/raid1/www/Hosts/bankrupt/TCR_Public/180403.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 3, 2018, Vol. 22, No. 92
Headlines
4 WEST HOLDINGS: Seeks to Hire Ordinary Course Professionals
ACTUANT CORP: Egan-Jones Lowers Sr. Unsecured Ratings to B+
AFP HOLDING: Hires Goldberg Weprin as Counsel
ALGODON WINES: Board OKs Stock Dividends in Lieu of Cash
ALGODON WINES: Receives Deed Approvals for Argentina Estates Lots
ALLIANCE CONSULTING: PML Has No Standing to Reopen Chapter 11 Case
AMERICAN STEEL: Hires Charles M. Wynn Law Office as Attorney
ASCENT RESOURCES: Plan Takes Effect, Exits Chapter 11 Bankruptcy
ATLAS EQUITY: Hires Eric Ollason as Counsel
ATLAS INSPECTION: Case Summary & 20 Largest Unsecured Creditors
BAY TIDE: Hires Durrette Arkema as Counsel
BAYOU HAVEN: Hires Wayne M. Aufrecht as Co-Counsel
BELLEVILLE DEVELOPMENT: Taps Richard L. Nairin, CPA as Accountant
BIG HEARTED BOOKS: Hires Ehrhard & Associates as Counsel
BLACKBOARD INC: Bank Debt Trades at 4.72% Off
BLACKPOINT LAND: Case Summary & 8 Unsecured Creditors
BLANN FARMS: $10K Sale of Rain Flow Model 2550 to J & J Approved
BLANN FARMS: $7K Sale of Rain Flow Model 1600 Approved
BLANN FARMS: Sale of Farm Equipment Approved
BLUE LEOPARD: Ch. 11 Trustee Hires June Cox as Accountant
BRANWELL INC: Hires The Associates as Attorney
CADIZ INC: Inks $15M at Market Sales Agreement with B. Riley
CARRIE STEFANI: $331K Sale of Hoboken Condo Unit to Klebas Approved
CASHMAN EQUIPMENT: $124K Private Sale of JMC-60 Bertram Approved
CEC ENTERTAINMENT: Bank Debt Trades at 2.75% Off
CHARBELL ENTERPRISES: Taps Latham Shuker as Counsel
CHARLES NOVOSEL: $223K Sale of Wetmore Property to Karlene Okayed
CLAIRE'S STORES: Hires Prime Clerk LLC as Claims and Noticing Agent
COLORADO NATIONAL: Hires Eide Bailly as Accountant
COMMUNICATIONS SALES: Bank Debt Trades at 4.17% Off
COMMUNITY HEALTH: Bank Debt Trades at 3.06% Off
CONVEYANT SYSTEMS: Hires Douglas Jacobson as Attorney
CORE SUPPLEMENT: Hires Fox Rothschild as Special Counsel
CSP ASSET II: Taps Doyle Perkinson as Special Counsel
DANICA ASSOCIATES: Hires The Associates as Attorney
DEERFIELD DUFF: S&P Removes Ratings From Watch Neg. Amid Kroll Deal
DEL MONTE: Bank Debt Trades at 15.12% Off
DPW HOLDINGS: Pays Off $5 Million Debt Using Offering Proceeds
DPW HOLDINGS: Will Use Social Media to Communicate with Public
DUNECRAFT INC: Case Summary & 20 Largest Unsecured Creditors
EASTMAN KODAK: Bank Debt Trades at 8.24% Off
EV ENERGY: Files for Chapter 11 to Implement Debt Restructuring
EV ENERGY: RSA Requires Chapter 11 Exit by June 22
EVERGREEN PRODUCTS: Committee Taps Rabinowitz Lubetkin as Counsel
EXPERT CAR CARE: Hires Bartolone Law as Counsel
FAT FACE: Bank Debt Trades at 16.81% Off
FIRSTENERGY SOLUTIONS: $550M Cash to Allow Normal Operations
FIRSTENERGY SOLUTIONS: Case Summary & 50 Top Unsecured Creditors
FIRSTENERGY SOLUTIONS: To Assume Process Support Agreement
FIRSTENERGY SOLUTIONS: To Pursue Dual-Path Exit from Chapter 11
FLINT GROUP: $31MM Bank Debt Due Sept. 2021 Trades at 6.12% Off
FLINT GROUP: $794MM Bank Debt Due May 2021 Trades at 6.12% Off
FORESIGHT ENERGY: Bank Debt Trades at 2.78% Off
FORTERRA INC: Bank Debt Trades at 6.79% Off
FSA INC: U.S. Trustee Unable to Appoint Committee
GETTY IMAGES: Bank Debt Trades at 3.4% Off
GLOBAL A&T: FSIC Values $7 Million in Bonds at 93% of Face
GOLDEN OIL: Case Summary & 7 Unsecured Creditors
GULF FINANCE: Bank Debt Trades at 8.08% Off
GULFMARK OFFSHORE: Cancels Registration of Securities
H N HINCKLEY: Hires Schlossberg LLC as Special Counsel
HGIM HOLDINGS: Hires Stephens, Inc., as Investment Banker
HGIM HOLDINGS: Hires Vinson & Elkins LLP as Counsel
HGIM HOLDINGS: Taps Blank Rome as Special Maritime Counsel
HGIM HOLDINGS: Taps Postlethwaite as Accounting Service Provider
HUMANIGEN INC: Incurs $22.0 Million Net Loss in 2017
INPIXON: Files Annual Report on Form 10-K for Fiscal Year 2017
INPIXON: Will Sell $200 Million Worth of Securities
IPIC-GOLD CLASS: Working Capital Deficit Raises Going Concern Doubt
ISOLUX CORSAN: Hires Montgomery Coscia as Accountant
J CREW GROUP: Widens Net Loss to $125 Million in Fiscal 2017
KELLEY BROS: Hires Iron Planet as Auctioneer
LIFE SETTLEMENTS: Taps Moore Colson as Financial Advisors
LIGHTSQUARED INC: Bank Debt Trades at 10% Off
LOGAN'S ROADHOUSE: FSIC Values $21.9 Million Loan at 46% of Face
LTG LLC: Hires Stichter, Riedel, Blain & Postler as Counsel
LUCKY DRAGON: Committee Taps Armstrong Teasdale LLP as Co-Counsel
LUCKY DRAGON: Committee Taps Levene Neale as Bankruptcy Counsel
LUXENT INC: Case Summary & 15 Largest Unsecured Creditors
MANUGRAPH AMERICAS: May 24 Disclosure Statement Hearing
MARKPOL DISTRIBUTORS: Committee Hires Goldstein as Counsel
MICHAEL KALFUS: $849K Sale of Boonton Property to Corteses Approved
MICHELE MAYER: Short Sale of Visalia Property for $129K Approved
MIRAGE DENTAL: Case Summary & 19 Unsecured Creditors
MISSING LYNX: Hires J. Thomas Black, P.C. as Counsel
MOBILESMITH INC: Appoints Jerry Lepore as Director
MOBILESMITH INC: Incurs $6.1 Million Net Loss in 2017
MONEYONMOBILE INC: Offers Holders Rights to Buy 15M Common Shares
NAKED BRAND: Appoints Temporary Chief Financial Officer
NEIMAN MARCUS: Bank Debt Trades at 12.89% Off
NEW LIFE HOLINESS: Hires Rebecca Morrison as Accountant
NEWELL BRANDS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
NOBLE ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB
OFFSHORE SPECIALTY: Hires Phelps Dunbar as Special Counsel
OMEROS CORP: OMIDRIA's Pass-Through Reimbursement Status Extended
ONCOBIOLOGICS INC: Appoints Joerg Windisch to Board of Directors
ONCOBIOLOGICS INC: Deregisters Unsold Securities
ORBITE TECHNOLOGIES: CCAA Stay Period Extended Until June 8
OREXIGEN THERAPEUTICS: Hires Ordinary Course Professionals
PETROLIA ENERGY: Delays Form 10-K Due to Business Combination
PETSMART INC: Bank Debt Trades at 19.48% Off
PIONEER ENERGY: Expects to Generate Positive Cash Flow for 2018
PRE-PAID LEGAL: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
PREMIER MARINE: Exits Chapter 11 Bankruptcy, Under New Ownership
R&A PROPERTIES: Hires LWBJ as Tax Advisor
RAY ROGERS: $74K Sale of Nashville Property to Chandlers Approved
REAL ALLOY: Bankruptcy Court Approves Sale to Noteholders
RICHARDSON INVESTMENTS: Will Get Quitclaim Deed for Property
ROBERT DONEHEW: Sale of Personal Property Approved
RSP PERMIAN: S&P Places 'B+' CCR on Watch Positive on Concho Deal
RXI PHARMACEUTICALS: Acquisition Results in $1.6M Tax Benefit
RXI PHARMACEUTICALS: Reports $12.5 Million Net Loss for 2017
SALESFORCE.COM INC: Egan-Jones Lowers LC Sr. Unsec. Rating to BB+
SEADRILL LTD: Bank Debt Trades at 15.44% Off
SENIOR COMMUNITY: Seeks to Expand Scope of Work of Expert
SHARON HOLLOW: Hires Goldstein Bershad as Attorney
SIENTRA INC: KPMG LLP Raises Going Concern Doubt
SLEEP OASIS: U.S. Trustee Unable to Appoint Committee
SOTHEBY'S: S&P Raises Rating on $400MM Unsecured Notes to 'BB-'
SOUTHCROSS ENERGY: Unitholders OK Merger with American Midstream
SPENCER GIFTS: FSIC Values $30 Million Loan at 54% of Face
SUMMIT MIDSTREAM: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
SUNGARD AVAILABILITY: FSIC Values $10.7-Mil. Loan at 62% of Face
SUNSHINE SEATTLE: $177K Sale of Seattle Resto to Chef Lu Denied
SYNCREON GROUP: Bank Debt Trades at 8.34% Off
TOPS HOLDING II: Hires Hilco as Real Estate Advisors
TRANSPLACE HOLDINGS: S&P Affirms B- Rating on Upsized 1st Lien Loan
TSC/NESTER'S LANDING: Property Sale, JV Investor to Fund Plan
TURNING POINT: S&P Assigns 'BB' Ratings to $210MM Secured Loans
UNIVERSAL LAND: Auction Sale of Additional Real Property Approved
VRG LIQUIDATING: April 19 Auction of Visa/MC Claims Set
W. W. CONSTRUCTION: $19K Sale of 2005 Trailking Trailer to Approved
WCA WASTE: S&P Affirms 'B+' ICR on $100MM 1st Lien Loan Add-On
WEINSTEIN CO: Lead Plaintiff in Class Suit Serving on Committee
WINDSTREAM CORP: Bank Debt Trades at 11.42% Off
XPERI CORP: S&P Alters Outlook to Stable Amid Broadcom Resolution
YANKEE CLIPPER: Hires Michael Jay Berger as Counsel
ZERO ENERGY: Hires May Potenza Baran as General Insolvency Counsel
ZERO ENERGY: Taps Bradshaw Fowler as General Reorganization Counsel
ZHARKO KALAJ: $565K Sale of Graham Property to Traylor Approved
[^] Large Companies with Insolvent Balance Sheet
*********
4 WEST HOLDINGS: Seeks to Hire Ordinary Course Professionals
------------------------------------------------------------
4 West Holdings, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ ordinary course professionals.
4 West Holdings hires the following ordinary course professionals:
Firm Name Services
--------- --------
Carr Riggs & Ingram LLC Accounting & Tax
1601 2nd Ave East
Oneonta, AL 35121
CBIZ Memphis Accounting & Tax
25793 Network Place
Chicago, IL 60673-1257
Epstein Becker & Green, P.C. Legal (Regulatory and
One Gateway Center general corporate
Newark, NJ 07102 matters)
Ernst & Young LLP Accounting & Tax
PO Box 933514
Atlanta, GA 31193-3514
Hall Booth Smith PC Legal (litigation)
191 Peachtree Street, Suite 2900,
Atlanta, GA 30303
424 Church St., Suite. 2950
Nashville, TN 37219
Hancock, Daniel, Johnson & Legal (litigation)
Nagle, P.C.
3975 Fair Ridge Drive
Suite 475 South
Fairfax, VA 22033-2911
Hansen Hunter & Company PC Accounting & Tax
8930 SW Gemini Drive
Beaverton, OR 97008
Maxey Wann, PLLC Legal (litigation)
210 East Capital Street, Suite 2100
Jackson, MS 39201
Millenia Claims Management Legal (Claims
Sheila Kieffer, AIC Administration)
7050 W. Palmetto Park Rd., #15-642
Boca Raton, FL 33433
Mintz Levin Legal (Employment
3580 Carmel Mountain Road, Ste 300 Law)
Oneonta, AL 35121
Nelson Mullins Riley & Legal (Regulatory
Scarborough LLP matters and
Meridian, 17th Floor litigation)
1320 Main Street
Columbia, SC 29201
Parker Poe Adams & Legal (Regulatory
Bernstein LLP matters and
1221 Main Street, Suite 1100 litigation)
Columbia, SC 29201
Phelps Dunbar, LLP Employment Claims
4270 I-55 North
Jackson, MS 39211
Quintairos, Prieto, Wood & Tallahassee, FL 32301
Boyer, P.A. Legal (litigation)
227 North Bronough Street, Suite 7400
Turner, Padget, Graham & Legal (litigation)
Laney, P.A.
P.O. Box 1473
Columbia, SC 29202
Wise Carter Child & Caraway, P.A. Legal (litigation)
P. O. Box 651
Jackson, MS 39205-0651
The fees of the ordinary course professionals are subject to a fee
cap, as follows:
(i) $35,000 per month per Ordinary Course Professional, and
(ii) $200,000 per Ordinary Course Professional for the duration of
these Chapter 11 Cases
To the best of the Debtors' knowledge the firms are a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.
About 4 West Holdings
4 West Holdings, Inc., et al. -- http://www.orianna.com/-- are
licensed operators of 41 skilled nursing facilities and manage one
skilled nursing facility located in seven states: Georgia, Indiana,
Mississippi, North Carolina, South Carolina, Tennessee and
Virginia. In addition, one of related entity, Palladium Hospice and
Palliative Care, LLC f/k/a Ark Hospice, LLC provides hospice and
palliative care services at certain of the Facilities and other
third party locations. They employ approximately 5,000 people,
including but not limited to, nurses, nursing assistants, social
workers, regional directors and supervisors.
4 West Holdings, Inc. and 134 of its affiliates and subsidiaries
filed voluntary petitions in the United States Bankruptcy Court for
the Northern District of Texas in Dallas seeking relief under the
provisions of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case No. 18-30777) on March 6, 2018, with a restructuring
plan that contemplates the transfer of 22 facilities to new
operations.
The Debtors continue to operate their businesses and manage their
properties as debtors-in-possession. 4 West Holdings estimated $10
million to $50 million in assets and $50 million to $100 million in
liabilities as of the filing.
The Hon. Harlin DeWayne Hale is the case judge.
The Debtors tapped DLA Piper LLP (US) as bankruptcy counsel;
Houlihan Lokey as investment banker; Crowe Horwath LLP as financial
advisor; Ankura Consulting Group, LLC, as interim management
services provider; and Rust Consulting/Omni Bankruptcy as claims
agent.
The Office of the U.S. Trustee on March 19, 2018, appointed seven
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 cases.
ACTUANT CORP: Egan-Jones Lowers Sr. Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Actuant Corporation to B+ from BB-.
Based in Menomonee Falls, Wisconsin, Actuant Corporation is an
American diversified industrial company serving customers from
operations in more than 30 countries.
AFP HOLDING: Hires Goldberg Weprin as Counsel
---------------------------------------------
AFP Holding, Inc., seeks authority from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Goldberg Weprin
Finkel Goldstein LLP, as counsel to the Debtor.
AFP Holding requires Goldberg Weprin to:
(a) provide the Debtor with necessary legal advice in
connection with the sale of its Real Property, financial
and legal affairs during the Chapter 11 proceedings;
(b) represent the Debtor in all matters before the Bankruptcy
Court or the U.S. Trustee;
(c) prepare all necessary legal papers, petitions, orders,
applications, motions and reports on the Debtor's behalf;
and
(d) perform all other legal services for the Debtor which may
be necessary herein.
Goldberg Weprin will be paid at these hourly rates:
Partners $525 to $575
Associates $250 to $425
Goldberg Weprin received post involuntary petition payments from
the Debtor totaling $57,500 in connection with the bankruptcy case.
The payments were received before entry of an Order for relief.
As of March 9, 2018, the date of entry of the order for relief,
there was a balance of $5,500, and will be applied to the Chapter
11 services.
Goldberg Weprin will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Neal M. Rosenbloom, a partner at Goldberg Weprin Finkel Goldstein,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Goldberg Weprin can be reached at:
Neal M. Rosenbloom, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Tel: (212) 221-5700
Fax: (212) 730-4518
About AFP Holding
On May 23, 2017, an involuntary petition under Chapter 7 of Title
11 of the United States Code was filed against the Debtor by
SummitBridge National Investments III LLC and the New York Business
Development Corp.
The Debtor filed a motion to dismiss the involuntary Chapter 7 case
and, after an evidentiary hearing, the Court denied the Debtor's
motion to dismiss the Petition.
A motion was made to convert the Chapter 7 case to a Chapter 11
case and an Order was duly entered by this Court on consent of
SummitBridge National and New York Business allowing the case to
proceed under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 17-42642).
The Debtor hired Neal M. Rosenbloom, Esq., at Goldberg Weprin
Finkel Goldstein LLP, as counsel.
ALGODON WINES: Board OKs Stock Dividends in Lieu of Cash
--------------------------------------------------------
Algodon Wines & Luxury Development Group, Inc. disclosed in a Form
8-K filed with the Securities and Exchange Commission that the
Board of Directors of the Company has approved the option to offer
holders of the Series B convertible preferred shares shares of
common stock of the Company in lieu of a cash payment of any unpaid
dividends (together with any accrued interest) that are due and
owing. The Board also approved the payment of dividends to
eligible Series B holders as of Sept. 30, 2017 in the amount of
$124,494 and an additional $160,592 as of Dec. 31, 2017.
The shares of common stock in lieu of the cash dividends paid to
the Series B holders will be exchanged at a rate equivalent to the
current market value of the common shares, as determined in good
faith by management.
About Algodon Wines
Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina. Based
in New York, AWLD operates a hotel, golf and tennis resort,
vineyard and producing winery in addition to developing residential
lots located near the resort. The activities in Argentina are
conducted through its operating entities: InvestProperty Group,
LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L,
Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. AWLD
distributes its wines in Europe through its United Kingdom entity,
Algodon Europe, LTD.
Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2016, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
Algodon Wines reported a net loss of $10.04 million on $1.52
million of sales for the year ended Dec. 31, 2016, compared to a
net loss of $8.27 million on $1.86 million of sales for the year
ended Dec. 31, 2015. As of Sept. 30, 2017, Algodon Wines had $8.84
million in total assets, $4.03 million in total liabilities, $7.61
million in series B convertible redeemable preferred stock and a
$2.80 million total stockholders' deficiency.
ALGODON WINES: Receives Deed Approvals for Argentina Estates Lots
-----------------------------------------------------------------
Algodon Wines & Luxury Development Group, Inc., has received deed
approval from the Cadastral Agency of Mendoza for the sale of
certain real estate lots held by the Company in Argentina.
Algodon Wine Estates, spanning four phases of development, includes
approximately 350 planned lots ranging from .5 to 7 acres, with 97
lots from Phase 1 of the master plan currently available for
private sale and development. Revenues for each lot sale can only
be recognized once the lots are deedable and final deeds are
delivered to the buyers. Certain of the Phase 1 lots on Algodon
Wine Estates' property were deeded and sold to buyers, representing
$870,000 in recognizable revenues in Q1 2018. As part of these
deed approvals, Algodon successfully delivered on all
infrastructure requirements for the property as specified by the
Cadastral Agency of Mendoza.
In Q2 2018, Algodon expects to be approved for deeding another 19
Phase 1 lots, and in the next 12 months, expects to deed the
remainder of the 97 Phase 1 lots.
Future expansion opportunities outside of the approximately 350
planned lots include the conversion of Algodon's additional and
recently purchased 2,088-acre parcel, which doubled the size of
Algodon's presence in Mendoza to well over 4,000 acres. This
additional land can be further developed into Private Estancias and
Vineyard Villas, or may be utilized to expand the existing vineyard
or other agricultural operations, or the hospitality sectors of the
business for the possibility of supplementary income streams. At
current pricing the total value of land available for sale in the
future exceeds $80M.
"We are pleased to have received deed approval from the Cadastral
Agency of Mendoza for the initial lots on our vineyard estate,"
said Scott Mathis, founder, chairman and CEO of Algodon Wines &
Luxury Development Group. "These initial lot sales are a strong
testament to the world class destination we have built in San
Rafael, Mendoza as well as the friendly business environment that
is developing in the rapidly growing Argentine real estate market.
Our early strategic investments in Argentine real estate are
beginning to show strong returns on our initial investments, which
we expect to continue as we begin a new marketing campaign to
increase awareness of our property's vineyard lots for sale. During
Argentina's difficult economic times over the last decade we
accumulated, piece-by-piece, a massive estate now totalling more
than 4,000 acres. Argentina is entering a new era of growth and we
are excited that we can now deliver on the deeds, report revenue,
and introduce our magnificent vineyard lots to the wine lovers of
the world. We look forward to providing further updates to our
stockholders as we continue to create value through the
monetization of select real estate holdings," concluded Mathis.
The Argentine real estate market is traditionally known for its
all cash transactions and low use of leverage. Algodon Wine
Estates is one of the few real estate developments in the country
that has historically offered financing. As the mortgage market is
gradually reintroduced to the country, the number of real estate
transactions, as well as property values, have grown significantly.
Additionally, as President Mauricio Macri's economic reforms begin
to take hold, it is expected that international firms will
increasingly make foreign direct investments into local
infrastructure projects, fundamentally supporting economic growth.
Algodon Wine Estates is a 4,138 acre (1675 ha) world-class wine,
wellness, culinary and sport resort, and luxury real estate
development, located in the rolling hills of the Sierra Pintada
Mountains in San Rafael, Mendoza, Argentina. This wine and golf
community is a global destination, surrounded by the natural beauty
of vineyards, fruit orchards and olive groves. Many Phase 1 lots
have pre-existing vines and groves, many situated directly on the
estate's 18-hole golf course, offering golf, vineyard and mountain
views. The luxury destination is truly unique in the world, where
residents can step right outside their front door onto the golf
course and find themselves among meticulously manicured vines
planted in the 1940s.
Note: (All figures above are estimated in U.S. dollars, which are
subject to currency fluctuations.)
About Algodon Wines
Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina. Based
in New York, AWLD operates a hotel, golf and tennis resort,
vineyard and producing winery in addition to developing residential
lots located near the resort. The activities in Argentina are
conducted through its operating entities: InvestProperty Group,
LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L,
Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. AWLD
distributes its wines in Europe through its United Kingdom entity,
Algodon Europe, LTD.
Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2016, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
Algodon Wines reported a net loss of $10.04 million on $1.52
million of sales for the year ended Dec. 31, 2016, compared to a
net loss of $8.27 million on $1.86 million of sales for the year
ended Dec. 31, 2015. As of Sept. 30, 2017, Algodon Wines had $8.84
million in total assets, $4.03 million in total liabilities, $7.61
million in series B convertible redeemable preferred stock and a
$2.80 million total stockholders' deficiency.
ALLIANCE CONSULTING: PML Has No Standing to Reopen Chapter 11 Case
------------------------------------------------------------------
Judge Katharine M. Samson of the U.S. Bankruptcy Court for the
District of Mississippi entered an order denying Plant Materials
LLC's motion to reopen the chapter 11 bankruptcy case of Alliance
Consulting Group LLC.
Plant Materials was hired to install equipment on the site of the
Debtor's business and on that basis considers itself a creditor
that should have been given notice of proceedings in the case. Now,
nearly three years after the effective date of the chapter 11 plan,
Plant Materials asserts that the case should be reopened so it can
seek the relief to which it believes itself entitled.
According to the motion, appropriate relief upon the reopening of
the case might consist of any of eight possible remedies. At
hearing, however, Plant Materials argued most vigorously for two:
relief from the free-and-clear sale of the Debtor's assets
conducted under 11 U.S.C. section 363(f) or a claim for substantial
contribution under 11 U.S.C. section 503(b)(3)(D). Richard Cryar,
former chapter 11 Trustee and current Plan Agent of Alliance
Consulting, and interested party Drying Facilities Assets Holding
LLC ("DFAH") objected to the motion.
The Court finds that Plant Materials has no standing to bring the
motion, and even if it did, cause to reopen the case does not
exist.
Plant Materials is not a creditor. The Debtor was not obligated on
any debt owed to Plant Materials; the estate did not contract with
Plant Materials; the estate did not own the equipment Plant
Materials installed. The estate contracted with Shale Support
Services LLC ("S3"), and S3 contracted with Plant Materials,
meaning that Plant Materials is a creditor of a creditor with no
standing to bring the motion.
Plant Materials argues that it had a legally protected interest
that was affected by the case: the "special lien" on the Drying
Facility under Mississippi construction law, which was unperfected
at the time of the Sale and which Plant Materials argues entitles
it to relief from the Sale order. This argument is unavailing. Any
interest Plant Materials could assert arises from and relates
solely to its identity as a creditor of a creditor. And courts have
consistently held that creditors of creditors do not have standing
to participate in bankruptcy cases.
The Bankruptcy Code also favors finality. To grant a motion to
reopen that was brought nearly a year after the case was closed and
nearly three years after the effective date of the Plan would
contravene the finality on which all parties have relied. As DFAH
argues--and as the Court agrees--reopening could jeopardize
DFAH’s continued ability to finance its operations, introducing
additional and potentially unacceptable risk and uncertainty for
prospective lenders and equity partners.
A full-text copy of the Court's Opinion and Order dated March 19,
2018 is available at:
http://bankrupt.com/misc/mssb13-51937-1243.pdf
An involuntary Chapter 11 petition was filed against Alliance
Consulting Group, L.L.C., (Bankr. S.D. Miss., Case No. 13-51937) by
Integrated Pro Services, LLC, E-Co Systems, LLC, Ranger
Contracting, LLC, AHG Soulutions, LLC, Linfield, Hunter & Junius,
Inc., H&H Trucking, LLC, Titan Rentals, LLC, Advanced Group, Inc.
The case is assigned to Hon. Katharine M. Samson.
Petitioners are represented by Patrick S. Garrity, Esq., and
William E. Steffes, Esq., at Steffes, Vingliello & McKenzie, LLC,
in Baton Rouge, Louisiana; and David Wheeler, Esq., at Wheeler &
Wheeler, PLLC, in Biloxi, Mississippi.
AMERICAN STEEL: Hires Charles M. Wynn Law Office as Attorney
------------------------------------------------------------
American Steel Processing Company seeks authority from the U.S.
Bankruptcy Court for the Northern District of Florida, Panama City
Division, to hire Charles M. Wynn, Esq. and the law firm of Charles
M. Wynn Law Office, P.A., as attorney.
Professional services required of Charles M. Wynn are:
a. give the Debtor legal advice with respect to his powers and
duties as a Debtor-in-Possession and with respect to the continued
operation of his business and the management of his property;
b. prepare on behalf of the Debtor as Debtor-in-Possession
necessary applications, answers, reports and other legal papers;
c. prepare pleadings and applications and to conduct
examinations incidental to the administration of the Debtor's
estate;
d. take any and all necessary action instant to the proper
preservation and administration of the estate;
e. assist the Debtor-in-Possession with the preparation and
filing of a Statement of Affairs, Schedules, List of Executory
Contracts and List of Income and Expenditures as are appropriate;
and
f. perform all other legal services for the Debtor which may
be necessary.
The Debtor has paid a non-refundable retainer in the sum of
$16,203.
Fees charged by Charles M. Wynn Law Office are:
Attorney $350 per hour
Legal Assistant $100 per hour
Michael A. Wynn $275 per hour
Andrew Gause $200 per hour
Charles M. Wynn, Esq., attests that neither he nor his firm holds
or represents an interest adverse to the bankruptcy estate, the
Debtor-in-Possession, in matters upon which they are to be engaged
and are disinterested persons under 11 U.S.C. Sec. 101(14).
The attorney can be reached through:
Charles M. Wynn, Esq.
Charles M. Wynn Law Office, P.A.
4436 Clinton Street
P.O. Box 146
Marianna, FL 32447
Tel: 850-526-3520
Fax: 850-526-5210
E-mail: candy@wynnlaw-fl.com
court@wynnlaw-fl.com
American Steel Processing Company
American Steel Processing Company is a steel fabricator in Panama
City, Florida, founded in July 1998. American Steel Processing
filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 18-50060) on
Feb. 26, 2018. In the petition signed by Thomas J. Fanell,
president/CEO, the Debtor estimated assets and liabilities at $1
million to $10 million. The case is assigned to Judge Karen K.
Specie. The Charles Wynn Law Offices, P.A., is the Debtor's
counsel.
ASCENT RESOURCES: Plan Takes Effect, Exits Chapter 11 Bankruptcy
----------------------------------------------------------------
Ascent Resources Marcellus Holdings, LLC, and its wholly owned
subsidiaries on March 30, 2018, disclosed that they have emerged
from chapter 11 bankruptcy.
As previously announced on February 6, 2018, Holdings, along with
Ascent Resources – Marcellus, LLC ("ARM") and Ascent Resources
Marcellus Minerals, LLC (collectively, the "ARM Entities") filed
voluntary petitions for reorganization under chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy Court
for the District of Delaware (the "Bankruptcy Court") to implement
a consensual financial restructuring (the "ARM Restructuring")
approved by certain holders of ARM's first and second lien term
loans.
Ascent Resources, LLC, Ascent Resources Utica Holdings, LLC
("ARUH"), Ascent Resources – Utica, LLC ("ARU") and Ascent
Resources Management Services, LLC ("ARMS" and together with ARUH
and ARU, the "ARU Entities") were not a subject of the ARM
Restructuring. The ARU Entities are separate and distinct entities
that have their own capital structure and financing.
The ARM Restructuring was described in the ARM Entities' Joint
Prepackaged Plan of Reorganization (the "Plan") and Disclosure
Statement (the "Disclosure Statement") filed with the Bankruptcy
Court on February 6, 2018. On March 23, 2018, the Bankruptcy Court
approved the Plan and the Disclosure Statement.
On March 30, 2018, the ARM Entities emerged from chapter 11 having
satisfied all conditions to effectiveness set forth in the Plan.
Pursuant to the Plan, Holdings converted to a Delaware corporation,
a new board of directors was appointed for the ARM Entities,
including one director appointed by the original equity owners, and
the ARM Entities entered into a new management services agreement
with ARMS, whereby the existing management team will continue to
manage the day-to-day operations of the ARM Entities.
About the ARM Entities
The ARM Entities were formed to acquire, explore for, develop,
produce and operate natural gas and oil properties in the Marcellus
Shale. The ARM Entities currently own or have the right to develop
approximately 43,000 net acres in northern West Virginia.
About Ascent Resources Marcellus
Oklahoma City-based Ascent Resources Marcellus Holdings, LLC and
its wholly owned subsidiaries, Ascent Resources - Marcellus, LLC
("ARM") and Ascent Resources Marcellus Minerals, LLC, were formed
to acquire, explore for, develop, produce and operate natural gas
and oil properties in the Marcellus Shale. The ARM Entities
currently own or have the right to develop 43,000 net acres in
northern West Virginia.
Ascent Resources Marcellus Holdings and 2 affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. D. Del. Lead Case No.
18-10265) on Feb. 6, 2017.
Ascent Resources, LLC, Ascent Resources Utica Holdings, LLC, Ascent
Resources - Utica, LLC and Ascent Resources Management Services,
LLC -- Ascent Entities -- are not included in the ARM Restructuring
and their operations remain unaffected by the ARM Restructuring.
The Ascent Entities are separate and distinct entities that have
their own capital structures, financing and operations. The Ascent
Entities do not guarantee any of the ARM Entities debt.
The Debtors tapped SULLIVAN & CROMWELL LLP as general bankruptcy
counsel; YOUNG CONAWAY STARGATT & TAYLOR, LLP, as bankruptcy
co-counsel; D.R. PAYNE & ASSOCIATES, INC., as restructuring
advisor; PJT PARTNERS, as financial advisor; and PRIME CLERK LLC,
as claims agent.
ATLAS EQUITY: Hires Eric Ollason as Counsel
-------------------------------------------
Atlas Equity Investments, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of Arizona to employ Eric Ollason
as counsel for the Debtor.
The professional services to be provided by Mr. Ollason are:
a) provide the Debtor with legal advice and assistance as to
their powers and duties as debtor-in-possession in the continued
operation of their affairs;
b) provide legal advice and assistance to the Debtor as is
necessary to preserve and protect assets, to arrange for a
continuation of the working capital and other financing, to prepare
all necessary applications, answers, orders, reports and other
legal documents;
c) appear before the Bankruptcy Court to represent and protect
the interests of the Debtor and its estate;
d) negotiate with the Debtor's creditors and taking the
necessary legal steps to confirm and consummate a plan of
reorganization;
e) provide other legal services as may be necessary during the
course of the bankruptcy proceedings.
Mr. Ollason has received a prepetition retainer from the Debtor in
the sum of $10,000.00 in which $7,000 ($5,283 and filing fee
$1,717) was billed against the retainer and paid for work performed
in connection the Debtor's Chapter 11 filing prior to Debtor's
Chapter 11 filing. Mr. Ollason will charge on an hourly basis for
his legal services.
Mr. Ollason attests that he has no prior connection with the
Debtors, their creditors, any other party in interest, their
respective attorneys or accountants, and the United States Trustee,
which would in any way
disqualify him from representing the Debtor.
The counsel can be reached through:
Eric Ollason, Esq.
LAW OFFICE OF ERIC OLLASON
182 North Court
Tucson, AZ 85701
Tel: (520) 791-2707
Fax : 520-792-0573
E-mail: eollason@182court.com
Atlas Equity Investments
Based in Nogalez, Arizona, Atlas Equity Investments, LLC, filed a
Chapter 11 petition (Bankr. D. Ariz. Case No. 18-02327) on March
12, 2018, estimating under $1 million in both assets and
liabilities. The Law Office of Eric Ollason is the Debtor's
counsel.
ATLAS INSPECTION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Atlas Inspection Technologies, Inc.
500 Elliott Ave W, Ste A
Seattle, WA 98119-4358
Business Description: Atlas Inspection Technologies, Inc.
provides a complete suite of engineering &
inspection services. In addition, Atlas
integrates an engineering focus into its
non-destructive examination (NDE), high
resolution video imagery (RVI), infrared
inspections (IR), and positive material
identification (PMI) inspection services.
Atlas sells, repairs, and rents remote
inspection equipment including borescopes,
pipe cameras, thermal cameras, infrared
windows, infrared cameras, sewer cameras,
inspection cameras, and XRF analyzer
equipment. Atlas also offers on-site visual
inspection services, including positive
material identification and FOD retrieval.
Visit https://www.atlas-inspection.com for
more information.
Chapter 11 Petition Date: March 31, 2018
Case No.: 18-11351
Court: United States Bankruptcy Court
Western District of Washington (Seattle)
Judge: Hon. Marc Barreca
Debtor's Counsel: John R. Rizzardi, Esq.
CAIRNCROSS & HEMPELMANN, P.S.
524 2nd Ave Ste 500
Seattle, WA 98104-2323
Tel: 206-254-4444
Email: jrizzardi@cairncross.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Darren Billings, CEO.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/wawb18-11351.pdf
BAY TIDE: Hires Durrette Arkema as Counsel
------------------------------------------
Bay Tide, LC, seeks authority from the U.S. Bankruptcy Court for
the Eastern District of Virginia to employ Durrette Arkema Gerson &
Gill, PC, as counsel to the Debtor.
Bay Tide requires Durrette Arkema to:
a. provide legal advice to the Debtor with respect to any
reorganization or bankruptcy proceeding and the handling of
claims of creditors and others prior to the filing of any
Chapter 11 petition;
b. prepare any instruments, agreements, pleadings, or other
documents necessary to initiate and effectuate any
reorganization or bankruptcy proceeding; and
c. represent the Debtor in any action, proceeding, contested
matter, trial conference, meeting, hearing, or other
proceeding or transaction in which it is or becomes
involved as a result of any reorganization or bankruptcy
proceeding.
Durrette Arkema will be paid at these hourly rates:
Bruce E. Arkema, Partner $360
Kevin J. Funk, Director $260
Beth McMillen, Legal Secretary $75
Prior to the Petition Date, the Debtor paid Durrette Arkema a
retainer in the amount of $5,000. On March 7, 2018, Durrette
Arkema applied $1,500 of the retainer as payment for fees incurred
for the period through and including the petition date. The filing
fee was paid out of the retainer payment.
Durrette Arkema will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Bruce E. Arkema, a partner at Durrette Arkema Gerson & Gill,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Durrette Arkema can be reached at:
Bruce E. Arkema, Esq.
Kevin J. Funk, Esq.
DURRETTE ARKEMA GERSON & GILL, PC
1111 East Main Street, 16th Floor
Richmond, VA 23219
Tel: (804) 775-6900
Fax: (804) 775-6911
E-mail: barkema@dagglaw.com
About Bay Tide, LC
Bay Tide LC, based in Deltaville, VA, filed a Chapter 11 petition
(Bankr. E.D. Va. Case No. 18-31117) on March 7, 2018. In the
petition signed by Barry W. Miller, managing member, the Debtor
estimated $1 million to $10 million in assets and $500,000 to $1
million in liabilities. The Hon. Keith L. Phillips presides over
the case. Kevin J. Funk, Esq., at Durrette Arkema Gerson & Gill,
PC, serves as bankruptcy counsel.
BAYOU HAVEN: Hires Wayne M. Aufrecht as Co-Counsel
--------------------------------------------------
Bayou Haven Bed & Breakfast, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Wayne M. Aufrecht, LLC, as co-counsel to the Debtor.
Bayou Haven requires Wayne M. Aufrecht to represent the Debtor as
co-counsel along with The De Leo Law Firm.
Wayne M. Aufrecht will be paid at these hourly rates:
Attorneys $250
Paralegals $85
Wayne M. Aufrecht will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Wayne M. Aufrecht, a partner of Wayne M. Aufrecht, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Wayne M. Aufrecht can be reached at:
Wayne M. Aufrecht, Esq.
WAYNE M. AUFRECHT, LLC
Bar Roll No. 24946
417 W. 21st Avenue
Covington, LA 70433
Tel: (985) 250-0830
Fax: (800) 418-7324
E-mail: wayne@northshorefirm.com
About Bayou Haven Bed & Breakfast
Bayou Haven Bed and Breakfast, LLC --
http://www.bayouhavenslidell.com/-- is located on beautiful Bayou
Liberty in Slidell, Louisiana. Bayou Haven is a newly built, seven
suite bed and breakfast designed to evoke the feel of a mid-1800s
bayou plantation house. Every inch of the property was created to
exude the charm, comfort, and grace that is southern hospitality.
Bayou Haven Bed & Breakfast filed a Chapter 11 Petition (Bankr.
E.D. La. Case No. 18-10570) on March 12, 2018, estimating under $1
million in assets and liabilities. Robin R. DeLeo, Esq., at The De
Leo Law Firm LLC, is the Debtor's counsel. Wayne M. Aufrecht, LLC,
is the Debtor's co-counsel.
BELLEVILLE DEVELOPMENT: Taps Richard L. Nairin, CPA as Accountant
-----------------------------------------------------------------
Belleville Development Group, LLC, seeks authority from the U.S.
Bankruptcy Court for the District of New Jersey to hire Richard L.
Nairin, CPA as accountant for the Debtor to assist in the
preparation of state and federal tax returns.
Mr. Nairin requires a retainer in the amount of $7,500. He charges
an hourly rate of $125 for his services.
Mr. Nairin attests that he does not hold or represent an adverse
interest to the estate and he is a "disinterested person" under 11
U.S.C. 101(14).
The accoutant can be reached through:
Richard L. Nairin, CPA
1328 East Thousand Oaks Blvd., Suite 205
Thousand Oaks, CA 91362-6262
Phone: (805) 497-8453 / (818) 706-8223
Fax: (805) 497-8453
E-mail: nairin@techcpa.com
About Belleville Development Group
Belleville Development Group, LLC, based in Virginia Beach, VA,
filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-20469) on
May 22, 2017. In the petition signed by Anthony Regan, managing
member, the Debtor estimated $1 million to $10 million in both
assets and liabilities. The Hon. Vincent F. Papalia presides over
the case. Stephen Ravin, Esq., at Saul Ewing LLP, serves as
bankruptcy counsel to the Debtor.
BIG HEARTED BOOKS: Hires Ehrhard & Associates as Counsel
--------------------------------------------------------
Big Hearted Books and Clothing LLC seeks authority from the United
States Bankruptcy Court for the District of Massachusetts (Boston)
to hire Ehrhard & Associates, P.C., as counsel to the Debtor.
Services required of E&A are:
a) give the Debtor legal advice with respect to its powers and
duties as a Debtor in this Chapter 11 proceeding;
b) perform on behalf of your applicant necessary applications,
answers, orders, reports and other legal papers requires for these
proceedings;
c) perform all other legal services for your applicant which
may be necessary, and it is necessary for Debtor to employ an
attorney for such professional services;
d) represent the Debtor with the sale, refinance or
restructuring of the property of the Debtor.
Counsel has received a retainer of $14,000 of which $12,283 is
being held in escrow for legal fees and $1,717 is to be used for
the filing fee pending future fee applications with this Court.
E&A hourly rate are:
James P. Ehrhard, Esq. $375
Jennifer Cote $175
Senior attorneys $300
Paralegals $150
James P. Ehrhard, Esq. assures the Court that he, and each member
of his firm, is a "disinterested person" as that term is defined in
11 U.S.C. Sec. 101(14).
The counsel can be reached through:
James P. Ehrhard, Esq.
Ehrhard & Associates, P.C.
250 Commercial Street, Ste 410
Worcester, MA 01608
Tel: (508)791-8411
E-mail: ehrhard@ehrhardlaw.com
About Big Hearted Books and Clothing
Big Hearted Books & Clothing is a socially conscious, for-profit,
book and textile reuse company. The Company's mission is to keep
books, media, clothing, and other reusable items out of landfills
by getting them back into the hands of people who can use them.
The Company was established in 2009 to collect unwanted media,
including books, records, CDs, video games and DVDs. The Company
now has over 1,300 donation drop-off containers in Massachusetts,
New Hampshire, Connecticut, and Rhode Island.
Big Hearted Books and Clothing LLC filed a Chapter 11 Petition
(Bankr. D. Mass. Case No. 18-10950) on March 19, 2018. In the
petition signed by Kevin Howard, manager, the Debtor estimated $1
million to $10 million both in assets and liabilities. Judge Joan
N. Feeney is the case judge. James P. Ehrhard, Esq., at Ehrhard &
Associates, P.C., is the Debtor's counsel.
BLACKBOARD INC: Bank Debt Trades at 4.72% Off
---------------------------------------------
Participations in a syndicated loan under which Blackboard Inc. is
a borrower traded in the secondary market at 95.28
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.8 percentage points from the
previous week. Blackboard Inc. pays 500 basis points above LIBOR to
borrow under the $931 million facility. The bank loan matures on
June 30, 2021. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
March 16.
BLACKPOINT LAND: Case Summary & 8 Unsecured Creditors
-----------------------------------------------------
Debtor: Blackpoint Land Holdings, LLC
PO Box 25
Linville Falls, NC 28647
Business Description: Blackpoint Land Holdings is the fee simple
owner of 61.8 acres subdivided into 37 lots
in Newland, North Carolina having a current
value of $661,800.
Chapter 11 Petition Date: March 30, 2018
Case No.: 18-10135
Court: United States Bankruptcy Court
Western District of North Carolina (Asheville)
Judge: Hon. George R. Hodges
Debtor's Counsel: D. Rodney Kight, Jr., Esq.
KIGHT LAW OFFICE
84 W. Walnut St., Suite 201
Asheville, NC 28801
Tel: (828) 255-9881
Fax: (828) 255-9886
E-mail: info@kightlaw.com
Total Assets: $846,998
Total Liabilities: $1.52 million
The petition was signed by Karen Salle, manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight largest unsecured creditors is available
for free at: http://bankrupt.com/misc/ncwb18-10135.pdf
BLANN FARMS: $10K Sale of Rain Flow Model 2550 to J & J Approved
----------------------------------------------------------------
Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized Blann Farms, Inc.'s sale of
Rain Flow Model 2550 3 Row Plastic Layer w/T-Tape Attachments
Crowned Beds to J & J Farming for the purchase price of $10,000.
The Equipment will be sold "as-is" with no express or implied
warranty, and free and clear of all liens, claims, interests and
encumbrances, with any interests to attach to the proceeds of the
Sale.
The 14-day stay imposed by Rule 6004(h) of the Federal Rules of
Bankruptcy Procedure is waived.
The Debtor is directed to file a report of sale within 15 days of
the sale of the Equipment or as soon thereafter as possible.
The Debtor is directed to hold the net proceeds, if any, in escrow
subject to further order of the Court. Notwithstanding the
forgoing, the Debtor will pay Casey State Bank's claims up to the
full amount of their claims at closing on the Sale.
The Order is a final order.
About Blann Farms
Blann Farms, Inc. -- http://blannberries.com/-- owns the Blann
Berries, a strawberry farm located less than 45 minutes South of
Terre Haute in the heart of Southern Indiana's melon country.
Selling to the public since 2002, its operation has grown from an
original 7-acre strawberry patch to 30 acres of strawberries.
Blann Farms and its president Jeffrey B. Blann sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 17-80514) on Aug. 7, 2017. At the time of the filing, Blann
Farms estimated assets of less than $50,000 and liabilities of $1
million to $10 million. Judge Jeffrey J. Graham presides over the
case. Blann Farms tapped Hester Baker Krebs LLC as legal counsel.
BLANN FARMS: $7K Sale of Rain Flow Model 1600 Approved
------------------------------------------------------
Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized Blann Farms, Inc.'s sale of
Rain Flow Model 1600 3 Row Setter with Top Tray to Williams Produce
for $7,000.
The Equipment will be sold "as-is" with no express or implied
warranty, and free and clear of all liens, claims, interests and
encumbrances, with any interests to attach to the proceeds of the
Sale.
The 14-day stay imposed by Rule 6004(h) of the Federal Rules of
Bankruptcy Procedure is waived.
The Debtor is directed to file a report of sale within 15 days of
the sale of the Equipment or as soon thereafter as possible.
The Debtor is directed to hold the net proceeds, if any, in escrow
subject to further order of the Court. Notwithstanding the
forgoing, the Debtor will pay Casey State Bank's claims up to the
full amount of their claims at closing on the Sale.
The Order is a final order.
About Blann Farms
Blann Farms, Inc. -- http://blannberries.com/-- owns the Blann
Berries, a strawberry farm located less than 45 minutes South of
Terre Haute in the heart of Southern Indiana's melon country.
Selling to the public since 2002, its operation has grown from an
original 7-acre strawberry patch to 30 acres of strawberries.
Blann Farms and its president Jeffrey B. Blann sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 17-80514) on Aug. 7, 2017. At the time of the filing, Blann
Farms estimated assets of less than $50,000 and liabilities of $1
million to $10 million. Judge Jeffrey J. Graham presides over the
case. Blann Farms tapped Hester Baker Krebs LLC as legal counsel.
BLANN FARMS: Sale of Farm Equipment Approved
--------------------------------------------
Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized Blann Farms, Inc.'s sale of
equipment: (i) 2002 Lexion Claas 480R Combine; (ii) 2011 MacDon
FD70-45 Flex Head (45 Ft); (iii) 2013 Claas 12-30 Corn Head; (iv)
2013 Hiniker 16 Row Cultivator, Model 6011, with Sidedress Package;
(v) 2014 Sunflower Disk, Chisel and Harrow; (vi) 2008 Orthman Tool
Bar; and (vii) 2008 John Deere Air Commodity Cart (part of the
Orthman Tool Bar) at auction to be conducted by Big Iron Auction
Co.
The Sale of the Equipment will be conducted separately from any
other participants/sellers at the Auction.
The Equipment will be sold "as-is" with no express or implied
warranty, and free and clear of all liens, claims, interests and
encumbrances, with any interests to attach to the proceeds of the
Sale.
Agco Finance, LLC and Casey State Bank are authorized to credit bid
on the Agco Collateral at the Auction, subject to the payment terms
in an Order Authorizing Employment of Auctioneer to be entered in
these proceedings.
Upon completion of the Auction, the Auctioneer will be paid in
accordance with the terms of the Employment Order and subject to
further order of the Court.
The 14-day stay imposed by Rule 6004(h) of the Federal Rules of
Bankruptcy Procedure is waived.
The Debtor is directed to file a report of sale within 15 days of
the sale of the Equipment or as soon thereafter as possible.
The Debtor is directed to hold the net proceeds, if any, in escrow
subject to further order of the Court. Notwithstanding the
forgoing, the Debtors will pay Agco's claims out of the net sale
proceeds of the Agco Collateral, up to the full amount of its
claims at closing on the Sale. In addition, the Debtor will pay
Casey State Bank's claims out of the net sale proceeds, up to the
full amounts of its claims at closing on the Sale.
The Order is a final order.
About Blann Farms
Blann Farms, Inc. -- http://blannberries.com/-- owns the Blann
Berries, a strawberry farm located less than 45 minutes South of
Terre Haute in the heart of Southern Indiana's melon country.
Selling to the public since 2002, its operation has grown from an
original 7-acre strawberry patch to 30 acres of strawberries.
Blann Farms and its president Jeffrey B. Blann sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Lead Case
No. 17-80514) on Aug. 7, 2017. At the time of the filing, Blann
Farms estimated assets of less than $50,000 and liabilities of $1
million to $10 million. Judge Jeffrey J. Graham presides over the
case. Blann Farms tapped Hester Baker Krebs LLC as legal counsel.
BLUE LEOPARD: Ch. 11 Trustee Hires June Cox as Accountant
---------------------------------------------------------
W. Donald Gieseke, the Ch. 11 Trustee of Blue Leopard L.L.C., seeks
authority from the U.S. Bankruptcy Court for the District of Nevada
to employ June Cox CPA, A Professional Corporation, as accountant
to the Trustee.
The Trustee requires June Cox to assist the Trustee in all aspects
of the Trustee's performance of his duties under 11 U.S.C. Section
1106, or, if applicable, Sec. 704 and the applicable Rules of
Bankruptcy Procedure, including the filing of all required
financial reports and tax returns.
June Cox will be paid at these hourly rates:
Shareholders $285
Accountants $150 to $200
Paraprofessionals $100
June Cox will also be reimbursed for reasonable out-of-pocket
expenses incurred.
June Cox, a partner at June Cox CPA, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estates.
June Cox can be reached at:
June Cox
JUNE COX CPA,
A PROFESSIONAL CORPORATION
5470 Kietzke Lane, Suite 210
Reno, NV 89511
Tel: (775) 853-1000
Fax: (775) 853-1020
About Blue Leopard
Blue Leopard L.L.C. is a business which operates as a holding
company for five pieces of real estate. It is owned 50% by J Colby
Wheeler, and 50% by Chad Slade.
Blue Leopard sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Case No. 16-10686) on Feb. 18, 2016. In the
petition signed by J. Colby Wheeler, managing member, the Debtor
estimated assets of $500,000 to $1 million and debts of $1 million
to $10 million. Judge Mike K. Nakagawa is the case judge. The
Debtor is represented by Seth D. Ballstaedt, Esq., at The
Ballstaedt Law Firm.
W. Donald Gieseke was appointed as the Chapter 11 Trustee. The
Trustee Humphrey Law, PLLC, as his counsel.
BRANWELL INC: Hires The Associates as Attorney
----------------------------------------------
Branwell, Inc., seeks authority from the U.S. Bankruptcy Court for
the Southern District of Florida, West Palm Division, to hire David
Lloyd Merrill, Esq. of The Associates as attorney.
Services to be rendered by the Associates are:
a. give advice to the Debtor with respect to its powers and
duties as a debtor in possession and the continued management of
its business operations;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
d. protect the interest of the Debtor in all matters pending
before the court; and
e. represent the Debtor in negotiation with its creditor in
the preparation of a plan.
David Lloyd Merrill, Esq. attests that neither he nor his firm
represent any interest adverse to the Debtor, or the estate, and
they are disinterested persons as required by 11 U.S.C. Sec.
327(a).
The Firm's hourly rates are:
Attorneys $450
Paralegals $120-$145
The Firm will require $34,000 retainer fee.
The firm can be reached through:
David Lloyd Merrill, Esq.
THE ASSOCIATES
Citizen's Building
105 S. Nacissus Avenue, Suite 802
West Palm Beach, FL 33409
Tel: 561-877-1111
E-mail: dlmerrill@theassociates.com
About Branwell, Inc.
Branwell, Inc., f/d/b/a Danica Ventures, Inc., filed a Chapter 11
petition (Bankr. S.D. Fla. Case No. 18-12478) on March 2, 2018. In
the petition signed by Rite K. Weller, president, the Debtor
estimated at least $50,000 in assets and $500,000 to $1 million in
liabilities. The case is assigned to Judge Paul G. Hyman, Jr. The
Debtor is represented by David Lloyd Merrill, Esq., at Merrill PA.
CADIZ INC: Inks $15M at Market Sales Agreement with B. Riley
------------------------------------------------------------
Cardiz Inc. entered into an At Market Issuance Sales Agreement with
B. Riley FBR, Inc. on March 27, 2018, under which the Company may
issue and sell shares of its common stock having an aggregate
offering price of up to $15,000,000 from time to time through B.
Riley FBR acting as its sales agent. The Company currently intends
to use the net proceeds from the sale of its common stock under the
Sales Agreement for the development of the Cadiz Water Project,
which may include funding a portion of the $20 million payment
required if it elects to exercise its option to acquire an
additional 124-mile extension of its Northern Pipeline, business
development activities, capital expenditures, working capital and
corporate purposes.
Sales of the Company's common stock through the Sales Agent, if
any, will be made by any method that is deemed an "at the market"
offering as defined in Rule 415 under the Securities Act of 1933,
as amended. The Sales Agent will use commercially reasonable
efforts to make such offerings consistent with its normal trading
and sales practices. The Company will pay the Sales Agent an
aggregate of up to 3.0% of the gross proceeds of the sales price
per share of common stock sold through the Sales Agent under the
Sales Agreement.
The Company is not obligated to make any sales of its common stock
under the Sales Agreement and no assurance can be given that it
will sell any shares under the Sales Agreement, or, if it does, as
to the price or amount of shares that it will sell, or the dates on
which any such sales will take place. The Sales Agreement will
terminate upon the earlier of (i) the sale of all of its common
stock subject to the Sales Agreement, or (ii) termination of the
Sales Agreement.
About Cadiz
Headquartered in Los Angeles, California, Cadiz Inc. --
http://www.cadizinc.com/-- is a land and water resource
development company with 45,000 acres of land in three areas of
eastern San Bernardino County, California. Virtually all of this
land is underlain by high-quality, naturally recharging groundwater
resources, and is situated in proximity to the Colorado River and
the Colorado River Aqueduct, California's primary mode of water
transportation for imports from the Colorado River into the State.
The Company's properties are suitable for various uses, including
large-scale agricultural development, groundwater storage and water
supply projects. Its main objective is to realize the highest and
best use of these land and water resources in an environmentally
responsible way.
Cadiz Inc. reported a net loss and comprehensive loss of $33.86
million on $437,000 of total revenues for the year ended Dec. 31,
2017, compared to a net loss and comprehensive loss of $26.33
million on $412,000 of total revenues for the year ended Dec. 31,
2016. As of Dec. 31, 2017, Cadiz Inc. had $66.50 million in total
assets, $145.20 million in total liabilities and a total
stockholders' deficit of $78.69 million.
CARRIE STEFANI: $331K Sale of Hoboken Condo Unit to Klebas Approved
-------------------------------------------------------------------
Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey authorized Carrie Stefani and Robert
Phillips them to (i) sell the real property known as 82 Jackson
Street, Unit A-5, Hoboken, New Jersey to Brian Klebash for
$331,000; and (ii) employ W. Mark O'Brien, Esq., as their special
real estate counsel in connection with the sale of the Property.
The Debtors will utilize the cash proceeds from the sale to pay all
valid mortgages and liens covering the Property in full at closing,
as well as all other claims, charges and/or expenses ordinarily
paid at closing (including tax certificates, real estate taxes,
water and/or sewer liens and other municipal charges, realty
transfer fees and recording costs).
The mortgage lien of CitiMortgage, Inc. must be paid in full at
closing. Until sufficient funds are received by CitiMortgage, the
sale will not be free and clear of the lien of CitiMortgage.
The Purchaser is permitted to record a certified copy of this order
with the appropriate county recording office pursuant to N.J.S.A.
46:26A-2 and N.J.S.A. 46:26A-4(g)(1).
At the closing of the sale authorized, the Debtors may utilize the
sale proceeds to pay (i) Special Real Estate Counsel a flat fee of
$1,750 as compensation for legal services; and (ii) commission(s)
of up to 5% to the real estate broker(s) employed in connection
with the sale.
The Stay of Order provided by Fed. R. Bankr. P. 6004(h) will not
apply to the Order.
Carrie Stefani and Robert Phillips sought Chapter 11 protection
(Bankr. D.N.J. Case No. 17-17255) on April 10, 2017. The Debtors
tapped John O'Boyle, Esq., at Norgaard O'Boyle, as counsel.
CASHMAN EQUIPMENT: $124K Private Sale of JMC-60 Bertram Approved
----------------------------------------------------------------
Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the
District of Massachusetts authorized Cashman Equipment Corp.'s
private sale of its right, title and interest in the JMC-60
Bertram, a Convertible Sport Fishing Vessel, official number
976256, for $124,000.
A hearing on the Motion set for April 10, 2018 at 10:00 a.m. was
cancelled.
The sale is free and clear of all liens, claims, encumbrances and
interests.
About Cashman Equipment Corp.
Headquartered in Boston, Massachusetts, Cashman Equipment Corp. --
http://4barges.com/-- was founded in 1995 as a barge rental and
marine contracting company with a fleet of 10 barges, 9 of which
were built in the 1950s and 1960s. Cashman Equipment and certain
of its affiliates and subsidiaries own, operate, rent, and sell a
fleet of vessels, including inland and ocean barges, marine
accommodation barges, specialized oil spill recovery barges, and
tugs, as well as marine equipment, such as cranes, accommodation
units, and marine pollution skimmers.
Cashman Equipment and certain of its affiliates and subsidiaries,
Cashman Scrap & Salvage, LLC, Servicio Marina Superior, LLC, Mystic
Adventure Sails, LLC, and Cashman Canada, Inc., filed Chapter 11
petitions (Bankr. D. Mass. Lead Case No. 17-12205) on June 9, 2017.
The petitions were signed by James M. Cashman, the Debtors'
president. Mr. Cashman also commenced his own Chapter 11 case
(Bankr. D. Mass. Case No. 17-12204). The cases are jointly
administered.
Cashman Equipment estimated its assets and debt at between $100
million and $500 million.
Judge Melvin S. Hoffman presides over the cases.
Harold B. Murphy, Esq., and Michael K. O'Neil, Esq., at Murphy &
King, Professional Corporation, serve as Cashman Equipment, et
al.'s counsel. Jeffrey D. Sternklar, Esq., at Jeffrey D. Sternklar
LLC, serves as Mr. Cashman's counsel.
An official committee of unsecured creditors has been appointed in
the case and is represented by Michael J. Fencer, Esq., and John T.
Morrier, Esq., at Casner & Edwards, LLP.
CEC ENTERTAINMENT: Bank Debt Trades at 2.75% Off
------------------------------------------------
Participations in a syndicated loan under which CEC Entertainment
Inc. is a borrower traded in the secondary market at 97.25
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.99 percentage points from the
previous week. CEC Entertainment pays 325 basis points above LIBOR
to borrow under the $760 million facility. The bank loan matures on
February 14, 2021. Moody's rates the loan 'B2' and Standard &
Poor's gave a 'B-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
March 16.
CHARBELL ENTERPRISES: Taps Latham Shuker as Counsel
---------------------------------------------------
Charbell Enterprises, LLC, seeks authority from the U.S. Bankruptcy
Court for the Middle District of Florida, Orlando Division, to
employ R. Scott Shuker and the law firm of Latham, Shuker, Eden &
Beaudine, LLP, as its counsel.
Legal services required of Latham Shuker are:
a. advise the Debtor of its rights and duties in this case;
b. prepare pleadings related to this case, including a
disclosure statement and a plan of reorganization; and
c. take any and all other necessary action incident to the
proper preservation and administration of the estate.
R. Scott Shuker, Esq., attests that Latham Shuker does not hold any
interest adverse to the Debtor's estate and is a "disinterested
person" as defined within Sec. 101(14) of the Bankruptcy Code.
Latham Shuker's standard hourly rates are;
Partners $350 to $575
Associates $220 to $290
Paraprofessionals $105 to $160
The Debtor paid an advance fee of $6,892.50 for postpetition
services and expenses.
The counsel can be reached through:
R. Scott Shuker, Esq.
LATHAM, SHUKER, EDEN & BEAUDINE, LLP
111 N. Magnolia Ave. Suite 1400
P.O. Box 3353 (32802-3353)
Orlando, FL 32801
Tel: 407-481-5800
Fax: 407-481-5801
About Charbell Enterprises
Since 2005, Charbell Enterprises has been providing business
support services in Orlando, Florida. It is an affiliate of
Parliament Partners, Inc., which sought bankruptcy protection on
July 25, 2014 (Bankr. M.D. Fla. Case No. 14-08503).
Charbell Enterprises filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 18-01206) on March 5, 2018. In the petition signed by M.
Donald Granatstein, manager, the the Debtor estimated $1 million to
$10 million in assets and liabilities. R. Scott Shuker and the law
firm of Latham, Shuker, Eden & Beaudine, LLP, serve as the Debtor's
counsel.
CHARLES NOVOSEL: $223K Sale of Wetmore Property to Karlene Okayed
-----------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania authorized Charles S. Novosel and
Lindsey M. Novosel to sell the real property located at 137
Chemical Works Road, Township of Wetmore, McKean County,
Pennsylvania and further identified as tax parcels 30-010-401.06
and 30-010.401.06A, to Douglas R. Karlene for a price of $223,000.
A hearing on the Motion was held on March 22, 2018 at 9:30 a.m.
The objection deadline was March 9, 2018.
The sale is free and divested of liens and claims. The liens and
claims are, transferred to the proceeds of sale.
The liens, expenses, and costs will immediately be paid at the time
of closing. Failure of the closing agent to timely make and
forward disbursements required by the Order will subject the
closing agent to monetary sanctions, including among other things,
a fine or imposition of damages, after notice and hearing, for
failure to comply with the terms of the Order.
The proceeds of sale will be distributed at closing in the
following order of priority: (i) current real estate taxes for 2018
pro-rated to the date of closing and real estate taxes owed for
years pre-dating 2017; (ii) sewer, water, and other municipal
claims for services rendered through date of closing; (iii) the
Seller's share of real estate transfer taxes; (iv) the realtor
commission in the amount of $13,380 will be paid to Katy Realty
whose retention has been approve by the Court; (v) the cost of
local and legal newspaper advertizing in the amount of $86 service,
copy, and postage expenses of $106, and filing fee cost of $181
will be paid to Gary W. Short; (vi) the Court approved attorney's
fees will be paid to the Debtor's counsel, Gary W. Short, in the
amount of $4,550; (vii) $1,950 will be paid to the Office of the
United States Trustee for the Debtor's first quarter U. S. Trustee
fees (the check will be made payable to the Office of the United
States Trustee but delivered to Gary W. Short who will deliver the
check to the Office of the United States Trustee); and (viii) the
balance remaining of the sale proceeds, to the extent funds are
available, shall be paid to the lien holders in the order of
priority listed until the sale proceeds are exhausted.
The amount paid to each lien holder will be the amount necessary to
pay off the balances owed on its lien as of the closing date to the
extent funds are available subject to a $10,000 "carve out" from
the payment which would otherwise be paid to the Internal Revenue
Service for its highest priority lien on the property which is
believed to the lien filed on Aug. 6, 2013 at 2013-03271. The
"carve out" is to be paid to Gary W. Short as partial payment for
his legal fees and expenses for the Debtors' chapter 11. After
payment of the "carve out,: the balance of the sale proceeds will
be paid first to the IRS for lien no. 2013-03271 and then to more
junior lien holders, to the extent funds remain.
If a dispute arises at closing which cannot be resolved, the amount
in dispute will be placed in escrow with the Debtor's counsel, Gary
W. Short, pending further order of Court so that the sale can
close.
The closing will occur within 30 days of the date of the Order and,
within five days following the closing, the Movants will file a
report of sale with a settlement statement attached.
Within five days of the date of the Order, the Movants will serve a
copy of the within Order on each Respondent and its attorney of
record , if any, upon any attorney or party who has answered the
Motion or appeared at the hearing, the attorney for the Debtors,
the Purchaser, and the attorney for the Purchaser, if any, and file
a certificate of service.
A copy of the Order is available for free at:
http://bankrupt.com/misc/Charles_Novosel_127_Order.pdf
The Purchaser:
Douglas R. Karlene
318 Park Avenue
Kane, PA 16735
Counsel for Debtors:
Gary W. Short, Esq.
212 Windgap Road
Pittsburgh, PA 15237
Telephone: (412) 765-0100
E-mail: gwshort@verizon.net
Charles S. Novosel and Lindsey M. Novosel sought Chapter 11
protection (Bankr. W.D. Pa. Case No. 17-10626) on June 17, 2017.
The Debtor tapped Gary William Short, Esq.
CLAIRE'S STORES: Hires Prime Clerk LLC as Claims and Noticing Agent
-------------------------------------------------------------------
Claire's Stores, Inc. and its debtor affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to hire
Prime Clerk LLC as claims and noticing agent.
Services to be provided by Prime Clerk are:
(a) prepare and serve required notices and documents in these
chapter 11 cases in accordance with the Bankruptcy Code and the
Bankruptcy Rules in the form and manner directed by the Debtors
and/or the Court, including (i) notice of the commencement of these
chapter 11 cases and, if required, the initial meeting of creditors
under section 341(a) of the Bankruptcy Code; (ii) notice of any
claims bar date; (iii) notices of transfers of claims; (iv) notices
of objections to claims and objections to transfers of claims; (v)
notices of any hearings on a disclosure statement and confirmation
of the Debtors' plan or plans of reorganization, including under
Bankruptcy Rule 3017(d); (vi) notice of the effective date of any
plan; and (vii) all other notices, orders, pleadings, publications
and other documents as the Debtors or the Court may deem necessary
or appropriate for an orderly administration of these chapter 11
cases;
(b) maintain an official copy of the Debtors' schedules of
assets and liabilities and statements of financial affairs
(collectively, the "Schedules"), listing the Debtors' known
creditors and the amounts owed thereto;
(c) maintain (i) a list of all potential creditors, equity
holders and other parties in interest and (ii) a "core" mailing
list consisting of all parties described in Bankruptcy Rule
2002(i), (j) and (k) and those parties that have filed a notice of
appearance pursuant to Bankruptcy Rule 9010; update and make such
lists available upon request by a party-in-interest or the Clerk;
(d) furnish a notice to all potential creditors of the last
date for filing proofs of claim and a form for filing a proof of
claim, after such notice and form are approved by the Court, and
notify potential creditors of the existence, amount and
classification of their respective claims as set forth in the
Schedules, if any, which may be effected by inclusion of such
information (or the lack thereof, in cases where the Schedules
indicate no debt due to the subject party) on a customized proof of
claim form provided to potential creditors;
(e) maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail received;
(f) for all notices, motions, orders or other pleadings or
documents served, prepare and file or cause to be filed with the
Clerk an affidavit or certificate of service within seven (7)
business days of service that includes (i) either a copy of the
notice served or the docket number(s) and title(s) of the
pleading(s) served, (ii) a list of persons to whom it was mailed
(in alphabetical order) with their addresses, (iii) the manner of
service and (iv) the date served;
(g) process all proofs of claim received, including those
received by the Clerk, check processing for accuracy and maintain
the original proofs of claim in a secure area;
(h) provide an electronic interface for filing proofs of
claim;
(i) maintain the official claims register for each Debtor
(collectively, the "Claims Registers") on behalf of the Clerk; upon
the Clerk's request, provide the Clerk with certified, duplicate
unofficial Claims Registers; and specify in the Claims Registers
the following information for each claim docketed: (i) the claim
number assigned, (ii) the date received, (iii) the name and address
of the claimant and agent, if applicable, who filed the claim, (iv)
the amount asserted, (v) the asserted classification(s) of the
claim (e.g., secured, unsecured, priority, etc.), (vi) the
applicable Debtor and (vii) any disposition of the claim;
(j) provide public access to the Claims Registers, including
complete proofs of claim with attachments, if any, without charge;
(k) implement necessary security measures to ensure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims;
(l) record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
(m) relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of Prime Clerk, not less
than weekly;
(n) upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk copies of
the Claims Registers for the Clerk's review (upon the Clerk's
request);
(o) monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed and
make necessary notations on and/or changes to the claims register
and any service or mailing lists, including to identify and
eliminate duplicative names and addresses from such lists;
(p) identify and correct any incomplete or incorrect addresses
in any mailing or service lists;
(q) assist in the dissemination of information to the public
and respond to requests for administrative information regarding
these chapter 11 cases as directed by the Debtors or the Court,
including through the use of a case website and/or call center;
(r) monitor the Court's docket in these chapter 11 cases and,
when filings are made in error or containing errors, alert the
filing party of such error and work with them to correct any such
error;
(s) if these chapter 11 cases are converted to cases under
chapter 7 of the Bankruptcy Code, contact the Clerk's office within
three (3) days of notice to Prime Clerk of entry of the order
converting the cases;
(t) thirty (30) days prior to the close of these chapter 11
cases, to the extent practicable, request that the Debtors submit
to the Court a proposed order dismissing Prime Clerk as Claims and
Noticing Agent and terminating its services in such capacity upon
completion of its duties and responsibilities and upon the closing
of these chapter 11 cases;
(u) within seven (7) days of notice to Prime Clerk of entry of
an order closing these chapter 11 cases, provide to the Court the
final version of the Claims Register as of the date immediately
before the close of the chapter 11 cases; and
(v) at the close of these chapter 11 cases, (i) box and
transport all original documents, in proper format, as provided by
the Clerk's office, to (A) the Philadelphia Federal Records Center,
14700 Townsend Road, Philadelphia, PA 19154-1096 or (B) any other
location requested by the Clerk's office; and (ii) docket a
completed SF-135 Form indicating the accession and location numbers
of the archived claims.
Prior to the Commencement Date, the Debtors provided Prime Clerk a
retainer in the amount of $75,000.
Prime Clerk's hourly rates are:
Analyst $30 - $50
Technology Consultant $35 - $95
Consultant/Senior Consultant $65 - $170
Director $180 - $195
Solicitation Consultant $195
Director of Solicitation $215
Benjamin J. Steele, Vice President of Prime Clerk LLC, attests that
Prime Clerk is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code with respect to the matters
upon which it is engaged.
The agent can be reached through:
Benjamin J. Steele
Prime Clerk LLC
830 3rd Avenue, 9th Floor
New York, NY 10022
Tel: 212-257-5490
E-mail: bsteele@primeclerk.com
About Claire's Stores
Claire's Stores, Inc. -- http://www.clairestores.com/-- is a
specialty retailer of jewelry, accessories, and beauty products for
young women, teens, "tweens," and kids. Through the Claire's
brand, the Claire's Group has a presence in 45 nations worldwide,
through a total combination of over 7,500 Company-owned stores,
concessions locations, and franchised stores. Headquartered in
Hoffman Estates, Illinois, the Company began as a wig retailer by
the name of "Fashion Tress Industries" founded by Rowland Schaefer
in 1961. In 1973, Fashion Tress Industries acquired the
Chicago-based Claire's Boutiques, a 25-store jewelry chain that
catered to women and teenage girls. Following that acquisition,
Fashion Tress Industries changed its name to "Claire's Stores,
Inc." and shifted its focus to a full line of fashion jewelry and
accessories.
In 2007, the Company was taken private and acquired by investment
funds affiliated with, and co-investment vehicles managed by,
Apollo Management VI, L.P. Claire's Group employs approximately
17,000 people globally. Claire's Stores, Inc., and 7 affiliates
sought Chapter 11 protection (Bankr. D. Del. Case No. 18-10584) on
March 19, 2018, after reaching terms of a balance sheet
restructuring with their first lien lenders and sponsor Apollo
Global Management, LLC.
As of Oct. 28, 2017, Claire's Stores reported $1.98 billion in
total assets against $2.53 billion in total liabilities.
The Hon. Brendan Linehan Shannon is the case judge.
Weil, Gotshal & Manges LLP, is the Debtors' counsel, with the
engagement led by Ray C. Schrock, P.C., Matthew S. Barr, and Ryan
Preston Dahl. Richards, Layton & Finger, P.A., is the local
counsel, with the engagement led by Zachary I. Shapiro, Brendan J.
Schlauch, Brett M. Haywood, and Daniel J. DeFranceschi, Esq. FTI
Consulting is the Debtors' restructuring advisors. Lazard Freres &
Co. LLC is the investment banker. Prime Clerk is the claims agent.
COLORADO NATIONAL: Hires Eide Bailly as Accountant
--------------------------------------------------
Colorado National Bancorp seeks authority from the U.S. Bankruptcy
Court for the District of Colorado to employ Eide Bailly LLP, as
accountant to the Debtor.
Colorado National requires Eide Bailly to:
-- assist Debtor in preparing its tax returns; and
-- provide advice on tax-related matters relating to the sale
of Debtors' assets.
Eide Bailly will be paid at the hourly rate of $185.
Eide Bailly will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Eric D. Budreau, a partner at Eide Bailly, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Eide Bailly can be reached at:
Eric D. Budreau
EIDE BAILLY LLP
7001 E Belleview Ave., Suite 700
Denver, CO 80237
Tel: (303) 770-5700
About Colorado National Bancorp
Colorado National Bancorp, formerly known as Community Bank
Partners Inc., operates as a bank holding company for Colorado
National Bank that provides banking products and services to
businesses and consumers in Colorado and surrounding states. It was
incorporated in 2009 and is based in Denver, Colorado.
Colorado National Bancorp sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 17-20315) on Nov. 8,
2017. In the petition signed by CEO Scott D. Jackson, the Debtor
estimated assets and liabilities of $1 million to $10 million.
Judge Elizabeth E. Brown presides over the case.
Shapiro Bieging Barber Otteson LLP is the Debtor's counsel.
The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Nov. 16, 2017. The Committee retained
Markus Williams Young & Zimmermann LLC as its bankruptcy counsel;
Vining Sparks Community Bank Advisory Group as financial advisor;
and Shapiro Bieging Barber Otteson LLP as special counsel.
COMMUNICATIONS SALES: Bank Debt Trades at 4.17% Off
---------------------------------------------------
Participations in a syndicated loan under which Communications
Sales & Leasing Inc. is a borrower traded in the secondary market
at 95.83 cents-on-the-dollar during the week ended Friday, March
16, 2018, according to data compiled by LSTA/Thomson Reuters MTM
Pricing. This represents an increase of 0.56 percentage points from
the previous week. Communications Sales pays 275 basis points above
LIBOR to borrow under the $2.107 billion facility. The bank loan
matures on October 24, 2022. Moody's rates the loan 'B2' and
Standard & Poor's gave a 'B+' rating to the loan. The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended Friday, March 16.
COMMUNITY HEALTH: Bank Debt Trades at 3.06% Off
-----------------------------------------------
Participations in a syndicated loan under which Community Health
Systems is a borrower traded in the secondary market at 96.94
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.53 percentage points from the
previous week. Community Health pays 300 basis points above LIBOR
to borrow under the $2.94 billion facility. The bank loan matures
on January 20, 2021. The loan is one of the biggest gainers and
losers among 247 widely quoted syndicated loans with five or more
bids in secondary trading for the week ended Friday, March 16.
CONVEYANT SYSTEMS: Hires Douglas Jacobson as Attorney
-----------------------------------------------------
Conveyant Systems, Inc., seeks authority from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ the Law
Offices of Douglas Jacobson, LLC, as attorney to the Debtor.
Conveyant Systems requires Douglas Jacobson to:
a. advise and consult with the Debtor concerning questions
arising in the conduct of the administration of the estate
and concerning the Debtor's rights and remedies with regard
to the estate's assets and the claims of secured, preferred
and unsecured creditors and other parties in interest;
b. appear for, prosecute, defend and represent the Debtor's
interest in suits arising in or related to the bankruptcy
case;
c. investigate and prosecute preference and other actions
arising under the Debtor in Possession's avoidance powers;
and
d. assist in the preparation of such pleadings, motions,
notices and orders as are required for the orderly
administration of this estate; and to consult with and
advise the Debtor in connection with the operation of or
the termination of the operation of the business of the
Debtor.
Douglas Jacobson will be paid at these hourly rates:
Attorneys $300
Paraprofessionals $75
Douglas Jacobson received $10,000 prepetition from the Debtor and
billed $1,650 for prepetition fees and $1,717 for the Chapter 11
filing fee. After deducting prepetition billing and the filing fee,
the Firm currently has $6,633 in its trust account for the payment
of any fees and expenses incurred in the bankruptcy case.
Douglas Jacobson will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Douglas Jacobson, a partner at the Law Offices of Douglas Jacobson,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Douglas Jacobson can be reached at:
Douglas Jacobson, Esq.
LAW OFFICES OF DOUGLAS JACOBSON, LLC
107 Colony Park Drive, Suite 100
Cumming, GA 30040
Tel: (678) 341-9114
E-mail: douglas@douglasjacobsonlaw.com
About Conveyant Systems
Conveyant Systems, Inc. -- http://www.conveyant.com/-- develops
and markets the Sentry E-911 Emergency Response Management
Solutions (ERM) and TeleDirectory family of PC-based Operator
Consoles for enterprises in all vertical markets. Conveyant Systems
has been providing data management and telecommunications systems
to government, education, medical and enterprise markets for more
than 30 years. Conveyant Systems, Inc., is headquartered in
Suwanee, Georgia and maintains regional offices in California, and
Harrisburg.
Conveyant Systems, Inc., based in Lawrenceville, GA, filed a
Chapter 11 petition (Bankr. N.D. Ga. Case No. 18-54755) on March
20, 2018. In the petition signed by Timothy Kenyon, president, the
Debtor disclosed $193,600 in assets and $4.02 million in
liabilities. Douglas Jacobson, Esq., at the Law Offices of Douglas
Jacobson, LLC, serves as bankruptcy counsel.
CORE SUPPLEMENT: Hires Fox Rothschild as Special Counsel
--------------------------------------------------------
Core Supplement Technology, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of California to employ
Fox Rothschild LLP as special counsel to the Debtor.
Core Supplement requires Fox Rothschild to:
(a) analyze the Debtor's assets and liabilities, and
participate in and review any proposed asset sales or
dispositions, including without limitation the proposed
sale of substantially all of its assets to Simpson Labs,
LLC, and advising the Debtor with respect to other aspects
of its bankruptcy case that may have a bearing on the
disposition of its assets, including its response to the
Bankruptcy Court's Order to Show Cause;
(b) appear before the Bankruptcy Court, and other courts in
which matters may be heard, with respect to the matters
that are the subject of its employment; and
(c) negotiate and prepare any plan of liquidation that may be
filed and as well as any accompanying disclosure
statement.
Fox Rothschild will be paid at these hourly rates:
Partners $830
Associates $430
Fox Rothschild will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mette H. Kurth, a partner at Fox Rothschild, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Fox Rothschild can be reached at:
Mette H. Kurth, Esq.
FOX ROTHSCHILD LLP
1800 Century Park East, Suite 300
Los Angeles, CA 90067
Tel: (310) 598-4150
About Core Supplement Technology
Core Supplement Technology, Inc. --
http://www.coresupplementtech.com/-- partners with various
companies and professionals to develop and sell advanced
supplements, from formulation, flavoring, manufacturing to delivery
and brand-support. Core's manufacturing facility is headquartered
on the West Coast in Oceanside, California, providing
state-of-the-art FDA compliant, NSF & cGMP certified turnkey
supplement manufacturing. The brands the Company works with range
from small start-ups to nationally and internationally known
brands. Core's clients include nutritionists, doctors, trainers,
competitors, as well as supplement and nutraceutical companies.
Core Supplement Technology is operating at 4645 to 4665 North
Avenue, Oceanside California. It is a California corporation owned
50% by Joseph O'Dea and 50% by three other shareholders, Robert
Bailly, Harry Kumjian and Andrea Kumjian.
Core Supplement Technology filed a Chapter 11 petition (Bankr. S.D.
Cal. Case No. 17-06078) on Oct. 3, 2017. In the petition signed by
Joseph Odea, president, the Debtor disclosed total assets of $2.82
million and total liabilities of $5.60 million.
The case is assigned to Judge Margaret M. Mann.
Stephen C. Hinze, Attorney at Law APC, is counsel to the Debtor.
No creditors committee has yet been appointed in the case.
CSP ASSET II: Taps Doyle Perkinson as Special Counsel
-----------------------------------------------------
CSP Asset II, LLC, seeks authority from the U.S. Bankruptcy Court
for the Western District of Texas, Austin Division, to employ a
special counsel.
The Debtor seeks to hire Doyle Perkinson, Esq. as special counsel
for the limited special purpose of assisting the Debtor with the
preparation of documents related to sale of its real property and
other ancillary matters.
Mr. Perkinson will bill for his services at a rate of $350 per
hour.
Mr. Perkinson assures this court that he does not represent or hold
any interest adverse to the Debtor, its estate, creditors, equity
security holders, or affiliates in matters upon which he is to be
engaged, and he is a "disinterested person" within the meaning of
11 U.S.C. Sec. 101(14).
The counsel can be reached through:
Doyle Perkinson, Esq.
Attorney at Law
128383 Butterfly Lane
Houston, TX 77024
Tel: 713-802-2293
E-mail: deperk@swbell.net
About CSP Asset II LLC
Based in Austin, Texas, CSP Asset II LLC, which conducts business
as Secured Climate Storage, operates a self-storage facility built
to provide storage security for individuals and businesses. This
climate and non-climate controlled facility has more than 1,200
units and sizes up to 3,200 square feet. CSP Asset II is also an
authorized U.S. postal center and FedEx Ship center.
CSP Asset II sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Tex. Case No. 17-11513) on Dec. 5, 2017. In the
petition signed by James R. Carpenter, manager of its sole member,
the Debtor estimated assets and liabilities of $10 million to $50
million. Judge Tony M. Davis presides over the case. Barron &
Newburger, PC, is the Debtor's legal counsel.
DANICA ASSOCIATES: Hires The Associates as Attorney
---------------------------------------------------
Danica Associates, LLC, seeks authority from the U.S. Bankruptcy
Court for the Southern District of Florida to hire David Lloyd
Merrill, Esq., of The Associates, as attorney.
Services to be rendered by the Associates are:
a. give advice to the Debtor with respect to its powers and
duties as a debtor in possession and the continued management of
its business operations;
b. advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
d. protect the interest of the Debtor in all matters pending
before the court; and
e. represent the Debtor in negotiation with its creditor in
the preparation of a plan.
David Lloyd Merrill, Esq., attests that neither he nor his firm
represent any interest adverse to the Debtor, or the estate, and
they are disinterested persons as required by 11 U.S.C. Sec.
327(a).
The Firm's hourly rates are:
Attorneys $450
Paralegals $120 to $145
The Firm will require $34,000 retainer fee.
The firm can be reached through:
David Lloyd Merrill, Esq.
THE ASSOCIATES
Citizen's Building
105 S. Nacissus Avenue, Suite 802
West Palm Beach, FL 33409
Tel: 561-877-1111
E-mail: dlmerrill@theassociates.com
About Danica Associates
Danica Associates, LLC, filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 18-12476) on March 2, 2018. In the petition signed
by Rite K. Weller, managing member, the Debtor estimated at least
$50,000 in assets and $100,000 to $500,000 million in liabilities.
The case is assigned to Judge Paul G. Hyman, Jr. The Debtor is
represented by David Lloyd Merrill, Esq., at Merrill PA.
DEERFIELD DUFF: S&P Removes Ratings From Watch Neg. Amid Kroll Deal
-------------------------------------------------------------------
U.S.-based business consulting firm Deerfield Duff & Phelps LLC is
borrowing an incremental $330 million senior secured first-lien
term loan to fund its acquisition of Kroll LLC. S&P expects
leverage pro forma for the acquisition to increase to 6.9x as of
year-end 2017.
S&P Global Ratings is thus removing its ratings on Deerfield Duff &
Phelps LLC from CreditWatch, where it had placed them with negative
implications on March 13, 2018, following the company's acquisition
announcement, and affirmed the 'B' corporate credit on the company.
The rating outlook is negative.
S&P said, "We also affirmed our 'B' issue-level rating on the
senior secured first-lien term loan. The '3' recovery rating is
unchanged, indicating our expectation for meaningful recovery
(50%-70%; rounded estimate: 50%) of principal in the event of a
payment default.
"At the same time, we assigned our 'B' corporate credit rating to
Deerfield Dakota Holdings LLC, the company's parent and the
borrower of the senior secured credit facility.
"The negative outlook reflects our view that the incremental debt
tied to Duff and Phelp's proposed transaction will weaken the
company's credit measures over the next 12 months. Duff and Phelp'
plans to issue a term loan add-on facility to fund the acquisition
of Kroll. Pro forma for this transaction, we believe that adjusted
leverage will increase to 6.9x slightly above our 6.5x threshold
for the rating. Although we expect Duff and Phelps will benefit
from synergies, we anticipate that the company's adjusted debt to
EBITDA will remain elevated over the forecast period.
"The negative outlook reflects our view Duff & Phelps leverage pro
forma for the acquisition is high, and it could remain elevated for
a prolonged period if the company faces higher-than-expected merger
integration costs or operating challenges, including temporary
demand fluctuations resulting in lower revenue growth in the
company's professional services business.
"We could lower the corporate credit rating if the company's
operating performance deteriorates and we expect adjusted debt
leverage to remain above 6.5x on a sustained basis. Additionally,
we could lower the rating if the company pursues additional
acquisitions or shareholder dividends that keep the leverage
elevated above 6.5x.
"We could revise the outlook to stable if the company's makes
meaningful progress in decreasing its leverage below 6.5x as a
result of revenue and EBITDA growth. In this scenario, Duff &
Phelps would successfully integrate Kroll's operations and start to
benefit from its cost savings initiatives. An upgrade would also
require the company implements a more conservative financial policy
under its new ownership and lowers its adjusted debt leverage to
below 5x on sustained basis through a combination of EBITDA growth
and debt repayment."
DEL MONTE: Bank Debt Trades at 15.12% Off
-----------------------------------------
Participations in a syndicated loan under which Del Monte Pacific
Ltd is a borrower traded in the secondary market at 84.88
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.97 percentage points from the
previous week. Del Monte pays 325 basis points above LIBOR to
borrow under the $710 million facility. The bank loan matures on
February 18, 2021. Moody's rates the loan 'Caa1' and Standard &
Poor's gave a 'CCC+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
March 16.
DPW HOLDINGS: Pays Off $5 Million Debt Using Offering Proceeds
--------------------------------------------------------------
As previously reported in the Current Report on Form 8-K filed with
the Securities and Exchange Commission on Jan. 25, 2018 by DPW
Holdings, Inc., the Company issued two 5% Promissory Notes, each in
the principal face amount of $2,500,000 for an aggregate debt of
$5,000,000 to two institutional investors.
On March 23, 2018, the Company paid $750,000 to each Investor under
the Notes. On March 27, 2018, the Company paid the balance of the
principal and accrued interest on each of the Notes primarily using
the funds raised in the Company's "at the market offering," which
offering is described the Company's Current Report on Form 8-K
filed on Feb. 27, 2018, and the funds received through the issuance
of two non-convertible notes.
About DPW Holdings
Headquartered in Fremont, California, DPW Holdings, Inc., formerly
known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a
diversified holding company that, through its wholly owned
subsidiary, Coolisys Technologies, Inc., is dedicated to providing
technology-based solutions where innovation is the main driver for
mission-critical applications and lifesaving services. Coolisys'
growth strategy targets core markets that are characterized by
"high barriers to entry" and include specialized products and
services not likely to be commoditized. Coolisys through its
portfolio companies develops and manufactures cutting-edge resonant
switching power topologies, specialized complex high-frequency
radio frequency (RF) and microwave detector-log video amplifiers,
very high-frequency filters and naval power conversion and
distribution equipment. Coolisys services the defense, aerospace,
medical and industrial sectors and manages four entities including
Digital Power Corporation, www.DigiPwr.com, a leading manufacturer
based in Northern California, 1-877-634-0982; Digital Power Limited
dba Gresham Power Ltd., www.GreshamPower.com, a manufacturer based
in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com with
its headquarters in Shelton, CT 1- 203-866-8000; and Power-Plus
Technical Distributors, www.Power-Plus.com, a wholesale distributor
based in Sonora, CA 1-800-963-0066. Coolisys operates the branded
division, Super Crypto Power, www.SuperCryptoPower.com.
Digital Power reported a net loss of $1.12 million for the year
ended Dec. 31, 2016, and a net loss of $1.09 million for the year
ended Dec. 31, 2015. As of Sept. 30, 2017, Digital Power had
$18.26 million in total assets, $10.79 million in total liabilities
and $7.46 million in total equity.
"The Company expects to continue to incur losses for the
foreseeable future and needs to raise additional capital to
continue its business development initiatives and to support its
working capital requirements. In March 2017, the Company was
awarded a 3-year, $50 million purchase order by MTIX Ltd. ("MTIX")
to manufacture, install and service the Multiplex Laser Surface
Enhancement ("MLSE") plasma-laser system. Management believes that
the MLSE purchase order will be a source of revenue and generate
significant cash flows for the Company. Management believes that
the Company has access to capital resources through potential
public or private issuance of debt or equity securities. However,
if the Company is unable to raise additional capital, it may be
required to curtail operations and take additional measures to
reduce costs, including reducing its workforce, eliminating outside
consultants and reducing legal fees to conserve its cash in amounts
sufficient to sustain operations and meet its obligations. These
matters raise substantial doubt about the Company's ability to
continue as a going concern," said the Company in its quarterly
report for the period ended Sept. 30, 2017.
DPW HOLDINGS: Will Use Social Media to Communicate with Public
--------------------------------------------------------------
In accordance with Release No. 69279 issued by the Securities and
Exchange Commission on April 2, 2013), which Report provides
guidance to issuers regarding the use of social media to disclose
material non-public information, DPW Holdings, Inc. said it intends
to use Twitter from time to time to communicate with the public
about the Company and other issues. The Company's Twitter account
is https://twitter.com/NYSE_DPW. The Twitter account of the
Company's chief executive officer is
https://twitter.com/ToddAultIII. The Twitter account of Super
Crypto Mining, Inc., a Delaware corporation and wholly owned
subsidiary of the Company, is https://twitter.com/SuperMining.
In addition, the Company intends to use Facebook from time to time
to communicate with the public about the Company and other issues.
The Company's Facebook page is
https://www.facebook.com/DPWHoldingsInc.
"It is possible that the information that we post on Twitter and
Facebook could be deemed to be material information. Therefore, in
light of the SEC's Report, we encourage investors, the media, and
others interested in our company to review the information that we
post on Twitter in addition to the information that we disclose
using our investor relations tab on our home page
(https://dpwholdings.com/), SEC filings, press releases, public
conference calls and webcasts.," DPW Holdings said in a Form 8-K
filed with the SEC.
About DPW Holdings
Headquartered in Fremont, California, DPW Holdings, Inc., formerly
known as Digital Power Corp. -- http://www.DPWHoldings.com/-- is a
diversified holding company that, through its wholly owned
subsidiary, Coolisys Technologies, Inc., is dedicated to providing
technology-based solutions where innovation is the main driver for
mission-critical applications and lifesaving services. Coolisys'
growth strategy targets core markets that are characterized by
"high barriers to entry" and include specialized products and
services not likely to be commoditized. Coolisys through its
portfolio companies develops and manufactures cutting-edge resonant
switching power topologies, specialized complex high-frequency
radio frequency (RF) and microwave detector-log video amplifiers,
very high-frequency filters and naval power conversion and
distribution equipment. Coolisys services the defense, aerospace,
medical and industrial sectors and manages four entities including
Digital Power Corporation, www.DigiPwr.com, a leading manufacturer
based in Northern California, 1-877-634-0982; Digital Power Limited
dba Gresham Power Ltd., www.GreshamPower.com, a manufacturer based
in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com with
its headquarters in Shelton, CT 1- 203-866-8000; and Power-Plus
Technical Distributors, www.Power-Plus.com, a wholesale distributor
based in Sonora, CA 1-800-963-0066. Coolisys operates the branded
division, Super Crypto Power, www.SuperCryptoPower.com.
Digital Power reported a net loss of $1.12 million for the year
ended Dec. 31, 2016, and a net loss of $1.09 million for the year
ended Dec. 31, 2015. As of Sept. 30, 2017, Digital Power had
$18.26 million in total assets, $10.79 million in total liabilities
and $7.46 million in total equity.
"The Company expects to continue to incur losses for the
foreseeable future and needs to raise additional capital to
continue its business development initiatives and to support its
working capital requirements. In March 2017, the Company was
awarded a 3-year, $50 million purchase order by MTIX Ltd. ("MTIX")
to manufacture, install and service the Multiplex Laser Surface
Enhancement ("MLSE") plasma-laser system. Management believes that
the MLSE purchase order will be a source of revenue and generate
significant cash flows for the Company. Management believes that
the Company has access to capital resources through potential
public or private issuance of debt or equity securities. However,
if the Company is unable to raise additional capital, it may be
required to curtail operations and take additional measures to
reduce costs, including reducing its workforce, eliminating outside
consultants and reducing legal fees to conserve its cash in amounts
sufficient to sustain operations and meet its obligations. These
matters raise substantial doubt about the Company's ability to
continue as a going concern," said the Company in its quarterly
report for the period ended Sept. 30, 2017.
DUNECRAFT INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: DuneCraft, Inc.
19201 Cranwood Parkway
Cleveland, OH 44128
Business Description: Cleveland, Ohio-based Dunecraft Inc. is a
producer of "fun and educational" growing
kits such as carnivorous creations, the
princess garden, the dinosaur plant,
dragon's lair, and much more for children of
all ages. DuneCraft also introduced a line
of micro-terrariums, space sand, super snow,
smart tubes, and a brand new line of kits
tailored to the classroom setting.
DuneCraft was founded in January 2002 by
Grant Cleveland.
http://www.dunecraft.com/
Chapter 11 Petition Date: April 1, 2018
Court: United States Bankruptcy Court
Northern District of Ohio (Cleveland)
Case No.: 18-11901
Judge: Hon. Jessica E. Price Smith
Debtor's Counsel: Charles J. Van Ness, Esq.
VAN NESS LAW, LTD.
6181 Mayfield Road, Suite 104
Mayfield Heights, OH 44124
Tel: 440-461-4433
Fax: 440-461-4434
E-mail: cjvlaw@prodigy.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Grant A. Cleveland, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/ohnb18-11901.pdf
EASTMAN KODAK: Bank Debt Trades at 8.24% Off
--------------------------------------------
Participations in a syndicated loan under which Eastman Kodak Co is
a borrower traded in the secondary market at 91.76
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.58 percentage points from the
previous week. Eastman Kodak pays 625 basis points above LIBOR to
borrow under the $420 million facility. The bank loan matures on
September 3, 2019. Moody's rates the loan 'B3' and Standard &
Poor's gave a 'CCC+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, March 16.
EV ENERGY: Files for Chapter 11 to Implement Debt Restructuring
---------------------------------------------------------------
Houston, Texas-based EV Energy Partners, L.P., EV Energy GP, L.P.,
EV Management, LLC and certain of EVEP's wholly owned subsidiaries
sought creditor protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 18-10814) in the U.S. Bankruptcy
Court for the District of Delaware on April 2, 2018.
The cases are pending before the Honorable Christopher S. Sontchi,
and the Debtors have requested that their cases be jointly
administered.
The Debtors filed together with their bankruptcy petitions a
prepackaged plan of reorganization.
On March 14, 2018, EV Energy Partners, L.P. and its subsidiaries
announced that the Company entered into a restructuring support
agreement ("RSA") with certain holders of approximately 70% of its
8.0% senior notes due 2019 and lenders holding approximately 94% of
the principal amount outstanding under the Company's reserve-based
lending facility on March 13, 2018. The RSA was also signed by
EnerVest, Ltd. and EnerVest Operating, L.L.C. as they will continue
to provide services to the Company.
The RSA contemplates a comprehensive restructuring of the Company's
capital structure, to be implemented through a proposed
pre-packaged plan that will significantly deleverage the Company's
balance sheet.
Neither EnerVest nor EnerVest Operating is seeking Chapter 11
bankruptcy relief.
The Company commenced solicitation of the Plan on March 14, 2018.
As of the March 30, 2018 voting deadline, each class of claims
entitled to vote had voted to accept the Plan: 100% of the lenders
under the Company's reserve-based lending facility voted to accept
the plan, and noteholders holding more than 99% in amount of Senior
Notes that voted on the Plan voted to accept the Plan.
The Plan, which is subject to confirmation by the Bankruptcy Court,
contemplates the equitization of all of the Company's Senior Notes
and the entry into an amended reserve-based lending facility with
the Company's existing lenders. Additionally, the Plan
contemplates that suppliers, customers and other holders of general
unsecured claims will be paid in full in the ordinary course of
business and otherwise be unimpaired. The Company does not plan to
reject any of its existing contracts as part of the restructuring.
The Company expects EnerVest Operating to continue as the primary
operator for its oil and natural gas properties in the Barnett
Shale, San Juan Basin, Appalachian Basin, Michigan, Central Texas,
Permian Basin, Monroe Field and Karnes County, Texas.
The Debtors will continue to operate their businesses as
"debtors-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and orders of the Bankruptcy Court. EVEP expects
ordinary-course operations to continue substantially uninterrupted
during and after the Chapter 11 Cases.
EVEP has filed various customary motions with the Bankruptcy Court
in support of its financial restructuring. The Company intends to
continue to pay employee wages and provide healthcare and other
defined benefits without interruption in the ordinary course of
business and to pay suppliers and vendors in full under normal
terms provided on or after the Chapter 11 filing date.
A hearing on the Debtors' First Day Motions will be held on April
4, 2018 at 1:00 p.m. (ET).
Kirkland & Ellis LLP is acting as legal counsel and Perella
Weinberg Partners LP is acting as financial advisor to the Company
in connection with its restructuring efforts.
Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and
Intrepid Partners LLC is acting as financial advisor to the
noteholders party to the RSA.
Simpson Thacher & Bartlett LLP is acting as legal counsel and RPA
Advisors, LLC is acting as financial advisor to the lenders party
to the RSA.
About EV Energy Partners
EV Energy Partners, L.P. -- http://www.evenergypartners.com/-- is
a master limited partnership engaged in acquiring, producing and
developing oil and natural gas properties.
EV ENERGY: RSA Requires Chapter 11 Exit by June 22
--------------------------------------------------
EV Energy Partners, L.P., EV Energy GP, L.P., EV Management, LLC
and certain of EVEP's wholly owned subsidiaries, filed a
prepackaged plan of reorganization on April 2, 2018.
The Debtors' Restructuring Support Agreement with:
(i) holders of approximately 70% of the 8.0% Senior Notes due
2019, issued pursuant to the Indenture, dated as of March 22, 2011,
among EVEP, EV Energy Finance Corp., each of the guarantors party
thereto, and Delaware Trust Company, as indenture trustee, that are
signatories to the RSA;
(ii) lenders under the reserve-based lending facility by and
among EVEP, EV Properties, L.P., JPMorgan Chase Bank, N.A., as
administrative agent, BNP Paribas and Wells Fargo, National
Association, as co-syndication agents, the guarantors party
thereto, and the lenders signatory thereto, constituting
approximately 94% of the principal amount outstanding thereunder;
(iii) EnerVest, Ltd.; and
(iv) EnerVest Operating, L.L.C.,
provides for certain milestones requiring, among other things, that
the Debtors complete the Restructuring on or before June 22, 2018.
As of the March 30, 2018 voting deadline, each class of claims
entitled to vote had voted to accept the Plan: 100% of the lenders
under the Company's reserve-based lending facility voted to accept
the plan, and noteholders holding more than 99% in amount of Senior
Notes that voted on the Plan voted to accept the Plan.
The Plan, which remains subject to confirmation by the Bankruptcy
Court and other closing conditions, provides that, among other
things, on the effective date of the Plan, subject to the
occurrence and completion of certain structuring steps:
(A) The lenders under the RBL Facility that vote to accept the
Plan will receive (a) pro rata loans under an amendment to the RBL
Facility, (b) cash in an amount equal to the accrued but unpaid
interest payable to such lenders under the RBL Facility as of the
Effective Date, and (c) unfunded commitments and letter of credit
participation under the Amended RBL Facility equal to the unfunded
commitments and letter of credit participation of such lender as of
the Effective Date;
(B) The lenders under the RBL Facility that vote to reject the
Plan, or fail to properly submit a ballot, will receive (a) term
loans under a new term loan facility and (b) cash in an amount
equal to the accrued and unpaid interest payable to such lender
under the RBL Facility as of the Effective Date. However, because
all prepetition RBL lenders voted to accept the Plan, no RBL lender
will receive such treatment under the Plan;
(C) The holders of the Senior Notes will receive 95% of the
new common stock (subject to dilution) in the new, reorganized
company, on a pro rata basis;
(D) The holders of general unsecured claims, including
customers, will be paid in full or will otherwise be unimpaired;
and
(E) The holders of the existing common interests in EVEP will
receive 5% of the new common stock (subject to dilution) and
five-year warrants for 8% of the new common stock (subject to
dilution) in the new, reorganized company, on a pro rata basis,
with an exercise price set at an equity value at which the holders
of the Senior Notes would receive a recovery equal to par plus
accrued and unpaid interest as of the Petition Date in respect of
the Senior Notes (after taking into account value dilution on
account of the 3% of the new common stock to be allocated to the
participants in the management incentive plan on the Effective Date
pursuant to a management incentive plan).
The Debtors relate that the Chapter 11 filing constitutes an event
of default that accelerated their respective obligations under
these debt instruments:
-- the RBL Facility; and
-- the Senior Notes issued pursuant to the Indenture.
The Debt Instruments provide that as a result of the Chapter 11
Cases the principal and interest due thereunder shall be
immediately due and payable. According to the Debtors, any efforts
to enforce such payment obligations under the Debt Instruments are
automatically stayed as a result of the Chapter 11 Cases, and the
creditors' rights of enforcement in respect of the Debt Instruments
are subject to the applicable provisions of the Bankruptcy Code.
About EV Energy Partners
Houston, Texas-based EV Energy Partners, L.P. --
http://www.evenergypartners.com/-- is a master limited partnership
engaged in acquiring, producing and developing oil and natural gas
properties.
EV Energy Partners, L.P., EV Energy GP, L.P., EV Management, LLC
and certain of EVEP's wholly owned subsidiaries sought creditor
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 18-10814) in the U.S. Bankruptcy Court for the
District of Delaware on April 2, 2018.
The cases are pending before the Honorable Christopher S. Sontchi,
and the Debtors have requested that their cases be jointly
administered.
The Debtors filed together with their bankruptcy petitions a
prepackaged plan of reorganization.
EVERGREEN PRODUCTS: Committee Taps Rabinowitz Lubetkin as Counsel
-----------------------------------------------------------------
Timothy Mutkoski, the Chairperson of the Official Committee of
Unsecured Creditors of Evergreen Products, LLC, on behalf of the
Committee, seeks authority from the U.S. Bankruptcy Court for the
District of New Jersey to retain Rabinowitz, Lubetkin & Tully, LLC
as counsel for the Committee.
Professional services to be rendered by Rabinowitz are:
a) provide the Committee with legal advice with respect to its
powers and duties in all matters pertaining to the Debtor's
bankruptcy case;
b) prepare, on behalf of the Committee, all necessary
applications, pleadings, orders, reports and other legal papers
required or appropriate in connection with the Debtor's bankruptcy
case;
c) represent the Committee in any adversary proceedings either
commenced by it or against it in the above-captioned case; and
d) perform all other legal services for the Committee which
may be reasonable or necessary herein in the exercise of its duties
to represent the interests of all general unsecured creditors.
Jay L. Lubetkin, member of the firm of Rabinowitz, Lubetkin &
Tully,attests that RLT does not hold an adverse interest to the
estate; does not represent an adverse interest to the estate; and
is a disinterested person under 11 U.S.C. Sec. 101(14).
RLT's hourly rates are:
Partners $325 - $550
Associates $195 - $325
Paralegal $150
The counsel can be reached through:
Jay L. Lubetkin, Esq.
RABINOWITZ, LUBETKIN & TULLY, LLC
293 Eisenhower Parkway, Suite 100
Livingston, NJ 07039
Tel: (973) 597-9100
Fax: (973) 597-9119
About Evergreen Products
Founded in 2004, Evergreen Products LLC --
http://www.egreenproducts.com/-- is a manufacturer of packaged
terminal air conditioning units. Evergreen offers customers the
latest eco-friendly Minisplit products with advanced remote control
features. Evergreen carries a full line of hydronic PTAC units
(steam, hot water or electric heat) and Ductless Mini-Split systems
(heat pump or electric heat), with great choices in accessories and
legacy replacement units. Evergreen offers
professional grade, factory authorized services for basic repairs,
preventive maintenance or upgrades to enhance performance &
features. Evergreen's offices and warehouses are located in
Woodside, New York.
Evergreen Products LLC, based in Newark, NJ, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 17-31858) on Oct. 29, 2017. In
the petition signed by Christopher Powis, president, the Debtor
estimated up to $50,000 in assets and $1 million to $10 million in
liabilities. Philip Guarino, Esq., at Guarino Law, LLC, serves as
bankruptcy counsel to the Debtor.
EXPERT CAR CARE: Hires Bartolone Law as Counsel
-----------------------------------------------
Expert Car Care 4, LLC, seeks authority from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Bartolone Law,
PLLC, as counsel to the Debtor.
Expert Car Care requires Bartolone Law to:
(a) advise as to the Debtor's rights and duties in this case;
(b) prepare pleadings related to the bankruptcy case,
including a disclosure statement and a plan of
reorganization; and
(c) take any and all other necessary action incident to the
proper preservation and administration of the estate.
Bartolone Law will be paid at these hourly rates:
Attorneys $325
Paraprofessionals $100
Prior to the commencement of the case, the Debtor paid a retainer
of $13,750. Of that retainer, Bartolone Law was paid $4,967 for
services and costs incurred prior to the commencement of the
bankruptcy case. A fee of $8,783 was an advance fee for
postpetition services and expenses in connection with the
bankruptcy case.
Bartolone Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Aldo G. Bartolone, Jr., a partner at Bartolone Law, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Bartolone Law can be reached at:
Aldo G. Bartolone, Jr.
BARTOLONE LAW, PLLC.
4767 New Broad Street
Orlando, FL 32814
Tel: (407) 294-4440
Fax: (407) 287-5544
E-mail: aldo@bartolonelaw.com
About Expert Car Care 4
Expert Car Care 4, L.L.C., based in New Smyrna Beach, FL, and its
debtor affiliates sought Chapter 11 protection (Bankr. M.D. Fla.
Lead Case No. 18-01439) on March 16, 2018. In the petitions signed
by James Sada, managing member, the Debtors estimated $500,000 to
$1 million in assets and $1 million to $10 million in liabilities.
The Hon. Cynthia C. Jackson presides over the cases. Aldo G.
Bartolone, Jr., Esq., at Bartolone Law, PLLC, serves as bankruptcy
counsel to the Debtors.
FAT FACE: Bank Debt Trades at 16.81% Off
----------------------------------------
Participations in a syndicated loan under which Fat Face Ltd is a
borrower traded in the secondary market at 83.19
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.6 percentage points from the
previous week. Fat Face pays 550 basis points above LIBOR to borrow
under the $140 million facility. The bank loan matures on September
12, 2020. Moody's and Standard & Poor's did not rate the loan. The
loan is one of the biggest gainers and losers among 247 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended Friday, March 16.
FIRSTENERGY SOLUTIONS: $550M Cash to Allow Normal Operations
------------------------------------------------------------
FirstEnergy Solutions (FES), its subsidiaries and FirstEnergy
Nuclear Operating Company (FENOC) (together, the "Filing Entities")
on March 31 disclosed that to facilitate an orderly financial
restructuring, they have filed voluntary petitions under Chapter 11
of the Federal Bankruptcy Code with the U.S. Bankruptcy Court in
the Northern District of Ohio in Akron. The Filing Entities
collectively have over $550 million in cash, which they believe is
sufficient liquidity to continue normal operations and meet
post-petition obligations to employees, suppliers and customers as
they come due.
FES and FENOC own and operate two coal-fired plants, one dual fuel
gas/oil plant, one pet-coke fired plant and three nuclear power
plants in the competitive, or non-regulated, power-generation
industry. FirstEnergy Corp. announced in November 2016 that it
planned to exit the competitive generation business. On March 28,
2018, FES filed notice with PJM Interconnection LLC (PJM), the
regional transmission organization, that the three nuclear
facilities would be deactivated or sold during the next three
years. In the meantime, all of the plants will continue current
operations.
Donald R. Schneider, President of FES, said, "Given the prospective
timing of federal and state review and our ongoing cash needs and
debt service obligations, the FES and FENOC Boards of Directors
determined that the Chapter 11 filing represents our best path
forward as we continue to pursue opportunities for restructuring,
asset sales and legislative and regulatory relief. We believe that
this decision will best serve our customers, employees and business
partners."
The Filing Entities expect that the Chapter 11 process will enable
them to improve the viability of their operations. FES will also
continue seeking legislative and regulatory relief at the state and
federal level.
For example, on March 29, 2018, FES filed an application with U.S.
Secretary of Energy Rick Perry seeking an emergency order directing
PJM to secure the long-term capacity of certain nuclear and
coal-fired plants in the region -- including FES plants -- to
compensate their owners "for the full benefits they provide to
energy markets and the public at large, including fuel security and
diversity."
The relief is being sought under Section 202(c) of the Federal
Power Act, which gives the Secretary extraordinary powers to
address such emergencies.
As previously announced, FES and FENOC have engaged in constructive
discussions with parties representing their creditors. Those
discussions are continuing as the Filing Entities explore strategic
alternatives for the competitive generation businesses.
The Filing Entities have filed customary first-day motions with the
Bankruptcy Court to support operations during the court-supervised
process, including motions requesting authority to pay prepetition
and post-petition employee wages and benefits and to continue
customer programs. The Filing Entities will continue to adhere to
all applicable regulatory and environmental standards.
Additional information can be accessed by visiting the Filing
Entities' restructuring website at www.fes.com/restructuring,
calling the Restructuring Hotline, toll-free in the U.S. at (855)
934-8766, or sending an email to FESinfo@primeclerk.com. Court
filings and other documents related to the court-supervised process
are available on a separate website administered by the Filing
Entities' claims agent, Prime Clerk, at
https://cases.primeclerk.com/FES.
The Filing Entities' parent company, First Energy Corp. FE, -1.10%
and its other subsidiaries, including its regulated subsidiaries,
are not part of the filing and will not be subject to the Chapter
11 process.
Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel to
the Filing Entities, Lazard Freres & Co. is serving as investment
banker and Alvarez & Marsal North America, LLC is serving as
restructuring advisor and Charles Moore has been appointed as Chief
Restructuring Officer for the Filing Entities.
About FirstEnergy Solutions
Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE: FE) --
http://www.firstenergycorp.com/. FES provides energy-related
products and services to retail and wholesale customers; and owns
and operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.
On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the
Honorable Judge Alan M. Koschik and the Debtors have requested that
their cases be jointly administered under Case No. 18-50757.
Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.
Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel to
the Debtors, Lazard Freres & Co. is serving as investment banker
and Alvarez & Marsal North America, LLC is serving as restructuring
advisor and Charles Moore has been appointed as Chief Restructuring
Officer for the Debtors. Prime Clerk serves as the Debtors' claims
and noticing agent.
FIRSTENERGY SOLUTIONS: Case Summary & 50 Top Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: FirstEnergy Solutions Corp.
341 White Pond Drive, Building B3
Akron, OH 44320
Type of Business: FirstEnergy Solutions -- https://www.fes.com --
owns and operates multiple fossil and nuclear
power generating facilities throughout Ohio and
Pennsylvania in addition to providing other
services that support the various facilities.
The Debtors are headquartered in Akron, Ohio and
employ 3,076 individuals. The Debtors are
direct or indirect subsidiaries of non-Debtor FE
Corp., a public utility holding company with
power generation, transmission and distribution
subsidiaries. The Debtors participate in the
unregulated generation business, which generates
electricity and provides energy-related products
and services to retail and wholesale customers.
Chapter 11 Petition Date: March 31, 2018
Affiliates that concurrently filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
FirstEnergy Solutions Corp. (Lead Case) 18-50757
FE Aircraft Leasing Corp. 18-50759
FirstEnergy Nuclear Generation, LLC 18-50760
FirstEnergy Nuclear Operating Company 18-50761
FirstEnergy Generation, LLC 18-50762
FirstEnergy Generation Mansfield Unit 1 Corp. 18-50763
Norton Energy Storage L.L.C. 18-50764
Court: United States Bankruptcy Court
Northern District of Ohio (Akron)
Judge: Hon. Alan M. Koschik
Debtors'
Local
Counsel: Marc B. Merklin, Esq.
Kate M. Bradley, Esq.
Bridget A. Franklin, Esq.
BROUSE MCDOWELL LPA
388 South Main Street, Suite 500
Akron, OH 44311-4407
Tel: (330) 535-5711
Fax: (330) 253-8601
E-mail: mmerklin@brouse.com
kbradley@brouse.com
bfranklin@brouse.com
Debtors'
General
Bankruptcy
Counsel: Ira Dizengoff, Esq.
Lisa Beckerman, Esq.
Brad Kahn, Esq.
AKIN GUMP STRAUSS HAUER & FELD LLP
One Bryant Park
New York, New York 10036
Tel: (212) 872-1000
Fax: (212) 872-1002
E-mail: idizengoff@akingump.com
lbeckerman@akingump.com
bkahn@akingump.com
- and -
Scott Alberino, Esq.
Kate Doorley, Esq.
AKIN GUMP STRAUSS HAUER & FELD LLP
1333 New Hampshire Avenue, N.W.
Washington, D.C. 20036
Tel: (202) 887-4000
Fax: (202) 887-4288
E-mail: salberino@akingump.com
kdoorley@akingump.com
Debtors'
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
600 Madison Avenue, 8th Floor
New York, NY 10022
Tel: 212.759.4433
Fax: 212.759.5532
https://www.alvarezandmarsal.com
Debtors'
Financial
Advisor: LAZARD LTD.
Debtors'
Conflicts
Counsel: WILLKIE FARR & GALLAGHER LLP
Debtors'
Nuclear
Regulatory
Counsel: HOGAN LOVELLS US LLP
Debtors'
Industry
Consultants: ICF INTERNATIONAL, INC.
Debtors'
Special
Litigation
Counsel: QUINN EMANUEL URGUHART & SULLIVAN, LLP
Debtors'
Local
Conflicts
Counsel: STARK & KNOLL CO., L.P.A.
Debtors'
Tax
Consultant: KPMG US LLP
Debtors'
Communications
Consultant: SITRICK AND COMPANY
Debtors'
Claims,
Notice &
Balloting
Agent: PRIME CLERK LLC
Web site: https://is.gd/NKLZMI
FES's Total Assets
as of Dec. 31, 2017: $5.5 billion
FES's Total Current &
Non-Current Liabilities
as of Dec. 31, 2017: $5.28 billion
The petitions were signed by Donald A. Moul, president, FES
Generating Companies and Chief Nuclear Officer.
A full-text copy of FirstEnergy Solutions' petition is available
for free at http://bankrupt.com/misc/ohnb18-50757.pdf
List of Debtors' 50 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
BNSF Railway Company Ongoing Undetermined
Attn: Carl Ice Litigation
Vice President, Coal
2650 Lou Menk Drive
Fort Worth, TX 76131
Tel: (800) 795-2673
Fax: (817) 352-7925
Norfolk Southern Corporation Ongoing Undetermined
Attn: James A. Squires Litigation
Director Utility Coal - North
2001 Market Street, 29th Floor
Philadelphia, PA 19103
James A. Squires
Email: rob.zehringer@nscorp.com
Wilmington Savings Claims Related $769,200,000
Fund Society, FSB to Sale-Leaseback
Attn: Patrick J. Healy Transaction
Senior Vice President
500 Delaware Avenue
Wilmington, DE 19801
Tel: (302) 888-7420
Email: phealy@wsfsbank.com
The Bank of New York Mellon $500M Sen. Note $366,368,888
Trust Company, N.A. 6.8% Due 8/15/39
Attn: Earl Hunt ($363.281M
Vice President of Global Outstanding)
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon $600M Sen. Note $334,818,056
Trust Company, N.A. 6.05% Due 8/15/21
Attn: David Kovach ($332.305M
Vice President of Global Corporate Outstanding)
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6512
Fax: (216) 621-1441
The Bank of New York Mellon PCN 3.75% Series $237,451,500
Trust Company, N.A. Due Dec. 1, 2023
Attn: Earl Hunt (Put: 12/3/18)
Vice President of Global
Corporate Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 5.7% Series $178,681,500
Trust Company, N.A. Due August 3, 2020
Attn: Earl Hunt
Vice President of Global
Corporate Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44133
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: carl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.5% Series $165,877,925
Trust Company, N.A. Due Dec. 1, 2035
Attn: Earl Hunt (Put: 6/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street
Suite 830
Cleveland, OH 44113
Tel: (216) 611-6514
Fax: (216) 621-1441
The Bank of New York Mellon PCN 4.0% Series $137,357,333
Trust Company, N.A. Due Dec. 1, 2033
Attn: Earl Hunt (Put:6/3/19)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 2.7% Series $100,235,150
Trust Company, N.A. Due April 1, 2035
Attn: Earl Hunt (Put:4/2/18)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PNC 3.75% Series $100,029,062
Trust Company, N.A. Due July 1, 2033
Attn: Earl Hunt (Put: 7/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.0% Series $91,161,586
Trust Company, N.A. Due May 15, 2019
Attn: Earl Hunt
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 4.0% Series $83,628,000
Trust Company, N.A. Due Jan. 1, 2034
Attn: Earl Hunt (Put:7/1/21)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 4.0% Series $73,376,499
Trust Company, N.A. Due Jan. 1, 2035
Attn: Earl Hunt (Put:7/1/21)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-3514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
BNSF Railway Company Settlement $72,000,000
Attn: Carl Ice Arbitration
Vice President, Coal
2650 Lou Menk Drive
Fort Worth, TX 76131
Tel: (800) 795-2673
Fax: (817) 352-7925
CSX Transportation, Inc. Settlement $72,000,000
Attn: Jeff Goutcher Arbitration
Director Utility Coal
500 Water St. J842
Jacksonville, FL 32202
Tel: (904) 359-1684
Fax: (904) 359-2459
Email: Jeff_Goutcher@csx.com
Commerzbank AG Trade Payables $59,817,058
Attn: Stephan Engels
Chief Financial Officer
Kaierplatz
Frankfurt Am Main, Hesse 60261
Germany
Tel: +49 69 136-20
Fax: +49 69 136-27910
The Bank of New York Mellon PCN 3.50% Series $57,590,500
Trust Company, N.A. Due April 1, 2041
Attn: Earl Hunt (Put: 6/1/20)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.10% Series $50,129,166
Trust Company, N.A. Due March 1, 2023
Attn: Earl Hunt (Put:3/1/19)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 4.0% Series $47,120,000
Trust Company, N.A. Due June 1, 2033
Attn: Earl Hunt (Put:6/3/19)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street,
Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.75% Series $43,403,125
Trust Company, N.A. Due Dec. 1, 2040
Attn: Earl Hunt (Put:7/1/20)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon $33M PCN 3.95% Series $33,543,125
Trust Company, N.A. Due Nov. 1, 2032
Attn: Earl Hunt (Put: 5/1/20)
Vice President of Global
Corporate Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.75% Series $26,325,000
Trust Company, N.A. Due June 1, 2033
Attn: Earl Hunt (Put:6/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 2.55% Series $26,221,000
Trust Company, N.A. Due Nov. 1, 2041
Attn: Earl Hunt (Put: 12/3/18)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.95% Series $23,378,541
Trust Company, N.A. Due Nov. 1, 2032
Attn: Earl Hunt (Put: 5/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.625% Series $15,687,291
Trust Company, N.A. Due Dec. 1, 2033
Attn: Earl Hunt (Put:6/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.625% Series $9,264,937
Trust Company, N.A. Due Oct. 1, 2033
Attn: Earl Hunt (Put: 4/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.625% Series $9,264,937
Trust Company, N.A. Due Oct. 1, 2033
Attn: Earl Hunt (Put: 4/1/20)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.125% Series $8,062,500
Trust Company, N.A. Due July 1, 2033
Attn: Earl Hunt (Put:7/2/18)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
The Bank of New York Mellon PCN 3.125% Series $7,256,250
Trust Company, N.A. Due Jan. 1, 2034
Attn: Earl Hunt (Put: 7/2/18)
Vice President of Global Corporate
Trust Services
1660 West 2nd Street, Suite 830
Cleveland, OH 44113
Tel: (216) 622-6514
Fax: (216) 621-1441
Email: earl.hunt@bnymellon.com
Midcontinent Independent System Trade Payables $4,248,924
Attn: Melissa Brown
Chief Financial Officer
720 City Center Drive
Carmel, IN 46032-7574
Tel: (317) 249-5400
Fax: (317) 249-5910
Areva Incorporated Trade Payables $3,430,026
Attn: Kathy Williams
Chief Financial Officer
Orano USA
1155 F Street, N.W., Suite 800
Washington, DC 20004
Tel: (202) 969-3240
Fax: (434) 382-2851
Email: katherine.williams@framatome.com
PKMJ Technical Services Inc. Trade Payables $3,237,487
Attn: Mark Gregory
General Counsel
Rolls-Royce Civil Nuclear,
Engineering Services
410 Rouser Road, Building 1
Moon Township, PA 15108
Tel: (412) 865-3040
Fax: (412) 393-2416
Email: Nuclearsolutions@Rolls-Royce.com
Energysolutions LLC Trade Payables $3,149,052
Attn: Greg S. Wood
Chief Financial Officer
299 South Main Street, Suite 1700
Salt Lake City, UT 84111
Tel: (801) 649-2000
Fax: (801) 880-3006
U.S. Nuclear Regulatory Commission Trade Payables $3,002,075
Attn: Jennifer Dudek
Office of the Chief Financial Officer
11545 Rockville Pike
Mail Stop T-9E10
Rockville, MD 20852
Tel: (301) 415-2257
Email: Jennifer.Dudek@nrc.gov
Manoleras, Mark A. EDCP Balance $2,955,992
122 Crest Drive
Beaver, PA 15009
Tel: (724) 682-5101
Email: manolerasm@firstenergycorp.com
Day & Zimmermann NPS Trade Payables $2,495,901
Attn: Joseph Ritzel
Chief Financial Officer
1500 Spring Garden Street
Philadelphia, PA 19130
Tel: (215) 299-8000
Email:joseph.ritzel@dayzim.com
Westinghouse Electric Corp. Trade Payables $2,367,618
Attn: Dan Sumner
Chief Financial Officer
20 Stanwix Street
Pittsburgh, PA 15222
Tel: (866) 442-7873
PB Energy Company Trade Payables $2,160,000
Attn: Dr. Brian Gilvary
Chief Financial Officer
501 Westlake Park Boulevard
Houston, TX 77079
Tel: (281) 366-2000
Fax: (281) 366-5027
Ohio Valley Electric Corporation Trade Payables $1,968,831
Attn: Robert A. osbourne
Ohio Valley Electric Corp.
3932 U.S. Route 23
P.O. Box 468
Piketon, OH 45661
Tel: (740) 289-7211
Fax: (740) 289-7253
Enerfab Power & Industrial Inc. Trade Payables $1,909,952
Attn: Aaron Landolt
President
4955 Spring Grove Ave.
Cincinnati, OH 45232
Tel: (513) 641-0500
Fax: 513-242-6833
Rinckel, Jeannie M. EDCP Balance $1,756,360
526 Pilots Ridge Road
Wilmington, NC 58412
Tel: (440) 773-8017
Babcock & Brown Wind Portfolio LLC Trade Payables $1,615,672
Attn: Peter Haskopoulos
Chief Financial Officer
Riverstone Holdings LLC
712 Fifth Avenue, 36th Floor
New York, NY 10019
Tel: (212) 993-0076
Fax: (212) 993-0077
Westech Engineering Incorporated Trade Payables $1,612,618
Attn: Greg Howell
Chief Financial Officer
3665 S. West Temple
Salt Lake City, UT 84115
Tel: (801) 265-1000
Fax: (801) 265-1080
Email: ghowell@westech-inc.com
High Trail Wind Farm LLC Trade Payables $1,549,937
Attn: General Counsel
13682N 2900 East Road
Ellsworth, IL 61737
Tel: (309) 724-8278
The Atlantic Group Trade Payables $1,508,588
Attn: Dave Spannaus
Chief Executive Officer
45 W. 45th Street, 11th Floor
New York, NY 10036
Tel: (212) 977-6688
Fax: (212) 977-6699
Email: dspannaus@atlanticgroupCT.com
General Electric International Inc. Trade Payables $1,491,467
Attn: John L. Flannery
2 Corporate Drive, Suite 150
Shelton, CT 06484-6239
Tel: (203) 944-3000
NAES Corporation Trade Payables $1,400,792
Attn: Andrew Gay
Chief Financial Officer
1180 NW Maple St. Suite 200
Issaquah, WA 98027
Tel: (425) 961-4700
Fax: (425) 961-4646
Grabnar, John J. EDCP Balance $1,368,827
7420 White Tail Run Place
Concord Township, OH 44077
Tel: (330) 436-1356
Email: jjgrabnar@firstenergycorp.com
Brand Energy Svcs LLC Trade Payables $1,126,321
A Div of Bran
Attn: Jim Walters
Chief Financial Officer
Brand Energy and Infrastructure
1325 Cobb Int. Sr. Ste. A-1
Kennesaw, GA 30152
Tel: (678) 285-1400
Fax: (770) 514-0285
FIRSTENERGY SOLUTIONS: To Assume Process Support Agreement
----------------------------------------------------------
Akron, Ohio-based FirstEnergy Solutions Corp. (FES) and its
affiliated debtors said they intend to assume a process support
agreement signed March 30, 2018, with:
(a) certain members of the Ad Hoc Noteholder Group,
(b) certain members of the Mansfield Certificateholders Group,
(c) MetLife in its capacity as owner participant of 5 of the 6
owner-lessor trusts under the Bruce Mansfield Sale-Leaseback
Transaction,
(d) U.S. Bank Trust National Association, in its capacity as
owner trustee of 5 of the 6 owner-lessor trusts under the Bruce
Mansfield Sale-Leaseback Transaction, and
(e) Wilmington Savings Fund Society, FSB, solely in its capacity
as indenture trustee for certain notes and certificates issued in
connection with the Bruce Mansfield Sale-Leaseback Transaction.
Donald R. Schneider, president and chairman of the board of FES,
explained in court filings that prior to the Petition Date, the
Debtors commenced discussions with various creditors, including,
without limitation, (i) an ad hoc group of certain holders of the
Debtors' PCN debt and certain other notes, and (ii) an ad hoc group
of certain holders of pass-through certificates issued in
connection with the sale-leaseback transaction for Unit 1 of the
Bruce Mansfield Plant.
The legal and financial advisors to the Creditor Groups and,
recently certain individual members of the Creditor Groups, entered
into non-disclosure agreements with the Debtors, and over the past
seven months, the advisors for the Creditor Groups have conducted
substantial due diligence on the Debtors' operations, financial
condition, and long term business plan, including having access to
a data room populated by the Debtors and attending numerous
diligence sessions relating to various topics of interest.
The Debtors have had discussions with the advisors for the Creditor
Groups regarding various issues arising in connection with the
Debtors' operations, including the sale of the assets owned by FG
at Bay Shore, the Debtors' 2018 compensation plans, and the damage
to the Bruce Mansfield Plant and, more recently, with certain
individual members of the Creditor Groups who have signed
non-disclosure agreements. The advisors for the Creditor Groups,
the Debtors and FE Corp. have engaged in discussions prior to the
Debtors' chapter 11 filing about process and restructuring
alternatives. Additionally, more recently, the Debtors and their
advisors engaged in discussions regarding the Debtors' chapter 11
filing and restructuring process with certain other stakeholders
and their respective advisors, including certain indenture trustees
and MetLife Capital, Limited Partners ("MetLife"), as owner
participant under the Bruce Mansfield Sale-Leaseback Transaction.
On March 30, 2018, the parties entered into the Process Support
Agreement.
The Process Support Agreement sets forth certain agreements and
understandings with respect to the Debtors' and the Creditor
Groups' conduct during the chapter 11 cases, including ensuring the
Creditor Groups' support for the Debtors' First Day Motions,
working cooperatively on the implementation of the Debtors'
employee retention and severance programs, establishing a protocol
for reorganization efforts relating to the Debtors' nuclear assets
and potential sale processes for the Debtors' fossil and retail
book assets, and confirming the payment of certain professional
fees. The Process Support Agreement also incorporates a protocol
-- Mansfield Issues Protocol -- that establishes a process for
resolving certain claims arising from the rejection of the
Mansfield Unit 1 lease documents, as well as processes for
consultation and cooperation with respect to the operation of
Mansfield Unit 1 pending disposition of the Mansfield plant during
the chapter 11 cases and the insurance issues arising from the
January 10, 2018 fire at the Mansfield plant.
The purpose of the Process Support Agreement is to help guide the
Debtors and the Creditor Groups through these chapter 11 cases by
ensuring the support and cooperation of key stakeholders in these
chapter 11 cases. The Process Support Agreement will also provide
a framework for the Debtors to continue negotiations with their
stakeholders around a plan designed to maximize recoveries for all
creditors and preserve the value of the Debtors' business.
Relatedly, on March 30, 2018 the Debtors entered into a
intercompany protocol and a standstill agreement with FE Corp. and
the Creditor Groups to establish a process for coordinated and
orderly discovery regarding claims between the Debtors, on the one
hand, and FE Corp. and its affiliates on the other hand, and the
resolution of such claims. Under the Standstill Agreement, the
parties agree to not seek
the appointment of an examiner or otherwise commence litigation
with respect to intercompany claims while the Standstill Agreement
and the Intercompany Protocol remain in place. The Intercompany
Protocol also creates a mechanism for the applicable parties to
consensually resolve claims and/or engage in mediation.
The Debtors anticipate filing motions to authorize the Debtors to
assume the Process Support Agreement and the Standstill Agreement
in the coming days.
Parties that have signed the Process Support Agreement include
Avenue Capital Management II, L.P., Fidelity Investments Money
Management, Inc., FIAM LLC, Fidelity Institutional Asset
Management Trust Company, Citadel Advisors LLC, Legal & General
Investment Management America, Inc., Loomis, Sayles & Company,
L.P., The Northwestern Mutual Life Insurance Company, Schoenfeld
Asset Management L.P., and Serengeti Asset Management.
The Ad Hoc Noteholder Group is represented by Kramer Levin Naftalis
& Frankel LLP as legal counsel and GLC Advisors & Co., LLC as
financial advisor. Baker & Hostetler LLP, is nuclear regulatory
counsel and a technical advisor to the Noteholder Group.
The Mansfield Certificateholders Group is represented by O'Melveny
& Myers LLP and Latham & Watkins LLP as legal counsel and
Guggenheim Partners, LLC as financial advisor.
The Noteholders' attorneys:
Joshua K. Brody, Esq.
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036
E-mail: jbrody@kramerlevin.com
Mansfield Certificateholder Group's attorneys:
Andrew Parlen, Esq.
O'Melveny & Myers LLP
7 Times Square
New York, New York 10036
Email: aparlen@omm.com
- and -
George Davis, Esq.
Latham & Watkins LLP
885 Third Avenue
New York, New York 10022
Email: george.davis@lw.com
MetLife's attorneys:
Jennifer C. Hagle, Esq.
Sidley Austin LLP
555 West Fifth Street, Suite 4000
Los Angeles, CA 90013
E-mail: jhagle@sidley.com
U.S. Bank Trust National Association's attorneys:
John Ashmead, Esq.
Gregg Bateman, Esq.
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
E-mail: ashmead@sewkis.com
bateman@sewkis.com
Attorneys for Wilmington Savings Fund Society, FSB, solely in its
capacity as the indenture trustee for the lessor notes issued under
six indentures with Mansfield 2007 Trusts A-F and its capacity as
pass through trustee under the pass through trust agreement (the
"PTTA") with FG and FES for the pass through certificates issued in
connection with the sale-leaseback transaction for Unit 1 of the
Bruce Mansfield Plant ("WSFS"):
Todd Meyers, Esq.
Kilpatrick Townsend & Stockton LLP
1100 Peachtree Street NE, Suite 2800
Atlanta, GA 30309
Email: TMeyers@kilpatricktownsend.com
FirstEnergy Corp and other FE Non-Debtor Parties are represented
by:
Thomas Wearsch, Esq.
Jones Day LP
North Point
901 Lakeside Avenue
Cleveland, OH 44114
E-mail: twearsch@jonesday.com
A copy of the Process Support Agreement, attached as exhibit to the
affidavit in support of the First Day Motions, is available at:
http://bankrupt.com/misc/FirstEnergy_55_1st_Day_Affidavit.pdf
About FirstEnergy Solutions
Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE: FE) --
http://www.firstenergycorp.com/. FES provides energy-related
products and services to retail and wholesale customers; and owns
and operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.
On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the
Honorable Judge Alan M. Koschik and the Debtors have requested that
their cases be jointly administered under Case No. 18-50757.
Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.
Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel to
the Filing Entities, Lazard Freres & Co. is serving as investment
banker and Alvarez & Marsal North America, LLC is serving as
restructuring advisor and Charles Moore has been appointed as Chief
Restructuring Officer for the Filing Entities. Prime Clerk serves
as the Debtors' claims and noticing agent.
FIRSTENERGY SOLUTIONS: To Pursue Dual-Path Exit from Chapter 11
---------------------------------------------------------------
Akron, Ohio-based FirstEnergy Solutions (FES), its subsidiaries and
FirstEnergy Nuclear Operating Company (FENOC) filed voluntary
petitions under Chapter 11 of the Federal Bankruptcy Code to pursue
a creditor-supported Chapter 11 plan of reorganization or a merger
and acquisition for some or all of their assets.
The Debtors own and/or operate multiple fossil and nuclear power
generating facilities throughout Ohio and Pennsylvania in addition
to
providing other services that support the various facilities. The
Debtors are direct or indirect subsidiaries of non-debtor
FirstEnergy Corp. ("FE Corp."), a public utility holding company
with power generation, transmission and distribution subsidiaries.
The Debtors participate in the unregulated generation business --
as opposed to the regulated utility business of their parent, FE
Corp. and certain of its affiliates -- which generates electricity
and provides energy-related products and services to retail and
wholesale customers.
In the months leading up to the date of the filing of the chapter
11 cases, the Debtors faced several significant constraints on
their liquidity. As of December 31, 2017, FES has unsecured debt
ratings of Ca at Moody's, C at S&P and C at Fitch. These ratings,
together with its negative outlook from each of the rating
agencies, have posed issues related to its ability to hedge the
generation business with retail sales and wholesale sales due to
collateral requirements that otherwise reduce available liquidity.
FES has approximately $516 million of PCNs subject to automatic
puts or maturing between April and December 2018, and approximately
$1.3 billion of PCNs subject to automatic puts or maturing between
2019 and 2021. Additionally, FES has approximately $100 million of
unsecured debt maturing in April 2018 and $300 million of unsecured
debt maturing in 2021. Based on its current senior unsecured debt
rating and current capital structure, as well as the forecasted
decline in wholesale forward market prices over the next few years,
FES would be unable to refinance, even on a secured basis, these
debt maturities, further stressing its anticipated liquidity.
On Dec. 6, 2016, FE Corp. and certain subsidiaries entered into new
syndicated credit facilities and concurrently terminated existing
syndicated credit facilities that were to expire in March 2019.
Specifically, FES and AES terminated an unsecured $1.5 billion
credit facility with certain third-party financial institutions --
commitments of $900 million and $600 million for FES and AES,
respectively -- and FES entered into a new, two-year secured credit
facility with FE Corp. Pursuant to the FE-FES Secured Facility, FE
Corp. provided (i) a committed line of credit to FES of up to $500
million, and (ii) additional credit support of up to $200 million
which were ultimately used to cover a $169 million surety with
respect to Little Blue Run and a $31 million surety bond with
respect to Hatfield, with both surety bonds benefiting the
Pennsylvania Department of Environmental Protection, as designated
in writing to FE Corp.
In connection with the cancellation of the prior FES/AES facility
and entry into the new FE-FES Secured Facility, certain commitments
and amendments associated with shared services and operational
matters were made. First, FE Corp. reaffirmed its obligations under
the Tax Allocation Agreement. Second, amendments were made to the
FES Shared Services Agreement to prevent termination until the
earlier of December 31, 2018, or a change in control of FES or its
subsidiaries. Third, amendments were made to the Fifth Amended and
Restated Non-Utility Money Pool Agreement -- Non-Utility Money Pool
Agreement -- to provide FES, FENOC, FG, and NG continued access to
the Non-Utility Money Pool until the earlier of the establishment
of a new money pool or Dec. 31, 2018.
On March 9, 2018, FES drew down $500 million under the FE-FES
Secured Facility. On March 16, 2018, the Debtors exited the
Non-Utility Money Pool and established the FES Money Pool. As of
the Petition Date, FES had $554.4 million of cash on hand, and
FENOC had $6.3 million of cash on hand.
Financial Outlook and Business Strategy
As a result of their strained financial condition, the Debtors
considered a variety of potential strategic alternatives, including
but not limited to: (i) legislative or regulatory solutions to
increase revenue for generation assets, (ii) asset sales, (iii)
plant deactivations, (iv) out-of-court debt restructuring
transactions with creditors, and (v) chapter 11 bankruptcy
protection.
Together with their professionals, the Debtors reviewed and
evaluated the benefits and costs associated with various
restructuring scenarios. In doing so, the Debtors created detailed
financial projections for use by advisors and creditor
constituencies. The Debtors' financial viability analysis involved
the creation of multiple business plans accounting for a range of
restructuring scenarios.
After undergoing a comprehensive review of options to manage their
current financial situation and their liquidity constraints, and
having fully considered possible alternatives, the Debtors
ultimately decided to file voluntary chapter 11 petitions with the
Court to avail themselves of protections under the Bankruptcy
Code.
At this time, the Debtors believe they have the ability to pursue a
dual-path exit from chapter 11 in which they have the option to
pursue a creditor supported chapter 11 plan of reorganization while
maintaining the option of pursuing merger and acquisition ("M&A")
efforts for some or all of the assets owned by the Debtors. The
Debtors intend to utilize all available tools in chapter 11 to
stabilize their business operations and continue to engage with
various stakeholder constituencies as they work toward a
value-maximizing solution that most benefits the Debtors' estates
and, by extension, their creditors.
Business Operations
Each of the Debtors is a direct or indirect subsidiary of
non-debtor FE Corp.
FES, which employs 57 individuals, sells power and provides
energy-related products and services to retail and wholesale
customers in the PJM and MISO regions by purchasing the entire
output of power from FG and NG and additional power from third
parties under PPAs. FES conducts all of its business operations in
the regional transmission organizations ("RTOs") overseen by PJM
Interconnection LLC ("PJM"), which covers Ohio and Pennsylvania,
along with a number of other states (the "PJM Region"), and the
Midcontinent Independent System Operations ("MISO").
FES's corporate group is comprised of: (a) FirstEnergy Generation,
LLC ("FG"), the owner and operator of the fossil generation plants;
(b) FG's subsidiaries, including FirstEnergy Generation Mansfield
Unit 1 Corp. ("FGMUC") and NES; (c) FirstEnergy Nuclear Generation,
LLC ("NG"), the owner of the nuclear generation plants; and (d) FE
Aircraft Leasing Corp. ("FEALC").
In addition to purchasing the electricity produced by its
subsidiaries, FES also purchases 110 MWs of capacity pursuant to a
PPA with the Ohio Valley Electric Company ("OVEC") and
approximately 496 MWs of capacity pursuant to PPAs with third-party
renewable wind and solar power producers.
FG, which employs 686 individuals, owns three fossil generation
plants, two in Ohio and one in Pennsylvania. FG owns Units 2 and 3
of the Bruce Mansfield Plant, and operates all three units pursuant
to an operating agreement, which generally provides that FG will
operate and dispatch the Bruce Mansfield Plant according to PJM
criteria.
NES is a non-operating entity that owns 92 acres of surface
property in Norton, OH, and the rights to use the Norton Mine
(formerly known as the Barberton Mine) for compressed air storage.
NG owns three nuclear generation plants, composed of two units at
the Beaver Valley Power Station in Shippingport, PA, the
Davis-Besse Nuclear Power Station in Oak Harbor, OH, and the Perry
Nuclear Power Plant in Perry, OH. NG's nuclear plants have a Net
Demonstrated Capacity of 4,048 MWs.
FENOC is an affiliate of FES and a direct subsidiary of FE Corp.
Pursuant to the Master Nuclear Operating Agreement and NRC
requirements, FENOC operates the four nuclear generation units
owned by NG.
As of Dec. 31, 2017, FES reported total assets, liabilities, and
capitalization of approximately $5.5 billion, and FENOC reported
total assets, liabilities, and capitalization of approximately $900
million. For the year ending Dec. 31, 2017, FES's consolidated
revenues were approximately $3.1 billion, and FENOC's consolidated
revenues were approximately $660 million.
Prepetition Capital Structure
FES has approximately $1.5 billion of funded indebtedness. That
amount includes:
$700 million of a secured revolving credit facility
provided by FE Corp.,
$332 million in outstanding principal amount of
6.05% unsecured notes due 2021,
$363 million in outstanding principal amount of
6.80% of unsecured notes due 2039, and
$150 million credit facility with non-Debtor Allegheny
Energy Supply Company, LLC ("AES"), under
which $102 million was due and owing on
April 2, 2018.
FG has approximately $1 billion of funded indebtedness. That
amount includes:
$328 million in outstanding principal amount of secured
fixed-rate pollution control revenue notes
("PCNs") that support tax-exempt pollution
control revenue bonds ("PCRBs"), and
$677 million in outstanding principal amount of unsecured
fixed-rate PCNs that support additional
tax-exempt PCRBs.
The PCRBs are issued by various Ohio and Pennsylvania state
authorities, and the secured PCNs are secured by first mortgage
bonds issued by FG which are in turn secured by a first lien
security interest granted by FG on substantially all of its
property, plant, and equipment used in the generation and
production of electricity.
FG is also the lessee under a sale-leaseback transaction related to
Unit 1 of the Bruce Mansfield Plant pursuant to which FG makes
semi-annual lease payments to the six lessor trusts. FES
guarantees the payment obligations of FG under the six leases of
the Unit 1 of Bruce Mansfield sale-leaseback transaction. In
connection with the Mansfield Sale-Leaseback Transaction, the
lessor trusts issued notes secured by, inter alia, the
owner/lessors' interests in Unit 1 to a pass-through trust that
issued and sold pass-through trust certificates publicly, of which
$769 million in aggregate principal amount remains outstanding.
NG has approximately $1.1 billion of funded indebtedness. That
number includes $285 million of secured PCNs that support
tax-exempt PCRBs and $842 million of unsecured PCNs that support
additional tax-exempt PCRBs. The secured PCNs are secured by first
mortgage bonds issued by NG which are in turn secured by a first
lien security interest granted by NG on substantially all of its
property, plant, and equipment used and useful in the generation
and production of electricity.
As of Jan. 31, 2018, FEALC had approximately $240,000 of
outstanding debt in an aircraft leasing loan owed to FES.
About FirstEnergy Solutions
Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE: FE) --
http://www.firstenergycorp.com/. FES provides energy-related
products and services to retail and wholesale customers; and owns
and operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries. FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.
On March 31, 2018, FirstEnergy Solutions and six affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the
Honorable Judge Alan M. Koschik and the Debtors have requested that
their cases be jointly administered under Case No. 18-50757.
Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.
Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel to
the Filing Entities, Lazard Freres & Co. is serving as investment
banker and Alvarez & Marsal North America, LLC is serving as
restructuring advisor and Charles Moore has been appointed as Chief
Restructuring Officer for the Filing Entities. Prime Clerk serves
as the Debtors' claims and noticing agent.
FLINT GROUP: $31MM Bank Debt Due Sept. 2021 Trades at 6.12% Off
---------------------------------------------------------------
Participations in a syndicated loan under which Flint Group SA is a
borrower traded in the secondary market at 93.88
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.49 percentage points from the
previous week. Flint Group pays 300 basis points above LIBOR to
borrow under the $31 million facility. The bank loan matures on
September 7, 2021. Moody's rates the loan 'B2' and Standard &
Poor's gave no rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
March 16.
FLINT GROUP: $794MM Bank Debt Due May 2021 Trades at 6.12% Off
--------------------------------------------------------------
Participations in a syndicated loan under which Flint Group SA is a
borrower traded in the secondary market at 93.88
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.49 percentage points from the
previous week. Flint Group pays 300 basis points above LIBOR to
borrow under the $794 million facility. The bank loan matures on
May 19, 2021. Moody's gave no rates to the loan and Standard &
Poor's gave no rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
March 16.
FORESIGHT ENERGY: Bank Debt Trades at 2.78% Off
-----------------------------------------------
Participations in a syndicated loan under which Foresight Energy is
a borrower traded in the secondary market at 97.22
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.27 percentage points from the
previous week. Foresight Energy pays 575 basis points above LIBOR
to borrow under the $825 million facility. The bank loan matures on
March 28, 2022. Moody's rates the loan 'B2' and Standard & Poor's
gave a 'B' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended March 16.
FORTERRA INC: Bank Debt Trades at 6.79% Off
-------------------------------------------
Participations in a syndicated loan under which Forterra Inc. is a
borrower traded in the secondary market at 93.21
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.27 percentage points from the
previous week. Forterra Inc. pays 300 basis points above LIBOR to
borrow under the $1.047 billion facility. The bank loan matures on
October 25, 2023. Moody's rates the loan 'B3' and Standard & Poor's
gave a 'B-' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended March 16.
FSA INC: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of FSA, Inc., as of March 29, according to a
court docket.
About FSA Inc.
FSA, Inc., doing business as The Unofficial Dive Bar & Grill, filed
a Chapter 11 petition (Bankr. D. Minn. Case No. 18-30465) on Feb.
20, 2018. In the petition signed by CEO Christopher
Christopherson, the Debtor estimated under $50,000 in assets and
$500,001 to $1 million in liabilities. The Debtor is represented
by Lamey Law Firm, P.A., and Tanabe Law.
GETTY IMAGES: Bank Debt Trades at 3.4% Off
------------------------------------------
Participations in a syndicated loan under which Getty Images Inc.
is a borrower traded in the secondary market at 96.6
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1 percentage points from the
previous week. Getty Images pays 350 basis points above LIBOR to
borrow under the $1.9 billion facility. The bank loan matures on
October 3, 2019. Moody's rates the loan 'B3' and Standard & Poor's
gave a 'CCC' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
March 16.
GLOBAL A&T: FSIC Values $7 Million in Bonds at 93% of Face
----------------------------------------------------------
FS Investment Corporation has marked its $7,000,000 in debt
obligations extended to privately held Global A&T Electronics Ltd.
to market at $6,490,000 or 93% of the outstanding amount, as of
Dec. 31, 2017, according to a disclosure contained in a Form 10-K
filing with the Securities and Exchange Commission for the fiscal
year ended Dec. 31, 2017.
FSIC holds senior secured bonds issued by Global A&T Electronics
that is scheduled to mature Feb. 1, 2019. The bonds charge
interest at 10.0%.
FSIC said the bonds are on non-accrual status.
About Global A&T Electronics
Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd.
that provides semiconductor assembly and test services for
integrated circuits for use in analog, mixed-signal and logic, and
memory products in the United States, Japan, rest of Asia, Europe,
and internationally.
UTAC is headquartered in Singapore, with production facilities
located in Singapore, Thailand, Taiwan, China, Indonesia and
Malaysia. The company's global sales network is broadly focused on
five regions: the United States, Europe, China and Taiwan, Japan,
and the rest of Asia.
Global A&T and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to
17-23943) on Dec. 17, 2017. In the petition signed by general
counsel Michael E. Foreman, Global A&T estimated assets of $500
million to $1 billion and liabilities of $1 billion to $10
billion.
Judge Robert D. Drain presides over the cases.
The Debtors hired Kirkland & Ellis LLP as their bankruptcy counsel;
Moelis & Company Asia Limited and Moelis & Company LLC as financial
advisors; Alvarez & Marsal North America, LLC and Alvarez & Marsal
(SE Asia) Pte. Ltd. as restructuring advisors; and Prime Clerk LLC
as notice, claims and balloting agent.
* * *
On December 21, 2017, the United States Bankruptcy Court for the
Southern District of New York approved the disclosure statement
disclosure statement explaining Global A&T Electronics, Ltd.'s
Chapter 11 Plan of Reorganization and confirmed the Joint Plan.
Before filing for bankruptcy, Global A&T announced on November 2,
2017, a Global Settlement, Forbearance, and Restructuring Support
Agreement with key stakeholders.
On the Plan effective date:
* the Debtors will issue $665 million in 8.5% New Secured Notes
due 2022, and the Debtors will distribute approximately $517.64
million of the New Secured Notes to the Initial Noteholders and
approximately $84.9 million of the New Secured Notes to the
Additional Noteholders;
* the Debtors will also distribute $8.89 million of Cash to the
Initial Noteholders;
* the Debtors will distribute an additional $11.11 million of
the New Secured Notes and $1.11 million of
Cash to the 2014 Plaintiff Initial Noteholders;
* included in the $517.64 million of New Secured Notes that the
Debtors will distribute to Initial Noteholders are $5 million of
New Secured Notes that would otherwise be distributed to the
Holder
of the Affiliate Noteholder Notes;
* UTAC, the Debtors' ultimate equity owner, will issue common
equity to the Additional Noteholders in such amount as to
constitute 31% of the outstanding common equity of UTAC on a
post-emergence basis, subject to dilution by any post-emergence
management incentive plan adopted by UTAC, with the Affinity
Entities (other than the Affiliate Noteholder) and TPG
collectively
holding, directly or indirectly, the other 69% of the outstanding
common equity of UTAC on a post-emergence basis;
* all outstanding and undisputed General Unsecured Claims
against the Debtors will be Unimpaired and unaffected by the
Chapter 11 Cases, and will be paid in full in Cash;
* all Priority Tax Claims, Other Priority Claims, and Other
Secured Claims will be paid in full in Cash, or receive such other
customary treatment that renders such Claims Unimpaired under the
Bankruptcy Code;
* all Administrative Claims shall be paid in full in Cash, or
receive such other customary treatment that renders such Claims
Unimpaired under the Bankruptcy Code; provided that the Debtors
will distribute $31.25 million in New Secured Notes to the Initial
Noteholders that are Consenting Noteholders under the
Restructuring
Support Agreement and $25.1 million in New Secured Notes to the
Additional Noteholders that are Consenting Noteholders under the
Restructuring Support Agreement in full satisfaction of all Claims
arising on account of the Forbearance Fee; and
* UTAC will cause UMS -- which provides semiconductor testing
and assembly services similar to GATE to its sole customer,
Panasonic -- to guarantee the New Secured Notes, and UMS and GATE
will be operated by a single management team, owned by UTAC.
A full-text copy of the Disclosure Statement is available at:
http://bankrupt.com/misc/nysb17-23931-11.pdf
An ad hoc group of consenting initial noteholders is represented by
Milbank, Tweed, Hadley & McCloy, LLP as legal counsel and PJT
Partners as investment banker.
A second ad hoc group of consenting initial noteholders is
represented by Dechert LLP as legal counsel.
An ad hoc group of additional noteholders is represented by Ropes &
Gray LLP as legal counsel and Houlihan Lokey as financial adviser.
GOLDEN OIL: Case Summary & 7 Unsecured Creditors
------------------------------------------------
Debtor: Golden Oil Holding Corporation
2000 Bering Drive, Suite 255
Houston, TX 77057
Business Description: Golden Oil Holding Corporation is a
privately held company in Houston,
Texas in the oil and gas extraction
business.
Chapter 11 Petition Date: March 30, 2018
Case No.: 18-31594
Court: United States Bankruptcy Court
Southern District of Texas (Houston)
Judge: Hon. Karen K. Brown
Debtor's Counsel: Edward L. Rothberg, Esq.
HOOVER SLOVACEK, LLP
Galleria Tower II
5051 Westheimer, Suite 1200
Houston, TX 77056
Tel: 713-977-8686
Fax: 713-977-5395
E-mail: rothberg@hooverslovacek.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $100,000 to $500,000
The petition was signed by Ralph McElvenny, president and
director.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at: http://bankrupt.com/misc/txsb18-31594.pdf
GULF FINANCE: Bank Debt Trades at 8.08% Off
-------------------------------------------
Participations in a syndicated loan under which Gulf Finance LLC is
a borrower traded in the secondary market at 91.92
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.73 percentage points from the
previous week. Gulf Finance pays 525 basis points above LIBOR to
borrow under the $1.15 billion facility. The bank loan matures on
August 25, 2023. Moody's rates the loan 'B3' and Standard & Poor's
gave a 'B+' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
March 16.
GULFMARK OFFSHORE: Cancels Registration of Securities
-----------------------------------------------------
GulfMark Offshore, Inc., filed a voluntary petition seeking relief
under Chapter 11 of title 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the District of Delaware on May 17, 2017, to
pursue a Chapter 11 plan of reorganization. On Oct. 4, 2017, the
Bankruptcy Court entered an order approving the Amended Chapter 11
Plan of Reorganization of the Registrant (as confirmed), and on
Nov. 14, 2017, the Plan became effective. Pursuant to the Plan,
all existing shares of the Company's old Class A common stock, par
value $0.01 per share, were cancelled.
On March 27, 2018, the Company filed post-effective amendments to
each of the following Registration Statements on Form S-8 filed by
the Company with the SEC to deregister all shares of the Company's
Class A Common Stock and other securities that remain unsold as of
the Effective Date that were originally registered under the
Registration Statements:
* Registration Statement on Form S-8 (Registration No. 333-
212512), pertaining to the registration of an additional
1,000,000 shares of Class A Common Stock under the
Registrant's Amended and Restated 2014 Omnibus Equity
Incentive Plan, an additional 350,000 shares of Class A
Common Stock under the Registrant's Amended and Restated 2011
Non-Employee Director Share Incentive Plan and an additional
225,000 shares of Class A Common Stock under the Registrant's
Amended and Restated 2011 Employee Stock Purchase Plan, which
was filed with the Commission on July 13, 2016.
* Registration Statement on Form S-8 (Registration No. 333-
204854), pertaining to the registration of an additional
250,000 shares of Class A Common Stock and an indeterminate
amount of participation interests under the Registrant's
Deferred Compensation Plan, which was filed with the
Commission on June 10, 2015;
* Registration Statement on Form S-8 (Registration No. 333-
196908), pertaining to the registration of 1,000,000 shares
of Class A Common Stock under the Registrant's 2014 Omnibus
Equity Incentive Plan, which was filed with the Commission on
June 19, 2014;
* Registration Statement on Form S-8 (Registration No. 333-
175409), pertaining to the registration of 266,659 shares of
Class A Common Stock under the Registrant's 2011 Employee
Stock Purchase Plan, which was filed with the Commission on
July 8, 2011;
* Registration Statement on Form S-8 (Registration No. 333-
174850), pertaining to the registration of 150,000 shares of
Class A Common Stock under the Registrant's 2011 Non-Employee
Director Share Incentive Plan, which was filed with the
Commission on June 10, 2011; and
* Registration Statement on Form S-8 (Registration No. 333-
167497), pertaining to the registration of 1,000,000 shares
of Class A Common Stock under the 2010 Omnibus Equity
Incentive Plan, which was filed with the Commission on
June 14, 2010.
As a result of the Plan, there will be no future offers or sales
under the Registration Statements and, pursuant to the undertakings
contained in the Registration Statements to remove from
registration by means of a post-effective amendment any of the
securities that had been registered for issuance but remain unsold
at the termination of the offering, the Company removes from
registration any remaining shares of Class A Common Stock and any
and all securities that were registered for issuance pursuant to
the Registration Statements and that remain unsold as of the
Effective Date. The Registration Statements are hereby amended, as
appropriate, to reflect the deregistration of such Class A Common
Stock and all of those securities.
About Gulfmark Offshore
Based in Houston, Texas, GulfMark Offshore, Inc., is a global
provider of marine transportation services through a fleet of
offshore support vessels for the offshore energy industry. The
Company was incorporated in 1996. The Company's business has been
impacted by the level of activity in worldwide offshore oil and
natural gas exploration, development and production, which in turn
is influenced by trends in oil and natural gas prices.
GulfMark sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Case No. 17-11125) on May 17, 2017. In the
petition signed by Quintin V. Kneen, president and CEO, the Debtor
disclosed $1.07 billion in assets and $737.1 million in liabilities
as of March 31, 2017.
GulfMark hired Richards, Layton & Finger, P.A. and Weil, Gotshal &
Manges LLP as legal counsel; Blank Rome LLP as corporate counsel;
Alvarez & Marsal North America LLC as financial advisor; Evercore
Group LLC as investment banker; Ernst & Young LLP as restructuring
consultant; KPMG US LLP as auditor and tax consultant; and Prime
Clerk LLC as claims, noticing & solicitation agent.
H N HINCKLEY: Hires Schlossberg LLC as Special Counsel
------------------------------------------------------
H N Hinckley & Sons, Inc., seeks authority from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Schlossberg LLC,
as special counsel to the Debtor.
H N Hinckley requires Schlossberg LLC to represent the Debtor with
respect to its claims against Howard Sashin for collection of a
debt in the principal amount of approximately $82,000, pending as H
N Hinckley & Sons, Inc. v. Howard Sashin in the Massachusetts Dukes
County Superior Court, Docket No. 1774-CV-00026.
Schlossberg LLC will be paid a contingency fee of 28% of the gross
amount collected, whether it is collected prior to trial or after
the commencement of trial, or if by settlement during trial.
George W. Skogstrom, Jr., managing partner of Schlossberg LLC,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Schlossberg LLC can be reached at:
George W. Skogstrom, Jr., Esq.
SCHLOSSBERG LLC
35 Braintree Hill Office Park, Suite 401
Braintree, MA 02184
Tel: (781) 848-5028
About H N Hinckley & Sons
H N Hinckley & Sons, Inc., headquartered in Vineyard Haven,
Massachusetts, is a dealer of building material and supplies. H N
Hinckley & Sons filed a Chapter 11 petition (Bankr. D. Mass. Case
No. 18-10398) on Feb. 6, 2018. In the petition signed by Wayne M.
Guyther III, president, the Debtor estimated assets and liabilities
at $1 million to $10 million. The case is assigned to Judge Joan
N. Feeney. The Debtor tapped Posternak Blankstein & Lund LLP as
its legal counsel. Schlossberg LLC is the special counsel.
HGIM HOLDINGS: Hires Stephens, Inc., as Investment Banker
---------------------------------------------------------
HGIM Holdings LLC and its debtor affiliates seek authority from the
United States Bankruptcy Court for the Southern District of Texas
(Houston) to hire Stephens, Inc., as financial advisor and
investment banker.
Services to be provided by Stephens, Inc. are:
a. review and analyze the business, operations, and financial
projections of the Company;
b. evaluate Company's potential debt capacity in light of its
projected cash flows;
c. assist in the determination of a range of values for the
Company on a going-concern basis;
d. assist the Company in assessing the range of potential
Transaction alternatives;
e. advise the Company on tactics and strategies for
negotiating with the Company's stakeholders and effectuating any
Transaction;
f. assist the Company in the development, preparation, and
distribution of selected information, documents, and other
materials to create interest in and to consummate any Transaction;
g. assist the Company in reviewing and analyzing any financial
analyses or proposed transactions prepared by the Company’s
creditors and their advisors;
h. assist the Company in building a 13-week cash flow model
and assist in any appropriate reporting to the Company's
creditors;
i. if requested and as applicable, assist the Company in
soliciting and negotiating a pre-arranged chapter 11 plan;
j. be available at the Company's request to meet with its
management, board of directors, creditor groups, equity holders and
any official committees appointed in any Bankruptcy Case, or other
parties, to discuss any Transaction;
k. if requested by the Company, participate in hearings before
the Bankruptcy Court and providing relevant testimony; and
l. provide such other financial advisory or investment banking
services as may from time to time be agreed upon by Stephens and
the Company, and that are within the scope of Stephens'
engagement.
Stephens' fee and expense structure:
a. Monthly Fee. A cash Monthly Fee of $175,000 for the first
month of Stephens' engagement by the Company and, beginning with
the second month of the engagement, $185,000 for each month
thereafter. The first Monthly Fee was payable upon the execution of
the Engagement Letter for the month of September 2017, and each
subsequent Monthly Fee shall be payable in advance on the first of
each month; provided, that, beginning with the October 2017 Monthly
Fee, $75,000 of each Monthly Fee shall be credited, without
duplication, against any Restructuring Fee, Financing Fee, or
Amendment Fee, as applicable.
b. Restructuring Fee. Promptly upon the consummation of a
Restructuring, a cash Restructuring Fee of $3,500,000. With respect
to any Restructuring that is contemplated to be consummated in
connection with a prepackaged, prearranged or similar chapter 11
plan relating to a Bankruptcy Case: (i) 50% of the Restructuring
Fee will be fully earned and payable by the Company upon the
execution of applicable plan support documents executed by a
sufficient number of creditors to qualify as an impaired, accepting
class under the Bankruptcy Code; and (ii) the balance thereof will
be paid by the Company promptly upon the consummation of the
Restructuring.
c. Financing Fee. Promptly upon the execution of definitive
documentation for a Financing, a cash Financing Fee equal to: (i)
1.00% of the aggregate principal amount of any new debt obligations
to be issued or raised by the Company in any Financing that is
secured by first-priority liens over any portion of the Company’s
or any other person’s assets, including, without limitation,
debtor-in-possession financing; (ii) 2.00% of the aggregate
principal amount of any new debt obligations to be issued or raised
by the Company in any Financing that is not covered by the
foregoing subclause (i); and (iii) 3.00% of the aggregate principal
amount of the aggregate committed or face amount of any Financing
involving the issuance of equity securities. Notwithstanding the
foregoing, Stephens shall not charge the Debtors for a Financing
Fee on account of any new capital, equity or debt contributed by
any current shareholder of the Debtors or by Bank of America, N.A.
or any affiliate thereof or on the account of any new capital,
equity or debt arising from or in connection with transactions
between the current lenders of the Debtors.
Laurence H. Gurley, a managing director at Stephens Inc., attests
that is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code, as modified by section 1107(b) of the
Bankruptcy Code; does not hold or represent an interest materially
adverse to the Debtors' estates; and has no connection to the
Debtors, their creditors, or any person employed in the office of
the U. S. Trustee.
The firm can be reached through:
Laurence H. Gurley
Stephens Inc.
111 Center Street
Little Rock, AR 72201
Phone: (501) 377-2000
Toll-Free: (800) 643-9691
About HGIM Holdings
Based in New Orleans, Louisiana, HGIM Holdings LLC --
http://www.harveygulf.com/-- is a marine transportation company
that specializes in providing offshore supply and multi-purpose
support vessels for deepwater operations in the U.S. Gulf of
Mexico. Harvey Gulf exclusively operates vessels qualified under
the U.S. cabotage laws known as the Shipping Act of 1916 and the
Merchant Marine Act of 1920, as amended. Harvey Gulf currently
employs 580 people. Harvey Gulf is headquartered in New Orleans,
Louisiana and maintains two corporate leases in Houston, Texas.
The Company and 90 of its affiliates filed for Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-31080) on March 7,
2018.
The Debtors estimated assets and liabilities between $1 billion and
$10 billion.
Harry A. Perrin, Esq., Garrick C. Smith, Esq., David S. Meyer,
Esq., Jessica C. Peet, Esq., at Vinson & Elkins LLP, serve as the
Debtors' counsel. Stephens, Inc., is the investment banker. Blank
Rome LLP is the special maritime counsel. Postlethwaite &
Netterville, APAC, is the accounting service provider. Prime Clerk
LLC is the notice and claims agent.
HGIM HOLDINGS: Hires Vinson & Elkins LLP as Counsel
---------------------------------------------------
HGIM Holdings LLC and its debtor affiliates seeks authority from
the United States Bankruptcy Court for the Southern District of
Texas (Houston) to hire Vinson & Elkins L.L.P. as their counsel
effective nunc pro tunc to March 7, 2018.
Services to be provided by V&E are:
a. provide legal advice with respect to the Debtors' powers
and duties as debtors in possession in the operation of their
businesses and the management of estate property;
b. take all necessary steps to protect and preserve the
Debtors' bankruptcy estates;
c. serve as counsel of record for the Debtors in all aspects
of these chapter 11 cases, including, without limitation, the
prosecution of actions on behalf of the Debtors, the defense of any
actions commenced against the Debtors, and objections to claims
filed against the Debtors' estates;
d. prepare on behalf of the Debtors all necessary motions,
answers, orders, reports, and other legal papers in connection with
the administration of their bankruptcy estates;
e. assist in the confirmation of the Debtors' chapter 11 plan
and disclosure statement;
f. advise the Debtors regarding tax matters;
g. represent the Debtors in connection with obtaining
authority to continue using cash collateral;
h. advise the Debtors with respect to corporate and litigation
matters;
i. consult with the United States Trustee for the Southern
District of Texas, an official committee of unsecured creditors
appointed in the chapter 11 cases, if any, any other committees
appointed in these chapter 11 cases, and all other creditors and
parties in
interest concerning the administration of these chapter 11 cases;
and
j. provide representation and all other legal services
required by the Debtors in discharging their duties as debtors in
possession or otherwise in connection with these chapter 11 cases.
David S. Meyer, Esq., a partner at the law firm of Vinson & Elkins
L.L.P., attests that V&E does not represent, and does not hold, any
interest adverse to the Debtors' estates; and is a "disinterested
person" within the meaning of section 101(14) of the Bankruptcy
Code and has no connection to the Debtors, their creditors, or
other parties in interest.
V&E's current hourly rates are:
Partners $795 - $1,150
Counsel/Of Counsel $670 - $1,150
Associates $430 - $995
Paraprofessionals $160 - $420
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, David S.
Meyer disclosed that:
-- V&E has agreed to cap its hourly rates for all attorneys,
paraprofessionals, and other time keepers for this engagement.
V&E's hourly rates for matters related to these chapter 11 cases
will not exceed $1,150 per hour for attorneys and $575 per hour for
paraprofessionals and other time keepers;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- V&E uses the same hourly rates for services rendered on
behalf of the Debtors during the 12 months prior to the Petition
Date and will continue to use hourly rates during the pendency of
these chapter 11 cases; and
-- V&E has approved the budget and staffing plan for the
period of March 7, 2018 through May 7, 2018.
The counsel can be reached through:
David S. Meyer, Esq.
Jessica C. Peet, Esq.
Lauren R. Kanzer, Esq.
VINSON & ELKINS LLP
666 Fifth Avenue, 26th Floor
New York, NY 10103-0040
Tel: 212.237.0000
Fax: 212.237.0100
Email: dmeyer@velaw.com;
jpeet@velaw.com;
lkanzer@velaw.com
About HGIM Holdings
Based in New Orleans, Louisiana, HGIM Holdings LLC --
http://www.harveygulf.com/-- is a marine transportation company
that specializes in providing offshore supply and multi-purpose
support vessels for deepwater operations in the U.S. Gulf of
Mexico. Harvey Gulf exclusively operates vessels qualified under
the U.S. cabotage laws known as the Shipping Act of 1916 and the
Merchant Marine Act of 1920, as amended. Harvey Gulf currently
employs 580 people. Harvey Gulf is headquartered in New Orleans,
Louisiana and maintains two corporate leases in Houston, Texas.
The Company and 90 of its affiliates filed for Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-31080) on March 7,
2018.
The Debtors estimated assets and liabilities between $1 billion and
$10 billion.
Harry A. Perrin, Esq., Garrick C. Smith, Esq., David S. Meyer,
Esq., Jessica C. Peet, Esq., at Vinson & Elkins LLP, serve as the
Debtors' counsel. Stephens, Inc., is the investment banker. Blank
Rome LLP is the special maritime counsel. Postlethwaite &
Netterville, APAC, is the accounting service provider. Prime Clerk
LLC is the notice and claims agent.
HGIM HOLDINGS: Taps Blank Rome as Special Maritime Counsel
----------------------------------------------------------
HGIM Holdings LLC and its debtor affiliates seeks authority from
the United States Bankruptcy Court for the Southern District of
Texas (Houston) to hire Blank Rome LLP as special maritime counsel
to the Debtors.
As special maritime counsel, Blank Rome will provide the Debtors
with legal services to the extent necessary and as requested by the
Debtors, with respect to issues that may arise during these chapter
11 cases related to compliance with the U.S. citizenship and
cabotage laws principally contained in 46 U.S.C. Chapters 121, 505
and 551 and the rules and regulations promulgated thereunder
relating to the ownership and operation of U.S.-flag vessels in the
U.S. coastwise trade, which are commonly known as the Jones Act,
and other maritime law matters.
Blank Rome's standard hourly rates are:
R. Anthony Salgado $835
Jeremy A. Herschaft $580
Stefanos N. Roulakis $435
Partners $450 to $1,195
Counsel $440 to $1,070
Associates $315 to $695
Paraprofessionals $180 to $450
Electronic Discovery Professionals $165 to $295
R. Anthony Salgado, a partner at the law firm of Blank Rome,
attests that neither Blank Rome nor any partner, counsel or
associate thereof, represents any adverse interest to the Debtors
in connection with matters upon which Blank Rome is to be
employed.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, R.
Anthony Salgado disclosed that:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- while Blank Rome first became engaged by the Debtors in
2015, Blank Rome’s work on behalf of the Debtors within the past
12 months began in February, 2018 and Blank Rome’s billing rates
and material financial terms with respect to this matter have not
changed postpetition; and
-- the Debtors have approved Blank Rome's budget and staffing
plan for the period from the Petition Date through May 1, 2018.
The counsel can be reached through:
R. Anthony Salgado, Esq.
BLANK ROME LLP
1825 Eye Street NW
Washington, DC 20006
Tel: 202-722-5948
Fax: 202-420-2201
Email: salgado@blankrome.com
About HGIM Holdings
Based in New Orleans, Louisiana, HGIM Holdings LLC --
http://www.harveygulf.com/-- is a marine transportation company
that specializes in providing offshore supply and multi-purpose
support vessels for deepwater operations in the U.S. Gulf of
Mexico. Harvey Gulf exclusively operates vessels qualified under
the U.S. cabotage laws known as the Shipping Act of 1916 and the
Merchant Marine Act of 1920, as amended. Harvey Gulf currently
employs 580 people. Harvey Gulf is headquartered in New Orleans,
Louisiana and maintains two corporate leases in Houston, Texas.
The Company and 90 of its affiliates filed for Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-31080) on March 7,
2018.
The Debtors estimated assets and liabilities between $1 billion and
$10 billion.
Harry A. Perrin, Esq., Garrick C. Smith, Esq., David S. Meyer,
Esq., Jessica C. Peet, Esq., at Vinson & Elkins LLP, serve as the
Debtors' counsel. Stephens, Inc., is the investment banker. Blank
Rome LLP is the special maritime counsel. Postlethwaite &
Netterville, APAC, is the accounting service provider. Prime Clerk
LLC is the notice and claims agent.
HGIM HOLDINGS: Taps Postlethwaite as Accounting Service Provider
----------------------------------------------------------------
HGIM Holdings LLC and its debtor affiliates seeks authority from
the United States Bankruptcy Court for the Southern District of
Texas (Houston) to hire Postlethwaite & Netterville, APAC as
accounting service provider.
Accounting and Administrative services to be provided by P & N
are:
(a) assist with preparation of financial items for inclusion
in petitions to the Court;
(b) to the extent required, assist with preparation of the
Debtors' Schedules of Assets and Liabilities for submission to the
Court;
(c) to the extend required, assist with the preparation of
the Debtors' Statements of Financial Affairs for submission to the
Court;
(d) assist with the preparation of Monthly Operating Reports
for submission to the Court; and
(e) provide other accounting services that may be requested
and approved by management of the Debtors.
Houry rates P & N will charge are:
Directors $260 - $350
Associate Directors $200 - $260
Managers $160 - $200
Seniors $130 - $160
Staff $115 - $130
Philip J. Gunn, Director of Postlethwaite & Netterville, APAC,
attests that P&N is a "disinterested person" within the meaning of
Bankruptcy Code section 101(14), as required by Bankruptcy Code
section 327(a), and does not hold or represent any interest
materially adverse to the Debtors' estates in connection with any
matter on which it would be employed.
The firm can be reached through:
Philip J. Gunn
Postlethwaite & Netterville, APAC
8550 United Plaza Blvd., Ste. 1001
Baton Rouge, LA 70809
Tel: 225-922-4600
Fax: 225-922-4611
Email: pgunn@pncpa.com
About HGIM Holdings
Based in New Orleans, Louisiana, HGIM Holdings LLC --
http://www.harveygulf.com/-- is a marine transportation company
that specializes in providing offshore supply and multi-purpose
support vessels for deepwater operations in the U.S. Gulf of
Mexico. Harvey Gulf exclusively operates vessels qualified under
the U.S. cabotage laws known as the Shipping Act of 1916 and the
Merchant Marine Act of 1920, as amended. Harvey Gulf currently
employs 580 people. Harvey Gulf is headquartered in New Orleans,
Louisiana and maintains two corporate leases in Houston, Texas.
The Company and 90 of its affiliates filed for Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-31080) on March 7,
2018.
The Debtors estimated assets and liabilities between $1 billion and
$10 billion.
Harry A. Perrin, Esq., Garrick C. Smith, Esq., David S. Meyer,
Esq., Jessica C. Peet, Esq., at Vinson & Elkins LLP, serve as the
Debtors' counsel. Stephens, Inc., is the investment banker. Blank
Rome LLP is the special maritime counsel. Postlethwaite &
Netterville, APAC, is the accounting service provider. Prime Clerk
LLC is the notice and claims agent.
HUMANIGEN INC: Incurs $22.0 Million Net Loss in 2017
----------------------------------------------------
Humanigen, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $21.98
million for the year ended Dec. 31, 2017, compared to a net loss of
$27.02 million for the year ended Dec. 31, 2016.
The Company has not generated net income from operations, except
for the year ended Dec. 31, 2007, during which it recognized a
one-time license payment from Novartis. At Dec. 31, 2017, the
Company had an accumulated deficit of $262.5 million, primarily as
a result of research and development and general and administrative
expenses as well as costs incurred in reorganization.
"While we may in the future generate revenue from a variety of
sources, including license fees, milestone payments, and research
and development payments in connection with strategic partnerships,
our product candidates are at an early stage of development and may
never be successfully developed or commercialized. Accordingly, we
expect to continue to incur substantial losses from operations for
the foreseeable future, and there can be no assurance that we will
ever generate significant revenue or profits," the Company stated
in the Annual Report.
As of Dec. 31, 2017, Humanigen had $1.67 million in total assets,
$26 million in total liabilities and a total stockholders' deficit
of $24.33 million.
The report from the Company's independent accounting firm Horne
LLP, in Ridgeland, Mississippi, on the consolidated financial
statements for the year ended Dec. 31, 2017, includes an
explanatory paragraph stating that the Company has suffered
recurring losses from operations and its total liabilities exceed
its total assets. This raises substantial doubt about the
Company's ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/prgsE8
About Humanigen
Formerly known as KaloBios Pharmaceuticals, Inc., Humanigen, Inc.
(OTCQB: HGEN), -- http://www.humanigen.com/-- is a
biopharmaceutical company pursuing cutting-edge science to develop
its proprietary monoclonal antibodies for immunotherapy and
oncology treatments. Derived from the company's Humaneered
platform, lenzilumab and ifabotuzumab are lead compounds in the
portfolio of monoclonal antibodies with first-in-class mechanisms.
Lenzilumab, which targets granulocyte-macrophage colony-stimulating
factor (GM-CSF), is in development as a potential medicine to make
chimeric antigen receptor T-cell (CAR-T) therapy safer and more
effective, as well as a potential treatment for rare hematologic
cancers such as chronic myelomonocytic leukemia (CMML) and juvenile
myelomonocytic leukemia (JMML). Ifabotuzumab, which targets Ephrin
type-A receptor 3 (EphA3), is being explored as a potential
treatment for glioblastoma multiforme (GBM) and other deadly
cancers, as well as a platform for creation of CAR-T and bispecific
antibodies. Humanigen is based in Brisbane, California.
KaloBios filed a voluntary petition for bankruptcy protection under
Chapter 11 of Title 11 of the United States Bankruptcy Code (Bankr.
D. Del. Case No. 15-12628) on Dec. 29, 2015. The Company was
represented by Eric D. Schwartz of Morris, Nichols, Arsht &
Tunnell. KaloBios emerged from Chapter 11 bankruptcy six months
later.
INPIXON: Files Annual Report on Form 10-K for Fiscal Year 2017
--------------------------------------------------------------
Inpixon reported a net loss of $35.03 million on $45.13 million of
total revenues for the year ended Dec. 31, 2017, compared to a net
loss of $27.50 million on $53.16 million of total revenues for the
year ended Dec. 31, 2016.
As of Dec. 31, 2017, Inpixon had $27.69 million in total assets,
$46.54 million in total liabilities and a total stockholders'
deficit of $18.85 million.
The Company's current capital resources and operating results as of
and through Dec. 31, 2017, consist of: 1) an overall working
capital deficit of $32.8 million; 2) cash of $141,000; 3) the
unlimited Payplant Credit Facility which it may borrow against
based on eligible assets with a maturity date of Aug. 15, 2018, of
which $1.1 million is utilized; and 4) net cash provided by
operating activities for the year of $2.3 million.
Marcum LLP, in New York, New York, issued a "going concern" opinion
in its report on the consolidated financial statements for the year
ended Dec. 31, 2017, citing that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/KnkIEM
About Inpixon
Headquartered in Palo Alto, California, Inpixon is a technology
company that helps to secure, digitize and optimize any premises
with Indoor Positioning Analytics (IPA) for businesses and
governments in the connected world. Inpixon Indoor Positioning
Analytics is based on radically new sensor technology that finds
all accessible cellular, Wi-Fi, Bluetooth and RFID signals
anonymously. Paired with a high-performance, data analytics
platform, this technology delivers visibility, security and
business intelligence on any commercial or government premises
world-wide. Inpixon's products, infrastructure solutions and
professional services group help customers take advantage of
mobile, big data, analytics and the Internet of Things (IoT).
INPIXON: Will Sell $200 Million Worth of Securities
---------------------------------------------------
Inpixon filed with the Securities and Exchange Commission a Form
S-3 registration statement in connection with the sale, in one or
more offerings, of up to $200,000,000 in any combination of common
stock, preferred stock, warrants, units, debt securities and
subscription rights.
The Company may offer these securities from time to time in
amounts, at prices and on other terms to be determined at the time
of offering. The Company may offer and sell these securities to or
through underwriters, dealers or agents, or directly to investors,
on a continuous or delayed basis. The supplements to this
prospectus will provide the specific terms of the plan of
distribution. The price to the public of those securities and the
net proceeds the Company expects to receive from such sale will
also be set forth in a prospectus supplement.
In addition, this prospectus relates to the resale by selling
security holders CVI Investments, Inc., Hudson Bay Master Fund
Ltd., Empery Asset Management, LP, et al., of up to 599,817 shares
of the Company's common stock, par value $0.001 per share, issuable
to the Selling Security Holders upon exercise of common stock
purchase warrants issued on Jan. 8, 2018. The Selling Security
Holders may sell these shares of common stock in a number of
different ways and at varying prices. The Company will not receive
any of the proceeds from the sale of shares by the Selling Security
Holders.
Inpixon's common stock is listed on the NASDAQ Capital Market under
the symbol "INPX." On March 26, 2018, the closing price of its
common stock as reported by the NASDAQ Capital Market was $1.08 per
share.
A full-text copy of the Registration Statement is available at:
https://is.gd/Kmt0c6
About Inpixon
Headquartered in Palo Alto, California, Inpixon is a technology
company that helps to secure, digitize and optimize any premises
with Indoor Positioning Analytics (IPA) for businesses and
governments in the connected world. Inpixon Indoor Positioning
Analytics is based on radically new sensor technology that finds
all accessible cellular, Wi-Fi, Bluetooth and RFID signals
anonymously. Paired with a high-performance, data analytics
platform, this technology delivers visibility, security and
business intelligence on any commercial or government premises
world-wide. Inpixon's products, infrastructure solutions and
professional services group help customers take advantage of
mobile, big data, analytics and the Internet of Things (IoT).
Inpixon reported a net loss of $35.03 million on $45.13 million of
total revenues for the year ended Dec. 31, 2017, compared to a net
loss of $27.50 million on $53.16 million of total revenues for the
year ended Dec. 31, 2016. As of Dec. 31, 2017, Inpixon had $27.69
million in total assets, $46.54 million in total liabilities and a
total stockholders' deficit of $18.85 million.
Marcum LLP, in New York, issued a "going concern" opinion in its
report on the consolidated financial statements for the year ended
Dec. 31, 2017, citing that the Company has a significant working
capital deficiency, has incurred significant losses and needs to
raise additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
IPIC-GOLD CLASS: Working Capital Deficit Raises Going Concern Doubt
-------------------------------------------------------------------
iPic-Gold Class Entertainment, LLC, filed its quarterly report on
Form 10-Q, disclosing a net loss of $11.53 million on $32.59
million of total revenues for the three months ended September 30,
2017, compared with a net loss of $9.36 million on $30.08 million
of total revenues for the same period in 2016.
For the nine months ended September 30, 2017, the Company recorded
a net loss of $33.95 million on $101.96 million of total revenues,
compared to a net loss of $23.07 million on $85.43 million of total
revenues for the same period last year.
At September 30, 2017, the Company had total assets of $154.49
million, total liabilities of $272.24 million, and a $117.75
million in total stockholders' deficit.
Based upon the Company's working capital deficiency of $18.7
million and members' deficiency of $117.8 million, as of September
30, 2017, the Company requires additional equity and/or debt
financing to continue its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/IIeD03
About iPic-Gold Class Entertainment, LLC
iPic Entertainment Inc. was formed as a Delaware corporation on
October 18, 2017. The Company was formed for the purpose of
completing an initial public offering ("IPO") and related
transactions in order to carry on the business of iPic-Gold Class
Entertainment, LLC ("iPic-Gold Class") and its subsidiaries.
ISOLUX CORSAN: Hires Montgomery Coscia as Accountant
----------------------------------------------------
Isolux Corsan, L.L.C., seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to employ Montgomery Coscia
Greilich LLP, as accountant to the Debtor.
Isolux Corsan requires Montgomery Coscia to:
a. assist the Debtor with preparing and filing its required
2017 tax returns; and
b. provide tax consulting services on an as needed basis.
Montgomery Coscia will be paid at these hourly rates:
Partners $200 to $288
Senior Managers $140 to $175
Managers $108 to $155
Senior Staffs $93 to $103
Staffs $78 to $88
The Debtor paid Montgomery Coscia an initial non-refundable
retainer in the amount of $6,338. In the year prior to Dec. 4,
2017, Montgomery Coscia was paid $10,488 by the Debtor.
Montgomery Coscia will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Greg Norkiewicz, a partner at Montgomery Coscia Greilich, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
Montgomery Coscia can be reached at:
Greg Norkiewicz
MONTGOMERY COSCIA GREILICH LLP
2901 Via Fortuna, Bldg. 6, Suite 550
Austin, TX 78746
Tel: (972) 748-0300
Fax: (972) 748-0700
About Isolux Corsan
Based in Austin, Texas, Isolux Corsan, L.L.C. --
http://www.isoluxcorsan.com/-- is a global company in the
concessions, energy, construction and industrial services industry,
with a track record spanning over 80 years of professional
activity. It operates in more than 35 countries on four
continents. Isolux Corsan operates in the engineering and
construction business of large-scale road, rail, hydraulic and
energy infrastructures. Isolux Corsan, is the outcome of the
take-over of Corsan-Corviam by Isolux Wat in 2004. Its parent
company Grupo Isolux Corsan, S.A., sought bankruptcy protection on
July 29, 2016 (Bankr. S.D.N.Y. Case No. 16-12202).
Isolux Corsan sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Tex. Case No. 17-52777) on Dec. 4, 2017. In the
petition signed by Jose Antonio Alvarez Dodero, CEO and sole
manager, the Debtor estimated assets of $1 million to $10 million
and liabilities of $10 million to $50 million. Judge Ronald B.
King presides over the case. LANGLEY & BANACK, INCORPORATED, serves
as counsel to the Debtor.
J CREW GROUP: Widens Net Loss to $125 Million in Fiscal 2017
------------------------------------------------------------
J.Crew Group, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$124.95 million on $2.27 billion of net sales for the year ended
Feb. 3, 2018, compared to a net loss of $23.51 million on $2.35
billion of net sales for the year ended Jan. 28, 2017.
The net loss this year includes a benefit for income taxes of
$105.5 million. Additionally, the net loss this year reflects the
impact of non-cash impairment charges, transformation costs,
transaction costs and severance costs. The net loss last year
reflects the impact of non-cash impairment charges.
As of Feb. 3, 2018, J.Crew Group had $1.20 billion in total assets,
$2.35 billion in total liabilities and a total stockholders'
deficit of $1.14 billion.
Cash and cash equivalents were $107.1 million compared to $132.2
million at the end of the fourth quarter last year. The cash
balance at the end of the fourth quarter this year reflects the
payment of transaction costs of $36.6 million and debt repayments
pursuant to the refinancing of $27.0 million.
Inventories were $292.5 million compared to $314.5 million at the
end of the fourth quarter last year. Inventories decreased 7% and
inventories per square foot increased 1% compared to the end of the
fourth quarter last year.
Total debt, net of discount and deferred financing costs, was
$1,713 million compared to $1,510 million at the end of the fourth
quarter last year. On July 13, 2017, the Company completed a debt
exchange and refinancing. There were no outstanding borrowings
under the ABL Facility at Feb. 3, 2018 or Jan. 28, 2017. As of
March 27, 2018, there were outstanding borrowings of $27 million
under the ABL Facility, with excess availability of approximately
$210 million.
Fourth Quarter highlights:
* Total revenues increased 2% to $710.6 million, which includes
$28.6 million generated in the 14th week. Comparable company
sales decreased 3% following a decrease of 5% in the fourth
quarter last year.
* J.Crew sales decreased 4% to $547.1 million. J.Crew
comparable sales decreased 7% following a decrease of 7% in
the fourth quarter last year.
* Madewell sales increased 32% to $135.8 million. Madewell
comparable sales increased 17% following an increase of 6% in
the fourth quarter last year.
* Gross margin increased to 36.6% from 34.7% in the fourth
quarter last year.
* Selling, general and administrative expenses were $249.7
million, or 35.1% of revenues, compared to $225.2 million,
or 32.4% of revenues in the fourth quarter last year.
Excluding transformation, transaction and severance costs of
$21.3 million, selling, general and administrative expenses
were $228.4 million, or 32.1% of revenues this year.
* Operating income was $6.1 million compared to $15.0 million
in the fourth quarter last year. The fourth quarter this
year includes (i) transformation costs of $18.7 million,
(ii) non-cash impairment charges of $4.3 million, (iii)
transaction costs of $1.3 million and (iv) severance costs
of $1.3 million. Operating income last year includes non-
cash impairment charges of $1.0 million.
* Net income was $36.6 million compared to $1.1 million in the
fourth quarter last year. The fourth quarter this year
includes a benefit for income taxes of $64.8 million.
Additionally, the fourth quarter this year includes the
impact of transformation costs, non-cash impairment charges,
transaction costs and severance costs. Net income last year
reflects the impact of non-cash impairment charges.
* Adjusted EBITDA increased $13.1 million, or 25%, to $64.6
million from $51.5 million in the fourth quarter last year.
Jim Brett, chief executive officer, remarked, "With our
transformation strategy underway, we delivered gross margin
expansion and double digit adjusted EBITDA growth in the fourth
quarter and the full year. While we are only at the very beginning
of our evolution of the J.Crew brand, meaningful change is
happening and we are already seeing results in our most important
business -- women's apparel -- signaling that our strategy is
working. With the right strategy and leadership in place, we are
uniquely prepared to respond to the growing customer preference for
a more personalized experience. We will scale Madewell more
rapidly, building upon its proven and consistent record of growth,
through strategic investments with highly profitable returns. We
are a house of American brands, J.Crew our most iconic, all with
significant opportunity to expand and enhance our product range
while engaging our customers in more meaningful ways."
Debt Exchange and Refinancing
On July 13, 2017, the Company completed the following interrelated
liability management transactions:
* Private Exchange Offer. An exchange offer in which $565.7
million principal outstanding of 7.75%/8.50% Senior PIK
Toggle Notes due 2019 issued by the Company's parent were
exchanged for (i) $249.6 million of 13% Senior Secured Notes
due 2021 and (ii) shares of preferred and common stock of the
Company's parent.
* Term Loan Amendment. An amendment of the Company's Term Loan
Facility to, among other things, facilitate the following
related transactions:
- the repayment of $150.5 million principal amount then
outstanding under the Term Loan Facility;
- the transfer of the remaining undivided ownership
interest in the U.S. intellectual property rights of the
J.Crew brand to a subsidiary of the Company which,
together with the undivided ownership interest
transferred in December 2016 represent 100% of the U.S.
intellectual property rights of the J.Crew brand, and the
execution of related license agreements;
- the issuance of $97.0 million principal amount of an
additional series of 13% Senior Secured Notes due 2021,
subject to the same terms and conditions as the exchange
notes, for cash at a 3% discount, the proceeds of which
were loaned to the Company and were applied, in part, to
finance the repayment of the $150.5 million principal
amount of term loans referenced above; and
- the raising of additional borrowings under the Term Loan
Facility of $30.0 million, for cash at a 2% discount,
provided by the Company's sponsors, the net proceeds of
which were also applied, in part, to finance the
repayment of the $150.5 million principal amount of term
loans.
First Quarter Fiscal 2017 Impairment
During the first quarter of fiscal 2017, the Company recorded a
non-cash impairment charge of $129.8 million related to the
intangible asset for the J.Crew trade name. After recording the
impairment charge in the first quarter, the carrying value of the
J.Crew trade name was $250.2 million. If revenues or operating
results decline below the Company's current expectations,
additional impairment charges may be recorded in the future.
This impairment charge does not have an effect on the Company's
operations, liquidity or financial covenants, and does not change
management's long-term strategy, which includes its plans to drive
disciplined growth across its brands.
Related Party
On Nov. 4, 2013, an indirect parent holding company of the Company
issued $500 million of PIK Notes. On July 13, 2017, the Company
completed a private exchange offer pursuant to which $565.7 million
principal amount of such PIK Notes were exchanged for $249.6
million of exchange notes and shares of preferred and common stock
of the Parent.
The PIK Notes were not guaranteed by any of the PIK Notes Issuer's
subsidiaries, and therefore were not recorded in the Company's
financial statements. The exchange notes, however, are guaranteed
by the Company's subsidiaries, and therefore are recorded in the
Company's financial statements.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/SK6w9e
About J.Crew Group
J.Crew Group, Inc. -- http://www.jcrew.com/-- is an
internationally recognized omni-channel retailer of women's, men's
and children's apparel, shoes and accessories. As of March 27,
2018, the Company operates 231 J.Crew retail stores, 121 Madewell
stores, jcrew.com, jcrewfactory.com, madewell.com, and 175 factory
stores (including 42 J.Crew Mercantile stores).
KELLEY BROS: Hires Iron Planet as Auctioneer
--------------------------------------------
Kelley Bros., Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Oregon to employ Iron Planet, Inc., as
auctioneer to the Debtor.
Kelley Bros. requires Iron Planet to auction the personal
properties of the Debtor located at 88017 Territorial Rd., Veneta.
Iron Planet will be paid a commission of 10% of the sales price.
Jesse Evans, a member of Iron Planet, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estates.
Iron Planet can be reached at:
Jesse Evans
IRON PLANET, INC.
214 Ritchie Lane
Chehalis, WA 98532
Tel: (360) 767-3000
About Kelley Bros.
Kelley Bros., Inc., is a privately-held company in the moving
service industry located in Veneta, Oregon. It has been providing
lumber trucking services since 1981.
Kelley Bros. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ore. Case No. 18-60423) on Feb. 16, 2018. In its
petition signed by Myrna D. Kelley, president, the Debtor disclosed
$1.81 million in assets and $2.41 million in liabilities as of Dec.
31, 2016. Judge Thomas M. Renn presides over the case.
LIFE SETTLEMENTS: Taps Moore Colson as Financial Advisors
---------------------------------------------------------
Life Settlements Absolute Return I, LLC, and its debtor affiliates
seek authority from the U.S. Bankruptcy Court for the District of
Delaware to hire Moore Colson & Company, P.C. as financial advisors
to the Debtors.
Financial advisory services Moore Colson will provide are:
a. assist with complying with the Court’s monthly financial
and operational reporting;
b. assist with requests pertaining to the value of the
underlying portfolio of
insurance policies, as needed;
c. assist with the creation and vetting of projections and
feasibility analyses;
d. assist is the crafting of a Plan of Reorganization or a
Plan of Liquidation;
e. assist with analyzing, reconciling and administering
claims;
f. assist in the communications and discussions with lenders
and other key stakeholders;
g. assist with any post-Confirmation projects; and
h. provide other services that may be agreed upon as the
situation arises during the pendency of these cases.
Moore Colson's hourly rates are:
1. Christopher Tierney, Partner: $475
2. Rusty Lane, Director: $350
3. Other Moore Colson personnel: Range between $125 and $475
Moore Colson has agreed that it will cap its blended hourly rate at
$350 per hour for each monthly invoice submitted for payment.
Christopher Tierney, a partner at Moore Colson & Company, attests
that Moore Colson does not hold or represent any interest adverse
to the Debtors or their estates, their creditors, or any other
party-in-interest in connection with these cases, is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code, and has no material connection to the
Debtors, their creditors, or related parties.
The firm can be reached through:
Christopher Tierney
Moore Colson & Company, P.C.
1640 Powers Ferry Road
Governor's Rdige, Bldg. 11, Suite 300
Marietta, GA 30067
Tel: 770-989-0028
Fax: 770-989-0201
About Life Settlements Absolute Return
Life Settlements Absolute Return I, LLC and Senior LS Holdings,
LLC, are privately held companies that purchase life insurance
policies from policy holders. Their principal assets are located
at 6th and Marquette Minneapolis, MN 55479. The Attilanus Fund I,
L.P. owns 100% equity interest in Life Settlements Absolute.
Affiliates, Life Settlements Absolute Return I, LLC and Senior LS
Holdings, LLC filed separate Chapter 11 petitions (Court + Case
Nos. 17-13030 and 17-13031, respectively) on Dec. 29, 2017.
In the petitions signed by Robert J. Davey, III,
secretary/treasurer, Life Settlements estimated $10 million to $50
million in assets and $100 million $500 million in liabilities; and
Senior LS estimated $10 million to $50 million in assets and under
$50,000 in liabilities.
The cases are assigned to Judge Mary F. Walrath.
Bayard, P.A., serves as the Debtors' local counsel; Nelson Mullins
Riley & Scarborough LLP, is general bankruptcy counsel; and Elliott
Davis, LLC, is the accountant.
LIGHTSQUARED INC: Bank Debt Trades at 10% Off
---------------------------------------------
Participations in a syndicated loan under which Light Squared Inc.
is a borrower traded in the secondary market at 90
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.46 percentage points from the
previous week. Light Squared Inc. pays 875 basis points above LIBOR
to borrow under the $1.5 billion facility. The bank loan matures on
June 16, 2020. Moody's and Standard & Poor's did not rate the loan.
The loan is one of the biggest gainers and losers among 247 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended March 16.
LOGAN'S ROADHOUSE: FSIC Values $21.9 Million Loan at 46% of Face
----------------------------------------------------------------
FS Investment Corporation has marked its $21,926,000 in loans
extended to privately held Logan's Roadhouse, Inc. to market at
$10,079,000 or 46% of the outstanding amount, as of Dec. 31, 2017,
according to a disclosure contained in a Form 10-K filing with the
Securities and Exchange Commission for the fiscal year ended Dec.
31, 2017.
FSIC extended to Logan's a Second Lien Senior Secured Loan that is
scheduled to mature November 23, 2020. The loan charges interest
at L+850 PIK (L+850 Max PIK).
Logan's -- http://logansroadhouse.com/-- owns and operates a
restaurant chain. Based in Nashville, Tennessee, Logan's Roadhouse
operates as a subsidiary of LRI Holdings, Inc.
LTG LLC: Hires Stichter, Riedel, Blain & Postler as Counsel
-----------------------------------------------------------
LTG LLC seeks authority from the U.S. Bankruptcy Court for the
Middle District of Florida, Fort Myers Division, to employ
Stichter, Riedel, Blain & Postler, P.A. as counsel for the Debtor.
The services to be rendered by Stichter Riedel are:
a. render legal advice with respect to the Debtor's powers and
duties as debtor in possession, the continued operation of the
Debtor’s business, and the management of its property;
b. prepare on behalf of the Debtor necessary motions,
applications, orders, reports, pleadings, and other legal papers;
c. appear before this Court and the United States Trustee to
represent and protect the interests of the Debtor;
d. assist with and participate in negotiations with creditors
and other parties in interest in formulating a plan of
reorganization, drafting such a plan and a related disclosure
statement, and taking necessary legal steps to confirm such a
plan;
e. represent the Debtor in all adversary proceedings,
contested matters, and matters involving administration of this
case;
f. represent the Debtor in negotiations with potential
financing sources and prepare contracts, security instruments, or
other documents necessary to obtain financing; and
g. perform all other legal services that may be necessary for
the proper preservation and administration of this Chapter 11
case.
Stephen R. Leslie, Esq., attorney at Stichter, Riedel, Blain &
Postler, P.A., attests that Stichter Riedel is disinterested as
defined in 11 USC Sec. 101(14).
The Debtor has agreed to compensate Stichter Riedel on an hourly
basis in this case in accordance with Stichter Riedel’s ordinary
and customary rates which are in effect on the date the services
are rendered. Stichter Riedel received the total sum of $31,717.00
as retainer fee ($30,000.00 plus the $1,717.00 filing fee).
The firm can be reached through:
Stephen R. Leslie, Esq.
Mark F. Robens, Esq.
Stichter, Riedel, Blain & Postler, P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Fax: (813) 229-1811
Email: sleslie@srbp.com
mrobens@srbp.com
About LTG LLC
LTG LLC dba Ace Rent A Car, a car rental agency in Lee County,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
18-01936) on March 14, 2018. In the petition signed by Patrick
Lewis, president/COO, the Debtor estimated assets and liabilities
of $1 million to $10 million. The Debtor is represented by Stephen
R Leslie, Esq. at Stichter, Riedel, Blain & Postler, P.A.
LUCKY DRAGON: Committee Taps Armstrong Teasdale LLP as Co-Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lucky Dragon Hotel
& Casino, LLC and Lucky Dragon, LP seeks authority from the U.S.
Bankruptcy Court for the District of Nevada to retain Armstrong
Teasdale LLP as co-counsel for the Committee effective as of March
8, 2018.
Services required of AT as co-counsel to LNBYB are:
a. advise the Committee with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee as they pertain to the Committee;
b. advise the Committee with regard to certain rights and
remedies of the Debtors' bankruptcy estates and the rights, claims
and interests of creditors;
c. represent the Committee in any proceeding or hearing in the
Bankruptcy Court involving the Debtors' estates unless the
Committee is represented in such proceeding or hearing by other
special counsel;
d. conduct examinations of witnesses, claimants or adverse
parties and represent the Committee in any adversary proceeding;
e. prepare and assist the Committee in the preparation of
reports, applications, pleadings and orders including, but not
limited to, applications to employ professionals, and responding to
pleadings filed by any other party in interest in this case,
including the Debtors;
f. assist the Committee to evaluate any sale or other
disposition of assets in these cases;
g. assist the Committee to evaluate the existence of any
assets and/or causes of action to pursue and representing the
Committee in connection with the pursuit of any such causes of
action;
h. assist the Committee in the negotiation, formulation,
preparation and confirmation of a plan of reorganization; and
i. perform any other services which may be appropriate in AT's
representation of the Committee during these bankruptcy cases.
AT will bill its time for its representation of the Committee on an
hourly billing basis in accordance with AT's standard hourly
billing rates.
James Patrick Shea, Esq. attests that AT does not hold or represent
any interest adverse to the Committee, the creditors herein or the
bankruptcy estates, and AT is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James Patrick Shea, Esq.
ARMSTRONG TEASDALE LLP
3770 Howard Hughes Parkway, Suite 200
Las Vegas, NV 89169
Tel: 702-678-5070
Fax: 702-878-9995
Email: JSHEA@ARMSTRONG TEASDALE.COM
About Lucky Dragon LP and Lucky
Dragon Hotel & Casino
Lucky Dragon, LP, owns the real estate and improvements of the
Lucky Dragon Hotel & Casino located at 300 West Sahara Avenue, Las
Vegas, Nevada, and employs 68 full-time and 30 part-time people.
Lucky Dragon Hotel & Casino, LLC operates the Resort Hotel and
Casino.
Lucky Dragon and Lucky Dragon Hotel & Casino sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case Nos.
18-10850 and 18-10792) on Feb. 21, 2018. The cases are jointly
administered under Lucky Dragon Hotel & Casino's Case No.
18-10792.
In the petition signed by Andrew S. Fonfa, managing member of
Eastern Investments, LLC, Lucky Dragon estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million.
Judge Laurel E. Davis presides over the cases.
Schwartz Flansburg PLLC is the Debtors' legal counsel. Prime Clerk
LLC is the claims and noticing agent.
The Official Committee formed in the cases tapped Levene, Neale,
Bender, Yoo & Brill LLP as general bankruptcy counsel; and
Armstrong Teasdale LLP as co-counsel.
LUCKY DRAGON: Committee Taps Levene Neale as Bankruptcy Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Lucky Dragon Hotel
& Casino, LLC and Lucky Dragon, LP, seeks authority from the U.S.
Bankruptcy Court for the District of Nevada to retain Levene,
Neale, Bender, Yoo & Brill LLP as general bankruptcy counsel for
the Committee.
Services to be rendered by LNBYB are:
a. advise the Committee with regard to the requirements of the
Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office
of the United States Trustee ad they pertain to the Committee;
b. advise the Committee with regard to certain rights and
remedies of the Debtor's baankruptcy estates and the rights, claims
and interests of creditors;
c. represent the Committee in any proceeding or hearing in the
Bankrupty Court involving the Debtor's estate unless the Committee
is represented in such proceesing or hearing by other special
counsel;
d. conduct examinations of witnesses, claimants or adverse
parties and represent the Committee in any adversary proceeding
except to the extent that any such adversary proceeding is in an
area outside of LNBYB's expertise;
e. prepare and assist the Commitee in the preparation of
reports, applications, pleadings and orders including, but not
limited to, applications to employ professionals, and respond to
pleadings files by any other party in interest in this case,
including the Debtors;
f. assist the Committee to evaluate any sale of other
disposition of assets in these cases;
g. assist the Committee to evaluate the existence of any
assets and/or casues of action to pursue and represent the
Committee in the negotiation, formulation, preparation and
confimration of a plan of reorganizaion; and
i. perform any other services which may be appropriate in
LNBYB's representation of the Committee during these bankruptcy
cases.
LNBYB's current billing rates are:
Eve H. Karasik $580
John Patrick Fritz $565
Eve H. Karasik, Esq. attests that LNBYB doe not hold or represent
any interest adverse to the Committee, the creditors or the
bankruptcy estates, and LNBYB is a "disinterested person" as that
term is defined in Sec. 101(14) of the Bankrupty Code.
The counsel can be reached through:
Eve H. Karasik, Esq.
John Patrick Fritz, Esq.
LEVENE, NEALE, BENDER, YOO & BRILL LLP
10250 Constellation Boulevard, Suite 1700
Los Angeles, CA 90067
Tel: (310) 229-1234
Fax: (310) 229-1244
E-mail: EHK@LNBYB.COM
JPF@LNBYB.COM
About Lucky Dragon LP and Lucky
Dragon Hotel & Casino
Lucky Dragon, LP, owns the real estate and improvements of the
Lucky Dragon Hotel & Casino located at 300 West Sahara Avenue, Las
Vegas, Nevada, and employs 68 full-time and 30 part-time people.
Lucky Dragon Hotel & Casino, LLC operates the Resort Hotel and
Casino.
Lucky Dragon and Lucky Dragon Hotel & Casino sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case Nos.
18-10850 and 18-10792) on Feb. 21, 2018. The cases are jointly
administered under Lucky Dragon Hotel & Casino's Case No.
18-10792.
In the petition signed by Andrew S. Fonfa, managing member of
Eastern Investments, LLC, Lucky Dragon estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million.
Judge Laurel E. Davis presides over the cases.
Schwartz Flansburg PLLC is the Debtors' legal counsel. Prime Clerk
LLC is the claims and noticing agent.
The Official Committee formed in the cases tapped Levene, Neale,
Bender, Yoo & Brill LLP as general bankruptcy counsel; and
Armstrong Teasdale LLP as co-counsel.
LUXENT INC: Case Summary & 15 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Luxent Inc.
fka Alternative Technology Solutions, Inc.
fka Alternative Technology Partners Inc.
65 Enterprise
Aliso Viejo, ca 92656
Business Description: Luxent Inc., based in Aliso Viejo, is a
privately held company that provides
computer systems design and related
services.
Chapter 11 Petition Date: March 30, 2018
Case No.: 18-11116
Court: United States Bankruptcy Court
Central District of California (Santa Ana)
Judge: Hon. Catherine E. Bauer
Debtor's Counsel: Todd C. Ringstad, Esq.
RINGSTAD & SANDERS LLP
4343 Von Karman Avenue, Suite 300
Newport Beach, CA 92614
Tel: 949-851-7450
E-mail: becky@ringstadlaw.com
todd@ringstadlaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Vivian Keena, president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 15 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/cacb18-11116.pdf
MANUGRAPH AMERICAS: May 24 Disclosure Statement Hearing
-------------------------------------------------------
The hearing to consider approval of the Disclosure Statement
explaining Manugraph Americas, Inc., aka Manugraph DGM, Inc.'s plan
is set for May 24, 2018 at 10:00 AM.
Deadline for objections to Disclosure Statement is April 30.
About Manugraph Americas, Inc.
Manugraph Americas, Inc., formerly known as Manugraph DGM, Inc. and
a wholly-owned subsidiary of Manugraph India Ltd., manufacture and
supply printing presses and parts and service for printing systems
in the newspaper and commercial printing market.
Manugraph Americas is based in central Pennsylvania and sells to
both domestic and international customers. Included within its
accounts is a wholly-owned subsidiary, Offset Services, Inc. (OSI),
which is inactive. Manugraph Americas retains legal ownership of
the subsidiary and its name.
Manugraph Americas sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 17-02306) on June 1,
2017. Andrew Welker, chief operating officer, signed the petition.
As of March 17, 2017, the Debtor had $6.38 million in assets and
$2.06 million in liabilities.
Judge Robert N. Opel II presides over the case.
The Debtor hired Cunningham, Chernicoff & Warshawsky,P.C., as
counsel.
MARKPOL DISTRIBUTORS: Committee Hires Goldstein as Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Markpol
Distributors, Inc., seeks authorization from the U.S. Bankruptcy
Court for the Northern District of Illinois to retain Goldstein &
McClintock LLLP, as counsel to the Committee.
The Committee requires Goldstein to:
a. advise the Committee on all legal issues as they arise;
b. represent and advise the Committee regarding the terms of
any sales of assets or plans of reorganization or
liquidation, and assisting the Committee in negotiations
with the Debtor and other parties-in-interest;
c. investigate the Debtor's assets and pre-bankruptcy conduct,
and investigate the validity, priority, and extent of any
liens asserted against the Debtor's assets;
d. prepare, on behalf of the Committee, all necessary
pleadings, reports, and other papers;
e. represent and advise the Committee in all proceedings in
the bankruptcy case;
f. assist and advise the Committee in its administration; and
g. provide such other services as are customarily provided by
counsel to a creditors' committee in cases of this kind.
Goldstein will be paid at these hourly rates:
Attorneys $275 to $765
Legal Assistants $155 to $235
Goldstein will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew E. McClintock, a partner at Goldstein & McClintock, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtor; (b)
has not been, within two years before the date of the filing of the
Debtor's chapter 11 petition, directors, officers or employees of
the Debtor; and (c) does not have an interest materially adverse to
the interest of the estate or of any class of creditors or equity
security holders, by reason of any direct or indirect relationship
to, connection with, or interest in, the Debtor, or for any other
reason.
Goldstein can be reached at:
Matthew E. McClintock, Esq.
GOLDSTEIN & MCCLINTOCK LLLP
111 W. Washington Street, Suite 1221
Chicago, IL 60605
Tel: (312) 337-7700
Fax: (312) 277-2305
E-mail: mattm@goldmclaw.com
About Markpol Distributors
Markpol Distributors, Inc. -- http://markpoldistributors.com/-- is
a food distributor specializing in European grocery merchandise
imported from European exporters. The Company's customers may
select an offering of 4 to 24 feet selection of assorted grocery
merchandise appealing to the American and European consumer.
Markpol is headquartered in Wood Dale, Illinois.
Markpol Distributors filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 18-06105) on March 2, 2018. In the petition signed by CEO
Mark Kozyra, the Debtor estimated assets and liabilities at $1
million to $10 million. Judge Benjamin A. Goldgar is the case
judge. Shelly A. DeRousse, Esq., at Freeborn & Peters LLP, is the
Debtor's counsel.
Patrick S. Layng, U.S. Trustee for the Northern District of
Illinois, on March 15 appointed five creditors to serve on an
official committee of unsecured creditors. The Committee retained
Goldstein & McClintock LLLP, as counsel.
MICHAEL KALFUS: $849K Sale of Boonton Property to Corteses Approved
-------------------------------------------------------------------
Judge Vincent F. Papalia of the U.S. Bankruptcy Court for the
district of New Jersey authorized Michael and Robin Kalfus to sell
the real property they jointly owned located at 68 Hillcrest Road,
Boonton Township, New Jersey to John and Margaret Cortese for
$849,000.
A hearing on the Motion was held on March 20, 2018 at 11:00 a.m.
The sale is free and clear of all liens, claims, interests and
encumbrances.
The customary closing adjustments payable by the Debtors for
municipal charges or assessments will be satisfied from the
proceeds of the sale at closing.
The Motion included a request to pay the Retained Professionals'
approved compensation from sale proceeds. Pursuant to D.N.J. LBR
6004-5, the Debtors will pay their retained realtor, Keller
Williams Metropolitan, a 2% Broker Commission plus a $75
transaction fee, totaling $17,055 at closing without a separate
application for compensation.
From the sale proceeds the amount of $25,000 will first be set
aside and held in escrow from which, after application and approval
of compensation, approved fees and costs may be paid to the
Debtor's counsel. Any balance of the funds so set aside after
payment to the Debtor's counsel will be distributed by further
order of the Court or confirmation of a Chapter 11 Plan. The
Debtors and their counsel will reserve their rights pursuant to
Section 506(c) of the Bankruptcy Code to seek additional
compensation for preserving and dispossessing the Property. Any
request for compensation pursuant to Section 506(c) of the
Bankruptcy Code will be made by further motion to the Court.
The secured claims held by Haven Savings Bank1, First Constitution
Bank, property taxes, and municipal charges which encumber the
property, will be paid in full at closing. Haven Savings Bank and
First Constitution Bank will deliver a written statement evidencing
the amount due within five days notice.
The counsel of the Debtors will hold in escrow in the Debtors'
Attorney's Trust Account the disputed Sheriff Commission in the sum
of $17,031 pending a motion to be filed by the Debtor and further
order of the Court. The Judgment Creditors did not levy on the
Debtors' Property and have not perfected. The net sale proceeds
will be held in escrow in the Debtors' Attorney's Trust Account
pending confirmation of a chapter 11 reorganization plan or further
order of the Court.
The net proceeds from the sale of the Property, which is property
of the bankruptcy estate, will be held in the Debtors' Attorney's
Trust Account pending confirmation of a chapter 11 reorganization
plan or further order of the Court.
Notwithstanding Bankruptcy Rule 6004(h) this order authorizing the
sale of real property, free and clear of all liens, claims,
interests and encumbrances will not be stayed for 14 days after the
entry hereof, but will be effective and enforceable immediately
upon entry.
A true copy of the Order will be served on all parties who received
notice of the Motion, within seven days from the entry of the
Order.
Michael Kalfus and Robin Kalfus sought Chapter 11 protection
(Bankr. D.N.J. Case No. 18-13396) on Feb. 22, 2018. The Debtors
tapped John J. Scura, III, Esq., at Scura, Heyer & Stevens, LLP, as
counsel.
MICHELE MAYER: Short Sale of Visalia Property for $129K Approved
----------------------------------------------------------------
Judge Louise D. Adler of the U.S. Bankruptcy Court for the Southern
District of California authorized Michele Ann Mayer's short sale of
the real property located at 2337 East Parker Court, Visalia,
California for $129,000.
The Debtor's sale is strictly subject to Bayview's consent pursuant
to Bayview's Approval Letter to the Debtor's counsel dated Feb. 14,
2018 (which expires March 31, 2018), or on the terms of any
extension or subsequent Approval Letter issued by Bayview.
The Debtor is authorized to pay commissions, taxes, and fees
relating to the sale in an amount not exceeding $12,542. The
Debtor is authorized to close the short sale immediately upon
approval of the Court.
Lakeside, California-based Michele Ann Mayer sought Chapter 11
protection (Bankr. S.D. Cal. Case No. 16-07171) on Nov. 25, 2016.
The Debtor tapped Andrew Moher, Esq., at Moher Law Group, as
counsel. She also engaged Cindy Coray and Modern Broker as her
real estate broker through March 5, 2018.
MIRAGE DENTAL: Case Summary & 19 Unsecured Creditors
----------------------------------------------------
Debtor: Mirage Dental Associates, Professional L.L.C.
85 Rio Grande Drive
Castle Rock, CO 80104
Type of Business: Mirage Dental Associates, Professional LLC is a
privately held company in Castle Rock, Colorado
that owns a dental clinic.
Chapter 11 Petition Date: March 30, 2018
Case No.: 18-12496
Court: United States Bankruptcy Court
District of Colorado (Denver)
Judge: Hon. Joseph G. Rosania Jr.
Debtor's Counsel: Kenneth J. Buechler, Esq.
BUECHLER & GARBER, LLC
999 18th St., Ste., 1230 S
Denver, CO 80202
Tel: 720-381-0045
Fax: 720-381-0392
E-mail: ken@bandglawoffice.com
- and -
Michael J. Guyerson, Esq.
BUECHLER & GARBER, LLC
999 18th St., Ste., 1230 South
Denver, CO 80202
Tel: 720-381-0045
Fax: 720-381-0382
E-mail: mike@bandglawoffice.com
Total Assets: $5.41 million
Total Liabilities: $8.72 million
The petition was signed by Michael J. Moroni, Jr., managing
member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 19 largest unsecured creditors is available
for free at: http://bankrupt.com/misc/cob18-12496.pdf
MISSING LYNX: Hires J. Thomas Black, P.C. as Counsel
----------------------------------------------------
The Missing Lynx Express, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division, to employ J. Thomas Black, P.C. as counsel.
Services J. Thomas Black, P.C. will render are:
a. advise the debtor regarding its rights, duties and powers
as a debtor-in-possession in this proceeding;
b. appear before this Court or any other court to represent
the interests of the debtor as is required;
c. attend the Initial Debtor Interview, if required, with
debtor;
d. attend the meeting of creditors with debtor;
e. assist the debtor with proposing, prosecuting, and
consummating a chapter 11 disclosure statement and plan of
reorganization;
f. prepare any and all pleadings, as deemed appropriate, to be
filed in this case;
g. assist debtor with the resolution of claims filed against
the estate, preservation and disposition of assets of the estate,
the prosecution of actions taken on behalf of the estate, and
resolution of other disputes that may arise during this case;
h. advise debtor regarding business finances, transactions,
and the daily operations of the businesses as a
debtor-in-possession; and
i. preform any other legal services that may be deemed
appropriate in connection with this case.
J. Thomas Black P.C.'s standard hourly rates are:
J. Thomas Black (Managing Attorney) $450
C. Alexander Higginbotham (Associate Attorney) $350
Michael L. Hardwick (Associate Attorney) $350
Rob Heinly (Paralegal) $150
Stephanie Roman (Paralegal) $150
J. Thomas Black, Esq., managing attorney of J. Thomas Black, P.C.,
attests that his firm is a disinterested person as thaht term is
defined by Title 11 U.S.C. Sec 101(14), and does not represent any
interest adverse to the debtor i=or its estae in the matters upon
which it will be engaged.
The counsel can be reached through:
J. Thomas Black, Esq.
C. Alexander Higginbotham, Esq.
Michael L. Hardwick, Esq.
J. THOMAS BLACK, P.C.
2600 S. Gessner, Suite 110
Houston, TX 77063
Tel: (713) 772-8037
Fax: (713) 772-5058
E-mail: tom@jthomasblack.com
About The Missing Lynx Express
The Missing Lynx Express, Inc. is a white glove delivery/install
company based out of Spring, TX, which provides on time service and
quality installation for all major appliances.
The Missing Lynx Express filed a Chapter 11 petition (Bankr. S.D.
Tex. Case No. 18-31255) on March 13, 2018, listing under $1 million
in both assets and liabilities. J. Thomas Black, Esq. at J. Thomas
Black, P.C., is the Debtor's counsel.
MOBILESMITH INC: Appoints Jerry Lepore as Director
--------------------------------------------------
The Board of Directors of MobileSmith, Inc. has appointed Jerry
Lepore to the Board. The appointment takes effect on April 2,
2018. As of March 27, 2018, Mr. Lepore has not been appointed to
any committee of the Board.
According to a Form 8-K filed with the Securities and Exchange
Commission, Mr. Lepore is an experienced business and technology
executive with strong background in healthcare, insurance,
financial services, education, and software industries. In his 40
year career he has held CEO, COO and CTO positions in public and
private companies. He has also provided transitional leadership in
turnaround and/or growth situations. Mr. Lepore has founded and
operated several companies in the software and strategic services
industries. He has experience in capital raises, public offerings,
strategic sales, corporate acquisitions, and mergers.
Mr. Lepore has served on boards of healthcare and software
organizations. He received a Bachelor of Science Degree in
Mathematics from the University of Connecticut in Storrs, CT.
In consideration for advisory services including providing
strategic advice to the Company, promoting the Company in the
business and investment community the Company will pay to Mr.
Lepore a cash fee of $2,500 per month.
In addition, the Company has granted Mr. Smith options under the
Company's 2016 Equity Incentive Plan, to purchase 366,980 shares of
the Company's common stock par value $0.001 per share, which
options are scheduled to vest over a three-year period in equal
quarterly installments, at exercise price of $2.00 per share,
subject to accelerated vesting upon the occurrence of certain
specified events.
About MobileSmith, Inc.
Raleigh, North Carolina-based MobileSmith, Inc., was incorporated
as Smart Online, Inc. in 1993 and changed its name to MobileSmith,
Inc., effective July 1, 2013. The Company develops and markets
healthcare industry solutions designed to improve delivery of
healthcare by means of mobile technology. Its
software-as-a-service platform and related services provide a
catalog of vetted mobile app tools that can be rapidly customized
and implemented by healthcare organizations with goals of
addressing many key pain points of the industry, including
preventable readmissions, adherence to treatment plans, management
of chronic conditions. Its flagship product is the MobileSmith
Platform.
MobileSmith incurred a net loss of $6.07 million in 2017 following
a net loss of $7.50 million in 2016. As of Dec. 31, 2017,
MobileSmith had $772,540 in total assets, $45.45 million in total
assets and a total stockholders' deficit of $44.68 million.
Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2017, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency as of Dec. 31, 2017. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
MOBILESMITH INC: Incurs $6.1 Million Net Loss in 2017
-----------------------------------------------------
MobileSmith, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$6.07 million on $3.45 million of total revenue for the year ended
Dec. 31, 2017, compared to a net loss of $7.50 million on $1.86
million of total revenue for the year ended Dec. 31, 2016.
As of Dec. 31, 2017, MobileSmith had $772,540 in total assets,
$45.45 million in total assets and a total stockholders' deficit of
$44.68 million.
"We have not yet achieved positive cash flows from operations, and
our main source of operating funds is the sale of notes under two
convertible note facilities that we implemented. Since November
2007 and through the date of this report, we have raised
approximately $47.7 million through these note facilities and we
have the ability to raise up to an additional $25.6 million under
such facilities from existing note holders and others upon request.
However, no assurance can be provided that we will in fact be able
to raise needed amounts through the facilities or through any other
sources on commercially reasonable terms. If financing through the
note facilities becomes unavailable, we will need to seek other
sources of funding. The inability to raise additional funds when
needed, whether through the note facilities or otherwise, may have
a material adverse effect on our operations," the Company stated in
the Annual Report.
Cherry Bekaert LLP, in Raleigh, North Carolina, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2017, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency as of Dec. 31, 2017. These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/ceHIt6
About MobileSmith, Inc.
Raleigh, North Carolina-based MobileSmith, Inc., was incorporated
as Smart Online, Inc. in 1993 and changed its name to MobileSmith,
Inc., effective July 1, 2013. The Company develops and markets
healthcare industry solutions designed to improve delivery of
healthcare by means of mobile technology. Its
software-as-a-service platform and related services provide a
catalog of vetted mobile app tools that can be rapidly customized
and implemented by healthcare organizations with goals of
addressing many key pain points of the industry, including
preventable readmissions, adherence to treatment plans, management
of chronic conditions. Its flagship product is the MobileSmith
Platform.
MONEYONMOBILE INC: Offers Holders Rights to Buy 15M Common Shares
-----------------------------------------------------------------
MoneyoneMobile, Inc., is distributing to holders of its common
stock, $0.001 par value, and holders of its preferred stock, on an
as converted basis, at no charge, non-transferable subscription
rights to purchase up to 15,000,000 of its common stock.
In the rights offering, holders will receive one subscription right
for every share of common stock owned and one subscription right
for every share of common stock they would own upon full conversion
of the shares of preferred stock owned at the record date of the
rights offering. The subscription rights will not be tradeable.
Each subscription right consists of a basic subscription privilege
and an over-subscription privilege.
In the event that holders exercise subscription rights for in
excess of $6 million (not including the over-subscription
privilege), the amount subscribed for by each person will be
proportionally reduced, based on the amount subscribed for by each
person (not including any over-subscription privilege subscribed
for).
There is no minimum number of subscription rights that must be
exercised in this rights offering, no minimum number that any
subscription rights holder must exercise, and no minimum number of
common stock that it will issue at the closing of this rights
offering. If the Company elects to extend the rights offering, it
will issue a press release announcing the extension no later than
9:00 a.m., Eastern Time, on the next business day after the most
recently announced expiration date of the rights offering. The
Company may extend the rights offering for a period not to exceed
30 days in its sole discretion. Once made, all exercises of
subscription rights are irrevocable.
The Company has engaged Advisory Group Equity Services, Ltd., d/b/a
RHK Capital as dealer-manager for this rights offering.
"We are conducting the rights offering to raise capital that we
intend to use to grow our operations in India and for general
corporate purposes. Our independent registered public accounting
firm in its report on the March 31, 2017 financial statements has
raised substantial doubt about our ability to continue as a going
concern. We had cash and cash equivalents in the amount of
$4,673,805 as of December 31, 2017. We estimate that the current
funds on hand will be sufficient to continue operations through
December 2018," the Company stated in a prospectus filed to the
Securities and Exchange Commission.
The Company's board of directors is making no recommendation
regarding the exercise of the subscription rights. The
subscription rights may not be sold, transferred or assigned and
will not be listed for trading on any stock exchange or market.
Shares of the Company's common stock are traded on the OTC Market
Group's OTCQB under the symbol "MOMT". On March 23, 2018, the
closing sales price for the Company's common stock was $0.4333 per
share. The shares of common stock issued in the rights offering
will also be traded on the OTCQB under the same symbol.
A full-text copy of the Form S-1 is available for free at:
https://is.gd/iS5QKu
About MoneyOnMobile
MoneyOnMobile, Inc., headquartered in Dallas, Texas --
http://www.money-on-mobile.com/-- is a global mobile payments
technology and processing company offering mobile payment services
through its Indian subsidiary. MoneyOnMobile enables Indian
consumers to use mobile phones to pay for goods and services or
transfer funds from one cell phone to another. It can be used as
simple SMS text functionality or through the MoneyOnMobile
application or internet site. Its technology also allows consumers
to deposit funds into a mobile wallet or to perform a financial
transaction through its robust agent network which includes over
330,000 retail locations as of March 31, 2017.
MoneyOnMobile reported a net loss of $13.09 million for the year
ended March 31, 2017, following a net loss of $19.72 million for
the year ended March 31, 2016. The Company's balance sheet at Dec.
31, 2017, showed $27.67 million in total assets, $30.02 million in
total liabilities, $1.22 million in preferred stock Series D, $5.70
million in preferred stock Series F, and a total stockholders'
deficit of $9.27 million.
NAKED BRAND: Appoints Temporary Chief Financial Officer
-------------------------------------------------------
Naked Brand Group Inc. has appointed Juliana L. Daley as its
temporary chief financial officer and principal accounting officer,
effective as of March 26, 2018.
Ms. Daley, age 30, is a chartered professional accountant (CPA)
with over six years of accounting, controller, and financial
reporting experience. Since October 2015, Ms. Daley has been
providing accounting and financial reporting services, through her
position with ACM Management Inc., a provider of financial report
and accounting services, to public companies in a variety of
industries, both in the United States and Canada. From 2011 until
2015, Ms. Daley was employed at the Company where she worked in the
Company's accounting department, including serving as the Company's
controller from August 2013 through April 2015.
Ms. Daley's services to the Company as temporary chief financing
officer and principal accounting officer are being provided
pursuant to an engagement letter, dated March 11, 2018, between the
Company and ACM Management Inc. In addition to the provision of
Ms. Daley's services to act as temporary chief financial officer
and principal accounting officer of the Company, the Agreement
provides that ACM will, among other things, assist the Company with
(i) preparing its regulatory disclosures and filings, including its
annual, quarterly and periodic reports filed with the Securities
and Exchange Commission, (ii) preparing the Company's financial
statements and records and (iii) coordinating the Company's annual
audits with the Company's outside audit firm.
As consideration for the provision of the services described in the
Agreement, excluding the services provided by Ms. Daley as the
Company's temporary chief financial officer principal accounting
officer, the Company has agreed to pay ACM on a monthly retainer
basis of C$10,000 a month. As consideration for the provision of
the services provided by Ms. Daley as the Company's temporary chief
financial officer and principal accounting officer, the Company
agreed to pay ACM C$5,000 per month.
The term of the Company's engagement of ACM under the Agreement
commenced on March 26, 2018 and will continue until Feb. 28, 2019,
provided that Ms. Daley's service as the Company's temporary chief
financial officer and principal accounting officer will terminate
upon completion of the Company's previously disclosed anticipated
business combination with Bendon Limited and Bendon Group Holdings
Limited. The Company or ACM may terminate the Agreement
immediately for failure of the other party to meet its obligations
thereunder.
The Agreement contains customary covenants running during the term
of the Agreement and for three years thereafter prohibiting the
Company from soliciting ACM's customers, personnel, employees or
independent contractor and from making any disparaging remarks
about ACM or any of its affiliates, officers, directors, employees,
consultants or advisors. The Agreement also contains provisions
relating to protection of the Company's proprietary, trade secret
and confidential information.
The Agreement also includes various other covenants and provisions
customary for an agreement of this nature, including certain
indemnification obligations and limitations on liability in favor
of ACM.
On March 26, 2018, the Company and Ms. Daley entered into an
Indemnification Agreement pursuant to which, among other things,
the Company is required, subject to certain exceptions and
satisfaction of the applicable standard of conduct as set forth in
the Indemnification Agreement, to indemnify Ms. Daley to the
fullest extent permitted by Nevada law against any and all Losses
(as defined in the Indemnification Agreement) if Ms. Daley was or
is or becomes a party to or participant in, or is threatened to be
made a party to or participant in, any Claim (as defined in the
Indemnification Agreement) by reason of or arising in part out of
any Indemnifiable Event (as defined in the Indemnification
Agreement). In addition, subject to certain exceptions and
repayment conditions, Ms. Daley will have the right to advancement
by the Company of all indemnifiable expenses actually and
reasonably paid or incurred by Ms. Daley in connection with any
such Claim.
About Naked Brand Group
Madison, New York-based Naked Brand Group Inc. --
http://www.nakedbrands.com-- is an apparel and lifestyle brand
company that is currently focused on innerwear products for women
and men. Under the Company's flagship brand name and registered
trademark "Naked", Naked Brand designs, manufactures and sells
men's and women's underwear, intimate apparel, loungewear and
sleepwear through retail partners and direct to consumer through
its online retail store http://www.wearnaked.com/ The Company has
a growing retail footprint for its innerwear products in premium
department and specialty stores and internet retailers in North
America, including accounts such as Nordstrom, Dillard's,
Bloomingdale's, Amazon.com, Soma.com, SaksFifthAvenue.com,
barenecessities.com and others.
Naked Brand reported a net loss of US$10.79 million for the year
ended Jan. 31, 2017, compared with a net loss of US$19.06 million
for the year ended Jan. 31, 2016. As of Oct. 31, 2017, Naked Brand
had $4.87 million in total assets, $936,892 in total liabilities
and $3.94 million in total stockholders' equity.
BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended Jan.
31, 2017, stating that the Company incurred a net loss for the year
ended Jan. 31, 2017, and the Company expects to incur further
losses in the development of its business. This condition raises
substantial doubt about the Company's ability to continue as a
going concern.
NEIMAN MARCUS: Bank Debt Trades at 12.89% Off
---------------------------------------------
Participations in a syndicated loan under which Neiman Marcus Group
Inc. is a borrower traded in the secondary market at 87.11
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.87 percentage points from the
previous week. Neiman Marcus pays 325 basis points above LIBOR to
borrow under the $2.942 billion facility. The bank loan matures on
October 25, 2020. Moody's rates the loan 'Caa1' and Standard &
Poor's gave a 'CCC' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, March 16.
NEW LIFE HOLINESS: Hires Rebecca Morrison as Accountant
-------------------------------------------------------
New Life Holiness seeks authority from the U.S. Bankruptcy Court
for the Western District of Tennessee to hire Rebecca Morrison as
accountant to perform its accounting and tax preparation due to its
501(c)(3) status as a non-profit corporation.
Ms. Morrison attests that she does not hold or represent and
interest adverse to the Estate, she is a disinterested person as
defined in 11 U.S.C. Sec. 101(14), and is not disqualified because
she represents a creditor.
The accountant can be reached through:
Rebecca Morrison
4646 Poplar Ave
Memphis, TN 38117
Phone: (901) 334-6532
About New Life Holiness
New Life Holiness sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tenn. Case No. 18-21532) on Feb. 21
2018. In the petition signed by Frederick Smith, pastor, the
Debtor estimated assets of less than $50,000 and liabilities of
less than $100,000. Judge Jennie D. Latta presides over the case.
Douglass & Runger is the Debtor's bankruptcy counsel.
NEWELL BRANDS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 19, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Newell Brands Inc. to BB+ from BBB-.
Based in Hoboken, New Jersey, Newell Brands is an American
worldwide marketer of consumer and commercial products with a
portfolio of brands including Rubbermaid food storage, home
organization and reusable container products.
NOBLE ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2018, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Noble Energy, Inc. to BB from BB-.
Noble Energy, Inc., formerly Noble Affiliates, Inc., is an American
petroleum and natural gas exploration and production company
headquartered in Houston, Texas. The company is ranked 653rd on the
Fortune 1000.
OFFSHORE SPECIALTY: Hires Phelps Dunbar as Special Counsel
----------------------------------------------------------
Offshore Specialty Fabricators, LLC, seeks authority from the U.S.
Bankrutpcy Court for the Southern District of Texas, Houston
Division, to hire Phelps Dunbar LLP nunc pro tunc to November 20,
2017 as special counsel.
Services Phelps Dunbar will render are:
(a) represent the Debtor in connection with the mediations of
the Personal Injury Cases;
(b) advise the Debtor regarding legal issues that arise in the
Personal Injury Cases; and
(c) perform any other necessary legal services for the Debtor
in connection with the Personal Injury Cases.
Curent standard hourly rate charged by Phephs Dunbar are:
Partners & counsel $275 to $320
Associates $185 to $225
Paralegals/Support Staff $135 to $150
Kevin J. LaVie $300
Marc Matthews $300
Eileen O'Neil $135
Cammie Haley $135
Kevin J. LaVie, a partner at Phelps Dunbar, attests that his firm
has no interest adverse to the Debtor or to the Debtor's bankruptcy
estate, and Phelps Dunbar has no connection with the Debtor, the
Debtor’s creditors, any party-in-interest, their respective
attorneys and accountants,the United States Trustee, or any other
person employed in the office of the United States Trustee.
The counsel can be reached through:
Kevin J. LaVie, Esq.
Phelps Dunbar LLP
Canal Place
365 Canal Street, Suite 2000
New Orleans, LA 70130
Tel: 504-584-9211
Email: kevin.lavie@phelps.com
About Offshore Specialty Fabricators
Offshore Specialty Fabricators, LLC -- http://www.osf-llc.com--
provides decommissioning project management utilizing its heavy
lift derrick barges for the installation and removal of oil and gas
facilities in the Gulf of Mexico. Its facility is located at 115
Menard Rd. in Houma, Louisiana.
Offshore Specialty has been providing offshore construction
solutions to the international and domestic oil and gas industry
for more than 20 years.
Offshore Specialty sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 17-35623) on Oct. 1,
2017. Tammy Naron, its chief executive officer, signed the
petition.
The Debtor hires Diamond McCarthy LLP as counsel, and Koch &
Schmidt Law Firm, as special counsel.
At the time of the filing, the Debtor estimated assets of $50
million to $100 million and estimated liabilities of $10 million to
$50 million.
Judge Marvin Isgur presides over the case.
On Oct. 25, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.
OMEROS CORP: OMIDRIA's Pass-Through Reimbursement Status Extended
-----------------------------------------------------------------
President Donald J. Trump signed into law the Consolidated
Appropriations Act, 2018 on March 23, 2018. A bipartisan-supported
provision in the Act extends pass-through reimbursement status for
a small number of drugs used during procedures performed on
Medicare Part B fee-for-service patients for an additional two
years, effective Oct. 1, 2018 through Sept. 30, 2020. The drugs
that qualify for this extension are those for which previously
existing pass-through reimbursement status expired on Dec. 31, 2017
and which became included as part of the packaged procedural
payment as of Jan. 1, 2018. OMIDRIA (phenylephrine and ketorolac
intraocular solution) 1%/0.3%, the U.S.-marketed drug product of
Omeros Corporation, is one of the drugs for which pass-through
reimbursement status was extended pursuant to the Act. As a result
of this extension, each of these drugs, for the two-year period
beginning Oct. 1, 2018, will receive separate payment at a rate of
average sales price, or ASP, plus six percent, consistent with
almost all other physician-administered drugs that come off
pass-through status, as disclosed in a Form 8-K filed with the
Securities and Exchange Commission.
About Omeros Corporation
Omeros Corporation -- http://www.omeros.com/-- is a
commercial-stage biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market as well as orphan indications
targeting inflammation, complement-mediated diseases and disorders
of the central nervous system. The Company's drug product OMIDRIA
(phenylephrine and ketorolac intraocular solution) 1% / 0.3% is
marketed for use during cataract surgery or intraocular lens (IOL)
replacement to maintain pupil size by preventing intraoperative
miosis (pupil constriction) and to reduce postoperative ocular
pain. In the European Union, the European Commission has approved
OMIDRIA for use in cataract surgery and other IOL replacement
procedures to maintain mydriasis (pupil dilation), prevent miosis
(pupil constriction), and to reduce postoperative eye pain. Omeros
has multiple Phase 3 and Phase 2 clinical-stage development
programs focused on: complement-associated thrombotic
microangiopathies; complement-mediated glomerulonephropathies;
Huntington's disease and cognitive impairment; and addictive and
compulsive disorders. In addition, Omeros has a diverse group of
preclinical programs and a proprietary G protein-coupled receptor
(GPCR) platform through which it controls 54 new GPCR drug targets
and corresponding compounds, a number of which are in preclinical
development. The company also exclusively possesses a novel
antibody-generating platform. The Company is headquartered in
Seattle, Washington.
OMEROS reported a net loss of $53.48 million on $64.82 million of
total revenue for the year ended Dec. 31, 2017, compared to a net
loss of $66.74 million on $41.61 million of total revenue for the
year ended Dec. 31, 2016.
As of Dec. 31, 2017, Omeros had $116.32 million in total assets,
$119.14 million in total liabilities, and a total shareholders'
deficit of $2.81 million.
ONCOBIOLOGICS INC: Appoints Joerg Windisch to Board of Directors
----------------------------------------------------------------
Oncobiologics, Inc., has appointed Joerg Windisch, Ph.D., to its
board of directors, effective March 23, 2018. In addition,
Oncobiologics announced the resignation of Yezan Haddadin as
director and member of the board of director's Audit Committee. Dr.
Windisch was nominated by GMS Tenshi Holdings Pte. Limited to fill
the vacancy created by Mr. Haddadin's departure. In connection,
the board appointed Mr. Joe Thomas to its Audit Committee, with Dr.
Windisch appointed to the Compensation Committee, replacing Mr.
Thomas.
"I'm very pleased that Dr. Joerg Windisch is joining our board of
directors," said Oncobiologics' Chairman & CEO Dr. Pankaj Mohan.
"Joerg is an experienced industry executive and scientist with over
20 years in the development of biological therapeutics. His broad
expertise in biosimilar development, manufacturing and regulatory
affairs will support our work in further developing our biosimilar
product candidate pipeline in the years ahead."
Dr. Windisch is currently chief operating officer of Polpharma
Biologics (Poland). In the span of his career, Dr. Windisch built
an international technical development organization for biologics
and was involved in the development and manufacturing of about 20
biological products, six of which are currently marketed. He joins
Oncobiologics after being a key leader at Sandoz Biopharmaceuticals
for two decades, most recently serving as Chief Science Officer.
He joined Novartis in 1996 in the biologics unit of Sandoz, where
he led the development of Somatropin (Omnitrope), the first ever
biosimilar, as well as the company's Epoetinalfa (Binocrit) and
Filgrastim (Zarzio) products. Dr. Windisch was educated in
Austria, Germany and the United States and received his Ph.D. in
Biochemistry and Molecular Biology from the University of
Innsbruck.
Dr. Windisch will be compensated pursuant to the Company's
non-employee director compensation policy, as adopted in January
2016. Under the Policy, Dr. Windisch will receive an annual
retainer of $35,000 for his service as a director and $5,000 for
his service as a member of the Board's Compensation Committee,
payable in equal quarterly installments in arrears, on the last day
of each fiscal quarter for which the service occurred, pro-rated
based on the days served in the applicable fiscal quarter. In
addition, pursuant to the Policy, on March 23, 2018, Dr. Windisch
was granted a stock option to purchase 25,000 shares of the
Company’s common stock, which vests 33.33% on the first, second
and third anniversaries of the grant date, such that 100% of the
shares underlying the option will be vested on the four-year
anniversary of the grant date, subject to his providing continued
services through that date. The Company also entered into its
standard form of indemnity agreement with Dr. Windisch.
About Oncobiologics
Oncobiologics, Inc. -- http://www.oncobiologics.com/-- is a
clinical-stage biopharmaceutical company focused on identifying,
developing, manufacturing and commercializing complex biosimilar
therapeutics. The Cranbury, New Jersey-based Company's current
focus is on technically challenging and commercially attractive
monoclonal antibodies, or mAbs, in the disease areas of immunology
and oncology.
Oncobiologics reported a net loss attributable to common
stockholders of $40.02 million for the year ended Sept. 30, 2017,
compared to a net loss attributable to common stockholders of
$63.13 million for the year ended Sept. 30, 2016. As of Dec. 31,
2017, Oncobiologics had $32.27 million in total assets, $40.17
million in total liabilities, $17.19 million in series A
convertible preferred stock and a total stockholders' deficit of
$25.08 million.
KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2017, citing that the Company has incurred
recurring losses and negative cash flows from operations since
inception and has an accumulated deficit at Sept. 30, 2017 of
$186.2 million, $13.5 million of senior secured notes due in
December 2018 and $4.6 million of indebtedness that is due on
demand, which raises substantial doubt about its ability to
continue as a going concern.
ONCOBIOLOGICS INC: Deregisters Unsold Securities
------------------------------------------------
Oncobiologics, Inc., filed a post-effective Amendment No. 1 to its
registration statement on Form S-1 to withdraw and remove from
registration the unsold shares of the Company's common stock, $0.01
par value per share, if any, previously registered for resale by
the Company pursuant to the Registration Statement on Form S-1
(File No. 333-216080), originally filed with the SEC on Feb. 15,
2017.
In accordance with an undertaking made by the Company in the
Registration Statement to remove from registration, by means of a
post-effective amendment, any of the securities that had been
registered for resale that remain unsold at the termination of the
offering, the Company removes from registration all of its
securities registered but unsold under the Registration Statement
as of March 27, 2018. The Company is deregistering such securities
because it is no longer obligated to maintain the effectiveness of
the Registration Statement.
About Oncobiologics
Oncobiologics, Inc. -- http://www.oncobiologics.com/-- is a
clinical-stage biopharmaceutical company focused on identifying,
developing, manufacturing and commercializing complex biosimilar
therapeutics. The Cranbury, New Jersey-based Company's current
focus is on technically challenging and commercially attractive
monoclonal antibodies, or mAbs, in the disease areas of immunology
and oncology.
Oncobiologics reported a net loss attributable to common
stockholders of $40.02 million for the year ended Sept. 30, 2017,
compared to a net loss attributable to common stockholders of
$63.13 million for the year ended Sept. 30, 2016. As of Dec. 31,
2017, Oncobiologics had $32.27 million in total assets, $40.17
million in total liabilities, $17.19 million in series A
convertible preferred stock and a total stockholders' deficit of
$25.08 million.
KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2017, citing that the Company has incurred
recurring losses and negative cash flows from operations since
inception and has an accumulated deficit at Sept. 30, 2017 of
$186.2 million, $13.5 million of senior secured notes due in
December 2018 and $4.6 million of indebtedness that is due on
demand, which raises substantial doubt about its ability to
continue as a going concern.
ORBITE TECHNOLOGIES: CCAA Stay Period Extended Until June 8
-----------------------------------------------------------
Orbite Technologies Inc. on March 29, 2018, provided an update on
on its continuing efforts to repair the faulty calcination
equipment at its Cap-Chat Plant and also to emerge from insolvency
protection.
Update on the Outotec Calcination Equipment
As announced on January 30, 2018, Orbite continues working with
Outotec, the supplier of the faulty calcination equipment in order
to resolve the issues with the equipment.
The causes of the problems encountered and their solutions have
been identified by Outotec. However, to date, the parties are
unable to agree on the financial responsibility and the time frame
needed to perform the repairs nor on the warranty offered on the
repaired equipment. Discussions are ongoing between the parties to
come to a satisfactory agreement. Should no such agreement be
reached in the short term, Orbite will commence legal proceedings.
Appeal of the decision on the motion against its insurer for
indemnification
As announced on March 6, 2018, the Quebec Court of Appeal ("Court
of Appeal") ruled that Company had the right to appeal the decision
rendered by the Superior Court of Québec (the "CCAA Court") which
denied the motion filed against its insurer.
The appeal will be heard on May 11, 2018, by a panel of three
judges.
Additional reductions of expenses
In order to protect its cash for as long as possible and finance
its legal proceedings, the Company implemented a series a
cost-cutting measures. In particular, Orbite has reduced the
working hours of all of its employees regardless of their location,
the Cap-Chat plant, the technology development center in Laval or
the head office in Saint-Laurent.
Consequently, the 45 employees, including upper management, are
affected by the measure. Most of them will be temporarily laid-off
whereas a small group will remain with reduced work hours to
maintain continuity of operations.
The Company intends to call the employees back as soon as possible
if an agreement with Outotec is reached or should the Court of
Appeal rule in favour of Orbite. There are no guarantees as to
whether such an agreement will be reached or regarding the ruling
by the Court of Appeal.
CCAA Court extends the Stay Period
As announced on January 30, 2018, the CCAA Court issued an order
pursuant to the Companies' Creditors Arrangement Act ("CCAA")
providing for a stay of all proceedings until March 30, 2018 (the
"Stay Period"). On March 29, 2018 the CCAA Court granted a motion
filed by the Company and issued the following orders:
-- extending the Stay Period until June 8, 2018;
-- relieving Orbite from its obligation to call the annual
meeting of shareholders on or before April 27, 2018 and directing
Orbite to call such annual meeting, as the case may be, by
October 31, 2018; and
-- authorizing Orbite to make a payment of 50% of the amounts
owing to the Eligible Employees, under the Key Employee Retention
Program which was approved by the CCAA Court on May 23, 2017.
There can be no guarantees that the Company will be successful in
its restructuring efforts or will emerge from CCAA protection.
About Orbite
Orbite Technologies Inc. (nex:ORT.H) is a Canadian cleantech
company whose innovative and proprietary processes are expected to
produce alumina and other high-value products, such as rare earth
and rare metal oxides, at one of the lowest costs in the industry,
and in a sustainable fashion, using feedstocks that include
aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as
well as serpentine residues from chrysotile processing sites.
Orbite is currently in the process of finalizing its first
commercial high-purity alumina (HPA) production plant in
Cap-Chat, Quebec and has completed the basic engineering for a
proposed smelter-grade alumina (SGA) production plant, which would
use clay mined from its Grande-Vallee deposit. The Company's
portfolio contains 15 intellectual property families, including 45
patents and 48 pending patent applications in 11 different
countries and regions. The first intellectual property family is
patented in Canada, USA, Australia, Japan and Russia. The Company
also operates a state of the art technology development center in
Laval, Quebec, where its technologies are developed and validated.
Orbite Technologies in April 2017 filed a petition for continuance
of the Bankruptcy and Insolvency Act proceedings under the
Companies' Creditors Arrangement Act.
The Superior Court of Quebec granted the petition and issued an
initial order pursuant to the CCAA on April 28, 2017.
PricewaterhouseCoopers Inc. has been appointed as Monitor.
OREXIGEN THERAPEUTICS: Hires Ordinary Course Professionals
----------------------------------------------------------
Orexigen Therapeutics, Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Delaware to employ ordinary
course professionals to the Debtor.
Orexigen Therapeutics hires the following ordinary course
professionals:
Ordinary Course Professional Services
---------------------------- --------
Accenture Regulatory Consulting
P.O. Box 70629
Chicago, IL 60673
Aon Consulting Compensation and
P.O. Box 100137 Benefits Consulting
Pasadena, CA 91189-0137
Oracle Capital, LLC Valuation Consulting
1985 E. River Road, Suite 111
Tucson, AZ 85718
The Boston Consulting Group Sales and Marketing
P.O. Box 75200 Consulting
Chicago, IL 60675-5200
TR Jacklin Consulting, LLC Sales and Marketing
407 Crossbill Court Consulting
Salem, SC 29676
Chord Advisors, LLC Financial Accounting
3300 Irvine Avenue, Suite 350 Advisory Services
Newport Beach, CA 92660
Kieckhafer Buss Fletcher Tax Accountants
CPAs, LLP
111 SW 5 th Avenue, Suite 1850
Portland, OR 97204
Authxperts LLC Global Legalization
One Research Court, Suite 450 Services
Rockville, MD 20850
Cooley Godward Kronish Litigation, Employment
101 California Street, 5th Floor and Corporate Attorney
San Francisco, CA 94111-5800
DLA Piper, LLP (US) Corporate Tax Attorney
P.O. Box 75190
Baltimore, MD 21275
Donohoe Advisory Associates, LLC NASDAQ Delisting
9901 Belward Campus Drive, Advisory Services
Suite 175
Rockville, MD 20850
King & Spalding, LLP Healthcare Compliance
P.O. Box 116133 Attorney
Atlanta, GA 30368-6133
Knobbe Martens Olson & Bear, LLP Intellectual Property
2040 Main Street, 14th Floor Attorney
Irvine, CA 92614
Latham & Watkins, LLP Contract Law and
P.O. Box 894256 Corporate Attorney
Los Angeles, CA 90189-4256
Paul Hastings, LLP Intellectual Property
200 Park Avenue Litigation Attorney
New York, NY 10166-3205
Porzio, Bromberg & Newman, PC Compliance Attorney and
100 Southgate Parkway CMS Open Payment
P.O. Box 1997 Consulting
Morristown, NJ 07962-1997
Sterne Kessler Goldstein Intellectual Property
& Fox, PLLC Attorney
P.O. Box 75580
Baltimore, MD 21275
During the pendency of the Chapter 11 Case, no single Ordinary
Course Professional will be paid more than $50,000 per month, on
average, over the preceding three-month period, excluding costs and
disbursements.
To the best of the Debtor's knowledge the firms are a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.
About Orexigen Therapeutics
Based in La Jolla, California, Orexigen Therapeutics, Inc. --
http://www.orexigen.com/-- is a biopharmaceutical company focused
on the treatment of weight loss and obesity. It is a publicly
traded company with its shares listed on The NASDAQ Global Select
Market under the ticker symbol "OREX". The company has 111
employees in the U.S.
Orexigen Therapeutics sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 18-10518) on March 12,
2018. In its petition signed by Michael A. Narachi, president and
CEO, the Debtor disclosed $265.1 million in assets and $226.4
million in liabilities.
Judge Kevin Gross presides over the case.
The Debtor hired Hogan Lovells US LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; Ernst &
Young LLP as financial advisor; Perella Weinberg Partners as
investment banker; and Kurtzman Carson Consultants LLC as claims
and noticing agent.
PETROLIA ENERGY: Delays Form 10-K Due to Business Combination
-------------------------------------------------------------
Petrolia Energy Corporation notified the Securities and Exchange
Commission via a Form 12b-25 that the Company's Annual Report on
Form 10-K for the period ended Dec. 31, 2017, cannot be filed
within the prescribed time period because the Company is
experiencing delays in the compilation of certain financial and
other information required to be included in the Form 10-K due to
the completion of its recent business combination with Bow Energy
Ltd and resources expended in connection with such combination
during the current quarter. The Company intends to file the Annual
Report on Form 10-K on or before the fifteenth calendar day
following the prescribed due date.
About Petrolia Energy
Petrolia Energy Corporation -- http://www.petroliaenergy.com/-- is
a Houston, Texas-based oil & gas exploration, production and
service company with operations in the United States and Indonesia.
The Company focuses on redeveloping existing oil fields in
well-established oil rich regions in the US such as the Permian,
employing industry-leading technologies to create added value. In
Indonesia, the Company is situated in the prolific Indonesian
Sumatra basin, focused on discovering, appraising, developing and
producing its interests in 5 Production Sharing Contracts (PSCs)
and 1 Joint Study Agreement (JSA).
Petrolia Energy reported a net loss of $1.87 million on $321,000 of
total revenue for the year ended Dec. 31, 2016, compared with a net
loss of $1.85 million on $188,000 of total revenue for the year
ended Dec. 31, 2015. As of Sept. 30, 2017, Petrolia Energy had
$13.49 million in total assets, $1.89 million in total liabilities
and $11.59 million in total stockholders' equity.
MaloneBailey, LLP, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2016,
citing that Petrolia Energy has incurred losses from operation
since inception and has a net working capital deficiency. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.
PETSMART INC: Bank Debt Trades at 19.48% Off
--------------------------------------------
Participations in a syndicated loan under which Petsmart Inc. is a
borrower traded in the secondary market at 80.52
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.52 percentage points from the
previous week. Petsmart Inc. pays 300 basis points above LIBOR to
borrow under the $4.246 billion facility. The bank loan matures on
March 10, 2022. Moody's rates the loan 'B1' and Standard & Poor's
gave a 'CCC+' rating to the loan. The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended Friday,
March 16.
PIONEER ENERGY: Expects to Generate Positive Cash Flow for 2018
---------------------------------------------------------------
From time to time, senior management of Pioneer Energy Services
meets with groups of investors and business analysts. On March 27,
2018, the Company filed a Form 8-K to the Securities and Exchange
Commission attaching slides that have been prepared in connection
with management's participation in those meetings and participation
in the Scotia Howard Weil 2018 Energy Conference. The slides
provide an update on the Company's operations and certain recent
developments. The slides are available on the Company's Web site
at www.pioneeres.com.
Balance Sheet and Cash Flow Management
* Completed $175 million senior secured term loan and $75
million asset-based lending facility in November 2017.
Proceeds were used, among other things, to retire the
outstanding balance of $101.7 million on the previous
revolving facility scheduled to mature in 2019.
* Based on current outlook for activity and an estimated
$55 million capital expenditure budget in 2018, the Company
expects to generate positive cash flow for the full-year
2018.
The slides are available for free at https://is.gd/Z7F1M5
About Pioneer
Based in San Antonio, Texas, Pioneer Energy Services --
http://www.pioneeres.com/--provides land-based drilling services
and production services to a diverse group of oil and gas
exploration and production companies in the United States and
internationally in Colombia. The Company also provides two of its
services (coiled tubing and wireline services) offshore in the Gulf
of Mexico. Drilling services and production services are
fundamental to establishing and maintaining the flow of oil and
natural gas throughout the productive life of a well.
Pioneer Energy reported a net loss of $75.11 million in 2017, a net
loss of $128.4 million in 2016, a net loss of $155.1 million in
2015, and a net loss of $38.01 million in 2014. As of Dec. 31,
2017, Pioneer Energy had $766.86 million in total assets, $556.77
million in total liabilities and $210.09 million in total
shareholders' equity.
* * *
In November 2017, Moody's upgraded Pioneer Energy Services'
Corporate Family Rating to 'Caa2' from 'Caa3'. Pioneer' 'Caa2' CFR
reflects the company's elevated debt balance pro forma for the $175
million senior secured term loan issuance, as reported by the TCR
on Nov. 13, 2017.
PRE-PAID LEGAL: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
U.S.-based Pre-Paid Legal Services Inc. (LegalShield). The outlook
is stable.
S&P said, "At the same time, we assigned our 'B' corporate credit
rating to the U.S.-based Trident LS Parent Corporation (Trident),
the parent company of LegalShield. The outlook is stable.
"Concurrently, we assigned a 'B' issue-level rating and '3'
recovery rating to the company's proposed senior secured first-lien
credit facilities, including a $50 million revolving credit
facility maturing in 2023 and a $550 million term loan facility
maturing in 2025. The '3' recovery rating indicates our expectation
for meaningful (50%-70%, rounded estimate 60%) recovery in the
event of a payment default.
"We also assigned a 'B-' issue-level rating and '5' recovery rating
to the company's proposed $150 million senior secured second-lien
term loan facility maturing in 2026. The '5' recovery rating
indicates our expectation for modest (10%-30%, rounded estimate
10%) recovery in the event of payment default."
All ratings are based on preliminary terms and are subject to
review of final documents.
S&P said, "We expect the company to use proceeds from the proposed
senior secured credit facilities to partially fund the buyout
transaction and repay existing debt facilities. We will withdraw
the existing issue-level ratings once these debt instruments are
repaid in conjunction with the acquisition."
Pro forma for the transaction, the company will have about $702
million of adjusted debt outstanding.
S&P said, "Our ratings on LegalShield and its parent reflect our
belief that the leveraged buyout transaction will increase its debt
burden resulting in pro forma leverage of above 6x. But we expect
the company will gradually delever to mid- to high-5x by fiscal
year-end 2019. We expect the transaction will close in the second
quarter of 2018.
"The stable outlook reflects our belief that the company will
actively grow in the digital and business solutions segment,
gradually improve margins by reducing customer acquisition costs,
and continue to manage SG&A expense, such that EBITDA margin is
sustained above 20%. We expect the company to generate free
operating cash flow in the range of $35 million to $45 million and
maintain debt leverage in the range of mid-5x to low-6x over the
next two years.
"We could lower our ratings if debt leverage increases above 7x on
a sustained basis and free operating cash flow deteriorates
significantly. We believe debt leverage would reach this level if
the company pursues a $100 million dividend or acquisition funded
by debt while EBITDA level remains constant, or EBITDA drops by
about 13% from our projected level for 2018 due to declining
memberships or higher customer acquisition costs while the debt
level remains constant.
"Although unlikely given the private equity ownership of the
company, we could raise the ratings if the company demonstrates
better cash flow generation by increasing and diversifying its
earnings base while sustaining debt leverage below 5x, and the
sponsors demonstrate a commitment to a financial policy consistent
with maintaining leverage at these levels."
PREMIER MARINE: Exits Chapter 11 Bankruptcy, Under New Ownership
----------------------------------------------------------------
Minnesota-based Premier Pontoons -- Premier Marine Inc. -- has
emerged from Chapter 11 bankruptcy. Premier will continue to focus
on building luxury pontoons and supplying top of the line products
to its nationwide dealer network.
The reorganized Premier will remain a Wyoming, Minnesota based
company with its current workforce in place. The company has a
high level of commitment to current dealers, vendors, and
customers. Premier's exit from Chapter 11, approved by the court
on March 27, authorizes a change in ownership to a Minnesota-owned
company, Premier Pontoon Holdings, LLC.
"The Premier team has worked tirelessly over the nine months to
assure we continue to build high-quality pontoon boats as an
industry leader," said Rick Gallagher, Premier's new CEO. "The
reorganization has Premier poised to increase production levels
across each of our lines. We've been working with our vendors to
plan for our increased capacity. Premier has always built
fantastic boats and set the standard in the industry. Our customers
can be confident that will continue. Several innovative projects
paused over the past year are resuming. We're excited to show the
marketplace what the Premier team and our dealers will accomplish
next."
Founders Bob and Betty Menne and Lori Melbostad will continue with
the company under the new ownership as Premier starts to build its
new story.
About Premier Marine
For 25 years, Premier Marine, Inc., has manufactured "Premier"
brand pontoon boats -- http://www.pontoons.com/-- in Wyoming,
Minnesota. Premier Marine designs, builds and markets luxury
pontoons and holds many patents on manufacturing elements such as
furniture hinges, J-Clip rail fasteners and the PTX performance
package. The family-owned and operated Company sells its pontoons
through boat dealers located throughout the United States and
Canada.
Premier Marine is a family owned business formed in 1992 by Robert
Menne and Eugene Hallberg. The Menne family controls 72.8% of the
company equity. Hallberg controls the remaining 27.2% and is
Premier's landlord.
Premier Marine, Inc., filed a Chapter 11 petition (Bankr. D. Minn.
Case No. 17-32006) on June 19, 2017.
The need for reorganization in chapter 11 was precipitated by a
failed acquisition of another pontoon manufacturer in 2011. The
Chapter 11 was filed in response to an eviction action commenced by
Hallberg for the nonpayment of rent. The Chapter 11 is necessary
to attract a new equity partner, reject the Hallberg leases,
consolidate manufacturing under a single roof and reorganize the
business for the mutual benefit of the Debtor creditors, employees
and dealer network.
The bankruptcy petition was signed by Lori J. Melbostad, the
Debtor's president.
The Debtor estimated assets and liabilities between $10 million and
$50 million.
The case is assigned to Judge Katherine A. Constantine.
The Debtor's counsel are Michael F. McGrath, Esq., and Will R.
Tansey, Esq., at Ravich Meyer Kirkman McGrath Nauman & Tansey, A
Professional Association. Guidesource's Richard Gallagher is the
Debtor's financial consultant.
On June 27, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Fafinski, Mark &
Johnson, P.A., represents the committee as bankruptcy counsel.
R&A PROPERTIES: Hires LWBJ as Tax Advisor
-----------------------------------------
R&A Properties, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Iowa to employ David E. Watson
of LWBJ, as tax advisor to the Debtor.
R&A Properties requires LWBJ to, among other things, prepare the
2017 income tax returns and tax compliance regarding the sale of
property in 2018.
LWBJ will be paid at the hourly rate of $115 to $315.
LWBJ will also be reimbursed for reasonable out-of-pocket expenses
incurred.
David E. Watson, a senior partner with LWBJ, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
LWBJ can be reached at:
David E. Watson
LWBJ
4200 University Ave., Suite 410
West Des Moines, Iowa
Tel: (515) 457-2262
E-mail: dwatson@lwbj.com
About R&A Properties
Based in Urbandale, Iowa, R & A Properties Inc. listed its business
as a single-asset real estate. The Company has a fee simple
interest in certain properties in Des Moines.
R & A Properties sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Iowa Case No. 17-01000) on May 22,
2017. In the petition signed by Robert J. Colosimo, its treasurer
and director, the Debtor disclosed $192,307 in assets and $2.54
million in liabilities.
Wandro & Associates, P.C., serves as counsel to the Debtor. NAI
Optimum is the Debtor's real estate broker.
RAY ROGERS: $74K Sale of Nashville Property to Chandlers Approved
-----------------------------------------------------------------
Judge Richard D. Taylor of the U.S. Bankruptcy Court for the
District of Arkansas authorized Ray Rogers Timber Co., Inc.'s
private sale of its legal and equitable interests in the real
property and improvements generally located at 2325 Hwy. 371 West,
Nashville, Arkansas to Roger Chandler and Karon Chandler for
$74,400.
The private sale is free and clear of liens, and there being no
adverse interest represented
The Closing Date is March 30, 2018.
The Debtor is authorized to make payment from the proceeds of the
sale to the State of Arkansas, Department of Finance &
Administration, in the approximate amount of $1,376, plus any
additional interest accrued through closing, and the State will
thereby release its lien against the Real Property, and record said
Release in Howard County, Arkansas.
The Debtor is authorized to make payment of all remaining proceeds
from the sale of the Real Property, held as collateral by First
State Bank of DeQueen, directly to the Bank to be applied toward
loans held by the Debtor with the Bank, with the Bank releasing the
Real Property to be transferred to the Buyers.
About Ray Rogers Timber Company
Ray Rogers Timber Company, Inc., based in Nashville, Arizona, is
engaged in the business of cutting and selling timber, in the
ordinary course of its business.
Ray Rogers Timber Company, Inc., filed a Chapter 11 petition
(Bankr. W.D. Ark. Case No. 17-71461) on June 7, 2017. In the
petition signed by E. Ray Rogers, president, the Debtor estimated
$1 million to $10 million in both assets and liabilities. The Hon.
Richard D. Taylor presides over the case. Rufus E. Wolff, Esq., at
Wolff & Ward, PLLC, serves as bankruptcy counsel to the Debtor.
REAL ALLOY: Bankruptcy Court Approves Sale to Noteholders
---------------------------------------------------------
Real Alloy Holding, Inc. disclosed that, on March 29, 2018, the
U.S. Bankruptcy Court approved the sale of the Company to its
noteholders, led by DDJ Capital Management, who submitted the
previously announced "stalking horse bid" for total consideration
valued by the Debtors at US$364 million plus the assumption of
significant liabilities.
Under the terms of the executed asset purchase agreement filed with
the Bankruptcy Court on
March 28, 2018, the purchase price is comprised of a cash payment,
the assumption of certain liabilities of the Company, and a credit
bid in the amount of US$184 million. The sale includes all of the
operations owned and operated by Real Alloy in Canada, Germany,
Mexico, Norway, the United Kingdom and the United States.
Throughout the process, Real Alloy has and will continue its
operations uninterrupted in the ordinary course of business, and
will meet its day-to-day obligations to its customers, suppliers of
goods and services, and employees.
Management Comments
Terry Hogan, President of Real Alloy, stated, "We are pleased to
have received the Court's approval of the sale. Under this
agreement, Real Alloy will remain under ownership that has a firm
understanding of the Company's operations and looks to drive future
growth and profitability. As anticipated, our operations have
continued unabated during this process, with no disruption in
service or deliveries to our customers. As part of the sale, the
Company will maintain its headquarters in Beachwood, Ohio. All
parties are working earnestly toward a closing, which is subject to
certain regulatory approvals."
Additional Information on the Chapter 11 Proceedings
Court filings and other information related to the court-supervised
proceedings are available at a website administered by the
Company's claims agent, Prime Clerk, at
https://cases.primeclerk.com/realindustry. Additional information
on Real Alloy can be found at its website www.realalloy.com.
About Real Industry
Based in Beachwood, Ohio, Real Industry, Inc. (NASDAQ:RELY) is the
holding company for Real Alloy, the largest third-party aluminum
recycler in both North America and Europe. Real Alloy offers
products to wrought alloy processors, automotive original equipment
manufacturers, foundries, and casters. Real Alloy delivers
recycled metal in liquid or solid form according to customer
specifications and serves the automotive, consumer packaging,
aerospace, building and construction, steel, and durable goods
industries.
Real Industry has no funded debt. The funded debt obligations of
the Real Alloy debtors total $400 million, comprised of (i) $96
million outstanding under a $110 senior secured revolving
asset-based credit facility with Bank of America, and (ii) $305
million in principal outstanding under 10.00% senior secured notes
due 2019.
Real Industry, Inc., and Real Alloy Intermediate Holding, LLC, Real
Alloy Holding, Inc., and their U.S. subsidiaries filed voluntary
petitions (Bankr. D. Del. Lead Case No. 17-12464) seeking relief
under Chapter 11 of the Bankruptcy Code in Delaware on Nov. 17,
2017.
The Honorable Kevin J. Carey is the case judge. The Debtors tapped
Saul Ewing Arnstein & Lehr LLP as local bankruptcy counsel;
Jefferies LLC as the debtors' investment banker; Berkeley Research
Group, LLC as financial advisor; Ernst & Young LLP as auditor and
tax advisor; and Prime Clerk as the claims and noticing agent and
administrative advisor.
The Ad Hoc Noteholder Group tapped Latham & Watkins LLP as counsel;
Young Conway Stargatt & Taylor LLP as Delaware counsel; and Alvarez
& Marsal Securities, LLC, as financial advisor.
DDJ Capital Management, LLC, Osterweis Capital Management, HPS
Investment Partners, LLC, Hotchkis & Wiley Capital Management, and
Southpaw Credit Opportunity Master Fund L.P. comprise the Ad Hoc
Noteholder Group.
The Official Committee of Unsecured Creditors tapped Brown Rudnick
LLP as counsel; Duane Morris LLP as Delaware counsel; Miller
Buckfire & Co, LLC, as investment banker; and Goldin Associates,
LLC, as financial advisor.
The Ad Hoc Committee of Equity Holders of Real Industry tapped the
firms of Dentons US LLP and Bayard, P.A., as counsel.
* * *
When it filed for bankruptcy, Real Alloy entered into an agreement
with its existing asset-based facility lender and certain of its
bondholders for continued use of its $110 million asset-based
lending facility and up to $85 million of additional liquidity
through debtor-in-possession financing to fund ongoing business
operations.
As Real Industry has no access to the Real Alloy debtors'
postpetition financing, Real Industry accepted an unsolicited
proposal from 210 Capital, LLC and the Private Credit Group of
Goldman Sachs Asset Management L.P. for (i) up to $5.5 million in
postpetition financing, (ii) an equity commitment of $17 million
for up to 49% of the common stock, and (iii) a commitment to
provide a $500 million acquisition financing facility on terms to
be negotiated.
On March 1, 2018, Real Industry, Inc. filed a Plan of
Reorganization and the Disclosure Statement related thereto. The
Bankruptcy Court will hold a hearing to consider approval of the
Disclosure Statement on March 29, 2018 at 10:00 a.m. (Prevailing
Eastern Time).
RICHARDSON INVESTMENTS: Will Get Quitclaim Deed for Property
------------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee has entered an agreed order between
Elizabeth L. Murphy, as substituted for David Bridges, as Trustee,
and Richardson Investments, LLC of Nashville resolving the Debtor's
sale of the real property located at 5522 Clarksville Pike,
Joelton, Tennessee, to Cannonball and Phyllis White for $50,000,
subject to overbid.
The Debtor will obtain and record an executed quitclaim deed from
Robert Richardson thereby transferring the Real Property back in
the name of the Debtor within seven days from the entry of the
Agreed Order.
Within three days of the recordation of the Quitclaim Deed, the
Debtor will sign a Special Warranty Deed in blank conveying the
Real Property, which will be held in escrow by Counsel for the
Respondent pending the disposition of the Real Property pursuant to
the auction process set forth.
McLemore Auction Co., LLC is approved to advertise and sell the
Real Property at the Auction, pending approval of employment by the
Court. Such application will be heard upon an expedited basis and
with shortened notice. The Auction will be conducted within 30
days from the entry date of the Order.
The terms of the Auction are:
A. The Auction will be an absolute sale of the Real Property;
the Real Property is to be sold as is, where is, with such
advertising as the Respondent and the Debtor deem necessary;
B. The closing of the sale after the Auction will be conducted
by the counsel for Respondent, and will occur within 10 days of the
conclusion of the Auction. The counsel for Respondent will insert
the name of the purchaser in the Special Warranty Deed at closing;
and
C. The purchaser will obtain title to the Real Property free
and clear of any liens, claims or encumbrances of any sort, to the
fullest extent allowed under 11 U.S.C. Section 363.
The Sale Proceeds resulting from the Auction will be disbursed at
closing in the following order: first, to the expenses owed to
McLemore Auction; second, to the Respondent for application to the
amounts owing under the Judgment; and third, if any proceeds
remain, to the Debtor.
Upon the completion of the tasks set forth, the Respondent will
release its judgment lien on the real property located at 5424
Clarksville Pike, Whites Creek, Tennessee within 15 business days
of the receipt its portion of the Sales Proceeds; however, should
the actions not take place for any reason, the Respondent's
judgment lien on 5424 Clarksville Pike, Whites Creek, Tennessee
will not be released but will remain in full force and effect.
The Agreed Order will constitute the approval of the sale to the
highest bidder at the Auction, and may be recorded in evidence of
such approval. No other creditors are adversely affected by the
Order.
About Richardson Investments LLC of Nashville
Richardson Investments LLC, a small business debtor as defined in
11 U.S.C. Section 101(51D), is the fee simple owner of a commercial
strip center located at 5428 Clarksville Highway, Whites Creek,
Tennessee, valued by the company at $1.1 million. The company
reported gross revenue of $55,800 in 2016 and gross revenue of
$55,800 in 2015.
Richardson Investments LLC of Nashville sought Chapter 11
protection (M.D. Tenn. Case No. 17-07377) on Oct. 31, 2017. Judge
Randal S. Mashburn presides over the case.
The Debtor estimated total assets at $1.21 million and total
liabilities at $920,556.
The Debtor tapped Steven L. Lefkovitz, Esq., at Lefkovitz &
Lefkovitz as counsel.
The petition was signed by Gregory Richardson, its chief manager.
The Debtor can be reached at:
RICHARDSON INVESTMENTS LLC OF NASHVILLE
5428 Clarksville Highway
Whites Creek, TN 37189
ROBERT DONEHEW: Sale of Personal Property Approved
--------------------------------------------------
Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern
District of Florida authorized Robert H. Donehew's sale of personal
property items denoted on as Atlanta Home" in Exhibit A for the
best and highest price.
A hearing on the Motion was held on Nov. 16, 2017.
The proceeds from the sale of the personal property will be
deposited into the Charles M. Wynn Law Offices PA Trust Account for
Robert Donehew until such time as the Court enters an Order
authorizing their distribution.
A copy of the Exhibit A attached to the Order is available for free
at:
http://bankrupt.com/misc/Robert_Donehew_214_Order.pdf
Robert Holton Donehew sought Chapter 11 protection (Bankr. N.D.
Fla. Case No. 17-50121) on March 31, 2017. The Debtor tapped
Charles M. Wynn, Esq., at Charles M. Wynn Law Offices, P.A., as
counsel.
RSP PERMIAN: S&P Places 'B+' CCR on Watch Positive on Concho Deal
-----------------------------------------------------------------
On March 28, 2018, 'BBB-'rated Concho Resources Inc. announced it
had agreed to acquire Dallas-based oil and gas exploration and
production company RSP Permian Inc. in an all-stock transaction
valued at $9.5 billion, including the assumption of $1.5 billion of
RSP's net debt.
S&P Global Ratings is placing its ratings, including its 'B+'
corporate credit rating, on Dallas-based oil and gas exploration
and production company RSP Permian Inc. on CreditWatch with
positive implications.
S&P said, "We also placed the 'B+' issue-level rating on RSP's
senior unsecured notes on CreditWatch with positive implications.
"The recovery rating on this debt remains '3', indicating our
expectation of meaningful (50% to 70%; rounded estimate: 65%)
recovery to creditors in the event of a payment default.
The CreditWatch placement on RSP Permian reflects the likelihood
for an upgrade following the close of its acquisition by
higher-rated Concho Resources Inc..
"The transaction has been unanimously approved by the boards of
directors of both companies, but is subject to approval by Concho's
and RSP's shareholders, regulatory approval, and other customary
closing conditions. We do not anticipate any major issues to arise
during that process.
"If the transaction is completed as proposed, we would expect to
raise RSP's rating to that of Concho. We will resolve the
CreditWatch listing around the close of the transaction, which we
expect to occur by the end of the third quarter of 2018."
RXI PHARMACEUTICALS: Acquisition Results in $1.6M Tax Benefit
-------------------------------------------------------------
Management of RXi Pharmaceuticals Corporation and the Audit
Committee of the Board of Directors of the Company have determined
that the Company's interim financial statements for the quarters
ended March 31, 2017, June 30, 2017 and Sept. 30, 2017, previously
issued by the Company should no longer be relied upon. The
adjustment contained in the restated interim financial statements
for the Prior Periods is a non-cash charge, did not affect
previously reported net loss or operating cash flows and had no
impact on the Company's balance sheet.
The Company's management and the Audit Committee reached this
determination based on the Company's review of the tax-related
impact of the Company's acquisition of MirImmune Inc. The
Company's previously reported results for the Prior Periods did not
include the contemplation of deferred taxes based on the different
book basis and tax basis for the acquisition. The acquisition
resulted in an increase of $1.6 million to acquired in-process
research and development expense and a corresponding $1.6 million
income tax benefit resulting from the reduction in the Company's
valuation allowance due to the deferred tax liability created as a
result of the book and tax basis difference, which were not
accounted for properly.
To correctly present the aforementioned issue, the Company's
interim financial statements for the Prior Periods have been
restated in amendments to the Quarterly Reports on Form 10-Q for
the Prior Periods, filed with the Securities and Exchange
Commission on March 26, 2018. The Company's management, with the
participation of the Company's chief executive officer and acting
chief financial officer, has also concluded that the internal
control deficiencies specific to the aforementioned issue represent
a "material weakness" in its internal control over financial
reporting, and accordingly, the Company's disclosure controls and
procedures were not effective for the Prior Periods.
A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement
of a company's annual or interim consolidated financial statements
will not be prevented or detected on a timely basis. The Company
has developed, and is currently implementing, a remediation plan
for this material weakness. The Company will continue to execute
its remediation plan, which includes, among other things, increased
quarterly involvement of our third-party tax accountants and review
of the Company's tax accounting processes. The successful
remediation of this material weakness will require review and
evidence of the effectiveness of the related internal controls as
part of the Company's next quarterly evaluation of its disclosure
controls and procedures as of March 31, 2018.
Copies of the amended Financial Statements are available at:
https://is.gd/g1JBwY
https://is.gd/1UvwLS
https://is.gd/wnvrsx
About RXi
Headquartered in Marlborough, Massachusetts, RXi Pharmaceuticals
Corporation (NASDAQ: RXII) -- http://www.rxipharma.com-- is a
clinical-stage company developing innovative therapeutics that
address significant unmet medical needs. Building on the
pioneering discovery of RNAi, scientists at RXi have harnessed the
naturally occurring RNAi process which can be used to "silence" or
down-regulate the expression of a specific gene that may be
overexpressed in a disease condition. RXi developed a robust RNAi
therapeutic platform including self-delivering RNA (sd-rxRNA)
compounds, that have the ability to selectively block the
expression of any target in the genome, thus providing
applicability to many therapeutic areas. The Company's current
programs include dermatology, ophthalmology and cell-based cancer
immunotherapy. RXi's extensive patent portfolio provides for
multiple product and business development opportunities across a
broad spectrum of therapeutic areas and the Company actively
pursues research collaborations, partnering and out-licensing
opportunities with academia and pharmaceutical companies.
RXi Pharmaceuticals reported a net loss attributable to common
stockholders of $12.45 million on $15,000 of revenues for the year
ended Dec. 31, 2017, compared to a net loss of $11.06 million on
$19,000 of revenues for the year ended Dec. 31, 2017.
As of Dec. 31, 2017, RXi Pharmaceuticals had $4.09 million in total
assets, $2.26 million in total liabilities, all current, and $1.83
million in total stockholders' equity.
BDO USA, LLP, in Boston, Massachusetts, issued a "going concern"
opinion in its report on the consolidated financial statements for
the year ended Dec. 31, 2017, noting that the Company has suffered
recurring losses from operations, which are expected to continue,
that raise substantial doubt about its ability to continue as a
going concern.
RXI PHARMACEUTICALS: Reports $12.5 Million Net Loss for 2017
------------------------------------------------------------
RXi Pharmaceuticals Corporation filed with the Securities and
Exchange Commission its Annual Report on Form 10-K reporting a net
loss attributable to common stockholders of $12.45 million on
$15,000 of revenues for the year ended Dec. 31, 2017, compared to a
net loss of $11.06 million on $19,000 of revenues for the year
ended Dec. 31, 2017.
The increase in net loss was primarily driven by acquired
in-process research and development expense incurred for the
acquisition of MirImmune, offset by the one-time charge related to
the beneficial conversion feature of the Company's Series B
Convertible Preferred Stock in 2016.
For the three months ended Dec. 31, 2017, the Company reported a
net loss attributable to common stockholders of $2 million on
$15,000 of revenues compared to a net loss attributable to common
stockholders of $4.41 million on $0 of revenues for the same period
a year ago.
As of Dec. 31, 2017, RXi Pharmaceuticals had $4.09 million in total
assets, $2.26 million in total liabilities, all current, and $1.83
million in total stockholders' equity.
"In early 2018, RXi announced a strategic decision to solely focus
its development efforts on novel immuno-oncology treatments based
on its self-delivering RNAi platform. We have made good progress
by entering in development collaborations with some major cancer
research centers in Europe and in the US. The first results from
these collaborations are promising and support our goals to enter
into clinical testing in the coming 12 to 18 months," said Dr.
Geert Cauwenbergh, president and CEO of RXi Pharmaceuticals. He
further added, "RXi is well-positioned for success with the
potential to match and possibly surpass current antibody treatments
by exploiting the self-delivering attributes of our therapeutic
compounds for immuno-oncology using an adoptive cell transfer
approach. As outlined in January of this year, RXi is seeking to
monetize our dermatology and ophthalmology assets through
out-licensing or partnerships for which we have achieved proof of
concept in clinical trials, as such demonstrating the significant
therapeutic potential of our self-delivering RNAi platform. The
success of this initiative should provide additional non-dilutive
means to advance our ongoing internal programs and external
collaborations for our immuno-oncology pipeline and prepare for
entering the clinic in 2019."
At Dec. 31, 2017, the Company had cash of $3.6 million as compared
with $12.9 million at Dec0 31, 2016.
On Aug. 8, 2017, the Company entered into a purchase agreement with
Lincoln Park Capital Fund, LLC, pursuant to which the Company has
the right to sell to LPC up to $15 million in shares of the
Company's common stock, subject to certain limitations and
conditions, over the 30-month term of the purchase agreement. To
date, the Company has sold a total of 285,000 shares of common
stock to LPC for net proceeds of approximately $1.2 million.
BDO USA, LLP, in Boston, Massachusetts, issued a "going concern"
opinion in its report on the consolidated financial statements for
the year ended Dec. 31, 2017, noting that the Company has suffered
recurring losses from operations, which are expected to continue,
that raise substantial doubt about its ability to continue as a
going concern.
Revenues
In September 2017, the Company's collaborative partner BioAxone
Biosciences, Inc. received a grant award from the National
Institute of Neurological Disorders and Stroke. BioAxone has been
awarded a total of $1,794,895 to fund the collaborative project
over 24 months. For the Company's contribution, RXi will receive
approximately $129,000 in the first year with the potential to
receive an additional $118,800 in the second year after achieving
certain milestones. The two-year grant provides funding for
further development of BioAxone's preclinical candidate BA-434, a
novel sd-rxRNA compound that targets PTEN for the treatment of
spinal cord injury.
The Company had no revenue during the quarter ended Dec. 31, 2016.
Revenues for the quarter and year ended Dec. 31, 2017 were due to
the work performed by the Company under the grant with BioAxone.
Revenues for the year ended Dec. 31, 2016 were due to the Company's
exclusive out-licensing agreements with MirImmune, prior to its
acquisition by the Company, and Thera Neuropharma, Inc.
Research and Development Expenses
Research and development expense for the quarter ended Dec. 31,
2017 was $1.2 million, as compared with $1.3 million for the
quarter ended Dec. 31, 2016. The decrease was due to lower
spending on clinical trial-related expenses as subject visits in
each of the Company's ongoing clinical trials came to an end.
Research and development expense for the year ended Dec. 31, 2017
was $5.4 million, as compared with $5.4 million for the year ended
Dec. 31, 2016. Overall, expenses were consistent year over year
despite an increase in direct research and development expenses due
to the addition of the immuno-oncology program to the Company's
development pipeline in the first quarter of 2017 with the
acquisition of MirImmune, which was offset by a decrease in
non-cash stock-based compensation expense.
Acquired In-process Research and Development
In January 2017, the Company acquired all of the issued and
outstanding capital stock of MirImmune Inc., a privately-held
biotechnology company that was engaged in the development of cancer
immunotherapies, in exchange for securities of the Company. The
aggregate fair value of the consideration given, which includes
transaction costs, liabilities assumed and cancellation of notes
receivable, and the deferred tax impact of the acquisition was
recorded as in-process research and development expense.
Acquired in-process research and development expense related to the
acquisition of MirImmune was $5.0 million for the year ended Dec.
31, 2017. The Company did not have acquired in-process research
and development expense for the three months ended
Dec. 31, 2017 and 2016 and the year ended Dec. 31, 2016.
General and Administrative Expenses
General and administrative expense for the quarter ended Dec. 31,
2017 was $0.8 million, as compared with $1.0 million for the
quarter ended Dec. 31, 2016. The decrease was due to a reduction
in mailing and printing-related fees for the Company's annual
meeting, which last year was held in the December time-frame, as
well as a reduction in professional fees for legal services and
employee-related expenses as compared to the prior year quarter.
General and administrative expense for the year ended Dec. 31, 2017
was $4.0 million, as compared with $3.6 million for the year ended
Dec. 31, 2016. The increase was primarily due to payroll-related
expenses, including severance benefits, related to the Company's
former chief business officer and professional fees for
legal-related services.
Income Tax
The Company recognized an income tax benefit of $1.6 million for
the year ended Dec. 31, 2017 due to the tax-related impact of the
Company's acquisition of MirImmune Inc. The Company did not have
income tax expense or benefit for the three months ended Dec. 31,
2017 and 2016 and the year ended Dec. 31, 2016.
Nasdaq Compliance
On Jan. 23, 2018, the Company received written notice from the
Nasdaq Stock Market, LLC notifying the Company that it had regained
compliance with the minimum bid price requirement for continued
listing on The Nasdaq Capital Market. The written notice was sent
following the implementation of the Company's 1-for-10 reverse
split of the Company's common stock, which became effective on Jan0
8, 2018. At the effective time of the reverse stock split, every
ten shares of RXi common stock was combined into one share of
common stock, reducing the Company's issued and outstanding common
stock from 24.3 million shares to 2.4 million shares.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/6XcLAv
About RXi
Headquartered in Marlborough, Massachusetts, RXi Pharmaceuticals
Corporation (NASDAQ: RXII) -- http://www.rxipharma.com-- is a
clinical-stage company developing innovative therapeutics that
address significant unmet medical needs. Building on the
pioneering discovery of RNAi, scientists at RXi have harnessed the
naturally occurring RNAi process which can be used to "silence" or
down-regulate the expression of a specific gene that may be
overexpressed in a disease condition. RXi developed a robust RNAi
therapeutic platform including self-delivering RNA (sd-rxRNA)
compounds, that have the ability to selectively block the
expression of any target in the genome, thus providing
applicability to many therapeutic areas. The Company's current
programs include dermatology, ophthalmology and cell-based cancer
immunotherapy. RXi's extensive patent portfolio provides for
multiple product and business development opportunities across a
broad spectrum of therapeutic areas and the Company actively
pursues research collaborations, partnering and out-licensing
opportunities with academia and pharmaceutical companies.
SALESFORCE.COM INC: Egan-Jones Lowers LC Sr. Unsec. Rating to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 21, 2018, downgraded the local
currency senior unsecured rating on debt issued by Salesforce.com,
Inc. to BB from BB+.
Salesforce.com, Inc. is an American cloud computing company
headquartered in San Francisco, California.
SEADRILL LTD: Bank Debt Trades at 15.44% Off
--------------------------------------------
Participations in a syndicated loan under which Seadrill Ltd is a
borrower traded in the secondary market at 84.56
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.19 percentage points from the
previous week. Seadrill Ltd pays 300 basis points above LIBOR to
borrow under the $1.1 billion facility. The bank loan matures on
February 21, 2021. Moody's rates the loan 'Caa2' and Standard &
Poor's gave a 'CCC+' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
March 16.
SENIOR COMMUNITY: Seeks to Expand Scope of Work of Expert
---------------------------------------------------------
Senior Community Housing Long Beach, LLC, seeks authority from the
U.S. Bankruptcy Court for the Central District of California to
expand the scope of work of Fred Gaines, Esq., of Gaines & Stacey,
LLP, as an expert in Land Use and Entitlements.
Senior Community requires Fred Gaines to, among other things,
provide expert testimony concerning the Land Use and Development
issues relating to the subject property, including the effect of
access and easement issues.
Fred Gaines will be paid a flat fee of $5,000.
Fred Gaines will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Fred Gaines, Esq., a partner at Gaines & Stacey, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.
Fred Gaines can be reached at:
Fred Gaines, Esq.
GAINES & STACEY, LLP
16633 Ventura Blvd., Suite 1220
Encino, CA 91436
Tel: (818) 933-0200
Fax: (818) 933-0222
About Senior Community Housing
Long Beach, LLC
Senior Community Housing Long Beach, LLC, based in Winnetka,
California, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
17-12260) on Aug. 24, 2017. In the petition signed by Dean R.
Isaacson, president of the Debtor's managing partner, the Debtor
disclosed $1.65 million in total assets and $6.66 million in total
liabilities.
Judge Maureen Tighe presides over the case.
Michael R. Totaro, Esq., at Totaro & Shanahan, is the Debtor's
bankruptcy counsel while Mihel Law is the special litigation
counsel. Agredano Lozano and Associates is the Debtor's
consultant.
On Oct. 18, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The Committee retained
Marshack Hays LLP as its legal counsel.
SHARON HOLLOW: Hires Goldstein Bershad as Attorney
--------------------------------------------------
Sharon Hollow Enterprises, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Goldstein Bershad & Fried, P.C., as attorney to the Debtor.
Sharon Hollow requires Goldstein Bershad to:
a. provide legal advice and handle the legal affair of the
Debtor;
b. advise the Debtor on legal issues relating to the Chapter
11 process;
c. negotiate with creditors, and prepare the Chapter 11 Plan;
and
d. deal with legal issues that may arise in the bankruptcy
proceedings.
Goldstein Bershad will be paid based upon its normal and usual
hourly billing rates.
Goldstein Bershad will be paid a retainer in the amount of $7,500.
Goldstein Bershad has received an initial retainer of $7,020.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Goldstein Bershad will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Scott M. Kwiatkowski, a partner at Goldstein Bershad & Fried,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Goldstein Bershad can be reached at:
Scott M. Kwiatkowski, Esq.
GOLDSTEIN BERSHAD & FRIED, P.C.
4000 Town Center, Suite 1200
Southfield, MI 48075
Tel: (248) 355-5300
E-mail: scott@bk-lawyner.net
About Sharon Hollow Enterprises
Sharon Hollow Enterprises, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. E.D. Mich. Case No. 18-42050) on Feb. 19, 2018,
estimating under $1 million in both assets and liabilities. The
Debtor tapped Scott M. Kwiatkowski, Esq., at Goldstein Bershad &
Fried, P.C., as counsel.
SIENTRA INC: KPMG LLP Raises Going Concern Doubt
------------------------------------------------
Sientra, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$64.03 million on $36.54 million of net sales for the fiscal year
ended December 31, 2017, compared to a net loss of $40.17 million
on $20.73 million of net sales for the year ended in 2016.
KPMG LLP in Los Angeles, Calif., states that the Company's
recurring losses from operations, insufficient cash flows generated
from operations, potential violations of financial covenants and
need to obtain additional capital raise substantial doubt about its
ability to continue as a going concern.
The Company's balance sheet at December 31, 2017, showed total
assets of $92.21 million, total liabilities of $64.59 million, and
a total stockholders' equity of $27.62 million.
A copy of the Form 10-K is available at:
https://is.gd/h76Pg4
About Sientra, Inc.
Sientra, Inc., a medical aesthetics company, develops and sells
medical aesthetics products to plastic surgeons in the United
States. The company offers silicone gel breast implants for use in
breast augmentation and breast reconstruction procedures; breast
tissue expanders; and scar management products under the Sientra,
AlloX2, Dermaspan, Softspan, and BIOCORNEUM brand names.
SLEEP OASIS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of The Sleep Oasis Inc. as of March 29,
according to a court docket.
Headquartered in Saint Petersburg, Florida, The Sleep Oasis Inc.
filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case
No. 18-01605) on March 1, 2018, estimating its assets and
liabilities at between $100,001 and $500,000 each. James W.
Elliott, Esq., at McIntyre Thanasides Bringgold, Et. Al., serves as
the Debtor's bankruptcy counsel.
SOTHEBY'S: S&P Raises Rating on $400MM Unsecured Notes to 'BB-'
---------------------------------------------------------------
S&P Global Ratings revised its recovery rating on Sotheby's $400
million senior unsecured notes to '3' from '5'. The '3' recovery
rating indicates S&P's expectation for meaningful recovery
(50%-70%; rounded estimate: 55%) for debtholders in the event of a
default. S&P also raised its issue-level rating on the senior notes
to 'BB-' from 'B+'.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
S&P said, "We have valued the company on a discrete asset valuation
(DAV) given that the company's business model relies heavily on the
value of inventory assets and receivables, which are predominantly
authenticated fine art, decorative art, jewelry, wine, and
collectibles. We also include the estimated value in a default
scenario of the Manhattan headquarters in our DAV.
"Our simulated default scenario contemplates a significant decline
in the worldwide art auction market perhaps because of global
economic turmoil, which results in a precipitous drop in Sotheby's
revenue and margins. We expect these events, in turn, would impair
Sotheby's ability to meet its fixed-charge obligations, resulting
in covenant breaches, and ultimately in a payment default.
"The company has worldwide operations and the senior secured
revolver facilities have foreign co-borrowers that are obligors
with respect to its foreign borrowings. In the event of a payment
default, we believe the company would likely file for bankruptcy
protection in the U.S. only leaving foreign jurisdictions out of
bankruptcy if it could to mitigate administrative complications
from a multi-jurisdictional bankruptcy case."
Simulated default assumptions
-- Simulated year of default: 2022
-- Receivables drop commensurately with revenue decline and S&P
assumed a 40% decline in receivables and inventory, to which it
applied an 85% realization rate. 60% draw under the total $1.1
billion asset-based lending revolving credit facility (both agency
and SFS facilities are pari passu) as it is subject to borrowing
base.
-- Value in the Manhattan headquarters that exceeds the amount of
the mortgage given a 65% LTV covenant that takes effect in 2020.
Simplified waterfall
-- Net recovery value after 5% admin expenses: $1.1 billion
-- Priority claims: $220 million in mortgage debt and $677 million
in first-lien revolver debt
-- Net recovery value of $236 million that could satisfy the
assumed $410 million and accrued interest on the unsecured senior
note debt
-- Estimated recovery range for unsecured noteholders: 50% - 70%
(rounded estimate 55%)
RATINGS LIST
Sotheby's
Corporate Credit Rating BB-\Stable\--
Raised Issue Level Rating and Recovery Rating Revised
TO FROM
Sotheby's
Senior Unsecured BB- B+
Recovery Rating 3(55%) 5(10%)
SOUTHCROSS ENERGY: Unitholders OK Merger with American Midstream
----------------------------------------------------------------
Southcross Energy Partners, L.P.'s unitholders have voted to
approve the previously announced proposed merger of Southcross and
American Midstream Partners, LP and related matters pursuant to the
Agreement and Plan of Merger dated as of Oct. 31, 2017 by and among
Southcross, AMID, its general partner, and a certain wholly owned
subsidiary of AMID.
During a special meeting of unitholders held March 27, 2018,
investors voted on merger-related proposals, which included the
merger and a non-binding advisory vote on merger compensation. The
merger proposal passed with a vote of more than 95 percent of votes
cast by non-affiliated unitholders, representing approximately 64
percent of all outstanding units held by those unitholders. A
majority of the non-affiliated unitholders also approved the
advisory merger compensation proposal.
The closing of the merger remains subject to the closing conditions
described in the definitive proxy statement filed by SXE with the
Securities and Exchange Commission on Feb. 13, 2018. The merger is
expected to close in the second quarter of 2018.
About Southcross Energy
Southcross Energy Partners, L.P. --
http://www.southcrossenergy.com/-- is a master limited partnership
that provides natural gas gathering, processing, treating,
compression and transportation services and NGL fractionation and
transportation services. It also sources, purchases, transports
and sells natural gas and NGL. Its assets are located in South
Texas, Mississippi and Alabama and include two gas processing
plants, one fractionation plant and approximately 3,100 miles of
pipeline. The South Texas assets are located in or near the Eagle
Ford shale region. Southcross is headquartered in Dallas, Texas.
As of Dec. 31, 2017, Southcross Energy had $1.10 billion in total
assets, $604.6 million in total liabilities and $499.6 million in
total partners' capital. Southcross Energy incurred a net loss
attributable to partners of $67.65 million in 2017 following a net
loss attributable to partners of $94.99 million in 2016.
* * *
In February 2017, S&P Global Ratings said that it affirmed its
'CCC+' corporate credit and senior secured issue-level ratings on
Southcross Energy Partners L.P. The outlook is stable. The rating
action reflects S&P's view that the recent credit agreement
amendment limits the likelihood of a default in the next two years
as the partnership will have an improved liquidity position and
need no longer adhere to its leverage covenants.
In January 2016, that Moody's Investors Service downgraded
Southcross Energy's Corporate Family Rating to 'Caa1' from 'B2'.
Southcross' Caa1 CFR reflects its high financial leverage, limited
scale, concentration in the Eagle Ford Shale and Moody's
expectation of continued high leverage and challenging industry
conditions into 2017.
SPENCER GIFTS: FSIC Values $30 Million Loan at 54% of Face
----------------------------------------------------------
FS Investment Corporation has marked its $30,000,000 in loans
extended to privately held Spencer Gifts LLC to market at
$16,200,000 or 54% of the outstanding amount, as of Dec. 31, 2017,
according to a disclosure contained in a Form 10-K filing with the
Securities and Exchange Commission for the fiscal year ended Dec.
31, 2017.
FSIC extended to Spencer Gifts a Second Lien Senior Secured Loan
that is scheduled to mature June 29, 2022. The loan charges
interest at L+825.
Based in Egg Harbor Township, New Jersey, Spencer Gifts --
http://www.spencersonline.com/-- retails lifestyle products in the
United States and Canada.
SUMMIT MIDSTREAM: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 20, 2018, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Summit Midstream Partners, LLC to BB- from B.
Summit Midstream Partners, LLC operates as an energy company and
owns and operates midstream energy infrastructure in North America.
The company is based in Dallas, Texas.
SUNGARD AVAILABILITY: FSIC Values $10.7-Mil. Loan at 62% of Face
----------------------------------------------------------------
FS Investment Corporation has marked its $10,750,000 in loans
extended to privately held SunGard Availability Services Capital,
Inc. to market at $6,705,000 or 62% of the outstanding amount, as
of Dec. 31, 2017, according to a disclosure contained in a Form
10-K filing with the Securities and Exchange Commission for the
fiscal year ended Dec. 31, 2017.
FSIC issued Subordinated Debt extended to SunGard that is scheduled
to mature April 1, 2022. The loan charges interest at 8.80%.
SunGard -- https://www.sungardas.com/ -- is a provider of IT
production and recovery services, based in Wayne, Pennsylvania.
SUNSHINE SEATTLE: $177K Sale of Seattle Resto to Chef Lu Denied
---------------------------------------------------------------
Judge Timothy W. Dore of the U.S. Bankruptcy Court for the Western
District of Washington denied Sunshine Seattle Enterprises, LLC's
sale of its restaurant, Henry's Taiwan Restaurant, located at 4106
Brooklyn Avenue, Suite 102B, in the University District of Seattle,
Washington to Chef Ku, LLC for the sum equal to the amount
necessary to pay all creditors in full with interest at the federal
rate in the approximate amount of $176,899 (which includes the
interest paid over time).
A hearing on the Motion was held on March 23, 2018.
About Sunshine Seattle Enterprises
Sunshine Seattle Enterprises, LLC, operates a Taiwanese restaurant
in Seattle's University District called Henry's Taiwan Kitchen. It
leases the space in which it operates. Henry Kuo-Chiang Ku, 100%
owner and managing member of 15W Kitchen, LLC, manages the
restaurant.
An involuntary Chapter 11 petition (Bankr. W.D. Wash. Case No.
17-14983) was filed against Sunshine Seattle Enterprises on Nov.
14, 2017, by its creditor Henry Kuo-Chiang Ku. Larry B. Feinstein,
Esq., at Vortman & Feinstein, is the creditor's bankruptcy
counsel.
The Hon. Timothy W. Dore, the case judge, on Dec. 13, 2017, entered
for relief against Sunshine Seattle under Chapter 11 of the U.S.
Bankruptcy Code. The order for relief was entered after no
responses to the involuntary petition were filed.
Jeffrey B. Wells, Esq. and Emily Jarvis, Esq., at Wells and Jarvis,
P.S., serve as the Debtor's bankruptcy counsel.
SYNCREON GROUP: Bank Debt Trades at 8.34% Off
---------------------------------------------
Participations in a syndicated loan under which Syncreon Group BV
is a borrower traded in the secondary market at 91.66
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 3.49 percentage points from the
previous week. Syncreon Group pays 425 basis points above LIBOR to
borrow under the $525 million facility. The bank loan matures on
October 28, 2020. Moody's rates the loan 'Caa2' and Standard &
Poor's gave a 'B-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, March 16.
TOPS HOLDING II: Hires Hilco as Real Estate Advisors
----------------------------------------------------
Tops Holding II Corporation, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ Hilco Real Estate, LLC, as real estate
advisors to the Debtors.
Tops Holding II requires Hilco to:
a. consult with the Debtors and counsel for the Debtors to
ascertain the Debtors' goals, objectives, and financial
parameters, including, timing and targeted value
expectations;
b. consult with Debtors and counsel for the Debtors and any
third parties as the Debtors and counsel for the Debtors
may direct with respect to the Debtors' strategic plan for
selling, assigning, termination, or modifying and leases;
c. upon a direction from the Debtors or counsel for the
Debtors negotiate the terms of the sale, assignment,
modification, or termination of such leases on the Debtors'
behalf with third parties or landlords, in each case,
subject to approval of the Debtors;
d. provide oral or written reports periodically to the Debtors
and counsel for the Debtors regarding status of
negotiations; and
e. assist the Debtors and counsel of the Debtors in closing
the pertinent lease sale, assignment, modification, or
termination agreements.
Hilco will be paid as follows:
a. Assignment/Sales. For each Lease 6 that becomes an
Assigned/Sold Lease, Hilco shall earn a fee equal to
4% of any cash value paid to the Debtors for the Lease. The
amounts payable on account of Assigned/Sold Lease shall be
paid in a lump sum upon closing of the transaction having
the effect of selling or assigning the Lease.
b. Restructuring. For each Lease that becomes a Restructured
Lease, Hilco shall earn a fee equal to the a base fee of
$1,500 plus the Aggregate Restructured Lease Savings
multiplied by four 4%, provided that any Restructured Lease
Savings attributable to a term shortening through a
specific reduction of a term or a tenant kick-out right
shall be multiplied by one and 1.33%, rather than 4%. The
amounts payable on account of a Restructured Lease shall
be paid in a lump sum upon closing of the transaction
having the effect of restructuring the Lease.
c. Termination. For each Lease that becomes a Terminated
Lease, Hilco shall earn a fee equal to the 4% of any cash
value paid to the Debtors by the landlord in exchange for
the termination of the Lease. The amounts payable on
account of a Terminated Lease shall be paid in a
lump sum upon closing of the transaction having the effect
of terminating the Lease.
Hilco will also be reimbursed for reasonable out-of-pocket expenses
incurred subject to a fee cap of $10,000.
Ryan O. Lawlor, the vice-president and assistant general counsel of
Hilco Real Estate, LLC, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.
Hilco can be reached at:
Ryan O. Lawlor
HILCO REAL ESTATE, LLC
5 Revere Drive, Suite 206
Northbrook, IL 60062
Tel: (847) 418-2086
E-mail: rlawlor@hilcoglobal.com
About Tops Holding II Corporation
Tops Markets, LLC -- http://www.topsmarkets.com/-- is
headquartered in Williamsville, NY and operates 169 full-service
supermarkets with five additional by franchisees under the Tops
Markets banner. Tops employs over 14,000 associates and is a
full-service grocery retailer in Upstate New York, Northern
Pennsylvania, and Vermont.
Tops Management, led by Frank Curci, its chairman and chief
executive officer, acquired Tops in December 2013 through a
leveraged buyout from Morgan Stanley's private equity arm. Morgan
Stanley bought the company in 2007 from the Dutch retailer now
known as Koninklijke Ahold Delhaize NV. In 2010, Tops acquired The
Penn Traffic Company, a local chain with 64 stores. In 2012, it
purchased 21 Grand Union Family Markets stores.
Tops Holding II Corporation, and its subsidiaries, including Tops
Markets, LLC, sought Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 18-22279) on Feb. 21, 2018, to pursue a financial
restructuring that would eliminate a substantial portion of debt
from the Company's balance sheet and position Tops for long-term
success.
The Company listed total assets of $977 million and total
liabilities at $1.17 billion as of Dec. 30, 2017.
The Debtors hired Hilco Real Estate, LLC, as their real estate
advisor, and Epiq Bankruptcy Solutions, LLC, as their claims and
noticing agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 6, 2018.
TRANSPLACE HOLDINGS: S&P Affirms B- Rating on Upsized 1st Lien Loan
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issue-level rating and '3'
recovery rating on Transplace Holdings Inc.'s upsized $425 million
first-lien term loan due in 2024. The '3' recovery rating indicates
S&P's expectation of meaningful (50%-70%; rounded estimate: 50%)
recovery for debtholders in the event of a payment default.
Transplace plans to use the $25 million in proceeds to pay down its
second-lien term loan.
S&P said, "At the same time, we affirmed our 'CCC' issue-level and
'6' recovery ratings on the company's $110 million second-lien term
loan due in 2024. The '6' recovery rating indicates our expectation
of negligible (0%-10%; rounded estimate: 0%) recovery.
"Our 'B-' corporate credit rating on Transplace reflects its
position in the large and fragmented transportation management
sector, and our belief that the company's leverage will remain at
least 7x following its acquisition by TPG Capital in October 2017.
Our outlook is stable."
RATINGS LIST
Transplace Holdings Inc.
Corporate Credit Rating B-/Stable/--
Ratings Affirmed
Transplace Holdings Inc.
Tupelo Buyer Inc.
Senior Secured B-
Recovery Rating 3 (50%)
Senior Secured CCC
Recovery Rating 6 (0%)
TSC/NESTER'S LANDING: Property Sale, JV Investor to Fund Plan
-------------------------------------------------------------
TSC/Nester's Landing, LLC, filed with the U.S. Bankruptcy Court for
the District of Maryland a plan of reorganization and disclosure
statement, which propose the following classification and treatment
of claims:
Class 1: Allowed Baltimore County, Maryland Secured Claim. The
holder of the Allowed Claim in Class 1 will retain its lien on the
Real Property. The Reorganized Debtor will market the Real Property
for sale in a commercially reasonable manner. At closing on the
sale of the Real Property, the Allowed Class 1 Claim will be paid
in full from Available Cash, with interest at the Legal Interest
Rate. Class 1 is impaired by the Plan.
Class 2: Allowed Claims Merritt Lending, LLC. The holder of the
Allowed Claims in Class 2 will retain its liens on the Real
Property. The Reorganized Debtor will market the Real Property for
sale in a commercially reasonable manner. During the time that the
Real Property is being marketed, the holder of the Class 2 Claims
will receive monthly payments of interest at the non-default
contract rate on the principal balance of the Class 2 Claims to the
extent there is Available Cash to fund such payments. At closing on
the sale of the Real Property, after payment in full of the Allowed
Class 1 Claim, the balance of the Allowed Class 2 Claims shall be
paid in full. Class 2 is impaired by the Plan.
Class 3: Allowed Priority Claims. After all holders of Allowed
Administrative Expense Claims and Allowed Class 1 and 2 Claims have
received payment of the full amount of such Allowed Claims as
provided in the Plan, each holder of an Allowed Class 3 Priority
Claim shall receive a Pro Rata distribution from Available Cash
until such Allowed Class 3 Claims are paid in full. Class 3 is
impaired by the Plan.
Class 4: Allowed General Unsecured Claims. After all holders of
Allowed Administrative Expense Claims and Allowed Class 1, 2, 3,
and 4 Claims have received payment of the full amount of such
Allowed Claims as provided in the Plan, each holder of an Allowed
Class 4 General Unsecured Claim shall receive a Pro Rata
distribution from Available Cash until such Allowed Class 4 Claims
are paid in full. Class 5 is impaired by the Plan.
Class 5: Allowed Insider Claims. After all holders of Allowed
Administrative Expense Claims and Allowed Class 1, 2, 3, and 4
Claims have received payment of the full amount of such Allowed
Claims as provided in the Plan, each holder of an Allowed Class 5
Claim shall receive a Pro Rata distribution from Available Cash
until such Allowed Class 5 Claims are paid in full. Class 6 is
impaired by the Plan.
Class 6: Allowed Equity Interest. Upon the Effective Date, the
holder of 100% of the Equity Interest shall retain such Equity
Interest. The holder of the Equity Interest shall not be entitled,
and shall not receive, any distribution of Available Cash on
account of such Equity Interest under the Plan until holders of all
Allowed Claims have been paid in full as provided under the Plan.
Class 6 is impaired by the Plan.
The Debtor is a Maryland LLC organized in 2014 for the purpose of
developing commercial real estate in Baltimore County, Maryland,
and is wholly owned by the AN&J Family Trust. The Debtor owns in
fee simple 17.021 acres of real property ("the Property"), which
has been subdvided into 14 buildable lots, some of which are
improved by a residential home which is not occupied. The Debtor
holds these lots for sale to third parties. The real property was
acquired on January 30, 2015.
The Plan will be funded by the proceeds of the sale of the
Property, together any contribution made by a Joint Venture
Investor. Additional cash investments to fund payments to Merritt
Lending, LLC, will be made by AN&J Family Trust, and/or S. Bruce
Jaffe, or their designee. The Debtor will have no obligation to
repay any funds advanced for this purpose.
A full-text copy of the Disclosure Statement dated March 26, 2018
is available at:
http://bankrupt.com/misc/mdb17-25913-49.pdf
About TSC/Green Acres and
TSC/Nester's Landing
Based in Columbia, Maryland, TSC/Green Acres Road owns in fee
simple interest subdivided lots located at 7345 Green Acres Drive,
Glen Burnie, MD valued by the company at $2.08 million. Its
affiliate TSC/Nester's Landing is also the fee simple owner of a
property located at 1915 Turkey Point Road, Baltimore County
(consisting of subdivided lots) valued at $1.89 million.
TSC/Green Acres Road, LLC and its affiliate TSC/Nester's Landing,
LLC, filed separate Chapter 11 bankruptcy petitions (Bankr. D. Md.
Case Nos. 17-25912 and 17-25913, respectively) on Nov. 28, 2017.
Gerard McDonough, trustee for AN&J Family Trust, signed the
petitions.
TSC/Green Acres Road disclosed total assets of $2.57 million and
total liabilities of $2.60 million as of the bankruptcy filing.
TSC/Nester's Landing disclosed total assets of $1.89 million and
total liabilities of $1.69 million.
The Hon. David E. Rice presides over TSC/Green Acres' case, while
the Hon. Robert A. Gordon is assigned to TSC/Nester's Landing's
case.
David W. Cohen, Esq., at the Law Office of David W. Cohen, serves
as counsel to the Debtors.
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of TSC/Nester's Landing, LLC, as
of Jan. 30, 2018, according to a court docket.
TURNING POINT: S&P Assigns 'BB' Ratings to $210MM Secured Loans
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level ratings to
Louisville, Ky.-based Turning Point Brands Inc.'s (TPB) five-year
$50 million senior secured revolving credit facility and five-year
$160 million senior secured first-lien term loan. S&P said, "We
also assigned our 'B' issue-level rating to the company's six-year
$40 million senior secured second-lien term loan. The '1' recovery
rating on the revolver and first-lien term loan indicates our
expectation that lenders could expect very high (90% to 100%,
rounded estimate: 95%) recovery in the event of a payment default.
The '5' recovery rating on the second-lien term loan indicates our
expectation that lenders could expect modest (10% to 30%, rounded
estimate: 25%) recovery in the event of a payment default. The
company used the proceeds from the term loans to refinance its
existing debt."
S&P said, "Our 'B+' corporate credit rating on TPB remains
unchanged. The outlook is stable. We estimate total debt
outstanding of about $200 million.
"Our ratings on TPB reflect its limited scale, narrow business
focus, and weak position in intensely competitive subsegments of
the other-tobacco-products (OTP) industry. TPB maintains leading
positions in the cigarette papers and chewing tobacco segments of
the OTP industry, and modest market shares in certain growing but
intensely competitive categories such as moist snuff. While its
vaping and other-nontobacco-product portfolio represents
significant growth opportunities, the company's traditional smoking
and smokeless tobacco products still represent the majority of its
profitability and are generally in decline. The company also lacks
the scale, financial flexibility, and brand equity of larger
competitors such as Altria Group Inc. and Swedish Match. We
nonetheless forecast leverage will improve to the mid-3x area over
the next year, driven by a more conservative financial policy, as
well as solid growth from its vaping and moist snuff product
portfolios, and good cash generation from mature, high-margin
products (such as cigarette papers and chewing tobacco). Our
ratings assume the U.S. Food & Drug Administration will not enact
detrimental regulation over the next few years on noncombustible
tobacco products in any of TPB's key categories."
RATINGS LIST
Turning Point Brands Inc.
Corporate Credit Rating B+/Stable/--
New Rating
Turning Point Brands Inc.
Senior Secured
$50 mil revolver due 2023 BB
Recovery Rating 1(95%)
$160 mil 1st lien term loan due 2023 BB
Recovery Rating 1(95%)
$40 mil 2nd lien term loan due 2024 B
Recovery Rating 5(25%)
UNIVERSAL LAND: Auction Sale of Additional Real Property Approved
-----------------------------------------------------------------
Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized Universal Land & Livestock,
LLC's sale of a portion of its real estate located in Vermillion
County, Indiana, consisting of approximately 1,044 gross acres, at
auction to be conducted by Lowderman Auction & Real Estate.
A hearing on the Motion was held on March 13, 2018.
The Additional Real Estate will be sold "as-is" with no express or
implied warranty, and free and clear of all liens, claims,
interests and encumbrances.
The 14-day stay imposed by Rule 6004(h) of the Federal Rules of
Bankruptcy Procedure is waived.
Upon completion of the Auction, Lowderman will be paid upon
application and approval for compensation in accordance with the
terms of the Employment Order.
The Debtor is directed to file a report of sale within 15 days of
closing on the Additional Real Estate or as soon thereafter as
possible. It is directed to hold the net proceeds, if any, in
escrow subject to further order of the Court.
Notwithstanding the forgoing, the Debtors will pay First Financial
Bank's claims up to the full amount of its claims at closing on the
Sale.
The Order on Agreed Entry is modified to increase the Acceptable
Value by $2,600,000 to $7,346,505.
The Order a final order.
About Universal Land
Universal Land & Livestock, LLC, owns and operates a cattle-fishing
operation located in Vermillion County, Indiana. The cattle
finishing business includes a cow/calf operation in house breeding,
and finishing cattle off to market weight fats. The Company owns
3,800 acres of farm ground located in Vermillion County, Indiana;
Vigo County, Indiana; and Edgar County, Illinois.
Universal Land filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Ind. Case No. 17-80750) on Nov. 9, 2017. In the petition
signed by Peter Krieger, partner, the Debtor estimated its assets
and debt at between $10 million and $50 million.
Judge Jeffrey J. Graham presides over the case.
John Joseph Allman, Esq., and David R. Krebs, Esq., at Hester Baker
Krebs LLC, serve as the Debtor's bankruptcy counsel.
VRG LIQUIDATING: April 19 Auction of Visa/MC Claims Set
-------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. the U.S. Bankruptcy
Court for the District of Delaware authorized VRG Liquidating, LLC
and affiliates' bidding procedures in connection with the sale of
any and all Visa/MC Claims it may hold in connection with the
putative consolidated class action styled In re Payment Card
Interchange Fee and Merchant Discount Antitrust Litigation, Case
No. 1:05-md-01720-JG-JO, and the injuries alleged therein,
including the right to a monetary recovery, to VonWin Capital
Management, L.P. for $525,000, subject to overbid.
As described in the Bidding Procedures, if the Debtors do not
receive any qualified competing bids to acquire the Visa/MC Claims
(other than from the Stalking Horse Bidder), the Debtors will not
hold the Auction, the Stalking Horse Bidder will be the Successful
Bidder, and the Debtors will ask approval at the Sale Hearing of
the Sale of the Visa/MC Claims to the Stalking Horse Bidder, in
accordance with the terms of the Stalking Horse APA.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: April 16, 2018 at 5:00 p.m. (ET)
b. Minimum Bid: All bids must (i) indicate a purchase price of
at least $550,000 in cash consideration, (ii) remain irrevocable
until twenty-four (24) hours after the conclusion of the Sale
Hearing and continue to remain irrevocable if the bid is selected
as the Successful Bid or a back-up bid, and (iii) not provide for
any break-up fee, termination fee, expense reimbursement, or any
other type of transaction fee.
c. Deposit: 10% of the proposed purchase price
d. Auction: If the Debtors receive a qualified competing bid,
they will conduct the Auction on April 19, 2018 at 1:00 p.m. (ET)
by telephone to determine the highest or otherwise best bid for the
Visa/MC Claims. Any creditor may telephonically attend the
Auction.
e. Bid Increments: $10,000
f. Sale Hearing: April 23, 2018 at 11:00 a.m. (ET)
g. Sale Objection Deadline: Seven days before the Sale
Hearing
A copy of the Bidding Procedures attached to the Order is available
for free at:
http://bankrupt.com/misc/VRG_Liquidating_1817_Order.pdf
If the Auction is conducted, (i) each party participating in the
Auction will be required to confirm that it has not engaged in any
collusion with respect to the bidding process or the Sale and (ii)
the Auction will be conducted openly and will be transcribed.
The Debtors' entry into the Stalking Horse APA is approved. The
Termination Fee as set forth in the Stalking Horse APA, and the
provisions of the Stalking Horse APA relating thereto, are
approved. The Debtors are required to pay the Termination Fee to
the Stalking Horse Bidder to the extent due and payable under the
Stalking Horse APA.
The Sale Hearing will take place in the Court on April 23, 2018 at
11:00 a.m. (ET).
The deadline to file objections, if any, to the Sale is April 16,
2018 at 4:00 p.m. (ET). Any objections must be filed no later than
the Sale Objection Deadline.
The Sale Notice is approved. Within three business days after
entry of the Order, the Debtors will file the Sale Notice with the
Court and serve upon all Sale Notice parties.
The Order will be immediately effective and enforceable upon its
entry.
About VRG Liquidating
Headquartered in Meriden, Connecticut, Vestis Retail Group, LLC, et
al., operate 144 retail stores, which are located in 15 states.
Bob's Stores operates 36 stores throughout New England, New York,
and New Jersey. Eastern Mountain Sports operates 61 stores,
located primarily in the Northeastern states. Sport Chalet
operates 47 stores throughout California, Arizona, and Nevada.
Bob's Stores and EMS primarily operate stores located in the
Northeastern states, while Sport Chalet's stores, which are
currently being liquidated, are located in the Western states.
Vestis and its affiliates operated e-commerce sites at
http://www.bobstores.com/, http://www.sportchalet.com/, and
http://www.ems.com/
Vestis Retail Group LLC and eight of its affiliates filed Chapter
11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 16-10971) on
April 18, 2016. The Debtors estimated assets of up to $50,000 and
debt of $100 million to $500 million. The petitions were signed by
Thomas A. Kennedy, their secretary.
Judge Laurie Selber Silverstein is assigned to the cases.
The Debtors have hired Young, Conaway, Stargatt & Taylor, LLP, as
their counsel, FTI Consulting, Inc. and Lincoln Partners Advisors
LLC as their financial advisor and Kurtzman Carson Consultants,
LLC, as their claims and noticing agent, KPMG LLP as tax compliance
and consulting service provider.
An official committee of unsecured creditors has been appointed in
the cases. The Committee has tapped Cooley LLP as its lead counsel
and Polsinelli as conflicts counsel. Zolfo Cooper, LLC, serves as
its bankruptcy consultant and financial advisor.
* * *
In April 2016, Vestis Retail Group LLC successfully restructured
and recapitalized Eastern Mountain Sports and Bob's Stores through
a Section 363 sale to an affiliate of Versa Capital Management LLC,
the Debtors' lender, in exchange for the satisfaction of some debt,
a $3 million cash contribution to the estate and the assumption of
some liabilities. The Company's remaining retailer, Sport Chalet,
was concurrently divested through an organized wind down.
W. W. CONSTRUCTION: $19K Sale of 2005 Trailking Trailer to Approved
-------------------------------------------------------------------
Judge David W. Hercher of the U.S. Bankruptcy Court for the
District of Oregon authorized W. W. Construction, LLC's sale of a
2005 Trail King trailer, plate number HU84584, VIN
1TKA048255M050810, Title Number 1607547903, to Granite Excavation,
Inc., for $19,000.
The sale is free and clear of liens.
The proceeds of sale will be disbursed to the Debtor.
About W. W. Construction
W. W. Construction, LLC, is a family owned and operated business
founded in 1988 and is headquartered in Newport, Oregon. Acting as
a general and sub contractor, W. W. Construction provides
excavating, site work and underground utilities for projects
located across the Northwest.
W. W. Construction filed a Chapter 11 petition (Bankr. D. Ore. Case
No. 18-60234) on Jan. 29, 2018. In the petition signed by Beth
Wheeler, managing member, the Debtor estimated $1 million to $10
million both in assets and liabilities. The case is assigned to
Judge David W Hercher. Douglas R. Ricks, Esq., at Vanden Bos &
Chapman, LLP, is the Debtor's counsel.
WCA WASTE: S&P Affirms 'B+' ICR on $100MM 1st Lien Loan Add-On
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Houston-based WCA Waste Corp. (WCA) following its proposed $100
million add-on to its first-lien debt to repay its revolver
borrowings of about $48 million. The remainder will be held in
cash. The outlook is stable.
As part of this transaction, WCA is repricing its senior secured
credit facilities, including its revolving credit facility and term
loan (including the $100 million add-on). In addition, the $125
million revolving credit facility will be extended to February 2023
(six months before the term loan B maturity) from August 2021.
S&P said, "We also affirmed our 'B+' issue-level rating on the
company's senior secured credit facilities, indicating our
expectation for meaningful recovery in the event of a default. The
senior secured credit facilities consist of a $125 million revolver
and a $400 million (including the proposed $100 million add-on)
first-lien term loan, both due in 2023.
"The affirmation of our 'B+' issuer credit rating reflects our
expectation that leverage will be largely unchanged after factoring
in acquisitions which will increase EBITDA in 2018. We expect WCA
will use the cash from this transaction with modest debt borrowings
to fund near-term acquisitions, leaving leverage largely unchanged
on a pro forma basis in 2018.
"The outlook on WCA is stable, reflecting stable operating trends
and financial policies that support current ratings. We expect the
company's FFO-to-adjusted-debt ratio to remain between 12% and 20%.
Steady revenue streams from its landfills and collection
operations, a decent market presence in the South, and
contributions from acquisitions should help diversify WCA's service
mix and support operating results.
"If competitive pressures or operating inefficiencies contribute to
significant deterioration in WCA's earnings, this could result in
reduced covenant cushions and liquidity or an inability to maintain
the target financial ratio. For example, if EBITDA margins were to
compress by more than 200 basis points (bps), this could result in
headroom under WCA's debt to EBITDA covenant falling below 10%.
This could limit the company's availability under its revolving
credit facility and prompt us to consider a downgrade. In another
scenario, we may consider a downgrade if the company increases
leverage to fund an acquisition or for an imprudent use of cash,
and its FFO–to-adjusted-debt ratio falls below 12% with unlikely
prospects for improvement. This could happen if 2018 EBITDA margins
contract 400 bps from our base-case scenario.
"Given WCA's limited competitive position and diversity among other
solid-waste services companies, along with its current capital
structure in relation to its cash flow generation ability, an
upgrade appears unlikely in the next year. However, if the company
increases its FFO–to-adjusted-debt ratio above 20% on a sustained
basis, we could consider an upgrade, which could result from a
400-bps EBITDA margin expansion coupled with a 200-bps increase in
revenue growth from our base case scenario. In addition, we would
also need to believe that future financial policies will support
this improvement on a sustained basis."
WEINSTEIN CO: Lead Plaintiff in Class Suit Serving on Committee
---------------------------------------------------------------
The lead plaintiffs in the class-action lawsuit pending against
Harvey Weinstein, The Weinstein Company (TWC) and certain TWC
directors disclosed that lead plaintiff Louisette Geiss has been
selected to serve on the Official Committee of Unsecured Creditors
by the United States Trustee in the bankruptcy case filed by The
Weinstein Company, according to her attorneys at Hagens Berman and
The Armenta Law Firm.
After an extensive application and interview process with T.
Patrick Tinker, Assistant U.S. Trustee, District of Delaware,
Region 3, Ms. Geiss was selected to serve on one of the five seats,
along with Sandeep Rehal, William Morris Endeavor, Light Chaser
Animation and Access Digital parent company, Cinnedine.
"Hundreds of people were mistreated by The Weinstein Company and
lost their ability to work in the entertainment industry because
they took a stand. I am proud to have been chosen to vigorously
represent the interests of those who courageously said 'no,'" said
Ms. Geiss, who was one of the first women to speak up and disclose
her harrowing experiences with Harvey Weinstein. Ms. Geiss is a
businesswoman, actor, producer, mother and vocal activist in the
#MeToo movement.
In this capacity, Ms. Geiss will have a voice in assessing the
procedures and wisdom of the sale of the debtor's assets, proposed
by TWC to Lantern Asset Capital Management. Her role will extend
to representing all unsecured creditors, including the claims of
the victims who were harassed and targeted by Harvey Weinstein, as
well as those parties that enabled his systemic sexual harassment.
Ms. Geiss was selected after an extensive interview process, based
on her merit, her commitment and her ability to perform the complex
function of a member of the committee with tenacity and passion.
Ms. Geiss's candidacy to the committee was supported with letters
of support from victims throughout the country, expressing their
views of the importance of seating a survivor to the committee.
Ms. Geiss's work began immediately, with participation in the
selection of the professionals who will advise the Official
Committee of Unsecured Creditors, assessing the quick sale proposed
by TWC and participation to ensure that all unsecured creditors are
treated fairly, including the victims, whose claims are anticipated
to dwarf the claims of the other unsecured creditors such as Viacom
and Sony.
Ms. Geiss will be advised by co-lead counsel, Hagens Berman, M.
Cris Armenta and Credence Sol of The Armenta Law Firm, Ed Neiger of
ASK LLP of New York and Mark Horoupian of Sulmeyer, Kupetz, Baumann
& Rothman.
"Ms. Geiss has several duties, including determining if the
proposed sale is the best transaction. We want to ensure that it
will not leave Harvey's victims without compensation, contrary to
what he himself and The Weinstein Company have claimed since
October," said M. Cris Armenta, counsel to the lead plaintiffs and
to Ms. Geiss. "The Weinstein Company has a responsibility to
ensure that victims' claims are honored as fairly as its
obligations to its other creditors."
"It is crucial that the victims have a voice on this Committee
because this committee will play a vital role in the direction and
outcome of the bankruptcy case. Ms. Geiss intends to passionately
advocate for the victim constituency as part of her broader duty to
all unsecured creditors," said Ed Neiger.
"While sales in bankruptcy are often designed to cleanse a company
of its debts and shield the buyer from successor liability, Ms.
Geiss intends to use her position on the Committee to assure that
victim claims are adequately addressed through the sale process,
and that victims and trade creditors alike are not left holding the
bag," said Mark Horoupian.
The Weinstein Company filed a Chapter 11 Petition in the United
States Bankruptcy Court in Delaware, asking the court for short
time frames to potentially approve the sale of all of its assets to
a private equity fund with no or scant experience in the
entertainment industry. TWC's attorneys argued to Judge Mary
Walrath that interim funding and a quick sale were needed in order
to keep existing employees.
Ms. Geiss was one of six plaintiffs who stepped forward in December
of 2017 to publicly sue Harvey Weinstein, Miramax, The Weinstein
Company and its board of directors in a class-action lawsuit
representing a proposed class of hundreds of actresses who suffered
sexual assault, false imprisonment, battery, rape and other heinous
sexual acts at the hands of Harvey Weinstein.
About The Weinstein Company
The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- is a
multimedia production and distribution company launched in 2005 in
New York by Bob and Harvey Weinstein, the brothers who founded
Miramax Films in 1979. TWC also encompasses Dimension Films, the
genre label founded in 1993 by Bob Weinstein. During Harvey and
Bob's tenure at Miramax and TWC, they have received 341 Oscar
nominations and won 81 Academy Awards.
TWC dismissed Harvey Weinstein in October 2017, after dozens of
women came forward to accuse him of sexual harassment, assault or
rape.
The Weinstein Company Holdings LLC and 54 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19,
2018 after reaching a deal to sell all assets to Lantern Asset
Management for $310 million.
The Weinstein Company Holdings estimated $500 million to $1 billion
in assets and $500 million to $1 billion in liabilities.
The Hon. Mary F. Walrath is the case judge.
CRAVATH, SWAINE & MOORE LLP is the Debtors' bankruptcy counsel,
with the engagement led by Paul H. Zumbro, George E. Zobitz, and
Karin A. DeMasi, in New York.
RICHARDS, LAYTON & FINGER, P.A., is the local counsel, with the
engagement headed by Mark D. Collins, Paul N. Heath, Zachary I.
Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington,
Delaware.
FTI CONSULTING, INC., is the restructuring advisor. MOELIS &
COMPANY LLC is the investment banker. EPIQ BANKRUPTCY SOLUTIONS,
LLC, is the claims and noticing agent.
WINDSTREAM CORP: Bank Debt Trades at 11.42% Off
-----------------------------------------------
Participations in a syndicated loan under which Windstream Corp is
a borrower traded in the secondary market at 88.58
cents-on-the-dollar during the week ended Friday, March 16, 2018,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.61 percentage points from the
previous week. Windstream Corp pays 325 basis points above LIBOR to
borrow under the $580 million facility. The bank loan matures on
February 17, 2024. Moody's rates the loan 'B3' and Standard &
Poor's gave a 'BB-' rating to the loan. The loan is one of the
biggest gainers and losers among 247 widely quoted syndicated loans
with five or more bids in secondary trading for the week ended
Friday, March 16.
XPERI CORP: S&P Alters Outlook to Stable Amid Broadcom Resolution
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on San Jose, Calif.-based
Xperi Corp. to stable from negative and affirmed the 'BB-'
corporate credit rating.
At the same time, S&P affirmed its 'BB-' issue-level rating, with a
'3' recovery rating, on the company's $494 million senior secured
term loan, indicating its expectation for meaningful (50%-70%;
rounded estimate: 60%) recovery in the event of payment default.
The outlook revision reflects improved credit metrics, with
adjusted gross leverage in the 3x area due to the company's
settlement with Broadcom and $100 million in debt pay-down.
Although the Samsung lawsuit is still ongoing, S&P projects that
leverage will fall to the high-2x area over the next 12 months,
given the rating agency's projection of around $425 million in
billings in 2018, about $35 million in litigation expenses and
stable operating expenses. Getting Samsung back under contract
(which represented about $50 million in annual revenues before the
contract expired) could result in further improvement in credit
metrics, but S&P isn't including it in its base-case scenario. IP
contract agreements with Amkor and PowerTech, which represent about
$60 million in revenues combined, will expire in fourth quarter
2018. S&P sees incremental risk to the company's financial metrics
in 2019 if the company runs into challenges renewing its licensing
agreements with Amkor and PowerTech.
The stable outlook reflects successful resolution of the Broadcom
litigation, debt pay-down of about $100 million in the first
quarter of 2018, and S&P's expectation that despite ongoing
litigation with Samsung, the company will generate discretionary
cash flow (free cash flow less dividends) of greater than $80
million over the next 12 months.
S&P said, "We could lower the rating on Xperi if the company's
leverage is sustained above the mid-3x area or if annual free cash
flow falls to under $80 million. We view this to be unlikely over
the near term given that the company's product licensing revenues
are predictable and the costs from the Samsung litigation are
incorporated into our projections.
"We could consider an upgrade if there is a favorable litigation
outcome in the Samsung case, resulting in improved liquidity and
financial metrics, such that leverage falls to below the 2x area
and discretionary cash flow to debt stays above 15%."
YANKEE CLIPPER: Hires Michael Jay Berger as Counsel
---------------------------------------------------
Yankee Clipper Distribution of California, Inc., seeks authority
from the U.S. Bankruptcy Court for the Central District of
California to employ the Law Offices of Michael Jay Berger, as
counsel to the Debtor.
Yankee Clipper requires Michael Jay Berger to:
a. represent the Debtor in the Chapter 11 bankruptcy case,
including pre-bankruptcy planning;
b. prepare a Chapter 11 bankruptcy petition and all supporting
schedules and statements;
c. advise the Debtor regarding its rights and obligations in a
bankruptcy proceedings;
d. assist the Debtor in preparing the documents and reports
required by the Office of the U.S. Trustee;
e. represent the Debtor at the initial debtor interview with
the Office of the U.S. Trustee;
f. represent the Debtor at the first meeting of creditors, in
opposition to any motion for relief from stay that may be
filed; and
g. assist the Debtor in preparing the paperwork needed to
continue and conclude a Chapter 11 proceeding.
Michael Jay Berger will be paid at these hourly rates:
Attorneys $275 to $525
Paralegals $225
Michael Jay Berger will be paid a retainer in the amount of
$20,000.
Michael Jay Berger will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Michael Jay Berger, partner of the Law Office of Michael Jay
Berger, assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.
Michael Jay Berger can be reached at:
Michael Jay Berger, Esq.
LAW OFFICE OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
E-mail: michael.berger@bankruptcypower.com
About Yankee Clipper Distribution
of California, Inc.
Yankee Clipper Distribution of California, Inc. --
http://www.ycdistribution.com/-- is a privately held company in
Eastvale, California that provides third party logistics services
to the New York City and Los Angeles areas. With three warehouse
operations, Yankee Clipper offers warehousing, inventory control
and distribution solutions to various industries.
Yankee Clipper Distribution filed a Chapter 11 petition (Bankr.
C.D. Cal. Case No. 18-11664) on March 1, 2018. In the petition
signed by CEO Pavan Makker, the Debtor estimated $0 to $50,000 in
assets and $1 million to $10 million in liabilities. The Hon.
Meredith A. Jury is the case judge. Michael Jay Berger, Esq., at
the Law Offices of Michael Jay Berger, is the Debtor's counsel.
ZERO ENERGY: Hires May Potenza Baran as General Insolvency Counsel
------------------------------------------------------------------
Zero Energy Contracting, Inc., filed an amended application seeking
authority from the United States Bankruptcy Court for the Central
District of California (Los Angeles) to hire May Potenza Baran &
Gillespie P.C. as Chapter 11 counsel.
The professional services the Firm will render include, without
limitation, preparation of pleadings and applications and
conducting of examinations incidental to estate administration,
advising the Debtor of its rights, duties, and obligations under
Chapter 11 of the Bankruptcy Code, taking any and all other
necessary action incident to the proper preservation and
administration of this Chapter 11 estate, advising the Debtor in
the formulation and presentation of plan pursuant to Chapter 11 of
the Bankruptcy Code, the disclosure statement and concerning any
and all matters relating to the foregoing.
Prior to the Petition Date, the Firm received from the Debtor an
aggregate retainer of $40,000 for the purposes of advising the
Debtor regarding resolution of the Debtor's financial difficulties
and assisting the Debtor with preparation of documents commencing
this Chapter 11 case. As of the Petition Date, the Firm was holding
$15,304.80 in unapplied retainer funds.
Devin Sreecharana, Esq. attests that his firm does not hold an
interest adverse to the estate, and is a "disinterested person"
under 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Devin Sreecharana, Esq.
MAY POTENZA BARAN & GILLESPIE P.C.
201 N Central Ave 22nd Floor
Phoenix, AZ 85004
Tel: 602-252-1900
Fax: 602-252-1114
E-mail: devin@maypotenza.com
About Zero Energy Systems
Zero Energy Contracting is a solar company based in Cerritos,
California. The Company offers solar panels, asbestos removal,
ducting and insulation and whole house fan services. It also
provides free home audit services. Zero Energy is committed to
reducing energy output, eliminating waste, and helping its
customers save money.
Zero Energy Systems filed a Chapter 11 petition (Bankr. S.D. Iowa
Case No. 18-00622) on March 25, 2018. In the petition signed by
Scott Long, managing member, the Debtor disclosed $14.03 million in
total assets and $28.69 million in total liabilities. Bradshaw,
Fowler, Proctor & Fairgrave, P.C., is the Debtor's general
bankruptcy counsel, and May Potenza Baran & Gillespie P.C. is the
insolvency counsel.
ZERO ENERGY: Taps Bradshaw Fowler as General Reorganization Counsel
-------------------------------------------------------------------
Zero Energy Systems, LLC, seeks authority from the United States
Bankruptcy Court for the Southern District of Iowa (Davenport) to
hire Jeffrey D. Goetz, Esq. and the law firm of Bradshaw, Fowler,
Proctor & Fairgrave, P.C. as its general reorganization counsel
Services required of Bradshaw are:
(a) advise and assist the Debtor with respect to compliance
with the requirements of the United States Trustee;
(b) advise the Debtor regarding matters of Bankruptcy Law,
including the rights and remedies of the Debtor with regard to his
assets and with respect to the claims of creditors;
(c) represent the Debtor in any proceedings or hearings in the
Bankruptcy Court and in any action in any other court where the
Debtor's rights under the Bankruptcy Code may be litigated or
affected;
(d) conduct examinations of witnesses, claimants, or adverse
parties and to prepare and assist in the preparation of reports,
accounts, and pleadings related to this Chapter 11 case;
(e) advise the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules as the same affect the Debtor
in this proceeding;
(f) assist the Debtor in the negotiation, formulation,
confirmation, and implementation of a Chapter 11 Plan;
(g) make any court appearances on behalf of the Debtor; and
(h) take such other action and perform such other services as
the Debtor may require of the firm in connection with the Chapter
11 case.
The Firm's regular hourly rates are:
Jeffrey D. Goetz $375
Krystal R. Mikkilineni $190
Paralegals $90 to $110
Associates $120 to $250
Jeffrey D. Goetz, Esq., attests that his firm is a disinterested
person as that term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Jeffrey D. Goetz, Esq.,
Bradshaw Fowler Proctor & Fairgrave P.C.
801 Grand Avenue, Suite 3700
Des Moines, IA 50309-8004
Tel: 515/246-5817
Fax: 515/246-5808
E-mail: goetz.jeffrey@bradshawlaw.com
About Zero Energy Systems
Zero Energy Systems -- http://www.zeroenergy-systems.com/--
provides state-of-the-art, computer-automated production of
proprietary insulated concrete wall systems for residential and
commercial construction. The Company's wall panels are
specifically designed to store and release energy, creating a
net-zero effect within the wall, while also providing disaster
resistance, durability, and affordability. The Company has a heavy
manufacturing facility at 428 Westcor Drive, Coralville, Iowa.
Zero Energy Systems filed a Chapter 11 petition (Bankr. S.D. Iowa
Case No. 18-00622) on March 25, 2018. In the petition signed by
Scott Long, managing member, the Debtor disclosed $14.03 million in
total assets and $28.69 million in total liabilities. Bradshaw,
Fowler, Proctor & Fairgrave, P.C., is the Debtor's general
bankruptcy counsel, and May Potenza Baran & Gillespie P.C. is the
insolvency counsel.
ZHARKO KALAJ: $565K Sale of Graham Property to Traylor Approved
---------------------------------------------------------------
Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the
Northern District of Texas authorized Zharko Mark Kalaj's sale of
the building situated on a 5-acre tract with the municipal address
of 338 North Cliff Drive, in the City of Graham, Young County,
Texas, and all improvements thereon, to Traylor Investments, LLC,
for $565,000.
All expenses of the sale and all outstanding liens and interests
will be paid in cash at the closing of the sale.
The 14-day stay under Fed. R. Bankr. P. Rule 6004(g) is waived.
Zharko Mark Kalaj sought Chapter 11 protection (Bankr. N.D. Tex.
Case No. 17-32256) on June 6, 2017. The Debtor tapped Charles R.
Chesnutt, Sr., Esq., at Charles R. Chesnutt, P.C., as counsel.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ALSWF US 92.3 (56.6) (34.0)
ABSOLUTE SOFTWRE OU1 GR 92.3 (56.6) (34.0)
ABSOLUTE SOFTWRE ABT CN 92.3 (56.6) (34.0)
ABSOLUTE SOFTWRE ABT2EUR EU 92.3 (56.6) (34.0)
AGENUS INC AJ81 GR 138.4 (75.8) 17.1
AGENUS INC AGEN US 138.4 (75.8) 17.1
AGENUS INC AJ81 TH 138.4 (75.8) 17.1
AGENUS INC AGENEUR EU 138.4 (75.8) 17.1
AGENUS INC AJ81 QT 138.4 (75.8) 17.1
AGENUS INC AGENUSD EU 138.4 (75.8) 17.1
AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2)
AMPIO PHARMACEUT AMPE US 15.3 (34.2) 4.6
AMYRIS INC AMRS US 151.6 (196.5) (3.3)
AMYRIS INC 3A01 TH 151.6 (196.5) (3.3)
AMYRIS INC 3A01 GR 151.6 (196.5) (3.3)
AMYRIS INC 3A01 QT 151.6 (196.5) (3.3)
AMYRIS INC AMRSEUR EU 151.6 (196.5) (3.3)
AMYRIS INC AMRSUSD EU 151.6 (196.5) (3.3)
APOLLO MEDICAL H AMEH US 41.2 (7.3) (7.0)
ASPEN TECHNOLOGY AZPN US 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AST GR 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AST TH 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AZPNEUR EU 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AST QT 195.8 (274.5) (341.7)
ASPEN TECHNOLOGY AZPNUSD EU 195.8 (274.5) (341.7)
ATLATSA RESOURCE ATL SJ 193.5 (142.5) (46.4)
AUTODESK INC AUD GR 4,113.6 (256.0) (245.3)
AUTODESK INC AUD TH 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK US 4,113.6 (256.0) (245.3)
AUTODESK INC AUD QT 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK* MM 4,113.6 (256.0) (245.3)
AUTODESK INC AUD GZ 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK AV 4,113.6 (256.0) (245.3)
AUTODESK INC ADSKEUR EU 4,113.6 (256.0) (245.3)
AUTODESK INC ADSKUSD EU 4,113.6 (256.0) (245.3)
AUTODESK INC ADSK LN 4,113.6 (256.0) (245.3)
AUTOZONE INC AZO US 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZ5 TH 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZ5 GR 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZOEUR EU 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZ5 QT 9,403.7 (1,330.5) (120.9)
AUTOZONE INC AZOUSD EU 9,403.7 (1,330.5) (120.9)
AUTOZONE INC 0HJL LN 9,403.7 (1,330.5) (120.9)
AVEO PHARMACEUTI AVEOUSD EU 50.2 (40.8) 18.1
AVID TECHNOLOGY AVID US 234.7 (268.6) (61.8)
AXIM BIOTECHNOLO AXIM US 2.2 (6.3) (5.6)
BENEFITFOCUS INC BNFT US 165.1 (39.3) (4.1)
BENEFITFOCUS INC BTF GR 165.1 (39.3) (4.1)
BENEFITFOCUS INC BNFTEUR EU 165.1 (39.3) (4.1)
BIOXCEL THERAPEU BTAI US 1.4 (1.0) (1.4)
BLUE BIRD CORP BLBD US 248.8 (65.3) 11.2
BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4)
BOKU INC BOKU LN - - -
BOKU INC BOKUGBX EU - - -
BOMBARDIER INC-A BBD/A CN 25,006.0 (3,732.0) 1,837.0
BOMBARDIER INC-B BBD/B CN 25,006.0 (3,732.0) 1,837.0
BOMBARDIER INC-B BBDBN MM 25,006.0 (3,732.0) 1,837.0
BOMBARDIER INC-B 0QZP LN 25,006.0 (3,732.0) 1,837.0
BRINKER INTL EAT US 1,400.5 (552.9) (257.4)
BRINKER INTL BKJ GR 1,400.5 (552.9) (257.4)
BRINKER INTL BKJ QT 1,400.5 (552.9) (257.4)
BRINKER INTL EAT2EUR EU 1,400.5 (552.9) (257.4)
BROOKFIELD REAL BRE CN 93.5 (31.4) 3.9
BRP INC/CA-SUB V DOO CN 2,558.4 (57.4) 94.6
BRP INC/CA-SUB V B15A GR 2,558.4 (57.4) 94.6
BRP INC/CA-SUB V BRPIF US 2,558.4 (57.4) 94.6
BUFFALO COAL COR BUC SJ 49.8 (22.9) (20.1)
CACTUS INC- A WHD US 266.5 (36.2) 111.1
CACTUS INC- A 43C GR 266.5 (36.2) 111.1
CACTUS INC- A 43C QT 266.5 (36.2) 111.1
CACTUS INC- A WHDEUR EU 266.5 (36.2) 111.1
CACTUS INC- A 43C TH 266.5 (36.2) 111.1
CADIZ INC CDZI US 66.5 (78.7) 7.0
CADIZ INC 2ZC GR 66.5 (78.7) 7.0
CADIZ INC 0HS4 LN 66.5 (78.7) 7.0
CALIFORNIA RESOU CRC US 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU 1CLB GR 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU CRCEUR EU 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU 1CL TH 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU 1CLB QT 6,207.0 (720.0) (249.0)
CALIFORNIA RESOU CRCUSD EU 6,207.0 (720.0) (249.0)
CAMBIUM LEARNING ABCD US 158.6 (14.3) (71.4)
CARDLYTICS INC CDLX US 100.8 (12.2) 32.5
CARDLYTICS INC CYX TH 100.8 (12.2) 32.5
CARDLYTICS INC CDLXEUR EU 100.8 (12.2) 32.5
CARDLYTICS INC CYX QT 100.8 (12.2) 32.5
CARDLYTICS INC CDLXUSD EU 100.8 (12.2) 32.5
CARDLYTICS INC CYX GR 100.8 (12.2) 32.5
CARDLYTICS INC CYX GZ 100.8 (12.2) 32.5
CAREDX INC CDNA US 83.6 (6.0) (16.1)
CAREDX INC 1K9 GR 83.6 (6.0) (16.1)
CAREDX INC CDNAEUR EU 83.6 (6.0) (16.1)
CASELLA WASTE WA3 GR 614.9 (37.9) (4.2)
CASELLA WASTE CWST US 614.9 (37.9) (4.2)
CASELLA WASTE WA3 TH 614.9 (37.9) (4.2)
CASELLA WASTE CWSTEUR EU 614.9 (37.9) (4.2)
CASELLA WASTE CWSTUSD EU 614.9 (37.9) (4.2)
CDK GLOBAL INC CDK US 2,690.0 (188.0) 514.1
CDK GLOBAL INC C2G TH 2,690.0 (188.0) 514.1
CDK GLOBAL INC CDKEUR EU 2,690.0 (188.0) 514.1
CDK GLOBAL INC C2G GR 2,690.0 (188.0) 514.1
CDK GLOBAL INC CDKUSD EU 2,690.0 (188.0) 514.1
CDK GLOBAL INC C2G QT 2,690.0 (188.0) 514.1
CDK GLOBAL INC 0HQR LN 2,690.0 (188.0) 514.1
CHESAPEAKE ENERG CHK US 12,425.0 (372.0) (831.0)
CHESAPEAKE ENERG CHK* MM 12,425.0 (372.0) (831.0)
CHESAPEAKE ENERG CHKUSD EU 12,425.0 (372.0) (831.0)
CHOICE HOTELS CZH GR 927.6 (212.1) 108.4
CHOICE HOTELS CHH US 927.6 (212.1) 108.4
CINCINNATI BELL CBB US 2,162.4 (143.1) 353.1
CINCINNATI BELL CIB1 GR 2,162.4 (143.1) 353.1
CINCINNATI BELL CBBEUR EU 2,162.4 (143.1) 353.1
CLEAR CHANNEL-A C7C GR 5,580.5 (1,284.2) 337.6
CLEAR CHANNEL-A CCO US 5,580.5 (1,284.2) 337.6
CLEVELAND-CLIFFS CVA GR 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CVA TH 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF US 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF* MM 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CVA QT 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF2EUR EU 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CVA GZ 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS CLF2 EU 2,953.4 (444.1) 1,092.4
CLEVELAND-CLIFFS 0I0H LN 2,953.4 (444.1) 1,092.4
COCONNECT INC CCON US 0.0 (0.1) (0.1)
COGENT COMMUNICA CCOI US 710.6 (102.5) 231.6
COGENT COMMUNICA OGM1 GR 710.6 (102.5) 231.6
COGENT COMMUNICA CCOIUSD EU 710.6 (102.5) 231.6
COMMUNITY HEALTH CYH US 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CG5 GR 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CG5 TH 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CG5 QT 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CYH1EUR EU 17,450.0 (165.0) 1,712.0
COMMUNITY HEALTH CYH1USD EU 17,450.0 (165.0) 1,712.0
CONSUMER CAPITAL CCGN US 5.2 (2.5) (2.6)
DELEK LOGISTICS DKL US 443.5 (29.2) 18.7
DELEK LOGISTICS D6L GR 443.5 (29.2) 18.7
DENNY'S CORP DE8 GR 323.8 (97.4) (53.6)
DENNY'S CORP DENN US 323.8 (97.4) (53.6)
DEX MEDIA INC DMDA US 1,419.0 (1,284.0) (1,999.0)
DINE BRANDS GLOB DIN US 1,750.2 (146.7) 99.9
DINE BRANDS GLOB IHP GR 1,750.2 (146.7) 99.9
DOLLARAMA INC DOL CN 1,934.3 (252.4) (151.0)
DOLLARAMA INC DLMAF US 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 GR 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 GZ 1,934.3 (252.4) (151.0)
DOLLARAMA INC DOLEUR EU 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 TH 1,934.3 (252.4) (151.0)
DOLLARAMA INC DR3 QT 1,934.3 (252.4) (151.0)
DOLLARAMA INC DOLCAD EU 1,934.3 (252.4) (151.0)
DOMINO'S PIZZA EZV TH 836.8 (2,735.4) 181.5
DOMINO'S PIZZA EZV GR 836.8 (2,735.4) 181.5
DOMINO'S PIZZA DPZ US 836.8 (2,735.4) 181.5
DOMINO'S PIZZA EZV QT 836.8 (2,735.4) 181.5
DOMINO'S PIZZA DPZEUR EU 836.8 (2,735.4) 181.5
DOMINO'S PIZZA DPZUSD EU 836.8 (2,735.4) 181.5
DUN & BRADSTREET DB5 GR 2,480.9 (811.2) 41.3
DUN & BRADSTREET DB5 TH 2,480.9 (811.2) 41.3
DUN & BRADSTREET DNB US 2,480.9 (811.2) 41.3
DUN & BRADSTREET DB5 QT 2,480.9 (811.2) 41.3
DUN & BRADSTREET DNB1EUR EU 2,480.9 (811.2) 41.3
EGAIN CORP EGAN US 37.4 (9.8) (13.8)
EGAIN CORP EGCA GR 37.4 (9.8) (13.8)
EGAIN CORP EGANEUR EU 37.4 (9.8) (13.8)
EGAIN CORP 0IFM LN 37.4 (9.8) (13.8)
ENPHASE ENERGY E0P GR 169.1 (9.1) 38.7
ENPHASE ENERGY ENPH US 169.1 (9.1) 38.7
ENPHASE ENERGY E0P TH 169.1 (9.1) 38.7
ENPHASE ENERGY ENPHEUR EU 169.1 (9.1) 38.7
ENPHASE ENERGY E0P QT 169.1 (9.1) 38.7
ENPHASE ENERGY ENPHUSD EU 169.1 (9.1) 38.7
ENPHASE ENERGY 0QYE LN 169.1 (9.1) 38.7
EOS PETRO INC EOPT US 0.1 (23.5) (23.4)
ERIN ENERGY CORP ERN US 251.1 (362.8) (347.0)
ERIN ENERGY CORP U8P2 GR 251.1 (362.8) (347.0)
ERIN ENERGY CORP ERN SJ 251.1 (362.8) (347.0)
ESPERION THERAPE ESPR US 444.4 (396.3) 171.8
ESPERION THERAPE 0ET GR 444.4 (396.3) 171.8
ESPERION THERAPE ESPREUR EU 444.4 (396.3) 171.8
ESPERION THERAPE 0ET QT 444.4 (396.3) 171.8
ESPERION THERAPE ESPRUSD EU 444.4 (396.3) 171.8
ESPERION THERAPE 0IIM LN 444.4 (396.3) 171.8
EVERI HOLDINGS I EVRI US 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I G2C TH 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I G2C GR 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I EVRIEUR EU 1,537.1 (140.6) (12.0)
EVERI HOLDINGS I EVRIUSD EU 1,537.1 (140.6) (12.0)
EVOLUS INC EOLS US 77.5 (7.1) (63.1)
EVOLUS INC EVL GR 77.5 (7.1) (63.1)
EVOLUS INC EOLSEUR EU 77.5 (7.1) (63.1)
EXELA TECHNOLOGI XELAU US 1,714.8 (10.0) (26.0)
EXELA TECHNOLOGI XELA US 1,714.8 (10.0) (26.0)
FERRELLGAS-LP FGP US 1,687.1 (809.8) (175.9)
FTS INTERNATIONA FTSI US 831.0 (468.5) 323.9
FTS INTERNATIONA FT5 QT 831.0 (468.5) 323.9
GAMCO INVESTO-A GBL US 128.3 (96.3) -
GNC HOLDINGS INC IGN GR 1,516.6 (162.0) 478.1
GNC HOLDINGS INC GNC US 1,516.6 (162.0) 478.1
GNC HOLDINGS INC IGN TH 1,516.6 (162.0) 478.1
GNC HOLDINGS INC GNC1USD EU 1,516.6 (162.0) 478.1
GNC HOLDINGS INC GNC1EUR EU 1,516.6 (162.0) 478.1
GNC HOLDINGS INC GNC* MM 1,516.6 (162.0) 478.1
GNC HOLDINGS INC 0IT2 LN 1,516.6 (162.0) 478.1
GOGO INC GOGO US 1,403.2 (191.6) 276.6
GOGO INC G0G GR 1,403.2 (191.6) 276.6
GOGO INC G0G QT 1,403.2 (191.6) 276.6
GOGO INC GOGOEUR EU 1,403.2 (191.6) 276.6
GOGO INC 0IYQ LN 1,403.2 (191.6) 276.6
GREEN PLAINS PAR GPP US 92.3 (62.8) 5.6
GREEN PLAINS PAR 8GP GR 92.3 (62.8) 5.6
H&R BLOCK INC HRB US 2,561.3 (698.1) 617.6
H&R BLOCK INC HRB GR 2,561.3 (698.1) 617.6
H&R BLOCK INC HRB TH 2,561.3 (698.1) 617.6
H&R BLOCK INC HRB QT 2,561.3 (698.1) 617.6
H&R BLOCK INC HRBEUR EU 2,561.3 (698.1) 617.6
H&R BLOCK INC 0HOB LN 2,561.3 (698.1) 617.6
HCA HEALTHCARE I 2BH GR 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I HCA US 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I 2BH TH 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I 2BH QT 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I HCAEUR EU 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I HCAUSD EU 36,593.0 (4,995.0) 3,819.0
HCA HEALTHCARE I 0J1R LN 36,593.0 (4,995.0) 3,819.0
HERBALIFE LTD HOO GR 2,895.1 (334.7) 953.5
HERBALIFE LTD HLF US 2,895.1 (334.7) 953.5
HERBALIFE LTD HLFEUR EU 2,895.1 (334.7) 953.5
HERBALIFE LTD HOO QT 2,895.1 (334.7) 953.5
HERBALIFE LTD HOO GZ 2,895.1 (334.7) 953.5
HERBALIFE LTD HLFUSD EU 2,895.1 (334.7) 953.5
HORTONWORKS INC HDP US 250.7 (65.0) (39.1)
HORTONWORKS INC 14K GR 250.7 (65.0) (39.1)
HORTONWORKS INC 14K QT 250.7 (65.0) (39.1)
HORTONWORKS INC HDPEUR EU 250.7 (65.0) (39.1)
HORTONWORKS INC 0J64 LN 250.7 (65.0) (39.1)
HP COMPANY-BDR HPQB34 BZ 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ* MM 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ US 35,245.0 (2,742.0) (2,132.0)
HP INC 7HP TH 35,245.0 (2,742.0) (2,132.0)
HP INC 7HP GR 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ TE 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ CI 35,245.0 (2,742.0) (2,132.0)
HP INC HPQ SW 35,245.0 (2,742.0) (2,132.0)
HP INC HWP QT 35,245.0 (2,742.0) (2,132.0)
HP INC HPQUSD EU 35,245.0 (2,742.0) (2,132.0)
HP INC HPQUSD SW 35,245.0 (2,742.0) (2,132.0)
HP INC HPQEUR EU 35,245.0 (2,742.0) (2,132.0)
HP INC 7HP GZ 35,245.0 (2,742.0) (2,132.0)
HP INC 0J2E LN 35,245.0 (2,742.0) (2,132.0)
IDEXX LABS IDXX US 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 GR 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 TH 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 QT 1,713.4 (53.8) (32.6)
IDEXX LABS IDXX AV 1,713.4 (53.8) (32.6)
IDEXX LABS IX1 GZ 1,713.4 (53.8) (32.6)
IDEXX LABS 0J8P LN 1,713.4 (53.8) (32.6)
IMMUNOGEN INC IMU GR 294.7 (17.9) 220.6
IMMUNOGEN INC IMGN US 294.7 (17.9) 220.6
IMMUNOGEN INC IMU TH 294.7 (17.9) 220.6
IMMUNOGEN INC IMU QT 294.7 (17.9) 220.6
IMMUNOGEN INC IMU GZ 294.7 (17.9) 220.6
IMMUNOGEN INC IMGNEUR EU 294.7 (17.9) 220.6
IMMUNOGEN INC IMGNUSD EU 294.7 (17.9) 220.6
INNOVIVA INC INVA US 367.3 (242.7) 165.6
INNOVIVA INC HVE GR 367.3 (242.7) 165.6
INNOVIVA INC INVAEUR EU 367.3 (242.7) 165.6
INNOVIVA INC HVE GZ 367.3 (242.7) 165.6
INTERNAP CORP IP9N GR 586.5 (1.0) (23.5)
INTERNAP CORP INAP US 586.5 (1.0) (23.5)
INTERNAP CORP INAPEUR EU 586.5 (1.0) (23.5)
ISRAMCO INC IRM GR 108.8 (23.8) 13.0
ISRAMCO INC ISRL US 108.8 (23.8) 13.0
ISRAMCO INC ISRLEUR EU 108.8 (23.8) 13.0
IWEB INC IWBBD US 1.1 (0.3) (0.3)
JACK IN THE BOX JBX GR 1,157.6 (374.6) 138.0
JACK IN THE BOX JACK US 1,157.6 (374.6) 138.0
JACK IN THE BOX JACK1EUR EU 1,157.6 (374.6) 138.0
JACK IN THE BOX JBX GZ 1,157.6 (374.6) 138.0
JACK IN THE BOX JBX QT 1,157.6 (374.6) 138.0
JUST ENERGY GROU JE US 1,387.5 (75.7) (71.4)
JUST ENERGY GROU 1JE GR 1,387.5 (75.7) (71.4)
JUST ENERGY GROU JE CN 1,387.5 (75.7) (71.4)
KERYX BIOPHARM KYX GR 158.9 (14.1) 96.1
KERYX BIOPHARM KERX US 158.9 (14.1) 96.1
KERYX BIOPHARM KYX TH 158.9 (14.1) 96.1
KERYX BIOPHARM KYX QT 158.9 (14.1) 96.1
KERYX BIOPHARM KERXEUR EU 158.9 (14.1) 96.1
KERYX BIOPHARM KERXUSD EU 158.9 (14.1) 96.1
L BRANDS INC LTD GR 8,149.0 (751.0) 1,262.0
L BRANDS INC LTD TH 8,149.0 (751.0) 1,262.0
L BRANDS INC LB US 8,149.0 (751.0) 1,262.0
L BRANDS INC LBEUR EU 8,149.0 (751.0) 1,262.0
L BRANDS INC LB* MM 8,149.0 (751.0) 1,262.0
L BRANDS INC LTD QT 8,149.0 (751.0) 1,262.0
L BRANDS INC LBUSD EU 8,149.0 (751.0) 1,262.0
L BRANDS INC 0JSC LN 8,149.0 (751.0) 1,262.0
LAMB WESTON LW US 2,714.9 (474.9) 357.8
LAMB WESTON LW-WEUR EU 2,714.9 (474.9) 357.8
LAMB WESTON 0L5 GR 2,714.9 (474.9) 357.8
LAMB WESTON 0L5 TH 2,714.9 (474.9) 357.8
LAMB WESTON 0L5 QT 2,714.9 (474.9) 357.8
LAMB WESTON LW-WUSD EU 2,714.9 (474.9) 357.8
LEGACY RESERVES LRT GR 1,493.1 (271.7) (32.2)
LEGACY RESERVES LGCY US 1,493.1 (271.7) (32.2)
LEGACY RESERVES LRT QT 1,493.1 (271.7) (32.2)
LEGACY RESERVES LRT GZ 1,493.1 (271.7) (32.2)
LILIS ENERGY INC LLEX US 195.9 (30.9) 0.0
LILIS ENERGY INC 0KF1 GR 195.9 (30.9) 0.0
LILIS ENERGY INC LLEXEUR EU 195.9 (30.9) 0.0
LOCKHEED MARTIN LMT US 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM GR 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM TH 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT* MM 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT SW 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT1EUR EU 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM QT 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT1CHF EU 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LMT1USD EU 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN LOM GZ 46,521.0 (609.0) 4,824.0
LOCKHEED MARTIN 0R3E LN 46,521.0 (609.0) 4,824.0
LOCKHEED-BDR LMTB34 BZ 46,521.0 (609.0) 4,824.0
LOCKHEED-CEDEAR LMT AR 46,521.0 (609.0) 4,824.0
MCDONALDS - BDR MCDC34 BZ 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO TH 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD TE 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO GR 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD* MM 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD US 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD SW 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD CI 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO QT 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDCHF EU 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDUSD EU 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDUSD SW 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCDEUR EU 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MDO GZ 33,803.7 (3,268.0) 2,436.6
MCDONALDS CORP MCD AV 33,803.7 (3,268.0) 2,436.6
MDC PARTNERS-A MDCA US 1,698.9 (92.6) (232.9)
MDC PARTNERS-A MD7A GR 1,698.9 (92.6) (232.9)
MDC PARTNERS-A MDCAEUR EU 1,698.9 (92.6) (232.9)
MEDLEY MANAGE-A MDLY US 127.9 (23.3) 29.1
MICHAELS COS INC MIK US 2,300.2 (1,509.5) 719.0
MICHAELS COS INC MIM GR 2,300.2 (1,509.5) 719.0
MONEYGRAM INTERN MGI US 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN 9M1N GR 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN 9M1N QT 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN 9M1N TH 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN MGIEUR EU 4,772.5 (245.3) (65.5)
MONEYGRAM INTERN MGIUSD EU 4,772.5 (245.3) (65.5)
MOODY'S CORP DUT GR 8,594.2 (114.9) 517.3
MOODY'S CORP MCO US 8,594.2 (114.9) 517.3
MOODY'S CORP DUT TH 8,594.2 (114.9) 517.3
MOODY'S CORP MCOEUR EU 8,594.2 (114.9) 517.3
MOODY'S CORP DUT QT 8,594.2 (114.9) 517.3
MOODY'S CORP MCO* MM 8,594.2 (114.9) 517.3
MOODY'S CORP DUT GZ 8,594.2 (114.9) 517.3
MOODY'S CORP MCOUSD EU 8,594.2 (114.9) 517.3
MOODY'S CORP 0K36 LN 8,594.2 (114.9) 517.3
MOSAIC A-CLASS A MOSC US 0.6 (0.0) (0.0)
MOSAIC ACQUISITI MOSC/U US 0.6 (0.0) (0.0)
MOTOROLA SOLUTIO MTLA GR 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MTLA TH 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MSI US 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MOT TE 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MTLA QT 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MSI1EUR EU 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MTLA GZ 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO MSI1USD EU 8,208.0 (1,727.0) 1,019.0
MOTOROLA SOLUTIO 0K3H LN 8,208.0 (1,727.0) 1,019.0
MSG NETWORKS- A MSGN US 851.8 (743.2) 229.6
MSG NETWORKS- A 1M4 GR 851.8 (743.2) 229.6
MSG NETWORKS- A 1M4 TH 851.8 (743.2) 229.6
MSG NETWORKS- A 1M4 QT 851.8 (743.2) 229.6
MSG NETWORKS- A MSGNEUR EU 851.8 (743.2) 229.6
MSG NETWORKS- A MSGNUSD EU 851.8 (743.2) 229.6
NATERA INC NTRA US 178.8 (10.4) 39.3
NATERA INC 45E GR 178.8 (10.4) 39.3
NATHANS FAMOUS NATH US 92.9 (85.0) 51.8
NATHANS FAMOUS NFA GR 92.9 (85.0) 51.8
NATIONAL CINEMED XWM GR 1,148.1 (1.2) 102.9
NATIONAL CINEMED NCMI US 1,148.1 (1.2) 102.9
NATIONAL CINEMED NCMIEUR EU 1,148.1 (1.2) 102.9
NAVISTAR INTL IHR GR 5,969.0 (4,583.0) 705.0
NAVISTAR INTL NAV US 5,969.0 (4,583.0) 705.0
NAVISTAR INTL IHR TH 5,969.0 (4,583.0) 705.0
NAVISTAR INTL IHR QT 5,969.0 (4,583.0) 705.0
NAVISTAR INTL IHR GZ 5,969.0 (4,583.0) 705.0
NAVISTAR INTL NAVEUR EU 5,969.0 (4,583.0) 705.0
NAVISTAR INTL NAVUSD EU 5,969.0 (4,583.0) 705.0
NEBULA ACQUISITI NEBUU US 0.0 (0.0) (0.0)
NEBULA ACQUISITI NEBU US 0.0 (0.0) (0.0)
NEW ENG RLTY-LP NEN US 226.8 (35.3) -
NUTRIEN LTD NTR CN 0.2 (0.5) (0.6)
NUTRIEN LTD NTR US 0.2 (0.5) (0.6)
NUTRIEN LTD N7T GR 0.2 (0.5) (0.6)
NUTRIEN LTD N7T TH 0.2 (0.5) (0.6)
NUTRIEN LTD NTREUR EU 0.2 (0.5) (0.6)
NUTRIEN LTD NTRUSD EU 0.2 (0.5) (0.6)
NUTRIEN LTD NTRCAD EU 0.2 (0.5) (0.6)
NUTRIEN LTD NTRN MM 0.2 (0.5) (0.6)
NUTRIEN LTD N7T QT 0.2 (0.5) (0.6)
NYMOX PHARMACEUT NYMX US 1.3 (0.7) (0.7)
NYMOX PHARMACEUT NYM GR 1.3 (0.7) (0.7)
NYMOX PHARMACEUT NYM GZ 1.3 (0.7) (0.7)
NYMOX PHARMACEUT NYMXEUR EU 1.3 (0.7) (0.7)
NYMOX PHARMACEUT NYMXUSD EU 1.3 (0.7) (0.7)
OMEROS CORP 3O8 GR 116.3 (2.8) 82.1
OMEROS CORP OMER US 116.3 (2.8) 82.1
OMEROS CORP 3O8 TH 116.3 (2.8) 82.1
OMEROS CORP OMEREUR EU 116.3 (2.8) 82.1
OMEROS CORP OMERUSD EU 116.3 (2.8) 82.1
OMEROS CORP 0KBU LN 116.3 (2.8) 82.1
PAPA JOHN'S INTL PZZA US 555.6 (99.2) 37.1
PAPA JOHN'S INTL PP1 GR 555.6 (99.2) 37.1
PAPA JOHN'S INTL PZZAEUR EU 555.6 (99.2) 37.1
PENN NATL GAMING PN1 GR 5,234.8 (73.1) (129.0)
PENN NATL GAMING PENN US 5,234.8 (73.1) (129.0)
PHILIP MORRIS IN PM1EUR EU 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PMI SW 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM1 TE 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 TH 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM1CHF EU 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 GR 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM US 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM1 EU 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PMI1 IX 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PMI EB 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 QT 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN 4I1 GZ 42,968.0 (10,230.0) 5,632.0
PHILIP MORRIS IN PM LN 42,968.0 (10,230.0) 5,632.0
PINNACLE ENTERTA PNK US 3,950.2 (321.0) (60.7)
PINNACLE ENTERTA 65P GR 3,950.2 (321.0) (60.7)
PLANET FITNESS-A PLNT US 1,092.5 (136.9) 65.0
PLANET FITNESS-A 3PL TH 1,092.5 (136.9) 65.0
PLANET FITNESS-A 3PL GR 1,092.5 (136.9) 65.0
PLANET FITNESS-A 3PL QT 1,092.5 (136.9) 65.0
PLANET FITNESS-A PLNT1EUR EU 1,092.5 (136.9) 65.0
PLANET FITNESS-A PLNT1USD EU 1,092.5 (136.9) 65.0
PLANET FITNESS-A 0KJD LN 1,092.5 (136.9) 65.0
PLAYAGS INC AGS US 697.2 (27.9) 39.0
PROCESSA PHARMAC PCSA US 0.1 (0.0) (0.0)
PROS HOLDINGS IN PH2 GR 288.7 (47.0) 100.0
PROS HOLDINGS IN PRO US 288.7 (47.0) 100.0
REATA PHARMACE-A RETA US 135.3 (147.0) 85.5
REATA PHARMACE-A 2R3 GR 135.3 (147.0) 85.5
REATA PHARMACE-A RETAEUR EU 135.3 (147.0) 85.5
REGAL ENTERTAI-A RGC US 2,842.9 (855.8) (98.1)
REGAL ENTERTAI-A RETA GR 2,842.9 (855.8) (98.1)
REMARK HOLD INC MARK US 103.5 (79.6) (46.7)
RESOLUTE ENERGY R21 GR 641.9 (74.4) (82.9)
RESOLUTE ENERGY REN US 641.9 (74.4) (82.9)
RESOLUTE ENERGY RENEUR EU 641.9 (74.4) (82.9)
REVLON INC-A REV US 3,056.9 (770.4) 210.9
REVLON INC-A RVL1 GR 3,056.9 (770.4) 210.9
REVLON INC-A RVL1 TH 3,056.9 (770.4) 210.9
REVLON INC-A REVEUR EU 3,056.9 (770.4) 210.9
REVLON INC-A REVUSD EU 3,056.9 (770.4) 210.9
RH RH US 1,732.9 (7.3) 125.6
RH RS1 GR 1,732.9 (7.3) 125.6
RH RH* MM 1,732.9 (7.3) 125.6
RH RHEUR EU 1,732.9 (7.3) 125.6
RH 0KTF LN 1,732.9 (7.3) 125.6
RIMINI STREET IN RMNIU US 122.2 (210.3) (116.6)
RIMINI STREET IN RMNI US 122.2 (210.3) (116.6)
RR DONNELLEY & S DLLN GR 3,904.5 (202.9) 663.9
RR DONNELLEY & S RRD US 3,904.5 (202.9) 663.9
RR DONNELLEY & S DLLN TH 3,904.5 (202.9) 663.9
RR DONNELLEY & S RRDEUR EU 3,904.5 (202.9) 663.9
RR DONNELLEY & S RRDUSD EU 3,904.5 (202.9) 663.9
RYERSON HOLDING RYI US 1,711.9 (7.4) 701.2
RYERSON HOLDING 7RY GR 1,711.9 (7.4) 701.2
SALLY BEAUTY HOL SBH US 2,113.3 (342.6) 573.7
SALLY BEAUTY HOL S7V GR 2,113.3 (342.6) 573.7
SANCHEZ ENERGY C SN US 2,470.6 (41.6) (111.7)
SANCHEZ ENERGY C SN* MM 2,470.6 (41.6) (111.7)
SANCHEZ ENERGY C SNUSD EU 2,470.6 (41.6) (111.7)
SBA COMM CORP 4SB GR 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBAC US 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBJ TH 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBACEUR EU 7,320.2 (2,599.1) (19.4)
SBA COMM CORP 4SB GZ 7,320.2 (2,599.1) (19.4)
SBA COMM CORP SBACUSD EU 7,320.2 (2,599.1) (19.4)
SBA COMM CORP 0KYZ LN 7,320.2 (2,599.1) (19.4)
SCIENTIFIC GAMES SGMS US 7,725.3 (2,027.0) 1,136.6
SCIENTIFIC GAMES TJW GR 7,725.3 (2,027.0) 1,136.6
SCPHARMACEUTICAL SCPH US 34.3 (67.0) 29.1
SCPHARMACEUTICAL SCPHEUR EU 34.3 (67.0) 29.1
SCPHARMACEUTICAL 2SX TH 34.3 (67.0) 29.1
SCPHARMACEUTICAL SCPHUSD EU 34.3 (67.0) 29.1
SHELL MIDSTREAM SHLX US 1,366.5 (565.9) 148.7
SHELL MIDSTREAM 49M GR 1,366.5 (565.9) 148.7
SHELL MIDSTREAM 49M TH 1,366.5 (565.9) 148.7
SHELL MIDSTREAM 49M QT 1,366.5 (565.9) 148.7
SIGA TECH INC SIGA US 144.7 (323.1) 30.6
SIRIUS XM HOLDIN SIRI US 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO TH 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO GR 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO QT 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRIEUR EU 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN RDO GZ 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRI AV 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN SIRIUSD EU 8,329.4 (1,523.9) (2,350.6)
SIRIUS XM HOLDIN 0L6Z LN 8,329.4 (1,523.9) (2,350.6)
SIX FLAGS ENTERT SIX US 2,456.7 (10.7) (76.8)
SIX FLAGS ENTERT 6FE GR 2,456.7 (10.7) (76.8)
SIX FLAGS ENTERT SIXEUR EU 2,456.7 (10.7) (76.8)
SOLARWINDOW TECH WNDW US 3.0 (0.9) 2.6
SOLARWINDOW TECH WNDW LN 3.0 (0.9) 2.6
SONIC CORP SONC US 561.5 (237.3) 73.4
SONIC CORP SO4 GR 561.5 (237.3) 73.4
SONIC CORP SONCEUR EU 561.5 (237.3) 73.4
STARCO BRANDS IN STCB US 0.3 (1.0) (1.0)
STRAIGHT PATH-B STRP US 10.1 (20.3) (13.5)
STRAIGHT PATH-B 5I0 GR 10.1 (20.3) (13.5)
SYNTEL INC SYNT US 483.7 (12.9) 157.2
SYNTEL INC SYE GR 483.7 (12.9) 157.2
SYNTEL INC SYE TH 483.7 (12.9) 157.2
SYNTEL INC SYE QT 483.7 (12.9) 157.2
SYNTEL INC SYNT1EUR EU 483.7 (12.9) 157.2
SYNTEL INC SYNT* MM 483.7 (12.9) 157.2
SYNTEL INC SYNT1USD EU 483.7 (12.9) 157.2
TALEND SA - ADR TLND US 172.8 (1.1) 1.0
TALEND SA - ADR 0T7 GR 172.8 (1.1) 1.0
TALEND SA - ADR 0T7 TH 172.8 (1.1) 1.0
TALEND SA - ADR TLNDUSD EU 172.8 (1.1) 1.0
TALEND SA - ADR 0LCZ LN 172.8 (1.1) 1.0
TANDEM DIABETES TNDM US 95.3 (29.1) 28.1
TANDEM DIABETES TD5A GR 95.3 (29.1) 28.1
TANDEM DIABETES TNDMEUR EU 95.3 (29.1) 28.1
TANDEM DIABETES TD5A TH 95.3 (29.1) 28.1
TANDEM DIABETES TD5A QT 95.3 (29.1) 28.1
TANDEM DIABETES TNDMUSD EU 95.3 (29.1) 28.1
TAUBMAN CENTERS TU8 GR 4,214.6 (142.5) -
TAUBMAN CENTERS TCO US 4,214.6 (142.5) -
TAUBMAN CENTERS 0LDD LN 4,214.6 (142.5) -
TOWN SPORTS INTE T3D GR 236.7 (78.0) 5.4
TOWN SPORTS INTE CLUB US 236.7 (78.0) 5.4
TRANSDIGM GROUP T7D GR 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP TDG US 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP T7D QT 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP TDGEUR EU 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP T7D TH 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP TDGUSD EU 10,112.1 (2,599.7) 1,447.9
TRANSDIGM GROUP 0REK LN 10,112.1 (2,599.7) 1,447.9
TUPPERWARE BRAND TUP US 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP GR 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP QT 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP GZ 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP TH 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP1EUR EU 1,388.0 (119.4) (28.3)
TUPPERWARE BRAND TUP1USD EU 1,388.0 (119.4) (28.3)
ULTRA PETROLEUM UPL US 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPL1EUR EU 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPM1 GR 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPM1 TH 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPM1 QT 1,513.0 (1,154.6) (81.1)
ULTRA PETROLEUM UPL1USD EU 1,513.0 (1,154.6) (81.1)
UNISYS CORP UIS EU 2,542.7 (1,325.7) 418.6
UNISYS CORP UISCHF EU 2,542.7 (1,325.7) 418.6
UNISYS CORP UISEUR EU 2,542.7 (1,325.7) 418.6
UNISYS CORP UIS US 2,542.7 (1,325.7) 418.6
UNISYS CORP UIS1 SW 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 TH 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 GR 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 GZ 2,542.7 (1,325.7) 418.6
UNISYS CORP USY1 QT 2,542.7 (1,325.7) 418.6
UNITI GROUP INC UNIT US 4,330.1 (1,123.6) -
UNITI GROUP INC 8XC GR 4,330.1 (1,123.6) -
UNITI GROUP INC CSALUSD EU 4,330.1 (1,123.6) -
UNITI GROUP INC 0LJB LN 4,330.1 (1,123.6) -
VALVOLINE INC VVV US 1,827.0 (194.0) 367.0
VALVOLINE INC 0V4 GR 1,827.0 (194.0) 367.0
VALVOLINE INC 0V4 TH 1,827.0 (194.0) 367.0
VALVOLINE INC VVVEUR EU 1,827.0 (194.0) 367.0
VALVOLINE INC 0V4 QT 1,827.0 (194.0) 367.0
VECTOR GROUP LTD VGR GR 1,328.3 (331.8) 409.1
VECTOR GROUP LTD VGR US 1,328.3 (331.8) 409.1
VECTOR GROUP LTD VGR QT 1,328.3 (331.8) 409.1
VECTOR GROUP LTD VGREUR EU 1,328.3 (331.8) 409.1
VERISIGN INC VRS TH 2,941.2 (1,260.3) 885.6
VERISIGN INC VRS GR 2,941.2 (1,260.3) 885.6
VERISIGN INC VRSN US 2,941.2 (1,260.3) 885.6
VERISIGN INC VRS QT 2,941.2 (1,260.3) 885.6
VERISIGN INC VRSNEUR EU 2,941.2 (1,260.3) 885.6
VERISIGN INC VRS GZ 2,941.2 (1,260.3) 885.6
VERISIGN INC VRSNUSD EU 2,941.2 (1,260.3) 885.6
W&T OFFSHORE INC WTI US 907.6 (573.5) 22.4
W&T OFFSHORE INC UWV GR 907.6 (573.5) 22.4
W&T OFFSHORE INC WTI1EUR EU 907.6 (573.5) 22.4
WAYFAIR INC- A W US 1,213.4 (48.3) 77.1
WAYFAIR INC- A 1WF GR 1,213.4 (48.3) 77.1
WAYFAIR INC- A 1WF TH 1,213.4 (48.3) 77.1
WAYFAIR INC- A WEUR EU 1,213.4 (48.3) 77.1
WAYFAIR INC- A 1WF QT 1,213.4 (48.3) 77.1
WAYFAIR INC- A WUSD EU 1,213.4 (48.3) 77.1
WEIGHT WATCHERS WTW US 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 GR 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 TH 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WTWEUR EU 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 QT 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WW6 GZ 1,246.0 (1,011.5) (134.0)
WEIGHT WATCHERS WTWUSD EU 1,246.0 (1,011.5) (134.0)
WESTERN UNION WU US 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U GR 9,231.4 (491.4) (1,132.3)
WESTERN UNION WU* MM 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U TH 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U QT 9,231.4 (491.4) (1,132.3)
WESTERN UNION WUEUR EU 9,231.4 (491.4) (1,132.3)
WESTERN UNION W3U GZ 9,231.4 (491.4) (1,132.3)
WESTERN UNION 0LVJ LN 9,231.4 (491.4) (1,132.3)
WIDEOPENWEST INC WOW US 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WU5 GR 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WU5 TH 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WOW1EUR EU 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WU5 QT 2,441.6 (204.4) (26.2)
WIDEOPENWEST INC WOW1USD EU 2,441.6 (204.4) (26.2)
WINGSTOP INC WING US 119.8 (48.3) (3.0)
WINGSTOP INC EWG GR 119.8 (48.3) (3.0)
WINGSTOP INC WING1EUR EU 119.8 (48.3) (3.0)
WINMARK CORP WINA US 48.4 (30.7) 11.9
WINMARK CORP GBZ GR 48.4 (30.7) 11.9
WINMARK CORP WINAUSD EU 48.4 (30.7) 11.9
WORKIVA INC WK US 157.7 (16.9) (14.0)
WORKIVA INC 0WKA GR 157.7 (16.9) (14.0)
WORKIVA INC WKEUR EU 157.7 (16.9) (14.0)
YELLOW PAGES LTD Y CN 529.9 (218.8) 35.1
YRC WORLDWIDE IN YRCW US 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YEL1 GR 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YEL1 TH 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YEL1 QT 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YRCWEUR EU 1,585.5 (353.5) 155.9
YRC WORLDWIDE IN YRCWUSD EU 1,585.5 (353.5) 155.9
YUM! BRANDS INC YUM US 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR GR 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR TH 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUMEUR EU 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR QT 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUM SW 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUMUSD SW 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC YUMUSD EU 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC TGR GZ 5,311.0 (6,334.0) 995.0
YUM! BRANDS INC 0QYD LN 5,311.0 (6,334.0) 995.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2018. 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 ***