at 700 North Sheridan Road, Highwood, Illinois 60040.
The firm will be paid a commission of 5 percent on the sales price
if through a cooperating broker, or 3 percent if solely by the
firm.
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:
Brian Morken
Morken & Associates
1888 E Fabyan Pkwy
Batavia, IL 60510
Tel: (630) 389-3000
About Highwood Senior Residence Holding, LLC
Highwood Senior Residence Holding LLC in Highwood, IL, filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case
No. 23-12002) on September 11, 2023, listing as much as $10 million
to $50 million in both assets and liabilities. Branko Tipanjac as
manager, signed the petition.
Judge Timothy A. Barnes oversees the case.
GREGORY K. STERN, P.C. serve as the Debtor's legal counsel.
HOMES AT LAWRENCE: Seeks Approval to Tap Peyton Bolin as OCP
------------------------------------------------------------
Homes at Lawrence Homeowners Association, Inc. seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ the law firm of Peyton Bolin, PL, as professional utilized
in the ordinary course of business.
In the ordinary course of business, Peyton Bolin provides services
to the Debtor to ensure that it is compliant with Florida's
homeowner association laws. Peyton Bolin is also expected to
complete the revitalization process necessary to ensure the
Debtor's ability to collect mandated association dues.
Peyton Bolin charges for its services on an hourly basis, although
certain services are provided on a flat fee basis.
Mauri E. Peyton, Esq., managing partner of Peyton Bolin, assured
the court that the firm does not hold or represent any interest
adverse to the Debtor, its creditors or estate, and is a
"disinterested person" as required by 11 U.S.C. Sec. 327(a).
The OCP can be reached through:
Mauri E. Peyton, Esq.
Peyton Bolin, PL
3343 W. Commercial Blvd., Suite 100
Fort Lauderdale, FL 33309
Telephone: (954) 316-1339
Email: mauri@peytonbolin.com
About Homes at Lawrence Homeowners
Association, Inc.
Homes at Lawrence Homeowners Association, Inc., filed a Chapter 11
bankruptcy petition (Bankr. S.D. Fla. Case No. 23-17333) on
September 13, 2023, disclosing under $1 million in both assets and
liabilities.
The Debtor is represented by BAST AMRON LLP.
HORNBLOWER SUB: $349MM Bank Debt Trades at 62% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Hornblower Sub LLC
is a borrower were trading in the secondary market around 37.9
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $349.4 million facility is a Payment-In-Kind Term loan that is
scheduled to mature on April 27, 2025. The amount is fully drawn
and outstanding.
Hornblower Sub, LLC is a charter yacht and public dining cruise
operator.
HUDSON & MCKEE: Seeks to Hire Desai Law Firm as Attorney
--------------------------------------------------------
Hudson & McKee Real Estate LLC asks the U.S. Bankruptcy Court for
the Eastern District of Missouri to hire Desai Law Firm LLC as its
attorney.
The firm's services include:
a. advising the Debtor with respect to its rights, power and
duties in this Chapter 11 case;
b. assisting and advising the Debtor in its consultations with
the Subchapter V trustee;
c. assisting the Debtor in analyzing the claims of creditors
and negotiating with such creditors;
d. assisting in the investigation of the assets, liabilities
and financial condition of the Debtor and reorganizing the Debtor's
business;
e. advising the Debtor in connection with the sale of its
assets or business;
f. assisting the Debtor in its analysis of and negotiation
with any third-party concerning matters related to, among other
things, the terms of a plan of reorganization;
g. assisting and advising the Debtor with respect to any
communications with the general creditor body regarding significant
matters in this case;
h. commencing and prosecuting necessary and appropriate
actions and proceedings on behalf of the Debtor;
i. reviewing, analyzing or preparing legal documents;
j. representing the Debtor at all hearings and other
proceedings;
k. conferring with other professional advisors in providing
advice to the Debtor;
l. performing all other necessary legal services in this case
as may be requested by the Debtor; and
m. assisting and advising the Debtor regarding pending
litigation matters in which it may be involved.
Desai Law Firm will be paid at these rates:
Partners $385 per hour
Associates $250 per hour
Paralegals $125 per hour
The firm received advance payment of $20,000.
Spencer Desai, Esq., a partner at Desai Law Firm, 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:
Spencer P. Desai, Esq.
THE DESAI LAW FIRM, LLC
13321 North Outer Forty Road, Suite 300
St. Louis, MO 63017
Tel: (314) 666-9781
Fax: (314) 448-4320
Email: spd@desailawfirmllc.com
About Hudson & McKee Real Estate LLC
Hudson & McKee Real Estate LLC is primarily engaged in acting as
lessors of buildings used as residences or dwellings.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 23-43539) on October 1,
2023. In the petition signed by Raymond McKee, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Spencer Desai, Esq., at the Desai Law Firm, represents the Debtor
as legal counsel.
INDIEV INC: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Indiev Inc.
The committee members are:
1. TA Partners Apartment Fund V, LLC
2. Advanced Vehicle Technologies
3. Industrial Man Manufacturing
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 Indiev Inc.
Indiev Inc. filed Chapter 11 petition (Bankr. C.D. Calif. Case No.
23-12036) on Oct. 2, 2023, with $1 million to $10 million in assets
and $10 million to $50 million in liabilities.
Judge Scott C. Clarkson oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger
is the Debtor's bankruptcy counsel.
INFINITY PHARMACEUTICALS: Hires Landis Rath & Cobb LLP as Counsel
-----------------------------------------------------------------
Infinity Pharmaceuticals, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Landis Rath & Cobb LLP as counsel.
The firm's services include:
a. providing legal advice regarding Delaware local rules,
practices, precedents, and procedures and providing substantive and
strategic advice on how to accomplish the Debtors' goals in
connection with the prosecution of these cases, in all aspects of
each bankruptcy proceeding;
b. advising and assisting the Debtors with respect to their
rights, powers and duties as debtors-in-possession and taking all
necessary action to protect and preserve the Debtors' estates,
including prosecuting actions on the Debtors' behalf, defending any
actions commenced against the Debtors, negotiating all disputes
involving the Debtors, and preparing objections to claims filed
against the Debtors' estates;
c. preparing and filing necessary pleadings, motions,
applications, proposed orders, notices, schedules, and other
documents, and reviewing all financial and other reports to be
filed in these Chapter 11 Cases, and advising the Debtors
concerning, and preparing responses to, applications, motions,
other pleadings, notices and other papers that may be filed and
served in these cases;
d. handling inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these Chapter 11 Cases;
e. appearing in this Court and any appellate courts to represent
and protect the interests of the Debtors and their estates;
f. attending meetings including any meeting of creditors and
negotiating with representatives of creditors and other
parties-in-interest;
g. advising and assisting the Debtors in maximizing value in
these Chapter 11 Cases, including, without limitation, in
connection with the sales of assets, other transactions and/or a
disclosure statement and chapter 11 plan and all documents related
thereto, and taking all further actions as may be required in
connection with any sale, disclosure statement or plan during these
Chapter 11 Cases; and
h. performing all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 Cases,
including, but not limited to: (i) analyzing the Debtors' leases
and contracts and the assumptions, rejections, or assignments
thereof, (ii) analyzing the validity of liens against the Debtors,
(iii) advising the Debtors on litigation matters, and (iv)
developing a reorganization or liquidation strategy.
The firm will be paid at these rates:
Partners $820 to $1,150 per hour
Associates $395 to $625 per hour
Paralegals $275 to $310 per hour
Legal Assistants $200 per hour
The firm received from the Debtors an advance retainer of
$150,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew McGuire, Esq., a partner at Landis Rath & Cobb, disclosed
in a court filing that his firm is a "disinterested person" as
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew B. McGuire, Esq.
LANDIS RATH & COBB LLP
919 Market Street, Suite 1800
Wilmington, DE 19801
Telephone: (302) 467-4416
Email: mcguire@lrclaw.com
About Infinity Pharmaceuticals, Inc.
Infinity is a research and clinical-development stage
biopharmaceutical company with a focus on developing novel drugs
for the treatment of cancer.
On Sept. 29, 2023, Infinity Pharmaceuticals Inc. and Infinity
Discovery Inc. filed voluntary petitions for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11640).
The Debtors listed $21,232,000 in assets and $58,638,000 in
liabilities. The petitions were signed by Seth A. Tasker as chief
executive officer.
The Debtors tapped Landis Rath & Cobb LLP as bankruptcy counsels.
Sonoran Capital Advisors LLC is the Debtors' financial advisor.
Wilmer Cutler Pickering Hale and Dorr LLP is the Debtors' special
corporate counsel. SSG Advisors LLC is the Debtors' investment
banker. Stretto Inc. is the Debtors' notice and claims agent.
INFINITY PHARMACEUTICALS: Hires Sonoran as Financial Advisor
------------------------------------------------------------
Infinity Pharmaceuticals, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Sonoran Capital Advisors, LLC as financial advisor.
The firm's services include:
(a) performing a financial review of the Debtors' business,
including, but not limited to, a review and assessment of financial
information, as well as short and long-term projected cash flows;
(b) assisting the Debtors with the creation of weekly cash flow
projections and reports;
(c) providing assistance with the Debtors' analysis of potential
liquidity scenarios and their impact on strategic decisions that
will maximize the value of the Debtors and their estates;
(d) liaising with the Debtors, Debtors' counsel, board members,
and creditor constituencies;
(e) assisting with the creation of motions and other documents
that the Debtors may need to file with the Court, including, among
other things, the Schedules of Assets and Liabilities, Statement of
Financial Affairs, and Monthly Operating Reports;
(f) assisting with and attending the meeting with creditors as
required by section 341 of the Bankruptcy Code and the initial
debtor interview with the Office of the United States Trustee for
the District of Delaware (the "U.S. Trustee");
(g) assisting with any business aspects of any plan confirmation
process undertaken by the Debtors, including an analysis of the
feasibility of any proposed plan, completion of any required
liquidation analysis, solicitation of votes from creditors,
testimony at any plan confirmation hearing, and execution of any
plan confirmed by the Court; and
(h) other services as may be reasonably requested by the Debtors
from time to time.
The firm will be paid at these rates:
Managing Directors $595 per hour
Senior Consultants $495 per hour
Directors $395 per hour
Associates $295 per hour
Analysts $195 per hour
The firm received from the Debtors a retainer of $100,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew Foster, a managing director at Sonoran Capital Advisors,
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:
Matthew Foster
Sonoran Capital Advisors, LLC
1733 N. Greenfield Rd., Suite 104
Mesa, AZ 85205
Telephone: (480) 825-6650
About Infinity Pharmaceuticals, Inc.
Infinity is a research and clinical-development stage
biopharmaceutical company with a focus on developing novel drugs
for the treatment of cancer.
On Sept. 29, 2023, Infinity Pharmaceuticals Inc. and Infinity
Discovery Inc. filed voluntary petitions for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11640).
The Debtors listed $21,232,000 in assets and $58,638,000 in
liabilities. The petitions were signed by Seth A. Tasker as chief
executive officer.
The Debtors tapped Landis Rath & Cobb LLP as bankruptcy counsels.
Sonoran Capital Advisors LLC is the Debtors' financial advisor.
Wilmer Cutler Pickering Hale and Dorr LLP is the Debtors' special
corporate counsel. SSG Advisors LLC is the Debtors' investment
banker. Stretto Inc. is the Debtors' notice and claims agent.
INN S.F. ENTERPRISE: Unsecureds to Get Up to 5% in Plan
-------------------------------------------------------
Inn S.F. Enterprise, Inc. of the Plan of Reorganization for Small
Business Under Chapter 11.
The Debtor's financial projections show that it will have
disposable income (as defined by Sec. 1191(d) of the Bankruptcy
Code) for the period described in s 1191(c)(2) of approximately
$2,233.64 which shall serve as a reserve for the Debtor's
post-confirmation operations. The Plan provides for estimated
payments to allowed administrative claims in the amount of
$105,000.00, plus additional payments to Class 3 claims if the
Debtor's disposable income in any given quarter exceeds projections
over the approximate 14-month term of this Plan. The final Plan
payment is expected to be paid on December 31, 2024.
This Plan of Reorganization (the Plan) under chapter 11 of the
Bankruptcy Code (the Code) proposes to pay creditors of the Debtor
cash flow from the operation of the Debtor's bed and breakfast
establishment.
Non-priority unsecured creditors holding allowed claims will
receive distributions to the extent that disposable income exceeds
projections, which the proponent of this Plan has valued at
approximately 0-5 cents on the dollar.
Under the Plan, Class 3 consist of non-priority unsecured
creditors. To the extent that any post-confirmation Quarterly
Report filed by the Debtor in this case reflects disposable income,
each holder of an allowed unsecured claim will receive a pro rata
share of such excess income, in cash, within 30 days after the
report is filed. The Debtor shall commence filing Quarterly Reports
on February 21, 2024, for the months of November 2023 through
January 2024. It is estimated that Class 3 allowed claims may
receive pro rata distributions between 0-5% of each allowed claim
under the Plan. Class 3 is impaired.
On the effective date, all assets of the estate shall be revested
in the reorganized Debtor to make all distributions required to be
paid to allowed claims under the terms of the plan and
administrative expenses. The reorganized Debtor will serve as
disbursing agent of any distributions required under the Plan. The
reorganized Debtor shall continue in operation as a bed and
breakfast and shall make plan payments from disposable income
generated by revenue from guest room receipts.
A copy of the Plan of Reorganization dated September 29, 2023, is
available at https://tinyurl.ph/qIUPf from PacerMonitor.com.
About Inn S.F. Enterprise
Inn S.F. Enterprise, Inc., a company in San Francisco, Calif, filed
its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal.
Case No. 22-30477) on Sept. 14, 2022, with up to $500,000 in assets
and up to $10 million in liabilities. Martin A. Neely, president
of Inn S.F. Enterprise, signed the petition.
Judge Dennis Montali oversees the case.
Sarah M. Stuppi, Esq., at the Law Offices of Stuppi & Stuppi,
serves as the Debtor's legal counsel.
IVANTI SOFTWARE: BSCTF 2027 Marks $1.5MM Loan at 34% Off
--------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$1,571,642 loan extended to Ivanti Software, Inc to market at
$1,043,185 or 66% of the outstanding amount, as of June 30, 2023,
according to BSCTF 2027's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
Second Lien Term Loan (3M US L+ 4%, 7.25%) to Ivanti Software, Inc.
The loan matures on December 1, 2028.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
IVANTI SOFTWARE: BSCTF 2027 Marks $793,182 Loan at 16% Off
----------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its $793,182
loan extended to Ivanti Software, Inc to market at $666,150 or 84%
of the outstanding amount, as of June 30, 2023, according to BSCTF
2027's Form N-CSRS for the semi-annual period ended June 30, 2023,
filed with the Securities and Exchange Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien First Amendment Term Loan (1M US L+ 4%, 075%) to Ivanti
Software, Inc. The loan matures on December 1, 2027.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Ivanti Software, Inc. provides information technology services. The
Company offers IT asset management, security, endpoint, and supply
chain solutions.
JOANN INC: Falls Short of Nasdaq Bid Price Requirement
------------------------------------------------------
JOANN Inc. disclosed in a Form 8-K report that on October 19, 2023,
the Company received a written notice from the Listing
Qualifications Department of The Nasdaq Stock Market LLC stating
that the Company is not in compliance with the requirement to
maintain a minimum closing bid price of $1 per share, as set forth
in Nasdaq Listing Rule 5450(a)(1. According to the notice, the
closing bid price of the Company's common stock, par value $0.01
per share, was below $1 per share for 30 consecutive business
days.
The Bid Price Notice provided that, in accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has a period of 180
calendar days from the date of the Bid Price Notice, or until April
16, 2024, to regain compliance with the Bid Price Requirement.
During this period, the Common Stock will continue to trade on the
Nasdaq Global Market. If at any time before April 16, 2024, the bid
price of the Common Stock closes at or above $1 per share for a
minimum of ten consecutive trading days, Nasdaq will provide
written notification that the Company has achieved compliance with
the Bid Price Requirement. The matter will be closed unless Nasdaq
exercises its discretion to extend the ten-day period pursuant to
Nasdaq Listing Rule 5810(c)(3)(H)).
In the event the Company does not regain compliance with the Bid
Price Requirement by April 16, 2024, the Company may be eligible
for an additional 180 calendar day period to regain compliance. To
qualify, the Company would need to apply to transfer the listing of
the Common Stock to The Nasdaq Capital Market and would be required
to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, except for the Bid Price Requirement.
The Company would also be required to provide written notice to
Nasdaq of its intent to cure the deficiency during this second
compliance period, including by effecting a reverse stock split, if
necessary. If it appears to the Nasdaq staff that the Company will
not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq would provide notice to the Company that its
Common Stock would be subject to delisting. At that time, the
Company may appeal the Nasdaq staff's delisting determination to a
Nasdaq Hearing Panel. In such an event, there can be no assurance
that such an appeal would be successful.
On July 20, 2023, the Company received two written notices from
Nasdaq that the Company was not in compliance with (i) the
requirement to maintain a minimum market value of listed securities
of at least $50 million as set forth in Nasdaq Listing Rule
5450(b)(2)(A), and (ii) the requirement to maintain a minimum
market value of publicly held listed securities of at least $15
million as set forth in Nasdaq Listing Rule 5450(b)(2)(C). In
accordance with Nasdaq Listing Rule 5810(c)(3)(C) and Nasdaq
Listing Rule 5810(c)(3)(D), the Company was provided a period of
180 calendar days, or until January 16, 2024, to regain compliance
with the Market Value Standard and the Publicly Held Market Value
Standard, respectively.
The Company is considering available options to regain compliance
with Nasdaq listing criteria. However, there can be no assurance
that the Company will be able to regain compliance under the Bid
Price Requirement, the Market Value Standard, or the Publicly Held
Market Value Standard, or will otherwise be in compliance with
other Nasdaq listing criteria.
About JOANN
JOANN operates in the fabric and sewing industry with one of the
largest assortments of arts and crafts products. JOANN has
transformed itself into a fully-integrated, digitally-connected
omni-channel retailer.
JOANN reported a net loss of $200.6 million for the year ended Jan.
28, 2023. As of July 29, 2023, the Company had $2.26 billion in
total assets, $563.3 million in total current liabilities, $1.09
billion in long-term debt, $714.8 million in long-term operating
lease liabilities, $20.4 million in long-term deferred income
taxes, $29.2 million in other long-term liabilities, and a total
shareholders' deficit of $162.2 million.
As reported by the TCR on July 14, 2023, S&P Global Ratings lowered
its ratings on U.S.-based creative products retailer Joann Inc. to
'CCC' from 'CCC+'. The outlook is negative, reflecting the risk S&P
could lower its rating on Joann if liquidity deteriorates or the
company pursues a debt transaction that S&P views as tantamount to
default.
JPM SUTTON: Heidi Sorvino Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 2 appointed Heidi Sorvino, Esq., at
White and Williams, LLP as Subchapter V trustee for JPM Sutton,
LLC.
Ms. Sorvino will be paid an hourly fee of $850 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Sorvino declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Heidi J. Sorvino, Esq.
White and Williams, LLP
7 Times Square, Suite 2900
New York, NY 10036-6524
Phone: 212-631-4417
Email: Sorvinoh@whiteandwilliams.com
About JPM Sutton
JPM Sutton LLC, doing business as Coco Pazzeria, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.
N.Y. Case No. 23-11615) on Oct. 10, 2023, with up to $50,000 in
assets and $500,001 to $1 million in liabilities.
Judge Lisa G. Beckerman oversees the case.
Arthur A. Luger, Esq. represents the Debtor as legal counsel.
JUBILEE INVESTMENT: Jody Corrales Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at
Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for
Jubilee Investments, LLC.
Ms. Corrales will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Corrales declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jody A. Corrales
Deconcini McDonald Yetwin & Lacy P.C.
252 E. Broadway Blvd., Suite 200
Tucson, AZ 85716
Telephone: 520-322-5000
Fax: 520-322-5585
Email: jcorrales@dmyl.com
About Jubilee Investments
Jubilee Investments, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
23-07159) on Oct. 9, 2023, with $500,001 to $1 million in both
assets and liabilities.
Judge Paul Sala oversees the case.
German Yusufov, Esq., at Yusufov Law Firm, PLLC represents the
Debtor as legal counsel.
LABRUZZO WOODLANDS: Hires Mizner Law Firm as Special Counsel
------------------------------------------------------------
Labruzzo Woodlands, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to employ Mizner Law
Firm as special counsel.
The Debtor needs the firm's legal assistance in connection with the
civil suit, Case No. AD-2023-251 filed by the Commonwealth of
Pennsylvania Department of Environmental Protection in the Crawford
County Court of Common Pleas on May 4, 2023.
The firm will be paid at these rates:
Attorneys $250 per hour
Paralegals $125 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John F. Mizner, a partner at Mizner Law Firm, 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 F. Mizner, Esq.
MIZNER LAW FIRM
311 W. 6th Street
Erie, PA 16507
About LaBruzzo Woodlands, LLC
LaBruzzo Woodlands, LLC is engaged in activities related to real
estate. The Debtor offers duplexes, tri-plexes apartments, and
houses as well as commercial spaces.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-10389) on July 27,
2023. In the petition signed by Joseph LaBruzzo, president, the
Debtor disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge John C. Melaragno oversees the case.
Brian C. Thompson, Esq., at Thompson Law Group, P.C., represents
the Debtor as legal counsel.
LEGACY-XSPIRE HOLDINGS: Hires Shumaker Loop as Counsel
------------------------------------------------------
Legacy-Xspire Holdings LLLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Shumaker, Loop &
Kendrick, LLP as counsel.
The firm will provide these services:
a. give the Debtors legal advice with respect to their duties
and powers as Debtors-in-Possession;
b. prepare, on behalf of the Debtors, the necessary schedules,
motions, notices, pleadings, petitions, schedules, answers, orders,
reports and other legal papers required in this Chapter 11 case and
related proceedings;
c. assist in the formation, preparation and approval of an
appropriate Disclosure Statement and Chapter 11 Plan, and to
proceed to confirmation of the same; and
d. provide all other reasonably necessary and appropriate legal
services to the administration of the Debtors' estates.
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.
Within the 90 days pre-petition, the Debtors paid the firm
$136,874.32 for legal services performed pre-petition along with
expenses incurred.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven M. Berman, Esq., a partner at Shumaker, Loop & Kendrick,
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:
Steven M. Berman, Esq.
SHUMAKER, LOOP & KENDRICK, LLP
101 E. Kennedy Blvd., Suite 2800
Tampa, FL 33602
Tel: (813) 229-7600
Email: sberman@slk-law.com
About Legacy-Xspire Holdings LLLC
Legacy-Xspire Holdings LLC market and distribute niche branded and
generic prescription products to physicians, pharmacies, wholesale
distributors, and specialty pharmaceutical distributors across the
United States. Legacy-Xspire's product portfolio consists primarily
of therapies for pain management and steroid-responsive disease
states.
Legacy-Xspire Holdings LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04251) on Sept.
26, 2023. In the petition filed by Greg Stokes, as CEO, the Debtor
reports estimated assets between $50 million and $100 million and
estimated liabilities between $10 million and $50 million.
Honorable Bankruptcy Judge Roberta A. Colton oversees the case.
The Debtor is represented by Steven M Berman, Esq. of Shumaker,
Loop & Kendrick, LLP.
LIFESCAN GLOBAL: $275MM Bank Debt Trades at 39% Discount
--------------------------------------------------------
Participations in a syndicated loan under which LifeScan Global
Corp is a borrower were trading in the secondary market around 60.6
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on December 31, 2027. The amount is fully drawn and
outstanding.
Lifescan Global Corporation is a provider of blood glucose
monitoring systems for home and hospital use.
LOS ANGELES: Trustee Hires BG Law LLP as Bankruptcy Counsel
-----------------------------------------------------------
Susan K. Seflin, the Chapter 11 Trustee of Los Angeles Central
Property, Inc., seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ BG Law LLP as
bankruptcy counsel.
The firm will provide these services:
a. represent the Trustee in connection with any turnover
motion and in connection with any other motion or adversary
proceeding with respect to recovering assets of this Estate;
b. represent the Trustee in any proceeding or hearing
including, but not limited to, the sale of property of the Estate,
objections to claims and any action where the rights of the Estate
or the Trustee may be litigated or affected;
c. prepare and file pleadings, motions, notices or orders which
may be required for the orderly administration of the Estate;
d. commence actions wherever deemed appropriate by the Trustee
to recover property that was fraudulently transferred. In the event
that the Trustee is required to commence any action, proposed
counsel will be required to prepare for and attend any hearings, as
well as to draft any and all pleadings relevant thereto, and to
engage in necessary discovery;
e. object to claims, if necessary, after review by the
Trustee. In the event objections are filed, counsel will be
required to prepare for and attend any hearing on objections as
well as to draft any and all pleadings relevant thereto, and to
engage in necessary discovery;
f. conduct examinations of witnesses, claimants, or
adverse parties and to prepare and assist in the preparation of
reports, accounts, applications and orders;
g. review Debtor's financial records to determine whether or
not the Estate can potentially pursue any fraudulent transfer
claims or other actions, and to litigate the same; and
h. perform such other and further legal services as are
necessary and proper in the administration of the Estate and
provide general representation and counsel on matters relating to
chapter 11 administration.
The firm will be paid at these rates:
Partners $625 to $995 per hour
Of Counsels $525 to $750 per hour
Associates $435 per hour
Paralegals $290 to $325 per hour
Law Clerks $195 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven T. Gubner, a partner at BG Law 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:
Steven T. Gubner, Esq.
BG LAW LLP
21650 Oxnard St., Suite 500
Woodland Hills, CA 91367-4911
Telephone: (818) 827-9000
Facsimile: (818) 827-9099
About Los Angeles Central Property
Los Angeles Central Property, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No.
22-15054) on Sept. 16, 2022, with up to $50,000 in assets and up to
$10 million in liabilities. Aman Kamboj, president of Los Angeles
Central Property, signed the petition.
Judge Vincent P. Zurzolo oversees the case.
Raymond H. Aver, Esq., at the Law Offices of Raymond H. Aver and
Stephen L. Burton, Esq., a practicing attorney in Encino, Calif.,
serve as the Debtor's bankruptcy counsels.
LOYALTY VENTURES: 88% Markdown for BLSI Fund's $434,172 Loan
------------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $434,172
loan extended to Loyalty Ventures, Inc to market at $53,837 or 12%
of the outstanding amount, as of June 30, 2023, according to BLSI
Fund's Form N-CSRS for the semi-annual period ended June 30, 2023,
filed with the Securities and Exchange Commission.
Blackstone Long Short Credit Income Fund is a participant in a
First Lien Term Loan (Prime + 3.50%) to Loyalty Ventures, Inc. The
loan matures on November 3, 2027.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
Loyalty Ventures Inc. provides tech-enabled, data-driven consumer
loyalty solutions.
LOYALTY VENTURES: 88% Markdown on BSCTF 2027's $1.4MM Loan
----------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$1,435,323 loan extended to Loyalty Ventures, Inc to market at
$177,980 or 12% of the outstanding amount, as of June 30, 2023,
according to BSCTF 2027's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (Prime + 3.50%) to Loyalty Ventures, Inc. The
loan matures on November 3, 2027.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
Loyalty Ventures Inc. provides tech-enabled, data-driven consumer
loyalty solutions.
MAGENTA BUYER: $750MM Bank Debt Trades at 59% Discount
------------------------------------------------------
Participations in a syndicated loan under which Magenta Buyer LLC
is a borrower were trading in the secondary market around 41.5
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on July 27, 2029. The amount is fully drawn and
outstanding.
Magenta Buyer LLC is a provider of cybersecurity software that
derives revenue from the sale of security products, subscriptions,
SaaS, support and maintenance, and professional services.
MAVENIR SYSTEMS: $145MM Bank Debt Trades at 24% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 76.4
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $145 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $143.8 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MAVENIR SYSTEMS: $585MM Bank Debt Trades at 24% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Mavenir Systems Inc
is a borrower were trading in the secondary market around 76.2
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $585 million facility is a Term loan that is scheduled to
mature on August 18, 2028. About $573.3 million of the loan is
withdrawn and outstanding.
Mavenir Systems, Inc. provides software-based networking solutions.
The Company offers internet protocol based voice, videos,
communication, and messaging services, as well as multimedia
subsystem, evolved packet core, and session border controller.
MAVERICK GAMING: $310MM Bank Debt Trades at 27% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Maverick Gaming LLC
is a borrower were trading in the secondary market around 72.6
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $310 million facility is a Term loan that is scheduled to
mature on September 3, 2026. About $265.0 million of the loan is
withdrawn and outstanding.
Maverick Gaming LLC provides gaming, hospitality, and entertainment
services. The Company offers slot machines, table games, and hotel
rooms. Maverick Gaming serves customers in the United States.
MEMPHIS PORTFOLIO: Hires Toni Campbell Parker as Counsel
--------------------------------------------------------
Memphis Portfolio, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to employ the Law Firm
of Toni Campbell Parker to handle its Chapter 11 case.
The firm will be paid at these rates:
Toni Campbell Parker $350 per hour
Paralegals $100 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer of $7,500.
Toni Campbell Parker, Esq., disclosed in a court filing that her
firm is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Toni Campbell Parker, Esq.
LAW FIRM OF TONI CAMPBELL PARKER
45 North Third Ave, Ste. 201
Memphis, TN 38103
Tel: (901) 683-0099
Email: Tparker002@att.net
About Memphis Portfolio, LLC
Memphis Portfolio LLC in Memphis TN, filed its voluntary petition
for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 23-22292) on
May 11, 2023.
Judge Denise E. Barnett oversees the case.
The Debtor hires the Law Firm of Toni Campbell Parker as counsel.
MILES B. MARSHALL: Taps Klestadt Winters Jureller as Legal Counsel
------------------------------------------------------------------
Miles B. Marshall, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of New York to hire Klestadt
Winters Jureller Southard & Stevens, LLP as its general counsel.
The firm will render these services:
a. advise on issues involving the operation of the Debtor's
businesses in chapter 11;
b. meet with management, creditors, owners, contract parties
and other principal parties in the case;
c. assist in the determination, creation, drafting,
negotiation and seeking approval of the most optimal and expedient
exit strategy for the Debtor;
d. investigate with the Trustee's financial advisor the
Debtor's assets and financial affairs and determine whether there
are assets and/or claims against third parties that can be
administered for the benefit of the estate and its creditors;
e. assist with the liquidation of any assets of the estate;
f. review, analyze and respond, as necessary, to all
applications, motions, orders, and statements, filed with the Court
in this case;
g. provide legal advice with respect to the Debtor's duties;
h. represent the Debtor at all hearings and other proceedings
before this Court or any other court; and
i. perform such legal services.
The firm's attorneys and paralegals will be paid at hourly rates as
follows:
Partners $675 - $895 per hour
Associates $495 - $525 per hour
Paralegals $250 per hour
Fred Stevens, Esq., a partner at Klestadt Winters Jureller Southard
& Stevens, 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:
Fred Stevens, Esq.
Lauren C. Kiss, Esq.
KLESTADT WINTERS JURELLER
Southard & Stevens, LLP
200 West 41st Street, 17th Floor
New York, NY 10036
Tel: (212) 972-3000
Fax: (212) 972-2245
Email: fstevens@klestadt.com
lkiss@klestadt.com
About Miles B. Marshall
Miles B. Marshall Inc. filed for chapter 11 protection (Bankr.
N.D.N.Y. Case No. 23-60723) on Sept. 26, 2023. The Debtor reported
assets of $1 million to $10 million and liabilities of up to
$50,000. The Honorable Bankruptcy Judge Patrick G. Radel oversees
the case.
The Debtor is represented by Fred Stevens, Esq. at Klestadt
Winters Jureller Southard & Stevens, LLP.
MLCJR LLC: A-Port Selected as Winning Bidder for Energy XXI Assets
------------------------------------------------------------------
MLCJR, LLC disclosed in a filing with the U.S. Bankruptcy Court for
the Southern District of Texas that A-Port, LLC emerged as the
winning bidder for certain assets at the auction held on Aug. 16.
A-Port made a cash offer of $2.72 million to buy the assets owned
by Energy XXI GOM, LLC, an affiliate of MLCJR. The assets include
Energy XXI's personal and real property in Jefferson Parish, La.
As part of the deal, the buyer will assume certain liabilities of
Energy XXI GOM, according to the sale agreement between the
companies dated Oct. 12.
A notice will be filed with the bankruptcy court of the date and
time of the sale hearing.
At the hearing, Energy XXI GOM will ask the bankruptcy court to
approve the sale of its assets to A-Port "free and clear" of liens,
claims, encumbrances, and other interests.
About MLCJR LLC
MLCJR LLC and several affiliated entities including Cox Operating
L.L.C., Cox Oil Offshore, L.L.C., Energy XXI GOM, LLC, Energy XXI
Gulf Coast, LLC, EPL Oil & Gas, LLC, and M21K, LLC operate a
business involved in the extraction of offshore oil and gas in the
Gulf of Mexico. They are privately held entities indirectly owned
by Cox Investment Partners, LP, through Phoenix Petro Services
LLC.
On May 12, 2023, Keystone Chemical, LLC and other trade creditors
filed an involuntary petition under Chapter 7 of the Bankruptcy
Code against Cox Operating (Bankr. E.D. La. Case No. 23-10734). The
petitioning creditors are represented by Slyvester Law Firm.
On May 14, 2023, MLCJR and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code. The cases are jointly
administered under In re MLCJR LLC (Bankr. S.D. Texas Lead Case No.
23-90324).
In the petitions signed by Craig Sanders, authorized person, the
Debtors disclosed as much as $50,000 in assets and $100 million to
$500 million in liabilities.
Judge Christopher Lopez oversees the Debtors' cases.
Lawyers at Latham & Watkins, LLP and Jackson Walker LLP represent
the Debtors as legal counsel. Moelis & Debtor LLC, led by its
managing director Bassam J. Latif, is the Debtors' investment
banker while Ryan Omohundro, a partner at Alvarez & Marsal North
America, LLC, serves as the Debtors' chief restructuring officer.
Kroll Restructuring is the claims and noticing agent.
An official committee of unsecured creditors has retained White &
Case LLP as counsel.
Kelly Hart & Pitre, LLP and Underwood Law Firm, P.C. serve as
counsel to Amarillo National Bank, as prepetition lender and
prepetition collateral agent, and as debtor-in-possession (DIP)
agent for the DIP lenders.
Haynes and Boone, LLP serves as counsel to BP Energy Debtor as
prepetition swap party. BP Energy tapped Houlihan Lokey, Inc. and
Looper Goodwine P.C. as financial advisor and regulatory counsel,
respectively.
On May 26, 2023, the U.S. Trustee for Region 7 appointed an
official committee of unsecured creditors. The committee tapped
White & Case as legal counsel and Huron Consulting, LLC as
financial advisor.
MLN US HOLDCO: $155.8MM Bank Debt Trades at 23% Discount
--------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 77.2
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $155.8 million facility is a Term loan that is scheduled to
mature on October 18, 2027. The amount is fully drawn and
outstanding.
MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada,
provides phone systems, collaboration applications (voice, video
calling, audio and web conferencing, instant messaging etc.) and
contact center solutions through on-site and cloud offerings. The
Company's customer focus is on small and medium sized businesses.
Mitel is majority-owned by private equity firm Searchlight Capital
Partners.
MLN US HOLDCO: 76% Markdown for Blackstone Fund's $699,130 Loan
---------------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $699,130
loan extended to MLN US HoldCo LLC to market at $167,791 or 24% of
the outstanding amount, as of June 30, 2023, according to BLSCI
Fund's Form N-CSRS for the semi-annual period ended June 30, 2023,
filed with the Securities and Exchange Commission.
Blackstone Long Short Credit Income Fund is a participant in a
First Lien Term Loan B (3M US SOFR + 4.50%) to MLN US HoldCo LLC.
The loan matures on November 30, 2025.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
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: BSCTF 2027 Marks $2.3MM Loan at 76% Off
------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$2,330,432 loan extended to MLN US HoldCo LLC to market at $559,304
or 24% of the outstanding amount, as of June 30, 2023, according to
BSCTF 2027's Form N-CSRS for the semi-annual period ended June 30,
2023, filed with the Securities and Exchange Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan B (3M US SOFR + 4.50%) to MLN US HoldCo LLC.
The loan matures on November 30, 2025.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
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.
MOUNTAINEER MERGER: $200MM Bank Debt Trades at 26% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Mountaineer Merger
Corp is a borrower were trading in the secondary market around 73.8
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $200 million facility is a Term loan that is scheduled to
mature on October 26, 2028. About $182.5 million of the loan is
withdrawn and outstanding.
Mountaineer Merger Corporation, dba Gabe's, owns and operates
departmental stores.
NABORS GARAGE: Hires Hayward PLLC as Bankruptcy Counsel
-------------------------------------------------------
Nabors Garage Doors LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Hayward PLLC
as bankruptcy counsel.
The firm will provide these services:
a. give the Debtor legal advice with respect to its powers and
duties as Debtor as Debtor-in-Possession in the continued operation
of its business and management of its property;
b. advise the Debtor of its responsibilities under the
Bankruptcy Code and assist with such;
c. assist in the preparation and filing of the voluntary
petition and other paperwork necessary to commence this
proceeding;
d. assist the Debtor in the preparation and filing the required
Schedules, Statement of Affairs, Monthly Financial Reports, and any
amendments thereto;
e. assist the Debtor in the preparation of the Initial Debtors
Report and other documents required by the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure, the Local Rules of this
Court and the administrative procedures of the Office of the United
States Trustee;
f. provide representation of the Debtor in connection with
adversary proceedings and other contested and uncontested matters,
both in this Court and in other courts of competent jurisdiction,
concerning any and all matters related to these bankruptcy
proceedings and the financial affairs of the Debtor;
g. take representation of the Debtor in the negotiation and
documentation of any sales or refinancing of property of the
estate, and in obtaining the necessary approvals of such sales or
refinancing by this Court; and
h. assist the Debtor in the formulation of a plan of
reorganization and disclosure statement, and in taking the
necessary steps in this Court to obtain approval of such disclosure
statement and confirmation of such plan of reorganization.
The firm will be paid at these rates:
Ron Satija $500 per hour
Todd Headden $400 per hour
Other attorneys $300 to $500 per hour
Paralegals $150 to $195 per hour
Legal Assistant $95 per hour
The Debtor paid the firm a retainer of $25,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ron Satija, Esq., a partner at Hayward 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:
Ron Satija, Esq.
Todd Headden, Esq.
HAYWARD PLLC
7600 Burnet Road, Suite 530
Austin, TX 78757
Tel: (737) 881-7100
Email: rsatija@haywardfirm.com
theadden@haywardfirm.com
About Nabors Garage Doors LLC
Nabors Garage Doors LLC has been operating since 2017 and was
incorporated in Georgia in 2017 to provide installation, repairs,
and servicing of garage doors and openers. The Debtor operates out
of two locations: Alpharetta, Georgia, and Peachtree City,
Georgia.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 23-58391-jwc) on August 31, 2023. In
the petition signed by Serena Meador, sole member, the Debtor
disclosed $500,000 in total assets and $10 million in liabilities.
Judge Jeffery W. Cavender oversees the case.
Leslie Pineyro, Esq., at Jones & Walden, LLC, represents the Debtor
as legal counsel.
NABORS GARAGE: Hires Peachtree CPA Group LLC as Accountant
----------------------------------------------------------
Nabors Garage Doors LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Peachtree CPA
Group LLC as accountant.
The firm will provide the Debtor with its accounting needs,
including preparation of operating reports, bookkeeping, and tax
accounting, and preparation of corporate tax returns during the
bankruptcy case.
The firm will be paid a flat fee of $750 per month for bookkeeping
services, and a $750 annual fee for filing Debtor's 1120S tax
returns.
Justin Uhland, a partner of Peachtree CPA Group LLC, 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:
Justin Uhland
Peachtree CPA Group LLC
21 Eastbrook Bend Suite 219
Peachtree City, GA 30269
Tel: (770) 990-0206
About Nabors Garage Doors LLC
Nabors Garage Doors LLC has been operating since 2017 and was
incorporated in Georgia in 2017 to provide installation, repairs,
and servicing of garage doors and openers. The Debtor operates out
of two locations: Alpharetta, Georgia, and Peachtree City,
Georgia.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 23-58391-jwc) on August 31, 2023. In
the petition signed by Serena Meador, sole member, the Debtor
disclosed $500,000 in total assets and $10 million in liabilities.
Judge Jeffery W. Cavender oversees the case.
Leslie Pineyro, Esq., at Jones & Walden, LLC, represents the Debtor
as legal counsel.
NAPA MANAGEMENT: BSCTF 2027 Marks $2.6MM Loan at 30% Off
--------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$2,698,597 loan extended to NAPA Management Services Corp to market
at $1,890,367 or 70% of the outstanding amount, as of June 30,
2023, according to BSCTF 2027's Form N-CSRS for the semi-annual
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (3M US SOFR + 5.25%, 0.75% Floor) to NAPA
Management Services Corp. The loan matures on February 23, 2029.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
NAPA Management Services Corporation offers practice management
services. The Company provides accounting, billing, consulting,
medical personnel contracting, healthcare analyzes, financing,
human resources, information technology, insurance, marketing, and
operational support services.
NATIONAL MENTOR: BLSCI Fund Marks $2.1MM Loan at 24% Off
--------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $2,102,736
loan extended to National Mentor Holdings, Inc to market at
$1,600,056 or 76% of the outstanding amount, as of June 30, 2023,
according to BLSCI Fund's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Long Short Credit Income Fund is a participant in a
First Lien Term Loan (1M US L + 3.75%) to National Mentor Holdings,
Inc. The loan matures on March 2, 2029.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NATIONAL MENTOR: BSCTF 2027 Marks $195,103 Loan at 24% Off
----------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its $195,103
loan extended to National Mentor Holdings, Inc to market at
$148,461 or 76% of the outstanding amount, as of June 30, 2023,
according to BSCTF 2027's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (3M US SOFR + 3.75%) to National Mentor
Holdings, Inc. The loan matures on March 2, 2028.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NATIONAL MENTOR: BSCTF 2027 Marks $6.8MM Loan at 24% Off
--------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$6,859,837 loan extended to National Mentor Holdings, Inc to market
at $5,219,924 or 76% of the outstanding amount, as of June 30,
2023, according to BSCTF 2027's Form N-CSRS for the semi-annual
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (1M US L + 3.75%) to National Mentor Holdings,
Inc. The loan matures on March 2, 2028.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
National Mentor Holdings, Inc. operates as a holding company. The
Company, through its subsidiaries, provides community-based
services for people with injuries and disabilities.
NEPTUNE WELLNESS: Neptune Securities Has 55.56% Stake as of Oct. 11
-------------------------------------------------------------------
Neptune Securities Settlement Fund disclosed in a Schedule 13D
filed with the Securities and Exchange Commission that as of Oct.
11, 2023, it beneficially owned 2,517,936 shares of common stock of
Neptune Wellness Solutions, Inc., representing 55.56 percent of the
shares outstanding.
Neptune Securities Settlement Fund is a qualified settlement fund
established for the class action settlement approved by the United
States District Court for the Eastern District of New York in Gong
v. Neptune Wellness Solutions, Inc., 2:21-cv-01386-ENV-ARL
(E.D.N.Y.).
Neptune Securities received 2,522,936 shares on or about Oct. 11,
2023. It has since sold 5,000 shares on Oct. 16, 2023 via
Huntington Securities, Inc. The filer understands that the
remaining 2,517,936 shares constitute 55.56% of currently
outstanding common shares of the Issuer, a figure it derives from
dividing its current holdings of 2,517,936 shares from the sum of
the 2,522,936 shares issued to it on or about Oct. 11, 2023, and
the number of shares that the Issuer represented were outstanding
preceding that issuance, 2,009,102.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1401395/000199760823000001/sc13d.htm
About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec, Neptune is a consumer-packaged
goods company. The Company's products are available in more than
27,000 retail locations and include well-known organic food and
beverage brands such as Sprout Organics, Nosh, and Nurturme, as
well as nutraceuticals brands like Biodroga and Forest Remedies.
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 b eing 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.
NEW AMI I: $550MM Bank Debt Trades at 18% Discount
--------------------------------------------------
Participations in a syndicated loan under which New AMI I LLC is a
borrower were trading in the secondary market around 81.6
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $550 million facility is a Term loan that is scheduled to
mature on March 8, 2029. The amount is fully drawn and
outstanding.
NEW AMI I LLC provides building products.
NEW VISION: Court Approves Disclosure Statement
-----------------------------------------------
Judge Stacey L. Meisel has entered an order that the disclosure
statement of New Vision Full Gospel Baptist Church dated August 18,
2023 is approved.
Written acceptances, rejections or objections to the plan referred
to above shall be filed with the attorney for the plan proponent
not less than 7 days before the hearing on confirmation of the
plan.
November 14, 2023 at 11:00am is fixed as the date and time for the
hearing on confirmation of the plan.
About New Vision Full Gospel Baptist Church
New Vision Full Gospel Baptist Church sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No.
23-12770) on April 3, 2023, the Debtor disclosed $3,700,629 in
assets and $2,372,979 in liabilities.
Judge Vincent F. Papalia oversees the case.
David Stevens, Esq., at Scura Wigfield, Heyer, Stevens & Cammarota
LLP, is the Debtor's legal counsel.
NEW VISION: Selling Property to First United Tabernacle for $3.2MM
------------------------------------------------------------------
New Vision Full Gospel Baptist Church asked the U.S. Bankruptcy
Court for the District of New Jersey for approval to sell real
property to First United Tabernacle Ministries, Inc.
The property is a church building located at 209 4th Avenue, East
Orange, N.J.
First United Tabernacle Ministries offered $3.2 million for the
property, which is being sold "free and clear" of claims and rights
of others except the rights of utility companies and recorded
agreements, which limit the use of the property.
The buyer is required to place a $320,000 deposit under the
proposed sale, the closing of which is yet to be determined.
First United Tabernacle Ministries and New Vision agreed to adjust
these expenses as of the closing date: rents, securities, municipal
water charges, sewer charges and taxes.
New Vision is responsible for any damage to the property until the
closing. If damage occurs prior to closing and the cost of repair
exceeds 10% of the purchase price, either party may terminate the
sale contract.
The court is set to hold a hearing on Nov. 7 to consider approval
of the sale.
About New Vision Full Gospel Baptist Church
New Vision Full Gospel Baptist Church filed Chapter 11 petition
(Bankr. D. N.J. Case No. 23-12770) on April 3, 2023, with
$3,700,629 in assets and $2,372,979 in liabilities.
Judge Vincent F. Papalia oversees the case.
David Stevens, Esq., at Scura Wigfield, Heyer, Stevens & Cammarota,
LLP, is the Debtor's legal counsel.
OILFIELD EQUIPMENT: Has $3.3MM Deal to Sell Property to Dahlia
--------------------------------------------------------------
Oilfield Equipment Rental, LLC asked the U.S. Bankruptcy Court for
the Eastern District of Texas to approve the sale of its property
to Dahlia Development, LLC for $3.3 million.
The company originally received an offer from Tiburon Investment
Fund, LLC to buy the property located at 3800 SCR 1232, Midland,
Texas. Tiberon eventually assigned the contract to Dahlia following
the expiration of the due diligence period.
The property is being sold to Dahlia "free and clear" of all liens,
claims and encumbrances.
Proceeds from the sale will be used to pay the closing costs and
brokerage fees; ad valorem taxes; and the claim of First National
Bank of Stanton against the property.
The sale price for the property is well in excess of the
indebtedness secured by the property, according to Oilfield's
attorney, Howard Marc Spector, Esq., at Spector & Cox, PLLC.
About Oilfield Equipment
Oilfield Equipment Rental, LLC conducts business under the name
Rapid Flow Testing. The company is based in Midland, Texas.
Oilfield Equipment Rental filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No.
23-41325) on July 25, 2023, with $3,621,705 in assets and
$2,081,715 in liabilities. Mark Weisbart, Esq., at Hayward, PLLC
serves as Subchapter V trustee.
Howard Marc Spector, Esq., at Spector & Cox, PLLC represents the
Debtor as legal counsel.
OUTPUT SERVICES: $369.8MM Bank Debt Trades at 84% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Output Services
Group Inc is a borrower were trading in the secondary market around
16.3 cents-on-the-dollar during the week ended Friday, October 20,
2023, according to Bloomberg's Evaluated Pricing service data.
The $369.8 million facility is a Term loan that is scheduled to
mature on June 27, 2026. The amount is fully drawn and
outstanding.
Output Services Group, Inc. offers printing services.
OUTPUT SERVICES: BSCTF 2027 Marks $1.7MM Loan at 73% Off
--------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$1,703,134 loan extended to Output Services Group, Inc to market at
$464,104 or 27% of the outstanding amount, as of June 30, 2023,
according to BSCTF 2027's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (3M US SOFR + 5.25%, 1.50% PIK) to Output
Services Group, Inc. The loan matures on June 29, 2026.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Output Services Group, Inc. offers printing services.
PAD SILVERTHORNE: Hires Kutner Brinen as Legal Counsel
------------------------------------------------------
The Pad Silverthorne, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Kutner Brinen Dickey
Riley, P.C. as its legal counsel.
The firm will provide these services:
a. provide the Debtor with legal advice with respect to its
powers and duties;
b. aid the Debtor in the development of a plan of reorganization
under Chapter 11;
c. file the necessary petitions, pleadings, reports, and actions
which may be required in the continued administration of the
Debtor's property under Chapter 11;
d. take necessary actions to enjoin and stay until final decree
herein continuation of pending proceedings and to enjoin and stay
until final decree herein commencement of lien foreclosure
proceedings; and
e. perform all other legal services for the Debtor which may be
necessary herein.
The firm will be paid at these rates:
Jeffrey S. Brinen $500 per hour
Jenny Fujii $410 per hour
Jonathan M. Dickey $350 per hour
Keri L. Riley $350 per hour
Paralegal $100 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffrey S. Brinen, Esq., a partner at Dickey Riley, P.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:
Kutner Brinen, Esq.
DICKEY RILEY, P.C.,
1660 Lincoln Street, Suite 1720
Denver, CO 80264
Tel: (303) 832-2400
Email: jmd@kutnerlaw.com
About The Pad Silverthorne, LLC
The Debtor owns an improved real property located at 491 Rainbow
Drive, Silverthorne, CO valued at $20.25 million.
The Pad Silverthorne, LLC in Silverthorne, CO, filed its voluntary
petition for Chapter 11 protection (Bankr. D. Colo. Case No.
23-14516) on October 4, 2023, listing $21,085,885 in assets and
$16,652,147 in liabilities. Robert Baer as manager, signed the
petition.
Judge Joseph G. Rosania Jr. oversees the case.
KUTNER BRINEN DICKEY RILEY PC serve as the Debtor's legal counsel.
PLATFORM II: Oct. 25 Hearing on Disclosure and Confirmation of Plan
-------------------------------------------------------------------
The Bankruptcy Court on October 25, 2023 at 11:30 a.m. will conduct
a joint hearing on the adequacy of the Disclosure Statement and
confirmation of the Plan of debtor Platform II Lawndale LLC. The
hearing will be in courtroom 682 of the Dirksen Federal Courthouse,
219 S. Dearborn Street, Chicago, Illinois, or electronically.
Objections to the adequacy of the Disclosure Statement were due on
October 18, 2023. If no creditor or party in interest files an
objection to the adequacy of the Disclosure Statement, the Court
may proceed on October 25, 2023 directly to consideration of the
confirmation of the Plan.
Objection to the confirmation of the Plan and ballots were also due
Oct. 18, 2023.
About Platform II Lawndale LLC
Platform II Lawndale LLC is an Illinois limited liability company
that owns a self-storage facility at 1750 North Lawndale Avenue in
Chicago's West Logan Square neighborhood.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-07668) on July 11,
2022. In the petition signed by Scott Krone, manager, the Debtor
disclosed up to $50 million in both assets and liabilities.
Judge Deborah L. Thorne oversees the case.
Gregory J. Jordan, Esq., at Jordan & Zito LLC is the Debtor's
counsel.
PRESTIGE CONSUMER: S&P Upgrades ICR to 'BB', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
Prestige Consumer Healthcare Inc. to 'BB' from 'BB-', its
issue-level rating on its senior secured term loan to 'BBB-' from
'BB+', and its issue-level rating on its senior unsecured notes to
'BB' from 'BB-'.
At the same time, S&P withdrew its issuer credit rating on Prestige
Brands Inc.
The stable outlook reflects S&P's expectation the company will
continue to modestly expand its top-line revenue and EBITDA over
the next year, while maintaining its current financial policy, such
that it sustains S&P Global Ratings-adjusted leverage of about
3.0x.
Prestige has strengthened its credit ratios since completing its
debt-financed acquisition of Akorn Operating Co. LLC (TheraTears).
After completing the $230 million deal in July 2021, the company's
S&P Global Ratings-adjusted leverage increased to 4.4x. Over the
subsequent six quarters, Prestige successfully integrated
TheraTears and reduced its S&P Global Ratings-adjusted leverage to
3.3x. That said, we recognize the company has a history of
undertaking debt-financed mergers and acquisitions (M&A; e.g. Fleet
in 2017, DenTek in 2016, and Insight Pharmaceuticals in 2015). In
addition, we believe it currently has approximately $500 million of
additional debt capacity before its leverage would reach about
4.0x. S&P said, "Moreover, Prestige has shifted to a
more-conservative financial policy by prioritizing paying down its
debt and recently committed to lower net leverage below 3x over
time, which is the primary reason we chose to raise our rating.
Since issuing a $600 million term loan facility, which it partially
used to fund its acquisition of TheraTears, the company has prepaid
a significant amount of the facility, leaving just $330 million
outstanding as of June 30, 2023. We assume that Prestige would have
a credible plan for deleveraging back to the low-3x area fairly
quickly after undertaking any future debt-financed M&A. We also
believe the company's strong free operating cash flow (FOCF)
generation would support its ability to quickly deleverage."
S&P believes Prestige's diverse portfolio of over-the-counter (OTC)
consumer health care brands will support consistent operating
performance, despite the potential for an extended period of slower
growth.
Persistently high inflation over the last two years has stretched
consumer budgets, which could prove to be a near-term constraint on
spending in the broader consumer personal care industry. However,
households do not seem to be materially curtailing their spending
on health-related products, which has supported a more-resilient
consumer healthcare operating environment. Most of Prestige's
product categories are stable or growing and it continues to take
market share from its private-label rivals, which indicates that
its brands are resonating with consumers. Over the next two years,
we assume the company increases its organic revenue by 1%-2% range
annually as it implements minimal price hikes and its volumes are
flat to rising slightly. S&P also forecasts stable margin
performance over the next year, both on a gross and adjusted EBITDA
basis. This leads S&P to expect Prestige's S&P Global
Ratings-adjusted leverage will decline to 2.9x in fiscal 2024.
The stable outlook reflects S&P's expectation Prestige will
continue to modestly expand its top-line revenue and EBITDA over
the next year, while maintaining its current financial policy, such
that it sustains leverage of about 3.0x.
S&P could lower the rating if it believes leverage will be
sustained above 4x. This could happen if:
-- The company's financial policies become more aggressive,
including large debt-financed acquisitions or share repurchases
that could lead to a meaningful deterioration in credit metrics.
-- The company's operating performance deteriorates, possibly due
to rising input costs, competitive incursions from branded or
private-label rivals, or a renewed retailer emphasis on inventory
destocking as a result of weaker consumer spending in the brick and
mortar channel.
Although unlikely, S&P could raise the rating if it believes the
company will sustain adjusted leverage well below 3x. This could
happen if:
-- The company's financial policies become less aggressive and is
committed to the low end of its current leverage target and S&P is
confident that the company will not transact any large
debt-financed acquisitions or share repurchases that could lead to
a meaningful deterioration in credit metrics.
-- The company's operating performance significantly improves,
possibly due to strong consumption growth and continued market
share gains across the portfolio.
PRIMAL MATERIALS: Hires Whitten Law Firm as Litigation Counsel
--------------------------------------------------------------
Primal Materials, LLC, and Primal Crushing, LLC seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Whitten Law Firm, P.C. as their special litigation counsel.
The firm will provide legal representation to the Debtors involving
a suit pending in the 91st District Court of Eastland County, Texas
under Cause No. CV2246378 styled Primal Crushing, LLC v. Jake Tiner
Construction, LLC (the "Collection Suit"). In the Collection Suit,
Primal Crushing alleges Jake Tiner Construction, LLC is indebted to
Primal Crushing for approximately $110,000. The firm will further
provide services on other matters arising out of the subject
bankruptcy cases.
Whitten will charge on a contingency fee basis at the rate of 33
1/3 percent of any recovery.
Whitten will also seek reimbursement of expenses advanced on behalf
of the Debtors according to its customary and usual practices.
The Debtors believe that neither Whitten nor any member of Whitten
holds or represents any interest adverse to the Debtors or any
creditors in this case, in the matters for which it is proposed to
be retained and is a "disinterested person" as that term is defined
in Section 101(14) of the bankruptcy Code.
The firm can be reached through:
Charles C Self, III, Esq.
THE WHITTEN LAW FIRM, P.C.
500 Chestnut Street, Suite 1402
Abilene, TX 79602
Telephone: (325) 672-7824
Facsimile: (325) 672-2158
About Primal Materials, LLC
Primal Materials, LLC is a locally owned and operated company,
providing dirt moving and excavation services for ranchers and new
construction sites in the Big Country surrounding Abilene, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-10081) on June 12,
2023. In the petition signed by Victor John Hirsch, III,
member/manager, the Debtor disclosed up to $500,000 in assets and
up to $10 million in liabilities.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP --
jpostnikoff@romclaw.com -- serves as counsel to the Debtor.
PRIMAL MATERIALS: Seeks to Hire Jennifer Elliott as Accountant
--------------------------------------------------------------
Primal Materials, LLC, and Primal Crushing, LLC seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Jennifer Elliott, EA, Incorporated as their accountant.
The firm will render these services:
a. assistance with filings for bankruptcy proceedings
(including the Debtor's monthly operating reports);
b. bookkeeping services and review of chart of accounts;
c. tax return preparation for the current year as well as past
and future years;
d. assistance in clean-up of financial statements; and
e. such other reasonable and necessary accounting and financial
services requested by the Debtor.
Jennifer Elliott will charge a flat fee of $4,900.
As disclosed in the court fillings, Jennifer Elliott is
disinterested and has no connections with the Debtors, the
creditors or any other party in interest, or their respective
attorneys and accountants, the United States Trustee, or any person
employed in the office of the United States Trustee, that would
conflict with the services provided or to be provided to the
Trustee.
The firm can be reached through:
Jennifer Elliott, EA
Jennifer Elliott, EA, Incorporated
1101 Butternut St. A, Abilene
Taylor County, TX 79602
Telephone: (325) 677-6135
Email: jennifer@jenniferelliottea.com
About Primal Materials, LLC
Primal Materials, LLC is a locally owned and operated company,
providing dirt moving and excavation services for ranchers and new
construction sites in the Big Country surrounding Abilene, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-10081) on June 12,
2023. In the petition signed by Victor John Hirsch, III,
member/manager, the Debtor disclosed up to $500,000 in assets and
up to $10 million in liabilities.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP --
jpostnikoff@romclaw.com -- serves as counsel to the Debtor.
PRIME CORE: AnchorCoin Says Plan Disclosures Inadequate
-------------------------------------------------------
AnchorCoin LLC filed an objection to the Disclosure Statement
Pursuant to Section 1125 of the Bankruptcy Code with Respect to the
Joint Chapter 11 Plan of Reorganization for Prime Core Technologies
Inc. and its Affiliated Debtors filed by the debtors.
Pre-petition, Debtor Prime Trust, LLC ("Prime Trust") and
AnchorCoin entered into that certain Trust Agreement, dated July
12, 2018 (the "Trust Agreement"). Pursuant to the express language
of the Trust Agreement, Prime Trust has no ownership interests in
the funds deposited into the Trust (as defined in the Trust
Agreement) but rather serves merely as a trustee with respect to
the deposited funds. The funds deposited into the Trust are
deposited at the direction of AnchorCoin by its customers who are
cryptocurrency token holders (defined as the "Holders" in the Trust
Agreement) and are held by Prime Trust for the exclusive benefit of
the Holders.
Based on AnchorCoin's records, there should be more than $20
million in funds deposited within a trust account held by, but not
owned by, Debtor Prime Trust and governed by the Trust Agreement.
On August 14, 2023, the Debtors filed voluntary petitions for
relief under chapter 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware.
Attached to the voluntary petitions is a consolidated list of the
Debtors' top 50 creditors (the "Creditors' List"). Although the
customer names are sealed, AnchorCoin has confirmed with the
Debtors that it is the third largest creditor on the Creditors'
List. The Debtors listed AnchorCoin as holding a $23,854,134 claim
of which $13,943,921 is listed as secured and $9,910,213 is listed
as unsecured. Prior to filing this Objection, the Debtors informed
AnchorCoin that the Creditors' List is inaccurate and that the
Debtors will be filing an amended Creditors' List reflecting
AnchorCoin's claim as unsecured.
The Disclosure Statement lacks adequate information for creditors
to make an informed voting decision.
First, the Disclosure Statement fails to disclose that a dispute
exists as to whether the funds in the Customer Accounts constitute
property of the Debtors' estates and that the Final Cash Management
Order's restricts the Debtors from using or transferring such funds
absent further order of this Court.4 The Liquidation Event is
premised on providing distributions to creditors from three primary
sources including the Debtors' Cash, which is defined as the legal
tender of the United States of America and equivalents thereof. The
Plan contains several references to the use of Cash on hand without
carving out the Cash in the Customer Accounts. For example, the
definition of "Wind-Down Trust Assets" includes all "Cash on hand
held by the Debtors" as of the Effective Date. Similarly, the Plan
provides that the "Plan Administrator or the Wind-Down Trust, as
applicable, shall use Cash on hand to increase the amount of the
Professional Fee Escrow Account to the extent fee applications are
Filed after the Effective Date in excess of the amount held in the
Professional Fee Escrow Account based on such estimates." See Plan,
Article II, Section 2.2(c). Consistent with the terms of the Final
Cash Management Order, language should be added to the Plan and
Disclosure Statement to make it clear that Cash does not include
the funds in the Customer Accounts absent further order of this
Court.
Second, while the Disclosure Statement notes that the proceeds of
certain Claims and Causes of Action with respect to the Debtors'
prepetition operations are a primary source of distributions to
creditors in a Liquidation Event, there is no information in the
Disclosure Statement regarding these potential claims other than a
statement that the Committee is investigating such Claims and
Causes of Action. See Disclosure Statement, The Committee's
Investigation. Before any decision can be made about a Plan or
Disclosure Statement, creditors are entitled to information about
these potential Claims and Causes of Action including:
* What, if any analysis, the Debtors have undertaken regarding the
Claims and Causes of Action? Has this analysis been undertaken by a
skilled and independent third party?
* A description of the potential Claims and Causes of Action.
* What is the range of the estimated value of such Claims and
Causes of Action?
* What insurance policies do the Debtors currently hold?
* What insurance policies, if any, cover damages asserted by
creditors arising from, or relating to, the Debtors' fraud, breach
of contract, breach of fiduciary duty, conversion, tort, civil
conspiracy, emotional distress, personal injury, misrepresentation,
breach of the implied duty of good faith and fair dealing, unjust
enrichment, negligence and lost profits?
Finally, the Plan proposes a release by the Debtors and the
Releasing Parties of the Released Parties, which includes (through
the definition of Related Parties) a release of the Debtors'
current directors and officers. See Plan, Article 10, Art. 1.124,
Art. 1.125. This release would include both the Debtors' derivative
claims and any potential direct claims held by the creditors
against the Debtors' current directors and officers. The Disclosure
Statement does not discuss (i) what independent investigation or
independent analysis, if any, was done in connection with any
potential claims or causes of action that the Debtors may hold
against current directors and officers and (ii) the potential value
of estate claims against these directors and officers.
In the present cases, neither the Plan nor the Disclosure Statement
address whether any of the Zenith factors are met with respect to
the current directors and officers who will receive releases from
the Debtors and AnchorCoin submits that the Debtors are not able
satisfy the Zenith factors. The Debtors have admitted that fiat
currency from omnibus client accounts, which was to be held only
for those clients, was used instead to pay other customers. As a
result, the Debtors have potential valuable claims against their
current directors and officers. The Plan's release of these claims
does not satisfy the five-factor Zenith test because, inter alia,
there is no contribution, let alone a substantial contribution, to
the Plan by the current officers and directors nor are there claims
against the Debtors held by the current directors and officers that
are being settled under the Plan in return for the releases.
Moreover, the Debtors' shareholders are being wiped out under the
Plan and will receive no distributions. The releases granted to the
current directors and officers therefore do not satisfy the fifth
Zenith factor, i.e., "payment of all or substantially all of the
claims of the creditors and interest holders under the plan.
Counsel to AnchorCoin LLC:
David M. Fournier, Esq.
Evelyn J. Meltzer, Esq.
Marcy J. McLaughlin Smith, Esq.
TROUTMAN PEPPER HAMILTON SANDERS LLP
Hercules Plaza, Suite 5100
1313 North Market Street
Wilmington, Delaware 19801
Tel: (302) 777-6500
Facsimile: (302) 421-8390
Email: david.fournier@troutman.com
evelyn.meltzer@troutman.com
marcy.smith@troutman.com
About Prime Core
Prime Core Technologies, Inc. and three of its affiliates sought
Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No.
23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as
interim chief executive officer. The Hon. J. Kate Stickle presides
over the Debtors' cases.
The Debtors listed $50 million to $100 million in estimated assets
and $100 million to $500 million estimated liabilities.
McDermott Will & Emery LLP serves as counsel to the Debtors. The
Debtors' financial advisor is M3 Advisory Partners, LP; their
investment banker is Galaxy Digital Partners LLC; and their claims
and noticing agent is Stretto.
PROJECT CASTLE: Blackstone Fund Marks $1.5MM Loan at 15% Off
------------------------------------------------------------
Blackstone Senior Floating Rate 2027 Term Fund has marked its
$1,512,400 loan extended to Project Castle, Inc to market at
$1,285,540 or 85% of the outstanding amount, as of June 30, 2023,
according to the Blackstone Fund's Form N-CSRS for the semi-annual
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Senior Floating Rate 2027 Term Fund is a participant in
a 2020 First Lien Term Loan (3M US SOFR + 5.50%) to Project Castle,
Inc. The loan matures on June 1, 2029.
Blackstone Senior Floating Rate 2027 Term Fund, formerly known as
Blackstone Senior Floating Rate Term Fund, is a diversified,
closed-end management investment company. BSL was organized as a
Delaware statutory trust on March 4, 2010. BSL was registered under
the Investment Company Act of 1940, as amended on March 5, 2010.
Project Castle, Inc is in the capital equipment industry.
QUANERGY SYSTEMS: Fine-Tunes Chapter 11 Plan
--------------------------------------------
Quanergy Systems, Inc., submitted a First Amended Chapter 11 Plan.
Under the Plan, Class 3: General Unsecured Claims will receive from
the Post-Effective Date Debtor, in full satisfaction of such
Allowed General Unsecured Claim, (i) its Pro Rata share of the
General Unsecured Claim Distribution, or (ii) such other less
favorable treatment as to which such Holder and the Post-Effective
Date Debtor shall have agreed upon in writing. Class 3 is Impaired,
and therefore Holders of Allowed General Unsecured Claims are
entitled to vote on the Plan.
With respect to Class 4: GUC Settlement Claims, on, or as soon as
reasonably practicable after, the Effective Date, the Holder of an
Allowed GUC Settlement Claim will receive from the Post-Effective
Date Debtor, in full satisfaction of such Allowed GUC Settlement
Claim, (i) its Pro Rata share of the (a) GUC Settlement Claim
Distribution, or (ii) such other less favorable treatment as to
which such Holder and the Post-Effective Date Debtor shall have
agreed upon in writing. Class 4 is Impaired, and therefore Holders
of Allowed GUC Settlement Claims are entitled to vote on the Plan.
The Plan will be implemented by, among other things, the
appointment of the Plan Administrator, the formation of the Plan
Oversight Committee, and the making of Distributions from the
Assets, including, without limitation, all Cash and the proceeds,
if any, from the Retained Causes of Action, by the Post-Effective
Date Debtor in accordance with the Plan and the Plan Administrator
Agreement.
Co-Counsel to the Debtor:
Sean M. Beach, Esq.
Shane M. Reil, Esq.
Heather P. Smillie, Esq.
YOUNG CONAWAY STARGATT &
TAYLOR, LLP
Rodney Square
1000 N. King Street
Wilmington, Delaware 19801
Telephone: (302) 571-6600
Emails: sbeach@ycst.com
sreil@ycst.com
hsmillie@ycst.com
-and-
Cullen Drescher Speckhart, Esq.
Michael A. Klein, Esq.
Lauren A. Reichardt, Esq.
COOLEY LLP
55 Hudson Yards
New York, NY 10001
Telephone: (212) 479-6000
Emails: cspeckhart@cooley.com
mklein@cooley.com
lreichardt@cooley.com
A copy of the Chapter 11 Plan dated September 29, 2023, is
available at https://tinyurl.ph/GNMQF from PacerMonitor.com.
About Quanergy Systems
Quanergy Systems, Inc., designs, develops and markets Light
Detection and Ranging (LiDAR) sensors and 3D perception software
solutions that enable intelligent, real-time detection, tracking
and classification of objects such as people and vehicles in
mission-critical markets such as security, smart cities and
industrial automation. The company is based in Sunnyvale, Calif.
Quanergy Systems sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Delaware Case No. 22-11305) on Dec. 13,
2022, with $10 million to $50 million in both assets and
liabilities. Larry Perkins, chief restructuring officer of
Quanergy Systems, signed the petition.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP and Cooley,
LLP as bankruptcy counsels; Seward & Kissel, LLP as special
counsel; SierraConstellation Partners as restructuring advisor; FTI
Consulting, Inc. as financial Advisor; and Raymond James Financial,
Inc. as investment Banker. Bankruptcy Management Solutions, Inc.,
doing business as Stretto, Inc., is the claims, noticing and
solicitation agent.
QUEST BORROWER: BSCTF 2027 Marks $4.09MM Loan at 22% Off
--------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $4,095,878
loan extended to Quest Borrower Ltd to market at $3,199,905 or 78%
of the outstanding amount, as of June 30, 2023, according to BSCTF
2027's Form N-CSRS for the semi-annual period ended June 30, 2023,
filed with the Securities and Exchange Commission.
Blackstone Long Short Credit Income Fund is a participant in a
First Lien Term Loan (3M US SOFR + 4.25%) to Quest Borrower Ltd.
The loan matures on February 1, 2029.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
Quest Borrower Limited is part of the High Tech Industries.
RADIATE HOLDCO: BSCTF 2027 Marks $3.9MM Loan at 16% Off
-------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$3,969,773 loan extended to Radiate Holdco, LLC to market at
$3,323,197 or 84% of the outstanding amount, as of June 30, 2023,
according to BSCTF 2027's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
First Lien Term Loan (1M US L + 3.25%) to Radiate Holdco, LLC. The
loan matures on September 25, 2026.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about
September 15, 2027, absent shareholder approval to extend such
term.
Radiate Holdco LLC, also known as Astound Broadband, and backed by
Stonepeak, is a broadband communications services provider and
cable operator doing business via regional providers RCN, Grande
Communications, Wave Broadband and enTouch Systems.
REALD INC: $260MM Bank Debt Trades at 39% Discount
--------------------------------------------------
Participations in a syndicated loan under which RealD Inc is a
borrower were trading in the secondary market around 61.5
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $260 million facility is a Term loan that is scheduled to
mature on November 30, 2023. The amount is fully drawn and
outstanding.
RealD Inc. is a private company known for its RealD 3D system,
which is used for projecting films in stereoscopic 3D using
circularly polarized light.
REGENCY CONVERSIONS: Hires Glast Phillips as Bankruptcy Counsel
---------------------------------------------------------------
Regency Conversions, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Glast Phillips &
Murray, P.C. as its bankruptcy counsel.
The firm will provide these services:
a. provide legal advice with respect to the Debtor's powers
and duties as a debtor-in-possession in the continued operation of
its business and the management of its property;
b. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning litigation in which the Debtor is
involved, and objections to claims filed against the Debtor's
estate;
c. prepare on behalf of the Debtor necessary motions, answers,
orders, reports, and other legal papers in connection with the
administration of its estate;
d. assist the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;
e. perform any and all other legal services for the Debtor in
connection with the Debtor's Chapter 11 Case; and
f. perform such legal services as the Debtor may request with
respect to any matter, including, but not limited to, corporate
finance and governance, contracts, antitrust, labor, and tax.
The firm will be paid at these rates:
Partners $450 to $650 per hour
Associates $350 to $450 per hour
Paralegals $220 per hour
The firm received a retainer in the amount of $ 40,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brandon J. Tittle, a partner at Glast Phillips & Murray, P.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:
Brandon J. Tittle, Esq.
GLAST PHILLIPS & MURRAY, P.C.
14801 Quorum Drive, Suite 500
Dallas, TX 75254
Tel: (972) 419-8300
Fax: (972) 419-8329
Email: btittle@gpm-law.com
mfurse@gpm-law.com
rloughran@gpm-law.com
About Regency Conversions, Inc.
Regency Conversions is engaged in the business of motor vehicle
manufacturing.
Regency Conversions, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
23-43013) on Oct. 2, 2023. The petition was signed by G. Wayne
Davis as majority shareholder. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
Judge Mark X Mullin presides over the case.
Brandon Tittle, Esq. at GLAST, PHILLIPS & MURRAY, P.C. represents
the Debtor as counsel.
RENALYTIX PLC: Issues Ordinary Shares, ADS to Repay $1.1M Bond
--------------------------------------------------------------
Renalytix plc announced the repayment of $1.06 million of the
Company's convertible bond. The repayment is being made through
the issue of 150,000 Ordinary Shares and 1,092,694 American
Depositary Shares ("ADS").
After settlement of the repayment, the principal remaining under
the convertible bond will be reduced by $1.06 million to $14.84
million.
2,335,388 new ordinary shares of GBP0.0025 each in the capital of
the Company will be issued to settle including the conversion of
1,092,694 ADSs (2,185,388 Ordinary Shares with each ADS
representing two Ordinary Shares).
An application has been made to the London Stock Exchange for the
new Ordinary Shares to be admitted to trading on AIM. The new
Ordinary Shares will rank pari passu with the existing Ordinary
Shares of the Company.
Total voting rights
Following Admission, the Company will have 97,430,156 Ordinary
Shares in issue with each share carrying the right to one vote.
The Company has no Ordinary Shares held in treasury. The total
number of voting rights in the Company following Admission will
therefore be 97,430,156.
About Renalytix
Headquartered in United Kingdom, Renalytix (LSE: RENX) (NASDAQ:
RNLX) -- www.renalytix.com -- has engineered a new solution that
enables early-stage chronic kidney disease progression risk
assessment. The Company's lead product, KidneyIntelX, has been
granted Breakthrough Designation by the U.S. Food and Drug
Administration and is designed to help make significant
improvements in kidney disease prognosis, transplant management,
clinical care, patient stratification for drug clinical trials, and
drug target discovery.
Renalytix reported a net loss of $45.61 million for the 12 months
ended June 30, 2023, compared to a net loss of $45.28 million for
the 12 months ended June 30, 2022. As of June 30, 2023, the
Company had $30.63 million in total assets, $23.66 million in total
liabilities, and $6.97 million in total shareholders' equity.
Iselin, New Jersey-based Ernst & Young LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated Sept. 28, 2023, citing that the Company has suffered
recurring losses and negative cash flows from operations, expects
to incur additional losses and require substantial additional
capital to fund its operations, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
ROOFING DESIGNS: Hires Eric A. Liepins P.C. as Legal Counsel
------------------------------------------------------------
Roofing Designs by JR, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Eric A. Liepins,
P.C. as its legal counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Tel: (972) 991-5591
Fax: (972) 991-5788
Email: eric@ealpc.com
About Roofing Designs by JR, LLC
Roofing Designs by JR, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Tex. Case No. 23-32275) on October 4, 2023, disclosing
under $1 million in both assets and liabilities.
The Debtor is represented by Eric A. Liepins, Esq.
SAM'S SERVICE: Seeks to Hire Fuller Real Estate as Broker
---------------------------------------------------------
Sam's Service Co. seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to employ Fuller Real Estate, LLC as its
broker.
The broker will list and market the Debtor's autobody shop located
at 1314 W. Oxford Avenue, Englewood, Colorado.
The broker will be paid a commission in an amount equal to 5
percent of the gross purchase price.
As disclosed in the court filings, Fuller Real Estate is a
"disinterested person" as defined in 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Brian Baker
Tanner Fanello
Fuller Real Estate, LLC
5300 DTC Parkway, #100
Greenwood Village, CO 80111
Telephone: (303) 534-4822
Facsimile: (303) 534-9021
E-mail: bbaker@fullerre.com
tfanello@fullerre.com
About Sam's Service Co.
Sam's Service Co in Englewood, CO, filed its voluntary petition for
Chapter 11 protection (Bankr. D. Colo. Case No. 23-13762) on August
23, 2023, listing $13,966,635 in assets and $3,937,691 in
liabilities. Michael T. Chavez as president, signed the petition.
Judge Joseph G Rosania Jr. oversees the case.
Wadsworth Garber Warner Conrardy, P.C. serve as the Debtor's legal
counsel.
SAMSON TOURS: Leon Jones Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones
& Walden, LLC, as Subchapter V trustee for Samson Tours, Inc.
Mr. Jones 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. Jones declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Leon S. Jones, Esq.
Jones & Walden, LLC
699 Piedmont Ave. NE
Atlanta, GA 30308
Phone: (404) 564-9300
Email: ljones@joneswalden.com
About Samson Tour
Samson Tours, Inc. is an Atlanta-based provider of luxury bus
charter services. The company conducts business under the name
Samson Trailways.
Samson Tours filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-59894) on Oct. 6,
2023, with $4,795,908 in assets and $5,833,867 in liabilities. John
Sambdman, chief executive officer, signed the petition.
Ian Falcone, Esq., at The Falcone Law Firm, PC represents the
Debtor as bankruptcy counsel.
SANDY HOOK: Hires Adam I. Skolnik P.A. as Counsel
-------------------------------------------------
Sandy Hook Investments, LLC 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 render these services:
(a) give advice to the Debtor with respect to its powers and
duties as Debtor-in-possession and in its relationships with its
creditors, committees, the Office of the U.S. Trustee and other
interested parties;
(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 as follows:
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 from the Debtor a
retainer of $10,000.
Mr. Skolnik 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 Sandy Hook Investments, LLC
Sandy Hook Investments, LLC owns four real properties in Florida
having a total value of $1.05 million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18071) on October 2,
2023. In the petition signed by Cecelia Gail Ramos, managing
member, the Debtor disclosed $1,071,009 in assets and $804,000 in
liabilities.
Judge Peter D. Russin oversees the case.
Adam I. Skolnik, Esq., at Law Office of Adam I. Skolnik, PA,
represents the Debtor as legal counsel.
SCH SHEET: Hires Law Office of Barry D. Haberman as Counsel
-----------------------------------------------------------
SCH Sheet Metal, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire the Law Office of
Barry D. Haberman as counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties
in the continued management and operation of its business and
property;
b. advising and consulting with the Debtor on the conduct of
its Chapter 11 case, including all of the legal and administrative
requirements of operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties in interest;
d. taking all necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which it is involved, including objections to claims filed against
the estate;
e. preparing pleadings;
f. representing the Debtor in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
g. advising the Debtor in connection with any potential sale
of its assets;
h. appearing before the bankruptcy court and any appellate
courts;
i. advising the Debtor regarding tax matters;
j. negotiating, preparing and seeking approval of a disclosure
statement and confirmation of a Chapter 11 plan; and
k. other necessary legal services.
The firm will be paid at these rates:
Barry D. Haberman, Esq. $450 per hour
Associates $250 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Barry Haberman, Esq., a partner at The Law Office of Barry D.
Haberman, 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:
Barry D. Haberman, Esq.
THE LAW OFFICE OF BARRY D. HABERMAN
254 South Main Street, #404
New City, NY 10956
Tel: (845) 638-4294
Email: bdhlaw@aol.com
About SCH Sheet Metal, Inc.
SCH Sheet Metal, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
23-72257) on June 23, 2023. The petition was signed by Cathi
Houlihan as president. At the time of filing, the Debtor estimated
$1 million to $10 million in both assets and liabilities.
Judge Louis A. Scarcella oversees the case.
Barry D. Haberman, Esq. at the LAW OFFICE OF BARRY D. HABERMAN
represents the Debtor as counsel.
SENIOR CARE: To Seek Plan Confirmation on Oct. 30
-------------------------------------------------
Judge Caryl E. Delano has entered an order that the Disclosure
Statement of Senior Care Living VII, LLC is conditionally
approved.
The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
October 30, 2023 at 2:00 PM in Tampa, FL − Courtroom 9A, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.
Objections to confirmation shall be filed with the Court and served
on the Local Rule 1007−2 Parties in Interest List no later than 7
days before the date of the Confirmation Hearing.
In accordance with Local Rule 3018−1(a), the Plan Proponent shall
file a ballot tabulation no later than 96 hours prior to the time
set for the Confirmation Hearing.
Second Amended Plan
Senior Care Living VII submitted a Second Amended Plan and a
Disclosure Statement.
The Debtor owned an assisted living facility (ALF) located on 9
acres of Class A property in Lewisville, Texas, known as Inspired
Living at Lewisville consisting of approximately 123 assisted
living beds, 51 memory support beds, and other common areas. The
ALF offers assisted living and memory care. The Debtor also owned
approximately 4.04 acres of additional undeveloped real property on
the main thoroughfare of Lewisville (the "Excess Real Estate").
Shortly after the bankruptcy filing, the Debtor sought and obtained
authority to employ a real estate broker (Valhalla Real Estate) to
sell its Excess Real Estate. The Debtor ultimately received a bona
fide offer to purchase the Excess Real Estate and requested the
Bankruptcy Court to approve bid procedures. With the consent of the
Debtor, the Office of the United States Trustee appointed Mary L.
Peebles, as patient care ombudsman in this case. On April 14, 2022,
Ms. Peebles issued her report on the quality of patient care at the
Debtor's ALF opining that management at all levels have been
cooperative, honest and forthright, and that patient care is at an
acceptable level. The Debtor filed a motion to direct payment of
the 2020 real estate taxes from the debt service reserve held by
the Bond Trustee which was granted by the Bankruptcy Court. The
Bond Trustee paid the 2020 real estate taxes from the debt service
reserve.
The Debtor has timely filed its monthly operating reports and
provided requested information to the Bond Trustee. Moreover, the
Debtor has engaged in active negotiations with the Bond Trustee
concerning the treatment of the bondholder debt, including sale of
the Debtor's assets. The Debtor sought and obtained authority to
employ SC&H as financial advisor to assist the Debtor with
potential new financing. The Debtor negotiated a term sheet with a
lender that was anticipated to immediately provide as much as $35
million to the Bondholders. The Debtor ultimately filed a motion to
approve post-petition lending and a motion to approve compromise
with the Bond Trustee. However, the proposed lending fell through
and such motions were withdrawn.
In August 2022, the Debtor and Bouldin reached an agreement with
the Bond Trustee to cooperate with a sale of the Debtor's assets,
both the ALF and the Excess Real Estate. On August 19, 2022, the
Debtor filed an Emergency Motion For Order Approving Compromise
with UMB Bank, N.A., As Trustee (Doc. 175 – the "Compromise
Motion"). A copy of the proposed Settlement Agreement between and
among the Debtor, Bouldin and the Bond Trustee was attached to the
Compromise Motion. Baxter Construction objected to the Compromise
Motion and the Settlement Agreement expressing concerns about the
scope of the release in favor of the Bond Trustee. The US Trustee
expressed similar concerns. In response, the Debtor, in
consultation with the Bond Trustee, proposed a revised Settlement
Agreement to Baxter Construction and the US Trustee with a much
narrower release in favor of the Bond Trustee. Despite the revised
settlement, Baxter Construction continued with its objections and
the Compromise Motion remains pending at this time.
Notwithstanding the fact that the Compromise Motion had not yet
been approved, the Debtor and Bouldin complied with their
obligations under the Settlement Agreement, including revising the
Debtor's previously filed motion to approve bid procedures and
filing an application to approve the retention of the Bond
Trustee's chosen investment banker as the Debtor's investment
banker/broker. Moreover, in furtherance of the proposed settlement,
the Debtor obtained an order approving bid procedures as supplied
by the Bond Trustee and an order approving the retention of RBC
Capital Markets, LLC ("RBC"). Over the following months, the Debtor
and Bouldin implemented the bid procedures and cooperated with RBC
and the Bond Trustee in connection with the marketing and sale of
the Debtor's real property. The Debtor also filed a motion to
approve sale of the Debtor's real property in a form acceptable to
the Bond Trustee.
The agreed-upon process led to stalking horse contracts on both the
ALF and the Excess Real Estate at prices acceptable to the Bond
Trustee. There were no overbids on the stalking horse contracts and
an auction was not conducted. By Sale Orders dated December 27,
2022, the Bankruptcy Court approved the sale of the ALF and related
assets to Phorcys Asset Management, LLC ("Phorcys"), for a price of
$28 million, and the sale of the Excess Real Estate to MPH
Partners, LLC ("MPH"), for a price of $1,683,445. The Sale Orders
contemplate that all proceeds of sale would be held in a separate
account pending further order of the Bankruptcy Court. The closing
on the Excess Real Estate occurred in April 2023. In the meantime,
Phorcys did not close on the ALF and the Debtor declared Phorcys in
default. Subsequently, Phorcys negotiated a reduced price of $26
million on the ALF. The closing on the ALF occurred in July 2023.
As a result of the closings, the Debtor received approximately
$26,560,232.14 in the special DIP account required under the Sale
Orders.
Subsequently, the Debtor and Mr. Bouldin reached a revised
settlement with the Bond Trustee concerning the distribution of the
sale proceeds and other collateral of the Bond Trustee, including
the creation of a $200,000 fund for distribution to unsecured
creditors. In furtherance of the revised settlement, the Bond
Trustee filed a Motion for Entry of an Order Authorizing the
Distribution of the Proceeds of Sale of the Debtor's Assets (Doc.
372 – the "Distribution Motion"), and the Debtor filed an Amended
Motion for Order Approving Compromise with UMB Bank, N.A., as
Trustee (the "Amended Compromise Motion"). A copy of the revised
Settlement Agreement between and among the Debtor, Bouldin and the
Bond Trustee is attached to the Amended Compromise Motion. The
salient terms of the compromise are set forth in the Second Amended
Plan.
Under the Plan, Class 2: All Allowed Unsecured Claims against the
Debtor, including the deficiency claim on the bond debt in the
approximate amount of $29.5 million and the disputed claims filed
by Baxter Construction Company ("Baxter") totaling $3,011,041.
Total claims in this Class are approximately $33 million.
The Plan provides that unsecured creditors will receive a pro rata
share of the $200,000 Bouldin Payment; however, the Bond Trustee
will receive approximately 89% of the $200,000 Bouldin Payment as
it holds the largest unsecured claim in the case. Unsecured
creditors will receive less than 1% on account of their claims.
Payments and distributions under this Plan will be funded from
proceeds of the sales of the Debtor's ALF and Excess Real Estate
(to the extent not already distributed), any cash on hand (cash
collateral of the Bond Trustee), and the $200,000 Bouldin Payment.
Attorney for Debtor:
Michael C. Markham, Esq.
JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
401 E. Jackson St., Suite 3100
Tampa, FL 33602
Tel: (727) 480-5118
E-mail: mikem@jpfirm.com
A copy of the Order dated September 29, 2023, is available at
https://tinyurl.ph/qJqMt from PacerMonitor.com.
A copy of the Disclosure Statement dated September 29, 2023, is
available at https://tinyurl.ph/QJFkH from PacerMonitor.com.
About Senior Care Living VII
Senior Care Living VII, LLC sought Chapter 11 bankruptcy protection
(Bankr. M.D. Fla. Lead Case No. 22-00103) on Jan. 10, 2022, listing
up to $50 million in both assets and liabilities.
Judge Caryl E. Delano oversees the case.
Michael C. Markham, Esq., at Johnson Pope Bokor Ruppel & Burns,
LLP, is the Debtor's legal counsel while SC&H Group, Inc. serves as
the Debtor's financial advisor.
SHOWFIELDS INC: Yann Geron Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron
Legal Advisors, LLC as Subchapter V trustee for Showfields Inc.
Mr. Geron will be paid an hourly fee of $825 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Geron declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Geron Yann, Esq.
Geron Legal Advisors LLC
370 Lexington Avenue, Suite 1101
New York, NY 10017
Phone: (646) 560-3224
Email: ygeron@geronlegaladvisors.com
About Showfields Inc.
Showfields Inc. filed Chapter 11 Petition (Bankr. E.D.N.Y. Case No.
23-43643) on Oct. 6, 2023, with $8,117 in assets and $2,725,810 in
liabilities. Tal Zvi Nathanel, chief executive officer, signed the
petition.
Judge Jil Mazer-Marino oversees the case.
Rachel S. Blumenfeld, Esq., at the Law Office of Rachel S.
Blumenfeld, PLLC represents the Debtor as bankruptcy counsel.
SKY LAKE GARDENS: Hires John Paul Arcia P.A. as Legal Counsel
-------------------------------------------------------------
Sky Lake Gardens No. 4, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
John Paul Arcia, P.A. to serve as legal counsel in its Chapter 11
case.
The firm's services include:
a. giving advice to the Debtor with respect to its powers and
duties and the continued management of its business operations;
b. advising the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. preparing legal documents;
d. protecting the interest of the Debtor in all matter pending
before the bankruptcy court; and
e. representing the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan; and
f. performing all other necessary functions as attorney.
The firm agreed to be compensated at the rate or $400 an hour for
attorneys and $150 an hour for paralegals. It will also be
reimbursed for out-of-pocket expenses incurred.
John Arcia, Esq., a partner at John Paul Arcia, 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.
John Paul Arcia can be reached at:
John P. Arcia, Esq.
JOHN PAUL ARCIA, P.A.
175 SW 7th Street Suite 2000
Miami, FL 33130
Tel: (786) 429-0410
Email: parcia@arcialaw.com
About Sky Lake Gardens No. 4, Inc
Sky Lake Gardens No. 4, Inc sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-17557) on Sep. 21, 2023, listing under $1 million in both assets
and liabilities. The petition was signed by Alice Boutin as
president.
John Paul Arcia, Esq. at John Paul Arcia, PA represents the Debtor
as counsel.
SOFT SURROUNDINGS: Hires Katten Muchin Rosenman LLP as Counsel
--------------------------------------------------------------
Soft Surroundings Holdings, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Katten Muchin Rosenman LLP as counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and duties
as debtors in possession in the continued management and operation
of their businesses
and properties;
b. advising and consulting on the conduct of these Chapter 11
Cases, including all of the legal and administrative requirements
of operating in Chapter 11;
c. attending meetings and negotiating with representatives of
creditors and other parties in interest;
d. taking all necessary actions 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 in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
e. preparing pleadings in connection with these Chapter 11
cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtors' estates;
f. representing the Debtors in connection with obtaining
authority to continue using postpetition financing;
g. advising the Debtors in connection with the transactions
contemplated in the Restructuring Support Agreement;
h. appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;
i. advising the Debtors regarding tax matters;
j. taking 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 documents related
thereto; and
k. performing all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 Cases,
including: (i) analyzing the Debtors' leases and contracts and the
assumption and assignment or rejection thereof; (ii) analyzing the
validity of liens against the Debtors' assets; and (iii) advising
the Debtors on corporate and litigation matters.
The firm will be paid at these rates:
Partners $945 to $1,985 per hour
Of Counsel $965 to $1,600 per hour
Associates $625 to $1,000 per hour
Paraprofessionals $310 to $720 per hour
The Debtor paid the firm an advance payment of $1,304,011.43. After
deducting fees and expenses, the firm held the remaining balance of
$39,846.22 as retainer.
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: During Katten's Initial Engagement Katten agreed to
cap its fees in connection with the 1903P Loan to
$275,000. During the Engagement, Katten has
followed the hourly billing rates set forth in
Exhibit A of the Engagement Letter, attached to the
Application as Exhibit A to the Order.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes. Katten and the Debtors have developed a budget
and staffing plan for these Chapter 11 Cases for
the period from September 10, 2023 through and
including February 28, 2024.
Cindi M. Giglio, Esq., a partner at Katten Muchin Rosenman 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:
Cindi M. Giglio, Esq.
KATTEN MUCHIN ROSENMAN LLP
575 Madison Avenue
New York, NY 10022
Telephone: (212) 940-8800 / (212) 940-8700
Facsimile: (212) 940-8776
Email: cindi.giglio@kattenlaw.com
About Soft Surroundings Holdings, LLC
Operating under the Soft Surroundings brand, Soft Surroundings
Holdings and its subsidiaries are a direct-to- consumer nationwide
company, selling women's apparel, accessories, beauty products, and
home goods. The Debtors' brand is centered around a direct to
consumer business, which includes a robust e-commerce marketplace.
Soft Surroundings Holdings, LLC, and its 3 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90769) on
Sept. 10, 2023, with $0 to $50,000 in assets and $50 million to
$100 million in liabilities. Curt Kroll, chief restructuring
officer, signed the petitions.
The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy
counsel; and Law Office Of Liz Freeman as local bankruptcy counsel.
SSG Capital Partners, LLC, is the investment banker. Stretto,
Inc., is the claims agent.
SOFT SURROUNDINGS: Hires SSG Advisors LLC as Investment Banker
--------------------------------------------------------------
Soft Surroundings Holdings, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ SSG Advisors, LLC as investment banker.
The firm will provide these services:
a. prepare an information memorandum describing the Debtors,
their historical performance and prospects, including existing
contracts, leases, marketing and sales, labor force, management,
and financial projections;
b. assist the Debtors in compiling a data room of any necessary
and appropriate documents related to the Transaction;
c. assist the Debtors in developing a list of suitable potential
lenders, investors, and buyers who will be contacted on a discreet
and confidential basis after approval by the Debtors;
d. coordinate the execution of confidentiality agreements for
potential lenders, investors, and buyers wishing to review the
information memorandum;
e. assist the Debtors in coordinating site visits and / or
virtual meetings for interested lenders, investors, and buyers and
work with the management team to develop appropriate presentations
for such meetings;
f. solicit competitive offers from potential lenders, investors,
and buyers;
g. advise and assist the Debtors in structuring the Transaction
and negotiating the Transaction agreements;
h. assist the Debtors in the negotiation with various
stakeholders, including, but not limited to any of the Debtors'
shareholders, lenders, landlords, and general unsecured creditors;
and
i. otherwise assist the Debtors and their other professionals,
as necessary, through closing on a best efforts basis.
The firm will be paid as follows:
-- Initial Fee. An initial fee (the "Initial Fee") of $60,000
payable upon execution of the Engagement Agreement.
-- Monthly Fee. A monthly fee (the "Monthly Fees") of $35,000
per month beginning July 25, 2023 and continuing each month
thereafter during the Engagement Term. After six (6) months, the
Monthly Fees incurred thereafter shall be credited 50 percent
against any Transaction Fee as noted below.
-- Financing Fee. Upon the closing of a Financing with any
party, SSG shall be entitled to a fee (the "Financing Fee") payable
in cash, in federal funds via wire transfer or certified check, at
and as a condition of closing of such Financing equal to (a) the
greater of (i) $500,000 or (ii) 3 percent of any amount raised from
any financing source, regardless of whether Soft Surroundings
chooses to draw down the full amount of the Financing.
-- Sale Fee. Upon the consummation of a Sale to any party and as
a direct carveout from the proceeds of any Sale from any and all
secured lenders, prior in right to nay such secured debt, SSG shall
be entitled to a fee (the "Sale Fee"), payable in cash, in federal
funds via wire transfer or certified check, at and as a condition
of closing of such Sale, equal to (a) $500,000 or (b) 3 percent of
Total Consideration (i.e., the gross purchase price paid at the
closing of the Sale for the equity, assets, or any portion of
either, plus the assumption or payoff of indebtedness).
Notwithstanding the foregoing, in the event the Debtors determine
to terminate the Sale process and move to a liquidation of the
inventory and other assets, then SSG shall be entitled to an
alternative Sale Fee (the "Alternative Sale Fee") of $250,000.
-- Restructuring Fee. Upon the closing of a Restructuring (i.e.,
the restructuring of existing and prospective claims of
stakeholders of the Debtors completed through a confirmed plan of
reorganization or out of court reorganization, whether proposed by
the Debtors or any third party, whereby existing equity maintains
control of the Debtors, provided, however, that a Restructuring
shall not be deemed to have occurred if the debt or equity being
compromised is solely the debt held by Molagers SPV, LLC, Brentwood
Associates or its affiliates unless such restructuring is
effectuated through a chapter 11 bankruptcy process), SSG shall be
entitled to a fee (the "Restructuring Fee", and together with the
Financing Fee, Sale Fee, and Alternative Sale Fee, the "Transaction
Fees") equal to $500,000 payable in cash, in federal funds via wire
transfer or certified check, at and as a condition of closing such
Restructuring.
Matthew Arden, a senior vice president at SSG Advisors, LLC,
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:
Matthew Arden
SSG ADVISORS, LLC
Five Tower Bridge, Suite 420
West Conshohocken, PA 19428
About Soft Surroundings Holdings, LLC
Operating under the Soft Surroundings brand, Soft Surroundings
Holdings and its subsidiaries are a direct-to- consumer nationwide
company, selling women's apparel, accessories, beauty products, and
home goods. The Debtors' brand is centered around a direct to
consumer business, which includes a robust e-commerce marketplace.
Soft Surroundings Holdings, LLC, and its 3 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90769) on
Sept. 10, 2023, with $0 to $50,000 in assets and $50 million to
$100 million in liabilities. Curt Kroll, chief restructuring
officer, signed the petitions.
The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy
counsel; and Law Office Of Liz Freeman as local bankruptcy counsel.
SSG Capital Partners, LLC, is the investment banker. Stretto,
Inc., is the claims agent.
SOFT SURROUNDINGS: Seeks to Hire SierraConstellation as CRO
-----------------------------------------------------------
Soft Surroundings Holdings, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Mr. Curt Kroll of SierraConstellation Partners, LLC as
chief restructuring officer.
The firm will provide these services:
a. make the CRO available to be named the Debtors' CRO by the
Board. The CRO shall have such duties as the Board will determine
from time to time;
b. provide the CRO Support to assist the CRO, the Debtors and
the Board from time to time;
c. provide oversight and assistance with the preparation of
financial information for distribution to creditors and others,
including, but not limited to, cash flow projections and budgets,
cash receipts and disbursements analysis of various asset and
liability accounts, and analysis of proposed transactions;
d. communicate with lenders directly regarding financial
performance, strategy, and/or other topics relevant to the scope of
this assignment;
e. evaluate and make recommendations in connection with
strategic alternatives as needed to maximize the value of the
Debtors;
f. evaluate the cash flow generation capabilities of the Debtors
for valuation maximization opportunities;
g. provide oversight and assistance in connection with
communications and negotiations with constituents including trade
vendors, investors, and other critical constituents;
h. coordinate the turnaround, restructuring, and transaction
activities of the Loan Parties and engagement with internal and
external stakeholders including making decisions affecting the
businesses of Debtors with respect to such matters (which shall
control as among the officers of the applicable Loan Party),
subject to the continued authority of the board of managers or
equivalent, as applicable; and
i. perform such other services as requested or directed by the
Debtors.
The firm will be paid at these rates:
Curt Kroll, CRO $750 per hour
Partners $750 to $1,200 per hour
Managing Directors $660 to $750 per hour
Senior Directors $570 to $600 per hour
Directors $455 to $570 per hour
Senior Associates $360 per hour
Associates $285 per hour
Analysts $250 per hour
The firm received from the Debtors a retainer of $584,672.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Curt Kroll, a partner at SierraConstellation Partners LLC,
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:
Curt Kroll
SierraConstellation Partners LLC
355 S. Grand Ave., Suite 1450
Los Angeles, CA 90071
Tel: (213) 289-9060
About Soft Surroundings Holdings, LLC
Operating under the Soft Surroundings brand, Soft Surroundings
Holdings and its subsidiaries are a direct-to- consumer nationwide
company, selling women's apparel, accessories, beauty products, and
home goods. The Debtors' brand is centered around a direct to
consumer business, which includes a robust e-commerce marketplace.
Soft Surroundings Holdings, LLC, and its 3 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90769) on
Sept. 10, 2023, with $0 to $50,000 in assets and $50 million to
$100 million in liabilities. Curt Kroll, chief restructuring
officer, signed the petitions.
The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy
counsel; and Law Office Of Liz Freeman as local bankruptcy counsel.
SSG Capital Partners, LLC, is the investment banker. Stretto,
Inc., is the claims agent.
SPANISH BROADCASTING: S&P Places 'CCC+' ICR on Watch Negative
-------------------------------------------------------------
S&P Global Ratings placed all its ratings on U.S.-based
Spanish-language multimedia company Spanish Broadcasting System
Inc. (SBS), including its 'CCC+' issuer credit rating, on
CreditWatch with negative implications.
S&P expects to resolve the CreditWatch placement by the end of
2023. In resolving the CreditWatch, it will evaluate SBS's ability
to fund its required cash outflows over the next year.
The negative CreditWatch placement follows SBS' termination of its
agreement to sell its television and real estate assets to Voz
Media. Absent the expected proceeds from the proposed transaction,
which the company estimated to be in the low $40 million area after
transaction costs and taxes, S&P believes the company could
potentially face a liquidity shortfall in the first half of 2024.
SBS reported that as of Sept. 7, 2023, it had about $7 million of
cash on hand (following its $15 million cash interest payment
earlier in the month) and $2.6 million of availability under its
revolving credit facility. The credit facility's size is currently
limited to $7.5 million, from $15 million, due to covenant
restrictions because its leverage currently exceeds 9x. S&P expects
the company will burn about $3 million-$5 million of cash in the
second half of 2023, and the company has an interest payment of
approximately $15 million due on March 1, 2024. In addition, the
company has signed an agreement to acquire a radio station in
Houston from Urban One for $7.5 million.
SBS could potentially pursue other sources of liquidity. SBS has
filed a lawsuit against Voz Media Inc., alleging that Voz breached
the parties' agreement by, among other things, failing to timely
close. The company has also said it is reevaluating and
reinitiating the sale of the television and real estate assets.
While the lawsuit or a new asset sale agreement could potentially
provide the company with additional liquidity sources, the outcome
and timing of such events is uncertain.
As part of the proposed deal, SBS would have sold its five TV
stations (currently a drag on cash flow) and associated real estate
assets in Florida and Puerto Rico to Voz Media for $57 million and
received $7 million of prepaid advertising.
CreditWatch
S&P said, "We expect to resolve the CreditWatch placement by the
end of 2023. If the company is able to secure additional liquidity
sources to provide a clear liquidity runway through 2024, we could
affirm the current 'CCC+' rating. However, we could lower the
rating on the company by multiple notches if it does not secure
additional financing by the end of 2023, which we believe increases
the potential for a default in the first half of 2024."
STAT EMERGENCY: Seeks to Hire Orbitbid.com as Auctioneer
--------------------------------------------------------
Stat Emergency Medical Services, Inc seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Orbitbid.com as auctioneer.
The firm will market and auction the Debtor's various titled
vehicles which it no longer uses in its operations, and vehicles
and other assets on which Huntington National Bank has a first
lien.
The firm will be paid a commission of 8 percent of the total gross
sale proceeds, buyer's premium of 15 percent of the total gross
sale proceeds, and 3 percent credit card fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jared Hekstra, a partner at Orbitbid.com, 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:
Jared Hekstra
Orbitbid.com
9384 Ashcroft Lane
Twinsburg, OH 44087
Tel: (216) 732-9952
About STAT Emergency
STAT Emergency Medical Services, Inc. was a full service medical
and non-medical specialty transportation logistic business with its
headquarters is located at 520 W. Third St. in Flint, Michigan.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31085) on July 5,
2023, with as much as $50,000 in assets and $1 million to $10
million in liabilities. Charles Mouranie of CMM & Associates has
been appointed as Subchapter V trustee.
Judge Joel D. Applebaum oversees the case.
The Debtor tapped Kim K. Hillary, Esq., at Schafer and Weiner, PLLC
as legal counsel and Wesler & Associates, CPA, PC as accountant.
STRATEGIC CORP: 90% Markdown for Blackstone Fund's $800,000 Loan
----------------------------------------------------------------
Blackstone Senior Floating Rate 2027 Term Fund has marked its
$800,000 loan extended to Strategic Materials Holding Corp to
market at $80,000 or 10% of the outstanding amount, as of June 30,
2023, according to the Blackstone Fund's Form N-CSRS for the
semi-annual period ended June 30, 2023, filed with the Securities
and Exchange Commission.
Blackstone Senior Floating Rate 2027 Term Fund is a participant in
a Second Lien Initial Term Loan (3M US SOFR + 7.75%, 1.00% Floor)
to Strategic Materials Holding Corp. The loan matures on October
31, 2025.
Blackstone Senior Floating Rate 2027 Term Fund, formerly known as
Blackstone Senior Floating Rate Term Fund, is a diversified,
closed-end management investment company. BSL was organized as a
Delaware statutory trust on March 4, 2010. BSL was registered under
the Investment Company Act of 1940, as amended on March 5, 2010.
Strategic Materials processes recycled glass and plastic for use in
a wide array of products.
STRATEGIC MATERIALS: 90% Markdown for BLSCI Fund's $533,333 Loan
----------------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $533,333
loan extended to Strategic Materials Holding Corp to market at
$53,333 or 10% of the outstanding amount, as of June 30, 2023,
according to BLSCI Fund's Form N-CSRS for the semi-annual period
ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Long Short Credit Income Fund is a participant in a
Second Lien Initial Term Loan (3M US SOFR + 7.75%, 1.00% Floor) to
Strategic Materials Holding Corp. The loan matures on October 31,
2025.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
Strategic Materials processes recycled glass and plastic for use in
a wide array of products.
STRATEGIC MATERIALS: 90% Markdown on BSCTF 2027's $2.6MM Loan
-------------------------------------------------------------
Blackstone Strategic Credit 2027 Term Fund has marked its
$2,666,667 loan extended to Strategic Materials Holding Corp to
market at $266,667 or 10% of the outstanding amount, as of June 30,
2023, according to BSCTF 2027's Form N-CSRS for the semi-annual
period ended June 30, 2023, filed with the Securities and Exchange
Commission.
Blackstone Strategic Credit 2027 Term Fund is a participant in a
Second Lien Initial Term Loan (3M US SOFR + 7.75%, 1.00% Floor) to
Strategic Materials Holding Corp. The loan matures on October 31,
2025.
Blackstone Strategic Credit 2027 Term Fund is a closed-end term
fund that trades on the New York Stock Exchange under the symbol
BGB. BGB has a limited term and will dissolve on or about September
15, 2027, absent shareholder approval to extend such term.
Strategic Materials processes recycled glass and plastic for use in
a wide array of products.
SUNLAND MEDICAL: Committee Hires Dickinson Wright PLLC as Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Sunland Medical
Foundation and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Dickinson Wright PLLC as counsel.
The firm will provide these services:
a. provide legal advice and assistance to the Committee in its
consultation with the Debtors relative to the Debtors'
reorganization and or liquidation;
b. represent the Committee at hearings held before the Court and
communicate with the Committee regarding the issues raised, as well
as the decisions of the Court;
c. assist and advise the Committee in its examination and
analysis of the conduct of the Debtors' affairs and the reasons for
the Chapter 11 filings;
d. review and analyze all applications, motions, orders,
statements of operations and schedules filed with the Court by the
Debtors or third parties, advise the Committee as to their
propriety, and, after consultation with the Committee, take
appropriate action;
e. assist the Committee in preparing applications, motions, and
orders in support of positions taken by the Committee, as well as
prepare witnesses and review documents in this regard;
f. apprise the Court of the Committee's analysis of the Debtors'
operations;
g. confer with the accountants and any other professionals
retained by the Committee, if any are selected and approved, so as
to advise the Committee and the Court more fully of the Debtors'
operations;
h. assist the Committee in its negotiations with the Debtors and
other parties-in-interest concerning the terms of any proposed
sales and/or plan of reorganization;
i. advise and assist the Committee in evaluating and prosecuting
any claims that the Debtors may have against third parties; assist
the Committee in the determination of whether to, and if so, how
to, sell the assets of the Debtors for the highest and best price;
and assist the Committee in performing such other services as may
be in the interest of creditors, including, but not limited to, the
commencement of, and participation in, appropriate litigation
respecting the estate.
The firm will be paid at these rates:
Partners $440 to $1,285 per hour
Associates $310 to $455 per hour
Paralegals $210 to $340 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Carolyn J. Johnsen, Esq., a partner at Dickinson Wright 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:
Carolyn J. Johnsen, Esq.
DICKINSON WRIGHT PLLC
1850 N. Central Ave. Suite 1400
Phoenix, AZ 85004
Tel: (602) 285-5040
Fax: (602) 285-5100
Email: cjjohnsen@dickinsonwright.com
About Sunland Medical Foundation
Sunland Medical Foundation and 4750 GHW Bush Land Holdings, LLC are
owners of Trinity Regional Hospital Sachse, a full-service hospital
and emergency room near Dallas, Texas. Trinity 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.
The Debtors sought Chapter 11 protection (Bankr. N.D. Texas Lead
Case No. 23-80000) on Aug. 29, 2023. Both estimated $50 million to
$100 million in assets and $100 million to $500 million in
liabilities as of the bankruptcy filing.
The Hon. Michelle V. Larson is the case judge.
The Debtors tapped McDermott Will & Emery, LLP as legal counsel and
Meadowlark Advisors, LLC as financial advisor. Stretto Inc. is the
claims agent.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Dickinson Wright, PLLC as counsel and Caliber
Advisors, LLC as financial advisor.
TAMARACK VALLEY: S&P Affirms 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Tamarack Valley Energy Ltd., a Calgary-based exploration and
production (E&P) company, and 'B+' issue-level rating on the
company's senior unsecured notes. S&P's recovery rating remains
'2'.
The stable outlook reflects S&P's view that the company will
maintain consistent operating performance, sustaining strong cash
flow and leverage metrics and adequate liquidity over our forecast
period.
A slower-than-expected pace of debt repayment and the expectation
of increasing shareholder returns has weakened our financial risk
profile assessment. S&P said, "We expect Tamarack's adjusted debt
at year-end 2023 to be about C$1.1 billion, roughly 16% higher than
our forecast earlier this year, primarily due to lower 2023 average
daily production reflecting the Alberta wildfire impact, as well as
modestly lower hydrocarbon pricing, particularly for natural gas.
While the pace of debt reduction is slightly weaker than
anticipated, we expect Tamarack to reach its first net debt target
of C$1.1 billion by the fourth quarter of 2023 under S&P Global
Ratings' most recent price assumptions, which we anticipate will
trigger additional shareholder returns greater than the company's
C$84 million annual base dividend in 2024 and beyond, in accordance
with the company's publicly stated return of capital framework. As
a result, we now forecast a marginally weaker discretionary cash
flow (DCF) to debt ratio for the company (averaging about 20% over
the 2023-2024 forecast period). The reduced projected DCF-to-debt
ratio effectively weakens our assessment of the company's financial
risk profile by one category."
S&P said, "Our expectation for strong credit measures supports the
rating, with an adjusted FFO-to-debt ratio averaging about 90% and
adjusted debt-to-EBITDA ratio averaging 1x over the next two years.
Tamarack's acquisition-fueled production growth to about 67,000
barrels of oil equivalent (boe) per day in 2023 from about 48,000
boe per day in 2022 supports stable FFO generation despite a
relatively weaker hydrocarbon price environment in 2023 compared
with 2022. Specifically, we expect Tamarack will generate about
C$830 million of FFO in 2023 and C$870 million in 2024 relative to
C$800 million in 2022. As a result, despite the
slower-than-expected pace of debt repayment, the company's leverage
metrics will likely remain strong over the next two years, with
adjusted FFO-to-debt averaging about 90% and adjusted
debt-to-EBITDA averaging 1x over our two-year forecast period. We
also expect the company will generate an average of about C$360
million of free operating cash flow annually over the 2023-2024
forecast period."
The potential for rating upside remains contingent on increased
operating scale, debt reduction, and the maintenance of adequate
liquidity. Tamarack's scale, both in terms of daily average
production and total proved reserves (113 million boe at year end
2022), lags higher-rated peers. For example, S&P expects Callon
Petroleum Co. to produce just over 100,000 boe per day in 2023 with
about 480 million boe of proved reserves at year-end 2022. While
there are 'B+' rated peers with scale more in line with Tamarack
like Magnolia Oil & Gas Corp. (estimated 2023 production of about
83,000 boe per day and 160 million boe of total proved reserves at
year-end 2022) and NuVista Energy Ltd. (estimated 2023 production
of just over 80,000 boe per day and 290 million of total proved
reserves at year-end 2022), these companies have significantly
lower amounts of gross debt. Specifically, S&P Global Ratings
adjusted debt as of June 30, 2023, for Magnolia and NuVista was
US$495 million and US$270 million, respectively, compared with
Tamarack's US$1.14 billion.
Tamarack's higher levels of absolute debt create significant
volatility in leverage metrics in a weaker price environment. For
example, if West Texas Intermediate (WTI) oil prices were to fall
by 30% during S&P's forecast period, it would see Tamarack's
FFO-to-debt ratio fall to roughly 20%, all else equal. The high
drawn amount on the company's C$875 million credit facility (78%
drawn as of June 30, 2023) also limits the company's flexibility to
absorb unanticipated market or operational events. Consequently,
rating upside remains subject to not only improved operational
scale but also generating consistently strong credit measures even
in a weaker pricing environment, which would likely only occur with
lower levels of gross debt.
S&P said, "The stable outlook reflects our expectation that
Tamarack will maintain consistent operating performance and sustain
strong cash flow and leverage metrics during our 12-month outlook
period, with our average two-year FFO-to-debt ratio projected at
about 90% and debt to EBITDA of about 1x. In addition, we expect
the company should be able to maintain an adequate liquidity
profile.
"Assuming the company's business risk profile does not change, we
could lower the rating if Tamarack's leverage increased materially
above the projections in our base-case scenario, or if liquidity
deteriorated. Specifically, we would lower the rating to 'B-' if
the company's FFO-to-debt ratio fell below 20% and we expected it
would not improve during our 12-month outlook period. Because there
is significant cushion in our average 2023-2024 FFO-to-debt ratio,
we believe there is little likelihood of a downgrade during the
current 12-month outlook horizon.
"We could raise our rating on Tamarack if it increases its
production and proved developed reserves to levels more in line
with those of its higher-rated peers while adhering to its stated
leverage targets, maintaining FFO-to-debt consistently above 45%
and adequate liquidity. For an upgrade, we would also expect the
company to materially reduce borrowings on its credit facility.
"Environmental factors are negative considerations in our credit
rating analysis of Tamarack Valley. S&P Global Ratings' perception
of heightened industry risk for the global oil and gas industry,
underpinned by the risks inherent in the emerging energy
transition, the industry's deteriorated profitability over the past
decade, and a muted growth outlook have collectively contributed to
weaker credit fundamentals for global oil and gas producers.
Canada's lagging preparedness for the energy transition and the
environmental risks inherent in hydrocarbon production influence
our assessment of Tamarack."
TEHUM CARE: Primary Source of Fund is $37M Settlement Payment
-------------------------------------------------------------
Tehum Care Services, Inc., and its Official Committee of Unsecured
Creditors submitted a Plan and a Disclosure Statement.
The Committee is a group of seven unsecured creditors appointed by
the Office of the United States Trustee, a division of the United
States Department of Justice. The Committee's duty is to represent
all unsecured creditors' interests in the bankruptcy case having a
total claim of $124,935,732.84.
The Committee has agreed to vote "yes" on the Plan. The Committee
agrees that the Plan provides a fair and reasonable settlement of
claims that could have been asserted against certain insider and
related parties, and that the Plan will fairly distribute the
resulting funds among all creditors.
The primary source of payment to be made under the proposed Plan
will come from a $37 million settlement payment, which resulted
from a three-day mediation with United States Bankruptcy Judge
David R. Jones. The Plan incorporates the terms of this global
settlement.
Under the settlement, the Debtor will receive a total of $37
million in cash, plus releases of certain claims made against the
Debtor, including a release of the obligation to repay a loan
totaling $2.75 million made to the Debtor during this bankruptcy
case, release of a lien on tax refund proceeds that was granted as
part of that loan, and a release of over $24 million in unsecured
claims that would otherwise dilute the pool of unsecured creditors.
In exchange for the $37 million in cash payments, the loan
forgiveness, and the release of claims, the Plan provides broad
releases in favor of certain insider and related parties, including
YesCare, CHS TX, Geneva Consulting, M2 LoanCo, Perigrove, and other
related entities and individuals.
While the Debtor intends to give these releases, creditors are not
being compelled to provide their own releases. Creditors who do not
wish to release their own claims against these Released Parties may
opt out of the releases on their ballots or opt-out forms. As
discussed in greater detail in the Disclosure Statement, if you
select the opt-out option, you waive any right to receive payments
from this $37 million settlement fund, which is the primary source
of payment for most creditors. If you are considering this option,
the Debtor and the Committee strongly recommend that you first
consult a bankruptcy attorney to advise you on whether doing so is
in your best interests.
In addition to the global settlement payments, the Debtor believes
it may be entitled to a significant Employee Retention Credit
("ERC") from the Internal Revenue Service. Any tax credits, net of
any offset rights the Internal Revenue Service may have for
outstanding priority tax liabilities, will be available to the
estate for payment of creditors who have not opted out of the
releases contemplated in the global settlement. Additionally,
certain personal injury claimants may have access to proceeds from
insurance policies under which the Debtor is a named insured. The
Plan provides a path and a process for these creditors to access
the Debtor's insurance coverage to the extent applicable to such
Claims. Finally, other estate claims and causes of action may exist
against third parties other than those released under the global
settlement and the Plan. The Debtor and the Committee believe these
claims and causes of action may provide additional recoveries for
creditors.
The timing and amount of payments under the Plan will depend on
what type of claim you have (Personal Injury or Non-Personal
Injury), whether your claim amount has been determined by a court,
and whether you decide to make any elections on your enclosed
ballot.
The claims against the Debtor fall into two broad categories: (1)
Personal Injury Claims, which are claims relating to allegations of
medical malpractice, abuse, or neglect at facilities in which the
Debtor served as a health care provider; and (2) Non-Personal
Injury Claims, which are generally contract and trade claims based
on the Debtor's contractual duties owed to contract counterparties
and/or the Debtor's obligations owed to third parties.
As discussed in greater detail in the Disclosure Statement, there
are important differences between these groups of claims. The
primary difference is that claimants with personal injury claims
have multiple sources of funds beyond the Debtor's estate that can
be used to pay their claims, and claimants with non-personal injury
claims will be looking exclusively (or nearly exclusively) to cash
assets of the estate for payment. Additionally, the Bankruptcy Code
imposes limits to the Bankruptcy Court's ability to determine the
value of personal injury claims but imposes no such limits on any
other types of claims. In order to account for the existence and
impact of these differences, the Plan proposes to create two
separate trusts to administer and distribute money to these two
different classes of creditors.
Below is a very brief overview of the Plan's proposed treatment.
* "Convenience Claims" are those Proofs of Claim that were
timely filed in the amount of $5,000 or less. These claims will be
paid in full in Cash approximately 30 days after the Plan becomes
effective.
* Claimants who timely filed Proofs of Claim for more than
$5,000 may elect, on their ballots, to receive an Expedited
Distribution. By checking this box on the ballot, you are
irrevocably agreeing to accept a onetime cash payment of $5,000 in
full satisfaction of your Claim. This option also constitutes a
"yes" vote on the Plan and will constitute your consent to the
releases provided under the Plan, regardless of any other boxes you
may have checked on the ballot, including the opt-out election. If
you make this election, absent an objection to your Claim, you will
receive your $5,000 payment approximately 60 days after the Plan
becomes effective.
* If you do not opt for the $5,000 Expedited Distribution, and
you have an unliquidated Personal Injury Claim, you will
participate in a mandatory mediation process for your claim before
trial. Settlement through mediation will help expedite payment for
your claim.
* If you would rather go to trial after participating in the
mandatory mediation process, the Plan allows for that too. But
proceeding to trial could delay your distributions under the Plan.
The Plan ensures that all similarly situated claimants will receive
the same rights to the available insurance proceeds (if any).
* There are over 350 Personal Injury Claims filed in the
Bankruptcy Case (including Claims filed by third party
co-defendants in Debtor-related personal injury actions who allege
they are entitled to indemnification by the Debtor). The face
amount of those claims totals approximately $1 billion. However,
the Debtor and Committee anticipate that those claim amounts will
be reduced as the amounts of Allowed Claims are determined by the
claims administration process described below. Because only a few
of those Claims have been liquidated by a court, the Debtor and
Committee cannot definitively estimate how long it will take to
resolve all of those claims; however, the claims administration
process will likely take 12 months or significantly longer
depending on the case. The Debtor and the Committee estimates that
Holders of Personal Injury Claims could receive 17% to 36% of their
Allowed Claims under the Plan from the funds provided hereunder,
the Debtor's insurance policies, and recoveries from non-Debtor
codefendants or their insurers.
* If you have an unliquidated Non-Personal Injury Claim, the
Liquidation Trustee will contact you during the 180-day period
after the Plan goes effective to propose a resolution of your
Claim. If you are unable to reach an agreement with the Liquidation
Trustee regarding the amount of your claim, the Bankruptcy Court
will determine the amount of your claim, after notice and a
hearing. Once all such claims have been determined, the Liquidation
Trustee will make pro rata distributions to such claimants with
Allowed Claims out of the available funds on hand.
* There are approximately 175 Non-Personal Injury Claims filed
in the Bankruptcy Case. The face amount of those claims totals
approximately $110 million in Non-Personal Injury Claims. The
Debtor and Committee anticipate that those claim amounts will be
reduced by the claims administration process described below. The
Debtor and the Committee estimate that Holders of Non-Personal
Injury Claims could receive 19% to 34% of their Allowed Claims
under the Plan, depending on the final amounts allowed for such
claims. The Debtor and the Committee anticipate that the funds
provided hereunder will likely be the sole source of recovery for
Holders of Non-Personal Injury Claims.
Each ballot or notice sent with the Court approved solicitation
packet will contain an option for you to opt out of the settlement
and releases contained in the Plan.
It is important to note that the source for most of the cash
distributions to be made under the Plan is the $37 million
settlement fund discussed above. A more detailed description of the
settlement and the various releases can be found on page 17 of the
Disclosure Statement. The "Released Parties" include YesCare, CHS
TX, Perigrove, M2 LoanCo, and several other related entities and
individuals.
Again, if you are considering checking the opt-out box on your
ballot or opt-out form, the Debtor and Committee strongly recommend
you seek advice from bankruptcy counsel before doing so. You should
also consider the following:
* First, by opting out of the releases, you are waiving any
right to receive distributions from the $37 million settlement fund
or the ERC fund. This will dramatically reduce your recoveries
under the Plan.
* Second, even if you opt out of the third-party releases, the
Plan still proposes to release the Debtor's causes of action
against the Released Parties. These "Debtor Releases" are described
on page 15 of the Disclosure Statement, and they may impact some of
your claims, particularly if your claims derive from these estate
causes of action.
* Third, if you elect to receive an Expedited Distribution of
$5,000, you may not opt out of the third-party releases.
* Finally, the Plan contains "gatekeeping provisions" that will
require you to seek permission from the Bankruptcy Court before you
are allowed to pursue your claims against the Released Parties.
This will ensure consistency and predictability in rulings so that
competing courts do not issue conflicting rulings about what claims
are direct claims under applicable law.
On August 23, 2023, following three days of mediation conducted by
Judge Jones, the Debtor, the Committee, and the Settlement Parties
entered into a mediation term sheet resolving all issues among them
in this Chapter 11 Case, subject to confirmation of the Plan (the
"Global Settlement"). A summary of the settlement terms, which are
part and parcel of the Plan, are as follows:
* The Settlement Parties shall pay the Debtor or Liquidation
Trustee, as applicable, aggregate Cash in the amount of $37 million
(the "Settlement Payment"). The Settlement Payment will be made in
multiple tranches: (a) $25 million paid on the Effective Date (the
"Initial Settlement Amount"); and (b) twelve installments of $1
million (each, an "Installment Settlement Payment"), with the first
payment made thirty (30) days after the Effective Date and the
subsequent 11 installments made every thirty (30) days thereafter
until paid in full, with the final installment being made no later
than 360 days after the Effective Date.
* On the Effective Date, the Settlement Parties shall release
and waive all claims against the Debtor's estate, including the DIP
Lender's claims under the DIP Order that accrued prior to August
23, 2023, and the Proofs of Claim filed by Geneva Consulting LLC
(KCC Claims Register No. 572 for $315,032.97) and M2 LoanCo, LLC
(KCC Claims Register No. 589 for $24,032,965). Notwithstanding the
foregoing, all amounts advanced by the DIP Lender pursuant to the
DIP Order after August 23, 2023 shall not be released but shall
instead be credited dollar-for-dollar against the Initial
Settlement Amount.
* Upon payment in full of the Settlement Payment, the Releasing
Parties (as defined below) shall release the following from any and
all claims and causes of action: (a) the Settlement Parties; (b) M2
EquityCo LLC; (c) Valitás Intermediate Holdings Inc.; (d) Valitás
Health Services, Inc.; (e) M2 Pharmacorr Equity Holdings LLC; (f)
Pharmacorr/M2 LLC; (g) Pharmacorr Holdings LLC; (h) Endeavor
Distribution LLC; (i) CHS Texas LLC; (j) Yes Care Holdings LLC; (k)
Sigma RM, LLC; (l) DG Realty Management LLC; (m) Scaracor LLC; (n)
Yitzchak Lefkowitz a/k/a Isaac Lefkowitz; (o) Sara Ann Tirschwell;
(p) Ayodeji Olawale Ladele; (q) Beverly Michelle Rice; (r) Jeffrey
Scott King; (s) Jennifer Lynee Finger; (t) Frank Jeffrey Sholey;
(u) for each Entity listed in (a) through (t), each of their
respective current and former officers, directors, employees,
managers, attorneys, professional advisors, and agents, but
specifically excluding James Gassenheimer, Charles Gassenheimer,
James Hyman, and Michael Flacks.
* Upon payment in full of the Settlement Payment, there shall be
deemed mutual releases by and among the Released Parties and
creditors that do not opt-out of the third-party releases in
Article IX.D of the Plan.
The Plan embodies the Global Settlement, and confirmation of the
Plan will put to rest all disputes and potential disputes among the
Debtor, the Committee, the Released Parties, and the Consenting
Creditors who do not opt out of the release. The above description
of the Global Settlement is a summary only; the actual terms of the
Plan control.
The Debtor and the Committee believe that the Global Settlement is
fair, equitable, and in the best interest of the Debtor's Estate.
The Global Settlement is the product of arms-length negotiations,
and there was no fraud or collusion by and between the Debtor, the
Committee, and the Settlement Parties. Litigation of the disputes
raised at the mediation would be lengthy and costly, requiring
proof of fact-intensive issues. Even if the parties litigated their
disputes and a successful result was reached on behalf of the
Debtor's estate, any recovery would likely be significantly
diminished by the cost and expense of litigation. The Global
Settlement allows the Debtor and the Committee to maximize recovery
to the Estate, while avoiding the risks, costs, and delay of
litigation. In addition, the Global Settlement provides significant
benefit to the Debtor's Estate by allowing it to recover $37
million from the Settlement Parties for the benefit of all
unsecured creditors.
Below are the key dates and deadlines relevant to the Plan:
* Ballots and Opt-Out Forms Due: December 22, 2023
* Confirmation Objection Deadline: December 22, 2023
* Hearing to Consider Confirmation of the Plan: January 8, 2024
Counsel to the Debtor:
Jason S. Brookner, Esq.
Micheal W. Bishop, Esq.
Aaron M. Kaufman, Esq.
Lydia R. Webb, Esq.
Amber M. Carson, Esq.
GRAY REED
1300 Post Oak Boulevard, Suite 2000
Houston, Texas 77056
Telephone: (713) 986-7127
Facsimile: (713) 986-5966
Email: jbrookner@grayreed.com
mbishop@grayreed.com
akaufman@grayreed.com
lwebb@grayreed.com
acarson@grayreed.com
Counsel to the Official Committee of Unsecured Creditors:
Nicholas Zluticky, Esq.
Zachary Hemenway, Esq.
STINSON
1201 Walnut, Suite 2900
Kansas City, MO 64106
Telephone: (816) 842-8600
Facsimile: (816) 691-3495
Email: nicholas.zluticky@stinson.com
zachary.hemenway@stinson.com
A copy of the Disclosure Statement dated September 29, 2023, is
available at https://tinyurl.ph/YyMZP from www.kccllc.net, the
claims agent.
About Tehum Care Services
Tehum Care Services Inc., doing business as Corizon Health Services
Inc., is a privately held prison healthcare contractor in the
United States. It is based in Brentwood, Tenn.
Tehum Care Services filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-90086) on Feb.
13, 2023. In the petition filed by Russell A. Perry, as chief
restructuring officer, the Debtor reported assets between $1
million and $10 million and liabilities between $10 million and $50
million.
Judge Christopher M. Lopez oversees the case.
The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel;
Bradley Arant Boult Cummings, LLP, as special litigation counsel;
and Ankura Consulting Group, LLC, as financial advisor. Russell A.
Perry, senior managing director at Ankura, serves as the Debtor's
chief restructuring officer. Kurtzman Carson Consultants, LLC, is
the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP and Dundon Advisers, LLC, serve as the committee's
legal counsel and financial advisor, respectively.
TELESAT LLC: $1.91BB Bank Debt Trades at 30% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Telesat LLC is a
borrower were trading in the secondary market around 70.0
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.91 billion facility is a Term loan that is scheduled to
mature on December 6, 2026. About $1.53 billion of the loan is
withdrawn and outstanding.
Telesat LLC operates as a satellite operator. The Company offers
satellite delivered communications solutions to broadcast, telecom,
corporate, and government customers, as well as provides technical
consultancy services. Telesat serves clients worldwide.
TEMPO ACQUISITION: S&P Rates Proposed Senior Secured Debt 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to Tempo
Acquisition LLC's (Alight Solutions) new term loan B in a
refinancing transaction. This does not materially change the terms
of the $2.5 billion loan but improves pricing by 25 basis points.
S&P's recovery rating of '2' (rounded estimate: 70%) is therefore
unchanged.
S&P continues to forecast adjusted leverage will decline below 6x
by year-end 2023.
THIRTEEN FIFTY: Maria Yip Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 21 appointed Maria Yip, a certified
public accountant and managing partner at Yip Associates, as
Subchapter V trustee for Thirteen Fifty Apparel, LLC.
Ms. Yip 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. Yip declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Maria M. Yip
2 S. Biscayne Blvd., Suite 2690
Miami, FL 33131
Tel: (305) 569-0550
Email: myip@yipcpa.com
About Thirteen Fifty Apparel
Thirteen Fifty Apparel, LLC offers clothing and accessories for
first responders.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18236) on Oct. 9,
2023, with $314,414 in assets and $2,310,441 in liabilities.
Christopher Lewis, chief executive officer and owner, signed the
petition.
Judge Mindy A. Mora oversees the case.
Eric Pendergraft, Esq., at Shraiberg Page PA, represents the Debtor
as legal counsel.
THRASIO LLC: $325MM Bank Debt Trades at 32% Discount
----------------------------------------------------
Participations in a syndicated loan under which Thrasio LLC is a
borrower were trading in the secondary market around 67.8
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $325 million facility is a Delay-Draw Term loan that is
scheduled to mature on December 18, 2026..
Thrasio LLC — https://www.thrasio.com — specializes in buying
Amazon third-party private label businesses. Its portfolio includes
Angry Orange pet odor eliminators and stain removers, Wise Owl
Outfitters camping and outdoor gear, and more than 200 other Amazon
and ecommerce brands. Thrasio was co-founded in 2018 by Joshua
Silberstein.
THRASIO LLC: $740MM Bank Debt Trades at 32% Discount
----------------------------------------------------
Participations in a syndicated loan under which Thrasio LLC is a
borrower were trading in the secondary market around 68.4
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $740 million facility is a Term loan that is scheduled to
mature on December 18, 2026. The amount is fully drawn and
outstanding.
Thrasio LLC -- https://www.thrasio.com/ -- specializes in buying
Amazon third-party private label businesses. Its portfolio includes
Angry Orange pet odor eliminators and stain removers, Wise Owl
Outfitters camping and outdoor gear, and more than 200 other Amazon
and ecommerce brands. Thrasio was co-founded in 2018 by Joshua
Silberstein.
TIMBER PHARMACEUTICALS: Adjourns Special Meeting Until Oct. 30
--------------------------------------------------------------
Timber Pharmaceuticals, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Oct. 16, 2023, the
Company convened and then adjourned its 2023 Special Meeting of
Stockholders being held to consider and vote on the following
proposals:
(1) the adoption of the Agreement and Plan of Merger, dated as
of Aug. 20, 2023, by and among the Company, LEO US Holding, Inc.,
LEO Spiny Merger Sub, Inc. and LEO Pharma A/S, as it may be
amended, supplemented or otherwise modified from time to time;
(2) the approval, on an advisory basis, of the compensation
that may be paid or become payable to the Company's named executive
officers in connection with or following the consummation of the
Merger; and
(3) the adjournment of the Special Meeting if there are
insufficient votes to adopt the Merger Agreement at the time of the
Special Meeting or any adjournment or postponement thereof.
Pursuant to the Company's amended and restated bylaws, the
Company's stockholders approved an adjournment of the Special
Meeting to 12:00 p.m. Eastern Time on Oct. 30, 2023, via the
Internet, to allow additional time for stockholders to vote on the
proposals.
The Company's stockholders of record as of the Record Date will
continue to be entitled to vote at the reconvened Special Meeting.
Stockholders may attend the Special Meeting at the website address
https://viewproxy.com/tmbrsm/2023/.
About Timber Pharmaceuticals
Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation --
http://www.timberpharma.com-- is a biopharmaceutical company
focused on the development and commercialization of treatments for
orphan dermatologic diseases. The Company's investigational
therapies have proven mechanisms-of-action backed by decades of
clinical experience and well-established CMC (chemistry,
manufacturing and control) and safety profiles. The Company is
initially focused on developing non-systemic treatments for rare
dermatologic diseases including congenital ichthyosis (CI), facial
angiofibromas (FAs) in tuberous sclerosis complex (TSC), and
localized scleroderma.
Timber reported a net loss and comprehensive loss of $19.38 million
for the year ended Dec. 31, 2022, compared to a net loss and
comprehensive loss of $10.64 million for the year ended Dec. 31,
2021. As of Dec. 31, 2022, the Company had $10.27 million in total
assets, $5.04 million in total liabilities, and $5.23 million in
total stockholders' equity.
Short Hills, New Jersey-based KPMG LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 31, 2023, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.
TRINSEO PLC: S&P Assigns 'B' Rating on Senior Secured Term Loan
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '1'
recovery rating to Trinseo NA Finance SPV LLC's $1.077 billion
first-lien senior secured term loan. Trinseo NA Finance SPV LLC is
a debt-issuing subsidiary of Trinseo PLC, which is headquartered in
Wayne, Pennsylvania and is a producer of engineered materials,
latex, and styrene-based plastics serving a variety of industrial
and consumer end-markets.
The company will use the proceeds to refinance entirety of the
company's outstanding term loan due September 2024 and $385 million
of its existing $500 million senior notes due September 2025. The
term loan and the senior notes were co-issued by subsidiaries
Trinseo Materials Operating S.C.A. and Trinseo Materials Finance
Inc.
All ratings on Trinseo PLC, including the 'CCC+' issuer credit
rating, are unchanged.
TUPPERWARE BRANDS: Laurie Goldman Named President and CEO
---------------------------------------------------------
Tupperware Brands Corporation announced that Laurie Ann Goldman has
been named president, chief executive officer and a director of the
Board to support the Company's continued turnaround strategy and
execution. Goldman replaces Miguel Fernandez as president and CEO,
and Fernandez will no longer serve as a director of Tupperware's
Board, effective immediately.
Goldman, a seasoned executive with over 30 years of leadership and
brand-building experience, previously served as CEO of Avon North
America, where she was instrumental in driving value creation, and
as CEO of Spanx, where she transformed the company from a startup
into a global category leader and household name. She was most
recently the CEO of OVME Aesthetics.
"Now is the right time to bring in new leadership, and Laurie Ann
is exceptionally well-suited to advance our long-term strategy and
accelerate growth," said Susan Cameron, Chair of Tupperware's Board
of Directors. "Laurie Ann is a trusted and growth-oriented leader
with extensive management experience in the consumer goods
industry."
Cameron added, "Laurie Ann brings the right mix of business and
brand experience and has built consumer affinity for some of the
world's most iconic brands. We are confident that her proven
history of motivating global sales teams, along with her strong
operational and financial capabilities, will empower our teams and
accelerate our efforts to guide Tupperware to sustainable,
long-term growth."
"I am excited and energized to lead this iconic brand whose
innovative products are coveted by millions around the world," said
Goldman. "This is a tribute to the entrepreneurial and inventive
spirit of the wonderful teams that sell and create Tupperware and
its impressive retail partners. I can't wait to delight more
consumers with the celebrated products they trust and love."
In connection with her employment as president and chief executive
officer, the Company and Ms. Goldman entered into a letter
agreement with a term commencing on Oct. 17, 2023 and ending on
April 17, 2025, pursuant to which she will receive an annual base
salary of $1,000,000, an annual target bonus opportunity of
$1,250,000, with a guaranteed bonus of $312,500 for the remainder
of 2023, and a one-time cash-based long-term incentive award with a
target value of $3,000,000, half of which will vest based on her
continued employment for a period of eighteen months following her
start date ($500,000 every six months) and half of which will vest
on the same time-based vesting schedule, but will also be subject
to performance-based vesting criteria to be determined by the
Board. Vesting of the cash-based long-term incentive award will
accelerate in full upon a change in control of the Company. In the
event of a termination of Ms. Goldman's employment by the Company
without cause or by Ms. Goldman for good reason, any outstanding
annual bonus or long-term incentive awards will be vested and paid
on a pro-rated basis within 30 days following the end of the
applicable performance period, and, in the case of
performance-based awards, based on the Company's actual performance
through the date of termination (and solely based on the passage of
time for time-based awards), as determined by the Board and the
number of months elapsed between the start date (or the beginning
of the applicable performance period) and the date Ms. Goldman's
employment terminates. Ms. Goldman will be eligible to participate
in the employee benefit plans and programs made available by the
Company to senior executives generally and the Company will
reimburse Ms. Goldman for up to $12,000 in legal fees incurred in
entering into the letter agreement.
Board Refreshment
Additionally, the Company has appointed Lori Bush, Paul Keglevic
and William Transier to the Board of Directors. Bush's
direct-sales marketing experience, along with Keglevic's and
Transier's financial and operational leadership, will provide
valued support for the Company.
To enable the Board refreshment, Mark Burgess, Meg Crofton, Deborah
Ellinger and James Fordyce have voluntarily stepped down from the
Board after providing significant support and counsel to
Tupperware. With these changes and the previously disclosed
departure of Richard Goudis, the Board will be reduced to eleven
directors, ten of whom will be independent.
"Today marks a significant step forward for Tupperware, and I am
honored to welcome Lori, Paul and Bill to our Board of Directors,"
said Cameron. "We are grateful for the insights and dedication
that Mark, Meg, Deborah, and Jim brought to Tupperware to help us
achieve our goals and thank them for their considerable
contributions. With these new appointments, we are confident we
are adding tremendous expertise to the Board that will help us
accelerate our turnaround plan to meaningfully drive value creation
and long-term growth."
Financial Disclosure and Compliance Update
The Company filed its 2022 Annual Report on Form 10-K with the
Securities and Exchange Commission on Friday, Oct. 13, 2023. As
previously disclosed, the Company is continuing to finalize its
financial close process for the first three quarters of 2023 and
will file its Quarterly Reports on Forms 10-Q for Q1, Q2 and Q3 of
2023 as promptly as possible.
About Tupperware Brands
Tupperware Brands Corporation (NYSE: TUP) -- Tupperwarebrands.com
-- is a global consumer products company that designs innovative,
functional and environmentally responsible products that people
love and trust. Founded in 1946, Tupperware's signature container
created the modern food storage category that revolutionized the
way the world stores, serves and prepares food. Today, this iconic
brand has more than 8,500 functional design and utility patents for
solution-oriented kitchen and home products. With a purpose to
nurture a better future, Tupperware products are an alternative to
single-use items. The company distributes its products into nearly
70 countries, primarily through independent representatives around
the world.
On June 1, 2023, Tupperware Brands received a notice from the New
York Stock Exchange indicating the Company is not in compliance
with Sections 802.01B and Section 802.01C of the NYSE Listed
Company Manual because (i) the Company's average global market
capitalization over a consecutive 30 trading-day period was less
than $50 million and, at the same time, its last reported
stockholders' equity was less than $50 million, and (ii) the
average closing price of the Company's common stock was less than
$1.00 over a consecutive 30 trading-day period. The Notice has no
immediate effect on the listing of the Company's common stock.
Tupperware Brands reported a net loss of $232.5 million for the
year ended Dec. 31, 2022. As of Dec. 31, 2022, the Company had
$743.6 million in total assets, $1.17 billion in total liabilities,
and a total shareholders' deficit of $429.8 million.
Tampa, Florida-based PricewaterhouseCoopers LLP, the Company's
auditor since 1995, issued a "going concern" qualification in its
report dated Oct. 13, 2023, citing that the Company has experienced
liquidity challenges and is uncertain about its ability to comply
with debt covenants, which resulted in the borrowings under the
Company's credit agreement being classified as current as of Dec.
31, 2022, and that also raises substantial doubt about its ability
to continue as a going concern.
UNITED SITE: BLSCI Fund Marks $952,954 Loan at 18% Off
------------------------------------------------------
Blackstone Long Short Credit Income Fund has marked its $952,954
loan extended to United Site Services to market at $785,353 or 82%
of the outstanding amount, as of June 30, 2023, according to BLSCI
Fund's Form N-CSRS for the semi-annual period ended June 30, 2023,
filed with the Securities and Exchange Commission.
Blackstone Long Short Credit Income Fund is a participant in a
First Lien Term Loan (3M US L + 4.25%) to United Site Services. The
loan matures on December 15, 2028.
Blackstone Long Short Credit Income Fund is a closed-end fund that
trades on the New York Stock Exchange under the symbol BGX.
United Site Services provides portable sanitation and related site
services.
URGENT CARE: Seeks to Hire Swanson Sweet as Bankruptcy Counsel
--------------------------------------------------------------
Urgent Care Physicians, Ltd. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to hire
Swanson Sweet LLP as its general bankruptcy counsel.
The Debtor requires legal counsel to:
a. preparing and reviewing pleadings, motions and
correspondence;
b. appearing at and being involved in various proceedings
before this Court;
c. handling case administration tasks and dealing with
procedural issues, including activity necessary to see the
non-consensually confirmed Subchapter V Plan through to
completion;
d. assisting the Debtor-in-Possession with the continuation of
DIP operations, including monthly reporting requirements; and
e. analyzing claims and prosecuting claim objections.
The hourly rates of attorneys and paraprofessionals range from $160
to $675 per hour.
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Menn disclosed in a court filing that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
John W. Menn, Esq.
SWANSON SWEET LLP
107 Church Avenue
Oshkosh, WI 54901
Telephone: (920) 235-6690
About Urgent Care Physicians
Appleton, Wis.-based Urgent Care Physicians, Ltd. filed a Chapter
11 petition (Bankr. E.D. Wis. Case No. 21-24000) on July 15, 2021.
At the time of the filing, the Debtor had $268,370 in total assets
and $1,341,830 in total liabilities. Bobby B. Yun, president,
signed the petition. Judge Beth E. Hanan oversees the case.
Steinhilber Swanson LLP serves as the Debtor's bankruptcy counsel.
US RENAL CARE: $1.60BB Bank Debt Trades at 51% Discount
-------------------------------------------------------
Participations in a syndicated loan under which US Renal Care Inc
is a borrower were trading in the secondary market around 48.6
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $1.60 billion facility is a Term loan that is scheduled to
mature on July 26, 2026. About $243.6 million of the loan is
withdrawn and outstanding.
U.S. Renal Care is a dialysis provider available for people living
with chronic and acute renal disease.
VESTTOO LTD: Seeks to Hire DLA Piper LLP as Legal Counsel
---------------------------------------------------------
Vesttoo Ltd and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ DLA Piper
LLP (US) and DLA Piper International LLP as counsel.
The firm will provide these services:
(a) advise the Debtors of their rights, powers and duties as
debtors and debtors in possession, while operating and managing
their business and property under chapter 11 of the Bankruptcy
Code;
(b) prepare on behalf of the Debtors all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules and other documents and reviewing all
financial and other reports to be filed in these chapter 11 cases;
(c) advise the Debtors concerning and prepare responses to,
applications, motions, other pleadings, notices and other papers
that may be filed by other parties in these chapter 11 cases;
(d) advise the Debtors with respect to, and assist in the
negotiation and documentation of, asset purchase agreements or
other definitive transaction documentation, financing agreements,
and related transactions;
(e) advise the Debtors regarding actions to collect and recover
property for the benefit of their estates;
(f) advise the Debtors concerning executory contract and
unexpired lease assumptions and assignments and rejections;
(g) assist the Debtors in reviewing, estimating and resolving
claims asserted against the Debtors' estates;
(h) advise the Debtors as foreign representative in the Israeli
proceedings and coordinate with Debtors' ordinary course and other
professionals;
(i) advise the Debtors with respect to the Bermudian liquidation
procedures and any related foreign proceeding, including, without
limitation, the related chapter 15 case pending before this Court;
(j) continue the investigation the Debtors and others relating
to alleged fraudulent letter of credit and any claims of the
Debtors arising from or relating to such alleged wrongful conduct;
(k) negotiate or litigate with Debtors' constituencies
concerning alleged violations of the automatic stay;
(l) assist the Debtors in complying with applicable laws and
governmental regulations; and
(m) provide any other services to the extent requested by the
Debtors.
The firm will be paid at these rates:
Partners $1,380 to $1,800 per hour
Associates $750 to $1,215 per hour
Paralegals $340 to $380 per hour
The Debtors paid the firm a retainer of $400,000.
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: DLA Piper represented the Debtors prepetition in
connection with their investigation and in other
matters. For investigative and other work performed
under DLA Piper's engagement, DLA Piper provided a
(i) 25 percent discount on its standard hourly
rates for an invoice dated August 9, 2023, and (ii)
20 percent discount on its standard hourly rates
for its final prepetition invoice. DLA Piper does
not intend to change its billing rates or other
material financial terms from its standard or
customary billing arrangements postpetition.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: DLA Piper expects to develop a prospective budget
and staffing plan to comply with the U.S. Trustees
requests for information and additional
disclosures, and any other orders of the Court,
recognizing that in the course of these chapter 11
cases there may be unforeseeable fees and expenses
that will need to be addressed by the Committee and
the firm.
R. Craig Martin, Esq., a partner at DLA Piper LLP (US), 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:
R. Craig Martin, Esq.
DLA PIPER LLP (US)
1201 North Market Street Suite 2100
Wilmington, DE 19801
Tel: (302) 468-5700
About Vesttoo Ltd
Vesttoo Ltd. is a technology-driven collateralized reinsurance
provider in Tel Aviv, Israel. It connects the insurance industry
with the capital markets by combining AI-powered technology with
expertise in data science, insurance and finance.
Vesttoo and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. (Lead Case No. 23-11160) on
August 14 and 15, 2023.
The Honorable Bankruptcy Judge Mary F. Walrath oversees the case.
The Debtors tapped DLA Piper, LLP (US) as legal counsel and Kroll,
LLC as financial advisor. Epiq Corporate Restructuring, LLC is the
claims and administrative agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Greenberg Traurig, LLP.
VISTA OUTDOOR: S&P Affirms 'BB' ICR, Off CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings removed the ratings from CreditWatch where it
placed them Nov. 9 2022, with negative implications and affirmed
its 'BB' issuer credit rating on U.S.-based Vista Outdoor Inc. S&P
anticipates withdrawing its ratings on the company after the
transaction closes and debt is repaid some time in calendar 2024.
S&P said, "We also affirmed our 'BB' issue-level rating on the
company's $500 million senior unsecured notes due in 2029. The
recovery rating remains '3', reflecting our estimate of meaningful
(50%-70%; rounded estimate: 65%) recovery in the event of a payment
default.
"Our stable outlook reflects our expectation that the existing
company, despite near-term demand headwinds, will maintain S&P
Global Ratings-adjusted debt to EBITDA below 2.5x prior to the sale
of the sporting goods business."
U.S.-based Vista Outdoor Inc. announced its intention to sell its
sporting products business to Czechoslovak Group A.S. for $1.91
billion on a cash-free, debt-free basis. Upon completion of the
sale of the sporting products business, the outdoor products
business, to be named Revelyst Inc., will become an independent
publicly traded company. Vista will repay all of its existing debt
following the close of the transaction.
The rating affirmation reflects S&P's expectation the existing
combined company will maintain leverage below 2.5x prior to the
sale of the sporting goods business as free operating cash flow
(FOCF) generation facilitates deleveraging despite significant
demand pressure.
Vista's organic sales decreased nearly 24% during the first quarter
of fiscal 2024. Organic sales at the company's sporting product and
outdoor product segments were down about 26% and 20%, respectively,
during the quarter. This marked the fourth consecutive quarter of
double-digit percent declines in organic sales for Vista. Following
a surge of participation in outdoor recreation during the pandemic
years, normalization of consumer habits, and high channel inventory
levels has led to lower sales across most of the company's product
categories. Higher material costs have also pressured its
profitability. The company's S&P Global Ratings-adjusted EBITDA for
the 12-month period ended June 25, 2023, declined about 33% year
over year to $536 million.
At the same time, Vista issued new debt and borrowed under its
asset-based lending (ABL) facility to finance acquisitions. During
fiscal 2023, it acquired Fox Racing for $575 million and Simms
Fishing Products for $192.5 million. The company's lower
profitability and higher borrowings led to an increase in its S&P
Global-Ratings adjusted debt to EBITDA to 2x for the 12-months
ended June 25, 2023, compared to 0.9x for the same prior-year
period. S&P said, "Nonetheless, these leverage levels remain within
our expectations for a 'BB' rating, in part, because of the
company's continued good FOCF generation. We estimate Vista
generated FOCF of over $400 million for the 12-months ended June
25, 2023. While we expect continued lower demand during fiscal
2024, we believe the company will generate healthy levels of FOCF,
which will facilitate debt repayment and sustained S&P Global
Ratings-adjusted debt to EBITDA of about 2x for fiscal 2024."
The company intends to sell its sporting goods business and pay off
its existing debt.
On Oct. 16, 2023, Vista announced that it had entered into a
definitive agreement to sell its sporting products business, which
manufactures and sells various caliber ammunition for hunting and
shooting activities, to Czechoslovak Group A.S. for $1.91 billion
on a cash-free, debt-free basis. The proposed transaction values
the sporting goods business at about 5x its fiscal 2024 EBITDA,
including stand-alone costs. The company intends to repay all of
its existing debt with the proceeds of the transaction, including
its only rated $500 million senior unsecured notes due in 2029.
Vista's remaining outdoor products business was named Revelyst and
will become a stand-alone publicly traded company.
To complete the sale of the sporting products business, Vista will
first separate Revelyst from its sporting products business.
Stockholders of Vista Outdoor will receive shares of Revelyst and
approximately $750 million in cash. The transaction will be treated
as a taxable sale of Vista Outdoor shares for Revelyst shares and
of the cash consideration Vista shareholders will receive.
S&P's stable outlook reflects its expectation the company will
maintain adjusted leverage below 2.5x before it sells its sporting
goods business and likely repays all debt.
S&P could lower the ratings if adj. leverage were sustained above
2.5x. We believe this could happen if:
-- Demand for the company's products continues to decline due to
the weak macroenvironment or a negative political cycle (generally,
ammunition demand is higher under democratic party control because
of gun-owner fears over increases in gun control legislation),
leading to lower-than-expected profitability and FOCF generation;
or
-- The company is unable to manage lower fixed-cost absorption or
input material-cost inflation, leading to greater-than-expected
margin contraction.
Although unlikely, S&P could raise the ratings if the transaction
is not completed and the company:
-- Sustained S&P Global Ratings-adjusted debt to EBITDA under 2x
through economic and ammunition cycles, and
-- Diversifies its product offering to balance its exposure to the
volatile ammunition segment that is sensitive to social factors
regarding safety.
WASTEPLACE LLC: Taps Michael Best & Friedrich as Legal Counsel
--------------------------------------------------------------
WastePlace, LLC and William Henry Agency, LLC seek approval from
the U.S. Bankruptcy Court for the Western District of Texas to hire
Michael Best & Friedrich LLP as its bankruptcy counsel.
The Debtor requires legal counsel to:
a. give advice with respect to the rights, duties and powers
of the Debtor under the Bankruptcy Code;
b. advise the Debtor on the conduct of its bankruptcy case,
including the legal and administrative requirements of operating in
Chapter 11;
c. attend meetings and negotiate with representatives of
creditors and other parties involved in the case;
d. prosecute actions on behalf of the Debtor, defend actions
commenced against the Debtor, and represent the Debtor's interests
in negotiations concerning litigation in which the Debtor is
involved, including objections to claims filed against the estate;
e. prepare pleadings;
f. advise the Debtor in connection with and assist in the
negotiation and documentation of financing arrangements and related
transactions, contracts, commercial transactions, and any potential
sale of assets;
g. assist the Debtor on licensing, regulatory, tax and other
governmental matters;
h. appear before the bankruptcy court;
i. assist the Debtor in preparing, negotiating, and
implementing a Chapter 11 plan and advising the Debtor with respect
to any rejection or reformulation of the plan, if necessary; and
j. perform other necessary legal services.
The firm will be paid at these rates:
Justin M. Mertz, Partner $595 per hour
Mason A. Higgins, Associate $340 per hour
Other Partners $350 to 650 per hour
Other Associates and Staff Attorneys $215 to $500 per hour
Paralegals and Other Paraprofessionals $100 to $300 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $50,000.
Justin Mertz, Esq., a partner at Michael Best & Friedrich,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Justin M. Mertz, Esq.
MICHAEL BEST & FRIEDRICH, LLP
100 E. Wisconsin Avenue, Suite 3300
Milwaukee, WI 53202-4108
Tel: (414) 271-6560
Email: jmmertz@michaelbest.com
About WastePlace, LLC
WastePlace, LLC s a waste and recycling marketplace that connects
customers to thousands of waste management service providers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10768) on September
18, 2023. In the petition signed by Gary LaBreck, chief executive
officer, the Debtor disclosed up to $50,000 in assets and up to $10
million in liabilities.
Justin M. Mertz, Esq., at Michael Best & Friedrich LLP, represents
the Debtor as legal counsel.
WEWORK INC: Appoints David Tolley as Chief Executive Officer
------------------------------------------------------------
WeWork Inc. announced that David Tolley has been named chief
executive officer. Tolley has served as a WeWork Board Member
since February 2023 and as interim chief executive officer since
May 2023.
"WeWork's ability to define and lead an evolving world of work is a
direct result of the tenacity and hard work of our employees who
have built an exceptional product, member experience, and brand,"
said Tolley. "As companies continue to rethink their office
strategies, and demand for flexible office space continues to grow,
WeWork offers a unique suite of solutions that empower
entrepreneurs and companies of all sizes to collaborate together,
evolve and thrive."
Tolley brings over 25 years of experience creating and executing
strategies and operational improvements that drive value, cash
flow, and revenue. Tolley will continue to lead WeWork's ongoing
transformation efforts. WeWork remains focused on building a
sustainable and profitable business as it executes its strategic
plan, which includes renegotiating nearly all of its leases to
reduce rent expenses and driving operational efficiency. WeWork
also continues to invest in its buildings, offerings, and products
to strengthen its global footprint, and further enhance its
signature member experience.
"Over the past few months we have taken decisive and focused
actions to improve our business," Tolley continued. "The steps we
are taking now to achieve our goals not only help us achieve
profitability and sustain growth, but will position us to serve our
members better for the long term. I emphatically believe we're on
the right path, already gaining momentum and seeing promising
results from our efforts. I am honored to be leading our
world-class team at this important moment for WeWork."
Tolley most recently served as chief financial officer of Intelsat
S.A. from 2019 to 2022. Over the course of his career, Tolley has
also served as chief financial officer of OneWeb, was a private
equity partner at Blackstone from 2000 to 2011 and prior to that
was a vice president in the Investment Banking Division of Morgan
Stanley.
"The Board is pleased to formally welcome David Tolley to WeWork as
its Chief Executive Officer. David is a proven leader, with an
exceptional track record of running complex and high-impact
businesses, and has brought immense energy, discipline, and focus
to WeWork since stepping into the role on an interim basis in May.
We are confident that David is the right leader for this pivotal
moment and in his ability to drive WeWork's continued
transformation," said Paul Keglevic, chair of WeWork's Board of
Directors.
In connection with his appointment to permanent CEO, the Board
approved a new employment agreement for Mr. Tolley, which replaced
his existing employment agreement. The Employment Agreement
provides for (a) an annual base salary of $2,875,000, (b) a target
annual cash bonus opportunity in an amount equal to 100% of his
annual base salary, except that his eligibility for such bonus will
be suspended until a specific vesting date, (c) a discretionary
target bonus of $400,000 for Mr. Tolley's performance under his
interim CEO employment agreement, and (d) a one-time cash payment
of $500,000. The new Employment Agreement provides that if Mr.
Tolley's employment is terminated without Cause or with Good
Reason, then Mr. Tolley is generally eligible for cash severance in
the amount of his base salary and target annual bonus if such
termination occurs on or before the first anniversary of the
effective date of the Employment Agreement, and two times the sum
of his base salary and target annual bonus if such termination
occurs after the first anniversary of the effective date.
WeWork also announced that current WeWork Board member, Paul
Keglevic, was appointed Chair of the Board of Directors, effective
Sept. 1, 2023.
"Paul's expertise and perspective have already added immense value
to WeWork since joining the Board and becoming Chair in September.
I look forward to continuing to work with Paul, and the rest of the
Board," added Tolley.
About WeWork Inc.
New York, NY-based WeWork Inc. (NYSE: WE) -- wework.com -- is a
global flexible workspace provider, serving a membership base of
businesses large and small through its network of 779 Systemwide
Locations, including 622 Consolidated Locations as of December
2022.
WeWork reported a net loss of $2.29 billion for the year ended Dec.
31, 2022, a net loss of $4.63 billion for the year ended Dec.
31, 2021, a net loss of $3.83 billion in 2020, and a net loss of
$3.77 billion in 2019. As of Dec. 31, 2022, the Company had
$17.86 billion in total assets, $21.31 billion in total
liabilities, and a total deficit of $3.43 billion.
As disclosed in a Form 8-K filed with the Securities and Exchange
Commission on Oct. 2, 2023, WeWork skipped interest payments of
approximately $37.3 million payable in cash and $57.9 million
payable in the form of additional PIK notes on five notes issued by
WeWork Companies LLC and WW Co-Obligor Inc.
WILLIAM-WALTON INC: Hires Bartos & Associates as Bookkeeper
-----------------------------------------------------------
William-Walton, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Western Virginia to hire Peter
Bartosiewicz of Bartos & Associates, Inc., as its bookkeeper.
The bookkeeper will be compensated as follows:
a. a fee of $40 per hour for any work performed by Mr.
Bartosiewicz's assistant; and
b. a fee of $60 per hour for any work (including but limited
to bookkeeping, accounting and preparation of tax returns)
performed by Mr. Bartosiewicz.
Mr. Bartosiewicz, local tax preparer at Bartos & Associates,
assured the court that his firm represents no interest adverse to
the debtorin-possession or the estate in the matters upon which is
has been engaged to represent debtor-in-possession.
The firm can be reached through:
Peter Bartosiewicz, EA
Bartos & Associates Inc.
215 E Washington St
Lewisburg, WV 24901
Telephone: (304) 645-3555
About William-Walton, Inc.
William-Walton, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 23-50082) on
Sep. 29, 2023. At the time of filing, the Debtor estimated $50,001
to $100,000 in assets and $100,001 to $500,000 in liabilities.
Paul W. Roop, II, Esq. at Roop Law Office LC represents the Debtor
as counsel. The Debtor tapped Bartos & Associates Inc. as its
bookkeeper.
WOOF HOLDINGS: $235MM Bank Debt Trades at 31% Discount
------------------------------------------------------
Participations in a syndicated loan under which Woof Holdings Inc
is a borrower were trading in the secondary market around 68.9
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $235 million facility is a Term loan that is scheduled to
mature on December 21, 2028. The amount is fully drawn and
outstanding.
Headquartered in Tewksbury, Massachusetts, Woof Holdings, Inc.,
through its acquisition of The Wellness Pet Food Holdings Company,
Inc., is a manufacturer of premium pet food and treats, mainly in
North America.
WOOF HOLDINGS: $750MM Bank Debt Trades at 22% Discount
------------------------------------------------------
Participations in a syndicated loan under which Woof Holdings Inc
is a borrower were trading in the secondary market around 78.4
cents-on-the-dollar during the week ended Friday, October 20, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on December 21, 2027. The amount is fully drawn and
outstanding.
Headquartered in Tewksbury, Massachusetts, Woof Holdings, Inc.,
through its acquisition of The Wellness Pet Food Holdings Company,
Inc., is a manufacturer of premium pet food and treats, mainly in
North America.
XPLORNET COMMS: $200MM Bank Debt Trades at 57% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Xplornet
Communications Inc is a borrower were trading in the secondary
market around 42.8 cents-on-the-dollar during the week ended
Friday, October 20, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $200 million facility is a Term loan that is scheduled to
mature on October 1, 2029. The amount is fully drawn and
outstanding.
Xplornet Communications Inc operates as a broadband service
provider. The Company offers voice and data communication services
through wireless and satellite networks. Xplornet Communications
serves customers in Canada.
[*] Bankruptcy Judges to Speak at Nov. 29 DI Conference
-------------------------------------------------------
Don't miss this unique opportunity to hear perspectives and
insights from current and former bankruptcy judges at the 30TH
DISTRESSED INVESTING CONFERENCE presented by Beard Group, Inc.:
* Hon. Brendan Shannon, United States Bankruptcy Judge for
the
District of Delaware
* Hon. Michael Kaplan, Chief United States Bankruptcy
Judge
for the District of New Jersey
* Hon. Shelley Chapman (RET.), Senior Counsel, Willkie Farr
&
Gallagher LLP
* Hon. Robert Drain (RET.), Of Counsel, Corporate
Restructuring, Skadden
Josh Sussberg, Partner, Restructuring, Kirkland & Ellis LLP, will
serve as panel moderator.
Registration remains open for the 30th DI Conference to be held
Wed., Nov. 29, in-person at the Harmonie Club in Manhattan.
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.
This year's Distressed Investing Conference is sponsored by:
* Kirkland & Ellis and Foley & Lardner, as conference
co-chairs
* Davis Polk
* Dechert
* Dentons
* DSI
* Locke Lord
* Parkins & Rubio
* RJReuter
* Skadden
* SSG
* Stein Advisors
* Troutman Pepper
* Wachtell Lipton Rosen & Katz
* Weil Gotshal
Our Media partners:
* BankruptcyData
* Debtwire
* LevFin Insights
* PacerMonitor
* REORG
Our knowledge partner:
* Creditor Rights Coalition
Visit @ 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 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* 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 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL US 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE A1G GR 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL* MM 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE A1G TH 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE A1G QT 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE A1G GZ 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL11EUR EU 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL AV 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE 4AAL TE 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE A1G SW 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE 0HE6 LI 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL11EUR EZ 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL-RM RM 65,711.0 (5,136.0) (7,672.0)
AMERICAN AIRLINE AAL_KZ KZ 65,711.0 (5,136.0) (7,672.0)
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 CUCA TH 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GZ 31,395.0 (125.0) (611.0)
BATH & BODY WORK LTD0 GR 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LTD0 TH 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI US 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LBEUR EU 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI* MM 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LTD0 QT 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI AV 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LBEUR EZ 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LTD0 GZ 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI-RM RM 5,195.0 (2,154.0) 680.0
BELLRING BRANDS BRBR US 722.4 (364.7) 282.4
BELLRING BRANDS D51 TH 722.4 (364.7) 282.4
BELLRING BRANDS BRBR2EUR EU 722.4 (364.7) 282.4
BELLRING BRANDS D51 GR 722.4 (364.7) 282.4
BELLRING BRANDS D51 QT 722.4 (364.7) 282.4
BEYOND MEAT INC BYND US 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 GR 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 GZ 968.6 (299.1) 442.8
BEYOND MEAT INC BYNDEUR EU 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 TH 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 QT 968.6 (299.1) 442.8
BEYOND MEAT INC BYND AV 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 SW 968.6 (299.1) 442.8
BEYOND MEAT INC 0A20 LI 968.6 (299.1) 442.8
BEYOND MEAT INC BYNDEUR EZ 968.6 (299.1) 442.8
BEYOND MEAT INC 4BYND TE 968.6 (299.1) 442.8
BEYOND MEAT INC BYND* MM 968.6 (299.1) 442.8
BEYOND MEAT INC BYND-RM RM 968.6 (299.1) 442.8
BIOCRYST PHARM BO1 TH 529.9 (388.7) 417.6
BIOCRYST PHARM BCRX US 529.9 (388.7) 417.6
BIOCRYST PHARM BO1 GR 529.9 (388.7) 417.6
BIOCRYST PHARM BO1 QT 529.9 (388.7) 417.6
BIOCRYST PHARM BCRXEUR EU 529.9 (388.7) 417.6
BIOCRYST PHARM BCRX* MM 529.9 (388.7) 417.6
BIOCRYST PHARM BCRXEUR EZ 529.9 (388.7) 417.6
BIOTE CORP-A BTMD US 139.1 (73.2) 90.4
BOEING CO-BDR BOEI34 BZ 134,774.0 (15,493.0) 15,336.0
BOEING CO-CED BA AR 134,774.0 (15,493.0) 15,336.0
BOEING CO-CED BAD AR 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA EU 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO GR 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAEUR EU 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE 4BA TE 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA* MM 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA SW 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA US 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO TH 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA PE 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA CI 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO QT 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAUSD SW 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO GZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA AV 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA-RM RM 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAEUR EZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA EZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BACL CI 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA_KZ KZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD EB 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD IX 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD I2 134,774.0 (15,493.0) 15,336.0
BOMBARDIER INC-A BBD/A CN 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BDRAF US 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD GR 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD/AEUR EU 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD GZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/B CN 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC GR 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BDRBF US 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC TH 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDBN MM 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/BEUR EU 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC GZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/BEUR EZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC QT 12,544.0 (2,490.0) (285.0)
BOOKING HLDG-BDR BKNG34 BZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 GR 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG US 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG* MM 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 TH 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG CI 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG SW 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 QT 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNGUSD SW 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCLNEUR EU 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 GZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BOOK AV 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS 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 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)
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
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
CYTOKINETICS INC CYTK US 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A GR 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A QT 779.9 (333.1) 521.0
CYTOKINETICS INC CYTKEUR EU 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A TH 779.9 (333.1) 521.0
DELEK LOGISTICS DKL US 1,692.6 (129.5) 29.0
DELL TECHN-C DELL US 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA TH 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA GR 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA GZ 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL1EUR EU 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELLC* MM 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA QT 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL AV 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL1EUR EZ 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL-RM RM 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C-BDR D1EL34 BZ 85,658.0 (2,677.0) (11,943.0)
DENNY'S CORP DE8 GR 465.6 (42.6) (49.9)
DENNY'S CORP DENN US 465.6 (42.6) (49.9)
DENNY'S CORP DENNEUR EU 465.6 (42.6) (49.9)
DENNY'S CORP DE8 TH 465.6 (42.6) (49.9)
DENNY'S CORP DE8 GZ 465.6 (42.6) (49.9)
DIEBOLD NIXDORF DBD US 3,405.5 (2,130.6) (953.4)
DIGITALOCEAN HOL DOCN US 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU GR 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU TH 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL DOCNEUR EU 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU GZ 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU QT 1,497.9 (267.6) 474.8
DINE BRANDS GLOB DIN US 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP GR 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP TH 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP GZ 1,666.6 (281.0) (130.4)
DOMINO'S P - BDR D2PZ34 BZ 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV TH 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV GR 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ US 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV QT 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZEUR EU 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ AV 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ* MM 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV GZ 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZEUR EZ 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ-RM RM 1,619.5 (4,141.5) 232.7
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
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 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)
INHIBRX INC INBX US 213.2 (24.8) 172.0
INHIBRX INC 1RK GR 213.2 (24.8) 172.0
INHIBRX INC INBXEUR EU 213.2 (24.8) 172.0
INHIBRX INC 1RK QT 213.2 (24.8) 172.0
INSEEGO CORP INSG-RM RM 153.7 (70.8) 22.9
INSMED INC INSM US 1,439.1 (155.7) 848.2
INSMED INC IM8N GR 1,439.1 (155.7) 848.2
INSMED INC IM8N TH 1,439.1 (155.7) 848.2
INSMED INC INSMEUR EU 1,439.1 (155.7) 848.2
INSMED INC INSM* MM 1,439.1 (155.7) 848.2
INSPIRATO INC ISPO* MM 365.4 (122.9) (173.8)
INSPIRED ENTERTA INSE US 353.5 (50.3) 64.4
INSPIRED ENTERTA 4U8 GR 353.5 (50.3) 64.4
INSPIRED ENTERTA INSEEUR EU 353.5 (50.3) 64.4
INTUITIVE MACHIN LUNR US 95.8 (72.8) (58.1)
INVITAE CORP NVTA* MM 1,523.0 (200.8) 299.3
INVITAE CORP NVTA-RM RM 1,523.0 (200.8) 299.3
IRONWOOD PHARMAC I76 GR 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWD US 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 TH 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 QT 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWDEUR EU 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 GZ 603.2 (346.8) 12.2
JACK IN THE BOX JBX GR 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK US 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR EU 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX GZ 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX QT 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR EZ 2,951.8 (705.4) (228.5)
L BRANDS INC-BDR B1BW34 BZ 5,195.0 (2,154.0) 680.0
LESLIE'S INC LESL US 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 GR 1,137.4 (179.8) 221.4
LESLIE'S INC LESLEUR EU 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 TH 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 QT 1,137.4 (179.8) 221.4
LIFEMD INC LFMD US 33.9 (7.4) (7.9)
LINDBLAD EXPEDIT LIND US 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GR 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LINDEUR EU 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 TH 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 QT 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GZ 853.8 (103.1) (73.9)
LOWE'S COS INC LWE GR 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW US 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE TH 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW SW 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE QT 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWEUR EU 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE GZ 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW* MM 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC 4LOW TE 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWE AV 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWEUR EZ 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW-RM RM 44,521.0 (14,732.0) 4,624.0
LOWE'S COS-BDR LOWC34 BZ 44,521.0 (14,732.0) 4,624.0
LUMINAR TECHNOLO LAZR US 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR* MM 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR-RM RM 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GR 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZREUR EU 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS TH 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GZ 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS QT 658.4 (82.3) 393.9
LUMINE GROUP INC LMN CN 1,481.8 (2,860.1) (3,545.5)
LUMINE GROUP INC LMGIF US 1,481.8 (2,860.1) (3,545.5)
MADISON SQUARE G MSGS US 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GR 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSG1EUR EU 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 TH 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 QT 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GZ 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSGE US 1,401.2 (69.5) (245.4)
MADISON SQUARE G MSGE1* MM 1,401.2 (69.5) (245.4)
MANNKIND CORP NNFN GR 313.4 (260.5) 133.3
MANNKIND CORP MNKD US 313.4 (260.5) 133.3
MANNKIND CORP NNFN TH 313.4 (260.5) 133.3
MANNKIND CORP NNFN QT 313.4 (260.5) 133.3
MANNKIND CORP MNKDEUR EU 313.4 (260.5) 133.3
MANNKIND CORP NNFN GZ 313.4 (260.5) 133.3
MARKETWISE INC MKTW* MM 445.6 (257.3) (50.3)
MARRIOTT - BDR M1TT34 BZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD EB 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD IX 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD I2 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ TH 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GR 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR US 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ QT 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EU 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR AV 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A 4MAR TE 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ SW 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR* MM 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR-RM RM 25,087.0 (224.0) (4,076.0)
MATCH GROUP -BDR M1TC34 BZ 4,339.0 (177.5) 594.8
MATCH GROUP INC 0JZ7 LI 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH US 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH1* MM 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN TH 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GR 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN QT 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN SW 4,339.0 (177.5) 594.8
MATCH GROUP INC MTC2 AV 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GZ 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH-RM RM 4,339.0 (177.5) 594.8
MBIA INC MBI US 3,257.0 (988.0) -
MBIA INC MBJ GR 3,257.0 (988.0) -
MBIA INC MBJ TH 3,257.0 (988.0) -
MBIA INC MBJ QT 3,257.0 (988.0) -
MBIA INC MBI1EUR EU 3,257.0 (988.0) -
MBIA INC MBJ GZ 3,257.0 (988.0) -
MCDONALD'S 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
N/A CPB1 GZ 300.1 (63.0) 116.3
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) -
NIOCORP DEVELOPM NB CN 27.7 (11.7) 0.2
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)
PAPA JOHN'S INTL PZZAEUR EZ 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
PETRO USA INC PBAJ US 0.0 (0.1) (0.1)
PHILIP MORRI-BDR PHMO34 BZ 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM1EUR EU 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PMI SW 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN 4PM TE 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN 4I1 TH 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM1CHF EU 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN 4I1 GR 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM US 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PMIZ IX 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PMIZ EB 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN 4I1 QT 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN 4I1 GZ 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN 0M8V LN 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PMOR AV 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM* MM 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM1CHF EZ 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM1EUR EZ 62,927.0 (7,706.0) (2,354.0)
PHILIP MORRIS IN PM-RM RM 62,927.0 (7,706.0) (2,354.0)
PITNEY BOW-CED PBI AR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI US 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW TH 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBIEUR EU 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW QT 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GZ 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI-RM RM 4,423.4 (75.5) (241.9)
PLANET FITNESS I PLNT* MM 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT US 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL TH 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GR 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL QT 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT1EUR EU 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GZ 2,848.2 (216.0) 230.9
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 COMM CORP SBACEUR EZ 10,604.5 (5,054.8) (219.8)
SBA COMMUN - BDR S1BA34 BZ 10,604.5 (5,054.8) (219.8)
SEAGATE TECHNOLO S1TX34 BZ 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STXN MM 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STX US 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 GR 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 GZ 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STX4EUR EU 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 TH 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STXH AV 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 QT 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 4STX TE 7,556.0 (1,199.0) 313.0
SEAWORLD ENTERTA SEAS US 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GR 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L TH 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA SEASEUR EU 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L QT 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GZ 2,505.2 (377.5) (176.9)
SIRIUS XM HO-BDR SRXM34 BZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI US 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO TH 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GR 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN 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)
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
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 VGREUR EZ 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR TH 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR GZ 1,033.2 (797.1) 332.8
VERISIGN INC VRS TH 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS GR 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN US 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS QT 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSNEUR EU 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS GZ 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN* MM 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSNEUR EZ 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN-RM RM 1,677.2 (1,617.9) (144.3)
VERISIGN INC-BDR VRSN34 BZ 1,677.2 (1,617.9) (144.3)
VERISIGN-CEDEAR VRSN AR 1,677.2 (1,617.9) (144.3)
WAVE LIFE SCIENC WVE US 230.0 (43.8) 44.5
WAVE LIFE SCIENC WVEEUR EU 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 GR 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 TH 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 GZ 230.0 (43.8) 44.5
WAYFAIR INC- A W US 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF GR 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF TH 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A WEUR EU 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF QT 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A WEUR EZ 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF GZ 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A W* MM 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- BDR W2YF34 BZ 3,382.0 (2,698.0) (200.0)
WEWORK INC-CL A WE* MM 15,063.0 (3,593.0) (1,445.0)
WINGSTOP INC WING US 451.2 (365.4) 179.4
WINGSTOP INC EWG GR 451.2 (365.4) 179.4
WINGSTOP INC WING1EUR 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 55.5 (34.6) 32.2
WINMARK CORP GBZ GR 55.5 (34.6) 32.2
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WW INTERNATIONAL WW US 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 GR 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 TH 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTWEUR EU 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 QT 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 GZ 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 SW 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTW AV 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTWEUR EZ 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW-RM RM 1,001.5 (716.3) (23.5)
WYNN RESORTS LTD WYR GR 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN* MM 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN US 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR TH 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR QT 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNNEUR EU 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR GZ 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNNEUR EZ 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN-RM RM 13,783.7 (1,507.2) 3,005.7
YUM! BRANDS -BDR YUMR34 BZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM US 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GR 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR TH 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EU 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR QT 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMUSD SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM* MM 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM AV 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM-RM RM 5,848.0 (8,436.0) 28.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***