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/raid1/www/Hosts/bankrupt/TCR_Public/240601.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, June 1, 2024, Vol. 28, No. 152 Headlines ACORDA THERAPEUTICS: Incurs $20.8 Million Net Loss in April EBIX INC: Narrows Net Loss to $5.4 Million in April SVB FINANCIAL: Net Loss in April Widens to $30.2 Million WHITESTONE INDUSTRIAL: Seeks Court Nod to Solicit Bids for Assets ********* ACORDA THERAPEUTICS: Incurs $20.8 Million Net Loss in April ----------------------------------------------------------- Acorda Therapeutics Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for April 2024. The Debtor's statement of operations reflected a net loss of $20.8 million for the current period. As of April 30, 2024, the Debtor listed $346 million in total assets, $54 million in total liabilities, and $292 million in total shareholders' equity. The Debtor started the month with $1.2 million cash. It listed total cash receipts of $17.1 million and total disbursements of $6.1 million. At month end, the Debtor had $12.2 million cash. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/373swjhd About Acorda Therapeutics, Inc. Acorda Therapeutics Inc. is a biopharmaceutical company that has developed breakthrough products, therapies, and biotechnology to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. Acorda Therapeutics Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-22284) on April 1, 2024. In the petition signed by Michael A. Gesser, as chief financial officer, the Debtor disclosed total assets as of Dec. 31, 2023, of $108,525,000 and total debt as of Dec. 31, 2023, of $266,204,000. The Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Baker McKenzie as legal counsel; Togut, Segal & Segal LLP as conflicts counsel; Ernst & Young as financial advisor; and Ducera Partners and Leerink Partners as investment bankers. Kroll Restructuring Administration is the claims agent. Merz is being advised by Freshfields Bruckhaus Deringer US LLP as legal counsel, Morgan Stanley as investment banker, and Deloitte as Financial and tax advisors. Senior Convertible Noteholders are being advised by King & Spalding as legal counsel and Perella Weinberg Partners as investment banker. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. EBIX INC: Narrows Net Loss to $5.4 Million in April --------------------------------------------------- Ebix Inc. filed with the U.S. Securities and Exchange Commission its monthly operating report for April 2024. The Debtor's statement of operations reflected a net loss of $5.4 million for April, compared to a net loss of $11.5 million in March. As of April 30, 2024, the Debtor listed $544.7 million in total assets, $1.05 billion in total liabilities, and -$504.2 million in total shareholders' equity. The Debtor started the month with $12.6 million cash. It listed total cash receipts of $14.1 million and total disbursements of $14.5 million. At month end, the Debtor had $12.2 million cash. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/5da5j9bh About Ebix, Inc. Ebix Inc. -- https://www.ebix.com/ -- is headquartered in Atlanta, Ga., and it supplies software and electronic commerce solutions to the insurance industry. With approximately 200 offices across six continents, Ebix, (NASDAQ: EBIX) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel and healthcare industries. Ebix and its affiliates filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 23-80004) on Dec. 17, 2023. At the time of the filing, Ebix reported between $500 million and $1 billion in both assets and liabilities. Judge Scott W. Everett oversees the cases. The Debtors tapped Sidley Austin, LLP as bankruptcy counsel; Alixpartners, LLP as financial advisor; and Jefferies, LLC as investment banker. Omni Agent Solutions, Inc. is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by McDermott Will & Emery, LLP. SVB FINANCIAL: Net Loss in April Widens to $30.2 Million -------------------------------------------------------- SVB Financial Group filed with the U.S. Securities and Exchange Commission its monthly operating report for April 2024. The Debtor's statement of operations reflected a net loss of $30.2 million in April, compared to the $9.1 million net loss recorded for March. As of April 30, 2024, the Debtor listed $3.6 billion in total assets, $3.5 billion in total liabilities, and $29.5 million in total shareholders' equity. The Debtor started the month with $216.4 million cash. It listed total cash receipts of $44.4 million and total disbursements of $63.5 million. At month end, the Debtor had $197.3 million cash. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/bddbwyrz About SVB Financial Group SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. WHITESTONE INDUSTRIAL: Seeks Court Nod to Solicit Bids for Assets ----------------------------------------------------------------- Whitestone Industrial-Office, LLC and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas for approval to solicit bids for their assets. The companies are selling their assets to Majestic Enterprises, LLC, which offered $6.1 million in cash, or to another buyer with a better offer. The assets up for sale include the companies' furniture, fixtures and equipment, and office building located at 9101 Lyndon B. Johnson Freeway, Dallas, Texas. Under the proposed bid procedures, the deadline for interested buyers to place their bids on the assets is on June 14, at 5:00 p.m. Bidders are required to provide a deposit equal to 1% of the offered purchase price. An auction will be conducted on June 30, at 9:00 a.m., if the companies receive offers by the bid deadline. Majestic's $6.1 million offer will serve as the stalking horse bid at the auction. In the event it is not selected as the winning bidder, Majestic will receive a break-up fee of $50,000 of its proposed purchase price and expense reimbursement of up to $25,000. About Whitestone Industrial-Office Whitestone Industrial-Office, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 24-30653) on March 4, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Bradford Johnson as authorized representative. Judge Scott W. Everett presides over the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as counsel. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***