/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240430.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, April 30, 2024, Vol. 28, No. 120 Headlines 2116 4TH STREET: Unsecureds to Get Nothing in WCP Fund's Plan 225 BOWERY: Unsecureds Will Get 27.5% of Claims in Plan AMN HEALTHCARE: S&P Affirms 'BB+' ICR, Outlook Stable ANNE FONTAINE: Unsecureds Will Get 7% of Claims over 3 Years ANTIBE THERAPEUTICS: Court Appoints FTI Consulting as Receiver API TECHNOLOGIES: Audax Marks $960,000 Loan at 22% Discount ARCOSA INC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ASTRA ACQUISITION CORP: $500MM Bank Debt Trades at 72% Discount ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 41% Discount ATHABASCA MINERALS: $29.2-Million Sale to Badger Mining Completed ATLANTIC HILLS: Seeks to Extend Plan Exclusivity to July 15 ATLAS PURCHASER: $392MM Bank Debt Trades at 30% Discount BACCI OF BENSENVILLE: Unsecureds Will Get 16.8% of Claims in Plan CAREISMATIC BRANDS: Unsecureds Will Get 2.5% of Claims in Plan CLS ELECTRIC: Voluntary Chapter 11 Case Summary CONVERGEONE HOLDINGS: $1.11BB Bank Debt Trades at 82% Discount DIAMOND SPORTS: Plan Exclusivity Period Extended to Sept. 16 DIAMOND SPORTS: Unsecureds Will Get 6% of Claims in Joint Plan DIGITAL MEDIA: $225MM Bank Debt Trades at 91% Discount DIOCESE OF SYRACUSE: Amends Abuse Claims Pay Details E-STONE USA: Seeks to Extend Plan Exclusivity to June 5 ELENAROSE CAPITAL: Plan Exclusivity Period Extended to June 17 EMRLD BORROWER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ERCOLE USA: Fine-Tunes Plan Documents EYECARE PARTNERS: $250MM Bank Debt Trades at 53% Discount EYECARE PARTNERS: $300MM Bank Debt Trades at 73% Discount EYECARE PARTNERS: $440MM Bank Debt Trades at 53% Discount EYECARE PARTNERS: $750MM Bank Debt Trades at 52% Discount FRANCISCAN FRIARS: Plan Exclusivity Period Extended to October 26 GOLF CARTS: Voluntary Chapter 11 Case Summary GREAT LAKES: Moody's Affirms 'B2' CFR & Alters Outlook to Stable GWA LLC: Voluntary Chapter 11 Case Summary HAMILTON ELITE: Operating Revenues & Cash Infusion to Fund Plan HUBBARD RADIO: $372MM Bank Debt Trades at 17% Discount JOANN INC: Court Approves Prepackaged Reorganization Plan K3B ENTERPRISES: Unsecured Claims, If Any, to Get 100% LIFEBACK LAW FIRM: Case Summary & 10 Unsecured Creditors LTR INTERMEDIATE: Moody's Affirms B3 CFR & Alters Outlook to Stable MARINER WEALTH: Moody's Affirms 'B1' CFR, Outlook Stable MEDMEN ENTERPRISES: Makes Assignment Into Bankruptcy Under BIA MEDTRULY INC: Asset Sale Proceeds to Fund Plan Payments MIDWEST PHYSICIAN: $730MM Bank Debt Trades at 27% Discount MULGA, AL: S&P Lowers Utility Revenue Bond Rating to 'BB+' NIC ACQUISITION: $1.03BB Bank Debt Trades at 16% Discount OGI ASSOCIATES: Voluntary Chapter 11 Case Summary ORBIT MARKETING: Case Summary & 20 Largest Unsecured Creditors PRIORITY TECHNOLOGY: S&P Alters Outlook to Pos., Affirms 'B-' ICR RISING TIDE HOLDINGS: $125MM Bank Debt Trades at 15% Discount SANDVINE CORP: $400MM Bank Debt Trades at 72% Discount SKC PROPERTIES: Case Summary & 15 Unsecured Creditors SKILLSOFT FINANCE II: $640MM Bank Debt Trades at 21% Discount SMOKECRAFT CLARENDON: Case Summary & 18 Unsecured Creditors SOLOMON ENTERPRISES: Unsecureds Will Get 15% of Claims in Plan SOUND INPATIENT: $200MM Bank Debt Trades at 43% Discount ST. CHRISTOPHER'S: Voluntary Chapter 11 Case Summary TROJAN EV: Voluntary Chapter 11 Case Summary TUTOR PERINI:S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable VALCOUR PACKAGING: $420MM Bank Debt Trades at 38% Discount VANSHI LLC: Plan Exclusivity Period Extended to July 10 WEISS MULTI-STRATEGY: Voluntary Chapter 11 Case Summary WEISS SPECIAL: Voluntary Chapter 11 Case Summary WINDSOR TERRACE: Plan Exclusivity Period Extended to May 20 WOM SA: Dechert LLP & Young Conaway Represent WOM Noteholders [^] Large Companies with Insolvent Balance Sheet ********* 2116 4TH STREET: Unsecureds to Get Nothing in WCP Fund's Plan ------------------------------------------------------------- WCP Fund I LLC, Secured Creditor of 2116 4th Street LLC, filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement for Chapter 11 Plan for the Debtor dated April 16, 2024. The Debtor was formed as a District of Columbia limited liability company on June 14, 2021. The Debtor's lone asset is the real property commonly known as 2116 Fourth Street, NE, Washington, DC 20002 (the "Real Estate"). The Debtor acquired the Real Estate on or about October 28, 2021. The Real Estate is a three-unit condominium building. The Debtor has scheduled the Real Estate as being worth $2,150,000.00. The Debtor purports to have had cash on hand, at the close of February 2024, in the amount of $48,738.61. The Plan provides for the Real Estate to be auctioned in open court, with a starting bid or $1,500,000.00. The required deposit to bid is $150,000.00, though WCP is not required to post a deposit and is permitted to credit bid its claim. The Plan further provides for cash raised through the auction (if any – a successful credit bid by WCP would result in no additional cash entering the Debtor's estate), coupled with the Debtor's cash on hand, to be distributed to creditors in accord with the governing priority scheme. If funds are insufficient to pay real estate taxes, and WCP is the winning bidder, WCP shall be bound to pay any real estate taxes secured by the Real Estate. The Plan provides for the following classifications of creditors' claims: * Class 1 consists of all secured claims held by WCP against the Debtor. It is anticipated this class will be paid in part, but not full, under the Plan. * Class 2 consists of all claims that are not secured claims, and is presently comprised of the Claims of Granian, LLC; Travelers Obie Insurance Services, LLC; and Victor Saeh. Class 2 will also include any unsecured deficiency owed to the Class 1 Claim of WCP. It is anticipated this class will not be paid any monies under the Plan. * Class 3 consists of the Debtor's equity interest holder(s). This class will be divested of its equity interest under the Plan. The Plan provides for the Real Estate to be auctioned in open court, with a closing to occur within three Business Days of the auction. WCP is permitted to credit bid its Claim at the auction; any other bidder would need to post a deposit of $150,000.00. The opening bid shall be $1,500,000.00. The Debtor's Cash on Hand will be used to pay Claims in accord with the Priority Scheme. A full-text copy of the Disclosure Statement dated April 16, 2024 is available at https://urlcurt.com/u?l=MlWbN8 from PacerMonitor.com at no charge. Counsel for WCP Fund I LLC: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LLC 1452 W. Horizon Ridge Pkwy, #665 Henderson, Nevada 89012 Phone: (301) 444-4600 Facsimile: (301) 444-4600 Email: mac@mbvesq.com About 2116 4th Street LLC 2116 4th Street is engaged in activities related to real estate. 2116 4th Street LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.C. Case No. 23-00298) on Oct. 17, 2023. The petition was signed by Andre Jean as authorized representative of the Debtor. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Kristen E. Burgers, Esq. at HIRSCHLER FLEISCHER PC, represents the Debtor as counsel. 225 BOWERY: Unsecureds Will Get 27.5% of Claims in Plan ------------------------------------------------------- 225 Bowery LLC submitted a Revised Disclosure Statement to the Third Amended Chapter 11 Plan dated April 18, 2024. Omnia Properties LLC, an entity that has an interest in Bowery Group, filed a proof of claim in the Debtor's Chapter 11 Case in the amount of $30,501,127.61 (the "Omnia Claim"). Bowery Group, David Paz, an individual who has an indirect interest in Bowery Group, and VNAA, an entity that also has an interest in Bowery Group, each filed proofs of claim against the Debtor, each in an undetermined amount (such proofs of claim, together with the Omnia Claim, the "Insider General Unsecured Claims"). The Debtor reviewed the Insider General Unsecured Claims and determined that it had several bases to seek disallowance and/or subordination of some or all of said claims. Projected recoveries to the holders of General Unsecured Claims in a Reorganization assumes that all Insider General Unsecured Claims that are currently included in Class 8 have been expunged, disallowed and/or subordinated to all other Claims in their entirety. The Debtor, Paz, Omnia and related parties (collectively, the "Paz Parties") are currently in discussions regarding, among other things, the Insider General Unsecured Claims and the treatment of such claims under and pursuant to a global resolution of disputes between the Debtor and the Paz Parties. If these discussions result in an agreement prior to the Confirmation Hearing, the Debtor expects that such agreement will provide for the expungement and/or subordination of the Insider General Unsecured Claims. If, however, these discussions do not result in an agreement between the Debtor and the Paz Parties, the Debtor expects to object to the Insider General Unsecured Claims by or prior to the Confirmation Hearing. On January 9, 2024, the Debtor filed a motion for entry of an order supplementing the existing cash collateral orders and granting the Secured Lender additional adequate protection (the "Second Supplemental Cash Collateral Motion"). Pursuant to the terms of the Secured Lender Settlement Agreement, the Debtor will waive certain of the conditions contained in the Second Supplemental Cash Collateral Order and intends to remit the Tranche 1 Payment (as defined in the Secured Lender Settlement Agreement) to the Secured Lender. On April 18, 2024, the Debtor sought Bankruptcy Court authorization to enter into an agreement with the Secured Lender, which resolves their differences and provides for, among other things, the agreed upon treatment of the Secured Lender Claim under the Plan, which is memorialized in the Secured Lender Settlement Agreement. In summary, the Secured Lender Settlement Agreement reflects a settlement by and between the Debtor and the Secured Lender that provides, among other things, the following material terms and conditions of the treatment of the Secured Lender Claim under the Plan: * the Secured Lender will have an Allowed Claim in Class 3 (Secured Lender Claim) in the amount of $85,150,000.00 (the "Allowed Secured Lender Claim"), prior to application of the Principal Payments; * on or before the applicable Payment Deadline, the Debtor shall remit to the Secured Lender payments totaling $2,250,000.00 (the "Pre Plan Effective Date Payments") from the Restricted Cash Account. On the Effective Date, the Secured Lender shall apply the Pre-Plan Effective Date Payments as follows: (i) $1,900,000.00 as pre-paid Monthly Interest Payments treated as a credit against the payments of Monthly Interest by the Debtor or the Reorganized Debtor, as applicable, and (ii) $350,000.00 to reduce the principal amount owing under the Approved Loan Documents; * On the Effective Date, the Secured Lender shall apply $650,000.00 of the First Tranche Adequate Protection Payment to reduce the principal amount owing under the Approved Loan Documents (together with the $350,000.00 referenced in Section 8(d)(ii) of the Secured Lender Settlement Agreement, the "Principal Payments"); after application of the Principal Payments, the principal amount due and owing under the Approved Loan Documents shall be $84,150,000.00; and * On the Effective Date, the Reorganized Debtor shall execute versions of the Approved Loan Documents to reflect, among other things, the following terms, conditions and provisions: (a) the Loan shall bear (i) interest at a rate of 7.00% per annum, payable on the 1st of each month, and (ii) PIK interest at a rate of 2.75% per annum on the outstanding amount of the Loans, payable upon the Maturity Date or the Extended Maturity Date, as applicable; (b) the Maturity Date under the Approved Loan Documents shall be May 31, 2026, unless the Debtor exercises its option to extend the Maturity Date for one additional year, in exchange for a payment of an $850,000.00 Extension Fee, pursuant to the terms and conditions of the Approved Loan Documents; (c) the Reorganized Debtor may satisfy its obligations under the Approved Loan Documents prior to the Maturity Date or the Extended Maturity Date, as applicable, without the assessment of any prepayment penalties, provided that the Loans are paid in full, including all principal, interest, fees, and other amounts owed under the Approved Loan Documents as of the date of such prepayment; and (d) no later than September 1, 2025, the Reorganized Debtor shall remit an additional payment of $250,000.00 to reduce the principal amount owning under the Approved Loan Documents from $84,150,000.00 to $83,900,000.00. Through the Plan, the Debtor will consummate the Reorganization. Class 3 consists of the Secured Lender Claim, which shall be Allowed in the aggregate principal amount of $85,150,000.00, prior to the application of the Principal Payments. The Holder of the Allowed Secured Lender Claim shall receive (i) the Pre-Plan Effective Date Payments, which are to be paid on or before the applicable Payment Deadline; (ii) the Reorganized Debtor's entry into the Approved Loan Documents, which shall be consistent with the Secured Lender Settlement Agreement in a respects, and which shall provide for, among other things, delivery of the Deed Instrument, the Cash Collateral Stipulation, and the Reorganized Debtors' execution of DACAs in favor of the Secured Lender on the Effective Date; (iii) the Additional Principal Payment; and (iv) 100% of the Net Proceeds related to any Retained Causes of Action against the Northwind Parties to be applied to principal, interest, and other charges, in its sole and absolute discretion. Class 8 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the GUC Reorganization Payments, which shall be paid in 4 equal installments on each of (i) a date chosen by the Plan Administrator that is not later than 6 months following the Effective Date, (ii) a date chosen by the Plan Administrator that is not later than 12 months following the Effective Date, (iii) a date chosen by the Plan Administrator that is not later than 15 months following the Effective Date, and (iv) a date chosen by the Plan Administrator that is not later than 18 months following the Effective Date; provided however that if a General Unsecured Claim is not Allowed as of the date of any such payment, the Holder shall receive such payment within 30 days following the Allowance of such General Unsecured Claim. This Class will receive a distribution of 27.5%. The Debtor or the Reorganized Debtor, as applicable, will fund distributions under the Plan with Cash on hand and income or other proceeds generated by the operation of the Reorganized Debtor. Cash payments to be made pursuant to the Plan will be made by the Disbursing Agent. Each distribution and issuance referred to in the Plan will be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions will bind each Entity receiving such distribution or issuance; provided, that to the extent that a term of the Plan conflicts with the term of any such instruments or other documents, the terms of the Plan will govern; provided further, however, that all such instruments and other documents shall be consistent with the Secured Lender Settlement in all respects. A full-text copy of the Revised Disclosure Statement dated April 18, 2024 is available at https://urlcurt.com/u?l=SemZ3d from PacerMonitor.com at no charge. Counsel to the Debtor: Gerard S. Catalanello, Esq. ALSTON & BIRD LLP James J. Vincequerra, Esq. Stephen M. Blank, Esq. Dylan S. Cassidy, Esq. Kimberly J. Schiffman, Esq. 90 Park Avenue New York, NY 10016 Telephone: (212) 210-9400 Facsimile: (212) 210-9444 E-mails: Gerard.Catalanello@alston.com James.Vincequerra@alston.com Stephen.Blank@alston.com Dylan.Cassidy@alston.com Kimberly.Schiffman@alston.com - and - Michael R. Nestor, Esq. Matthew B. Lunn, Esq. Ryan M. Bartley, Esq. Andrew A. Mark, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Rodney Square Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 E-mails: mnestor@ycst.com mlunn@ycst.com rbartley@ycst.com amark@ycst.com About 225 Bowery 225 Bowery, LLC, is a New York-based company operating in the traveler accommodation industry. 225 Bowery sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10094) on Jan. 24, 2023. In the petition signed by its chief restructuring officer, Nat Wasserstein, the Debtor reported $50 million to $100 million in both assets and liabilities. Judge Brendan L. Shannon oversees the case. Alston & Bird LLP and Young Conaway Stargatt and Taylor, LLP represent the Debtor as legal counsel while Nat Wasserstein of Lindenwood Associates, LLC serves as the Debtor's chief restructuring officer. Bank Hapoalim B.M., as lender, is represented by Scott S. Balber, Esq., at Herbert Smith Freehills New York, LLP. AMN HEALTHCARE: S&P Affirms 'BB+' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on AMN Healthcare Services Inc. and its 'BBB-' issue-level rating on the senior secured debt. The '1' recovery rating on this debt is unchanged, indicating prospects for very high (90%-100%; rounded estimate: 95%) recovery in the event of default. At the same time, S&P affirmed its 'BB-' issue-level rating on the unsecured debt. The recovery rating on this debt remains '6', indicating its expectation for negligible (0%-10%; rounded estimate: 5%) recovery prospects in the event of default. S&P said, "Our stable outlook on AMN reflects our belief that demand for travel nurses will normalize in the second half of 2024 and that the company will maintain adjusted leverage in 2.0x-3.0x range, generating steady cash flow. It also incorporates our belief the company will maintain conservative financial policies focusing on deleveraging as opposed to aggressive acquisitions and/or share repurchases. AMN's business is stabilizing at a "new normal". After benefitting from an unprecedented surge in demand for temporary nurses in 2021-2022 which also drove bill rates higher, market conditions for its services have retracted to a new normal. During 2023 and 2024, the nurse staffing environment for the health provider community, most notably health care systems, dramatically improved putting them in a better position to recruit and retain nurses, albeit at a higher permanent cost, but significantly offsetting the premium cost of contract labor. This has driven down both bill rates and utilization of contract labor. S&P said, "While we expected a significant drop in bill rates, the trajectory of the decline was steeper than our expectations. We also did not anticipate the extent of the decline in temporary staff utilization. Hence, AMN's 2023 operating performance was slightly below our expectations, with EBITDA margin 100 basis points (bps) lower than our 14% forecast for 2023 (excluding pro forma impact of MSDR acquisition). In addition, adjusted leverage was 0.7 turns higher than our forecast due to higher debt (including revolver drawn for MSDR) and lower EBITDA (only one month revenue of MSDR and lower margin for nurse segment)." Although AMN's contract labor business has fallen from a peak, it remains solid given ongoing labor shortages. While unprecedented peak demand has passed, demand for its services will remain solid due to ongoing staffing needs. Clients are trying to find a balance between permanent and temporary labor in their cost structure while hiring more permanent staff. Hospitals will continue to need temporary labor staff to serve higher demand and provide more flexibility. S&P said, "In the meantime, we expect AMN to focus on new client wins, improve its MSP fill rates, and offset the now-lower demand for temporary nurses with potential growth in the locums segment, supplemented by MSDR acquisition (completed in Nov 2023). Still, we believe the EBITDA margin for 2024 will decline to the 12%-13% range from 14% in 2023 due to bill-pay rate spread, visa retrogression, and lower-than-expected margin in the physicians segment due to adverse revenue mix shift, partially offset by AMN's cost optimization efforts." AMN has a strong market position as a health care staffing solutions provider. AMN's market advantage over smaller competitors allows it to both provide skilled nurses, and utilize technology to provide an entire suite of workforce solutions to its clients in the face of inherent industry challenges. Over the past couple of years, AMN has evolved from a traditional staffing company to a workforce solutions provider providing a broad array of services and workforce solutions through managed services programs (MSPs) and vendor management systems (VMS). These programs provide medical language interpretation services, predictive labor analytics, workforce optimization technology and consulting, clinical labor scheduling, recruitment process outsourcing, and revenue cycle solutions. It also has strong digital health capabilities, with AMN Passport and its recent investment in ShiftWise Flex—a cloud-enabled version of its VMS software. While the nurse and allied health segment remains core to the business contributing 50% of total operating income, the diversification helps offset the normalization of nurse and allied health segment. Maintaining disciplined financial policy will be a key for 2024 which will be a year of transition. S&P said, "We believe AMN will maintain its strong market position, diversified services offerings, and its conservative financial policy. We expect AMN will focus on deleveraging rather than large acquisitions and/or share repurchases. While we expect EBITDA pressure to persist in 2024, we expect adjusted leverage to peak near 3x for 2024, up from 2.6x in 2023. We believe the company's free cash flow coupled with its conservative financial policy will result in deleveraging in 2025 from this peak." S&P said, "Our stable outlook on AMN reflects our belief that company will offset the revenue decline for the travel nurse segment by growth in the higher-margined locums and allied health segment. While demand for the travel nurse segment significantly trails our expectations, and margin for the overall business is lower, we believe demand will level during 2024, allowing for adjusted leverage to be maintained in the 2.0x-3.0x range. We also believe AMN will maintain conservative financial policies by not focusing on aggressive acquisitions and or share repurchases. "We could consider downgrading AMN if its S&P Global Ratings-adjusted leverage exceeds 3.0x, likely from further weakening in demand across the segments which could cause the EBITDA margin to decline below 12.5% on sustained basis. This can happen if there is a deterioration in the company's competitive position, which could contribute to suppressed demand for travel nurses for a longer period than anticipated. "Although highly unlikely over the next 12 months, we could raise the rating if AMN is able to enhance scale and the business remains strong and diversified, providing it with a significant competitive advantage that allows it to mitigate further rate declines and slow demand, regulatory hurdles, or recession risks. This scenario includes the company's willingness to maintain S&P Global Ratings-adjusted leverage below 2.0x on sustained basis, including a disciplined financial policy towards acquisition or share buyback." ANNE FONTAINE: Unsecureds Will Get 7% of Claims over 3 Years ------------------------------------------------------------ Anne Fontaine USA, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a Subchapter V Plan of Reorganization dated April 16, 2024. Anne Fontaine is an international clothing brand, which manufactures its clothing through the parent company in France and supplies its product for retail to its affiliates in the United States and around the world. In general, Anne Fontaine is positioned in cities frequented by luxury shopping tourists and in the nerve centers of luxury shopping centers, as well as in partnership with major luxury hotels where the Debtor has set up shop windows in the hotel lobbies. In addition, the Debtor maintains its U.S. headquarters at a leased office space located in New York City. Upon filing this Subchapter V Case, the Debtor had already vacated 5 store locations with the possibility of exiting more leases and a plan to change its New York office location. One of the Debtor's primary goals in this Subchapter V Case was to downsize its retail and office locations to reduce its overhead expenses. Due to its financial fragility caused factors, the Debtor lacked the liquidity necessary to satisfy the First Forbearance Payment, the timing of which prompted the filing of this Subchapter V Case. The Plan proposes to pay creditors of the Debtor from the Debtor's projected disposable income from its operations for a period of 36 consecutive months. Non-priority unsecured creditors holding Allowed Claims will receive Distributions, which the Debtor projects will be approximately 7 cents on the dollar. The Plan provides that the Debtor or Reorganized Anne Fontaine will make Distributions for the payment in full of Administrative, Secured, and Priority Tax Claims before making any Distributions to the Allowed Class 5 Claims. Class 5 consists of General Unsecured Claims Not Otherwise Classified. Each holder of a Class 5 Claim shall receive Cash in an amount equal to 7 percent of the Allowed amount of its Class 4 Claim, which shall be payable in equal semi-annual installments over a period of 3 years, beginning October 1, 2024, or within 1 month following the Bankruptcy Court's entry of an order confirming this Plan. If later, it is to be paid from the disposable income from the Debtor's business operations, commencing after payment in full of all Allowed Claims in Class 1, as applicable, Class 2 and Class 3, Priority Tax Claims, and other costs of administration, including Allowed Administrative Claims. The initial Distributions to holders of Class 5 Claims shall be made on the later of (x) October 1, 2024, (y) within 1 month following the Bankruptcy Court's entry of an order confirming this Plan; or (z) the date on which each Class 5 Claim becomes an Allowed Claim, or as soon thereafter as practicable. Subsequent Distributions shall be made semi-annually thereafter. The treatment and consideration to be received by the holders of Class 5 Claims shall be in full and final satisfaction, release, and discharge of their respective Class 5 Claims. Class 5 is Impaired under the Plan. Class 6 consists of Holders of Interests. The holder of Interests in the Debtor shall retain such Interests in the Debtor. The treatment and consideration to be received by holders of Class 6 Interests shall be in full settlement and final satisfaction of their respective Interests. The Debtor has been operating strategically to ensure that it maintains reserves sufficient to pay certain Plan obligations as proposed herein. The Debtor intends to use these reserved funds to pay Administrative, Priority Tax, Priority Unsecured, cure payments for assumed leases and executory contracts, all of which shall be paid in full before the Debtor and/or Reorganized Anne Fontaine USA, Inc. begins making payments under the Plan to holders of Allowed Class 5 Claims. Except as otherwise indicated, the funds needed to make the Distributions and other payments required by this Plan shall be paid from Reorganized Anne Fontaine USA, Inc.'s disposable income. A full-text copy of the Plan of Reorganization dated April 16, 2024 is available at https://urlcurt.com/u?l=jxOcEJ from PacerMonitor.com at no charge. Counsel to the Debtor: Fred Stevens, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7203 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: fstevens@klestadt.com About Anne Fontaine USA New York-based Anne Fontaine USA, Inc. is an e-commerce platform women's apparel, bags, shoes and accessories. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10058) on Jan. 16, 2024, with $11,399,790 in assets and $6,441,453 in liabilities. Ari Zlotkin, chief executive officer, signed the petition. Judge Lisa G. Beckerman oversees the case. Fred Stevens, Esq., at Klestadt Winters Jureller Southard & Stevens, LLC represents the Debtor as legal counsel. ANTIBE THERAPEUTICS: Court Appoints FTI Consulting as Receiver -------------------------------------------------------------- Antibe Therapeutics Inc. (TSX: ATE) on April 24 disclosed that the Company's request for an extension of its previously announced stay of proceedings under the Companies' Creditors Arrangement Act (the "CCAA") was heard before the Ontario Superior Court of Justice (Commercial List) on April 18, 2024 and the decision was reserved. On April 22, 2024, the Court issued its decision terminating CCAA proceedings and appointing FTI Consulting Canada Inc. as receiver of Antibe. The Company also announced that Roderick Flower, Robert Hoffman, Dan Legault, Walt Macnee and Yung Wu have resigned from Antibe's Board of Directors. In addition, the Company today received notification from the TSX that it will be delisting Antibe's common shares from the TSX effective as of May 24, 2024. About Antibe Therapeutics Inc. Antibe (TSX: ATE) -- http://www.antibethera.com-- is a clinical-stage biotechnology company leveraging its proprietary hydrogen sulfide platform to develop next-generation therapies to target pain and inflammation arising from a wide range of medical conditions. The Company's current pipeline includes assets that seek to overcome the gastrointestinal ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs ("NSAIDs"). Antibe's lead drug, otenaproxesul, is intended as a safer alternative to opioids and today's NSAIDs for acute pain. Antibe's second pipeline drug, ATB-352, is being developed for a specialized pain indication. The Company's next target is inflammatory bowel disease ("IBD"), a condition long in need of safer, more effective therapies. API TECHNOLOGIES: Audax Marks $960,000 Loan at 22% Discount ----------------------------------------------------------- Audax Credit BDC, Inc., has marked its $964,824 loan extended to API Technologies to market at $752,563 or 78% of the outstanding amount, as of Dec. 31, 2023, according to a disclosure contained in Audax's Form 10-K report for the fiscal year ended Dec. 31, 2023, filed with the Securities and Exchange Commission. Audax is a participant in a Senior Secured Initial Term Loan (First Lien) to API Technologies. The loan accrues interest at a rate of 6.33% (S+6%/PIK) per annum. The loan matures on May 9, 2026. Audax is a Delaware corporation that was formed in January 2015. Audax is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, it has elected to be treated for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Audax's fiscal year ends Dec. 31. Audax is led by Michael P. McGonigle, Chairman of the Board of Directors, President, and Chief Executive Officer; and Richard T. Joseph, Chief Financial Officer and Treasure. Audax can be reached at: AUDAX CREDIT BDC, INC. 101 Huntington Avenue Boston, MA 02199 Tel: (617) 859-1500 API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. ARCOSA INC: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed Arcosa, Inc.'s Ba2 corporate family rating, its Ba2-PD probability of default rating, and the Ba2 rating on its senior unsecured notes rating. The speculative grade liquidity ("SGL") rating of SGL-2 is unchanged. The rating outlook is maintained at stable. "The affirmation and stable outlook reflects Arcosa's healthy balance sheet and Moody's Ratings' expectation of higher profitability due to tailwinds from legislation including the Infrastructure Investment and Jobs Act and Inflation Reduction Act," said Justin Remsen, Moody's Ratings Assistant Vice President. "Arcosa will benefit from a favorable demand outlook within both its growth and cyclical businesses in 2024 and 2025. That said, the company's strategy and execution of simplifying it's business mix present financial and operational risks," added Remsen. RATINGS RATIONALE Arcosa's Ba2 CFR reflects the company's market position as a strong local provider of aggregates, its leading position in manufacturing engineered steel structures, and low leverage profile. The rating is also supported by Moody's expectation for solid secular growth in infrastructure spending and sustainable energy that will benefit the company over the next few years. These considerations are tempered by the company's acquisitive nature, evolving business model, modest operating profitability and significant revenue exposure to Texas. Moody's views the company's wind tower and transportation product segment as cyclical and more vulnerable in economic downturns. Arcosa's SGL-2 reflects Moody's expectation that the company will maintain good liquidity with free cash flow exceeding $75 million in 2024 and 2025. At December 31, 2023, the company's liquidity was supported by $105 million in available cash, a $600 million unsecured revolving credit facility ($418 million available as of December 31, 2023) expiring in August 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company increases scale while simplifying its business mix and maintaining a conservative financial profile. The ratings could be upgraded if the company sustains debt-to-EBITDA below 2.5x, EBIT-to-interest expense above 6.0x, and retained cash flow to net debt is above 25%. The ratings could be downgraded if Debt-to-EBITDA is above 4.0x, EBIT-to-interest expense below 5.0x, or the company's liquidity deteriorates. The principal methodology used in these ratings was Building Materials published in September 2021. Headquartered in Dallas, Texas, Arcosa is a provider of infrastructure-related products and solutions serving construction, engineered structures, and transportation markets in North America. Arcosa is a publicly-traded company listed on the New York Stock Exchange. ASTRA ACQUISITION CORP: $500MM Bank Debt Trades at 72% Discount --------------------------------------------------------------- Participations in a syndicated loan under which Astra Acquisition Corp is a borrower were trading in the secondary market around 28.1 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $500 million Term loan facility is scheduled to mature on October 25, 2029. The amount is fully drawn and outstanding. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 41% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Astra Acquisition Corp is a borrower were trading in the secondary market around 58.8 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.30 billion Term loan facility is scheduled to mature on October 25, 2028. About $772 million of the loan is withdrawn and outstanding. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ATHABASCA MINERALS: $29.2-Million Sale to Badger Mining Completed ----------------------------------------------------------------- Athabasca Minerals Inc., together with its subsidiaries, on April 26 disclosed that it has closed the previously announced transaction contemplated by the subscription agreement between the Corporation and Badger Mining Corporation providing for the acquisition of the Corporation by the Purchaser. The Transaction follows the Corporation's filing of the Notice of Intention under the provisions of Part III, Division 1 of the Bankruptcy and Insolvency Act and its previously announced sales and investment solicitation process. The Transaction was approved by the Alberta Court of King's Bench on Friday, April 19, 2024. With the closing of the Transaction, in accordance with the terms of the Agreement and the order of the Court, all previously issued and outstanding common shares of the Corporation have been exchanged on a 1:1 basis for common shares in the newly incorporated entity, 2585929 Alberta Ltd. Badger is now the sole shareholder of the Corporation, which has emerged from BIA proceedings. The purchase price pursuant to the Transaction is approximately CAD $29.2 million, which amount has been transferred to ResidualCo in accordance with the terms and conditions of the Agreement and the order of the Court. The gross proceeds of the Transaction will be used by ResidualCo, under the direction of KSV Restructuring Inc., in its capacity as proposal trustee of ResidualCo, to satisfy the Corporation's obligations and liabilities to its secured and unsecured creditors (whose claims and encumbrances have been transferred to and assumed by ResidualCo). Following the satisfaction and discharge of all such transferred obligations and liabilities, and the final payment of professional fees associated with the Transaction, any residual value will be distributed to the shareholders of ResidualCo (being the former shareholders of the Corporation) and the ResidualCo shares will thereafter be cancelled. The timing of any potential disbursement to shareholders of ResidualCo cannot be confirmed but is anticipated to take several months. This milestone marks a significant achievement for all stakeholders involved and marks a new chapter in the Corporation's journey. At a sales value of $29.2 million, the results of the SISP allow for the full restitution of all of the Corporation's creditors with any residual value being distributed to the shareholders of ResidualCo (formerly the shareholders of the Corporation). The Common Shares have been suspended from trading on the TSXV. As a result of the Transaction (including the Corporation's application to cease to be a reporting issuer), the TSXV has delisted the Common Shares effective at the close of trading on April 24, 2024. The Common Shares were also quoted on the OTC Pink Market, and the Common Shares have been concurrently delisted from the OTC Pink Market effective at the close of trading on April 24, 2024. The Corporation is applying to the applicable Canadian securities regulatory authorities to cease to be a reporting issuer in each Canadian jurisdiction in which it is a reporting issuer. About Athabasca Minerals Inc. Athabasca (TSXV: AMI) is an integrated industrial minerals company focused on the production and delivery of frac sand to Canada and the United States. Athabasca also operates aggregate operations in Western Canada and maintains the largest platform for buying, selling, and transporting of aggregates through its 100% owned technology platform, AMI RockChain. ATLANTIC HILLS: Seeks to Extend Plan Exclusivity to July 15 ----------------------------------------------------------- Atlantic Hills, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 15 and September 13, 2024, respectively. Prior to the commencement of these cases, one or both of the Debtors Superior Power and Superior Golf operated out of locations with the following addresses: 2409 and 2411 N. Federal Hwy., Delray Beach, FL 33483, ("Delray Location"); and 260 N. Dixie Hwy., Boca Raton, FL 33432, ("Boca Raton Location"), (collectively referred to as the "Leased Premises"). The landlord for the Leased Premises is Investments Limited, ("Landlord"). Prior to the commencement of these cases, Sanchez Hughley, acted as the manager of the Debtors' businesses, and the man in charge of the day to day affairs. Due to certain concerns about the manner in which he was operating the business, on August 18, 2023, Hughley was terminated as a manager of the businesses. After the commencement of these cases, disputes with Hughley continued. Further, the Debtors needed to address the issues concerning the Leased Premises. The Debtors were not sure what businesses were being operated by Hughley out of the Leased Premises, the status of rental payments for use of the Leased Premises, and whether the Debtors expected to continue to use one or both of the Leased Premises on an on-going basis. The Debtors explain that management issues concerning the day to day operations continue. Shortly after the commencement of these cases, it became apparent that Hughley did not complete repair and service work for customers, and there was no centralized location for the golf carts and other inventory and equipment that the Debtors either owned, or were repairing. The Debtors assert that due to the time expended in localizing the operations into one location, and assembling the golf carts and other inventory into that one location, the Debtors have not been able to address the terms of a Plan of Reorganization. Further, the Proof of Claim bar date for non-governmental units passed on November 24, 2023, and the deadline for governmental units recently passed on March 13, 2024. The Debtors further assert that there is a sizeable Florida Department of Revenue claim that was filed in the Superior Golf case, in the total amount of $164,300.02. Further, in the Superior Power case, the Florida Department of Revenue filed a claim in the amount of $24,971.35. Both of these claims were filed as priority claims. The current management of the Debtors have been in discussions with the Florida Department of Revenue, in order to better understand the basis for these claims, as they appear to have arisen when Hughley was controlling the operations. Further, the Internal Revenue Service has filed claims in all three of the Debtors' cases. A review of those claims, which combined add up to over $38,000.00, relate to the failure to timely file tax returns. Again, this appears to have occurred while Hughley was in control of the Debtors' operations. The Debtors believe that in order to properly analyze the extent of the creditor body, and to formulate a plan of reorganization, it is important for the issues surrounding the government claims to be resolved. Attorneys for the Debtors: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Ft. Lauderdale, FL 33180 Tel: (305) 931-3771 Fax: (305) 931-3774 About Atlantic Hills Atlantic Hills, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-17432) on Sept. 15, 2023, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Erik P. Kimball oversees the case. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A. is the Debtor's legal counsel. ATLAS PURCHASER: $392MM Bank Debt Trades at 30% Discount -------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 70.3 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $392 million Payment in kind Term loan facility is scheduled to mature on May 18, 2028. About $0 million of the loan is withdrawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solution. BACCI OF BENSENVILLE: Unsecureds Will Get 16.8% of Claims in Plan ----------------------------------------------------------------- Bacci of Bensenville, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Small Business Plan of Reorganization dated April 16, 2024. The Debtor is currently operating pizzerias in the Elmhurst and Chicago locations. The chain of "Bacci" restaurants are all operated by close family and each corporation is individually owned. The Debtor first opened Bacci of Bensenville, Inc. on October 19, 2011. Due to effects of Covid-19, the business lost significant revenue. However, the market has improved immensely and Bacci of Bensenville is producing stable revenue at this time. The improvement in the restaurant industry is significant and provides enough revenue to fund the Chapter 11 Plan as proposed. This Plan proposes to pay contractual payments to the United States Small Business Association, payment in full to other secured and priority creditors over the lifetime of the Plan, and a pro rata amount to general unsecured creditors. The Debtor is the proponent of this Plan as well as the Disbursing Agent under this plan. This Plan provides for distributions to the holders of allowed claims from Debtor's income from operations. Class 3 consists of Allowed General Unsecured Claims. The Debtor has 18 general unsecured creditors totaling a balance of $593,866.40. Each Holder of Allowed Class 3 Claims shall be paid 16.8% of their claims in 48 installments beginning in January 2025. Each creditor will receive a pro rata distribution. In 2025 and 2026 the Debtor shall make a total payment of $1,667.67 per month. In 2027 and 2028 the Debtor shall make a total monthly payment of $2,500.00. All of the assets of the Debtor and this estate shall vest in the Debtor upon Confirmation of the Plan subject to the terms and conditions of this Plan. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens or terms of repayment to the holder of any Allowed Claim, except for the Restructured Promissory Note and all other loan documents. A full-text copy of the Plan of Reorganization dated April 16, 2024 is available at https://urlcurt.com/u?l=8pXSeq from PacerMonitor.com at no charge. Counsel to the Debtor: Penelope N Bach, Esq. BACH LAW OFFICES, INC. P.O. Box 1285 Northbrook, IL 60065 Telephone: (847) 564-0808 Facsimile: (847) 564-0985 Email: pnbach@bachoffices.com About Bacci of Bensenville Inc. Bacci of Bensenville Inc. owns and operates three restaurants. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-17054) on December 20, 2023. In the petition signed by Pasquale Di Diana, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge David D. Cleary oversees the case. Penelope Bach, Esq., at Bach Law Offices, represents the Debtor as legal counsel. CAREISMATIC BRANDS: Unsecureds Will Get 2.5% of Claims in Plan -------------------------------------------------------------- Careismatic Brands, LLC, and affiliates submitted a Disclosure Statement relating to the Second Amended Joint Plan of Reorganization dated April 18, 2024. To facilitate the postpetition marketing and sale process (the "Sale Process"), the Debtors filed a motion to establish procedures to govern an efficient marketing and auction process to realize the full value of the Assets or the New Common Stock (either the New Common Stock or Assets, the "Sale Package") (the "Bidding Procedures Motion, " the order approving the Bidding Procedures Motion, the "Bidding Procedures Order," and the procedures contemplated thereby the "Bidding Procedures"). The Debtors, with the consent of the Required Consenting First Lien Lenders and after consultation with the Consultation Parties, subsequently extended the sale timeline set forth in the Bidding Procedures by filing the Notice of Modified Sale Process Key Dates and Deadlines ("Sale Process Notice"), including extension of the deadline by which interested parties must submit binding bids until April 17, 2024, at 5:00 p.m. (the "Bid Deadline"). The Debtors did not receive any bids for the Sale Package in advance of the Bid Deadline. Accordingly, on April 17, 2024, the Debtors filed a Notice of Cancellation of Action (the "Auction Cancellation Notice"), notifying all parties in interest that the Debtors, in accordance with the Bidding Procedures Order, had cancelled the Auction scheduled to occur on April 26, 2024 (if needed). The Plan includes a toggle structure whereby, if and when no bids were received, the Debtors can "toggle" to the Recapitalization Transaction, pursuant to which the Debtors will eliminate all prepetition funded debt via the equitization of all First Priority Claims in exchange for the New Common Stock. The Auction Cancellation Notice notified all parties in interest that the Debtors are pursuing the Recapitalization Transaction. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, on the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Claim, its pro rata share of the GUC Trust Net Assets. The allowed unsecured claims total $139,762,018.11. This Class will receive a distribution of 2.5% of their allowed claims. The Debtors shall fund or make distributions under the Plan, including the conveyance and funding of the GUC Trust Assets, as applicable, with: (i) the proceeds from the Exit Financing Arrangements; (ii) the New Common Stock; (iii) the Debtors' Cash on hand; (iv) the Second Lien Warrants; and (v) the proceeds of any Retained Causes of Action (if any). The GUC Trust shall fund its distributions, as contemplated by the Plan, from the GUC Trust Net Assets. A full-text copy of the Disclosure Statement dated April 18, 2024 is available at https://urlcurt.com/u?l=3mCJBg from PacerMonitor.com at no charge. Co-Counsel to the Debtors: Joshua A. Sussberg, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: jsussberg@kirkland.com - and - Chad J. Husnick, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, IL 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 E-mail: chusnick@kirkland.com Co-Counsel to the Debtors: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Tel: (201) 489-3000 Fax: (201) 489-1536 E-mail: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com About Careismatic Brands The Santa Monica, Calif.-based Careismatic Brands, LLC is a , marketer, and distributor of medical apparel, footwear, and accessories. Founded in 1995 in Chatsworth, Calif., Careismatic has grown from operating a single flagship brand, Cherokee Medical Uniforms, to a portfolio of seventeen brands. The company offers value to its stakeholders through its spectrum of medical apparel and workwear and omnichannel distribution capabilities across the globe. It has an extensive portfolio of iconic and emerging brands across the health and wellness platform, including Cherokee Uniforms, Dickies Medical, Heartsoul Scrubs, Infinity, Scrubstar, Healing Hands, Med Couture, Medelita, Classroom Uniforms, AllHeart, Silverts Adaptive Apparel, and BALA Footwear. Careismatic Brands filed a Chapter 11 petition (Bankr. D.N.J. Lead Case No. 24-10561) on Jan. 22, 2024, with $1 billion to $10 billion in both assets and liabilities. Kent Percy, chief restructuring officer, signed the petition. Judge Vincent F. Papalia oversees the case. Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP represent the Debtor as general bankruptcy counsel; Cole Schotz, P.C. as local bankruptcy counsel; AP Services, LLC as financial advisor; PJT Partners, LP as investment banker; and C Street Advisory Group as strategic communications advisor. Donlin, Recano & Company, Inc. is the claims, noticing and solicitation agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Bradford J. Sandler, Esq., at Pachulski Stang Ziehl & Jones, LLP. CLS ELECTRIC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: CLS Electric Corporation 4222 South 37th Street Phoenix, AZ 85040 Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court District of Arizona \Case No.: 24-03283 Debtor's Counsel: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, P.C. 2999 North 44th Street Suite 330 Phoenix, AZ 85008 Tel: 602-235-9510 E-mail: rjellett@ellettlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jorge Gonzalez as president/CEO. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/3VYLB2I/CLS_ELECTRIC_CORPORATION_EIN_26-4262429__azbke-24-03283__0001.0.pdf?mcid=tGE4TAMA CONVERGEONE HOLDINGS: $1.11BB Bank Debt Trades at 82% Discount -------------------------------------------------------------- Participations in a syndicated loan under which ConvergeOne Holdings Inc is a borrower were trading in the secondary market around 18.2 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.11 billion Term loan facility is scheduled to mature on January 5, 2026. About $1.09 billion of the loan is withdrawn and outstanding. About ConvergeOne Holdings ConvergeOne Holdings, Inc., operates as a holding company. The Company, through its subsidiaries, provides managed cloud, cyber security, enterprises networking, data center, application and software development, security infrastructure, and hosted collaboration solutions. ConvergeOne Holdings and several affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90194) on April 4, 2024, with $1 billion to $10 billion in consolidated assets and liabilities. Judge Christopher M. Lopez presides over the case. White & Case LLP represents the Debtors as legal counsel. Evercore Group LLC serves as the Debtors' investment banker; AlixPartners LLP, the Debtors' restructuring advisors; Grant Thornton LLP, the Debtors' tax services provider; and Epiq Bankruptcy Solutions LLC, the Debtors' notice, claims and balloting agent. DIAMOND SPORTS: Plan Exclusivity Period Extended to Sept. 16 ------------------------------------------------------------ Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Diamond Sports Group, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 16 and November 14, 2024, respectively. As shared by Troubled Company Reporter, the Debtors are currently in the process of prosecuting their chapter 11 plan of reorganization that was filed on February 29, 2024, which is predicated on a restructuring support agreement (the "RSA") supported by the official committee of unsecured creditors (the "UCC"), creditors representing over 94% of first lien claims, over 95% of second lien claims, and 96% of unsecured notes claims, and Amazon.com Services LLC. The Plan and RSA represent critical achievements and reflect broad creditor consensus on the Debtors' restructuring path. The Debtors filed an accompanying disclosure statement at the time they filed the Plan. The Plan, Disclosure Statement, and RSA demonstrate significant progress during the most recent extension of the Exclusivity Periods (which was granted by the Court on December 20, 2023), and now the Debtors should be permitted to continue to prosecute the Plan over the next several months without the need to address competing plans or seek further extensions of the Exclusivity Periods. The parties to the RSA support the requested extension. Counsel to the Debtors: PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Brian S. Hermann, Esq. Andrew M. Parlen, Esq. Joseph M. Graham, Esq. Alice Nofzinger, Esq. 1285 Avenue of the Americas New York, New York 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 WILMER CUTLER PICKERING HALE AND DORR LLP Andrew N. Goldman, Esq. Benjamin W. Loveland, Esq. Lauren R. Lifland, Esq. 250 Greenwich Street New York, New York 10007 Telephone: (212) 230-8800 Facsimile: (212) 230-8888 PORTER HEDGES LLP John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. Bryan L. Rochelle, Esq. 1000 Main St., 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 226-6248 About Diamond Sports Group Diamond Sports Group, LLC, and its affiliates own and/or operate the Bally Sports Regional Sports Networks, making them the nation's leading provider of local sports programming. DSG's 19 Bally Sports RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG also holds joint venture interests in Marquee, the home of the Chicago Cubs, and the YES Network, the local destination for the New York Yankees and Brooklyn Nets. The RSNs produce about 4,500 live local professional telecasts each year in addition to a wide variety of locally produced sports events and programs. DSG is an unconsolidated and independently run subsidiary of Sinclair Broadcast Group. Diamond Sports Group and 29 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90116) on March 14, 2023. In the petition signed by David F. DeVoe, Jr., as chief financial officer and chief operating officer, Diamond Sports Group listed $1 billion to $10 billion in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Porter Hedges, LLP as bankruptcy counsel; Wilmer Cutler Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan, LLP as special counsel; AlixPartners, LLP as financial advisor; Moelis & Company, LLC and LionTree Advisors, LLC as investment bankers; Deloitte Tax, LLP, as tax advisor; Deloitte Financial Advisory Services, LLP, as accountant; and Deloitte Consulting, LLP as consultant. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer& Feld LLP as counsel; FTI Consulting, Inc., as financial advisor; and Houlihan Lokey Capital, Inc., as investment banker. DIAMOND SPORTS: Unsecureds Will Get 6% of Claims in Joint Plan -------------------------------------------------------------- Diamond Sports Group, LLC and affiliates submitted a Revised Disclosure Statement for Joint Plan of Reorganization dated April 16, 2024. The Plan contemplates the elimination of more than $8.5 billion of Diamond's funded debt, the separation of Diamond from its parent company, Sinclair Broadcast Group, Inc. ("SBG"), the distribution of reorganized equity to certain of Diamond's existing funded debt creditors in exchange for their debt, and a minority investment by Amazon in reorganized Diamond. The Plan also contemplates the distribution of $495 million of cash proceeds from the settlement of Diamond's substantial litigation claims against certain parties, including SBG, certain of SBG's affiliates and related individuals, Bally's Corporation ("Bally's"), JPMorgan Chase Funding Inc. ("JPMCFI"), and JP Morgan Chase & Co. (together with JPMCFI, "JPM") (such settlement, the "Sinclair Settlement"). To the extent the proceeds of the Sinclair Settlement are not received, the Plan contemplates the creation of a litigation trust to pursue the Sinclair-Related Litigations Finally, in accordance with the UCC Settlement, the Plan provides for payment in full of all Allowed Go-Forward Trade Claims and, subject to Payment in Full (as defined in the DIP Order) of all First Lien Claims and the satisfaction of all DIP Claims, cash payments to Holders of Allowed General Unsecured Claims in an amount equal to the lesser of (i) $13 million and (ii) a dollar amount equal to a 6% recovery on an aggregate basis (the "Unsecured Claim Cash Distribution"). In connection with pivoting to the reorganization contemplated by the Plan, the Debtors have been engaged with the NBA, the NHL, and their MVPD partners, including DIRECTV, Comcast, Charter, and Cox, among others, on their go-forward arrangements. On April 3, 2024, the Debtors announced that they had successfully reached a multi year renewal of their distribution agreement with Charter. As of the date hereof, the Debtors remain in negotiations with their other MVPD partners, as well as the NBA, the NHL, and other commercial counterparties. Accordingly, the financial information set forth in this Disclosure Statement remains subject to update following completion of such negotiations. The Debtors will be prepared to meet their burden to show that the Plan is feasible as required by section 1129(a)(11) of the Bankruptcy Code at the Confirmation Hearing. The Sinclair Settlement is memorialized in the term sheet attached to the Debtors' motion seeking approval of the Sinclair Settlement (the "Settlement Motion," and such term sheet, the "Settlement Term Sheet"). On March 1, 2024, the Bankruptcy Court entered the Sinclair Settlement Order. On March 1, 2024, the Bankruptcy Court entered the Sinclair Settlement Order. On March 4, 2024, the Debtors received the $50 million deposit from Sinclair. MLB's and the Clubs' Reservation of Rights MLB and the Clubs have expressed concerns to the Debtors and their advisors about the assumptions underlying the Debtors' business plan and whether these assumptions can be achieved. Specifically, MLB and the Clubs have significant concerns about whether the Plan will satisfy the legal requirements for confirmation required by section 1129 of the Bankruptcy Code. In particular, among other concerns, MLB and the Clubs question whether the Debtors will be able to demonstrate to the Court that confirmation of the Plan is not likely to be followed by the liquidation, or further financial reorganization, of the Debtors (or any successors of the Debtors under the Plan). The financial viability of the Debtors is necessary to ensure the Debtors' continued performance of the telecast rights agreements between the Debtors and each respective Club. MLB and the Clubs assert that the Debtors have not only failed to provide information on the material contracts underlying the Debtor's post-Effective Date business plan, but that the Debtors have also failed to provide detail or documentation sufficient to support the assumptions used in their DTC segment projections. The Debtors dispute these assertions. MLB and the Clubs assert that, given the growing importance to the Debtors' business plan of the DTC business over the life of the projections, such detail is necessary to determine the reasonableness and achievability of the Plan projections. Finally, MLB and the Clubs assert that they require additional information regarding the assumptions underlying the DTC projections and the terms and conditions of the Debtors' material contracts, particularly those providing the vast majority of their revenue, in order to determine whether the Debtors' Plan satisfies the confirmation requirements set forth in the Bankruptcy Code, including whether the Debtors' post-Effective Date business plan is viable. Without this information, MLB and the Clubs assert that they cannot be assured that the Plan contemplates continued performance of the telecast rights agreements. The Debtors dispute these assertions. Nonetheless, MLB and the Clubs reserve all rights to question the feasibility of the Debtors' business plan and its potential impact on the continued performance of the telecast rights agreements. MLB and the Clubs further reserve the right to seek discovery in connection with the same. Class 6 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of its Allowed General Unsecured Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its pro rata share of the Unsecured Claim Cash Distribution. The allowed unsecured claims total $203,080,000. This Class will receive a distribution of 6% of their allowed claims. On the Effective Date, the SPV Cash and Cash on hand at the Debtors will be used to fund certain distributions to certain Holders of Claims or otherwise be retained on or contributed to, as applicable, the balance sheet(s) of New OpCo and/or its wholly owned subsidiaries (other than the New A/R Facility Borrower). A full-text copy of the Revised Disclosure Statement dated April 16, 2024 is available at https https://urlcurt.com/u?l=jeCD78 from Kroll Restructuring Administration, LLC, claims agent. Counsel to the Debtors: PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Brian S. Hermann, Esq. Andrew M. Parlen, Esq. Joseph M. Graham, Esq. Alice Nofzinger, Esq. 1285 Avenue of the Americas New York, New York 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 WILMER CUTLER PICKERING HALE AND DORR LLP Andrew N. Goldman, Esq. Benjamin W. Loveland, Esq. Lauren R. Lifland, Esq. 250 Greenwich Street New York, New York 10007 Telephone: (212) 230-8800 Facsimile: (212) 230-8888 PORTER HEDGES LLP John F. Higgins, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. Bryan L. Rochelle, Esq. 1000 Main St., 36th Floor Houston, Texas 77002 Telephone: (713) 226-6000 Facsimile: (713) 226-6248 About Diamond Sports Group Diamond Sports Group, LLC, and its affiliates own and/or operate the Bally Sports Regional Sports Networks, making them the nation's leading provider of local sports programming. DSG's 19 Bally Sports RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG also holds joint venture interests in Marquee, the home of the Chicago Cubs, and the YES Network, the local destination for the New York Yankees and Brooklyn Nets. The RSNs produce about 4,500 live local professional telecasts each year in addition to a wide variety of locally produced sports events and programs. DSG is an unconsolidated and independently run subsidiary of Sinclair Broadcast Group. Diamond Sports Group and 29 of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead, Case No. 23-90116) on March 14, 2023. In the petition signed by David F. DeVoe, Jr., as chief financial officer and chief operating officer, Diamond Sports Group listed $1 billion to $10 billion in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Porter Hedges, LLP as bankruptcy counsel; Wilmer Cutler Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan, LLP as special counsel; AlixPartners, LLP as financial advisor; Moelis & Company, LLC and LionTree Advisors, LLC as investment bankers; Deloitte Tax, LLP, as tax advisor; Deloitte Financial Advisory Services, LLP, as accountant; and Deloitte Consulting, LLP as consultant. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer& Feld LLP as counsel; FTI Consulting, Inc., as financial advisor; and Houlihan Lokey Capital, Inc., as investment banker. DIGITAL MEDIA: $225MM Bank Debt Trades at 91% Discount ------------------------------------------------------ Participations in a syndicated loan under which Digital Media Solutions LLC is a borrower were trading in the secondary market around 9.1 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $225 million Payment in kind Term loan facility is scheduled to mature on May 26, 2026. About $242.9 million of the loan is withdrawn and outstanding. Headquartered in Clearwater, Florida, Digital Media Solutions, Inc. is a provider of data-driven, technology-enabled digital performance advertising solutions connecting consumers and advertisers within the auto, home, health, and life insurance, plus a long list of top consumer verticals. DIOCESE OF SYRACUSE: Amends Abuse Claims Pay Details ---------------------------------------------------- The Roman Catholic Diocese of Syracuse, New York, submitted a Disclosure Statement in support of Third Amended Joint Chapter 11 Plan of Reorganization dated April 16, 2024. The Plan provides for the financial restructuring of the Diocese and the settlement of all, or substantially all, Claims against the Diocese, including, without limitation, the settlement of all Abuse Claims against the Diocese and the Participating Parties. The Plan (i) provides for payment in full of all Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, Professional Fee Claims, and U.S. Trustee Fee Claims, (ii) modifies the rights of holders of certain Allowed Secured Claims in accordance with section 1123(b)(5) of the Bankruptcy Code, (iii) leaves unimpaired any PassThrough Claims, (iv) provides deferred payments equal to the full Allowed amount of any General Unsecured Claims, and (v) establishes the Abuse Claims Settlement Fund to be held by the Trust to compensate holders of Abuse Claims. Inbound Contribution Claims are disallowed and extinguished pursuant to the Plan. The Plan provides that funding for the Trust and the Abuse Claims Fund will be provided from, among other potential sources of recovery, a monetary contribution by the Diocese and other Participating Parties in the aggregate amount of up to $100,000,000, which may include up to $15 million to be evidenced by the DOS Trust Note (the "Catholic Family Contribution"). The Diocese anticipates that it will fund approximately half of the Catholic Family Contribution, with the remaining portion to be funded by the other Participating Parties. The Plan also provides for the assignment of certain Insurance Claims to the Trust. Survivors of Abuse are the focal point of the Plan. The tragedy of the Abuse that was inflicted in the past by certain priests or others purporting to do the missionary work of the Roman Catholic Church is impossible to overstate. Instead of fulfilling this mission, such perpetrators inflicted harm and suffering. The Abuse is inexcusable. It not only deeply impacted the survivors, but it also affected the faithful and the community that the Diocese serves. Class 5 Claims include all Filed Abuse Claims. More than 411 Abuse Claims have been asserted against the Diocese and the Participating Parties through proofs of claim filed in the Chapter 11 Case and/or through the commencement of Abuse Actions in other courts. * The Plan provides for the establishment of the Trust to fund Distributions to Class 5 Claimants. Distributions from the Trust shall be made to Class 5 Claimants on a fair and equitable basis, pursuant to and in accordance with Section 4.6 of the Plan the Trust Agreement, and the Allocation Protocol, which shall represent the sole recovery available to Class 5 Claimants in respect to any obligation owed by the Protected Parties. Distributions to Class 5 Claimants from the Trust do not impact in any way any Class 5 Claims to the extent such Class 5 Claims implicate any Non-Settling Insurer Policy. * As of the Effective Date of the Plan, the liability of Protected Parties for all Class 5 Claims shall be fully assumed by the Trust, without any further order from the Bankruptcy Court or further action from any party, and pursuant to the Channeling Injunction set forth in Section 12.3 of the Plan. All Allowed Class 5 Claims shall be satisfied solely from the Trust as set forth in the Plan, the Trust Agreement, and the Allocation Protocol; provided, however, such assumption of Class 5 Claims shall not prevent Litigation Claimants from asserting Litigation Claims to the extent provided for herein. * The Non-Settling Insurers remain fully liable for their obligations related in any way to the Class 5 Claims, and their obligations are not reduced by the Diocese being in bankruptcy or by the Trust Distributions Class 5 Claimants receive, or are entitled to receive, based on the Plan, Trust Agreement, or Allocation Protocol. For the avoidance of doubt, (i) determinations by the Abuse Claims Reviewer and/or any distributions entitled to be received from the Trust shall not constitute a determination of the Diocese's or any Participating Party's liability or damages for Class 5 Claims; and (ii) under no circumstances shall the Abuse Claims Reviewer's review of a Class 5 Claim affect, or be construed to affect, the rights of a Non Settling Insurer. Like in the prior iteration of the Plan, the Reorganized Diocese shall pay each holder of an Allowed General Unsecured Claim, Cash in two installments each equal to 50% of the Allowed amount of such General Unsecured Claim with the first payment to occur on, or as soon as reasonably practicable after the later of (a) the Effective Date, and (b) the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim, and the second payment to occur on, or as soon as reasonably practicable after the date that is six months after the date of the first payment. All Administrative Claims, Priority Tax Claims, Non-Tax Priority Claims, General Unsecured Claims, and Pass-Through Claims will be paid by the Diocese or the Reorganized Diocese. All Abuse Claims will be paid solely from the Trust to be established for the purpose of receiving, liquidating, and distributing Trust Assets in accordance with the Plan and the Allocation Protocol, and the Trust Agreement. A full-text copy of the Disclosure Statement dated April 16, 2024 is available at https://urlcurt.com/u?l=lvQGgU from PacerMonitor.com at no charge. Counsel to The Roman Catholic: Stephen A. Donato, Esq. Charles J. Sullivan, Esq. Grayson T. Walter, Esq. BOND, SCHOENECK & KING, PLLC One Lincoln Center Syracuse, NY 13202-1355 Tel: (315) 218-8000 Fax: (315) 218-8100 E-mail: donatos@bsk.com sullivc@bsk.com walterg@bsk.com About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York --http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable, humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. E-STONE USA: Seeks to Extend Plan Exclusivity to June 5 ------------------------------------------------------- E-Stone USA Corporation and affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 25 and August 26, 2024, respectively. As shared by Troubled Company Reporter, the Debtors submitted the Joint Disclosure Statement and Amended Joint Plan of Reorganization pursuant to which holders of Allowed General Unsecured Claims are grouped in Class 4. Class 4A consists of all Allowed General Unsecured Claims against E-Stone not otherwise classified in the Plan. Within ten days after the Effective Date, E-Stone shall make a lump sum payment of $50,000.00 to Holders of Allowed Unsecured Claims whom shall receive their Pro Rata Share of such distribution in full satisfaction of such Allowed Unsecured Claims. Class 4A is Impaired. Class 4B consists of all Allowed General Unsecured Claims against Rocksolid Inc. not otherwise classified in the Plan. Within ten days after the Effective Date, Rocksolid Inc. shall make a lump sum payment of $45,000.00 to Holders of Allowed Unsecured Claims whom shall receive their Pro Rata Share of such distribution in full satisfaction of such Allowed Unsecured Claims. Class 4B is Impaired. Class 4C consists of all Allowed General Unsecured Claims against Rocksolid LLC not otherwise classified in the Plan. Within ten days after the Effective Date, Rocksolid LLC shall make a lump sum payment of $5,000.00 to Holders of Allowed Unsecured Claims whom shall receive their Pro Rata Share of such distribution in full satisfaction of such Allowed Unsecured Claims. Class 4C is Impaired. Cause exists to extend the exclusivity period to file a plan and disclosure statement as well as the exclusivity periods within which only the Debtors may file and solicit acceptances of a plan. A full-text copy of the Joint Disclosure Statement dated February 26, 2024 is available at https://urlcurt.com/u?l=x01RIe from PacerMonitor.com at no charge. Attorney for the Debtors: Edward J. Peterson, Esq. JOHNSON POPE BOKOR RUPPEL & BURNS, LLP 401 E. Jackson Street, Ste. 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Email: epeterson@jpfirm.com About E-Stone USA Corporation E-Stone USA Corporation and affiliates specialize in the manufacture and distribution of marble aggregate construction products and related materials. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20805) on Dec. 28, 2023. In the petition signed by Ilaria Di Landro, chief financial officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Peter D. Russin oversees the case. Edward J. Peterson, Esq, at Johnson, Pope, Bokor, Ruppel & Burns, LLP, represents the Debtor as legal counsel. ELENAROSE CAPITAL: Plan Exclusivity Period Extended to June 17 -------------------------------------------------------------- Judge Andrea K. McCord of the U.S. Bankruptcy Court for the Southern District of Indiana extended ElenaRose Capital LLC and affiliates' exclusive period to file a plan of reorganization to June 17, 2024. As shared by Troubled Company Reporter, cause exists to extend the exclusivity period in this case based on, among other things, Debtors ongoing and continuing efforts to reach a global resolution with its secured creditors prior to filing a plan. Specifically, the Debtors filed a Motion to Compromise, a Motion to Sell, and a Motion to Assume (collectively, the "Resolution Motions"), which should have resolved Debtors' disputes with its secured creditors. Following the entry of the Orders, the Asset Sale was scheduled to take place on April 1, 2024 but did not close on the agreed closing date. Based on recent discussions with Debtors' primary secured creditors (Peapack Capital Corporation and KTB Equity, Inc.), Debtors have determined that they will agree to permit the buyer in the Asset Sale, additional time to determine if it will close the sale, but Debtors also need to focus on operating the business moving forward and formulate a plan of reorganization. Counsel to the Debtors: Weston E. Overturf, Esq. Anthony T. Carreri, Esq. KROGER GARDIS & REGAS, LLP 111 Monument Cir # 900 Indianapolis, IN 46204 Phone: (317) 777-7439 Email: woverturf@kgrlaw.com About ElenaRose Capital ElenaRose Capital LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-70665-AKM-11) on Sept. 8, 2023. In the petition signed by Louis Capolino, president/manager, the Debtor disclosed up to $50,000 in assets and up to $10 million. Judge Andrea K. McCord oversees the case. Weston E. Overturf, Esq., at Kroger, Gardis & Regas, LLP, is the Debtor as legal counsel. EMRLD BORROWER: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed EMRLD Borrower LP's (dba Copeland) Long-Term Issuer Default Rating (IDR) at 'BB', and ABL revolver at 'BBB-'/'RR1' and senior secured notes and term loans at 'BB+'/'RR2'. The Rating Outlook for IDR is Stable. Fitch has also assigned a Long-Term IDR of 'BB'/Stable Outlook to Emerald JV Holdings LP, the financial statements filer. Copeland's credit profile is supported by its leading market position in HVACR compressors, with a scale and cash flow profile comparable to 'BBB' category peers. The ratings are mainly constrained by its financial profile, with EBITDA leverage of above 4x following the acquisition by a Blackstone-led consortium. KEY RATING DRIVERS Large Scale, Market Leader: Copeland's credit profile is underpinned by its strong market position and large operating scale, with annual revenues of around $5 billion and EBITDA of more than $1 billion. The company is the clear market leader in HVACR compressors and related solutions, with a well-recognized brand, technological leadership and a global presence. Compressors are a mission critical component of HVAC systems, consuming ~80% of system power but accounting for just a small portion of overall HVAC unit cost. Stable Demand, Secular Tailwinds: Copeland has a long track record of resilient operating performance through economic cycles. Its revenues are supported by a large global installed base and non-discretionary demand, with 80% of revenues tied to replacement and aftermarket sales. At the same time, the company benefits from secular growth drivers from an increased focus on sustainability and energy efficiency, particularly in Europe where regulatory changes are likely to accelerate the adoption of hydronic heat pumps in lieu of boilers. Strong Profitability: Copeland's strong and stable margin profile reflects its technological leadership, market position and pricing power. The company generates EBITDA margins in the low-to-mid-twenties and pre-distribution FCF margins in the high single-digits to low teens. This is strong, even compared to investment-grade peers, and gives the company significant financial flexibility. The company has undergone some restructuring initiatives in recent years and management has identified additional cost savings opportunities, with potential to further improve EBITDA margins to high twenties. Improving Leverage Metrics Forecasted: Copeland's credit profile is mainly constrained by elevated post-acquisition leverage in the near term. EBITDA Leverage was 4.6x at end-fiscal 2023 and is expected to remain above 4.0x through end-fiscal 2025, which is high compared to some 'BB'-rated peers. This is mitigated by Copeland's earnings stability and strong operating cash flows, which gives the company capacity to reduce EBITDA leverage to below 4x in the next two to three years. Incentives to Prioritize Deleveraging: Copeland is 60% owned by private equity and does not have a stated leverage target. However, Fitch believes that management is incentivized to prioritize debt reduction over equity distributions in the near term, in order to facilitate the medium-term target of an IPO. Emerson, the seller, retains a significant minority stake (40%), which Fitch views as a credit positive. The JV agreement gives Emerson significant consent rights over decisions such as large acquisitions, debt incurrences above 4x, and distributions to shareholders. Management does not expect large scale acquisitions in the near-term, though small bolt-on deals are possible. PIK Instruments Treated as Equity: Fitch treats the PIK-only instruments held by Blackstone and Emerson as equity in accordance with Fitch's criteria for rating Holdco PIK Shareholder Loans. Both securities are issued outside of the restricted group, subordinated to third-party debt, and are PIK-only (paid-in-kind) with no cash payment. Both securities have longer-dated final maturity compared to third-party debt. DERIVATION SUMMARY Copeland's credit profile is supported by its leading market position in the HVAC compressor market, large operating scale, stable demand driven by replacement and aftermarket sales, and strong free cash flow generation. Its business profile is comparable with low-investment-grade peers such as Carrier (BBB/Stable), Regal Rexnord (BBB-/Stable), and Vontier (BBB-/Stable). However, Copeland will have higher leverage, with projected EBITDA Leverage of mid/low-4x through FYE2025. There are few close peers in the 'BB' category. Compared to WESCO (BB+/Stable), a distributor of electrical products, Copeland has comparable EBITDA scale, better margins and cash flow stability by slightly higher leverage in the near-term. The IDRs for EMRLD Borrower LP and Emerald JV Holdings L.P. are assessed on a consolidated basis, using the strong subsidiary/weak parent approach and open access and control factors. The assessment is based on the parent and subsidiaries operating as a single enterprise with strong legal and operational ties. KEY ASSUMPTIONS Revenues: Flat revenues in fiscal 2024, followed by 3% revenue growth p.a. from fiscal 2025 onwards. EBITDA Margins to remain stable at around 25%. Capex: Capex will be temporarily higher in 2024-2025, driven by new manufacturing facilities in lower cost locations and stabilize at around 4% of revenues thereafter. Interest Rates: SOFR assumed to be ~5% in 2025-2027, which translates to an effective interest rate of 7%-7.3% through the forecast period RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Conservative capital allocation and financial policy that lead to gross debt reduction and EBITDA Leverage sustained below 3.75x; - Demonstrated progress towards executing cost savings and growth initiatives. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Opportunistic or aggressive financial policy that leads to EBITDA Leverage sustained above 4.25x; - Shifting ownership and governance structure which results in a change in capital allocation priorities; - Operational challenges or execution problems that materially change the investment thesis for shareholders. LIQUIDITY AND DEBT STRUCTURE Copeland's debt structure mainly consists of a $700 million ABL revolver that is undrawn as of March 31, 2024, and $5.5 billion in secured debt that matures in 2028-2030. The company's liquidity profile is adequate, with no near-term debt maturities and capex needs that are well-covered by operating cash flows. Fitch treats the PIK-only instruments held by Emerson and the sponsors as non-debt, in accordance with the Corporates Criteria. ISSUER PROFILE EMRLD Borrower LP (d.b.a. Copeland) is a leading provider of compression products, electronics, software and solutions across many applications within Heating, Ventilation, Air Conditioning and Refrigeration (HVACR), other heating applications, food service, retail, transportation, and healthcare/life sciences. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Emerald JV Holdings L.P. LT IDR BB New Rating EMRLD Borrower LP LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ senior secured LT BBB- Affirmed RR1 BBB- ERCOLE USA: Fine-Tunes Plan Documents ------------------------------------- Ercole USA LLC, d/b/a FBA Fortified and Ballistic Security and Custom Security Doors submitted a First Amended Subchapter V Plan of Reorganization dated April 16, 2024. Founded in 2010 and incorporated in 2011, the Debtor's business initially operated as a lucrative side venture, importing and selling custom doors from a trusted manufacturing partner in Italy. The Debtors has filed three omnibus claim objections, seeking to have the Court disallow the unfiled disputed claims. Subsequent to that, several of those parties filed claims as noted and separate objections are being filed to those claims. Furthermore, several other creditors who were listed as disputed on the Schedules failed to file timely proofs of claim. Those parties will not be receiving any dividend, and will not be allowed any vote with respect to Debtor's plan. The confirmation order will reflect that their claims are stricken. The Amended Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class III consists of General Unsecured Creditors. Unsecured claims, are estimated to be approximately $1,320,000, but is subject to change as the various claims objections pending in this care are adjudicated. Unsecured creditors shall be paid an unsecured dividend and shall receive a collective dividend of $3000 per quarter for the first four quarters and $4500 per quarter for the remaining 16 calendar quarters, and commencing with the first payment on the first day of the first calendar quarter following the effective date of the plan. Based on the total proposed dividend, and the anticipated collective body of allowed claims, the unsecured creditors will be receiving an estimated dividend of approximately 6.5%. * The sole equity interest holder of the Debtor is David Vranicar, who will retain his interest and is unimpaired. The Debtor has the capacity to apply its net disposable income for 5 years toward a payment to its creditors, or if necessary, to the supervision and control of the Subchapter V trustee for execution of the plan. A full-text copy of the Amended Plan dated April 16, 2024 is available at https://urlcurt.com/u?l=P8kflK from PacerMonitor.com at no charge. About Ercole USA LLC Ercole USA LLC, d/b/a FBS Fortified and Ballistic Security and Custom Security Doors, offers security doors and windows. Ercole USA LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-10853) on Jan. 30, 2024. In the petition signed by David Vranicar as managing director, the Debtor estimated $92,428 in assets and $1,513,380 in liabilities. Judge Mindy A Mora presides over the case. Julianne Frank, Esq. at JULIANNE FRANK, ATTY AT LAW, is the Debtor's counsel. EYECARE PARTNERS: $250MM Bank Debt Trades at 53% Discount --------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 47 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $250 million Term loan facility is scheduled to mature on November 15, 2028. About $246.3 million of the loan is withdrawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $300MM Bank Debt Trades at 73% Discount --------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 27.5 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $300 million Term loan facility is scheduled to mature on November 15, 2029. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $440MM Bank Debt Trades at 53% Discount --------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 47.4 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $440 million Term loan facility is scheduled to mature on November 15, 2028. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $750MM Bank Debt Trades at 52% Discount --------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 48 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $750 million Term loan facility is scheduled to mature on February 20, 2027. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. FRANCISCAN FRIARS: Plan Exclusivity Period Extended to October 26 ----------------------------------------------------------------- Judge William J. Lafferty of the U.S. Bankruptcy Court for the Northern District of California extended Franciscan Friars of California, Inc.'s ("FFCI") exclusive periods to file a plan of reorganization and disclosure statement, and obtain acceptance thereof to October 26 and December 26, 2024, respectively. As shared by Troubled Company Reporter, the Debtor explains that the case is complex. Among other complicating factors, there are 94 pending sexual abuse cases and approximately 800 creditors. There are also several insurance companies and non-debtors that may be called upon to contribute to a plan of reorganization. Negotiation with these creditors, insurance companies, and others will be complex and will require significant time. In the meantime, negotiations have begun and have progressed significantly. The Debtor asserts that it is making good progress toward a reorganization. Specifically, the Debtor has successfully brought and prosecuted its first day motions, its motion for interim compensation of professionals, its motion regarding ordinary course professionals, its applications and motion to employ professionals, its motion to approve a settlement agreement with James Merz, and its first monthly operating report, among other things. The Debtor further asserts that the availability of insurance proceeds indicates reasonable prospects for a viable plan of reorganization. The bankruptcies of virtually every religious organization subject to sexual abuse claims has proceeded the same way: Following extensive negotiations, insurance companies and non-debtors have contributed to a fund to pay survivors and creditors. Franciscan Friars of California, Inc. is represented by: Robert G. Harris, Esq. Julie H. Rome-Banks, Esq. Wendy W. Smith, Esq. Reno Fernandez, Esq. BINDER MALTER HARRIS & ROME-BANKS LLP 2775 Park Avenue Santa Clara, CA 95050 Tel: (408) 295-1700 Fax: (408) 295-1531 Email: rob@bindermalter.com julie@bindermalter.com wendy@bindermalter.com reno@bindermalter.com About Franciscan Friars of California Franciscan Friars of California, Inc. is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on Dec. 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. GOLF CARTS: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Golf Carts of Cypress LLC 16518 House Hahl Road Cypress, TX 77433 Case No.: 24-31911 Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Jeffrey P. Norman Debtor's Counsel: Jason P. Kathman, Esq. SPENCER FANE 5700 Granite Parkway Suite 650 Plano, TX 75024 Tel: 972-324-0300 Email: jkathman@spencerfane.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Federico D. Nell as sole member. A copy of the Debtor's list of 20 largest unsecured creditors is now available for download. Follow this link to get a copy today https://www.pacermonitor.com. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7COWJ4I/Golf_Carts_of_Cypress_LLC__txsbke-24-31911__0001.0.pdf?mcid=tGE4TAMA GREAT LAKES: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings affirmed Great Lakes Dredge & Dock Corporation's ("Great Lakes") B2 Corporate Family Rating, its B2-PD probability of default rating. The rating on the company's senior unsecured notes was downgraded to Caa1 from B3. The speculative grade liquidity ("SGL") rating of SGL-3 is unchanged. The rating outlook was revised to stable from negative. Governance considerations under the Moody's ESG framework, including financial strategy and risk management, were a key driver of the rating action. RATINGS RATIONALE The revision of ratings outlook to stable from negative reflects the following: (1) the company's recently completed issuance of a new $100 million senior secured second lien term loan (unrated), along with an option to draw on an additional $50 million delayed draw term loan (unrated), improves its liquidity. The company is expected to generate significant negative free cash flow in 2024, mainly resulting from higher capex associated with its newbuild vessels. As such, the financing transaction helps bridge some of the liquidity gap. (2) The company's backlog of work has improved recently based on an increase in the pace of new awards. Great Lakes had a domestic dredging backlog of $1.04 billion at year-end 2023, which is a significant increase from $368 million at year-end 2022, and is also higher than levels seen over the past few years, in the $550-600 million range, driven by a few sizable LNG awards. (3) Increased backlog of work has also gradually translated into improved earnings in recent periods. Great Lakes' Moody's adjusted EBITDA improved to $103 million in 2023, from the trough levels of $49 million in 2022. Moody's expects further improvement in 2024 as the company executes on its strong backlog. The affirmation of the B2 CFR reflects the following: (1) While the completed financing and option for additional draw improves the company's liquidity, it levers the company's balance sheet with expensive debt. While the company continues to pursue Title XI financing for the vessels which are currently under construction and designed for offshore wind construction with Maritime Administration (MARAD) – which can help bring down interest cost – the timeline and likelihood of approval remain uncertain. (2) Moody's expects free cash flow to be negative over the next 12-18 months due to elevated capex levels, even as the company's strong backlog gradually translates into improved earnings. (3) Moody's adjusted leverage is expected to remain around mid-5.0x over the next 12-18 months, which is within the range for a B rating. The downgrade of the senior unsecured notes rating to Caa1 from B3 reflects its new relative position in the debt capital structure following the issuance of additional senior secured debt – the new senior secured second lien term loan (unrated). Great Lakes' B2 CFR is supported by its strong market position as the largest dredging provider in the US and Moody's expectation that its operating performance and margins will recover following continued investments in new and existing vessels. Its credit profile also incorporates the high barriers to entry – created by the Jones Act and the sizeable amount of capital required to enter the dredging business – and, visibility into future revenues via its backlog and funding from Federal government agencies and the Harbor Maintenance Trust Fund. The rating also takes into account the potential to diversify its revenues by participating in the development of US offshore wind industry, following delivery of its subsea rock installation newbuild vessel in 2025. The company's credit profile is constrained by its participation in a highly cyclical industry that can lead to volatile earnings and muted cash flows when the bid market or project win rates decline – as evidenced in 2021 and 2022 – as well as, high fixed costs and high capital intensity of its business – with regards to maintaining and upgrading its ageing fleet, or to support growth. It also reflects significant customer concentration and the susceptibility to external factors beyond management control including weather conditions, project delays, changes in the shipping industry and government funding priorities. Great Lakes is reliant on the domestic dredging sector and US Federal government agencies which account for about 95% and 75%, respectively of its annual revenues. Great Lakes' SGL-3 rating reflects adequate liquidity over the next 12-18 months. The company had $23 million of cash at the end of 2023. Moody's expects the company to generate negative free cash flow in 2024 as a result of elevated capex levels, the impact of which is somewhat offset by the issuance of the $100 million second lien term loan (unrated) as well as the expected draw on the $50 million delayed draw term loan (unrated) later this year. The company had $122 million of availability under its $300 million ABL facility at year-end 2023, with $90 million drawn and around $50 million utilized for LCs. Moody's expects revolver utilization to remain elevated over the next 12-18 months as a result of weak free cash flow generation. While the company continues to pursue Title XI financing with MARAD, there remains uncertainty around timing and likelihood. If successful however, proceeds are likely to be used to repay higher cost second lien debt. The stable outlook reflects expectations for steadily improving financial performance as the company executes on its strong backlog, successful and on-time delivery of its under-construction vessels, and sufficient liquidity to support operations and the remainder of newbuild payments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if the company improves business visibility, improves its earnings so that adjusted leverage ratio (Debt/EBITDA) is sustained below 3.0x, and interest coverage (EBITA/Interest) above 3.0x. Upgrade also requires consistent free cash flow generation and a good liquidity profile. Moody's could downgrade the ratings if earnings and liquidity were to deteriorate materially. Financial metrics, such as its adjusted leverage ratio sustained above 5.5x and interest coverage below 1.5x could also result in negative ratings action. Great Lakes Dredge & Dock Corporation, headquartered in Houston, TX, is the largest provider of dredging services in the United States, with a small portion of its revenues generated overseas. US Federal government agencies are its main customer and account for about 75% of its annual revenues. The company generated $590 million in revenues in 2023. The principal methodology used in these ratings was Construction published in September 2021. GWA LLC: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: GWA, LLC 400 Capital Boulevard, Suite 201 Rocky Hill, CT 06067 Case No.: 24-10744 Business Description: The Debtor is engaged in financial investment activities. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Debtor's Counsel: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Email: tklestadt@klestadt.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $50 million to $100 million The petition was signed by George Weiss as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AJU7L4Q/GWA_LLC__nysbke-24-10744__0001.0.pdf?mcid=tGE4TAMA HAMILTON ELITE: Operating Revenues & Cash Infusion to Fund Plan --------------------------------------------------------------- Hamilton Elite Properties LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Plan of Reorganization. The Debtor is a limited liability company. Since 2016, the Debtor has been in the business of managing and leasing residential real estate. The Debtor is solely owned by Reginald Hamilton, a city of Milwaukee resident, who will serve as trustee and continue to operate the business after confirmation. Reginald Hamilton has controlled the properties continuously as sole member of the Limited Liability Company Debtor. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $42,800.00 annually. The final Plan payment is expected to be paid on June 10, 2027. Projections include anticipated rent increases which will provide additional discretionary income as well as to better reflect current marketplace rental costs. The Estate consists of 4 properties with a total of 8 tenants, all of which are current on rental payments except for one. Projections assume that all units will be occupied and current on rent payments. Certain major repairs have recently been completed with no further major repairs being anticipated, resulting in the assumption of typical future repair and maintenance costs. This Plan of Reorganization proposes to pay creditors of the Debtor from cash proceeds received from leasing the properties and future loan proceeds, if obtained. Class 3 consists of nonpriority unsecured creditors. To be paid on a pro rata basis on the pool of all unsecured claims from retained earnings, quarterly, beginning on the first quarter following the later of the effective date of this Plan as defined in Article VI, or the date on which such claim is allowed by a final nonappealable order. This Class is impaired. The allowed unsecured claims total $6,000.00. Class 4 consists of equity security holders of the Debtor. Class holders will retain shares without payment. This Class is unimpaired. Payments and distributions under the Plan will be funded by monthly operating revenues and cash infusion by Debtor sole-member of $1000 upon Plan confirmation. A full-text copy of the Plan of Reorganization dated April 16, 2024 is available at https://urlcurt.com/u?l=pIJGhJ from PacerMonitor.com at no charge. Attorneys for the Debtor: Joseph W. Seifert, Esq. SEIFERT & ASSOCIATES 757 N. Broadway, Ste 300 Milwaukee, WI 53202 Phone: (414) 273-9900 Email: seifert38@gmail.com About Hamilton Elite Properties LLC Hamilton Elite Properties LLC has been in the business of managing and leasing residential real estate. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 24-20348) on Jan. 25, 2024, listing $100,001 to $500,000 in both assets and liabilities. Joseph W. Seifert, Esq. at Seifert Law Office represents the Debtor as 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 82.6 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $372 million Term loan facility is scheduled to mature on March 29, 2025. About $342 million of the loan is withdrawn 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. JOANN INC: Court Approves Prepackaged Reorganization Plan --------------------------------------------------------- JOANN Inc., the nation's category leader in sewing and fabrics with one of the largest arts and crafts offerings, on April 25 disclosed that the U.S. Bankruptcy Court for the District of Delaware has confirmed the Company's Prepackaged Joint Plan of Reorganization. JOANN expects to successfully complete its financial restructuring and emerge from the court-supervised process in the coming days. As reiterated throughout this expedited process, the Company's more than 800 store locations remain open and JOANN.com continues to offer supplies for any creative need, and the Company was able to preserve the jobs of its more than 18,000 Team Members in connection with this process. Chris DiTullio, Chief Customer Officer and co-lead of the Interim Office of the CEO, said, "We are pleased to have reached this significant milestone less than 40 days after initiating our court-supervised process. We could not have reached this point without the unwavering dedication of our Team Members, the continued support of our industry partners and landlords, and the tremendous loyalty and enthusiasm of our customers. JOANN will move forward with a strengthened financial foundation, allowing us to invest in customer experience enhancements, our best-in-class product assortments, and our more than 18,000 Team Members nationwide." Scott Sekella, JOANN's Chief Financial Officer and co-lead of the Interim Office of the CEO, added, "We are grateful to our financial and industry stakeholders, whose support enabled us to continue operating smoothly and move through this process on an expedited basis. Their investment not only provides us with additional financial resources, but also reflects their confidence in our Team Members and in our business to seize on the opportunities ahead. With a strengthened balance sheet and improved liquidity, we are better positioned to work collaboratively with our vendors, business partners and landlords, and ultimately to inspire the creativity in our customers that helps them find their happy place." In connection with emergence, JOANN will be a private company owned by certain of the Company's financial stakeholders and industry parties. Additional information regarding JOANN's financial restructuring is available at JOANNforward.com. Court filings and information regarding the claims process are available at https://cases.ra.kroll.com/Joann, by calling the Company's claims agent, Kroll, at 844-488-7837 (toll-free in the U.S.) or 646-777-2384 (for international calls), or by sending an email to joanninfo@ra.kroll.com. Additional information can also be found in a Current Report on Form 8-K that the Company will file with the Securities and Exchange Commission at www.sec.gov. Advisors Latham & Watkins LLP is serving as legal counsel to JOANN, with Houlihan Lokey serving as financial advisor and Alvarez & Marsal North America, LLC serving as restructuring advisor. Gibson Dunn & Crutcher LLP is serving as legal counsel to certain of the Company's term lenders, with Lazard serving as financial advisor. About Joann Inc. JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. On March 18, 2024, JOANN Inc. and 9 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10418). JOANN listed $2,257,700,000 in assets against $2,440,700,000 in liabilities as of Oct. 28, 2023. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Latham & Watkins, LLP as legal counsel; Houlihan Lokey Capital, Inc. as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Kroll Restructuring Administration, LLC is the noticing agent. K3B ENTERPRISES: Unsecured Claims, If Any, to Get 100% ------------------------------------------------------ K3B Enterprises, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan of Reorganization dated April 18, 2024. The Debtor, through its Managing Member, Behnam Ghasseminejad, will continue to manage its financial affairs. This is a reorganizing plan. In other words, the Proponent seeks to accomplish payments under the Plan using income from its owner and Managing Member, from refinancing of the claims secured against that property commonly known as 9996 Sunset Boulevard, Beverly Hills, CA 90210 ("Residential Property"), whose title is held by the Debtor as required by Preferred Bank, the original lender of the two purchase money loans used to acquire it, from its rental at $100,000 per month or more or from its sale, if necessary. Of course, the funding of this plan would also be enhanced by damages recovered from Sunwest Bank and conspirators in ongoing litigation, if any. The Debtor does not generate income. For years, Behnam Ghasseminejad funded all of the debtor's liabilities, including mortgage payments. The Debtor's estimated projected income is the net income of Mr. Ghasseminejad's business net of his household expenses. Class 5 consists of all Allowed General Unsecured Claims, if any. The Debtor will pay to holders of allowed general unsecured claims 100% of the amount of such allowed general unsecured claims in equal quarterly installments of 5 years (that is 20 quarters), which, if not modified by agreement, shall commence under the Plan on the effective date and continue to the end of the fiscal quarter following the effective date. This Class is impaired. Class 6 consists of all General Unsecured Claims in an amount of $500 or less or as to which its holder elects to receive $500 in full satisfaction thereof ("Convenience Class"). The Debtor will pay 100% of such claims on the effective date. This Class is impaired. All of the Debtor's equity vests in the Debtor's owner, Behnam Ghasseminejad upon plan confirmation. The Debtor shall receive its discharge upon completion of this Plan or as otherwise provided by law. The Plan will be funded using income of its owner and Managing Member, from refinancing of the claims secured against Residential Property, whose title is held by the Debtor as required by Preferred Bank, the original lender of the two purchase money loans used to acquire it, from its rental at $100,000 per month or more or from its sale, if necessary. A full-text copy of the Disclosure Statement dated April 18, 2024 is available at https://urlcurt.com/u?l=wcbQfW from PacerMonitor.com at no charge. Proposed Insolvency Counsel for the Debtor: Giovanni Orantes, Esq. The Orantes Law Firm, PC 3435 Wilshire Blvd., Suite 2920 Los Angeles, CA 90010 Tel: (213) 389-4362 Fax: (877) 789-5776 Email: go@gobklaw.com About K3b Enterprises K3B Enterprises, LLC, a company in Encino, Calif., filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 24-10406) on March 14, 2024, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Behnam Ghassemine Jad, managing member, signed the petition. Judge Victoria S. Kaufman oversees the case. Giovanni Orantes, Esq., at The Orantes Law Firm, A.P.C. serves as the Debtor's bankruptcy counsel. LIFEBACK LAW FIRM: Case Summary & 10 Unsecured Creditors -------------------------------------------------------- Debtor: LifeBack Law Firm, P.A. 13 7th Avenue South Saint Cloud, MN 56301 Case No.: 24-60191 Business Description: LifeBack Law Firm practices within Minnesota providing legal counsel for Chapter 7 & 13 bankruptcy. Chapter 11 Petition Date: April 28, 2024 Court: United States Bankruptcy Court District of Minnesota Judge: Hon. Michael E. Ridgway Debtor's Counsel: John D. Lamey III, Esq. LAMEY LAW FIRM, P.A. 980 Inwood Ave N Oakdale, MN 55128-7094 Tel: 651-209-3550 Email: jlamey@lameylaw.com Total Assets: $1,181,944 Total Liabilities: $1,789,537 The petition was signed by Wesley W. Scott 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/OJFRNXY/LifeBack_Law_Firm_PA__mnbke-24-60191__0001.0.pdf?mcid=tGE4TAMA LTR INTERMEDIATE: Moody's Affirms B3 CFR & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings affirmed the ratings of LTR Intermediate Holdings, Inc. (Liberty Tire or LTR), including the B3 corporate family rating, B3-PD probability of default rating and the B3 rating on the company's senior secured first lien bank credit facilities. Moody's also changed the outlook to stable from negative. The ratings affirmation and outlook change to stable reflect Moody's expectation that moderate earnings growth will drive an improvement in credit metrics through 2024. Further, Moody's expects that leverage will remain high but fall toward 6x. Improved operating results will be supported by higher pricing on steady inbound tire collections, initiatives executed to improve yields (quality) and volumes for beneficial reuse products and realization of synergies from recent acquisitions. Moody's also expects the company to maintain adequate liquidity. RATINGS RATIONALE The ratings reflect Liberty Tire's high financial leverage (above 6.5x) and modest scale with a niche focus of scrap tire collection and recycling. Additionally, matching used tire (inbound) collections with profitable and sustainable demand for recycled (outbound) end products to generate returns will remain challenging. Demand for outbound products, including sales of graded used tires and beneficial reuse end-products such as crumb rubber and mulch, is volatile and correlates to the economic cycle. These products also compete with other low-priced products. Top-line growth has benefited from steady inbound collections, higher sales of graded used tires in a high inflation environment and acquisitions. However, the pace of revenue growth will face pressure as the company's big box retail customers for beneficial reuse products face slowing consumer demand amid high interest rates. Moody's believes Liberty Tire will remain focused on initiatives around strengthening pricing for inbound contracts at volume levels that drive profitability and providing higher value outbound products. The company is well-positioned in its market, with a national footprint, long-standing customers and steady scrap-tire collection that provides good revenue visibility at modest margins. Conversely, recycled outbound products rely on cyclical end-market applications that generate lower margins. Continued efforts to increase higher value recycled products of crumb rubber and mulch, supported by recent facility investments to improve production capacity, efficiency and quality, will gradually improve outbound earnings. Moody's expects liquidity to be adequate, with nominal cash on hand and free cash flow near breakeven to modestly positive over the next 12-18 months balanced by revolver availability, which was $29 million at December 31, 2023. The company also had about $12 million of remaining capacity to borrow on its $65 million A/R securitization facility at the same date and subsequently increased the size to $75 million during Q1 2024. Moody's expects free cash flow to improve progressively into 2025 driven by higher earnings, moderating capital expenditures and continued focus on improving working capital. The $60 million revolving facility expires in 2026 and is subject to a springing net leverage covenant threshold of 8x, tested if borrowings exceed 35% of the revolver commitment. Moody's expect Liberty Tire to maintain compliance. The term loan does not have any financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded with deteriorating liquidity or failure to realize anticipated earnings growth and margin expansion, including from weaker performance of outbound operations, inability to increase prices and manage costs efficiently. Debt-to-EBITDA expected to remain above 6x and EBITDA less capex to interest remaining below 1x could also result in a ratings downgrade. Inability to integrate acquisitions successfully or debt financed transactions that weaken the metrics would also pressure the ratings. Ratings could be upgraded with profitable growth, including stronger margins that drive material improvement in earnings, such that debt-to-EBITDA is expected to remain below 5x and EBITDA less capex to interest is sustained above 1.5x. Maintenance of good liquidity, including consistent positive free cash flow and ample availability on the revolving facility would also be a prerequisite to an upgrade. The principal methodology used in these ratings was Environmental Services and Waste Management published in May 2023. LTR Intermediate Holdings, Inc., through its principal subsidiary, Liberty Tire Recycling Holdco, LLC, provides scrap-tire collection and rubber recycling services primarily in the United States and in Canada. Its three primary revenue streams are 1) Inbound Collections, which are fees received for used tire collections, 2) Grade/Used Tires or the resale of road-worthy tires, and 3) Beneficial Reuse (processed outbound products) derived from processing recycled tires into various alternative applications. Revenue was approximately $795 million for the year ended December 31, 2023. MARINER WEALTH: Moody's Affirms 'B1' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings affirmed Mariner Wealth Advisors, LLC's Corporate Family Rating at B1, its senior secured first-lien bank credit facility ratings at Ba3, and probability of default rating at B1-PD. The outlook is stable. RATINGS RATIONALE Mariner's B1 CFR reflects its leading position as a consolidator of wealth advisors, its strong AUM resilience and organic growth rate, and its relatively high financial leverage, a product of its acquisition-driven strategy. The company has relied on a balanced use of debt, sponsored equity, and internally generated cash to support its acquisition strategy and grow its business since its founding in 2006. The Ba3 ratings on Mariner's first-lien loans are supported by Mariner's outstanding second lien term loan due 2029 (unrated), which acts as a loss-absorbing cushion in Mariner's capital structure. Were Mariner to further increase the size of its first lien loan without increasing the size of the second lien, the rating uplift on the first lien loan relative to the CFR could be eroded to the point where the first lien rating would fall back in line with the CFR. Currently Moody's estimates Mariner's gross leverage of 5.9x LTM EBITDA is elevated above the level Moody's might otherwise associate with a company at its rating level after a significant acquisition spree during 2022, which resulted in large cash outlays. Mariner is still digesting the aftereffects of this more than a year later, and is currently focused on reducing expenses and non-revenue producing personnel, even as acquisitions were significantly curtailed during 2023. Moody's note that the company's strong liquidity position, with cash of approximately $225 million per Moody's estimates, provides ratings stability. The company's financial flexibility is supported by sponsor Leonard Green & Partners, L.P. which has contributed equity when needed, such as in 2022. Cash on hand is equivalent to approximately two years of EBITDA. There have been no meaningful dividend distributions to owners, who continue to prioritize investment in the company's growth. Mariner's 2022 acquisition of The Financial Services Network diversified its sources of revenue. Rebranded as Mariner Advisor Network, it added approximately $28 billion to assets under administration and increased the range of services Mariner's existing service platform, Mariner Platform Solutions, provides to support the wealth management practice of non-affiliated RIAs. Mariner currently is active in 96 locations across the United States. The company's strong organic growth, which is in the high single digits given the company's excellent client retention and sales record, could reduce leverage over time, as revenues grow and the company invests in efficiencies that accelerate gains in operating leverage. Moody's expect Mariner will continue to be an active participant in the ongoing consolidation of the wealth advisory industry, but with multiples for quality RIA acquisitions averaging around 11x acquired EBITDA, Moody's do not expect significant M&A over the next year, and deleveraging to occur. Marty Bicknell, a founder of Mariner and its CEO and president, has been instrumental in fashioning the firm's strategic objectives, and he maintains oversight of the firm's critical M&A program. Thus, Mariner is exposed to the "key person" risk that he might be unable to continue in his duties for any reason. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The factors that could lead to a upgrade include: 1) scale (net revenue) exceeding $500 million; 2) steady-state leverage multiple below 3.5x; and 3) pre-tax margins in excess of 15%. Conversely, factors that could lead to a downgrade included 1) scale declining below $200 million; 2) leverage rising on decline in earnings, to exceed 6.0x; 3) breakdown of advisor and client retention metrics; and 4) sustained decline in wealth management fee rates or loss of pricing power. Mariner Wealth Advisors, LLC is a national wealth advisory firm founded in 2006 with $122 billion of assets under management and advisement as of December 31, 2023. Mariner currently is active in 96 locations across the United States. The principal methodology used in these ratings was Asset Managers Methodology published in November 2019. MEDMEN ENTERPRISES: Makes Assignment Into Bankruptcy Under BIA -------------------------------------------------------------- MedMen Enterprises Inc., a cannabis company with subsidiaries operating across the United States, on April 26 disclosed that it made an assignment into bankruptcy pursuant to Canada's Bankruptcy and Insolvency Act on April 24, 2024 and B. Riley Farber Inc. was appointed as the Company's bankruptcy trustee. The Company's Chief Financial Officer, Amit Pandey, resigned effective as of February 13, 2024 and each of the Company's directors resigned effective immediately prior to the commencement of the Bankruptcy Proceedings. Also on April 23, 2024, the Company's wholly owned subsidiary, MM CAN USA, Inc., a California corporation, was placed into receivership in the Los Angeles Superior Court, Santa Monica Division ("LASC") to effectuate an orderly dissolution and liquidation of its California based assets. The Company's current Chief Restructuring Officer formally resigned and is now appointed by LASC as the Receiver of MM CAN USA, Inc. It is contemplated that ancillary receivership proceedings will be sought in those U.S. states where MM CAN USA, Inc. controls or owns assets. As a result of such receivership proceedings, the operations and assets of MedMen's subsidiaries will be dissolved or liquidated pursuant to applicable laws in the United States. The difficult decision to shut down operations and commence the Bankruptcy Proceedings and Receivership Proceedings was made after careful consideration of the current financial condition of the Company and its subsidiaries, their inability to pay their liabilities as they become due and the anticipated enforcement actions of secured creditors. After careful consideration of these factors and in the absence of other available alternatives, the board of directors of the Company determined that it was in the best interests of the Company to proceed with the commencement of the Bankruptcy Proceedings and Receivership Proceedings. Further information regarding the Bankruptcy Proceedings can be obtained from the Bankruptcy Trustee's website at: https://brileyfarber.com/engagements/medmen-enterprises-inc/. Further information regarding the Receivership Proceedings can be obtained from the Receiver at LASCReceiver@mmecontractor.com. MedMen will remain non-compliant with applicable Canadian securities laws and regulations. MedMen's trading on the Canadian Securities Exchange (CSE) has been suspended. It is anticipated that MedMen will ultimately be delisted. About MedMen MedMen is an American cannabis company dedicated to improving life with Cannabis for All. With operating subsidiaries across the United States in California, Nevada, Illinois, Massachusetts, and New York, MedMen is known for its leading MedMen(R) and LuxLyte(R) brands offering cannabis in consumer-preferred product forms for medical and recreational use. MEDTRULY INC: Asset Sale Proceeds to Fund Plan Payments ------------------------------------------------------- Medtruly Inc., filed with the U.S. Bankruptcy Court for the Northern District of California an Amended Plan of Liquidation dated April 16, 2024. The Debtor was formed in May 2021 as a limited liability company and later changed its status to a Delaware corporation in December 2021. The Debtor started with the goal to provide chronic care management services to polychronic adults and seniors. The Debtor's Plan will be a liquidating plan. The Debtor will sell significantly all of the Debtor's assets to Beyond Health Group LLC ("BHG") and make payments to creditors of Debtor's estate based upon the sale of Debtor's assets, any amounts received from continued operations of the Debtor’s assets prior to the sale, and, to the extent applicable, any litigation recoveries. Allowed administrative claims will be paid through the initial cash infusion and possibly over time. The post-confirmation Debtor, Medtruly, Inc., will handle all post-confirmation issues including the filing of any status reports including filing a motion for final decree to close the bankruptcy case and administration of any other claims. There will be $125,000 provided for administrative creditors and then if there is a liquidity event unsecured creditors may receive up to $200,000. To the extent that there are any priority tax claims ultimately allowed, those will be paid in full over 5 years from the Petition Date, plus applicable interest. The funds remaining after payment of allowed administrative claims and any priority tax claim(s) will be paid pro rata to holders of allowed general unsecured claims. Then if there is a possible liquidity event, those funds will be paid to unsecured creditors. The Debtor believes the Plan presents the most advantageous outcome for the Debtor's creditors and, therefore, confirmation of the Plan is in the best interests of the Debtor, its creditors, and its bankruptcy estate ("Estate"). The Debtor has received a valuation of its assets and the value of those assets is significantly less than what is being proposed under the Plan. Furthermore, the Debtor does not believe that there will be any other third party willing to purchase the assets for a higher value. As this is a liquidation plan, no projections have been created for the Debtor. BHG will continue to fund the plan payments through the plan duration based upon the purchase price. Class 2 consists of Priority Unsecured Claims. The Debtor disputes the priority amount set forth in Claim No. 5 and is treating the claim as disputed. No payments will be made on account of the priority portion of Claim No. 5 unless and until it becomes an allowed nonappealable claim. The amount of claim in this Class total $51,807.00. This Class is impaired. Class 3 consists of General Unsecured Claims. Class 3 will be paid pro rata from any future liquidity event as defined in the APA that happens over the 5 years of the Plan. The allowed unsecured claims total $5,832,723. This Class is impaired. On the Effective Date, all existing membership interests in the Debtor will be cancelled, annulled, and extinguished. The paramount goal in any proposed sale of property of the estate is to maximize the proceeds received by the estate. Through the sale $125,000.00 will come in to pay professionals and then if there is a liquidity event than up to $200,000 more in funds will come in to pay creditors. The Debtor believes that without the sale no money would be brought into the estate. BHG and the Debtor have entered into an APA. Pursuant to the APA, the Debtor will sell substantially all of its assets to BHG other than the excluded assets. Pursuant to the APA a Liquidity Event will occur when there is a Change of Control a Direct Listing or an Initial Public Offering. The sale will be commenced as an auction at the Plan Confirmation Hearing on May 30, 2024 and will be subject to overbid pursuant to the procedures herein. A full-text copy of the Amended Plan dated April 16, 2024 is available at https://urlcurt.com/u?l=0Z3Bcl from PacerMonitor.com at no charge. Attorneys for the Debtor: Jeffrey I. Golden, Esq. Beth E. Gaschen, Esq. Ryan W. Beall, Esq. GOLDEN GOODRICH, LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law About MedTruly Inc. MedTruly, Inc. provides a blend of in-person and virtual care aiming to reduce hospital and urgent care visits. It is based in Sunnyvale, Calif. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-51507) on December 27, 2023, with $36,136 in assets and $6,823,740 in liabilities. Russell Anas, chief executive officer and president, signed the mpetition. Jeffrey I. Golden, Esq., at Golden Goodrich, LLP represents the Debtor as legal counsel. MIDWEST PHYSICIAN: $730MM Bank Debt Trades at 27% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Midwest Physician Administrative Services LLC is a borrower were trading in the secondary market around 73.4 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $730 million Term loan facility is scheduled to mature on March 13, 2028. The amount is fully drawn and outstanding. Midwest Physician Administrative Services, LLC (MPAS) -- https://midwestphysicianservices.com/ -- operates as a management services organization. The Company offers quality improvement, case, utilization management, credentialing, provider relations, technology support, analytics, and revenue cycle management services. MULGA, AL: S&P Lowers Utility Revenue Bond Rating to 'BB+' ---------------------------------------------------------- S&P Global Ratings lowered its rating two notches to 'BB+' from 'BBB' on the town of Mulga, Ala.'s combined water and gas utility revenue bonds. The outlook is negative. "The downgrade reflects our view of Mulga's weak risk management, culture, and oversight, including rate covenant violations in fiscals 2022 and 2023 by failing to produce debt service coverage of at least 1.1x and audits within 150 days of fiscal year-end," said S&P Global Ratings credit analyst Valentina Protasenko. "The 2022 audit, as well as prior audits, have been significantly delayed, reducing transparency of material events," she added. The negative outlook reflects S&P's view that the rate adjustments implemented in late calendar 2023 may not be sufficient to produce coverage above 1.1x in fiscal 2024, as required by the bond covenant. Net revenues of the water and gas system secure the bonds. Bond provisions require the town to maintain a minimum of 1.1x debt service coverage (DSC), net revenues that meet the lesser of a three-prong test, and a debt service reserve fund (DSRF). The combined system is located on the outskirts of Birmingham in western Jefferson County and provides service to the town of Mulga as well as to the towns of Sylvan Springs and Maytown, which are not within Mulga's service territory but have a long-standing agreement with Mulga to provide water. S&P said, "We note significant disparity between the economies of Mulga and Sylvan Springs. Sylvan Springs, which makes up most of the utility's customers, benefits from MHHEBI at 98% of the national average, whereas Mulga's stands at just 52.4%. The water system serves 2,050 customers and the gas system serves 1,008 as of fiscal 2023 and we note that the customer count for both systems has been in small yet steady decline in the last four years, consistent with the declining population." Environmental, social, and governance (ESG) credit factors for this change in credit rating and outlook status are: -- Risk management, culture, and oversight -- Transparency and reporting NIC ACQUISITION: $1.03BB Bank Debt Trades at 16% Discount --------------------------------------------------------- Participations in a syndicated loan under which NIC Acquisition Corp is a borrower were trading in the secondary market around 84.5 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.03 billion Term loan facility is scheduled to mature on December 29, 2027. The amount is fully drawn and outstanding. NIC Acquisition Corp., d/b/a Innovative Chemical Products Group, based in Andover, Mass., is a formulator of specialty coatings, adhesives, sealants, and elastomers serving the industrial and construction markets. ICP operates in two business segments -- ICP Building Solutions Group and ICP Industrial Solutions Group. OGI ASSOCIATES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: OGI Associates LLC 400 Capital Boulevard, Suite 201 Rocky Hill, CT 06067 Case No.: 24-10745 Business Description: The Debtor is engaged in investment activities. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Debtor's Counsel: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Email: tklestadt@klestadt.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by George Weiss as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HZJ53NQ/OGI_Associates_LLC__nysbke-24-10745__0001.0.pdf?mcid=tGE4TAMA ORBIT MARKETING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Orbit Marketing, LLC DBA Climax Solar DBA Climax Electrical Service DBA Option 1 Genetics 7017 S. Westnedge Ave. Portage, MI 49002 Case No.: 24-01123 Business Description: Orbit Marketing is a solar power solutions provider in Southwest Michigan. Chapter 11 Petition Date: April 27, 2024 Court: United States Bankruptcy Court Western District of Michigan Debtor's Counsel: James R. Oppenhuizen, Esq. OPPENHUIZEN LAW FIRM, PLC PO Box 7165 Grand Rapids, MI 49510 Tel: 616-730-1861 Fax: 616-930-4201 Email: joppenhuizen@oppenhuizenlaw.com Total Assets: $5,117,054 Total Liabilities: $9,699,929 The petition was signed by Joshua L. Thompson as sole member. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JNEVVPA/Orbit_Marketing_LLC__miwbke-24-01123__0001.0.pdf?mcid=tGE4TAMA PRIORITY TECHNOLOGY: S&P Alters Outlook to Pos., Affirms 'B-' ICR ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Priority Technology Holdings Inc.'s (Priority) proposed $790 million term loan B. At the same time, S&P affirmed its 'B-' issuer credit rating on the company and revised the outlook to positive from stable. The positive outlook reflects at least a one in three chance S&P could raise its ratings on Priority over the next 12 months if it continues to reduce leverage, and demonstrates a consistent trend of organic revenue growth, EBITDA margin expansion, and FOCF generation. Priority's strong revenue and earnings growth have strengthened its credit metrics. Priority has continued to increase revenue at a significant rate (revenue grew 27.3% in 2021, 28.9% in 2022, and 13.9% in 2023), supported by increasing volumes (due to new business wins and processing more transactions), expanding product offerings, and inorganic growth. The consolidation of the company's product offerings onto one single and more efficient payments engine as well as a mix shift, particularly from its more profitable enterprise segment, supported Priority's margins during this period of growth. Additionally, the company has been earning interest on customer deposits, which continue to grow, further lifting overall margins. Priority's strong operating performance has led to a decrease in S&P Global Ratings-adjusted leverage to 6.7x at the end of 2023 from 10.4x in 2021, and S&P expects the company will continue reducing leverage as it further scales. S&P said, "We view the partial repayment of Priority's redeemable senior preferred stock as a prudent move to improve its free cash flow. Priority's redeemable senior preferred stock requires a 102% redemption price through April 26, 2024, with redemption on April 27, 2024, and onward requiring no premium. Replacing a portion of the preferred stock with a TLB that has a lower all-in rate will be roughly leverage neutral to S&P Global Ratings-adjusted leverage and lower the total S&P Global Ratings-adjusted interest expense (which includes preferred stock dividend). As such, we expect the transaction to help strengthen FOCF to debt in future periods. "The positive outlook reflects our view that Priority's performance will support reduced leverage sustained below 7.0x under our base case. We also expect relatively strong FOCF as a percentage of debt. "Governance factors are a moderately negative consideration in our credit rating analysis of Priority. The founder controls 61% of the company, which exposes it to key-man risk. In addition, we believe the ownership structure could lead to corporate decision-making that prioritizes the interest of the controlling owners at expense of other stakeholders." RISING TIDE HOLDINGS: $125MM Bank Debt Trades at 15% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Rising Tide Holdings Inc is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $125 million Term loan facility is scheduled to mature on September 12, 2028. The amount is fully drawn and outstanding. Rising Tide (d/b/a West Marine) retails recreational and commercial boating supplies, apparel, and other related merchandise. The company operates as a specialty retailer in the marine aftermarket, serving the repair and replacement outfitting needs of active marine enthusiasts and professional customers. Rising Tide is also involved in the wholesale distribution of products to commercial customers and other retailers through its port supply business line and stores. SANDVINE CORP: $400MM Bank Debt Trades at 72% Discount ------------------------------------------------------ Participations in a syndicated loan under which Sandvine Corp is a borrower were trading in the secondary market around 28.3 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $400 million Term loan facility is scheduled to mature on November 2, 2025. The amount is fully drawn and outstanding. Sandvine Corporation, headquartered in Waterloo, Ontario, Canada, and owned by funds affiliated with Francisco Partners, provides network and application intelligence solutions to mobile, fixed, cable, satellite and Wi-Fi service providers, and governments globally. SKC PROPERTIES: Case Summary & 15 Unsecured Creditors ----------------------------------------------------- Debtor: SKC Properties, LLC 1029 Kapahulu Avenue, Suite 300 Honolulu, HI 96816 Case No.: 24-00405 Business Description: SKC Properties is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court District of Hawaii Debtor's Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Fax: 808-566-6900 Email: cchoi@hibklaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sharon S. Lawler as member. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BMDBIBY/SKC_Properties_LLC__hibke-24-00405__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 15 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Small Business Miscellaneous $145,000 Administration Personal 10737 Gateway Property West #300 El Paso, TX 79935-4910 2. Department of Taxation GE Tax $40,000 State of Hawaii Attn: Bankruptcy Unit P.O. Box 259 Honolulu, HI 96809-0259 Cynthia Johiro, Esq. Email: Cynthia.M.Johiro@hawaii 3. Pacific Heritage Property $36,000 3470 Waialae Management Avenue, Suite 5 Fees Honolulu, HI 96816 Email: lynnefujita@gmail.com 4. Otis Elevator Co. Services $30,929 2701 Media Center Rendered/ Drive, Suite 2 Goods Los Angeles, CA Provided 90065 Celia Rodriguez Email: Celia.rodriguez2@otis.com 5. Hawaiian Electric Company Utilities $26,531 P.O. Box 30260 Honolulu, HI 96820 Kevin Oda Email: kevin.oda@hawaiianelectric.com 6. Honolulu Disposal Service, Inc. Waste $7,703 PO Box 30490 Removal Honolulu, HI Service 96820-0490 Email: HonoluluDisposal@OahuWaste.com 7. Board of Water Supply Utilities $4,724 630 S. Beretania Street Honolulu, HI 96843 Email: customerservice@hbws.org 8. Johnson Controls Service $2,679 99-1379 Koaha Place Rendered/ Kapolei, HI 96709 Goods Isaac Rodriguez Sotelo Provided Email: joseisaac.rodriguez.sotelo@jci.com 9. CVS One CVS Drive - Security $1,441 Mail Code 1105 Deposit Attn: Bethany Fay Woonsocket, RI 02895-0798 Bethany L Fay Email: Bethany.Fay@CVSHealth.com Phone: 401-770-7472 10. Terminix Services $725 99-1410 B Koaha Place Provided Aiea, HI 96701 Joyce Anne Gozum Email: joyceanne.gozum@rentokil-terminix.com 11. De Lage Landen Financing Unknown Financial Services, Statement-HVAC Inc. 1111 Old Eagle School Road Wayne, PA 19087 12. Hawaiian Telcom Utilities $0 P.O. Box 30770 Honolulu, HI 96820-0770 Steven Funai Email: Steven.Funai@hawaiiantel.com 13. Internal Revenue Service Tax Unknown P.O. BOX 7346 Philadelphia, PA 19101-0734 14. Sonitrol of Hawaii Services $0 410 SW Columbia Street Provided Bend, OR 97702 Scott Cox Email: SCOTTC@vyanet.com 15. Tango Juliet Loan Expense $0 Leasing LLC 301 Kaialii Place Honolulu, HI 96821 Thomas Lane Email: tj@hawaii-attorney.com SKILLSOFT FINANCE II: $640MM Bank Debt Trades at 21% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Skillsoft Finance II Inc is a borrower were trading in the secondary market around 78.8 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $640 million Term loan facility is scheduled to mature on July 14, 2028. About $593 million of the loan is withdrawn and outstanding. SkillSoft Corporation provides cloud-based learning solutions, offering enterprise courseware. SMOKECRAFT CLARENDON: Case Summary & 18 Unsecured Creditors ----------------------------------------------------------- Debtor: Smokecraft Clarendon, LLC DBA Smokecraft Modern Barbecue 7104 Loch Lomond Drive Bethesda, MD 20817 Case No.: 24-13609 Business Description: The Debtor owns and operates a barbecue restaurant in Arlington County, Virginia. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court District of Maryland Debtor's Counsel: Maurice Verstandig, Esq. THE BELMONT FIRM 1050 Connecticut NW Suite 500 Washington, DC 20036 Phone: (301) 444-4600 Email: mac@mbvesq.com Total Assets: $129,456 Total Liabilities: $1,379,956 The petition was signed by Andrew Darneille as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 18 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JSSBYSY/Smokecraft_Clarendon_LLC__mdbke-24-13609__0001.0.pdf?mcid=tGE4TAMA SOLOMON ENTERPRISES: Unsecureds Will Get 15% of Claims in Plan -------------------------------------------------------------- Solomon Enterprises, LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York an Amended Disclosure Statement describing Chapter 11 Plan dated April 16, 2024. The Debtor is a limited liability company organized under the laws of the State of New York. Its major asset is the property commonly known as 7 Oxford Blvd., Great Neck, New York 11021. This property is in foreclosure. The Debtor owns one-half of the property while the other half is owned by David Borukhov. The Debtor is owned by 2 managers, David Borukhov and Shahrzad Saraie, who have been attempting to obtain revenue through its property maintenance business. In addition, they have been obtaining funds from the owner's family members. The Debtor, in the year 2018, purchased a 50% share of the property commonly known as 7 Oxford Boulevard, Great Neck, New York. At the time the Debtor came into title of the property that had already been a mortgage in foreclosure. After several years of negotiations this Petition for Relief was filed. The foreclosure procedure was at the auction stage. The amount alleged to be owed on the mortgage is $2,386,604.00 at the file date of this Petition. This disclosure makes clear that this is a cramdown payment plan based upon the actual projected liquidation of a property in a Chapter 7 proceeding. In other words, the Proponent seeks to accomplish payments under the Plan by making monthly payments until the Debtor either reinstates the loan held by Wilmington Trust or in the alternative, obtains financing to expunge the mortgage on the property at 7 Oxford Blvd., Great Neck, New York 11021 at a value lower than the mortgage note but equal to the actual value of the property. The actual amount, as claimed by Wilmington Trust, is $2,386,604.00 and so the cramdown is significant in that the amount to be paid would be the equivalent of one-third of the amount alleged to be owed. It is the Debtor's position that the value of the property should not exceed $822,000.00. Class 3 consists of General Unsecured Claims. The allowed unsecured claims total $8,756.00. This Class will receive a distribution of 15% of their allowed claims. The Plan will be funded by the Debtor's DIP Account and contributions from family members and the refinance of 7 Oxford Blvd., Great Neck, New York, no later than 8 months after the confirmation of the Plan. The payments shall be: $5,343.00 within 6 days after plan confirmation, an additional $5,343.00 within 60 days after confirmation, for 2 months the normal monthly payment of $5,343.00 will also be paid. The Debtor shall pay the lump sum of $82,000.00 on the 5th payment. The final 3 payments shall be in the amount of $5,434.00. In the interim, the property shall be refinanced to a maximum value of $822,000.00, unless the Court holds otherwise. A full-text copy of the Amended Disclosure Statement dated April 16, 2024 is available at https://urlcurt.com/u?l=zUgxGa from PacerMonitor.com at no charge. Attorney for the Debtor: Michael L. Previto 150 Motor Parkway, Suite 401 Hauppauge, NY 11788 Tel: (631) 379-0837 About Solomon Enterprises LLC Solomon Enterprises LLC is a limited liability company organized under the laws of the State of New York. The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-43726) on October 15, 2023, listing $1,100,000 in assets and $1,409,000 in liabilities. David Borykhov as president/owner, signed the petition. Michael L. Previto, Esq. serve as the Debtor's legal counsel. SOUND INPATIENT: $200MM Bank Debt Trades at 43% Discount -------------------------------------------------------- Participations in a syndicated loan under which Sound Inpatient Physicians Holdings LLC is a borrower were trading in the secondary market around 57.0 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $200 million Term loan facility is scheduled to mature on June 28, 2025. About $178 million of the loan is withdrawn and outstanding. Sound Inpatient Physicians, Inc. is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly owned subsidiaries and affiliated companies. Sound Inpatient’s principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. ST. CHRISTOPHER'S: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: St. Christopher's, Inc. FDBA St. Christopher's School FDBA St. Christopher's Home 71 South Broadway Dobbs Ferry, NY 10522-2800 Case No.: 24-22373 Business Description: St. Christopher's, Inc. is a residential treatment center providing services to children with special needs. The Company empowers children and youth with special needs with the social-emotional coping skills and strengths they need -- and the healthcare, mental health and social support services they require -- to enter adulthood confident and equipped to meet life's challenges and opportunities. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Sean H. Lane Debtor's Counsel: Janice B. Grubin, Esq. BARCLAY DAMON LLP 1270 Avenue of the Americas, Suite 501 New York, NY 10020 Tel: 212-784-5808 Email: jgrubin@barclaydamon.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dr. Sarah Ruback as chief executive officer. A copy of the Debtor's list of 20 largest unsecured creditors is now available for download. Follow this link to get a copy today https://www.pacermonitor.com. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XSMTB6I/St_Christophers_Inc__nysbke-24-22373__0001.0.pdf?mcid=tGE4TAMA TROJAN EV: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Trojan EV, LLC 6415 Mesa Drive, Suite B Houston, TX 77028 Case No.: 24-31910 Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Jason P. Kathman, Esq. SPENCER FANE 5700 Granite Parkway Suite 650 Plano, TX 75024 Tel: 972-324-0300 Email: jkathman@spencerfane.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Federico D. Nell, Esq as sole member. A copy of the Debtor's list of 20 largest unsecured creditors is now available for download. Follow this link to get a copy today https://www.pacermonitor.com. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/63TUYQA/Trojan_EV_LLC__txsbke-24-31910__0001.0.pdf?mcid=tGE4TAMA TUTOR PERINI:S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on Tutor Perini Corp. Tutor Perini's issuance of $400 million new senior notes meaningfully improved its liquidity. Tutor Perini Corp. completed the previously announced refinancing of its $500 million senior notes due May 1, 2025, with $400 million 11.875% new senior notes due April 2029 and cash from its balance sheet. The company also extended its $170 million revolving credit facility to May 2027 from August 2025. S&P said, "We estimate above $500 million available liquidity over the next 12 month including its available cash, fully undrawn $170 million revolver, and positive cash flow from operations. We believe it has sufficient liquidity to cover its near-term maturities and maintenance capital expenditures (capex) over the next 12-24 months." Upon the launch of the transaction, S&P revised its outlook on Tutor Perini to stable from negative. The stable outlook reflects S&P's expectation for sustained cash flow generation and stabilizing operating performance. VALCOUR PACKAGING: $420MM Bank Debt Trades at 38% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Valcour Packaging LLC is a borrower were trading in the secondary market around 62.3 cents-on-the-dollar during the week ended Friday, April 26, 2024, according to Bloomberg's Evaluated Pricing service data. The $420 million Term loan facility is scheduled to mature on September 29, 2028. The amount is fully drawn and outstanding. Valcour Packaging LLC, doing business as Mold-Rite Plastics, provides high-quality plastic packaging components. VANSHI LLC: Plan Exclusivity Period Extended to July 10 ------------------------------------------------------- Judge Jerry C. Oldshue Jr. of the U.S. Bankruptcy Court for the Northern District of Florida extended Vanshi, L.L.C., d/b/a Quality Inn's exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 10 and September 10, 2024, respectively. As shared by Troubled Company Reporter, pre-petition, the Debtor received insurance proceeds in the amount of $1,050,000.00, the distribution of which is currently the subject of an adversary proceeding before this Court, Case No. 23-03015-KKS. The Debtor explains that the parties have reached a settlement regarding the distribution of the proceeds, and the Debtor has filed a motion seeking approval of the same. The Debtor claims that its estate also includes real property, which the Debtor is currently in the process of attempting to sell. Both the settlement and distribution of the insurance proceeds, and the sale of Debtor's real property are necessary to determine how best to draft a Chapter 11 plan in this case. The requested extension allows the settlement agreement to be approved and the real property to be sold. Vanshi, L.L.C. is represented by: Robert C. Bruner, Esq. Byron Wright III, Esq. Bruner Wright, PA 2810 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: rbruner@brunerwright.com twright@brunerwright.com About Vanshi LLC Vanshi is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Vanshi, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30803) on Nov. 13, 2023. In the petition signed by Priteshkumar M. Patel, owner, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue Jr. oversees the case. Robert C. Bruner, Esq. at Bruner Wright, PA, is the Debtor's counsel. WEISS MULTI-STRATEGY: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Weiss Multi-Strategy Advisers LLC 320 Park Ave, 20th Floor New York, NY 10022 Case No.: 24-10743 Business Description: The Debtor is engaged in financial investment activities. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Debtor's Counsel: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Email: tklestadt@klestadt.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $100 million to $500 million The petition was signed by George Weiss as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AMCKWUQ/Weiss_Multi-Strategy_Advisers__nysbke-24-10743__0001.0.pdf?mcid=tGE4TAMA WEISS SPECIAL: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Weiss Special Operations LLC 400 Capital Boulevard, Suite 201 Rocky Hill, CT 06067 Case No.: 24-10746 Business Description: The Debtor is engaged in investment activities. Chapter 11 Petition Date: April 29, 2024 Court: United States Bankruptcy Court Southern District of New York Judge: Hon. Martin Glenn Debtor's Counsel: Tracy L. Klestadt, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York, NY 10036 Tel: (212) 972-3000 Email: tklestadt@klestadt.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $50 million to $100 million The petition was signed by George Weiss as manager. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/EBA7ISY/Weiss_Special_Operations_LLC__nysbke-24-10746__0001.0.pdf?mcid=tGE4TAMA WINDSOR TERRACE: Plan Exclusivity Period Extended to May 20 ----------------------------------------------------------- Judge Victoria S. Kaufman of the U.S. Bankruptcy Court for the Central District of California extended Windsor Terrace Healthcare, LLC, and its Affiliated Debtors' exclusive periods to file their plan of reorganization, and solicit acceptances thereof to May 20 and September 20, 2024, respectively. Judge Kaufman approved the stipulation between the Debtors and the Official Committee of Unsecured Creditors to further extend the exclusivity periods for the Debtors to file a plan of reorganization and obtain acceptance thereof, without prejudice to the rights of the Debtors to seek further extensions of their plan exclusivity periods and are without prejudice to the rights of the Committee to oppose any such future requests by the Debtors. Pursuant to a stipulated order entered by the Court following a hearing on March 14, 2024, the exclusive period for the Debtors to file a plan of reorganization was extended to and including April 20, 2024, and the exclusive period for the Debtors to obtain acceptances of a plan of reorganization was extended to and including August 20, 2024. The Debtors and the Committee have been actively working for the past several months to formulate a consensual disclosure statement and plan, and believe that they are very close to finalizing these documents to be filed with the Court; however, the parties need a brief period of additional time to iron out few remaining items before the Committee agrees that the documents can be filed with the Court. In that regard, the parties have agreed to extend the Debtors' exclusive period to file a plan of reorganization and the exclusive period to obtain acceptances of a plan of reorganization for 30 days. Windsor Terrace Healthcare, LLC and its affiliates are represented by: Ron Bender, Esq. Monica Y. Kim, Esq. Juliet Y. Oh, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 E-mail: rb@lnbyg.com myk@lnbyg.com jyo@lnbyg.com rmc@lnbyg.com About Windsor Terrace Healthcare Windsor Terrace Healthcare, LLC and its affiliates are primarily engaged in the businesses of owning and operating skilled nursing facilities throughout the State of California. Collectively, the Debtors own and operate 16 skilled nursing facilities, which provide 24 hour, seven days a week and 365 days a year care to patients who reside at those facilities. In addition to the 16 skilled nursing facilities, the Debtors own and operate one assisted living facility (which is Windsor Court Assisted Living, LLC), one home health care center (which is S&F Home Health Opco I, LLC), and one hospice care center (which is S&F Hospice Opco I, LLC). The Debtors do not own any of the real property upon which the facilities are located. Windsor Terrace Healthcare and 18 affiliates filed Chapter 11 petitions (Bankr. C.D. Calif. Lead Case No. 23-11200) on Aug. 23, 2023. Two more affiliates, Windsor Sacramento Estates, LLC and Windsor Hayward Estates, LLC, filed Chapter 11 petitions on Sept. 29. At the time of the filing, Windsor Terrace Healthcare disclosed up to $10 million in both assets and liabilities. Judge Victoria S. Kaufman oversees the cases. The Debtors tapped Levene, Neale, Bender, Yoo, and Golubchik, LLP as bankruptcy counsel; Hooper, Lundy & Bookman, P.C. and Hanson Bridgett, LLP as special counsels; and Province, LLC as financial advisor. Stretto, Inc. is the Debtor's claims, noticing and solicitation agent. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Troutman Pepper Hamilton Sanders, LLP is the Debtors' legal counsel. Jacob Nathan Rubin, the patient care ombudsman, is represented by RHM Law, LLP. WOM SA: Dechert LLP & Young Conaway Represent WOM Noteholders ------------------------------------------------------------- In the Chapter 11 cases of WOM S.A.., et al., the Ad Hoc Group of WOM Noteholders filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Ad Hoc Group of WOM Noteholders is comprised of certain holders of, or investment managers or investment advisors to holders of, outstanding 6.875% senior notes due 2024 (the "2024 Notes") and 4.7% senior notes due 2028 (the "2028 Notes" and together with the 2024 Notes, the "Senior Notes") issued by Kenbourne Invest S.A. and guaranteed by NC Telecom II AS and its subsidiaries, including, among others, WOM S.A. and WOM Mobile S.A. (the "Guarantors"), pursuant to indentures dated as of November 26, 2019 and January 22, 2021, respectively, and supplemental indentures dated as of October 14, 2022, and each executed by Kenbourne and the Guarantors, U.S. Bank National Association as trustee, and U.S. Bank National Association as principal paying agent, transfer agent and registrar. The Ad Hoc Group is represented by the Dechert LLP ("Dechert"), as counsel, and Young Conaway Stargatt & Taylor, LLP ("Young Conaway") (and together with Dechert, "Counsel"), as local Delaware counsel. Counsel does not hold any disclosable economic interests (as that term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. Dechert's address is Three Bryant Park, 1095 Avenue of the Americas, New York, New York, 10036. Young Conaway's address is 1000 North King Street, Wilmington, Delaware, 19801. The members of the Ad Hoc Group beneficially own or manage (or are the investment advisors or investment managers for funds or accounts that beneficially own or manage) approximately $331.56 million in aggregate principal amount of the Senior Notes including $220.95 million in 2024 Notes and $110.61 million in 2028 Notes. The names, addresses, and disclosable economic interests of all the members of the Ad Hoc Group of WOM Noteholders, are as follows: 1. AMUNDI ASSET MANAGEMENT US, INC. in its capacity as investment adviser to certain holders of the Senior Notes 60 State Street Boston, MA 02109 * Senior Notes due 2024 ($15,916,000) 2. Certain funds and accounts managed or advised by BLACKROCK FINANCIAL MANAGEMENT, INC. - FIXED INCOME GROUP 50 Hudson Yards New York, NY 10001 * Senior Notes due 2024 ($63,069,000) * Senior Notes due 2028 ($25,808,000) 3. MONEDA S.A. ADMINISTRADORA GENERAL DE FONDOS, including through its affiliates, in its capacity as investment manager or investment adviser (as applicable), on behalf of certain funds. Isidora Goyenechea 3621 Floor 8, 7550110 Santiago, Las Condes Chile * Senior Notes due 2024 ($76,865,000) * Senior Notes due 2028 ($36,306,000) 4. Certain funds and accounts managed or advised by GLG PARTNERS LIMITED, in its capacity as investment manager or sub-investment manager (as applicable) on behalf of certain funds. Riverbank House, 2 Swan Lake London EC4R 3AD United Kingdom * Senior Notes due 2024 ($65,101,000) * Senior Notes due 2028 ($48,492,000) Counsel to the Ad Hoc Group of WOM Noteholders: YOUNG CONAWAY STARGATT & TAYLOR, LLP Robert S. Brady, Esq. Robert F. Poppiti, Jr., Esq. 1000 North King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 And DECHERT LLP Allan S. Brilliant, Esq. Stephen M. Wolpert, Esq. Isaac D. Stevens, Esq. 1095 Avenue of the Americas New York, New York 10036-6797 Telephone: (212) 698-3500 Facsimile: (212) 698-3599 About WOM SA WOM is a Chilean telecommunications provider, focused on offering mobile voice, data, and broadband services, along with a rapidly expanding "Fiber to the Home" broadband offering, to consumers and businesses in Chile. Since the acquisition of Nextel Chile in 2015 through Novator Partners LLP's investment vehicle NC Telecom AS, WOM has expanded from having virtually no market share to establishing itself as the second-largest mobile network operator in Chile. WOM sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition filed by Timothy O'Connoer, as independent director, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Karen B. Owens oversees the case. The Debtors tapped White & Case, LLP as general bankruptcy counsel; Richards, Layton & Finger, P.A. as local bankruptcy counsel; Riveron Consulting, LLC as financial advisor; and Rothschild & Co US Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims agent. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 99 ACQUISITION G NNAGU US 77.8 (2.5) 0.056 ACHIEVE LIFE SCI ACHV US 19.4 (1.4) (3.8) AEMETIS INC AMTX US 243.4 (217.0) (48.0) AEON BIOPHARMA I AEON US 6.8 (153.0) (6.8) AGENUS INC AGEN US 313.9 (148.4) (143.5) AIRSHIP AI HOLDI AISP US 7.0 (16.6) (6.2) ALCHEMY INVESTME ALCYU US 121.2 (5.4) (0.3) ALCHEMY INVESTME ALCY US 121.2 (5.4) (0.3) ALNYLAM PHARMACE ALNY US 3,829.9 (220.6) 2,014.9 ALTRIA GROUP INC MO US 36,475.0 (5,064.0) (5,737.0) AMC ENTERTAINMEN AMC US 9,009.2 (1,847.9) (429.3) AMC ENTERTAINMEN AMCE AV 9,009.2 (1,847.9) (429.3) AMERICAN AIRLINE AAL US 64,384.0 (5,500.0) (10,451.0) ANNOVIS BIO ANVS US 10.2 (7.8) 5.9 AON PLC-CLASS A AON US 40,767.0 (28.0) 6,786.0 APPLIED THERAPEU APLT US 54.8 (17.1) (16.8) AQUESTIVE THERAP AQST US 57.4 (106.5) 22.7 AULT DISRUPTIVE ADRT/U U 2.4 (3.3) (2.0) AUTOZONE INC AZO US 16,717.7 (4,837.3) (1,615.6) AVIS BUDGET GROU CAR US 32,569.0 (343.0) (520.0) BATH & BODY WORK BBWI US 5,463.0 (1,626.0) 826.0 BAUSCH HEALTH CO BHC US 27,350.0 (82.0) 1,294.0 BAUSCH HEALTH CO BHC CN 27,350.0 (82.0) 1,294.0 BELLRING BRANDS BRBR US 715.5 (286.9) 302.3 BEYOND MEAT INC BYND US 774.4 (513.4) 298.5 BIOCRYST PHARM BCRX US 517.0 (455.5) 346.0 BIOTE CORP-A BTMD US 155.3 (36.5) 100.1 BOEING CO/THE BA US 134,484.0 (17,016.0) 13,274.0 BOMBARDIER INC-A BBD/A CN 12,822.0 (2,154.0) 184.0 BOMBARDIER INC-A BDRAF US 12,822.0 (2,154.0) 184.0 BOMBARDIER INC-B BBD/B CN 12,822.0 (2,154.0) 184.0 BOMBARDIER INC-B BDRBF US 12,822.0 (2,154.0) 184.0 BOOKING HOLDINGS BKNG US 24,342.0 (2,744.0) 3,704.0 BRIDGEBIO PHARMA BBIO US 546.4 (1,342.5) 333.7 BRIDGEMARQ REAL BRE CN 64.9 (57.1) 7.1 BRINKER INTL EAT US 2,510.7 (109.5) (378.7) CALUMET SPECIALT CLMT US 2,751.3 (244.7) (318.0) CARDINAL HEALTH CAH US 46,573.0 (3,447.0) (628.0) CARTESIAN THERAP RNAC US 305.0 (139.6) 22.5 CARVANA CO CVNA US 7,071.0 (384.0) 1,785.0 CEDAR FAIR LP FUN US 2,240.5 (583.0) (193.9) CELLECTAR BIOSCI CLRB US 12.1 (1.4) (2.5) CHENIERE ENERGY CQP US 18,102.0 (784.0) 15.0 CINEPLEX INC CGX CN 2,271.5 (39.4) (219.5) CINEPLEX INC CPXGF US 2,271.5 (39.4) (219.5) COMMUNITY HEALTH CYH US 14,417.0 (878.0) 1,039.0 COMPOSECURE IN-A CMPO US 201.0 (205.8) 98.5 CONDUIT PHARMACE CDT US 7.2 (0.5) 3.9 CONSENSUS CLOUD CCSI US 647.3 (176.1) 53.9 CONX CORP CONXU US 22.0 (18.1) (4.0) CONX CORP-A SHRS CONX US 22.0 (18.1) (4.0) COOPER-STANDARD CPS US 1,872.3 (89.7) 247.3 CORBUS PHARMACEU CRBP US 28.3 (6.9) (8.3) CORE SCIENTIFIC CORZ US 712.2 (596.9) (391.4) CORNER GROWTH AC COOLU US 4.7 (8.0) (4.3) CORNER GROWTH AC COOL US 4.7 (8.0) (4.3) CPI CARD GROUP I PMTS US 293.7 (51.9) 115.9 CYTOKINETICS INC CYTK US 824.3 (386.3) 525.4 DELEK LOGISTICS DKL US 1,642.2 (161.9) (14.3) DELL TECHN-C DELL US 82,089.0 (2,309.0) (12,547.0) DENNY'S CORP DENN US 464.8 (62.7) (59.3) DIGITALOCEAN HOL DOCN US 1,461.0 (313.7) 310.3 DINE BRANDS GLOB DIN US 1,740.3 (251.0) (102.7) DOMINO'S PIZZA DPZ US 1,674.9 (4,070.4) 269.9 DOMO INC- CL B DOMO US 225.7 (153.5) (84.1) DROPBOX INC-A DBX US 2,983.5 (165.8) 315.1 EMBECTA CORP EMBC US 1,217.8 (793.5) 392.9 ENVOY MEDICAL IN COCH US 7.6 (1.8) 0.2 ETSY INC ETSY US 2,685.4 (543.7) 859.7 EVOLUS INC EOLS US 189.0 (20.7) 64.1 FAIR ISAAC CORP FICO US 1,703.1 (735.7) 326.4 FAT BRANDS-CL A FAT US 1,388.2 (255.9) (155.6) FAT BRANDS I-CLB FATBB US 1,388.2 (255.9) (155.6) FENNEC PHARMACEU FRX CN 26.9 (11.6) 19.3 FENNEC PHARMACEU FENC US 26.9 (11.6) 19.3 FERRELLGAS PAR-B FGPRB US 1,621.0 (193.3) 215.7 FERRELLGAS-LP FGPR US 1,621.0 (193.3) 215.7 FG ACQUISITION-A FGAA/U C 3.3 (16.9) (5.5) FOGHORN THERAPEU FHTX US 285.9 (77.2) 181.7 FORTINET INC FTNT US 7,258.9 (463.4) 709.3 GALECTIN THERAPE GALT US 28.2 (60.2) 12.0 GCM GROSVENOR-A GCMG US 504.9 (111.2) 110.3 GOAL ACQUISITION PUCKU US 3.3 (9.2) (12.1) GRINDR INC GRND US 444.6 (18.3) 11.1 GROUPON INC GRPN US 571.0 (40.3) (113.6) H&R BLOCK INC HRB US 2,776.3 (772.7) 153.3 HAWAIIAN HOLDING HA US 3,790.9 (40.2) (141.3) HERBALIFE LTD HLF US 2,809.4 (1,060.3) 121.7 HILTON WORLDWIDE HLT US 15,932.0 (2,817.0) (591.0) HP INC HPQ US 35,846.0 (1,640.0) (6,999.0) IMMUNITYBIO INC IBRX US 504.5 (585.9) 235.8 INSMED INC INSM US 1,329.8 (331.9) 703.4 INSPIRED ENTERTA INSE US 340.9 (78.0) 51.8 INTUITIVE MACHIN LUNR US 85.9 (53.4) (51.8) IRONWOOD PHARMAC IRWD US 471.1 (346.3) (42.8) JACK IN THE BOX JACK US 2,887.3 (708.2) (238.0) KINIKSA PHARMA-A KNSA US 519.7 (289.3) 212.6 LESLIE'S INC LESL US 998.5 (198.6) 187.5 LINDBLAD EXPEDIT LIND US 831.3 (113.8) (74.7) LOWE'S COS INC LOW US 41,795.0 (15,050.0) 3,503.0 MADISON SQUARE G MSGE US 1,420.3 (102.0) (287.8) MADISON SQUARE G MSGS US 1,368.4 (339.2) (344.8) MANNKIND CORP MNKD US 475.2 (246.2) 269.3 MARBLEGATE ACQ-A GATE US 6.9 (14.7) (0.3) MARBLEGATE ACQUI GATEU US 6.9 (14.7) (0.3) MARRIOTT INTL-A MAR US 25,674.0 (682.0) (4,451.0) MATCH GROUP INC MTCH US 4,507.9 (19.1) 739.5 MBIA INC MBI US 2,606.0 (1,647.0) - MCDONALDS CORP MCD US 56,146.8 (4,706.7) 1,127.4 MCKESSON CORP MCK US 66,512.0 (1,682.0) (4,021.0) MEDIAALPHA INC-A MAX US 153.9 (94.4) (5.1) METTLER-TOLEDO MTD US 3,355.6 (149.9) 49.1 MSCI INC MSCI US 5,478.6 (650.5) (4.0) NATHANS FAMOUS NATH US 42.9 (35.0) 21.1 NEW ENG RLTY-LP NEN US 385.7 (65.4) - NIOCORP DEVELOPM NB CN 24.1 (5.6) (14.0) NOVAGOLD RES NG CN 126.9 (16.1) 118.1 NOVAVAX INC NVAX US 1,797.5 (716.9) (491.2) NUTANIX INC - A NTNX US 2,729.5 (611.7) 917.6 O'REILLY AUTOMOT ORLY US 14,213.1 (1,391.2) (2,288.7) OMEROS CORP OMER US 378.3 (25.0) 164.6 ORGANON & CO OGN US 12,058.0 (70.0) 1,590.0 OTIS WORLDWI OTIS US 9,791.0 (4,816.0) (180.0) OUTLOOK THERAPEU OTLK US 21.7 (24.3) (25.6) PAPA JOHN'S INTL PZZA US 875.0 (442.8) (73.6) PELOTON INTERA-A PTON US 2,569.4 (499.3) 733.1 PHATHOM PHARMACE PHAT US 413.8 (72.8) 358.7 PHILIP MORRIS IN PM US 65,315.0 (8,563.0) (1,294.0) PITNEY BOWES INC PBI US 4,272.2 (368.6) (38.5) PLANET FITNESS-A PLNT US 2,969.7 (119.0) 220.5 PORCH GROUP INC PRCH US 899.4 (35.7) 18.9 PROS HOLDINGS IN PRO US 421.8 (77.9) 37.3 PTC THERAPEUTICS PTCT US 1,789.6 (893.9) - RAPID7 INC RPD US 1,505.3 (118.2) 64.7 RDE INC RSTN US 1.8 (3.2) (4.0) RE/MAX HOLDINGS RMAX US 577.2 (76.1) 27.2 REALREAL INC/THE REAL US 446.9 (303.3) 47.1 RED ROBIN GOURME RRGB US 741.9 (20.4) (94.6) REVANCE THERAPEU RVNC US 478.5 (151.6) 249.6 RH RH US 4,143.9 (297.4) 229.0 RINGCENTRAL IN-A RNG US 1,944.9 (303.1) 216.1 RMG ACQUISITION RMGUF US 7.0 (11.0) (7.5) RMG ACQUISITION RMGCF US 7.0 (11.0) (7.5) SBA COMM CORP SBAC US 10,178.4 (5,135.8) (879.0) SCOTTS MIRACLE SMG US 3,716.1 (385.4) 917.3 SEAGATE TECHNOLO STX US 7,096.0 (1,889.0) (447.0) SEMTECH CORP SMTC US 1,373.7 (307.2) 317.0 SIRIUS XM HOLDIN SIRI US 10,374.0 (2,565.0) (1,955.0) SIX FLAGS ENTERT SIX US 2,711.5 (377.0) (334.8) SKYE BIOSCIENCE SKYE US 11.9 (2.1) (2.3) SLEEP NUMBER COR SNBR US 908.5 (445.9) (725.1) SOLARMAX TECHNOL SMXT US 97.1 (5.2) (25.2) SONIDA SENIOR LI SNDA US 621.5 (66.5) (68.5) SPARK I ACQUISIT SPKLU US 1.2 (3.0) (4.0) SPARK I ACQUISIT SPKL US 1.2 (3.0) (4.0) SPIRIT AEROSYS-A SPR US 6,950.1 (495.9) 1,553.5 SQUARESPACE IN-A SQSP US 921.8 (260.4) (175.6) STARBUCKS CORP SBUX US 29,179.7 (8,608.9) (2,826.1) SYMBOTIC INC SYM US 1,324.3 171.9 161.2 SYNDAX PHARMACEU SNDX US 612.9 (348.2) 522.8 TELOMIR PHARMACE TELO US 5.3 2.2 (2.9) TORRID HOLDINGS CURV US 476.9 (211.7) (53.0) TRANSAT A.T. TRZ CN 2,786.1 (840.2) (209.0) TRANSDIGM GROUP TDG US 20,685.0 (3,506.0) 5,578.0 TRAVEL + LEISURE TNL US 7,023.0 (925.0) 975.0 TRISALUS LIFE SC TLSI US 25.7 (25.9) 6.2 TRIUMPH GROUP TGI US 1,676.6 (670.3) 579.8 TRULEUM INC TRLM US 2.0 (2.7) (3.3) UBIQUITI INC UI US 1,334.9 (15.7) 817.9 UNISYS CORP UIS US 1,965.4 (138.4) 320.1 UNITED HOMES GRO UHG US 298.6 (31.2) 195.9 UNITED PARKS & R PRKS US 2,625.0 (208.2) (20.7) UNITI GROUP INC UNIT US 5,025.1 (2,484.1) - UROGEN PHARMA LT URGN US 178.3 (65.2) 138.0 VECTOR GROUP LTD VGR US 934.1 (741.8) 364.7 VERISIGN INC VRSN US 1,727.8 (1,635.7) (225.6) VTV THERAPEUTI-A VTVT US 11.0 (18.5) 0.0 WAYFAIR INC- A W US 3,474.0 (2,707.0) (328.0) WINGSTOP INC WING US 377.8 (457.4) 73.3 WINMARK CORP WINA US 38.3 (52.6) 11.9 WORKIVA INC WK US 1,218.9 (89.4) 524.4 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WYNN RESORTS LTD WYNN US 13,996.2 (1,100.9) 2,041.2 XPONENTIAL FIT-A XPOF US 528.7 (88.1) 4.9 YELLOW CORP YELLQ US 2,147.6 (447.8) (1,098.0) YUM! BRANDS INC YUM US 6,231.0 (7,858.0) 332.0 ********* 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. 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