/raid1/www/Hosts/bankrupt/TCR_Public/231031.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 31, 2023, Vol. 27, No. 303
Headlines
11824 OCEAN PARK: Hires RHM Law LLP as Bankruptcy Counsel
140 WEST 121: Seeks Cash Collateral Access
2ND CHANCE: Seeks Court Nod to Sell Palmdale Property
ACASTI PHARMA: Settles Supply Agreement Claims with AKBM
AI DESIGN: Seeks to Hire Kirby Aisner & Curley as Legal Counsel
AIR METHODS: Court OKs $155MM DIP Loan from Wilmington Savings
AKUMIN INC: S&P, Moody's Cut Ratings Following Chapter 11 Filing
AKUMIN INC: Says Notice of Borrowing Delivered to Stonepeak
ALL DAY: $200MM Bank Debt Trades at 68% Discount
AMERIFIRST FINANCIAL: Wants Loan Portfolio Sales Okayed by Court
AMYRIS INC: Paul Hastings, Blank & MoloLamken Advise Noteholders
AN GLOBAL: Court OKs $22.7MM DIP Loan from Blue Torch
AQUARIUM SOLUTIONS: Seeks Cash Collateral Access
B & J INTERIORS: Files Emergency Bid to Use Cash Collateral
BIG TEDDY: Voluntary Chapter 11 Case Summary
BOY SCOUTS: Chapter 11 Law Firms Defend $148-Mil. Fee Applications
BREWSTER PLACE (KS): Fitch Affirms 'BB+' IDR, Outlook Stable
CAM-CAR COLLEGE: Hires Country Boys Auction as Auctioneers
CANOO INC: Registers 21.3M Shares Under Incentive, Purchase Plans
CANOO INC: Registers 267.6M Shares for Possible Resale by YA II
CANOPY GROWTH: Registers 82.9M Shares Under Equity Incentive Plan
CARESTREAM HEALTH: $540MM Bank Debt Trades at 25% Discount
CYTODYN INC: David Welch Reports 5.5% Equity Stake
DCQW LLC: Hires Andersen & Beede as Legal Counsel
DIEBOLD NIXDORF: Capital World Reports 33.4% Equity Stake
DIGITAL MEDIA: Lion Capital et al. Report 32.8% Equity Stake
EAGLE TRUCKLINES: Hires Demarco Mitchell PLLC as Counsel
ECLIPZ.IO INC: Case Summary & 20 Largest Unsecured Creditors
ELKHORN EXPLORATION: Hires Demarco Mitchell PLLC as Counsel
ENVISION HEALTHCARE: $2.20BB Bank Debt Trades at 31% Discount
EXACTECH INC: $235MM Bank Debt Trades at 54% Discount
EYECARE PARTNERS: S&P Downgrades ICR to 'CCC', Outlook Negative
FAITH VICTORY: Gets OK to Hire McConville as Legal Counsel
FINTHRIVE SOFTWARE: Fitch Corrects Nov. 3 Ratings Release
FLY LEASING: S&P Affirms 'CCC' ICR on Refinancing Uncertainties
FREEDOM PLUMBERS: Seeks Cash Collateral Access Thru April 2024
GLOBAL FOOD: EUR245MM Bank Debt Trades at 21% Discount
GOLDEN INDUSTRIAL: Case Summary & 10 Unsecured Creditors
GOPHER RESOURCE: $510MM Bank Debt Trades at 16% Discount
GREENIDGE GENERATION: Reports Selected Preliminary Q3 Results
H.A. STEWART: Hires Steidl and Steinberg P.C. as Counsel
HUBBARD RADIO: $372MM Bank Debt Trades at 17% Discount
IMEDIA BRANDS: Seeks to Hire Sidley Austin LLP as Counsel
INDRA HOLDINGS: $50MM Bank Debt Trades at 50% Discount
INTERNATIONAL LONGSHORE: Seeks Approval to Hire OCPs
JKW ENTERPRISES: Hires Ag & Business Legal Strategies as Counsel
LEALAND FINANCE: $500MM Bank Debt Trades at 44% Discount
LORDSTOWN MOTORS: Layton Dropped as Counsel in Chapter 11
LUMEN TECHNOLOGIES: $5BB Bank Debt Trades at 26% Discount
M & J HOME: Files Emergency Bid to Use Cash Collateral
MALLINCKRODT PLC: Paul Weiss & LRC Revise Rule 2019 Statement
MATRIX HOLDINGS: S&P Places 'CCC' ICR on CreditWatch Negative
MBE GROUP: Wins Cash Collateral Access on Final Basis
MOUNTAINEER MERGER: S&P Downgrades ICR to 'CCC+', Outlook Negative
NANO MAGIC: David Sherbin Resigns as Director
NEO ACCOUNTING: Wins Cash Collateral Access Thru Dec 7
NEW AMI I: $550MM Bank Debt Trades at 17% Discount
NOB HILL INN: Seeks to Hire Schonwit & Associates as Tax Advisor
OAKLAND DIOCESE: Chapter 11 Insurer Discovery Wanted by Creditors
OCEAN POWER: No Schedule Yet for 2023 Annual Meeting
ORIGIN AGRITECH: Receives Non-Compliance Notice from Nasdaq
ORLANDO VIEWS: Case Summary & Nine Unsecured Creditors
OUTFRONT MEDIA: Sells Canadian Ad Unit to Bell Media for C$410MM
PARTNERS RISK: Case Summary & One Unsecured Creditor
PARTY CITY: Capital World Reports 36.8% Equity Stake
PARTY CITY: Monarch Alternative Reports 8% Equity Stake in Newco
PARTY CITY: Silver Point Reports 41% Equity Stake in Newco
PAYNE'S ENVIRONMENTAL: Court OKs Interim Cash Collateral Access
PAYNE'S ENVIRONMENTAL: Hires Buddy D. Ford P.A. as Counsel
PLATFORM II: Hires CommercialLendingX.com as Investment Banker
PREMIER KING: Seeks Cash Collateral Access
PROTERRA INC: Hires KPMG LLP as Tax and Audit Service Provider
PUERTO RICO: Dechert LLP Files Rule 2019 Statement
Q.Y. TANG'S HWA: Voluntary Chapter 11 Case Summary
QUEST SOFTWARE: $2.81BB Bank Debt Trades at 20% Discount
RITE AID: Final Hearing on Store Closing Sales Set for Nov. 16
RITE AID: Paul, Weiss & Fox Rothschild File Rule 2019 Statement
ROSE AIRCRAFT: Seeks to Hire Caddell Reynolds as Legal Counsel
SAMJANE PROPERTIES: Hires Goldstein & Pressman P.C. as Counsel
SINCLAIR TELEVISION: $750MM Bank Debt Trades at 28% Discount
SOFT SURROUNDINGS: Hires Liz Freeman PLLC as Counsel
SORRENTO THERAPEUTICS: Reilly Steps Down from Board, Blames CRO
SORRENTO: Scilex Files Motion to Compel Production of Books
SPACE SHADOW: Hires Andersen & Beede as Legal Counsel
SPECTRUM BRANDS: S&P Affirms 'BB-' Rating on Sr. Secured Revolver
SPIRIT AIRLINES: JetBlue Announces Merger Prepayment
STADIUMS EXPORT: Hires Ag & Business Legal Strategies as Counsel
STONY POINT: Seeks to Hire Artisan Realty as Real Estate Broker
THRASIO LLC: $325MM Bank Debt Trades at 34% Discount
TOLIAO IOROI: Seeks to Hire Joseph L. Susi as Accountant
TOPPOP LLC: To Test ActionPak's $1.5MM Bid at Nov. 8 Auction
US CONSOLIDATED: Seeks to Hire Kelley & Clements LLP as Counsel
WASHINGTON MEDICAL: Wins Cash Collateral Access on Final Basis
WATER GREMLIN: Files Chapter 11 to Facilitate Sale Process
WOOF HOLDINGS: $750MM Bank Debt Trades at 18% Discount
YELLOW CORP: Law Firm of Russell Represents Utility Companies
ZAYO GROUP: EUR750MM Bank Debt Trades at 16% Discount
ZYMERGEN INC.: Hires Epiq Corporate as Administrative Advisor
ZYMERGEN INC.: Hires Intrepid Investment as Investment Banker
ZYMERGEN INC: Hires Chilmark Partners, LLC as Financial Advisor
ZYMERGEN INC: Hires Morris Nichols Arsht as Bankruptcy Counsel
[*] Cleary Gottlieb Names 24 New Partners, Counsel, Sr. Attorneys
[*] Goulston & Storrs Attorneys Named to Top Dealmakers List
[^] Large Companies with Insolvent Balance Sheet
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11824 OCEAN PARK: Hires RHM Law LLP as Bankruptcy Counsel
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11824 Ocean Park Partners, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
RHM Law LLP as general bankruptcy counsel.
The firm's services include:
a. advise and assist regarding compliance with the
requirements of the United States Trustee;
b. advise regarding matters of bankruptcy law, including the
rights and remedies of the Debtor with respect to its assets and
the claims of creditors;
c. advise regarding cash collateral matters;
d. examine witnesses, claimants or adverse parties and prepare
reports, accounts and pleadings;
e. advise concerning the requirements of the Bankruptcy Code
and applicable rules;
f. negotiate, formulate and implement a Chapter 11 plan of
reorganization; and
g. make any appearances in the Bankruptcy Court on behalf of
the Debtor; and to take such other action and to perform such other
services as the Debtor may require.
The firm will be paid at these rates:
Partners $600 to $650 per hour
Associates $400 per hour
Paralegals $135 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $25,000.
Roksana Moradi-Brovia, Esq., a partner at RHM Law, disclosed in a
court filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Roksana D. Moradi-Brovia, Esq.
Matthew D. Resnik, Esq.
RHM Law, LLP
17609 Ventura Blvd., Suite 314
Encino, CA 91316
Tel: (818) 285-0100
Fax: (818) 855-7013
Email: roksana@RHMFirm.com
matt@RHMFirm.com
About 11824 Ocean Park Partners, LLC
11824 Ocean Park Partners LLC in Los Angeles, CA, filed its
voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case
No. 23-16465) on October 3, 2023, listing as much as $1 million to
$10 million in both assets and liabilities. Ronald L. Meer as
president of Bear Capital Partners, Inc., the Managing Member of
Ocean Park Manager,
LLC, the Managing Member of the Debtor, signed the petition.
RHM LAW, LLP serve as the Debtor's legal counsel.
140 WEST 121: Seeks Cash Collateral Access
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140 West 121 LLC asks the U.S. Bankruptcy Court for the Southern
District of New York for authority to use cash collateral and
provide adequate protection.
The Debtor owns a 2-unit residential townhouse in New York, valued
at $3.8 million. The property was initially purchased in 1999 and
deeded to Beatrice O. Sibblies, the sole member. In 2019, the
property fell into arrears due to a divorce proceeding, resulting
in a legal fee liability of over $400,000. Ms. Sibblies owns a
development and brokerage company, which focuses on hotel and
charter school development. However, the COVID-19 pandemic
suspended several deals and halted her business lines. On June 23,
2021, US Bank began a foreclosure on the property.
The Debtor has two secured creditors: (i) U.S. Bank Trust National
Association, as Trustee of the LB-TIKI Series V Trust, which holds
the senior mortgage against the Property; and (ii) Navigator
Business Services LLC, which holds the subordinate mortgage against
the Property.
On January 10, 2018, the Debtor entered into a loan agreement with
Family First Funding LLC in the principal amount of $2.681 million.
The FF Funding Note provided for an annual interest rate of 7.505%
and the repayment of the FF Funding Note in monthly installments
commencing on March 1, 2018, with a maturity date of February 1,
2048. The Debtor believes that, as of the Petition Date, the
balance due on the FF Note is approximately $3.3 million.
The Debtor's obligations under the FF Funding Note are secured by a
senior lien on the Debtor’s Property and a senior lien on all of
the Debtor's personal property. The FF Funding Mortgage was
recorded on February 8, 2018 in the Office of the City Register of
the City of New York, CRFN: 2018000047555.
On May 16, 2019, FF Funding executed an Assignment of Mortgage,
assigning the FF Funding Loan Documents and all of its right, title
and interest thereto to Invictus Residential Pooler L.P., not its
individual capacity but solely as administrator for Invictus
Residential Pooler Trust 1A/2A. The Invictus Assignment was
recorded on May 20, 2019 in the Office of the City Register of the
City of New York, CRFN: 2019000158452.
On November 12, 2020, Invictus executed an Assignment of Mortgage
assigning the FF Funding Loan Documents and all of its right, title
and interest thereto to Wilmington Savings Fund Society, FSB, not
in its Individual Capacity but Solely as Owner Trustee for Verus
Securitization Trust 2020-NPL. The Wilmington Assignment was
recorded on November 19, 2020 in the Office of the City Register of
the City of New York, CRFN: 2020000325269.
On May 23, 2023, Wilmington executed an Assignment of Mortgage
assigning the FF Funding Loan Documents and all of its right, title
and interest thereto to Morgan Stanley Mortgage Capital Holdings
LLC. The Morgan Stanley Assignment was recorded on September 7,
2023 in the Office of the City Register of the City of New York,
CRFN: 2023000228334.
On or about August 4, 2023, Morgan Stanley executed an Assignment
of Mortgage assigning the FF Funding Loan Documents and all of its
right, title and interest thereto to US Bank. The US Bank
Assignment was recorded on September 7, 2023 in the Office of the
Register of the City of New York, CRFN: 2023000228335.
On February 14, 2019, the Debtor entered into a loan agreement with
Navigator Business Services LLC in the principal amount of
$430,000. The Navigator Note provided for an annual interest rate
of 13.00% and the repayment of the Navigator Note in 12 monthly
installments commencing on March 14, 2019, with a maturity date of
February 14, 2020. The Debtor believes that, as of the Petition
Date, the balance due on the Navigator Note is approximately
$517,878.
The Debtor's obligations under the Navigator Note are secured by,
among other things, liens on the Property pursuant to a Mortgage
Agreement dated February 14, 2019. The Navigator Mortgage was
recorded on February 26, 2019 in the Office of the City Register of
the City of New York, CRFN: 2019000064860.
In addition thereto, the Debtor executed an Assignment of Leases
and Rents. The Navigator ALR was recorded on February 26, 2019 in
the Office of the City Register of the City of New York, CRFN:
2019000064861.
On February 15, 2019, Navigator duly perfected its lien on the
Debtor's assets by filing a UCC-1 Financing Statement with the New
York Secretary of State bearing filing number 201902158072601.
As adequate protection, the Debtor will grant the Secured Creditors
replacement liens in all of the Debtor's pre-petition and
post-petition assets and proceeds.
The Replacement Liens in the cash collateral will be subject and
subordinate only to: (a) U.S. Trustee fees payable under 28 U.S.C.
Section 1930 and 31 U.S.C Section 3717; (b) professional fees of
duly retained professionals in the Chapter 11 Case as may be
awarded pursuant to 11 U.S.C. Sections 330 or 331; (c) the fees and
expenses of a hypothetical Chapter 7 trustee to the extent of
$10,000; and (d) the recovery of funds or proceeds from the
successful prosecution of avoidance actions pursuant to 11 U.S.C.
sections 502(d), 544, 545, 547, 548, 549, 550 or 553.
In addition to the liens and security interests proposed to be
granted pursuant hereto, the Debtor will commence monthly payments
to US Bank, of principal and interest at the contract rate, and in
accordance with the underlying loan documents.
The Debtor does not believe that payment of monthly adequate
protection payments to Navigator is required at this time because
of the Forbearance Pledge.
A hearing on the matter is set for November 9, 2023 at 10 a.m.
A copy of the motion is available at https://urlcurt.com/u?l=IUhGpm
from PacerMonitor.com.
About 140 West 121 LLC
140 West 121 LLC in New York, NY, filed its voluntary petition for
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 23-11301) on August
14, 2023, listing as much as $1 million to $10 million in both
assets and liabilities. Beatrice O. Sibblies as sole member, signed
the petition.
KIRBY AISNER & CURLEY LLP serves as the Debtor's legal counsel.
2ND CHANCE: Seeks Court Nod to Sell Palmdale Property
-----------------------------------------------------
2ND Chance Investment Group, LLC asked the U.S. Bankruptcy Court
for the Central District of California for approval to sell its
real property to Cobra 28 No. 8, LP.
The buyer, a California limited partnership, offered $325,000 for
the property located at 37472 Yorkshire Drive, Palmdale, Calif. The
property is being sold "free and clear" of liens, claims, and
interests.
The sale is expected to generate net proceeds of $47,170.89 after
payment of claims of lienholders, including Selene Finance and the
County of Los Angeles, broker's commission, and other charges.
Cobra 28 made an initial deposit of $9,750, which is held by A&A
Escrow Services, Inc. The deposit is refundable only in the event
the bankruptcy court approves an overbid or denies the buyer's sale
agreement with 2ND Chance Investment Group for reasons not
attributable to the buyer.
The sale is subject to overbid to ensure that the property is sold
for "the best possible price," according to the company's attorney,
Richard Sturdevant, Esq., at Financial Relief Law Center, APC.
The overbid process requires prospective buyers to submit their
bids by no later than 4:00 p.m. (Pacific Standard Time) two
business days before the hearing on the proposed sale scheduled for
Nov. 8. The bid amount must be at least $335,000, which includes a
$19,750 cash deposit.
Any incremental bid must be at least $5,000 higher than the prior
bid.
At the hearing on the motion and upon conclusion of the bidding
process, the company's chief restructuring officer will select the
winning bid, subject to court approval.
"The proposed transaction has a legitimate business justification
and is in the best interest of the estate because it will generate
proceeds for the benefit of creditors," Mr. Sturdevant said in
court filings.
About 2ND Chance Investment Group
2ND Chance Investment Group, LLC owns in fee simple title 13 real
properties located in various locations in California and
Washington having an aggregate value of $7.02 million.
2ND Chance Investment Group sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-12142) on
Dec. 21, 2022. In the petition signed by its managing member,
Rayshon A. Foster, the Debtor disclosed $7,221,261 in assets and
$11,002,949 in liabilities.
Judge Scott C. Clarkson oversees the case.
Financial Relief Law Center, APC and Grobstein Teeple, LLP serve as
the Debtor's bankruptcy counsel and financial advisor,
respectively.
The U.S. Trustee for Region 16 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Goe Forsythe & Hodges, LLP.
ACASTI PHARMA: Settles Supply Agreement Claims with AKBM
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Acasti Pharma Inc. disclosed in a Form 8-K Report filed with the
Securities and Exchange Commission that on October 18, 2023, the
Company entered into a Settlement Agreement with Aker BioMarine
Antarctic AS, a corporation organized and existing under the laws
of the Kingdom of Norway, to settle any and all potential claims
regarding amounts due under a supply agreement, dated October 25,
2019, by and between the Company and AKBM.
The Company entered into the Supply Agreement with AKBM to purchase
raw krill oil product for a committed volume of commercial starting
material for CaPreR, one of the Company's former drug candidates,
for a total fixed value of $3.1 million. During the second calendar
quarter of 2022, AKBM informed the Company that AKBM believed it
had satisfied the terms of the Supply Agreement as to their
obligation to deliver the remaining balance of raw krill oil
product, and that the Company was therefore required to accept the
remaining product commitment and to pay AKBM the remaining balance
under the Supply Agreement. The Company disagreed with AKBM's
position and believed that AKBM was not entitled to further payment
under the Supply Agreement. Accordingly, no liability was recorded
by the Company. As of October 18, 2023, the remaining disputed
balance of the commitment with AKBM amounted to approximately $2.6
million.
Pursuant to the terms of the Settlement Agreement, in exchange for
a release and waiver of claims arising out of the Supply Agreement
by AKBM and any of AKBM's affiliates, the Company and AKBM agreed
to the following:
* AKBM shall retain ownership of all raw krill oil product,
including amounts previously delivered to the Company.
* AKBM shall acquire and take ownership of all production
equipment related to the production of CaPre.
* AKBM shall acquire and take ownership of all data from
research, clinical trials and pre-clinical studies with respect to
CaPre.
* AKBM shall acquire and take ownership over all rights, title
and interest in and to all intellectual property rights related to
CaPre owned by the Company, including all patents and trademarks.
Pursuant to the terms of the Settlement Agreement, AKBM
acknowledged that the CaPre Assets are being transferred on an "as
is" basis, and in connection therewith, the Company disclaimed all
representations and warranties in connection with the CaPre Assets,
including any representations with respect to performance or
sufficiency.
About Acasti Pharma
Acasti Pharma Inc. -- http://www.acastipharma.com-- is a
late-stage specialty pharma company with drug delivery capability
and technologies addressing rare and orphan diseases. Acasti's
novel drug delivery technologies have the potential to improve the
performance of currently marketed drugs by achieving faster onset
of action, enhanced efficacy, reduced side effects, and more
convenient drug delivery -- all which could help to increase
treatment compliance and improve patient outcomes.
Acasti Pharma reported a net loss and comprehensive loss of $42.43
million for the year ended March 31, 2023, a net loss and
comprehensive loss of $9.82 million for the year ended March 31,
2022, a net loss and comprehensive loss of $19.68 million for the
year ended March 31, 2021, and a net loss and comprehensive loss of
$25.51 million for the year ended March 31, 2020. For the three
months ended June 30, 2023, the Company reported a net loss and
total comprehensive loss of $4.02 million.
Acasti Pharma said in its Form 10-Q for the period ended June 30,
2023, that "We do not expect to generate revenue from product sales
unless and until we successfully complete drug development and
obtain regulatory approval, which we expect will take several years
and is subject to significant uncertainty. To date, we have
financed our operations primarily through public offerings and
private placements of our common shares, warrants and convertible
debt and with the proceeds from research tax credits. Until such
time that we can generate significant revenue from drug product
sales, if ever, we will require additional financing, which we
expect to be sourced from a combination of public or private equity
offerings or debt financings or other non-dilutive sources, which
may include fees, milestone payments and royalties from
collaborations with third parties."
AI DESIGN: Seeks to Hire Kirby Aisner & Curley as Legal Counsel
---------------------------------------------------------------
AI Design, LLC, and Custom Metal Fabrication, LLC, seek approval
from the U.S. Bankruptcy Court for the District of New Jersey to
hire Kirby Aisner & Curley, LLP.
The Debtors require legal counsel to prepare and file a Chapter 11
plan and provide other legal services in connection with their
bankruptcy cases.
Kirby will charge for its services based upon the time expended on
that matter. In addition, the firm will seek reimbursement for
work-related expenses incurred.
As disclosed in court filings, Kirby is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Rosemarie E. Matera, Esq.
Kirby Aisner & Curley, LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Tel: (914) 401-9500
Email: RMatera@kacllp.com
About AI Design
AI Design, LLC, is an architectural metal and glass designer,
fabricator and installer in Closter, N.J.
AI Design and its affiliate, Custom Metal Fabrication, LLC, filed
Chapter 11 petitions (Bankr. D. N.J. Lead Case No. 23-18795) on
Oct. 7, 2023. At the time of the filing, AI Design reported
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities while Custom Metal Fabrication reported up to $50,000
in assets and $100,001 to $500,000 in liabilities.
Judge Stacey L. Meisel oversees the cases.
Rosemarie E. Matera, Esq., at Kirby Aisner & Curley LLP, serves as
the Debtors' legal counsel.
AIR METHODS: Court OKs $155MM DIP Loan from Wilmington Savings
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The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Air Methods Corporation and affiliates
to use cash collateral and obtain postpetition financing, on an
interim basis.
Air Methods is permitted to obtain postpetition financing from a
consortium of lenders and Wilmington Savings Fund Society, FSB, as
administrative agent and collateral agent, consisting of:
(a) new money term loans in an aggregate principal amount of
$80 million from the DIP Lenders, of which $40 million will be
available immediately upon entry of the Interim Order, with the
remainder to be available subject to and upon entry of the Final
Order; and
(b) subject to entry of the Final Order, on the Roll-Up
Effective Date up to $75 million in aggregate principal amount of
the outstanding Term Loans held by the DIP Lenders will be deemed
substituted and exchanged for term loans under the DIP Credit
Agreement in an aggregate principal amount of up to $75 million on
a pro rata basis in accordance with the share of New Money DIP
Loans made by the DIP Lender and subject to the terms and
conditions of the DIP Credit Agreement, which DIP Rolled Up Loans
will be deemed funded on the Roll-Up Effective Date.
The DIP facility is due and payable through the earliest to occur
of (i) the date that is four months after the Closing Date, as such
date may be extended in accordance with the DIP Credit Agreement;
(ii) the effective date of any Chapter 11 Plan for the Borrower;
(iii) the consummation of a sale or other disposition of all or
substantially all assets of the Debtors, taken as a whole, under
Section 363 of the Bankruptcy Code; and (iv) the date of
acceleration or termination of the DIP Facility in accordance with
the terms of the DIP Documents.
The Debtors are required to comply with these milestones:
(i) No later than the later to occur of (i) the Support
Effective Date (as defined in the Restructuring Support Agreement)
and (ii) 11:59 p.m. (prevailing Eastern Time) on October 22, 2023,
the Debtors will commence the Solicitation;
(ii) No later than the later to occur of (i) the Support
Effective Date and (ii) 9 a.m. (prevailing Eastern Time) on October
23, 2023, the Debtors will file with the Bankruptcy Court voluntary
petitions for relief under chapter 11 of the Bankruptcy Code for
each of the Company Parties and any and all other documents
necessary to commence Chapter 11 Cases;
(iii) As soon as reasonably practicable after the Petition Date,
but in no event later than 11:59 p.m. (prevailing eastern time) on
the date that is two Business Days after the Petition Date, the
Debtors will file or cause to be filed the Plan and the Disclosure
Statement with the Bankruptcy Court;
(iv) No later than three Business Days after the Petition Date,
the Bankruptcy Court will have entered the Interim Order;
(v) No later than 43 days after the Petition Date, the Debtors
will have filed the Plan Supplement with the Bankruptcy Court;
(vi) No later than 50 days after the Petition Date, the Voting
Deadline will have occurred;
(vii) No later than 55 days after the Petition Date, the
Bankruptcy Court will have entered an Acceptable Confirmation
Order; and
(viii) No later than 11:59 p.m. (prevailing Eastern Time) on
December 29, 2023, the Plan Effective Date will have occurred.
The Debtors obtained term and revolving loans pursuant to a credit
agreement with Royal Bank of Canada, as administrative agent and
collateral agent, dated April 21, 2017.
As of the Petition Date, the Debtors were indebted to the
Prepetition Secured Parties in the aggregate principal amount of
not less than (a) $1.175 billion of the outstanding Prepetition
Term Loans, (b) $115.9 million of the outstanding Revolving Loans
and (c) $9.182 million of the outstanding Letter of Credit Usage.
The Debtors have an immediate and critical need to obtain the DIP
Financing and to use Prepetition Collateral to permit, among other
things, the orderly continuation of the operation of their
businesses, to maintain business relationships with vendors,
suppliers and customers, to make payroll, to make capital
expenditures, to satisfy other working capital and operational
needs and to fund expenses of these Chapter 11 Cases.
As adequate protection for the use of cash collateral, the
Prepetition Administrative Agent, for itself and for the benefit of
the Prepetition Lenders, is granted a valid, perfected replacement
security interest in and lien upon all of the DIP Collateral.
The Prepetition Administrative Agent, for itself and for the
benefit of the Prepetition Lenders, is granted an allowed
superpriority administrative expense claim on account of the
Prepetition Secured Parties' Adequate Protection Claims as provided
for in section 507(b) of the Bankruptcy Code.
A final hearing on the matter is set for November 15, 2023 at 9
a.m.
A copy of the order is available at https://urlcurt.com/u?l=C16S35
from PacerMonitor.com.
About Air Methods Corporation
Founded in 1980, Air Methods is a provider of air medical emergency
services in the United States, providing more than 100,000
transports per year while offering clinical quality, safety, and
life-saving care to patients across the country. Headquartered in
Greenwood Village, Colorado, the Company operates a fleet of
approximately 390 helicopters and fixed-wing aircraft serving 47
states from over 275 bases located in 40 different states.
Air Methods Corporation and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90886) on October 24, 2023. In the petition signed by
Christopher J. Brady, as authorized signatory, Air Methods
disclosed up to $10 billion in both assets and liabilities.
Judge Marvin Isgur oversees the case.
Weil, Gotshal & Manges LLP represents the Debtors as legal counsel.
The Debtors also tapped Lazard Freres $ Co. LLC as investment
banker, Alvarez & Marsal as financial advisor, and Epiq Corporate
Restructuring, LLC as claims, noticing & solicitation agent and
administrative advisor.
AKUMIN INC: S&P, Moody's Cut Ratings Following Chapter 11 Filing
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Akumin Inc. disclosed in a Form 8-K Report filed with the
Securities and Exchange Commission that on October 24, 2023, S&P
Global, Inc. lowered its issuer credit rating on the Company from
"CCC" to "D" in response to the filing of the Chapter 11 Cases.
S&P lowered its issue-level ratings on (i) the Company's Revolving
Credit Facility; (ii) the Company's 7.500% Senior Secured Notes due
2028 in the aggregate principal amount of $375 million, issued
pursuant to an Indenture dated August 9, 2021, as supplemented by a
First Supplemental Indenture, dated as of September 1, by and among
Akumin Escrow Inc., as issuer, the guarantors provided therein, and
UMB Bank, National Association, as trustee and collateral agent;
and (iii) the Company's 7% Senior Secured Notes due 2025 in the
aggregate principal amount of $475 million, issued pursuant to an
Indenture dated November 2, 2020, as supplemented by a First
Supplemental Indenture, dated as of February 11, Second
Supplemental Indenture, dated as of July 30, and Third Supplemental
Indenture, dated as of September 1, by and among the Company, as
issuer, the guarantors provided therein, and UMB Bank, National
Association, as trustee and collateral agent.
Additionally, on October 26, 2023, in response to the filing of the
Chapter 11 Cases, Moody's Investors Service, Inc. downgraded the
Company's probability of default rating from Caa2-PD to D-PD, its
corporate family rating from Caa2 to Ca, its senior secured first
lien notes rating from Caa1 to Caa3 and its senior secured
revolving credit facility from Caa1 to Caa3. The Company's
speculative grade liquidity rating was also lowered from SGL-3 to
SGL-4. Shortly following the issuance of its October 26 rating
action, Moody's indicated that it would withdraw all of Akumin's
ratings.
About Akumin
Akumin Inc. -- https://www.akumin.com -- provides fixed-site
outpatient diagnostic imaging services through a network of owned
and/or operated imaging locations; and outpatient radiology and
oncology services and solutions to approximately 1,000 hospitals
and health systems across 48 states. Its imaging procedures include
magnetic resonance imaging ("MRI"), computerized tomography ("CT"),
positron emission tomography, ultrasound, diagnostic radiology
(X-ray), mammography, and other related procedures. Akumin's cancer
care services include a full suite of radiation therapy and related
offerings.
Akumin Inc. and 58 affiliated entities sought Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 23-90827) on Oct. 22,
2023. The petitions were signed by Riadh Zine, the Debtors' chief
executive officer. As of June 30, 2023, Akumin Inc. listed total
assets of $1,635,742,000 and total debts of $1,635,186,000.
The Hon. Christopher M Lopez presides over the cases.
The law firm of Dorsey & Whitney LLP, serves as the Debtors'
general bankruptcy counsel; Jackson Walker LLP, as their
co-bankruptcy counsel; AlixPartners, LLP as the Debtors' financial
advisors; the law firm of Stikeman Elliott LLP, as special Canadian
counsel; Leerink Partners as investment banking firm; and Epiq
Corporate Restructuring LLC, as their noticing and claims agent.
Ronald J. Bienias, Partner and Managing Director of AlixPartners,
serves as the Debtors' chief restructuring officer.
Akin Gump Strauss Hauer & Feld LLP's Michael S. Stamer and Jason
Rubin, serves as counsel to the ad hoc group comprised of
beneficial holders of Prepetition 2025 Notes and Prepetition 2028
Notes.
King & Spalding LLP's Thad Wilson and Britney Baker serve as
counsel to the Prepetition RCF Agent.
Sidley Austin LLP's Anthony Grossi serves as counsel to the DIP
Lender, Stonepeak.
AKUMIN INC: Says Notice of Borrowing Delivered to Stonepeak
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Akumin Inc. disclosed in a Form 8-K Report filed with the
Securities and Exchange Commission that the Company delivered to
Stonepeak Magnet Holdings LP a Notice of Borrowing, dated October
26, pursuant to the terms of a DIP Term Sheet and the Interim DIP
Order, requesting that Stonepeak provide funding under the DIP
Facility in the aggregate principal amount of $55 million. In
connection with the Initial DIP Loan, the Company represented that
it is in compliance with the DIP Conditions Precedent and the
Conditions Precedent to All Credit Extensions.
On Oct. 23, 2024, the United States Bankruptcy Court for the
Southern District of Texas entered an interim order authorizing the
Company to obtain junior secured post-petition financing from
Stonepeak on terms and conditions consistent with the Summary of
Proposed Terms and Conditions for DIP Financing and use of Cash
Collateral in connection with the Company's restructuring.
Pursuant thereto, the Company's debtor-affiliates unconditionally
guaranteed, on a joint and several basis, the Company's obligations
in connection with such post-petition financing, consisting of a
delayed draw term loan facility in an aggregate principal amount
not to exceed $75 million, and the loans made under the DIP
Facility (including through the payment of in-kind interest). These
loans are subject to the terms and conditions set forth in the DIP
Term Sheet and the Interim DIP Order.
The DIP Facility Loans shall accrue interest at 8% per annum
payable in kind. Unless otherwise provided in accordance with the
terms of the Restructuring Support Agreement, the DIP Term Loans
shall convert to equity on the effective date of the Prepackaged
Plan on the same terms as the new money investment to be provided
by Stonepeak, pursuant thereto. The DIP Term Loans shall reduce the
aggregate principal amount to be invested by Stonepeak as the New
Money Investment on a dollar-for-dollar basis.
The Company used the proceeds from the Initial DIP Loan to pay in
full all outstanding principal and interest owed under the
Company's revolving credit facility in the aggregate principal
amount of $55 million, established pursuant to the Revolving Credit
Agreement, dated as of November 2, 2020, as amended by Amendment
No. 1, dated as of February 8, 2021, Amendment No. 2, dated as of
July 26, 2021, Amendment No. 3 & Waiver, dated as of September 11,
2021, and Amendment No. 4 & Waiver, dated as of October 22, 2021,
by and among the Company, as borrower, certain subsidiaries of the
Company as guarantors, PNC Bank, National Association, as successor
to BBVA USA, as administrative agent and collateral agent, and the
lenders from time to time party thereto.
Commencement of the Chapter 11 Cases
and of Combined Hearing
On October 22, 2023, the Debtors filed with the Bankruptcy Court
the Joint Prepackaged Chapter 11 Plan of Reorganization of Akumin
Inc. and Its Debtor Affiliates and the proposed Disclosure
Statement for the Joint Prepackaged Chapter 11 Plan of
Reorganization of Akumin Inc. and its Debtor Affiliates. A hearing
on confirmation of the Prepackaged Plan and final approval of the
adequacy of the Disclosure Statement will be held before the
Bankruptcy Court on November 29.
On October 24, 2023, a notice of the Debtors' chapter 11 cases, the
Combined Hearing, applicable objection deadlines, and summaries of
the Prepackaged Plan was served on certain notice parties by the
Company's claims agent, Epiq Corporate Restructuring LLC.
Akumin Operating's Default
On September 29, 2023, Akumin Operating Corp., a Delaware
corporation that is a wholly owned indirect subsidiary of the
Company, and Stonepeak entered into a Temporary Waiver Agreement
which was filed to the Company's Current Report on Form 8-K filed
with the Commission on October 5, 2023, in connection with the 11%
Unsecured PIK Toggle Series A Note, dated as of September 1, 2021,
issued by Akumin Operating Corp. to Stonepeak in the initial
principal amount of $340 million, the form of which was attached as
Exhibit B to the Series A Notes and Common Share Purchase Agreement
between the Company, Akumin Operating Corp., and Stonepeak, dated
June 25, 2021, which was filed to the Company's Annual Report on
Form 10-K for the year ended December 31, 2021.
Under the terms of the Waiver, (i) Akumin Operating Corp.
acknowledged that it was obligated to pay Stonepeak $3,939,615.08
in Cash Interest as of September 29, 2023, the Cash Interest
Payment Date and that absent the Waiver, Akumin Operating Corp.'s
failure to make the Cash Interest payment to Stonepeak would have
constituted a Trigger Event and would have entitled Stonepeak to
certain rights and remedies against Akumin Operating Corp. and the
Company under Section 8 of the Series A Note, and (ii) Stonepeak
(A) extended the due date of the September 29 Cash Interest payment
to October 16, and (B) agreed that no Trigger Event occurred upon
Akumin Operating Corp.'s failure to make the Cash Interest payment
due on September 29 and that Stonepeak would not be entitled as a
result thereof to any rights and remedies under Section 8 of the
Series A Note.
On October 16, 2023, the Company and Stonepeak entered into the
First Amendment to Temporary Waiver Agreement with respect to the
Waiver, pursuant to which Stonepeak and Akumin (i) agreed to modify
the terms of the Waiver by further extending the Cash Interest
Payment Date of the September 29 Cash Interest payment to October
20, and (ii) agreed that no Default, Event of Default or Trigger
Event occurred upon Akumin Operating Corp.'s failure to make the
Cash Interest payment due September 29, and that Stonepeak would
not be entitled as a result thereof to any rights and remedies
under Section 8 of the Series A Financing Notes.
Further, on October 20, 2023, Stonepeak (i) agreed to modify the
terms of the Amended Waiver by further extending the Cash Interest
Payment Date of the September 29, Cash Interest payment to October
23, and (ii) agreed that no Default, Event of Default or Trigger
Event occurred upon Akumin Operating Corp.'s failure to make the
Cash Interest payment due September 29, and that Stonepeak would
not be entitled as a result thereof to any rights and remedies
under Section 8 of the Series A Financing Notes.
Because Akumin Operating Corp. did not pay Stonepeak $3,939,615.08
in Cash Interest by October 23, 2023, under the terms of the Waiver
and the Amended Waiver, the extension of the Cash Interest Payment
Date from September 29 to October 23 and the waiver of Stonepeak's
rights and remedies pursuant to Section 8 of the Series A Notes are
deemed ineffective. Accordingly, the company's failure to pay to
Stonepeak $3,939,615.08 in Cash Interest by October 23 constitutes
a Trigger Event under Section 7(d) of the Series A Note. As a
result, on October 24, Stonepeak became entitled to the rights and
remedies specified under Section 8(b) of the Series A Note,
including the automatic increase of the rate of interest payable to
Stonepeak under the Series A Notes by 200 basis points, subject to
the automatic stay resulting from the filing of the Chapter 11
Cases and to the applicable provisions of title 11 of the United
States Code.
About Akumin
Akumin Inc. -- www.akumin.com -- provides fixed-site outpatient
diagnostic imaging services through a network of owned and/or
operated imaging locations; and outpatient radiology and oncology
services and solutions to approximately 1,000 hospitals and health
systems across 48 states. Its imaging procedures include magnetic
resonance imaging ("MRI"), computerized tomography ("CT"), positron
emission tomography, ultrasound, diagnostic radiology (X-ray),
mammography, and other related procedures. Akumin's cancer care
services include a full suite of radiation therapy and related
offerings.
Akumin Inc. and 58 affiliated entities sought Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 23-90827) on Oct. 22,
2023. The petitions were signed by Riadh Zine, the Debtors' chief
executive officer. As of June 30, 2023, Akumin Inc. listed total
assets of $1,635,742,000 and total debts of $1,635,186,000.
The Hon. Christopher M Lopez presides over the cases.
The law firm of Dorsey & Whitney LLP, serves as the Debtors'
general bankruptcy counsel; Jackson Walker LLP, as their
co-bankruptcy counsel; AlixPartners, LLP as the Debtors' financial
advisors; the law firm of Stikeman Elliott LLP, as special Canadian
counsel; Leerink Partners as investment banking firm; and Epiq
Corporate Restructuring LLC, as their noticing and claims agent.
Ronald J. Bienias, Partner and Managing Director of AlixPartners,
serves as the Debtors' chief restructuring officer.
Akin Gump Strauss Hauer & Feld LLP's Michael S. Stamer and Jason
Rubin, serves as counsel to the ad hoc group comprised of
beneficial holders of Prepetition 2025 Notes and Prepetition 2028
Notes.
King & Spalding LLP's Thad Wilson and Britney Baker serve as
counsel to the Prepetition RCF Agent.
Sidley Austin LLP's Anthony Grossi serves as counsel to the DIP
Lender, Stonepeak.
ALL DAY: $200MM Bank Debt Trades at 68% Discount
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Participations in a syndicated loan under which All Day
AcquisitionCo LLC is a borrower were trading in the secondary
market around 32.0 cents-on-the-dollar during the week ended
Friday, October 27, 2023, according to Bloomberg's Evaluated
Pricing service data.
The $200 million facility is a Term loan that is scheduled to
mature on December 29, 2025. The amount is fully drawn and
outstanding.
All Day AcquisitionCo LLC does business as Reorganized 24 Hour
Fitness Worldwide Inc., an operator of fitness centers in the US.
AMERIFIRST FINANCIAL: Wants Loan Portfolio Sales Okayed by Court
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Emlyn Cameron of Law360 reports that mortgage company AmeriFirst
Financial Inc. asked a Delaware bankruptcy judge to approve a
private sale of loans to pay off two warehouse lenders and secure
$1.4 million for its coffers.
About AmeriFirst Financial
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.
AMYRIS INC: Paul Hastings, Blank & MoloLamken Advise Noteholders
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The law firms of Paul Hastings LLP, Blank Rome LLP and MoloLamken
LLP filed an amended verified statement pursuant to Rule 2019 of
the Federal Rules of Bankruptcy Procedure to disclose that in the
Chapter 11 case of Amyris, Inc., and its Affiliated Debtors, the
firms represent the Ad Hoc Noteholder Group.
The Ad Hoc Noteholder Group represents holders, or investment
advisors, sub-advisors, or managers of discretionary accounts that
hold the 1.50% Convertible Senior Notes due 2026 (the "Convertible
Notes"), issued pursuant to the Indenture by and between Amyris,
Inc., as issuer, and U.S. Bank National Association, as trustee,
dated as of November 15, 2021.
The members of the Ad Hoc Noteholder Group are either the
beneficial holders of, or the investment advisors or managers to,
funds and/or accounts that hold disclosable economic interests in
relation to the Debtors.
Counsel represents only the members of the Ad Hoc Noteholder Group
and does not represent or purport to represent any persons or
entities other than the Ad Hoc Noteholder Group in connection with
the Chapter 11 Cases. In addition, as of the date of this Amended
Verified Statement, the Ad Hoc Noteholder Group does not, either
collectively or through its individual members, represent or
purport to represent any other persons or entities in connection
with the Chapter 11 Cases.
Counsel does not own, nor have they ever owned, any claims against
or interests in the Debtors, except for claims for services
rendered to the Ad Hoc Noteholder Group. The Ad Hoc Noteholder
Group, through Counsel, reserves the right to amend and/or
supplement this Amended Verified Statement in accordance with the
requirements set forth in Bankruptcy Rule 2019 at any time in the
future.
Counsel to the Ad Hoc Noteholder Group:
BLANK ROME LLP
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email: stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
PAUL HASTINGS LLP
Frank Merola, Esq.
1999 Avenue of the Stars
Los Angeles, CA 90067
Telephone: (310) 620-5700
Facsimile: (310) 620-5899
Email: frankmerola@paulhastings.com
- and -
PAUL HASTINGS LLP
John Storz, Esq.
Matthew D. Friedrick, Esq.
Caroline Diaz, Esq.
200 Park Avenue
New York, NY 10166
Telephone: (212) 318-6000
Facsimile: (212) 319-4090
Email: johnstorz@paulhastings.com
matthewfriedrick@paulhastings.com
carolinediaz@paulhastings.com
- and –
MOLOLAMKEN LLP
Steven F. Molo, Esq.
Justin M. Ellis, Esq.
Sara E. Margolis, Esq.
Mark W. Kelley, Esq.
Catherine Martinez, Esq.
430 Park Avenue
New York, NY 10022
Telephone: (212) 607-8160
Email: smolo@mololamken.com
jellis@mololamken.com
smargolis@mololamken.com
mkelley@mololamken.com
cmartinez@mololamken.com
- and -
MOLOLAMKEN LLP
Eugene A. Sokoloff, Esq.
300 North LaSalle Street
Chicago, IL 60654
Telephone: (312) 450-6718
Email: esokoloff@mololamken.com
About Amyris Inc.
Amyris (Nasdaq: AMRS) -- http://www.amyris.com/-- is a leading
synthetic biotechnology company, transitioning the Clean Health &
Beauty and Flavors & Fragrances markets to sustainable ingredients
through fermentation and the company's proprietary
Lab-to-Market(TM) technology platform. This Amyris platform
leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the worldps top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products.
Amyris, Inc, et al. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11131) on Aug. 9,
2023. The petitions were signed by Han Kieftenbeld as interim chief
executive officer & chief financial officer.
In the petition, Amyris disclosed $679,679,000 in assets and
$1,327,747,000 in liabilities.
Pachulski Stang Ziehl & Jones LLp serves as the Debtors' bankruptcy
counsel. Fenwick & West, LLP is the Debtorps corporate counsel. The
Debtors tapped PricewaterhouseCoopers LLP as their financial
advisor, while Intrepid Investment Bankers LLC serves as the
Debtors' investment banker. Stretto, Inc. is the Debtors' claims,
noticing, solicitation agent and administrative adviser.
AN GLOBAL: Court OKs $22.7MM DIP Loan from Blue Torch
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The U.S. Bankruptcy Court for the District of Delaware authorized
AN Global LLC, AgileThought, Inc., and their debtor-affiliates to
use cash collateral and obtain postpetition financing, on an
interim basis.
AN Global obtained postpetition financing, comprising a
superpriority senior secured multiple-draw term loan facility in an
aggregate principal amount of not less than $22.7 million, which
consists of a new money multi-draw term loan facility in an
aggregate principal amount of $22.7 million.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement. It is also the administrative agent
and collateral agent under a prepetition first lien facility.
AN Global is permitted to obtain up to an aggregate principal
amount of $16.152 in Term Loans -- plus an amount equal to the
Closing Fee and Agency Fee, plus interest, fees, indemnities, and
other expenses and other amounts provided for in the DIP Credit
Agreement -- comprising (i) $11.2 million in Term Loans approved
pursuant to the First Interim Order, (ii) $2.4 million in
additional Second Interim Term Loans approved pursuant to the
Second Interim Order, and (iii) $2.6 million in additional Term
Loans approved pursuant to the Fourth Interim Order.
Unless converted to New First Priority Takeback Term Loans or
repaid in cash on the Plan Effective Date, in each case as set
forth in the Plan, all obligations under the DIP Loan Documents
will be due and payable in full in cash on the earliest of:
(a) The date that is 12 months after the Petition Date;
(b) 50 calendar days after the Petition Date if the Final
Order has not been entered by such date;
(c) The date of acceleration of such obligations in accordance
with the DIP Credit Agreement and the other DIP Loan Documents;
(d) The effective date of any plan of reorganization or
liquidation in the Chapter 11 Cases;
(e) The date on which the sale of all or substantially all of
the Debtors' assets is consummated;
(f) The date on which termination of the RSA occurs;
(g) The date the Bankruptcy Court converts any of the Chapter
11 Cases to a case under chapter 7 of the Bankruptcy Code;
(h) The date the Bankruptcy Court dismisses any of the Chapter
11 Cases;
(i) The date an order is entered in any Chapter 11 Case
appointing a Chapter 11 trustee or examiner with enlarged powers;
and
(j) Other customary circumstances to be mutually agreed.
The Debtors are required to comply with these milestones:
1. No later than 3 business days after the Petition Date, the
Bankruptcy Court will have entered the Interim Order;
2. No later than 50 days after the Petition Date, the
Bankruptcy Court will have entered the Final Order;
3. No later than 50 days after the Petition Date, the
Bankruptcy Court will have entered an order confirming a plan of
reorganization that is in form and substance reasonably acceptable
to the Required DIP Lenders and approving the related disclosure
statement; provided that the Plan will constitute an Acceptable
Plan; and
4. No later than 90 days after the Petition Date, the
effective date of the Acceptable Plan will have occurred.
As of the Petition Date, the Debtors have approximately $112
million of secured indebtedness. This includes not less than
$97.182 million in prepetition first lien obligations that include
not less than $95.937 million in principal amounts of term loans
advanced under the Prepetition 1L Credit Agreement along with fees
and premiums, plus no less than $1.244 million on account of
accrued and unpaid interest thereon prior to the Petition Date,
plus all other fees, costs, expenses, indemnification obligations,
reimbursement obligations, charges, premiums, if any, additional
interest, any other "Obligations."
The Debtors also owe $13 million in outstanding amount under a
prepetition second lien credit facility with a lending syndicate
led by GLAS Americas LLC as collateral agent and GLAS USA LLC, as
administrative agent. This amount includes $10 million under a
Tranche B facility held by Nexxus Capital Private Equity Fund VI,
L.P.
Prior to the commencement of the Chapter 11 Cases, the Prepetition
1L Agent and the GLAS entities entered into an Intercreditor
Agreement dated as of May 27, 2022, which sets forth the respective
rights, obligations and priorities of the liens and security
interests of Prepetition 1L Agent and the Prepetition 1L Lenders on
the one hand, and the Prepetition 2L Collateral Agent and
Prepetition 2L Lenders, on the other hand, with respect to the
Collateral and the obligations of Borrower and Guarantors party
thereto due to the Prepetition 1L Agent and the Prepetition 1L
Lenders, on the one hand, and the Prepetition 2L Collateral Agent
and Prepetition 2L Lenders, on the other hand.
On June 24, 2021, Debtor AgileThought, Inc. entered into a
Subordinated Promissory Note with AGS Group LLC, pursuant to which
AgileThought, Inc. incurred indebtedness to AGS Group in an
aggregate principal amount equal to $673,000. As of the Petition
Date, AgileThought, Inc.'s obligations under the AGS Subordinated
Promissory Note remain outstanding.
The Debtors have an immediate need to obtain the DIP Facility and
to use the cash collateral in each case on an interim basis to
among other things:
(i) permit the orderly continuation of their respective
businesses;
(ii) maintain business relationships with their vendors,
suppliers, customers, and other parties;
(iii) make payroll and honor other obligations to employees;
(iv) make capital expenditures;
(v) make adequate protection payments; and
(vi) pay the costs of the administration of the Chapter 11
Cases and satisfy other working capital and general corporate
purposes of the Debtors.
As adequate protection of their interests in the Prepetition
Collateral, the Prepetition 1L Agent, for the benefit of themselves
and the Prepetition 1L Lenders are granted automatically perfected
postpetition security interests in, and liens on, as of the date of
the Interim Order.
As further adequate protection, and to the extent provided by 11
U.S.C. sections 503(b) and 507(b), an allowed administrative
expense claim in the Chapter 11 Cases to the extent of any
postpetition Diminution in Value ahead of and senior to any and all
other administrative expense claims in such Chapter 11 Cases,
except the Carve Out and the DIP Superpriority Claims.
The "Carve Out" means the sum of:
(i) all fees required to be paid to the Clerk of the Court and
to the Office of the U.S. Trustee under 28 U.S.C. section 1930(a)
plus interest at the statutory rate;
(ii) all reasonable fees and expenses up to $25,000 incurred by
a trustee under Bankruptcy Code section 726(b);
(iii) to the extent allowed, all unpaid fees and expenses
incurred by bankruptcy professionals retained in the cases.
The carved out professional fees will include up to $2.5 million on
account of amounts required to be paid to Guggenheim Securities,
LLC on account of any Transaction Fee under and as defined in the
engagement letter between Guggenheim Securities and the Debtors,
effective as of August 11, 2023.
The Debtors' authorization to use cash collateral and the proceeds
of the DIP Facility will automatically terminate, and the DIP
Obligations will become due and payable, without further notice or
action by the Bankruptcy Court following the earliest to occur of
any of the following:
(a) the occurrence of an Event of Default; and
(b) the Debtors' failure to (i) comply with any provision of
the Interim Order, (ii) comply with any other covenant or agreement
specified in the Interim Order or the DIP Credit Agreement (which
covenants and agreements, together with any applicable grace
periods, are explicitly incorporated by reference into the Interim
Order), or (iii) comply with any of the milestones set forth in
Schedule 7.01(x) of the DIP Credit Agreement; or (c) the occurrence
of the Maturity Date.
A final hearing on the matter is set for November 6, 2023 at 2
p.m.
A copy of the order is available at https://urlcurt.com/u?l=cNi0k5
from PacerMonitor.com.
About AN Global LLC
AN Global LLC and affiliates are global providers of agile-first,
end-to-end digital transformation services in the North American
market using on-shore and near-shore delivery. The Company helps
its clients transform by building, improving and running new
solutions at scale. AN Global LLC operates its business through 10
"Guilds," which act as agencies within the Company.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11294) on August
28, 2023. In the petition signed by James S. Feltman, chief
restructuring officer, the Debtor disclosed up to $500 million in
both assets and liabilities.
Judge J. Kate Stickles oversees the case.
The Debtors tapped Potter Anderson & Corroon LLP and Hughes Hubbard
& Reed LLP as co-general bankruptcy counsel.
Garrigues Mexico, S.C. is the general Mexican restructuring
counsel, Teneo Capital LLC as financial advisor, Guggenheim
Securities, LLC as investment banker, and Kurtzman Carson
Consultants LLC as claims, noticing and balloting agent.
Blue Torch Finance LLC is the administrative agent and collateral
agent under the DIP Agreement. It is also the administrative agent
and collateral agent under a prepetition first lien facility. Ropes
& Gray, LLP and Chipman Brown Cicero & Cole, LLP serve as counsel
to the Prepetition 1L Agent.
AQUARIUM SOLUTIONS: Seeks Cash Collateral Access
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Aquarium Solutions, LLC asks the U.S. Bankruptcy Court for the
Southern District of New York, Poughkeepsie Division, for authority
to use cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to fund day to day
operations.
As of Petition Date, the Debtor was an obligor under a note and
security agreement with the U.S. Small Business Administration in
the approximate amount of $49,100. The loan was procured by the
debtor in 2021 and is an Economic Injury Disaster Loan that was
offered by the SBA as a result of the Covid-19 Pandemic.
The obligation owed to SBA is collateralized by substantially all
of the Debtor's assets, including its inventory and accounts. As of
Petition Date, the miscellaneous property of the debtor (its
inventory and accounts) had an approximate value of $15,009.
The Debtor asserts that the lien securing said claim should be
disallowed and declared void to the extent of $34,091.
To the extent that the Court determines that the value of the
Debtor's assets is depreciating, the Debtor is willing to provide
adequate protection payments during the period before its Chapter
11 Plan is confirmed.
In the event that the Court finds that adequate protection payments
are necessary, the debtor proposes a monthly adequate protection
payment of $205 to SBA.
The debtor's Chapter 11 Plan of Reorganization hinges on the
debtor's ability to recover from the loss of business due to
Covid-19 and operate in the normal course of its business. The
adequate protection payments made will be applied towards the
balance due to SBA on its secured claim.
A hearing on the matter is set for November 21, 2023 at 9 a.m.
A copy of the motion is available at https://urlcurt.com/u?l=6CTCYV
from PacerMonitor.com.
About Aquarium Solutions, LLC
Aquarium Solutions, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-35894) on
October 25, 2023. In the petition signed by Emiliano Niell,
managing member, the Debtor disclosed up to $50,000 in assets and
up to $500,000 in liabilities.
Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, represents
the Debtor as legal counsel.
B & J INTERIORS: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
B & J Interiors, Inc. asks the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, for authority to use
cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to make payroll and
to pay other immediate expenses to keep its doors open.
A creditors American National Bank of Texas, the Small Business
Administration and Kapitus Capital have UCC-1's claiming a lien on
the Debtor's accounts receivable and or inventory.
An emergency exists in that the entire chance of the Debtor's
reorganizing depends on the Debtor's ability to immediately obtain
use the alleged Collateral of Secured Creditors to continue
operations of the company while effectuating a plan of
reorganization.
The Debtor is willing to provide Secured Creditors with replacement
liens pursuant to 11U.S.C. section 552 in accordance with their
existing priority without making any determination at this time as
to the validity or priority of the claims asserted by the Secured
Creditors.
A copy of the motion is available at https://urlcurt.com/u?l=ZI5qIz
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=2W6N0w
from PacerMonitor.com.
The Debtor asserts $175,000 in income and $50,000 in cost of
goods.
About B & J Interiors, Inc.
B & J Interiors, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-32435) on
October 25, 2023.
In the petition signed by Bill Fisher, president, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Eric A. Liepins, Esq., at Eric A. Liepens, P.C., represents the
Debtor as legal counsel.
BIG TEDDY: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Big Teddy LLC
d/b/a Big Plush
133 Kossuth Street
Newark, NJ 07105
Chapter 11 Petition Date: October 30, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-19587
Debtor's Counsel: Michael E. Holt, Esq.
FORMAN HOLT
365 Passaic Street, Suite 400
Rochelle Park, NJ 07662
Phone: (201) 845-1000
Email: mholt@formanlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Matuska as sole member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/G7BWAZA/Big_Teddy_LLC__njbke-23-19587__0001.0.pdf?mcid=tGE4TAMA
BOY SCOUTS: Chapter 11 Law Firms Defend $148-Mil. Fee Applications
------------------------------------------------------------------
Vince Sullivan of Law360 reports that law firms that represented
the Boy Scouts of America and other parties in the organization's
Chapter 11 case defended their final application for payment of
$148.3 million in professional fees Thursday in Delaware, saying
work questioned by the Office of the U. S. Trustee was reasonably
expected to help the bankruptcy plan process.
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor. Omni
Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
BREWSTER PLACE (KS): Fitch Affirms 'BB+' IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Issuer Default Rating for
Brewster Place and the 'BB+' rating on the following revenue bonds
issued by the city of Topeka, KS on behalf of Brewster Place:
- $46.3 million revenue and refunding bonds, series 2022A;
- $3.25 million revenue bonds, series 2022B.
The Rating Outlook is Stable.
Entity/Debt Rating Prior
----------- ------ -----
Brewster Place (KS) LT IDR BB+ Affirmed BB+
Brewster Place
(KS) /General
Revenues/1 LT LT BB+ Affirmed BB+
The 'BB+' rating reflects Brewster Place's somewhat soft
independent living unit (ILU) occupancy in the mid-80% range as it
moves forward on the Redwood project that will convert smaller
studio and one-bedroom ILUs into larger units. This is balanced
against Brewster's history of operating ratios consistent with
Fitch's midrange operating risk assessment, and a moderate debt
burden for the rating level.
The Redwood project has been funded with approximately $15 million
in permanent debt and $3.25 million in short-term debt. The
short-term debt will be paid down by the pool of new ILU entrance
fees. To fully repay the short-term debt, only 60% of the new units
need to sell, which mitigates some fill up risk. Only 10 of the 23
units have sold (43%), though favorably four of the 10 are
penthouse suits. Fitch expects sales to improve after model units
become available in December 2023.
Fitch's forward look shows Brewster's financial profile remaining
consistent with a below-investment grade credit rating as the
Redwood project is built and filled. The units are expected to be
ready for occupancy by March of 2024, with stabilized occupancy of
95% reached in June 2025.
SECURITY
Debt payments are secured by a pledge of the gross revenues and a
first mortgage lien on all property, excluding the clinic and
rental properties adjacent to the community.
KEY RATING DRIVERS
Revenue Defensibility - bbb
Adequate Demand; Competitive Market
Fitch's 'bbb' revenue defensibility assessment reflects Brewster
Place's market position as a single-site life plan community (LPC)
in a relatively competitive market. Many providers offer senior
care and five communities directly compete with Brewster Place.
Consistently adequate demand in the community is supported by high
skilled nursing facility (SNF) quality ratings and a broad spectrum
of price points.
ILU occupancy has fluctuated with averages generally in the mid 80%
range for the past several years. In June of 2022, 23 ILUs were
removed from inventory in anticipation of the Redwood project.
Excluding these units, ILU occupancy was 92% at the end of June
2023. Occupancy in the higher levels of care, memory care and
skilled nursing, has generally been higher than independent living,
ranging from 82% to 93% over the past three years.
Assisted living has softened in 2023 reflecting increased local
competition. At the end of June 2023, only 63% of the ALUs were
occupied compared to previous averages in the mid-80% range.
Management has increased marketing for the ALUs and expects
occupancy to rebound.
Currently, only 10 of the 23 Redwood ILUs have been sold.
Generally, a preconstruction presale target of 70% (with minimum
10% deposits) indicates sufficient demand to fill a project.
However, mitigating Fitch's concern is that the project will not be
adding additional units, the pricing for the larger replacement
ILUs is consistent with other larger, in demand, units at Brewster
Place, the modest amount of short-term debt, and expectations for
an available model unit within the next few months. Fitch does not
consider the low presale level to be additive to Brewster Place's
credit risk.
Operating Risk - bbb
Midrange Operating Metrics; Manageable Debt Burden
As a predominantly Type B contract provider, Brewster Place's
operating profile is assessed as midrange based on its historical
operating metrics. The operating ratio averaged about 96.7% over
the last five audited years. This is consistent with the average
NOM of 5.9% and NOM-A of 16%. Brewster Place reports managing
through the staffing shortages, especially for clinical staff, that
is affecting most of the sector, as it has maintained good
relationships with existing staff and adjusted wages to remain
competitive.
Though the project will increase the entrance fee and monthly fees
on the 23 new ILUs, the project overall is not expected to
significantly increase revenue generation as it will not add any
additional units to inventory. Furthermore, less than 30% of
Brewster Place's total revenues come from ILUs. Most of Brewster
Place's revenues are generated in SNF.
Capex has been adequate at Brewster Place, averaging over 200% of
depreciation over the last five fiscal years, with an average age
of plant of 14 years at FYE 2022. Capex will stay elevated through
early 2024 as the Redwood project is built. However, Fitch expects
capex to moderate to below depreciation after that, unless Brewster
Place chooses to incrementally add ILU villas and hybrid homes to
its campus.
The debt associated with campus repositioning project has not
stressed Brewster Place's capital-related metrics beyond acceptable
thresholds for the midrange assessment. Maximum annual debt service
(MADS) is about $3.7 million, equating to about 16.6% of 2022
revenues. Debt to net available is expected to stabilize between 5x
and 8x after the short-term debt is repaid with initial entrance
fees. Historically, revenue only MADS coverage has been about 0.6x.
This is not expected to materially change over the next few years.
Financial Profile - bb
Financial Profile Remains Steady Through a Moderate Stress
Given Brewster Place's midrange revenue defensibility assessment
and midrange operating risk assessment and Fitch's forward-looking
scenario analysis, Fitch expects key leverage metrics to remain
consistent with the 'BB' financial profile throughout the current
economic and business cycle. At YE fiscal 2022, Brewster had
approximately $12 million of unrestricted cash and investments and
days cash on hand (DCOH) was 200 days (as calculated by Fitch).
Fitch's base case scenario, which is a reasonable forward look for
financial performance over the next five years given current
economic expectations, shows Brewster Place maintaining operating
and financial metrics that are largely consistent with historical
levels of performance as the Redwood project is built and filled.
Capital spending is expected to be above depreciation through
fiscal 2023, and fall below depreciation after that. As part of the
forward look, Fitch assumes an economic stress (to reflect
financial market volatility), which is specific to Brewster Place's
asset allocation. Overall, Brewster's cash-to-adjusted debt levels
remain consistent with a 'BB' category credit. Debt service
coverage remains good for the rating level, and DCOH remains above
200 days throughout the base case.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Inability to sell at least 60% (14/23) of the new ILUs before
September 2024;
- Decrease in unrestricted liquidity such that cash-to-adjusted
debt is sustained at or below 30%;
- Softening in cash flow such that MADS coverage is sustained below
1.3x;
- Operating ratios sustained above 100%;
- Decrease in occupancy such that ILU occupancy is sustained below
85% and occupancy in the other areas of care decrease with
expectations to remain below 80%.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increase in liquidity such that cash-to-adjusted debt is
sustained at or above 70% and MADS coverage consistently above 2x.
PROFILE
Brewster Place is a Type-B LPC located in Topeka, KS. The
organization operates 240 ILU apartments (including the 23
temporarily taken out of service as part of the Redwood project),
16 assisted living units, 12 memory support units, and 79 SNF units
and an additional 18 short-term rehab beds. Brewster Place was
incorporated in 1958 as The Congregational Home (d/b/a Brewster
Place) and opened in 1964.
The Obligated Group includes Brewster Place and the Foundation. The
Foundation provides fundraising and charitable support for Brewster
Place. As of Dec. 31, 2022, the Foundation had cash and investments
of $1.5 million. Fitch's assessment is based only on the financial
results for those two entities and excludes Brewster at Home, a
Home Health organization with Brewster Place as the sole member.
Total audited operating revenue for the obligated group was
approximately $22 million in fiscal 2022 (YE Dec. 31).
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
CAM-CAR COLLEGE: Hires Country Boys Auction as Auctioneers
----------------------------------------------------------
Cam-Car College Collectibles L.L.C. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to
employ Country Boys Auction & Realty Co., Inc. as auctioneer.
The Debtor will market and sell the Debtor's real property located
at 6 Harper Avenue, Carolina Beach, NC 28428.
The firm will be paid at the commission of 6 percent in the event
of a sale; or $5,000.00 upon a declaration of "no sale."
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael Gurkins, a partner at Country Boys Auction & Realty,
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:
Michael V. Gurkins
Country Boys Auction & Realty, Inc.
1211 W. 5th Street
P.O. Box 1903
Washington, NC 27889
Tel: (252) 946-6007
About Cam-Car College Collectibles
Cam-Car College Collectibles LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C.
Case No. 23-01918) on June 10, 2023, with as much as $1 million in
both assets and liabilities.
Judge Pamela W. McAfee oversees the case.
Richard P. Cook, PLLC serves as the Debtor's legal counsel.
CANOO INC: Registers 21.3M Shares Under Incentive, Purchase Plans
-----------------------------------------------------------------
Canoo Inc. filed a Form S-8 registration statement with the
Securities and Exchange Commission to register:
(i) 17,766,551 additional shares of the Company's common stock,
par value $0.0001 per share, reserved for issuance under
the
Canoo Inc. 2020 Equity Incentive Plan; and
(ii) 3,553,310 additional shares of Common Stock reserved for
issuance under the Canoo Inc. 2020 Employee Stock Purchase
Plan, in each case as a result of the annual evergreen
increase under each Plan.
A full-text copy of the prospectus is available for free at:
https://www.sec.gov/Archives/edgar/data/1750153/000110465923110988/tm2328906d1_s8.htm
About Canoo
Torrance, California-based Canoo Inc. -- www.canoo.com -- is a
mobility technology company with a mission to bring electric
vehicles to everyone and provide connected services that improve
the vehicle ownership experience. The Company is developing a
technology platform that it believes will enable the Company to
rapidly innovate and bring new products, addressing multiple use
cases, to market faster than its competition and at lower cost.
Canoo reported a net loss and comprehensive loss of $487.69 million
for the year ended Dec. 31, 2022, compared to a net loss and
comprehensive loss of $346.77 million for the year ended Dec. 31,
2021. As of Dec. 31, 2022, the Company had $496.47 million in
total assets, $259.90 million in total liabilities, and $236.57
million in total stockholders' equity.
Los Angeles, California-based Deloitte & Touche LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 30, 2023, citing that the Company has suffered
recurring losses from operations, has generated recurring negative
cash flows from operating activities, and expects to continue to
incur net losses and negative cash flows from operating activities
in accordance with its ongoing activities. These matters raise
substantial doubt about the Company's ability to continue as a
going concern.
CANOO INC: Registers 267.6M Shares for Possible Resale by YA II
---------------------------------------------------------------
Canoo Inc. filed a Form S-3 registration statement with the
Securities and Exchange Commission relating to the offer and sale
of up to 267,632,968 shares of its Common Stock, $0.0001 par value
per share, by YA II PN, LTD., a Cayman Islands exempt limited
partnership, the selling stockholder. YA is a fund managed by
Yorkville Advisors Global, LP.
The shares of the Company's Common Stock being offered by the
Selling Stockholder may be issued pursuant to the Securities
Purchase Agreements, dated June 30, 2023, Aug. 2, 2023 and Sept.
26, 2023, respectively, that the Company entered into with YA. The
shares of Common Stock included in this prospectus consist of:
(i) shares of Common Stock that may be issued under the June
Purchase Agreement pursuant to convertible debentures in an
aggregate principal amount of $26.6 million;
(ii) shares of Common Stock that may be issued under the August
Purchase Agreement pursuant to convertible debentures in an
aggregate principal amount of $27.9 million;
(iii) shares of Common Stock that may be issued under the
September Purchase Agreement pursuant to convertible debentures in
an aggregate principal amount of $15.0 million;
(iv) shares of Common Stock that may be issued pursuant to a
warrant issued under the June Purchase Agreement to purchase
49,637,448 shares of Common Stock at an exercise price of $0.5358;
(v) shares of Common Stock that may be issued pursuant to a
warrant issued under the August Purchase Agreement to purchase
49,637,448 shares of Common Stock at an exercise price of $0.5358;
and
(vi) shares of Common Stock that may be issued pursuant to a
warrant issued under the September Purchase Agreement to purchase
27,995,520 shares of Common Stock at an exercise price of $0.5358.
The Company cannot predict the total number of shares that will be
issued pursuant to the Initial Debentures or the Initial Warrants.
The shares being registered under this prospectus relating to the
June Purchase Agreement are in addition to the shares previously
registered in the Form S-3 filed on Aug. 4, 2023 and declared
effective on Aug. 15, 2023 relating to 149,637,448 shares.
The Company is not selling any securities under this prospectus and
will not receive any of the proceeds from the sale of its Common
Stock by the Selling Stockholder. However, the Company has
received approximately $62.5 million in aggregate proceeds from the
sale of the Initial Debentures to YA, and may receive up to
approximately $68.2 million in proceeds upon payment of the
exercise price of the Initial Warrants, from time to time after the
date of this prospectus. The Initial Debentures are convertible at
YA's option into a number of shares of the Company's Common Stock,
equal to the applicable Initial Debenture's conversion amount
divided by the lower of (a) $0.50 per share and (b) 95% of the
lowest daily volume-weighted average price of the Common Stock
during the five consecutive trading days immediately preceding the
applicable conversion date, but not lower than $0.10 per share.
The June Initial Debenture and the August Initial Debenture may be
converted in whole or in part, at any time and from time to time.
The September Initial Debenture may be converted in whole or in
part, at any time and from time to time, subject to the Exchange
Cap. The conversion amount with respect to any requested
conversion will equal the principal amount requested to be
converted plus all accrued and unpaid interest on the Initial
Debentures as of such conversion. The Initial Warrants are
immediately exercisable.
The Company's Common Stock and public warrants are traded on The
Nasdaq Capital Market under the symbol "GOEV" and "GOEVW,"
respectively. On Oct. 23, 2023, the last reported sale price on
Nasdaq of the Company's Common Stock was $0.2792 per share and the
last reported sale price of its public warrants was $0.06 per
warrant.
A full-text copy of the prospectus is available for free at:
https://www.sec.gov/Archives/edgar/data/1750153/000110465923110986/tm2328898-1_s3.htm
About Canoo
Torrance, California-based Canoo Inc. -- www.canoo.com -- is a
mobility technology company with a mission to bring electric
vehicles to everyone and provide connected services that improve
the vehicle ownership experience. The Company is developing a
technology platform that it believes will enable the Company to
rapidly innovate and bring new products, addressing multiple use
cases, to market faster than its competition and at lower cost.
Canoo reported a net loss and comprehensive loss of $487.69 million
for the year ended Dec. 31, 2022, compared to a net loss and
comprehensive loss of $346.77 million for the year ended Dec. 31,
2021. As of Dec. 31, 2022, the Company had $496.47 million in
total assets, $259.90 million in total liabilities, and $236.57
million in total stockholders' equity.
Los Angeles, California-based Deloitte & Touche LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 30, 2023, citing that the Company has suffered
recurring losses from operations, has generated recurring negative
cash flows from operating activities, and expects to continue to
incur net losses and negative cash flows from operating activities
in accordance with its ongoing activities. These matters raise
substantial doubt about the Company's ability to continue as a
going concern.
CANOPY GROWTH: Registers 82.9M Shares Under Equity Incentive Plan
-----------------------------------------------------------------
Canopy Growth Corporation filed with the Securities and Exchange
Commission a Form S-8 registration statement to register 82,908,366
common shares of the Company issuable under the Company's Omnibus
Equity Incentive Plan, which were authorized for issuance under the
Plan as of Sept. 25, 2023. A full-text copy of the prospectus is
available for free at:
https://www.sec.gov/Archives/edgar/data/1737927/000110465923111452/tm2329023d1_s8.htm
About Canopy Growth
Headquartered in Smiths Falls, Ontario, Canopy Growth is a cannabis
and consumer packaged goods company which produces, distributes,
and sells a diverse range of cannabis, hemp, and CPG products.
Cannabis products are principally sold for adult-use and medical
purposes under a portfolio of distinct brands in Canada pursuant to
the Cannabis Act, SC 2018, c 16 (the "Cannabis Act"), and globally
pursuant to applicable international and Canadian legislation,
regulations, and permits. The Company's other product offerings,
which are sold by its subsidiaries in jurisdictions where it is
permissible to do so, include: (i) Storz & Bickel GmbH vaporizers;
(ii) BioSteel Sports Nutrition Inc. sports nutrition beverages,
hydration mixes, proteins and other specialty nutrition products;
and (iii) This Works Products Ltd. beauty, skincare, wellness and
sleep products. Its core operations are in Canada, the United
States, and Germany.
Ottawa, Canada-based KPMG LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated June 22,
2023, citing that the Company has material debt obligations coming
due in the short-term, has suffered recurring losses from
operations and requires additional capital to fund its operations,
which raise substantial doubt about its ability to continue as a
going concern.
CARESTREAM HEALTH: $540MM Bank Debt Trades at 25% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Carestream Health
Inc is a borrower were trading in the secondary market around 75.4
cents-on-the-dollar during the week ended Friday, October 27, 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.
CYTODYN INC: David Welch Reports 5.5% Equity Stake
--------------------------------------------------
David F. Welch reported in a Schedule 13G filed with the Securities
and Exchange Commission that as of Sept. 30, 2023, he beneficially
owned 50,919,009 shares of common stock of CytoDyn, Inc.,
representing 5.5 percent of the shares outstanding.
The percentage was calculated based upon (x) 50,919,009 shares of
the Issuer's Common Stock beneficially owned by the Reporting
Person as of Sept. 30, 2023, divided by (y) 931,151,762 shares of
Common Stock issued and outstanding as of Sept. 30, 2023, as
reported in the Issuer's Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission on Oct. 23, 2023. A
full-text copy of the regulatory filing is available for free at:
https://www.sec.gov/Archives/edgar/data/1175680/000119312523263044/d566194dsc13g.htm
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processe. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
CytoDyn 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.
DCQW LLC: Hires Andersen & Beede as Legal Counsel
-------------------------------------------------
DCQW LLC seeks approval from the U.S. Bankruptcy Court for the
District of Nevada to employ Andersen & Beede as its legal
counsel.
The firm will provide these services:
a) give legal advice with respect to the powers and duties of
the Debtor in the continued management and operation of its
business and property;
b) attend meetings and negotiate with representatives of
creditors and other parties in interest, and advise and consult on
the conduct of the Debtor's bankruptcy case, including the legal
and administrative requirements of operating in Chapter 11;
c) take all necessary action to protect and preserve the
bankruptcy estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
bankruptcy estate, negotiations concerning all litigation in which
the Debtor may be involved, and objections to claims filed against
the estate;
d) prepare legal papers;
e) negotiate and prepare a plan of reorganization, disclosure
statement and all related documents, and take any necessary action
to obtain confirmation of such plan;
f) advise the Debtor in connection with any sale of its assets;
g) appear before the bankruptcy court, any appellate courts and
the Office of the U.S. Trustee; and
h) perform all other necessary legal services.
The firm will be paid at these rates:
Ryan A. Andersen, Esq. $560 per hour
Mike Beede, Esq. $490 per hour
Mark M. Weisenmiller, Esq. $500 per hour
Valerie Y. Zaidenberg, Esq. $310 per hour
Paralegals $155 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm was paid by the Debtor an initial retainer of $3,000.
Ryan Andersen, Esq., a partner at Andersen & Beede, 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:
Ryan A. Andersen, Esq.
Valerie Y. Zaidenberg, Esq.
Andersen & Beede
3199 E Warm Springs Rd, Ste 400
Las Vegas, NV 89120
Tel: (702) 522-1992
Fax: (702) 825-2824
Email: ryan@aandblaw.com
valerie@aandblaw.com
About DCQW LLC
DCQW LLC in Las Vegas, NV, filed its voluntary petition for Chapter
11 protection (Bankr. D. Nev. Case No. 23-14413) on October 9,
2023, listing as much as $1 million to $10 million in both assets
and liabilities. Kayvoughn Moradi as authorized signatory, signed
the petition.
Judge Natalie M. Cox oversees the case.
ANDERSEN & BEEDE serve as the Debtor's legal counsel.
DIEBOLD NIXDORF: Capital World Reports 33.4% Equity Stake
---------------------------------------------------------
Capital World Investors filed Amendment No. 1 to its Schedule 13D
with the United States Securities and Exchange Commission to report
updated information about its ownership of common shares of Diebold
Nixdorf, Incorporated.
Capital World Investors stated that it beneficially owns an
aggregate of 12,576,776 common shares, representing approximately
33.4% of the outstanding common shares of Diebold Nixdorf,
Incorporated.
The calculation of the percentage of the class beneficially owned
by Capital World is based on 37,632,010 Common Shares, which is the
sum of (i) 37,566,668 Common Shares outstanding as of August 11,
2023, as reported by Diebold Nixdorf in its Current Report on Form
8-K, filed with the SEC on August 11, 2023, and (ii) 65,342
Outstanding Trade Shares.
On March 23, 2023, certain CWI Clients entered into a trade to
acquire certain debt of the Diebold Nixdorf from a third party. The
trade remained outstanding at the time of Diebold Nixdorf's
emergence from bankruptcy on August 11, 2023, and remains
outstanding as of October 24, 2023. Pursuant to the Plan, Common
Shares were issued to the seller in exchange for the acquired debt;
as such, the CWI Clients are entitled to receive 65,342 Outstanding
Trade Shares from the seller in settlement of the trade, and these
shares should have been included in the Schedule 13D filed by the
reporting person on August 21, 2023.
Capital World Investors may be reached at:
Erik A. Vayntrub
Capital World Investors
333 South Hope Street, 55th Floor
Los Angeles, CA 90071
About Diebold Nixdorf
Diebold Nixdorf, Incorporated automates, digitizes and transforms
the way people bank and shop. As a partner to the majority of the
world's top 100 financial institutions and top 25 global retailers,
its integrated solutions connect digital and physical channels
conveniently, securely and efficiently for millions of consumers
each day.
Diebold Nixdorf and several affiliated entities sought protection
under Chapter 11 of the U.S. Bankruptcy Code on June 1, 2023. The
cases are jointly administered under the case of Diebold Holding
Company, Inc., Bankr. S.D. Texas Lead Case No. 23-90602. In the
petition signed by Jonathan B. Leiken, president, Diebold Holding
disclosed $3.09 billion in assets and $2.57 billion in
liabilities.
Diebold Nixdorf Dutch Holding B.V. commenced voluntary
reorganization proceedings pursuant to the Wet Homologatie
Onderhands Akkoord under Netherlands law in the District Court of
Amsterdam. Diebold Netherlands sought recognition of the Dutch
Proceeding under Chapter 15 of the Bankruptcy Code.
Judge David R. Jones oversees the Chapter 11 cases.
The Chapter 11 Debtors tapped Jones Day and Jackson Walker LLP as
legal counsel; Ducera Partners LLC as investment banker; FTI
Consulting, Inc. as financial advisor; and Kroll Restructuring
Administration, LLC as claims and noticing agent.
Carlin Adrianopoli has been appointed as Foreign Representative for
the purposes of any case commenced under Chapter 15.
Davis Polk advised an ad hoc group of secured creditors.
On July 13, 2023, the U.S. Bankruptcy Court entered an order
confirming the Debtors' Second Amended Joint Prepackaged Chapter 11
Plan of Reorganization. On Aug. 2, 2023, the Dutch Court entered
an order sanctioning the Netherlands WHOA Plan of Diebold Nixdorf
Dutch Holding B.V. and the Dutch Scheme Companies in the Dutch
Scheme Proceedings.
DIGITAL MEDIA: Lion Capital et al. Report 32.8% Equity Stake
------------------------------------------------------------
Lyndon Lea, along with Lion Capital LLP, filed Amendment No. 1 to a
Schedule 13G Report with the Securities and Exchange Commission to
report about their ownership of Digital Media Solutions Inc.'s
common stock.
Lyndon Lea and Lion Capital are reported to have beneficial
ownership of an aggregate amount of 1,084,735 shares, equivalent to
32.8% of Digital Media's common stock:
Each of Lion Capital and Lyndon Lea's ownership of the Class A
Shares is comprised of 508,285 Class A Shares held by PledgeCo,
379,243 Class A Shares issuable upon conversion of the 28,671
Series B Preferred Shares held by PledgeCo, and 197,207 Class A
Shares issuable in respect of the Warrants held by BridgeCo.
In addition, the reported securities also include 2,654 Class A
Shares held by Lyndon Lea.
The amounts reflected give effect to the Company's 1-for-15 reverse
stock split, as effected on August 28, 2023.
Lyndon Lea may be reached at:
Lion Capital LLP
21 Grosvenor Place
London, SW1X 7HF
Tel: 44-20-7201-2200
A full-text copy of the Schedule 13D/A Report is available at
https://tinyurl.com/5cxmsn92
About Digital Media
Headquartered in Clearwater, Florida, Digital Media Solutions, Inc.
(NYSE: DMS) -- digitalmediasolutions.com -- is a provider of
data-driven, technology-enabled digital performance advertising
solutions connecting consumers and advertisers within the auto,
home, health, and life insurance, plus a long list of top consumer
verticals. The DMS first-party data asset, proprietary advertising
technology, significant proprietary media distribution, and
data-driven processes help digital advertising clients de-risk
their advertising spend while scaling their customer bases.
Digital Media reported a net loss of $52.50 million for the year
ended Dec. 31, 2022. As of March 31, 2023, the Company had $238.81
million in total assets, $337.08 million in total liabilities,
$4.99 million in preferred stock, and a total deficit of $103.27
million.
Digital Media received notice from the New York Stock Exchange on
March 30, 2023, indicating that the Company is not in compliance
with NYSE's continued listing standards because the average closing
price of the Company's common stock was less than $1.00 over a
consecutive 30 trading-day period.
* * *
As reported by the TCR on Sept. 1, 2023, S&P Global Ratings raised
its issuer credit rating on Digital Media Solutions Inc. (DMS) to
'CCC' from 'SD' (selective default). S&P said the negative outlook
reflects limited visibility into the company's recovery and the
potential of a debt restructuring in 2024 following the expiration
of the company's PIK option period, absent significant cash flow
improvement.
EAGLE TRUCKLINES: Hires Demarco Mitchell PLLC as Counsel
--------------------------------------------------------
Eagle Trucklines, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Demarco Mitchell, PLLC, as counsel.
The firm will provide these services:
a. take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;
b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate herein;
c. formulate, negotiate, and propose a plan of reorganization;
and
d. perform all other necessary legal services in connection
with these proceedings
The firm will be paid at these rates:
Robert T. DeMarco $400 per hour
Michael S. Mitchell $300 per hour
Barbara Drake, Paralegal $125 per hour
The firm has been paid by the Debtors a total retainer in the
amount of $27,714.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert T. DeMarco, a partner at Demarco Mitchell, 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:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
DEMARCO MITCHELL, PLLC
1255 W. 15th Street, 805
Plano, TX 75075
Tel: (972) 578-1400
Fax: (972) 346-6791
Email: robert@demarcomitchell.com
mike@demarcomitchell.com
About Eagle Trucklines, Inc.
Eagle Trucklines, Inc., a company in Southlake, Texas, and its
affiliates operate in the general freight trucking industry.
The Debtors filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case
No. 23-43044) on October 4, 2023, with $1 million to $10 million in
both assets and liabilities. Gurinder Chouhan, president, signed
the petition.
Judge Edward L. Morris oversees the case.
Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the
Debtor as legal counsel.
ECLIPZ.IO INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Eclipz.io, Inc.
20 S. Santa Cruz Avenue
Suite 300
Los Gatos, CA 95030
Chapter 11 Petition Date: October 30, 2023
Court: United States Bankruptcy Court
Northern District of California
Case No.: 23-51253
Judge: Hon. Stephen L. Johnson
Debtor's Counsel: Ron Bender, Esq.
LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P.
2818 La Cienega Avenue
Los Angeles, CA 90034
Tel: (310) 229-1234
Email: rb@lnbyg.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by James Bailey as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/VXG6QOA/Eclipzio_Inc__canbke-23-51253__0001.0.pdf?mcid=tGE4TAMA
ELKHORN EXPLORATION: Hires Demarco Mitchell PLLC as Counsel
-----------------------------------------------------------
Elkhorn Exploration Co. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Demarco Mitchell,
PLLC, as counsel.
The firm will provide these services:
a. take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;
b. prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate herein;
c. formulate, negotiate, and propose a plan of reorganization;
and
d. perform all other necessary legal services in connection
with these proceedings.
The firm will be paid at these rates:
Robert T. DeMarco $400 per hour
Michael S. Mitchell $300 per hour
Barbara Drake, Paralegal $125 per hour
The firm will be paid a retainer in the amount of $7,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert T. DeMarco, a partner at Demarco Mitchell, 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:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
DEMARCO MITCHELL, PLLC
1255 W. 15th Street, 805
Plano, TX 75075
Tel: (972) 578-1400
Fax: (972) 346-6791
Email: robert@demarcomitchell.com
Email: mike@demarcomitchell.com
About Elkhorn Exploration Co.
Elkhorn Exploration Co filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
22-40356) on March 21, 2022. Judge Brenda T. Rhoades presides over
the case.
Robert T. DeMarco, and Michael S. Mitchell, at DeMarco-Mitchell,
PLLC, are the Debtor's bankruptcy attorneys.
ENVISION HEALTHCARE: $2.20BB Bank Debt Trades at 31% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 69.3
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.20 billion facility is a Term loan that is scheduled to
mature on March 31, 2027. The amount is fully drawn and
outstanding.
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.
EXACTECH INC: $235MM Bank Debt Trades at 54% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Exactech Inc is a
borrower were trading in the secondary market around 45.6
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $235 million facility is a Term loan that is scheduled to
mature on February 14, 2025. About $220.2 million of the loan is
withdrawn and outstanding.
Exactech, Inc. develops, manufactures, markets, and sells
orthopedic implant devices and related surgical instrumentation.
EYECARE PARTNERS: S&P Downgrades ICR to 'CCC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Missouri-based eye care service provider EyeCare Partners LLC to
'CCC' from 'B-', its issue-level rating on the first-lien term loan
to 'CCC' from 'B-', and its issue-level rating on its second-lien
term loan to 'CC' from 'CCC'. S&P's '3' recovery rating on the
first-lien term loan and '6' recovery rating on the second-lien
term loan are unchanged.
S&P's negative outlook on EyeCare reflects increasing risk of a
near-term restructuring because of deteriorating liquidity.
The downgrade reflects increasingly strained liquidity and
persistent cash flow deficits. S&P said, "Revenue growth and EBITDA
margin came in weaker than we anticipated in the second quarter
because of staffing shortages and higher inflationary costs. In
addition, interest rates have continued to rise. While we still
expect significant operational improvement through the remainder of
2023 and 2024, the company's covenant cushion is tight. We
anticipate substantial free operating cash flow (FOCF) deficits in
2023 and 2024. We project FOCF deficits of about $160 million-$180
million in 2023 and about $50 million-$70 million in 2024, when we
expect EyeCare to pause de novo spending to preserve liquidity. We
believe the company may need additional liquidity sources beyond
its $200 million revolving credit facility." Further
underperformance could also mean a covenant violation and lock out
access to the revolving credit facility. EyeCare has engaged
consultants to consider its options.
The negative outlook reflects increasing risk of a near-term
restructuring because of deteriorating liquidity.
S&P could lower its rating on EyeCare if:
-- S&P expects a default in the next six months;
-- A covenant breach becomes increasingly likely; or
-- S&P believes the company will likely initiate a restructuring
that it deems to be a distressed exchange.
While unlikely, S&P could raise its rating on EyeCare if:
-- Liquidity improves such that S&P believes the company can cover
its uses for at least the next 12 months and covenant headroom
widens; or
-- Internally generated FOCF increases and is sufficient to cover
amortization and mandatory capital expenditure (capex).
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of EyeCare. 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 most
rated entities owned by private-equity sponsors. Our assessment
also reflects the generally finite holding periods and a focus on
maximizing shareholder returns."
Although labor pressures have improved, filling physician vacancies
to meet demand has continued to be a pain point.
FAITH VICTORY: Gets OK to Hire McConville as Legal Counsel
----------------------------------------------------------
Faith Victory Christian Center, Inc., received approval from the
U.S. Bankruptcy Court for the Western District of New York to hire
McConville Considine Cooman & Morin, PC to handle its Chapter 11
case.
The hourly rates charged by the firm's attorneys and paralegals for
their services are as follows:
Partners $300 per hour
Associates $285 per hour
Paralegals $100 per hour
McConville received from the Debtor the sum of $5,000, of which
$3,262 was used to pay the firm's pre-bankruptcy retainer and
$1,738 for the filing fee.
In addition, the firm will receive reimbursement for work-related
expenses incurred.
Mikal Krueger, Esq., at McConville, 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:
Mikal J. Krueger, Esq.
McConville Considine Cooman & Morin, P.C.
300 Meridian Centre Blvd., Suite 110
Rochester, NY 14618
Main Phone: 585.546.2500
Direct Dial: 585.512.3546
Main Fax: 585.546.7218
Email: mkrueger@mccmlaw.com
About Faith Victory Christian Center
Faith Victory Christian Center, Inc., filed a Chapter 11 petition
(Bankr. W.D.N.Y. Case No. 23-20481) on Sept. 25, 2023, with
$100,001 to $500,000 in both assets and liabilities. Mikal J.
Krueger, Esq., at McConville Considine Cooman & Morin, P.C., is the
Debtor's legal counsel.
FINTHRIVE SOFTWARE: Fitch Corrects Nov. 3 Ratings Release
---------------------------------------------------------
Fitch issued a correction of a release on FinThrive Software
Intermediate Holdings, Inc., published on Nov. 3, 2022. It
eliminates all mentions of treating preferred instruments as 100%
debt according to Fitch's Hybrid Criteria. Additionally, Fitch
modifies the disclosed leverage ratios to exclude preferreds.
The amended ratings release is:
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of FinThrive Software Intermediate Holdings, Inc. (FinThrive)
at 'B-'. Fitch has also affirmed FinThrive's senior secured
first-lien rating at 'B+'/'RR2' and the senior secured second lien
rating at 'CCC'/'RR6'. The Rating Outlook is Stable. Fitch's
actions affect $2.0 billion of outstanding and committed debt.
Since the carve-out in 2021, FinThrive has completed the necessary
acquisitions to weave together a comprehensive RCM software
platform, positioning the company for potentially accelerated
growth. However, the credit profile is at risk to rising interest
rates that are likely to constrain FCF. While liquidity is
sufficient to absorb moderate pressures, negative ratings action
may be warranted if extraordinary spend and capital intensity are
not reduced sufficiently to produce positive FCF.
KEY RATING DRIVERS
Supportive Secular Drivers: Fitch expects FinThrive to benefit from
strong secular trends in U.S. healthcare spending and utilization.
The Centers for Medicare and Medicaid Services (CMS) forecasts
national health expenditure growth of 5.6% per year through 2026
due to long-standing trends including an aging demographic, medical
procedure/drug-cost inflation and utilization growth.
In addition, increased regulatory burdens, claims processing
complexity and pressures on provider profitability serve as strong
tailwinds for continued software adoption by providers. Fitch
believes the secular tailwinds provide a dependable growth
trajectory that benefits the credit profile.
Growth Rates Below Peers: FinThrive has experienced growth rates in
the low to mid-single digits relative to the double-digit rate of
peers and the HCIT sector broadly. Fitch expects continued
near-term subdued growth as the company primarily targets the fully
penetrated large hospital system customer segment, leaving
cross-sell efforts as the primary mechanism for future growth.
However, Fitch believes the company may be poised for accelerated
growth in FY 2024 and beyond now that the necessary acquisitions to
bring an end-to-end RCM software platform to market are complete.
Currently, typical large hospital systems engage dozens of software
tools to address the patient billing cycle. Successful integration
of acquired offerings and deployment of a comprehensive platform
may accelerate cross-selling opportunities while also improving
competitive positioning.
Low Cyclicality: Fitch expects FinThrive, which maintained
consistent growth though the pandemic, to continue to exhibit low
cyclicality as global macroeconomic pressures rise. Fitch believes
the company will exhibit strong correlation to overall U.S.
healthcare spend and utilization, which is highly nondiscretionary
and has experienced uninterrupted growth since at least 2000,
according to CMS.
In addition, risks for material revenue declines are low as the
company's strong retention rates are supported by high switching
costs that involve staff retraining, implementation costs, business
interruption risks and reduced productivity when swapping vendors.
As a result, Fitch believes the credit profile will demonstrate
minor sensitivity to macroeconomic cycles.
Recurring Revenue and Margin Profile: FinThrive's software
offerings are delivered through a multi-tenant, single-instance
cloud platform with 92% of revenue generated from
subscription-based revenue that is predominantly comprised of
fixed-fee products. The high degree of recurring revenue promotes
visibility and is further supported by 99% gross retention rates.
FinThrive maintains strong profitability metrics with EBITDA
margins above the 39% average and 13%-45% range for Fitch-rated
HCIT peers and poised for additional expansion as cost-reduction
actions begin to run-rate. The strong margin profile is supported
by a highly variable cost structure typical of software developers.
Fitch believes the strong margins contribute to the ability to
sustain elevated leverage.
High Leverage: Following its acquisition by PE sponsor, Clearlake,
FinThrive has pursued a primarily debt-financed acquisitive
strategy that has seen the 8.2x Fitch calculated pro forma leverage
at the time of ratings initiation increase to a forecast level of
9.3x in FY 2022, above the nearly 8.0x median for Fitch-rated
healthcare IT issuers. Fitch forecasts modest deleveraging to 7.5x
over the ratings horizon. Fitch believes further leverage reduction
is constrained by the limited EBITDA growth opportunity with
margins that already benchmark well relative to peers, the low to
mid-single-digit revenue growth profile, and the PE ownership that
is unlikely to promote voluntary debt repayment. However, Fitch
believes elevated leverage is supported by the company's dependable
growth prospects, strong margin profile, declining capital
intensity and low cyclicality.
Rising Rates Pressure FCF: Fitch believes FinThrive is vulnerable
to the rapidly rising interest rate environment as an issuer of
primarily floating rate debt. Fitch forecasts cash interest expense
will increase by nearly two-fold on a pro forma run-rate basis,
resulting in a deterioration in coverage metrics to below 1.5x and
to potentially negative FCF. Fitch is currently forecasting
approximately neutral FCF in FY 2022 and modest cash burn FY 2023,
returning to mid-single digit FCF margins thereafter, well below
its prior base case that contemplated FCF margin in the mid-teens.
Nevertheless, Fitch believes there are further downside risks to
FCF as management must successfully execute on plans to reduce
extraordinary spend related to the carve-out process, acquisition
integration, and negative working capital trends. Despite the
reduced FCF outlook, Fitch believes the company has abundant
liquidity, approaching $300 million, to absorb the potential for
sustained pressures over the intermediate term. Due to the
liquidity position and its base case forecast for improvement in
FCF and credit protection metrics, Fitch believes the affirmation
of the rating is warranted.
Strategic Risks: Fitch notes risk in the go-to-market strategy that
targets large hospital systems, which positions FinThrive in direct
competition with larger RCM providers, such as Change Healthcare,
Inc. and Experian Information Solutions, Inc., who could quickly
scale up investment in product and sales efforts. In addition,
large Electronic Health Records (EHR) providers, such as Cerner
Corp., which was acquired by Oracle Corp. (BBB+/Negative) in 2021,
or EPIC Systems Corp., are thoroughly entrenched in hospital IT
systems and may leverage their position to vertically integrate
their software stack by expanding into RCM capabilities. This risk
is partially mitigated by the substantial switching costs involved
in replacing an RCM vendor, evidenced by the company's historical
retention rates near 100%.
DERIVATION SUMMARY
Fitch is evaluating FinThrive following its acquisitions of
TransUnion Healthcare, Inc. (TUHC) and Pelitas as management
progresses through their integration and value-creation strategies,
positioning the company for a potential acceleration in growth over
the intermediate term.
Fitch believes the company benefits from a favorable growth
opportunity as healthcare billing processing volumes continue to
expand due to long-standing trends in the U.S. healthcare sector
including, an aging demographic, medical procedure/drug cost
inflation and utilization growth. In addition, Fitch expects
healthcare-centered software will continue to experience rising
adoption as healthcare providers seek to efficiently address
increased regulatory burdens, claims processing complexity and
profitability pressures.
While Fitch views the demand trends positively, new client growth
prospects are partially limited relative to HCIT peers given the
company's target market of large hospital system customers. This
segment is characterized by high software adoption rates nearing
full penetration, rapid consolidation that reduces the set of
potential customers, and higher competitive intensity with larger
scale software providers and entrenched EHR software providers
seeking to expand wallet share. As a result, the company primarily
depends on cross-selling to the existing client base in pursuit of
growth.
Fitch believes the past acquisitions enhance growth prospects as
complimentary product offerings can be integrated in the
development of a true end-to-end RCM software platform, whereas
large hospital systems currently typically engage dozens of
software tools to address the patient billing cycle. Successful
deployment of a comprehensive offering may accelerate cross-selling
opportunities while also improving competitive positioning.
Fitch believes growth is further ensured by a high degree of
recurring revenue, strong client retention rates, high switching
costs and robust sales efforts. Finally, similar to the company's
continued positive organic growth during the pandemic-led downturn,
Fitch expects the company to demonstrate minimal cyclicality and
durable resistance to economic cycles due to the nondiscretionary
nature of healthcare spend.
The company scores positively on profitability metrics with Fitch
forecasting EBITDA margins currently well above the 39% average for
Fitch-rated HCIT peers and poised for additional expansion over the
ratings horizon. However, similar to peers that are predominantly
PE-owned as well, Fitch expects significant deterioration in FCF,
compared to its prior expectation for consistent mid-teens FCF
margins, as rising rates lead to a rapid step-up in cash interest
expense. Fitch is now forecasting approximately neutral FCF in FY
2022 and modest cash burn FY 2023. Fitch believes a return to
positive FCF is achievable in FY 2024 as extraordinary spend
related to the carve-out process and acquisition integration is
reduced, negative working capital trends abate, and capital
intensity declines post the completion of certain growth
investments in product and infrastructure, leading to FCF margin
expansion to mid-single-digits. Fitch believes a return to positive
FCF will be sustainable due the robust profitability, low
cyclicality, and a rapid cash conversion cycle.
Due to the attractive characteristics of the business model, Fitch
believes higher levels of leverage are tolerable. Fitch calculates
pro forma FY 2022 leverage of 9.3x, exceeding the 8.0 median for
Fitch-rated HCIT issuers, and forecasts modest deleveraging to 7.5x
over the ratings horizon as further reduction is constrained by the
limited revenue growth opportunity, EBITDA margins that already
benchmark well relative to peers, and the PE ownership that is
unlikely to promote voluntary debt repayment. Fitch views the
elevated leverage and reduced FCF as the primary determinants of
the rating at 'B-'.
No country-ceiling, parent/subsidiary or operating environment
aspects had an impact on the rating.
KEY RECOVERY RATING ASSUMPTIONS
- The recovery analysis assumes that FinThrive would be reorganized
as a going-concern in bankruptcy rather than liquidated;
- Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation (EV). Fitch contemplates a scenario in which
elevated competition from larger RCM providers results in increased
client churn and decreased revenue growth, as well as increased
sales and R&D expenses to address the challenges. As a result,
Fitch expects that FinThrive would likely be reorganized with a
similar product strategy and higher than planned levels of
operating expenses as the company reinvests to ensure customer
retention and defend against competition.
- Under this scenario, Fitch believes EBITDA margins would decline
such that the resulting GC EBITDA is approximately 10% below pro
forma 2022 forecast EBITDA.
- An EV multiple of 7x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization EV. The choice of this multiple
considered the following factors:
Comparable Reorganizations: In Fitch's 13th edition of its
"Bankruptcy Enterprise Values and Creditor Recoveries" case study,
the agency notes seven past reorganizations in the technology
sector, where the median recovery multiple was 4.9x. Of these
companies, only two were in the software subsector: Allen Systems
Group, Inc. and Aspect Software Parent, Inc., which received
recovery multiples of 8.4x and 5.5x, respectively. Fitch believes
the Allen Systems Group, Inc. reorganization is highly supportive
of the 7.0x multiple assumed for FinThrive given the mission
critical nature of both companies' offerings.
M&A Precedent Transaction: A study of M&A in the healthcare IT
industry from 2015 to 2020 that included an examination of 42
transactions involving RCM providers established a median EV/EBITDA
transaction multiple of 15x. More recent comparable M&A such as the
buyouts of athenahealth, Waystar and eSolutions continue to support
similar transaction multiples.
Fitch evaluated a number of qualitative and quantitative factors
that are likely to influence the GC valuation:
- Secular trends and regulatory environment are highly supportive
as increased regulatory burdens, claims processing complexity and
reimbursement pressures promote demand growth;
- Barriers to entry are high relative to software issuers as deep
domain and regulatory expertise are required to develop solutions
for automated claims processing;
- FinThrive is a top-five RCM software provider to large hospital
systems, but is still of significantly smaller scale than certain
competitors such as Change Healthcare, Inc. and Experian
Information Solutions, Inc.;
- Revenue and cash flow outlook are favorable as long-standing
secular trends in health expenditures are supportive of revenue
growth while strong profitability and low capital intensity promote
FCF margins in the mid-teens;
- Revenue certainty is high as a result of the 92% recurring
revenue profile;
- EBITDA margins are near the top of the 13%-50% range for
Fitch-rated HCIT peers;
- Operating leverage is durable given a highly variable cost
structure typical of software developers. Fitch believes these
factors reflect a particularly attractive business model that is
likely to generate significant interest, resulting in a recovery
multiple at the high-end of Fitch's range.
The recovery model implies a 'B+' and 'RR2' Recovery Rating for the
company's first-lien senior secured facilities, reflecting Fitch's
belief that lenders should expect to recover 71%-90% in a
restructuring scenario. The recovery model also implies a rating of
'CCC'/'RR6' to the second lien term loan reflecting Fitch's belief
that lenders should expect to recover 0%-10% of their value in a
restructuring scenario.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within the Rating Case for the Issuer
- Organic revenue growth of 2%-3% in FY 2022 and FY 2023,
consistent with 1H YTD results and bookings trends; growth of 5.5%
per year thereafter, due to cross selling efforts, new logo growth
and increasing medical procedure volumes, consistent with
end-market forecasts;
- EBITDA margins expansion of 240 bps over the rating horizon due
to synergy and cost-reduction realization, facilities
consolidation, scaling efficiencies and reduced one-time costs;
- Capital intensity of 9% in fiscal 2022 due to completion of
product and infrastructure investments, gradually declining toward
7.5% relative to 6.5% average of HCIT peers;
- Extraordinary costs related to carve-out process and acquisition
integration gradually declining to $5 million per annum.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- (Cash flow from operations-capex)/total debt with equity credit
sustained above 5%;
- Reduction in debt leading to total debt with equity
credit/operating EBITDA sustained below 7.5x;
- Revenue growth consistently in excess of Fitch's forecasts;
- Strengthened competitive positioning and increased scale.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Revenue declines resulting from market share losses or
deterioration in competitive position;
- Sustained break-even or negative FCF;
- FFO interest coverage sustained below 1.5x;
- No near-term prospect of recovery in liquidity score above 1.0x
and funding sources subject to material execution risk.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: FinThrive has grown its liquidity position to
$290 million as of 2Q22, consisting of $140 million of cash and the
$150 million undrawn RCF. Fitch believes liquidity levels are more
than sufficient to absorb potential temporary or sustained moderate
cash burn levels resulting from increased interest rates. Under
Fitch's base case, which contemplates negative FCF in FY 2023 with
an inflection the following year, Fitch expects liquidity to
decline modestly to $285 million over the ratings horizon. In
comparison, under a stressed scenario, Fitch believes cash burn
would be limited to less than $10 million per annum on average.
With the exception of financing costs, Fitch believes liquidity
requirements are moderate given low operating expense base, a
highly variable cost structure, a short cash conversion cycle due
to monthly billing, and gradually declining capital intensity.
ISSUER PROFILE
FinThrive is a provider of healthcare RCM software solutions,
serving more than 900 clients, including 37 of the top 40 U.S.
health systems.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
Entity/Debt Rating Recovery
----------- ------ --------
Finthrive Software
Intermediate
Holdings, Inc. LT IDR B- Affirmed
senior secured LT B+ Affirmed RR2
Senior Secured
2nd Lien LT CCC Affirmed RR6
FLY LEASING: S&P Affirms 'CCC' ICR on Refinancing Uncertainties
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' issuer credit rating on
aircraft leasing company Fly Leasing Ltd. and its 'CCC+'
issue-level rating on Fly Funding II S.a.r.l.'s 2012 term loan.
S&P also affirmed its 'D' rating on the 7% senior unsecured notes.
It will remain until S&P believes the risk of additional distressed
debt repurchases is remote.
The developing outlook reflects the continued uncertainty around
Fly's refinancing plans for its upcoming debt maturities, including
the 7% senior unsecured notes and $76 million in promissory notes,
both due in 2024, and additional secured debt maturities in 2025.
S&P said, "We view Fly's recent capital contributions as moderately
credit positive. Over the last year, the company has repurchased
its 7% senior unsecured notes due in 2024 at below par, supported
by equity infusions from parent Carlyle Aviation Partners. After
the most recently announced repurchase (in September), about $200
million of the notes remain outstanding down from the initial
outstanding amount of about $400 million. However, while the
partial repurchase has somewhat reduced its debt and interest
expenses, Fly's upcoming maturities remain considerable in our
view, with the notes now current.
"Separately, in June 2023, Fly issued $76 million in promissory
notes to Carlyle to repay the Fly Aladdin facility that matured on
June 15. However, this facility is repayable in June 2024 and
therefore already current. Nevertheless, we view the recent capital
contributions as a moderate credit positive, and believe it
reflects the parent's willingness to provide support and meet Fly's
capital requirements when necessary.
"Our 'CCC' issuer credit rating on Fly continues to reflect the
refinancing risks associated with its upcoming debt maturities. We
expect the company to continue to partially repurchase the senior
unsecured notes, but the size and timing of additional repurchases
are uncertain since it depends on capital market conditions and
additional equity infusions from Carlyle to finance them. We also
believe Fly could refinance the promissory notes through an
external debt issuance (likely using recently unencumbered assets
that previously secured the Fly Aladdin facility) when market
conditions are more conducive. However, the timing and terms of
such a refinancing also are uncertain.
"Additionally, Fly has large upcoming secured term loan maturities
in 2025. We believe Carlyle can likely refinance these facilities,
given the quality of the collateral (largely liquid narrow-body
aircraft). However, we note that Carlyle has historically accessed
the aircraft asset-backed securities market to meet its financing
needs, but capital market conditions for these securities remain
relatively unfavorable. Therefore, we believe terms, timing, and
pricing of refinancing facilities remain uncertain.
"We continue to assess Fly's liquidity position as less than
adequate. We forecast the company's sources of liquidity will only
amount to 0.6x uses over the next 12 months due to the upcoming
debt maturities. Major sources include cash on hand, availability
under the $50 million equity line of credit, and operating cash
generation. Uses include full repayment of the promissory notes and
7% senior unsecured notes, as well as ongoing secured debt
amortization. While the deficit as outlined above is material, we
believe Fly's liquidity position could benefit from any external
debt financing that it can secure to refinance its promissory
notes, as well as additional capital contribution from the
parent."
The developing outlook reflects the continued uncertainty around
Fly's refinancing plans for its upcoming debt maturities, including
its 7% senior unsecured notes and $76 million promissory notes,
both due in 2024, and additional secured debt maturities in 2025.
S&P could lower its ratings on Fly if:
-- S&P believes it cannot refinance its upcoming debt maturities,
including the 7% notes due in 2024; or
-- It engages in another refinancing or exchange that we view as
distressed (outside of potential incremental below-par repurchases
of its 7% notes).
S&P could raise its ratings on Fly if:
-- It refinances its upcoming maturities at par; and
-- S&P views its liquidity position as comfortable over the next
12-24 months.
FREEDOM PLUMBERS: Seeks Cash Collateral Access Thru April 2024
--------------------------------------------------------------
Freedom Plumbers Corporation asks the U.S. Bankruptcy Court for the
Eastern District of Virginia, Alexandria Division, for authority to
use cash collateral from the petition date through the week ending
April 27, 2024.
The Debtor requires the use of cash collateral to meet its ongoing
working capital and general business needs, which include costs of
goods sold payroll and payroll taxes, advertising and marketing,
supplies, insurances and rent, completing existing work and
starting and performing new work.
In the period prior to the first Chapter 11 case, the Debtor was
unable to pay payroll and other tax obligations to the Internal
Revenue Service and to the Commonwealth of Virginia. Since the
Debtor filed its first Chapter 11 case, it has remained current in
payroll tax obligations and has been making payments on its
delinquent payroll tax obligations.
Following the outbreak of the Covid-19 pandemic, in March, 2020,
the country was largely shut down. Although the Debtor was able to
continue to operate its business, as it was an essential service
provider, the Debtor's business was negatively impacted and had the
effect of pushing Freedom more strongly into septic work.
In spring, 2020, the Debtor applied for and was provided a Small
Business Administration guaranteed Payment Protection Plan loan
from United Bank for $223,500. The loan was approved by the Court.
The PPP loan funds were deposited into the Debtor's
Debtor-in-Possession operating account with United Bank and used
for purposes authorized by the terms of the loan. However, the
Debtor was unaware that the PPP loan was not available to the
Debtor while it was in bankruptcy, which ultimately prevented
forgiveness of the loan, pursuant to the terms of the PPP program.
As the PPP loan was not forgiven, United Bank has demanded
re-payment by Freedom.
The IRS recorded a tax lien in December, 2021, pursuant to which
the IRS holds a lien on certain of the Debtor's assets, including
case and cash equivalents.
As of the filing date, the Debtor had approximately $30,000 on hand
and receivables of $57,000. The Debtor is collecting its accounts
receivable and generating new accounts receivable, all in the
ordinary course of business.
The Debtor is currently negotiating the terms of a stipulation
regarding the use of cash collateral with the IRS, which will be
filed with the Court as soon as it is executed. Among other things,
the Cash Collateral Stipulation will provide for a replacement lien
to the IRS, to the same extent, validity and priority of its
prepetition lien in the Debtor's cash collateral, and cash
collateral payments of $2,500 per month.
As adequate protection, the IRS will be granted a replacement lien,
excluding avoidance causes of action and recoveries, equal in
extent, validity and priority as its pre-petition lien, without
prejudice to the right of the Debtor, any subsequent trustee and/or
any other party in interest to challenge the extent, validity
and/or priority of the IRS's lien.
The Debtor will also pay to the IRS $2,500 monthly.
A copy of the motion is available at https://urlcurt.com/u?l=zLTwTe
from PacerMonitor.com.
About Freedom Plumbers Corporation
Freedom Plumbers Corporation installs, replaces, repairs, inspects
and services septic tanks, pipes and systems, pumps and disposes of
waste.
Freedom replaces entire pipes and also relines pipes, inserting new
piping inside failing pipe. Freedom handles all aspects of grease
waste. It diagnoses grease problems, maintains and cleans pumps,
inspects, repairs and replaces grease traps, cleans drains, videos
pipes both residential and commercial. Freedom clears drains for
businesses and homes. Using LED cameras and leak detection
equipment, Freedom diagnoses problems with pipes. Freedom services,
inspects, repairs, replaces, and installs grinder stations for both
commercial and residential applications. Freedom inspects sewer
pipes and lines both by camera and visually to diagnose problems.
Freedom removes and replaces sewer pipes. Freedom maintains sewer
lines and rehabilitates old, corroded pipes from the inside using
an epoxy resin formula.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Case No. 20-10534) on Feb. 20, 2020, listing
under $1 million on both assets and liabilities.
Ann E. Schmitt, Esq. at Culbert & Schmitt, PLLC, represents the
Debtor as counsel.
GLOBAL FOOD: EUR245MM Bank Debt Trades at 21% Discount
------------------------------------------------------
Participations in a syndicated loan under which Global Food
Solutions Sarl is a borrower were trading in the secondary market
around 79.1 cents-on-the-dollar during the week ended Friday,
October 27, 2023, according to Bloomberg's Evaluated Pricing
service data.
The EUR245 million facility is a Term loan that is scheduled to
mature on February 11, 2028.
Global Food Solutions is a progressive food service partner,
uniquely positioned to create affordable and inspired foods.
GOLDEN INDUSTRIAL: Case Summary & 10 Unsecured Creditors
--------------------------------------------------------
Debtor: Golden Industrial Laundry Inc.
Carretera #1, Km. 121.8, Bo. Calzada
Sector Industrial Mercedita
Mercedita, PR 00715
Business Description: The Debtor owns a commercial property
located at Carr. #1, KM. 1.8 Bo. Calzada,
Ponce, PR, valued at $540,000.
Chapter 11 Petition Date: October 30, 2023
Court: United States Bankruptcy Court
District of Puerto Rico
Case No.: 23-03509
Debtor's Counsel: Noemi Landrau Rivera, Esq.
LANDRAU RIVERA & ASSOCIATES
PO Box 270219
San Juan, PR 00927
Tel: 787-774-0224
Fax: 787-793-1004
Email: nlandrau@landraulaw.com
Total Assets: $964,229
Total Liabilities: $1,874,299
The petition was signed by Pedro V. Perez Ortiz as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/G7Z2RVQ/GOLDEN_INDUSTRIAL_LAUNDRY_INC__prbke-23-03509__0001.0.pdf?mcid=tGE4TAMA
GOPHER RESOURCE: $510MM Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Gopher Resource LLC
is a borrower were trading in the secondary market around 84.2
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $510 million facility is a Term loan that is scheduled to
mature on March 6, 2025. About $464.1 million of the loan is
withdrawn and outstanding.
Gopher Resource, LLC offers lead, plastic, and household waste
recycling services. Gopher Resource serves customers in North
America.
GREENIDGE GENERATION: Reports Selected Preliminary Q3 Results
-------------------------------------------------------------
Greenidge Generation Holdings Inc. announced selected preliminary
financial and operating results for the third quarter of 2023.
For the three months ended Sept. 30, 2023, Greenidge expects to
report revenue of approximately $21 million, net loss from
continuing operations in a range of approximately $7 million to $8
million and Adjusted EBITDA in a range of approximately zero to
approximately $1 million. Adjusted EBITDA is a non-GAAP measure.
Cryptocurrency datacenter hosting revenue is expected to be
approximately $12.5 million, Cryptocurrency datacenter self-mining
revenue is expected to be approximately $6.5 million and Power and
capacity revenue is expected to be approximately $2 million for the
third quarter of 2023. The Company's cryptocurrency datacenter
operations produced approximately 871 bitcoin during the third
quarter of 2023, of which 636 bitcoin were produced for colocation
and 235 bitcoin were produced for self-mining. As of Sept. 30,
2023, Greenidge datacenter operations consisted of approximately
42,300 miners with approximately 4.6 EH/s of combined capacity for
both datacenter hosting and cryptocurrency mining, of which 32,100
miners, or 3.4 EH/s, is associated with datacenter hosting and
10,200 miners, or 1.2 EH/s, is associated with Greenidge's
cryptocurrency mining.
Greenidge ended the quarter with approximately $10.7 million of
cash and approximately $89.5 million of debt.
Preliminary Financial and Operating Results
The preliminary financial and operating results set forth above for
the three months ended Sept. 30, 2023, reflect preliminary
estimates with respect to such results based solely on currently
available information, which is subject to change. Readers are
cautioned not to place undue reliance on such preliminary results
which are unaudited and constitute forward-looking statements.
Greenidge has not completed its standard closing process, including
the completion of all of its controls procedures, which could
identify adjustments causing the actual results to be different
from the expectations presented in this release. These estimates
should not be viewed as a substitute for Greenidge's full quarterly
financial statements for the three months ended Sept. 30, 2023,
which will be prepared in accordance with U.S. GAAP.
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.
H.A. STEWART: Hires Steidl and Steinberg P.C. as Counsel
--------------------------------------------------------
H.A. Stewart Trucking LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to employ Steidl and
Steinberg, P.C. as counsel to handle its Chapter 11 case.
The firm will be paid at the rate of $350 per hour, and will be
reimbursed for work-related expenses incurred.
The Debtor paid the firm a retainer of $5,000, plus the filing fee
of $1,738.
As disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Christopher M. Frye, Esq.
STEIDL AND STEINBERG, P.C.
2830 Gulf Tower
707 Grant Street
Pittsburgh, PA 15219
Tel: (412) 391-8000
Email: chris.frye@steidl-steinberg.com
About H.A. Stewart Trucking LLC
H.A. Stewart Trucking LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-22125) on
October 5, 2023. In the petition signed by Hussien Ali Stewart,
member, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents
the Debtor as legal counsel.
HUBBARD RADIO: $372MM Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Hubbard Radio LLC
is a borrower were trading in the secondary market around 83.2
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $372 million facility is a Term loan that is scheduled to
mature on April 30, 2025. The amount is fully drawn and
outstanding.
Formed in 2011, Hubbard Radio, LLC is a family controlled and
privately held media company that owns and operates radio stations
in seven of top 30 markets, including Chicago, Washington, D.C.,
Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle, and Phoenix.
Hubbard also operates 2060 Digital, LLC, a national digital
marketing agency based in Cincinnati, OH. Headquartered in St.
Paul, MN, the company is affiliated with Hubbard Broadcasting Inc.,
a television and radio broadcasting company that was started in
1923. Net revenues for the 12 months ending September 2017 for
Hubbard on a standalone basis were approximately $216 million.
IMEDIA BRANDS: Seeks to Hire Sidley Austin LLP as Counsel
---------------------------------------------------------
Legacy IMBDS, Inc., f/k/a iMedia Brands, Inc., and its affiliates
seek approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Sidley Austin LLP as counsel for the Board of
Directors of Legacy IMBDS, Inc., f/k/a iMedia Brands, Inc.
The firm will provide these services:
a. conduct an investigation of certain transactions and
occurrences as directed by the Directors; and
b. provide advice to the Directors in connection with
potential restructuring transactions, creditor issues, and matters
related to governance.
The firm will be paid at these rates:
Attorneys $680 to $2,075 per hour
Paraprofessionals $540 to $590 per hour
Tim Treanor $2,075 per hour
Tom Califano $1,875 per hour
Alexa Poletto $1,500 per hour
Patrick Venter $1,370 per hour
Nathan Elner $1,150 per hour
The firm received an advance retainer in the amount of $250,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Thomas R. Califano, Esq., a partner at Sidley Austin 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:
Thomas R. Califano, Esq.
SIDLEY AUSTIN LLP
787 Seventh Avenue
New York, NY 10019
Tel: (212) 839-5575
Email: TOM.CALIFANO@SIDLEY.COM
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
The Debtors tapped Ropes & Gray, LLP and Pachulski Stang Ziehl &
Jones, LLP as bankruptcy counsels; Huron Consulting Services, LLC
as financial advisor; Lincoln Partners Advisors, LLC as investment
banker; and Stretto, Inc. as notice, claims and administrative
agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped McDermott Will & Emery, LLP as legal
counsel and AlixPartners, LLP as financial advisor.
INDRA HOLDINGS: $50MM Bank Debt Trades at 50% Discount
------------------------------------------------------
Participations in a syndicated loan under which Indra Holdings Corp
is a borrower were trading in the secondary market around 50.5
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $50 million facility is a Term loan that is scheduled to mature
on December 23, 2024. The amount is fully drawn and outstanding.
Indra Holdings Corp was founded in 2014. The company's line of
business includes holding or owning securities of companies other
than banks.
INTERNATIONAL LONGSHORE: Seeks Approval to Hire OCPs
----------------------------------------------------
The International Longshore and Warehouse Union seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to hire professionals used in the ordinary course of business.
The request, if granted, will allow the Debtor to hire these
"ordinary course" professionals without the necessity of a
separate, formal retention application approved by the court:
1. Leonard Carder, LLP
1188 Franklin Street, Suite 201
San Francisco, CA 94109
Services: Legal advice (labor and 401k plan matters)
2. Barnard Iglitzin & Lavitt, LLP
18 West Mercer Street, Suite 400
Seattle, WA 98119
Services: Legal advice (labor and employment matters)
3. FTI Consulting (SC) Inc.
555 12th Street NW, Suite 700
Washington, DC 20004
Services: Public relations services
4. Haile Girma & Co.
4900 Shattuck Avenue, #22720
Oakland, CA 94609
Services: Audit services
5. Larkins Vacura Kayser, LLP
121 SW Morrison Street, Suite 700
Portland, OR 97204
Services: Legal advice (ICTSI litigation)
6. SE Owens & Company
312 Clay Street, Suite 300
Oakland, CA 94607
Services: Accounting and compliance services
7. The Henry Levy Group
1726 Solano Avenue
Berkeley, CA 94707
Services: Tax services
The Debtor proposes to pay each OCP 100% of the fees and 100% of
the expenses incurred, provided that the OCP's total compensation
and reimbursement will not exceed $50,000 per month on average over
any rolling three-month period.
About The International Longshore and
Warehouse Union (ILWU)
The International Longshore and Warehouse Union (ILWU) is an
international labor union that represents a wide range of workers
on the West Coast of the United States, in Hawaii, and in British
Columbia, Canada including dock workers, warehouse workers, tourism
and hospitality workers, agricultural workers, miners, and others.
The Debtor filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
23-30662) on Sept. 30, 2023, with $1 million to $10 million in both
assets and liabilities. William E. Adams, president, signed the
petition.
Judge Hannah L. Blumenstiel oversees the case.
Jason H. Rosell, Esq., at Pachulski Stang Ziehl & Jones, LLP, is
the Debtor's legal counsel.
JKW ENTERPRISES: Hires Ag & Business Legal Strategies as Counsel
----------------------------------------------------------------
JKW Enterprises, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Iowa to employ Ag & Business Legal
Strategies as counsel.
The firm will render these legal services:
(a) prepare pleadings and applications and conduct
examinations incidental to any related proceedings or to the
administration of this Chapter 11 case;
(b) develop the relationship of the status of the Debtor to
the claims of creditors in this case;
(c) advise the Debtor of its rights, duties, and obligations
in this bankruptcy;
(d) take any other necessary action incident to the proper
preservation and administration of this bankruptcy case; and
(e) advise and assist the Debtor in the formation and
preparation of a plan pursuant to Chapter 11 of the Bankruptcy Code
and all matters related thereto.
The firm will be paid at these rates:
Attorney Joseph Peiffer $575
Of Counsel $405
Senior Associate Attorneys $405
Junior Associate Attorneys $350
Support Staff-Paralegal $170
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph Peiffer, Esq., owner of Ag & Business Legal Strategies,
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:
Joseph A. Peiffer, Esq.
AG & BUSINESS LEGAL STRATEGIES
P.O. Box 11425
Cedar Rapids, IA 52410-1425
Telephone: (319) 363-1641
Facsimile: (319) 200-2059
Email: joe@ablsonline.com
About JKW Enterprises, LLC
JKW Enterprises, LLC in Cedar Rapids, IA, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Iowa Case No.
23-00797) on October 6, 2023, listing $812,500 in assets and
$1,953,892 in liabilities. Charles Johnston as managing member,
signed the petition.
AG & BUSINESS LEGAL STRATEGIES serve as the Debtor's legal counsel.
LEALAND FINANCE: $500MM Bank Debt Trades at 44% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Lealand Finance Co
BV is a borrower were trading in the secondary market around 56.4
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $500 million facility is a Term loan that is scheduled to
mature on June 30, 2025. The amount is fully drawn and
outstanding.
Lealand Finance is an affiliate of CB&I Holdings B.V. and Chicago
Bridge & Iron Company B.V. The Company's country of domicile is the
Netherlands.
LORDSTOWN MOTORS: Layton Dropped as Counsel in Chapter 11
---------------------------------------------------------
Hilary Russ of Law360 reports that a Delaware bankruptcy judge on
Thursday, October 5, 2023. disqualified Richards Layton & Finger PA
from representing Lordstown Motors Corp., saying the firm had a
conflict of interest because it is also serving as defense counsel
for former directors of the SPAC that took the electric truckmaker
public in 2020.
About Lordstown Motors Corp.
Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an
electric vehicle OEM developing innovative light duty commercial
fleet vehicles, with the Endurance all electric pickup truck as its
first vehicle. It has engineering, research and development
facilities in Farmington Hills, Mich. and Irvine, Calif.
On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases
are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Richards, Layton & Finger,
P.A. as bankruptcy counsels; Baker & Hostetler, LLP as special
counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor;
and Silverman Consulting as restructuring advisor. Kurtzman Carson
Consultants, LLC is the Debtors' claims and noticing agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped Troutman Pepper Hamilton Sanders,
LLP as legal counsel and Huron Consulting Group Inc. as financial
advisor.
LUMEN TECHNOLOGIES: $5BB Bank Debt Trades at 26% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Lumen Technologies
Inc is a borrower were trading in the secondary market around 73.6
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $5 billion facility is a Term loan that is scheduled to mature
on March 15, 2027. About $3.90 billion of the loan is withdrawn
and outstanding.
Sabre GLBL Inc. provides information technology services. The
Company offers technology solutions including data-driven business
intelligence, mobile, distribution, and Software as a Service
(SaaS) solutions. Sabre GLBL serves customers worldwide.
M & J HOME: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------
M & J Home Improvement, Inc. asks the U.S. Bankruptcy Court for the
District of Massachusetts for authority to use cash collateral and
provide adequate protection, from October 27, 2023 to January 26,
2024.
The Debtor requires use of the cash collateral to continue to
operate its business, purchase materials, pay vendors, and to pay
usual and necessary post-petition operating expenses including
rent, vehicle payments, payroll and insurance.
The Debtor's secured creditors are IOU Central, Inc. dba IOU
Financial, Inc. and Santander Bank, N.A.
The Debtor's operations were severely impacted by the onset of the
COVID-19 Pandemic. As a result, the Debtor began to experience a
reduction in available projects, which in turn caused the Debtor to
fall behind on its obligations to vendors and other business
expenses.
With the belief that the lull due to the Pandemic would eventually
end, in 2021, the Debtor obtained loans from various lenders
bearing high interest rates to meet ongoing obligations.
The Debtor's business began to recover in 2022 but by that time
servicing the debt on top of its ongoing obligations put a strain
on the Debtor's cash flow, and the Debtor turned to a debt relief
group. Consumer Legal Group, for assistance.
Beginning in February of 2023, the Debtor paid CLG a substantial
monthly payment to assist it with creditors. However, CLG was not
very successful as IOU filed a complaint against the Debtor on July
13, 2023, in the Cobb County Superior Court in the State of
Georgia.
The IOU complaint against the Debtor along with the inability to
meet its ongoing obligations to its vendors forced the Debtor to
seek relief under Chapter 11.
Santander and IOU are the Debtor's only secured creditors that have
a validly perfected lien on the Debtor's cash collateral.
In 2017, the Debtor entered into a loan agreement with Santander.
As of the Petition Date, the Debtor estimates there is $53,000 owed
to Santander. To secure payment under the agreement, the Debtor
gave Santander a security interest in all its assets. Santander
perfected its security interest in the Debtor's assets by recording
a UCC-1 Financing Statement with the Massachusetts Secretary of
State on June 26, 2018.
On July 27, 2021, the Debtor entered into a commercial loan
agreement and executed a promissory note in favor of lOU. As of the
Petition Date, the Debtor estimates there is $130,000 owed to IOU.
To secure payment under the agreement, the Debtor gave IOU a
security interest in all its assets. IOU perfected its security
interest in the Debtors assets by recording a UCC-1 Financing
Statement with the Massachusetts Secretary of State on October 26,
2021.
The Debtor has additional secured creditors as disclosed in
Schedule D of Debtor's bankruptcy petition, but these secured
creditors hold liens on assorted equipment or vehicles, and do not
have a lien on accounts.
The Debtor asserts that any cash collateral used by the Debtor will
be used solely to maintain business operations, and thus reduce the
chance of any possible diminution in value of the assets. However,
in addition, the Debtor also proposes to grant to IOU and Santander
the following as additional adequate protection:
a The Debtor will grant to IOU and Santander a continuing
replacement lien and security interest in the post-petition
accounts receivable generated from operations to the same validity,
extent and priority that it would have had in the absence of the
bankruptcy filing;
b. The Debtor will remain within its Budget, with an overall margin
of 10 percent;
c. The Debtor will make monthly adequate protection payments to IOU
in the amount of $867. This amount represents monthly interest
payments on the obligation to IOU at the rate of 8% per annum; and
d. The Debtor will make monthly adequate protection payments to
Santander in the amount of $353. This amount represents monthly
interest payments on the obligation to Santander at the rate of 8%
per annum.
A copy of the motion is available at https://urlcurt.com/u?l=qDINHR
from PacerMonitor.com.
About M & J Home Improvement, Inc.
M & J Home Improvement, Inc. is in the business of providing
roofing repair and replacement to its customers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 23-40874) on October 20,
2023. In the petition signed by Matthew Sullivan, manager, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Christopher L. Murray, Esq., at Murray Law Firm, P.C., represents
the Debtor as legal counsel.
MALLINCKRODT PLC: Paul Weiss & LRC Revise Rule 2019 Statement
-------------------------------------------------------------
The law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Landis Rath & Cobb LLP ("LRC") filed a revised verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of Mallinckrodt plc and its
Affiliated Debtors, the firms represent the Ad Hoc Crossover Group.
The Ad Hoc Crossover Group was formed by certain unaffiliated
holders (each, a "Member") of the Debtors' (i) term loans (the
"First Lien Term Loans") issued pursuant to that certain credit
agreement, dated as of June 16, 2022 (as modified, amended, or
supplemented from time to time) among Mallinckrodt plc,
Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC
(the "Issuers"), Acquiom Agency Services LLC and Seaport Loan
Products LLC, as co-administrative agents, Deutsche Bank AG New
York Branch, as first lien collateral agent, and each lender from
time to time party thereto (the "First Lien Credit Agreement"),
(ii) 10.000% first lien senior secured notes due 2025 issued
pursuant to that certain Indenture, dated as of April 7, by and
among the Issuers, the guarantors party thereto from time to time,
Wilmington Savings Fund Society, FSB, as trustee and collateral,
and Deutsche Bank AG New York Branch, as collateral agent (the
"Collateral Agent") (the obligations incurred thereunder, the "2025
First Lien Notes Obligations"), (iii) 11.500% first lien senior
secured notes due 2028 issued pursuant to that certain Indenture,
dated June 16, 2022, by and among the Issuers, the guarantors party
thereto from time to time, the Trustee, and the Collateral Agent
(the obligations incurred thereunder, the "2028 First Lien Notes
Obligations"), (iv) 10.000% second lien senior secured notes due
2025 issued pursuant to that certain Indenture, dated as of June
16, 2022, by and among the Issuers, the guarantors party thereto
from time to time, and the Trustee (the obligations incurred
thereunder, the "2025 Second Lien Notes Obligations"), and (v)
10.000% second lien senior secured notes due 2029 issued pursuant
to that certain Indenture dated June 16, 2022, by and among the
Issuers, the guarantors party thereto from time to time, and the
Trustee (the obligations incurred thereunder, the "2029 Second Lien
Notes Obligations" and, collectively with the 2025 First Lien Notes
Obligations, the 2028 First Lien Notes Obligations, and the 2025
Second Lien Notes Obligations, the "Secured Notes").
Counsel represents the Ad Hoc Crossover Group in connection with
the agreement by certain Members to extend financing to the Debtors
through a $250 million postpetition senior secured debtor
in-possession multi-draw term loan financing facility.
On August 31, 2023, Counsel filed the Verified Statement of Paul,
Weiss, Rifkind, Wharton & Garrison LLP and Landis Rath & Cobb LLP
Pursuant to Federal Rule of Bankruptcy Procedure 2019. The
disclosable economic interests of Hudson Bay Capital Management LP,
as manager for its advisory client, Hudson Bay Master Fund Ltd.,
were not identified in the Verified Statement.
The members of the Ad Hoc Crossover Group:
1. 400 Capital Management LLC
510 Madison Avenue
17th Floor
New York, NY 10022
* $6,215,000 of 2025 First Lien Notes Obligations
* $4,949,238 of 2017 Replacement Term Loan Obligations
* 5,760 shares of Mallinckrodt common stock
2. Arini Credit Master Fund Limited
c/o Arini Capital
Management Limited
2 Park Street
London, W1K 2HX
* $64,078,000 of 2025 First Lien Notes Obligations
* $12,629,000 of 2028 First Lien Notes Obligations
* $601,000 of 2025 Second Lien Notes Obligations
* $56,573,360 of 2029 Second Lien Notes Obligations
* $81,698,245 of 2017 Replacement Term Loan Obligations
* $26,753,805 of 2018 Replacement Term Loan Obligations
3. Bank of America, N.A.,
solely in respect of
the US Distressed & Special Situations Group
900 W. Trade St.
NC1-026-05-41
Charlotte, NC, 28255
* $11,957,499 of 2017 Replacement Term Loan Obligations
* $1,081,252 of 2018 Replacement Term Loan Obligations
4. BofA Securities, Inc.
solely in respect of
the US Distressed & Special Situations Group
900 W. Trade St.
NC1-026-05-41
Charlotte, NC, 28255
* $163,000 of 2025 First Lien Notes Obligations
* $840,000 of 2028 First Lien Notes Obligations
* $432,000 of 2025 Second Lien Notes Obligations
* $7,447,697 of 2029 Second Lien Notes Obligations
* 156,107 shares of Mallinckrodt common stock
5. Bank of America Credit Products, Inc.
solely in respect of
the US Distressed & Special Situations Group
900 W. Trade St.
NC1-026-05-41
Charlotte, NC 28255
* $8,225,860.23 of 2017 Replacement Term Loan Obligations
6. Catalur Capital Management, LP
One Grand Central Place
60 East 42nd Street, Suite 2107
New York, NY 10165
* $1,000,000 of 2028 First Lien Notes Obligations
* $4,500,000 of 2029 Second Lien Notes Obligations
* $1,525,370 of 2017 Replacement Term Loan Obligations
* $634,896 of 2018 Replacement Term Loan Obligations
7. Cerberus Capital Management LP
on behalf of funds and accounts managed or advised by it
875 3rd Avenue, 14th Floor
New York, NY 10022
* $3,000,000 of 2028 First Lien Notes Obligations
* $8,500,000 of 2025 Second Lien notes Obligations
* $13,952,687 of 2029 Second Lien Notes Obligations
* $39,700,506 of 2017 Replacement Term Loan Obligations
* $3,881,013 of 2018 Replacement Term Loan Obligations
8. Citadel Advisors LLC
on behalf of certain funds it manages
c/o Citadel Enterprise Americas LLC
Southeast Financial Center
200 S Biscayne Boulevard, Suite 3300
Miami, FL 33131
* $22,990,833 of 2017 Replacement Term Loan Obligations
9. Deerfield Partners, L.P.
c/o Deerfield Management
345 Park Avenue South
New York, NY 10100
* $140,000,000 of 2028 First Lien Notes Obligations
* $97,958,000 of 2025 Second Lien Notes Obligations
10. Deerfield Private Design Fund IV, L.P.
c/o Deerfield Management
345 Park Avenue South
New York, NY 10100
* $124,652,000 of 2025 Second Lien Notes Obligations
11. Deutsche Bank AG New York Branch
(solely with respect to the Distressed Products Group)
One Columbus Circle
7th Floor
New York, NY 10019
* $5,897,982 of 2017 Replacement Term Loan Obligations
* $2,213,589 of 2018 Replacement Term Loan Obligations
12. Deutsche Bank Securities Inc.
(solely with respect to the Distressed Products Group)
One Columbus Circle, 7th Floor
New York, NY 10019
* $329,000 of 2025 First Lien Notes Obligation
* $159,000 of 2029 Second Lien Notes Obligations
13. Hudson Bay Capital Management LP
as manager for its advisory client, Hudson Bay Master
Fund Ltd.
28 Havemeyer Pl
Greenwich, CT 06830
* $32,968,000 of 2025 First Lien Notes Obligations
* $80,238,000 of 2028 First Lien Notes Obligations
* $25,875,430 of 2029 Second Lien Notes Obligations
* $48,005,652 of 2017 Replacement Term Loan Obligations
* $36,843,594 of 2018 Replacement Term Loan Obligations
* 1,041,560 shares of Mallinckrodt common stock
14. FFI III S.a r.l.
888 Boylston St.
Boston, MA 02199
* $90,000,000 of 2028 First Lien Notes Obligations
* $37,323,000 of 2025 Second Lien Notes Obligations
* $39,578,516 of 2029 Second Lien Notes Obligations
* 1,477,971 shares of Mallinckrodt common stock
15. FYI S.à r.l.
888 Boylston St.
Boston, MA 02199
* $17,500,000 of 2028 First Lien Notes Obligations
* $7,254,000 of 2025 Second Lien Notes Obligations
* $7,618,677 of 2029 Second Lien Notes Obligations
* 284,656 shares of Mallinckrodt common stock
16. JP Morgan Investment Management Inc. and
JPMorgan Chase Bank, N.A., solely as
1 East Ohio Street, Floor 06
Indianapolis, IN 46204
* $123,470,000 of 2028 First Lien Notes Obligations
* $30,127,711 of 2029 Second Lien Notes Obligations
* 1,065,587 shares of Mallinckrodt common stock
17. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
solely with respect to only their North Americas
Special situations and Distressed Trading Group
500 Stanton Christiana Road
NCC5 Floor 1 Mail Code
DE3-4127
Newark, DE 19713
* $9,768,000 of 2025 First Lien Notes Obligations
* $4,949,000 of 2028 First Lien Notes Obligations
* $1,712,000 of 2025 Second Lien Notes Obligations
* $11,237,839 of 2029 Second Lien Notes Obligations
* $35,545,887 of 2017 Replacement Term Loan Obligations
* $12,811,548 of 2018 Replacement Term Loan Obligations
18. Nomura Corporate Research and Asset Management Inc.
as investment advisor acting on behalf of certain managed
funds
and accounts
309 West 49th Street
9th Floor
New York, NY 10019
* $5,525,000 of 2025 First Lien Notes Obligations
* $4,839,919 of 2029 Second Lien Notes Obligations
19. Olifant Luxco S.à r.l.
888 Boylston St.
Boston, MA 02199
* $17,500,000 of 2028 First Lien Notes Obligations
* $7,255,000 of 2025 Second Lien Notes Obligations
* $7,218,357 of 2029 Second Lien Notes Obligations
* 270,630 shares of Mallinckrodt common stock
20. Scoggin International Fund Ltd
654 Madison Avenue, 10th Floor
New York, NY 10065
* $2,300,000 of 2025 First Lien Notes Obligations
* $5,800,000 of 2028 First Lien Notes Obligations
* $1,503 of 2029 Second Lien Notes Obligations
21. Scoggin Worldwide Fund Ltd
654 Madison Avenue, 10th Floor
New York, NY 10065
* $700,000 of 2025 First Lien Notes Obligations
* $700,000 of 2028 First Lien Notes Obligations
22. Funds managed by Sculptor Capital LP
or an affiliate thereof
9 West 57th St., 39th Floor
New York, NY 10019
* $12,000,000 of 2025 First Lien Notes Obligations
* $50,000,000 of 2028 First Lien Notes Obligations
* $25,129,441 of 2017 Replacement Term Loan Obligations
* $5,528,063 of 2018 Replacement Term Loan Obligations
* 694,649 shares of Mallinckrodt common stock
20. Square Point Master Fund Limited
c/o Arini Capital Management Limited
2 Park Street
London, W1K 2HX
* $6,922,000.00
* $1,681,000.00
* $65,000.00
* $5,938,640.00
* $8,757,315.00
* $2,816,703.00
21. Z Capital Credit Partners CLO 2019-1 Ltd.
1330 Avenue of the Americas
16th Floor
New York, NY 10019
* $1,779,662 of 2017 Replacement Term Loan Obligations
22. Z Capital Credit Tactical Fund, L.P.
1330 Avenue of the Americas
16th Floor
New York, NY 10019
* $2,000,000 of 2025 First Lien Notes Obligations
* $1,000,000 of 2025 Second Lien Notes Obligations
Counsel to the Ad Hoc Crossover Group:
LANDIS RATH & COBB LLP
Richard S. Cobb, Esq.
919 Market Street, Suite 1800
Wilmington, Delaware 19801
Telephone: (302) 467-4400
Facsimile: (302) 467-4450
Email: cobb@lrclaw.com
-and-
PAUL, WEISS, RIFKIND, WHARTON &
GARRISON LLP
Andrew N. Rosenberg, Esq.
Alice Belisle Eaton, Esq.
Claudia R. Tobler, Esq.
1285 Avenue of the Americas
New York, NY 10019
Telephone: (212) 373-3000
Facsimile: (212) 757-3990
Email: arosenberg@paulweiss.com
aeaton@paulweiss.com
ctobler@paulweiss.com
About Mallinckrodt plc
Mallinckrodt plc is global business consisting of multiple wholly
owned subsidiaries that develop, manufacture, market and distribute
specialty pharmaceutical products and therapies. Areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics and gastrointestinal products.
Mallinckrodt plc and certain of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 23-11258) on August 28,
2023.
Mallinckrodt plc disclosed $5,106,900,000 in assets and
$3,512,000,000 in liabilities as of June 30, 2023. Bryan M.
Reasons, authorized signatory, signed the petition.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Latham & Watkins, LLP and Richards, Layton &
Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim
Securities, LLC as investment banker; and AlixPartners, LLP, as
restructuring advisor.
MATRIX HOLDINGS: S&P Places 'CCC' ICR on CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings placed all of its ratings on U.S.
telecommunications analytical solutions provider Matrix Holdings
Inc. (doing business as Mobileum), including its 'CCC' issuer
credit rating, on CreditWatch with negative implications.
S&P expects to resolve the CreditWatch placement within the next 30
days.
The CreditWatch placement follows Mobileum's announcement that it
breached certain covenants under its credit agreement, indicating
that it provided incorrect financial statements to lenders and
failed to maintain proper books of record. This follows an ongoing
special committee investigation stemming from certain accounting
issues related to revenue recognition irregularities from 2020 to
2022. S&P said, "While it is unclear how these accounting
irregularities will affect its current 2023 financials, we believe
there is heightened risk around its cash flow and liquidity because
of weak earnings in 2023 due to declines in the company's
nonrecurring revenue, as telecom operators delayed investments,
coupled with headwinds from higher debt balances. We expect the
company will engage with lenders to obtain covenant relief although
the outcome of these negotiations remain uncertain at this time."
S&P said, "We expect to resolve the CreditWatch placement within
the next 30 days. A downgrade, if any, will likely depend on the
company's ability to obtain a forbearance agreement or waiver from
its lenders by Nov. 24, 2023. We could lower the ratings by
multiple notches if it appears that a default is imminent."
MBE GROUP: Wins Cash Collateral Access on Final Basis
-----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
San Francisco Division, authorized MBE Group, LLC to use the cash
collateral of Samson MCA, LLC and Vox Funding, on a final basis.
The Debtor is directed to make payment to Samson MCA, LLC in the
amount of $1,344 on or before the 30th day after entry of the
order.
Rhen Morales, the Debtor's sole member, will not receive any
compensation or draw.
The court said the authorization to use cash collateral and
payments to Samson MCA, LLC will continue through the earlier of
plan confirmation, dismissal of the case, or further order from the
Court.
As previously reported by the Troubled Company Reporter, the Debtor
needs to use the inventory, equipment and receivables to make
payroll, pay rent and generally for operations.
Financial Pacific Leasing, Corp. Service Co. as Representative,
First Corp. Solutions, as Representative, Corporate Service Ca. as
Representative for CHTD Company as representative, Original
Creditor Samson, CT Corporation System, as Representative, Original
Creditor Vox Funding assert an interest in the Debtor's cash
collateral.
Based on the dates of the UCC-1 filing, the Debtor contends that
the lien dated Oct. 8, 2021 is in favor of Samson MCA, LLC and the
lien dated Jan. 26, 2023 is in favor of Vox Funding. The validity
of these liens may ultimately be disputed because Debtor may
contend that these are really disguised liens resulting from the
sale of receivables and that the creditors are not registered with
the State of California. It is not yet know if these creditors have
business licenses in California. Nonetheless, at this stage, the
Debtor intends to treat these liens as if they were valid.
The Debtor proposed to provide Samson and Vox Funding a replacement
lien for the use of all pre-petition cash collateral that is used
by granting these secured creditors a lien in post-petition
receivables. Hence, these creditors' equity position would not be
impaired. If their lien proves valid, Samson and Vox Funding will
have the same priority in such replacement lien as these creditors
had pre-petition. Further, the Debtor proposed to pay Samson, as
adequate protection, commencing 30 days after entry of order
authorizing use of cash collateral, $1,344/month, representing
interest payments at the Federal Rate of Interest of 5.36%. Vox
Funding, being totally under-secured, will not receive any adequate
protection payments since if cash collateral diminishes
post-petition, its position would not have significantly
deteriorated because it would simply remain totally under-secured.
A copy of the order is available at https://urlcurt.com/u?l=EuUyR6
from PacerMonitor.com.
About MBE Group, LLC
MBE Group, LLC is a retailer of automotive parts, accessories, and
tire. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-30556) on August 16,
2023. In the petition signed by Rhen Morales, managing member, the
Debtor disclosed $323,872 in assets and $2,134,971 in liabilities.
Judge Hannah L Blumenstiel oversees the case.
Lars Fuller, Esq., at the Fuller Law Firm PC, represents the Debtor
as legal counsel.
MOUNTAINEER MERGER: S&P Downgrades ICR to 'CCC+', Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
off-price retailer Mountaineer Merger Corp. (d/b/a Gabe's) to
'CCC+' from 'B-'. The outlook is negative.
At the same time, S&P lowered its issue-level ratings on the
first-lien term loan and senior secured notes to 'CCC+'. The '3'
recovery rating is unchanged.
The negative outlook reflects the risk that demand trends fail to
stabilize and profitability remains depressed, limiting positive
free operating cash flow (FOCF) prospects and causing us to
envision a specific default scenario over the next 12 months.
The downgrade reflects soft demand trends, depressed profitability,
and higher than expected cash burn, which has led to high leverage.
Gabe's results have been weaker than expected as lower consumer
discretionary spending, merchandising challenges, and ongoing
inflationary cost pressures (e.g., labor and outbound freight
costs) continue to strain profitability and cash flow. Moreover,
unfavorable weather and strong value propositions from competing
retailers pressured demand in the second quarter ended July 29,
2023. Gabe's reported roughly flat comparable-store sales and an
EBITDA deficit for the second consecutive quarter. Notwithstanding
synergies associated with its recent acquisition of Old Time
Pottery (OTP) and a tempered store conversion and expansion plan,
we believe the risk of persistent elevated inflation, diminished
consumer discretionary spending, and the potential for further
merchandising missteps could exacerbate deterioration in Gabe's
operating performance and challenge its ability to restore positive
FOCF.
S&P said, "We view the company's capital structure as
unsustainable, forecasting negative free cash flow and S&P Global
Ratings-adjusted leverage that remains near 7x through fiscal 2023
(ending January 2024) before improving in fiscal 2024.
Second-quarter rolling-12-months S&P Global Ratings-adjusted
leverage increased to more than 7x from 6.5x in the prior-year
period due to lower sales and higher operating costs. While we
expect margin improvement over the next 12 months from better
traffic and merchandising at both Gabe's and OTP, we do not
anticipate these benefits will begin to materialize until late 2023
or early 2024, leading to constrained EBITDA generation through
fiscal 2024. As a result, we forecast an FOCF deficit of about $30
million in fiscal 2023 before improving to modestly negative to
flat in 2024, in conjunction with elevated leverage. We acknowledge
that the company's lack of maturities until 2028 affords it time to
stabilize operations. However, we believe the recent and sharp
deterioration in credit metrics indicate limited capacity to absorb
further weakness under ongoing conditions.
"We do not forecast a liquidity shortfall over the next 12 months,
though Gabe's liquidity position has deteriorated. Gabe's had $103
million outstanding and $31.3 million available under its $150
million asset-based lending (ABL) facility due in 2028, as well as
$4.9 million cash and cash equivalents on hand as of July 29.
Headroom under its senior secured first-lien net leverage ratio of
3x declined to about 18% in the second quarter from more than 30%
in the first quarter. We forecast sustained negative FOCF and
higher revolver borrowings will limit the company's ability to
absorb additional operating adversities. Moreover, we think Gabe's
remains vulnerable to ongoing cost pressures amid weakening
macroeconomic conditions, given its small operating scale."
Notwithstanding intense competitive pressure and integration risks,
Gabe's position as a value retailer and its acquisition of OTP will
likely support reasonable ongoing demand even amid less favorable
macroeconomic conditions. The company is an extreme discounter and
prices its products 20%-70% below department stores and mass
retailers. This supports its competitive position, particularly
during weaker economic conditions as consumers trade down. Gabe's
offers lower average retail prices per unit than peers such as TJX
Cos. Inc. and Ross Stores Inc. Nonetheless, Gabe's competes with
much larger off-price retailers that have sophisticated supply
chains, vast and established vendor networks, and better
negotiating leverage with suppliers.
Moreover, Gabe's announced its all-equity acquisition of OTP, a
value home décor retailer across the Southeast and Midwest U.S.,
in April 2023. S&P believes the complementary business models of
the two brands, which overlap on target customers and store
footprint, provide the opportunity to accelerate new store growth
in attractive markets. Nonetheless, the integration of
approximately 40 stores into the Gabe's system presents significant
execution risks.
The negative outlook reflects S&P's expectation that Gabe's
operating performance will remain pressured amid difficult
operating conditions, leading to weak credit metrics and negative
cash flow.
S&P could lower its rating on Gabe's if S&P envisions a specific
default scenario over the subsequent 12 months. This could be
because:
-- S&P does not think sales will stabilize and profitability will
recover; or
-- Gabe's falters in its integration of OTP, such that leverage
does not improve in line with our base case and prospects for
positive free cash flow generation are limited.
S&P could revise the outlook or raise the rating if Gabe's
operating performance improved substantially, including:
-- Sustained positive free cash flow;
-- Positive same-store sales and operating margin improvement,
leading to leverage approaching or below 5x; and
-- The company reduces reliance on the ABL and S&P expects it to
fund store growth and conversions largely through internally
generated cash flow.
NANO MAGIC: David Sherbin Resigns as Director
---------------------------------------------
Nano Magic Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that David Sherbin submitted his
resignation as a director stating that his resignation was for
personal reasons, not because of any disagreement with senior
management, the Board or the Company's auditors.
Mr. Sherbin was a member of the audit committee.
About Nano Magic
Headquartered in Madison Heights, Michigan, Nano Magic Inc. --
www.nanomagic.com -- develops, commercializes and markets
nanotechnology powered consumer and industrial cleaners and
coatings to clean, protect, and enhance products for peak
performance. Consumer products include lens and screen cleaners
and coatings, anti-fog solutions, and household and automobile
cleaners and protective coatings sold direct-to-consumer and in big
box retail.
Nano Magic reported a net loss of $2.10 million for the year ended
Dec. 31, 2022, compared to a net loss of $1.57 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $4.09
million in total assets, $2.47 million in total liabilities, and
$1.62 million in total stockholders' equity.
Sterling Heights, Michigan-based UHY LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 11, 2023, citing that the Company has recurring losses
from operations, negative cash flow from operations, and an
accumulated deficit. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
NEO ACCOUNTING: Wins Cash Collateral Access Thru Dec 7
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio in
Akron, authorized NEO Accounting & Tax Services, LLC to continue
using cash collateral on an interim basis through December 7, 2023,
to the extent set forth in the Second Interim Order as amended
thereby, and pursuant to the budget.
As previously reported by the Troubled Company Reporter, Prior to
the commencement of the Debtor's Chapter 11 case, the U.S. Small
Business Association and KeyBank National Association made loans
and advances to the Debtor, pursuant to the terms of several loan
agreements and promissory notes, with a total approximate balance
at the time of the bankruptcy filing of:
-- $1,945,700 to the SBA under an EIDL Loan; and
-- $1,796,916 to KeyBank under a Term Loan and $250,000 under
a Line of Credit.
The Debtor has stated that it desires to pursue a financial
restructuring in cooperation with the Lenders and the Debtor
believes the best method to effectuate the financial restructuring
is by means of chapter 11 proceedings.
The Debtor was permitted to use cash collateral, pursuant to the
terms and provisions of the Interim Order and pursuant to 11 U.S.C.
Section 363(c)(2)(B) and the budget; provided however, (i) draws to
the Debtors' owner in the amount of $10,000 per month without
increase during the term of the Interim Order; and (ii) nothing
will be deemed to authorize the payment of any amounts in
satisfaction of bonus or severance obligations, or which are
subject to 11 U.S.C. Section 503(c).
As adequate protection, the Lenders were granted: (i) valid,
binding, enforceable and perfected postpetition replacement liens
in the same validity, order of priority and extent (if any) as the
Lenders' prepetition security interests in all of the Debtor's
assets, including, but not limited to, raw materials,
work-in-process, inventory, accounts receivable, and cash,
excluding Avoidance Actions; and (ii) the Adequate Protection
Payments. The Adequate Protection Liens will secure an amount of
the Prepetition Indebtedness equal to the aggregate amount of cash
collateral expended during the Interim Period.
A further hearing on the matter is set for December 5, 2023 at 2:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=2WxALN
from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$27,976 for October 2023;
$25,526 for November 2023; and
$50,063 for December 2023.
About NEO Accounting & Tax Services LLC
NEO Accounting & Tax Services LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Lead Case No.
23-50868) on June 27, 2023. In the petition signed by Brett J.
Mangon, managing member, the Neo disclosed $1,255,817 in total
assets and $4,188,118 in total liabilities.
Judge Alan M. Koschik oversees the case.
Anthony J. DeGirolamo, Esq., at Anthony J. DeGirolamo, Attorney at
Law, represents the Debtor as legal counsel.
NEW AMI I: $550MM Bank Debt Trades at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which New AMI I LLC is a
borrower were trading in the secondary market around 83.2
cents-on-the-dollar during the week ended Friday, October 27, 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.
NOB HILL INN: Seeks to Hire Schonwit & Associates as Tax Advisor
----------------------------------------------------------------
Nob Hill Inn City Plan Owners Association seeks approval from the
U.S. Bankruptcy Court for the Northern District of California to
hire Schonwit & Associates as its tax advisor.
The Debtor requires a tax advisor to prepare tax returns and give
advice regarding the sale of Nob Hill Inn, a 21-unit hotel.
Steven Schonwit, a certified public accountant and member of
Schonwit & Associates, will be compensated at $400 per hour.
Mr. Schonwit disclosed in a court filing that his firm neither
holds nor represents any interest adverse to the Debtor and its
estate.
Schonwit & Associates can be reached at:
Steven Schonwit, CPA
Schonwit & Associates
151 Kalmus Drive, #M-3A
Costa Mesa, CA 92626
Phone: (714) 437-1025
Fax: (714) 437-5900
About Nob Hill Inn City Plan
Owners Association
Nob Hill Inn City Plan Owners Association is the owner of Nob Hill
Inn, a 21-unit hotel located at 1000 Pine St., San Francisco,
Calif. The property is valued $8.25 million.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-30368) on June 10,
2023, with $8,537,769 in assets and $222,858 in liabilities. Mark
M. Sharf has been appointed as Subchapter V trustee.
Judge Dennis Montali oversees the case.
The Debtor tapped Michael St. James, Esq., at St. James Law, P.C.,
as bankruptcy counsel; AlignX Law as associate bankruptcy counsel;
Lamb & Kawakami as real estate counsel; and Thomas O'Brien of
Vacation Resorts International, Inc. as property manager. Michael
Kasolas Company and BMC Group Inc. serve as administrative agents.
OAKLAND DIOCESE: Chapter 11 Insurer Discovery Wanted by Creditors
-----------------------------------------------------------------
Rick Archer of Law360 reports that the unsecured creditors in the
bankruptcy of the Roman Catholic Diocese of Oakland, California,
are asking a California bankruptcy judge for permission to subpoena
the diocese's insurers for information on their ability to pay for
sexual abuse claims against the organization.
About Roman Catholic Bishop Of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Burns Bair LLP as special insurance counsel; and Berkeley Research
Group, LLC as financial advisor.
OCEAN POWER: No Schedule Yet for 2023 Annual Meeting
----------------------------------------------------
Ocean Power Technologies, Inc. disclosed in a Form 8-K filed with
the Securities and Exchange Commission that, as of Oct. 25, 2023,
the Board of Directors of the Company has not set a date for the
Company's 2023 Annual Meeting of Stockholders. However, the
Company does not currently expect to schedule the 2023 Annual
Meeting to take place on a date that is earlier than Jan. 24, 2024.
The Company has made a representation to that effect to the
Delaware Court of Chancery in connection with ongoing litigation
between OPT and Paragon Technologies, Inc. and such representation
is reflected in the Court's order issued on Oct. 23, 2023 governing
the case schedule for such litigation. While the date of the 2023
Annual Meeting has not yet been fixed, the Company's Board of
Directors has fixed the close of business of Dec. 4, 2023 as the
record date for determining stockholders entitled to notice of, and
to vote at, the 2023 Annual Meeting. Such record date is also
reflected in the Court's case scheduling order of Oct. 23, 2023.
About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies, Inc. -- http://www.oceanpowertechnologies.com--
provides ocean data collection and reporting, marine power,
offshore communications, and Maritime Domain Awareness ("MDA")
products and consulting services. The Company offers its products
and services to a wide-range of customers, including those in
government and offshore energy, oil and gas, construction, wind
power and other industries. The Company is involved in the entire
life cycle of product development, from product design through
manufacturing, testing, deployment, maintenance and upgrades,
working closely with partners across its supply chain.
Ocean Power reported a net loss of $26.33 million for the fiscal
year ended April 30, 2023, a net loss of $18.87 million on $1.76
million for fiscal year ended April 30, 2022, a net loss of $14.76
million for the 12 months ended April 30, 2021, a net loss of
$10.35 million for the 12 months ended April 30, 2020, and a net
loss of $12.25 million for the 12 months ended April 30, 2019.
As of July 31, 2023, the Company had $45.68 million in total
assets, $7.12 million in total liabilities, and $38.56 million in
total shareholders' equity.
ORIGIN AGRITECH: Receives Non-Compliance Notice from Nasdaq
-----------------------------------------------------------
Origin Agritech Ltd. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received a letter from
the NASDAQ Stock Market notifying the Company that it currently did
not meet the minimum market value of listed securities requirements
of having a market value of listed securities equal to or greater
than $35 million (based upon the total ordinary shares outstanding
multiplied by the closing bid price). Therefore, the Company was
not in compliance with the continued listing rules of NASDAQ set
forth in NASDAQ Listing Rules either 5550(b)(2). The
non-compliance period was from May 24, through July 7, 2023.
According to the letter, the Company has until Jan. 8, 2024 to
achieve compliance with the market value requirement for continued
listing. In the event the Company does not regain compliance with
the rule prior to the expiration of the compliance period, it will
receive additional written notification that its securities will be
subject to delisting. At that time, the Company may appeal the
delisting determination to a hearing panel.
If at any time prior to Jan. 8, 2024, the market value of the
listed securities equals $35 million or more for a minimum of 10
consecutive business days, the Company will regain compliance with
the particular continued listing requirement.
About Origin Agritech
Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.
Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 13, 2023, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.
ORLANDO VIEWS: Case Summary & Nine Unsecured Creditors
------------------------------------------------------
Debtor: Orlando Views LLC
7050 S. Kirkman Road
Orlando, FL 32819
Business Description: The Debtor is part of the traveler
accommodation industry.
Chapter 11 Petition Date: October 30, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-04543
Debtor's Counsel: R.Scott Shuker, Esq.
SHUKER & DORRIS, P.A.
121 S. Oragne Avenue
Suite 1120
Orlando, FL 32801
Tel: (407) 337-2060
Email: rshuker@shukderdorris.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Lazer Derbarmdiger as manager.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/75IS2UQ/Orlando_Views_LLC__flmbke-23-04543__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Nine Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. American Fence Fencing & $5,362
1100 Central FL Permitting
Parkway
Orlando, FL 32837
2. City of Orlando Trade Debt Unknown
Code Enforcement Division
53 W Central Blvd.
Orlando, FL 32801
3. Envirostruct, LLC Trade Debt $9,140
26701 Dublin Woods Circle
Bonita Springs, FL 34135
4. Evanston Insurance Co. Liability $2,621
10275 West Higgins Road Insurance
Suite 750
Des Plaines, IL 60018
5. Franklin Surveying & Mapping Trade Debt $4,870
222 Church Street
Kissimmee, FL 34741
6. OHZ Security Security $2,155
1980 50th Street Vendor
Brooklyn, NY 11204
7. Peace of Mind Security $2,155
Environmental Vendor
1575 Aber Road
Orlando, FL 32807
8. Sonder Hospitality Trade Debt Unknown
USA, Inc.
500 E. 84th Ave.,
Ste. A-10
Denver, CO 80229
9. TRC Worldwide Engineering Trade Debt $9,500
217 Ward Circle
Brentwood, TN 37027
OUTFRONT MEDIA: Sells Canadian Ad Unit to Bell Media for C$410MM
----------------------------------------------------------------
OUTFRONT Media Inc. disclosed in a Form 8-K Report that on October
22, 2023, the Company, Outfront Canada HoldCo 2 LLC, and Outfront
Canada Sub LLC, entered into a Share Purchase Agreement with Bell
Media Inc., relating to the sale of the Company's outdoor
advertising business in Canada.
Pursuant to the Share Purchase Agreement, the Company agreed to
sell all of its (and its affiliates) equity interests in Outdoor
Systems Americas ULC and its subsidiaries, which hold all of the
assets of the Canadian Business, to Bell Media, for C$410.0 million
in cash, payable on the date of the consummation of the
Transaction. The purchase price is subject to (i) adjustments at
and following the Closing for (1) working capital, cash,
indebtedness, capital expenditures, and transaction expenses, and
(2) the potential sale of the Canadian joint venture in which a
subsidiary of Outdoor Systems Americas ULC holds an equity interest
to the JV partner holding the remaining equity interest in the JV,
instead of Bell Media; and (ii) a holdback to be released at or
following the Closing, in whole or in part, if certain third party
contracts are renewed or extended on certain terms.
OUTFRONT and its subsidiaries have made certain customary
representations and warranties in the Share Purchase Agreement,
including, among others, representations relating to the Canadian
Business's operations and financial condition, and the leases and
permits covering the assets owned by OUTFRONT and its subsidiaries.
The Company and its subsidiaries have also agreed to customary
covenants to, among other things, operate the Canadian Business in
the ordinary course during the period between execution of the
Share Purchase Agreement and the Closing, and not to engage in
certain activities during that period without the written consent
of the Bell Media. In addition, the Company agreed not to compete
with the Canadian Business for a period of five years from the
Closing, subject to certain exceptions. Subject to certain
limitations, the Seller Subsidiaries and the Bell Media have agreed
to indemnify each other for losses arising from breaches of certain
representations and covenants in the Share Purchase Agreement,
including with respect to certain tax liabilities and certain other
liabilities.
The consummation of the Transaction is expected to occur in 2024,
subject to certain closing conditions, including, among others, (i)
the absence of any enacted or pending law, order, judgment or
litigation by a governmental authority prohibiting the consummation
of the Transaction, and (ii) receipt of antitrust approval in
Canada. The obligation of the Bell Media to consummate the
Transaction is also conditioned on the absence of a material
adverse effect on the Canadian Business following the date of the
Share Purchase Agreement and the Company's obligation to spend a
target percentage of forecasted capital expenditures through the
Closing. The obligation of each party to consummate the Transaction
is conditioned on each party's representations and warranties being
true and correct and each party having performed in all material
respects its obligations under the Share Purchase Agreement. In
addition, the Share Purchase Agreement may be terminated under
certain circumstances, including (i) by mutual written agreement of
Bell Media and the Company; (ii) by either Bell Media or the
Company if the Closing does not occur by July 22, 2024, with
extensions by the Bell Media or the Company under certain
conditions until no later than October 22, 2024; or (iii) by either
the Bell Media or the Company if a failure by either the Bell Media
or the Seller Subsidiaries is the principal cause of any closing
condition not being satisfied. If the Antitrust Approval is not
received by the Outside Date and the principal cause of such
failure is not a failure of the Company or its subsidiaries to
perform any of their obligations under the Share Purchase
Agreement, Bell Media will pay a termination fee to the Company in
the amount of C$20.0 million.
About OUTFRONT
Headquartered in New York, OUTFRONT Media Inc. leases advertising
space on out-of-home advertising structures and sites.
Egan-Jones Ratings Company on August 1, 2023, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by OUTFRONT Media Inc.
PARTNERS RISK: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Partners Risk Specialists, Inc.
35 N. Lake Ave
Pasadena, CA 91101
Business Description: Partners Risk assumes the administrative
responsibility for employment liability
issues, such as workers' compensation,
employee benefits, payroll and payroll
taxes.
Chapter 11 Petition Date: October 30, 2023
Court: United States Bankruptcy Court
Central District of California
Case No.: 23-17142
Debtor's Counsel: Michael Kwasigroch, Esq.
LAW OFFICES OF MICHAEL D. KWASIGROCH
1975 Royal Ave Suite 4
Simi Valley CA 93065
Tel: 805-522-1800
Email: attorneyforlife@aol.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Deanna J. Laiken as director.
The Debtor listed Sunz c/o Akerman LLP as its sole unsecured
creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/U44AVWQ/Partners_Risk_Specialists_Inc__cacbke-23-17142__0001.0.pdf?mcid=tGE4TAMA
PARTY CITY: Capital World Reports 36.8% Equity Stake
----------------------------------------------------
Capital World Investors, LLC filed a Schedule 13G Report with the
Securities and Exchange Commission to report about its ownership of
Party City Holdco Inc.'s common stock.
The CWI Clients are the direct holders of 4,922,872 shares of
Common Stock, constituting approximately 36.8% of the outstanding
shares of Common Stock.
The CWI Clients may be deemed to possess shared voting power over,
and therefore beneficially own for purposes of Rule 13d-3, the
8,451,647 shares of Common Stock beneficially owned by the other
Stockholders.
Pursuant to the Debtors' confirmed Plan and the Confirmation Order,
the Debtors issued certain shares of Common Stock to investment
advisory clients of CWI (i) in exchange for debt held by the CWI
Clients prior to the filing of the Debtors' voluntary bankruptcy
petition, (ii) in exchange for the exercise of subscription rights
under the Debtors' rights offering, (iii) in respect of the
premiums in consideration for the backstop commitments made with
respect to the Debtors' rights offering, (iv) in respect of
premiums in consideration for commitments with respect to the
Debtors' $150 million debtor-in-possession term loan credit
facility and (v) the conversion of DIP Loans into shares of Common
Stock.
The foregoing percentages are calculated based on 13,374,519 shares
of Common Stock outstanding as of October 12, 2023.
Capital World Investors may be reached at:
Erik A. Vayntrub
Capital World Investors
333 South Hope Street, 55th Floor
Los Angeles, CA 90071
A full-text copy of the Schedule 13D is available at
https://tinyurl.com/37t9sjny
About Party City Holdco
Party City Holdco Inc. is the global leader in the celebrations'
industry, with its offerings spanning more than 70 countries around
the world. It is also the largest designer, manufacturer,
distributor, and retailer of party goods in North America. Party
City Holdco had 761 company-owned stores as of September 2022. It
is headquartered in Woodcliff Lake, N.J. with additional locations
throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had
total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP,
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.
* * *
On September 6, 2023, the Bankruptcy Court entered an order
confirming the Debtors' Fourth Amended Joint Prepackaged Chapter 11
Plan of Reorganization. On October 12, 2023, the Plan became
effective in accordance with its terms and the Debtors emerged from
chapter 11.
PARTY CITY: Monarch Alternative Reports 8% Equity Stake in Newco
----------------------------------------------------------------
Monarch Alternative Capital LP filed a joint Schedule 13G statement
with the Securities and Exchange Commission pursuant to Rule
13d-1(k), along with MDRA GP LP and Monarch GP LLC. The joint
statement was to report about their ownership of Party City's
common stock.
Monarch Alternative Capital LP and affiliates stated that they
beneficially own an aggregate of 1,152,668 common shares,
representing approximately 8.62% of Party City's common stock.
The Shares reported in this Schedule 13D were acquired by the
Monarch Funds on October 12, 2023, in connection with the emergence
from bankruptcy proceedings of Party City and certain of its
subsidiaries in exchange for cash and claims.
Monarch Alternative Capital LP may be reached at:
Colin J. Daniels, Esq.
Monarch Alternative Capital LP
535 Madison Avenue
New York, NY 10022
Telephone: (212) 554-1700
A full-text copy of the Schedule 13D Report is available at
https://tinyurl.com/5t3bfdxz
About Party City Holdco
Party City Holdco Inc. is the global leader in the celebrations'
industry, with its offerings spanning more than 70 countries around
the world. It is also the largest designer, manufacturer,
distributor, and retailer of party goods in North America. Party
City Holdco had 761 company-owned stores as of September 2022. It
is headquartered in Woodcliff Lake, N.J. with additional locations
throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had
total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP,
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.
* * *
On September 6, 2023, the Bankruptcy Court entered an order
confirming the Debtors' Fourth Amended Joint Prepackaged Chapter 11
Plan of Reorganization. On October 12, 2023, the Plan became
effective in accordance with its terms and the Debtors emerged from
chapter 11.
PARTY CITY: Silver Point Reports 41% Equity Stake in Newco
----------------------------------------------------------
Silver Point Capital, L.P., Edward A. Mule and Mr. Robert J. O'Shea
jointly filed a Schedule 13G Report with the Securities and
Exchange Commission to report about their ownership of Party City's
common stock.
Silver Point et al. stated that they beneficially own an aggregate
of 5,543,529 common shares, representing approximately 41% of Party
City's common stock.
The Common Stock reported in this Schedule 13D was acquired by
Silver Point or its wholly owned subsidiaries in connection with
the emergence from bankruptcy proceedings of Party City and certain
of its subsidiaries in exchange for cash and claims.
Silver Point may be reached at:
Steven Weiser
Silver Point Capital, L.P.
2 Greenwich Plaza, Suite 1
Greenwich, CT 06830
Tel: (203) 542-4200
A full-text copy of the Schedule 13D Report is available at
https://tinyurl.com/ms9hv8sd
About Party City Holdco
Party City Holdco Inc. is the global leader in the celebrations'
industry, with its offerings spanning more than 70 countries around
the world. It is also the largest designer, manufacturer,
distributor, and retailer of party goods in North America. Party
City Holdco had 761 company-owned stores as of September 2022. It
is headquartered in Woodcliff Lake, N.J. with additional locations
throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had
total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP,
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.
* * *
On September 6, 2023, the Bankruptcy Court entered an order
confirming the Debtors' Fourth Amended Joint Prepackaged Chapter 11
Plan of Reorganization. On October 12, 2023, the Plan became
effective in accordance with its terms and the Debtors emerged from
chapter 11.
PAYNE'S ENVIRONMENTAL: Court OKs Interim Cash Collateral Access
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Payne's Environmental Services, LLC to use
cash collateral on an interim basis, retroactive to October 11,
2023.
The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court; (b) the current and necessary
expenses set forth in the budget, with a 10% variance and (c)
additional amounts as may be expressly approved in writing by the
Secured Creditors. However, the Debtor is not authorized to pay any
compensation to insiders or professionals set forth in the Budget.
Newtek, Caterpillar Financial Services Corporation, Assn Company,
CHTD Company, U.S. Small Business Administration, John Deere
Financial, Bank of the West, CT Corporation System, Corporation
Service Company, Arboretum Core Asset Fund, and Advantage Platform
Services will have perfected post-petition liens against cash
collateral to the same extent and with the same validity and
priority as their prepetition liens, without the need to file or
execute any document as may otherwise be required under applicable
non bankruptcy law.
The Debtor will maintain insurance coverage for its property in
accordance with the obligations under the loan and security
documents with the Secured Creditors.
A continued hearing on the matter is set for November 6 at 11 a.m.
A copy of the order is available at https://urlcurt.com/u?l=7sPYxD
from PacerMonitor.com.
About Payne's Environmental
Payne's Environmental Services, LLC offers a variety of tree
services to residential and commercial customers. It offers tree
trimming, tree removal, and stump grinding and removal services.
The company is based in Tampa, Fla.
Payne's filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code Bankr. M.D. Fla. Case No. 23-04522) on Oct. 11,
2023, with $4,294,839 in assets and $4,785,378 in liabilities.
Terry Payne, manager, signed the petition.
Judge Roberta A. Colton oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor
as legal counsel.
PAYNE'S ENVIRONMENTAL: Hires Buddy D. Ford P.A. as Counsel
----------------------------------------------------------
Payne's Environmental Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Buddy
D. Ford, P.A. as counsel.
The Debtor requires legal counsel to:
(a) analyze the financial situation, and rendering advice and
assistance to the Debtor in determining whether to file a petition
under Title 11, United States Code;
(b) give advice regarding the powers and duties of the Debtor
in the continued operation of its business and management of the
estate's property;
(c) prepare and file schedules of assets and liabilities,
statement of affairs, and other documents required by the court;
(d) represent the Debtor at the Section 341 creditors'
meeting;
(e) advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(f) prepare legal papers;
(g) protect the interest of the Debtor in all matters pending
before the court;
(h) represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan; and
(i) perform all other necessary legal services for the
Debtor.
The firm will be paid at these rates:
Buddy D. Ford, Esq. $450 per hour
Senior Associate Attorneys $400 per hour
Junior Associate Attorneys $350 per hour
Senior Paralegal Services $150 per hour
Junior Paralegal Services $100 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the commencement of its Chapter 11 case, the Debtor paid
the firm an advance fee of $26,738.
Buddy Ford, Esq., 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:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
Buddy D. Ford, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
Email: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About Payne's Environmental Services, LLC
Payne's Environmental Services, LLC offers a variety of tree
services to residential and commercial customers. It offers tree
trimming, tree removal, and stump grinding and removal services.
The company is based in Tampa, Fla.
Payne's filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code Bankr. M.D. Fla. Case No. 23-04522) on Oct. 11,
2023, with $4,294,839 in assets and $4,785,378 in liabilities.
Terry Payne, manager, signed the petition.
Judge Roberta A. Colton oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor
as legal counsel.
PLATFORM II: Hires CommercialLendingX.com as Investment Banker
--------------------------------------------------------------
Platform II Lawndale LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ
CommercialLendingX.com as investment banker.
The firm will provide these services:
a. providing review, analysis, and evaluation of the Debtor's
operations, business, business plan, strategic and financial
position, and related financial projections;
b. preparing and distributing descriptive materials to
potential lenders, and participation in negotiating and structuring
a loan;
c. assisting the Debtor in negotiating the terms of exit
financing;
d. assisting the Debtor in reviewing loan proposals in
connection with a Chapter 11 Transaction;
e. making presentations to the Debtor's management to enable
them to evaluate any potential transaction; and
f. rendering such other customary investment banking services
consistent with the terms of the Engagement Letter.
The firm will be paid at a contingent fee of 3 percent of the gross
loan obtained in a Financing Transaction.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brad Hettich, a partner at CommercialLendingX.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:
Brad Hettich
Joseph Ransdell
CommercialLendingX.com
2220 County Road 210 West, Suite 108
Jacksonville, FL 32259
Tel: (888) 975-0007
Fax: (630) 230-4228
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.
PREMIER KING: Seeks Cash Collateral Access
------------------------------------------
Premier Kings, Inc., and its debtor affiliates asks the U.S.
Bankruptcy Court for the Northern District of Alabama, Southern
Division, for authority to use cash collateral and provide adequate
protection.
The Debtors require the use of cash collateral to fund the Debtors'
ongoing business operations, as well as the fees and expenses of
administering the Chapter 11 cases, to the extent approved by the
Court.
The Debtors require immediate authority to use the cash collateral
to permit, among other things, (a) the orderly operation of the
Debtors' businesses, (b) the management and preservation of the
Debtors' assets, (c) the maintenance of the Debtors' business
relationships with customers, vendors, and contract parties, and
(d) the satisfaction of other working capital and operational needs
including the fees and expenses of the Chapter 11 Cases.
On February 25, 2021, Premier Kings, Inc., Premier Kings of
Georgia, Inc., and Premier Kings of North Alabama, LL, each in its
capacity as Borrower, entered into the Second Amended and Restated
Credit Agreement, with, among others, Wells Fargo National Bank, in
its capacity as administrative agent and the lenders thereunder.
Also on February 25, 2021, PK Inc., PKGA Inc., and PKNA LLC entered
into the Pledge and Security Agreement with the Prepetition Agent.
The Prepetition Loan Documents are valid, binding, and, subject to
applicable bankruptcy law, enforceable against each of the Debtors.
The Prepetition Lenders have a first riority security interest in
and lien on all of the Debtors' assets. As of the Petition Date,
the principal amount outstanding owed under the Prepetition Loan
Documents to the Prepetition Lenders is not less than $87 million.
PK, founded in 2009 by Manraj Sidhu, owns and operates Burger King
restaurants as a franchisee. The company expanded its portfolio to
34 locations in Alabama, Georgia, and Tennessee, and opened 115
additional locations in Tennessee, Florida, and South Carolina. As
of the Petition Date, PK Inc. owns 53 restaurants, PKGA Inc. owns
82, and PKNA LLC owns 39. However, Mr. Sidhu's unexpected death in
2022 caused operational instability for the Debtors' existing
restaurants. Joginder Sidhu became the Estate Representative, and
Aurora Management Partners was hired for financial advisory
services.
As of the Petition Date, the Debtors continue to operate 172
Restaurants pursuant to limited license agreements with BKCI that
were negotiated prior to the Petition Date.
As adequate protection, the Prepetition Secured Parties will be
granted:
(i) Subject to the Carve-Out, allowed joint and several
superpriority administrative expense claims against the Debtors
with priority over any and all administrative expenses and all
other claims against the Debtors, now existing or hereafter
arising, of any kind whatsoever, as provided under 11 U.S.C.
section 507(b).
(ii) Subject to the Carve-Out and Approved Liens, senior
replacement liens, senior liens on unencumbered property, junior
liens on prepetition and postpetition property of the Debtors which
is subject to certain existing permitted liens and, subject to
entry of a Final Order, a lien on the proceeds of Avoidance
Actions.
A copy of the motion is available at https://urlcurt.com/u?l=SwlBWI
from PacerMonitor.com.
About Premier Kings, Inc.
Premier Kings, Inc. and affiliates are the owners and operators of
174 operating Burger King franchise locations.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-02871) on October 25,
2023. In the petition signed by Lawrence Hirsh, as Board Chairman,
the Debtor disclosed up to $50 million in assets and up to $100
million in liabilities.
Judge Tamara O. Mitchell oversees the case.
The Debtors tapped COLE S CHOTZ PC as the lead restructuring
counsel, Holland & Knight LLP as local bankruptcy counsel, Raymond
James & Associates, Inc. as investment banker, and Kurtzman Carson
Consultants LLC as noticing & claims agent.
PROTERRA INC: Hires KPMG LLP as Tax and Audit Service Provider
--------------------------------------------------------------
Proterra Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ KPMG LLP as
tax and audit service provider.
The firm will provide these services:
A. Audit Services: Pursuant to language in the Audit Engagement
Letters, KPMG will perform (to the extent requested by the Debtors)
certain audit-related services ("Audit Services"), including,
without limitation:
i. Review the condensed consolidated balance sheets of the
Debtors, as set forth in Appendix I of engagement letter dated July
10, 2023, and the related condensed consolidated statements of
operations, comprehensive loss, stockholders' equity and cash flows
for the quarterly and year-to-date periods, which are to be
included in the quarterly reports (Form 10-Q) proposed to be filed
by the Debtors under the Securities Exchange Act of 1934. KPMG will
also conduct a review of the Debtors' fourth quarter interim
financial information if the selected quarterly financial data
specified
by Item 302 of Regulation S-K is required to be included in the
annual report (Form 10-K) proposed to be filed by the Debtors under
the Securities Exchange Act of 1934;
ii. Integrated Audit Services:
a. Audit of consolidated balance sheets of Proterra Inc as
of December 31, 2023 and 2022, the related consolidated statements
of operations, comprehensive loss, stockholders' equity, and cash
flows for each of the years in the three-year period ended December
31, 2023 and the related notes to the financial statements and
audit of internal control over financial reporting as of December
31, 2023;
iii. Quarterly Review Procedures for the following periods:
a. Quarter ended March 31, 2023;
b. Quarter ended June 30, 2023;
c. Quarter ended September 30, 2023; and
iv. Pursuant to the Audit Out-of-Scope Engagement Letter, to
the extent that any audit services involve procedures in connection
with the Debtors' activities in connection with any restructuring
or bankruptcy filing, such work was not included in the estimated
fees as disclosed in Appendix 1 in the 2023 Audit Engagement
Letter, but will be considered out of scope (the "Out-of-Scope
Services") under the 2023 Audit Engagement Letter. Such
Out-of-Scope services include professional time required to prepare
detailed applications in accordance with the Bankruptcy Code, and
may also include auditing and accounting considerations related to
debt restructuring during and on emergence from bankruptcy,
fresh-start accounting, valuation of assets and liabilities on
emergence from bankruptcy, income tax matters rising as a result of
bankruptcy or other debt restructuring activities as a result of
bankruptcy, and increased professional time to deliver Audit
Services due to loss of Debtors' personnel or other changes in
circumstances as a result of bankruptcy that increases the effort
to deliver audit services.
B. Tax Restructuring Services: Pursuant to the Tax Restructuring
Engagement Letter, KPMG will analyze U.S. federal, state, local,
and international tax implications of the Debtors potential
restructuring of debt and/or capital structure (the "Potential
Restructuring"). Services hereunder ("Tax Restructuring Services")
may include, but are not limited to, analyses of:
i. Section 382 of Title 26 of the United States Code (the
"Internal Revenue Code," or "I.R.C"), issues related to historical
transactions and potential restructuring alternatives, including
sensitivity analysis to reflect the Section 382 impact of the
proposed and/or hypothetical equity transactions;
ii. Net unrealized built-in gains and losses and Notice
2003-65 as applied to the ownership change, if any, resulting from
or in connection with the Potential Restructuring;
iii. Debtors' tax attributes, including net operating losses,
tax basis in assets, and tax basis in subsidiaries' stock as
relevant to the Potential Restructuring;
iv. Cancellation of debt income, including the application of
section 108 of the I.R.C. and consolidated tax return regulations
relating to the restructuring of non-intercompany debt and the
completed capitalization or settlement of intercompany debt;
v. Application of the attribute reduction rules under section
108(b) of the I.R.C. and Treasury Regulation Section 1.1502-28,
including a benefit analysis of section 108(b)(5) of the I.R.C. and
1017(b)(3)(D) elections as related to the Potential Restructuring;
vi. Relevant tax elections available and filing of any
necessary election statements;
vii. Tax implications of any internal reorganizations and
restructuring alternatives;
viii. Cash tax modeling of the tax benefits or tax costs of
restructuring alternatives;
ix. Tax implications of any dispositions of assets and/or
subsidiary stock pursuant to the Potential Restructuring;
x. Potential bad debt, worthless stock, and retirement tax
losses associated with the Potential Restructuring;
xi. Tax treatment of restructuring related costs; and
xii. Regarding proofs of claim from tax authorities:
a. KPMG will search the proof of claim register for
claims from the taxing authorities at the direction of management;
b. KPMG will summarize the identified tax proof of
claims;
c. KPMG will review the tax claims and provide the
summarized tax proof of claim summary schedule to the KPMG tax
compliance team(s) for additional commentary and support (e.g.,
filed income/non-income tax returns, etc.), where applicable;
d. KPMG will provide the tax proof of claim summary
schedule, the tax proof of claims, and supporting documentation
(e.g., filed income/non-income tax returns, etc.), where
applicable, to Debtors' management for their review and assessment;
and
e. The Debtors will review the information provided and
be responsible for making any determinations as it relates to the
claims as well as any additional remediation steps that would be
required.
The firm will be paid at these rates:
Partners $550 to $675 per hour
Managing Directors $525 to $600 per hour
Directors/Senior Managers $450 to $550 per hour
Managers $400 to $475 per hour
Senior Associates $350 to $450 per hour
Associates $250 to $325 per hour
The firm will be paid a fixed fee of $2,400,000 for services
relating to integrated audit and quarterly review procedures.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Steven D. Morgan, a partner at KPMG 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 D. Morgan
KPMG LLP
Mission Towers 1 Suite 100
3975 Freedom Circle Drive
Santa Clara, CA 95054
Tel: (408) 367-5764
About Proterra Inc.
Proterra Inc. business involves designing, manufacturing, and
selling electric transit buses and components, batteries, and
electric drive trains, and providing and selling related products
and services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120). In the
petition signed by $818,773,679 in total assets and $609,498,207 in
total liabilities.
Judge Brendan Linehan Shannon oversees the case.
YOUNG CONAWAY STARGATT & TAYLOR, LLP represents the Debtor as legal
counsel.
The Debtors also tapped FTI CONSULTING, INC. as financial advisor,
MOELIS & COMPANY, LLC as investment banker, and KURTZMAN CARSON
CONSULTANTS LLC as claims, noticing and administrative agent.
PUERTO RICO: Dechert LLP Files Rule 2019 Statement
--------------------------------------------------
The law firm of Dechert LLP filed a verified statement pursuant to
Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose
that in the Chapter 11 case of Puerto Rico Electric Power Authority
("PREPA"), the firm represents PREPA Ad Hoc Group.
Dechert notes that it does not represent the PREPA Ad Hoc Group as
a "committee" (as such term is used in the Bankruptcy Code and
Bankruptcy Rules) and does not undertake to, and does not,
represent the interest of, and is not a fiduciary for, any
creditor, party in interests, or entity other than the PREPA Ad Hoc
Group.
Dechert has been advised by the members of the PREPA Ad Hoc Group
that each Member either holds or manages funds and/or accounts that
hold, approximately $2.1 billion in aggregate principal amount of
uninsured Bonds. In accordance with Bankruptcy Rule 2019 and the
Case Management Order, a list of the names, addresses, and the
"nature and amount of all disclosable economic interests" in
relation to the Debtor reported to Dechert as of September 22,
2023, by each Member of the PREPA Ad Hoc Group, is attached.
In addition, Dechert does not hold claims against, nor interests
in, the Debtor or its estate, except for potential claims for fees
and expenses incurred in representing the PREPA Ad Hoc Group.
Dechert does not perceive any actual or potential conflict of
interest with respect to the representation of the PREPA Ad Hoc
Group in this case.
PREPA Ad Hoc Group is represented by:
MONSERRATE SIMONET & GIERBOLINI, LLC
Dora L. Monserrate-Peñagarícano, Esq.
Fernando J. Gierbolini-González, Esq.
Richard J. Schell, Esq.
101 San Patricio Ave., Suite 1120
Guaynabo, PR 00968
Phone: (787) 620-5300
Facsimile: (787) 620-5305
Email: dmonserrate@msglawpr.com
fgierbolini@msglawpr.com
rschell@msglawpr.com
-and-
DECHERT LLP
G. Eric Brunstad Jr., Esq.
Stephen D. Zide, Esq.
David A. Herman, Esq.
1095 Avenue of the Americas
New York, NY 10036
Phone: (212) 698-3500
Facsimile: (212) 698-3599
Email: eric.brunstad@dechert.com
stephen.zide@dechert.com
david.herman@dechert.com
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats. The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the son
of former governor Pedro Rossello.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Web site
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
Q.Y. TANG'S HWA: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Q.Y. Tang's Hwa Yuan Inc.
42 E. Broadway
NY, NY 10002
Business Description: Q.Y. Tang's Hwa Yuan is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: October 30, 2023
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 23-11730
Debtor's Counsel: David Wolnerman, Esq.
WHITE & WOLNERMAN, PLLC
950 Third Avenue, 11th Floor
New York, NY 10022
Tel: (212) 308-0603
Email: dwolnerman@wwlawgroup.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 billion
The petition was signed by Chen Lieh Tang 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/GINPKXQ/QY_Tangs_Hwa_Yuan_Inc__nysbke-23-11730__0001.0.pdf?mcid=tGE4TAMA
QUEST SOFTWARE: $2.81BB Bank Debt Trades at 20% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Quest Software Inc
is a borrower were trading in the secondary market around 79.9
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The $2.81 billion facility is a Term loan that is scheduled to
mature on February 1, 2029. About $2.78 billion of the loan is
withdrawn and outstanding.
Quest Software Inc. provides software solutions. The Company offers
enterprise software that identities, users and data, streamlines IT
operations, and hardens cyber security from the inside out. Quest
Software serves customers in the United States.
RITE AID: Final Hearing on Store Closing Sales Set for Nov. 16
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey is set to
hold a hearing on Nov. 16 to consider final approval of Rite Aid
Corp.'s motion to conduct store closing sales.
The court on Oct. 17 granted the motion on an interim basis,
allowing Rite Aid to conduct closing sales at 154 stores, most of
which are located in Michigan, New York and Pennsylvania.
The Oct. 17 interim order also authorized the company to conduct
additional store closing sales at a later date, with such sales to
be "free and clear" of liens, claims and encumbrances.
Rite Aid expects to proceed with the initial store closings in the
near-term, according to the company's attorney, Michael Sirota,
Esq., at Cole Schotz, P.C.
The assets up for sale include prescription files and related
records, fixtures, furniture and equipment, and inventory. They
will be sold in accordance with the terms of the sale guidelines
proposed by the company.
Rite Aid may abandon any asset (except prescription files and
related records) not sold at the closing sales without incurring
liability to any person or entity, according to court filings.
About Rite Aid
Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years. Rite Aid employs more than 6,100 pharmacists and operates
more than 2,100 retail pharmacy locations across 17 states.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on October
15, 2023. In the petition signed by Jeffrey S. Stein, chief
executive officer and chief restructuring officer, Rite Aid
disclosed $7,650,418,000 in total assets and $8,597,866,000 in
total liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Cole Schotz, P.C.
as local bankruptcy counsel, Guggenheim Partners as investment
banker, Alvarez & Marsal North America, LLC as financial, tax and
restructuring advisor, and Kroll Restructuring Administration as
claims and noticing agent.
RITE AID: Paul, Weiss & Fox Rothschild File Rule 2019 Statement
---------------------------------------------------------------
The law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Fox Rothschild LLP filed a verified statement pursuant to Rule 2019
of the Federal Rules of Bankruptcy Procedure to disclose that in
the Chapter 11 case of Rite Aid Corporation and its affiliated
debtors, the firms represent the Ad Hoc Group of Secured
Noteholders.
The Ad Hoc Group of Secured Noteholder of certain unaffiliated
holders or beneficial holders are (each, a "Member") of (a) 7.500%
Senior Secured Notes due 2025 issued under that certain Indenture,
dated as of February 5, 2020, among the Company, as Issuer, the
Guarantors party thereto, and The Bank of New York Mellon Trust
Company, N.A., as Trustee and Notes Collateral Agent (the "2025
Secured Notes"), and (b) 8.000% Senior Secured Notes due 2026
issued under that certain Indenture, dated as of July 27, 2020,
among the Company, as Issuer, the Guarantors party thereto, and The
Bank of New York Mellon Trust Company, N.A., as Trustee and Notes
Collateral Agent (the "2026 Secured Notes", and together with the
2025 Secured Notes, the "Secured Notes").
No member of the Ad Hoc Group of Secured Noteholders has or is a
party to any agreement to act as a group or in concert with respect
to its interests in the Debtors, and each member of the Ad Hoc
Group of Secured Noteholders has the unrestricted right to act as
it chooses in respect of such interests without respect to the
actions or interests of any other party. In addition, neither the
Ad Hoc Group of Secured Noteholders nor any member of the Ad Hoc
Group of Secured Noteholders (i) assumed any fiduciary or other
duties to any other creditor or person or (ii) purports to act,
represent, or speak on behalf of any other entities in connection
with the Chapter 11 Cases.
Co-Counsel to the Ad Hoc Group of Secured Noteholders:
FOX ROTHSCHILD LLP
Joseph J. DiPasquale, Esq.
Howard A. Cohen, Esq.
Mark E. Hall, Esq.
Michael R. Herz, Esq.
49 Market Street
Morristown, NJ 07960-5122
Telephone: (973) 992-4800
Facsimile: (973) 992-9125
Email: hcohen@foxrothschild.com
jdipasquale@foxrothschild.com
mhall@foxrothschild.com
mherz@foxrothschild.com
- and -
PAUL, WEISS, RIFKIND, WHARTON &
GARRISON LLP
Andrew N. Rosenberg, Esq.
Brian A. Hermann, Esq.
Christopher J. Hopkins, Esq.
Douglas R. Keeton, Esq.
1285 Avenue of the Americas
New York, NY 10019
Telephone: (212) 373-3000
Facsimile: (212) 757-3990
Email: arosenberg@paulweiss.com
bhermann@paulweiss.com
chopkins@paulweiss.com
dkeeton@paulweiss.com
About Rite Aid
Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years. Rite Aid employs more than 6,100 pharmacists and operates
more than 2,100 retail pharmacy locations across 17 states.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15,
2023. In the petition signed by Jeffrey S. Stein, chief executive
officer and chief restructuring officer, Rite Aid disclosed
$7,650,418,000 in total assets and $8,597,866,000 in total
liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Cole Schotz, P.C.
as local bankruptcy counsel, Guggenheim Partners as investment
banker, Alvarez & Marsal North America, LLC as financial, tax and
restructuring advisor, and Kroll Restructing Administration as
claims and noticing agent.
ROSE AIRCRAFT: Seeks to Hire Caddell Reynolds as Legal Counsel
--------------------------------------------------------------
Rose Aircraft Maintenance and Repair, Inc., seeks approval from the
U.S. Bankruptcy Court for the Western District of Arkansas to hire
Caddell Reynolds Law Firm.
The Debtor requires legal counsel to:
a. Give advice with respect to the powers and duties of the
Debtor in the management of its business and property;
b. Prepare bankruptcy schedules, statement of financial
affairs and legal papers, and appear before the court; and
c. Perform other legal services that may be necessary to
effectuate a reorganization of the Debtor's financial affairs.
The firm's attorneys and paralegals will be compensated at $325 per
hour and $125 per hour, respectively.
In addition, the firm will receive reimbursement for work-related
expenses incurred.
Caddell can be reached at:
Joel G. Hargis, Esq.
Caddell Reynolds Law Firm
P.O. Box 184
Fort Smith, AR 72902
Phone: 501-214-8014
Email: jhargis@caddellreynolds.com
About Rose Aircraft Maintenance and Repair
Rose Aircraft Maintenance and Repair, Inc., filed a Chapter 11
petition (Bankr. W.D. Ark. Case No. 23-71284) on Sept. 6, 2023,
with up to $50,000 in assets and $500,001 to $1 million in
liabilities. Joel G. Hargis, Esq., at Caddell Reynolds Law Firm,
is the Debtor's bankruptcy counsel.
SAMJANE PROPERTIES: Hires Goldstein & Pressman P.C. as Counsel
--------------------------------------------------------------
Samjane Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Missouri to employ Goldstein &
Pressman, P.C. as counsel.
The firm will provide these services:
a. assist, advise and represent the Debtor in the Debtor in
the administration of this case;
b. assist, advise and represent the Debtor in the application
and disposition of its business assets;
c. assist, advise and represent the Debtor in the formulation,
approval, and implementation of a chapter 11 plan; and
d. assist, advise and represent the Debtor in the performance
of all of its duties and powers under the Bankruptcy Code and the
bankruptcy rules and in the performance of such other services as
are in the interest of the Debtor and its estate.
The firm will be paid at these rates:
Steven Goldstein $345 per hour
Robert A. Breidenbach $250 per hour
The firm will be paid a retainer in the amount of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robert A. Breidenbach, Esq., a partner at Goldstein & Pressman,
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 through:
Robert A. Breidenbach, Esq.
GOLDSTEIN & PRESSMAN, P.C.
7777 Bonhomme Ave., Suite 1910
Clayton, MO 63105
Telephone: (314) 727-1717
Facsimile: (314) 727-1447
Email: rab@goldsteinpressman.com
About SamJane Properties
SamJane Properties, LLC filed Chapter 11 petition (Bankr. E.D. Mo.
Case No. 23-43553) on October 2, 2023, with $500,001 to $1 million
in assets and $0 to $50,000 in liabilities.
Judge Bonnie L. Clair oversees the case.
Robert A. Breidenbach of Goldstein & Pressman represents the Debtor
as legal counsel.
SINCLAIR TELEVISION: $750MM Bank Debt Trades at 28% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
71.9 cents-on-the-dollar during the week ended Friday, October 27,
2023, according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on April 21, 2029. About $741.1 million of the loan is
withdrawn and outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SOFT SURROUNDINGS: Hires Liz Freeman PLLC 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 Liz Freeman, PLLC as counsel.
The firm will provide these services:
a. provide legal advice and services related to these chapter
11 cases as legal issues arise;
b. advise the Debtors in connection with any potential sale of
assets;
c. negotiate with representatives of creditors and other
parties in interest;
d. review and comment on proposed drafts of pleadings to be
filed with the Court;
e. at the request of the Debtors, appear in Court and at any
meeting with the U.S. Trustee, and any meeting of creditors at any
given time on behalf of the Debtors as their conflicts co-counsel;
f. perform all other services assigned by the Debtors to the
Firm as conflicts co-counsel; and
g. provide legal advice and services on any matter on which
Katten may have a conflict or as needed based on specialization.
The firm will be paid at the rate of $750 per hour.
The firm will be paid a retainer in the amount of $30,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Elizabeth C. (Liz) Freeman, a partner at Liz Freeman, 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.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
Question: Did you agree to any variations from, or
alternatives to, your standard or customary billing
arrangements for this engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic
location of the bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and
material financial terms for the prepetition
engagement, including any adjustments during the 12
months prepetition. If your billing rates and
material financial terms have changed postpetition,
explain the difference and the reasons for the
difference.
Response: The firm''s representation of the Debtors began
shortly before the bankruptcy filing. There was no
modification of the billing rate.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: The firm has not prepared a budget and staffing
plan.
The firm can be reached at:
Elizabeth C. Freeman, Esq.
LIZ FREEMAN, PLLC
P.O. Box 61209 700 Smith St.
Houston, TX 77208
Tel: (832) 779-3580
Email: liz@lizfreemanlaw.com
About Soft Surroundings
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.
SORRENTO THERAPEUTICS: Reilly Steps Down from Board, Blames CRO
---------------------------------------------------------------
Sorrento Therapeutics, Inc. disclosed in a Form 8-K Report filed
with the Securities and Exchange Commission that on October 25,
2023, Tammy Reilly notified the Company that she was resigning from
the Board of Directors of the Company, effective immediately.
Reilly informed the Company that her resignation was due to
concerns regarding the Company's Chief Restructuring Officer's
continued lack of communication with the Board on decisions made
and the general operating of the Company and changes in the
Company's directors' and officers' insurance policy without Board
input.
Following her notice, Reilly sent her resignation letter to
Sorrento's CEO, Henry Ji, in which she stated, "Good morning, It is
with dismay that I inform you of my decision to resign from the
Board of Directors for Sorrento Therapeutics effective immediately.
I have become increasingly concerned at the CRO's continued lack of
communication with the BOD on decisions made and general operating
of the company thus, resulting in unilateral decision making by the
CRO. Further to this, the decision by the CRO without BOD input to
ineffectively and irresponsibility act regarding changes in the D&O
policy reinforced my decision."
The Company has provided Ms. Reilly with a copy of the disclosures
in this Form 8-K and the opportunity to furnish the Company with a
letter addressed to the Company stating whether she agrees with the
statements made by the Company and, if not, stating the respects in
which she does not agree. Upon the receipt of any such letter from
Ms. Reilly, the Company will file any such letter as an exhibit to
an amendment to this Form 8-K, no later than two business days
after it is received.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc. - http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).
Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.
Judge David R. Jones oversees the cases.
The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.
Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'
Chapter 11 cases.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig,
LLP serve as the equity committee's bankruptcy counsel.
SORRENTO: Scilex Files Motion to Compel Production of Books
-----------------------------------------------------------
Scilex Holding Company (Nasdaq: SCLX), an innovative
revenue-generating company focused on acquiring, developing and
commercializing non-opioid pain management products for the
treatment of acute and chronic pain, on Oct. 27 filed an emergency
motion (the "Motion") for entry of an order compelling the
production of books and records from certain brokers, dealers,
banks and other nominees pursuant to Rule 2004 of the federal rules
of bankruptcy procedure in the U.S. Bankruptcy Court for the
Southern District of Texas (the "Bankruptcy Court"). Attached to
this press release is the court motion filed by Scilex on October
27, 2023:
http://ml.globenewswire.com/Resource/Download/9e0a985e-55b7-456a-877d-181896dcd801
http://ml.globenewswire.com/Resource/Download/a63ab314-57ea-41e4-91fb-d90f3ab38c3e
http://ml.globenewswire.com/Resource/Download/dc0a3d68-3475-44bc-b68b-d21c2fbaa4f8
On October 3, 2023, Scilex provided a proposal to parties with
short positions (the "Short Sellers") in shares of Scilex common
stock that were part of the previously announced dividend of Scilex
common stock (the "Scilex Dividend Stock") then-held by Sorrento
Therapeutics, Inc. (OTC: SRNEQ, "Sorrento") who had not yet closed
or covered their respective short positions in the Scilex Dividend
Stock ("Short Seller Proposal"). As previously noted, Scilex
believes that, with no objections from the participating Short
Sellers and with widespread support and assistance from such Short
Sellers' brokers and/or agents, there should be no further excuses
for continuing to hold the short positions in Scilex. The Short
Seller Proposal provided those Short Sellers with the opportunity
to cover their short positions and avoid any continuing fees,
interest, and other expenses associated with any short positions,
as well as an opportunity to accept the terms provided in
Sorrento's ongoing Chapter 11 proceedings in order to obtain a
release from Scilex for any claims and causes of action related to
any potential naked short selling or other similar market
manipulative behavior. The Short Seller Proposal ended on October
27, 2023. On October 4, 2023, Scilex also provided a similar
proposal to the lenders of the short positions in Scilex Dividend
Stock held by the Short Sellers ("Lender"). Specifically, under
this "Lender Proposal," (i) any Lender that requires the immediate
return of Scilex Dividend Stock that was loaned to Short Sellers,
and (ii) once the applicable Short Sellers have closed out such
short positions in the Scilex Dividend Stock, Scilex will provide a
release of any claims and causes of action related to naked short
selling or other similar market manipulative behavior. Such release
will be provided after Scilex receives written confirmation of the
above two actions. This Lender Proposal is still in effect and will
end on October 31, 2023.
About Scilex Holding Company
Scilex Holding Company is an innovative revenue-generating company
focused on acquiring, developing and commercializing non-opioid
pain management products for the treatment of acute and chronic
pain. Scilex is uncompromising in its focus to become the global
pain management leader committed to social, environmental,
economic, and ethical principles to responsibly develop
pharmaceutical products to maximize quality of life. Results from
the Phase III Pivotal Trial C.L.E.A.R. Program for SEMDEXA(TM), its
novel, non-opioid product for the treatment of lumbosacral
radicular pain (sciatica), were announced in March 2022. Scilex
participated in the type C meeting for purposes of pre-NDA
discussion with the FDA and reached agreement path forward to file
an NDA for SP-102 (SEMDEXA(TM)) in Lumbosacral Radicular Pain
(Sciatica) from the FDA. Scilex targets indications with high
unmet needs and large market opportunities with non-opioid
therapies for the treatment of patients with moderate to severe
pain. Scilex launched its first commercial product ZTlido(R) in
October 2018, in-licensed a commercial product Gloperba(R) in June
2022, and launched its third FDA-approved product Elyxyb(TM) in
April 2023. It is also developing its late-stage pipeline, which
includes a pivotal Phase 3 candidate, and one Phase 2 and one Phase
1 candidate. Its commercial product, ZTlido(R) (lidocaine topical
system) 1.8%, or ZTlido(R), is a prescription lidocaine topical
product approved by the U.S. Food and Drug Administration for the
relief of pain associated with post-herpetic neuralgia, which is a
form of post-shingles nerve pain. Scilex in-licensed the exclusive
right to commercialize Gloperba(R) (colchicine USP) oral solution,
an FDA-approved prophylactic treatment for painful gout flares in
adults, in the U.S. Scilex in-licensed the exclusive rights to
commercialize Elyxyb(TM) (celecoxib oral solution) in the U.S. and
Canada, the only FDA-approved ready-to-use oral solution for the
acute treatment of migraine, with or without aura, in adults.
Scilex launched Elyxyb(TM) in April 2023, and is planning to
commercialize Gloperba(R) by 2024, and is well-positioned to market
and distribute those products. Scilex's three product candidates
are SP-102 (injectable dexamethasone sodium phosphate viscous gel
product containing 10 mg dexamethasone), or SEMDEXA(TM), a Phase 3,
novel, viscous gel formulation of a widely used corticosteroid for
epidural injections to treat lumbosacral radicular pain, or
sciatica, with FDA Fast Track status; SP-103 (lidocaine topical
system) 5.4%, a Phase 2 study, triple-strength formulation of
ZTlido(R) , for the treatment of chronic neck pain, with FDA Fast
Track status. We received our SP-103 Phase 2 top-line results in
August 2023 and the trial achieved its objectives characterizing
safety, tolerability and preliminary efficacy of SP-103 in [acute
low back pain associated with muscle spasms]. SP-103 was safe and
well-tolerated. Increase of lidocaine load in topical system by
three times, compared with approved ZTlido, 5.4% vs. 1.8%, did not
result in signs of systemic toxicity or increased application site
reactions with daily applications over one month treatment. We will
continue to analyze the SP-103 Phase 2 trial data along with a
recently completed investigator study of ZTlido in patients with
chronic neck pain which also has showed promising top-line efficacy
and safety results. Scilex is planning to initiate Phase 2/3 trial
in chronic neck pain in 2024; and SP-104, 4.5 mg Delayed Burst
Release Low Dose Naltrexone Hydrochloride (DBR-LDN) Capsule, for
the treatment of chronic pain, fibromyalgia that has completed
multiple Phase 1 trial programs and is expected to initiate Phase 2
trials in 2024.
Scilex Holding Company is headquartered in Palo Alto, California.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).
Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.
Judge David R. Jones oversees the cases.
The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.
Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'
Chapter 11 cases.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders. Glenn Agre Bergman & Fuentes, LLP, and Greenberg Traurig,
LLP, serve as the equity committee's bankruptcy counsel.
SPACE SHADOW: Hires Andersen & Beede as Legal Counsel
-----------------------------------------------------
Space Shadow LLC seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to employ Andersen & Beede as its legal
counsel.
The firm will provide these services:
a) give legal advice with respect to the powers and duties of
the Debtor in the continued management and operation of its
business and property;
b) attend meetings and negotiate with representatives of
creditors and other parties in interest, and advise and consult on
the conduct of the Debtor's bankruptcy case, including the legal
and administrative requirements of operating in Chapter 11;
c) take all necessary action to protect and preserve the
bankruptcy estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
bankruptcy estate, negotiations concerning all litigation in which
the Debtor may be involved, and objections to claims filed against
the estate;
d) prepare legal papers;
e) negotiate and prepare a plan of reorganization, disclosure
statement and all related documents, and take any necessary action
to obtain confirmation of such plan;
f) advise the Debtor in connection with any sale of its assets;
g) appear before the bankruptcy court, any appellate courts and
the Office of the U.S. Trustee; and
h) perform all other necessary legal services.
The firm will be paid at these rates:
Ryan A. Andersen, Esq. $560 per hour
Mike Beede, Esq. $490 per hour
Mark M. Weisenmiller, Esq. $500 per hour
Valerie Y. Zaidenberg, Esq. $310 per hour
Paralegals $155 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm was paid by the Debtor an initial retainer of $7,000.
Ryan Andersen, Esq., a partner at Andersen & Beede, 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:
Ryan A. Andersen, Esq.
Valerie Y. Zaidenberg, Esq.
Andersen & Beede
3199 E Warm Springs Rd, Ste 400
Las Vegas, NV 89120
Tel: (702) 522-1992
Fax: (702) 825-2824
Email: ryan@aandblaw.com
valerie@aandblaw.com
About Space Shadow LLC
Space Shadow LLC in Henderson, NV, filed its voluntary petition for
Chapter 11 protection (Bankr. D. Nev. Case No. 23-14412) on October
9, 2023, listing as much as $1 million to $10 million in both
assets and liabilities. Kayvoughn Moradi as managing member, signed
the petition.
Judge Hilary L. Barnes oversees the case.
ANDERSEN & BEEDE serve as the Debtor's legal counsel.
SPECTRUM BRANDS: S&P Affirms 'BB-' Rating on Sr. Secured Revolver
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issue-level rating on
Spectrum Brands Holdings Inc.'s $500 million senior secured
revolver expiring in October 2028 following the recent amend and
extend transaction. The facility was downsized to $500 million from
$600 million with updated pricing. The recovery rating of '1' is
unchanged, reflecting its expectation for substantial (90%-100%;
rounded estimate: 95%) recovery in the event of a payment default.
S&P also affirmed its 'B' issue-level rating on the company's
senior unsecured notes. S&P revised the recovery rating to '3' from
'4', reflecting its expectation for average (50%-70%; rounded
estimate: 50%) recovery in the event of a payment default. This is
due to the company's announcement that it is ceasing all
receivables factoring programs globally, leading to lower priority
claims in a default scenario.
Following the sale of HHI to Assa Abloy in June 2023, the company
paid off its revolving credit facility borrowings, term loan B, and
2025 senior unsecured notes.
The remaining senior unsecured notes are governed by a reinvestment
provision in the respective bond indentures that requires a tender
offer to all existing bond holders within 365 days of close if
excess proceeds from the HHI sale are not reinvested. All mergers
and acquisitions (M&A) and capital spending dating back to the
initial announcement of the divestiture in September of 2021 would
qualify as reinvestment. This includes the $325 million Tristar
acquisition that closed in February 2022. Given that substantially
all the bonds are trading at a material discount to face value,
primarily due to significantly higher market interest rates, S&P
believes many note holders would opt-in to the tender offer in June
2024 if excess proceeds are not reinvested. The face value of bonds
outstanding in the capital structure is $1.56 billion.
S&P said, "In June, we estimated the pro forma cash balance at
close was $1.75 billion, accounting for planned debt paydown and
accelerated share repurchases. We still believe there is material
uncertainty around the use of Spectrum's significant cash balance,
financial policy (particularly M&A and share repurchases), and
future capital structure."
ISSUE RATINGS--RECOVERY ANALYSIS
S&P said, "We assume the remaining notes are not paid off in a
default scenario despite the reinvestment provision. Instead, we
conservatively assume Spectrum uses the remaining excess proceeds
in a manner that does not bring meaningful value to creditors. As
the company uses its excess cash and makes strategic decisions
around M&A and its capital structure, we will update our recovery
analysis accordingly."
The debt capital structure consists of:
-- $500 million senior secured cash flow revolver expiring in
October 2028, including a U.S. dollar sublimit totaling $400
million and a multicurrency sublimit totaling $100 million.
-- EUR425 million (USD $461.7 million equivalent) 4% senior
unsecured notes due Oct. 1, 2026.
-- $300 million 5% senior unsecured notes due Oct. 1, 2029.
-- $300 million 5.5% senior unsecured notes due 2030.
-- $500 million 3.875% senior unsecured notes due March 15, 2031.
Security and guarantee package:
Spectrum Brands Inc. is the borrower under the revolving credit
facility and the issuer of the notes. The revolving credit facility
is collateralized by all of Spectrum's domestic assets and pledges
of equity interests (limited to 65% for foreign subsidiaries). The
notes are all senior unsecured obligations. All the debt is
guaranteed by Spectrum Brands' material domestic operating
subsidiaries (secured or unsecured, as applicable) with a guarantee
from intermediate parent holding company SB/RH Holdings LLC.
Insolvency regime:
Spectrum Brands Holdings is a holding company that operates mainly
through its primary operating subsidiary Spectrum Brands. The
subsidiary has most of its operations in the U.S. In the event of
an insolvency proceeding, S&P would expect the company and its
domestic subsidiaries to file for bankruptcy protection under the
auspices of the U.S. federal bankruptcy court system as most of its
debt is in the U.S.
Simulated default assumptions
S&P's simulated default scenario contemplates a default occurring
in 2026 amid a protracted economic downturn combined with
escalating market share losses and intense competition from large,
financially solid competitors. It also contemplates significant
retailer bargaining power and the potential reemergence of
operational inefficiencies. These factors lead to a substantial
decline in the company's profits and cash flow, leading to a
payment default.
Calculation of EBITDA at emergence:
-- Debt service: $101 million (default year interest)
-- Maintenance capex: $47 million
-- Default EBITDA proxy: $148 million
-- Cyclicality adjustment: $7 million (5% of default EBITDA
proxy)
-- Preliminary emergence EBITDA: $164 million
-- Operational adjustment: $93 million (60%)
-- Emergence EBITDA: $249 million
S&P estimates $1.37 billion gross emergence enterprise value, which
incorporates a 5.5x multiple to emergence EBITDA.
Simplified waterfall
-- Net recovery value for waterfall after administrative expenses
(5%): $1.30 billion
-- Obligor/nonobligor valuation split: 60%/40%
-- Unpledged value available to unsecured claims: $182 million
-- Remaining recovery value available for secured claims: $1.12
billion
-- Estimated secured claims: $441 million
--Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Estimated senior unsecured claims: $1.6 billion
-- Total value available for unsecured claims: $861 million
-- Recovery range: 50%-70% (rounded estimate: 50%)
SPIRIT AIRLINES: JetBlue Announces Merger Prepayment
----------------------------------------------------
Spirit Airlines, Inc. disclosed in a Form 8-K Report filed with the
Securities and Exchange Commission that on October 13, 2023,
JetBlue Airways Corporation announced that it would pay $0.10 in
cash per outstanding share of Common Stock on October 31, to
Spirit's stockholders of record on October 25, as a prepayment of
merger consideration, pursuant to the terms of an Agreement and
Plan of Merger, dated as of July 28, 2022, by and among Spirit,
JetBlue and Sundown Acquisition Corp. Accordingly, on October 24,
Spirit announced an adjustment to the exercise prices and warrant
shares of the Warrants.
The exercise price in respect of the PSP1 Warrants has been
adjusted from $11.924 to $11.851, and the number of warrant shares
issuable upon the exercise of the PSP1 Warrants has been adjusted
from 614,963.26 to 618,751.32. The exercise price in respect of the
PSP2 Warrants has been adjusted from $20.680 to $20.554, and the
number of warrant shares issuable upon the exercise of the PSP2
Warrants has been adjusted from 162,665.78 to 163,662.95. The
exercise price in respect of the PSP3 Warrants has been adjusted
from $30.869 to $30.681, and the number of warrant shares issuable
upon the exercise of the PSP3 Warrants has been adjusted from
95,100.17 to 95,682.90.
On April 20, 2020, January 15, 2021 and April 29, 2021,
respectively, Spirit Airlines, Inc. entered into Warrant Agreements
with the United States Department of the Treasury, concerning the
issuance by Spirit to Treasury of warrants to purchase shares of
Spirit's common stock, par value $0.0001, in accordance with the
terms of the respective Warrant Agreements pursuant to the PSP1
program, PSP2 program and PSP3 program.
About Spirit Airlines
Spirit Airlines Inc. is a major United States ultra-low cost
airline headquartered in Miramar, Florida, in the Miami
metropolitan area.
In September 2023, Fitch Ratings has revised the Rating Outlook for
Spirit Airlines to Negative from Stable and affirmed Spirit's
Long-term Issuer Default Rating at 'B+'. Fitch has also affirmed
Spirit IP Cayman Ltd.'s and Spirit Loyalty Cayman Ltd.'s senior
secured debt at 'BB+'/'RR1′.
The Outlook revision incorporates Fitch's view that various
headwinds may drive profitability and leverage metrics to remain
outside of Fitch's negative sensitivities through YE 2024 or
longer. Aircraft availability and air traffic control issues are
having a greater impact on Spirit relative to some competitors,
limiting the company's post-pandemic margin recovery. Longer-term,
Fitch believes that Spirit's low-cost structure and its ability to
stimulate demand will drive margins closer to pre-pandemic levels.
However, the timeline for improvement is uncertain given various
industry headwinds. Should Spirit exhibit improving aircraft
utilization and margin trends over the next 6-12 months, the
Outlook may be revised to Stable, whereas continued
underperformance may drive a downgrade.
Spirit's rating is independent of its pending acquisition by
JetBlue. Should the acquisition close, Fitch will likely equalize
the two ratings. JetBlue is currently rated 'BB-'/Negative. The
Spirit acquisition may drive a downgrade of JetBlue's rating,
likely by one notch.
Also in September 2023, Egan-Jones Ratings Company maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Spirit Airlines, Inc.
STADIUMS EXPORT: Hires Ag & Business Legal Strategies as Counsel
----------------------------------------------------------------
Stadiums Export, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Iowa to employ Ag & Business Legal
Strategies as counsel.
The firm will render these legal services:
(a) prepare pleadings and applications and conduct
examinations incidental to any related proceedings or to the
administration of this Chapter 11 case;
(b) develop the relationship of the status of the Debtor to
the claims of creditors in this case;
(c) advise the Debtor of its rights, duties, and obligations
in this bankruptcy;
(d) take any other necessary action incident to the proper
preservation and administration of this bankruptcy case; and
(e) advise and assist the Debtor in the formation and
preparation of a plan pursuant to Chapter 11 of the Bankruptcy Code
and all matters related thereto.
The firm will be paid at these rates:
Attorney Joseph Peiffer $575
Of Counsel $405
Senior Associate Attorneys $405
Junior Associate Attorneys $350
Support Staff-Paralegal $170
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph Peiffer, Esq., owner of Ag & Business Legal Strategies,
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:
Joseph A. Peiffer, Esq.
AG & BUSINESS LEGAL STRATEGIES
P.O. Box 11425
Cedar Rapids, IA 52410-1425
Telephone: (319) 363-1641
Facsimile: (319) 200-2059
Email: joe@ablsonline.com
About Stadiums Export, Inc.
Stadiums Export, Inc. in Iowa City, IA, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Iowa Case No.
23-00798) on October 6, 2023, listing $731,310 in assets and
$2,222,543 in liabilities. Charles Johnston as president, signed
the petition.
AG & BUSINESS LEGAL STRATEGIES serve as the Debtor's legal counsel.
STONY POINT: Seeks to Hire Artisan Realty as Real Estate Broker
---------------------------------------------------------------
Stony Point Ambulance Corps, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Artisan Realty Inc. as real estate broker.
The firm will market and sell the Debtor's non-residential property
located at 6 Lee Avenue, Stony Point , NY 10980.
The firm will be paid a commission of 5 percent of the gross sales
proceeds.
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:
Erin Connolly
Artisan Realty Inc.
6 Joyce Plaza
Stony Point, NY 10980
Tel: (845) 327-1720
About Stony Point Ambulance Corps, Inc.
Stony Point Ambulance Corps, Inc. -- https://www.spacems.org "is
the official ambulance service for the Town of Stony Point, NY.
They offer NYS EMT certification and provide personal growth and
career development opportunities.
Stony Point Ambulance sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-22654) on Sept. 7,
2023. In the petition filed by Johan Waite, chief operating
officer, the Debtor estimated between $1 million and $10 million in
both assets and liabilities.
The Honorable Bankruptcy Judge Sean H. Lane oversees the case.
The Debtor tapped Erica Aisner, Esq., at Kirby Aisner and Curley,
LLP as legal counsel.
THRASIO LLC: $325MM Bank Debt Trades at 34% Discount
----------------------------------------------------
Participations in a syndicated loan under which Thrasio LLC is a
borrower were trading in the secondary market around 65.8
cents-on-the-dollar during the week ended Friday, October 27, 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.
TOLIAO IOROI: Seeks to Hire Joseph L. Susi as Accountant
--------------------------------------------------------
Toliao Ioroi Holding LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ Joseph L.
Susi as accountant.
Mr. Susi will perform bookkeeping and data entry for the Debtor
monthly.
The firm will be paid at the rate of $350 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph L. Susi, a CPA, 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:
Joseph L. Susi, CPA
2959 1st Avenue North
St. Petersburg, FL 33713
Tel: (352) 377-3000
About Toliao Ioroi
Toliao Ioroi Holding, LLC operates a restaurant in California with
indoor and outdoor seating.
The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30498) on July 26, 2023, with $718,637 in assets and $2,982,464
in liabilities. Yuka Ioroi, president, signed the petition.
Judge Hannah L. Blumenstiel oversees the case.
Kevin Tang, Esq., at Tang & Associates represents the Debtor as
counsel.
TOPPOP LLC: To Test ActionPak's $1.5MM Bid at Nov. 8 Auction
------------------------------------------------------------
TopPop, LLC asked the U.S. Bankruptcy Court for the Eastern
District of New York for approval to sell its equipment to
ActionPak, Inc. or to another buyer with a better offer.
ActionPak, a company in Pennsylvania, made a $1.5 million offer for
the equipment after "arms-length, extensive negotiations" between
the companies.
The equipment is being sold "free and clear" of liens, claims,
rights, encumbrances and interests.
The equipment will be put up for bidding to get a "higher and
better offer," according to TopPop's attorney, Richard Feinsilver,
Esq., at the Law Firm of Richard S. Feinsilver.
The bidding process, which is subject to court approval, gives
interested buyers until Nov. 3 to place their bids on the
equipment. Interested buyers are required to provide a cash deposit
in an amount equal to 10% of the sale price provided for in their
bids.
ActionPak's $1.5 million offer will serve as the stalking horse bid
at the auction scheduled for Nov. 8. In the event it is not
selected as the winning bidder, ActionPak will receive a break-up
fee of at least $45,000.
The winning bidder will be announced a day after the auction
through a filing with the bankruptcy court.
Judge Alan Trust is set to hold a hearing on Nov. 15 to consider
the sale of the equipment to the winning bidder.
About TopPop LLC
TopPop LLC, doing business as TopPop Packaging, operates a beverage
manufacturing business in Amityville, N.Y.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-72310) on June 28,
2023, with $1 million to $10 million in assets and liabilities.
Gerard Luckman, Esq., a partner at Forchelli Deegan Terrana, LLP,
has been appointed as Subchapter V trustee.
Judge Alan S. Trust oversees the case.
Richard S. Feinsilver, Esq., at the Law Firm of Richard S.
Feinsilver, is the Debtor's bankruptcy counsel.
US CONSOLIDATED: Seeks to Hire Kelley & Clements LLP as Counsel
---------------------------------------------------------------
US Consolidated, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Kelley & Clements
LLP as counsel.
The firm's services include:
a. providing substantive and strategic advice on how to
accomplish the Debtor's goals in connection with the prosecution of
its bankruptcy case;
b. advising the Debtor of its obligations, duties and rights
under the Bankruptcy Code;
c. preparing legal documents, including the Debtor's Chapter
11 plan and disclosure statement;
d. appearing in court and at any meeting with the U.S. trustee
and creditors;
e. performing various services to administer the case,
including, without limitation, (i) preparing motions,
certifications of counsel, notices of fee applications, motions and
hearings, and hearing binders of documents and pleadings, (ii)
monitoring the docket for filings, (iii) monitoring pending
applications, motions, hearing dates, and other matters and the
deadlines associated therewith, (iv) handling inquiries regarding
pending matters and the general status of the case; and (v)
providing notice to parties in interest in compliance with the
court's direction;
f. interacting and communicating with the court's chambers and
clerk's office; and
g. preparing, reviewing, revising, filing, and prosecuting
motions and other pleadings related to contested matters, executory
contracts and unexpired leases, asset sales, plan and disclosure
statement issues, and claims administration and resolving
objections and other matters relating thereto; and
h. performing all other services necessary to prosecute
Debtor’s chapter 11 case to a successful conclusion.
The firm will be paid at these rates:
Charles N. Kelley, Jr., Partner $450 per hour
Jonathan D. Clements, Partner $250 per hour
Tammy A. Winkler, Paralegal $165 per hour
The Debtor paid an advance retainer of $20,000.
Charles N. Kelley, Jr., Esq., a partner at Kelley & Clements LLP,s
disclosed in court filings, Kelley & Clements is a "disinterested
person" as that phrase is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Charles N. Kelley, Jr., Esq.
KELLEY & CLEMENTS LLP
PO Box 2758
Gainesville, GA 30503
Phone: (770) 531-0007
Email: ckelley@kelleyclements.com
About US Consolidated, LLC
US Consolidated, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-21144) on
Oct. 11, 2023, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Charles N. Kelley, Jr., Esq., at Kelley & Clements, LLP represents
the Debtor as legal counsel.
WASHINGTON MEDICAL: Wins Cash Collateral Access on Final Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Washington
authorized Washington Medical Supplies, Inc. to use cash collateral
on a final basis in accordance with the budget, with a 10%
variance.
The Debtor is directed to continue to pay Jonathan and Joelle
Reynolds the sum of $5,000 per month, until the final confirmation
hearing, unless further extended by an order of the court or an
agreement of the parties as evidenced by a filed stupulation. The
Monthy Payments will be made on or before the 30th day of each
month. The Debtor will also continue to pay the U.S. Small Business
Administration the sum of $900 per month.
To the extent that Reynolds has a properly perfected and
unavoidable lien in the Debtor's Pre-petition Cash Collateral,
Reynolds is granted security interests and liens to the extent of a
diminution in value of its security interest and use of their
collateral by the Debtor in and to the following:
(a) all proceeds from the disposition of all or any portion of the
Reynolds' Pre-petition Collateral,
(b) all property of the Debtor and the Debtor's estate of the same
kind, type and nature as Reynolds' Pre-petition Collateral this
that is acquired after the Petition Date, and
(c) all proceeds of the foregoing.
The Replacement Liens will be in addition to the pre-petition liens
evidenced by the loan documents between Debtor and Reynolds, and
will remain in full force and effect notwithstanding any subsequent
conversion or dismissal of the case. The Replacement Liens granted
to Reynolds will have the same priority position as existed in
Reynolds' Pre-petition Collateral prior to the commencement of the
case and will be valid and enforceable as of the Petition Date.
If and to the extent the adequate protection of the interests of
Reynolds in the Prepetition Collateral granted to Reynolds proves
insufficient, Reynolds will be entitled to a claim under 11 U.S.C.
Section 507(b) in the amount of any such insufficiency.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=36Q6sR from PacerMonitor.com.
The Debtor projects total expenses, on a monthly basis, as
follows:
$99,868 for November 2023;
$97,888 for December 2023; and
$104,758 for January 2024.
About Washington Medical Supplies
Washington Medical Supplies, Inc. filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wash. Case No.
23-00734) on June 16, 2023, with $100,001 to $500,000 in both
assets and liabilities.
Judge Whitman L. Holt oversees the case.
The Debtor is represented by Marc S. Stern, Esq., at the Law Office
of Marc S. Stern.
WATER GREMLIN: Files Chapter 11 to Facilitate Sale Process
----------------------------------------------------------
Water Gremlin, a market-leading manufacturer of essential
components for batteries used to power the commercial, consumer,
military, and government transportation and infrastructure sectors,
on Oct. 27 disclosed that it is evaluating multiple compelling
offers from interested parties to acquire substantially all of the
assets of its U.S. and European divisions.
To complete a value-maximizing transaction in the most efficient
manner, Water Gremlin and its U.S. affiliates commenced voluntary
Chapter 11 proceedings in the U.S. Bankruptcy Court for the
District of Delaware (the "Court"). Water Gremlin Aquila Company
S.p.A., the Company's European division based in Brescia, Italy, is
not part of the proceedings.
Chapter 11 will also provide an appropriate forum for definitively
resolving pending litigation related to the Company's past use of
the solvent TCE in its manufacturing process, which it voluntarily
discontinued in early 2019. Since that time, Water Gremlin has
brought its facilities, operations, and health and safety policies
and procedures to meet all regulatory standards, including
replacing TCE with its innovative, solvent-free Gremlin Green(TM)
coating process.
Water Gremlin has obtained a commitment for $10 million in
debtor-in-possession financing from SG Credit Partners, Inc. to
support ongoing manufacturing and distribution as it continues to
offer customers consistent quality solutions. Subject to Court
approval, this financing, together with the Company's cash
reserves, will provide ample liquidity to help the Company fulfill
commitments to its valued employees, customers, and suppliers
during the process.
"Since its founding nearly 75 years ago as a manufacturer of
fishing sinkers, Water Gremlin has evolved into the leader in
battery terminals, " said Bradley J. Hartsell, President of Water
Gremlin. "We're proud that our proprietary UV technology used in
our manufacturing process is helping to revolutionize the industry
by meeting the demand for high-quality battery components that are
sustainably made. We have also been hard at work evaluating various
options to best position our businesses for the future. After a
thorough review, we determined that a sale is the most advantageous
path forward for our stakeholders -- and one that will help Water
Gremlin achieve its full potential. During this process, we will
remain focused on serving our customers with the same level of
excellence and as committed as ever to our talented workforce and
the White Bear community."
The Company is filing a motion with the Court requesting approval
to designate a stalking horse purchaser and to initiate a
competitive bidding process under Section 363 of the Bankruptcy
Code designed to achieve the highest or otherwise better offer for
both divisions.
To ensure a smooth transition into Chapter 11, the Company is also
filing a series of customary motions seeking to maintain
business-as-usual operations and uphold its commitments to its
valued stakeholders during the process. These "first day" motions,
which Water Gremlin expects to be approved in short order, include
a request to pay wages and provide benefits to employees in the
normal course. The Company intends to pay suppliers in the ordinary
course for authorized goods received and services rendered after
the filing.
Additional Information
Court filings and other documents related to the Chapter 11
proceedings can be found at https://cases.stretto.com/WaterGremlin.
Suppliers with questions can call a dedicated hotline at +1
888-462-5121 (toll-free) or +1 949-681-6518 (international) or
email WaterGremlinInquiries@stretto.com.
Dorsey & Whitney LLP is serving as legal counsel to Water Gremlin,
Intrepid Investment Bankers is serving as investment banker, and
Riveron Consulting, LLC is serving as financial advisor.
About Water Gremlin
Water Gremlin is the world's technological and market leader in
battery terminals. It was founded in 1949 as a manufacturer of
recreational fishing products. In 1970, the Company expanded to
battery terminal production. Water Gremlin uses custom engineering,
design, and automation to deliver consistent quality solutions for
industries like automotive, agriculture, commercial trucking,
marine, telecommunications, recreation, and military and government
operations.
WOOF HOLDINGS: $750MM Bank Debt Trades at 18% Discount
------------------------------------------------------
Participations in a syndicated loan under which Woof Holdings Inc
is a borrower were trading in the secondary market around 82.1
cents-on-the-dollar during the week ended Friday, October 27, 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.
YELLOW CORP: Law Firm of Russell Represents Utility Companies
-------------------------------------------------------------
Russell R. Johnson III of the Law Firm of Russell R. Johnson III,
PLC filed a verified statement pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure to disclose that in the Chapter 11
case of Yellow Corporation and its Affiliates, the firm represents
utility companies ("Utilities").
The utility companies provided prepetition utility goods/services
to the Debtors, and continue to provide post-petition utility
goods/services to the Debtors. The names and addresses of the
Utilities represented by the Firms are:
1. America Electric Power
Attn: Jason Reid
1 Riverside Plaza, 13th Floor
Columbus, Ohio 43215
2. Constellation NewEnergy, Inc.
Constellation NewEnergy – Gas Division, LLC
Attn: Mark J. Packel
Assistant General Counsel
3. Georgia Power Company
Attn: Daundra Fletcher
2500 Patrick Henry Parkway
McDonough, GA 30253
4. Salt River Project
Attn: Breanna Holmes, Customer Credit Services
ISB232
2727 E Washington St
Phoenix AZ 85034-1403
5. San Diego Gas & Electric Company
Attn: Kelli S. Davenport, Bankruptcy Specialist
8326 Century Park Court
San Diego, CA 92123
6. Southern California Edison Company
Attn: Jeffrey S. Renzi, Esq.
Director and Managing Attorney
Southern California Edison Company, Law
Department
2244 Walnut Grove Avenue
Rosemead, California 91770
7. Southern California Gas Company
Attn: Cranston J. Williams, Esq.
Office of the General Counsel
555 W. Fifth Street, GT14G1
Los Angeles, CA 90013-1034
8. The Connecticut Light & Power Company
Yankee Gas Services Company
Public Service Company of New Hampshire
Eversource Gas of Massachusetts
NStar Electric Company, Western Massachusetts
Attn: Honor S. Heath, Esq.
Eversource Energy
107 Selden Street
Berlin, Connecticut 06037
9. Rochester Gas and Electric Corporation
Attn: Shannon Lawson
180 South Clinton Avenue
Rochester, New York 14607
10. New York State Electric and Gas Corporation
Attn: Kelly Potter
James A. Carrigg Center
Bankruptcy Department
18 Link Drive
Binghamton, NY 13904
11. The Cleveland Electric Illuminating Company
Toledo Edison Company
Ohio Edison Company
Monongahela Power Company
Potomac Edison Company
Metropolitan Edison Company
Attn: Kathy M. Hofacre
FirstEnergy Corp.
76 S. Main St., A-GO-15
Akron, Ohio 44308
12. Tucson Electric Power Company
UNS Electric, Inc.
UNS Gas, Inc.
Attn: Adam D. Melton, Esq.
Senior Attorney – Litigation
88 E. Broadway Blvd.
Tucson, Arizona 85701
13. Consolidated Edison Company of New York, Inc.
Attn: Bankruptcy
Customer Operations, Specialized Activities, 9th
Floor
4 Irving Place
New York, New York 10003
14. Florida Power & Light Company
Attn: Knecole Stroman
Revenue Recovery Department RRD/LFO
4200 W Flagler St
Coral Gables, Florida 33134
15. Virginia Electric and Power Company d/b/a Dominion
Energy Virginia
Attn: Sherry Ward
600 East Canal Street, 16th floor
Richmond, Virginia 23219
16. Dominion Energy South Carolina, Inc.
Public Service Company of North Carolina
Incorporated d/b/a Dominion Energy North Carolina
Attn: Jay Bressler
220 Operation Way
Cayce, South Carolina 29033
17. Colonial Gas Cape Cod
KeySpan Energy Delivery Long Island
KeySpan Energy Delivery New York
Massachusetts Electric Company
Narragansett Electric Company
Niagara Mohawk Power Corporation
Attn: Vicki Piazza, D-1
National Grid
300 Erie Boulevard West
Syracuse, NY 13202
18. DTE Energy Company
Attn: LeLand Prince, Esq.
DTE Energy
One Energy Plaza
Detroit, MI 48226
19. CenterPoint Energy Resources Corp.
Jeanneta Johnson
CenterPint Energy, Inc.
1111 Louisiana St.
Houston, TX 77002
The law firm can be reached at:
Russell R. Johnson III, Esq.
LAW FIRM OF RUSSELL R. JOHNSON III, PLC
2258 Wheatlands Drive
Manakin-Sabot, Virginia 23103
Telephone: (804) 749-8861
Email: russell@russelljohnsonlawfirm.com
About Yellow Corporation
Yellow Corporation -- http://www.myyellow.com/-- operates
logistics and less-than-truckload (LTL) networks in North America,
providing customers with regional, national, and international
shipping services throughout. Yellow's principal office is in
Nashville, Tenn., and is the holding company for a portfolio of LTL
brands including Holland, New Penn, Reddaway, and YRC Freight, as
well as the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp. had
$2,152,200,000 in total assets against $2,588,800,000 in total
liabilities. The petitions were signed by Matthew A. Doheny as
chief restructuring officer.
The Debtors tapped Kirkland & Ellis LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones LLP as Delaware local counsel;
Kasowitz, Benson and Torres LLP as special litigation counsel;
Goodmans LLP as special Canadian counsel; Ducera Partners LLC as
investment banker; and Alvarez and Marsal as financial advisor.
Epiq Bankruptcy Solutions serves as claims and noticing agent.
Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
White & Case LLP serves as counsel to Beal Bank USA.
Arnold & Porter Kaye Scholer LLP serves as counsel to the United
States Department of the Treasury.
On Aug. 16, 2023, the United States Trustee for Region 3 appointed
an official committee of unsecured creditors in the Chapter 11
cases. The committee tapped Akin Gump Strauss Hauer & Feld LLP and
Benesch, Friedlander, Coplan & Aronoff LLP as counsel; Miller
Buckfire as investment banker; and Huron Consulting Services LLC as
financial advisor.
ZAYO GROUP: EUR750MM Bank Debt Trades at 16% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 83.9
cents-on-the-dollar during the week ended Friday, October 27, 2023,
according to Bloomberg's Evaluated Pricing service data.
The EUR750 million facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.
Zayo Group is a privately held company headquartered in Boulder,
Colorado, with European headquarters in London, England. The
company provides communications infrastructure services.
ZYMERGEN INC.: Hires Epiq Corporate as Administrative Advisor
-------------------------------------------------------------
Zymergen Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC as administrative advisor.
The firm's services include:
(a) assist with, among other things, solicitation, balloting,
and tabulation of votes, as well as preparing any appropriate
reports, as required in furtherance of confirmation of plan(s) of
liquidation or reorganization (the "Balloting Services");
(b) generate an official ballot certification and testify, if
necessary, in support of the ballot tabulation results;
(c) in connection with the Balloting Services, respond to
requests for documents from parties in interest, including, if
applicable, brokerage firms, bank back-offices, and institutional
holders;
(d) gather data for, and assist with the preparation of, the
Debtors' schedules of assets and liabilities and statements of
financial affairs;
(e) assist the Debtors in reconciling claims;
(f) provide the Debtors with standard reports (as well as
consulting and programming support for reports that the Debtors
request), program modifications, database modifications, and other
features in accordance with the Agreement;
(g) provide a confidential data room, if requested;
(h) manage and coordinate any distributions pursuant to a
confirmed plan of reorganization or liquidation or otherwise; and
(i) provide such other processing, solicitation, balloting, and
other administrative services described in the Agreement, but not
included in the Section 156(c) Application, as may be requested
from time to time by the Debtors, the Court, or the Clerk.
The firm will be paid at these rates:
Clerical/Administrative Support WAIVED
IT / Programming $65 - $85 per hour
Project Managers/Consultants/ Directors $80 - $190 per hour
Solicitation Consultant $190 per hour
Executive Vice President, Solicitation $200 per hour
Executives No Charge
Prior to the Petition Date, the Debtors paid the firm a retainer in
the amount of $25,000, plus a payment of $50,000 for an estimate of
prepetition services rendered.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kathryn Mailloux, senior director at Epiq, disclosed in a court
filing that she is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kathryn Mailloux
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: (646) 282-2532
Email: kmailloux@epiqglobal.com
About Zymergen Inc.
Zymergen, Inc., which was founded in April 2013, is a science and
material innovation company focused on designing, developing and
commercializing bio-based products for use in a variety of
industries. It is based in Emeryville, Calif.
Zymergen and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11661) on Oct. 3, 2023. At the time of the
filing, Zymergen reported $100 million to $500 million in both
assets and liabilities.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal
counsel and Epiq Corporate Restructuring, LLC as claims and
noticing agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Andrew L Magaziner, Esq., at Young Conaway Stargatt &
Taylor, LLP is the committee's legal counsel.
ZYMERGEN INC.: Hires Intrepid Investment as Investment Banker
-------------------------------------------------------------
Zymergen Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Intrepid
Investment Bankers LLC as investment banker.
The firm's services include:
a. assisting the Debtors in analyzing their business,
operations, properties, financial conditions, and prospects;
b. preparing and distributing information in connection with a
Transaction;
c. identifying and soliciting potential acquirers, financing
sources, or partners for a Transaction;
d. assisting in the determination of the form, structure,
terms, and pricing of a Transaction;
e. assisting the Debtors on tactics and strategies for
negotiating with potential counterparties and stakeholders and, if
requested by the Debtors, participating in such negotiations;
f. advising the Debtors in the timing, nature, and terms of new
securities, other consideration, or other inducements to be offered
pursuant to a Transaction;
g. rendering financial advice and participating in meetings or
negotiations with stakeholders or outside agencies or appropriate
parties in connection with a Transaction;
h. attending meetings of the Debtors' boards of directors and
committees with respect to matters on which Intrepid has been
engaged to advise the Debtors;
i. providing oral and written testimony, as necessary, with
respect to matters on which Intrepid has been engaged to advise the
Debtors in any proceedings before the Court; and
j. providing such other services as may be mutually agreed by
Intrepid and the Debtors.
The firm will be paid as follows:
a. Initial Restructuring Fee: A non-refundable initial
restructuring fee payable (and which was paid) upon the execution
of the Engagement Agreement in the amount of $100,000 (the "Initial
Restructuring Fee").
b. Monthly Fee(s): A non-refundable monthly fee (each, a
"Monthly Fee" and collectively, the "Monthly Fees"), payable upon
each monthly anniversary of the Initial Restructuring Fee payment
date, equal to $100,000 per month; provided, that 100 percent of
each Monthly Fee earned after the fourth monthly anniversary of the
Engagement Agreement shall be creditable against the earliest of
any Financing Fee, Restructuring Fee, or Sale Fee.
c. Restructuring Fee: A restructuring fee equal to $1,250,000
payable upon consummation of a Restructuring (a "Restructuring
Fee"); provided, however, if a Restructuring is to be completed
through a "pre-packaged" or "pre-arranged" plan of reorganization,
the Restructuring Fee shall be earned upon the earlier of: (i)
execution of definitive agreements with respect to such plan; and
(ii) delivery of binding consents to such plan by a sufficient
number of creditors and bondholders, as the case may be, to the
plan; provided further, that the Restructuring Fee shall be payable
upon the earlier of the effective date of the plan of
reorganization or an order authorizing payment by the United States
Bankruptcy Court.
d. Sale Fee: A non-refundable sale fee payable upon the
consummation of any Sale in an amount equal to the greater of (i)
$1,250,000 or (ii) 5.0% of the Aggregate Consideration (the "Sale
Fee"). In the event that both a Sale Fee and Restructuring Fee are
earned, the Sale Fee shall be credited to the Restructuring Fee;
provided that in no event shall the Restructuring Fee be reduced
below $0.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lorie R. Beers, a managing director at Intrepid Investment Bankers
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:
Lorie R. Beers
Intrepid Investment Bankers LLC
11755 Wilshire Blvd. 22nd Floor
Los Angeles, CA 90025
Tel: (310) 478-9000
Fax: (310) 478-9004
About Zymergen Inc.
Zymergen, Inc., which was founded in April 2013, is a science and
material innovation company focused on designing, developing and
commercializing bio-based products for use in a variety of
industries. It is based in Emeryville, Calif.
Zymergen and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11661) on Oct. 3, 2023. At the time of the
filing, Zymergen reported $100 million to $500 million in both
assets and liabilities.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal
counsel and Epiq Corporate Restructuring, LLC as claims and
noticing agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Andrew L Magaziner, Esq., at Young Conaway Stargatt &
Taylor, LLP is the committee's legal counsel.
ZYMERGEN INC: Hires Chilmark Partners, LLC as Financial Advisor
---------------------------------------------------------------
Zymergen Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Chilmark
Partners, LLC as financial advisor.
The firm's services include:
a. reviewing and analyzing the Debtors' businesses and
prospects;
b. analyzing the Debtors' financial liquidity and financing
requirements;
c. providing strategic and financial analyses with respect to
the Debtors' ongoing operations;
d. providing strategic and financial analyses with respect to
the Debtors' alternatives regarding its liabilities;
e. advising the Debtors and, if requested, negotiating with
creditors with respect to potential waivers, amendments of credit
facilities, or alternate financing arrangements;
f. analyzing various restructuring scenarios and the potential
impact of these scenarios on the Debtors and their stakeholders;
g. making presentations to the Debtors' board of directors,
creditor groups or other interested parties, as appropriate;
h. assisting the Debtors in preparation for any restructuring,
including assistance in preparation of information and analysis
necessary for the administration of a chapter 11 case (such as
Schedules, Statements of Financial Affairs, and Monthly Operating
Reports), and confirmation of a plan of reorganization in a chapter
11 case (such as a Disclosure Statement and related exhibits);
i. providing expert witness testimony, as requested, related to
the advisory services outlined above; and
j. providing such other advisory services as are customarily
provided in connection with the analysis and negotiation of a
restructuring, as reasonably requested by the Debtors and
reasonably agreed to by Chilmark.
The firm will be paid at a monthly fee of $175,000.
The firm will be paid a retainer in the amount of $350,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael Kennedy, a partner at Chilmark 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:
Michael Kennedy
Chilmark Partners, LLC
875 N Michigan Ave, Ste 3460
Chicago, IL 60611
Tel: (312) 984-9711
Email: info@chilmarkpartners.com
About Zymergen Inc.
Zymergen, Inc., which was founded in April 2013, is a science and
material innovation company focused on designing, developing and
commercializing bio-based products for use in a variety of
industries. It is based in Emeryville, Calif.
Zymergen and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11661) on Oct. 3, 2023. At the time of the
filing, Zymergen reported $100 million to $500 million in both
assets and liabilities.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal
counsel and Epiq Corporate Restructuring, LLC as claims and
noticing agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Andrew L Magaziner, Esq., at Young Conaway Stargatt &
Taylor, LLP is the committee's legal counsel.
ZYMERGEN INC: Hires Morris Nichols Arsht as Bankruptcy Counsel
--------------------------------------------------------------
Zymergen Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Morris,
Nichols, Arsht & Tunnell LLP as bankruptcy counsel.
The firm will provide these services:
a. perform all necessary services as the Debtors' bankruptcy
counsel, including, without limitation, providing the Debtors with
advice, representing the Debtors, and preparing necessary documents
on behalf of the Debtors in the areas of restructuring and
bankruptcy;
b. take all necessary actions to protect and preserve the
Debtors' estates during these chapter 11 cases, including the
prosecution of actions by the Debtors, the defense of any actions
commenced against the Debtors, negotiations concerning litigation
in which the Debtors are involved and objecting to claims filed
against the estate;
c. prepare or coordinate preparation on behalf of the Debtors,
as debtors in possession, necessary motions, applications, answers,
orders, reports and papers in connection with the administration of
these chapter 11 cases;
d. counsel the Debtors with regard to their rights and
obligations as debtors in possession;
e. coordinate with the Debtors' other professionals in
representing the Debtors in connection with these cases; and
f. perform all other necessary legal services.
The firm will be paid at these rates:
Partners $825 to 1,595 per hour
Associates and Special Counsel $505 to 915 per hour
Paraprofessionals $375 to 395 per hour
Case Clerks $195 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: In connection with the chapter 11 cases, Morris
Nichols was retained by the Debtors pursuant to the
Engagement Agreement dated June 20, 2023. The
material terms of the prepetition restructuring
engagement are the same as the terms described in
the Miller Declaration. For work performed for the
Debtors in 2023, Morris Nichols's hourly rates are
as follows: Partners $825–1,595; Associates and
Special Counsel $505–915; Paraprofessionals
$375–
395; Case Clerks $195.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Morris Nichols and the Debtors are working on a
budget and staffing plan for the chapter 11 cases.
Curtis S. Miller, Esq., a partner at Morris, Nichols, Arsht &
Tunnell 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:
Derek C. Abbott, Esq.
Curtis S. Miller, Esq.
Matthew O. Talmo, Esq.
Sophie Rogers Churchill, Esq.
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
1201 Market Street, 16th Floor
Wilmington, DE 19801
Telephone: (302) 658-9200
Facsimile: (302) 658-3989
Email: dabbott@morrisnichols.com
cmiller@morrisnichols.com
mtalmo@morrisnichols.com
srchurchill@morrisnichols.com
About Zymergen Inc.
Zymergen, Inc., which was founded in April 2013, is a science and
material innovation company focused on designing, developing and
commercializing bio-based products for use in a variety of
industries. It is based in Emeryville, Calif.
Zymergen and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11661) on Oct. 3, 2023. At the time of the
filing, Zymergen reported $100 million to $500 million in both
assets and liabilities.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal
counsel and Epiq Corporate Restructuring, LLC as claims and
noticing agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Andrew L Magaziner, Esq., at Young Conaway Stargatt &
Taylor, LLP is the committee's legal counsel.
[*] Cleary Gottlieb Names 24 New Partners, Counsel, Sr. Attorneys
-----------------------------------------------------------------
Cleary Gottlieb has promoted 15 partners, six counsel, and three
senior attorneys, effective January 1, 2024.
The promotions will bring the firm's total worldwide partners to
196, counsel to 51, and senior attorneys to 34.
"We're proud to announce our new class of senior lawyers," said
Cleary Managing Partner Michael Gerstenzang. "As new partners,
counsel, and senior attorneys, they will continue our rich
tradition of bringing together talented people with diverse
backgrounds, experiences, and perspectives to provide first-rate
advice to our clients with intellectual agility, commercial acumen,
and a human touch. These talented lawyers have demonstrated their
commitment to our firm's values and culture, and their promotion
underscores our commitment to organic growth."
The new partners, counsel, and senior attorneys are resident in the
firm's Brussels, Cologne, London, New York, Paris, São Paulo,
Seoul, and Washington, D.C. offices. Their practice areas include
antitrust, banking and financial institutions, bankruptcy and
restructuring, capital markets, debt finance, environmental law,
litigation and arbitration, mergers and acquisitions, real estate,
structured finance, and tax.
Cleary Gottlieb's new senior lawyers are:
Kylie Barza (Partner, New York/Tax) ― Kylie's practice focuses on
U.S. tax matters in a wide range of corporate and financing
transactions. She advises foreign and domestic clients on
spin-offs, international and domestic mergers and acquisitions,
internal restructurings, financing transactions, and capital
markets transactions. She's advised Svenska Cellulosa Aktiebolaget,
Google, OpenText, FEMSA, and América Móvil.
Nickolas Bogdanovich (Partner, New York/M&A) ― Nick's practice
focuses on mergers and acquisitions transactions, including
transactions for financial sponsors and public company
transactions, and corporate advice across a variety of industries
and sectors. He has advised Warburg Pincus, TPG, Lowe's, Google,
OpenText, Astound Broadband, and other major sponsors and public
companies.
Matthew G. Brigham (Partner, New York/Tax) ― Matt's practice
focuses on U.S. tax matters in capital markets, debt finance, and
structured finance transactions. Matt also regularly advises
non-U.S. sovereign investors on structuring their investments into
the United States. His clients have included Silver Point, América
Móvil, Warburg Pincus, and PEMEX.
Thierry Diouf (Senior Attorney, Paris/M&A) ― Thierry's practice
focuses on corporate and Africa-related transactions, including
mergers, acquisitions, private equity, and projects. He has advised
such clients as Alstom, Atlas Trust, the historic shareholders of
CGF Bourse, GlobalFoundries, Latour Capital, Loxam, the Republic of
Senegal, and Sienna Investment Managers.
Alan Freedman (Partner, Washington, D.C./Antitrust) ― Alan's
practice focuses on a broad range of antitrust matters, including
merger review, litigation, and government investigations. He has
advised a wide variety of clients, including Keurig Dr Pepper, 21st
Century Fox, Medtronic, and Korean Air.
Patrick Gerardy (Senior Attorney, Cologne/Litigation and
Arbitration) ― Patrick's practice focuses on domestic and
international litigation and arbitration. He has extensive
experience in antitrust litigations. He has advised a range of
clients, including Agfa-Gevaert Group, The Republic of Argentina, a
Danish pharmaceuticals company, a leading automobile manufacturer,
a major telecommunications company, and a North American automotive
supplier.
Brandon Hammer (Partner, New York/Banking and Financial
Institutions) ― Brandon's practice focuses on a broad range of
creditors' rights, clearing, financial regulatory, bankruptcy,
digital asset, and market infrastructure issues. His clients
include financial institutions, clearinghouses, sovereigns, and end
users. He has advised numerous financial institutions, including
Goldman Sachs, Citibank, BNP Paribas, Barclays, Bank of America,
HSBC, Coinbase, and Genesis Global Holdco, LLC.
Anne Saehee Kim (Counsel, Seoul/Capital Markets) ― Anne's
practice focuses on capital markets transactions, including
SEC-registered and private debt offerings and SEC reporting advice
to our clients in Korea. Her recent work includes matters for
issuers including the Export-Import Bank of Korea (KEXIM), KB
Financial Group, Kookmin Bank, Korea Development Bank, Korean Air
Lines, and the Republic of Korea, and underwriters including BofA
Securities, Citigroup, Crédit Agricole, HSBC, J.P. Morgan, Morgan
Stanley, and Société Générale.
Jay Kozak (Counsel, Washington, D.C./Structured Finance) ― Jay's
practice focuses on structured finance. His practice encompasses a
wide range of complex structured finance transactions, including
collateralized loan obligations, receivables securitizations and
financings, and asset-based lending arrangements. His recent work
includes matters for clients including KKR, Angelo Gordon, Nomura,
Blue Owl Credit, Goldman Sachs, Alcoa, and Vitro.
Charity Lee (Counsel, New York/Litigation and Arbitration) ―
Charity's practice focuses on civil litigation, arbitration, and
enforcement, with a focus on cross-border and ESG matters. She's
had notable successes representing clients including BHP and Vale
in significant ESG matters. She also has developed significant
experience, including litigation through trial, on behalf of
clients in the financial services and life sciences industries in
federal and state court and before the U.S. International Trade
Commission.
Romi Lepetska (Counsel, Brussels/Antitrust) ― Romi focuses on all
aspects of EU, Dutch, and Belgian competition law and FDI control.
She advises on a wide range of antitrust issues, including complex
EU and international merger control proceedings, abuse of dominance
cases, restrictive practices, and the EU foreign subsidies
regulation. She has advised such clients as Allergan, Alstom,
Broadcom, Citigroup, Philip Morris International, and Samsung.
Sarah E. Lewis (Partner, London/Capital Markets) ― Sarah's
practice focuses primarily on international capital markets
transactions, with an emphasis on U.S. securities laws and
securities offerings by non-U.S. companies in the UK, Europe (with
a particular focus on the Nordic region), and the Middle East.
Representative corporate clients include Barclays, GSK, Santander
UK, and Schibsted. Sarah also frequently works for all major
underwriters.
Anita Magraner Oliver (Partner, Brussels/Antitrust) ― Anita's
practice focuses on EU and French competition law, including merger
control, anticompetitive agreements, and abuse of dominance. She
has represented a range of clients, including Adevinta, Ardian,
Broadcom, Essilor, Google, Illumina, LVMH Group, NVIDIA, Schibsted,
Thales, United Technologies Corporation, Valeo, and Westlake
Chemicals.
Jonathan Mendes de Oliveira (Partner, São Paulo/Capital Markets)
― Jonathan's practice focuses on corporate and financial
transactions, especially capital markets, cross border financing
and derivatives transactions, and corporate governance in Brazil.
He has advised clients including Vale, Suzano, Inter, CI&T, the
Federal Republic of Brazil, and the underwriters or issuers in
numerous equity and bond offerings.
John Messent (Counsel, London/Antitrust and FDI) ― John's
practice covers all aspects of UK and EU competition law, as well
as national security and foreign investment screening. His recent
work includes matters for Thales, Veolia, Broadcom, Ecolab, and
Ryanair.
Conor Opdebeeck-Wilson (Partner, Brussels/Antitrust) ― Conor's
practice focuses on competition law and regulatory affairs,
including matters involving digital and technology markets. He
assists clients before the European Commission and Courts and in
proceedings in European member states. He has advised such clients
as ASML, Booking.com, Citigroup, Google, NVIDIA, and PayPal.
Joshua Panas (Counsel, New York/Real Estate) ― Josh's practice
focuses on U.S. and international real estate transactions. His
work includes mortgage and mezzanine finance, real estate-related
mergers and acquisitions, and portfolio leasing matters. He has
advised clients including KSL, TPG, Warburg Pincus, and Goldman
Sachs.
Insoo Park (Partner, Seoul/Capital Markets) ― Insoo's practice
focuses on a wide variety of capital markets transactions,
including debt offerings, IPOs, and SEC reporting advice to clients
in Korea. He has represented a wide range of issuers, including
Doosan Robotics, GS-Caltex, LG Display, NAVER Corporation, Nonghyup
Bank, SK Broadband, SK Square, and SK Telecom, as well as
underwriter clients including BNP Paribas, BofA Securities,
Citigroup, Crédit Agricole, Credit Suisse, HSBC, J.P. Morgan, and
Société Générale.
Amber Phillips (Partner, Washington, D.C./Structured Finance and
Funds Regulatory) ― Amber's practice focuses on structured
finance, fund finance, and the regulation of investment advisers
and investment companies. Her practice encompasses complex U.S. and
international transactions and related regulatory advice, including
collateralized loan obligations, mortgage-backed securities
transactions, asset-based lending transactions, and investment
management agreements and arrangements, including registration,
reporting, and compliance obligations of investment advisers and
family offices. She has advised clients including Blue Owl Credit,
Citigroup, Concrete Rose, Credit Suisse, Goldman Sachs, Hillhouse,
Natixis, Nomura, and The Nature Conservancy.
David Schwartz (Senior Attorney, New York/Bankruptcy and
Restructuring) ― David's practice focuses on bankruptcy and
litigation. He has represented debtors and creditors in bankruptcy
proceedings and parties in restructuring-related and civil
litigations. David has represented a wide variety of clients,
including LATAM Airlines, HSBC Bank, Genesis Global Capital, ESL
Investments, Punjab National Bank, and Citigroup.
Lauren Semrad (Partner, Washington, D.C./Banking and Financial
Institutions) ― Lauren's practice focuses on U.S. bank and bank
holding company regulatory matters. She regularly advises on U.S.
bank regulatory and compliance matters, including bank recovery and
resolution planning, capital and liquidity requirements, and
qualified financial contracts, among others. Her clients have
included Deutsche Bank, UBS, Barclays, Credit Suisse, and a variety
of trade associations such as ISDA, the Bank Policy Institute, the
Institute of International Bankers, and SIFMA.
Beau Sterling (Partner, Washington, D.C./Structured Finance and
Environmental Law) ― Beau's practice focuses on structured
finance transactions, including advising underwriter clients in
offerings for Ginnie Mae, Freddie Mac, and Fannie Mae, and a range
of other structured financing matters including Mizuho, Natixis,
Nomura, Silver Point, and others. Beau also provides environmental
advice in support of a wide range of transactions for clients
including Warburg Pincus, Wafra, Altaris Capital Partners, Tech
Data, Air Liquide, Henkel, Takeda Pharmaceuticals, Saint-Gobain,
Sysco, Sony, Westlake Chemical Corporation, and Bio Pappel.
Paul Stuart (Partner, London/Antitrust and Litigation) ― Paul's
practice focuses on competition law and litigation, including
litigation before the UK courts, European Commission and UK
antitrust and merger proceedings, and appellate litigation before
the EU courts. His work includes matters for the European Central
Bank, Google, "K" Line, LG Display, Lundbeck, NSK, NVIDIA, Sony,
and Western Digital.
Dan Tierney (Partner, London/M&A) ― Dan has a broad M&A and
corporate finance practice, with a focus on transactions involving
UK and European public companies. He has advised a range of
clients, including Engie, Euronext, Goldman Sachs, Open Text,
Schroders, The Coca-Cola Company, Warburg Pincus, Allied Universal,
and LivaNova.
[*] Goulston & Storrs Attorneys Named to Top Dealmakers List
------------------------------------------------------------
Goulston & Storrs, an Am Law 200 firm, on Oct. 30 disclosed that
directors Daniel Avery, Gene Barton, Jonathan Calla, Kristen
Ferris, Gregory Kaden, and Allison Sherrier, members of the firm's
world-class Corporate Group, have been named to Lawdragon's 2024
list of 500 Leading Dealmakers in America. According to Lawdragon,
"these are the lawyers who know how to get the deal done."
Daniel Avery is a senior corporate and M&A attorney who has
overseen the acquisition or disposition of hundreds of middle
market companies in the U.S. and around the world. He represents
both PE and strategic buyers and sellers, across a variety of
industries. Mr. Avery is a nationally known expert on M&A deal term
market trends and was a long-time member of the ABA's Private
Target Study Working Group, responsible for publishing the biennial
Private Target Mergers & Acquisitions Deal Points Study. He
received his J.D. from Boston University School of Law.
Gene Barton is a well-known dealmaker with over 30 years of
experience leading middle-market M&A transactions for U.S. and
international clients in a wide spectrum of industries, including
healthcare. Over the past five years alone, he has been lead
counsel on more than $3 billion in M&A transactions. His clients
include private and public company sellers, PE firms, strategic
acquirers, entrepreneurs, and a broad range of technology
companies. Barton received his J.D., magna cum laude, from Boston
University School of Law.
Jonathan Calla is a corporate lawyer with 17 years of experience in
M&A, PE, venture capital, and securities offering transactions. His
clients include publicly listed international businesses, private
investment firms, privately-held emerging and middle-market
companies -- where he frequently serves as outside general counsel
-- and PE sponsors and their portfolio companies. Mr. Calla
represents clients on both buy-side and sell-side mergers and
acquisitions in a wide range of industries, and often represents
companies from formation through multiple fundraising rounds to
exit. Calla received his J.D. from the University of Toronto
Faculty of Law.
Kristen Ferris has more than 17 years of experience representing
middle market companies in M&A, PE, and venture capital
transactions. She is sought after for her practical approach and
ability to handle complicated, multi-faceted global acquisition and
disposition deals in a wide range of industries. In addition to
being a key contributor to the growth of Goulston & Storrs'
Corporate Group, Ms. Ferris is co-chair of the firm's Strategic
Growth Committee and is a member of the firm's Pro Bono Committee.
She is particularly focused on helping other women succeed in the
M&A arena and was recently named a 2023 "Top Women of Law" by
Massachusetts Lawyers Weekly. Ferris received her J.D., cum laude,
from Suffolk University Law School.
Gregory Kaden has over 23 years of experience representing buyers
and sellers in middle-market M&A transactions across a broad range
of industries, including real estate, hospitality, consulting
services, manufacturing, information technology, and health care.
He also serves as general outside corporate counsel to a number of
middle market portfolio companies owned by PE firms and counsels
clients in the full spectrum of bankruptcy and restructuring
matters.
Mr. Kaden is co-chair of Goulston & Storrs' Corporate Group and
serves on numerous firm committees. He was named a 2022 "Go To
Business Transaction Lawyer" by Massachusetts Lawyers Weekly and
was selected for inclusion in the 2022 edition of Best Lawyers in
America(R).
Mr. Kaden received his J.D., with honors, from the University of
Chicago Law School.
Allison Sherrier represents middle market, private companies in M&A
and corporate reorganization transactions. She has extensive
experience counseling buyers and sellers in both domestic and
cross-border M&A transactions across many industries including
healthcare, technology, manufacturing, and retail. Sherrier serves
on the ABA's Private Target Study Working Group, which publishes
the Private Target Mergers & Acquisitions Deal Points Study. She is
a member of the firm's Hiring Committee, Inclusion Advisory
Committee, and Summer Committee. She received her J.D., magna cum
laude, from American University Washington College of Law.
About Goulston & Storrs
Goulston & Storrs -- http://www.goulstonstorrs.com/-- is a real
estate powerhouse with leading-edge corporate, capital markets and
finance, litigation, private client and trust, and tax practices.
[^] 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 ***